The New European is closing a £500,000 funding round at a £5 million valuation. It boasts a number of rich, big name remainer celebrity backers like Lionel Barber (ex-FT) and Mark Thompson (ex-BBC). They reckon the investment will help it make a profit next year after consistently losing hundreds of thousands a year. Guido is not convinced this will be a profitable investment.

It seems fashionable for rich remainers to own their own loss-making publication, the hardline-centrist to soft-left, loss-making media space is well-funded and crowded; Prospect, Tortoise, Byline Times, New Statesman and The New European. They somehow give themselves multi-million valuations and raise investment on the back of it. Would you buy shares in a magazine on the back of a recommendation from Alastair Campbell? It seems “mission” investors will.

Over on the right-of-centre side of the political media, The Spectator booked over £2 million in profits last year, Guido is pleased to say we did well too. Are we doing something wrong consistently making actual profits?