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New luxury brands open at Strip shopping mall
Several new storefronts have opened at the Forum Shops at Caesars Palace, spanning jewelry, women’s fashion and menswear and accessories, the shopping mall announced.
Woman built a $400,000 ADU on her property for her parents
Hana Brown didn't want her parents to have to worry about housing as they age, so she and her husband built a luxury ADU for them in their yard.
See the $600 Million World of Executive Perks
From private ranch vacations to concierge medicine, these are the ultraluxury perks top executives scored last year.
The Trump Family Sparks a Revolution in Albania
A luxury development planned by Jared Kushner and Ivanka Trump has spurred anti-corruption protests.
Republican blocks bill to halt retrofit of Qatari-gifted Air Force One
Democrats have been trying to stop the Pentagon from spending more money on the luxury jet, which they call an "illegal" gift.
How Nashville's country music talent helps shape Big Sky's music scene
Carrie Underwood, Riley Green and more lead Wildlands as a Montana luxury resort town turns Nashville connections into a music tourism opportunity.
How presidential travel is the ultimate expression of political power
President Donald Trump's luxury plane donated by Qatar is just the latest in a line of aircraft and vehicles that advertise the power of the office.
Vertu wants executives to pay $6,880 for an AI agent — here's how it actually performs
From AI workflows to battery life and security, here's what it's really like to live with Vertu's luxury foldable every day.
$3B Motown sports project near Detroit airport is a scam, feds say
Developer Kenneth Bardwell is charged with blowing investor money on strippers, vehicles and luxury goods for himself, his wife and girlfriend.
Cartier Owner Richemont Posts Sales Beat on Strong Jewelry Performance
Sales at the luxury group rose 20%, bolstered by its jewelry business and despite a volatile market for the sector.
Movie theater chain says it's moving to Swansea. What we know
Local movie theater chain Entertainment Luxury Cinemas said it is coming to the Swansea Crossing plaza, where a long-vacant Regal once stood.
FOX Business anchors reveal wildly overpriced popular products
FOX Business anchors discuss products they believe are widely overpriced. Answers include bottled water, Dyson hair dryers, luxury handbags, and McDonald's value meals, sparking a lively debate about quality versus cost among the panel.
The $20 Billion Business Of Resort Anthropomorphism
Dog butlers, Gucci bowls and pet spas? The real story is how luxury hotels are turning consumer psychology into one of hospitality’s smartest profits
EXCLUSIVE: LVMH Partners With IFM Fashion School on Research Chair in Science and Creativity
The world's biggest luxury group wants to study how creative minds engage with technology, as AI is poised to revolutionize fashion design.
How Much Do You Know About the Sports Business? Try Our Quiz
Runaway sports betting, $60 million college-football coaching costs, luxury stadiums…. It’s all part of the money side of the games.
How Much Do You Know About the Sports Business? Try Our Quiz
Runaway sports betting, $60 million college-football coaching costs, luxury stadiums…. It’s all part of the money side of the games.
What Could Possibly Be Holding Up Cason Wallace’s Extension
Rising luxury tax pressures and Wallace’s soaring potential have created a high-stakes standoff, forcing Sam Presti to balance future financial flexibility with securing a cornerstone perimeter defender.
How Maison de Sabré built a cult business of bag charms from scraps
The Sabré brothers turned their cutting-room floor scraps into covetable bag charms. They believe the whimsy—and sustainability—they’re offering is key to being a next-generation luxury brand.
Bernard Arnault on Family, Business & Life Beyond Luxury
Bernard Arnault shares insights on family, business, and leadership at LVMH, revealing his views on luxury, parenting, and memorable adventures.
Delta, United and Other Airlines Are Offering Lower-Cost Business Class Options: What to Know
Delta is the latest U.S. airline to introduce stripped down, luxury-class fares. What do you get for your money, and is it worth it? What you need to know.
Caesars Entertainment (CZR) Following Lake Tahoe Opening Has Investors Weighing Its Valuation
Caesars Entertainment (CZR) is in focus after officially opening Caesars Republic Lake Tahoe Hotel & Casino, completing a multi phase renovation of the former Harveys Lake Tahoe and expanding its luxury resort and gaming footprint in the region. See our latest analysis for Caesars Entertainment. Caesars Entertainment’s recent Lake Tahoe opening comes as the stock shows mixed momentum, with a 26.57% year to date share price return but a 68.45% decline in five year total shareholder return...
