Ed Miliband: Unilateral UK Energy Disarmament
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26.02.2026 23:44
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Ed Miliband: Unilateral UK Energy Disarmament
open.substack.com/pub/mortimer...
You mean we aren’t going back to the normal of expecting abnormal returns?
Of course, the radical change in the supply of low skilled undocumented labor has zero to do with faster productivity growth…
Will AI really allow the Warsh Fed to cut rates?
We need evidence, notbassumption.
open.substack.com/pub/mortimer...
It took Deep Thought 7.5 million years to work out the answer was 42. How long did it take Blue Sky?
And what was the question?
Finance minister quote of the year 2025:
Rachel Reeves, May 2025,
“we are beginning to turn the corner”
How very true.
UK: The Insatiable Public Sector
Read my Substack here: bit.ly/4ryD4cg
UK Budget: Spend Today, Tax Tomorrow
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How do banks create money? By employing reserves? Lending out deposits? Or through lending? The last - money is endogenous. MMTers think the Bank of England "admitted" to that in 2014, whereas the approach started in the late 1960s. Read my Substack here
bit.ly/488PZZu
@bankofengland.bsky.social
Britain’ Budgetary Choices
Come on, Robert, you’re just defending your own inbred metropolitan elitist buddies who have the same “correct” world view. Get some self awareness.
The BBC started as a news broadcaster with a little entertainment thrown in. It’s now an entertainment channel with a bit of news from a metropolitan elite perspective grafted on the side.
Once it told Britain what was happening. Now it tells Britain what to think — between game shows.
The culture of the BBC is elitist, arrogant and self-serving. It views its critics as ignorant barbarians ( like those who voted for Brexit) and accepts without question that its own take is the ”right” one.
The canker is deep rooted, permeates the heartwood, and is probably irradicable.
End it.
A couple of points.
1) how come oecd Europe has price rises way beyond the countries comprising it?
2) i though Brexit was supposed to be a disaster for British food prices, so why is tge food-core gap smaller for the UK than the EU ?
US: Low Corporate Sector Inflation
open.substack.com/pub/mortimer...
Amid talk of an IMF program for the UK, what advice would Chancellor Denis Healey give? He was at HMT for the 1976 IMF program and raised the top marginal rate to 83% in 1974 and added a 15% surcharge on unearned investment income, ie a 98% top rate, in 1975.
In the style of James Gilray
How about, "Wait 'till we get going, then we'll show you what chaos REALLY looks like"
In other words, a crisis is in the works. With so many holders of gilts having been hot money ( not sure of the stats for other countries), dumping, and then big short positions, probably explains the extent of the sell-off.
There's the smell of blood in the water, and the sharks are circling...
A simple factor model of real yields explains 83% of the variation in the G7 up until 2024. That means that real yields are a global phenomenon The UK factor loading (ie the extent to which it follow the global trend historically) is close to 99%
A break from global trend is therefore significant
Tariffs Take a Tumble
The ruling has BIG economic and constitutional implications open.substack.com/pub/mortimer...
Jackson Hole: Inflation First Among Equals
Powell will greatly annoy Trump today.
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Las Vegas: Canary in the Coal Mine
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Look who dropped in for dinner.
Made a meal of my peaches in the yard.
Fortunately the dogs were in...
Inflation makes itself at home in the UK
substack.com/@mortimerlee...
The narrative is that people are sick of what they have. I think that's a coherent story. What's not coherent is the thrashing around, Brexit, Corbyn, Boris, Labour landslide. If we ask, "what the heck do people want?" the answer is "they've no clue, but it's not what they've got."
The arrogance of the metropolitan elite, who ignored the huge red flag of the Brexit vote. People clearly felt ignored.
Trust in the media has evaporated, and now people just read stuff online that reinforces their priors
The (we thought) CIA guy on the mission shook my hand and said, "Congratulations, you just got rid of your first government." Two years later, I was offered a slot as special advisor to the PM, but I couldn't take it.
