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Sports May 16, 2026

France Plot England's Downfall as Red Roses Seek Eighth Straight Six Nations Title

France aims to end England's six-year dominance and 37-game winning streak in the Women's Six Natio…
The Final Showdown It all comes down to this, again. France have been runners-up to England in the Women's Six Nations for the past six years, edging ever closer: last year's decider was settled by a single point. But can François Ratier's team not only end England's dominance in this competition but also halt their 37-game winning run on Sunday? If they show up from minute one to 80, France can do it. England's Challenge with a Depleted Squad England will be favourites to lift their eighth straight Six Nations trophy but have been contending with a lot this tournament. Retirements, pregnancy and injury mean the team are without a wealth of talent including Zoe Stratford – the usual captain – Abbie Ward and Alex Matthews. They have continued to win with a depleted squad but their depth will be given its biggest test yet against an in-form France team. Statistical Analysis: France's Dominant Form The statistics never lie and France's so far this competition, particularly in defence, have been commanding. The side are topping the charts for most carries, offloads and defenders beaten. They also have the fewest missed tackles, the most dominant contacts and an 88.4% tackle success rate, the best in the competition. England's Offensive Strengths England lead in fewer areas but have scored the most points this tournament and have the top try scorer in Marlie Packer, who will start on the bench with Sadia Kabeya back from injury. The fly-half Zoe Harrison's supreme kicking has also been a huge asset to the team, with 23 of 24 kicks successful. They know their attack is the highlight of their game at the moment and, when asked if working on defence will be critical against France, the England head coach, John Mitchell, said: "It will be, but we'll just score more." Defensive Concerns for England Against Italy, England conceded the most points they ever have in the Six Nations against a team that was not France. The former England captain Packer believes the side need to be more reactionary: "I think we need to be a bit better at see, do. We are thinking. As soon as you think, the other team has a foot on top of you. France's Key Players England will need to plug their defensive holes because France have stars who will snipe at any opportunity given to them. Anaïs Grando has scored four tries in four games and has proved to be a great resource in defence too, a particular highlight coming against Ireland where her covering tackle held up Fiona Tuite over the line. The scrum-half Pauline Bourdon Sansus has also been an integral cog in the French setup for years and her form has not let up this year either. Strategic Battle: France's Game Plan France have been chasing England's tails since they last beat them in 2018 and the Red Roses know they have a target on their backs. While their captain, Meg Jones, said the dominant winning run isn't something that is discussed between the squad, Mitchell has urged teams to "come and get us". The Road Ahead "We love being the standard bearers of consistency," Mitchell said. "Somebody is going to get us, we understand that reality and we shouldn't be disgraced if somebody does get us. We don't want to give that up easily, anyone can pick on our weaknesses but we will look to fix them. That doesn't mean we are in decline, we are actually developing and evolving. Maybe we are evolving a lot quicker than a lot of people realise. We get another chance to test that on the weekend, that is what we embrace and thrive in."
#Women's Six Nations #France Rugby #England Rugby
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Entertainment May 16, 2026

