In Russian War News, the Russian Ministry of Finance has announced an indefinite pause in government bond sales. This is a bit of an issue because Russia is running a large and growing budget deficit and has bonds maturing that need to be repaid.
The main options would appear to be having the central bank print money, seizing bank deposits, or going cap in hand to the Chinese.
This feels big. They could of course default on the repayments, or get bondholders to take a haircut ...
The price of defaulting on the bond markets is high, especially when you are trying to fund a war. Not sure that is a sustainable position.
The misdirection briefing over chancellor is very funny.
But fair play to the mysterious people who this morning and at lunchtime curiously backed John Healey for chancellor at odds of up to 130/1, days after the last time any bets been placed on him for the job with Betfair.
Oh-oh. Let's hope they can show themselves to be well outside the loop.
It supports the theory Burnham originally intended Chancellorship for Mahmood and changed his mind.
Regardless Burnham now has a big Mahmood problem. She was partly responsible for bringing down Starmer with a bungled and highly unpopular in Labour circles immigration policy (and ironically thereby eased Burnham towards being Starmer's replacement).
Moving Mahmood would have given Burnham the opportunity to reset the policy - not necessarily abandon it, but take out some of the more egregious proposals and repackage it in a form more acceptable to Labour MPs, members and potential voters. But now he's stuck with Mahmood who has toxified the policy and shows no signs of budging an inch on it.
Not a surprise. He was always i think in the top four or five who could get it.
I was on at 12/1 which is hardly "surprise" level betting imho
I think people also forget he was in the treasury for nearly 5 years I think under Gordo. Now if you think that is a good thing or not is a different matter.
George Eaton @georgeeaton · 49m Funding defence, social care reform and cost of living action while also keeping the fiscal rules and triple lock = major tax rises.
I’m boycotting Malbec for a year (unless it’s from Cahors, obviously).
I shall now solidly patronise Hawksmoor and avoid Gaucho.
To be fair, Gaucho has *really* gone off the boil. Fifteen years ago it was great. Ten years ago it was decent. Now it is pretty poor.
To be honest, for steak, I have actually changed my model to buying really, really good steaks and a decent bottle of red, and cooking them myself. Let restaurants do the complex things that need a lot of time and washing up.
On the news, large crowds in Madrid to welcome home the Spanish soccer team.
I’m sure they’ll be downing plenty of Madri tonight over there.
Perhaps not "Madrí Excepcional is a British beer developed in Burton on Trent[ by Coors, the parent company of Carling"
I was outside the Coors home brewery the other week. Its f##king massive.
In Burton ?
A town called Golden in Colorado. I decided to give the opportunity of a tour a miss. I don't think I could stomach the shitty beer.
I’m not the sort of person who’s been to Elevenerife or the Seventeen chapel but I’ve actually been there, had the tour, and tasted some beers. Many years ago a mate got married to a lovely American lady out in Denver. Three of us went out for the wedding and we did a tour. Went there, an open air theatre and somewhere else
The tour was more impressive than the one at the Black Sheep brewery I did.
Can I be a bit cruel . Can someone employ Melania Trumps fashion adviser to give some tips because I’ve seen some pretty horrid outfits so far. Lucy Powell , dear me !
On the news, large crowds in Madrid to welcome home the Spanish soccer team.
I’m sure they’ll be downing plenty of Madri tonight over there.
Perhaps not "Madrí Excepcional is a British beer developed in Burton on Trent[ by Coors, the parent company of Carling"
I was outside the Coors home brewery the other week. Its f##king massive.
In Burton ?
A town called Golden in Colorado. I decided to give the opportunity of a tour a miss. I don't think I could stomach the shitty beer.
I’m not the sort of person who’s been to Elevenerife or the Seventeen chapel but I’ve actually been there, had the tour, and tasted some beers. Many years ago a mate got married to a lovely American lady out in Denver. Three of us went out for the wedding and we did a tour. Went there, an open air theatre and somewhere else
The tour was more impressive than the one at the Black Sheep brewery I did.
