Jos Gallacher 🟰
@jos.gallacher.be
Scot, European citizen, economic policy aficionado, green tinged democratic socialist, social democrat, book lover, coffee addict and pedant.
In that order.
In that order.
Pinned
Jos Gallacher 🟰
@jos.gallacher.be
· Dec 8
The future is incognisable.
tl;dr
Is it the ones with all the money?
Is it the ones with all the money?
New post out:
"Who runs Britain?"
Politicians complain they are unable to do anything because of the machinery of state. Yet they have more power than ever.
What explains this "paradox of executive power" and how can it be fixed?
(£/free trial)
open.substack.com/pub/samf/p/w...
"Who runs Britain?"
Politicians complain they are unable to do anything because of the machinery of state. Yet they have more power than ever.
What explains this "paradox of executive power" and how can it be fixed?
(£/free trial)
open.substack.com/pub/samf/p/w...
Who runs Britain?
The paradox of executive power
open.substack.com
January 25, 2026 at 10:58 AM
tl;dr
Is it the ones with all the money?
Is it the ones with all the money?
This seems right.
January 20, 2026 at 12:08 PM
This seems right.
It is time to cancel the Trident renewal project and divert resources to conventional defence needs.
www.ft.com/content/209b... Britain has spent little extra on conventional armed forces, experts warn
www.ft.com/content/209b... Britain has spent little extra on conventional armed forces, experts warn
Britain has spent little extra on conventional armed forces, experts warn
Bulk of new money last year eaten up by inflation, housing costs and the nuclear programme, industry executives say
www.ft.com
January 20, 2026 at 9:49 AM
It is time to cancel the Trident renewal project and divert resources to conventional defence needs.
www.ft.com/content/209b... Britain has spent little extra on conventional armed forces, experts warn
www.ft.com/content/209b... Britain has spent little extra on conventional armed forces, experts warn
This has important implications for Britain’s economic agenda.
Once finance grows beyond a certain size, it stops supporting growth and becomes a drag on the economy 📈
These important findings came out of last week’s Too Much Finance conference at LSE, covered by @guardianheather.bsky.social for the @theguardian.com ⬇️
buff.ly/N1IdbZd
These important findings came out of last week’s Too Much Finance conference at LSE, covered by @guardianheather.bsky.social for the @theguardian.com ⬇️
buff.ly/N1IdbZd
Why Rachel Reeves should give bankers more of the cold shoulder at Davos 2026 | Heather Stewart
The chancellor has been cosseting City lenders to fuel economic growth but studies show UK plc would be better served by trying to keep them in check
www.theguardian.com
January 19, 2026 at 10:00 PM
This has important implications for Britain’s economic agenda.
Reposted by Jos Gallacher 🟰
What was it about Labour that attracted the Easdale brothers to donate a 6 figure sum to them? Could it be because they own McGills bus company and don’t want it to be controlled by Glasgow city council?
January 19, 2026 at 1:44 PM
What was it about Labour that attracted the Easdale brothers to donate a 6 figure sum to them? Could it be because they own McGills bus company and don’t want it to be controlled by Glasgow city council?
Reposted by Jos Gallacher 🟰
Actually 'saving' equals investment plus CA balance by identity. Why not just label the graph 'investment plus current account balance' since that's what it shows?
January 19, 2026 at 9:44 AM
Actually 'saving' equals investment plus CA balance by identity. Why not just label the graph 'investment plus current account balance' since that's what it shows?
If you read one thing today make it this.
From our #TooMuchFinance conference last week to #Davos: when finance outgrows the real economy, it starts causing harm and must be held to account.
Read more on the implications in the Guardian: www.theguardian.com/business/202...
Read more on the implications in the Guardian: www.theguardian.com/business/202...
Why Rachel Reeves should give bankers more of the cold shoulder at Davos 2026 | Heather Stewart
The chancellor has been cosseting City lenders to fuel economic growth but studies show UK plc would be better served by trying to keep them in check
www.theguardian.com
January 19, 2026 at 10:24 AM
If you read one thing today make it this.
The EU could impose an export tax on Ozempic.
Just saw it noted that 100% of the world’s Ozempic supply comes from Denmark, as does a somewhat smaller percentage of the world’s insulin. Almost as if it’s really quite a small world!
January 19, 2026 at 9:58 AM
The EU could impose an export tax on Ozempic.
Nothings too good for the working class.
It’s Saturday night. Have some of Heinrich Heine’s champagne socialism. (Quoted in Sammons’ biography.)
January 17, 2026 at 9:17 PM
Nothings too good for the working class.
Reposted by Jos Gallacher 🟰
Vickers and David Aikman (head of @niesrorg.bsky.social ) note rightly that lobbying from the financial sector should have been resisted.
Worryingly, the Bank is dismissive but offers no economic rationale that holds water www.ft.com/content/4f15...
Worryingly, the Bank is dismissive but offers no economic rationale that holds water www.ft.com/content/4f15...
Bank of England accused of making ‘mistake’ in loosening capital rules
Criticism is the most strident challenge to the central bank’s decision announced last month
www.ft.com
January 16, 2026 at 11:18 AM
Vickers and David Aikman (head of @niesrorg.bsky.social ) note rightly that lobbying from the financial sector should have been resisted.
