Mark M Bathgate

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Mark M Bathgate

Mark M Bathgate

@m_bathgate

Politics and Financial Markets 🌍 Occasional columnist.🌲 “While our feet have been planted on the ground, our eyes have been turned towards the stars”

London, EU and Global Katılım Kasım 2018
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Mark M Bathgate
Mark M Bathgate@m_bathgate·
This is one of the most astute pieces I’ve read on why the foundations of the UK economy are not working. Well worth a read.
Clive Lewis MP@labourlewis

“When the foundations are extractive, everything built on top is expensive.” Govt economic policy has to change and change rapidly. Any review on energy has to consider public ownership as an option. Here’s why: This isn’t just about a bad year or a temporary spike. It’s not something we fix with another sticking plaster or short term rebate. This is structural. For 40 yrs we’ve treated the basics of our economy as assets to sweat, not foundations to strengthen. Energy, water, transport, housing, even parts of our food system have been organised around extraction first, production second. When the foundations are extractive, everything built on top is expensive. High energy prices don’t just hit families trying to heat their homes. They hit factories, pubs, farms, small manufacturers. They feed straight into food prices, rents and transport costs. That’s why the cost of living crisis & the cost of doing business crisis are the same crisis. You can’t build a serious manufacturing base on top of an energy system designed to reward volatility. You can’t have food security when water companies are loaded with debt and paying out dividends. You can’t grow regional industry when transport is fragmented and overpriced. You can’t ask small firms to invest when commercial rents are inflated by land speculation. Tinkering won’t cut it. Price caps without structural reform just socialise the risk and privatise the reward. Short term subsidies ease the pain but leave the model untouched. Industrial strategy without control over energy costs is industrial strategy with one hand tied behind its back. If we’re serious about growth and renewal, we’ve got to talk about democratic control of the basics. Not control for its own sake. Control that lowers the cost of capital. Control that aligns investment with long term public need. Control that treats water, energy, transport, housing and food as the infrastructure of prosperity, not chips in a global casino. A Productive State doesn’t micromanage everything. It does something more important. It shapes the rules, owns or co-owns the natural monopolies, and makes sure essential services run at cost plus resilience, not cost plus maximum extraction. Right now we’ve got manufacturers paying some of the highest industrial energy prices in Europe. Households squeezed. Government spending billions managing the fallout instead of fixing the cause. Every time we patch instead of reform, we lock in higher structural costs. For families. For firms. For the state. The business groups are right to worry. But we won’t fix this by begging for another relief scheme. We fix it by rebuilding the foundations. Energy priced for production, not speculation. Water run for resilience and public good, not dividend flows. Transport integrated to support growth. Housing treated as infrastructure, not a tax shelter. Food supply anchored in security, not fragility. Until the basics are under far stronger democratic guidance, the cycle carries on. Higher bills. Higher business costs. Lower investment. Lower growth. That isn’t fate. It’s a policy choice. And we can choose differently.

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BBC Newsnight
BBC Newsnight@BBCNewsnight·
"It's got an outlook that is bad, very bad or extremely bad." The FT's Gillian Tett gives her take why the IMF has downgraded global economic forecasts, with UK being one of the hardest hit. #Newsnight
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Brad Setser
Brad Setser@Brad_Setser·
Going into the current conflict, the Saudis were borrowing $100b a year from the rest of the world (that's a form of reverse petrodollars so to speak) 2/
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Mark M Bathgate
Mark M Bathgate@m_bathgate·
@g__j Why do you never mention hydro? Cheapest and cleanest renewable of all. And the reason why norways has electricity prices at 25% of uk levels
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Greg Jackson
Greg Jackson@g__j·
This post is bang right on one thing - you buy a wind turbine or solar panel and you have power for 20 years. No one can hold you hostage and you don’t have to keep paying. If you buy a barrel of oil or a cubic meter of gas it’s gone the moment you use it. Renewable energy is there for decades. Fossil fuel is disposable. It’s a subscription product from very unreliable providers.
Stokdog@stokdog

Renewable is a lie. Wind & solar hardware is non-renewable garbage. Build once for trillions. Works ~20 years if you're lucky. Then dead. That's your "green" future. ONE BIG SCAM. Hit ♥️ if you agree

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Mark M Bathgate
Mark M Bathgate@m_bathgate·
@IanMurrayMP Maybe explain “blast zones”. As hmfc shows, essential companies with too much debt can be fixed.
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Ian Murray MP
Ian Murray MP@IanMurrayMP·
It was first in my in-tray too as Scottish secretary but it was simply too late as Tories & SNP done nothing to prevent closure. It suddenly became of interest to SNP & Tories after the ‘24 Election. Charlatans that sat on their hands. We’ve delivered nearly £500m in response.
Michael Shanks MP@mgshanks

Day 1 as Energy Minister Grangemouth was the first thing in my in-tray. The Tories had done absolutely nothing despite knowing the issues. No plan. Not even a call to the Scottish Government. In 13 years not a single meeting with all of the UK's refineries. A shameful record.

