The Capitalist

As Robert Jenrick defects to Reform UK, pressure is mounting on the Conservative Party to chart a new course. In this episode of The Capitalist, Sir Jacob Rees-Mogg joins Marc Sidwell to dissect the fallout — and to make the case for a pre-election pact between Reform and the Tories.One of the party’s most recognisable figures, Rees-Mogg argues that Kemi Badenoch has emerged strengthened, but warns that division on the Right could lead to catastrophe. Drawing on the historical precedents of 1918 and 1931, he outlines how a pact might work in practice — and why, in his view, the future of the Right depends on swift, strategic unity.Stay informed with CapX's unmissable daily briefings from the heart of Westminster. Go to capx.co to subscribe. Hosted on Acast. See acast.com/privacy for more information.

Robert Jenrick’s dramatic defection to Reform UK has blown open long-simmering tensions on the British Right — and handed Kemi Badenoch a serious test as Conservative leader. In this essay, Joseph Dinnage, deputy editor of CapX, dissects the intrigue behind Jenrick’s dismissal, the risks Badenoch took in cutting him loose, and the uncertain gains for Nigel Farage’s insurgent party. It’s a story of ambition, loyalty and timing — and one that may yet reshape the balance of power on the Right.Despatch brings you the best articles from CapX’s unrivalled daily newsletter.Stay informed with CapX's unmissable daily briefings from the heart of Westminster. Go to capx.co to subscribe. Hosted on Acast. See acast.com/privacy for more information.

What happens when a regime shuts off the internet — and then turns its guns on its own people? For the IEA's Mani Basharzad, the question is deeply personal: he hasn't heard from his mother or friends in Iran for days. As the country plunges into its most violent crackdown in decades, reports of mass killings, information blackouts and nationwide protests raise a stark question: is the Islamic Republic finally losing control?In this urgent episode of The Capitalist, Joseph Dinnage speaks to Mani about what an internet shutdown really means on the ground, why this wave of protests feels fundamentally different from those that came before, and how a broad coalition of Iranians — rich and poor, secular and religious — are rallying around the prospect of regime change. Mani explains the role of Crown Prince Reza Pahlavi, the economic collapse hollowing out the state, and why this movement is less a revolution than a fight to reclaim basic normality.Stay informed with CapX's unmissable daily briefings from the heart of Westminster. Go to capx.co to subscribe. Hosted on Acast. See acast.com/privacy for more information.

As ministers insist the labour market is merely “normalising”, the numbers tell a more troubling story — especially for the young. In this essay, Damian Pudner, an independent economist specialising in monetary policy, argues that Britain is sliding into a slow-burn recession under Rachel Reeves, with youth unemployment surging and entry-level jobs disappearing. Higher payroll taxes, tighter regulation and rising business costs, he warns, are scarring a generation before their working lives have properly begun — with consequences that could haunt the economy for decades.Despatch brings you the best articles from CapX’s unrivalled daily newsletter.Stay informed with CapX's unmissable daily briefings from the heart of Westminster. Go to capx.co to subscribe. Hosted on Acast. See acast.com/privacy for more information.

Are today’s culture wars, party fractures and populist backlashes really something new — or are we simply reliving an old British story? In this episode of The Capitalist, Marc Sidwell looks three centuries into the past to understand the political turmoil of the present. From riots over immigration to furious pamphlet wars, from elite anxiety about misinformation to bitter arguments over Britain’s role in Europe, the foundations of modern politics were laid in the age of Whigs and Tories.Marc is joined by historian and author George Owers, whose book "The Rage of Party" (one of CapX's favourites of 2025) brings the birth of British party politics vividly to life. Together they explore the explosive origins of left and right, the rise of finance and global ambition, the dangers of suppressing demagogues, and why moderation — however unfashionable — has always been the hardest political art to master.Stay informed with CapX's unmissable daily briefings from the heart of Westminster. Go to capx.co to subscribe. Hosted on Acast. See acast.com/privacy for more information.

