Heather Stewart
@guardianheather.bsky.social
Economics editor at the Guardian. Former political editor, former Observer economics editor. Londoner, Mum.
[email protected]
[email protected]
Here’s this week’s column, in which I beg the chancellor to go big this week - on both headroom and narrative - so that by next year, if she’s still here to deliver it, the budget will be boring, because we all know the plan 🙏🏻
www.theguardian.com/business/202...
www.theguardian.com/business/202...
Rachel Reeves, please, let’s make budgets boring again | Heather Stewart
Budgets need to be reassuringly dull with no repeat of this year’s long, drawn-out and chaotic buildup
www.theguardian.com
November 23, 2025 at 3:49 PM
Here’s this week’s column, in which I beg the chancellor to go big this week - on both headroom and narrative - so that by next year, if she’s still here to deliver it, the budget will be boring, because we all know the plan 🙏🏻
www.theguardian.com/business/202...
www.theguardian.com/business/202...
Reposted by Heather Stewart
*Pops over to X* Has he? Has he been? YES! He's published an 1,835-word tweet rebuttal of a report he hasn't read!
November 20, 2025 at 4:29 PM
*Pops over to X* Has he? Has he been? YES! He's published an 1,835-word tweet rebuttal of a report he hasn't read!
Reposted by Heather Stewart
TIL that the UK govt employs almost 4000 civil servants to work on its property-valuation system for taxation. And one of their core jobs is guessing what a new house might have been worth if it had been built in 1991.
Stupid, stupid country.
Stupid, stupid country.
About us
The Valuation Office Agency (VOA) gives the government the valuations and property advice needed to support taxation and benefits.
www.gov.uk
November 20, 2025 at 11:48 AM
TIL that the UK govt employs almost 4000 civil servants to work on its property-valuation system for taxation. And one of their core jobs is guessing what a new house might have been worth if it had been built in 1991.
Stupid, stupid country.
Stupid, stupid country.
Reposted by Heather Stewart
A chart that surprised me: NHS staff absences for mental health reasons are at record highs, above pandemic levels
Absences for that reason have grown far faster than the combination of other reasons since 2016
Staff were absent for 1.4% of all working days for mental health reasons in YE May 2025
Absences for that reason have grown far faster than the combination of other reasons since 2016
Staff were absent for 1.4% of all working days for mental health reasons in YE May 2025
November 20, 2025 at 9:34 AM
A chart that surprised me: NHS staff absences for mental health reasons are at record highs, above pandemic levels
Absences for that reason have grown far faster than the combination of other reasons since 2016
Staff were absent for 1.4% of all working days for mental health reasons in YE May 2025
Absences for that reason have grown far faster than the combination of other reasons since 2016
Staff were absent for 1.4% of all working days for mental health reasons in YE May 2025
Reposted by Heather Stewart
Yeh but what if you speedrun the Danish Social Democrats?
The Danish Social Democrats are currently on course for their worst election result since at least the Second World War, despite their brand of far-right accommodationism being touted as a blueprint for other centre-left parties.
Oh
November 18, 2025 at 2:28 PM
Yeh but what if you speedrun the Danish Social Democrats?
Reposted by Heather Stewart
why can they not just fix it
![[Scene is MCcDONALDS PICKUP POINT but for the most part we can only see the close up faces of tha CUSTOMER and the McDONALDS EMPLOYEE at the serving point].
1
CUSTOMER:
Hi - I’m afraid this isn’t what I ordered
2
McDONALDS EMPLOYEE:
Number 187?
CUSTOMER:
Yes
3
CUSTOMER:
Maybe I pressed the wrong thing?
I just ordered one strawberry milkshake.
4
EMPLOYEE:
Oh - yeah sorry
5
EMPLOYEE:
The milkshake machine’s not working.
6
EMPLOYEE:
The only flavours we can do are vanilla, banana, and Labour Leader Pretending to be Nigel Farage.
7
CUSTOMER:
Is that a new flavour?
EMPLOYEE:
Yeah
8
[We now see that the employee has placed a gigantic milkshake cup on the counter]
EMPLOYEE:
If you look inside, there’s a Labour leader pretending to be Nigel Farage.
9
[Customer looks inside the cup]
10
[Show Keir Starmer dressed as Nigel Farage inside the cup]
CUSTOMER:
So there is
11
CUSTOMER:
Is that something people want, then?
EMPLOYEE:
No! No, not at all.
12
EMPLOYEE:
It just keeps happening when we press banana.
[ends]](https://cdn.bsky.app/img/feed_thumbnail/plain/did:plc:4m3we4apbjayclzcnhwe3pfp/bafkreibbip5v2gcsv5j7kp6qm7lp6hpmaqcsanoobea2dxms7gxgrqk4qy@jpeg)
November 18, 2025 at 11:16 AM
why can they not just fix it
Reposted by Heather Stewart
Tl;dr - if Labour want to combat racism, they should say racism is wrong, over and over, and act on that belief (e.g. by leaving certain social media sites owned by racists). That would do more to promote anti-racist norms, and protect the interests of Britain's minorities than immigration controls.
