What was the aftermath of the Liability-driven investments disaster in 2022? Reliance on high discount rates, as illustrated by John Lewis’ pension fund.

Published on 4th June 2026

Introduction

The John Lewis pension scheme was hit with major losses in 2022. This was largely due to its exposure to Liability-driven investments, or LDIs. Covering the losses sucked in all of its listed investments, leaving the fund essentially as a betting vehicle – will the residual assets return the discount rate […]

A European Capital Markets Union remains light years away

Published on 3rd June 2026

Introduction

Banner headlines on 28th-29th May announced a major milestone towards the creation of an EU Capital Markets Union.

Unfortunately it is little more than a statement of intent, and it will take years to complete even the small steps outlined.

Announcement

Euronews’ version was typical of the way in which events were reported:

https://www.euronews.com/business/2026/05/29/eus-six-largest-economies-push-for-capital-markets-union

The press […]

Prospects for De-Dollarization – analysis in a presentation to a private business group

Published on 2nd June 2026

The consolidated scoresheet deriving from the analysis

Introduction

I recently made a presentation to a private business group in London entitled ‘Payment systems, the currencies they serve, and the prospects for de-dollarization’.

You can download the presentation here.

This was occasioned by various events and commentary: that several countries including Russia, China and India were […]

The Rokos School of Government – Cambridge University’s largest ever donation raises major issues around who formulates public policy and the power of the voter

Likely ouput of the Rokos School

Published on 14 May 2026, and as previously published on 12 May 2026 by Conservative Post

Introduction

Cambridge University recently announced a donation of £190 million for the establishment of ‘The Rokos School of Government’.

Its published aims are to ‘prepare future leaders to be able to navigate the ever-more-challenging demands of both […]

Hungary’s election result celebrated by UK Rejoiners – the euro, inflation, and higher EU membership dues beckon for Hungary itself

Published on 21st April 2026

Introduction

The UK’s EU Rejoiners have been quick to celebrate the landslide victory of Peter Magyar’s Tisza Party in the recent Hungarian election, displacing Viktor Orban, his EU-sceptic predecessor and bête noire of all progressive humanity.

This celebration is part of the chorus line encouraging the current UK government to rejoin the EU, […]

EU Reset means Rejoin, and that risks civil war

Published on 16 April 2026

This is my letter published in the Daily Telegraph on 14 April 2026, about the Labour Party’s plans for the so-called ‘Reset’ of the UK’s relations with the EU.

The number of subjects involved in this Reset is so large, and the degree of movement back towards the terms applicable to EU […]

Reeves has knifed Starmer by erasing the Brexit Red Lines, and he must sack her

Published on 19th March 2026 – my comments as published by the Daily Express on 19th March 2026 within the article that is headlined as pictured

Rachel Reeves gave her Mais lecture on Tuesday 17th March 2026 promising regulatory alignment with the EU as the norm rather than the exception.

That is both a major re-writing […]

Flatlining UK GDP masks a deep recession in the private sector

Published on 14th March 2026

The UK economy’s performance in January should not have come as such a surprise to numerous ‘economic analysts’.

November GDP was boosted by accountancy advice, as people tried to predict and mitigate the measures in Labour’s November 2025 Budget.

December GDP will have ticked up thanks to Christmas.

Now we are back in stable […]

UK government’s plans to track and de-risk its own ‘shadow debt’ show the costs of the Net Zero transition will be imposed directly onto businesses and consumers

Published on 25 February 2026 and as previously published on 17 February 2026 by IREF (as an Online Article on https://en.irefeurope.org)

Introduction

The UK Budget papers of November 2025 acknowledge the funding models through which the government plans to increase the liabilities of UK taxpayers.

These funding models are designed to circumvent the government’s borrowing the money itself […]

The UK’s and EU’s Net Zero policies threaten to destroy their economies in the face of Trump’s oil-led US revival at US$50-per-barrel

Published on 12 February 2026 and as previously published by IREF Europe on 10 February 2026 (within Online Articles on https://en.irefeurope.org)

Introduction

The US is on the move and the geopolitical scenario has moved quickly away from the certainties of the last ten to fifteen years. Oil could come down to a price well below US$50-per-barrel, […]