Martin Sandbu @martinsandbu.ft.com · 01/10/2026We have forgotten what budgets are for. as.ft.com/r/99bf6735-f...as.ft.comWe have forgotten what budgets are forThe biggest problem with public finances is when they cease to be tools for governance 051
Reposted by Martin SandbuChris Cook @chriscook.news · 21/09/2026A big new story from us: a big new leak means that we can put numbers on the scale of A7 -- the Kremlin's huge money-laundering machine. $6.9bn laundered through the international banking system via SWIFT, with $1.1bn sent to StanChart alone. www.ft.com/content/3848...ft.comKremlin-backed forgery scheme moved $6.9bn through global banksFT finds thousands of Russian payments handled by Standard Chartered, Citigroup and other international groups in vast leak from inside fintech A7 5276166
Martin Sandbu @martinsandbu.ft.com · 23/09/2026Sorry Mark Carney, the world *does* need a rival great power with better manners as.ft.com/r/c591526a-3...as.ft.comSorry Carney, the world does need a great power with better mannersCalling for closer EU-Canada ties without pooling sovereignty is an abdication of European responsibility 0125
Reposted by Martin SandbuLeyla Boulton @leylaboulton.bsky.social · 15/09/2026What would you ask the editor of the Financial Times over lunch? Here's your chance to do just that: Bid for lunch with @roulak.bsky.social at The Ritz in London and all proceeds go to FT FLIC, the FT-backed financial literacy charity Read all about it and bid at ft.com/auctionft.com 284
Reposted by Martin SandbuMartin Sandbu @martinsandbu.ft.com · 10/09/2026The trade wars were just a warm-up. Brace for the coming capital wars. as.ft.com/r/d9f246c1-d...as.ft.comThe capital wars are comingExpect more intense competition for the world’s savings 1178
Reposted by Martin SandbuKatie Martin @katie0martin.ft.com · 10/09/2026maybe they'll make all passengers check if they fit through a window-sized gap like the bag thing 21199
Reposted by Martin SandbuWilliam Shakespeare @shakespeare.lol · 10/09/2026Hark how I’ll bribe you. 650497
Martin Sandbu @martinsandbu.ft.com · 10/09/2026The trade wars were just a warm-up. Brace for the coming capital wars. as.ft.com/r/d9f246c1-d...as.ft.comThe capital wars are comingExpect more intense competition for the world’s savings 1178
Reposted by Martin SandbuCaptain Haddock @realcaptainhaddock.bsky.social · 10/09/2026A must read from @martinsandbu.ft.com on the coming capital wars www.ft.com/content/735f...ft.comThe capital wars are comingExpect more intense competition for the world’s savings 064
Reposted by Martin SandbuRobert Saunders @robertsaunders.bsky.social · 07/09/202690 years ago, Parliament responded to the rise of Oswald Mosley's Blackshirts by passing the Public Order Act, which banned political uniforms, private militias and the threat of force for political objects. The debates make very resonant reading today. Here's the Liberal Robert Bernays. (Short 🧵) 4123731266
Reposted by Martin SandbuFrancesc Trillas Jané @francesctrillas.bsky.social · 30/08/2026@martinsandbu.ft.com: "to the extent that both public and private sectors adopt AI to guide decision-making — how much to invest; in what; how best to tax for desired policy outcomes? — our economies will look increasingly planned and decreasingly market-shaped" www.ft.com/content/cd3f...ft.comCould AI revive the socialist dream?Artificial intelligence has the potential to both reignite and overturn the century-old debate over central economic planning 023
Reposted by Martin SandbuToby Nangle @tobyn.bsky.social · 30/08/2026Could AI replace the market economy? Really interesting thought experiment from @martinsandbu.ft.com www.ft.com/content/cd3f...ft.comCould AI revive the socialist dream?Artificial intelligence has the potential to both reignite and overturn the century-old debate over central economic planning 6188
Reposted by Martin SandbuTodd Tucker @toddntucker.com · 29/08/2026"The Hayekian conclusion always remained contingent — and only true so long as governments lacked the necessary informational and computational capacity for central planning to outdo free markets. The question is whether AI changes that," writes @martinsandbu.ft.com. www.ft.com/content/cd3f...ft.comCould AI revive the socialist dream?Artificial intelligence has the potential to both reignite and overturn the century-old debate over central economic planning 253
Martin Sandbu @martinsandbu.ft.com · 26/08/2026Feel good about yourself: Your summer holiday was a profoundly humanist act. as.ft.com/r/b9065953-4...as.ft.comDon’t take that summer trip for grantedOne of the great, under-appreciated benefits of modernity is the ability to seek discovery for discovery’s sake 142
Martin Sandbu @martinsandbu.ft.com · 24/07/2026These charts need to be drawn for imports/exports from/to all countries, not just JP/SK/CH. 061
