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Commitment supports UVA football, men’s basketball, women’s sports at UVA
Virginia Athletics and the Virginia Athletics Foundation announced on Wednesday that Dr. Scott Wagner and Kristin Norman have committed $5 million to provide critical immediate resources and support.
How Trump sidelined national security experts ahead of his war with Iran
Worried about a president who seemed to be flying by the seat of his pants as he waged war, Congress stepped in to establish a council of experts to advise the president, gathering information from across the government to consider the consequences and effects of military action.
Oklahoma independents show up to vote on minimum wage question, denounce closed primaries
Oklahoma’s nearly 500,000 registered independent voters were eligible to vote on State Question 832 in Tuesday’s election, which would raise the statewide minimum wage to $15 per hour.
People are betting on elections. Congress is watching
As prediction markets stir debate over betting on politics, the Los Angeles mayoral race raised a new question: What happens when people wager on elections?
Congress must reauthorize the Pandemic and All-Hazards Preparedness Act
America’s next health emergency won’t wait for Washington, write W. Craig Vanderwagen and Jennifer B. Alton.
Texas Tech QB Brendan Sorsby declares for NFL supplemental draft amid NCAA legal battle
The Red Raiders quarterback bypasses a massive eligibility battle and legal war with the Big 12 after admitting to wagering on his own team
Times Opinion: Trump’s war on science is being waged in the fine print
A fresh attack on the U.S. scientific infrastructure could be the most damaging yet.
The shifting landscape for Black-owned businesses: An update to the Black Business Parity Dashboard
The latest Black Business Parity Dashboard reveals where Black-owned employer businesses are growing, where ownership gaps persist, and how closing those gaps could generate jobs, wages, and economic growth nationwide.
👀 Spain wait on Lamine, can he play this afternoon?
The Spanish national team begins its World Cup campaign this afternoon (18:00 CET) against Cape Verde. The big question surrounding the starting eleven is the physical condition of La Roja’s young s...
Ex-BMW Designer Makes The M5 Touring Look More Elegant
The Frank Stephenson-styled super wagon is far more expensive than the regular car.
Trump prosecutor in L.A. is searching for voter fraud before final count
First Assistant U.S. Atty. Bill Essayli is waging an unusual campaign to find election fraud in California despite DOJ guidelines saying not to during vote counting.
Wages Are Falling. Wealth Is Surging. No Wonder Americans Are Unhappy.
As Elon Musk became the world’s first trillionaire, workers are facing higher prices and fears of A.I.-driven job losses.
Swag socialism: The hourslong wait for Mamdani's NYC World Cup jerseys
NYC Mayor Zohran Mamdani released limited edition $50 World Cup jerseys. New Yorkers called out of work to buy one.
The Rise of the ‘Dude-Bro’ Candidate
With campaigns that blend manliness with populist outrage, “dudebro” candidates across the political spectrum hope influencer-style swagger will win over voters.
New Jersey ranks last in regional business climate report for 8th straight year, while Pennsylvania scores best
The analysis looked at six factors, including a range of taxes and the minimum wage in seven northeastern and mid-Atlantic states.
From funding to government contracts: Hilton Head free business seminar series launches June 16
Money Talks is a free six-part business seminar series for entrepreneurs, June 16–Aug. 25 on Hilton Head Island. Sessions cover financing, legal, taxes, fraud.
The 3 sectors where wage growth is still outpacing inflation
New data showed inflation outpaced wage growth for the second consecutive month in May. Three major sectors still have higher wage growth.
Social Security is Facing a Political Crisis
On Tuesday the Social Security Trustees released their latest report on the system’s finances. The numbers didn’t change much: Unless something is done, the Old Age Survivors and Disability Insurance (OASDI) program, Social Security’s official name, will be unable to pay full benefits starting in either 2032 or 2034, depending on some technical issues. That’s not far away: If the Trustees are right, the prospect of a Social Security crisis will loom over the next presidential administration. It’s important to understand, however, the nature of the looming crisis. It won’t be an economic crisis. It won’t even be a serious fiscal crisis. Whatever you may have heard, Social Security isn’t in danger of going bankrupt. What we’re facing, instead, is potential political crisis. Congress and the White House could easily take action to sustain America’s retirement system. But given the current state of our politics, there’s no guarantee that they will. There is a widespread misunderstanding of how Social Security works. While Social Security was designed to look like a pension fund, it isn’t. A pension fund pays benefits out of a stock of assets it has accumulated over time. In contrast, Social Security operates as a government transfer program, like food stamps or Medicaid. Now, unlike food stamps — but like the highway trust fund — Social Security is on paper supported by a dedicated tax, the payroll tax, that is assigned to that program. But I say “on paper” because from an economic point of view assigning the payroll tax to Social Security is just an accounting convention. What matters for the U.S. economy is the overall balance between government spending and government revenue, not the difference between one type of spending and one source of revenue. So there’s no inherent economic significance to the fact that by 2034 payroll tax receipts will be insufficient to cover promised benefits. There is, however, a legislative issue. As long as the Social Security Administration can pay benefits out of payroll taxes and its cash reserve, there’s no need for Congress to vote each year to authorize benefits — they just keep going out until further notice. However, once those resources become insufficient, benefits