Echoes of Rishi Sunak in Rachel Reeves’s rite of passage speech
The Mais lecture has become a kind of rite of passage for all aspirant chancellors.
This annual speech, held at the Bayes Business School in the City of London, was where Nigel Lawson laid out his thinking about reforming the economy in the 1980s.
It was where George Osborne provided his plan for his first 50 days in office, where Gordon Brown explained the economics behind his policies.
It is, in short, a very big deal.
Money blog: Big drop in inflation predicted
So the merest fact that Rachel Reeves has given this lecture is, in a sense, a part of the story of her ascendancy. If the polls are to be believed, she will shortly be Britain’s next chancellor (its first female chancellor, believe it or not).
This is her moment on the stage, to expand on the economic foundations for her time in government.
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Labour’s shadow chancellor sat down with Sky’s Ed Conway
So in one respect it feels a little churlish to accuse her of providing too little information on the policies she’ll be implementing if she does enter Number 11. The Mais Lecture is all about technocracy, not about big spending pledges.
And on the technocratic front, this lecture certainly delivered. There will be a beefed up role for the enterprise and growth unit inside the Treasury, a new task for the Office for Budget Responsibility to ponder the importance of investment.
And she confirmed, in the most explicit terms yet, that she will not change the Bank of England‘s 2% inflation target – and that her fiscal rules will closely resemble the government’s current ones.
A Tory-sounding speech
But, as you can tell from the last two points there, it is hard, reading the lecture as a whole, to divine a dramatic change from the current nature of government policy.
While the shadow chancellor talks approvingly about the US Democrats’ subsidy schemes for boosting green investment, there is no hint that the UK will do anything similar. Indeed, Ms Reeves has just recently cancelled her plan to increase annual government green investment to £28bn a year.
Perhaps the simplest accusation one can direct at Ms Reeves is that her plan sounds deceptively similar to the ones proposed by the current government.
Indeed, the three priorities from Rishi Sunak’s own Mais lecture of 2022 – encouraging businesses to invest more, improving technical skills and cementing Britain’s position as the most innovative economy in the world – all feature in Ms Reeves’s own lecture.
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Labour backs tax cuts
Now on the one hand, you might well expect journalists, who like news, to complain about the lack of big news in this speech.
But on the other hand it’s not clear that the policy plans provided by the Labour Party are in any way proportionate to the scale of challenge it suggests it faces.
Moreover, while George Osborne committed in his Mais lecture to an emergency budget within 50 days of getting into office, followed shortly by a spending review, Ms Reeves still has yet to confirm she’ll have an emergency budget soon after the next election.
Any policies ahead of the election?
At this stage, a lot of people are rightly wondering whether Labour has any sizeable policies left ahead of the election – especially given the Conservatives have just stolen their plan to abolish non-dom status at this month’s budget.
As it happens, Labour do have plans for an emergency budget within 100 days of the election, and a spending review too.
But they are wary of talking about them too soon – both because of the risk of market instability and because they are bedding in for a long campaign and a late election.
The Labour strategists believe it is much more sensible at this point of the electoral cycle – with many months likely left before an election – to emphasise stability and good sense rather than to throw titbits of policy out there into the open.
They suspect that any policies they announce will likely be stolen by the Conservatives – and they might have a point.
UK
How Britain’s most notorious gangster turned up at a charity lunch to fact-check a retired detective’s talk
Britain’s most notorious gangster and the detective who pursued him have been involved in a bizarre confrontation…at a charity lunch.
Former Detective Superintendent Ian Brown was at a Kent golf club and about to give a talk on the infamous £26m Brink’s-Mat gold robbery when he was summoned from the stage by officials.
Mr Brown, who appeared on the award-winning Sky News StoryCast podcast The Hunt For The Brink’s-Mat Gold in 2019, said: “I go outside and they say ‘he’s here’ and I say ‘who’s here’ and they say that table over there in the corner, that’s Kenny Noye with a baseball cap pulled down over his head.”
Noye stabbed to death an undercover policeman during the Brink’s-Mat investigation, but was acquitted of murder, though he was jailed for handling the stolen gold.
After his release, he used a knife again in the M25 road-rage murder of motorist Stephen Cameron.
“They said what are we going to do?” said Mr Brown.
“I said are you serving food? Well, just use plastic knives.”
Former Detective Superintendent Ian Brown. Pic: Robert Mulhern
Although Mr Brown had not personally arrested Noye over Brink’s-Mat he had identified him as a suspect months after the robbery.
Years later he met him during an ill-fated TV interview in which he quizzed him about his role in the robbery.
He said: “He told me everything I wanted to know except the truth. He still insists he had nothing to do with it.”
The interview was never broadcast after the prison authorities threatened to send Noye back to jail for a breach of his parole.
Read more:
What happened to the Brink’s-Mat gold?
Kenneth Noye, left, and Stephen Cameron
Mr Brown, 86, said: “I went over to him and said ‘thanks for coming, nice of you to pop in’, but I don’t believe you’ve turned up with your sons and grandkids to listen to me telling how you killed a police officer.
“And he said ‘I want to make sure you don’t say I’ve been dealing drugs’ and I said ‘I’ve never said that Kenny’.”
The retired detective told Noye he wasn’t going to change his presentation just because he was there.