Eclipse Review: John Morton’s Dark Comedy Unpacks Death in a Devon Rectory

John Morton’s debut play Eclipse turns a Devon rectory into a stage for unsaid family tensions and …
Opening Verdict: A Darkly Comic Exploration of Dying in DevonThe Guardian’s review frames Eclipse as a stark departure from Morton’s TV work, swapping satirical bureaucracy for a family‑riven meditation on death. The play’s humor is deliberately muted, allowing the weight of an unseen cancer patient to dominate the conversation.Staging the Unseen: How Morton’s Play Brings an Off‑stage Cancer Patient to LifeSet in a convincingly lived‑in kitchen designed by Simon Higlett, the action revolves around siblings Jonathan (Rupert Penry‑Jones) and Sarah (Sarah Parish) and their husband Graham (Paul Thornley). Two nurses, Karen (Selina Cadell) and Linda (Lizzie Hopley), provide the only direct link to the off‑stage patient, Edward, whose presence is felt through dialogue rather than sight.Numbers on Stage: Cast Size, Run Length, and Box‑Office ImplicationsCast: 10 actors, with four appearing in only a single scene.Venue: Minerva Studio, Chichester Festival Theatre.Run: Until 6 June 2026 (approximately three weeks).Ticket pricing (average): £35‑£55, reflecting a mid‑range price point for a regional festival production.These figures illustrate a modest financial risk that pays off by delivering a densely populated emotional landscape within a limited budget.Why It Matters: Shifting the Tone of British Dark Comedy and Hospice NarrativeMorton pushes the envelope of British dark comedy, moving beyond the corporate satire of Twenty Twelve and W1A into a realm where laughter is eclipsed by mortality. By foregrounding the “unsaid” through hyper‑realistic speech patterns—ums, stumbles, and meaningless affirmations—the play forces audiences to confront the discomfort of hospice care and family denial.Looking Ahead: Prospects for Morton’s Theatrical Future and the Play’s Life Beyond ChichesterIf the Chichester run garners strong word‑of‑mouth, Eclipse could tour the UK regional circuit and potentially attract a West End transfer, positioning Morton as a playwright capable of handling both TV satire and serious stage drama. The production also sets a precedent for future works that blend realistic dialogue with existential themes, suggesting a broader shift in contemporary British theatre toward confronting uncomfortable social realities.
#John Morton #Eclipse #Chichester Minerva Theatre
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Entertainment May 15, 2026

Critique of Rene Matić's Photography Prize Win Sparks Debate About Artistic Merit

A critical review of Rene Matić's exhibition at The Photographers' Gallery questions whether the yo…
The Artist's Background and Achievements At 29, Rene Matić is the youngest ever person to win the £30,000 Deutsche Börse Photography Foundation prize. They were nominated for their solo exhibition As Opposed to the Truth at CCA Berlin – there is currently a much smaller reconfiguration representing part of the show at the Photographers' Gallery in London. Matić was also the youngest artist ever to be nominated for the Turner prize last year. Notable Works and Artistic Approach There are things I like about Matić. I like the way they challenge what counts in life and art, and what counts as British. Their 2022 work, Upon This Rock – a photographic installation and a film exploring the artist's father, Paul, and his involvement with the skinhead movement – felt like it was breaking new ground, conceptually and materially. Matić's yearning to understand masculinity and fatherhood as forces shaping national identity, and the way they incorporate new stories into the folds of Britain's historical fabric, felt original and exciting. Prize Recognition and Its Significance The Deutsche Börse Photography Foundation prize is one of the most prestigious awards in contemporary photography, carrying a £30,000 prize. Matić's win at such a young age marks a significant moment in the art world, particularly as they identify as a queer, working-class person of colour. The fact someone from this background won this award is good as a statement for what the Deutsche Börse prize can stand for in terms of diversity and representation. Critical Assessment of Current Exhibition Yet a lot of Matić's other work doesn't feel mature enough for the photographer to have taken the prize so early in their career. The installation Feelings Wheel, a series of diaristic snapshots which is shown at the Photographers' Gallery, feels like something you'd paste on your wall or Tumblr at university. They are pretty mediocre pictures, safe from Instagram censorship, and arranging them in Perspex doesn't make them more interesting. I find there is an annoying insularity, a sense of preaching to the converted, whereas the most effective art builds bridges between artist and viewer, allowing people who aren't part of the gang to understand it and be moved by it, too. Comparisons to Influential Photographers Too often, Matić's images are only made interesting by the different ways they display them in assemblages, spatial and sculptural configurations. Their work draws comparisons with Wolfgang Tillmans or Nan Goldin, who both photographed their own subcultures and communities, but with more edge and verve. With slideshows to music (in the case of Goldin's The Ballad of Sexual Dependency) and multi-format installations responding to the space (Tillmans), both photographers cast aside the traditional focus on a single image, creating new ways of looking at multiple photographs that Matić adapts but doesn't quite move forward. Broader Implications for Contemporary Photography There's nothing wrong with art that focuses on identity – especially identities that have been consistently erased and ignored in this country. But based on what Matić has done for photography, I don't think they should have won. Autobiography can't be the only thing a work has to offer. I am not sure what's really radical or nuanced about Matić's photographs of flags and tattoos, or people kissing at Glastonbury. At times, the vulnerability and compassion seems performative rather than sincere, and there's not enough tension – questions in the work for the viewer to resolve. The Future of Matić's Artistic Development Leaving the exhibition, I felt flat – though there are ideas, they need more time to percolate. What this win seems to tell us about photography now is that how you market yourself is possibly more important than the work you make. Matić clearly has potential, as evidenced by their more conceptual works like Upon This Rock, but the current exhibition suggests they may have been recognized before their artistic voice has fully developed. The challenge for Matić will be to build on the conceptual foundations of their strongest work while developing a more distinctive photographic language that doesn't rely solely on presentation techniques to generate interest.
#Rene Matić #Deutsche Börse Photography Prize #The Photographers' Gallery
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Sports May 15, 2026

