Thomas Aubrey @thomasaubreycca.bsky.social · 03/10/2026Fascinating chart on attitudes by country towards the UK rejoining the EU. www.ft.com/content/3d43... 033
Reposted by Thomas AubreyIan Harnett @ianrharnett.bsky.social · 01/10/2026The @financialtimes.com just published this article looking at positive takeaways from higher Bond yields www.ft.com/content/96e0...ft.comFour potential positives from higher bond yieldsThe sharp rise in borrowing costs has raised justified alarm but there are benefits too 141
Reposted by Thomas AubreyPhil Aldrick @philaldrick.bsky.social · 23/09/2026The BOE is planning on holding some MPC meetings in Leeds from next year, possibly even December this year. The first time, bar remote voting in Covid, that the Old Lady of Threadneedle St will have to share the honour. Burnham will no doubt approve www.bloomberg.com/news/article...bloomberg.comBOE Rate Setters to Head North for Interest Rate DecisionsBarring remote sessions during Covid, the UK’s rate setters have gathered in London to make their decision at every meeting since the Bank of England gained independence over monetary policy. From nex... 011
Thomas Aubrey @thomasaubreycca.bsky.social · 22/09/2026Thanks to @philaldrick.bsky.social for quoting me on why using public corporation debt to finance infrastructure can lead to lower gilt yields. www.bloomberg.com/news/articles/2026-09-22/labour-mulls-fiscal-rule-exemption-to-boost-uk-building-projects?srnd=undefinedbloomberg.comLabour Mulls Fiscal Rule Exemption to Boost UK Building ProjectsBritain’s new Labour government has been considering a proposal from Keir Starmer’s time in office, by which borrowing for building projects would be excluded from the fiscal rules. 112
Reposted by Thomas AubreyRichard Jones @richardaljones.bsky.social · 18/09/2026"R&D, place, and developing regional innovation systems: some lessons from Greater Manchester". I gave a talk with this title at Imperial College's Centre for Sectoral Economic Performance last Tuesday - a summary, and the slides, can be found here: softmachines.org?p=3350softmachines.orgR&D, place, and developing regional innovation systems: some lessons from Greater Manchester – Soft Machines, by Richard Jones 012
Thomas Aubrey @thomasaubreycca.bsky.social · 17/09/2026No 10 leak to @samcoatessky.bsky.social shows a definite shift in the policy framework towards self-funding public corporation debt. This will drive growth & improve the public finances. @guardianheather.bsky.social @andrewcities.bsky.social @katemb.bsky.social @jenwilliamsft.bsky.social 551
Thomas Aubrey @thomasaubreycca.bsky.social · 17/09/2026Update from ONS on productivity related to hours worked. www.ons.gov.uk/economy/econ...ons.gov.ukComponent approach to measuring labour productivity, UK: 1997 to 2024 - Office for National StatisticsAn assessment of the methods and impacts of the new component approach to labour productivity measurement in the UK. These are not official statistics. 010
Reposted by Thomas AubreyCentre for Cities @centreforcities.bsky.social · 17/09/2026We are #hiring a new Policy Lead! Can you identify emerging urban policy issues and opportunities? Develop clear and credible policy positions? Join the Centre for Cities team👇 buff.ly/4pa6nXZ 001
Thomas Aubrey @thomasaubreycca.bsky.social · 15/09/2026Looking forward to speaking at tomorrow's book launch at the LSE on "Fixing Britain's failing political economy". My chapter is on the 'Political economy of power dispersal' and how this framework can boost infrastructure investment without damaging the public finances #publiccorporationdebt 000
Thomas Aubrey @thomasaubreycca.bsky.social · 14/09/2026"Every adult...would have to pay an extra £590 a year in tax to fund the £258bn of public investment needed to build planned reservoirs..." This is absolutely NOT the case. Using Public Corporation debt the tax liability can be £0. www.ft.com/content/cfcc...ft.comUK faces £258bn infrastructure spending gap, warns reportGovernment must increase investment by two-thirds to deliver planned reservoirs, prisons and schools 3115