will fall —by 17 percent according to the Trustees — unless Congress passes new legislation that “tops up” Social Security’s finances. Yet the current administration and Republican party are such extremists that there is a real risk that Social Security will be held hostage on behalf of their goals. If this should come to pass, the hostage-takers will claim that shoring up Social Security is unaffordable. Right on cue, Mike Johnson, the Trump-sycophant Speaker of the House, declared on Monday that “entitlement programs” like Social Security “have to be adjusted and fixed,” and that Republicans will introduce a plan to that effect next year. But this is a ploy, because while the cost of maintaining Social Security benefits at their promised level isn’t trivial, it is in fact affordable. According to the Trustees’ report, the actuarial balance of OASDI up through 2050 — the amount of additional funds it would need to keep paying full benefits for the next 25 years — is 1.06 percent of GDP. To put that number in perspective, the Trump administration proposes increasing military spending next year by $420 billion, equivalent to about 1.4 percent of GDP – without any discussion of whether that’s affordable Yet how did we get to the point where Social Security will need to be topped up? The main answer is that we have an aging population, with a growing ratio of retirees collecting benefits to workers paying into the system: Trump’s anti-immigration policies are making this problem worse. According to the Trustees’ report, lower immigration will deepen Social Security’s financial hole because many immigrants are working-age adults who will pay into the system for decades before they collect benefits. In fact, this problem may be much bigger than the report acknowledges: The report’s baseline assumption is that we’ll have net immigration of almost 1.2 million people a year, and even the pessimistic case assumes 750,000 a year. Meanwhile actual net immigration has already been cut far below that — and may now be negative. Moreover, Social Security is being financially damaged by growing income inequality in America. Payroll taxes are levied only on wages up to $184,500, and they don’t touch capital income. With the distribution of income increasingly shifting from labor to capital, as well as becoming more unequal among wage-earners, revenue from the Social Security payroll tax has been falling as a share of national income. From 1990 to 2024, it fell from 5.02 percent of gross domestic income to 4.46 percent. Which brings me to the question that, these days, we ask about everything: How might Social Security be affected by the advent of AI? A short answer: If, as many of us fear, AI accelerates rising income inequality, it will further reduce the payroll tax receipts that currently pay for Social Security and further endanger its finances. On the other hand, if AI, as its advocates promise, leads to faster economic growth, it will increase the potential tax base that could and should be used to support Social Security and other social insurance programs. But to take advantage of that larger base, we’ll have to get serious about taxing wealth and capital income. Is Social Security in trouble? Yes, but only because of the way its financing is currently structured — a structure that no longer works well because our society and economy have become so unequal. Moreover, Trump’s immigration policies are further endangering its already deteriorating financial condition. So don’t believe Republicans’ gaslighting that it will be necessary to cut Social Security benefits. All that is necessary to preserve Social Security is political will to raise taxes on the wealthy and a sensible immigration policy. MUSICAL CODA Actually 67 under current law.
How a fishing business was financially affected by Potomac sewage spill
The stigma caused by last January’s devastating sewage spill had many people continuing to believe the Potomac River is unsafe — despite testing that showed otherwise. For those who make their living on the river, winter and spring were tough times. “Wintertime was cut short because of the advisories and we out of an abundance of caution just cut it…
Brandon Valenzuela Making Blue Jays' Tough Roster Decision Easy
When the Toronto Blue Jays traded busted prospect Will Wagner to the San Diego Padres last year in return for catcher Brandon Valenzuela, the team could never have expected the 25-year-old Mexican backstop to perform the way he has in his rookie season. Through the first 45 games of his MLB career, ...
Sports wagering revenue nears $300M since 2024 launch
With a third consecutive month of $11.5 million or more, North Carolina moved within $826,700 of $300 million in proceeds from legal sports wagering in May, two years after launch.
Minneapolis ICE raids cost city $700M in wages, business losses
Minneapolis leaders say that Operation Metro Surge cost residents and businesses nearly $700 million.
For the ninth consecutive month, NC sports bettors wager more than $500 million
North Carolina lawmakers have agreed to raise the tax rate on legal sports betting operators. At its current 18% rate, the operators have paid right at $300 million in taxes through May.
Despite gambling ban, judge says Texas Tech QB can play
A Texas judge granted Texas Tech quarterback Brendan Sorsby a temporary injunction that clears the way for him to play this fall despite being declared ineligible by the NCAA for wagering on college sports, including bets made on his own team while he was at Indiana. The decision sent shock waves across college sports since […]
Sarah Shelke and Kyra Wagner Named 2026 Student Voice of Mental Health Award Recipients by The Jed Foundation
[June 9, 2026, NEW YORK CITY] — The Jed Foundation (JED), a leading nonprofit that protects emotional health and prevents suicide for teens and young
Health experts to screen US wastewater for disease outbreaks during World Cup
Epidemiologists will be busy this summer sifting through sewage and social media with the goal of keeping soccer fans and the public safe from severe illness during the World Cup, one of the largest and most globally diverse mass gatherings ever anticipated.
