The Capitalist

A Green by-election victory in Greater Manchester may once have seemed unthinkable. Now it looks like a warning shot. In this essay, William Atkinson, Assistant Content Editor at The Spectator, argues that the result signals something far deeper than a protest vote: the fragmentation of Britain’s traditional party system and the rise of sectarian, identity-driven politics. With Labour rattled, the Conservatives in retreat and insurgent forces circling, Gorton and Denton could prove a harbinger of a far more volatile political era.Despatch brings you the best articles from CapX’s unrivalled daily newsletter.

As unemployment climbs and youth joblessness surges past 16%, ministers insist the labour market is merely adjusting. But in this essay, Andrew Griffith, Shadow Secretary of State for Business and Trade, argues the truth is far starker: Labour’s higher payroll taxes, expanded union powers and sweeping employment regulations have made hiring more expensive, riskier and less attractive. The result, he says, is a steady erosion of Britain’s once-flexible jobs market — with young people paying the highest price.Despatch brings you the best articles from CapX’s unrivalled daily newsletter.

America has long liked to see itself as the world’s dream factory – from the birth of Hollywood to the moon landings, a belief in thinking bigger has been central to the national story. But attitudes towards artificial intelligence reveal a worrying shift. Surveys show that more people are anxious about AI than excited by its spread, with around six in ten saying the technology is moving too fast.James Pethokoukis is the author of The Conservative Futurist and writes the Substack newsletter Faster, Please. He’s also a senior fellow and the DeWitt Wallace Chair at the American Enterprise Institute, where he analyses US economic policy. He joins Marc Sidwell to discuss the transformative possibilities of AI, how its risks can be managed, and why a more optimistic outlook may be warranted.

As younger voters grow disillusioned with a housing system that denies them real control over their homes, the battle over leasehold has become a test of whether capitalism still delivers on its promises. In this essay, Harry Scoffin, founder of Free Leaseholders, argues that reforming — and ultimately replacing — leasehold with commonhold is not a left-wing cause, but the logical continuation of Thatcher’s popular capitalism. From Randolph Churchill to Margaret Thatcher, Conservatives once championed mass ownership as a bulwark against socialism. Scoffin makes the case that finishing that project could restore faith in markets, revive homeownership and prevent a new generation from turning away from the system altogether.Despatch brings you the best articles from CapX’s unrivalled daily newsletter.

When the Conservative Party last entered government, in coalition with the Liberal Democrats, the UK was still finding its feet after the global financial crisis. What followed was a succession of events that quickly came to dominate political life: Brexit, the pandemic, and Russia’s invasion of Ukraine.Each of these moments demanded large, costly interventions from the state. But Britain now faces a new set of challenges: an ageing population, a fresh industrial revolution driven by AI, growing global security risks, and the pressures of a changing climate.John Penrose is the founder of the Centre for Small Conservatives. A former Conservative MP, he joins Marc Sidwell to discuss why he’s arguing for moving beyond rhetoric and towards serious, practical policy ideas — ones he believes can deliver tangible results in the real world.Guest: John Penrose, former MP and founder of the Centre for Small State Conservatives

Can a Prime Minister really be on borrowed time less than two years after a landslide election victory? Benjamin Wilson speaks to ConservativeHome's Henry Hill about the mounting speculation around Sir Keir Starmer — and why Labour’s internal unrest may be less surprising than it looks.Henry argues that Starmer’s problems were baked in from the start: a low-turnout election, a deliberately cautious manifesto, and a parliamentary party that never felt bound to deliver painful choices on welfare, spending, or reform. But now the problems run even deeper: Labour’s rebellions, the structural difficulty of governing with a huge and undisciplined majority, the changing expectations placed on leaders in the age of social media, and the stagnant fiscal reality that now threatens any party in power. From Reform’s rise to the fragmentation of the electorate, Henry thinks Britain may be entering a brutal cycle in which voters punish every governing party for problems no leader can easily fix.

After decades of chronic undersupply, even modest housing reforms can feel like cause for celebration. But in this essay, John Penrose, Chair of the Conservative Policy Forum and founder and director of the Centre for Small-State Conservatives, argues that the Government’s latest plans don’t go nearly far enough. His solution is simple and radical in equal measure: give homeowners the right to build up, not out. By gently increasing density in towns and cities, Penrose says Britain could unlock millions of new homes, restore urban beauty, and finally make housing affordable for a new generation.Despatch brings you the best articles from CapX’s unrivalled daily newsletter.

In this special live discussion, Mervyn King, Lord King of Lothbury, and Terry Burns, Lord Burns, reflect on the economics and politics of the Lawson boom, chaired by Daniel Mahoney. Drawing on their first-hand experience working with Nigel Lawson, they revisit one of the most consequential periods in modern British economic history.Presented in front of a live audience, the discussion touches on the inheritance of 1970s inflation and the controversial 1981 Budget, tax reform, monetary targeting, exchange-rate policy, and the late-1980s boom and bust. King and Burns challenge the myth that the 1988 Budget alone caused the Lawson boom, arguing instead that prolonged low interest rates, financial deregulation, data misreads, and global conditions played a decisive role.Looking forward, they connect these lessons to today’s debates on inflation after Covid, the role of money and fiscal discipline, supply-side reform, and the growing strain on central bank independence. A timely, candid exchange between two architects and critics of Britain’s modern macroeconomic framework – and a crucial reminder of how hard-won credibility must be renewed.