SCROLL NEWS / DISCOVERY
Search headlines
Find the stories shaping the conversation.
Results for " britain " 479 found 🔀 AI-powered Shuffle
America split from monarchy 250 years ago. Trump's presidency is testing how far it's come
America is getting ready to celebrate the 250th anniversary since it split from Britain's monarchy and embarked on its experiment in democracy.
America split from monarchy 250 years ago. Trump's presidency is testing how far it's come
America is getting ready to celebrate the 250th anniversary since it split from Britain's monarchy and embarked on its experiment in democracy.
Andy Burnham distanced himself from UK Prime Minister Starmer, but may be stuck with his policies
Burnham, the former mayor of Greater Manchester who was sworn into Parliament hours after Starmer announced his resignation on Monday, will be constrained by the platform the center-left Labour Party was elected on that decisively ended 14 years of Conservative rule in 2024.
What Has Andy Burnham, Britain's Likely Next Prime Minister, Said About Trump?
If Burnham’s planned leadership bid remains unchallenged, he could replace Starmer in a matter of weeks and it will likely fall on him to heal the rift between Washington and Westminster.
How the world views Keir Starmer’s resignation
With the prospect of seven prime ministers in the last 10 years, No. 10 Downing Street is seen as a revolving door and Britain as having ‘profound’ problems
The fall of Britain’s prime minister is a warning for America
Keir Starmer’s resignation shows how moderation can go wrong.
Andy Burnham prepares for a UK Labour leadership contest that may be a coronation
Andy Burnham is preparing for a Labour Party leadership contest that could make him Britain's prime minister within weeks.
Britain left the EU 10 years ago. Its politics has been an unruly mess
Brexit fractured the European Union, and broke British politics. A decade on, millions of voters have deserted the two big parties for alternatives.
Britain left the EU 10 years ago. Its politics has been an unruly mess ever since
Brexit fractured the European Union, and it broke British politics
Britain left the EU 10 years ago. Its politics has been an unruly mess ever since
Brexit fractured the European Union, and it broke British politics.
Britain left the EU 10 years ago. Its politics has been an unruly mess ever since
LONDON (AP) — Brexit fractured the European Union, and broke British politics. The U.K. is about to get its seventh prime minister since June 23, 2016, a decade ago Tuesday, when the country voted …
Brexit Has Cost the UK Growth, Analysts Say, in the Decade Since the Vote
Citing lower trade and investment, analysts broadly agree that Britain’s economy is smaller than it would have been if the country had stayed in the E.U.
ANALYSIS: Fear not Britain, the EU doesn't agree on you rejoining either
Brussels heavyweights are clashing over whether Brexit can be reversed and on what terms
Keir Starmer has quit as prime minister – what will happen next in UK politics?
Britain will soon have its fifth prime minister in four years. The Guardian explains how we got here and what challenges await Starmer’s successor
From the center of U.K. politics to MAGA: Britain still can’t figure out Steve Hilton
Steve Hilton wants to run California. But the people who knew him best — former colleagues from David Cameron’s Downing Street — remember a barefoot disruptor who blew up every room he walked into. They’re impressed. They’re also a little skeptical.
British parliament to debate Israeli influence on UK politics: What we know
The debate comes after a petition expressed concern over Israeli lobbies' influence in the UK.
UK Business Minister Says He Has No Reason to Think PM Starmer Will Resign on Monday
LONDON, June 21 (Reuters) - British business minister Peter Kyle said on Sunday he has no reason to believe that Prime Minister Keir Starmer is planning to announce his resignation on Monday. Speaking to Sky News, Kyle said he had a "frank" conversation with Starmer on Friday. Britain's ...
Burnham's Britain: six days in the place that just changed our politics
Andy Burnham is closing in on Downing Street after a big win in the Makerfield byelection. John Harris and John Domokos take a deep dive into a place where people's lives back up Burnham's insistence that we're living in an economy and society that need radical change – but they also find an infectious spirit of optimism
A growing number of foreign leaders have had it with Trump
Italian Prime Minister Giorgia Meloni could have denied Trump’s claim that she begged him to take a photo together, and left it at that.
