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Mizzou begins construction of new Radioisotope Science Center
Construction has begun on a new Mizzou research facility that will produce critical isotopes for medicine, research and national security.
The women leaving the 'New Right'
Defectors from the ‘New Right’ say that sexism is a feature, not a bug of modern-day conservatism.New York Magazine’s Sam Adler-Bell published The Young Women Leaving the New Right, detailing the experiences of conservative women who say that rampant misogyny within the space is pushing them out of a community they helped build. From demanding that women stay home and out of public life to advocating for the repeal of civil rights law - some conservative women have reached their limit. But host Brittany Luse wonders: will this change of heart stick in the voting booths? Or is this just more of the same?To answer that question, Brittany is joined by Editor at Large of the 19th and NABJ President, Errin Haines. Errin helps unpack the link between the ‘new’ and ‘old’ right, white women checkered political history, and how searching for community can sometimes lead people down dark paths. Want more about women and politics? Check out these episodes:Progressive women have 'had it!' And they're fighting back.The political power of Gen Z womenEnough is enough. Is it time to leave America?Support Public Media. Join NPR Plus.Follow Brittany on Instagram: @bmluseFor handpicked podcast recommendations every week, subscribe to NPR’s Pod Club newsletter at npr.org/podclub.
Northwestern professors navigate politics, pedagogy in Trump-era classrooms
As history Prof. Michael Allen lectured about the Vietnam War in his American Wars class this quarter, he drew a connection between South Vietnamese police tactics and present-day immigration enforcement in the U.S.: that police force can alienate civilians rather than winning them over. He said this comparison was not meant to tell students what...
Yomiuri: Japan Post to Strengthen Real Estate Business, Aims for Top 10 Rank Among General Developers
Japan Post Holdings Co. announced Friday its policy to strengthen its real estate business in a new medium-term management plan. The company will develop asset-turnover businesses through such initiatives as the sale of condominiums and the establishment of a real estate investment advisory firm.
Surgical patients with mental health conditions who receive music therapy are more medically complex, study finds
A new study from University Hospitals Connor Whole Health found that patients with mental health and/or substance use disorders who undergo surgery and receive music therapy are more medically complex ...
Modeling context-dependent RNA splicing by deep learning
Nature Computational Science - A framework called HELIX provides a strategy for predicting full-length transcript isoform usage across diverse biological contexts by integrating sequence features...
Fact check: Colorado governor’s misleading rationale for freeing election denier Tina Peters
Colorado Gov. Jared Polis justified his decision to release election denier Tina Peters from prison with a series of false and misleading claims, inaccurately distancing her case from efforts to undermine the 2020 election.
Bar Owners, Health Advocates Clash Over Smoking Ban on Outdoor Patios in San Francisco
San Francisco Supervisors delayed their vote on a ban on smoking on outdoor patios until June after pushback from small businesses.
Fort McCoy holds April 2026 meeting of Safety & Occupational Health Advisory Council
Fort McCoy held a special meeting of the installation Safety and Occupational Health Advisory Council (SOHAC) on April 1, 2026, that included Fort McCoy...
Global consortium renames polycystic ovary syndrome to reflect science
First, it was named after two men. Then, it was named for a false premise. Now, after more than a century, one of the most common hormone disorders affecting women worldwide has a name that reflects the science.
APSA Statement on the Dismissal of the National Science Board -
The American Political Science Association (APSA) condemns the Trump Administration’s recent dismissal of all 22 members of the National Science Board (NSB), the independent advisory and oversight body for the National Science Foundation (NSF). This [...]
Training Naturalists Behind Prison Walls
A kestrel swoops to grab a smaller bird on the wing and eats it, right in front of a group of men in the garden at California Health Care Facility, or CHCF, a prison in Stockton, where the garden has become both a thriving ecosystem and a science classroom for people incarcerated there. As the feathers fly, UC Davis researcher Laci Gerhart pulls out a bird guide and shows the incarcerated men how to identify the bird by its size and coloration, noting that kestrels are North America’s smallest raptor and one of the few that are sexually dimorphic.
Amazon Alexa Plus Now Produces AI-Generated Podcast Episodes
The podcast industry suddenly has a big new player: Amazon's Alexa+ AI-powered voice assistant, which can now create extended 'podcasts' on any topic.
Visited coastal Connecticut town that's better than the Hamptons: Madison
Madison, Connecticut, is easy to get to from New York City and has nice beaches and as many things to do as the Hamptons, just with fewer crowds.
