We now have the definitive proof Reeves and Rayner are destroying Britain
In yet another triumph for the self-styled 'party of working people', we learnt today that since the start of the year employment is down, unemployment is up, wage growth has stalled and vacancies are falling. Businesses are responding to the October Budget – specifically the Chancellor's decision to hike Employer NICs by £25 billion – exactly as we knew they would. They're freezing recruitment, cutting hours, and bracing for whatever Labour's bright sparks might inflict on them next.
When the Australian CEO Tim Gurner last year suggested that unemployment should jump 50 per cent to shake employees from their post-Covid, work-wherever-you-please lethargy, he was instantly pilloried. The usual suspects sneered about 'unfettered capitalism' and lambasted Gurner's personal wealth. But he had a point. Here in Britain, productivity dropped 0.7 per cent in the last three months of 2024. In the public sector (annual staff bill: £270 billion), it remains well below pre-Covid levels.
Too many employees now seem to believe their boss should work for them, not the other way around. Vested interests appear to view the expectation that people show up and do their jobs as akin to modern slavery. Members of the PCS union, which represents civil servants, have voted to strike over the requirement they be in the office 60 per cent of the time. Staff at HM Land Registry began indefinite action this week on similar grounds.
The organisation may vary but the refrain is always the same: inconsiderate employers – in the case of civil servants, that's us – are failing to acknowledge their childcare duties, commuting time or 'personal wellbeing'. What's fascinating – though often unnoticed – is that the more employers try to boost employee happiness, the more dissatisfied those workers seem to be. We have more 'rights' than ever before, yet a Gallup study has revealed we're more angry, and more sad, than virtually any other workers in the developed world.
Can anyone honestly say they are happier in the knowledge that sending a fellow worker a birthday card could now constitute 'harassment'? Have the watertight procedures implemented by armies of HR staff to protect employees against 'injury to feelings' made us more content, or more atomised?
Rather than address these issues, Labour are doubling down. Egged on by unions, they've embarked on a moral crusade against an imaginary foe, believing their cause so righteous that it cannot possibly have negative effects. Consider the speech our Attorney General Lord Hermer – a near household name after he was embroiled in a hypocrisy row – delivered last Friday. In the manner of a parent patiently talking down to a petulant child, he intoned that the 'right to security is a fundamental human right, recognised in all international treaties' – as though hybrid working was what world leaders had in mind when they signed up to those agreements.
In any case, the 'right to security' is a category error: this Government can no more provide it in the workplace than they can provide sunny weather for Keir Starmer's birthday party. Yet still Angela Rayner's Employment Rights Bill – currently over 50,000 words long and still growing – is making its way through Parliament. Labour contend that more worker entitlements will be good news for business, with more productive, committed workers. There is precious little evidence to support such claims. It's far more likely to further reduce the incentive to hire.
We don't have 'unfettered capitalism', we have the phoney variety, in which individuals do their best to succeed and politicians do all they can to tie their hands. But where, exactly, do Reeves, Rayner and the rest of the gang think all this will end? In 1984, the UK unemployment rate peaked at almost 12 per cent. The social and political fallout was huge. Bustling communities grew quiet, factory gates locked, the workless felt stripped of purpose. We're not back in the 1980s yet, but the idea Labour will deliver on their promise of 80 per cent employment by 2029 is looking increasingly ridiculous.
There are already a mind-boggling 9.25 million economically inactive people, with a further 1.75 million who are unemployed – against a working age population of 43 million. We need more people in work than getting out of it.
Then again, nothing would erode the trust voters begrudgingly put in Labour last year more quickly than a jobs downturn. Nothing would dislodge Starmer, and bring Britain to its senses, more quickly than a surge in unemployment. A shock might do us all some good in the long run.
Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New York Post
an hour ago
- New York Post
Inside the battle to control the world's supply of rare earths
Back in 2009, Jim Kennedy, a consultant and entrepreneur of rare earths — a group of 17 metallic elements, including 15 lanthanides, crucial for modern technology — met with a top official at the Pentagon to discuss the future of these precious minerals. 'He was almost indifferent to the issue,' Kennedy tells The Post. 'His dispassion was staggering. It was one of the most disappointing meetings in my life.' Sixteen years later, that indifference has widely disappeared. Rare earths — used for everything from smartphones, electric cars and airplane engines to medical equipment, wind turbines and military applications like missiles and fighter jets — have become one of the most in-demand and politically contested industries in the world. 10 A miner carrying a heavy bag of rare earth-filled mud in China, which controls many of the most crucial rare earth elements now required for the sophisticated technology that powers everything from cellphones to fighter jets. REUTERS Rare earths 'enjoy an unusual level of bipartisan political support because they are vital both to economic development and national security,' says Melissa Sanderson, a former president and current board director at American Rare Earths, an Australian company focused on developing rare earth projects, including one in Wyoming. Rare earths aren't just a big part of modern technology; they're in many ways the most critical components. They're used as heat-absorbing agents in wind turbine motors, as strengthening and anti-glare agents in iPhones and fighter jets and as clarifying agents in MRIs. They're also almost completely controlled by China. Between 2020 and 2023, 70% of our rare earth imports came from China, according to Statista. That number jumped to 80% last year. And the US is 100% reliant on China imports of Yttrium, a rare earth metal used in everything from cellphones to TVs to radiation therapy used to treat liver cancer. 10 Rare earths 'enjoy an unusual level of bipartisan political support because they are vital both to economic development and national security,' says Melissa Sanderson, a former president and current board director at American Rare Earths. China has been fickle about granting export licenses for rare earths, although their grip has shown recent signs of weakening. President Trump had a lengthy (and rare) phone call with Chinese President Xi Jinping on June 5 and in a social media post after the call, Trump wrote 'there should no longer be any questions respecting the complexity of Rare Earth products.' The next day, China granted temporary export licenses to rare-earth suppliers of the top three US automakers. The irony is that for much of the mid-20th century, the US was a global leader of rare earth elements. But 'demand was exponentially lower at the time,' says Sanderson. 'Therefore, the output from our sole producer — Mountain Pass Materials, known as MP Materials now — was sufficient to satisfy a large percentage of then-existing demand.' The Las Vegas-Nevada-based company still operates the only rare earth mine and processing facility in the United States. 10 President Trump and President Zelensky meet in the Oval Office in February. Soon after this meeting a deal was made for Ukraine to supply vital rare earths to the United States. AFP via Getty Images America's rare earths lead came to an end in 1980, brought on by changes to US regulations. Because processing rare earth minerals involves the separation and removal of uranium and thorium, it can lead to radioactive waste and other contaminants. 'The US was concerned about the environmental impact, since particularly with the technology of the time, there were significant impacts to air, water and even ground quality that would not have met US standards,' says Sanderson. It wasn't the same story in China, who were more willing to accept the dangerous pollutants 'as a price for achieving its market dominance,' she says. China's monopoly of rare earths doesn't just give them an economic advantage. 'China has been 'weaponizing' its market hegemony for many years, in increasingly sophisticated and legal ways,' says Sanderson. 10 Pres. Trump with Chinese leader Xi Jinping. Having conceded its lead on rare earth mining, the US is playing a serious game of catch-up with the Chinese. REUTERS The country first flexed their power in 2010, blocking rare earth exports to Japan, a major producer of permanent metal magnets. 'That decision was overturned by the World Trade Organization, so China does not exert its control as overtly now,' says Sanderson. But in the current trade tussle with the US, 'China has identified seven crucial elements under its export control regime which it will not sell to the US,' says Sanderson. 'Due to concerns that while suitable for civilian economic use, they could also be used for military purposes.' While President Trump's tariffs are often blamed for exacerbating the tensions, Kennedy, who serves as president of ThREE Consulting, a rare earths consultancy, says the tariffs are actually 'forcing China to reveal the magnitude of this threat. Absent Trump's tariffs, China would never have shown its hand until it was too late.' 10 The US is 100% reliant on China imports of Yttrium, a rare earth metal used in everything from cellphones to TVs to radiation therapy used to treat liver cancer. REUTERS Just how bad could it get? Kennedy believes that if left unchecked, and China was allowed to continue their embargo without consequences, 'the non-Chinese world would need to shut down and re-engineer most everything that comes off an assembly line,' says Kennedy. 