Starmer’s future hangs in balance after Burnham’s Makerfield election win
Ashton-in-Makerfield, a town few knew of until recently, has potentially chosen the UK's next prime minister.
Britain Politics
Britain's Prime Minister Keir Starmer, right, gestures as he speaks with local residents as he visits a housing development in north London, Friday, June 19, 2026. (Peter Macdiarmid/Pool Photo via
Labour's Andy Burnham wins a special election, setting up a showdown with Starmer to lead Britain
Labour's Andy Burnham, the current mayor of Greater Manchester, has won a special election for a seat in Parliament that puts him in a position to challenge embattled Prime Minister Keir Starmer for leadership of the country.
Britain’s Finance Chief Confronts the Political Challenges of Fiscal Stability
Rachel Reeves came into office promising to adhere to strict rules on spending and borrowing. Two years later, a special election could determine if she will continue in her role.
Politics Still Trumps Economics in Determining Britain’s Future
The UK economy remains at the mercy of events both in Downing Street and further afield
UK in Effort to Improve Construction Workers’ Mental Health Amid Out-of-Work Crisis
The UK’s business department is spearheading a new effort to improve mental health in the construction industry, as the government tries to tackle a labor market crisis that’s been worsened by Britain’s high numbers of people out of work due to mental illness.
Can This Man Govern Britain? (Can Anyone?)
Andy Burnham is using an American playbook to become prime minister. It could be the center-left's last chance.
Why Brexit Still Haunts British Politics
A decade on from the referendum that led to Britain's exit from the European Union, the issue continues to divide and drive debate in Westminster.
UK health regulator approves Novo Nordisk's weight-loss pill
Britain's medicines regulator approved Novo Nordisk's weight-loss pill on Thursday, giving patients a new needle-free treatment option and bolstering the Danish drugmaker's first-to-market lead against U.S. rival Eli Lilly .
Britain’s defence minister Healey quits over defence spending
This is a breaking news story.
There are no guardrails now on the right of UK politics: where Restore Britain goes, others will follow
In the UK – and across the west - incendiary language and white supremacist policies are entering the political mainstream, says Guardian columnist Owen Jones
Britain Politics
Andy Burnham gives a thumbs up to supporters during a campaign visit to Ashton-in-Makerfield before the forthcoming by-election, in Manchester, England, Tuesday, June 9, 2026. CORRECTION: corrects family name to
Why does J.D. Vance have it in for Britain?
Vice president’s criticism of Henry Nowak murder is the latest act of ‘political opportunism’ against Britain
Britain Politics
The Leader of Britain's Conservative Party Kemi Badenoch speaks during a press conference in London, Tuesday, June 9, 2026. (AP Photo/Kin Cheung)
Britain's New Political Stars Just Don’t Do Regret
According to her housekeeper’s testimony, the New York hotel magnate Leona Helmsley’s policy on tax in the 1980s was “only the little people pay.” The courts found the so-called “Queen of Mean” guilty of federal tax evasion and the authorities ordered her sentence to begin on April 15 — for filing purposes, US Tax Day.
Why Britain and America Can't Stop Firing Their Leaders
In both countries, political revolts keep toppling leaders without solving the deeper crisis.
Starmer Calls for Elon Musk to Stop Interfering in UK Politics
By Alistair Smout LONDON, June 4 (Reuters) - Prime Minister Keir Starmer on Thursday said Elon Musk should stop interfering in British politics, after the billionaire X owner posted on his platform about a murder that has triggered a public outcry and protests. Last year, 18-year-old Henry ...
Political commentators Cenk, Piker say UK bars them over Israel remarks
The US citizens allege that they have been denied entry to Britain due to their outspoken criticism of Israel.
The Rockstar Game Workers Union breaks cover
Developers at Rockstar Games have announced the Rockstar Game Workers Union, a subsidiary of the Independent Workers' Union of Great Britain.
Susan Boyle reveals jaw-dropping transformation before 'new era' for reclusive star
Singer Susan Boyle has revealed a shocking transformation ahead of a 'new era' for the recently reclusive singer and 'Britain's Got Talent' breakout star.