November 18, 2025 at 10:28 AM
Tl;dr - if Labour want to combat racism, they should say racism is wrong, over and over, and act on that belief (e.g. by leaving certain social media sites owned by racists). That would do more to promote anti-racist norms, and protect the interests of Britain's minorities than immigration controls.
Really looking forward to chairing a panel at Bristol econ festival on Weds, on the very timely topic, “what is the future of migration?” - lots of other great discussions too 👇🏻
Bristol festival of economics 2025
This week @econ-observatory.bsky.social @wshed.bsky.social
14th great year of an annual forum for public debate in times of crisis #economicsfest
HT the founders: @dianecoyle1859.bsky.social @andrewkelly.bsky.social
www.economicsobservatory.com/festival-of-...
This week @econ-observatory.bsky.social @wshed.bsky.social
14th great year of an annual forum for public debate in times of crisis #economicsfest
HT the founders: @dianecoyle1859.bsky.social @andrewkelly.bsky.social
www.economicsobservatory.com/festival-of-...
Festival of Economics 2025 - Economics Observatory
Economists and experts from around the world debate the key economic questions of our time.
www.economicsobservatory.com
November 17, 2025 at 6:21 PM
Really looking forward to chairing a panel at Bristol econ festival on Weds, on the very timely topic, “what is the future of migration?” - lots of other great discussions too 👇🏻
Reposted by Heather Stewart
Six weeks since the PM said Britain faced a choice between decency or division and our bad, obviously, for not understanding that he was in fact Team Division
November 17, 2025 at 8:42 AM
Six weeks since the PM said Britain faced a choice between decency or division and our bad, obviously, for not understanding that he was in fact Team Division
Lots of good, interesting ideas in here - I wrote about just one, the idea that consumers are being ripped off in some services markets, to the detriment of productivity:
www.theguardian.com/business/202...
www.theguardian.com/business/202...
November 17, 2025 at 9:22 AM
Lots of good, interesting ideas in here - I wrote about just one, the idea that consumers are being ripped off in some services markets, to the detriment of productivity:
www.theguardian.com/business/202...
www.theguardian.com/business/202...
Reposted by Heather Stewart
Tomorrow, @acjsissons.bsky.social and I are publishing an essay on how to fix Britain's economy. @guardianheather.bsky.social has a great column on one of our arguments - that services inflation has its roots in producers knowing more than consumers
www.theguardian.com/business/202...
www.theguardian.com/business/202...
UK watchdogs need to step in on rip-off bills, which are bad for consumers and the economy | Heather Stewart
From mobiles to insurance and subscriptions, firms are able to exploit the fact they know more than customers
www.theguardian.com
November 16, 2025 at 1:17 PM
Tomorrow, @acjsissons.bsky.social and I are publishing an essay on how to fix Britain's economy. @guardianheather.bsky.social has a great column on one of our arguments - that services inflation has its roots in producers knowing more than consumers
www.theguardian.com/business/202...
www.theguardian.com/business/202...
Reposted by Heather Stewart
Very pleased to feature in this fab column by @guardianheather.bsky.social on rip-off bills.
It draws on something @johnspringford.bsky.social and I have been working on - will say more tomorrow!
www.theguardian.com/business/202...
It draws on something @johnspringford.bsky.social and I have been working on - will say more tomorrow!
www.theguardian.com/business/202...
UK watchdogs need to step in on rip-off bills, which are bad for consumers and the economy | Heather Stewart
From mobiles to insurance and subscriptions, firms are able to exploit the fact they know more than customers
www.theguardian.com
November 16, 2025 at 1:13 PM
Very pleased to feature in this fab column by @guardianheather.bsky.social on rip-off bills.
It draws on something @johnspringford.bsky.social and I have been working on - will say more tomorrow!
www.theguardian.com/business/202...
It draws on something @johnspringford.bsky.social and I have been working on - will say more tomorrow!
www.theguardian.com/business/202...
Reposted by Heather Stewart
fixed it for you Rachel
November 14, 2025 at 3:40 PM
fixed it for you Rachel
Reposted by Heather Stewart
Gordon Brown used to meet his fiscal rules by making the lines fatter on a chart. True story. Maybe Rachel should try that...
November 14, 2025 at 3:28 PM
Gordon Brown used to meet his fiscal rules by making the lines fatter on a chart. True story. Maybe Rachel should try that...
Absolutely this 👇
This is the point. Policy *should not* be adjusted or fine-tuned in response to minor forecasting judgements. Decisions about whether or not to break a prominent manifesto promise *should not* depend on minor forecasting judgements. This stuff matters. We've got to do better than this.
I know it’s always like this. But one striking thing from the budget kite flying and kite pulling back in, is how major policy decisions are constantly being buffeted around by iterative forecast changes.
