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Subject: =?utf-8?Q?Reality_Check:_Healey=e2=80=99s_statistics_battle?=
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Hello and welcome to Reality Check. Every Friday, I=E2=80=99ll go beneath t=
he headlines, using the numbers to test what we=E2=80=99re told and uncover=
what=E2=80=99s really going on.
Reality Checked: What Burnham=E2=80=99s cabinet really thinks
Chancellor John Healey is more left-wing than you think [https://spectator=
=2Ecom/article/john-healey-is-more-left-wing-than-you-think/] Read [https:=
//spectator.com/article/john-healey-is-more-left-wing-than-you-think/] =
Foreign Secretary Ed Miliband is preparing to take on Donald Trump [https:=
//spectator.com/article/is-ed-miliband-preparing-to-take-on-donald-trump/] =
Read [https://spectator.com/article/is-ed-miliband-preparing-to-take-on-=
donald-trump/] Energy Secretary Miatta Fahnbulleh hates North Sea oil [=
https://spectator.com/article/the-new-energy-secretary-hates-north-sea-oil=
/] Read [https://spectator.com/article/the-new-energy-secretary-hates-no=
rth-sea-oil/] Health Secretary Yvette Cooper wanted to raise taxes =E2=80=
=93 and immigration =E2=80=93 to feed the NHS [https://spectator.com/artic=
le/yvette-cooper-carries-a-lot-of-baggage-as-health-secretary/] Read [ht=
tps://spectator.com/article/yvette-cooper-carries-a-lot-of-baggage-as-healt=
h-secretary/]
Healey=E2=80=99s statistics battle
If John Healey wants to succeed as Chancellor, he needs to get a grip on th=
e Office for National Statistics (ONS).
I=E2=80=99ve written about the troubles and tribulations of our hapless New=
port-based statistics office many times now, both in this newsletter and th=
e magazine, and the problems keep coming. Its most high-profile failure of =
recent years has been the delivery of the Labour Force Survey (LFS). That=E2=
=80=99s the main source of our knowledge about Britain=E2=80=99s jobs marke=
t: unemployment, inactivity, redundancies etc, etc.
During the pandemic, response rates to the survey collapsed and the integri=
ty of the data it produced was diminished. That set off a chain of errors. =
As I=E2=80=99ve noted [https://spectator.com/article/datageddon-britains-=
stats-have-become-dangerously-unreliable/] before, a decade ago, more than =
half of households approached took part; during lockdown that fell to 27 pe=
r cent and it has crept back to only around a third since. The sample has s=
hrunk so badly that figures for one entire industry had to be suppressed af=
ter the number of respondents fell to just five people.
Since then, the ONS has done lots of work to improve the survey. But, yet a=
gain, this week=E2=80=99s job market figures have been hit by errors. In a =
quality update [https://www.ons.gov.uk/employmentandlabourmarket/peoplein=
work/employmentandemployeetypes/articles/labourforcesurveyqualityupdate/jul=
y2026] released with Tuesday=E2=80=99s labour market data, the ONS admitted=
an =E2=80=98operational error=E2=80=99 that =E2=80=98should have been dete=
cted earlier=E2=80=99 led to its telephone interviewing operation being und=
erstaffed for six weeks. That meant contact rates dropped and the missing d=
ata had to be filled in with guesswork. The impact, the ONS insists, is =E2=
=80=98minimal=E2=80=99 =E2=80=93 mainly affecting the data on hours worked,=
which drive productivity figures.
Now, each individual error, mishap and mistake may be =E2=80=98minimal=E2=80=
=99, but the greater impact is not. The net effect is that we have been lef=
t without the tools to properly measure the health of our economy. That mat=
tered for the political fortunes of the last Labour administration and will=
dictate the fate of this one too.
Take employment: the accepted picture is that Rachel Reeves=E2=80=99s early=
interventions destroyed jobs specifically among the young. That=E2=80=99s =
what our most reliable payroll data =E2=80=93 HMRC=E2=80=99s Real Time Info=
rmation =E2=80=93 shows anyway, with 163,000 payrolled jobs disappearing si=
nce Labour came to power. But compare it with the LFS =E2=80=93 as the belo=
w graph shows =E2=80=93 and jobs are up by nearly 780,000. Which is it?
There=E2=80=99s plenty of other evidence, not least the evidence of our eye=
s and ears, that the HMRC payroll data tells the true picture. However, if =
I were the Chancellor, I=E2=80=99d be hammering home the inconsistency of t=
his data, not least to take the sting out of Opposition attacks.
Private data suggests the last government might have had a brighter economi=
c story to tell too. Look at Companies House incorporations of new start-up=
s and it would suggest that entrepreneurship in Britain is essentially dead=
=2E But compare that with data from Stripe =E2=80=93 a payment processor =E2=80=
=93 on UK sign-ups to its platform and it would suggest we=E2=80=99re actua=
lly going through a bit of an entrepreneurial boom. Which would make sense =
given how easy AI tools now make it to start and run a business.
But the government seems uninterested in getting to the truth of this matte=
r. Which is puzzling because there are clear incentives for politicians to =
rebuild our statistical infrastructure. Worst case: the negative picture of=
the British business environment is true and ministers can try to undo the=
damage with clear sight of the results. But best case? They might have a p=
olitically game-changing, positive picture to paint of Labour=E2=80=99s rul=
e over Britain's economy. Either way, fly blind and you can't complain when=
you hit the mountain.
Reality Checked this week:
Claim: Andy Burnham can end rough sleeping [https://spectator.com/article=
/can-andy-burnham-end-rough-sleeping/] =E2=9C=96 Unlikely [https://spect=
ator.com/article/can-andy-burnham-end-rough-sleeping/] Claim: Rent con=
trols would tackle the cost of living [https://spectator.com/article/andy-=
burnham-would-be-mad-to-introduce-rent-controls/] =E2=9C=96 False [https=
://spectator.com/article/andy-burnham-would-be-mad-to-introduce-rent-contro=
ls/] Plus: Will lower inflation last? [https://spectator.com/article/h=
ow-long-can-this-inflation-story-last-for-burnham/] =E2=9C=96 No [https:=
//spectator.com/article/how-long-can-this-inflation-story-last-for-burnham/=
] And: John Healey=E2=80=99s nightmare first day [https://spectator.c=
om/article/john-healeys-nightmare-first-day-as-chancellor/] Read [https:=
//spectator.com/article/john-healeys-nightmare-first-day-as-chancellor/]
Also this week...
John Healey=E2=80=99s first full day in No. 11 brought with it a triple wha=
mmy of ONS news, as I wrote [https://spectator.com/article/john-healeys-n=
ightmare-first-day-as-chancellor/] on Coffee House. This included the disap=
pearance of 85,000 more employees from payrolls in a year (if you believe t=
he data) and unemployment falling only slightly to 4.9 per cent. There was =
better news the following day, though, with inflation falling to 2.6 per ce=
nt in June =E2=80=93 down from 2.8 per cent the month before. I asked [ht=
tps://spectator.com/article/how-long-can-this-inflation-story-last-for-burn=
ham/] how long the good news can last for Andy Burnham.
This week=E2=80=99s magazine also carried our money supplement. I wrote [=
https://spectator.com/article/the-madness-of-crowds-is-keeping-markets-aflo=
at/] about the madness of crowds =E2=80=93 the retail traders keeping marke=
ts afloat. Sam McPhail asked [https://spectator.com/article/could-the-fat=
-jabs-wreck-your-pension/] whether fat jabs could wreck your pension, Iona =
Bain explained [https://spectator.com/article/how-to-make-your-children-r=
ich/] how to make your children rich, and Tali Fraser revealed [https://s=
pectator.com/article/why-some-small-tradesmen-are-turning-to-bartering/] wh=
y some small tradesmen are turning to bartering.
Elsewhere on Coffee House: I argued [https://spectator.com/article/andy-b=
urnham-would-be-mad-to-introduce-rent-controls/] that our new Prime Ministe=
r would be mad to introduce rent controls. Ross Clark asked [https://spec=
tator.com/article/has-miatta-fahnbulleh-learned-her-lesson-on-net-zero/] wh=
ether new Energy Secretary Miatta Fahnbulleh has learned her lesson on net =
zero, and argued [https://spectator.com/article/only-north-sea-oil-can-sa=
ve-burnhams-cost-of-living-drive/] that only North Sea oil can save Burnham=
's cost-of-living mission. Matthew Lynn warned [https://spectator.com/art=
icle/andy-burnhams-savings-drive-is-doomed-to-failure/] that the PM=E2=80=99=
s savings drive is doomed to failure, and pointed out [https://spectator.=
com/article/theres-nothing-stopping-gary-lineker-from-paying-more-tax/] tha=
t nothing is stopping =E2=80=98patriotic millionaire=E2=80=99 Gary Lineker =
from paying more tax. And, in his magazine column, Martin Vander Weyer cel=
ebrated [https://spectator.com/article/the-cinema-is-back/] the return of =
the cinema.
Coming up next week=E2=80=A6
On Thursday, all eyes will be on Threadneedle Street for the latest Bank of=
England interest rate decision =E2=80=93 made all the harder by oil prices=
hitting $100 a barrel again. I suspect they=E2=80=99ll hold rates at 3.75 =
per cent this time but a return to hikes is looking likely as the years goe=
s on.
And on this week=E2=80=99s show=E2=80=A6
Andy Burnham's first speech as Prime Minister included a commitment to end =
rough sleeping. But he made the same pledge as Mayor of Greater Manchester =
in 2017, and the numbers tell you how that went. I dig into the data behind=
Britain=E2=80=99s homelessness problem and explain why the PM=E2=80=99s ot=
her big idea =E2=80=93 rent controls =E2=80=93 works directly against his a=
mbition to fix it. Give it a watch.