The Romans and Vikings left few genetic traces of their occupations of Britain, research suggests
Despite their occupations of Britain, the Romans and Vikings didn't leave much of a genetic mark on Britons. The Anglo-Saxons, though, were a different story.
Can Nigel Farage’s Right-Wing Party Win It All in Britain?
Nigel Farage’s anti-immigrant, populist agenda has helped his Reform U.K. Party emerge from the fringe of British politics. But it faces an uphill climb to win power.
Britain Politics
Britain's Prime Minister Keir Starmer looks on during a visit to Acorn Nursery, in Brighton, England, Tuesday May 26, 2026. (Gareth Fuller/Pool Photo via AP)
Parts of Europe swelter in record May heat as deaths at amateur sports events spur warnings
Europe is baking under unseasonal heat that is shattering temperature records, including in the United Kingdom on Monday, and prompting government warnings after deaths were reported at amateur sports events in France.
To understand Britain’s new politics, look no further than this Shakespearean saga in Worcestershire
What should be a story of Reform incompetence instead speaks to the broader refusal of Westminster to adapt to multiparty democracy, says assistant Guardian Opinion editor Jason Okundaye
Britain Preparing for Mission That Could Clear Strait of Hormuz
At Gibraltar, at the tip of Spain, British forces are ready to deploy autonomous mine-hunting equipment if a peace agreement is achieved.
New breed of political prisoner arises in Britain as anti-protest sentences rise
More people are being jailed in England and Wales as a result of acting to prevent climate breakdown and the war in Gaza, research reveals
Politics of potholes: why Bristol can’t fix its broken roads overnight
Marsh Street has been cited as Bristol’s worst for potholes. But it’s just one of many crumbling roads in Britain as councils face repairs backlogs and lack of funds
Burnham’s Manchester Vibes Quickly Hit Westminster Realities
This week revealed both the promise and peril for Britain’s prime minister-in-waiting, Andy Burnham.
New Britain business owners share concerns with mayor at Little Poland meeting
Business owners in New Britain’s Little Poland neighborhood met with Mayor Bobby Sanchez to discuss concerns about parking, speeding and broken meters.
Britain Politics
View at flats decorated with the St George's Cross flag in Ashton-in-Makerfield where Andy Burnham will stand as Labour's candidate for the by-election in Makerfield, England, Friday, May 22, 2026.(AP
APTOPIX Britain Politics
Britain's Prime Minister Keir Starmer visits a children's activity centre in Essex, England, Thursday, May 21, 2026 to support families and help ease pressures on household budgets.(AP Photo/Kin Cheung, Pool)
Britain Politics
Britain's Prime Minister Keir Starmer and Chancellor of the Exchequer Rachel Reeves visit a children's activity centre in Essex, England, Thursday, May 21, 2026 to support families and help ease
British Politics Is Obsessing Over the Bond Market. Here’s Why.
Britain is facing another round of turmoil in government leadership, jolting debt investors who were already on high alert over inflation.
Britain Politics
Britain Minister of State for Trade Chris Bryant, left, takes a group photo with Jasem Mohamed Albudaiwi, secretary general of the Gulf Cooperation Council, and delegation members during a signing
‘The flavour crisis’: an exposé on the origins of broken Britain
Whether it’s the traditional boiled diet, a dental epidemic or white-winged extremism, Patrick Gathara explains why political turmoil is engulfing the UK
Britain Politics
Britain's Prime Minister Keir Starmer departs 10 Downing Street to go to the House of Commons for his weekly Prime Minister's Questions in London, Wednesday, May 20, 2026. (AP Photo/Alastair
Britain Politics
Britain's Prime Minister Keir Starmer departs 10 Downing Street to go to the House of Commons for his weekly Prime Minister's Questions in London, Wednesday, May 20, 2026. (AP Photo/Alastair
Britain Business
Small business representatives, British Business Secretary Peter Kyle, and British Prime Minister Keir Starmer, centre right, pose for a group photo as Starmer hosts a reception to mark the introduction
Sterling slips after UK jobs data, politics in focus
Sterling dipped on Tuesday after data showed that Britain's employers reined in their hiring and posted fewer job vacancies in April.
