Elon Musk’s SpaceX has launched the largest ever public offering of stock today, selling $75 billion worth of shares. SpaceX emphasised its remarkable achievements in its IPO filing: ‘We are the primary launch provider for the US government. In 2025, we launched 11 of 12 National Security Space Launch (‘NSSL’) medium and heavy lift missions […]
Defence spending needs to be materially higher. It is now 2.3% of GDP. Yesterday, the Prime Minister announced an increase to 2.5% of GDP by 2027, paid for by a cut in overseas aid, and that it would rise to 3% over the next decade. This reflects the changing geopolitical landscape and US pressure for […]
Every year, I eagerly await a report that confirms what I see before my eyes. KPMG’s ‘Illicit Trade in Tobacco Report’ is a beast of research, conducting in-person ‘pack-surveys’ (where packets of tobacco, whether to be rolled or already neatly packed into paper, are surveyed to find whether they are legally bought or smuggled, counterfeit […]
Britain’s national debt is on course for £3 trillion this year. Servicing it costs £30 billion a year at 1% interest and £150 billion at 5%, near where long-dated gilts have recently been trading. That’s a number so big it almost becomes meaningless. So, let’s try another way: it’s about the yearly gross pay of […]
The World Cup starts today and for the first time in over 30 years it is being held in North America. Not only is this exciting news for football fans, it should also be of interest to free trade enthusiasts, as the last time it was held there the North American Free Trade Agreement (NAFTA) […]
September 2023: what a time that was to be alive. Aerosmith began their final ever tour, Kim Jong-Un arrived in Russia for an audience with Vladimir Putin and Rupert Murdoch stepped down from the boards of Fox and News Corp. It was a good month for news. Yet that month another turning point in world […]
In the leafy district of Bassetlaw, council officers want to get tough. Although not in the way you might expect. Last Wednesday night, local politicians weren’t discussing bins, planning or district improvement projects. Instead, they busied themselves going after the humble ‘cake shed’. In recent months, a baked-goods revolution has swept the nation. Stalls have […]
On July 27, 2025, the US President Donald Trump invited the President of the EU Commission Ursula von der Leyen and other top EU officials to his golf course, Trump-Turnberry on the West Coast of Scotland. Their meeting sealed a trade deal, which von der Leyen described as ‘huge’, but which critics described as a […]
June 4 marked the 37th anniversary of the Tiananmen Square massacre. It has been a long time since the China of reform and opening-up gave way to one of the strangest regimes of our age: a country with the political freedoms of the Soviet Union but economic power approaching that of the United States, capable […]
After the Government’s timid attempt to slow the growth of welfare spending collapsed under pressure from its own backbenchers and disability activists, ministers needed a way out. Their answer was to agree to the Timms Review of Personal Independence Payment (PIP) ‘co-produced’ with disability groups. It never stood a chance. With a steering group overwhelmingly […]
Sweden is often held up as a role model for those wishing to expand the size of government around the world. But rather than being proof that socialism works, the Swedish experience is in fact evidence for the benefits of free markets, limited taxation, strong societal norms and robust financial institutions. Sweden historically pioneered many […]
The UK government is giving tech companies three months to activate on-device content scanning and age verification across all smartphones and tablets sold in Britain – or face fines and potentially criminal liability. Framed as a child safety measure, the proposal has drawn fierce criticism from privacy advocates, civil liberties groups, and free speech lawyers […]
With Donald Trump back in the White House, tariffs have become front-page news, and advocates for free trade find themselves on the back foot. Is this a passing phase, or a permanent shift? Soumaya Keynes and Chad Bown argue that with great powers now using trade as a weapon, there can be no simple return […]
From the progressive left to the nationalist right – in Washington or Westminster – a new consensus is forming. It argues that government should play a larger role in the economy, and that using industrial policy to achieve the economic outcomes we want is just common sense As president of the American Institute for Economic […]
Britain is paying more to borrow than any other major Western economy. So why is Labour preoccupied with internal power struggles? In a special live address, Shadow Chancellor Mel Stride delivers his account of Britain’s fiscal predicament and the Conservative Party’s plan to fix it. Our borrowing costs are the highest in the G7, higher […]
Keir Starmer is fighting for his political life. The bond markets are watching — and they have a long memory. Kallum Pickering, chief economist at Peel Hunt and columnist for The Telegraph, joins CapX editor Marc Sidwell for a lucid diagnosis of what is really going wrong with the British economy, why the markets are […]
When a business raises capital, it buys equipment, expands its operations, and hires people. That’s how investment becomes jobs. But the United Kingdom has ranked in the bottom quartile of advanced economies for private capital investment every year since 1995. The gap with our peers runs to roughly £100 billion annually. A new report from […]