Worryingly, the Bank is dismissive but offers no economic rationale that holds water www.ft.com/content/4f15...
Worryingly, the Bank is dismissive but offers no economic rationale that holds water www.ft.com/content/4f15...
“I have been calling this the Turner curve and drawing it on napkins to explain to my friends.”
open.substack.com/pub/josgalla...
open.substack.com/pub/josgalla...
Finance: Too Much of a Good Thing?
I have written before about the British Paradox.The UK has a large, globally significant financial sector but, at the same time, the UK lags behind its peers in the level of investment.
open.substack.com
January 17, 2026 at 9:36 AM
“I have been calling this the Turner curve and drawing it on napkins to explain to my friends.”
open.substack.com/pub/josgalla...
open.substack.com/pub/josgalla...
Beyond a certain point more financial services stop being a benefit to the economy and become a drag.
#EconSky
open.substack.com/pub/josgalla...
#EconSky
open.substack.com/pub/josgalla...
Finance: Too Much of a Good Thing?
I have written before about the British Paradox.The UK has a large, globally significant financial sector but, at the same time, the UK lags behind its peers in the level of investment.
open.substack.com
January 16, 2026 at 7:05 PM
Beyond a certain point more financial services stop being a benefit to the economy and become a drag.
#EconSky
open.substack.com/pub/josgalla...
#EconSky
open.substack.com/pub/josgalla...
Reposted by Jos Gallacher 🟰
let thine eye look like a friend on Denmark.
January 14, 2026 at 2:49 PM
let thine eye look like a friend on Denmark.
Reposted by Jos Gallacher 🟰
📢 Starting today, the #TooMuchFinance conference explores evidence that bigger finance doesn’t mean better outcomes. Experts at LSE will discuss how oversized financial sectors affect growth, inequality, and policy.
Find out more: bit.ly/3Z99xIX
Find out more: bit.ly/3Z99xIX
January 14, 2026 at 9:06 AM
📢 Starting today, the #TooMuchFinance conference explores evidence that bigger finance doesn’t mean better outcomes. Experts at LSE will discuss how oversized financial sectors affect growth, inequality, and policy.
Find out more: bit.ly/3Z99xIX
Find out more: bit.ly/3Z99xIX
Reposted by Jos Gallacher 🟰
Reposted by Jos Gallacher 🟰
I would not have guessed that this would be how capital controls would arrive to America…
Bessent: "For individuals who want to wire money out of the country, they're gonna have to tick a box whether they are or are not on public assistance. Then we're going to start pushing over the coming days and weeks that if you're on public assistance, you cannot wire money out of the country."
January 12, 2026 at 9:04 PM
I would not have guessed that this would be how capital controls would arrive to America…
Reposted by Jos Gallacher 🟰
US Stock Market waiting to open
January 12, 2026 at 9:29 AM
US Stock Market waiting to open
Reposted by Jos Gallacher 🟰
I appreciate @kevinclimate.bsky.social's thought experiment regarding this.
If we are really facing a climate emergency, and I believe we are, thought experiments such as Prof. Kevin Anderson's are helpful. How to achieve a 1/3rd cut in global emissions in less than a year (could be done in weeks).
January 11, 2026 at 5:04 PM
I appreciate @kevinclimate.bsky.social's thought experiment regarding this.
“Starmer should not be afraid to pick a fight to get things done”
Indeed, but not with his own side, as Conservative commentators want.
He should fight the unaccountable and powerful finance chiefs whose rent seeking is holding back the economy.
www.ft.com/content/2851...
Indeed, but not with his own side, as Conservative commentators want.
He should fight the unaccountable and powerful finance chiefs whose rent seeking is holding back the economy.
www.ft.com/content/2851...
Starmer should not be afraid to pick a fight to get things done
Public sector reform should be easiest for Labour to do, precisely because it is Labour
www.ft.com
January 11, 2026 at 3:50 PM
“Starmer should not be afraid to pick a fight to get things done”
Indeed, but not with his own side, as Conservative commentators want.
He should fight the unaccountable and powerful finance chiefs whose rent seeking is holding back the economy.
www.ft.com/content/2851...
Indeed, but not with his own side, as Conservative commentators want.
He should fight the unaccountable and powerful finance chiefs whose rent seeking is holding back the economy.
www.ft.com/content/2851...
The long year of the dog is drawing to a close. #CodyfromAndalucia is going to a better place (North Berwick).
Here are a few memories.
Here are a few memories.
January 9, 2026 at 9:43 AM
The long year of the dog is drawing to a close. #CodyfromAndalucia is going to a better place (North Berwick).
Here are a few memories.
Here are a few memories.
Government of the City, for the City by the City.
www.ft.com/content/8d9a... UK to exclude financial services from push for closer EU alignment
www.ft.com/content/8d9a... UK to exclude financial services from push for closer EU alignment
UK to exclude financial services from push for closer EU alignment
City of London firms have been lobbying against a return to Brussels rules
www.ft.com
January 9, 2026 at 9:11 AM
Government of the City, for the City by the City.
www.ft.com/content/8d9a... UK to exclude financial services from push for closer EU alignment
www.ft.com/content/8d9a... UK to exclude financial services from push for closer EU alignment