Up to 4,000 community banks fear looming legislation to regulate digital cash will deprive rural firms and farmers of $850bn-worth of loansOn a quiet summer morning, above a small mid-western town, an American flag is waving in the breeze. The camera cuts to a father helping his son at the wheel of a tractor, and flits to a smiling couple on a grass-lined pavement, moments before flashing to grainy images of “crypto insiders” in suits.“American families don’t want experiments with their money,” a voice booms. “They want jobs, growth, and available credit. When crypto gets a free pass, communities pay the price.” Continue reading...

28 Jun 2026 12:00 ✍️ RSS THE GUARDIAN

If Andy Burnham chooses the energy secretary, Labour could fully use the benefits of net zero to promote growth and jobsIt should have been a great week for Ed Miliband and his mission to decarbonise the UK economy. Western Europe has experienced one of its worst ever heatwaves, providing powerful evidence of the need to transition away from fossil-fuel-driven energy production to reduce the carbon emissions that are contributing to global heating.Instead, however, he has been attacked by an unholy alliance of trade unions and leading City figures, apparently determined to prevent him becoming chancellor in the cabinet of the presumptive new prime minister, Andy Burnham.Josh Ryan-Collins is professor of economics and finance at the UCL Institute for Innovation and Public Purpose Continue reading...

28 Jun 2026 11:06 ✍️ RSS THE GUARDIAN

Any new tax on the rich won’t raise much money unless many of the exceptions and loopholes are dealt withIn this new era of rampaging oligarchs, nothing may seem as satisfying as slapping a tax on Elon Musk’s new trillion-dollar fortune. What most bothers Americans about federal taxes is that billionaires don’t pay their fair share. As the race to develop artificial intelligence mints more billionaires, policymakers’ temptation to directly tax their brobdingnagian wealth is becoming unbearable.The first state out of the blocks is California, where voters in November will decide whether to impose a one-time tax of 5% on fortunes worth more than $1bn. Given the ease with which plutocrats avoid paying income taxes, the case for this sort of direct tax on their stash appears unassailable. Continue reading...

28 Jun 2026 11:00 ✍️ RSS THE GUARDIAN

As extreme weather events become more common, economists say government will need to take more active role to protect consumersAnyone attempting to notch up a productive day’s work in the searing heat of southern England this last week was left in little doubt about the impact of extreme weather.But the economic effects of the climate crisis for the UK are not confined to the many hours lost to quietly perspiring – or fetching kids dismissed early from scorching classrooms. Continue reading...

28 Jun 2026 09:34 ✍️ RSS THE GUARDIAN

In the first of a series on nationalisation, we look at the critical tests ahead for the PM-in-waiting, from choosing a chancellor to the future of Thames WaterAs he swept towards victory in the Makerfield byelection, Andy Burnham told voters he wanted to see “the essentials of life being run primarily for the public interest, not for the private interests”.Citing the Bee Network of buses and trams across Manchester city region, brought together on his watch, Burnham repeatedly highlighted the need for more “public control” over the necessities of life. Water, energy, transport and housing are at the top of his list. Continue reading...

28 Jun 2026 06:00 ✍️ RSS THE GUARDIAN

With a new prime minister incoming, Labour faces a fundamental question about its economic visionAs Keir Starmer stands down as prime minister and attention turns toward Andy Burnham, the current moment should not be reduced to a story of personalities. The question that matters is strategy, and the Labour party has three years left to get this right.When Labour won its landslide in July 2024, it did so on the promise of a new kind of governance: five national missions to tackle the UK’s deepest structural challenges, from clean energy to child poverty, inspired by my book, Mission Economy. That was the right answer to a real question: what is the economy for, and why should it matter to people’s daily lives? Mission-oriented government is not just a political slogan, but a proven approach to solving society’s biggest challenges, generating good jobs and resilient growth in the process.Mariana Mazzucato is professor in the economics of innovation and public value at University College London, where she is founding director of the UCL Institute for Innovation & Public Purpose. She is the author of The Common Good: a new compass Continue reading...

28 Jun 2026 05:00 ✍️ RSS THE GUARDIAN

As tech firms make huge profits and investors fear losing out, both are doing their best to hold off the day of reckoningOpenAI staggers AI model release after White House requestEvery couple of decades, investors will ask themselves how long can the stock market keep climbing. Is it safe to buy more shares? Is their pension or equity portfolio vulnerable should financial markets, and especially those in the US, come crashing down to earth?When stock markets rise to historically high levels – and beyond the level when normal profits can sustain share prices – a few “experts” typically warn of an impending crash. Continue reading...

27 Jun 2026 15:00 ✍️ RSS THE GUARDIAN