Financial Correspondent at The Telegraph. One of MHP's "30 To Watch" young journalists.
England
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Despite being publicly announced as ambassador, Mandelson delayed taking the job so he could give a paid talk on China with UBS.
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Mandelson worked with the deputy chief of staff at Number 10 to appoint a secret economic advisor for Starmer, who could "quietly second guess the OBR" and push back on the Treasury.
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Streeting tells Mandelson he is "toast in the next election", and that the government ahs no growth strategy.
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Mandelson appears to suggest Louise Haigh was appointed in full knowledge of her fraud offence.
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Mandelson met with the head of MI6 and the Director of GCHQ before his vetting was fully resolved.
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Interesting findings in the Mandelson files - a thread.
"Quite a bit of senior interest" in the vetting process of Mandelson, a civil servant appears to write to his people - "Not the details merely that it goes smoothly"
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This is quite a big deal re Venezuela bonds. JP Morgan Emerging Market Bond Index has increased V bond weighting yesterday, by 30bps.
That equates to a lot of forced buying (spread over months) that will likely see bonds head up to 60/70c.
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For the first time ever, Rolls-Royce's market cap has surpassed that of BP.
The vast majority of this is down to individual performance.
Though Trump factor - combination of tariffs + European rearmmament likely pushing both over the edge.
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🚨EXC: the state-owned British Business Bank funded a foreign-owned Cannabis lobbying group led by a former Conservative MP.
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Various factors are driving the delays, most of all is that fees for public audit are seen as uncompetitive compared to what can be earned in the private sector.
The gov has massively increased fees to private firms (which are responsible for the audits post audit commission)
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Wrote about a little-noticed feature of the crisis facing local councils at the moment. Just 1% of council accounts were audited on time last year and there are nearly 800 outstanding opinions at the moment
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There has been a clear fall in the number of properties bought in the UK through overseas entities since the introduction of the public registry.
From @aidthoughts, @dszakonyi and @fhollenbach fascinating paper:
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The whole Jho Low/Wolf of Wall Street debacle seems to be the tip of the iceberg when it comes to the illicit finance of major Hollywood movies:
latimes.com/entertainment-ar…
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Tornado Cash, the crypto tumbler blacklisted by OFAC last year, appears to be advertising on Twitter.
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Whoa - Wendy Morton attacks the idea of 8000 new homes being “dumped” in her constituency at #PMQs and @RishiSunak agrees that the green belt should be protected. It sounds like they’re both members of the Anti Growth Coalition…..
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First it was the bond markets, now its the betting markets. Pure carnage as Rishi up to 54%, Penny on 29% and Boris on just 12%.
Until it became clear Wallace wouldn't run, he was in the lead with +50% chance.
There was a time when Covid was good for data journalists. But now every time I try and make a graph it just ends up like this:
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@MadeleineCuff and I started looking at the collection a few weeks ago, to see whether their claims of sustainability held up after the CMA announced an investigation into ASOS, Boohoo and ASDA on allegations of green-washing.
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In 2019 ASOS announced it's Responsible Edition, a new collection of clothes that according to ASOS were "environmentally on point."
Excl: @ASOS quietly removed its 'Responsible Edit' for 'sustainable' shopping, ahead of @CMAgovUK announcement that it is under investigation for suspected greenwashing
By me & @tomjs (who did all the tech wizardry to discover this)
inews.co.uk/news/asos-quietl…
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5) And of course, the main story for many people outside of Ukraine is this, energy prices in Europe. Prices reached their highest point ever last week, due to Nord Stream 1 being closed for "maintenance".
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4) The story of inflation within Europe is quite varied and differs widely depending on how reliant each country is on natural gas. In France, where nuclear energy dominates, inflation has reached just 6.8% but in Netherlands, Spain and UK it has reached double digits.
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3) On Military support, a recent report from the House of Commons shows that the US continues to outstrip other countries in military assistance but the UK has committed almost as much as support as the entire EU EPF program.
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2) Data from UN-OCHA shows that the nature of border crossings out of Ukraine has changed vastly. Forced migration has meant that while in the first week of the war less than 100k Ukrainians crossed into Russia now millions have, more than any country bar Poland.
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🧵 The war in Ukraine, six months on in 📊📉📈:
1) Over six months, Russia has changed it's territorial ambitions moving from an all out assault to a drawn-out war in the south of the country.
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And looks like Psychology, Business, Sociology have seen largest numbers of new entrants compared to last year.
Interesting data on A-level results. Seems like girls have seen results fall by a considerably larger margin than boys across all subjects compared to last year:
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The Israeli government seem to be placing YouTube adverts about the group Islamic Jihad.
The YouTube redirects to this page: govextra.gov.il/foreign-affa…
Quite interesting to see the age distribution of cases as different variants and subvariants have dominated Covid-19.
With BA.5.1 this is just the second time that those under 19 have made up a minority of cases.
3/6 Researchers at Sheffield, in partnership with the Food Foundation, came up with the first local authority level data on food insecurty. Northumbria went even further, looking at the ward level.
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40°C weather in the UK will become more and more common due to global warming.
What was once a one in millennia event in the 1950s might happen once every five years or so under the worst-case scenario.
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Latest odds today show Penny Mordaunt vaulting into the lead for the first time. At least according to the betting markets the competition is thinning with only three candidates: Sunak, Truss and Mordaunt above 10/1 odds
4) Intake
Despite Kemi Badenoch being a younger candidate, she actually hasn't had too many endorsements from the 2019 intake.
Rishi and Penny lead on this in terms of quantity but a larger share of Tom's endorsements is from 2019+
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3) Government experience
Tom Tugendhat is also a favourite of backbenchers, (70% of his endorsements) while Jeremy Hunt is unsurprisingly a favourite of those who were in government but aren't anymore.
Just one person in a government position has so far endorsed Penny!
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2) Gender
Less to say here, although it's notable that both Jeremy and Suella have only received one endorsement each from women.
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