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Mark M Bathgate
Mark M Bathgate@m_bathgate·
@ret_ward Nonsense. Importing carbon fuels rather than using our own increases carbon emissions and will continue to do so as long as we need them: have a look at the funnel on an oil or lng tanker belching out pollution if you don’t believe me.
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Bob Ward
Bob Ward@ret_ward·
This is nonsense. Even if the U.K. reaches net zero alone it would not stop climate change impacts in the U.K. The U.K. needs to be part of a global effort to reach net zero, and setting an example by leaving our remaining expensive North Sea reserves in the ground.
Merryn Somerset Webb@MerrynSW

John Swinney reverses view on North Sea drilling. Notes that real test for emissions should be whether it is better than importing the same full. Finally..platitudes have properly met physics.

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Akshat Rathi
Akshat Rathi@AkshatRathi·
Half of US data centers planned for 2026 are expected to be delayed or canceled. One big reason is shortage of electrical equipment, such as transformers, switchgear and batteries. US doesn't have manufacturing capacity, forcing it to rely on imports. 🎁🔗 bloomberg.com/news/features/…
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Ed Conway
Ed Conway@EdConwaySky·
The problem with casting a closer relationship with Europe as the solution to the world's current economic malaise is that it kind of misses the point. The key problem at present is a shortage of ENERGY. Europe has an energy deficit. Up until 2022 it filled that gap with gas from Russia. Now it fills that gap with gas (and oil) from the US and Middle East. It swapped one dependency for another. We can debate whether that dependency is inevitable, the extent to which it's a function of geology and/or political decisions taken years ago. Regardless, right now Europe is highly exposed to the problems in the Gulf. And without US energy imports it is in BIG trouble. A closer relationship between the UK and the EU does not solve this conundrum.
Sky News@SkyNews

The UK is “fully committed to NATO” but is seeking “closer ties with Europe”. The PM was asked about recent comments by Donald Trump threatening to pull out of the NATO alliance. Latest: trib.al/eqUSRJK 📺 Sky 501 and YouTube

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Stephen Stapczynski
Stephen Stapczynski@SStapczynski·
Australia’s prime minister just used a rare national address to urge the nation to use less fuel 🇦🇺 ⚠️ “Over coming weeks, if you can switch to catching the train or bus or tram to work, do so… The months ahead may not be easy” Australia depends heavily on imports of gasoline
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Andrew Neil
Andrew Neil@afneil·
We have yet to feel the full force of oil and gas price spikes and energy shortages.  But they’ve started in Asia, the destination for most oil and gas that went through the Strait of Hormuz. They’re now coming our way, arriving by the middle of April at the latest, as they roll west across the globe.  Just because it hasn’t happened yet doesn’t mean it isn’t going to. Energy shocks unfold sequentially NOT simultaneously.  People and politicians haven’t yet woken up to this. Yesterday on this show we spoke to Greg Newman, an experienced energy trader. He warned of major problems coming down the pike. He’s right. It was a wake up call we’d do well to heed.  What’s already happening in Asia is a harbinger of what’s in store for us. Huge rises in the price of oil and gas. Growing shortages in diesel and jet fuel. Knock on effects on everything from fertilisers for the spring growing season to microchip production.  About a third of the world’s fertilisers, needed for food production, and a third of the world’s helium, needed for chip production, are produced by the Gulf’s petrochemical industries and come through the Strait of Hormuz. No longer.  Western governments need to wake up to the economic tsunami coming their way. The Starmer government in particular needs to get a grip.  The PM and his ministers are dangerously insouciant in the face of what’s about to hit them. They speak in generalities, with no sense of urgency, complacently out of their depth. I fear they have no idea what’s in store.  They talk about average household energy bills falling by over £100 from tomorrow. What they never add is that they will rise by almost £300 come July.  Soon the price of everything from petrol at the pump to food at the check out counter will soar. Central banks will panic at the sight of inflation reignited — and jack up interest rates.  Remember this — every major energy shock in the past has led to recession. Not because energy prices went through the roof but because central banks pushed up interest rates in their wake, killing consumer spending, the property market and business investment in the process. AND ushering in recession.  There is every chance history is about to repeat itself. Especially since we’re now run by people who are wholly ignorant of that history.  Of course, peace could soon break out and, after a rough spring and summer, normality could beckon before winter is again upon us.  But if the Strait of Hormuz is still closed in a month’s time we will all be paying a steep price for a war — Trump’s War — we did not start and did not ask for. And having to deal with an increasingly deranged White House.  2/2
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Fraser Nelson
Fraser Nelson@FraserNelson·
Starmer's defence promises have never been credible. But now they're becoming dangerous. UK faces a £28bn defence hole over four years. Ministers have found £10bn in savings - so a £18bn shortfall. Lara Spirit on the British defence delusion:- thetimes.com/uk/politics/ar…
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Andrew Sentance
Andrew Sentance@asentance·
Haldane - who presided over near-zero interest rates on MPC, 2014-21, incl delaying the response to the biggest inflation surge since the 70s/80s, thinks we shouldn’t raise rates to curb inflation fron higher oil prices. Don’t trust his judgement at all! share.google/ea6xyZl5ENnvjO…
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Mark M Bathgate
Mark M Bathgate@m_bathgate·
Best band of Ireland since u2
Liverpool Sound City@SoundCity

