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Australia: NSW Health warns against handling bats due to lyssavirus
NSW Health is advising the public not to handle, or otherwise handle bats, following a recent increase in people being bitten or scratched across the state. In the two weeks from 28 September to 10 October, 43 people were assessed by NSW Health after being bitten or scratched by bats. This includes in coastal areas in Hunter New England, the Mid North Coast, Northern NSW, and the Central Coast. This is a significant increase when compared with 10 reported cases of bat bites or scratches for the same two-week period in 2025. Keira Glasgow, Director in Health Protection at NSW Health, said, “We want people to assume that any bat could carry Australian bat lyssavirus, which is a close relative to the rabies virus and very dangerous to humans.” “If you see a bat that is injured or in distress, call your local wildlife rescue service and do not touch it. Only trained, protected and vaccinated wildlife handlers should interact with bats. “It is incredibly rare for Australian bat lyssavirus to transmit to humans, but once symptoms of lyssavirus start in people who are scratched or bitten by an infected bat, sadly there is no effective treatment. “If you are bitten or scratched by a bat, urgent medical assessment is crucial.” Rabies virus and Australian bat lyssavirus (ABLV) belong to a group of viruses called lyssaviruses. These viruses transmit via a bite from an infected ("rabid") animal. They all cause a similar illness known as rabies, which affects the central nervous system and is usually fatal. Rabies and ABLV infection cause similar symptoms. The early symptoms are flu-like, including headache, fever and fatigue. The illness progresses rapidly to paralysis, delirium, convulsions and death, usually within a week or two. Rabies cases and the three known human cases of ABLV infection have shown a wide variability in the time it takes for symptoms to appear following exposure to an infected animal (from several days to several years). The best way to protect yourself from infection is to not touch bats. If you see a bat in distress, injured or trapped on the ground, do not try to rescue it. Instead, contact trained experts. Outbreak News Today is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. Subscribe
It's Your Business has Keirthana Aedma, Lal Muhammad, Adil Mohammed
News about the latest hires, retirements and more in the Topeka area.
Counting under way in Holborn and St Pancras byelection
Results are expected from 2.30am BST in the north London poll to choose a replacement for former PM Keir Starmer
Polanski faces Green rival in his pursuit of Keir Starmer’s old seat
Hamza Chowdhury says most of his fellow Green Camden councillors back him to contest 8 October byelection
‘We can win here’: Zack Polanski presses the flesh in Holborn and St Pancras
Polanski is confident of taking seat vacated by Keir Starmer, but says he will stay on as Green party leader even if he loses
Zack Polanski seeks to stand for by-election in former PM Starmer's seat
The Green Party leader intends to run in the Holborn and St Pancras seat following Sir Keir Starmer's resignation as MP.
Zack Polanski to stand in Keir Starmer seat as Green party candidate
Green leader will stand for election in Holborn and St Pancras in byelection triggered by former PM’s resignation
Farewell Keir Starmer, a terrible politician whom we desperately wanted to be something more
‘U-turn’ doesn’t do justice to the myriad ways he found to break a pledge. Now the former PM is resigning as an MP, why did I have such high hopes? asks Guardian columnist Zoe Williams
Keir Starmer announces he is standing down as MP
The move will trigger a by-election to replace the former prime minister in his London constituency.
Unlike needy Keir, trash-talking Andy speaks a language Trump understands
Burnham has nothing to hide as he prepares to meet president he once called poisonous. It may actually win him more respect
Burnham promises a new political and economic model
After Keir Starmer’s resignation, Andy Burnham has become the UK’s seventh prime minister in 10 years. Addressing dozens of supporters in front of 10 Downing Street, he pledged to break with the politics of the past.
Why Britain is getting a new prime minister without a general election
Veteran Labour Party politician Andy Burnham has become Britain’s new prime minister He takes over from Keir Starmer, who announced his resignation last month.
APTOPIX Britain Politics
Britain's outgoing Prime Minister Keir Starmer and wife Victoria hug as they leave 10 Downing Street in London, Monday, July 20, 2026.(AP Photo/Kin Cheung)
APTOPIX Britain Politics
Britain's outgoing Prime Minister Keir Starmer walks out 10 Downing Street in London, Monday, July 20, 2026.(AP Photo/Alberto Pezzali)
Watch: Keir Starmer's last speech as prime minister in full
Starmer spoke in front of an applauding crowd on Downing Street.
