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As the 2026 local and regional elections draw nearer, the spectre of Trussonomics looms large over the British political landscape. From the Conservatives to the Greens, parties are unveiling extravagant fiscal promises that they claim can be funded by cuts elsewhere or additional borrowing, while insisting the broader economy will remain unharmed. Critics warn that any adverse effects will inevitably be shifted onto people and businesses outside the parties' core constituencies, effectively socialising the risk. Only Keir Starmer and his Labour cabinet appear to resist the pressure to re‑engineer the economy without acknowledging inevitable spill‑overs or extra costs. Former Prime Minister Liz Truss famously pledged £45 bn of tax cuts, financed through extra borrowing and so‑called welfare “efficiencies”. The plan was pitched as a catalyst for an entrepreneurial surge that would lift the UK out of a prolonged period of low productivity. Heading into May’s local polls, the Conservatives are touting a new “big‑spending” agenda after recent welfare cuts, highlighted by a headline pledge to shrink the welfare bill by £23 bn. Shadow Chancellor Mel Stride declared that the “culture of ‘something for nothing’ must end, now”. Green Party leader Zack Polanski has softened some of his party’s more radical proposals, yet the manifesto remains vague. Earlier drafts featured a litany of “free lunches”, signalling an ambition to raise taxes by **more than £170 bn a year** by the end of the next parliament. Key components of the Green plan include a £90 bn annual carbon tax and a matching increase in day‑to‑day public spending, alongside a proposed £90 bn boost to the capital‑spending budget (raising it from £160 bn to £250 bn per year). Reform UK has embraced Trussonomics with gusto, promising to raise the income‑tax threshold from £12,570 to £20,000 – a move that would cost the exchequer **over £40 bn each year**. Underlying many of these pledges is a belief that the UK can reverse a century of economic decline with a “magician’s wand”, ignoring potential repercussions for financial markets, trading partners, and a rapidly disintegrating global order. While the article briefly references the United States and France, the French electorate’s recent rejection of similarly flamboyant policies in local elections serves as a cautionary tale: voters in key cities like Paris and Marseille opted for centrist candidates over the radical platforms of Marine Le Pen’s National Rally and Jean‑Luc Mélenchon’s LFI. The broader context is a decade marked by two major wars, a quantum technological shift, and accelerating climate change – none of which offer quick‑fix solutions. Labour’s economic strategy, championed by Rachel Reeves, hinges on an early‑parliament spending surge intended to generate growth before the next general election. However, the damage inflicted by the previous government is still being reassessed, with the public‑finance gap now appearing larger than the £22 bn initially highlighted by Reeves. Labour still holds considerable funds earmarked for investment, but bureaucratic inertia in Whitehall hampers swift action, and Starmer bears responsibility for this paralysis. Demonstrating tangible returns on public spending – with HS2 currently the sole benchmark – could justify future tax increases on higher earners, provided the money is not wasted. In an uncertain world, the article argues that rational, evidence‑based governance is preferable to “outlandish initiatives” that create a multitude of losers. Ultimately, the piece concludes that Truss’s experiment was a disaster not merely because of the misguided belief that tax cuts can drive sustainable growth in a mature economy, but because it relied on an imagined “escape hatch” to propel the UK to a higher economic plane.

Rising fortunes among the ultra‑rich under the Trump administration have ignited a wave of tax‑reform campaigns across the United States. In California, volunteers like Karen Sanchez are gathering signatures for a one‑time 5% wealth tax targeting the state’s 200‑plus billionaires to offset federal cuts to hospitals, education and food‑assistance programs.At least ten states are exploring similar measures. Washington recently enacted its first income‑tax aimed at roughly 20,000 millionaire households, while Massachusetts and Minnesota already channel wealth‑tax proceeds into preschool, K‑12 meals and transportation infrastructure.On the federal front, Senators Bernie Sanders and Representative Ro Khanna have introduced the “Make Billionaires Pay Their Fair Share Act,” proposing an annual 5% levy on billionaire net worth. Khanna argues that the ultra‑wealthy fund private health insurers, defense contractors and political campaigns, creating a stark fairness gap.Data from Oxfam shows that in the twelve months after Trump’s re‑election, billionaire fortunes grew at a rate three times faster than the average annual growth of the previous five years. Meanwhile, the federal minimum wage has remained stagnant at $7.25 for fifteen years, underscoring the widening economic divide.A Data for Progress poll released last fall found that 70% of Americans believe the economic system favours corporations and the wealthy. “People are angry and want change,” says Amy Hanauer of the Institute on Taxation and Economic Policy (ITEP), noting that activists are leveraging every level of government to seek relief.The movement draws on a two‑decade history of class‑based activism, from the Occupy Wall Street protests to Senator Sanders’ 2016 campaign that foregrounded wealth‑tax proposals. Yet inequality has deepened: CEOs of the five largest U.S. firms now earn, on average, **$52 million** annually—over a thousand times the typical worker’s salary.Political spending by billionaires has also exploded. A recent New York Times analysis reveals that billionaire contributions rose from **0.3% of campaign funds in 2008** to **19% in 2024**, amounting to more than **$3 billion** from roughly 300 ultra‑rich donors, many of whom supported candidates opposing wealth taxes, including former President Donald Trump.The war in Iran has further inflamed resentment, with the United States spending **$11.3 billion** in the first week of bombardment—far exceeding the annual budgets of agencies such as the CDC, EPA and the National Cancer Institute.Local victories are feeding the momentum. New York City’s mayoral race saw Zohran Mamdani win on a platform that includes taxing the rich to fund affordable housing, groceries and transit. Councilmember Chi Ossé led a 1,500‑person march to the state capitol, urging Governor Kathy Hochul to permit a city‑level millionaire tax, a move that now has backing from some state Democrats.Beyond New York, states like Rhode Island, Hawaii, Pennsylvania, Virginia, Illinois and New Mexico are debating various wealth‑tax mechanisms, including the popular “mansion tax” on high‑value home sales. Currently, **17 localities** have adopted such taxes, most passed between 2018 and 2023.California’s gubernatorial race has become a flashpoint. Billionaire‑backed candidates Matt Mahan and Tom Steyer are vying to replace Governor Gavin Newsom, with the tech elite—such as Sergey Brin and Joe Lonsdale—pouring money into campaigns opposing the billionaire tax. Of the 30 billionaires who have contributed to the race, **25 supported Mahan**, who has positioned himself as a staunch anti‑tax candidate.For Sanchez, the stakes are personal. The proposed tax seeks to replace **$100 billion** in federal health‑care funding cut by Trump’s “One Big Beautiful Bill Act,” which threatens hospital closures and layoffs in the nation’s fourth‑largest economy. She aims to collect **875,000 signatures** by late June to secure the initiative on the November ballot.“It’s creating a network of groups all working toward a common good,” Sanchez says, reflecting a broader sentiment that collective action could finally translate the public’s demand for fiscal fairness into concrete policy.