All feels a bit of a silly way to be making major economic policy & political decisions.
All feels a bit of a silly way to be making major economic policy & political decisions.
November 14, 2025 at 3:26 PM
Absolutely this 👇
Reposted by Heather Stewart
More voters rebelling against looming tax increases by swinging behind a party loudly calling for much larger tax increases
Long Ashton (North Somerset) Council By-Election Result:
🌍 GRN: 55.7% (+25.1)
🌳 CON: 17.7% (-7.2)
➡️ RFM: 15.5% (New)
🔶 LDM: 5.7% (-28.8)
🌹 LAB: 5.4% (-4.5)
Green HOLD.
Changes w/ 2023.
🌍 GRN: 55.7% (+25.1)
🌳 CON: 17.7% (-7.2)
➡️ RFM: 15.5% (New)
🔶 LDM: 5.7% (-28.8)
🌹 LAB: 5.4% (-4.5)
Green HOLD.
Changes w/ 2023.
November 14, 2025 at 2:56 PM
More voters rebelling against looming tax increases by swinging behind a party loudly calling for much larger tax increases
Looks to me like they've reduced their ambition on headroom, then - £15bn may well not be enough to placate the markets...? (And as I said before, I'm sceptical about the, 'it was the forecasts wot done it' explanation).
Where we are on budget now👇
- Treasury confirms stronger than expected OBR forecasts means fiscal gap nearer £20bn than £30-£40bn. Reeves also wants headroom of £15bn
- Reeves doesn’t need to become first chancellor in 50 years to raise basic rate income tax - breaching central manifesto promise
- Treasury confirms stronger than expected OBR forecasts means fiscal gap nearer £20bn than £30-£40bn. Reeves also wants headroom of £15bn
- Reeves doesn’t need to become first chancellor in 50 years to raise basic rate income tax - breaching central manifesto promise
November 14, 2025 at 1:57 PM
Looks to me like they've reduced their ambition on headroom, then - £15bn may well not be enough to placate the markets...? (And as I said before, I'm sceptical about the, 'it was the forecasts wot done it' explanation).
Ahem, some might argue that this post - Rachel Reeves's chief economic adviser - might have been better filled earlier.
Not sure if this qualifies as one of those impossible jobs but will certainly be maddening, interesting and important
www.civilservicejobs.service.gov.uk/csr/index.cg...
www.civilservicejobs.service.gov.uk/csr/index.cg...
November 14, 2025 at 12:55 PM
Ahem, some might argue that this post - Rachel Reeves's chief economic adviser - might have been better filled earlier.
Reposted by Heather Stewart
Most Labour members make an informal trade-off: we accept that the party leader is well to the right of the members, in exchange for competent leadership and actually winning. If I wanted weak leadership and no plan I could have done that myself.
November 13, 2025 at 10:56 PM
Most Labour members make an informal trade-off: we accept that the party leader is well to the right of the members, in exchange for competent leadership and actually winning. If I wanted weak leadership and no plan I could have done that myself.
This is the story HMT is telling about the change of heart on busting manifesto pledge (which RR was always sceptical about). Problem is, the OBR's underlying forecast came on 31 Oct, by which time stronger wage growth/revenues were already well known factors (1/3) www.bloomberg.com/news/article...
Reeves to Drop Tax-Rise Plans Because of Better UK Forecasts
Chancellor of the Exchequer Rachel Reeves has been able to drop a plan to raise income taxes because she received an improved fiscal forecast from the UK’s budget watchdog, people familiar with the ma...
www.bloomberg.com
November 14, 2025 at 10:46 AM
This is the story HMT is telling about the change of heart on busting manifesto pledge (which RR was always sceptical about). Problem is, the OBR's underlying forecast came on 31 Oct, by which time stronger wage growth/revenues were already well known factors (1/3) www.bloomberg.com/news/article...
Reposted by Heather Stewart
If he does run I really hope his campaign slogan is "Chaos with Ed Miliband".
Verdict of one Labour grandee I just bumped into: “Ed Miliband is the person most likely to be the most next Prime Minister”.
November 13, 2025 at 1:14 PM
If he does run I really hope his campaign slogan is "Chaos with Ed Miliband".
As markets react badly to the dropping of income tax plans, Treasury is highlighting Reeves’s promise, in her speech, to “build more resilient public finances – with the headroom to withstand global turbulence" - presumably trying to signal that intention stands, if not the means of getting there.
November 14, 2025 at 8:56 AM
As markets react badly to the dropping of income tax plans, Treasury is highlighting Reeves’s promise, in her speech, to “build more resilient public finances – with the headroom to withstand global turbulence" - presumably trying to signal that intention stands, if not the means of getting there.
Reposted by Heather Stewart
Has anyone tried turning the government off and back on again?
November 14, 2025 at 8:37 AM
Has anyone tried turning the government off and back on again?