16 New Cars That Come With Rear Seat Entertainment Systems
2026 vehicles that offer rear seat entertainment systems include the Range Rover, Cadillac Escalade, Jeep Grand Wagoneer, Kia Carnival, and BMW 7 Series.
The Best Bets for the F1 Monaco Grand Prix 2026
Monaco puts qualifying position, low-speed grip, and wall discipline at the center of betting decisions, with 2026 rules adding a new energy-management layer. Here's how to wager wisely.
New ChatGPT Lockdown Mode Limits Tools That Could Enable Data Exfiltration
OpenAI Lockdown Mode limits outbound ChatGPT requests to reduce prompt injection data exfiltration risk for eligible accounts.
Laboring Under Delhi’s Harsh Heat, Workers Must Choose Health or Wages
Severe heat waves have been hitting India since April, forcing many of the country’s essential workers to make tough decisions.
LARRY KUDLOW: Trump loves business, and business is booming
The Trumpian boom: jobs rising more than double the predications, prior months revised higher. wage income beating inflation
Level Homes eyes new corporate headquarters in Towne Center Business Park
Homebuilder Level Homes plans to build a new corporate office on land it purchased earlier this year in Towne Center Business Park.
BOE Survey Finds Businesses Expect to Raise Prices at Faster Rate
U.K. businesses polled in May expected to raise their prices at a faster rate, but wage increases were seen slowing, according to a Bank of England survey released Friday.
This no-phones theater chain now asks visitors to order food by phone. The reviews aren’t good.
Alamo Drafthouse, which built its brand on a strict ‘no phones’ policy, is now asking patrons to use their devices to order from the menu.
Eastern Kentucky addiction, behavior health center owner indicted on federal charges in fraud scheme
Timmy G. Robinson Jr. faces one count of wire fraud and two counts of money laundering in a scheme to allegedly defraud two potential buyers of a multi-million dollar Employee Retention Credit offered to certain employers by the Internal Revenue Service, who paid workers qualified wages during and were affected by the COVID-19 pandemic.
Eastern Kentucky addiction, behavior health center owner indicted on federal charges in fraud scheme
Timmy G. Robinson Jr. faces one count of wire fraud and two counts of money laundering in a scheme to allegedly defraud two potential buyers of a multi-million dollar Employee Retention Credit offered to certain employers by the Internal Revenue Service, who paid workers qualified wages during and were affected by the COVID-19 pandemic.
In Iowa, water pollution is a health threat that also disrupts summer fun
Iowa’s waterways face significant pollution challenges due to agricultural runoff and sewage. The problem impacts both recreation and public health.
In Iowa, water pollution is a health threat that also disrupts summer fun
Iowa’s waterways face significant pollution challenges due to agricultural runoff and sewage.
In Iowa, water pollution is a health threat that also disrupts summer fun
Iowa’s waterways face significant pollution challenges due to agricultural runoff and sewage
Resilient Saudi economy proves a draw for wartime Gulf business
When food-tech entrepreneur Sara Amini wanted to see where Gulf businesses were still spending despite the Iran war, she flew to Riyadh.
Florida's WR pair ranked among college football's top 100 newcomers
ESPN ranks college football's top 100 newcomers for the 2026 season, including Florida Gators wide receivers Eric Singleton Jr and Micah Mays Jr.
A.J. Brown Gives Patriots Deserved Validity, Brings Swagger To Foxboro
A.J. Brown coming to New England is much bigger than it seems.
Fireworks, entertainment, giveaways to mark Station anniversary
Station Casinos will mark its 50th anniversary in July with fireworks and drone shows, special entertainment and branded swag giveaways to customers.
'We're Continuing Our Journey on Xbox, Switch, and Steam': Sony Wages War on 1,000+ Crappy PS5 Games
Webnetic getting the boot
AI Is Forcing Big Law to Rethink Business As Usual
In 2021, Volkswagen AG approached the global law firm Freshfields with a problem. The German carmaker’s technology unit was preparing to release new software features and wanted to make sure that they would be compliant in the more than 100 countries where Volkswagens are sold. Ordinarily, Freshfields said, it would bring in lawyers from each jurisdiction to vet the updates, budgeting thousands of euros per country — a process that would need to be repeated if any components changed in the futur
Titans' Cedric Gray is already on the Carnell Tate bandwagon
Tennessee Titans linebacker Cedric Gray is already a fan of rookie receiver Carnell Tate after a standout practice performance.
How to live stream Sports Illustrated Resorts 250: NASCAR O’Reilly Auto Parts Series, TV channel
The NASCAR O’Reilly Auto Parts Series heads to Nashville Superspeedway on Saturday evening for the Sports Illustrated Resorts 250. Tune in to The CW to catch the racing action. MORE: Richard Childress Racing makes major decision on Kyle Busch’s No.…
Palidye Holdings Initiates PENN Entertainment Position, According to Recent SEC Filing
PENN Entertainment pairs regional casinos with a digital wagering business now centered on iCasino and theScore Bet. The stock becomes much more interesting if digital keeps improving without weighing on the casino's cash-flow base.
