It’s normal to borrow, since a normal growing economy should in time deflate away the size of that borrowing. Also, if you just turn the taps off, you crater the economy and create scarring. Reeves’s… (View Post)

Dunno, but it says a lot about UK dysfunction that the PM is doing a press conference about the opening of a theme park. (View Post)

UK gilts are a mystery to me. The market is pricing the UK as riskier than pretty much any other G7 country, but why? It has one of the lower debt levels, even at the 100% rate. (View Post)

The number 3 story in the NYT asks whether Trump is having his “Liz Truss moment”. (View Post)

Tripe-washing is the technical term for tariff-splaining. (View Post)