These stunning luxury audiophile headphones just hit a new lowest price, and I’m stunned by the £220 discount
The old but gold Bowers & Wilkins Px8 offers style and substance
Delta’s Basic Business Offers Cheaper Luxury Ticket With Fewer Perks
The airline’s strategy reflects a push toward a la carte pricing even for premium tickets.
Douglas Elliman Bets on AI to Reinvent Brokerage Business
Luxury real estate brokerage Douglas Elliman Inc. is betting artificial intelligence can expand its business beyond buying and selling homes.
From chicken, waffles to luxury hotels: FIFA World Cup 2026 boosts Houston businesses
A Grambling State University student working at a Houston café and a century-old downtown hotel are among the local businesses feeling the financial impact of FIFA World Cup 2026 and the numbers tell the story.
Caesars Republic Lake Tahoe is Officially Open Debuting a Bold New Era of Luxury on the South Shore
The Investor Relations website contains information about Caesars Entertainment, Inc.'s business for stockholders, potential investors, and financial analysts.
Superyacht designers reveal biggest trends among billionaire owners
Vripack's Marnix Hoekstra and Bart Bouwhuis design luxury superyachts for billionaires. Popular asks include high-end offices and gyms.
86% of fans say live sports are becoming a luxury experience
Davey Chadwick from YouGov Sport examines whether live sports are now reserved for well-off Americans.
The newest luxury hotel amenity isn't a spa. It's Pilates.
Luxury hotels like The Aster and some Ritz-Carltons are adding reformer Pilates studios to attract wellness-focused travelers.
Retrofitted Qatari jet takes flight as Air Force One for Trump's N. Dakota trip
It has luxury features like plush carpets, lie-flat seats, wood paneling and a presidential seal on the seat belts
Retrofitted Qatari jet takes flight as Air Force One for Trump's N. Dakota trip
It has luxury features like plush carpets, lie-flat seats, wood paneling and a presidential seal on the seat belts
Trump's new Air Force One: differences, design, cost, photos of inside
Donald Trump flew on the new Air Force One, a luxury jet gifted from Qatar, for the first time. Here's how it compares to the old presidential plane.
Business News: Breaking N3W5 - Former AP CEO Bennahmias Announces First New Watch Brand
Ex-Audemars Piguet CEO François-Henri Bennahmias unveils 'N3W5' - the first watch brand under his 'The Honourable Merchants Group' luxury startup. It won't debut until late next year.
Trump ‘excited’ for inaugural flight on Qatari-gifted Air Force One
President Donald Trump shared his excitement for the inaugural flight of the new Air Force One, a luxury jet donated by the government of Qatar, saying the US “couldn’t build a plane like this.”
Luxury realtors are spending thousands on Botox, skincare, and clothes for work
Luxury real-estate agents are spending thousands on skincare, Botox, and designer clothes to project the aspirational lifestyle their clients want.
2026 Best of the 'Burgh Winners: Entertainment and Leisure
Activity Bar Pins Mechanical Co. Bed & Breakfast The Mansions On Fifth Luxury Hotel Boutique Hotel Kimpton Hotel Monaco Pittsburgh Camp for Kids
The Satire, Autograph Collection | The Hotel Collection
Discover The Satire, Autograph Collection an American Express Travel Luxury Property. Learn More About The Offerings & Features of The Satire, Autograph Collection in Alexandria, Virginia US.
The Taste Advantage: Inside The Vogue Business x Sparks Cannes Lions Breakfast
Vogue Business and Sparks convened a group of CMOs and other luxury leaders during Cannes Lions to discuss the future of meaningful connection.
Building Business: New hotel taking shape on Portland's Monument Square
Zachau Construction is transforming the former Fidelity Trust building into a 101-room luxury hotel, for Jim Brady’s Fathom Cos.
Govee's smart nugget ice maker makes every iced drink feel like a luxury
For some people, the ice in a beverage is almost as important as the drink itself. That's the audience Govee had in mind when designing its latest ice
Airlines Are Installing New Luxury Seats, but No One Is Allowed to Sit in Them
Lie-flat seats in private pods face long waits for safety certifications, delaying debuts for carriers’ high-end offerings.