The real problem behind Britain=E2=80=99s homelessness & why Burnham won=E2=
=80=99t fix it [https://www.youtube.com/watch?v=3DIJ3gK_URVUc]
Michael Simmons
Watch here [https://www.youtube.com/watch?v=3DIJ3gK_URVUc]
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=2E
Graph of the week
Explore the Spectator Club
The Spectator and award-winning luxury cruise specialists The Travel Academ=
y are delighted to announce a new and exclusive trip for 2027. Next June, j=
oin business editor Martin Vander Weyer, Real Life columnist Melissa Kite, =
and a group of readers on one of the most luxurious ships ever built, Regen=
t Seven Seas Grandeur=C2=AE.
learn more [https://club.spectator.co.uk/events/the-spectators-mediterrane=
an-cruis]
=E2=80=98All this is going to rattle the markets.=E2=80=99
=2E
Barometer
FTSE 100 (Thursday=E2=80=99s closing price)
10,639
up 0.6% on a week ago
Bitcoin: USD exchange rate
$65,000
up 2.0% on a week ago
Oil price (barrel of Brent crude)
$100.50
up 19% on a week ago
Follow us Sign up for more Spectat=
or newsletters here [https://www.spectator.co.uk/emails]
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The Spectator, 22 Old Queen Street, London, SW1H 9HP
Contact us [https://www.spectator.co.uk/faqs]
Reg no. 01232804 Copyright =C2=A9 2026 The Spectator (1828) Ltd. All rights=
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<body style=3D"background-color:#ffffff;background-image:none;background-re=
peat:repeat;background-position:top left;background-attachment:scroll;margi=
n-top:0;margin-bottom:0;margin-right:0;margin-left:0;padding-top:0;padding-=
bottom:0;padding-right:0;padding-left:0;-webkit-text-size-adjust:100%;-ms-t=
ext-size-adjust:100%;" ><div style=3D"mso-hide:all;position:fixed;height:0;=
max-height:0;overflow:hidden;font-size:0;">The numbers behind the noise =
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<table class=3D"gmail-fix" width=3D"100%" cellspacing=3D"0" cellpadding=3D=
"0" style=3D"background-color:#ffffff;background-image:none;background-repe=
at:repeat;background-position:top left;background-attachment:scroll;min-wid=
th:320px;" >
<tr>
<td class=3D"p-0" style=3D"padding-top:30px;padding-bottom:30px;padding-=
right:10px;padding-left:10px;mso-line-height-rule:exactly;" >
<table class=3D"w-100p" width=3D"710" align=3D"center" cellpadding=3D"=
0" cellspacing=3D"0" style=3D"max-width:710px;background-color:#fff;backgro=
und-image:none;background-repeat:repeat;background-position:top left;backgr=
ound-attachment:scroll;border-radius:5px;box-shadow:0 0 40px 0 #d1d1d1;marg=
in-top:0;margin-bottom:0;margin-right:auto;margin-left:auto;width:100% !imp=
ortant;" >
<tr>
<td style=3D"padding-top:0;padding-bottom:0;padding-right:0;padding-l=
eft:0;mso-line-height-rule:exactly;" >
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<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td style=3D"line-height:0;mso-line-height-rule:exactly;" >
<div style=3D"font-style:normal;font-variant:normal;font-weight=
:normal;font-size:1px;font-family:courier;line-height:0;color:#fff;" >
=09
</div>
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</table>
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<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td align=3D"center" style=3D"padding-top:0;padding-bottom:0;pad=
ding-right:0;padding-left:0;font-size:0;line-height:0;mso-line-height-rule:=
exactly;" > <span class=3D"wi-100p hm"><a href=3D"https://blend.spectator.c=
o.uk/t/j-l-ydudhhtt-dujyitliiu-j/" style=3D"outline-style:none;colo=
r:#b30517;text-decoration:underline;" ><img src=3D"https=
://i1.cmail19.com=
/ei/j/E7/47F/7E4/csimport/STA0726137658-001_T=
heSpectator_InvTrustsban.110703.jpg" width=3D"710" label=3D"Responsive_Ban=
ner Desktop" height=3D"130" style=3D"width:100% !important;font-style:norma=
l;font-variant:normal;font-weight:normal;font-size:16px;font-family:Times N=
ew Roman, Times, serif, EBGaramond;line-height:20px;color:#333;vertical-ali=
gn:top;border-style:none;height:auto !important;" /></a></span> <span class=
=3D"image-m" style=3D"display:none;font-size:0;line-height:0;" ><a=20
href=3D"https://blend.spectator.co.uk/t/j-l-ydudhhtt-dujyitliiu-t/"=
style=3D"outline-style:none;color:#b30517;text-decoration:underline;" ><im=
g src=3D"https=
://i2.cmail19.com=
/ei/j/E7/47F=
/7E4/csimport/STA0726137658-001_TheSpectator_InvTrustsban.110707.jpg" width=
=3D"500" label=3D"Responsive_Banner Mobile" height=3D"225" style=3D"width:=
0px;font-style:normal;font-variant:normal;font-weight:normal;font-size:0;fo=
nt-family:Times New Roman, Times, serif, EBGaramond;line-height:0;color:#33=
3;vertical-align:top;border-style:none;" /></a></span> </td>
</tr>
</table>
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<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td style=3D"padding-top:25px;padding-bottom:25px;padding-right:=
15px;padding-left:15px;border-bottom-width:1px;border-bottom-style:solid;bo=
rder-bottom-color:#ddd;mso-line-height-rule:exactly;" >
<table width=3D"610" align=3D"center" cellpadding=3D"0" cellsp=
acing=3D"0" style=3D"max-width:610px;width:100% !important;margin-top:0;mar=
gin-bottom:0;margin-right:auto;margin-left:auto;" >
<tr>
<td align=3D"center" style=3D"mso-line-height-rule:exactly;" =
>
<a href=3D"https://blend.spectator.co.uk/t/j-l-ydudhhtt-=
dujyitliiu-i/" style=3D"outline-style:none;color:#b30517;text-decoratio=
n:underline;" ><img src=3D"https=
://i8.cmail19.com=
/ti/j/6F/C73/C65/223531/b59/r-check_spec_oct25_newsletter_500x240.png=
" width=3D"250" alt=3D"Reality Check" label=3D"Header_RealityCheck" st=
yle=3D"width:250px;font-style:normal;font-variant:normal;font-weight:bold;f=
ont-size:16px;font-family:EBGaramond, Garamond, Times New Roman, Times, ser=
if;line-height:20px;color:#333;vertical-align:top;border-style:none;" /></a=
>
</td>
</tr>
</table>
</td>
</tr>
<tr>
<td height=3D"30" style=3D"mso-line-height-rule:exactly;" ></td>
</tr>
</table>
=09
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td style=3D"padding-top:0;padding-bottom:30px;padding-right:15p=
x;padding-left:15px;mso-line-height-rule:exactly;" >
<table width=3D"610" align=3D"center" cellpadding=3D"0" cellsp=
acing=3D"0" style=3D"max-width:610px;width:100% !important;margin-top:0;mar=
gin-bottom:0;margin-right:auto;margin-left:auto;" >
<tr>
<td style=3D"font-style:normal;font-variant:normal;font-weigh=
t:normal;font-size:19.5px;font-family:EBGaramond, Garamond, Times New Roman=
, Times, serif;line-height:25px;color:#333;mso-line-height-rule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;marg=
in-left:0;" >
<em>Hello and welcome to Reality Check. Every Friday, I=E2=80=99ll go bene=
ath the headlines, using the numbers to test what we=E2=80=99re told and un=
cover what=E2=80=99s really going on.</em></p>
</td>
</tr>
</table>
</td>
</tr>
</table>
=09
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td style=3D"padding-top:0;padding-bottom:30px;padding-right:15p=
x;padding-left:15px;mso-line-height-rule:exactly;" >
<table width=3D"610" align=3D"center" cellpadding=3D"0" cellsp=
acing=3D"0" style=3D"max-width:610px;width:100% !important;margin-top:0;mar=
gin-bottom:0;margin-right:auto;margin-left:auto;" >
<tr>
<td style=3D"font-style:normal;font-variant:normal;font-weigh=
t:normal;font-size:19.5px;font-family:EBGaramond, Garamond, Times New Roman=
, Times, serif;line-height:25px;color:#333;mso-line-height-rule:exactly;" >
<table cellpadding=3D"0" cellspacing=3D"0" width=3D"100%">
<tbody>
<tr>
<td style=3D"padding-top:0;padding-bottom:10px;padding-right:0px;padding=
-left:0px;mso-line-height-rule:exactly;" >
<table align=3D"center" cellpadding=3D"0" cellspacing=3D"0" width=3D"6=
10" style=3D"max-width:610px;width:100% !important;margin-top:0;margin-bott=
om:0;margin-right:auto;margin-left:auto;border-collapse:collapse;border-top=
-width:2px;border-top-style:solid;border-top-color:#b30517;border-bottom-wi=
dth:2px;border-bottom-style:solid;border-bottom-color:#b30517;" >
<tbody>
<tr>
<td colspan=3D"2" style=3D"padding-top:10px;padding-bottom:8px;paddi=
ng-right:0;padding-left:0;font-style:normal;font-variant:normal;font-weight=
:normal;font-size:26px;font-family:EBGaramond, Garamond, 'Times New Roman',=
Times, serif;line-height:32px;color:#b30517;mso-line-height-rule:exactly;"=
>
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;margin-left=
:0;" >
Reality Checked: What Burnham=E2=80=99s cabinet really thinks</p>
</td>
</tr>
<tr>
<td style=3D"padding-top:10px;padding-bottom:10px;padding-right:12px=
;padding-left:0;border-top-width:1px;border-top-style:solid;border-top-colo=
r:#ddd;font-style:normal;font-variant:normal;font-weight:normal;font-size:1=
9.5px;font-family:EBGaramond, Garamond, 'Times New Roman', Times, serif;lin=
e-height:25px;color:#333;mso-line-height-rule:exactly;" >
