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Live updates: Trump settles score with Massie loss, flexes in GOP races
President Trump got his wish on Tuesday, with Rep. Thomas Massie (R-Ky.) sent packing by voters in his Kentucky primary. The win by Trump-backed Ed Gallrein was the last in a string of election eff…
Even while courting moderates on voter ID, GOP leaders still push debunked fraud narrative
Republicans call their voter ID ballot measure ‘common sense’ to appeal to moderate voters, while alienating liberals with election conspiracy theories
America's elites don't trust voters. That's the real crisis.
Polling suggests politically active elites are far more willing than ordinary Americans to undermine democratic principles when power is at stake.
Two weeks after 'PBA' voted through, IHSAA commissioner addresses new bylaw in letter
IHSAA commissioner Paul Neidig addresses new PBA bylaw in letter. Other notes include basketball coaching hire, recruiting updates.
Polls have closed in Idaho Legislature races. Here’s what we know
In many districts, more-moderate Republicans challenged far-right incumbents for their seats. See how they did.
GOP voters overwhelmingly pick Woods over Lindemuth in the 98th District
Lancaster County Clerk of Courts Nicky Woods will move on to the November general election in the 98th House District after winning Tuesday’s Republican primary.
Senate advances resolution to end Iran war as GOP Sen. Bill Cassidy flips to support it
The Louisiana senator, who lost his primary over the weekend, voted in support of the war powers resolution for the first time. It advanced 50-47, with a final passage vote yet to come.
First Ballot: Kevin Harvick Voted Into NASCAR Hall of Fame
Former Cup champion and current FOX Sports analyst Kevin Harvick will be among the three inductees of the 2027 NASCAR Hall of Fame class.
Flag football moves toward NCAA title status before '28 Olympics
The NCAA Committee on Access, Opportunity and Impact voted Tuesday to recommend that Divisions I, II and III add a national collegiate flag football championship as soon as the spring of 2028.
Experts: Maine-famous names might be liability this year
With early voting already underway leading up to the June 9 primary, Maine voters are seeing familiar family names on both parties’ ballots.
Sen. Cassidy has no regrets over Trump impeachment vote, even after it cost him his seat
Cassidy lost his seat in his state’s Republican primary Saturday after Trump endorsed one of his opponents.
Voters cast ballots in several high-profile primary elections
Voters head to the polls in primary elections in Pennsylvania, Georgia, Kentucky and Alabama. Follow for live news updates.
Service & Solidarity Spotlight: Michigan Science Center Workers Vote to Join the UAW
Workers at the Michigan Science Center (Mi-Sci) voted overwhelmingly in favor of joining the UAW.
Live Results: Pennsylvania midterm congressional primaries
Democratic voters in Tuesday's Pennsylvania primary will pick their nominees to flip four seats seen as critical for the party to retake the U.S. House in November.
In deep blue California, Dems find a villain toxic enough to rival Trump: The power company
Rising electricity prices have frustrated voters, creating a prime target for candidates.
SCORE Act hits another roadblock — what it means for college sports
Congress’ long-running push to fix college sports stalled again as the SCORE Act was pulled ahead of a House vote following renewed political tension.
Georgia primary could be the starting gun for Democratic and Republican runoffs
Georgia voters are set to settle nominees for three high profile races
Voters in six states head to polls with Kentucky’s Massie facing Trump’s fury
Contest seen as latest test of president’s grip on GOP as he urges voters to reject one of the few senior Republicans who has defied him
Live updates: Democrats, Republicans pick their nominees in Pa. primaries
Democratic and Republican voters will chose their nominees in Pennsylvania’s primaries on Tuesday, May 19, 2026. Get live updates.
These men voted for President Trump. They have very different views of how he's doing
Two Black men from Georgia who voted for President Trump in 2024 have very different views of how the country is doing now, in the first installment of Swing Shift from NPR's Tamara Keith.
Clark-Shawnee may delay cutting sports while pursuing smaller tax levy
After voters rejected three levies in the last two years, the Clark-Shawnee Local School Board is considering a smaller tax proposal for November while delaying planned cuts to sports and
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.
Vote for Blue FCU's Fort Collins-area Boys Athlete of Week (May 18)
Vote for Blue FCU's Boys Athlete of the Week, with nominees from Wellington baseball, Heritage Christian track and Fort Collins baseball/track.
Support for Wisconsin school referenda continues to weaken
In April, voters approved 61% of 75 school referenda.
Could Republican Thomas Massie survive Trump's attack to oust him?
The Kentucky congressman, who has crossed the president on federal spending and the Epstein files, faces Republican voters on Tuesday.