“He said ‘mate, I wouldn’t expect you to and I’ll come up [on stage] if you want me to’.
“Can you think how he’s turned up with his family to listen to somebody talking about you killing the police? Now, you put logic on that.”
The bizarre story emerged when I rang Mr Brown after I’d been told about the meeting.
A Sky News podcast told the story of the Brink’s-Mat heist in 2019
I also wanted to ask him about the recent BBC hit drama series The Gold which retold the story of the Brink’s-Mat heist at Heathrow Airport in 1983.
“It was an absolute shambles, far too much dramatic licence and the real story was so much better,” said the ex-detective, whose job had been to follow the trail of the 6,800 gold bars to the US and the Caribbean.
He said he chatted to one of the show’s writers for a long time in a phone call but then heard no more.
“They invented people, changed a bit here and there and made it politically correct in so many ways. I’m just very sad that that is what people will believe.
“And I couldn’t work out who my character was supposed to be. I could have been one of the female cops.”
He also criticised the portrayal of Noye, now 78, as a likeable jack-the-lad character when the truth about the double killer with a volatile temper was quite different.
Oasis have reunited on stage for the first time in almost 16 years – with brothers Liam and Noel Gallagher sharing a high five and the briefest of hugs as they closed a performance that for fans was more than worth the wait.
After the split in 2009, for many years Noel said he would never go back – and for a long time, as the brothers exchanged insults through separate interviews (and on social media, for Liam), it seemed pretty unlikely to ever happen.
But now, here they are. As they walked out on stage at Cardiff’s Principality Stadium, all eyes were on the Gallaghers for a sense of their relationship – dare we say it, friendship? – now after all these years.
There was no reference to their fall-out or making up, but the gestures were there – lifting hands together as they walked out for the first time.
The headline “OASIS REUNITED” was shown on stage at the gig. Pic: PA
Fans at the Oasis gig. Pic: PA
Headlines and tweets of speculation and then confirmation of the reunion filled the screens as the show started. “This is happening,” said one, repeatedly.
In the end, it was all about the music.
Liam has received criticism in the past for his voice not being what it once was during his solo or Beady Eye performances, but back on stage with his brother tonight he delivered exactly what fans would have hoped for – a raw, steely-eyed performance, snarling vocals, and the swagger that makes him arguably the greatest frontman of his day.
This was Oasis sounding almost as good as they ever have.
Fans sang along and held up their phones to film as Oasis performed. Pic: PA
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Oasis: ‘It’s good to be back’
They opened with Hello, because of course, “it’s good to be back”. And then Acquiesce, and those lyrics: “Because we need each other/ We believe in one another.”
The song is said to be about friendship in the wider sense, rather than their brotherly bond and sibling rivalry, but you can’t help but feel like it means something here.
Over two hours, they played favourite after favourite – including Morning Glory, Some Might Say, Cigarettes & Alcohol, Supersonic and Roll With It.
Liam Gallagher as Oasis takes to the stage in Cardiff. Pic: PA
In the mid-section, Liam takes his break for Noel to sing Talk Tonight, Half The World Away and Little By Little; the tempo slows but there is by no means a lull, with the fans singing all his words back to him.
Liam returns for hits including Stand By Me, Slide Away, Whatever and Live Forever, before sending the crowd wild (or even wilder) with Rock And Roll Star.
Noel Gallagher performing on stage. Pic: PA
An Oasis fan is pointing at the stage during the gig. Pic: PA
When the reunion announcement was made last summer, it quickly became overshadowed by the controversy of dynamic pricing causing prices to rocket. As he has done on X before, Liam addressed the issue on stage with a joke.
“Was it worth the £4,000 you paid for the ticket?” he shouted at one point. “Yeah,” the crowd shouts back; seemingly all is forgiven.
After Rock And Roll Star, the dream that very quickly became a reality for this band, Noel introduced the rest of the group, calling Bonehead a “legend”.
Paul ‘Bonehead’ Arthurs of Oasis. Pic: PA
Liam Gallagher carried a tambourine in his mouth during the concert. Pic: PA
Then he acknowledges all their young fans, some who maybe weren’t even born when they split. “This one is for all the people in their 20s who’ve never seen us before, who’ve kept this shit going,” he says before the encore starts with The Masterplan.
Noel follows with Don’t Look Back In Anger, and the screens fill with Manchester bees in reference to the arena bombing and how the song became the sound of hope and defiance for the city afterwards.
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‘I’d have paid £10,000 to see them’
Two fans sat on their friends’ shoulders as Oasis performed. Pic: PA
During Wonderwall, there’s a nice touch as Liam sings to the crowd: “There are many things I would like to say to you, but I don’t speak Welsh.”
It is at the end of Champagne Supernova, which closes the set, that it happens; Noel puts down his guitar, and they come together for a high-five and a back-slap, a blink-and-you’d miss it hug.
Read more:
What you need to know about the Oasis tour
Liam Gallagher hits out at council after fans branded ‘rowdy’
“Right then, beautiful people, this is it,” Liam had told the crowd as he introduced the song just a few minutes earlier. “Nice one for putting up with us over the years.”
From the roar of the audience, it’s safe to say most people here would agree it’s been worth it.
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