Britain Politics
Britain's outgoing Prime Minister Keir Starmer speaks as he leaves 10 Downing Street in London, Monday, July 20, 2026.(AP Photo/Kirsty Wigglesworth)
Britain Politics Burnham
Reporters prepare in Downing Street as Labour Party leader Andy Burnham is set to become the U.K.'s new prime minister on Monday, succeeding Keir Starmer in London, Monday, July 20,
Who is Andy Burnham, the U.K.'s new prime minister?
On Monday, former Manchester Mayor Andy Burnham succeeds Keir Starmer as the United Kingdom's prime minister. Burnham's politics have been shaped by England's north-south class divide.
Andy Burnham will be bolder but stick to Labour manifesto, Lucy Powell says
Burnham will replace Sir Keir Starmer as prime minister on Monday, following a meeting with King Charles III.
Will Argentina be punished at the World Cup over a political banner?
British Prime Minister Keir Starmer supports a FIFA investigation into Argentina's players celebrating with a political banner on the field.
Andy Burnham is declared leader of UK's Labour Party, pledges to restore hope
The former mayor of Greater Manchester was the only contender in the center-left party's leadership contest to replace departing Prime Minister Keir Starmer, who was forced out by a rebellion within his party.
Andy Burnham set to become UK prime minister after Keir Starmer resignation
Andy Burnham was officially declared leader of Britain's governing Labour Party on Friday, promising to bring hope to the British people and purpose to the floundering government as he cleared his final hurdle to take office as prime minister next week.
Watch UK's Burnham Pledges to Be 'Pro-Business' Leader
"I will be a pro-business leader of the Labour Party, as I was a pro-business mayor of Greater Manchester," Andy Burnham says in his first speech since formally becoming leader of the Labour Party. He will take over as prime minister from Keir Starmer on Monday.
Keir Starmer Calls For FIFA To Investigate Argentina Over Controversial Falklands Banner
After beating England, the Argentinian team unfurled a banner that read “Malvinas are Argentinian,” a reference to the British-administered Falkland Islands.
Starmer says his political journey is over at his last question session as UK leader
LONDON (AP) — Prime Minister Keir Starmer said that he was leaving the United Kingdom “in better shape than I found it” as he fielded questions, criticism and even a bit of praise from lawmakers in…
Starmer says his political journey is over at his last question session as UK leader
Keir Starmer has answered questions from lawmakers in the House of Commons for the last time before leaving the prime minister's office next week
The politics of feeling: why did ‘boring’ prime minister Keir Starmer provoke such visceral reactions?
In the post-2008 world, the political climate is often determined by emotion rather than ideology.
Days Ahead to Show If Burnham Plays Politics Better Than Starmer
Standing across from Keir Starmer in the Commons chamber this week, opposition leader Kemi Badenoch drew on a particularly violent metaphor for how the Labour Party had ditched him when she conjured up an image of “400 knives stuck in the prime minister’s back.”
THE NEXT GENERATION TAKES THE TRACK: COPACI AND PANAM SPORTS LAUNCH ELITE CYCLING DEVELOPMENT CAMP IN TRINIDAD AND TOBAGO
Young cyclists from across the Caribbean are gathering in Trinidad and Tobago […]
How Brexit broke British politics
Brexit has had a lasting impact on British politics, causing a decade of turmoil and division, and resulting in the resignation of Prime Minister Keir Starmer after two years of economic stagnation and a divided electorate.
How the world views Keir Starmer’s resignation
With the prospect of seven prime ministers in the last 10 years, No. 10 Downing Street is seen as a revolving door and Britain as having ‘profound’ problems
The fall of Britain’s prime minister is a warning for America
Keir Starmer’s resignation shows how moderation can go wrong.
Andy Burnham to get briefings on taking over as prime minister
Sir Keir Starmer is offering "access talks" with the civil service to Labour leadership candidates.