Video: Opinion | The End of Reality TV Politics
Reality TV politics is coming to an end because, Sarah Isgur argues, reality TV itself is dying. On “The Opinions,” she explains why she believes voters are now gravitating toward more optimistic, Ted Lasso-style candidates instead.
Live Results: Kentucky midterm congressional primaries
WASHINGTON (AP) — U.S. Rep. Thomas Massie, one of President Donald Trump’s most vocal critics within the Republican Party, faces a tough primary challenge Tuesday in Kentucky’s state primary. It’s the latest example this primary season of the president trying to purge the party of Republicans he perceives as disloyal. Kentucky voters will also pick nominees for U.S. Senate, five other U.S. House seats and the state General Assembly. Voters in Louisville will winnow down
Politics in park prove positive
More than 30 political candidates descended upon Cody for Politics in the Park, drawing voters from around the basin for the opportunity to meet, learn and voice their concerns.
Trump is losing his grip on his most important demographic
If there’s one demographic group that is synonymous with President Donald Trump’s political rise — and his later rebirth — it’s the White voter without a college degree.
Children’s Colorado must resume care to transgender plaintiffs, state Supreme Court rules by 5-2
The Colorado Supreme Court, by a 5-2 vote, ordered Children’s Hospital Colorado on Monday to resume providing certain medical services to a group of transgender plaintiffs, which it had ceased in the face of funding threats from the federal government last year. The unusual appeal before the Supreme Court stemmed from a trial judge’s rejection […]
Incumbent, predecessor clash in Texas’ 33rd District Democratic runoff
U.S. Rep. Julie Johnson, D-Dallas, and former U.S. Rep. Colin Allred are now exchanging critiques as they vie for voter attention.
Poll: Moderate Jared Moskowitz dominates Dem Primary against progressive Oliver Larkin
About two-thirds of Democratic voters said a moderate Democrat is a smarter choice in the new South Florida battleground.
⚡ Weekly Recap: Exchange 0-Day, npm Worm, Fake AI Repo, Cisco Exploit and More
This week’s top cyber threats, attacks, breaches, malware, and urgent security updates.
Maryland ballot blunder triggers GOP push for federal review of blue state's voter rolls
Republicans call for a federal review of Maryland's voter rolls after a ballot vendor error forced the state to resend thousands of primary ballots.
Buttigieg rallies for Montana election initiative, stays mum on political plans
During an hour-long speech in a packed Mother Lode Theatre, Pete Buttigieg made a rousing plea to ban corporate money from Montana politics while repeatedly sidestepping talk of a 2028 presidential run. The 2020 Democratic presidential candidate and former U.S. transportation secretary drew cheers from the audience of 1,200 in Butte as he suggested that special interests and corporate spending in campaigns had drowned out the concerns of average voters.
AP Decision Notes: What to Expect in Oregon’s Primaries
WASHINGTON (AP) — Oregon’s Democratic Gov. Tina Kotek and the nearly two dozen challengers hoping to defeat her are among the candidates who will seek their parties’ nominations for state and federal offices in Tuesday’s primary. Voters will also decide a statewide ballot measure that would raise ...
AP Decision Notes: What to expect in Alabama's primaries
Alabama voters will choose nominees for U.S. Senate, governor and a full slate of state and local offices.
Lululemon takes battle with Chip Wilson public, calls founder 'misguided' and 'outdated'
Lululemon responded publicly to founder Chip Wilson's campaign in a letter to shareholders, where it urged them to vote in its favor at its annual meeting.
Starz Entertainment shareholders approve board nominees and annual say-on-pay vote
Starz Entertainment shareholders approve board nominees and annual say-on-pay vote
Who should be this week's boys' Athlete of the Week?
It's time to vote for The News-Gazette's Athletes of the Week, powered by Copper Creek Contractors. Each Monday, The News-Gazette will publish an online poll with four boys and four
Who should be this week's girls' Athlete of the Week?
It's time to vote for The News-Gazette's Athletes of the Week, powered by Copper Creek Contractors. Each Monday, The News-Gazette will publish an online poll with four boys and four
Don't mistake voter apathy for popular mandates
Alabama politics are dominated by hate, distraction and a lack of meaningful choices. It's hard to say the state as a whole is embracing that.
Trump’s Approval Sinks Amid Unpopular War, Darkening G.O.P. Prospects
With the midterms nearing, President Trump’s approval rating has hit a second-term low as voters question his handling of the economy, according to the latest New York Times/Siena poll.
After 20 years in Louisiana politics, Sen. Bill Cassidy was undone by one vote. Here’s why.
Voting to convict Trump of impeachment was a vote he could not come back from in the Republican Party.
The 52nd annual American Music Awards show boasts an all-star lineup in Las Vegas
The fan-voted show will be held at MGM Grand Garden Arena on May 25.
