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Remember “securonomics”? It was the buzzword Rachel Reeves gave to her economic philosophy back before the election.

The idea was that in the late 2020s, the old ideas about the way we run the economy would or should give way to a new model.

For a long time, we ignored where something was made and by whom and just ordered it in from the cheapest source. For a long time, we ignored the security consequences of where we got our energy from. The upshot of these assumptions was that over time, we allowed our manufacturing base to become hollowed out, unable to compete with cheap imports from China. We allowed our energy system to become ever more dependent on cheap Russian gas.

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The whole point of securonomics was that it matters where something is made and who owns it. And not just that – that revitalising manufacturing and energy could help revitalise “left-behind” corners of the economy, places like the Midlands and the North East.

Back when she came up with the coinage, Joe Biden was in power and was pumping billions of dollars into the US economy via the Inflation Reduction Act – a scheme designed to encourage green tech investment. So securonomics looked a little like the British version of Bidenomics.

That’s the key point: the “security” part of “securonomics” was mostly about energy security and supply chain security rather than about defence.

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But when Rachel Reeves became chancellor, it looked for a period as if securonomics was dead on arrival. Most glaringly, Labour dramatically trimmed back the ambition and scale of its green investment plans.

But roll on a year or so, and we all know what happened next.

A new era

The Democrats lost, Donald Trump won, came into office and swiftly triggered a chain reaction that panicked everyone in Europe into investing more in defence. Today, much of the focus among investors is not on net zero but on defence.

All of which is to say, securonomics might be about to resurface, but in a markedly different guise. In the spring statement, I expect the chancellor to bring back this buzzword, but this time, the emphasis will not be on green tech but on something else: the defence sector.

Expect to hear about weapons

This time around, the chancellor will say securonomics 2.0, which is to say government investment in the defence sector will also bring an economic windfall, as old naval ports like Plymouth and Portsmouth see regeneration. This time, the focus will not be on solar and wind but on submarines and weapons.

Whether this rendition of securonomics is any more successful than the last remains to be seen. For the chancellor hardly has an enormous amount of money left to invest. While this week’s event is billed as a mere forecast update, the reality, when you take a step back, is more serious.

Read more:
What do you need to know about the spring statement

The chancellor will have to acknowledge that, without remedial action, she would have broken her fiscal rules. She will have to confirm significant changes to policy to rebuild the “headroom” against these rules. These will stop short of tax rises. Instead, the spending envelope in future years will be trimmed (think 1.1% or so spending increases rather than 1.3% or 1.4%). Those welfare reforms announced last week will bring in a bit of extra cash. And thanks to an accounting quirk, the decision (announced a few weeks ago) to shift development spending into defence will also give her a bit more space against her rules.

The austerity question

But even these changes will raise further awkward questions: is this or is this not austerity? Certainly, for some departments, that spending cut will involve further significant sacrifices. Are those benefits gains really achievable, and at what cost? And, most ominously, what if the chancellor has to come back to parliament in another six months and admit she’s broken her rules all over again?

The return of securonomics might be the theme she wants to focus on in the coming months – but that, too, depends on having money to invest – and the UK’s fiscal position looks as tight as ever.

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Royal Navy intercepts Russian warship and tanker

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Royal Navy intercepts Russian warship and tanker

A Royal Navy patrol ship has intercepted two Russian vessels off the UK coast, the Ministry of Defence has said.

It comes after Defence Secretary John Healey announced last Wednesday that lasers from Russian spy ship the Yantar were directed at RAF pilots tracking it, in an attempt to disrupt the monitoring.

The MoD said on Sunday that in a “round-the-clock shadowing operation”, the Royal Navy ship HMS Severn has intercepted Russian warship RFN Stoikiy and tanker Yelnya off the UK coast in the past fortnight.

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Russian ship ‘directed lasers at our pilots’

The Russian vessels sailed through the Dover Strait and westward through the English Channel, the MoD said.

HMS Severn later handed over monitoring duties to a NATO ally off the coast of Brittany, France, it said, but continued to watch from a distance and remained ready to respond to any unexpected activity.

The ministry added that the UK’s armed forces are on patrol “from the English Channel to the High North” amid increased Russian activity threatening UK waters.

Last week, Russia accused the British government of “provocative statements” after the defence secretary warned the Yantar was nearing the UK.