<a href=3D"https://blend.spectator.co.uk/t/j-l-ydudhhtt-=
dujyitliiu-d/" style=3D"color:#333;text-decoration:none;outline-style:none;" >=
<strong style=3D"font-weight:700;" >Chancellor John Healey</strong> is=
more left-wing than you think</a></td>
<td align=3D"center" width=3D"130" style=3D"width:130px;padding-top=
:10px;padding-bottom:10px;padding-right:0;padding-left:0;border-top-width:1=
px;border-top-style:solid;border-top-color:#ddd;font-style:normal;font-vari=
ant:normal;font-weight:normal;font-size:12px;font-family:Lato, Arial, Helve=
tica, sans-serif;line-height:16px;color:#fff;text-transform:uppercase;lette=
r-spacing:0.5px;mso-line-height-rule:exactly;" >
<a href=3D"https://blend.spectator.co.uk/t/j-l-ydudhhtt-=
dujyitliiu-h/" style=3D"color:#ffffff;text-decoration:none;outline-style:none;=
" ><span style=3D"background-color:#d2091e;background-image:none;background=
-repeat:repeat;background-position:top left;background-attachment:scroll;bo=
rder-radius:20px;padding-top:7px;padding-bottom:7px;padding-right:12px;padd=
ing-left:12px;display:inline-block;color:#ffffff;text-decoration:none;white=
-space:nowrap;" >Read</span></a></td>
</tr>
<tr>
<td style=3D"padding-top:10px;padding-bottom:10px;padding-right:12px=
;padding-left:0;border-top-width:1px;border-top-style:solid;border-top-colo=
r:#ddd;font-style:normal;font-variant:normal;font-weight:normal;font-size:1=
9.5px;font-family:EBGaramond, Garamond, 'Times New Roman', Times, serif;lin=
e-height:25px;color:#333;mso-line-height-rule:exactly;" >
<a href=3D"https://blend.spectator.co.uk/t/j-l-ydudhhtt-=
dujyitliiu-k/" style=3D"color:#333;text-decoration:none;outline-style:none;" >=
<strong style=3D"font-weight:700;" >Foreign Secretary Ed Miliband</strong>&=
nbsp;is preparing to take on Donald Trump</a></td>
<td align=3D"center" width=3D"130" style=3D"width:130px;padding-top=
:10px;padding-bottom:10px;padding-right:0;padding-left:0;border-top-width:1=
px;border-top-style:solid;border-top-color:#ddd;font-style:normal;font-vari=
ant:normal;font-weight:normal;font-size:12px;font-family:Lato, Arial, Helve=
tica, sans-serif;line-height:16px;color:#fff;text-transform:uppercase;lette=
r-spacing:0.5px;mso-line-height-rule:exactly;" >
<a href=3D"https://blend.spectator.co.uk/t/j-l-ydudhhtt-=
dujyitliiu-u/" style=3D"color:#ffffff;text-decoration:none;outline-style:none;=
" ><span style=3D"background-color:#d2091e;background-image:none;background=
-repeat:repeat;background-position:top left;background-attachment:scroll;bo=
rder-radius:20px;padding-top:7px;padding-bottom:7px;padding-right:12px;padd=
ing-left:12px;display:inline-block;color:#ffffff;text-decoration:none;white=
-space:nowrap;" >Read</span></a></td>
</tr>
<tr>
<td style=3D"padding-top:10px;padding-bottom:14px;padding-right:12px=
;padding-left:0;border-top-width:1px;border-top-style:solid;border-top-colo=
r:#ddd;font-style:normal;font-variant:normal;font-weight:normal;font-size:1=
9.5px;font-family:EBGaramond, Garamond, 'Times New Roman', Times, serif;lin=
e-height:25px;color:#333;mso-line-height-rule:exactly;" >
<a href=3D"https://blend.spectator.co.uk/t/j-l-ydudhhtt-=
dujyitliiu-o/" style=3D"color:#333;text-decoration:none;outline-style:none;" >=
<strong style=3D"font-weight:700;" >Energy Secretary Miatta Fahnbulleh</str=
ong> hates North Sea oil</a></td>
<td align=3D"center" width=3D"130" style=3D"width:130px;padding-top=
:10px;padding-bottom:14px;padding-right:0;padding-left:0;border-top-width:1=
px;border-top-style:solid;border-top-color:#ddd;font-style:normal;font-vari=
ant:normal;font-weight:normal;font-size:12px;font-family:Lato, Arial, Helve=
tica, sans-serif;line-height:16px;color:#fff;text-transform:uppercase;lette=
r-spacing:0.5px;mso-line-height-rule:exactly;" >
<a href=3D"https://blend.spectator.co.uk/t/j-l-ydudhhtt-=
dujyitliiu-b/" style=3D"color:#ffffff;text-decoration:none;outline-style:none;=
" ><span style=3D"background-color:#d2091e;background-image:none;background=
-repeat:repeat;background-position:top left;background-attachment:scroll;bo=
rder-radius:20px;padding-top:7px;padding-bottom:7px;padding-right:12px;padd=
ing-left:12px;display:inline-block;color:#ffffff;text-decoration:none;white=
-space:nowrap;" >Read</span></a></td>
</tr>
<tr>
<td style=3D"padding-top:10px;padding-bottom:14px;padding-right:12px=
;padding-left:0;border-top-width:1px;border-top-style:solid;border-top-colo=
r:#ddd;font-style:normal;font-variant:normal;font-weight:normal;font-size:1=
9.5px;font-family:EBGaramond, Garamond, 'Times New Roman', Times, serif;lin=
e-height:25px;color:#333;mso-line-height-rule:exactly;" >
<a href=3D"https://blend.spectator.co.uk/t/j-l-ydudhhtt-=
dujyitliiu-p/" style=3D"color:#333;text-decoration:none;outline-style:none;" >=
<strong style=3D"font-weight:700;" >Health Secretary Yvette Cooper</strong>=
wanted to raise taxes =E2=80=93 and immigration =E2=80=93 to feed the=
NHS</a></td>
<td align=3D"center" width=3D"130" style=3D"width:130px;padding-top=
:10px;padding-bottom:14px;padding-right:0;padding-left:0;border-top-width:1=
px;border-top-style:solid;border-top-color:#ddd;font-style:normal;font-vari=
ant:normal;font-weight:normal;font-size:12px;font-family:Lato, Arial, Helve=
tica, sans-serif;line-height:16px;color:#fff;text-transform:uppercase;lette=
r-spacing:0.5px;mso-line-height-rule:exactly;" >
<a href=3D"https://blend.spectator.co.uk/t/j-l-ydudhhtt-=
dujyitliiu-x/" style=3D"color:#ffffff;text-decoration:none;outline-style:none;=
" ><span style=3D"background-color:#d2091e;background-image:none;background=
-repeat:repeat;background-position:top left;background-attachment:scroll;bo=
rder-radius:20px;padding-top:7px;padding-bottom:7px;padding-right:12px;padd=
ing-left:12px;display:inline-block;color:#ffffff;text-decoration:none;white=
-space:nowrap;" >Read</span></a></td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
</td>
</tr>
</table>
</td>
</tr>
</table>
=09
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td style=3D"padding-top:0;padding-bottom:30px;padding-right:15p=
x;padding-left:15px;mso-line-height-rule:exactly;" >
<table width=3D"610" align=3D"center" cellpadding=3D"0" cellsp=
acing=3D"0" style=3D"max-width:610px;width:100% !important;margin-top:0;mar=
gin-bottom:0;margin-right:auto;margin-left:auto;" >
<tr>
<td style=3D"font-style:normal;font-variant:normal;font-weigh=
t:normal;font-size:19.5px;font-family:EBGaramond, Garamond, Times New Roman=
, Times, serif;line-height:25px;color:#333;mso-line-height-rule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;marg=
in-left:0;" >
<strong style=3D"font-weight:700;" >Healey=E2=80=99s statistics battle</st=
rong></p>
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;margin-left:0;" >
</p>
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;margin-left:0;" >
If John Healey wants to succeed as Chancellor, he needs to get a grip on t=
he Office for National Statistics (ONS).<br />
<br />
I=E2=80=99ve written about the troubles and tribulations of our hapless Ne=
wport-based statistics office many times now, both in this newsletter and t=
he magazine, and the problems keep coming. Its most high-profile failure of=
recent years has been the delivery of the Labour Force Survey (LFS). That=E2=
=80=99s the main source of our knowledge about Britain=E2=80=99s jobs marke=
t: unemployment, inactivity, redundancies etc, etc.<br />
<br />
During the pandemic, response rates to the survey collapsed and the integr=
ity of the data it produced was diminished. That set off a chain of errors.=
As I=E2=80=99ve <a href=3D"https://blend.spectator.co.uk/t/j-l-ydudhhtt-=
dujyitliiu-m/" style=3D"outline-style:none;color:#b30517;text-decorat=
ion:underline;" >noted</a> before, a decade ago, more than half of househol=
ds approached took part; during lockdown that fell to 27 per cent and it ha=
s crept back to only around a third since. The sample has shrunk so badly t=
hat figures for one entire industry had to be suppressed after the number o=
f respondents fell to just five people.<br />
<br />
Since then, the ONS has done lots of work to improve the survey. But, yet =
again, this week=E2=80=99s job market figures have been hit by errors. In a=
<a href=3D"https://blend.spectator.co.uk/t/j-l-ydudhhtt-dujyitliiu=
-c/" style=3D"outline-style:none;color:#b30517;text-decoration:underline;" =
>quality update</a> released with Tuesday=E2=80=99s labour market data, the=
ONS admitted an =E2=80=98operational error=E2=80=99 that =E2=80=98should h=
ave been detected earlier=E2=80=99 led to its telephone interviewing operat=
ion being understaffed for six weeks. That meant contact rates dropped and =
the missing data had to be filled in with guesswork. The impact, the ONS in=
sists, is =E2=80=98minimal=E2=80=99 =E2=80=93 mainly affecting the data on =
