SCROLL NEWS / DISCOVERY
Search headlines
Find the stories shaping the conversation.
Results for " bbc " 6,147 found 🔀 AI-powered Shuffle
McFarlane on Alonso appointment, player fitness and Spurs
Chelsea interim boss Calum McFarlane has been speaking to the media before Tuesday's Premier League game against Tottenham at Stamford Bridge (kick-off 20:15 BST). Chelsea announced former Real Madrid boss Xabi Alonso as their new manager on Sunday.
Bolton to step down as All England Club chief
Sally Bolton will step down as the All England Lawn Tennis Club's (AELTC) chief executive after Wimbledon following six years in the role.
Guardiola's final farewell?
It's the beginning of a defining week for Manchester City and Pep Guardiola, with Monday and Tuesday deciding whether the Premier League title race goes to the wire or comes to an abrupt halt. Arsenal face already-relegated Burnley later and City know they are likely to need to collect three points at Bournemouth on Tuesday, otherwise it will all be over. City have already won the FA Cup and Carabao Cup this season, but can they make it a domestic treble?
Leeds 1-0 Brighton
Brighton looked dangerous when attacking and so did we. Looked like a 0-0 then Dominic Calvert-Lewin capitalised on a Brighton error and we won the game. Mark: Leeds' never-say-die approach is just awesome.
Roberts and Sweeney among seven to leave Stevenage
Midfielder Jordan Roberts and defender Dan Sweeney are among seven players released by League One club Stevenage.
Wolves 1-1 Fulham
The so-called best players could not hack it in the Premier League so we will sell them and buy real quality to play in the Championship. If Mr Edwards can't design and motivate the team that will most likely form the nucleus of next season's offering, how do we think the results will be any different in the Championship? Fulham were stringing passes together when attacking but we struggled.
Bristol City recruit Ellis as sporting director
Bristol City name former Arsenal technical director James Ellis as sporting director and reveal he has already been involved in the head coach search.
Why only five minutes of exercise a day could help millions of people live longer
Small increases in physical activity as part of our daily lives can bring long-term benefits to our health.
Carrick made himself the 'only candidate'
BBC Senior football correspondent Sami Mokbel says Michael Carrick's impact and record as interim Manchester United boss made him the "only candidate" to be given the permanent role. United secured their 11th victory in 16 games under Carrick against Nottingham Forest on Sunday and his appointment on a two-year deal, with a one-year extension, is expected from the club imminently. "Carrick has taken that job in his stride so impressively," Mokbel told BBC Radio 5 Live's Football Daily podcast.
'Calculated' Salah has 'sensed an opportunity and taken it'
Not for the first time this season, Mohamed Salah seems to have taken a thinly veiled dig at the manager. You can't apportion blame when we don't know the full story and why Salah feels the way he does. It will now be interesting to see in that final game of the season at Anfield, his farewell to the supporters and the City, how Slot reacts in terms of team selection and how the fans react to a legend going out in unsavoury fashion.
Dungannon Swifts finish sixth before Irish Cup heartbreak
It was always going to be a challenge for Rodney McAree's side to replicate last season's triumph, when they lifted the Irish Cup for the first time.
Linfield in need of rebuild after tough season
European football and a trophy on paper sounds like a favourable campaign but, for a club like Linfield, it will not be considered one.
Carrick backs Shaw for the World Cup
Manchester United boss Michael Carrick thinks Luke Shaw should be in England's World Cup squad when it is announced by Thomas Tuchel on Friday. Shaw was named in Tuchel's expanded 55-man squad when it was submitted to world governing body Fifa earlier this month. The 30-year-old has started every Premier League game for United this season, and he scored his first goal for the club in over three years in the 3-2 victory over Nottingham Forest.
More to come from Ireland after beating Scots
The 2026 Women's Six Nations has felt like another significant step forward for a young but talented Ireland side.
Exeter batteries drained in Harlequins loss
Exeter boss Rob Baxter says his side looked like a team in need of a rest during their 41-24 defeat by Harlequins.