Margaret Thatcher remains one of the most consequential leaders in modern British history. Rising to power after the "Winter of Discontent," she steered the country through economic turmoil, high inflation, and widespread industrial unrest. Her bold embrace of free-market principles reshaped Britain — and left a legacy still fiercely debated today.Now, as political uncertainty returns to Westminster, Thatcher’s conviction-led leadership feels more relevant than ever.In this short interview, former Foreign Secretary Sir Malcolm Rifkind — one of only five ministers to serve throughout both the Thatcher and Major governments — reflects on his time at the heart of power. With insight and candour, he reveals what set Mrs Thatcher apart, and why her leadership style made such a lasting impact, even in the face of fierce opposition.Stay informed with CapX's unmissable daily briefings from the heart of Westminster. Go to capx.co to subscribe. Hosted on Acast. See acast.com/privacy for more information.

With local elections looming in May, Labour collapsing in the polls, and Westminster rumbling with leadership intrigue, Marc Sidwell asks whether Sir Keir Starmer is heading for a reckoning — and whether figures like Ed Miliband could seize the moment. Meanwhile, Reform UK continues to hover around the 30% mark, the Conservatives search for a bounce under Kemi Badenoch, and Britain’s politics looks increasingly like a multi-party fight.In this new year forecast, Marc is joined by Joseph Dinnage, Deputy Editor of CapX, to map the fault-lines of the next 12 months — from the battle for the right, to the economic hard choices that no party can dodge, to America’s 250th birthday under Donald Trump and the possibility of a post-Trump succession fight led by JD Vance. If 2025 was the year the centre cracked, 2026 may be the year it fully gives way.Stay informed with CapX's unmissable daily briefings from the heart of Westminster. Go to capx.co to subscribe. Hosted on Acast. See acast.com/privacy for more information.

Is Britain entering an age of permanent political fragmentation? As Labour falters despite its landslide victory, Reform UK surges, the Greens flirt with wealth taxes, and the Conservatives search for renewed purpose under Kemi Badenoch, the old certainties of British politics are unravelling. Across the Atlantic, Donald Trump’s second term has proved no less turbulent — from the collapse of his Department of Government Efficiency to a tariff regime that’s shaken the global trading order.In this end-of-year review, Marc Sidwell is joined by Joseph Dinnage, Deputy Editor of CapX, to take stock of a chaotic political year. Together they explore why reform has proved so elusive, how populism is reshaping both left and right, and what Trump’s unpredictability means for Britain, Europe and the global economy.Stay informed with CapX's unmissable daily briefings from the heart of Westminster. Go to capx.co to subscribe. Hosted on Acast. See acast.com/privacy for more information.

With nearly a million under-24s out of work, education or training, good intentions are no longer enough. In this essay, John Penrose, Chair of the Conservative Policy Forum, argues that Britain’s education and careers system is quietly wasting talent — steering young people into the wrong courses, offering patchy guidance, and making it far too hard to change direction later in life. His solution is strikingly pragmatic: better information on outcomes, stronger careers advice in schools, and a smarter system to recognise real-world skills — reforms that could transform life chances without costing the taxpayer a fortune.Despatch brings you the best of CapX — the sharpest writing from the UK’s most insightful daily newsletter.Stay informed with CapX's unmissable daily briefings from the heart of Westminster. Go to capx.co to subscribe. Hosted on Acast. See acast.com/privacy for more information.

What happens when foreign governments try to police American speech? For years, UK and EU regulators have slapped massive fines on U.S. tech firms — but Washington may finally be ready to hit back. Free speech lawyer Preston Byrne joins The Capitalist to unveil the GRANITE Act, a bold new proposal that would strip foreign regulators of immunity in U.S. courts and allow American companies to sue for millions in damages.In a wide-ranging conversation, Byrne explains how a growing clash over online regulation could redefine the internet itself — and why the next front in the global free speech war may be fought not in Silicon Valley or Brussels, but in Washington.Stay informed with CapX's unmissable daily briefings from the heart of Westminster. Go to capx.co to subscribe. Hosted on Acast. See acast.com/privacy for more information.