US PGA Championship 2026: Seven Players Share Lead as Day Two Begins

Seven players are tied for the lead at the US PGA Championship 2026 as day two begins at Aronimink.…
The Current Standings There are seven players tied for the lead, and another 42 within three shots of them. The day before Moving Day is going to feature a lot of jostling for position. Here's what the top of the leaderboard looked like at the end of the first day: -3: Potgieter, Jaeger, Lee, Hisatsune, Kaymer, Scheffler, Smalley -2: Brown, Theegala, Greyserman, Schauffele, Conners, Reed, Lowry Weather Conditions at Aronimink It shouldn't be too different to the first day. A little bit warmer, but with the wind expected to occasionally pick up again. It's blowing pretty briskly right now. There's not much chance of rain, and the course didn't get a soaking tonight, so it'll be a little bit firmer and the ball should scuttle further. Which, given so many of the fairways at Aronimink tilt towards penal rough, may not necessarily be a good thing. But it's a great day for golf! Michael Block's Remarkable Run Block party. It's happening again. He's happening again. Michael Block, the club pro who lit up the 2023 tournament with three rounds of 70 and a 71 that included an ace with Rory McIlroy in attendance, is doing it again. A round of 70 yesterday, and now a 20-foot putt for birdie at the par-three 5th. He's -1 overall and already beginning to dream of making the cut. It'd be an early birthday present: he's 50 next month. Good luck finding a single punter at Aronimink who won't be cheering him on. Today's Tee Times Starting on the 1st: 1145 Michael Block, Rasmus Højgaard, Dustin Johnson 1156 Mark Geddes, Steven Fisk, David Lipsky 1207 Sungjae Im, Austin Hurt, Casey Jarvis 1218 Andrew Putnam, Michael Kartrude, Matt Wallace 1229 Martin Kaymer, Elvis Smylie, Davis Riley 1240 Jason Dufner, Haotong Li, Jimmy Walker 1251 Nick Taylor, Rasmus Neergaard-Petersen, Jordan Smith 1302 Emiliano Grillo, Patrick Reed, Pierceson Coody 1313 Brian Campbell, Adam Schenk, Christiaan Bezuidenhout 1324 Marco Penge, Sepp Straka, Patrick Rodgers 1335 Aaron Rai, Travis Smyth, Sami Valimaki 1346 Sam Stevens, Jayden Schaper, Garrett Sapp 1357 Timothy Wiseman, Matti Schmid, Austin Smotherman 1715 Aldrich Potgieter, David Puig, Denny McCarthy 1726 William Mouw, Chris Gabriele, Taylor Pendrith 1737 Tom Hoge, Bryce Fisher, Joaquin Niemann 1748 Keith Mitchell, Billy Horschel, Ian Holt 1759 Gary Woodland, Jason Day, Sam Burns 1810 Wyndham Clark, Cameron Smith, Brian Harman 1821 Patrick Cantlay, Min Woo Lee, Sahith Theegala 1832 Si Woo Kim, Derek Berg, Joe Highsmith 1843 Bryson DeChambeau, Ludvig Aberg, Rickie Fowler 1854 Xander Schauffele, Brooks Koepka, Tyrrell Hatton 1905 Rory McIlroy, Jordan Spieth, Jon Rahm 1916 Daniel Hillier, Ryan Vermeer, Max McGreevy 1927 Paul McClure, Mikael Lindberg, Angel Ayora Starting on the 10th: 1150 Andrew Novak, John Parry, Jordan Gumberg 1201 Ben Polland, Kurt Kitayama, Nico Echavarria 1212 Akshay Bhatia, Ricky Castillo, Michael Thorbjornsen 1223 Luke Donald, Jesse Droemer, Stewart Cink 1234 Hideki Matsuyama, J.J. Spaun, Max Homa 1245 Ben Kern, J.T. Poston, Russell Henley 1256 Adam Scott, Corey Conners, Daniel Berger 1307 Viktor Hovland, Collin Morikawa, Shane Lowry 1318 Chris Gotterup, Robert MacIntyre, Tommy Fleetwood 1329 Cameron Young, Keegan Bradley, Justin Thomas 1340 Scottie Scheffler, Matt Fitzpatrick, Justin Rose 1351 Zach Haynes, Alex Smalley, Chandler Blanchet 1402 Bernd Wiesberger, Sudarshan Yellamaraju, Andy Sullivan 1710 Braden Shattuck, Alex Fitzpatrick, Ben Griffin 1721 Francisco Bide, Harry Hall, Ryan Gerard 1732 Johnny Keefer, Rico Hoey, Nicolai Højgaard 1743 Shaun Micheel, Michael Brennan, Garrick Higgo 1754 YE Yang, Jhonattan Vegas, Matt McCarty 1805 Lucas Glover, Tom McKibbin, Stephan Jaeger 1816 Daniel Brown, Adrien Saddier, Harris English 1827 Jacob Bridgeman, Bud Cauley, Alex Noren 1838 Chris Kirk, Max Greyserman, Kristoffer Reitan 1849 Maverick McNealy, Thomas Detry, Padraig Harrington 1900 Ryan Lenahan, Ryan Fox, Kazuki Higa 1911 Jared Jones, Michael Kim, Ryo Hisatsune 1922 Tyler Collet, Kota Kaneko, Brandt Snedeker
#PGA Championship #Scottie Scheffler #Michael Block
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Entertainment May 15, 2026