Why the forces that felled Keir Starmer threaten so many western leaders
British Prime Minister Keir Starmer was felled by a curse haunting most western leaders — a failure to deliver change to voters who’ve lost trust in the capacity of modern politics to make their lives better and more affordable.
Keir Starmer has quit as prime minister – what will happen next in UK politics?
Britain will soon have its fifth prime minister in four years. The Guardian explains how we got here and what challenges await Starmer’s successor
The Torture Chamber of British Politics Crushes Its Latest Prime Minister
Keir Starmer becomes the sixth Prime Minister over the past decade to resign, surrendering to the U.K.’s manifold problems.
Starmer says he'll resign as UK prime minister, roiling British politics yet again
British Prime Minister Keir Starmer said Monday he will resign, forced out by his own party after missteps and mistakes soured voters’ goodwill following a landslide election victory two years ago on a promise of steady leadership and economic growth.
Starmer says he’ll resign as UK prime minister, roiling British politics yet again
LONDON (AP) — British Prime Minister Keir Starmer said Monday he will resign, forced out by his own party after missteps and mistakes soured voters’ goodwill following a landslide election victory …
Starmer says he'll resign as UK prime minister, roiling British politics yet again
British Prime Minister Keir Starmer has announced his resignation, forced out by his party after losing voter support. He will remain as caretaker until Labour chooses a new leader. Former
Was ‘dreary’ Keir Starmer destined to fail?
Outgoing PM never recovered from rocky first impression, but likely successor Andy Burnham will need more than charisma to stave off populist challengers
Keir Starmer’s resignation speech: the six key takeaways
PM reminds listeners of his landslide general election win and achievements in office before ending with tribute to his family
Political turmoil: UK will see its seventh prime minister in 10 years
After less than two years as PM, Keir Starmer announces his resignation amid mounting pressure from own Labour Party.
Keir Starmer says he will resign as prime minister; Andy Burnham expected to be next U.K. leader
Monday’s announcement may clear the path to power for Andy Burnham, who had planned to bring a challenge against Starmer. The next prime minister will be the seventh in just 10 years.
Pound Trades Near 2026 Low as UK Political Uncertainty Builds
The pound traded near this year’s low on expectations Keir Starmer will set out a timetable for his departure as UK prime minister in coming days.
Trump’s post that British PM ‘will resign’ stuns some in U.K.
Doubts about Keir Starmer’s political future have swirled for weeks but Trump's declaration represented an extraordinary foray into U.K. politics.
Trump says UK Prime Minister Keir Starmer to resign: 'Failed'
President Donald Trump said that British Prime Minister Keir Starmer will step down in a Truth Social post.
Keir Starmer Reflects on ‘Political Challenges’ as Pressure to Resign Mounts
An ally of Keir Starmer’s told the BBC on Sunday that Mr. Starmer was “taking the time to think through what the political realities are today compared to last week.”
The business secretary knows about jobs, and seems pretty sure Keir is out of one
Doing the rounds of the Sunday studios, Peter Kyle sounded like someone who knew it would all be over come Monday
The business secretary knows about jobs, and seems pretty sure Keir is out of one
Doing the rounds of the Sunday studios, Peter Kyle sounded like someone who knew it would all be over come Monday
UK business minister says he has no reason to think PM Starmer will resign on Monday
British business minister Peter Kyle said on Sunday he has no reason to believe that Prime Minister Keir Starmer is planning to announce his resignation on Monday.
UK business minister says he has no reason to think PM Starmer will resign on Monday
LONDON, June 21 (Reuters) - British business minister Peter Kyle said on Sunday he has no reason to believe that Prime Minister Keir Starmer is planning to announce his resignation on Monday.
UK Business Minister Says He Has No Reason to Think PM Starmer Will Resign on Monday
LONDON, June 21 (Reuters) - British business minister Peter Kyle said on Sunday he has no reason to believe that Prime Minister Keir Starmer is planning to announce his resignation on Monday. Speaking to Sky News, Kyle said he had a "frank" conversation with Starmer on Friday. Britain's ...
