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Council plans revised school buffer zone bill after mayoral veto
Mayor Zohran Mamdani vetoed the original legislation in April.
Too young to drink, ready to destroy: How young punks Xcomm are crashing the hardcore scene
Homework can wait for L.A.'s hardcore upstart Xcomm, whose youngest member is 14, as it focuses on the release of its debut album, 'Time to Burn.'
Ruben Östlund Shoots New Scene of 'The Entertainment System Is Down'
The two-time Palme d'Or winner, who ruled himself out of this year's Cannes race, makes a festival pit stop to launch MyList, a film recommendation site he's launched in Sweden.
Music venue District 142 brightens Downriver's entertainment scene
The independently owned 3-year-old club attracts music fans of all genres with its eclectic calendar, clean facility and reasonable prices.
Music venue District 142 brightens Downriver's entertainment scene
The independently owned 3-year-old club attracts music fans of all genres with its eclectic calendar, clean facility and reasonable prices.
Mangione supporters spark debate over press credentials
City Council Speaker Julie Menin says “the process is flawed.”
Hawaii Pacific University 1st in state to add flag football as collegiate sport
NCAA classifies flag football as 'Emerging Sport'
Brand-new teen drama series filming in Hawaii this summer
Filming runs July 20 through mid-September
House set to vote on American women’s history museum
The project enjoyed wide bipartisan support before Republicans amended it in March to ensure only females at birth could be honored.
'The Trophy Was Lost!': Kompany Reveals He Lost Bundesliga Prize Amidst Title Celebrations
Vincent Kompany has revealed a hilarious behind-the-scenes blunder from Bayern Munich's Bundesliga title celebrations, admitting he actually lost track of the championship trophy.
N.Y. Assembly speaker eyes 2 constitutional amendments for redistricting reform
Redistricting has been a heightened issue with the time lawmakers have left this year at the state Capitol.
EPA to rollback PFAS drinking water standards, eliminate filtration requirements
The proposed rule would give water authorities until 2031 to comply with PFOS and PFOA limitations, and eliminate filtration for four other PFAS.
Scene Calendar: Live theater, Folk Festival, Florida’s Emancipation
Check out the latest performances at the Hippodrome Theatre, the Acrosstown Repertory Theatre, and the Gainesville Community Playhouse.
Harvard faculty votes to make it more difficult for undergrads to earn A's
Faculty also approved a new system using average percentile rank rather than GPA to compare students for honors and awards
Harvard faculty votes to make it more difficult for undergrads to earn A's
Faculty also approved a new system using average percentile rank rather than GPA to compare students for honors and awards
Shah leads Democrats, Charles leads Republicans in new poll
The pollsters note that because Maine uses ranked choice voting in the gubernatorial primaries, voters’ second-choice preferences could determine the winner.
Platner leads Collins in new poll of Maine Senate race
When broken down by congressional district, Collins leads Platner in the 2nd District 45% to 41%, while in the 1st District, Platner leads Collins 56% to 36%, the poll shows.
Barilla's Livingston County manufacturing facility to expand
A new, 52,000 square-foot main building and additional warehouse facility will also be constructed.
Jan. 6 officers sue to block payouts to rioters from $1.8B fund
The officers' attorneys filed the federal lawsuit on Wednesday, a day after Acting Attorney General Todd Blanche defended the fund's creation
New York pension fund closes fiscal year at record high
The fund’s long-term expected rate of return is 5.9%, the comptroller said.
Interstellar's most-discussed scene is treated as exotic science fiction, but the family-separation problem it dramatises is one of the more actively studied subjects in long-duration mission planning.
The scene that has stayed with most viewers of Christopher Nolan’s Interstellar is not the wave-planet, or the visualised black hole, or the climactic library of moments. It is the one in the middle of the film where Matthew McConaughey’s character, Cooper, watches twenty-three years of his children’s recorded video messages, having lost that span […]
Eric Adams' charter commission moves forward without Mamdani's support
The commission has announced four upcoming public hearings.
Barney Frank, a liberal congressman and trailblazer for gay rights, dies
He was the first lawmaker to come out as gay voluntarily
Stephen Colbert's long goodbye is coming to an end, leaving a void
Stephen Colbert's run on "The Late Show" ends Thursday, marking the conclusion of his on-air feud with President Donald Trump
Trump orders banks to take closer look at clients' citizenship
The order instructs bank regulators and government departments to identify signs of people without legal status opening accounts or obtaining loans
Trump orders banks to take closer look at clients' citizenship
The order instructs bank regulators and government departments to identify signs of people without legal status opening accounts or obtaining loans
Away fans give a boost to North Carolina's sports economy
Heidi Welchlin said she has traveled to several different cities to see the Carolina Hurricanes play.