Suzette Charles on Winning Miss America and Releasing Debut Album 33 Years Late

Suzette Charles, the first biracial Miss America, talks about her journey to winning the title, con…
The Unlikely Miss America Suzette Charles, a 63-year-old singer from Philadelphia, is about to release her self-titled debut album 33 years after it was initially shelved. Charles, who was crowned the first biracial Miss America in 1984, has had a lifetime of adversity, including a distressing tour with Bill Cosby and mistreatment by record labels. Early Life and Career Charles started performing at a young age, singing in commercials for Colgate and Coca-Cola, and appearing on Sesame Street and The Electric Company. At 15, she sang on the soundtrack to the film version of Hair and narrowly missed out on the role of Coco Hernandez in Fame. The Miss America Controversy Charles competed in Miss America 1984 as Miss New Jersey and came first runner-up, but was crowned winner after Vanessa Williams, the original winner, was forced to resign due to a nude photoshoot. Charles says the pageant organisers' reaction was not justifiable and that the contest is a relic of the past. Confronting Bill Cosby Charles was invited to sing on tour with Bill Cosby, but rumours of his vile behaviour were rife even back then. She kept her distance during the tour, refusing late-night requests from Cosby to discuss notes on her show alone. Charles says she was shocked when Cosby's abuse was finally uncovered. The Debut Album Charles had been working on her debut album with Stock Aitken Waterman, but it was shelved when the songwriters split up. She has now reunited with Mike Stock to finally finish the project. Stock says Charles is a talented singer who deserves to be in the same bracket as Paul McCartney and Donna Summer. A New Chapter Charles says she had to start living for herself and that her debut album is a new chapter in her life. She hopes her story will inspire others to pursue their dreams, despite adversity.
#Suzette Charles #Miss America #Bill Cosby
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Sports May 14, 2026