Britain Politics
Britain's Prime Minister Keir Starmer, right, gestures as he speaks with local residents as he visits a housing development in north London, Friday, June 19, 2026. (Peter Macdiarmid/Pool Photo via
Labour's Andy Burnham wins a special election, setting up a showdown with Starmer to lead Britain
Labour's Andy Burnham, the current mayor of Greater Manchester, has won a special election for a seat in Parliament that puts him in a position to challenge embattled Prime Minister Keir Starmer for leadership of the country.
Video: A Small Election Could Change British Politics
Voters in the northern English district of Makerfield cast ballots on Thursday to choose their representative in Parliament, the outcome of which could lead to Prime Minister Keir Starmer’s ouster.
Keir Starmer set to announce under-16s social media ban
Prime minister expected to unveil ‘Australia plus’ ban for under-16s on apps such as TikTok, Instagram and Snapchat
Roy Hattersley, former Labour deputy leader, dies aged 93
Sir Keir Starmer said Lord Hattersley "was a giant of the Labour movement".
UK forces board sanctioned Russian oil tanker in English Channel for the first time, says Keir Starmer
Prime minister says British armed forces intercepted a Russian shadow fleet vessel in the early hours of Sunday morning
Diplomacy Is No Longer a Safe Space for UK’s Wounded Premier
Keir Starmer’s trip to the Group of Seven summit has looked for weeks like it would at best be one last hurrah on the world stage for a leading advocate for European security dogged by political troubles at home.
Man to appear in court over Belfast knife attack as rioting described as ‘race-based pogrom’ by SDLP leader
30-year-old man to appear in court today charged with attempted murder, with Keir Starmer expected to face questions on the disorder during PMQs
Keir Starmer to say ‘tech revolution must work for everyone’ in speech on AI
Prime minister to give speech on the government’s technology policy this morning
Keir Starmer accuses Elon Musk of interfering in UK politics over Henry Nowak murder
Starmer hit out at Musk after the Tesla CEO shared several posts about the murder of Henry Nowak on X
Starmer calls for Elon Musk to stop interfering in UK politics
Prime Minister Keir Starmer on Thursday said Elon Musk should stop interfering in British politics, after the billionaire X owner posted on his platform about a murder that has triggered a public outcry and protests.
Starmer Calls for Elon Musk to Stop Interfering in UK Politics
By Alistair Smout LONDON, June 4 (Reuters) - Prime Minister Keir Starmer on Thursday said Elon Musk should stop interfering in British politics, after the billionaire X owner posted on his platform about a murder that has triggered a public outcry and protests. Last year, 18-year-old Henry ...
Britain Politics
Britain's Prime Minister Keir Starmer looks on during a visit to Acorn Nursery, in Brighton, England, Tuesday May 26, 2026. (Gareth Fuller/Pool Photo via AP)
Prime Minister Sir Keir Starmer urges TNT Sports to make Champions League final free-to-air
Sir Keir Starmer has urged broadcaster TNT Sports to allow football fans to watch Arsenal's Champions League final showdown with Paris Saint-Germain for free.
Champions League: Keir Starmer urges TNT Sports to make final free-to-air
UK Prime Minister Sir Keir Starmer calls on TNT Sports to make next Saturday's Champions League final between Arsenal and Paris St-Germain free-to-air.
Keir Starmer urges TNT Sports to make Arsenal’s Champions League final free to watch
For the first time in 30 years, UK viewers will have to pay to watch the Champions League final between Arsenal and Paris Saint-Germain.
As politics fragments, the worldwide center-left must rally
Governing parties that brought stability and coherence to electoral competition after World War II are imploding.
APTOPIX Britain Politics
Britain's Prime Minister Keir Starmer visits a children's activity centre in Essex, England, Thursday, May 21, 2026 to support families and help ease pressures on household budgets.(AP Photo/Kin Cheung, Pool)
Britain Politics
Britain's Prime Minister Keir Starmer and Chancellor of the Exchequer Rachel Reeves visit a children's activity centre in Essex, England, Thursday, May 21, 2026 to support families and help ease
UK Businesses Shrink as Starmer Crisis Creates Perfect Storm
British businesses posted the first decline in output in over a year as the Iran shock and a mounting rebellion against Prime Minister Keir Starmer hit activity in the services sector, a survey showed.