Can I be a bit cruel . Can someone employ Melania Trumps fashion adviser to give some tips because I’ve seen some pretty horrid outfits so far. Lucy Powell , dear me !
On the news, large crowds in Madrid to welcome home the Spanish soccer team.
I’m sure they’ll be downing plenty of Madri tonight over there.
Perhaps not "Madrí Excepcional is a British beer developed in Burton on Trent[ by Coors, the parent company of Carling"
I was outside the Coors home brewery the other week. Its f##king massive.
In Burton ?
A town called Golden in Colorado. I decided to give the opportunity of a tour a miss. I don't think I could stomach the shitty beer.
I’m not the sort of person who’s been to Elevenerife or the Seventeen chapel but I’ve actually been there, had the tour, and tasted some beers. Many years ago a mate got married to a lovely American lady out in Denver. Three of us went out for the wedding and we did a tour. Went there, an open air theatre and somewhere else
The tour was more impressive than the one at the Black Sheep brewery I did.
Red Rock Amphitheatre.
I remember they had plaque up for all the bands that has played and I’d heard of about half of them
The misdirection briefing over chancellor is very funny.
But fair play to the mysterious people who this morning and at lunchtime curiously backed John Healey for chancellor at odds of up to 130/1, days after the last time any bets been placed on him for the job with Betfair.
Oh-oh. Let's hope they can show themselves to be well outside the loop.
It supports the theory Burnham originally intended Chancellorship for Mahmood and changed his mind.
Regardless Burnham now has a big Mahmood problem. She was partly responsible for bringing down Starmer with a bungled and highly unpopular in Labour circles immigration policy (and ironically thereby eased Burnham towards being Starmer's replacement).
Moving Mahmood would have given Burnham the opportunity to reset the policy - not necessarily abandon it, but take out some of the more egregious proposals and repackage it in a form more acceptable to Labour MPs, members and potential voters. But now he's stuck with Mahmood who has toxified the policy and shows no signs of budging an inch on it.
I think they've been floating changing the most egregious aspects of citizenship pathway that would have applied to people already here, moving the goalposts etc... they can still become citizens on previous timelines but have to wait longer for benefits was my understanding...
If so he has been done up like a kipper. I thought the whole thing of him not challenging Burnham and causing awkward leadership contest we he was going to get a prime job.
If so he has been done up like a kipper. I thought the whole thing of him not challenging Burnham and causing awkward leadership contest we he was going to get a prime job.
He still might get a decent role. There are lots of them still to fill.
Would we be here at this time if he hadn't been the first to resign?
In Russian War News, the Russian Ministry of Finance has announced an indefinite pause in government bond sales. This is a bit of an issue because Russia is running a large and growing budget deficit and has bonds maturing that need to be repaid.
The main options would appear to be having the central bank print money, seizing bank deposits, or going cap in hand to the Chinese.
This feels big. They could of course default on the repayments, or get bondholders to take a haircut ...
The price of defaulting on the bond markets is high, especially when you are trying to fund a war. Not sure that is a sustainable position.
Can I be a bit cruel . Can someone employ Melania Trumps fashion adviser to give some tips because I’ve seen some pretty horrid outfits so far. Lucy Powell , dear me !
I don’t have the same sartorial elegance as TSE so offer no critique but the new First Lady’s dress for her visit to Chaz came from Victoria Beckham, no less.
The misdirection briefing over chancellor is very funny.
But fair play to the mysterious people who this morning and at lunchtime curiously backed John Healey for chancellor at odds of up to 130/1, days after the last time any bets been placed on him for the job with Betfair.
Oh-oh. Let's hope they can show themselves to be well outside the loop.
It supports the theory Burnham originally intended Chancellorship for Mahmood and changed his mind.
Regardless Burnham now has a big Mahmood problem. She was partly responsible for bringing down Starmer with a bungled and highly unpopular in Labour circles immigration policy (and ironically thereby eased Burnham towards being Starmer's replacement).