Chelsea Players Rally Behind Xabi Alonso as Managerial Talks Progress

Chelsea’s dressing‑room has coalesced around former Real Madrid boss Xabi Alonso as the club’s lead…
Players Endorse Alonso as Chelsea's Managerial Search Gains Momentum Inside Stamford Bridge, the consensus is clear: the squad believes Xabi Alonso is the right figure to steer the club back on track. Talks between the club and Alonso’s representatives are reportedly moving in a positive direction, even though no formal agreement has been signed yet. Locker‑Room Consensus Positions Alonso as Ideal Head Coach The backing comes from senior figures such as captain Reece James and midfield stalwart Cesc Fàbregas, who stress the need for a manager capable of commanding respect and managing strong egos. The shortlist also includes Andoni Iraola, Marco Silva, Oliver Glasner and former Flamengo boss Filipe Luís, but the players’ voice has tilted the balance toward Alonso. Key Numbers Shaping the Decision 44‑year‑old former Real Madrid and Bayer Leverkusen manager. Led Leverkusen to a 2024 Bundesliga title. Spent 34 games at Madrid before being dismissed. Liam Rosenior lasted 106 days (approximately 3½ months) in his brief tenure. Chelsea have already cycled through six permanent managers since BlueCo’s takeover in 2022. Potential Ripple Effects on Squad Morale and Transfer Strategy Securing Alonso could lift the dressing‑room atmosphere, which has been strained since the departure of sporting director Enzo Maresca. The club’s existing recruitment framework—five sporting directors led by Paul Winstanley and Laurence Stewart—is expected to remain, but Alonso is likely to be granted a decisive say over signings, addressing player concerns about unwanted acquisitions. What the Next Weeks Could Hold for Chelsea With the FA Cup final against Manchester City imminent, a swift resolution would allow the new manager to influence the squad’s preparation for the match and the upcoming season. If negotiations succeed, Chelsea can present a united front in the transfer market; if they stall, uncertainty may persist, potentially affecting performance in the final and the club’s ability to attract top talent.
#Xabi Alonso #Chelsea FC #FA Cup
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Sports May 14, 2026

Lionel Messi scores two goals as Inter Miami rally to beat Cincinnati

Lionel Messi scored his 10th and 11th goals of the season, and Inter Miami came from behind to beat…
The Comeback Victory Lionel Messi scored his 10th and ‌11th goals and had an assist, while German Berterame scored the go-ahead goal in the ⁠84th minute, as Inter ⁠Miami took advantage of two defensive blunders in a 5-3 victory over host Cincinnati. Messi's Impact on the Game Messi and Silvetti contributed assists during the rally, and Rodrigo ⁠de Paul had two assists on the night as Miami again finished victorious in a rematch of their 4-0 win in Cincinnati in the 2025 Eastern Conference semifinals. The Data Analysis Messi's 10th and 11th goals of the season Inter Miami's fifth straight win on the road in Major League Soccer (MLS) Inter Miami's seventh consecutive away win across all competitions Cincinnati's six-match unbeaten run snapped The Impact Analysis The win cements Inter Miami's position in the MLS standings, while Cincinnati's loss ends their unbeaten run. Messi's performance continues to impress, with his 11th goal in as many games. The Prediction Inter Miami will look to continue their winning streak in their next match, while Cincinnati will aim to bounce back from their loss. Messi's form will be crucial in determining the outcome of future matches.
#Lionel Messi #Inter Miami #Cincinnati
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Entertainment May 14, 2026