Britain Politics
Britain's Prime Minister Keir Starmer speaks to Kris Parker, co-owner of Home Cafe and Kitchen, during a visit to Home Cafe and Kitchen in London, Monday, May 18, 2026, as
APTOPIX Britain Politics
The Mayor of Greater Manchester, Andy Burnham, starts a morning run in Manchester, England, Monday, May 18, 2026 whilst Britain's government is in turmoil, and some see Andy Burnham as
Is Britain becoming ungovernable?
Difficult trade-offs ahead require a leader who can ‘switch off all the noise and fixate on the real problems’
Britain Politics
The Mayor of Greater Manchester, Andy Burnham, drives his car in Manchester, England, Monday, May 18, 2026 whilst Britain's government is in turmoil, and some see Andy Burnham as the
Britain Politics
The Mayor of Greater Manchester, Andy Burnham, drives his car in Manchester, England, Monday, May 18, 2026 whilst Britain's government is in turmoil, and some see Andy Burnham as the
Britain Politics
The Mayor of Greater Manchester, Andy Burnham, starts a morning run in Manchester, England, Monday, May 18, 2026 whilst Britain's government is in turmoil, and some see Andy Burnham as
Britain’s got talent: James Bond edition
The casting process for the next James Bond has officially begun.
British Takeovers Up 250% as Global Buyers Bypass Political Flux
Britain has been a go-to destination for international deal hunters. The value of M&A mergers targeting UK companies is up more than 250% this year to around $150 billion, according to data compiled by Bloomberg.
The ungovernable country? Why Britain keeps losing prime ministers
May, Johnson, Truss, Sunak, and now perhaps Starmer: each one was brought low for a reason. But what if the deeper problem is the office itself?
Tommy Robinson tells tens of thousands at London rally to prepare for ‘battle of Britain’
Turnout down at second Unite the Kingdom march featuring Islamophobic and ethnonationalist hate speech and flyers
UK ex-health minister says will run to replace Prime Minister Keir Starmer
Pressure mounts on Starmer's government, as Labour rivals including recently resigned Wes Streeting circle.
Austria proves too good for Britain at ice hockey worlds
Britain marked its return to the ice hockey world championship with a 5-2 loss to Austria on Saturday. Britain answered with a couple of goals through David Clements and Liam Kirk 37 seconds apart still in the first period before Austria stretched the lead with two more goals in the second when the newcomer was restricted to only two shots on goal. Peter Schneider scored twice for Austria.
British Politics Is About to Get Even Messier
The looming contest between Prime Minister Keir Starmer and left-wing mayor Andy Burnham is spooking markets worried about Britain’s finances.
Britain Politics
Larry the cat, Chief Mouser to the Cabinet Office and a police officer are next to the 10 Downing Street door in London, Friday, May 15, 2026.(AP Photo/Kin Cheung)
Britain Politics
From left, Mayor of London Sadiq Khan, Prime Minister Keir Starmer, Commander Clair Haynes, and Commissioner Mark Rowley meet police officers to discuss operational planning, in London, Friday, May 15,
Britain Politics
From left, Commander Clair Haynes, Prime Minister Keir Starmer and Mayor of London Sadiq Khan meet police officers to discuss operational planning, in London, Friday, May 15, 2026. (Peter Nicholls/Pool
Britain Politics
Britain's Prime Minister Keir Starmer meet with police officers to discuss operational planning ahead of this weekend's protests in London, Friday, May 15, 2026. (Peter Nicholls/Pool Photo via AP)
Britain Politics
Britain's Prime Minister Keir Starmer and Commander Clair Haynes meet with police officers to discuss operational planning ahead of this weekend's protests in London, Friday, May 15, 2026. (Peter Nicholls/Pool
Britain Politics
Journalists wait opposite 10 Downing Street in London, Friday, May 15, 2026.(AP Photo/Kin Cheung)
Britain Politics
Journalists wait opposite 10 Downing Street in London, Friday, May 15, 2026.(AP Photo/Kin Cheung)
Britain's pound, stocks and bonds fall on political uncertainty, global inflation angst
British government bonds, stocks and sterling fell on Friday, as domestic political uncertainty clashed with global worries about an inflationary shock, leaving UK assets in the mire.