Moving Mahmood would have given Burnham the opportunity to reset the policy - not necessarily abandon it, but take out some of the more egregious proposals and repackage it in a form more acceptable to Labour MPs, members and potential voters. But now he's stuck with Mahmood who has toxified the policy and shows no signs of budging an inch on it.
I think they've been floating changing the most egregious aspects of citizenship pathway that would have applied to people already here, moving the goalposts etc... they can still become citizens on previous timelines but have to wait longer for benefits was my understanding...
I don't think those suggestions are coming from Mahmood though, and even if Burnham forces through a watering down it's difficult for Mahmood to sell a policy she's so closely associated with to people who despise both her and the original policy.
If so he has been done up like a kipper. I thought the whole thing of him not challenging Burnham and causing awkward leadership contest we he was going to get a prime job.
The whole thing about him not challenging Burnham was about Wes not having anywhere close to 81 backers.
Miliband says foreign secretary job is 'honour of my life'
BBC
Yeh, right.
More than leading his party?
Leading the party put Ed off leading the party. Jeremy Hunt said in many ways Foreign Secretary is the most enjoyable job – first class flights to five star accommodation and sumptuous banquets. The Leon of the Cabinet.
If so he has been done up like a kipper. I thought the whole thing of him not challenging Burnham and causing awkward leadership contest we he was going to get a prime job.
The whole thing about him not challenging Burnham was about Wes not having anywhere close to 81 backers.
People who drink Madri, worse than those that like Pineapple on pizza...discuss....
It is a perfectly passable mainstream lager, acceptable in emergency situations on a hot day.
Luckily pubs are much better these days and have far better offerings. Although rather sadly the enshitification cycle continues where a brewery puts out some decent stuff, gets a bit bigger, bought by a InBev, Coors or Heineken, cost engineered and production ramped up so it is everywhere and ultimately ruined.
In Russian War News, the Russian Ministry of Finance has announced an indefinite pause in government bond sales. This is a bit of an issue because Russia is running a large and growing budget deficit and has bonds maturing that need to be repaid.
The main options would appear to be having the central bank print money, seizing bank deposits, or going cap in hand to the Chinese.
This feels big. They could of course default on the repayments, or get bondholders to take a haircut ...
The price of defaulting on the bond markets is high, especially when you are trying to fund a war. Not sure that is a sustainable position.
It is, but saving themselves the money they're currently spending on debt interest would be a bonus. Though at the expense of most of the Russian banking industry.
Miliband says foreign secretary job is 'honour of my life'
BBC
Yeh, right.
More than leading his party?
Leading the party put Ed off leading the party. Jeremy Hunt said in many ways Foreign Secretary is the most enjoyable job – first class flights to five star accommodation and sumptuous banquets. The Leon of the Cabinet.
Where do I sign up. I would even do it without a £5 million bung.
Miliband says foreign secretary job is 'honour of my life'
BBC
Yeh, right.
More than leading his party?
Leading the party put Ed off leading the party. Jeremy Hunt said in many ways Foreign Secretary is the most enjoyable job – first class flights to five star accommodation and sumptuous banquets. The Leon of the Cabinet.
Hmmm, voluntary aided and catholic doesn’t sound very open to the riff raff.
You obviously don't know the North West.
He is the only alumni listed on his school’s wiki page. That’s actually quite sad. In all seriousness, it’s better that Labour has a genuinely northern leader than one of the mediocre women they could have had (Cooper not an option apparently).
Miliband says foreign secretary job is 'honour of my life'
BBC
Yeh, right.
More than leading his party?
Leading the party put Ed off leading the party. Jeremy Hunt said in many ways Foreign Secretary is the most enjoyable job – first class flights to five star accommodation and sumptuous banquets. The Leon of the Cabinet.
Hmmm, voluntary aided and catholic doesn’t sound very open to the riff raff.