The Christophers: McKellen and Coel Deliver a Masterclass in On-Screen Chemistry

Steven Soderbergh's 'The Christophers' features a masterful performance from Ian McKellen as an ira…
The Lead: A Masterful Character StudySteven Soderbergh's latest film, "The Christophers," is a witty, literate, and exhilarating exploration of contemporary art and artistic value. The film centers on Julian Sklar, an irascible, dyspeptic old English painter wonderfully portrayed by Ian McKellen, and his mysterious assistant Lori Butler, played with remarkable restraint by Michaela Coel. Their on-screen chemistry has been hailed as the best of the year, creating a dynamic that is both confrontational and deeply connected.The Artistic Vision: Soderbergh's Subversive Take on the Art WorldSoderbergh demonstrates his remarkable ability to surprise with "The Christophers," a film that breathes new life into the often-tiresome subject of movies about contemporary art. The director, working with American screenwriter Ed Solomons, creates a convincing portrayal of haughty Englishness that rivals the work of Paul Thomas Anderson and Robert Altman. The film's London setting, particularly the chaotic bohemian townhouse in Bloomsbury, serves as the perfect backdrop for this exploration of artistic decline, value, and authenticity.The Performances: McKellen and Coel's Exceptional ChemistryAt the heart of the film's success are the performances of its leads. Ian McKellen delivers a tour-de-force as Julian Sklar, capturing the character's voluble, needling, vulnerable, and pathetic qualities with remarkable nuance. Opposite him, Michaela Coel radiates mystery as Lori Butler, containing anger and passion within an opaquely polite demeanor. Their dynamic forms the film's emotional core, with Coel's character intuitively understanding Julian's decline while suggesting pathways back that he hadn't considered. Their interplay represents the best on-screen chemistry of the year.The Supporting Cast: Dickensian MediocritiesThe film's supporting characters provide essential contrast to its leads. Julian's grasping adult children, Barnaby (James Corden) and Sallie (Jessica Dunning), are portrayed as figures of Dickensian mediocrity and greed, thoroughly disliked by their father. Their motivations drive much of the plot's tension, as they seek to profit from their father's hidden works while employing Lori to help them in their schemes.The Plot: A Question of AttributionThe narrative revolves around Julian's mysterious "The Christophers" - a series of passionate studies of his former lover that he withdrew from public view and hid within his home. Lori is hired to find these paintings, but her true intentions remain ambiguous throughout the film. The story explores themes of artistic authenticity, the commodification of art, and the complex relationships between artists, their work, and those who seek to profit from them.The Impact: A Refreshing Take on Artistic Authenticity"The Christophers" arrives at a time when the art world is increasingly focused on commercial value and marketability. The film subverts these trends by focusing on the personal and artistic integrity that often gets lost in the commercialization of creativity. By centering its narrative on the relationship between an aging artist and his enigmatic assistant, the film offers a refreshing perspective on what truly gives art its value.The Future Outlook: A Strong Contender for Awards SeasonWith its exceptional performances, sharp writing, and Soderbergh's masterful direction, "The Christophers" is positioned as a strong contender for awards season. The film's exploration of artistic authenticity and its showcase of two of Britain's finest actors could make it a favorite among critics' groups and award voters. Its UK and Irish cinema release on May 15 provides an opportunity for audiences to experience what many are calling the year's most compelling on-screen pairing.
#The Christophers #Ian McKellen #Michaela Coel
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Economy May 14, 2026

Bond Market Fears as UK Political Turbulence Raises Spectre of Another 'Liz Truss Moment'

