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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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?
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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.
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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.
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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.
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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.
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Should the Right back Britain’s most ambitious science corridor? The Oxford–Cambridge Arc has long been dismissed as another government slogan in search of substance. Yet beneath the jargon lies a bold vision: a world-class corridor linking Britain’s greatest minds, laboratories, and industries—from quantum computing to Formula One. In this essay, James Price, Senior Fellow at the Adam Smith Institute, argues that the Arc could be the key to Britain’s renewal—if only conservatives have the courage to back it. With smarter planning, faster connections, and freer markets, he says, the region could transform from a bureaucratic idea into a global powerhouse.
Despatch brings you the best writing from CapX — the sharpest ideas from the UK’s most insightful daily newsletter.
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Labour’s New Towns Taskforce promised a bold vision for housing. But with only three modest sites selected, is this really the step-change the country needs — or just more planning fatigue?
Plus: with welfare spending rising and tax burdens at record highs, is it time for serious reform? As the Treasury looks for ways to plug a £22 billion shortfall, we ask whether the current system still delivers value for money.
And can London win back its missing millionaires? After years of sluggish growth and rising levies, business leaders are calling for a rethink of the capital’s tax regime. Benjamin Wilson is joined by City AM’s Alys Denby and Lawrence Newport from Looking for Growth to explore what’s needed to put London back on the global map.
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Welcome to the new Despatch — your Monday briefing for a sharper, more optimistic week. London’s super-prime property market has long been the world’s barometer of confidence. When Britain welcomes success, investment flows freely; when it punishes ambition, the money quietly leaves. Now, even before the Chancellor unveils his Budget, the warning lights are flashing. Economist Damian Pudner explains why London’s property slowdown is a symptom of fading confidence — and sets out practical steps to bring capital, and optimism, back.
Despatch comes from the team behind The Capitalist. Don’t miss our full podcast every Wednesday.
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As Labour prepares its first Budget, can the party really blame Brexit for Britain’s sluggish productivity – and will voters be convinced? We also ask why Britain still isn’t building enough homes, and whether a new environmental levy risks making the crisis worse.
Plus: in an age of short-form video and fractured attention, where have all the great communicators gone? With Thatcher’s centenary in mind, the panel explores what it takes to cut through in modern politics – and who, if anyone, is getting it right.
Marc Sidwell is joined by writer and strategist John Oxley and former Downing Street communications adviser Robert Midgley for a sharp look at the week’s big political questions.
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Fifty years since Margaret Thatcher became leader of the Conservative Party, her face, and even some of her iconic outfits, were all over this year’s party conference. Not everyone was happy about that. Hot takes and tweets grumbled about it being time to move on, to pack away the old clothes and put out something a bit more 2025.
At CapX, however, we’re proud to still fly the Thatcherite flag. Not just because, as part of the Centre for Policy Studies, the think tank she co-founded, Thatcher’s ideas are in our DNA. But, as Marc Sidwell argues, because Mrs Thatcher remains the woman for this moment, with the ideas that Britain still needs to get back on the right track.
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Can a British regulator really fine an overseas website under the banner of the Online Safety Act? In today’s edition of The Capitalist, host Marc Sidwell is joined by free speech lawyer Preston Byrne and journalist Harry Phibbs to discuss Ofcom’s £20,000 penalty against 4chan — and what it means for free expression in the digital age.
The conversation then turns to calls for a one-off wealth raid to patch Britain’s public finances, and to Marc’s own argument that Margaret Thatcher’s unfinished revolution still offers Britain a blueprint for national renewal.
From digital censorship to tax grabs and the battle for Britain’s economic soul, this is a sharp, timely look at what freedom really means in 2025.
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