Venetian exec talks luxury meeting space and the future of conventions
Venetian Chief Sales Officer Tony Yousfi shares what drove renovations at the Convention and Expo Center and the innovations he believes will define the next era of conventions at the Strip resort.
More luxury retailers open Strip stores
Luxury retailers open new stores at The Shops at Crystals and Forum Shops at Caesars Palace.
Business owners, town and chamber discuss 'surviving the summer'
The first Let's Talk Business roundtable included a wide range of business representatives, from luxury resorts to a picnic-friendly mom and pop shop.
I build Land Rovers that start at $339,000
After selling his companies, Paul Potratz turned his lifelong love of British cars into a luxury vehicle business.
Why luxury steakhouses are such big business in Boston
New, ever-pricier steakhouses keep opening in Boston. Can they all survive in this city?
Prada serves up luxury fashion’s version of pasta pomodoro at Milan Fashion Week
Miuccia Prada and Raf Simons reimagine jeans-inspired basics in leather and technical fabrics for their latest collection.
De'Aaron Fox was an NBA Finals flop, but he remains a luxury the Spurs can afford to keep
Fox's time in San Antonio will eventually run out, but it doesn't need to happen right away
Luxury hotels have a new VIP guest: your dog
Morgan Owens, a wellness, media and lifestyle entrepreneur, recently checked herself and her 7-year-old bichon frise, Ralph, in for a staycation to the Lytle Hotel in Cincinnati. There, they watched
Trump unveils the new Air Force One, a converted Qatari jet
The Trump administration accepted the luxury jet from Qatar despite questions about the ethics and legality
Trump unveils the new Air Force One, a converted Qatari jet
The Trump administration accepted the luxury jet from Qatar despite questions about the ethics and legality
Trump unveils a new presidential airplane
President Donald Trump is at Joint Base Andrews unveiling a new presidential aircraft: a luxury jet donated by the government of Qatar that has been painted red, white and blue and adorned with the words “United States of America.”
Haute Living Las Vegas: The Ultimate Guide to Luxury in the Entertainment Capital
Haute Living Las Vegas — luxury resorts, five-star dining, nightlife, entertainment, and the high-roller lifestyle. The definitive Vegas luxury guide.
K-shaped economy impacts summer travel plans for many
Higher-earners are likely to keep spending on luxury vacations, but that doesn't mean you just have to sit by in jealousy.
AI is turning Nintendo and Sony products into accidental luxury goods
With component-makers busy supplying data centres, console prices are rising as demand outstrips production capacity
Protesting a luxury resort in Albania
Why Albanians are demonstrating against a Trump-family business project. Also: Can a dying Spanish village still be saved?
Premium credit cards promise rewards, but change how consumers spend
Premium rewards cards offer points, lounge access, and luxury perks — but those rewards are also changing how consumers think about spending.
Inside Mark Zuckerberg's watch collection: Casio, Rolex, F.P.Journe
Mark Zuckerberg once had an understated style. Now, the Meta CEO wears a luxury watch from his pricey collection with almost every outfit.
I canceled a luxury cruise to afford World Cup final tickets
Attending the World Cup final won't be cheap, but for a devoted fan, the thrill of the experience justified the cost.
Q+A: Faraday Future Moves Beyond EVs
Faraday Future Intelligent Electric Inc. is sizing up for a key pivot. Initially a luxury electric vehicle company, the El Segundo-based manufacturer is
Blue Earth man accused of $23M fraud scheme defends his business
Prosecutors allege Charles Healey exploited a Medicaid program to buy luxury cars and Rolex watches. But he argues he ran a growing program amid confusing state rules.
iPhone Ultra Price: Why Apple’s First Foldable Needs To Be Expensive
With the iPhone 18 Pro expected to stay at $1,049, Apple is using the $1,999 iPhone Ultra as a foldable luxury smartphone to protect margins across the iPhone range.
Kushner’s Island Dream Gets Caught Up in Albanian Politics
Protests against his luxury developments have morphed into an anti-establishment movement.
ASICS to spin off Onitsuka Tiger into standalone business from 2027
ASICS will transfer its Onitsuka Tiger business into a standalone group company from 2027 as the Japanese sportswear giant looks to support the brand's rapid global expansion and strengthen its position in the luxury lifestyle market.