What if every political party had to face real economic scrutiny? As Britain’s political landscape fragments and fiscal debate grows ever more chaotic, Joseph Dinnage, deputy editor of CapX, asks a provocative question: should the Office for Budget Responsibility judge all parties, not just the one in power? In this essay, he charts Rachel Reeves’s faltering economic credibility, the radicalism of the Greens and Your Party, and the inconsistencies on the Right — arguing that an upgraded OBR, modelled on the Dutch system, could bring much-needed discipline and transparency to a system swamped by unserious ideas. It wouldn’t make forecasting perfect, he says, but it would help voters see which plans add up — and which are pure fantasy.Despatch brings you the best of CapX — the sharpest writing from the UK’s most insightful daily newsletter.Stay informed with CapX's unmissable daily briefings from the heart of Westminster. Go to capx.co to subscribe. Hosted on Acast. See acast.com/privacy for more information.

Can Britain’s oldest political party reinvent itself for a new age? Former Foreign Secretary Sir Malcolm Rifkind joins Marc Sidwell to discuss the future of the Conservative Party, the legacy of Margaret Thatcher, and the dangers of Britain’s political drift. From the crisis over the European Convention on Human Rights to the challenge of illegal migration and the war in Ukraine, Rifkind offers a veteran’s view of how Britain can regain both control and confidence.One of only five ministers to serve for 18 years, throughout the whole Prime Ministerships of both Margaret Thatcher and John Major, he also reflects on what made Thatcher so effective — a rare blend of conviction and pragmatism — and what her example means for Kemi Badenoch as she seeks to rebuild the party after its worst defeat in a generation.Stay informed with CapX's unmissable daily briefings from the heart of Westminster. Go to capx.co to subscribe. Hosted on Acast. See acast.com/privacy for more information.

Faced with weak growth, mounting debt and global instability, Britain needed a bold, pro-enterprise Budget. Instead, says James Price, Senior Fellow at the Adam Smith Institute, Rachel Reeves delivered one designed for party management rather than national renewal. In this essay, Price argues that Labour has no credible growth strategy — no serious tax reform, no supply-side agenda, and no appetite to shrink the state. The result, he warns, is an economy trapped in stagnation and a government running out of time to act.Despatch brings you the best of CapX — the sharpest writing from the UK’s most insightful daily newsletter.Stay informed with CapX's unmissable daily briefings from the heart of Westminster. Go to capx.co to subscribe. Hosted on Acast. See acast.com/privacy for more information.

Are higher taxes really inevitable — or just a political choice? Former Chancellor Jeremy Hunt joins Marc Sidwell on The Capitalist to share a rare insider’s view of what it’s like to build a Budget under pressure. From last-minute policy decisions to the fine balance between fiscal responsibility and economic growth, Hunt explains why Britain’s current course risks stifling productivity and shrinking the private sector.In a candid conversation, Hunt argues that welfare reform — not ever-higher taxes — is the real key to restoring growth. With insight from his time at the Treasury and the Department of Health, he lays out a vision for an economy that rewards work, innovation, and enterprise rather than punishing them.Stay informed with CapX's unmissable daily briefings from the heart of Westminster. Go to capx.co to subscribe. Hosted on Acast. See acast.com/privacy for more information.

After years of stagnation, high taxes and spiralling public spending, Britain risks locking itself into permanent decline. As Rachel Reeves prepares her second Budget, Ewen Stewart, City economist and member of the Growth Commission, sets out a bold plan to reverse course — cutting £105 billion in spending, simplifying taxes, and unleashing private enterprise. He argues that only by shrinking the state, freeing up markets and restoring sound money can Britain return to real growth and prosperity.Despatch brings you the best of CapX — the sharpest writing from the UK’s most insightful daily newsletter.Stay informed with CapX's unmissable daily briefings from the heart of Westminster. Go to capx.co to subscribe. Hosted on Acast. See acast.com/privacy for more information.

