Fraser McMillan 🌐

This is interesting from @LouHaigh in the online @thetimes - general perception in financial markets is that a post local election pivot by Labour would usher more spending, more tax - and a higher UK inflation premium (already visible in the Gilt market). Yet this piece speaks to a growth-enhancing supply side reform agenda - making capital & land swifter to be deployed and lowering their cost. Words are the easy bit, of course, but I’d argue this type of pivot (arguably because of the very real political constraints in delivering it) is not in the price at present.

BREAKING: Sources say Olly Robbins felt bound by the rules of the security vetting process NOT to tell the PM, No10 or the foreign secretary about the concerns raised about Mandelson That means it appears No10 WERE in fact unaware he had issues with his vetting And sources say in fact Mandelson DID NOT simply fail his vetting. Instead issues were raised and the FCDO security team and ultimately Robbins had to make a decision on whether to grant him DV clearance. It was their decision and there was no “overturning,” sources say As @SamCoatesSky reports via former security official Ciaran Martin, Robbins was prohibited from sharing information about what happened with anyone outside the FCDO security team Sources say the point of the vetting process is that it is extremely invasive and people who go through it must be confident they can tell the whole truth and not have highly embarrassing information about their personal lives leak or be spread around colleagues That means the circle of people allowed to know about what happens in each vetting case is very small and the information is highly privileged The decision on whether to approve Mandelson’s clearance, according to the vetting rules, is taken by a small team of FCDO security officials and ultimately Robbins, sources say Under no circumstance is Robbins or that team able to share the details of the vetting case with No10 or anyone else, sources say. Robbins felt he could not share it with any minister or private office, sources say It appears the PM and No10 were unaware of how these rules were perceived by Robbins and FCDO, and think he should have told them. Allies of Robbins think it is unfair he was sacked But crucially it appears right now that Robbins did not tell No10 and they were actually in the dark about all this until Tuesday. What an unbelievable mess

Sometimes you need to blame the voters — the UK has an acute housing shortage and the authentic preference of the population seems to be to not solve it. slowboring.com/p/its-not-bad-…