Palidye Holdings Initiates PENN Entertainment Position, According to Recent SEC Filing
PENN Entertainment pairs regional casinos with a digital wagering business now centered on iCasino and theScore Bet. The stock becomes much more interesting if digital keeps improving without weighing on the casino's cash-flow base.
Minister insists Labour will not apply national living wage to all over-18s before election
Torsten Bell says Labour manifesto ‘did not set out the timeline’ for changes to living wage after scale of youth unemployment crisis revealed in Milburn report
Gamification and memes lure young people to sports wagering apps, prediction markets
The companies often use memes to advertise their platforms, then keep users hooked with what they market as low-stakes, casual opportunities to make an easy buck.
Polish scientists and students rally in campaign for 3% funding target
Polish scientists and students have been flooding social media with calls on the government to raise research and development spending as part of 3% for Science, 100% for Poland, a campaign born earlier this month out of frustration with chronic underfunding in the academic sector. On May 27, thousands took the slogan on to the streets.The EU has been trying to convince member states to raise their R&D expenditures to 3% of GDP for more than two decades, but the idea has never gained traction in capitals. Finance ministers were too busy plugging budget holes created in the aftermath of the 2008 crisis, then the Covid pandemic, the war in Ukraine, and now the war in Iran.Critics say that countries missed or ignored the target because it is voluntary, but also because research communities have rarely raised their voice to put pressure on national governments. The European Commission hopes to make the target legally binding in the upcoming European Research Area Act, an EU-wide regulation that should be announced by the end of the year. Academia in Poland has been faced with a funding crisis for years, often leaving its members with no other choice but to work abroad in order to access better resources, or leave the sector altogether in the hope of earning a decent living. The risk, in the long-term, is that brain drain stifles local innovation capacity and technological competitiveness.In just a few weeks, the movement rallied nationwide support, including from major academic bodies and trade unions such as the Conference of Rectors of Academic Schools in Poland and the Presidium of the Polish Academy of Sciences. Its public petition collected more than 23,000 signatures. On May 27, it formed the first large protest for science in Poland, gathering thousands of people in front of the parliament building in Warsaw.Ilona Uryga-Bugajska, representative of the Marie Curie Alumni Association Poland Chapter, was there. “The protest was peaceful, with no incidents reported, and the entire event took place in a respectful and calm atmosphere,” she said. Banners she saw in the crowd carried slogans such as “A little longer and I’ll be teaching in a supermarket,” “National culture, starvation salary,” “Stop the destruction of science,” “Passion will not pay the rent,” “Without action, don’t expect a better future,” and “Pull science out of the hole.” She also observed a strong presence of young researchers, who are on the frontline of Poland’s academic crisis.“Academics are usually people who prefer discussion, analysis, dialogue and compromise. We are not a group that protests easily,” said Katarzyna Marzec, professor at the Faculty of Pharmacy of the Jagiellonian University Medical College and AGH University of Krakow, who also took part. “But many of us feel that we have been pushed against the wall.”Aleksandra Rutkowska, translational neuroscientist and research group leader at the Medical University of Gdańsk, agreed. “Frustration in the scientific community is very high,” she said. “Science is often used politically as a symbol of innovation and modernity, but the everyday reality inside many institutions is much more difficult. There is a large gap between the public narrative and the actual condition of the sector.”Maria Wiktoria Górna, head of the structural biology group at the University of Warsaw and one of the organisers of the movement, told Science|Business that the campaign would continue without proven results. This might involve another strike in the autumn, she said. “Empty promises are not enough by now.”Campaign demandsAccording to Uryga-Bugajska, the organisers officially presented their demands and concerns to representatives of the government present at the event. These included Marek Gzik, deputy minister of science and higher education, and Karolina Zioło-Pużuk, secretary of state of that same ministry.The headline demand, for the government to increase national spending on R&D to 3% of GDP by 2030, should be within Poland’s economic capacity, Rutkowska said. “The real question is whether there is genuine long-term political commitment to treating science as a strategic priority rather than a slogan.”In 2024, R&D expenditure in Poland stood at 1.41% of GDP, which is slightly above the average for central and eastern Europe, with countries such as Czechia recording 1.82%, Hungary 1.31% and Romania 0.46%. However, it falls noticeably short of the EU average of 2.24%, which just a handful of countries exceed, including Germany, Belgium and Sweden.Campaigners are also asking for fair wages for scientific staff, including PhD stipends and junior academic salaries, which are widely considered uncompetitive. Starting doctoral scholarships amount to some €843 gross per month, when the statutory minimum wage stands at €1,135. By pushing early-career researchers out of Poland, growing precarity has caused a generational gap in the academic workforce, with just 25% of lecturers aged under 40. In this context, the movement fears that scientific careers could soon be accessible to a privileged minority only.Grzegorz Spólnik is a case in point. After 15 years working in mass spectrometry at the Polish Academy of Sciences, he decided to leave partly “to earn enough money to live a normal life,” he said. “At that time, my earnings were similar to those of people working in grocery shops, and the work-life balance is something that does not exist in science, or is very hard to achieve.”Now a senior field service engineer for Polish laboratory equipment supplier Bioanalytic, he would consider going back to research, “but never in the public sector, maybe some start-up or a big private company with ambitious R&D.”The campaigners want to see more support for basic research and have called for €236 million to be added to the budget of the National Science Centre (NCN) in 2027 so that the average grant application success rate does not fall below 25%.