hours worked, which drive productivity figures.<br />
<br />
Now, each individual error, mishap and mistake may be =E2=80=98minimal=E2=80=
=99, but the greater impact is not. The net effect is that we have been lef=
t without the tools to properly measure the health of our economy. That mat=
tered for the political fortunes of the last Labour administration and will=
dictate the fate of this one too.<br />
<br />
Take employment: the accepted picture is that Rachel Reeves=E2=80=99s earl=
y interventions destroyed jobs specifically among the young. That=E2=80=99s=
what our most reliable payroll data =E2=80=93 HMRC=E2=80=99s Real Time Inf=
ormation =E2=80=93 shows anyway, with 163,000 payrolled jobs disappearing s=
ince Labour came to power. But compare it with the LFS =E2=80=93 as the bel=
ow graph shows =E2=80=93 and jobs are up by nearly 780,000. Which is it?</p=
>
</td>
</tr>
</table>
</td>
</tr>
</table>
=09
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td class=3D"pb-30" style=3D"padding-top:0;padding-bottom:0px;pa=
dding-right:15px;padding-left:15px;mso-line-height-rule:exactly;" >
<table width=3D"610" align=3D"center" cellpadding=3D"0" cellsp=
acing=3D"0" style=3D"max-width:610px;width:100% !important;margin-top:0;mar=
gin-bottom:0;margin-right:auto;margin-left:auto;" >
<tr>
<td class=3D"wi-100p" align=3D"center" style=3D"padding-top:0=
;padding-bottom:20px;padding-right:0;padding-left:0;mso-line-height-rule:ex=
actly;" >
<img src=3D"https=
://i3.cmail19.com=
/ei/j/E7/47F/7E4/csimport/Cj5a8-jobs-rising-or-falling-.090242.png" w=
idth=3D"610" label=3D"JustFullWidthImageReducedPadding" height=3D"597" sty=
le=3D"width:100% !important;vertical-align:top;height:auto !important;" />
</td>
</tr>
</table>
</td>
</tr>
</table>
=09
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td style=3D"padding-top:0;padding-bottom:30px;padding-right:15p=
x;padding-left:15px;mso-line-height-rule:exactly;" >
<table width=3D"610" align=3D"center" cellpadding=3D"0" cellsp=
acing=3D"0" style=3D"max-width:610px;width:100% !important;margin-top:0;mar=
gin-bottom:0;margin-right:auto;margin-left:auto;" >
<tr>
<td style=3D"font-style:normal;font-variant:normal;font-weigh=
t:normal;font-size:19.5px;font-family:EBGaramond, Garamond, Times New Roman=
, Times, serif;line-height:25px;color:#333;mso-line-height-rule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;marg=
in-left:0;" >
There=E2=80=99s plenty of other evidence, not least the evidence of our ey=
es and ears, that the HMRC payroll data tells the true picture. However, if=
I were the Chancellor, I=E2=80=99d be hammering home the inconsistency of =
this data, not least to take the sting out of Opposition attacks.<br />
<br />
Private data suggests the last government might have had a brighter econom=
ic story to tell too. Look at Companies House incorporations of new start-u=
ps and it would suggest that entrepreneurship in Britain is essentially dea=
d. But compare that with data from Stripe =E2=80=93 a payment processor =E2=
=80=93 on UK sign-ups to its platform and it would suggest we=E2=80=99re ac=
tually going through a bit of an entrepreneurial boom. Which would make sen=
se given how easy AI tools now make it to start and run a business.</p>
</td>
</tr>
</table>
</td>
</tr>
</table>
=09
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td class=3D"pb-30" style=3D"padding-top:0;padding-bottom:0px;pa=
dding-right:15px;padding-left:15px;mso-line-height-rule:exactly;" >
<table width=3D"610" align=3D"center" cellpadding=3D"0" cellsp=
acing=3D"0" style=3D"max-width:610px;width:100% !important;margin-top:0;mar=
gin-bottom:0;margin-right:auto;margin-left:auto;" >
<tr>
<td class=3D"wi-100p" align=3D"center" style=3D"padding-top:0=
;padding-bottom:20px;padding-right:0;padding-left:0;mso-line-height-rule:ex=
actly;" >
<img src=3D"https=
://i4.cmail19.com=
/ei/j/E7/47F/7E4/csimport/rbI1V-business-formation-vs-billing-signups=
=2E142104.png" width=3D"610" label=3D"JustFullWidthImageReducedPadding" heig=
ht=3D"560" style=3D"width:100% !important;vertical-align:top;height:auto !i=
mportant;" />
</td>
</tr>
</table>
</td>
</tr>
</table>
=09
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td style=3D"padding-top:0;padding-bottom:30px;padding-right:15p=
x;padding-left:15px;mso-line-height-rule:exactly;" >
<table width=3D"610" align=3D"center" cellpadding=3D"0" cellsp=
acing=3D"0" style=3D"max-width:610px;width:100% !important;margin-top:0;mar=
gin-bottom:0;margin-right:auto;margin-left:auto;" >
<tr>
<td style=3D"font-style:normal;font-variant:normal;font-weigh=
t:normal;font-size:19.5px;font-family:EBGaramond, Garamond, Times New Roman=
, Times, serif;line-height:25px;color:#333;mso-line-height-rule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;marg=
in-left:0;" >
But the government seems uninterested in getting to the truth of this matt=
er. Which is puzzling because there are clear incentives for politicians to=
rebuild our statistical infrastructure. Worst case: the negative picture o=
f the British business environment is true and ministers can try to undo th=
e damage with clear sight of the results. But best case? They might have a =
politically game-changing, positive picture to paint of Labour=E2=80=99s ru=
le over Britain's economy. Either way, fly blind and you can't complain whe=
n you hit the mountain.</p>
</td>
</tr>
</table>
</td>
</tr>
</table>
=09
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td style=3D"padding-top:0;padding-bottom:30px;padding-right:15p=
x;padding-left:15px;mso-line-height-rule:exactly;" >
<table width=3D"610" align=3D"center" cellpadding=3D"0" cellsp=
acing=3D"0" style=3D"max-width:610px;width:100% !important;margin-top:0;mar=
gin-bottom:0;margin-right:auto;margin-left:auto;" >
<tr>
<td style=3D"font-style:normal;font-variant:normal;font-weigh=
t:normal;font-size:19.5px;font-family:EBGaramond, Garamond, Times New Roman=
, Times, serif;line-height:25px;color:#333;mso-line-height-rule:exactly;" >
<table cellpadding=3D"0" cellspacing=3D"0" width=3D"100%">
<tbody>
<tr>
<td style=3D"padding-top:0;padding-bottom:10px;padding-right:0px;padding=
-left:0px;mso-line-height-rule:exactly;" >
<table align=3D"center" cellpadding=3D"0" cellspacing=3D"0" width=3D"6=
10" style=3D"max-width:610px;width:100% !important;margin-top:0;margin-bott=
om:0;margin-right:auto;margin-left:auto;border-collapse:collapse;border-bot=
tom-width:2px;border-bottom-style:solid;border-bottom-color:#b30517;border-=
top-width:2px;border-top-style:solid;border-top-color:#b30517;" >
<tbody>
<tr>
<td colspan=3D"2" style=3D"padding-top:10px;padding-bottom:8px;paddi=
ng-right:0;padding-left:0;font-style:normal;font-variant:normal;font-weight=
:normal;font-size:26px;font-family:EBGaramond, Garamond, 'Times New Roman',=
Times, serif;line-height:32px;color:#b30517;mso-line-height-rule:exactly;"=
>
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;margin-left=
:0;" >
Reality Checked this week:</p>
</td>
</tr>
<tr>
<td style=3D"padding-top:10px;padding-bottom:10px;padding-right:12px=
;padding-left:0;border-top-width:1px;border-top-style:solid;border-top-colo=
r:#ddd;font-style:normal;font-variant:normal;font-weight:normal;font-size:1=
9.5px;font-family:EBGaramond, Garamond, 'Times New Roman', Times, serif;lin=
e-height:25px;color:#333;mso-line-height-rule:exactly;" >
<a href=3D"https://blend.spectator.co.uk/t/j-l-ydudhhtt-=
dujyitliiu-q/" style=3D"color:#333;text-decoration:none;outline-style:none;" >=
<strong style=3D"font-weight:700;" >Claim: </strong> Andy Burnham can =
end rough sleeping</a></td>
<td align=3D"center" width=3D"130" style=3D"width:130px;padding-top=
:10px;padding-bottom:10px;padding-right:0;padding-left:0;border-top-width:1=
px;border-top-style:solid;border-top-color:#ddd;font-style:normal;font-vari=
ant:normal;font-weight:normal;font-size:12px;font-family:Lato, Arial, Helve=
tica, sans-serif;line-height:16px;color:#fff;text-transform:uppercase;lette=
r-spacing:0.5px;mso-line-height-rule:exactly;" >
<a href=3D"https://blend.spectator.co.uk/t/j-l-ydudhhtt-=
dujyitliiu-a/" style=3D"color:#ffffff;text-decoration:none;outline-style:none;=
" ><span style=3D"background-color:#d2091e;background-image:none;background=
-repeat:repeat;background-position:top left;background-attachment:scroll;bo=
rder-radius:20px;padding-top:7px;padding-bottom:7px;padding-right:12px;padd=
ing-left:12px;display:inline-block;color:#ffffff;text-decoration:none;white=
-space:nowrap;" >=E2=9C=96 Unlikely</span></a></td>
</tr>
<tr>
<td style=3D"padding-top:10px;padding-bottom:10px;padding-right:12px=
;padding-left:0;border-top-width:1px;border-top-style:solid;border-top-colo=
r:#ddd;font-style:normal;font-variant:normal;font-weight:normal;font-size:1=
9.5px;font-family:EBGaramond, Garamond, 'Times New Roman', Times, serif;lin=