This week in Santa Cruz County business: Tourism officials focusing on regional visitors amid rising fuel costs; Diversity Center unionizes
Jessica M. Pasko takes the pulse of Santa Cruz County tourism ahead of the crucial summer visitor season, notes another local unionization effort and relays names, dates and numbers to know from the county business scene.
The Sports Bra revolutionized the bar scene. Now, it’s seeking the public’s help to raise $1.2m
Women's sports fans and investors can put up as little as $250 to contribute to "The Own a Piece of the Bra" equity crowdfunding campaign
UNMC's NE SciFest spawns 'incredible celebration of science'
Take a look at some of the scenes from around the popular month-long science festival, presented by UNMC.
Pitch invasions 'a bad look' - but Clarke praises Tartan Army
National head coach Steve Clarke says fans spilling on to the pitch to celebrate in domestic games is "a bad look" for Scottish football but praises the Tartan Army for avoiding such scenes.
AI money floods Manhattan congressional race
A pro-industry super PAC has attacked Assemblyman Alex Bores, who passed state regulations on large AI models.
New leadership fight between Democrats grows in Brooklyn
An insurgent political group is trying to take over party leadership.
How to watch N.Y. state comptroller debate on Spectrum News
The debate starts at 7 p.m., and will be hosted by political anchors Errol Louis and Susan Arbetter.
Rep. Kennedy introduces SAFEGUARDS Act to fund airline safety, airport upgrades
The proposal seeks to ensure the $5.60 fee included on every one-way airline ticket goes towards aviation security and airport upgrades.
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.
Trump to join Rep. Mike Lawler for economic event Friday in Rockland County
Lawler represents New York's 17th Congressional District.
Blanche defends nearly $1.8 billion 'anti-weaponization' fund
The acting attorney general told lawmakers there will be quarterly reports with information about payout recipients
Mills endorses former administration official Hannah Pingree for governor
Gov. Janet Mills announced her official endorsement Tuesday for Hannah Pingree to succeed her in the Blaine House.
Businesses face varied futures as Boomers sell, retire
About 6 million small- and medium-sized businesses could be up for sale in the next decade.
'A wave of enthusiasm' for 'another fresh start'
Part of the recipe for football's incredible popularity is the way that a summer break of buying and selling players and changing things around behind the scenes can convince any fanbase that things are set to improve in the season to come, no matter how badly the previous one ended. Chelsea are a perfect example right now. A big injection of hope can make all those intractable issues feel manageable again, and that is what the news about Xabi Alonso being appointed as the club's new manager has done.
Fire destroys 2 uptown Lexington businesses
LEXINGTON, N.C. (WGHP) — Two businesses in uptown Lexington are considered to be total losses after an early Tuesday morning fire. Firefighters came to the scene on the 10 block of North Main Stree…
Sabres' season ends after losing to Canadiens 3-2 in OT of Game 7
Buffalo's season is over.
Sabres' season ends after losing to Canadiens 3-2 in OT of Game 7
Buffalo's season is over.
Schiff proposes legislation to force data centers to bring their own energy
A California senator is introducing legislation to shield utility customers from footing the bill for power grid upgrades required to power the growing number of electricity-guzzling data centers.
Support for Wisconsin school referenda continues to weaken
In April, voters approved 61% of 75 school referenda.
New suit would force Missouri ruling on redistricting referendum
There is a new legal fight underway over Missouri’s newly-drawn congressional maps, less than a week after a pair of unanimous state supreme court rulings on the issue.
The Bronx to get first city-run grocery store, Mamdani says
The development will also include 740 units of affordable housing.
'It's kind of a no-brainer': Why pop band MUNA is tackling politics on album 'Dancing on the Wall'
“Dancing on the Wall” is a departure from MUNA’s previous work, trading the sunshine-y pop instrumentals, country influences and sweeping ballads of their self-titled album for gritty, atmospheric tracks influenced by 1990s punk and rave scenes.
5 runoff races to watch as early voting kicks off
Early voting for the primary runoff elections is here.
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.
Astros hit again by injuries as Jose Altuve heads to the IL
Altuve was injured in the ninth inning of Saturday night's 4-1 win over the Rangers after taking an awkward swing.
Rangers’ Corey Seager is sidelined again by back spasms and has an MRI
Manager Skip Schumaker said Seager had an MRI on Sunday morning to make sure it's only back spasms that are causing the problem.
Trump moves to dismiss $10B suit over leak of tax returns
The disclosure was made in a filing in federal court in Florida, where the lawsuit was filed last year
Trump moves to dismiss $10B suit over leak of tax returns
The disclosure was made in a filing in federal court in Florida, where the lawsuit was filed last year
Pop star Shakira acquitted in Spanish tax fraud case
The decision follows years of tax troubles for the Colombian superstar
Pop star Shakira acquitted in Spanish tax fraud case
The decision follows years of tax troubles for the Colombian superstar
Inside Amer Sports: Retail excellence in Shanghai
“Inside Amer Sports” is a new video series offering a behind-the-scenes look at the people, places, and experiences shaping Amer Sports around the world.