Fernandes' pride at PL assist record
Manchester United skipper Bruno Fernandes says he did not think about the Premier League assist record until he reached number 19 against Brentford last month. Fernandes has been on an amazing run of form since Michael Carrick took charge at United in January. The Brentford game, when he set up Benjamin Sesko, was his seventh assist in as many matches and left him one short of the season record, jointly held by Thierry Henry and Kevin de Bruyne.
O'Neill urges Celtic to move quick on manager
Celtic manager's advice to club, Hearts boss on title pain and Aberdeen defender linked with move.
Cleveland thrash Pistons to reach Eastern finals
The Cleveland Cavaliers beat top seeds the Detroit Pistols 125-94 in their series decider to secure a place in the NBA East Conference Finals.
NBA: Detroit Pistons 94-125 Cleveland Cavaliers - Cavs reach Eastern Conference final
The Cleveland Cavaliers beat top seeds the Detroit Pistols 125-94 in their series decider to secure a place in the NBA East Conference Finals.
Stories, scheduling & spectacle - five takeaways from 2025-26 WSL
With the 2025-26 season in the books, BBC Sport answers five pertinent questions from the Women's Super League.
Selfish Salah should be dropped from Anfield finale
Mohamed Salah should be dropped from Liverpool's season finale for 'selfish' criticism of Liverpool, says Wayne Rooney.
UK-registered firms linked to payments for small-boat crossings, BBC finds
Smugglers are directing migrants to pay using a network of British businesses, secret filming reveals.
Why does Amazon have no Western rivals?
The internet giant dwarfs other online retailers on both sides of the Atlantic.
HS2 failings blamed on high-speed focus and political pressure
A new reviews confirms the high-speed rail line's "original sins" include a technical design, changing political priorities and ballooning costs.
'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.
Mets 7, Yankees 6: The Ballad of the Comeback Kids
The Mets win the rubber game of the home half of the Subway Series.
McGeeney savours Armagh's glory day in Ulster
Kieran McGeeney reflects on "a great day for Armagh" as his side wins the county's first Ulster SFC title since 2008.
Nine teams, four spots - Premier League set for European scramble
The Premier League title and relegation fights might be dominating the headlines, but the race for Europe is proving to be an equally chaotic and enthralling battle this season.
2026 PGA Championship playoff format, rules: How Wanamaker Trophy will be decided if extra holes required
With a bunched leaderboard at Aronimink Golf Club, it's possible that more than 72 holes will be required to decide a winner
Northants set for exciting final-day chase at Glos
Northamptonshire are set for an exciting final-day chase against Gloucestershire in their County Championship Division Two game.
Third place secured - what challenges are ahead for Carrick?
The manager's job is his, so what are the key tasks in front of Michael Carrick at Manchester United?
Analysis: Black Cats' dream season continues
What a dream season it has been for Regis le Bris' Sunderland side on their return to the top flight for the first time since dropping out of the Premier League in 2016-17. Sunderland's win, which takes them above Everton, leaves them ninth, one point behind Brentford in eighth and two points behind Brighton in seventh, although Chelsea in 10th have a game on the Black Cats. With Manchester City beating Chelsea 1-0 in Saturday's FA Cup final, that means seventh in the Premier League would qualify for the Europa League, with eighth place going into the Conference League.
Everton 1-3 Sunderland: What Moyes said
Merlin Rohl is the very first German player to score for Everton in the Premier League and the newest nationality to strike for the Toffees in the competition since Guinea-Bissau's Beto in December 2023. Everton manager David Moyes has lost his last three Premier League meetings with his former sides.
Analysis: Fulham's European hopes peter out
After beating Aston Villa at the end of April, Fulham were firmly in the mix not only for European qualification but potentially for a Champions League spot. A loss at Arsenal was not unexpected, the manner of the defeat by Bournemouth was hugely frustrating but victory at the league's bottom side would have kept Marco Silva's side in contention going into the final day. A huge swing in goal difference and the most unlikely sequence of results would now be needed for Fulham to make the top eight.