e-height:25px;color:#333;mso-line-height-rule:exactly;" >
<a href=3D"https://blend.spectator.co.uk/t/j-l-ydudhhtt-=
dujyitliiu-f/" style=3D"color:#333;text-decoration:none;outline-style:none;" >=
<strong style=3D"font-weight:700;" >Claim: </strong> Rent controls wou=
ld tackle the cost of living</a></td>
<td align=3D"center" width=3D"130" style=3D"width:130px;padding-top=
:10px;padding-bottom:10px;padding-right:0;padding-left:0;border-top-width:1=
px;border-top-style:solid;border-top-color:#ddd;font-style:normal;font-vari=
ant:normal;font-weight:normal;font-size:12px;font-family:Lato, Arial, Helve=
tica, sans-serif;line-height:16px;color:#fff;text-transform:uppercase;lette=
r-spacing:0.5px;mso-line-height-rule:exactly;" >
<a href=3D"https://blend.spectator.co.uk/t/j-l-ydudhhtt-=
dujyitliiu-v/" style=3D"color:#ffffff;text-decoration:none;outline-style:none;=
" ><span style=3D"background-color:#d2091e;background-image:none;background=
-repeat:repeat;background-position:top left;background-attachment:scroll;bo=
rder-radius:20px;padding-top:7px;padding-bottom:7px;padding-right:12px;padd=
ing-left:12px;display:inline-block;color:#ffffff;text-decoration:none;white=
-space:nowrap;" >=E2=9C=96 False</span></a></td>
</tr>
<tr>
<td style=3D"padding-top:10px;padding-bottom:10px;padding-right:12px=
;padding-left:0;border-top-width:1px;border-top-style:solid;border-top-colo=
r:#ddd;font-style:normal;font-variant:normal;font-weight:normal;font-size:1=
9.5px;font-family:EBGaramond, Garamond, 'Times New Roman', Times, serif;lin=
e-height:25px;color:#333;mso-line-height-rule:exactly;" >
<a href=3D"https://blend.spectator.co.uk/t/j-l-ydudhhtt-=
dujyitliiu-e/" style=3D"color:#333;text-decoration:none;outline-style:none;" >=
<strong style=3D"font-weight:700;" >Plus: </strong>Will lower inflation las=
t?</a></td>
<td align=3D"center" width=3D"130" style=3D"width:130px;padding-top=
:10px;padding-bottom:10px;padding-right:0;padding-left:0;border-top-width:1=
px;border-top-style:solid;border-top-color:#ddd;font-style:normal;font-vari=
ant:normal;font-weight:normal;font-size:12px;font-family:Lato, Arial, Helve=
tica, sans-serif;line-height:16px;color:#fff;text-transform:uppercase;lette=
r-spacing:0.5px;mso-line-height-rule:exactly;" >
<a href=3D"https://blend.spectator.co.uk/t/j-l-ydudhhtt-=
dujyitliiu-s/" style=3D"color:#ffffff;text-decoration:none;outline-style:none;=
" ><span style=3D"background-color:#d2091e;background-image:none;background=
-repeat:repeat;background-position:top left;background-attachment:scroll;bo=
rder-radius:20px;padding-top:7px;padding-bottom:7px;padding-right:12px;padd=
ing-left:12px;display:inline-block;color:#ffffff;text-decoration:none;white=
-space:nowrap;" >=E2=9C=96 No</span></a></td>
</tr>
<tr>
<td style=3D"padding-top:10px;padding-bottom:14px;padding-right:12px=
;padding-left:0;border-top-width:1px;border-top-style:solid;border-top-colo=
r:#ddd;font-style:normal;font-variant:normal;font-weight:normal;font-size:1=
9.5px;font-family:EBGaramond, Garamond, 'Times New Roman', Times, serif;lin=
e-height:25px;color:#333;mso-line-height-rule:exactly;" >
<a href=3D"https://blend.spectator.co.uk/t/j-l-ydudhhtt-=
dujyitliiu-g/" style=3D"color:#333;text-decoration:none;outline-style:none;" >=
<strong style=3D"font-weight:700;" >And: </strong> John Healey=E2=80=99=
s nightmare first day</a></td>
<td align=3D"center" width=3D"130" style=3D"width:130px;padding-top=
:10px;padding-bottom:14px;padding-right:0;padding-left:0;border-top-width:1=
px;border-top-style:solid;border-top-color:#ddd;font-style:normal;font-vari=
ant:normal;font-weight:normal;font-size:12px;font-family:Lato, Arial, Helve=
tica, sans-serif;line-height:16px;color:#fff;text-transform:uppercase;lette=
r-spacing:0.5px;mso-line-height-rule:exactly;" >
<a href=3D"https://blend.spectator.co.uk/t/j-l-ydudhhtt-=
dujyitliiu-w/" style=3D"color:#ffffff;text-decoration:none;outline-style:none;=
" ><span style=3D"background-color:#d2091e;background-image:none;background=
-repeat:repeat;background-position:top left;background-attachment:scroll;bo=
rder-radius:20px;padding-top:7px;padding-bottom:7px;padding-right:12px;padd=
ing-left:12px;display:inline-block;color:#ffffff;text-decoration:none;white=
-space:nowrap;" >Read</span></a></td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
</td>
</tr>
</table>
</td>
</tr>
</table>
=09
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td style=3D"padding-top:0;padding-bottom:20px;padding-right:15p=
x;padding-left:15px;mso-line-height-rule:exactly;" >
<table width=3D"610" align=3D"center" cellpadding=3D"0" cellsp=
acing=3D"0" style=3D"max-width:610px;width:100% !important;margin-top:0;mar=
gin-bottom:0;margin-right:auto;margin-left:auto;" >
<tr>
<td style=3D"padding-top:0;padding-bottom:0;padding-right:0;p=
adding-left:0;font-style:normal;font-variant:normal;font-weight:normal;font=
-size:26px;font-family:EBGaramond, Garamond, Times New Roman, Times, serif;=
line-height:36px;color:#b30517;mso-line-height-rule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;marg=
in-left:0;" >
Also this week...</p>
</td>
</tr>
</table>
</td>
</tr>
</table>
=09
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td style=3D"padding-top:0;padding-bottom:30px;padding-right:15p=
x;padding-left:15px;mso-line-height-rule:exactly;" >
<table width=3D"610" align=3D"center" cellpadding=3D"0" cellsp=
acing=3D"0" style=3D"max-width:610px;width:100% !important;margin-top:0;mar=
gin-bottom:0;margin-right:auto;margin-left:auto;" >
<tr>
<td style=3D"font-style:normal;font-variant:normal;font-weigh=
t:normal;font-size:19.5px;font-family:EBGaramond, Garamond, Times New Roman=
, Times, serif;line-height:25px;color:#333;mso-line-height-rule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;marg=
in-left:0;" >
John Healey=E2=80=99s first full day in No. 11 brought with it a triple wh=
ammy of ONS news, as I <a href=3D"https://blend.spectator.co.uk/t/j-l-ydudh=
htt-dujyitliiu-yd/" style=3D"outline-style:none;color:#b30517;text-=
decoration:underline;" >wrote</a> on Coffee House. This included the disapp=
earance of 85,000 more employees from payrolls in a year (if you believe th=
e data) and unemployment falling only slightly to 4.9 per cent. There was b=
etter news the following day, though, with inflation falling to 2.6 per cen=
t in June =E2=80=93 down from 2.8 per cent the month before. I <a href=3D"h=
ttps://blend.spectator.co.uk/t/j-l-ydudhhtt-dujyitliiu-yh/" style=3D=
"outline-style:none;color:#b30517;text-decoration:underline;" >asked</a> ho=
w long the good news can last for Andy Burnham.<br />
<br />
This week=E2=80=99s magazine also carried our money supplement. I <a href=3D=
"https://blend.spectator.co.uk/t/j-l-ydudhhtt-dujyitliiu-yk/" style=
=3D"outline-style:none;color:#b30517;text-decoration:underline;" >wrote</a>=
about the madness of crowds =E2=80=93 the retail traders keeping markets a=
float. Sam McPhail <a href=3D"https://blend.spectator.co.uk/t/j-l-ydudhhtt-=
dujyitliiu-yu/" style=3D"outline-style:none;color:#b30517;text-deco=
ration:underline;" >asked</a> whether fat jabs could wreck your pension, Io=
na Bain <a href=3D"https://blend.spectator.co.uk/t/j-l-ydudhhtt-=
dujyitliiu-jl/" style=3D"outline-style:none;color:#b30517;text-decoration:unde=
rline;" >explained</a> how to make your children rich, and Tali Fraser <a h=
ref=3D"https://blend.spectator.co.uk/t/j-l-ydudhhtt-dujyitliiu-jr/"=
=20
style=3D"outline-style:none;color:#b30517;text-decoration:underline;" >reve=
aled</a> why some small tradesmen are turning to bartering.<br />
<br />
Elsewhere on Coffee House: I <a href=3D"https://blend.spectator.co.uk/t/j-=
l-ydudhhtt-dujyitliiu-jy/" style=3D"outline-style:none;color:#b3051=
7;text-decoration:underline;" >argued</a> that our new Prime Minister would=
be mad to introduce rent controls. Ross Clark <a href=3D"https://blend.spe=
ctator.co.uk/t/j-l-ydudhhtt-dujyitliiu-jj/" style=3D"outline-style:=
none;color:#b30517;text-decoration:underline;" >asked</a> whether new Energ=
y Secretary Miatta Fahnbulleh has learned her lesson on net zero, and <a hr=
ef=3D"https://blend.spectator.co.uk/t/j-l-ydudhhtt-dujyitliiu-jt/" =
style=3D"outline-style:none;color:#b30517;text-decoration:underline;" >argu=
ed</a> that only North Sea oil can save Burnham's cost-of-living mission. M=
atthew Lynn <a href=3D"https://blend.spectator.co.uk/t/j-l-ydudhhtt-=
dujyitliiu-ji/"=20
style=3D"outline-style:none;color:#b30517;text-decoration:underline;" >warn=
ed</a> that the PM=E2=80=99s savings drive is doomed to failure, and <a hre=
f=3D"https://blend.spectator.co.uk/t/j-l-ydudhhtt-dujyitliiu-jd/" s=
tyle=3D"outline-style:none;color:#b30517;text-decoration:underline;" >point=
ed out</a> that nothing is stopping =E2=80=98patriotic millionaire=E2=80=99=