Reposted by Martin SandbuJonathan Portes @jdportes.bsky.social · 24/07/2026This is a fantastic piece by @martinsandbu.ft.com which should be required reading for Burnham/Healey/their advisers. [Don't necessarily agree with all of it, but it makes you think about the UK's economic predicament in a different way.] 65521
Martin Sandbu @martinsandbu.ft.com · 23/07/2026I went with Burnhamonomics in today's piece. Sounds a bit better if you swallow all the vowels. www.ft.com/content/94a7...ft.comWill Burnham go big or go home?Reasons to be sceptical about the UK’s new prime minister 230
Reposted by Martin SandbuMartin Sandbu @martinsandbu.ft.com · 23/07/2026My latest piece, on why a conventional misunderstanding of the economy risks leaving the Burnham government in the same sorry place as Starmer's. 192
Martin Sandbu @martinsandbu.ft.com · 23/07/2026My latest piece, on why a conventional misunderstanding of the economy risks leaving the Burnham government in the same sorry place as Starmer's. 192
Reposted by Martin SandbuDavid Ho @davidho.bsky.social · 23/07/2026Sent an email to 9 Europeans and immediately received 6 automated vacation replies. 🫠 4092049
Reposted by Martin SandbuMartin Heneghan @martinheneghan.bsky.social · 23/07/2026Agree with this from @martinsandbu.ft.com & highly recommend his book, 'The Economics of Belonging', fleshing out the type of economic transition needed. However, it's possible Burnham's policies are merely symbolic at this stage to buy the political capital to 'go big'. www.ft.com/content/94a7...ft.comWill Burnham go big or go home?Reasons to be sceptical about the UK’s new prime minister 111
Reposted by Martin SandbuFinancial Times @financialtimes.com · 23/07/2026 Will Burnham go big or go home? ft.trib.al/DZdeGG1 | opinionft.trib.alWill Burnham go big or go home?Reasons to be sceptical about the UK’s new prime minister 4125
Reposted by Martin SandbuJim Pickard @pickardje.bsky.social · 23/07/2026A betting account in the name of George Cottrell, the convicted fraudster who bankrolled Nigel Farage, received almost $9mn in cryptocurrency from unidentified sources while he was providing gifts to the Reform UK leader great work from @annasophiegross.bsky.social www.ft.com/content/b74c...ft.comBetting account in George Cottrell’s name received $9mn in crypto from unidentified sourcesDeposits in Polymarket wallet came as convicted fraudster was providing gifts to Farage 771354734
Reposted by Martin SandbuChristopher Miller @christopherjm.ft.com · 17/07/2026The sacking of popular, modernising defence minister Mykahilo Fedorov exposed damaging divisions about Ukraine’s military strategy and armed forces’ willingness to address its shortcomings just as momentum in the war against Russia has swung in its favor. My report: www.ft.com/content/a200...ft.comUkraine’s rift over battlefield strategy breaks into the openSacking of popular defence minister exposes divisions over how to fight Russia 39124
Reposted by Martin SandbuNicolas Tenzer @nicolastenzer.bsky.social · 17/07/2026There can be no forgiveness. 12 years ago, on July 17, 2014, the russians shot down Flight #MH17, killing 298 people, incl. 80 children. The perpetrators, sentenced to life in prison, remain under Moscow’s protection. Fact: russia has murdered hundreds of thousands of civilians. It must be smashed. 217680
Reposted by Martin SandbuUlrike Franke @rikefranke.eu · 17/07/2026Ukraine has used a naval drone to transport a ground drone to attack Russia. www.businessinsider.com/ukraine-laun...businessinsider.comUkraine launched a first-of-its-kind robotic amphibious assault, deploying a gun-toting robot from a drone boatUkraine said the fully robotic amphibious assault was the first known mission of its kind, demonstrating how drone warfare continues to evolve. 518534
Martin Sandbu @martinsandbu.ft.com · 16/07/2026It's coming! www.ft.com/content/0a08...ft.comThe digital euro gets ready for beta testingA brave new world for EU digital finance 0111
Martin Sandbu @martinsandbu.ft.com · 15/07/2026This is a good role for government - I made several such proposals in www.tinyurl.com/EcBelongtinyurl.comThe Economics of BelongingA radical new approach to economic policy that addresses the symptoms and causes of inequality in Western society today 160
Reposted by Martin SandbuBen Crum @bencrum.bsky.social · 13/07/2026Good ideas about complementing the EU’s finances by @martinsandbu.ft.com But depressing bottomline: member states cannot escape the traditional political economy of budget talks and have already dug themselves deep into the usual trenches for net payers and net recipients” www.ft.com/content/127f...ft.comThe EU has ways out of its budget trapSide agreements and special purpose funds could bypass the usual trench warfare 011