“At the protest, there was a banner I particularly liked: ‘NCN is not a lottery.’ Unfortunately, for many researchers, it increasingly feels exactly like one,” Marzec said. “Personally, I am one of the lucky ones. I work at two of the strongest institutions in the country, where the research standards are very high. I know that in many other institutions, the situation is much worse and obtaining funding for research at an early-career stage is becoming nearly impossible.”Rutkowska also considers herself fortunate. After studying abroad and holding a postdoctoral position, she returned to Poland, where her pay was supported through an NCN-funded project linked to the Marie Skłodowska-Curie Actions. “This also made me very aware that good research conditions in Poland often depend on external competitive funding rather than on stable support from the system itself,” she said.Long-term strategyBeyond the lack of funds for both salaries and grants, scientists believe that the issue is structural. “The biggest problem at the moment is the complete lack of a clear long-term strategy for the development of science and research from the current government,” Marzec said. “Everything ends with declarations and promises that are never truly followed by concrete actions or structural reforms.”Rutkowska agreed, citing a lack of infrastructure, continuity and long-term institutional support.“Running a research group in Poland often means functioning as an entire institution at once,” she said. “I am a principal investigator, a mentor, a recruiter, a project administrator and, when needed, still someone who returns to the lab bench to help with experiments,” she went on. “This creates a large hidden workload that takes time and energy away from actual science. At times, it feels as though scientists are no longer expecting extra help; we simply hope the system will stop creating additional obstacles that make research unnecessarily difficult.”Related articlesStrategic thinking: Germany funds joint research with Poland and FrancePoland to transfer €30M of regional funds to boost Horizon Europe participationPoland is funding fewer basic research grants as high inflation hitsIn short, “academics are expected to teach, publish papers, apply for grants and conduct high-quality research, while funding and salaries remain very limited,” said Uryga-Bugajska, who returned to her home country after 13 years in the UK.According to Marzec, another issue is the way that research institutions are evaluated. Previously, this took place every four years, with a clear differentiation between stronger and weaker institutions. “The current government, perhaps to avoid political backlash, effectively concluded that everyone is doing well, so in practice no meaningful evaluation took place,” she said.But in her view, “some form of serious assessment is necessary” to ensure the excellence and international competitiveness of Polish institutions, and to determine how to best use public resources and where institutional structures need reform. “Some institutions may need to rethink hiring practices in order to attract ambitious young researchers who are capable of obtaining competitive grants and building internationally visible research groups.” Rutkowska has already had to adapt. “When hiring PhD students, I often have to combine different funding sources creatively to make positions attractive enough for talented people to stay in science,” she said. “Many young researchers do not see a stable future in academia in Poland, and that is deeply worrying.”
Polish scientists and students rally in campaign for better conditions
Polish scientists and students have been flooding social media with calls on the government to raise research and development spending as part of 3% for Science, 100% for Poland, a campaign born earlier this month out of frustration with chronic underfunding in the academic sector. On May 27, thousands took the slogan on to the streets.The EU has been trying to convince member states to raise their R&D expenditures to 3% of GDP for more than two decades, but the idea has never gained traction in capitals. Finance ministers were too busy plugging budget holes created in the aftermath of the 2008 crisis, then the Covid pandemic, the war in Ukraine, and now the war in Iran.Critics say that countries missed or ignored the target because it is voluntary, but also because research communities have rarely raised their voice to put pressure on national governments. The European Commission hopes to make the target legally binding in the upcoming European Research Area Act, an EU-wide regulation that should be announced by the end of the year. Academia in Poland has been faced with a funding crisis for years, often leaving its members with no other choice but to work abroad in order to access better resources, or leave the sector altogether in the hope of earning a decent living. The risk, in the long-term, is that brain drain stifles local innovation capacity and technological competitiveness.In just a few weeks, the movement rallied nationwide support, including from major academic bodies and trade unions such as the Conference of Rectors of Academic Schools in Poland and the Presidium of the Polish Academy of Sciences. Its public petition collected more than 23,000 signatures. On May 27, it formed the first large protest for science in Poland, gathering thousands of people in front of the parliament building in Warsaw.Ilona Uryga-Bugajska, representative of the Marie Curie Alumni Association Poland Chapter, was there. “The protest was peaceful, with no incidents reported, and the entire event took place in a respectful and calm atmosphere,” she said. Banners she saw in the crowd carried slogans such as “A little longer and I’ll be teaching in a supermarket,” “National culture, starvation salary,” “Stop the destruction of science,” “Passion will not pay the rent,” “Without action, don’t expect a better future,” and “Pull science out of the hole.” She also observed a strong presence of young researchers, who are on the frontline of Poland’s academic crisis.