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Companies quietly chase billions in Trump tariff refunds as lawsuits and politics mount
Trump blasts corporate tariff refunds as ‘unpatriotic’ as billions flow back to big business
Religion: Christian nationalism on the Mall
Thousands gathered for the taxpayer-funded Rededicate 250
State softball tournament the final sports go-around for Thompson multi-sport standout Kya Hurst
Tommies take No. 5 seed into Thursday's Class B state tournament
Get up to speed fast on the California election with our guide for the undecided
Californians are voting on a wide-open governor's race in a June 2 primary election. Xavier Becerra, Steve Hilton and Tom Steyer are leading in polls.
Taking a temperature check on bee health
Reporter Abigail Saxe speaks with Gerald Posner of Swaying Daisies Honeybee Farm about colony die off and how to keep bees alive.
Tuj lub players want more Minnesotans to give the Hmong sport a whirl
Keller Regional Park in Maplewood recently hosted a weekend tuj lub tournament on renovated courts. Tuj lub, a time-honored sport in Hmong culture, dates back thousands of years.
Everything We Know About <i>Emily In Paris</i> Season 6
Emily In Paris Season 6 is the end of an era. We've rounded up everything you need to know about the Lily Collins-led Netflix final season.
Earth’s outer core reversed direction in 2010 and scientists may finally know why
Deep beneath the Pacific near the equator, Earth’s outer core now flows east instead of west. Dynamics deeper within our planet’s core may help explain the change and what to expect in the near future.
Chad Tracy 'Encouraged' With Red Sox Offense Despite Being Swept
Boston had 11 hits on Sunday.
Nintendo Breaks Silence on New Super Mario Game
Nintendo has broken its silence on the next Super Mario game, the first 3D Mario game since Super Mario Odyssey on Switch.
Tech, Media & Telecom Roundup: Market Talk
Find insight on NetEase, Lenovo, Mitsubishi Electric and more in the latest Market Talks covering technology, media and telecom..
Latino-owned businesses grow, but venture capital remains an issue
“Latino-owned businesses rose by nearly 48% between 2017 and 2023,” said Marketplace senior economics contributor Chris Farrell.
Widow and widower find new love, good health in their 80s
For two widowed neighbors, a simple walk down the street led to something neither of them expected: a second chance at love.
Widow and widower find new love, good health in their 80s
For two widowed neighbors, a simple walk down the street led to something neither of them expected: a second chance at love.
Widow and widower find new love, good health in their 80s
For two widowed neighbors, a simple walk down the street led to something neither of them expected: a second chance at love.
Mani Fok is now CEO of Emperor Entertainment Group
The artiste manager replaces previous CEO Carol Cheung who will officially step down on 30 May
Why Trump Lost to Iran
The president failed to deliver on his Iran bluster, and in the end fooled only himself.
School workers pass first goal post towards health insurance reform in final day of legislative session
On the last day of the Minnesota legislature’s 2026 session, lawmakers voted to fund a data collection project to study the spiraling health insurance costs for Minnesota school districts – a first step in reforming the health insurance program for school district employees as a whole.
Politics Unplugged (Full Episode) May 23, 2026
This week on Politics Unplugged, Colton Shone talks with former Navajo Nation President Jonathan Nez about his run for Congress and taking on Rep. Eli Crane in the fall. Then, consultants Marcus Dell’Artino and Chuck Coughlin discuss the incumbents ousted in Tempe and nationwide, with a Democratic Socialist elected to the Tempe City Council. Finally, Marcus and Chuck break down the investigation into former sheriff Mark Lamb, accused of inappropriate conduct with women online.
Heartland Sports on The Breakfast Show 5/23
Heartland Sports on The Breakfast Show 5/23
The New #1 Show with a 93 Percent 'Rotten Tomatoes' Rating Is Giving 'Heated Rivalry' Energy—& Fans Are Obsessed
A new romance drama similar to 'Heated Rivalry' is quickly climbing the streaming charts and giving viewers major early 2000s rom-com energy. Get all the details here.
The Meanest Tradition in Entertainment
Celebrity roasts have become crueler in their style of comedy, and almost unwatchable.
There’s Never Been a Better Time to Study Computer Science
Even as AI progresses, coders aren’t doomed.
