
UK Wealth, Editor at large, Bloomberg. Ex Ed in C @Moneyweek. Ex Columnist/Contrib Editor @FT Opinions personal. NED: THRG and Schroder https://xitter.cf/t.co/ojIBNzZwBO #SharePower
Joined August 2010
- Tweets39.8K
- Following2.4K
- Followers66.5K
- Likes9K
Pinned Tweet
Stop being polite to your AI agent. No more please and thank you. It's a machine not a person. Treat it like one. This really matters (for the future of humanity...) bloomberg.com/news/newslette…
Merryn Somerset Webb retweeted
£89bn a year. £244m a day. £1,300 per person.
That’s Britain’s debt interest bill alone.
The IEA’s Alternative Budget sets out how simpler taxes and tighter spending could help tackle the problem. But even with these reforms, Britain would still be borrowing just to pay the interest by 2030 - 31.
Just noticed this from Gavekal: the French "adjusted" Misery index is "flashing red at a fairly terrifying 16." You are mostly supposed to worry when the index (unemployment plus inflation) hits 10.
Merryn Somerset Webb retweeted
Is deeply odd this profusion of people mocking the idea that people having basic supplies - food, water, some cash, wind-up radio - is somehow silly, a joke or weird. In countries such as Finland and Sweden this is absolutely standard, part of their “total defence” doctrine.
'You're so wrong!'
Should we prepare for potential food shortages and power cuts, or is it the Government’s job to protect us?
@IainDale, @Martha_Gill and @CarolineFlint debate.
Merryn Somerset Webb retweeted
For this week's @MerrynSW Talks Money market wrap, @SamUnsted joined me from the Markets Today blog, to discuss when the ECB might step in over France, to ponder why gilts are playing nicely for once, and to discourse on neoclouds. Gallouises optional podcasts.apple.com/gb/podcas…
Amazing stats (unless it is welfare fraud of course...see the correlation in the Blue Zones). There were an estimated 645,000 people aged 90 or over in England and Wales in 2025 – up 55.2% in 20 years. ons.gov.uk/peoplepopulationa…
The Greens get madder and madder. They now want it to be taught to children that being in a polyamorous relationship is no better or worse than being in a normal one. For who I wonder? thetimes.com/uk/scotland/art…
In light of the government's apparently new idea that you should have 3 days of supplies in hand in case of cyberattack, terrorism or the inevitable results of their appalling energy policy... a column on how actual physical cash is a MUST HAVE too. bloomberg.com/news/newslette…
V important podcast - as rotation from tech to non tech gets going. Are you sure you know what's in your ETF? Did you it probs isn't either passive or diversified? Did you want to be a tech momentum investor (momentum goes both ways..)?bloomberg.com/news/articles/…
Merryn Somerset Webb retweeted
Coincidentally the average British worker has seen his taxes rise from one of the lowest rates in the OECD to one of the highest rates
In just a few years
Replying to @YouGov
Increasing public preference for tax and spending cuts is primarily driven by 2024 Tory and Reform voters
% saying govt should decrease taxes and spend less on public services
Reform: 50% (+16 from Jun 2025)
Con: 44% (+21)
Lib Dem: 17% (+6)
Lab: 14% (+6)
Green: 10% (+4)
yougov.com/en-gb/articles/55…
Shocking shocking shocking. The U.K. establishment is a mess.
My @thetimes column: An incredible tale of how an ancient royal charter charity founded to look after London’s bridges was hijacked by left-wing causes
We may not have feral youth on the street, but make no mistake: this is looting
With @lfg_uk
times-comment.com/3b6d00ae
Shocking shocking shocking. The U.K. establishment is a mess.
My @thetimes column: An incredible tale of how an ancient royal charter charity founded to look after London’s bridges was hijacked by left-wing causes
We may not have feral youth on the street, but make no mistake: this is looting
With @lfg_uk
times-comment.com/3b6d00ae
Read. And worry.
Official figures out this morning report that last month, the UK government borrowed £24.5 billion.
But the fineprint shows that almost £11 billion of that extra borrowing went on debt interest payments.
That's more than £400 per household on debt service costs, in September alone.
So far during this financial year, from April to September, the government's debt interest payments amount to £61 billion.
Now, this number will barely feature in UK newspapers and across our airwaves. It may be mentioned in passing in out-of-the-way business sections, or on the odd business bulletin.
But this huge debt interest bill won't register with the vast majority of our political and media class, or impact the national debate.
Let me explain why that's so wrong and so dangerous ...
£61 billion is a massive amount of money.
It's equivalent to the UK's entire annual defence budget – the money we're paying, increasingly to foreign creditors, simply to service our national debt for six months, not to pay any of it back.