'This is not an overstatement.' The stand-off with China may be at the forefront, but it's not the only way Trump is maneuvering to protect the nation from rare earth depletion. Greenland contains (by some estimates) about a quarter of the world's rare earth minerals, and Trump has suggested that the US could annex the autonomous territory in Denmark. 10 A chunk of Ytrium, once of the most important rare earth elements. Phil Degginger/imageBROKER/Shutterstock The US also recently inked a landmark deal with Ukraine, which has approximately 5% of the total global mineral reserves. Although Trump declared in February that Ukraine would be providing 'the equivalent of like $500 billion worth of rare earth [minerals],' the exact amount wasn't specified in the deal, other than that the US and Ukraine would be splitting profits 50/50. There have also been efforts to mine rare earths from an entirely new source — the bottom of the Pacific Ocean. 10 Consultant Jim Kennedy was one of the first industry insiders to raise the alarm around the rarity — and potential global conflict — surrounding rare earths. It's called the 'Clarion Clipperton Zone,' a remote area of the Pacific between Hawaii and Mexico, roughly half the size of the contiguous US. This seabed region is rich in polymetallic nodules, the rock-like formations that contain some of the most sought-after rare earths in the world. It's a veritable goldmine waiting to be unearthed. In fact, the US Geological Survey recently estimated that the Clarion Clipperton Zone contains more nickel, cobalt and manganese than all terrestrial reserves combined. The Metals Company, a Canadian firm with US investment ties, is already making strides to become the first to mine commercially in the region. They conducted a field test back in 2022, and the company is currently applying for 'exploration licenses and commercial recovery permits' from the US. There are legal hurdles that could slow down their ambitions. Despite a 1980 law passed by Congress to regulate seabed mining, the Clarion Clipperton Zone technically falls under the jurisdiction of the International Seabed Authority, which operates under the United Nations Convention on the Law of the Sea. Whether the ISA has exclusive authority over the region remains open to debate. 10 Gerard Barron, CEO of The Metals Company, has dismissed some of the concerns about potential environmental damage surrounding rare earth mining efforts. AFP via Getty Images There are also environmental concerns. Arlo Hemphill, a Senior Oceans Campaigner at Greenpeace, warns that any move to mine the Pacific 'would be an ecological disaster. Scientists have not even had a chance to fully explore and understand the wonders of the deep, but a greedy corporation wants to tear up this ecosystem and cause immense ecological damage.' Gerard Barron, CEO of The Metals Company, dismisses these concerns, pointing out during a recent interview that Indonesia regularly mines in biodiverse rainforest regions. 'For some reason,' he said during the interview, 'people think it's okay to go digging up rainforests to get the metals underneath them, yet we're debating whether we should be going to pick up these rocks that sit on the abyssal plain?' (Barron did not respond to the Post's request for comment.) There are other options, but many are just as controversial. Sanderson believes the key will come down to strengthening our relationship with allies like Canada and Australia. 'They have significant natural resources and experienced and large mining companies,' she says. 'Cooperation with these countries is vital for filling the knowledge gap. The US doesn't have nearly enough experienced chemical and process engineers, as just one example.' 10 Rare earths are also crucial components of military fighter jets. Soonthorn – It took half a century for China to achieve its market position, she says, and the US needs an integrated supply chain from mine to magnet, but we're essentially starting from scratch. The US also needs to reform its mining regulatory system, which has a dysfunctional permitting process and some of the longest lead times for new mine production in the world. 'On average, companies wait anywhere from eight to fifteen years from when a deposit is initially determined to be economically interesting to when production can start,' says Sanderson, 'and some have waited significantly longer than that.' New mining projects are also frequently litigated, 'multiple times from multiple angles,' says Sanderson, which can add even more years to the wait time. With the return on investment horizon so long and the prospects so uncertain, many companies 'have difficulty attracting the investment necessary to support the high costs of building a mine,' she says. 10 Miners of rare earths such as these in China are increasingly at the forefront of the global race to control many of the elements that will determine our technological future. REUTERS Kennedy, however, is hopeful for the future. His company, Caldera Holding LLC, is collaborating with federal labs to refashion a former iron ore mine in Missouri to focus on rare earth minerals. He believes his mine is the only one that can provide 'geopolitically significant quantities' of rare earths.' But the ball, says Kennedy, is very much in Trump's court. His trade war has caused uncertainty, but the president's actions 'strongly suggest that delinking from China is real. This can be helpful, but follow-through is critical.' It's now up to the Trump administration to provide low-cost loans, grants and production tax credits to US-based mining companies that have (at least until now) faced almost insurmountable obstacles. 'Failure to support integrated projects,' says Kennedy, 'will result in many slow-motion train wrecks.'
