Morning Call: pick of the papers

The ten must-read comment pieces from this morning's papers.

1. The sad record of fiscal austerity (Financial Times)

The ECB could have prevented the panic, says Martin Wolf. Tens of millions are now suffering unnecessarily.

2. The Lib Dems are not a serious national party (Times) (£)

Forget who said what to whom, says Daniel Finkelstein. Nick Clegg has failed to lead his MPs away from interest-group politics.

3. George Osborne hasn't just failed – this is an economic disaster (Guardian)

Coalition austerity has delivered depression and a lost decade, says Seumas Milne. Labour has to avoid locking itself into more of the same.

4. If Nick Clegg’s story won’t stand up, the Lord Rennard scandal could finish him (Daily Telegraph)

Even victory at the Eastleigh by-election will not put an end to the Liberal Democrat leader’s troubles, writes Mary Riddell.

5. Beppe Grillo's antics may yet shake the whole European system (Guardian)

From Italy to Eastleigh, the economics of self-flagellation have set off a wave of wildcat populism, with unpredictable results, writes Simon Jenkins.

6. Negative interest rates mean more pain for savers (Independent)

This suggestion by Paul Tucker, deputy governor of the Bank of England, may sound shocking, but it's a technical device, writes Hamish McRae.

7. Castro pledge is chance for change (Financial Times)

Lifting US constraints on Cuba will speed the regime’s demise, says an FT editorial.

8. Discarding Trident would not aid global nuclear disarmament; it would only imperil UK security (Independent)

It is imperative that discussions on the nuclear deterrent be driven by national security needs, not short-term political considerations, says Lord West.

9. Mr Clegg's voting system and the comedian who's exposed what a joke the euro is (Daily Mail)

Thanks to its proportional representation electoral system, the balance of power in Italy is held by a party whose leader is a stand-up comedian, writes Simon Heffer.

10. Britain's massive debt to slavery (Guardian)

Today the records that detail just how much the trade in humans benefited the UK will be made public, says Catherine Hall. 

Photo: Getty
Show Hide image

Cabinet audit: what does the appointment of Liam Fox as International Trade Secretary mean for policy?

The political and policy-based implications of the new Secretary of State for International Trade.

Only Nixon, it is said, could have gone to China. Only a politician with the impeccable Commie-bashing credentials of the 37th President had the political capital necessary to strike a deal with the People’s Republic of China.

Theresa May’s great hope is that only Liam Fox, the newly-installed Secretary of State for International Trade, has the Euro-bashing credentials to break the news to the Brexiteers that a deal between a post-Leave United Kingdom and China might be somewhat harder to negotiate than Vote Leave suggested.

The biggest item on the agenda: striking a deal that allows Britain to stay in the single market. Elsewhere, Fox should use his political capital with the Conservative right to wait longer to sign deals than a Remainer would have to, to avoid the United Kingdom being caught in a series of bad deals. 

Stephen Bush is special correspondent at the New Statesman. He usually writes about politics.