Top story: ‘An economy for all’ under radical blueprint
Good morning – Warren Murray here to guide your finger on to the pulse.
A radical overhaul of Britain’s economy is needed to address chronic disparities in living standards since the 2008 financial crash, according to the IPPR thinktank. Its commission on economic justice argues in a report published today that the shareholder-driven model of capitalism is outmoded, with the UK held back by a culture dominated by decades of short-term profit taking, weak levels of investment and low wages.
The IPPR, which drove much of Tony Blair and Gordon Brown’s economic agenda, set up its commission two years ago after the Brexit vote. The commission’s members include the Archbishop of Canterbury Justin Welby, senior business leaders and economists like Dame Helena Morrissey, a senior L&G executive, as well as unions. Its report calls for higher minimum wage rates that match the real “Living Wage”; a national public investment bank; workers on company boards; higher corporate tax rates and anti-avoidance measures; taxing wealth the same way as work; replacing inheritance tax with a lifetime gift tax; and giving the nations and regions more power over their economies.
“By putting fairness at the heart of the economy, we can make it perform better, improving the lives of millions of people,” said Welby. “Achieving prosperity and justice together is not only a moral imperative – it is an economic one.” Morrissey, one of the most senior women in the City of London, called for “a more responsible and fairer form of capitalism … We need to increase the levels of investment. We need to address the needs of people who have been left behind.”
The commission’s report is being launched ahead of the 10-year anniversary of the Lehman Brothers crash on 15 September 2008.
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Healthy diet ‘costs too much’ – Almost 4 million children live in UK households that struggle to afford enough fruit, vegetables, fish and other foods needed for a healthy diet, a study reveals. They would have to spend more than 40% of total income on such foods just to meet official government nutrition guidelines, says the Food Foundation. The thinktank is calling for increased welfare benefit payments and measures such as maternity food vouchers and universal free school meals. Lack of cookery skills is not the main problem, says the foundation: “Most people know what to do for a healthy diet, but they don’t do it because the healthy options are not the cheap options.”
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Sabotage in space? – The hole that caused an air leak on the International Space Station was made by a drill, not a meteor fragment, and might have been sabotage, according to Russia’s space agency. A photograph posted online and attributed to Nasa shows the hole alongside scratches left by a straying drill. “There were several attempts at drilling,” said Dmitry Rogozin, head of Roscosmos, adding that it appeared to have been done by a “wavering hand”. “What is this: a production defect or some premeditated actions? We are checking the Earth version. But there is another version that we do not rule out: deliberate interference in space.” An investigation is under way – one theory is that a worker on Earth made the hole in the Soyuz module by accident and plugged it with sealant that fell off in space. Astronauts glued up the hole last Thursday.
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Midweek catch-up – We’ve made them smaller to fit more in …
> Labour’s national executive has adopted the full IHRA definition of antisemitism, along with a statement “which ensures this will not in any way undermine freedom of expression on Israel or the rights of Palestinians”.
> Democrats and protesters have disrupted a Senate confirmation hearing for Brett Kavanaugh, Donald Trump’s supreme court nominee. The Watergate journalist Bob Woodward has published Fear, an exposé of turmoil in the Trump White House.
> The former Bank of England governor Lord (Mervyn) King has blasted the “incompetence” of preparations for Brexit, saying it “beggars belief” the government is having to talk about stockpiling medicines and food.
> Still on Brexit: the secretary of state Dominic Raab has declared the government will not “roll over” for Brussels in the Brexit talks, but John Crace found his bravado less than convincing. Jeremy Corbyn faces union calls to back a second Brexit vote.
> In the “scallop wars” between British and French fishing crews, France has warned its navy will intervene to prevent further clashes. Boats have been rammed amid anger from the French about UK boats harvesting in certain areas.
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Novichok latest – The nerve agent that killed Dawn Sturgess in Amesbury, Wiltshire, has been confirmed as the same one used on Sergei and Yulia Skripal in Salisbury, the international Organisation for the Prohibition of Chemical Weapons (OPCW) has said. Charlie Rowley, Sturgess’s partner who was also poisoned by novichok, is back in Salisbury hospital being treated for meningitis and sight problems, though the hospital says it is “not currently treating anyone for nerve agent-related illnesses”.
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Grazing sharks – A common variety of shark has been found to have a taste for something other than flesh. The hammerhead-like bonnethead shark was already known to nibble seagrass sometimes, but researchers thought it probably passed straight through without providing nutritional value.
But tests on captured sharks that were fed chemically marked seagrass found they were able to digest it and gain weight. Thus “the bonnethead shark is the first known omnivorous species of shark,” said Samantha Leigh, one of the US researchers involved.
Lunchtime read:
Are we allowed to eat cod again? Is New Zealand lamb too high in food miles? Which bin does this compostable salad tub go in? Who’s bringing the almond milk?
The advice we’re given can often be confusing, but if you’re serious about it, here are some straightforward answers about sustainable eating.
Sport
Serena Williams put aside some shakiness and an early deficit, turning things around with an eight-game run on her way to a 6-4, 6-3 victory over the No 8 seed, Karolína Plíšková, for a spot in the US Open semi-finals. But the reigning women’s champion, Sloane Stephens, succumbed to the tenacity of Anastasija Sevastova as well as the stifling heat and humidity that enveloped the Arthur Ashe Court.
The latest chapter of a remarkable Tiger Woods comeback has been set in stone, with confirmation that the 14-times major champion will make a playing appearance in this month’s Ryder Cup. Leicester’s decision to fire Matt O’Connor one match into the Premiership season has been described as “grossly unfair” and part of “a disturbing trend” by the coaches’ union. Scotland qualified for the Women’s World Cup for the first time after a 2-1 win over Albania, while Phil Neville’s England rang the changes but still beat Kazakhstan 6-0. And Donald Trump has responded publicly to Nike’s decision to make Colin Kaepernick the face of its new advertising campaign, its most divisive yet.
Business
Asia Pacific shares were again subdued by concerns about a possible US-China trade war and the growing crisis in emerging markets was reflected as South Africa fell into recession for the first time since 2009. By contrast, and despite weakening commodity prices, Australia’s economy grew by a much better than expected annualised rate of 3.4% in the June quarter, driven by household spending. The pound is buying $1.286 and €1.108.
The papers
The Guardian’s splash is that exclusive story of households struggling to afford enough fruit, vegetables and fish, leaving “Four million UK children too poor to have a healthy diet”. Also on the front is a striking and devastating photograph of the beautiful Spix macaw, a species of Brazilian bird now extinct in the wild.
The pressure on Labour over antisemitism has not gone away. “Police probe Labour hate crime ‘cover-up’”, reports the Express, while the Times says “Corbyn slapped down by allies over anitsemitism”. The Mail’s splash is “Welby wealth tax storm” as the Archbishop of Canterbury argues that raising capital gains and corporation taxes could increase the minimum wage and give handouts to help young people buy homes. The FT is interested in the future of Bank of England chief Mark Carney: “Carney set to stay at BoE beyond Brexit after backing from May”. The i is trumpeting a “UK rail revolution” saying that mass delays and timetable chaos have persuaded the PM to overhaul the system. The Mirror reports on a “Cure for kids’ leukaemia on the NHS” and the Sun leads with news of Eastenders star Barbara Windsor’s heart surgery – “Babs heart op”.
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