Audio Long Reads, from the New Statesman

After a series of bad bets on the post-pandemic economy, California-based Silicon Valley Bank (SVB) lost 60% of its value on the evening of 8 March 2023, and $42bn in withdrawals the following day. Its collapse triggered panic across the US, and in Europe, where Switzerland’s second-largest lender Credit Suisse (already dubbed ‘Debit Suisse’) was already looking shaky; its subsequent bail-out was the first the world’s big banks had received since the 2008 crash.In this week’s magazine cover story, the New Statesman’s business editor Will Dunn explores the unique factors which led to the current crisis, and looks at what has changed since 2008. With inflation at record highs, the economic shocks of a Russian war, and the ever-accelerating pace of tech, there has never been more fertile ground for panic, he writes. Did SVB’s billionaire depositors deserve their bailout, and what are the moral hazards of underwriting bad behaviour? Will such tremors curb the current move towards deregulation in the UK markets? Written and read by Will Dunn.This article originally appeared in the 24 March 2023 print edition of New Statesman magazine. You can read the text version here. If you enjoyed listening to this episode, you might also enjoy listening to The great housing con: why the coming crash will rewrite the economy.

It started as an accident of geography: after one RAF runway closed, the bodies of British soldiers killed in action were repatriated from Iraq and Afghanistan to RAF Lyneham and then through the Wiltshire market town of Wootton Bassett, on their way to the John Radcliffe Hospital in Oxford. From April 2007 until August 2011 the town became the site of unofficial national mourning: relatives, tourists, foreign media, politicians and dignitaries came to pay their respects as the funeral corteges made their way down the high street. In 2010 the town became a site of political conflict: Anjem Choudary’s Islam4UK threatened to protest the murders of Muslims in Iraq and Afghanistan, and was met by a pre-emptive rally of Tommy Robinson’s far-right English Defence League. In this rich and deeply reported long read, the New Statesman’s editor, Jason Cowley, revisits the aftermath of the 2003 Iraq invasion. He tells the story of one fallen soldier – a relative – and of the town at the centre of England’s response to wars that were increasingly unpopular. He talks to Tony Blair, who justifies the invasion as an opportunity for Britain to redefine its role in the world; and to the former foreign secretary Jeremy Hunt, who describes it as a “disaster... because Blair used his presentational skills to persuade people of something that turned out not to be true, namely the existence of weapons of mass destruction”. Twenty years on, the consequences are still being felt, in the chaotic US withdrawal from Afghanistan in 2021 – and in the small market town of Wootton Bassett. Written by Jason Cowley and read by Hugh Smiley. This article originally appeared in the 17 March edition of the New Statesman, and is an edited extract from the new edition of Jason Cowley’s Who Are We Now? Stories of Modern England, published in paperback on 31 March (Picador). You can read the text version here. If you enjoyed this episode, you might enjoy listening to “Nothing prepares you”: a journey through Ukraine at warSubscribers can get an ad free version of the NS Podcast on the New Statesman appPodcast listeners can subscribe to the New Statesman for just £1 a week for 12 weeks using our special offer. Just visit newstatesman.com/podcastoffer.

Once the envy of the world, British universities are being hollowed out by a managerial class, argues Adrian Pabst, a New Statesman contributing writer and professor of politics at the University of Kent. Instead of intellectual excellence and civic responsibility, the emphasis is increasingly on “churning out graduates who will serve the interests of City firms and the non-governmental organisation industry”.Where did the rot set in, and can it be cured? Pabst traces the university’s decline from the advent of the student loan and a 1990s proliferation of “Mickey Mouse” degrees, via New Labour and the Cameron-Clegg coalition’s embrace of marketisation and bureaucracy. As degrees have become more expensive, the work that goes into them has become more mediocre – with tutors and students assessed against arbitrary metrics. The universities' "corporate capture... is a profound cultural loss," he writes.In this excoriating essay, originally published as the New Statesman’s 10 March 2023 cover story, Pabst diagnoses the causes, examines the costs ­– and proposes solutions to the current crisis. You can read the text version here.Written by Adrian Pabst and read by Emma Haslett.If you enjoyed this episode, you might also like The great housing con: why the coming crash will rewrite the UK economy.Subscribers can get an ad free version of the NS Podcast on the New Statesman appPodcast listeners can subscribe to the New Statesman for just £1 a week for 12 weeks using our special offer. Just visit newstatesman.com/podcastoffer.