UK Sectoral Balances - Apr 2026
Sectoral Financial Balances for the UK as a % of GDP, smoothed over a year
The Fig Leaf Economy: How Minimum Wage Tiers Mask A Failing Market
The National Minimum Wage has become a rationing mechanism rather than a floor. By clinging to age-based tiers, the UK masks a systemic failure where the private sector no longer rewards experience.
Capital Constraints and Equity Dynamics in Agent-Based Banking Models: An Automated Assessment
Agent-based banking models impose hard capital constraints and lack market-priced equity issuance, overstating credit rationing relative to empirical evidence on proactive seasoned equity offerings.
In Reality, UK Borrowing Costs Have Gone Down
A ‘bond crisis’ is upon us, apparently. Break the usual framing and the opposite emerges: borrowing costs have fallen, and the ‘crisis’ is seen for what it is - manufactured panic serving particular interests.
Sophistry or Shibboleth? - "Currency Collapse"
Currency Collapse is Codswallop. Why the Currency Crisis Crew have it backwards, yet again.
The Confidence Issue
Why I think that Starmer is going to be staying exactly where he is for the foreseeable future
Not Only Can We Ignore the Bond Market, We Must
The gilt market is mendicant, not master. Why we must stop our devotion to an empty throne and remove this phantom veto on democracy.
The Minimum Wage Jobs Framework
The Minimum Wage Jobs (MWJ) Framework is the most operationally efficient version of a Job Guarantee for the United Kingdom. It achieves the dual objective of a modern stabilisation system: eliminating involuntary unemployment while providing a permanent anchor for inflation.
A Modern Metaphor for the Economy: From Household Budget to Electric Motor
Big government or small? Physics doesn’t care. Why the economy is an electric motor, and why “balancing the books” is the wrong way to drive.
It's Time to Nuke the Bond Market
Why sovereign democracies must dismantle the mythology of ‘bond vigilantes’ to restore political agency