Metro ‘Public Health Alert’ signs tied to Overland Park luxury home lawsuits
Red signs reading ‘Willis Homes Public Health Alert’ with a QR code to a website have popped up from downtown Kansas City to Overland Park.
Surprising parts about my first adults-only cruise with Virgin Voyages
I took my first adults-only cruise with the luxury cruise line Virgin Voyages. I was surprised to find a playground and a tattoo parlor on the ship.
15 Luxury Items From Childhood, According To Older Adults
"We got the generic frozen concentrate, and Dad made us put in extra water [in it]."
NASA to wear Prada as luxury group pushes into space industry
Italian fashion house Prada 1913.F unveiled on Sunday the inner-layer garment set to be worn by NASA astronauts heading into space, underscoring the brand's push to be the first major luxury player to make inroads in the space industry.
Miami luxury home seller considers AI shares as payment
A Miami home seller is open to accepting shares in OpenAI, Anthropic, or SpaceX as payment, reflecting a trend in investment strategy.
I love luxury hotels, but my sister took me to an adult summer camp
I went to an adult summer camp with my sister. I didn't miss the amenities I'm used to in luxury travel, and was surprised by how much I loved it.
Boston’s international business boom equals more demand for housing
For real estate professionals, international business shows up in relocation traffic, rental demand and luxury purchases tied to expansion.
Hotel from ‘Pretty Woman,’ ‘Beverly Hills Cop’ cited for health violations
One of California’s most famous luxury hotels has landed in the crosshairs of Los Angeles County restaurant health inspectors. The Four Seasons Beverly Wilshire, located at the intersection of Rode…
Italian teenagers discover 1,800-year-old Roman luxury house underneath their high school gym
After being notified by mischievous high school students, archaeologists uncovered a large and luxurious second-century Roman house near the Colosseum.
Feds charge Ohio fraudsters with stealing $30M meant for behavioral health program to buy luxury cars
Luxury cars seized amid alleged $30 million fraud ring involving children's health services
Luxury cars seized after alleged $30 million fraud ring involving children's health services busted, officials say
Federal authorities have busted what they say is a $30 million fraud conspiracy involving billing for children's behavioral health services that were never provided, officials announced.
Ford's quietest Bronco ever? New Filson edition packs V6 power, luxury upgrades
Ford and Filson unveiled the 2027 Bronco Filson SUV, featuring a 3.0-liter EcoBoost V6, Sasquatch off-road package and the quietest Bronco cabin ever.
Macy's Lifts Sales Outlook; GameStop Collectibles Business
On this episode of Stock Movers with John Tucker: - Macy's (M) shares are on the move after it lifted its sales outlook for the year, a sign that the company's focus on growing its luxury business and improving its assortment is paying off. - GameStop (GME) shares are climbing after the video-game retailer reported a record quarterly profit driven by its collectibles business. Sales overall climbed 14% to $835.3 million. Net income of $389.6 million was the highest ever for a quarter in the company's history, GameStop said in a regulatory filing Tuesday. - Palo Alto (PANW) shares are dropping as the security software company reported results following a 61% year-to-date rally. The company reported third-quarter results that beat the average analyst expectation and raised its full-year forecast for key metrics, but failed to meet elevated buyside expectations.
Inside Hotel Du Pont, Italian Renaissance Gilded Age hotel in Delaware
Take a closer look at the grandeur of Hotel Du Pont, a luxury, century-old hotel filled with Gilded Age-style furnishings.
MGM Resorts International vs. Caesars Entertainment: Which Consumer Stock Is a Better Buy in 2026?
MGM leverages global luxury and digital expansion, while Caesars commands a vast U.S. footprint and loyalty program.
Luxury brands seek to lure America's AI super-rich
European luxury brands have sharpened their focus on the United States, with a surge of store openings and fashion shows to lure a new crop of wealthy shoppers enriched by the AI and tech boom and offset weak consumer confidence in the rest of the world.