Thomas Aubrey @thomasaubreycca.bsky.social · 10/09/2026My latest @bennettschool.cam.ac.uk UK productivity blog highlights good growth in knowledge-intensive services between 2025-26 but a large jump in the labour share and costs of the public sector between 2019-26 which is a concern. www.bennettschool.cam.ac.uk/blog/underst... For wonks: the hours databennettschool.cam.ac.ukFrom data to knowledge: understanding the UK’s productivity performance - Bennett School of Public PolicyThe latest UK productivity figures may reveal the beginning of a genuine improvement in productive capacity after years of disappointing performance. Thomas Aubrey argues that better measurement needs... 110
Thomas Aubrey @thomasaubreycca.bsky.social · 10/09/2026Nice piece on Charles Goodhart who is soon to be 90 on the constant questioning of what economic models have left out www.ft.com/content/6c0b... I would add to Huw's list: Charles' openness to new ideas despite his vastly superior knowledge and the importance of empirical data and real world focus.ft.comLessons drawn from Charles GoodhartWhat we can learn from the influential economist who turns 90 next month 000
Thomas Aubrey @thomasaubreycca.bsky.social · 07/09/2026This is one of those "policy ideas" that has been around for decades www.ft.com/content/354ef76f-6a68-4e19-ab2d-7a6853170725?syn-25a6b1a6=1. A detailed examination of the data for UK biotech firms by Imperial College indicates a far more nuanced state of affairs. www.imperial.ac.uk/media/imperi...ft.comHow the UK can stop accidentally exporting its best tech start-upsBetter give start-ups reasons to stay than make it harder to leave 010
Thomas Aubrey @thomasaubreycca.bsky.social · 07/09/2026Suggests increasing pressure on Chinese financial services firms. More about solvency than growth? www.ft.com/content/8012b60e-c74e-49bc-9200-d37f13b4a135?syn-25a6b1a6=1ft.comChina pumps $53bn into banks and insurersBeijing widens recapitalisation plan to more state-controlled institutions in bid to boost financial performance 000
Reposted by Thomas AubreyHenry Tapper @henrytapper.bsky.social · 31/08/2026Flawed Approaches to Asset Allocation include 60;40 - Going back in time with @thomasaubreycca.bsky.social henrytapper.com/2026/08/31/f... The 60:40 asset allocation has always been a bad strategy as has buy and hold.henrytapper.comFlawed Approaches to Asset Allocation include 60;40 – Going back in time with Thomas AubreyShould the 60-40 ratio be changed, or should Gilt exposure be reconsidered altogether? [image or embed] — Henry Tapper (@henrytapper.bsky.social) August 30, 2026 at 6:07 AM The 60:40 asset allocati… 111
Thomas Aubrey @thomasaubreycca.bsky.social · 28/08/2026www.ft.com/content/fc92... Suggests Healey will continue to damage the public finances via PPP for infrastructure - instead of shifting towards the tried & test self-funding public corporation debt approach. If infrastructure were funded in this way it would free £bns for defence.ft.comHealey to shelve his own defence spending target of 3% of GDP by 2030Chancellor resigned as defence secretary in June over what he saw as inadequate ambition for military spending by Sir Keir Starmer’s government 000
Thomas Aubrey @thomasaubreycca.bsky.social · 25/08/2026Pension fund investment in infrastructure doesn't always work amwatch.com/AMNews/Pensi...amwatch.comSweden's AP funds suffer heavy losses on infrastructure vehicleSeveral portfolio companies in the investment vehicle owned by two Swedish state pension funds have delivered repeated deficits. 000
Thomas Aubrey @thomasaubreycca.bsky.social · 24/08/2026Governments have consistently refused to address the complex and expensive valuation issues for business rates. Will this time actually be different? www.ft.com/content/a70f... One major issue is that headline rents feed into valuations (which support higher collateral values for borrowing) ratherft.comTreasury brings in expert to review business rates for UK pubs and hotelsJerry Schurder will consult industry and report in time for recommendations to be implemented at next revaluation in 2029 100
