Left-wing politicos were winded by Biden’s genius economic strategy of… protectionism. The Inflation Reduction Act, a $369 billion subsidy programme for US-based companies, was met with breathless reactions from Labour politicians in the UK. Ed Miliband accused Grant Shapps of being “deeply complacent” by failing to replicate the policy and said plainly of the “global race for green jobs“: “We should match the ambition of President Biden’s Inflation Reduction Act and stop moaning about it.” The IRA’s early results don’t bode well for its replication in the UK…

The FT now reports 40% of the largest manufacturing investments announced as part of Biden’s flagship bills have been paused or delayed. High costs and slowing demand are kiboshing eco-investment projects – foregoing the “green growth” that was promised with them. Reeves announced that “globalisation as we know it is dead” while unveiling Labour’s replica of the Biden subsidy programme. Labour is starting to realise the myth of “state-driven growth” won’t save them now they’re actually in power…