At a news conference in Downing Street on Wednesday, Mr Healey said the spy ship was on the edge of British waters north of Scotland, having entered wider UK waters over the last few weeks.

He said it was the second time this year the Yantar had been deployed off the UK coast and he claimed it was “designed for gathering intelligence and mapping our undersea cables”.

HMS Severn tracking of Russian corvette RFN Stoikiy and tanker Yelnya off the UK coast. Pic: MoD
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HMS Severn tracking of Russian corvette RFN Stoikiy and tanker Yelnya off the UK coast. Pic: MoD

Read more:
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Britain warns Russia’s spy ship – but is it a hollow threat?

Mr Healey said the ship had “directed lasers” at pilots of a P-8 surveillance aircraft monitoring its activities – a Russian action he deemed “deeply dangerous”.

In a clear message to Russian President Vladimir Putin, the defence secretary said: “We see you. We know what you are doing. And we are ready.”

The ministry said while tracking the Yantar, Royal Navy frigate HMS Somerset and other civilian ships in the area “experienced GPS jamming in a further demonstration of unprofessional behaviour, intended to be disruptive and a nuisance”.

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What is Russian spy ship up to?

Russia’s UK embassy dismissed the accusations and insisted the Yantar is a research ship in international waters.

The defence secretary also repeated government plans to increase defence spending and work with NATO allies to bolster European security.

And he stressed how plans to buy weapons and build arms factories will create jobs and economic growth.

HMS Somerset flanking Russian ship the Yantar near UK waters on 22 January 2025. File pic: Royal Navy/PA
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HMS Somerset flanking Russian ship the Yantar near UK waters on 22 January 2025. File pic: Royal Navy/PA

A report by a group of MPs, also released on Wednesday, underlined the scale of the challenge the UK faces.

It accused the government of lacking a national plan to defend itself from attack.

The Defence Select Committee also warned that Mr Healey, the prime minister and the rest of the cabinet are moving at a “glacial” pace to fix the issue and are failing to launch a “national conversation on defence and security” – something Sir Keir Starmer had promised last year.

Russian ship the Yantar transiting through the English Channel. File pic: MoD
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Russian ship the Yantar transiting through the English Channel. File pic: MoD

The UK has seen a 30% increase in Russian vessels threatening UK waters in the past two years, according to the MoD.

But the ministry maintained the UK has a wide range of military options at its disposal to keep UK waters safe.

Three RAF P-8 Poseidon aircraft have deployed to Keflavik Air Base in Iceland in the largest overseas deployment of the RAF P-8 fleet so far, the MoD said.

They are conducting surveillance operations as part of NATO’s collective defence, patrolling for Russian ships and submarines in the North Atlantic and Arctic.

The operations come just weeks after HMS Duncan tracked the movements of Russian destroyer Vice Admiral Kulakov, and frigate HMS Iron Duke was dispatched to monitor Russian Kilo-class submarine Novorossiysk.

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Ban on Maccabi Tel Aviv fans for Aston Villa game ‘based on false hooligan claims’

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Ban on Maccabi Tel Aviv fans for Aston Villa game 'based on false hooligan claims'

West Midlands Police has defended the ban on Maccabi Tel Aviv fans attending an Aston Villa match after it was claimed that false intelligence was used.

Supporters of the Israeli club were barred from the Europa League fixture at Villa Park on 6 November.

West Midlands Police chief superintendent Tom Joyce told Sky News before the game that a “section” of Maccabi’s fanbase engaged in “quite significant levels of hooliganism”.

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‘Hooliganism’ blamed for Maccabi Tel Aviv ban

According to The Sunday Times, West Midlands Police claimed in a confidential dossier that when Maccabi played Ajax in Amsterdam last year, Israeli fans threw “innocent members of the public into the river”, and added that between 500 and 600 supporters had “intentionally targeted Muslim communities”.

The report also said 5,000 Dutch police officers had been deployed in response.

However, the Netherlands’ national police force has questioned the claims, reportedly describing information cited by its British officers as “not true” and in some instances obviously inaccurate.

Sebastiaan Meijer, a spokesman for the Amsterdam division, told The Sunday Times that he was “surprised” by allegations in the West Midlands Police report, which had linked 200 travelling supporters to the Israel Defence Forces (IDF).

Mr Meijer denied that his force had such intelligence, adding that the claim was meaningless given the country had a policy of conscription.