Britain Politics
Britain's Prime Minister Keir Starmer departs 10 Downing Street to go to the House of Commons for his weekly Prime Minister's Questions in London, Wednesday, May 20, 2026. (AP Photo/Alastair
Britain Politics
Britain's Prime Minister Keir Starmer departs 10 Downing Street to go to the House of Commons for his weekly Prime Minister's Questions in London, Wednesday, May 20, 2026. (AP Photo/Alastair
Britain Business
Small business representatives, British Business Secretary Peter Kyle, and British Prime Minister Keir Starmer, centre right, pose for a group photo as Starmer hosts a reception to mark the introduction
What to know about the political chaos engulfing the UK's Labour Party and efforts to unseat Starmer
LONDON (AP) — British Prime Minister Keir Starmer tried to strengthen his grip on office Monday, saying he was getting on with the job after taking blame for the Labour Party’s disastrous election results that have put his leadership in jeopardy.
Britain Politics
Britain's Prime Minister Keir Starmer speaks to Kris Parker, co-owner of Home Cafe and Kitchen, during a visit to Home Cafe and Kitchen in London, Monday, May 18, 2026, as
UK ex-health minister says will run to replace Prime Minister Keir Starmer
Pressure mounts on Starmer's government, as Labour rivals including recently resigned Wes Streeting circle.
It’s Been a Wild Week in British Politics. What Happens Next?
Nobody has yet challenged Prime Minister Keir Starmer for the leadership, but his leading rival, Andy Burnham, finally has a route to Downing Street.
British Politics Is About to Get Even Messier
The looming contest between Prime Minister Keir Starmer and left-wing mayor Andy Burnham is spooking markets worried about Britain’s finances.
Britain Politics
From left, Mayor of London Sadiq Khan, Prime Minister Keir Starmer, Commander Clair Haynes, and Commissioner Mark Rowley meet police officers to discuss operational planning, in London, Friday, May 15,
Britain Politics
From left, Commander Clair Haynes, Prime Minister Keir Starmer and Mayor of London Sadiq Khan meet police officers to discuss operational planning, in London, Friday, May 15, 2026. (Peter Nicholls/Pool
Britain Politics
Britain's Prime Minister Keir Starmer meet with police officers to discuss operational planning ahead of this weekend's protests in London, Friday, May 15, 2026. (Peter Nicholls/Pool Photo via AP)
Britain Politics
Britain's Prime Minister Keir Starmer and Commander Clair Haynes meet with police officers to discuss operational planning ahead of this weekend's protests in London, Friday, May 15, 2026. (Peter Nicholls/Pool
Gilts Slump as Investors Brace for Burnham Challenge to Starmer
Gilts tumbled after Manchester Mayor Andy Burnham secured a pathway to potentially challenge Keir Starmer for the UK prime minister’s job, threatening a fresh bout of political instability that investors fear could result in more expansive fiscal policy.
Chartbook 449: Voldemort on Threadneedle street. The Bank of England and the "haunted house" of English politics.
