A round-up of the week and what next
Boris review + future of levelling up + transitions + Cam Norrie
Afternoon everyone. I wanted to quickly round-up the most interesting things I have seen on Boris Johnson’s resignation but also look at some of the key economic, financial and business decisions that a new prime minister will have to take, which is what really matters to most households and businesses across the country right now:
Firstly, some interesting thoughts from Andrew Marr in the New Statesman on who will replace Johnson. Rishi Sunak and Sajid Javid would “probably be unstoppable” if they collaborated, this piece says, and don’t expect an early election before 2024. Politico also has a comprehensive run-through of the candidates here. Furthermore, the former Downing Street adviser Jimmy McLoughlin has written an insightful piece saying that names to watch in terms of who they support include Gavin Williamson, Nigel Adams, and Brandon Lewis. He says it wasn’t clear at all that Johnson would succeed Theresa May when that leadership battle started in 2019, so get ready for surprises. That piece is here.
There are lots of colour pieces around on the drama of the last week. Check out Sarah Vine on the dysfunctional relationship between Michael Gove (her ex-husband of course) and Boris Johnson here.
This chart from the Institute for Government shows the chaos of the week in graphical form. It tracks the ministerial resignations under different prime ministers…
I can’t help but think there is an interesting message in the different front pages of the new issue of The Economist - that the UK needs to quickly move on and get back to focusing on the big global issues. The front page of the UK edition carries the headline “Clownfall” and is about Johnson’s resignation. The front page in Asia is headlined “Who’s afraid of Tiktok?” and flags an article on the concerning influence of the Chinese social media app…
The Office for Budget Responsibility, the government’s fiscal watchdog, delivered a clear and immediate warning to Boris Johnson’s successor yesterday. It said that tax cuts could make inflation worse and that the UK’s public finances are on an “unsustainable path”. Speaking as the OBR published its annual fiscal risks and sustainably report, Andy King, a member of the OBR’s Budget Responsibility Committee, said of tax cuts: “If they are financed by greater borrowing, it puts more pressure on and arguably comes with additional risks in an economy that is running with high inflation.” The Times has a run-through of the report here.
However, with winter looming and another increase in the energy price cap coming in October (potentially pushing bills up by another 50 per cent), there is no time to waste for households. National Grid, remember, has already warned that factories could have to ration their energy usage this winter. Martin Lewis, the consumer champion and founder of Money Saving Expert, has been stressing the urgency of the situation on TV this morning…
