Third on the list, having lost $58.6bn this year, is Elon Musk. No one got richer during the pandemic than Musk, whose wealth ballooned from $30bn at the start of 2020 to more than $330bn in November 2021. Free money – in the form of cheap debt and US stimulus cheques – paid for legions of retail investors to bid Tesla and Musk to ever higher valuations. Twitter may have fewer users than Facebook but Musk is right to say that it has an outsized influence. Being Elon Musk, there’s every chance he’ll just sell Twitter immediately, or get bored of it after six months.
But hang on a minute – isn’t the name Rishi Sunak familiar? It looks as if a major correction will still happen, and one of the people most at fault is Rishi Sunak. A week earlier, the Moneyfacts website reported that the average rate for a two-year fixed rate mortgage had reached 6.53 per cent. The sensible thing would be to target help to the new buyers he duped into a needlessly overheated market. Mistakes have been made, and Rishi Sunak has been one of the people making them.1 month ago New Statesman
Ahead of a fifth election in less than four years, polling indicates that after a year as leader of the opposition, the former prime minister Benjamin Netanyahu could very well be headed back to the premiership. Israel’s president will give the mandate to do so to whichever party looks most likely to succeed. With potential seats in the double digits, the Zionist Party is in poll position – third place – to leverage a very powerful role for itself in a Netanyahu government. The Zionist party is on the extreme right. The prospect of the Zionist Party being senior partners in government has spooked even the Jewish diaspora.1 month ago New Statesman
Photo by TOLGA AKMEN/POOL/AFP via Getty ImagesDowning Street has announced that the new Prime Minister, Rishi Sunak, won’t travel to the Cop27 climate conference. Sunak’s cabinet reshuffle has left out key climate voices, including Graham Stuart, formerly the climate minister, and Alok Sharma, the Cop26 president. During its presidency of Cop26, held in Glasgow, the UK demonstrated strong climate leadership as it emerged from the pandemic. On a global problem like this, international diplomacy is a necessary requirement to ensure the safety and security of the UK and the world. Revivifying nature can also reduce emissions if delivered in a holistic, thought-through way that interlinks and integrates with other climate and nature action.1 month ago New Statesman
The Daily Mail’s front page proclaimed: “Don’t betray us on Brexit”, while the Daily Express splashed on a story headlined “Fury at ‘Absurd Idea’ to go soft on Brexit”. I know that Brexit can deliver, and is already delivering enormous benefits and opportunities for the country,” he insisted the day after the story appeared. The Culture Edit Our weekly culture newsletter – from books and art to pop culture and memes – sent every Friday. Where are all those vaunted “Brexit freedoms” and “Brexit benefits”? The Tories face probable defeat at the next election in any case, so Sunak should take a gamble.5 days ago New Statesman
Photo by Neil Genower/BBCLast week I attended the last-ever recording of the satirical BBC panel show Mock the Week. Now only HIGNFY has survived in the same format as it was first broadcast in – the BBC political panel show Mash Report, for example, was cancelled last year. Subscribe to Morning Call View all newsletters The quick and essential guide to domestic and global politics from the New Statesman's politics team. The Crash A weekly newsletter helping you fit together the pieces of the global economic slowdown. The Culture Edit Our weekly culture newsletter – from books and art to pop culture and memes – sent every Friday.1 month ago New Statesman
We are going to need state direction, state subsidy, state price controls and – in conditions of deep energy insecurity – state ownership and control of the energy industry. The Culture Edit Our weekly culture newsletter – from books and art to pop culture and memes – sent every Friday. Paradoxically, some of the most acute insights into this emerge from traditionally conservative think tanks such as the Royal United Services Institute and Chatham House. Start modelling the potential multiplier effects of public spending, even if your favourite think tanks say they don’t exist. But it will not have a conservative form until some actual Tories start imagining it.1 month ago New Statesman
Photo by Andy Bailey/AFP via Getty ImagesTory MPs bellowed “more” as Rishi Sunak and Keir Starmer finished duelling at Prime Minister’s Questions today. Subscribe to Morning Call View all newsletters The quick and essential guide to domestic and global politics from the New Statesman's politics team. Sign up here Select and enter your email address Morning Call Quick and essential guide to domestic and global politics from the New Statesman's politics team. The Culture Edit Our weekly culture newsletter – from books and art to pop culture and memes – sent every Friday. The gap in dispatch box experience between Starmer and Sunak looks wider each time they meet.3 days ago New Statesman