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Are we heading for a financial crash?
đ€ âMANGOâ | đȘ Enoch Powell | đ© New Yorkâs flags
In the headlines
Donald Trump told Volodymyr Zelensky on Friday that if he doesnât accept Vladimir Putinâs terms for ending the war then Russia will âdestroyâ Ukraine. The White House meeting repeatedly descended into a âshouting matchâ, says the FT, with the US president tossing aside maps of the Ukrainian front line and insisting Zelensky surrender the entire Donbas region. The Metropolitan Police are investigating claims that Prince Andrew asked one of its officers to dig up dirt on his late accuser Virginia Giuffre. In her posthumous memoir, Nobodyâs Girl, which is released tomorrow, Giuffre claims she had sex with the prince on three separate occasions, including once with Jeffrey Epstein and approximately eight other young women. The Mongolian wrestler HĆshĆryĆ« Tomokatsu won the Grand Sumo Tournament at the Royal Albert Hall last night. After five days of fighting â during which the assembled rikishi ploughed through 700kg of rice, 1,000 packets of miso soup and 400 bottles of soy sauce â the 150kg 26-year-old beat his 191kg opponent in a crisp 10 seconds.

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Starmer campaigning for a second referendum in 2019. Daniel Leal/AFP/Getty
Labour is the party of the middle class
For years, says Robert Colvile in The Sunday Times, Labourâs policy was to keep as quiet as possible about Brexit. But all of a sudden Rachel Reeves says the reason taxes are going up, when she specifically promised they wouldnât, isnât that her last set of tax rises knocked the stuffing out of the economy, but because âthe impact of Brexit is severe and long-lastingâ. Keir Starmer is at it too, using his conference speech last month to attack the âBrexit lies on the side of that busâ and denounce the politicians who âlied to this country, unleashed chaos and walked away after Brexitâ. After years of silence on the âB-wordâ, whatâs changed?
It isnât just that Labour has run out of other excuses. It also represents a âlong-overdue accommodation with electoral realityâ. Labour thinks of itself as the party of the workers, but really it has always been an âalliance between the organised working class and the progressive middle classâ. Today, the progressive middle class entirely dominate, while unions say their members are âdeserting for Reform en masseâ. The data is striking: if the vote were restricted to households earning over ÂŁ70,000 a year, Labour would romp home at the next election. The latest polling shows Reform winning handily among those who attended comprehensive and grammar schools but lagging Labour by 13 points among the privately educated. What Labourâs anti-Brexit turn reveals is that they accept they have lost the workers and are now desperately trying to hang on to their new âcore voteâ: centrist dads who listen to The Rest Is Politics and get all huffy about âracist, populist, Brexiteering old Nigelâ.
Photography
The Polish-born neurobiologist Igor Siwanowicz uses a laser-scanning microscope to capture images of insects and small organisms in extraordinary detail, says Moss & Fog. They include ultra-close-ups of a barnacle, the front leg of a whirligig beetle, the tongue of a freshwater snail, a cross-section of a chicory floret, pollen grains attaching to a flowerâs stigma, and a coiled-up adult inch worm. To see more, click on the image.
Are we heading for a crash?
In the rest of todayâs newsletter we have a column explaining why the worldâs top financiers think weâre heading for a big crash. Itâs not just the scarily high valuations of the big AI firms; itâs also the rise of the shockingly unregulated âshadowâ banking sector. To read the full piece â which may or not prompt you to dump your portfolio in a blind panic â along with the usual (rather lighter) collection of bits and bobs below, please take out a subscription.
đŹ The popular politics podcaster using âseat-fillingâ services
â€ïžâđ©č When Richard Madeley met Don McLean
đ„ Enoch Powellâs disastrous attempt to drive a truck
đ Why flying flags at half-mast has lost its meaning
đŁââïž The English rowers who have just crossed the Pacific unaided
đŹ Margaret Thatcher on why it pays to know your enemy
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