Critics fear a midterm purge as the Trump administration promotes program to check voter eligibility
At least 67 million registrations, primarily from Republican-controlled states, have gone through a beefed-up verification program at the U.S. Department of Homeland Security, and tens of thousands of those have been flagged as potential noncitizens or people who have died.
Despite retribution, Cassidy attempted to make amends with Trump after impeachment vote
NEW ORLEANS (AP) — When Charles Wandfluh voted in Louisiana's Republican primary over the weekend, he could only conjure the unflattering image of a panicked rodent when talking about Bill Cassidy's desperate attemp t to cling to his U.S. Senate seat despite opposition from President Donald Trump. “He’s just a squirrel running around the tree, chasing nuts to find whatever he can get to benefit him,” said Wandfluh, 57, in a suburb of New Orleans.
Trump gets back at Louisiana senator who voted to convict him
Louisiana Sen. Bill Cassidy placed last in a three-way race.
Cassidy tried to get along with Trump after his impeachment vote. Retribution came anyway
It was a hurdle too high for Bill Cassidy to clear.
Cassidy tried to get along with Trump after his impeachment vote. Retribution came anyway
It was a hurdle too high for Bill Cassidy to clear.
How Cassidy’s loss could turn into an even bigger win for RFK Jr.
Sen. Roger Marshall, a Make America Healthy Again devotee, is angling to replace the defeated Louisiana senator atop the Health Committee.
How Cassidy’s loss could turn into an even bigger win for RFK Jr.
Sen. Roger Marshall, a Make America Healthy Again devotee, is angling to replace the defeated Louisiana senator atop the Health Committee.
Trump attacks Massie as Republican critic describes ‘desperate’ attempts to oust him from primary
US president writes ‘vote the bum out’ as congressman faces close race against Trump-endorsed Republican
Here’s the impact of the Voter’s Choice Act 10 years in
These counties are part of the Voter’s Choice Act – a model to provide greater flexibility and convenience for voters.
Man Utd 3-2 Nottingham Forest: What Fernandes said
On votes for player of the season: "It's a privilege and a pleasure for me, knowing that your job is being recognised by many people, that I was player of the season I am very grateful." Bruno Fernandes has now equalled the record for most assists in a Premier League season (20), levelling Thierry Henry in 2002-03 and Kevin De Bruyne in 2019-20.
Miami mental health center moves closer to final approval 20 years after it was promised to voters
Trump administration promote program to check voter eligibility. Critics fear a midterm purge
The Trump administration has run the names of at least 67 million voters through government databases as it looks for noncitizens and people who've died.
Trump administration promote program to check voter eligibility. Critics fear a midterm purge
The Trump administration has run the names of at least 67 million voters through government databases as it looks for noncitizens and people who've died.
Republican Senator Cassidy loses Louisiana primary after opposing Trump
Bill Cassidy is among seven Republican senators who voted to convict Trump after the January 6, 2021, Capitol attack.
L.A. mayor candidates seek Latino vote. Bass is ahead of Raman, Pratt
Latinos make up about 37% of the L.A. electorate. Mayoral candidates are putting out ads in Spanish, rallying endorsements and canvassing Latino neighborhoods.
Voter voices from the San Gabriel Valley on California governor's race
Becerra and Hilton have emerged as the candidates to beat. But dozens of interviews across the San Gabriel Valley, a prime campaign battleground, find many voters still undecided. And discouraged.
Vote for Girls Athlete of the Week for May 11-15 presented by the Vance Law Firm
Cast your vote for the Montgomery Advertiser's Girls Athlete of the Week for April May 11-15 presented by the Vance Law Firm.
Friendship, family, relationship breakups over politics all rising, new study finds
Politics in America is no longer just dividing voters at the ballot box... it may also be wrecking group chats, family dinners, and lifelong friendships.
Louisiana Sen. Bill Cassidy loses in Republican primary, does not advance to runoff
Sen. Bill Cassidy is one of few remaining Republican senators who voted for President Trump's impeachment after the Jan. 6 attack on the Capitol. Trump endorsed his opponent, Rep. Julia Letlow.
In New Orleans area, voters took to the polls: “This time it is more important”
Across the New Orleans area on Saturday, a steady stream of residents filed in and out of their polling stations as they would in any other election.
Trump says Iran war worth economic pain and these rural voters agree
Rural Trump supporters in Colorado say they will accept higher gas prices for Iran policy goals and to prevent Iranian nuclear threat.
Boston City Council ‘mean girl politics’ accusations fly amid $4.9B budget cuts battle
Boston City Councilor Erin Murphy decried “mean girl politics” after her latest late file order was blocked again by Councilor Sharon Durkan, this time delaying a hearing on ways to restore firefighter cancer screening funds.