EPA announces new selections to Science Advisory Board
The U.S. Environmental Protection Agency (EPA) has announced the selection of new members to its Science Advisory Board (SAB), which provides expert
FSU expert available to discuss high-functioning anxiety during Mental Health Awareness Month
Mental Health Awareness Month is recognized each May to provide education and reduce the stigma of several disorders. One lesser-known term gaining
What’s top of mind for your business owner clients right now
Drawing on findings from the 2026 Principal® Business Owner Insights survey, this panel discussion covers the evolving priorities shaping financial planning decisions.
Democrats, Tiffany face tricky politics after killing tax relief bill
Democratic lawmakers and Republican governor candidate Tom Tiffany face tricky messaging after working to kill a bill to aid taxpayers and schools.
Covalence for May 2026: Faith-and-science currents in the news cycle - Lutheran Alliance for Faith, Science and Technology
The May 2026 Covalence highlights new ELCA liaison Laurie Jungling, the Overview Effect from Artemis II, the Templeton Prize, and a new climate certificate.
'Work when nobody's looking': How Aaron Rai parlayed two gloves, iron covers and a dream into a PGA Championship
2026 Best 40-Under-40 Business Professors: Jirs Meuris, Wisconsin School of Business, University of Wisconsin-Madison
Over the last decade, Poets&Quants has honored more than 540 up-and-coming star MBA and graduate business professors from around the world.
'This may be the last time you hear my voice': Political executions surge in Iran
Since the US and Israel attacked Iran on 28 February, the UN says it’s verified the execution of at least 32 political prisoners.
A prayer festival calls for more religion in politics, not less
A prayer festival on the National Mall in Washington, DC was partially organized and funded by the federal government. Its evangelical Christian messaging and call for more religion in politics not less, aligns with the Trump administration's fusion of faith and governance. NPR's Emily Feng went to the event to understand the audience for this approach, and she spoke with author Eric Metaxas, a speaker at the Rededicate 250 festival.For sponsor-free episodes of Consider This, sign up for Consider This+ via Apple Podcasts or at plus.npr.org. Email us at considerthis@npr.org.This episode was produced by Henry Larson, with audio engineering by It was edited by Sarah Robbins and Daniel Burke.Our executive producer is Sami Yenigun.
How a Jared Polis Came to Release Election Denier Tina Peters from Prison
Gov. Jared Polis’s decision to commute the sentence of Tina Peters came after months of tense discussions, including one with President Trump.
How To Watch From Season 4, Episode 5
Watch From live with TV channel, start time and streaming info. Stream Season 4, Episode 5 on Fubo — no cable required, free trial available.
How to Watch American Dad! Season 22, Episode 9
Watch American Dad! live with TV channel, start time and streaming info. Stream Season 22, Episode 9 on Fubo — no cable required, free trial available.
Metabolic health emerges as key to brain and memory problems in bipolar disorder
While they share similar depressive and cognitive symptoms, the biological underpinnings of bipolar disorder and major depressive disorder are distinct. A novel study appearing in Biological Psychiatry: ...
California Politics 360 Full Episode | Governor & lawmakers debate proposed spending plan
This week, Gov. Gavin Newsom outlined his priorities, proposing to spend $349 billion. On California Politics 360, Ashley Zavala sits down with Republican State Sen. Roger Niello.
Minnesota Vikings News and Links: What Moves Are Next?
Not much going on right now as we await the first OTAs and minicamp. The current Cap Space (per OverTheCap) without the Jennings signing reflected is : $12,267,125One June 2nd it will increase due to the Post-June 1 release savings: +$12,500,000 (combined from Harrison Smith and Jonathan Allen)Adjusted Total Cap Space: $24,767,125 I imagine Jennings […]
Here and Now: Universal childcare, legendary Black athletes, reimagined 'Cats' on Broadway
On this episode of Here and Now, Sandra Bookman sits down with various guests to discuss universal childcare, legendary Black athletes, innovative programs in the Office of Criminal Justice, and a re-imagined Broadway production.
Science & Medicine: Strengthening your teeth
Imagine one day your child bites down on something and the enamel on one of their teeth starts to crumble. That can happen in a condition called molar incisor hypomineralization — otherwise known as chalky teeth.
Politics Unplugged (Full Episode) May 17, 2026
This week on Politics Unplugged, John Trobough, candidate for Congress in District 1, makes his case for the job and shares his view of the war in Iran. Then, Consultants Marcus Dell’Artino and Stacy Pearson discuss Kari Lake’s nomination for ambassador to Jamaica and the state budget negotiations.