Britain Politics
Britain's newly appointed Secretary of State for Health and Social Care James Murray leaves 10 Downing Street in London, Friday, May 15, 2026.(AP Photo/Kin Cheung)
Britain Politics
Britain's newly appointed Secretary of State for Health and Social Care James Murray leaves 10 Downing Street in London, Friday, May 15, 2026.(AP Photo/Kin Cheung)
Chartbook 449: Voldemort on Threadneedle street. The Bank of England and the "haunted house" of English politics.
Imagine the scene: In some Harry Potter version of 21st-century London, a group of deathless UK Treasury officials gathered from across the last century huddle over warm pints and glasses of Chardonnay. Around the table there are officials from the 1920s, the 1930s, the 1970s, 2022 and today. Inevitably, in May 2026, the subject of conversation is the disintegration of the current Labour government. Despite its huge majority in parliament, it has been reduced to tatters by catastrophic local election result. These exposed the fact that rather than having a government with a clear popular majority, the UK is like most other modern societies divided into 5 segments each of which commands between 26 and 16 percent of the vote. Perhaps unsurprisingly, the leadership at Nos 10 and 11 Downing Street - where the Prime Minister and the Chancellor (Treasury Secretary) work - seem paralyzed. They are caught between mounting discontent over unfairness and the cost of living, and tough fiscal strictures that push them into making unpopular spending decisions. In the London pub, the Treasury officials from across the ages, can barely hide their satisfaction at the latest display of democratic politics caught in the vice-grip of financial logic. “Remember the mur d’argent and the banker’s ramp?” “Just like yesterday!” There are smirks around the table. Then the representative of 2026 pipes up: “One thing you have to say about the current lot (referring to the latest hapless Labour government), you don’t have to teach them about the bond market!” There is a murmur of ascent from the Treasury Mandarins. The trauma of the fiscal crisis of September-October 2022 sits deep. Back then, in the final stages of Tory decay, a ‘mini budget’ that challenged fiscal orthodoxy led to a brief but fierce panic in one of the oldest government bond markets in the world (aka gilt market). Now all you have to do is to mention the “bond market” to hush debate. [ Paul Mason@paulmasonnews In the name of public service, and as ex-economics editor of BBC Newsnight, I offer to do a zoom call, tonight, with any Labour MP who wants to understand why bond markets do not "fall into line" with governments. 1/ 3:57 PM · May 12, 2026 · 466K Views 224 Replies · 674 Reposts · 3.93K Likes ](https://x.com/paulmasonnews/status/2054229532404519082?s=20) “And the funny thing is”, the young man in the huddle continues, “they don’t even want to talk about … ”. There is a sudden hush. Significant looks are exchanged around the table. About? One of the senior figures puts down his glass with a decisive “clink”. He-Who-Must-Not-Be-Named has entered their thoughts. Meanwhile, a few miles away in a grubby pub in Bloomsbury, two conspirators from the camp of Critical Macrofinance huddle over cans of low-alcohol IPA. They look at each other and blurt out loud: “The Bank!” “Everyone in the bloody Labour party is talking about the bond market. But why aren’t they even mentioning … the Bank of England!?” “Why is no one talking about Voldemort?” In Paul Mason’s blogpost, after much chest-thumping about basic fiscal logic, the basic point about the Bank of England is buried in the fine print at #3 in his list of suggestions as to what a radical Labour government might actually be able to do! [ Conflict & Democracy Down with the bond market! Down with gravity! It may seem unfair to focus on Labour MP Paula Barker for her off-the-cuff assertion that the bond market would have to “fall in line” with Andy Burnham, should he replace Keir Starmer as prime minister. But Burnham himself told the New Statesman that Labour had to “get beyond this thing of being in hock to the bond markets… Read more 2 days ago · 100 likes · 3 comments · Paul Mason ](https://htsf.substack.com/p/down-with-the-bond-market-down-with?utm_source=substack&utm_campaign=post_embed&utm_medium=web) Back in Bloomsbury they shake their heads and ask: “Didn’t we learn anything from the Eurozone crisis?” Meanwhile, as if summoned to the conversation by some higher force, the “pink pages” announce: “The days of ultra-cheap government borrowing have come to an end” and Martin “Whizzard” Wolf publishes the graph of the season Look at the UK in 2026, perilously positioned on the upper edge of the pack. No wonder no one in London needs any lessons about the “bond market”. But, look again. Imagine how they feel in Rome. What is London’s nightmare in 2026? The nightmare