Reposted by Thomas AubreyThe Future Governance Forum (FGF) @futuregovforum.bsky.social · 21/08/2026The new PM has ambitions to build more council homes, but where will the money come from? @thomasaubreycca.bsky.social explains why a 19th century idea of public corporations might hold the answer to financing an infrastructure & council housing boom 🔽 futuregovforum.substack.com/p/burnhams-o...futuregovforum.substack.comBurnham’s options to finance an infrastructure and council housing boomChampioning new models of progressive governance across the UK. 012
Thomas Aubrey @thomasaubreycca.bsky.social · 16/08/2026Fascinating reflections on George Kennan's 1957 Reith lectures. Containment should be political & economic - not an arms race. open.spotify.com/episode/0jIg...open.spotify.comReith Revisited: Angela Stent on George KennanThe Reith Lectures · Episode 010
Thomas Aubrey @thomasaubreycca.bsky.social · 14/08/2026Japan Prime Minister Sanae Takaichi has criticized Russian President Vladimir Putin’s first-ever visit to the disputed Kuril Islands, saying they were “inherently Japanese territory.” www.cnbc.com/2026/08/14/p...cnbc.com‘Absolutely unacceptable’: Japan PM Takaichi condemns Putin’s visit to disputed Kuril IslandsJapan protested Vladimir Putin’s first visit to the disputed Kuril Islands, escalating tensions over territory claimed by both Tokyo and Moscow. 010
Thomas Aubrey @thomasaubreycca.bsky.social · 12/08/2026www.ft.com/content/6219...ft.comZhu Rongji, reforming Chinese premier, 1928-2026Jiang Zemin’s right-hand man laid the foundation for the country’s leap to economic superpower 000
Reposted by Thomas AubreyStephanie Rickard @sjrickard.bsky.social · 11/08/2026From next year, Nissan has agreed to share production at its UK Sunderland plant with Chery, a Chinese car manufacturer. 001
Thomas Aubrey @thomasaubreycca.bsky.social · 08/08/2026Andy Haldane in defence of public corporation debt www.ft.com/content/43af0b33-4c2d-4c10-8948-c77082f70935?syn-25a6b1a6=1 Will Burnham finally realise that PPP is not going to scale and deliver for voters?ft.comHow to fix Britain’s housing crisisWe need to find ways to lift the financial and resource constraints on new homebuilding 001
Reposted by Thomas AubreyAdam Terry @adamterryfgf.bsky.social · 07/08/2026The new PM has ambitions to build more council homes. But where will the £ come from? @futuregovforum.bsky.social hosts a great piece from @thomasaubreycca.bsky.social on why going back to a 19th century idea of public corporations might hold the answer: futuregovforum.substack.com/p/burnhams-o...futuregovforum.substack.comBurnham’s options to finance an infrastructure and council housing boomChampioning new models of progressive governance across the UK. 023
Thomas Aubrey @thomasaubreycca.bsky.social · 05/08/2026Great piece by Jen. The Alfred Waterhouse piece is a must read! And thanks for the reference to my @bennettschool.cam.ac.uk piece on public corporation debt. 071
Reposted by Thomas AubreyJennifer Williams @jenwilliamsft.bsky.social · 05/08/2026A bit from me on devo max and the outlines of an emerging question: what will councils be for? as.ft.com/r/731ed47f-f...as.ft.comAndy Burnham rewires the ‘unaccountable’ statePrime minister’s opening devolution gambit does not lack ambition 104013
Thomas Aubrey @thomasaubreycca.bsky.social · 05/08/2026The UK it seems is the only country that starts its investment process based on how much you can get from HMT rather than what projects need to go ahead & then figure out how to fund & finance them. www.thetimes.com/article/1182... The former Chancellor's PPP does not scale for large infrastructurethetimes.comTreasury seeks to kick-start economy with £9bn a year borrowing bonanzaMinisters hope to exploit a change in the fiscal rules to spend billions more a year on housing, infrastructure and British start-ups 100
Reposted by Thomas AubreyBennett School of Public Policy, University of Cambridge @bennettschool.cam.ac.uk · 30/07/2026New research by top economists reveals the UK's spending system is no longer fit for the way public services are delivered today. Fundamental reform is needed to create a spending system that supports long-term investment, better public services and stronger outcomes. Report: bit.ly/4pMQ7WM 01816
Reposted by Thomas AubreyCharles Grant @cergrant.bsky.social · 03/08/2026Does anyone know anyone who is interested in the philosopher William James? Clearing out an attic I have a dozen books by him (and a few about him) - they need a home. 024