£61 billion is equivalent to the money you'd raise over a year from adding a whopping 7 pence to the basic rate of income tax.
For £61 billion, you could build around 40 large, state-of-the-art hospitals, or employ more than 100 thousand extra nurses for ten years.
£61 billion would pay for free-at-the-point of use social care for everyone who needs it in the UK, for an entire year – three times over.
Again, this is the debt interest bill on Britain's spiralling national debt – now more than 3 trillion pounds – over the last six months alone.
The UK's public finances are close to meltdown – yet so many MPs and journalists continue blithely to view ever more public spending and borrowing as the answer to every problem.
Those who highlight the dangers post by our hugely precarious national accounts are dismissed as cranks, ideologues or worse.
But basic arithmetic has no ideology.
And there is nothing "progressive" or "kind" or "right-on" about driving the UK ever closer to the fiscal cliff edge, provoking a crisis that will make the "austerity" years of the 2010s feel like a picnic, a crisis in which poorer households will suffer the most.
Yes, Britain's national debt is lower than that of France. But because our borrowing has been rising so sharply, and because we're so prone to inflation, our debt service costs are much higher.
The UK is spending a disgraceful 3.6pc of GDP on public debt interest, while France spends less than 2.5pc.
Endless airtime and column inches are devoted to spurious conversations about a billion or two of additional "fiscal headroom" we may or may not have in three years' time.
And, of course, any "extra headroom" is immediately pledged in new spending – which means yet more borrowing.
These conversations are a waste of time – and, in fact, are deeply counterproductive. Three-year fiscal forecasts, even one- and two-year forecasts, routinely turn out to be askew by tens of billions of pounds.
I'm not saying we don't need fiscal rules - we do, but we need more immediate rules, which actually bite, acting as a meaningful constraint on out-of-control borrowing and spending.
Instead, political and media sages present the nation with spuriously precise discussions about fictional fiscal outcomes way into the future – using rules which are deliberately designed to kick arithmetic realities into the long grass ....
An increasingly expensive, over-bearing, out of control state is not the answer to Britain problems.
But unless we change course, it will certainly be our downfall.
Please like/share if you think what I'm saying is important – and if fiscal realities should feature more prominently in our national debate.
And for more sharp, plain-speaking economic analysis subscribe to:
"When The Facts Change - economic and politics in a fast-moving world, with Liam Halligan"
Fascinating. What's changed in Scotland?
This is important - the latest huge MRP poll has Restore Britain ahead in more Scottish constituencies than both Reform or the Tories.
Restore Britain - 21
Conservatives - 13
Reform - 12
Tie - 11
Edinburgh, Glasgow, Motherwell, Midlothian, Dunfermline, Renfrewshire, Rutherglen, Inverclyde, Cowdenbeath and Kirkcaldy, Coatbridge and Bellshill and more.
Incredible progress.
We have the second largest party membership in Scotland, and are now polling ahead of both the Tories and Reform in terms of seat performance.
This is remarkable.
Restore Britain is now the second largest party in Scotland, and the largest party on the right - bigger than both Reform and the Tories.
Scottish patriots finally have a genuine alternative.
Merryn Somerset Webb retweeted
You would have thought less carbon intensive gas compared to imported LNG would be welcomed by environmentalists.
It is economically rational and environmentally sound to supply the UK’s ongoing gas demand through the lowest carbon-emitting sources.
Merryn Somerset Webb retweeted
To make this chart even clearer: from 2001 to mid-08, real annual wage growth averaged 2.3%. From mid-08 to late 2014, real wages fell by 1.1% annually on average. And from late 2014 to now, real annual wage growth has averaged 1% (and been more volatile).
If you want to know why folk in the UK seem to be grumpier than they were before the 2008 financial crisis, a chart of real wages goes a long way. Prior to 2008, real wages rose consistently and strongly. Since then? Sporadic and unpredictable.
bloomberg.com/news/newslette…
Merryn Somerset Webb retweeted
UK inflation, Sep '26: on the punchy side (PPI stronger too)
CPI: 3.5% (BoE tgt 2%), vs 3.4% forecast. (Aug was 3.1%).
Core CPI: 2.8%, vs 2.8% forecast. (Aug 2.6%).
RPIX: 3.9% (old BoE tgt, 2.5%), no forecast. (Aug 3.3%).
If you think about the cost of immigrant workers in the care system in terms of wages plus long term welfare/benefits for them and family with ILR....it might be significantly more financially efficient for the state to top up care worker wages to the extent that our unemployed fancied it. No one's that into it for 20k. What about 50k? 75k?




