L’Amy America Appoints David Low as New Director of Business Development, West
NEW YORK—L’Amy America has announced the appointment of David Low as director of business development, West, effective today, June 1, 2026. Low joins L’Amy America at a pivotal moment as it expands its portfolio with the launch of its luxury category and the addition of Billabong eyewear collections, the company said in an announcement. Low brings more than three decades of experience in eyewear sales and sales leadership, L’Amy America said, with a strong background in brand development, strategic growth and team management across the optical industry.
The Science Of The Beauty Box Boom
Best of The Summer Beauty Edits & the psychology of why we buy them. Beauty boxes from Sephora, Cult Beauty and Boots are booming as shoppers chase luxury beauty bargains, curated discovery and the psychology of smart spending.
Vertu wants CEOs to run companies from an AI foldable starting at $6,880
Built on top of the open-source Hermes project, Vertu's new foldable combines AI-agent workflows, enterprise integrations, and ultra-premium luxury finishes.
AI-native software helps a luxury blanket brand avoid costly returns
Luxome partners with LiquiDonate to donate returned weighted blankets to nonprofits, reducing landfill waste with AI-driven solutions.
Sporticast: What’s Up With the French Open Fashion Friction?
On the 555th Sporticast episode, hosts Scott Soshnick and Eben Novy-Williams discuss some of the biggest sports business stories of the week, including some simmering tension between tennis’ biggest tournaments and fashion brands like Gucci and Louis Vuitton. Tennis players have long been attractive endorsers for luxury brands—the sport’s clientele, locations and vibes all align—and …
$140,000 E.V.s and Heritage Gold: The Rise of China’s Homegrown Luxury Market
As China’s economy slows, consumers are increasingly turning to domestic luxury products, challenging the dominance of long-established European brands.
Private jet travel boom: Where and how the wealthy are flying
Private jet usage is exploding and is reshaping luxury travel trends, from $80 million aircraft to billionaires' habits.
How to Tell if a Wellness Retreat Is Legit Before You Spend Thousands and Some Red Flags
From IV drips to biometric testing, luxury wellness resorts are blurring the line between spa and medical clinic.
Lessons from the Vogue Business Global Summit: Chantilly
This year’s European Global Summit was held at the beautiful Château du Chantilly just outside of Paris. The two-day event saw industry leaders discuss the future of luxury, AI, and new growth markets.
Behind the scenes at the Vogue Business Global Summit: Chantilly
This year’s European Global Summit was held at the beautiful Château du Chantilly just outside of Paris. The two-day event saw industry leaders discuss the future of luxury, AI, and new growth markets.
Zegna chair says Middle East business situation is improving
Italian luxury menswear group Ermenegildo Zegna has registered an upturn in Middle East business in recent weeks after disruption caused by the Iran conflict and expects the recovery to be complete after the summer, its executive chairman said.
Why quiet luxury is giving way to loud, tacky wealth
From Lauren Sánchez to the gold-plated Oval Office to "Mar-a-Lago face," America's elite are embracing louder, flashier displays of wealth.
Sales of luxury homes in Las Vegas jump in 2025, report says
“Southern Nevada’s luxury market saw healthy growth in 2025,” states a new report from Nevada State Bank. “This increase followed four years of relatively flat activity afte...
Rep. Chris Deluzio targets rising youth sports costs in Let Kids Play Act
'Youth sports should not be a luxury item,' Deluzio said.
Rep. Chris Deluzio targets rising youth sports costs in Let Kids Play Act
'Youth sports should not be a luxury item,' Deluzio said.
Chartbook 449: Voldemort on Threadneedle street. The Bank of England and the "haunted house" of English politics.