Thomas Aubrey @thomasaubreycca.bsky.social · 31/07/2026"We will strengthen the framework for public development corporations to drive local housing and infrastructure development" assets.publishing.service.gov.uk/media/6a6c7a... "This will be supported by considering how areas could benefit from increased land values from housing and infrastructureassets.publishing.service.gov.uk 111
Reposted by Thomas AubreyJennifer Williams @jenwilliamsft.bsky.social · 31/07/2026A bit on something that’s worrying me as.ft.com/r/9fe0cfe2-f...as.ft.comMayoral scrutiny is a pressing issueAs Burnham devolves power, remember much of the country lacks Manchester’s media ecosystem 2216851
Thomas Aubrey @thomasaubreycca.bsky.social · 30/07/2026At some stage the penny will drop that that PuFins cannot scale for large projects which HMT forecasts back up. www.ft.com/content/f2a1...ft.comWhat are PuFins and how do Andy Burnham and John Healey plan to use them?State-owned institutions are aimed at spurring private-sector activity, and mayors want them to work more flexibly 001
Reposted by Thomas AubreyOwen Garling @ojgarling.bsky.social · 22/07/2026There go the wine cellars! (again)bbc.co.ukCambridge: Could the UK be about to get another underground?Experts have suggested a radical solution to Cambridge's congestion issues - but is it realistic? 022
Thomas Aubrey @thomasaubreycca.bsky.social · 20/07/2026Arguing for boosting investment with PPP misunderstands the lack of scalability of PPP projects. www.ft.com/content/ac28... HMT forecasts show less of half of the available fiscal room will be used, which falls to just a third when it comes to housing. Infrastructure requires scale & long maturitiesft.comAndy Burnham urged to use flexibility in fiscal rules to boost investmentIncoming prime minister could mobilise an extra £16bn for infrastructure over remainder of the decade 101
Reposted by Thomas AubreyMargot Finn @eicathomefinn.bsky.social · 19/07/2026'The incoming prime minister has asked officials to draw up plans to abolish the Department for Science, Innovation and Technology as part of a wider Whitehall shake-up.' Although not yet signed off, quite a 'thing' if you're a university researcher or at a university that undertakes research. 1/3theguardian.comUK tech advocates alarmed by Burnham plan to scrap technology departmentMPs and industry experts say potential reorganisation will waste time at critical moment for AI and economic growth 53121
Reposted by Thomas AubreyJim Pickard @pickardje.bsky.social · 15/07/2026Keir Starmer’s parting words to Kemi Badenoch at his final PMQs 2458391
Thomas Aubrey @thomasaubreycca.bsky.social · 15/07/2026A huge thanks to the @lse-ei.bsky.social as my 2 year Visiting Senior Fellowship has just finished - where I extended my 2022 book on liberalism & public policy to international relations & trade. The paper on the topic was published by the European Legacy here: www.tandfonline.com/doi/full/10....tandfonline.comWhy Liberals Should Embrace the Demise of the ‘Liberal International Order’The decline of the Liberal International Order is increasingly acknowledged by observers of international relations. This decline has left liberals struggling to respond to the rise of a more reali... 011
Thomas Aubrey @thomasaubreycca.bsky.social · 15/07/2026@jenwilliamsft.bsky.social @pickardje.bsky.social @greenmirandahere.bsky.social @guardianheather.bsky.social @duncanrobinson.bsky.social @martinsandbu.ft.com @julesbirch.bsky.social @katemb.bsky.social @chriscurtis94.bsky.social 010
Thomas Aubrey @thomasaubreycca.bsky.social · 15/07/2026Will Andy Burnham listen to the bond market and move towards self-funding public corporations to drive infrastructure? Or continue with the PPP strategy which places further pressure on the public finances? My piece for @centreforcities.bsky.social www.centreforcities.org/blog/briefin...centreforcities.orgBriefing Burnham: Public corporations and infrastructure investment - Centre for CitiesTom Aubrey writes on the decisions facing Burnham on public corporations and infrastructure investment. 144