Life with PMDD: 'Like the Grim Reaper coming every month'
Women diagnosed with premenstrual dysphoric disorder discuss how it impacts their lives.
'Pawn Stars' icon Rick Harrison says Trump tax policies change everything for small businesses
Rick Harrison of "Pawn Stars" told Fox News that workers at his Las Vegas businesses are seeing astronomical tax returns thanks to Trump's small business tax policies.
Young Dolph Shooter Pleads Guilty, Concluding Rapper’s Murder Case
Cornelius Smith Jr., who previously admitted to shooting the rapper at a co-defendant's trial, sentenced to 20 years in prison
Scientists find hidden brain nutrient deficit that may fuel anxiety
A major analysis of brain scans found that people with anxiety disorders have noticeably lower levels of choline, a nutrient crucial for healthy brain function. The strongest evidence appeared in the prefrontal cortex, the region tied to emotional control and decision-making. Researchers say the discovery is the first clear chemical brain pattern linked to anxiety and could eventually lead to new nutrition-based treatments.
Scientists find hidden brain nutrient deficit that may fuel anxiety
A major analysis of brain scans found that people with anxiety disorders have noticeably lower levels of choline, a nutrient crucial for healthy brain function. The strongest evidence appeared in the prefrontal cortex, the region tied to emotional control and decision-making. Researchers say the discovery is the first clear chemical brain pattern linked to anxiety and could eventually lead to new nutrition-based treatments.
Tina Peters deserves due process, not political clemency
Anthony Coley: Commuting the election denier's prison sentence sends a message to others that it's okay to cross the line.
SF business owners in Mission District say drug use, encampment fires are worsening
Small business owners on Clinton Park and Stevenson Street in the Mission say conditions have worsened in recent months as enforcement and encampment cleanups at major hotspots increase in other parts of the city.
Google Health Premium vs. Basic Features Comparison
The launch of Google Health, its new app, and the Fitbit Air is around the corner. In fact, for many of you, the new Google Health app should start showing up on your phones as an update as early...
Hundreds of nurses at SSM Health St. Mary's Hospital in Madison working to unionize
Hundreds of nurses at SSM Health St. Mary's Hospital in Madison are working to unionize.
Colorado Gov. Jared Polis grants clemency to Tina Peters, makes her eligible for release from prison
Colorado Gov. Jared Polis on Friday granted clemency to Tina Peters and made the former Republican county clerk eligible for release from state prison as soon as next month, capping months of speculation that the Democratic governor would shorten a nine-year sentence related to her role in a scheme to breach secure voting equipment. Polis, […]
Sports tourism continues record-setting pace of economic impact in Huntsville
Records are made to be broken and Huntsville’s sports tourism industry is setting the pace. For the fourth straight year, local events teamed to post record-breaking economic impact numbers, according to a report released Wednesday by the Huntsville/Madison County Convention & Visitors Bureau. And teamwork was cited as the key to the success as the […]
Health advisory issued for Fort Pierce Inlet State Park river area
The Florida Department of Health in St. Lucie County advises against water-related activities
Notice of Intent to Award Veterinarian Services RFP | Department of Health Services
The evaluation panel carefully reviewed and analyzed the proposals received in response to the above referenced solicitation. Based upon that review and analysis, we are recommending to the Sonoma County Board of Supervisors that the contract be awarded to Dr. Catherine McKenzie.
Stephen Colbert reveals his final guests on 'The Late Show'
Stephen Colbert's final week on "The Late Show" is coming into focus, with CBS revealing the schedule for the show's last stretch of episodes.
County getting into the Entertainment (Zone) business
Hoping to help local businesses and attract more visitors ready to spend some money, the El Dorado County Board of Supervisors on May 12 conceptually approved the establishment of Entertainment
Cuban political detainee released after US issues 2-week deadline
Cuban political prisoner Sissi Abascal Zamora is seen hugging loved ones outside La Bellotex women's prison in video posted of her release.
Paramount's tech chief is leaving after 7 years, read the memo
Paramount's chief tech officer is stepping down during David Ellison's digital transformation. Read the memo to employees.
THE HISTORY OF CHARGING THE MOUND, EPISODE 4: GEORGE BELL
In episode three of this series, I began a two-part exploration of the encounter between Toronto’s George Bell and Boston’s Bruce Kison on June 23rd, 1985. Having visited Kison side of things, we will now consider the life and times of George Bell. In the late 1970s scouts all around major league baseball began descending […]
Building Companies at the Edge of Science and Market - Life Sciences Today Podcast Episode 61
We're excited to be back for another episode of the Life Sciences Today Podcast by Healthcare IT Today. My guest today is Jennifer Ernst, Co-Founder and CEO at
Cape Coral sitcom: Dixie Roadhouse shoot for 'Jimmy on the Rocks'
The pilot episode of new TV show "Jimmy on the Rocks" was shot in June 2025 at Cape Coral's Dixie Roadhouse. It's been screening at film festivals.