In other chess news, England's 11-year-old prodigy Bodhana Sivanandan has dramatically risen to No. 1 in Britain in the official Fide ratings for April and has broken into the world's top 100 women for the first time, ranked as world No. 72 with a rating of 2366.

Gabriele Gravina, the head of Italy's football federation (FIGC), has resigned following the men's national team's failure to qualify for the World Cup for a third consecutive time. This decision comes after a meeting at the FIGC's headquarters in Rome on Thursday.Gravina's resignation was announced a day after Sport Minister Andrea Abodi called for his departure. Italy's national team lost to Bosnia and Herzegovina in a penalty shootout during the playoffs on Tuesday, securing their absence from this year's World Cup in the United States, Canada, and Mexico.The FIGC has scheduled a vote for a new president on June 22. Giovanni Malago, the former head of the Italian National Olympic Committee, is reportedly among the candidates. Additionally, head coach Gennaro Gattuso and general manager Gianluigi Buffon are expected to step down.Italy's football crisis prompted Abodi to state that the sport needs to be rebuilt from the ground up, starting with changes at the top of the FIGC. Gravina had previously acknowledged that Italian football is in a profound crisis.During his tenure, which began in 2018, Gravina oversaw Italy's Euro 2020 triumph under Roberto Mancini. However, two World Cup qualification failures and a disappointing European title defense led to his resignation.Italy's football woes extend beyond the national team, with Serie A clubs not winning the Champions League since 2010. The country's hosting rights for Euro 2032, which it will cohost with Turkey, are also under scrutiny due to concerns over stadium infrastructure.

The betting market for the 2,000 Guineas at Newmarket on May 2 was thrown into confusion on Tuesday morning when two significant candidates from the Aidan O'Brien stable, Gstaad and Albert Einstein, were taken out of the race, apparently as the result of a computer error.Gstaad, the winner of the Breeders' Cup Juvenile Turf at Del Mar in November, was priced up at around 6-1 for the season's first Classic on Tuesday morning, and seen as potentially the Ballydoyle first string for a race that the stable has won a record 10 times.Gstaad assumed the role of O'Brien's No 1 contender after Albert Einstein, the winner of his first two starts as a juvenile in 2025 but unraced beyond May due to injury, finished only sixth of 10 runners on his three-year-old debut in a Listed race at the Curragh three days ago.Despite that reverse, however, and a subsequent suggestion that Albert Einstein might revert to sprinting with the Commonwealth Cup at Royal Ascot as an initial target, the colt was still priced up at 20-1 for the 2,000 Guineas and O'Brien intended to confirm both two-year-olds at the latest declaration stage on Tuesday.O'Brien told the Press Association on Tuesday that both Gstaad and Albert Einstein had been scratched as the result of “a computer error”, adding: “We're trying to get them back in.”The trainer expanded on his explanation, saying: “There was a blip on the computer. Something happened, the computer went bananas and took out a couple of horses that weren’t meant to be taken out.The 2,000 Guineas has a supplementary entry stage, six days before the race, when either or both of the excluded runners could be added back into the Classic at a cost of £30k, and O'Brien later suggested that is now the likeliest route for Gstaad and Albert Einstein.In the initial aftermath of Tuesday's declaration stage, Bow Echo and Publish, first and second respectively in the Ascendant Stakes at Haydock in September, moved to the head of the market as 4-1 joint-favourites, from odds of around 6-1 overnight.

Tottenham Hotspur is on the verge of appointing Roberto De Zerbi as their new manager following productive talks on Monday. The Italian coach has emerged as the club's top choice to replace Igor Tudor, who left his interim position on Sunday after failing to improve the team's form.De Zerbi, who recently parted ways with Marseille, is now the only viable candidate for the role, with Spurs not engaging with other potential candidates. The club aims to secure his services on a long-term contract, believing he can help them stay in the Premier League and build for the next season.The potential appointment of De Zerbi could also impact Mauricio Pochettino's chances of returning to the club. Pochettino, currently managing the US national team, had been considered for an emotional return to Spurs in the summer, but De Zerbi's possible arrival might rule out that move.De Zerbi's backing of Mason Greenwood during his time at Marseille has raised concerns among some Tottenham supporter groups. Greenwood was charged with attempted rape and assault in 2022, although the case was later discontinued. Despite these concerns, Spurs seem willing to overlook them to secure De Zerbi's appointment.The situation at Tottenham is critical, with the team currently one point and one place above the relegation zone and having gone 13 league matches without a win – their worst run since the 1934-35 season. De Zerbi's task would be to turn the team's fortunes around and secure their Premier League status.