You obviously don't know the North West.
He is the only alumni listed on his school’s wiki page. That’s actually quite sad. In all seriousness, it’s better that Labour has a genuinely northern leader than one of the mediocre women they could have had (Cooper not an option apparently).
If you have to have only one then a PM isn't a bad one.
One assumes Ed has been placed there to appease the left. He probably wasn't Burnham's top choice for the job.
He's been appointed foreign secretary so he's got no say over domestic policy. It's also akin to N Ireland at the moment with Trump in the White House, trying to play nice while being belittled and mocked.
Do we have any suggestions for the pet moronic tax policies that the Treasury will get Healey to implement? I'm thinking pasty and caravan tax level, stuff that costs more than it could ever raise.
VED on ebikes or income tax on feed-in-tariff credits.
Miliband says foreign secretary job is 'honour of my life'
BBC
Yeh, right.
More than leading his party?
Leading the party put Ed off leading the party. Jeremy Hunt said in many ways Foreign Secretary is the most enjoyable job – first class flights to five star accommodation and sumptuous banquets. The Leon of the Cabinet.
Not abusing foreigners part of the job, mind.
"YOU ARE ALL BURNING THE PLANET!"
He'll have to have a good supply of carbon credits to do the job...
If so he has been done up like a kipper. I thought the whole thing of him not challenging Burnham and causing awkward leadership contest we he was going to get a prime job.
The whole thing about him not challenging Burnham was about Wes not having anywhere close to 81 backers.
One assumes Ed has been placed there to appease the left. He probably wasn't Burnham's top choice for the job.
He's been appointed foreign secretary so he's got no say over domestic policy. It's also akin to N Ireland at the moment with Trump in the White House, trying to play nice while being belittled and mocked.
Do we have any suggestions for the pet moronic tax policies that the Treasury will get Healey to implement? I'm thinking pasty and caravan tax level, stuff that costs more than it could ever raise.
VED on ebikes or income tax on feed-in-tariff credits.
It’ll be a push on “fairness” based on harmonising things like income tax and CGT. He’ll balance it out with things like a basic rate cut.
So we have yet to hear of Angela Rayner, Wes Streeting, or Education. Nothing for the 2024 intake although junior posts will presumably be announced tomorrow – Miatta Fahnbulleh (Oxford PPE & LSE PhD) is tipped for big things.
One assumes Ed has been placed there to appease the left. He probably wasn't Burnham's top choice for the job.
He's been appointed foreign secretary so he's got no say over domestic policy. It's also akin to N Ireland at the moment with Trump in the White House, trying to play nice while being belittled and mocked.
Do we have any suggestions for the pet moronic tax policies that the Treasury will get Healey to implement? I'm thinking pasty and caravan tax level, stuff that costs more than it could ever raise.
VED on ebikes or income tax on feed-in-tariff credits.
It’ll be a push on “fairness” based on harmonising things like income tax and CGT. He’ll balance it out with things like a basic rate cut.
Merge NIC and Income Tax and a basic rate cut would absolutely be affordable.
Hmmm, voluntary aided and catholic doesn’t sound very open to the riff raff.
You obviously don't know the North West.
He is the only alumni listed on his school’s wiki page. That’s actually quite sad. In all seriousness, it’s better that Labour has a genuinely northern leader than one of the mediocre women they could have had (Cooper not an option apparently).
If you have to have only one then a PM isn't a bad one.
My comp has a Dr Who, an Archbishop of Canterbury and an architect of New Labour.
So we have yet to hear of Angela Rayner, Wes Streeting, or Education. Nothing for the 2024 intake although junior posts will presumably be announced tomorrow – Miatta Fahnbulleh (Oxford PPE & LSE PhD) is tipped for big things.
Rayner back to Housing, I'd assume. Phillipson to stay at Education?
One assumes Ed has been placed there to appease the left. He probably wasn't Burnham's top choice for the job.