Imagine the scene: In some Harry Potter version of 21st-century London, a group of deathless UK Treasury officials gathered from across the last century huddle over warm pints and glasses of Chardonnay. Around the table there are officials from the 1920s, the 1930s, the 1970s, 2022 and today. Inevitably, in May 2026, the subject of conversation is the disintegration of the current Labour government. Despite its huge majority in parliament, it has been reduced to tatters by catastrophic local election result. These exposed the fact that rather than having a government with a clear popular majority, the UK is like most other modern societies divided into 5 segments each of which commands between 26 and 16 percent of the vote. Perhaps unsurprisingly, the leadership at Nos 10 and 11 Downing Street - where the Prime Minister and the Chancellor (Treasury Secretary) work - seem paralyzed. They are caught between mounting discontent over unfairness and the cost of living, and tough fiscal strictures that push them into making unpopular spending decisions. In the London pub, the Treasury officials from across the ages, can barely hide their satisfaction at the latest display of democratic politics caught in the vice-grip of financial logic. “Remember the mur d’argent and the banker’s ramp?” “Just like yesterday!” There are smirks around the table. Then the representative of 2026 pipes up: “One thing you have to say about the current lot (referring to the latest hapless Labour government), you don’t have to teach them about the bond market!” There is a murmur of ascent from the Treasury Mandarins. The trauma of the fiscal crisis of September-October 2022 sits deep. Back then, in the final stages of Tory decay, a ‘mini budget’ that challenged fiscal orthodoxy led to a brief but fierce panic in one of the oldest government bond markets in the world (aka gilt market). Now all you have to do is to mention the “bond market” to hush debate. [ Paul Mason@paulmasonnews In the name of public service, and as ex-economics editor of BBC Newsnight, I offer to do a zoom call, tonight, with any Labour MP who wants to understand why bond markets do not "fall into line" with governments. 1/ 3:57 PM · May 12, 2026 · 466K Views 224 Replies · 674 Reposts · 3.93K Likes ](https://x.com/paulmasonnews/status/2054229532404519082?s=20) “And the funny thing is”, the young man in the huddle continues, “they don’t even want to talk about … ”. There is a sudden hush. Significant looks are exchanged around the table. About? One of the senior figures puts down his glass with a decisive “clink”. He-Who-Must-Not-Be-Named has entered their thoughts. Meanwhile, a few miles away in a grubby pub in Bloomsbury, two conspirators from the camp of Critical Macrofinance huddle over cans of low-alcohol IPA. They look at each other and blurt out loud: “The Bank!” “Everyone in the bloody Labour party is talking about the bond market. But why aren’t they even mentioning … the Bank of England!?” “Why is no one talking about Voldemort?” In Paul Mason’s blogpost, after much chest-thumping about basic fiscal logic, the basic point about the Bank of England is buried in the fine print at #3 in his list of suggestions as to what a radical Labour government might actually be able to do! [ Conflict & Democracy Down with the bond market! Down with gravity! It may seem unfair to focus on Labour MP Paula Barker for her off-the-cuff assertion that the bond market would have to “fall in line” with Andy Burnham, should he replace Keir Starmer as prime minister. But Burnham himself told the New Statesman that Labour had to “get beyond this thing of being in hock to the bond markets… Read more 2 days ago · 100 likes · 3 comments · Paul Mason ](https://htsf.substack.com/p/down-with-the-bond-market-down-with?utm_source=substack&utm_campaign=post_embed&utm_medium=web) Back in Bloomsbury they shake their heads and ask: “Didn’t we learn anything from the Eurozone crisis?” Meanwhile, as if summoned to the conversation by some higher force, the “pink pages” announce: “The days of ultra-cheap government borrowing have come to an end” and Martin “Whizzard” Wolf publishes the graph of the season Look at the UK in 2026, perilously positioned on the upper edge of the pack. No wonder no one in London needs any lessons about the “bond market”. But, look again. Imagine how they feel in Rome. What is London’s nightmare in 2026? The nightmare is that you end up like Italy in the early 2010s during the Eurozone crisis. Once comfortably situated in the middle of the pack, watching with horror as your ten-year yields explode to 7 percent and “spreads” become a national nightmare. One of the largest economies in Europe, a founding member of the euro, stigmatized. But the message of the Italian experience is ambiguous. After all, the stigma didn’t last. In 2026, Italy borrows at rates lower not only than the UK but the US. The US, which, as everyone knows, enjoys the “exorbitant privilege” of being the issuer of reserve, safe asets. What kind of magic is this? How did Italy, in the space of fifteen years, go from being good, to bad and back again? Which brings us back to our dissident friends in their Bloombury boozer and their memories of the Eurozone crisis. Italy never was Britain - with its ongoing fiscal deficits. Without interest payments, on primary balance, from 2000 to 2020 Italy ran a tight fiscal ship. Even in 2008 it barely went into