Longform editor @FT Before that retail, @FTLex, @FTMoney and @ichronicle Views and errors my own

Joined March 2011
1,520 Photos and videos
“Cutting benefits”, Burnham style Put the IMF on speed dial
So much for not being squeamish about cutting welfare benefits _____ Andy Burnham: I’ll keep the triple lock, and give pensioners a tax cut inews.co.uk/news/politics/an…
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"extra 35 days off" More than my entire annual holiday allowance Welcome to Planet Public Sector!
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please make it stop....
EXCL: Andy Burnham sparks excitement among WASPI women that he’ll obey longstanding pledge to pay out compensation that could cost £10b. dailymail.com/news/article-1…
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Norway has a population of around 5 million, for context So lots more oil lolly per capita
Norway and the UK drilled the same North Sea. 🇳🇴Norway got $2 trillion. 🇬🇧The UK got tax cuts. Same basin,Same era.... Completely different outcomes. Norway captured $30 per barrel in government revenue. The UK captured $11. That gap, compounded over 50 years of production, is the entire difference. Norway's model was simple: tax heavily (78% marginal rate), take direct equity stakes in fields via the SDFI, own part of Equinor, and put everything surplus into a fund invested abroad. The Government Pension Fund Global now holds over $2 trillion in assets. That's $390,000 per Norwegian citizen about 1.5% of all listed equities on earth. The fiscal rule: only spend the 3% annual real return. Never touch the principal. The UK started producing earlier, at lower prices, with a lower tax rate (40%) and no saving mechanism. North Sea revenues flowed straight into the general budget. Economists estimate the UK missed out on roughly £400 billion compared to a Norwegian style regime. The windfall largely financed tax cuts in the 1980s rather than a fund. Where things stand in 2026? Norway's petroleum sector will generate $63 bn in net cash flow this year alone feeding a fund already large enough to cover 10-15% of the national budget from returns alone. The UK is a net energy importer. Since 2021 it has paid countries like Norway more than £100 billion for gas. One country treated oil as a finite resource to convert into permanent financial wealth. The other treated it as income. image source:eia
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Govt's plans for a "voluntary cap" on groceries (via chief scoopmeister @AArmstrong_says) shows the complete lack of understanding of business in Whitehall Tesco operating margin last year was 3.5%. That's 3.5p of profit for every £1 through the tills There is no "profiteering"
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If you can stand the smell, here's some utter bullshit being meticulously dissected....
Almost 10,000 likes for straight-up lies by Annunziata Rees-Mogg, quote: "Asylum seekers make up 0.08% of Dorset's population and 44% of alleged sex offences. So unbelievable I had to check. It's true." It's not true, it's utter garbage. I'll go through facts and figures. /1
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But the electorate is in La La Land, clinging to the fiction that we could have Scandinavian public services and US taxes if we just deported some Muslims and cut "Whitehall waste"
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This reads like something out of Life of Brian "Andy's shoe is a sign!" "No, follow Andy's gourd!"
🚨 BREAKING: Labour MP Josh Simons will resign to trigger a by-election in Makerfield to give Andy Burnham a route back to Parliament
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Is this any surprise? Burnham's GMCA gets £630mn direct from Whitehall - all he has to do is divvy it up Hard not to be popular in those circumstances...
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Labour MPs should stop looking at charts of net approval ratings and start looking at gilt yields Careless talk costs real people money, etc
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Next year he'll qualify for a £73k/yr pension from the institution he spent two decades slagging off That'd be enough to keep most people "safe and secure"
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Like the idea of this But the fare structure of the privatised railway was largely inherited from the state-run one of the 1980s/90s Which any of the governments between then and now could have changed - if they'd had the balls
I’m campaigning for a Great British Railcard. Private firms fleeced us for years - just to get to work, appointments or see loved ones. Public ownership must end the rail rip-off. You can get a railcard like this 👇 (but smaller) if Ministers back my plan for cheaper fares.
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And then be told by someone who’s worked 18 hours without a break to “see your GP”
Replying to @Alonso_GD @afneil
Yes, in France you have to pay, whereas in the UK you can spend days being ignored in a corridor for free.
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Put the IMF on speed dial just in case…
🚨 NEW: Green leader Zack Polanski will call for policies to end the "affordability crisis" tomorrow - The introduction of a 10:1 pay ratio, whereby the highest-paid employee earns no more than ten times the lowest-paid - Free school meals for all primary and secondary pupils - Universal energy bill support for households and stronger rent controls - A customs union with the EU to cut business costs
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Good explanation But pensions aren’t benefits wa wa wa I’ve paid into the system all my life boo hoo close asylum hotels them we could afford everything
Attempts at explaining triple lock #87 You’re at the pub with friends Every hour the price of a round increases The first round costs less and not everyone has arrived yet. Result. That was current pensioners when they were working. As the night goes on the price keeps rising but not enough to worry about and everyone’s having a good time Towards the end of the night more people show up, expecting a drink despite them now being more expensive It’s the last round and the person who bought the first round is demanding drinks from everyone else because ‘they bought the first round’ and why not throw in shots too It’s now the end of the night the young person who’s been buying drinks all night is told the bar is closed.
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This is second post I’ve seen in as many days from Tory MPs or former MPs about the unsustainability of the triple lock Maybe sense will prevail one day Though looking at the responses, maybe not…
If, like me, you were born in 1956, you’ll receive almost £300,000 more in benefits than you’ll pay in taxes in your lifetime State Pensions make up a huge chunk of that Long term, we simply can’t afford to sustain the Triple Lock’s generosity Blog: desmondswaynemp.com/ds-blog/…
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More than any other party, ReformUK can be relied upon to back every single policy choice that entails future taxpayers (ie younger people) paying more Keep the IMF on speed dial...
Left unchecked, the Triple Lock will consume the entire known universe, it is an unsustainable transfer of wealth from people in work to the retired. It has to stop. thetimes.com/uk/politics/art…
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Jonathan Eley retweeted
The triple lock should be abolished, and replaced by a formula that links growth in the State Pension inversely to house prices, so that when the Boomers continue NIMBYing, their pension goes down.
Ben Leo clashes with Reem Ibrahim after the GB News guest called to scrap the pension triple lock to use the money to help young Brits She wants your Parents to sell their home to fund their own pension. I wonder if she’d still think the same if her parents had to sell theirs.
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This, plus Labour's back-pocket gif about saving families money, is the sort of unserious nonsense that has got UK into its current parlous position No vision. No strategy. No courage. No risks. Just an endless series of trivial soundbites
Vote Conservative for fewer potholes! Introducing our new National Pothole Patrol 🪏
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Predictable replies. "Scrap benefits for immigrants" If you think "benefits for immigrants" are the reason for the UK's rising (but still average, in OECD terms) tax burden, try learning to add up
Lots of people complain about high taxes in Britain, but those same people don't want to address what is driving up spending. Scrap the triple lock on pensions! Yesterday!
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