Some Lawmakers Want a Gerrymandering Truce
Could the current partisan redistricting frenzy lead to reform?
The Sudden Chumminess of Hunter Biden and Candace Owens
The former president’s son tearfully met with the podcaster, who once called him a “degenerate.”
Politics Friday: Walz weighs in on the work left to do for the remainder of his term
MPR News politics editor Brian Bakst interviews Gov. Tim Walz about the 2026 session and his remaining time in office as Minnesota’s two-term governor.
‘Public outrage at billionaire tax dodging is understandable’
Opinion, comment and editorials of the day
The Republican Senate Candidate Who Could Lose Texas
Ken Paxton won Trump’s endorsement, but may struggle in a general election.
UW-Madison Science Hall receives gift
After receiving a large donation, UW-Madison's Science Hall will undergo a major renovation after receiving a large donation.
Rosholt students learn about science at camp with help from NASA
Rosholt students learn about science at camp with help from NASA
Everyday Kentucky On The Go | The Living Arts & Science Center in Lexington
Everyday Kentucky On The Go | The Living Arts & Science Center in Lexington
Everyday Kentucky On The Go | The Living Arts & Science Center in Lexington
Everyday Kentucky On The Go | The Living Arts & Science Center in Lexington
‘The government has made counternarcotics a central priority’
Opinion, comment and editorials of the day
NYC Health + Hospitals Marks 10 Years of Robotic Surgery, Completing Over 20,000 Procedures - NYC Health + Hospitals
New York, NY — NYC Health + Hospitals today announced it had completed over 20,000 robotic surgeries since 2016, marking a decade of expanding access to
Talking sports with Channel 3 sports director Joe Zone
Channel 3 sports director Joe Zone tackles the top sports stories in the state on Thursday, May 21, 2026.
The world has fallen behind on health goals | Harvard T.H. Chan School of Public Health
Progress on the health targets in the United Nations’ 2015 Sustainable Development Goals has been too slow—and in some cases is backsliding.
Blanche meets with Senate Republicans as Trump’s ‘anti-weaponization’ fund faces trouble on Capitol Hill
Acting Attorney General Todd Blanche will meet with Senate Republicans Thursday morning, a GOP aide told CNN, in an attempt to save the Justice Department’s “anti-weaponization” fund as the party weighs its fate.
The U.S. Is Holding Global Vaccination Efforts Hostage
Halting the distribution of vaccines that the U.S. objects to will mean depriving kids of protection against dangerous diseases.
Philip Glass, turning 90, gets tribute from Taylor Mac, Lucinda Childs
Taylor Mac and Lucinda Childs honored Philip Glass and his work with poets during a special performance, one of several celebrations ahead of the composer's upcoming 90th birthday.
Net migration at new low – so why is immigration such a hot topic?
Despite latest evidence of falling migration numbers, debate around the subject remains ‘hostile’
National Democrats said they'd stay out of this California race. Then they picked a side
National Democrats said they wouldn’t endorse in California's 22nd Congressional District. Then they backed the moderate over the progressive.
Why The Former ‘Fastest Girl In America’ Wants To Change Sports
A record-breaking runner reveals the harmful side of sports culture and shares her ideas for how coaches, parents and young athletes can cultivate a healthier sports environment.
A mysterious lost city found beneath the ocean stuns scientists worldwide - Futura-Sciences
The Lost City: An Underwater Miracle Revealed In 2000, a team of researchers uncovered a truly spectacular landscape near the Mid-Atlantic Ridge—a submerged world over 2,300 feet below the waves. This so-called “Lost City,” hidden deep beneath the surface, has revealed a realm where life not only endures but flourishes...
US plans to indict former Cuban president Raúl Castro
The US Justice Department is working to secure criminal charges against former Cuban president Raúl Castro, according to sources familiar. Follow here for the latest.
Barney Frank, financial reformer and trailblazer for gay rights, dies at 86
The longtime Democratic congressman and leading liberal brought new visibility to gay rights and crafted the most significant reforms to the financial system in a generation. Frank was known for his acerbic wit, combative style and focus on marginalized communities. He was 86.