Trump disparages incumbent Sen. Cassidy and tries to propel his challenger in Louisiana GOP primary
Trump endorsed U.S. Rep. Julia Letlow over Cassidy, in an unusual attempt to dislodge an incumbent senator. Cassidy voted to convict Trump in his second impeachment trial.
Louisiana Senate Primary Election 2026 Live Results
See live results from the 2026 Louisiana Senate primary election as votes are counted for Republicans and Democrats.
Trump criticizes Sen. Cassidy while pushing challenger in Louisiana GOP primary
If no candidate gets 50% of the vote, there will be a runoff June 27
Trump criticizes Sen. Cassidy while pushing challenger in Louisiana GOP primary
If no candidate gets 50% of the vote, there will be a runoff June 27
Trump criticizes Sen. Cassidy while pushing challenger in Louisiana GOP primary
If no candidate gets 50% of the vote, there will be a runoff June 27
Trump’s drive for political revenge faces a key test in Saturday’s Louisiana Senate primary
President Donald Trump’s drive for political revenge faces a key test Saturday in Louisiana, where he is looking to defeat Republican Sen. Bill Cassidy five years after Cassidy voted to convict him in his second impeachment.
Andalucíans to vote in election seen as gauge of Spain’s wider political change
Conservatives expected to keep majority as socialists face drubbing and ballot tests trajectory of far-right Vox party
Can a Republican defy Donald Trump and survive? Kentucky voters will decide
Congressman Thomas Massie, chastized by the US president as a ‘lowlife’, will soon face the ballot box – setting up a crucial test of Trump’s political strength
This Republican voted to convict Trump. Now he's up for reelection. Can he survive?
Louisiana Sen. Bill Cassidy was one of seven Republican senators who voted to impeach President Trump. Now he's running for reelection in a race that will test Trump's hold on the GOP.
Sen. Bill Cassidy faces Louisiana Republican primary for the first time since his Trump impeachment vote
The Louisiana Republican is running for re-election against Trump-backed Rep. Julia Letlow and state Treasurer John Fleming.
An Upper West Side Primary Presents a Test of Judaism and Politics
Stephanie Ruskay is seeking to become the first female rabbi to be elected to state office in New York, but the race may hinge on whether voters find her progressive enough.
California GOP accuses DeMaio of fake party endorsements in dueling voter guides
In a cease and desist letter, the California Republican Party said it “reserves every right to pursue criminal referrals as well as civil remedies.”
Supreme Court deals blow to Virginia Democrats in fight over state court ruling
The Supreme Court on Friday rejected Virginia Democrats’ emergency appeal seeking to revive a voter-approved congressional redistricting overhaul, leaving intact a Virginia Supreme Court ruling that struck down the effort as unconstitutional ahead of the 2026 midterm elections.
Supreme Court Upholds Virginia Ruling Rejecting Democrats’ New Voting Map
State officials had asked the justices to step in to allow the state to use a congressional map in the midterms that was drawn by Democrats and recently approved by voters.
Live Results: Louisiana midterm state and congressional primaries
Louisiana voters will participate in a revamped and stripped-down state primary Saturday and decide the political fate of an embattled Republican U.S. senator targeted for defeat by President Donald Trump.
Vague Comments Add to Puzzle Over Tom Kean Jr.’s Absence
Representative Tom Kean Jr. hasn’t voted on Capitol Hill since March as he deals with an unspecified medical issue.
Oregon voter turnout reaches 16.5% with 5 days left for voters to cast ballots in May election
Voters who have yet to cast their ballot are encouraged to drop their ballot in an official drop box.
A political dynasty heiress and a former trade minister advance to Peru’s presidential runoff
LIMA, Peru (AP) — Peruvian voters will choose their next president between a political dynasty heiress and a former trade minister who has promised to reform Peru’s mining sector, after advancing on Friday to Peru’s June presidential runoff election.
Texas high court rejects removal of Democratic lawmakers who led quorum break over redistricting
The Texas Supreme Court has refused to declare that Democratic state lawmakers who briefly left the state last year in a quorum break to stop a vote on new congressional voting maps pushed by President Donald Trump vacated their offices.
Majority of Florida voters favor tighter limits on sports betting, UNF poll finds
A majority of Florida voters want the state to place tighter limits on sports betting, even as nearly one in four say they have placed an online wager, according to a new statewide poll.
California bill pushing to keep games playable after server shutdowns passes key hurdle, paving way for full assembly vote
A Stop Killing Games-backed California bill pushing to keep games playable after server shutdowns has passed an appropriations committee vote.
How a vote for Trump’s ‘big, beautiful bill’ put Republican David Valadao in danger of losing his seat
Medicaid cuts have become a crucial issue in a Central California battleground race.
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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