Imagine the scene: In some Harry Potter version of 21st-century London, a group of deathless UK Treasury officials gathered from across the last century huddle over warm pints and glasses of Chardonnay. Around the table there are officials from the 1920s, the 1930s, the 1970s, 2022 and today. Inevitably, in May 2026, the subject of conversation is the disintegration of the current Labour government. Despite its huge majority in parliament, it has been reduced to tatters by catastrophic local election result. These exposed the fact that rather than having a government with a clear popular majority, the UK is like most other modern societies divided into 5 segments each of which commands between 26 and 16 percent of the vote. Perhaps unsurprisingly, the leadership at Nos 10 and 11 Downing Street - where the Prime Minister and the Chancellor (Treasury Secretary) work - seem paralyzed. They are caught between mounting discontent over unfairness and the cost of living, and tough fiscal strictures that push them into making unpopular spending decisions. In the London pub, the Treasury officials from across the ages, can barely hide their satisfaction at the latest display of democratic politics caught in the vice-grip of financial logic. “Remember the mur d’argent and the banker’s ramp?” “Just like yesterday!” There are smirks around the table. Then the representative of 2026 pipes up: “One thing you have to say about the current lot (referring to the latest hapless Labour government), you don’t have to teach them about the bond market!” There is a murmur of ascent from the Treasury Mandarins. The trauma of the fiscal crisis of September-October 2022 sits deep. Back then, in the final stages of Tory decay, a ‘mini budget’ that challenged fiscal orthodoxy led to a brief but fierce panic in one of the oldest government bond markets in the world (aka gilt market). Now all you have to do is to mention the “bond market” to hush debate. [ Paul Mason@paulmasonnews In the name of public service, and as ex-economics editor of BBC Newsnight, I offer to do a zoom call, tonight, with any Labour MP who wants to understand why bond markets do not "fall into line" with governments. 1/ 3:57 PM · May 12, 2026 · 466K Views 224 Replies · 674 Reposts · 3.93K Likes ](https://x.com/paulmasonnews/status/2054229532404519082?s=20) “And the funny thing is”, the young man in the huddle continues, “they don’t even want to talk about … ”. There is a sudden hush. Significant looks are exchanged around the table. About? One of the senior figures puts down his glass with a decisive “clink”. He-Who-Must-Not-Be-Named has entered their thoughts. Meanwhile, a few miles away in a grubby pub in Bloomsbury, two conspirators from the camp of Critical Macrofinance huddle over cans of low-alcohol IPA. They look at each other and blurt out loud: “The Bank!” “Everyone in the bloody Labour party is talking about the bond market. But why aren’t they even mentioning … the Bank of England!?” “Why is no one talking about Voldemort?” In Paul Mason’s blogpost, after much chest-thumping about basic fiscal logic, the basic point about the Bank of England is buried in the fine print at #3 in his list of suggestions as to what a radical Labour government might actually be able to do! [ Conflict & Democracy Down with the bond market! Down with gravity! It may seem unfair to focus on Labour MP Paula Barker for her off-the-cuff assertion that the bond market would have to “fall in line” with Andy Burnham, should he replace Keir Starmer as prime minister. But Burnham himself told the New Statesman that Labour had to “get beyond this thing of being in hock to the bond markets… Read more 2 days ago · 100 likes · 3 comments · Paul Mason ](https://htsf.substack.com/p/down-with-the-bond-market-down-with?utm_source=substack&utm_campaign=post_embed&utm_medium=web) Back in Bloomsbury they shake their heads and ask: “Didn’t we learn anything from the Eurozone crisis?” Meanwhile, as if summoned to the conversation by some higher force, the “pink pages” announce: “The days of ultra-cheap government borrowing have come to an end” and Martin “Whizzard” Wolf publishes the graph of the season Look at the UK in 2026, perilously positioned on the upper edge of the pack. No wonder no one in London needs any lessons about the “bond market”. But, look again. Imagine how they feel in Rome. What is London’s nightmare in 2026? The nightmare is that you end up like Italy in the early 2010s during the Eurozone crisis. Once comfortably situated in the middle of the pack, watching with horror as your ten-year yields explode to 7 percent and “spreads” become a national nightmare. One of the largest economies in Europe, a founding member of the euro, stigmatized. But the message of the Italian experience is ambiguous. After all, the stigma didn’t last. In 2026, Italy borrows at rates lower not only than the UK but the US. The US, which, as everyone knows, enjoys the “exorbitant privilege” of being the issuer of reserve, safe asets. What kind of magic is this? How did Italy, in the space of fifteen years, go from being good, to bad and back again? Which brings us back to our dissident friends in their Bloombury boozer and their memories of the Eurozone crisis. Italy never was Britain - with its ongoing fiscal deficits. Without interest payments, on primary balance, from 2000 to 2020 Italy ran a tight fiscal ship. Even in 2008 it barely went into