Political uncertainty in the UK has triggered a sell-off in government bonds, with yields reaching …
The Lead: Political Uncertainty Triggers Bond Market JittersAs Keir Starmer faces a potential leadership challenge, the spectre of the bond market looms large over Westminster. The prospect of Britain switching prime ministers for a sixth time in seven years has fuelled a sharp sell-off in the market for UK government debt, with investors warning of a potential repeat of the 2022 "Liz Truss moment" that sent shockwaves through the UK's financial system.The Bond Market Reaction: Yields at 28-Year HighsAs Starmer's grip on power appeared to be slipping away, the yield on 30-year government bonds, or gilts, briefly reached 5.8% on Tuesday, the highest level since 1998, before slipping back after a challenge failed to immediately materialise. However, selling pressure has been maintained on the UK government's bonds relative to its G7 peers, with investors fearing a return to political instability in Britain and a leftwing shift by Labour involving higher levels of borrowing."The markets hate uncertainty, but they hate a political vacuum even more," said Nigel Green, the chief executive of deVere Group. "A cabinet resignation followed by a leadership fight would signal that the government is losing control of itself while investors are already questioning the country's fiscal direction."The Economic Backdrop: Mounting Debt PressuresBritain has elevated levels of borrowing and debt. After a succession of economic shocks, years of lacklustre growth, and rising pressure to repair battered public services and to support an ageing population, the UK's national debt stands at almost 100% of GDP – the highest level since the 1960s.Meanwhile, with the rise in interest rates worldwide amid the inflation pressures unleashed after the Covid pandemic, the Russian invasion of Ukraine, and now the Iran war, the cost of servicing the country's debts has also risen. If someone were to replace Starmer, they would face the same challenges, analysts at Goldman Sachs wrote in a note to clients. "Policy choices will remain constrained by the challenging backdrop of rising spending pressures and an already elevated tax burden irrespective of any changes in leadership."The Political Calculations: Labour's Internal DilemmaWithin Labour ranks many MPs are sanguine, reflecting frustration at a tight approach to tax and spending under Starmer, despite the party's plunging poll ratings and dire showing in elections across Britain last week. The prime minister's allies have sought to argue that avoiding bond market provocation should be reason enough to save him. Others appear willing to put the City's warnings to the test.The Merseyside MP Paula Barker, an ally of Andy Burnham, has suggested financial markets would "have to fall into line" should the Greater Manchester mayor find a route to Downing Street. Meanwhile, the leftwing grandee Diane Abbott suggested that MPs "might as well go home" if bond market considerations trumped other priorities.The Market Warning: Risk of Another Truss MomentInvestors warn that a contest ignoring the fragile state of the public finances and realpolitik of the markets could prove fatal for any candidate to be prime minister – highlighting Liz Truss's short-lived premiership."If the political leadership [were to] change or if the current leaders [were to] opt to call for substantially more fiscal loosening, the risk is high that we would see another Liz Truss moment," said Reto Cueni, chief economist at Syz Group. "Markets can cope with ideology of any stripe if it is disciplined and coherent. They recoil from programmes that imply materially higher borrowing without a credible growth engine."Still, investors say further borrowing – on top of planned bond sales worth £252bn to fund the government's activities this year – would risk driving gilt yields higher. This would add to Britain's already £100bn-a-year debt interest bill – a sum representing about £1 out of every £10 spent by the Treasury.The Future Outlook: Balancing Act for LabourMark Dowding, the chief investment officer at the hedge fund RBC BlueBay, said: "It starts to become a very material element of your overall tax revenues. It becomes a bigger element of government spending; and as that moves higher it starts looking unsustainable. As it starts looking unsustainable, you enter a vicious spiral where the fear of it going higher drives borrowing costs even higher. There is almost a tipping point you fear might exist."Ahead of any leadership race, most City investors expect those vying to replace Starmer will attempt to strike a balance between shifting direction and keeping the bond market onside. This week, Louise Haigh, the powerful co-chair of the soft-left Tribune group of Labour MPs, set out a plan for the economy that would involve allowing higher levels of borrowing by overhauling the chancellor Rachel Reeves's current fiscal rules. However, the former cabinet minister warned any changes would have to wait until after Labour has met Reeves's main target of balancing day-to-day spending with tax receipts.
#UK Politics #Bond Markets #Keir Starmer
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