is that you end up like Italy in the early 2010s during the Eurozone crisis. Once comfortably situated in the middle of the pack, watching with horror as your ten-year yields explode to 7 percent and “spreads” become a national nightmare. One of the largest economies in Europe, a founding member of the euro, stigmatized. But the message of the Italian experience is ambiguous. After all, the stigma didn’t last. In 2026, Italy borrows at rates lower not only than the UK but the US. The US, which, as everyone knows, enjoys the “exorbitant privilege” of being the issuer of reserve, safe asets. What kind of magic is this? How did Italy, in the space of fifteen years, go from being good, to bad and back again? Which brings us back to our dissident friends in their Bloombury boozer and their memories of the Eurozone crisis. Italy never was Britain - with its ongoing fiscal deficits. Without interest payments, on primary balance, from 2000 to 2020 Italy ran a tight fiscal ship. Even in 2008 it barely went into deficit and when it was being put on the rack in the early 20210s its primary surplus matched that of austere Germany. So, what happened? How did it end up stigmatized? Of course Italian politics didn’t help. Berlusconi was at the helm and he had legal issues. But amongst friends in the Bloomsbury pub, Berlusconi is a sideshow, the name we whisper to each other is “Trichet”. From 2004 to 2011 the ECB was headed by Jean-Claude Trichet, ex of the French Treasury, more German than the Germans. After 2009 as the news of the Greek fiscal disaster broke, the European bond markets wento into panic mode and Trichet began a brutal game of cat and mouse. Between 2009 and 2011, Trichet intervened in the bond market to help, only when he thought he had compliance with austerity. When he thought they were uncooperative, he withdrew. In the summer of 2011, he even made direct suggestions to his Italian counterparts in Rome, as to how Italy should be governed. It was this cat and mouse game that drove the bond markets crazy and exposed Italy to a violent squeeze. When Mario Draghi took over the ECB at the end of 2011 and declared “whatever it takes”, the pressure on Italy, gradually eased. It is that starring role that has made Draghi into the towering figure in European politics that he remains today. So now you see why voices in London hush when it comes to the Bank of England. “The bond market” isn’t an irresistible objective force like the weather or an avalanche. It can appear like that. But that depends on the way it is being handled, or not handled by the central bank. Which is why the silence about the Bank of England in London right now is so significant. If you think this all sounds a bit fishy, coming from a left-liberal Keynesian like myself, well, let me introduce you to Robin Brooks, who, to put it mildly, plays on a different quidditch team to me. Here, from the position of a fiscal hawk is Robin’s celebratory account of the Bank of England’s role since 2022; In October 2022, at the height of the bond market blow-up in the UK, something incredible happened. Governor Andrew Bailey told British pension funds the Bank of England would end its support program for the country’s fragile gilt market, drawing a line under how much help the central bank was willing to give to exposed pension funds and - implicitly - the government. By the end of that week, Kwasi Kwarteng - the finance minister - had resigned. Prime Minister Liz Truss would soon follow. This episode is so incredible because it contrasts with what happened in the Euro zone earlier that year. Bond markets in Spain and Italy were under pressure amid high inflation and rising interest rates. In the middle of this, Mario Draghi - Italy’s Prime Minister - resigned, compounding pressure on bond markets of high-debt countries on the Euro periphery. Unlike the Bank of England, the ECB caved. It bought Italian and Spanish government bonds in an effort to cap yields and introduced a new tool that signaled to markets it might do such caps more frequently going forward. Faced with pressure on bond markets, the ECB capitulated to political pressure from high-debt countries like Italy and Spain. The Bank of England stood its ground and toppled the Truss government. This kind of thing has long-lasting consequences. It means markets price a higher probability of yield caps in the Euro zone, which keeps Italian and Spanish yields artificially low, while markets feel free to push up UK yields without fear of central bank intervention. As I flagged in yesterday’s post, this means you really can’t compare UK yields to those of other high-debt countries. The UK looks worse, but only because its central bank isn’t interfering with markets. There’s more to this than just that 2022 episode. The Bank of England has also been much more aggressive in its quantitative tightening (QT) than