Analysis: Wolves waiting for season of misery to end
Just one more game and then Wolves can put a truly miserable season behind them. The energy and enthusiasm that was present after back-to-back wins over Aston Villa and Liverpool a couple of months ago has well and truly gone – even the boos at full-time felt weary. Relegation was an inevitability even back then but Rob Edwards' side were at least showing something to give fans optimism for the future.
Analysis: Brighton face nervy final day
Brighton travelled to Leeds United knowing a win would secure European football for only the second time in their 124-year history. Leeds - playing with freedom after securing another year of top-flight football - made their life extremely difficult in the first half. Veltman's shot was blocked by Jaka Bijol and a swerving effort from Gross that needed Darlow to save were the only times they threatened before Van Hecke spurned the gilt-edged chance to put them in front in the 44th minute.
Leeds 1-0 Brighton: What Farke and Calvert-Lewin said
Leeds United extended their Premier League unbeaten streak to eight games (W4 D4), which is their longest run in the competition since November 2001 (13). Daniel Farke's side have won three consecutive Premier League home games for the first time since August 2001 (5 in a row).
Bradford hold out for tight win over Hull FC
Bradford Bulls end their five-match winless run with a narrow victory over 12-man Hull FC.
Livingston 1-4 Kilmarnock: What Arfield said
Get ready for pre-season and the Cup competitions and hit the ground running to get the calibre of player through these doors to get the club back to the top division. If it is here, then obviously I'll do my best to get the club back up.
Hull KR bring in prop Pangai Junior
Hull KR sign former NRL prop Tevita Pangai Junior on a deal until the end of the season.
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.
Man Utd 3-2 Nottingham Forest: What Pereira said
Nottingham Forest have lost nine of their past 11 Premier League away games against Manchester City and Manchester United, conceding two or more goals in each of those matches. Morgan Gibbs-White's goal was the 1000th goal scored in the Premier League this season.
'Slot is dreaming' - fans on boss' comments
Melinda: Yes, I believe we have to give Slot chance to right his wrongs in the window and I believe he will do better. Nothing against Arne Slot, I just think he isn't the man for the job. Segie: Slot is dreaming if he thinks the new transfer window is going to change things for Liverpool.
Rangers set for 'summer of change' as Cavenagh backs Rohl
Rangers chairman Andrew Cavenagh backs manager Danny Rohl and says a "summer of substantial change" will happen at Ibrox after the failings of this season.
'City keep going from strength to strength'
"Just when you count them out, they still win two domestic trophies and are challenging for the Premier League," the former England international said. Another Wembley victory for City sees Guardiola's trophy tally at the club reach a massive 20 in his 10 years at the club. Speaking on BBC One after the final whistle, former Newcastle United striker Alan Shearer said: "It might not have been a vintage performance, but Manchester City have had to work incredibly hard for it."
Barnsley in talks with veteran striker McGoldrick
League One club Barnsley are in talks with veteran striker David McGoldrick about a new deal.
'Hearts will be back' - fans defiant after title agony
Hearts fans, we asked for your opinions after the devastating 3-1 loss to Celtic that meant the league title stayed in Glasgow for another year. Celtic's title celebrations briefly cover the cracks unveiled by Hearts - that the Old Firm's dominance is over. Finished the game with too many defensive players which meant we couldn't react to going behind.
Surreal honour to get Notts to Wembley
Goalkeeper and lifelong Notts County fan James Belshaw speaks on what it will be like to play for the Magpies at Wembley.
NFL: Aaron Rodgers agrees new one-year deal with Pittsburgh Steelers
Quarterback Aaron Rodgers, 42, opts to continue his NFL career and agrees a new one-year deal with the Pittsburgh Steelers, according to reports.
'A hidden blood pump': How chewing more boosts your brain
While it's widely known that chewing more improves digestion, research suggests it can also boost our brains and even help fend off Alzheimer's.