Sioux Falls teams’ success fueling sports scene in the city
The recent success of the city's sports scene is driving even more fan excitement and growth for future events.
Sabres-Canadiens playoff series to be decided with Game 7 at Buffalo on Monday
Montreal and Buffalo are the two youngest teams by average age still in contention, and both relative recent playoff newcomers.
Business owner shares culture over a cup of coffee
Like most people, to get their day started, it takes a cup of coffee. But for one resident in Rochester, she is mixing a Vietnamese drip and sweetened condensed milk for a recipe for representation.
Business owner shares culture over a cup of coffee
Like most people, to get their day started, it takes a cup of coffee. But for one resident in Rochester, she is mixing a Vietnamese drip and sweetened condensed milk for a recipe for representation.
New OHSAA rule could allow athletes to play at other schools
The rule would allow pubic school student athletes to play a sport at another school if their school doesn't offer it
Google hasn’t shown any reason for ‘Googlebook’ laptops to exist, so why should we be excited?
We’ve been hearing about Google’s behind-the-scenes work to move its laptop efforts over to Android, but now that we’ve seen...
Syracuse lacrosse defeats UNC to advance to final four
Syracuse advances to the final four for the second year in a row.
Drone strike sparks fire at UAE nuclear plant
Israel is coordinating with the U.S. about a possible resumption of attacks, said two people familiar with the situation.
Senate parliamentarian deals blow to $1B security proposal for White House
A proposal to fund $1 billion in security additions for the White House campus and the president’s new ballroom fails to meet procedural rules.
Spotlighting Mental Health Awareness Month
This week on In Focus, State Assemblymember Paula Kay and Mental Health Association of Rochester President and CEO Valerie Way join the show to discuss Mental Health Awareness Month.
Albany Mayor Applyrs looks ahead in budget gap update
On Saturday, the mayor said her administration has been able to find almost $6 million in savings to address a $19 million operating deficit.
Next Canes playoff game set for Thursday in Raleigh
The Eastern Conference Finals schedule was fixed after Buffalo forced a seventh game in its series with Montreal.
'Outlander' cast recalls important Black Jack Randall scene — and why it didn't air.
'Outlander' cast explains that Jack Black Randall survived in a scene that was filmed but never aired. Here's why Tobias Mezies' character had to die.
Sooo ... About Last Night
Last night (Sat., May 16, 2026), Netflix hosted its first-ever MMA event, the MVP MMA 1 card from Intuit Dome in Inglewood, California. It was great to have another player in the MMA scene! MVP MMA’s inaugural event brought an exciting mix of legendary names from years past as well as some truly excellent up-and-coming […]
Hearts say ‘shameful’ scenes at Celtic ‘embarrassed Scottish football’
Hearts blasted the ‘shameful, unacceptable’ scenes at Celtic which ‘embarrassed Scottish football’ as their Premiership title dream ended on Saturday.The Jambos lost the crucial away game 3-1 ...
ACC backs Duke's TV deal with Amazon
Amazon and Duke announced an agreement last month for Prime to exclusively air three Blue Devils men’s basketball games in the 2026-27 season.
ACC backs Duke's TV deal with Amazon
Amazon and Duke announced an agreement last month for Prime to exclusively air three Blue Devils men’s basketball games in the 2026-27 season.
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
Real Madrid managerial appointment almost done; confirmation later this month
Word has it that Jose Mourinho and Real Madrid are already flirting behind the scenes despite an official agreement not being reached, and the development only explains how both parties are keen on th...
The Connecticut high school sports roundup for Friday, May 15
A look around the Connecticut high school sports scene for Friday, May 15, 2026
Democratic primary candidates for comptroller to debate on NY1 stage on May 21
Democrat Thomas DiNapoli has held the position for nearly two decades; he now faces challenges from Drew Warshaw and Raj Goyle.
Green signs bill to restrict corporate political spending
Green signs bill to restrict corporate political spending
'Is God Is': Two sisters seek out revenge
“Is God Is” opens in theaters May 15.
'Is God Is': Two sisters seek out revenge
“Is God Is” opens in theaters May 15.
Texas high court rejects removal of Democratic lawmakers who led quorum break
The all-Republican court dealt a blow to Gov. Greg Abbott and state Republicans in their efforts to severely punish the more than 50 Democrats.
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.”
U.S. and Cuban officials: CIA director met with Raul Castro's grandson in Havana
Ratcliffe also met with Interior Minister Lázaro Álvarez Casas and the head of Cuban intelligence services
Asian festival going all out to showcase food, entertainment
Over 130 vendors will take part in the 17th annual Cleveland Asian Festival.
Asian festival going all out to showcase food, entertainment
Over 130 vendors will take part in the 17th annual Cleveland Asian Festival.
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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