deficit and when it was being put on the rack in the early 20210s its primary surplus matched that of austere Germany. So, what happened? How did it end up stigmatized? Of course Italian politics didn’t help. Berlusconi was at the helm and he had legal issues. But amongst friends in the Bloomsbury pub, Berlusconi is a sideshow, the name we whisper to each other is “Trichet”. From 2004 to 2011 the ECB was headed by Jean-Claude Trichet, ex of the French Treasury, more German than the Germans. After 2009 as the news of the Greek fiscal disaster broke, the European bond markets wento into panic mode and Trichet began a brutal game of cat and mouse. Between 2009 and 2011, Trichet intervened in the bond market to help, only when he thought he had compliance with austerity. When he thought they were uncooperative, he withdrew. In the summer of 2011, he even made direct suggestions to his Italian counterparts in Rome, as to how Italy should be governed. It was this cat and mouse game that drove the bond markets crazy and exposed Italy to a violent squeeze. When Mario Draghi took over the ECB at the end of 2011 and declared “whatever it takes”, the pressure on Italy, gradually eased. It is that starring role that has made Draghi into the towering figure in European politics that he remains today. So now you see why voices in London hush when it comes to the Bank of England. “The bond market” isn’t an irresistible objective force like the weather or an avalanche. It can appear like that. But that depends on the way it is being handled, or not handled by the central bank. Which is why the silence about the Bank of England in London right now is so significant. If you think this all sounds a bit fishy, coming from a left-liberal Keynesian like myself, well, let me introduce you to Robin Brooks, who, to put it mildly, plays on a different quidditch team to me. Here, from the position of a fiscal hawk is Robin’s celebratory account of the Bank of England’s role since 2022; In October 2022, at the height of the bond market blow-up in the UK, something incredible happened. Governor Andrew Bailey told British pension funds the Bank of England would end its support program for the country’s fragile gilt market, drawing a line under how much help the central bank was willing to give to exposed pension funds and - implicitly - the government. By the end of that week, Kwasi Kwarteng - the finance minister - had resigned. Prime Minister Liz Truss would soon follow. This episode is so incredible because it contrasts with what happened in the Euro zone earlier that year. Bond markets in Spain and Italy were under pressure amid high inflation and rising interest rates. In the middle of this, Mario Draghi - Italy’s Prime Minister - resigned, compounding pressure on bond markets of high-debt countries on the Euro periphery. Unlike the Bank of England, the ECB caved. It bought Italian and Spanish government bonds in an effort to cap yields and introduced a new tool that signaled to markets it might do such caps more frequently going forward. Faced with pressure on bond markets, the ECB capitulated to political pressure from high-debt countries like Italy and Spain. The Bank of England stood its ground and toppled the Truss government. This kind of thing has long-lasting consequences. It means markets price a higher probability of yield caps in the Euro zone, which keeps Italian and Spanish yields artificially low, while markets feel free to push up UK yields without fear of central bank intervention. As I flagged in yesterday’s post, this means you really can’t compare UK yields to those of other high-debt countries. The UK looks worse, but only because its central bank isn’t interfering with markets. There’s more to this than just that 2022 episode. The Bank of England has also been much more aggressive in its quantitative tightening (QT) than other central banks. If one motivation for quantitative easing (QE) is to lower bond yields - especially longer-dated ones - then it stands to reason QT pushes yields up. The left chart above shows a four-quarter moving average of UK government debt issuance (black line) in percent of GDP and which sectors absorb this issuance, including the Bank of England (blue bars). The right chart above compares the Bank of England’s accumulation or run-off of government bonds (blue line) with that of other central banks, where this blue line is the same as the blue bars in the left chart. The Bank of England was quicker and more aggressive than other central banks in downsizing its bond holdings, so UK yields will have risen more than elsewhere also for this reason, not just because of Governor Andrew Bailey’s remarks in October 2022. Back in October 2025, after a conversation in New York with friends in British politics, my sense of dysphoria was such that I raised the issue of the Bank of England openly in the FT Since 2008, the UK has slid into a deep economic and political predicament. Growth has stagnated to a degree far worse even than in the 1970s. The Tory leadership’s wager on the Brexit referendum spectacularly backfired, leaving the UK isolated from Europe and at the mercy of its special relationship with the US, many of whose political class regard the UK as a basket case. After years of austerity, the Labour party lurched to the left and then back to the centre. The Tory party has been eclipsed by the populist nationalism of Reform. Any British