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Every year, I eagerly await a report that confirms what I see before my eyes. KPMG’s ‘Illicit Trade in Tobacco Report’ is a beast of research, conducting in-person ‘pack-surveys’ (where packets of tobacco, whether to be rolled or already neatly packed into paper, are surveyed to find whether they are legally bought or smuggled, counterfeit […]
Britain’s national debt is on course for £3 trillion this year. Servicing it costs £30 billion a year at 1% interest and £150 billion at 5%, near where long-dated gilts have recently been trading. That’s a number so big it almost becomes meaningless. So, let’s try another way: it’s about the yearly gross pay of […]
The World Cup starts today and for the first time in over 30 years it is being held in North America. Not only is this exciting news for football fans, it should also be of interest to free trade enthusiasts, as the last time it was held there the North American Free Trade Agreement (NAFTA) […]
Elon Musk’s SpaceX has launched the largest ever public offering of stock today, selling $75 billion worth of shares. SpaceX emphasised its remarkable achievements in its IPO filing: ‘We are the primary launch provider for the US government. In 2025, we launched 11 of 12 National Security Space Launch (‘NSSL’) medium and heavy lift missions […]
September 2023: what a time that was to be alive. Aerosmith began their final ever tour, Kim Jong-Un arrived in Russia for an audience with Vladimir Putin and Rupert Murdoch stepped down from the boards of Fox and News Corp. It was a good month for news. Yet that month another turning point in world […]
June 4 marked the 37th anniversary of the Tiananmen Square massacre. It has been a long time since the China of reform and opening-up gave way to one of the strangest regimes of our age: a country with the political freedoms of the Soviet Union but economic power approaching that of the United States, capable […]
It’s only on the basis of truth that power should be won – or indeed can be worth winning. Margaret Thatcher, 1996 It is a hundred years since Margaret Thatcher was born in Grantham. Fifty years since she took over the Conservative Party. Almost 35 years since she was forced from office. Today’s voters are […]
If you have argued in favour of market-based solutions in some area of society which is under government control, you may have received objections along the lines of ‘I don’t believe the market can handle X’, ‘companies only look at the short term’ or ‘companies are motivated by greed and cannot be trusted to handle […]
Should universities have a say before speakers are excluded from the UK? The Government has cancelled the Electronic Travel Authorisation (ETA) of a controversial left-wing US political commentator, in a move that prevents him from appearing at one of the UK’s oldest debating societies and raises renewed questions about broad and discretionary powers used to […]
Admired for his reformist approach to the NHS, Wes Streeting is generally seen as the most market-friendly figure on the British Left. Yet his call for social media companies to be treated like tobacco businesses reminds us that even the best of a bad bunch can still be pretty awful. After resigning as Health Secretary, […]
I walked the dog recently along the Thames Path, around the source (or one of the sources, so as not to cause a fight) of the River Thames. This time of year, much of it is all dried up, and you can walk along the bed of what in the winter is full-flowing river. Wondering […]
Britain stands at a rare strategic inflection point, embrace AI or continue on a path of sluggish economic growth for the foreseeable future. The International Monetary Fund recently forecasted that the energy shocks from the Iran war will hit the UK the hardest of the world’s advanced economies, cutting its estimates for UK growth this […]
In the year we celebrate the 250th anniversary of Adam Smith, we must also celebrate the idea that the wealth of nations and the free, fair exchange of goods and services are intricately connected. This idea is what made Britain one of the wealthiest countries in the world and – with one in three pounds […]
It’s only on the basis of truth that power should be won – or indeed can be worth winning. Margaret Thatcher, 1996 It is a hundred years since Margaret Thatcher was born in Grantham. Fifty years since she took over the Conservative Party. Almost 35 years since she was forced from office. Today’s voters are […]
If you’re under the age of 53, no human being has ever left low Earth orbit in your lifetime. Just nine spaceflights, all under the Apollo Program, took human beings beyond Earth orbit at all. And they all took place in a four-year burst between December 1968 and December 1972. Tonight, NASA attempts to change […]
There is much discussion right now about the dysfunctionality of UK politics. This goes beyond complaints about the policy incoherence or ineffectuality of any particular government, whether that be the current one or its Tory and Coalition predecessors. Rather, there is a growing feeling that the political system itself, the whole process of politics, no […]
Ten years ago, the EU referendum created two new political tribes: Leavers and Remainers. As Sara Hobolt and I show in our new book ‘Tribal Politics: How Brexit divided Britain’, both tribes are very much still with us. Even today, about 60% of people in Britain identify as a Remainer or a Leaver, and people’s […]
‘Isn’t it time we stopped talking about her?’ Fifty years since Margaret Thatcher became leader of the Conservative Party, her face, and even some of her iconic outfits, were all over this year’s party conference. Not everyone was happy about that. Hot takes and tweets grumbled about it being time to move on, to pack […]