Chelsea appoint Xabi Alonso as manager on four-year contract
Chelsea appoint former Liverpool midfielder Xabi Alonso as their manager on a four‑year contract.
How can the PM improve the lives of Londoners?
The BBC Politics London show asks three bodies which policies could improve Londoners' lives.
North East woman built business from illustrating mushrooms
Entrepreneurs in the North East say women need to have more confidence in their own business ideas.
Nine-year-old becomes face of cricket campaign
Edie, 9, is the new face of an ECB campaign celebrating grassroots cricket, which has gone viral.
Sports Argus: Remembering the 'sporting bible of the Midlands'
A book has been published charting the history of the Saturday sports paper which ran for 109 years.
Rousey seals perfect ending with 15-second comeback win
Ronda Rousey rolls back the years as she submits Gina Carano with a trademark armbar inside 15 seconds of their much-anticipated comeback fight.
‘Never-ending’ AI slop strains corporate hacking reward schemes
‘Bug bounty’ programmes have seen a jump in spurious AI-generated submissions
WHO declares Ebola outbreak in DR Congo global health emergency
The agency added that the outbreak, with around 246 cases and 80 deaths, does not meet the criteria of pandemic emergency.
Labour leadership jostling puts Brexit back under political spotlight
The UK's relationship with the EU is shaping up as a key issue for a possible Labour leadership contest and the coming by-election in the Makerfield.
Is it harder than ever to be prime minister?
Discontent with the political class is greater than ever - has the UK become ungovernable?
Life with PMDD: 'Like the Grim Reaper coming every month'
Women diagnosed with premenstrual dysphoric disorder discuss how it impacts their lives.
Svitolina upsets Gauff to win Italian Open thriller
Ukraine's Elina Svitolina battles to a third Italian Open title courtesy of a thrilling three-set win against Coco Gauff in the final.
She Said No and Tried To Walk Away. He Stomped on Her Head. His Mother Called Her the Bully
The video leaves little to interpret. On Monday, April 20, a 15-year-old girl was walking on a sidewalk in East Harlem when a 14-year-old boy ... Read More
'Menacing and threatening atmosphere' forced Hearts exit
Hearts say "the menacing and threatening atmosphere inside the stadium" forced them to leave Celtic Park immediately after the final whistle of their Scottish Premiership decider.
King scores twice in Warrington's win at Toulouse
Warrington Wolves move within two points of Super League leaders St Helens with victory against Toulouse.
Chelsea in advanced talks to make Alonso new manager
Chelsea accelerate their efforts to appoint Xabi Alonso as the club's next permanent head coach.
Liverpool must return to heavy metal football
Mohamed Salah says Liverpool must return to being a "heavy metal attacking team that opponents fear" after trophyless season.
Celtic 3-1 Hearts: What O'Neill said
Celtic have been leaving it late in recent weeks but we were never out of it and we have done brilliantly in recent weeks. The only time I felt like we had won the game was when Callum Osmand put the ball in the back of the net.
Arsenal v Burnley: Key stats and talking points
Arsenal can't seal the Premier League title on Monday night (20:00 BST), even with a win, after Man City's midweek victory pushed any celebrations back. Burnley, already relegated, have nothing at stake — yet they've shown they can still upset bigger plans. Arsenal have spent three seasons living with the sting of near misses, always measured against a relentless Manchester City side that has dominated the Premier League.
Diamond League: English wins 800m at Diamond League Shanghai
Ireland's Mark English produces a strong finish to take victory in the 800m at the Diamond League Shanghai.
Goalkeeper Macey to leave Colchester
Colchester United goalkeeper Matt Macey is among four first team players released by the club.
'Anything can happen in a final' - Ait-Nouri
Manchester City defender Rayan Ait-Nouri says "anything can happen" in Saturday's FA Cup final against Chelsea. "It means a lot to me," he told Total Sport's Mark Crossley. Chelsea is a tough team, they have a lot of very good players.