Andrew Abbott leaned into some science to get his season back on track
Andrew Abbott locked in on the stick-figure graphic of himself. The world of biomechanics is very advanced. But with Abbott going through the worst rut of his big league career, he opened up to some new ideas to get himself back on track. He asked for some help, and he leaned into some sports science. He said the stick figures made it clear, and he credits biomechanics for helping him get his season back on track. Over his last three starts, he has allowed two total runs in 17 ⅔ innings. “There’s a photo of (me) last year and the year before on a graph, and this year is in a different color,” Abbott said. “You see where you are in comparison to that. Where the hands are at this moment, where your feet are, where the knee is, where your head is at, where your shoulders are at, it breaks it all down if you want it.” When Abbott saw his mechanics in this objective way, he recognized exactly what had been going wrong. “When my tempo, my feet and my hands are aligned, then normally my mechanics are sound,” Abbott said. “And when my mechanics are sound, my stuff behaves normally. The fastball is jumpy. I’m up in velo. My extension is better.” Abbott said that he started diving more into his biomechanics in the middle of April. The Reds have a biomechanics team, which works closely with pitching coach Derek Johnson and hitting coach Chris Valaika. Leading the group is biomecahnics manager Franky Mulloy. “I laugh every day,” Francona said. “When Franky starts talking, I start laughing. I remind him to know his audience.” Francona isn’t a scientist. The Reds’ manager jokes about his own comprehension of the data. But it’s easy for him to recognize the value that the biomechanics team is providing. “That’s why we got them,” Francona said. Abbott said that he had his first big biomechanics-oriented meeting in the middle of April. Behind the scenes, there was already a lot of communication going on within the Reds’ staff. “Franky calculates all the things, builds it into these graphs, and DJ gets them,” Abbott said. “They have their internal communication. Then, we go to them and ask what about this or that. The main thing for me is arm angle.” The data shows Abbott how his arm angle evolves from start to start. He hasn’t meant to change it. But just like all of us, our posture might be different from one day to the next. Pitchers’ arm angles can make minor shifts without the pitcher or even coaches noticing. But the data can’t miss a change like that. Abbott recognized that his arm angle had been moving around without him noticing. Now, he checks in with the data to make sure that his mechanics are in sync. “They get into these cool looking graphs,” Abbott said. “I can’t really describe them. I don’t know what they are. But for me, it’s a photo of a stick figure of myself.” The stick figure of his current positioning is superimposed over previous versions of himself. With that format, Abbott can compare his mechanics on any given day to what they were when he was pitching at his very best. “It was very noticeable from the moment I saw this year as black compared to two years ago and last year, it was very, very different,” Abbott said. “I could see with my eyes without having to ask any questions about the difference in the photos.” For any pitcher, there are a lot of moving pieces in your delivery. For Abbott to be the best version of himself, he needs his head, his arm, his hand, his knee and his feet to be on the right “tempo.” “Tempo is a word I’ve used a lot,” Abbott said. “Getting everything in certain areas working together.” He has been much better at that recently. The data backs that up, and so does Abbott’s ERA. The biomechanics data has also given the Reds’ staff and Abbott some better ideas for some training that he can do between starts. He has added drills to shore up areas of his body that Abbott needed to make stronger. “They make a plan based off what they see,” Abbott said. “If things start changing, we know what to revert back to.” Overall, Abbott says that he’s not a very analytical guy. There’s so much information out there, and he says that it’s important for him to not get too analytical when he breaks down his specific pitches. He has learned the value of being “analytical about mechanics.” And the way that the Reds presented that information to him made it easier for him to make the right adjustments without being overloaded by information. “It was a very simple fix,” Abbott said. “It took a long time to finally get there, feel the results and see it. But for the most part, it was very simple to apply it.”
Top Singapore-based physicist moves to China after superconductor breakthrough
Prominent young professor becomes doctoral supervisor at leading Chinese research university amid high-level recruitment drive.
Windows 11 KB5089549 can now be downloaded for USB installs using official Microsoft tool
Microsoft has made an update related to the Media Creation Tool, its official utility for downloading and installing Windows via ISOs.
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
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