Martin Sandbu @martinsandbu.ft.com · 13/07/2026It requires being a bit less obsessed with chasing unicorns and not asking quite so much "Why don't we have as many [extractive, anti-competitive] trillion-dollar companies?" 020
Reposted by Martin SandbuDavid Henig @davidheniguk.bsky.social · 13/07/2026The rather inconvenient facts around Europe's "China shock"... to be taken alongside the need to engage with the world's trade superpowers in the future. Though I'd suggest this is also why Member States push back against the worst rhetoric and protectionist ideas. www.ft.com/content/5817...ft.comEurope’s ‘China shock’ panic is ill-informedEU industry is largely weathering the competition well 4207
Reposted by Martin SandbuLluís Camprubí @lluiscamprubi.bsky.social · 13/07/2026The EU has ways out of its budget trap www.ft.com/content/127f... By @martinsandbu.ft.com Side agreements and special purpose funds could bypass the usual trench warfare A.Úbide: "The budget is a clear political statement that Europe does not want to compete with China or the United States.”ft.comThe EU has ways out of its budget trapSide agreements and special purpose funds could bypass the usual trench warfare 041
Reposted by Martin SandbuFrancesc Trillas Jané @francesctrillas.bsky.social · 13/07/2026@martinsandbu.ft.com: "If this budget proves irrelevant for Europe’s new challenges, alternative financial arrangements will be sought to do the job. We know this from experience" www.ft.com/content/127f...ft.comThe EU has ways out of its budget trapSide agreements and special purpose funds could bypass the usual trench warfare 031
Reposted by Martin SandbuRené Smits 🇪🇺🇺🇦🇬🇱🇮🇸🇨🇦(🇻🇦) @rs-lawsociety.bsky.social · 12/07/2026excellent analysis of Europe’s budget discussions - supporting joint borrowing and issuance of an EU safe asset, by @martinsandbu.ft.com take note: @volteuropa.org @ecb.europa.eu @ec.europa.eu @vonderleyen.ec.europa.eu giftarticle.ft.com/giftarticle/... The EU has ways out of its budget trapgiftarticle.ft.comThe EU has ways out of its budget trapSide agreements and special purpose funds could bypass the usual trench warfare 051
Martin Sandbu @martinsandbu.ft.com · 09/07/2026Extortion/blackmail/coercion is a real problem, as is spying. But it is not a problem of "competitiveness" or "industrial decline". A good start would be, against coercion, to use the anti-coercion instrument (the clue is in the name!); against spying, to require some components to be made in Europe 010
Martin Sandbu @martinsandbu.ft.com · 09/07/2026What's the issue with steel? Share of consumption covered by domestic production has been stable at 75-80% for a decade+. European PV declined when EU government decided they didn't want to subsidise solar installations. Reserving secure domestic demand would have worked then and will work now. 000
Martin Sandbu @martinsandbu.ft.com · 09/07/2026And voila, today's provocation. First 300 clicks free. as.ft.com/r/57b1888b-d...as.ft.comEurope’s ‘China shock’ panic is ill-informedEU industry is largely weathering the competition well 1177
Martin Sandbu @martinsandbu.ft.com · 09/07/2026As I wrote, *total* EU important penetration (hence the conclusion that China is displacing third country suppliers). And I ask again, why is it relevant whether it's a market economy or a non-market economy, rather than simply the severity of the threat? 141
Martin Sandbu @martinsandbu.ft.com · 09/07/2026/ I wrote about this argument here, saying it makes the wealth tax the handmaiden of capitalism (because it rewards successful capitalists and punishes poor ones). www.ft.com/content/8b1a... The original paper by Guvenen et al is here: www.nber.org/system/files...ft.comWhy a wealth tax is capitalism’s handmaidenTaxing capital holdings boosts rewards for investing well 080
Martin Sandbu @martinsandbu.ft.com · 09/07/2026This is a fair guide to most of the arguments around a wealth tax, from @soumayakeynes.ft.com. I would add what I think is one of the most powerful arguments in favour: that is encourages more productive investment than the more common alternative of taxing capital incomes. / 1151
Martin Sandbu @martinsandbu.ft.com · 09/07/2026I don't get this argument. Why is it worse to be outcompeted by a non-market economy than it would be to be outcompeted by a market economy? Surely what matters it the overall threat. Either way, total EU import penetration is not changing much so China is mostly outcompeting third country economies 162
Martin Sandbu @martinsandbu.ft.com · 09/07/2026As some of us have been saying... www.ft.com/content/3407... - and stay tuned for today's Free Lunch newsletter, landing in an hour. www.ft.com/free-lunchft.comEurope is running from a phantom China threatEU leaders fear cheap Chinese exports when they should be worrying about embedded spyware and rare earths dependency 4168