Monaghan must take Armagh down the stretch
Monaghan legend and BBC pundit Conor McManus outlines what Monaghan must do to upset free-scoring Armagh in Sunday's Ulster SFC final at Clones.
World Cup history will be made on this grass. These scientists have spent eight years perfecting it
The grass on which the World Cup's 104 matches will be played has a vital but often overlooked role. Two scientists have spent decades getting it right.
Potter second and Yee fifth on triathlon return
Beth Potter finishes second in Yokohoma for a second consecutive year while Alex Yee comes fifth on his return to the men's triathlon.
Spurs win to move into Western Conference finals
Stephon Castle stars as the San Antonio Spurs seal their spot in the Western Conference finals with a convincing win over the Minnesota Timberwolves.
Free heart health clinic in Oxted for men aged 40 to 70
Jeremy Schwartz says he is motivated to create the free clinic by his own heart scare.
Tri-state political maps unlikely to change despite national redistricting debate
While a recent U.S. Supreme Court ruling has lawmakers in some states talking about redrawing their congressional maps, it’s unlikely Iowa, Illinois or Wisconsin will see any changes ahead of
Employees at some Hershey Entertainment and Resorts properties reach deal
Your Local News Source
How Rayner, Streeting and Burnham weakened PM in 12 hours of political drama
Three interventions by three senior Labour politicians made for an unforgettable day in British politics.
Democratic Rep. Steve Cohen drops reelection bid after redistricting in Tennessee
Middlesbrough: Championship club calls for Southampton's expulsion from play-offs
Middlesbrough issue a statement demanding Southampton's expulsion from the Championship play-offs over spying allegations.
What you need to know about the new health secretary James Murray
What are the most pressing priorities for the new minister in charge of health?
'Out of shape' Lukaku in Belgium World Cup squad
Romelu Lukaku has been named in Belgium's World Cup squad, despite manager Rudi Garcia saying he is "out of shape".
Yafai's world title tilt postponed after injury
Galal Yafai's bout with unified flyweight world champion Ricardo Sandoval is postponed after the Briton sustains an injury in training.
Guardiola's personal to-do list for Pulis
My first encounter with Manchester City boss Pep Guardiola was when I was with West Brom. It was early in Pep's first Premier League campaign, 2016-17, and Manchester City had just beaten us at home. As people will tell you, I forced him to eat with us too, while we discussed his early impressions of the Premier League and English football in general.
Ebola outbreak kills 65 in eastern DR Congo's Ituri province
Africa's top health agency says around 246 cases have been reported.
This Pennsylvania fundraising walk is bringing thousands of dollars to free mental health programs
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
Scheffler shares US PGA lead as Aronimink bites back
As many of the world's best struggle at the US PGA Championship, Scottie Scheffler - the world's very best - is among a select few to get change out of Aronimink.
What's next for Oakland County residents and businesses after water main break
Officials say the repair itself is expected to cost between $3 and $5 million.
'Boy Meets World' star Rider Strong confesses 'shame and fear' of aging: 'I'm letting the world down'
Rider Strong says he's struggled with 'shame and fear' around aging, with his 'Boy Meets World' costars Danielle Fishel and Will Friedle describing the 'body dysmorphia' that Hollywood can breed.
Wes Streeting resigns as health secretary - his letter in full
Health Secretary Wes Streeting has announced his resignation from government.
Latvian PM Evika Silina resigns over response to drone incursions
Drones bound for Russia crashed down in Latvia last week, prompting a political fallout.
Robot seal to help mental health patients in Kent and Medway
The robotic seal Sammy will be present at mental health patient appointments to reduce anxiety.
Was that a foul? Pistons lose in OT after no-call costs them free throws at end of regulation
It sure looked like Jarrett Allen tripped Ausar Thompson.
The NFL Is Going Big With 3 Thanksgiving Week Games
The NFL is set to officially release its entire 2026 regular season schedule on Thursday, May 14. However, plenty of matchups have already trickled out. We know that the Seahawks will be hosting the Patriots in the season opener. We also know that the Rams and the 49ers will be playing the ...