Gary Lineker from paying more tax. And, in his magazine column, Martin Van=
der Weyer <a href=3D"https://blend.spectator.co.uk/t/j-l-ydudhhtt-=
dujyitliiu-jh/" style=3D"outline-style:none;color:#b30517;text-decoration:un=
derline;" >celebrated</a> the return of the cinema.</p>
</td>
</tr>
</table>
</td>
</tr>
</table>
=09
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td style=3D"padding-top:0;padding-bottom:20px;padding-right:15p=
x;padding-left:15px;mso-line-height-rule:exactly;" >
<table width=3D"610" align=3D"center" cellpadding=3D"0" cellsp=
acing=3D"0" style=3D"max-width:610px;width:100% !important;margin-top:0;mar=
gin-bottom:0;margin-right:auto;margin-left:auto;" >
<tr>
<td style=3D"padding-top:0;padding-bottom:0;padding-right:0;p=
adding-left:0;font-style:normal;font-variant:normal;font-weight:normal;font=
-size:26px;font-family:EBGaramond, Garamond, Times New Roman, Times, serif;=
line-height:36px;color:#b30517;mso-line-height-rule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;marg=
in-left:0;" >
Coming up next week=E2=80=A6</p>
</td>
</tr>
</table>
</td>
</tr>
</table>
=09
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td style=3D"padding-top:0;padding-bottom:30px;padding-right:15p=
x;padding-left:15px;mso-line-height-rule:exactly;" >
<table width=3D"610" align=3D"center" cellpadding=3D"0" cellsp=
acing=3D"0" style=3D"max-width:610px;width:100% !important;margin-top:0;mar=
gin-bottom:0;margin-right:auto;margin-left:auto;" >
<tr>
<td style=3D"font-style:normal;font-variant:normal;font-weigh=
t:normal;font-size:19.5px;font-family:EBGaramond, Garamond, Times New Roman=
, Times, serif;line-height:25px;color:#333;mso-line-height-rule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;marg=
in-left:0;" >
On Thursday, all eyes will be on Threadneedle Street for the latest Bank o=
f England interest rate decision =E2=80=93 made all the harder by oil price=
s hitting $100 a barrel again. I suspect they=E2=80=99ll hold rates at 3.75=
per cent this time but a return to hikes is looking likely as the years go=
es on.</p>
</td>
</tr>
</table>
</td>
</tr>
</table>
=09
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td style=3D"padding-top:0;padding-bottom:20px;padding-right:15p=
x;padding-left:15px;mso-line-height-rule:exactly;" >
<table width=3D"610" align=3D"center" cellpadding=3D"0" cellsp=
acing=3D"0" style=3D"max-width:610px;width:100% !important;margin-top:0;mar=
gin-bottom:0;margin-right:auto;margin-left:auto;" >
<tr>
<td style=3D"padding-top:0;padding-bottom:0;padding-right:0;p=
adding-left:0;font-style:normal;font-variant:normal;font-weight:normal;font=
-size:26px;font-family:EBGaramond, Garamond, Times New Roman, Times, serif;=
line-height:36px;color:#b30517;mso-line-height-rule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;marg=
in-left:0;" >
And on this week=E2=80=99s show=E2=80=A6</p>
</td>
</tr>
</table>
</td>
</tr>
</table>
=09
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td style=3D"padding-top:0;padding-bottom:30px;padding-right:15p=
x;padding-left:15px;mso-line-height-rule:exactly;" >
<table width=3D"610" align=3D"center" cellpadding=3D"0" cellsp=
acing=3D"0" style=3D"max-width:610px;width:100% !important;margin-top:0;mar=
gin-bottom:0;margin-right:auto;margin-left:auto;" >
<tr>
<td style=3D"font-style:normal;font-variant:normal;font-weigh=
t:normal;font-size:19.5px;font-family:EBGaramond, Garamond, Times New Roman=
, Times, serif;line-height:25px;color:#333;mso-line-height-rule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;marg=
in-left:0;" >
Andy Burnham's first speech as Prime Minister included a commitment to end=
rough sleeping. But he made the same pledge as Mayor of Greater Manchester=
in 2017, and the numbers tell you how that went. I dig into the data behin=
d Britain=E2=80=99s homelessness problem and explain why the PM=E2=80=99s o=
ther big idea =E2=80=93 rent controls =E2=80=93 works directly against his =
ambition to fix it. Give it a watch.</p>
</td>
</tr>
</table>
</td>
</tr>
</table>
=09
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td style=3D"padding-top:0;padding-bottom:30px;padding-right:15p=
x;padding-left:15px;mso-line-height-rule:exactly;" >
<table width=3D"610" align=3D"center" cellpadding=3D"0" cellsp=
acing=3D"0" style=3D"max-width:610px;width:100% !important;margin-top:0;mar=
gin-bottom:0;margin-right:auto;margin-left:auto;" >
<tr class=3D"thold">
<th class=3D"trow" width=3D"100" align=3D"left" style=3D"padd=
ing-top:0;padding-bottom:0;padding-right:0;padding-left:0;" >
<table width=3D"50" align=3D"center" cellpadding=3D"0" cell=
spacing=3D"0" style=3D"margin-top:0;margin-bottom:0;margin-right:auto;margi=
n-left:auto;" >
<tr>
<td align=3D"center" style=3D"mso-line-height-rule:exactly=
;" >
<a href=3D"https://blend.spectator.co.uk/t/j-l-ydudhhtt-=
dujyitliiu-jk/" style=3D"outline-style:none;color:#b30517;text-decor=
ation:underline;" ><img src=3D"https=
://i5.=
cmail19.com=
/ti/j/6F/C73/C65/223531/b59/ico-01b.png" width=3D"25" label=3D"A=
udio_block" style=3D"vertical-align:top;border-style:none;" /></a>
</td>
</tr>
</table>
</th>
<th class=3D"hm" width=3D"10" style=3D"padding-top:0;padding-=
bottom:0;padding-right:0;padding-left:0;" ></th>
<th class=3D"thead" width=3D"234" align=3D"left" style=3D"ver=
tical-align:top;padding-top:0;padding-bottom:0;padding-right:0;padding-left=
:0;" >
<table class=3D"w-100p mb-20" align=3D"center" cellpadding=3D=
"0" cellspacing=3D"0" style=3D"margin-top:0;margin-bottom:0;margin-right:au=
to;margin-left:auto;width:100% !important;" >
<tr>
<td class=3D"wi-100p" align=3D"center" style=3D"border-rad=
ius:5px;overflow:hidden;mso-line-height-rule:exactly;" >
<a href=3D"https://blend.spectator.co.uk/t/j-l-ydudhhtt-=
dujyitliiu-ju/" style=3D"outline-style:none;color:#b30517;text-decor=
ation:underline;" ><img src=3D"https=
://i5.=
cmail19.com=
/ei/j/E7/47F/7E4/csimport/maxresdefault.093313.png" width=3D"234"=
alt=3D"The real problem behind Britain's homeless=
ness & why Burnham won't fix it" height=3D"=
131" style=3D"width:100% !important;vertical-align:top;border-style:none;he=
ight:auto !important;" /></a>
</td>
</tr>
</table>
</th>
<th class=3D"hm" width=3D"20" style=3D"padding-top:0;padding-=
bottom:0;padding-right:0;padding-left:0;" ></th>
<th class=3D"tfoot" align=3D"left" style=3D"vertical-align:to=
p;padding-top:0;padding-bottom:0;padding-right:0;padding-left:0;" >
<table class=3D"w-100p" align=3D"center" cellpadding=3D"0" =
cellspacing=3D"0" style=3D"margin-top:0;margin-bottom:0;margin-right:auto;m=
argin-left:auto;width:100% !important;" >
<tr>
<td class=3D"h-a" height=3D"118" valign=3D"top" style=3D"m=
so-line-height-rule:exactly;" >
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0"=
>
<tr>
<td class=3D"pt-10 ta-c" style=3D"padding-top:0;padding=
-bottom:20px;padding-right:0;padding-left:0;font-style:normal;font-variant:=
normal;font-weight:normal;font-size:19.5px;font-family:EBGaramond, Garamond=
, Times New Roman, Times, serif;line-height:25px;color:#333;mso-line-height=
-rule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:10px;margin-rig=
ht:0;margin-left:0;" >
<a href=3D"https://blend.spectator.co.uk/t/j-l-ydudhhtt-dujyitliiu=
-tl/" style=3D"color:rgb(179, 5, 23);outline-style:none;text-decoration:und=
erline;" >The real problem behind Britain=E2=80=99s homelessness & why =
Burnham won=E2=80=99t fix it</a></p>
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;margin-left:0;" >
<i>Michael Simmons</i></p>
</td>
</tr>
</table>
</td>
</tr>
<tr>
<td style=3D"mso-line-height-rule:exactly;" >
<table width=3D"200" align=3D"center" cellpadding=3D"0" =
cellspacing=3D"0" style=3D"margin-top:0;margin-bottom:0;margin-right:auto;m=
argin-left:auto;" >
<tr>
<td class=3D"active-t" align=3D"center" style=3D"backgr=
ound-color:#d2091e;background-image:none;background-repeat:repeat;backgroun=
d-position:top left;background-attachment:scroll;mso-padding-alt:11px;font-=
style:normal;font-variant:normal;font-weight:normal;font-size:12px;font-fam=
ily:Arial, Helvetica, sans-serif, Lato;line-height:16px;border-radius:20px;=
letter-spacing:1px;text-transform:uppercase;mso-line-height-rule:exactly;tr=
ansition:all 0.3s ease;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:=
0;margin-left:0;" >
<a href=3D"https://blend.spectator.co.uk/t/j-l-ydudhhtt-dujyitliiu=
-tr/" style=3D"color:#fff !important;text-decoration:none;display:block;pad=
ding-top:11px;padding-bottom:11px;padding-right:11px;padding-left:11px;outl=
ine-style:none;" >Watch here</a></p>
</td>
</tr>
</table>
</td>
</tr>
</table>
</th>
</tr>
</table>
</td>
</tr>
</table>
=09
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td style=3D"padding-top:0;padding-bottom:30px;padding-right:15p=
x;padding-left:15px;mso-line-height-rule:exactly;" >