Next week, former Chancellor Jeremy Hunt will join Marc Sidwell for a special interview as Rachel Reeves delivers her much-anticipated Budget. Ahead of that, Henry Hill, deputy editor of Conservative Home, assesses the political allure—and economic illusion—of a wealth tax. From the risks of capital flight to the moral tension between fairness and prosperity, the conversation explores whether any government can afford to punish success without hurting growth.Are we witnessing the rise of a new class war in British politics? As Labour eyes higher taxes on those with the “broadest shoulders” and the Greens embrace what they call “eco-populism,” the rhetoric around wealth and fairness is sharpening. But would taxing the rich really fix Britain’s economic woes—or simply drive away the people who keep the system afloat?Stay informed with CapX's unmissable daily briefings from the heart of Westminster. Go to capx.co to subscribe. Hosted on Acast. See acast.com/privacy for more information.

As Elon Musk edges toward an eye-watering new milestone, the idea of a trillionaire sparks more fear than fascination on the left. But what if extreme wealth could accelerate progress rather than hoard it? In this essay, James Price, Senior Fellow at the Adam Smith Institute, argues that visionaries like Musk and other billionaire entrepreneurs reinvest their fortunes in projects that governments could never deliver—from AI-driven education to medical breakthroughs and space exploration. The result, he suggests, is a private sector more capable of solving humanity’s biggest problems than any public institution. Despatch brings you the best of CapX — the sharpest writing from the UK’s most insightful daily newsletter.Stay informed with CapX's unmissable daily briefings from the heart of Westminster. Go to capx.co to subscribe. Hosted on Acast. See acast.com/privacy for more information.

How does Britain’s most famous broadcaster recover from a crisis that’s reached the very top? In the space of a week, the BBC has lost two of its most senior executives and now faces an extraordinary legal threat from the President of the United States. What began as an editing error in a Panorama documentary has spiralled into a full-blown test of the corporation’s credibility — and its future.In this episode of The Capitalist, Marc Sidwell is joined by veteran journalist Robin Lustig, former BBC World Service and Radio 4 presenter, to explore what this storm reveals about the state of public service broadcasting, political polarisation, and the shifting media landscape. Together, they ask whether the BBC can still command trust in a divided Britain — and what must change to restore its authority.Stay informed with CapX's unmissable daily briefings from the heart of Westminster. Go to capx.co to subscribe. Hosted on Acast. See acast.com/privacy for more information.

Is Britain heading for another 1976 moment? With a £30 billion fiscal hole and few promises left unbroken, Rachel Reeves looks set to raise income tax — a move that could mark a grim turning point for Britain’s economy. In this essay, Reem Ibrahim, Head of Media at the Institute of Economic Affairs, warns that higher taxes on work will punish aspiration, stifle growth, and echo the policy mistakes that once sent Britain to the IMF, cap in hand. Her message is clear: without spending restraint, Reeves risks repeating history’s harshest lesson.Despatch brings you the best of CapX — the sharpest writing from the UK’s most insightful daily newsletters.Stay informed with CapX's unmissable daily briefings from the heart of Westminster. Go to capx.co to subscribe. Hosted on Acast. See acast.com/privacy for more information.

Rachel Reeves' speech on Tuesday gave every indication that tax rises are on the way — though she was careful not to name names.The challenge is clear: raising serious revenue usually means turning to the big three — income tax, National Insurance, or VAT. But Labour’s manifesto ruled those out, leaving the Chancellor with a fiscal puzzle and limited room to manoeuvre.Joining CapX deputy editor Joseph Dinnage to make sense of it all are Reem Ibrahim from the Institute of Economic Affairs and Henry Hill from Conservative Home.Stay informed with CapX's unmissable daily briefings from the heart of Westminster. Go to capx.co to subscribe. Hosted on Acast. See acast.com/privacy for more information.