HSO

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@Madz_Grant Funny how The Spectator just lifts observations from X, repackages them as original insight, and sells them back to its NPC boomer readership.

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@AtTheRaces The gambling lobby is literally using the horse racing industry as a shield. Utter disgrace.

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@AtTheRaces @DSkeltonRacing The horse racing industry needs to stop repeating lines fed to it by the gambling lobby. Taxing machine gambling to within an inch of its life should be seen as good for racing, because it makes betting on horses more competitive.

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@BenWallace70 The uk could really do with that 5.7billion you gave to the afghan resettlement scheme you absolute charlatan.

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@RacingJim92 AQPS exports haven’t done particularly well in Britain

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@GoncharenkoUa @EdwardMDruce Shame people like @robert_lyman preferred sending millions of Ukrainians to their deaths than choose this.

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@robert_lyman @ClarkeMicah @spectator Robert, I assume you’ll be putting forward both your children and yourself when you get the war you so desperately desire

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@JAHeale Tory policy is literally just vibes based off what Twitter accounts conjure up.

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@rcolvile Good luck building a council home for 200k

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@LBC @aliciakearns @IainDale It’s funny watching a lot of these MPs. You can tell they really don’t have that many strong views. They simply float from whatever seems the flavour of the day. Pretty much sums up most of the Tory intake.

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@admcollingwood @DanielJHannan The imported cost of oil represents 1/4 of the UK’s trade deficit

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@trussliz Liz Truss seems unable to reconcile her hyperliberal economics with one of its inevitable consequences: the free movement of people.

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@Benleo Now as a % of population:

1. United Kingdom: ~10.2%
2. Spain: ~13.7%
3. Germany: ~7.7%
4. Türkiye: ~6.7%
5. Italy: ~7.5%
6. France: ~4.3%
7. Austria: ~15.3%

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@iealondon @DanielJHannan @doktor_val Wow some out the box thinking from Dan and the IEA

[Ben Southwood @bswud]

China has become the most important manufacturing economy in the world because it is a continent-sized Silicon Valley.

https://t.co/QGdeeqmsEi

Every Chinese city govt acts as a VC firm trying to create clusters in its region, because it has both the means and incentive to do so.

Local govts generate their revenues, nearly all of which they keep, from selling leases on land and from stakes they have taken in local companies, which together allow them to capture economic spillovers.

Chinese officials have their entire careers graded and determined by how much growth they have been able to create in the areas they run. Career progression is determined according to a great tournament that pits official against official and gives promotions to whoever has grown their region the most. If they don’t reach a certain stage by a certain age they are blocked from promotion forever.

This is why so many economic clusters have centred on Chinese cities, for high- and low-tech products alike. Shaodong makes 70% of the entire world's cigarette lighters; Danyang makes half of the world's spectacle lenses; Zheng'an makes 1/7 of the world's guitars; Datang a third of its socks.

Whereas many of the West’s most important city governments capture only a small amount of the spillovers from successful clusters, and thus have very little reason to foster them, in China, they get a huge amount of the upside and can re-invest it in further growth. This also gives them a great incentive to solve problems for companies, like when Shanghai's govt got Tesla's factory there built even faster than Elon himself had expected (and twice as fast as his Fremont, CA factory).

But this is not some exotic 'oriental' innovation – this is how America used to do things when it grew fastest, in the 1950s, 1960s, and early 1970s. Catching up with China on advanced manufacturing does not require a wise and strategic approach, let alone authoritarianism or the end of democracy. It may just mean fixing city government.

This is why I care so much about local in Britain and America: if we give our own local governments the same incentives and means to grow, the crazily dysfunctional entities we have become used to may be transformed into corporation-like bodies that are ruthlessly focused on making their cities rich, safe and prosperous.

Read more in Works in Progress https://t.co/QGdeeqmsEi

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@NewStatesman @EdConwaySky Great to see the New Statesman rushing to bail out the side, right after its relentless hearts and minds operation did the damage.

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@PolitlcsUK Then why earth did you release them on bail?

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@Madz_Grant @Brewgaloo_ It is effectively the world’s largest pilot for universal basic income.

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@policy_uk We are effectively running the worlds largest pilot for universal basic income

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@the_tpa @WilliamClouston What’s depressing about this fantastic research is that it will only heighten Labour MPs’ instinct to preserve the status quo to save their seats.