deficit and when it was being put on the rack in the early 20210s its primary surplus matched that of austere Germany. So, what happened? How did it end up stigmatized? Of course Italian politics didn’t help. Berlusconi was at the helm and he had legal issues. But amongst friends in the Bloomsbury pub, Berlusconi is a sideshow, the name we whisper to each other is “Trichet”. From 2004 to 2011 the ECB was headed by Jean-Claude Trichet, ex of the French Treasury, more German than the Germans. After 2009 as the news of the Greek fiscal disaster broke, the European bond markets wento into panic mode and Trichet began a brutal game of cat and mouse. Between 2009 and 2011, Trichet intervened in the bond market to help, only when he thought he had compliance with austerity. When he thought they were uncooperative, he withdrew. In the summer of 2011, he even made direct suggestions to his Italian counterparts in Rome, as to how Italy should be governed. It was this cat and mouse game that drove the bond markets crazy and exposed Italy to a violent squeeze. When Mario Draghi took over the ECB at the end of 2011 and declared “whatever it takes”, the pressure on Italy, gradually eased. It is that starring role that has made Draghi into the towering figure in European politics that he remains today. So now you see why voices in London hush when it comes to the Bank of England. “The bond market” isn’t an irresistible objective force like the weather or an avalanche. It can appear like that. But that depends on the way it is being handled, or not handled by the central bank. Which is why the silence about the Bank of England in London right now is so significant. If you think this all sounds a bit fishy, coming from a left-liberal Keynesian like myself, well, let me introduce you to Robin Brooks, who, to put it mildly, plays on a different quidditch team to me. Here, from the position of a fiscal hawk is Robin’s celebratory account of the Bank of England’s role since 2022; In October 2022, at the height of the bond market blow-up in the UK, something incredible happened. Governor Andrew Bailey told British pension funds the Bank of England would end its support program for the country’s fragile gilt market, drawing a line under how much help the central bank was willing to give to exposed pension funds and - implicitly - the government. By the end of that week, Kwasi Kwarteng - the finance minister - had resigned. Prime Minister Liz Truss would soon follow. This episode is so incredible because it contrasts with what happened in the Euro zone earlier that year. Bond markets in Spain and Italy were under pressure amid high inflation and rising interest rates. In the middle of this, Mario Draghi - Italy’s Prime Minister - resigned, compounding pressure on bond markets of high-debt countries on the Euro periphery. Unlike the Bank of England, the ECB caved. It bought Italian and Spanish government bonds in an effort to cap yields and introduced a new tool that signaled to markets it might do such caps more frequently going forward. Faced with pressure on bond markets, the ECB capitulated to political pressure from high-debt countries like Italy and Spain. The Bank of England stood its ground and toppled the Truss government. This kind of thing has long-lasting consequences. It means markets price a higher probability of yield caps in the Euro zone, which keeps Italian and Spanish yields artificially low, while markets feel free to push up UK yields without fear of central bank intervention. As I flagged in yesterday’s post, this means you really can’t compare UK yields to those of other high-debt countries. The UK looks worse, but only because its central bank isn’t interfering with markets. There’s more to this than just that 2022 episode. The Bank of England has also been much more aggressive in its quantitative tightening (QT) than other central banks. If one motivation for quantitative easing (QE) is to lower bond yields - especially longer-dated ones - then it stands to reason QT pushes yields up. The left chart above shows a four-quarter moving average of UK government debt issuance (black line) in percent of GDP and which sectors absorb this issuance, including the Bank of England (blue bars). The right chart above compares the Bank of England’s accumulation or run-off of government bonds (blue line) with that of other central banks, where this blue line is the same as the blue bars in the left chart. The Bank of England was quicker and more aggressive than other central banks in downsizing its bond holdings, so UK yields will have risen more than elsewhere also for this reason, not just because of Governor Andrew Bailey’s remarks in October 2022. Back in October 2025, after a conversation in New York with friends in British politics, my sense of dysphoria was such that I raised the issue of the Bank of England openly in the FT Since 2008, the UK has slid into a deep economic and political predicament. Growth has stagnated to a degree far worse even than in the 1970s. The Tory leadership’s wager on the Brexit referendum spectacularly backfired, leaving the UK isolated from Europe and at the mercy of its special relationship with the US, many of whose political class regard the UK as a basket case. After years of austerity, the Labour party lurched to the left and then back to the centre. The Tory party has been eclipsed by the populist nationalism of Reform. Any British