“Academics are usually people who prefer discussion, analysis, dialogue and compromise. We are not a group that protests easily,” said Katarzyna Marzec, professor at the Faculty of Pharmacy of the Jagiellonian University Medical College and AGH University of Krakow, who also took part. “But many of us feel that we have been pushed against the wall.”Aleksandra Rutkowska, translational neuroscientist and research group leader at the Medical University of Gdańsk, agreed. “Frustration in the scientific community is very high,” she said. “Science is often used politically as a symbol of innovation and modernity, but the everyday reality inside many institutions is much more difficult. There is a large gap between the public narrative and the actual condition of the sector.”Maria Wiktoria Górna, head of the structural biology group at the University of Warsaw and one of the organisers of the movement, told Science|Business that the campaign would continue without proven results. This might involve another strike in the autumn, she said. “Empty promises are not enough by now.”Campaign demandsAccording to Uryga-Bugajska, the organisers officially presented their demands and concerns to representatives of the government present at the event. These included Marek Gzik, deputy minister of science and higher education, and Karolina Zioło-Pużuk, secretary of state of that same ministry.The headline demand, for the government to increase national spending on R&D to 3% of GDP by 2030, should be within Poland’s economic capacity, Rutkowska said. “The real question is whether there is genuine long-term political commitment to treating science as a strategic priority rather than a slogan.”In 2024, R&D expenditure in Poland stood at 1.41% of GDP, which is slightly above the average for central and eastern Europe, with countries such as Czechia recording 1.82%, Hungary 1.31% and Romania 0.46%. However, it falls noticeably short of the EU average of 2.24%, which just a handful of countries exceed, including Germany, Belgium and Sweden.Campaigners are also asking for fair wages for scientific staff, including PhD stipends and junior academic salaries, which are widely considered uncompetitive. Starting doctoral scholarships amount to some €843 gross per month, when the statutory minimum wage stands at €1,135. By pushing early-career researchers out of Poland, growing precarity has caused a generational gap in the academic workforce, with just 25% of lecturers aged under 40. In this context, the movement fears that scientific careers could soon be accessible to a privileged minority only.Grzegorz Spólnik is a case in point. After 15 years working in mass spectrometry at the Polish Academy of Sciences, he decided to leave partly “to earn enough money to live a normal life,” he said. “At that time, my earnings were similar to those of people working in grocery shops, and the work-life balance is something that does not exist in science, or is very hard to achieve.”Now a senior field service engineer for Polish laboratory equipment supplier Bioanalytic, he would consider going back to research, “but never in the public sector, maybe some start-up or a big private company with ambitious R&D.”The campaigners want to see more support for basic research and have called for €236 million to be added to the budget of the National Science Centre (NCN) in 2027 so that the average grant application success rate does not fall below 25%.“At the protest, there was a banner I particularly liked: ‘NCN is not a lottery.’ Unfortunately, for many researchers, it increasingly feels exactly like one,” Marzec said. “Personally, I am one of the lucky ones. I work at two of the strongest institutions in the country, where the research standards are very high. I know that in many other institutions, the situation is much worse and obtaining funding for research at an early-career stage is becoming nearly impossible.”Rutkowska also considers herself fortunate. After studying abroad and holding a postdoctoral position, she returned to Poland, where her pay was supported through an NCN-funded project linked to the Marie Skłodowska-Curie Actions. “This also made me very aware that good research conditions in Poland often depend on external competitive funding rather than on stable support from the system itself,” she said.Long-term strategyBeyond the lack of funds for both salaries and grants, scientists believe that the issue is structural. “The biggest problem at the moment is the complete lack of a clear long-term strategy for the development of science and research from the current government,” Marzec said. “Everything ends with declarations and promises that are never truly followed by concrete actions or structural reforms.”Rutkowska agreed, citing a lack of infrastructure, continuity and long-term institutional support.“Running a research group in Poland often means functioning as an entire institution at once,” she said. “I am a principal investigator, a mentor, a recruiter, a project administrator and, when needed, still someone who returns to the lab bench to help with experiments,” she went on. “This creates a large hidden workload that takes time and energy away from actual science. At times, it feels as though scientists are no longer expecting extra help; we simply hope the system will stop creating additional obstacles that make research unnecessarily difficult.”Related articlesStrategic thinking: Germany funds joint research with Poland and FrancePoland to transfer €30M of regional funds to boost Horizon Europe participationPoland is funding fewer basic research grants as high inflation hitsIn short, “academics are expected to teach, publish papers, apply for grants and conduct high-quality research, while funding and salaries remain very limited,” said Uryga-Bugajska, who returned to her home country after 13 years in the UK.According to Marzec, another issue is the way that research institutions are evaluated. Previously, this took place every four years, with a clear differentiation between stronger and weaker institutions. “The current government, perhaps to avoid political backlash, effectively concluded that everyone is doing well, so in practice no meaningful evaluation took place,” she said.But in her view, “some form of serious assessment is necessary” to ensure the excellence and international competitiveness of Polish institutions, and to determine how to best use public resources and where institutional structures need reform. “Some institutions may need to rethink hiring practices in order to attract ambitious young researchers who are capable of obtaining competitive grants and building internationally visible research groups.” Rutkowska has already had to adapt. “When hiring PhD students, I often have to combine different funding sources creatively to make positions attractive enough for talented people to stay in science,” she said. “Many young researchers do not see a stable future in academia in Poland, and that is deeply worrying.”