<table width=3D"610" align=3D"center" cellpadding=3D"0" cellsp=
acing=3D"0" style=3D"max-width:610px;width:100% !important;margin-top:0;mar=
gin-bottom:0;margin-right:auto;margin-left:auto;" >
<tr>
<td style=3D"font-style:normal;font-variant:normal;font-weigh=
t:normal;font-size:19.5px;font-family:EBGaramond, Garamond, Times New Roman=
, Times, serif;line-height:25px;color:#333;mso-line-height-rule:exactly;" >
<table cellpadding=3D"0" cellspacing=3D"0" width=3D"100%">
<tbody>
<tr>
<td style=3D"padding-top:0;padding-bottom:0;padding-right=
:0;padding-left:0;mso-line-height-rule:exactly;" >
<table align=3D"center" cellpadding=3D"0" cellspacing=3D=
"0" width=3D"610" style=3D"max-width:610px;width:100%;margin-top:0;margin-=
bottom:0;margin-right:auto;margin-left:auto;border-width:1px;border-style:s=
olid;border-color:#ccc;border-radius:5px;background-color:#f8f8f8;" >
<tbody>
<tr>
<td style=3D"padding-top:20px;padding-bottom:20px;pad=
ding-right:20px;padding-left:20px;font-family:EBGaramond, Garamond, Times N=
ew Roman, Times, serif;font-size:19.5px;color:#333;line-height:25px;mso-lin=
e-height-rule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-righ=
t:0;margin-left:0;" >
A message from our sponsor, <em>Aberdeen IT.</em><br />
<br />
<strong style=3D"font-weight:700;" >Small wonders: the hidden gems among s=
maller companies</strong></p>
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;margin-left:0;" >
Discover how selective active management can uncover high-quality, underva=
lued UK smaller companies with strong long-term growth potential and divers=
ification benefits beyond popular themes such as AI. Capital at risk. <a hr=
ef=3D"https://blend.spectator.co.uk/t/j-l-ydudhhtt-dujyitliiu-ty/" =
style=3D"outline-style:none;color:#b30517;text-decoration:underline;" >Read=
more</a>.</p>
</td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
</td>
</tr>
</table>
</td>
</tr>
</table>
=09
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td style=3D"padding-top:0;padding-bottom:30px;padding-right:15p=
x;padding-left:15px;mso-line-height-rule:exactly;" >
<table width=3D"610" align=3D"center" cellpadding=3D"0" cellsp=
acing=3D"0" style=3D"max-width:610px;width:100% !important;margin-top:0;mar=
gin-bottom:0;margin-right:auto;margin-left:auto;" >
<tr>
<td height=3D"1" style=3D"color:#ddd;background-color:#ddd;ba=
ckground-image:none;background-repeat:repeat;background-position:top left;b=
ackground-attachment:scroll;font-size:1px;line-height:1px;mso-line-height-r=
ule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;marg=
in-left:0;" >
.</p>
</td>
</tr>
</table>
</td>
</tr>
</table>
=09
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td style=3D"padding-top:0;padding-bottom:20px;padding-right:15p=
x;padding-left:15px;mso-line-height-rule:exactly;" >
<table width=3D"610" align=3D"center" cellpadding=3D"0" cellsp=
acing=3D"0" style=3D"max-width:610px;width:100% !important;margin-top:0;mar=
gin-bottom:0;margin-right:auto;margin-left:auto;" >
<tr>
<td style=3D"padding-top:0;padding-bottom:0;padding-right:0;p=
adding-left:0;font-style:normal;font-variant:normal;font-weight:normal;font=
-size:26px;font-family:EBGaramond, Garamond, Times New Roman, Times, serif;=
line-height:36px;color:#b30517;mso-line-height-rule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;marg=
in-left:0;" >
Graph of the week</p>
</td>
</tr>
</table>
</td>
</tr>
</table>
=09
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td class=3D"pb-30" style=3D"padding-top:0;padding-bottom:40px;p=
adding-right:15px;padding-left:15px;mso-line-height-rule:exactly;" >
<table width=3D"610" align=3D"center" cellpadding=3D"0" cellsp=
acing=3D"0" style=3D"max-width:610px;width:100% !important;margin-top:0;mar=
gin-bottom:0;margin-right:auto;margin-left:auto;" >
<tr>
<td class=3D"wi-100p" align=3D"center" style=3D"padding-top:0=
;padding-bottom:20px;padding-right:0;padding-left:0;mso-line-height-rule:ex=
actly;" >
<img src=3D"https=
://i6.cmail19.com=
/ei/j/E7/47F/7E4/csimport/Xdf3n-burnham-s-bill-.224014.png" width=3D"=
610" label=3D"JustFullWidthImage" height=3D"679" style=3D"width:100% !impo=
rtant;vertical-align:top;height:auto !important;" />
</td>
</tr>
</table>
</td>
</tr>
</table>
=09
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td style=3D"padding-top:30px;padding-bottom:30px;padding-right:=
15px;padding-left:15px;border-bottom-width:1px;border-bottom-style:solid;bo=
rder-bottom-color:#C0C0C0;border-top-width:1px;border-top-style:solid;borde=
r-top-color:#C0C0C0;background-color:#F8F8F8;background-image:none;backgrou=
nd-repeat:repeat;background-position:top left;background-attachment:scroll;=
mso-line-height-rule:exactly;" >
<table width=3D"610" align=3D"center" cellpadding=3D"0" cellsp=
acing=3D"0" style=3D"max-width:610px;width:100% !important;margin-top:0;mar=
gin-bottom:0;margin-right:auto;margin-left:auto;" >
<tr class=3D"thold">
<th class=3D"thead" width=3D"290" align=3D"left" style=3D"ver=
tical-align:center;padding-top:0;padding-bottom:0;padding-right:0;padding-l=
eft:0;" >
<table class=3D"w-100p" align=3D"center" cellpadding=3D"0" =
cellspacing=3D"0" style=3D"margin-top:0;margin-bottom:0;margin-right:15px;m=
argin-left:0;padding-top:0;padding-bottom:0;padding-right:15px;padding-left=
:0;width:100% !important;" >
<tr>
<td class=3D"wi-100p" align=3D"center" style=3D"border-rad=
ius:5px;overflow:hidden;mso-line-height-rule:exactly;" >
<a href=3D"https://blend.spectator.co.uk/t/j-l-ydudhhtt-=
dujyitliiu-tj/" style=3D"outline-style:none;color:#b30517;text-decor=
ation:underline;" ><img src=3D"https=
://i7.=
cmail19.com=
/ei/j/E7/47F/7E4/csimport/Square-GRAShipExterior-Miami_2024-05-03=
_15-.111037.png" width=3D"275" label=3D"HouseAd_Events" height=3D"275" sty=
le=3D"width:100% !important;vertical-align:top;border-style:none;height:aut=
o !important;" /></a>
</td>
</tr>
</table>
</th>
<th class=3D"tfoot" align=3D"center" style=3D"vertical-align:=
top;padding-top:0;padding-bottom:0;padding-right:0;padding-left:0;" >
<table align=3D"center" cellpadding=3D"0" cellspacing=3D"0"=
style=3D"margin-top:0;margin-bottom:0;margin-right:auto;margin-left:auto;"=
>
<tr>
<td class=3D"h-a" height=3D"118" valign=3D"top" style=3D"m=
so-line-height-rule:exactly;" >
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0"=
>
<tr>
<td class=3D"pt-10 ta-c" align=3D"center" style=3D"padd=
ing-top:0;padding-bottom:20px;padding-right:0;padding-left:0;font-style:nor=
mal;font-variant:normal;font-weight:normal;font-size:20px;font-family:EBGar=
amond, Garamond, Times New Roman, Times, serif;line-height:25px;color:#333;=
mso-line-height-rule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:15px;margin-rig=
ht:0;margin-left:0;" >
<span style=3D"font-style:normal;font-variant:normal;font-size-adjust:none=
;font-language-override:normal;font-kerning:auto;font-optical-sizing:auto;f=
ont-feature-settings:normal;font-variation-settings:normal;font-stretch:nor=
mal;font-size:26px;line-height:36px;font-family:EBGaramond, Garamond, "=
;color:rgb(51, 51, 51);" ><b style=3D"font-weight:700;" >Explore the <em>Sp=
ectator</em> Club</b></span></p>
<p style=3D"margin-top:0;margin-bottom:1px;margin-right:0;margin-left:0;" >
<em>The Spectator</em> and award-winning luxury cruise specialists The Tra=
vel Academy are delighted to announce a new and exclusive trip for 2027. Ne=
xt June, join business editor <strong style=3D"font-weight:700;" >Martin Va=
nder Weyer</strong>, Real Life columnist <strong style=3D"font-weight:700;"=
>Melissa Kite</strong>, and a group of readers on one of the most luxuriou=
s ships ever built, Regent Seven Seas Grandeur=C2=AE.</p>
</td>
</tr>
</table>
</td>
</tr>
<tr>
<td style=3D"mso-line-height-rule:exactly;" >
<table width=3D"200" align=3D"center" cellpadding=3D"0" =
cellspacing=3D"0" style=3D"margin-top:0;margin-bottom:0;margin-right:auto;m=
argin-left:auto;" >
<tr>
<td class=3D"active-t" align=3D"center" style=3D"backgr=
ound-color:#d2091e;background-image:none;background-repeat:repeat;backgroun=
d-position:top left;background-attachment:scroll;mso-padding-alt:11px;font-=
style:normal;font-variant:normal;font-weight:normal;font-size:12px;font-fam=
ily:Arial, Helvetica, sans-serif, Lato;line-height:16px;border-radius:20px;=
letter-spacing:1px;text-transform:uppercase;mso-line-height-rule:exactly;tr=
ansition:all 0.3s ease;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:=
0;margin-left:0;" >
<a href=3D"https://blend.spectator.co.uk/t/j-l-ydudhhtt-dujyitliiu=
-tt/" style=3D"color:#fff !important;text-decoration:none;display:block;pad=
ding-top:11px;padding-bottom:11px;padding-right:11px;padding-left:11px;outl=
ine-style:none;" >learn more</a></p>
</td>
</tr>
</table>
</td>
</tr>
</table>
</th>
</tr>
</table>
</td>
</tr>
</table>
=09