Even while courting moderates on voter ID, GOP leaders still push debunked fraud narrative
Republicans call their voter ID ballot measure ‘common sense’ to appeal to moderate voters, while alienating liberals with election conspiracy theories
Dexter Students Shine at Local Science Olympiad - The Sun Times News
By Marissa Dunham, Chrissy Hladky, and Rob Hladky On Saturday, May 9, over 2000 students from forty local elementary schools participated in a fun day of learning and competition at the Washtenaw County Science Olympiad (WESO), held at Pioneer High School in Ann Arbor. WESO was founded in 2002 and is an annual event offering ... Read more
Business leaders see ‘cracks’ in Colorado, while governor insists state is ‘competitive’
How does Colorado get back to the climate in the early 2000s, when there was collaboration between state government, companies and colleges and universities? That was the question posed to Gov. Jared Polis and a panel convened Tuesday by the Metro Denver Chamber of Commerce as part of its annual state of the state luncheon […]
Business leaders see ‘cracks’ in Colorado, while governor insists state is ‘competitive’
How does Colorado get back to the climate in the early 2000s, when there was collaboration between state government, companies and colleges and universities? That was the question posed to Gov. Jared Polis and a panel convened Tuesday by the Metro Denver Chamber of Commerce as part of its annual state of the state luncheon […]
Palmetto Sports team LIVE ahead of Clemson baseball's matchup vs. Notre Dame in ACC Tournament
Palmetto Sports' Ella Grogan and Caroline Soro preview Clemson baseball's matchup vs. Notre Dame in ACC Tournament LIVE.
Great Lakes Sports & Entertainment Network to air Tigers-Guardians game on Thursday
The Detroit Tigers will play Game 3 of their series against the Cleveland Guardians on Thursday, May 21 and there’s a new way to watch.
Kickstarter Reverse Ferrets, Apologises Over Mature Content Guidelines
Kickstarter performs a full reverse ferret, apologises over its new Mature Content Guidelines and goes back to the previous rules
Keep Up Entertainment celebrates one year!
Keep Up Entertainment is marking its first anniversary with a free celebration featuring live music, DJs, food trucks and more!
Trump DOJ sets up $1.8B fund for Trump’s allies
The fund was part of a settlement agreement by Trump to drop his lawsuit against the IRS
SoFi Center will be site of Palm Beach Post High School Sports Awards
The Palm Beach County High School Sports Awards Show, presented by Baptist Health Orthopedic Care, will be held at the SoFi Center this year.
These men voted for President Trump. They have very different views of how he's doing
Two Black men from Georgia who voted for President Trump in 2024 have very different views of how the country is doing now, in the first installment of Swing Shift from NPR's Tamara Keith.
Asia’s Maternal Health Story Is Changing — And Young People Are Asking Bigger Questions
From Tokyo to rural villages, maternal health in Asia is rapidly changing.
‘The plight of the American people has only gotten worse’
Opinion, comment and editorials of the day
White House hosts Christian prayer rally
Thousands gathered at the National Mall for a religious-political celebration
Is Britain becoming ungovernable?
Difficult trade-offs ahead require a leader who can ‘switch off all the noise and fixate on the real problems’
Better Business Bureau explains FCC router rule changes
Jo Ann Deal with the Better Business Bureau of Monroe talks about FCC router rule changes.
Hawaii Just Found a Way to Keep Corporations Out of Politics
A new law makes clear that corporations derive their powers from states, and they don’t necessarily include the right to spend on elections.
Inside the U’s baby science research lab, a look at how the world learns
The University of Minnesota Child Brain and Perception Lab explores how infants and toddlers make sense of the people around them. MPR News spent a day recently at the lab watching one of the “pilot babies” discover their world.
UM Health-Sparrow celebrates “517 Day” with special onesies for newborns
Mid-Michigan celebrated its 517 area code Sunday, and University of Michigan Health-Sparrow marked the occasion by honoring babies born on May 17.
GTA 6 pre-orders live updates — Best Buy leak hints at major Grand Theft Auto news today
GTA 6 pre-orders could go live today
Entertainment: Musician Jack Johnson debuts new film
A special screening of Johnson's new documentary SURFFILMMUSIC is set to take place at the Neal S. Blaisdell Center.
E. coli could be used to make sunscreen
The bacteria can act as a chemical factory
Event to showcase Filipino products, business opportunities while building Hawaii-Philippines ties
Gov. Josh Green, Ilocos Norte Gov. Cecilia Araneta Marcos, and Hawaii Senate President Ronald Kouchi are set to give keynote speeches.