other central banks. If one motivation for quantitative easing (QE) is to lower bond yields - especially longer-dated ones - then it stands to reason QT pushes yields up. The left chart above shows a four-quarter moving average of UK government debt issuance (black line) in percent of GDP and which sectors absorb this issuance, including the Bank of England (blue bars). The right chart above compares the Bank of England’s accumulation or run-off of government bonds (blue line) with that of other central banks, where this blue line is the same as the blue bars in the left chart. The Bank of England was quicker and more aggressive than other central banks in downsizing its bond holdings, so UK yields will have risen more than elsewhere also for this reason, not just because of Governor Andrew Bailey’s remarks in October 2022. Back in October 2025, after a conversation in New York with friends in British politics, my sense of dysphoria was such that I raised the issue of the Bank of England openly in the FT Since 2008, the UK has slid into a deep economic and political predicament. Growth has stagnated to a degree far worse even than in the 1970s. The Tory leadership’s wager on the Brexit referendum spectacularly backfired, leaving the UK isolated from Europe and at the mercy of its special relationship with the US, many of whose political class regard the UK as a basket case. After years of austerity, the Labour party lurched to the left and then back to the centre. The Tory party has been eclipsed by the populist nationalism of Reform. Any British government should be worrying first and foremost about how to restart growth. Instead, Keir Starmer is beset by shades of the gilt market panic triggered by the Liz Truss government in 2022. The debt level is higher than in recent years, but there is no cause for panic. UK debt is at far from critical levels and of long duration. Whether you want to “take back control” or launch progressive economic policy, a democracy dogged by fear of bond market vigilantes is unhealthy. In a country that is a monetary sovereign, this climate points to one thing: a disconnect between the government and the central bank. Since 1997, the independence of the Bank of England has become a sacred cow. But independence is what you make of it. And in the wake of the gilt market crisis of September 2022, relations between the Bank of England and the UK government need a reset. In normal times, there is no doubt that an inflation-targeting independent central bank can serve a country well. But since 2008, the UK and other advanced economies have not had the luxury of such simple problems. To their credit, central bankers around the world have not stood on orthodoxy. After 2008, the US Federal Reserve rescued the global banking system and, through quantitative easing, it stabilised the Treasury market in the face of huge deficits. In Europe, things were trickier. Both the Bank of England under Mervyn King and Jean-Claude Trichet’s European Central Bank played cat and mouse with national governments. This was a high stakes wager that between 2010 and 2012 escalated bond market tension and triggered a disastrous turn to austerity. Shaken by the impact of those shocks, their successors, Mark Carney and Mario Draghi adopted a more protective stance (assuming you were not the government of Greece). Recall that Draghi’s legendary slogan, “Whatever it takes”, was uttered to face down the City of London’s bond vigilantes. In 2015, Draghi launched QE — financial repression by another name. In 2016, Carney used the authority of the Bank of England to stabilise markets following the vote for Brexit, an exemplary demonstration of how central banks can underpin democratic choice, even when those choices are wrong headed. All these were independent central bankers steeped in the best practice of the 1990s, who recognised that historic crises demanded radical action. It was the price surge of 2021-2023 that poisoned the atmosphere. Though the shock came mainly from the supply side, central banks ended up in the dock. Nowhere more so than in the UK. The Bank of England reacted with aggressive normalisation. Faced with a cost of living crisis, the governor called for workers to accept real wage cuts. In early 2022, as gas prices were at record levels and Russia’s army was poised to invade Ukraine, the Bank adopted a stringent programme of quantitative tightening, elevating interest rates. When the Truss government got itself in trouble, the Bank took almost a week to come to the rescue. Rather than enacting a charade of normality, it is time to recognise that in 2025 the UK faces a period of historic transition. To meet this challenge, what is needed is a new concordat with the Bank. This should not ignore inflationary pressures or the long-run trajectory of debt, but should affirm the priority of reviving investment-led