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td height=3D"30" style=3D"font-size:0;line-height:0;mso-line-he=
ight-rule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;margin-=
left:0;" > </p>
</td>
</tr>
</table>
=09
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td style=3D"padding-top:0;padding-bottom:30px;padding-right:15p=
x;padding-left:15px;mso-line-height-rule:exactly;" >
<table width=3D"610" align=3D"center" cellpadding=3D"0" cellsp=
acing=3D"0" style=3D"max-width:610px;width:100% !important;margin-top:0;mar=
gin-bottom:0;margin-right:auto;margin-left:auto;" >
<tr>
<td class=3D"wi-100p" align=3D"center" style=3D"padding-top:0=
;padding-bottom:10px;padding-right:0;padding-left:0;mso-line-height-rule:ex=
actly;" >
<img src=3D"https=
://i8.cmail19.com=
/ei/j/E7/47F/7E4/csimport/Screenshot2026-07-24at09.35.19.093529.png" =
width=3D"350" alt=3D"‘All this is going to rattl=
e the markets.’" label=3D"Cartoon_caption_and_button" height=3D=
"336" style=3D"width:100% !important;max-width:350px;vertical-align:top;hei=
ght:auto !important;" />
</td>
</tr>
<tr>
<td align=3D"center" style=3D"padding-top:0;padding-bottom:30=
px;padding-right:0;padding-left:0;font-style:italic;font-variant:normal;fon=
t-weight:normal;font-size:18px;font-family:EBGaramond, Garamond, Times New =
Roman, Times, serif;line-height:22px;color:#333;mso-line-height-rule:exactl=
y;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;marg=
in-left:0;" >
=E2=80=98All this is going to rattle the markets.=E2=80=99</p>
</td>
</tr>
<tr>
<td style=3D"mso-line-height-rule:exactly;" >
<table width=3D"200" align=3D"center" cellpadding=3D"0" cel=
lspacing=3D"0" style=3D"margin-top:0;margin-bottom:0;margin-right:auto;marg=
in-left:auto;" >
<tr>
<td class=3D"active-t" align=3D"center" style=3D"backgroun=
d-color:#d2091e;background-image:none;background-repeat:repeat;background-p=
osition:top left;background-attachment:scroll;mso-padding-alt:11px;font-sty=
le:normal;font-variant:normal;font-weight:normal;font-size:12px;font-family=
:Arial, Helvetica, sans-serif, Lato;line-height:16px;border-radius:20px;let=
ter-spacing:1px;text-transform:uppercase;mso-line-height-rule:exactly;trans=
ition:all 0.3s ease;" >
=09
</td>
</tr>
</table>
</td>
</tr>
</table>
</td>
</tr>
</table>
=09
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td style=3D"padding-top:0;padding-bottom:30px;padding-right:15p=
x;padding-left:15px;mso-line-height-rule:exactly;" >
<table width=3D"610" align=3D"center" cellpadding=3D"0" cellsp=
acing=3D"0" style=3D"max-width:610px;width:100% !important;margin-top:0;mar=
gin-bottom:0;margin-right:auto;margin-left:auto;" >
<tr>
<td height=3D"1" style=3D"color:#ddd;background-color:#ddd;ba=
ckground-image:none;background-repeat:repeat;background-position:top left;b=
ackground-attachment:scroll;font-size:1px;line-height:1px;mso-line-height-r=
ule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;marg=
in-left:0;" >
.</p>
</td>
</tr>
</table>
</td>
</tr>
</table>
=09
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td style=3D"padding-top:0;padding-bottom:20px;padding-right:15p=
x;padding-left:15px;mso-line-height-rule:exactly;" >
<table width=3D"610" align=3D"center" cellpadding=3D"0" cellsp=
acing=3D"0" style=3D"max-width:610px;width:100% !important;margin-top:0;mar=
gin-bottom:0;margin-right:auto;margin-left:auto;" >
<tr>
<td style=3D"padding-top:0;padding-bottom:0;padding-right:0;p=
adding-left:0;font-style:normal;font-variant:normal;font-weight:normal;font=
-size:26px;font-family:EBGaramond, Garamond, Times New Roman, Times, serif;=
line-height:36px;color:#b30517;mso-line-height-rule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;marg=
in-left:0;" >
Barometer</p>
</td>
</tr>
</table>
</td>
</tr>
</table>
=09
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td style=3D"padding-top:0;padding-bottom:30px;padding-right:15p=
x;padding-left:15px;mso-line-height-rule:exactly;" >
<table width=3D"610" align=3D"center" cellpadding=3D"0" cellsp=
acing=3D"0" style=3D"max-width:610px;width:100% !important;margin-top:0;mar=
gin-bottom:0;margin-right:auto;margin-left:auto;" >
<tr>
<td style=3D"font-style:normal;font-variant:normal;font-weigh=
t:normal;font-size:19.5px;font-family:EBGaramond, Garamond, Times New Roman=
, Times, serif;line-height:25px;color:#333;mso-line-height-rule:exactly;" >
<table cellpadding=3D"0" cellspacing=3D"0" width=3D"100%">
<tbody>
<tr>
<th align=3D"left" class=3D"tflex" width=3D"190" style=3D"vertical-alig=
n:top;padding-top:0;padding-bottom:0;padding-right:0;padding-left:0;" >
<table cellpadding=3D"0" cellspacing=3D"0" width=3D"100%">
<tbody>
<tr>
<td style=3D"padding-top:0;padding-bottom:10px;padding-right:0;paddi=
ng-left:0;font-style:normal;font-variant:normal;font-weight:normal;font-siz=
e:22px;font-family:EBGaramond, Garamond, Times New Roman, Times, serif;line=
-height:30px;color:#333;mso-line-height-rule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;margin-left=
:0;" >
FTSE 100 (Thursday=E2=80=99s closing price)</p>
</td>
</tr>
<tr>
<td style=3D"padding-top:0;padding-bottom:15px;padding-right:0;paddi=
ng-left:0;font-style:normal;font-variant:normal;font-weight:normal;font-siz=
e:32px;font-family:EBGaramond, Garamond, Times New Roman, Times, serif;line=
-height:36px;color:#333;mso-line-height-rule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;margin-left=
:0;" >
10,639</p>
</td>
</tr>
<tr>
<td style=3D"font-style:normal;font-variant:normal;font-weight:norma=
l;font-size:19.5px;font-family:EBGaramond, Garamond, Times New Roman, Times=
, serif;line-height:25px;color:#333;mso-line-height-rule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;margin-left=
:0;" >
up 0.6% on a week ago</p>
</td>
</tr>
</tbody>
</table>
</th>
<th class=3D"tflex" height=3D"20" width=3D"20" style=3D"padding-top:0;p=
adding-bottom:0;padding-right:0;padding-left:0;" >
</th>
<th align=3D"left" class=3D"tflex" width=3D"190" style=3D"vertical-alig=
n:top;padding-top:0;padding-bottom:0;padding-right:0;padding-left:0;" >
<table cellpadding=3D"0" cellspacing=3D"0" width=3D"100%">
<tbody>
<tr>
<td style=3D"padding-top:0;padding-bottom:10px;padding-right:0;paddi=
ng-left:0;font-style:normal;font-variant:normal;font-weight:normal;font-siz=
e:22px;font-family:EBGaramond, Garamond, Times New Roman, Times, serif;line=
-height:30px;color:#333;mso-line-height-rule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;margin-left=
:0;" >
Bitcoin: USD exchange rate</p>
</td>
</tr>
<tr>
<td style=3D"padding-top:0;padding-bottom:15px;padding-right:0;paddi=
ng-left:0;font-style:normal;font-variant:normal;font-weight:normal;font-siz=
e:32px;font-family:EBGaramond, Garamond, Times New Roman, Times, serif;line=
-height:36px;color:#333;mso-line-height-rule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;margin-left=
:0;" >
$65,000</p>
</td>
</tr>
<tr>
<td style=3D"font-style:normal;font-variant:normal;font-weight:norma=
l;font-size:19.5px;font-family:EBGaramond, Garamond, Times New Roman, Times=
, serif;line-height:25px;color:#333;mso-line-height-rule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;margin-left=
:0;" >
up 2.0% on a week ago</p>
</td>
</tr>
</tbody>
</table>
</th>
<th class=3D"tflex" height=3D"20" width=3D"20" style=3D"padding-top:0;p=
adding-bottom:0;padding-right:0;padding-left:0;" >
</th>
<th align=3D"left" class=3D"tflex" width=3D"190" style=3D"vertical-alig=
n:top;padding-top:0;padding-bottom:0;padding-right:0;padding-left:0;" >
<table cellpadding=3D"0" cellspacing=3D"0" width=3D"100%">
<tbody>
<tr>
<td style=3D"padding-top:0;padding-bottom:10px;padding-right:0;paddi=
ng-left:0;font-style:normal;font-variant:normal;font-weight:normal;font-siz=
e:22px;font-family:EBGaramond, Garamond, Times New Roman, Times, serif;line=
-height:30px;color:#333;mso-line-height-rule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;margin-left=
:0;" >
Oil price (barrel of Brent crude)</p>
</td>
</tr>
<tr>
<td style=3D"padding-top:0;padding-bottom:15px;padding-right:0;paddi=
ng-left:0;font-style:normal;font-variant:normal;font-weight:normal;font-siz=
e:32px;font-family:EBGaramond, Garamond, Times New Roman, Times, serif;line=
-height:36px;color:#333;mso-line-height-rule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;margin-left=
:0;" >
$100.50</p>
</td>
</tr>
<tr>
<td style=3D"font-style:normal;font-variant:normal;font-weight:norma=
l;font-size:19.5px;font-family:EBGaramond, Garamond, Times New Roman, Times=
, serif;line-height:25px;color:#333;mso-line-height-rule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;margin-left=
:0;" >
up 19% on a week ago</p>
</td>
</tr>
</tbody>
</table>
</th>
</tr>
</tbody>
</table>
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;margin-left:0;" >
</p>
</td>
</tr>
</table>
</td>
</tr>
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