government should be worrying first and foremost about how to restart growth. Instead, Keir Starmer is beset by shades of the gilt market panic triggered by the Liz Truss government in 2022. The debt level is higher than in recent years, but there is no cause for panic. UK debt is at far from critical levels and of long duration. Whether you want to “take back control” or launch progressive economic policy, a democracy dogged by fear of bond market vigilantes is unhealthy. In a country that is a monetary sovereign, this climate points to one thing: a disconnect between the government and the central bank. Since 1997, the independence of the Bank of England has become a sacred cow. But independence is what you make of it. And in the wake of the gilt market crisis of September 2022, relations between the Bank of England and the UK government need a reset. In normal times, there is no doubt that an inflation-targeting independent central bank can serve a country well. But since 2008, the UK and other advanced economies have not had the luxury of such simple problems. To their credit, central bankers around the world have not stood on orthodoxy. After 2008, the US Federal Reserve rescued the global banking system and, through quantitative easing, it stabilised the Treasury market in the face of huge deficits. In Europe, things were trickier. Both the Bank of England under Mervyn King and Jean-Claude Trichet’s European Central Bank played cat and mouse with national governments. This was a high stakes wager that between 2010 and 2012 escalated bond market tension and triggered a disastrous turn to austerity. Shaken by the impact of those shocks, their successors, Mark Carney and Mario Draghi adopted a more protective stance (assuming you were not the government of Greece). Recall that Draghi’s legendary slogan, “Whatever it takes”, was uttered to face down the City of London’s bond vigilantes. In 2015, Draghi launched QE — financial repression by another name. In 2016, Carney used the authority of the Bank of England to stabilise markets following the vote for Brexit, an exemplary demonstration of how central banks can underpin democratic choice, even when those choices are wrong headed. All these were independent central bankers steeped in the best practice of the 1990s, who recognised that historic crises demanded radical action. It was the price surge of 2021-2023 that poisoned the atmosphere. Though the shock came mainly from the supply side, central banks ended up in the dock. Nowhere more so than in the UK. The Bank of England reacted with aggressive normalisation. Faced with a cost of living crisis, the governor called for workers to accept real wage cuts. In early 2022, as gas prices were at record levels and Russia’s army was poised to invade Ukraine, the Bank adopted a stringent programme of quantitative tightening, elevating interest rates. When the Truss government got itself in trouble, the Bank took almost a week to come to the rescue. Rather than enacting a charade of normality, it is time to recognise that in 2025 the UK faces a period of historic transition. To meet this challenge, what is needed is a new concordat with the Bank. This should not ignore inflationary pressures or the long-run trajectory of debt, but should affirm the priority of reviving investment-led growth. One could follow Donald Trump in demanding interest rate cuts. The Bank could shadow the ECB in its commitment to capping Eurozone yields. But the top priority should be to lay the ghost of September 2022. The Bank’s slowing of QT last month was a concession. An immediate and complete end would send the right signal. Such a concordat will not by itself restore sanity to politics, solve the housing problem or rebuild the NHS. But it would help to lift the fear of bond market crisis, which is paralysing the effort by democratic politicians to answer the fundamental questions facing the nation. Now, that call for a new concordat between government and Bank of Englands seems more urgent than ever. The problem is that in October 2025, Starmer still had some authority. Today the government is in tatters. And when you are the “under the harrow” - to echo a phrase of Montagu Norman’s from the 1920s - it is the worst possible time to consider institutional change. To make general arguments at a time of crisis can only seem like special pleading rather than a general argument for long-term change. The same, unfortunately, is also true for the other basic institutional reform that Britain urgently needs i.e. the abolition of the out-dated first past the post electoral system and its replacement by a moderated form of proportional representation. And thirdly - whilst we are saying the quiet parts out loud - Britain needs to reopen the question of EU membership. What the local election results of 2026 show is that this remains a key issue. And what they also show is that there is a clear majority that would favor a return. Until these basic features of Britain’s political economy are addressed the country will carry on its politics as though in a haunted house, governed by governments that lack actual majorities, conjuring up false constraints whilst ignoring the real ones. This one is for DG and MI. I love writing the newsletter. If you enjoy it too and fancy buying me a coffee once a month, you know what to do. Click below! Subscribe
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