Reposted by Thomas AubreyCentre for Cities @centreforcities.bsky.social · 14/07/2026Andy Burnham has set out an ambitious vision for devolution. But growth will depend on giving local leaders incentives to finance and deliver infrastructure that can largely pay for itself. @thomasaubreycca.bsky.social writes 👇️ buff.ly/1Maj23jbuff.lyBriefing Burnham: Public corporations and infrastructure investment - Centre for CitiesTom Aubrey writes on the decisions facing Burnham on public corporations and infrastructure investment. 001
Reposted by Thomas AubreyAndrew Carter @andrewcities.bsky.social · 14/07/2026Excellent guest blog for @centreforcities.bsky.social from @thomasaubreycca.bsky.social making the case for using public corporation model to deliver integrated housing and transport projects. www.centreforcities.org/blog/briefin...centreforcities.orgBriefing Burnham: Public corporations and infrastructure investment - Centre for CitiesTom Aubrey writes on the decisions facing Burnham on public corporations and infrastructure investment. 011
Thomas Aubrey @thomasaubreycca.bsky.social · 13/07/2026"Some key Burnham advisers believe additional borrowing would be possible within Labour’s fiscal rules, potentially using the government’s new National Housing Bank to leverage private investment." www.ft.com/content/354e... The only way in which this might work is if Burnham changes the fiscal ruleft.comAndy Burnham wants Britain to build council houses. Is there a catch?The message is radical but language is loose, leaving questions over cost of plan 101
Thomas Aubrey @thomasaubreycca.bsky.social · 09/07/2026Another poor decision by the government... www.ft.com/content/6389...ft.comChemicals companies hit out at UK science funding cutsParticle accelerator used by both public and private sector scientists is part of 15% research centre savings 010
Reposted by Thomas AubreyKatie Martin @katie0martin.ft.com · 06/07/2026i mean we may as well ask about our red last night 1619830
Thomas Aubrey @thomasaubreycca.bsky.social · 04/07/2026Paraguayan ambassador to the UK giving a team talk @tonytassell.bsky.social 110
Thomas Aubrey @thomasaubreycca.bsky.social · 04/07/2026Some good points in Daniel Susskind's piece www.ft.com/content/2a04... But I would contest his assertion that the relationship between devolving power & growth is weak. Hayek taught us that the people who are best able to manage informational uncertainty are those most familiar with the particularft.comBurnham must learn from Starmer’s failures on UK growthThere are moments to prioritise other things, but after 18 years of historic economic slowdown this is not one of them 110
Thomas Aubrey @thomasaubreycca.bsky.social · 03/07/2026Great piece by Jen including a link to the FT article on the letter by bond investors to the Chancellor on public corporation debt which was ignored. However the idea of leveraging "the National Housing Bank, or one of the other so-called public financial institutions" has not dealt with the reality 342
Thomas Aubrey @thomasaubreycca.bsky.social · 02/07/2026As not much has changed since the General Election, this piece is still relevant if the next PM wants growth. www.bennettschool.cam.ac.uk/blog/uk-fisc... (PSNFL doesn't solve the issue for infrastructure investment as PPP cannot scale)bennettschool.cam.ac.ukThe UK’s fiscal rules may constrain growth no matter who wins the General Election - Bennett School of Public PolicyFollowing the 2022 Truss/Kwarteng mini-budget which resulted in UK borrowing costs soaring, both main UK parties have reaffirmed their commitment to fiscal rules. But the specifics of these rules shou... 000
Reposted by Thomas AubreyThe Productivity Institute @productivity.bsky.social · 29/06/2026As Andy Burnham proposes moving No.10 functions north, attention turns to the “Manchester model”. 2 new TPI papers show how devolution, strong institutions & investment have boosted productivity for Manchester. 1: www.productivity.ac.uk/research/uk-... 2: www.productivity.ac.uk/research/the...productivity.ac.ukUK-Wide Growth and Development: Insights from the ‘Manchester Model’ - The Productivity InstituteThis paper explores how the ‘Manchester model’ of devolved governance and strategic collaboration offers solutions to the UK’s regional inequalities by addressing key barriers to investment, innovatio... 156