He's been appointed foreign secretary so he's got no say over domestic policy. It's also akin to N Ireland at the moment with Trump in the White House, trying to play nice while being belittled and mocked.
Do we have any suggestions for the pet moronic tax policies that the Treasury will get Healey to implement? I'm thinking pasty and caravan tax level, stuff that costs more than it could ever raise.
VED on ebikes or income tax on feed-in-tariff credits.
Leaving aside that no one knows what an Ebike is, do you mean on the 250W / power at 15mph+ ones?
These are mopeds or motorcycles so already have VED on them. It is a matter of enforcement, as it has been since 1982.
My favourite situation was when Dominic Raab was First Secretary of State (not Deputy PM) and Foreign Secretary, and had deputised for Boris, but only later became Deputy PM and Justice Secretary instead - so kind of a sideways but slightly downwards move.
Quite a few people thought no change when he became Deputy PM, but technically there had been.
I find it charmingly British that we have a First Secretary of State and Deputy PM positions which can mean basically the same thing but not always, and on occasion both have existed, and sometimes neither.
Comments
Regardless Burnham now has a big Mahmood problem. She was partly responsible for bringing down Starmer with a bungled and highly unpopular in Labour circles immigration policy (and ironically thereby eased Burnham towards being Starmer's replacement).
Moving Mahmood would have given Burnham the opportunity to reset the policy - not necessarily abandon it, but take out some of the more egregious proposals and repackage it in a form more acceptable to Labour MPs, members and potential voters. But now he's stuck with Mahmood who has toxified the policy and shows no signs of budging an inch on it.
Not a surprise. He was always i think in the top four or five who could get it.
I was on at 12/1 which is hardly "surprise" level betting imho
Not a surprise. He was always i think in the top four or five who could get it.
I was on at 12/1 which is hardly "surprise" level betting imho
“ Appointing John Healey as Chancellor is a big red flag.
There's no evidence he supports any sort of transformative economic agenda.
He does support hiking diverting money from the NHS, education and frontline services in favour of bombs, though!”
https://x.com/owenjonesjourno/status/2079255578455535904?s=61
Will this Healey face the same fate as Denis?
https://www.telegraph.co.uk/news/2026/07/20/will-this-healey-face-the-same-fate-as-denis/
That's not very clever by Kemi...
George Eaton
@georgeeaton
·
49m
Funding defence, social care reform and cost of living action while also keeping the fiscal rules and triple lock = major tax rises.
The tour was more impressive than the one at the Black Sheep brewery I did.
Can I be a bit cruel . Can someone employ Melania Trumps fashion adviser to give some tips because I’ve seen some pretty horrid outfits so far. Lucy Powell , dear me !
She’s been pictured walking into Downing Street this evening.
"Who is Ed Miliband?"
https://www.bbc.co.uk/news/live/cgrkv8e8l9qt
I think only Gladstone was older when he first appointed
Including Pink Floyd.
St Edmund Arrowsmith, Ashton-in-Makerfield.
Hideous green uniforms.
Would we be here at this time if he hadn't been the first to resign?
@andyburnham
.
We are both committed to bringing the EU and the UK closer and closer.
Together, we will work towards a successful Summit that delivers for our businesses, our young people and our shared security.
And we will continue our excellent cooperation in support of Ukraine.
Europe is stronger when the EU and the UK work side by side'
https://x.com/vonderleyen/status/2079241257914671337?s=20
Mind you I’ve not drunk it for many years.
Do we have any suggestions for the pet moronic tax policies that the Treasury will get Healey to implement?
I'm thinking pasty and caravan tax level, stuff that costs more than it could ever raise.
VED on ebikes or income tax on feed-in-tariff credits.
https://x.com/jeremycorbyn/status/2079262134282633401?s=20
Not sure that beats a PM
These are mopeds or motorcycles so already have VED on them. It is a matter of enforcement, as it has been since 1982.
Quite a few people thought no change when he became Deputy PM, but technically there had been.