Just got up! Patrol gets his head in front of Wanderlust in the final strides at @NewcastleRaces... @_jackcallan_ @dylancunha_uk

“The fasten seat belts sign is on”. This is a message I received early this morning from one of the UK’s most experienced, savvy and respected financial traders. Someone I have come to know and trust for the last 25 years. 10-year bond yields are now almost 4.5pc - up some 50 basis points over the last month. 30-year yields this morning went above 6pc - a 28-year high. Yet the UK’s political and media class continues to focus on party posturing and folksy rhetoric, ignoring the slow-motion disaster that has been happening on the UK’s sovereign bond markets for at least the last 18 months - a disaster that will inevitably, unless we drastically change course, turn into a fully blown market meltdown. At that point, the UK government won’t be able to borrow enough money to finance our already spiralling debt interest bill. Britain’s financial management will be taken over by overseas technocrats - that will be the condition of additional borrowing, to maintain the basic functions of the state, as happened in Greece and Italy back in the early 2010s and here in Britain 50 years ago this year (when we were forced in 1976 to apply to the IMF for a bailout). The austerity then imposed on Britain would make 2010-2019 feel like a picnic - far, far worse than it would be if we took serious action now to control our public finances. Lower-income households would suffer most - and there would be serious damage done to the UK’s already rapidly-fraying social fabric …. I have been warning about these looking fiscal dangers publicly, in my newspaper columns and elsewhere, since at least early 2024. Doing so hasn’t been easy or fun. I have been dismissed and derided by numerous economists, “economists”, officials and policymakers - as well as lots of journalists. I absolutely don’t want a disastrous 1976-style outcome - which is why I’ve taken the blows and issued the warnings. The state is too big. Public spending is out of control. Our fiscal rules are a convenient nonsense - designed to kick the can of financial reality into the future. We need to get real … and take bold action to tame the growth of spending, push back a now totally over-bearing state and snap the British economy out of today’s high-tax-high-borrowing-low-growth doom loop - the result of myopic, counter-productive policy-making by successive governments for the last decade and more … Other prominent economists who agree with me - ie who are financially-literate, can read a yield curve, have a passing interest in economic history and who understand the dangers of some 80pc of UK government borrowing going on debt interest as it currently is - need to chuck “career risk” in the bin, and start saying publicly what so many of them have, for quite a while now, only had the bottle to say to me in private … Remember: “The fasten seat belts sign is on”

Yesterday, I spoke with ITV Meridian and shared my ‘message to the PM’ for their piece: the Government must keep backing international rail to deliver good growth in every postcode across our region.

This morning, I spoke with Ian Collins on TalkTV about my priorities for this Labour Conference and the positive changes I would like to see for working people in Ashford, Hawkinge, and the Villages.

𝐖𝐞 𝐚𝐫𝐞 𝐠𝐨𝐢𝐧𝐠 𝐮𝐩! 🏏

AI safety expert Roman Yampolskiy says there’s a serious argument that we may already be living inside a simulation. 😳

This appearance meant more than most 🥹❤️ Australian rugby league player Jai Arrow had retired after being diagnosed with motor neurone disease, just two games short of 100 appearances for his club, South Sydney Rabbitohs. His club secured special approval for him to start their final two regular-season matches, coming off after the opening seconds. Even the opposition clubs backed it. And this is the moment he reached his 100th. When you’ve spent years sharing a dressing room with the lads, walking out alongside them becomes something you almost take for granted. I can only imagine what it meant to Jai to pull that shirt on and join them again. So pleased he got to have this moment with his club and his family. Class from everyone who made this happen 👏 (🎥: nrlonnine)

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