Gamification and memes lure young people to sports wagering apps, prediction markets
When Rory McIlroy won the Masters for the second year in a row, Kalshi shared a photo of him on Instagram with the words, “Wait he’s goated.” When a video of NBA player Damian Lillard recovering from an injury circulated online, Kalshi’s main competitor Polymarket posted, “The league is cooked.”
Prediction markets and sports wagering apps draw young users with gamification and memes
Some sports wagering platforms, as well as popular prediction markets Kalshi and Polymarket, are touting their availability to users starting at 18 despite most U.S. states restricting gambling to 21 and older.
Trump wage rule could shake up hospital hiring
It's the latest immigration-related change to loom over the health care workforce.
Minimum wage rise has made it difficult for employers to hire young people, says Alan Milburn
Government-commissioned report on young people not in employment, education or training to be published by review chair Milburn today
Health care, business services hiring drives April job gains
Nonfarm wage and salary jobs in Maine rose by 1,700 in April on a seasonally adjusted basis over the previous month, driven by hiring gains in health care and business and professional services.
When Dedication Meets Debt: Why Public Health Careers Are Becoming Financially
Many public health workers now face a growing financial strain: significant student loan debt paired with wages that are not keeping pace with inflation.
Sewage monitoring at World Cup could help prevent disease outbreaks
During this summer’s FIFA World Cup matches, health officials will monitor wastewater for evidence of measles, COVID, and more.
This week in Santa Cruz County business: Downtown Vibrancy Ordinance turns 1; city population drop attributed to high housing costs and low-wage jobs
In her weekly look at local business, Jessica M. Pasko examines the effects of downtown Santa Cruz's vibrancy ordinance, notes a continued population decline in the city and passes along numbers, names and dates to know.
Appleton area high school sports results for Tuesday, May 26
High school track and field, softball, baseball, soccer, golf and tennis teams were in action.
LA TIMES: In deal with business leaders, $30 minimum wage for L.A. hotel and airport workers will be delayed - UNITE HERE Local 11
In May 2025, the council approved a proposal that would have increased the minimum wage to $30 in July 2028 and also raised an hourly payment for healthcare coverage. In response, a coalition of airline and hotel businesses gathered enough signatures to place a measure on the Nov. 3 ballot that took aim at the city’s gross […]
Richmond businesses are growing
Higher wages, rent and taxes are forcing many local businesses to raise prices this year.
Footballers' wages fund disability sport for a year
Norwich City captain Kenny McLean says helping the charity is a "no-brainer" for the players.
Parkdale Queen West Community Health Centre Nurses Demand Fair Wages to Protect Primary Care
More than 30 registered nurses (RNs) and nurse practitioners (NPs), members of the Ontario Nurses' Association (ONA), at Parkdale Queen West Community Health Centre (PQWCHC) are calling on their employer to close the wage gap and offer fair wages as they head to conciliation seeking a new collective agreement. After years of wage freezes or minimal wage increases, the group of highly-skilled nurses are struggling to make ends meet, forcing them to look for jobs in other health-care sectors.
Why Trump’s possible Iran deal may be almost as divisive as his decision to wage war
The best hope for ending a poorly planned war started with scant consultation with Congress or the American people may be an unsatisfactory peace that leaves critical issues to be resolved later and deepens Washington strife.
Manny Nosowsky, Waggish Crossword Constructor for The New York Times, Dies at 94
For nearly two decades, the prolific puzzle maker, a retired urologist, charmed solvers with his penchant for witty, waggish puns.
US Treasury rout tests Washington's tolerance for higher borrowing costs
President Donald Trump's room to wage war while maneuvering on economic policy is being tested by a force largely beyond his control: the bond market.
AOC tells New Yorkers to ‘pull up’ to Alabama during rally speech behind bulletproof glass
Rep. Alexandria Ocasio-Cortez sparks controversy with fiery Alabama rally speech urging northern progressives to "pull up" to southern red states.
Niners Receive Buzz to Add Former Seahawks Star
Speculation is mounting that San Francisco could unite Bobby Wagner with former teammate KJ Wright, adding elite run-stopping experience and veteran savvy to an already formidable defensive unit.
Dr. Olusimbo Ige out as Chicago health chief
Ige had served as commissioner of the Chicago Department of Public Health since November 2023. Fikirte Wagaw, the CDPH first deputy commissioner, will serve as acting commissioner.
Sick firehouses: How deteriorating stations are putting fire fighters’ health at risk
Water stains spread across ceilings. Mold creeping through walls. Sewage leaks. Toxic fumes drifting into living quarters.
Easton’s Science Center to Host Open House
The Francis Malcolm Science Center’s annual open house is this Saturday.