Crews respond to fire at chiropractic business
We are working to learn more.
Lexington business owner donating Railbird parking proceeds to charity
Lexington business owner donating Railbird parking proceeds to charity
Lexington business owner donating Railbird parking proceeds to charity
Lexington business owner donating Railbird parking proceeds to charity
Willowbrook Farms kicks off the season with spring opening and small business celebration
Willowbrook Farms hosted its official Spring Opening and Small Business Celebration on Sunday.the event serves as a grand kick-off to the season, bringing the
Business owner Powers is 4th candidate to enter Rochester’s open race for mayor
An open mayoral race in Rochester is attracting more candidates. The most recent is Joe Powers, who owns a well-known catering and restaurant enterprise.
With Sen. Cassidy's primary defeat, Trump's revenge campaign continues
President Trump succeeded in his effort to defeat Sen. Bill Cassidy in Louisiana’s Republican primary, a signal of the enduring strength of the president’s hold on his party despite his unpopularity with the wider American public.
Are gilt markets acting as ‘the UK’s political police’?
Bond markets smell a crisis from a potential lurch to the left in the Labour Party
What Your Brain Is Actually Doing While You Doomscroll, According to Science
If you find yourself endlessly scrolling as you maneuver through the various landmines intent on detonating your attention span, it could mean that you have some kind of digital addiction problem. But it could also mean your mental focus is so strong that you’ve quietly figured out how to treat social media like an external […]
Politics Unplugged (Full Episode) May 17, 2026
This week on Politics Unplugged, John Trobough, candidate for Congress in District 1, makes his case for the job and shares his view of the war in Iran. Then, Consultants Marcus Dell’Artino and Stacy Pearson discuss Kari Lake’s nomination for ambassador to Jamaica and the state budget negotiations.
Entertainment: Bruno Mars' hits a historic milestone
I Just Might is now in its 12th consecutive week atop the Billboard Radio Songs Chart.
California colleges are seeing a rise of conservative voices. Some classes are tense
Turning Point USA chapters are growing on California campuses after Charlie Kirk’s assassination, as tensions rise both in and out of the classroom.
Colorado Politics Calendar May 18-24
CoPo’s weekly political calendar helps you find political and public policy events throughout Colorado. It includes candidate and issue campaign events, public policy meetings, court hearings, state and local party conventions, assemblies, debates, rallies, parades, speaking engagements, traveling dignitary appearances, water meetings, book signings, county commission hearings, city council meetings and more. As a subscriber, […]
This Republican voted to convict Trump. Now he's up for reelection. Can he survive?
Louisiana Sen. Bill Cassidy was one of seven Republican senators who voted to impeach President Trump. Now he's running for reelection in a race that will test Trump's hold on the GOP.
Strategies for improving women’s health explored at student-led summit | Harvard T.H. Chan School of Public Health
Speakers at the first Women’s Health Student Summit at the School discussed the need for a new approach to women's health.
‘Each feminist advance in American public life has prompted an equally strong backlash’
Opinion, comment and editorials of the day
Entertainment: Book of Mormon Sales begin, Hoku Finalists
"The Book of Mormon" returns to the Blaisdell Concert Hall later this year after a sold out Honolulu run nearly a decade ago.
Politics Friday: Minnesota lawmakers reach a session-ending deal, now race to get it through
MPR News politics editor Brian Bakst talks with four caucus leaders about a session-ending agreement and how they’ll shepherd it through this weekend.
WSFA welcomes Sports Reporter Maya Kitchens
Our sports department is back to full strength! Welcome to the team, Maya!
VIDEO: Bill in the works to lower cost of youth sports
Many families are paying about $5,000 per child to get them involved in competitive sports outside of school, according to Sen. Chris Murphy.
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
Business owner runs antique empire 30 years after 'retirement' along I-80
Miriam Simpson did office work for 30 years. When she retired, she and her husband built the Platte Valley Antique Mall, so she could pursue her passions.
Great Lakes Sports & Entertainment Network to air Loons games this weekend
Fans can tune into the new Great Lakes Sports & Entertainment Network on Friday, May 15, Saturday, May 16 and Sunday, May 17 to watch the three final games of the series.