Unemployment edges up on both sides of the Atlantic - things are definitely showing early signs of slowing down.

Whatever the outlook there are very good reasons to quietly ditch the 2% inflation targets that apply to the FED, BoE and ECB - particularly in the US, too much harm will be caused by a drive to 2%. Quietly adopt 3% inflation targets and get on with interest rate cuts. That 2% number was plucked out of thin air in the first place, decades ago, and has outlasted its usefulness.

Rishi Sunak came to office promising much and delivering next to nothing. His political skills are next to non-existent. A strange thing to say about a Prime Minister. But he staked his premiership - and electoral chances - on a target that not enough people care about and a target that he couldn't meet. A more skilled politician would have asked 'what do most voters actually want?'. He asked the bat-shit crazy wing of the Tory Party that question and, surprise surprise, got a bat-shit crazy answer.

Emmanuel Macron is right: unless Europe rearms, Putin will wage war on us. He already is - it will just get nastier and closer.

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A packed podcast:

It may be the ultimate social faux pas, but dare we say the latest Revenue annual report contains a wealth of fascinating data?

Back taxes owed by SMEs could be - maybe are - a real problem

Short-termism: anyone wondering why some companies and countries don't inest enough in themselves need look no further than META's (Facebook) results this week. The shares tanked because the tech giant announced a huge capital spending program (mostly in AI). Financial markets want one thing only: instant gratification. That translates as "show us the cash". Dividends, share buybacks and increases in revenues are the golden trifecta that leads to higher share prices. But investment means spending cash. That's the big no-no. The paradox, of course, is that the only thing that leads to long-term growth in dividends, share buybacks and revenues is investment. Companies and countries that stint on investment don't grow. You couldn't make it up.

If (hopefully a big if) another European war is on the way, is being a member of the EU and remaining neutral mutually inconsistent?

And all the latest data!

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