Miami Herald
2 hours ago
- Miami Herald
Huge home retailer filing Chapter 11 bankruptcy, closing stores
While certain discount retailers have thrived, not every chain has the loyal customers that support Marshalls, Ollie's Bargain Outlet, Ross Dress for Less, HomeGoods, and other thriving chains. In fact, the current retail apocalypse has claimed a lot of players in the discount space including some that seemed to have a devout following. The death of Christmas Tree Shops, for example, was shocking only because that chain seemed to have a cult following. Related: Costco to make generous offer to frustrated phone customers It was perhaps less surprising when Bed Bath and Beyond went out of business as that chain seemed to have lost its way, but its death was unexpected if only because the retailer filled a product niche. Retailers including Tuesday Morning, which offered the same treasure hunt model made popular by Marshalls, TJ Maxx, and HomeGoods - all sister brands under TJX Companies (TJX) - did not survive its Chapter 11 bankruptcy. Don't miss the move: Subscribe to TheStreet's free daily newsletter Joann and Party City were not discount retailers, but they also served very specific audiences and could not find enough customers to survive. In both of those cases, it took multiple bankruptcies to kills the popular brands and it's likely their debt was simply impossible to overcome. Now, a popular home goods brands (and rival to HomeGoods) is preparing a Chapter 11 bankruptcy filing which will likely included closing multiple stores. At Home sells a bit of everything people need for their home. That includes furniture, accessories, and pretty much else that might go in a house. The company described its business on its website: "For over 46 years, At Home has been a trusted destination for stylish, approachable design - offering everything a decorator may need to transform their space into a true reflection of who they are, how they want to live, and the memories they aim to create at home. Discover everything for every room, from Furniture, Rugs and Décor to Bedding, Bath, Outdoor and more. Explore curated collections, incredible seasonal selections and unique pieces that show off your signature style. Design your life At Home," the company shared. Many home goods retailers saw banner business during the Covid pandemic. Even though stores were closed, or at least limited, customers were stuck at home so they worker on making that space as comfortable as possible. More bankruptcy: Iconic auto repair chain franchise files Chapter 11 bankruptcyPopular beer brand closes down and files Chapter 7 bankruptcyPopular vodka and gin brand files for Chapter 11 bankruptcy A lot of people built home offices, replaced old couches, and made other improvements. That pulled some demand forward and created unpredictable sales patterns as normal replacements cycles were thrown off. It's a phenomenon that created some up and down quarters for numerous retailers including Best Buy, Lowe's, and Home Depot. An At Home bankruptcy has been rumored for quite some time and now a number of media reports have shared that it's expected to happen imminently. The chain missed a key interest payment on May 15. That's often a planned move for a company looking to file for Chapter 11 bankruptcy protection. Skipping a payment can force a lender to foreclose on the loan, but it can also bring them to the bargaining table. At Home has until June 30, to catch up on that payment and fix its account, but a bankruptcy filing is more likely. Once it files for Chapter 11 bankruptcy (should it choose to do so), the struggling retailer, is expected to immediately begin closing about 10% of its stores. The chain currently operates 200 stores and other beyond the original 20 may face closure as well. At Home has blamed its financial woes at least partly on President Donald Trump's tariffs, which have increased the price of certain goods while creating pricing uncertainties going forward. The tariffs have also slowed down some discretionary consumer spending as people wait to see what their impact will be. At Home sources most of its products from China, the country that will be hit the hardest by the tariffs. It has been working to buy items from other sources, but it's not easy or quick to revamp you supply chain. At Home and its parent company have not responded to media requests for comment. Related: Iconic liquor brand in Chapter 11 bankruptcy faces liquidation The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