Also, Mr Meijer said that Amsterdam’s force “does not recognise” the claim in the British report, attributed to Dutch law enforcement, that Israelis were “highly organised, skilled fighters with a serious desire and will to fight with police and opposing groups”.

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Heavy police presence for Aston Villa v Maccabi Tel Aviv

The Dutch police added that the only known case of a fan being in the river appeared to involve a Maccabi supporter. While being filmed, he was told he could leave the water on the condition that he said “Free Palestine”.

In an interview with Sky News before the game, West Midlands Police referenced disorder when Maccabi played Ajax in Amsterdam last November.

Mr Joyce said ahead of the Villa Park match: “We’ve had examples where a section of Maccabi fans were targeting people not involved in football matches, and certainly we had an incident in Amsterdam last year which has informed some of our decision-making.

“So it is exclusively a decision we made on the basis of the behaviour of a sub-section of Maccabi fans, but all the reaction that could occur obviously formed part of that as well.”

Pro-Israel supporters are led away from Villa Park before a Europa League tie on 6 November. Pic: PA
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Pro-Israel supporters are led away from Villa Park before a Europa League tie on 6 November. Pic: PA

Maccabi’s visit to Birmingham came amid heightened tensions due to Israel’s war on Hamas in Gaza.

A safety advisory group (SAG) recommended that Maccabi fans should be banned from attending the fixture on the advice of the police. The ban drew criticism, and Prime Minister Sir Keir Starmer said it was the “wrong decision”.

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Mounted police outside Villa Park for the game. Pic: PA
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Mounted police outside Villa Park for the game. Pic: PA

West Midland Police’s statement in full

Following The Sunday Times report, West Midlands Police stood by its “information and intelligence”, adding that the “Maccabi Fanatics… posed a credible threat to safety”.

In a statement to Sky News, the force said: “West Midlands Police’s evaluation was based primarily on information and intelligence and had public safety at its heart.

“We assessed the fixture between Ajax and Maccabi Tel Aviv in Amsterdam as having involved significant public disorder.

“We met with Dutch police on 1 October, where information relating to that 2024 fixture was shared with us.

“Informed by information and intelligence, we concluded that Maccabi Tel Aviv supporters – specifically the subgroup known as the Maccabi Fanatics – posed a credible threat to public safety.

“The submission made to the SAG safety advisory group was based on information and intelligence which helped shape understanding of the risks.

“West Midlands Police commissioned a peer review, which was conducted by UKFPU [United Kingdom Policing Unit], the NPCC [National Police Chiefs’ Council] and subject matter experts.

“This review, carried out on 20 October, fully endorsed the force’s approach and decision-making.

“We are satisfied that the policing strategy and operational plan was effective, proportionate, and maintained the city’s reputation as a safe and welcoming place for everyone.”

Sky News has approached Dutch police for comment.

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Titanic couple’s pocket watch sells for record £1.78m

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Titanic couple's pocket watch sells for record £1.78m

A gold pocket watch that belonged to an elderly couple who drowned as the Titanic sunk has sold for a record-breaking £1.78m at auction.

The 18-carat Jules Jurgensen engraved watch was owned by first class passenger Isidor Straus, who died when the ship sank in April 1912.

He and his wife Ida were portrayed in the film Titanic as a couple who held each other as the ship went down.

When he was offered a seat on a lifeboat due to his age, he replied that he would not go before other men.

His wife refused to leave him, and the couple were last seen alive sitting on deckchairs, facing fate by each other’s side.

They were among very few first class passengers to perish in the disaster.

The watch was recovered from Mr Straus’s body along with other personal items and returned to his family.

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It had been a present for his 43rd birthday in 1888 – the same year he became a partner in the New York department store, Macy’s.

A letter written by Mrs Straus on Titanic stationery and posted while onboard. Pic: PA
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A letter written by Mrs Straus on Titanic stationery and posted while onboard. Pic: PA

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The watch, which had remained in the couple’s family, was sold at Henry Aldridge & Son Auctioneers in Devizes, Wiltshire.

The £1.78m for the item is the highest amount ever paid for Titanic memorabilia, according to the company.

A letter written by Mrs Straus on Titanic stationery and posted while onboard the ship fetched £100,000.

The previous record was set last year when another gold pocket watch presented to the captain of a boat that rescued over 700 passengers from the liner sold for £1.56m.

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