government should be worrying first and foremost about how to restart growth. Instead, Keir Starmer is beset by shades of the gilt market panic triggered by the Liz Truss government in 2022. The debt level is higher than in recent years, but there is no cause for panic. UK debt is at far from critical levels and of long duration. Whether you want to “take back control” or launch progressive economic policy, a democracy dogged by fear of bond market vigilantes is unhealthy. In a country that is a monetary sovereign, this climate points to one thing: a disconnect between the government and the central bank. Since 1997, the independence of the Bank of England has become a sacred cow. But independence is what you make of it. And in the wake of the gilt market crisis of September 2022, relations between the Bank of England and the UK government need a reset. In normal times, there is no doubt that an inflation-targeting independent central bank can serve a country well. But since 2008, the UK and other advanced economies have not had the luxury of such simple problems. To their credit, central bankers around the world have not stood on orthodoxy. After 2008, the US Federal Reserve rescued the global banking system and, through quantitative easing, it stabilised the Treasury market in the face of huge deficits. In Europe, things were trickier. Both the Bank of England under Mervyn King and Jean-Claude Trichet’s European Central Bank played cat and mouse with national governments. This was a high stakes wager that between 2010 and 2012 escalated bond market tension and triggered a disastrous turn to austerity. Shaken by the impact of those shocks, their successors, Mark Carney and Mario Draghi adopted a more protective stance (assuming you were not the government of Greece). Recall that Draghi’s legendary slogan, “Whatever it takes”, was uttered to face down the City of London’s bond vigilantes. In 2015, Draghi launched QE — financial repression by another name. In 2016, Carney used the authority of the Bank of England to stabilise markets following the vote for Brexit, an exemplary demonstration of how central banks can underpin democratic choice, even when those choices are wrong headed. All these were independent central bankers steeped in the best practice of the 1990s, who recognised that historic crises demanded radical action. It was the price surge of 2021-2023 that poisoned the atmosphere. Though the shock came mainly from the supply side, central banks ended up in the dock. Nowhere more so than in the UK. The Bank of England reacted with aggressive normalisation. Faced with a cost of living crisis, the governor called for workers to accept real wage cuts. In early 2022, as gas prices were at record levels and Russia’s army was poised to invade Ukraine, the Bank adopted a stringent programme of quantitative tightening, elevating interest rates. When the Truss government got itself in trouble, the Bank took almost a week to come to the rescue. Rather than enacting a charade of normality, it is time to recognise that in 2025 the UK faces a period of historic transition. To meet this challenge, what is needed is a new concordat with the Bank. This should not ignore inflationary pressures or the long-run trajectory of debt, but should affirm the priority of reviving investment-led growth. One could follow Donald Trump in demanding interest rate cuts. The Bank could shadow the ECB in its commitment to capping Eurozone yields. But the top priority should be to lay the ghost of September 2022. The Bank’s slowing of QT last month was a concession. An immediate and complete end would send the right signal. Such a concordat will not by itself restore sanity to politics, solve the housing problem or rebuild the NHS. But it would help to lift the fear of bond market crisis, which is paralysing the effort by democratic politicians to answer the fundamental questions facing the nation. Now, that call for a new concordat between government and Bank of Englands seems more urgent than ever. The problem is that in October 2025, Starmer still had some authority. Today the government is in tatters. And when you are the “under the harrow” - to echo a phrase of Montagu Norman’s from the 1920s - it is the worst possible time to consider institutional change. To make general arguments at a time of crisis can only seem like special pleading rather than a general argument for long-term change. The same, unfortunately, is also true for the other basic institutional reform that Britain urgently needs i.e. the abolition of the out-dated first past the post electoral system and its replacement by a moderated form of proportional representation. And thirdly - whilst we are saying the quiet parts out loud - Britain needs to reopen the question of EU membership. What the local election results of 2026 show is that this remains a key issue. And what they also show is that there is a clear majority that would favor a return. Until these basic features of Britain’s political economy are addressed the country will carry on its politics as though in a haunted house, governed by governments that lack actual majorities, conjuring up false constraints whilst ignoring the real ones. This one is for DG and MI. I love writing the newsletter. If you enjoy it too and fancy buying me a coffee once a month, you know what to do. Click below! Subscribe
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