John Redwood's Diary
For freedom and prosperity
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Latest posts
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Another steel nationalisation. What will it cost?
The government has been paying 85% of the wages of 1300 steel workers previously employed by Speciality Steels UK. They are on furlough with their works closed. The company is in the hands of the Official Receiver. The government announced in September that it is proposing to…
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Why does the UK establishment revel in getting it wrong?
The UK governing establishment can be both wrong and nasty to anyone who dares to suggest a different way of thinking. I seek to change their approach to inflation, growth, energy and public sector management. In order to do so I have to argue within narrow parameters they lay…
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Energy policy turns a little towards commonsense
One cheer for the government approving the Jackdaw field. We need the gas, We need the well paid jobs. We need the tax revenue. It will mean less world CO2 as imported LNG which home gas will replace generates much more CO 2 when compressed, transported and regassified. One and…
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Based on my IEA article about nationalisation and the 1970 s
The government’s economics are being derived from the bus industry of Manchester. The Mayor took control of bus services and directed them from the centre. Copying the London model local government takes the fare revenue, sets the fares and dictates the pattern of services.…
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Speech in Lords on war and peace
There is no more important topic; the world would be a much better place if there could be peace in places today torn by war, with the damage, destruction, and the violence that brings. I agree with a lot of what the noble Lord said about the opportunities for the United Kingdom…
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Budget just means more tax,spend, borrow
The budget boosted spending again, taking the 2027-8 total up to £1504 bn from £1416bn this year. That’s another increase of £88bn. Borrowing was up again to £146.1 bn . The need to also borrow an additional £166.5 to roll over retiring debt takes the total bond issue nesxt year…
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What to expect in the Budget
The main aim is to check out the budget judgement. The starting point is the 2025 Budget forecast for 2027-8, with the Rachel Reeves £164 bn increase in spending, £66bn of extra tax rises and £ 98bn of extra borrowing added to the outgoing Conservative government plans for…
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British Steel. The losses keep coming
Yesterday I asked the government for an update on British Steel. Because I thought after 18 months of state control we were due a better assessment of the problems and signs of a plan on how to solve them I gave the Minister advance notice of what I would ask so he could get the…
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The Chancellor finds his flexible friend to spend and borrow more
The budget will be full of extra borrowing as the government tries to find ways to boost GDP through bigger spending programmes and additional public sector investment. John Healey inherited plans from Rachel Reeves to spend £145 bn more and borrow £97 bn more in 2027-8 than the…
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Jaguar Land Rover lose a customer
For more than 30 years I have owned a Jaguar or Land Rover car, often buying a new replacement. This year when I planned to replace my Range Rover Evoque with a new one I found in negotiation with a local official dealer they could no longer supply one with the three main…
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So why does the government want us to stock up for disaster?
In the case of each kind of event the government thinks might need us to keep some tins of food and some water in the store cupboard it is the government that should be taking action to prevent the event from happening. If it’s hostile countries or terrorist groups disrupting…
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My IEA article on the collapse of the UK car industry
Two collapses of the UK car industry Car output in the UK over the last century has been subject to two major crashes. One was in Mr Burnham’s much loved 1970s. The other is happening this decade. Output peaked at 1.92 m vehicles during 1972, our last year before entering the…