Author: Matthew

Recent Substack posts

I’ve not been posting my Substacks regularly here, so this is a catch up.

  • Criticising the Israeli government is not usually antisemitic. 28 September 2025. I reacted to an infographic trying to suggest that pretty much all criticism of Israel was just that.
  • The eclipse of Britain’s major parties. 27 October 2025. I look into the remarkable collapse of Labour and the Conservatives, following the Caerphilly by election. Unfortunately none of the many competing parties are yet ready to promote a tough economic message.
  • What is behind the world financial bubble? 11 November 2025. In today’s post I suggest that the high valuation of shares, Bitcoin, gold and even government bonds is a sign of excess liquidity – i.e. loose monetary conditions. It may not end until these loose conditions tighten – which could take some time. And then what?

The crisis in politics is about the ineffectiveness of government not lack of growth

The lack of economic growth in Britain and elsewhere is a recurrent theme for those trying to explain public dissatisfaction, and especially the nationalist-right backlash. It is hoped that this backlash can be addressed by finding ways to return to economic growth. This analysis is completely off-point when it comes to the nationalist-right, which is driven by a reaction against pro-growth policies. It is also a diversion away from a shocking lack of effectiveness in government – which will be hard to address.

My latest Substack

Britain’s fiscal plight stems from excessive caution

My latest Substack tries to take a step back from the chatter around the next budget, and look at the fundamentals of fiscal policy, which the current debate muddles. I suggest that a bolder approach to tax reform might present a stronger narrative than the desperate scramble to comply with self-imposed fiscal rules. Perhaps personnel changes at the Treasury and the Prime Minister’s office will aid this?