✨ ARTIST SPOTLIGHT: @DeaMatronaBand ✨ Dea Matrona is an Irish rock duo fronted by Orláith Forsythe and Mollie McGinn. Formed in 2018, the band emerged from their shared passion for classic rock legends like #FleetwoodMac and #LedZeppelin. Their alternative rock sound, characterised by wild feminine energy, dark romance, and mystical vibes, is sure to resonate with fans of #TheLastDinnerParty, #GretaVanFleet, and #WolfAlice. “They’re inspired by the rock of yesteryear, but expertly apply that heritage for modern ears” - @CMU Secure your tickets to see Dea Matrona in Liverpool City Centre (2-3 May 2026) 👉 soundcity.seetickets.com

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Liverpool Sound City
Liverpool Sound City@SoundCity·
✨ ARTIST SPOTLIGHT: @DeaMatronaBand ✨ Dea Matrona is an Irish rock duo fronted by Orláith Forsythe and Mollie McGinn. Formed in 2018, the band emerged from their shared passion for classic rock legends like #FleetwoodMac and #LedZeppelin. Their alternative rock sound, characterised by wild feminine energy, dark romance, and mystical vibes, is sure to resonate with fans of #TheLastDinnerParty, #GretaVanFleet, and #WolfAlice. “They’re inspired by the rock of yesteryear, but expertly apply that heritage for modern ears” - @CMU Secure your tickets to see Dea Matrona in Liverpool City Centre (2-3 May 2026) 👉 soundcity.seetickets.com
Liverpool Sound City tweet mediaLiverpool Sound City tweet media
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Steven Swinford
Steven Swinford@Steven_Swinford·
Exclusive from @oliver_wright Businesses across the UK are facing “eye-watering” rises in their energy bills because of the conflict in the Middle East, analysis for The Times suggests Unlike households, companies are not insulated from volatility in gas and electricity prices, which have almost doubled since the Iran war began The problem is particularly acute for the thousands of companies that fix their annual price tariff at the start of the financial year in April and will face an immediate sharp rise in their bills Analysis by the energy consultancy Cornwall Insight found that as a result of the conflict, business users’ electricity bills would rise by up to 30 per cent, while the cost of gas could go up by as much as 80 per cent This would mean that a business such as a larger retail and leisure site, on an average 12-month electricity contract, would have an annual bill of £578,000 — £95,000 more than early last month For gas, bills have risen by £376,000, reaching just over £1.02 million a year, an increase of nearly 60 per cent, based on the latest wholesale prices thetimes.com/uk/politics/ar…
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British Electricity Tracker
British electricity mix at 8pm on 22nd Mar 2026 🔥Gas 40.2% Biomass 10.1% 🍃Wind 12.8% Solar 0.0% Hydro 1.9% ⚛️Nuclear 13.6% ➡️Imports 21.4% Other 0.0% 🪫Storage 0.0% 🔌Generation 32GW Carbon intensity 248 gCO2e/kWh vs target of annual average 50-100 gCO2e/kWh by 2030
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