Out-of-the-box business: How Ling Vong’s food truck got more than she bargained for with Labubus
Ling Vong’s decision to sell Labubus alongside her Vietnamese street food wasn’t random, the owner of Dragon Wagon KC and KC Monsters shared. It was a strategy rooted in serving culture, creating experiences, and building community, she said.
Columnist Judy Wagner: Unfinished business
It’s an ambivalent time of year. Some flowering trees are weeping their last petals to the ground even as they exuberantly sprout tender new leaves. Other trees are shifting from their first tremulous green to darker hues; many trees are expressing pastel versions of their future fall colors before their full green shades settle in. The first flushes of […]
Brendan Sorsby Faces Long Odds In Fight Against Permanent NCAA Gambling Ban
A former arbitrator of NCAA infractions cases says Texas Tech quarterback Brendan Sorsby faces an uphill fight trying to force the NCAA to stand down on enforcing the policy that permanently bans athletes who are found to have wagered on their own team.
Chicago delays tipped wage phaseout after restaurant pushback
Chicago aldermen approved a compromise delaying the phaseout of the tipped minimum wage for restaurants, handing Mayor Brandon Johnson a setback.
Senate Hearing on Sports Betting Shows CFTC Should Not Regulate Gambling
WASHINGTON, D.C.— Benjamin Schiffrin, Director of Securities Policy for Better Markets, issued the following statement following a Senate hearing on sports betting: “When Americans wager on Kalshi and Polymarket on the outcome of hockey or football games, they overwhelmingly view it as sports betting, not trading in financial derivatives. They recently made this view known to
2026 NASCAR Odds: Denny Hamlin Favored To Win Coca-Cola 600
Denny Hamlin is favored to win NASCAR's Coca-Cola 600 but could a long shot who's attempting The Double be worth a wager? Here are the odds.
It’s make or break time for AI labeling systems
It’s time for SynthID and C2PA to prove they work.
Could former Commanders LB Bobby Wagner land with AFC contender?
Former NFL player believes the Jaguars are the best team fit for former Commanders linebacker Bobby Wagner.
In deal with business leaders, $30 minimum wage for L.A. hotel and airport workers will be delayed
The minimum wage will still increase to $25 in July and continue in increments until reaching $30 in January 2030.
LA City Council cuts new deal on $30 minimum wage after business tax revolt
California business owners 'trapped' in 'vicious cycle' as costs soar
As labor and energy costs rise in California, small business owners say minimum wage laws and gas taxes in the Golden State are crippling their operations.
2026 NBA Playoff Odds: Why Alex Caruso Is Best Bet To Win WCF MVP
Alex Caruso is a long shot to win Western Conference finals MVP but Will Hill believes his odds are worth a wager. Here's why.
U.S. Senate to examine sports gambling’s ‘mental health crisis’
Americans wagered a record $165 billion on sports in 2025, while nearly 20 million people reported "problematic gambling behavior."
Bournemouth v Man City: Key stats and talking points
BBC Sport examines some of the key themes before Tuesday's match (19:30 BST), with Manchester City needing a win [TO KEEP THEIR TITLE HOPES ALIVE]. This will be Andoni Iraola's final home game as Bournemouth boss and comes with his team on the brink of qualifying for Europe for the first time. A point would ensure the Cherries can finish no lower than eighth, which – as a result of Manchester City's victory in the FA Cup final – will be worth a place in next season's Conference League.
UK wage growth slows and unemployment rate rises as companies react to Iran war
Jobless rate unexpectedly rises to 5% with businesses squeezed by war in Middle East
Cahoots Rockford blends nostalgia with modern-day entertainment
Whether you’re in the mood for a bite, a bit of bowling or the rush of a claw game, Cahoots Rockford has you covered.
What ‘High Potential’s Midseason Move Could Mean for Wagner’s Fate
Javicia Leslie and Deniz Akdeniz share hopes for Steve Howey's return.
What ‘High Potential’s Midseason Move Could Mean for Wagner’s Fate
Javicia Leslie and Deniz Akdeniz share hopes for Steve Howey's return.
White House hosts Christian prayer rally
Thousands gathered at the National Mall for a religious-political celebration
Greed meets greed: DraftKings to close its Wrigley Field sportsbook at the end of May over Illinois tax
DraftKings announced it is closing its Wrigley Field sportsbook May 31, citing Illinois's new per-bet tax on internet wagers as the core reason.
DraftKings to close sportsbook at Wrigley Field: report
DraftKings will stop taking in-person bets at Wrigley Field on May 31, blaming rising city and state sports wagering taxes.
NBC Sports’ betting experts give their best bets for the Preakness
No Kentucky Derby winner? No problem. These are the horses worth wagering on Saturday.
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.
VW Ads Have Occasionally Ventured Into Science Fiction
Usually when I talk about Volkswagen advertising, I tend to talk about their golden age of ads, the midcentury ones created by Doyle Dane Bernbach (DDB) that we all know, the ones that have become icons of advertising. The other day when I wrote about car ads that feature zero cars in them, I referenced […]
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