6 hours ago
- Yahoo
A huge political spat has broken out... over a playground
A plan to build a playground in Alkrington has been delayed once again. The suburb, on the edge of Middleton, had seen a number of playgrounds close down in recent years. The decision over where to build a new one has dragged on for years, with squabbles between politicians and locals over the most suitable spot. READ MORE: Blankety Blank viewers in shock after learning winning contestant died since filming show READ MORE: DWP confirms Winter Fuel Payment will only be £100 for some pensioners Last month, it appeared the matter was finally settled when rochdale-council>Rochdale council's township committee in Middleton approved funding of £84,840 for the new playground on a field off Mainway and Moss Lane. The money is expected to go towards paths, fencing, swings, see-saws and other play equipment. But now Labour councillors, who approved the funding, have been left furious after two Middleton Independent Party (MIP) politicians called in the decision. 'Calling in' a decision opens up the matter for further scrutiny if politicians feel there is an issue that hasn't properly been addressed. The call-in will mean further delays to a project that has already dragged since 2023. A statement issued by Middleton Labour read: 'The South Middleton councillors believe it is a disgrace that a legitimately arrived and very popular decision can be delayed without good cause by the MIP councillors' petty behaviour, especially when they do not have any seats in the South Middleton Ward. 'The decision taken to go ahead on May 22 was taken with 12 Labour councillors voting for, and two MIPs not even voting against - they abstained. 'Now they want to revoke the decision depriving kids of a long awaited play park in South Alkrington. We must add 1,200 Alkrington residents have signed a petition in favour of this new play park, backing our decision. 'The 'call-in' decision will take place at the end of July. However, South Middleton councillors had hoped to get spades in the ground this year to start building the play park. 'This will prevent planning and organisation until this 'call-in' decision is taken, which will inevitably delay the erection of the play park for many months.' Although other sites were considered by the local authority, Mainway field was the largest open space available, meaning potential noise and antisocial behaviour would be less of an issue. A council report went on to say they will look into mine shafts under the field as well as drainage issues before any building work. Lee Wolf, leader of the MIP, believes there was a lack of consultation before the process and has questioned the impartiality of the decision making. He said: "Our involvement in this matter began last year when I stood as the MIP candidate for Middleton South. From the outset, the site of the proposed play park in Alkrington emerged as a key issue for local residents. 'We have always supported the development of new recreational facilities across Middleton. These spaces are vital for families and young people, and we believe they should be delivered through a process that is fair, transparent, and inclusive of the community's voice. 'However, we have serious concerns about how the decision to site the play park at Mainway Field was reached. 'Our two MIP councillors could not support the report, as it failed to provide a clear and consistent rationale for selecting Mainway Field. 'Throughout this process, our aim has never been to obstruct progress. We want to work collaboratively with all stakeholders, including our Labour colleagues, to find a solution that genuinely reflects the needs and wishes of the community. There is still room for compromise, whether that means revisiting alternative sites or reconsidering the exact positioning within Mainway Field. 'We remain committed to ensuring that decisions about our shared spaces are made openly, fairly, and with the full involvement of the people who live here. Our community deserves nothing less.' Rochdale council confirmed the matter has been called in and will be discussed further at meeting next month.