growth. One could follow Donald Trump in demanding interest rate cuts. The Bank could shadow the ECB in its commitment to capping Eurozone yields. But the top priority should be to lay the ghost of September 2022. The Bank’s slowing of QT last month was a concession. An immediate and complete end would send the right signal. Such a concordat will not by itself restore sanity to politics, solve the housing problem or rebuild the NHS. But it would help to lift the fear of bond market crisis, which is paralysing the effort by democratic politicians to answer the fundamental questions facing the nation. Now, that call for a new concordat between government and Bank of Englands seems more urgent than ever. The problem is that in October 2025, Starmer still had some authority. Today the government is in tatters. And when you are the “under the harrow” - to echo a phrase of Montagu Norman’s from the 1920s - it is the worst possible time to consider institutional change. To make general arguments at a time of crisis can only seem like special pleading rather than a general argument for long-term change. The same, unfortunately, is also true for the other basic institutional reform that Britain urgently needs i.e. the abolition of the out-dated first past the post electoral system and its replacement by a moderated form of proportional representation. And thirdly - whilst we are saying the quiet parts out loud - Britain needs to reopen the question of EU membership. What the local election results of 2026 show is that this remains a key issue. And what they also show is that there is a clear majority that would favor a return. Until these basic features of Britain’s political economy are addressed the country will carry on its politics as though in a haunted house, governed by governments that lack actual majorities, conjuring up false constraints whilst ignoring the real ones. This one is for DG and MI. I love writing the newsletter. If you enjoy it too and fancy buying me a coffee once a month, you know what to do. Click below! Subscribe
Opinion | Keir Starmer and the End of Britain’s Old Certainties
The decade since Brexit has been one long, painful process of trying — and failing — to make sense of this new reality.
Britain Politics
Eva Pavlova, First Lady of the Czech Republic, arrives for a reception for the delegation from the Summit of First Ladies and Gentlemen Global Platform, hosted by Victoria Starmer, wife
U.K. and French Unions Join Forces to Protest Long Hours in Entertainment Industry
Britain's Bectu and sister unions in France have launched a joint campaign to highlight “unsustainable” working hours in the film and TV industries.
U.K. and French Entertainment Unions Join Forces to Protest Long Hours
Britain's Bectu and sister unions in France have launched a joint campaign to highlight “unsustainable” working hours in the film and TV industries.
UK health secretary resigns, creating a potential power struggle with PM Keir Starmer
Health Secretary Wes Streeting became the first senior minister to quit Starmer ’s Cabinet on Thursday in what is expected to be a precursor to challenging his leadership.
Britain Politics
FILE - Britain's then Heath Secretary Wes Streeting gestures as he speaks during the annual Labour Party conference in Liverpool, England, Tuesday, Sept. 30, 2025. (AP Photo/Jon Super, File)
Pound dips as political crisis engulfs Britain
The pound dropped on Thursday, as a political crisis in the UK escalated with the resignation of health minister Wes Streeting turning up the heat on Prime Minister Keir Starmer.
UK opens antitrust probe into Microsoft's business software
Britain on Thursday launched an antitrust investigation into Microsoft's dominance in business software that could lead to targeted action if the U.S. company is found to have "strategic market status" in the sector.
Britain Politics
Peter Mandelson, the former U.K. ambassador to the United States, walks past the Ministry for Health in London, Thursday, May 14, 2026.(AP Photo/Kirsty Wigglesworth)
European markets to open higher as politics dominates the news agenda
European stocks are expected to open higher Thursday as investors keep an eye on developments in the U.K. and U.S. President Donald Trump's trip to China.
Britain Politics King's Speech
Britain's King Charles III salutes to members of the Guards marching after the State Opening of Parliament at Buckingham Palace in London, Wednesday, May 13, 2026.(AP Photo/Kin Cheung)
Britain Politics King's Speech
Britain's King Charles III, center, and Queen Camilla, background right, walk up the stairs at the Norman Porch the State Opening of Parliament, in London, Wednesday, May 13, 2026. (Suzanne
Britain Politics King's Speech
Britain's King Charles III and Queen Camilla arrive for State Opening of Parliament, in London, Wednesday, May 13, 2026. (Suzanne Plunkett/Pool Photo via AP)