The soul suckers of private equity, Douglas Murray on Epstein and MAGA & are literary sequels ‘lazy’?

First up: how private equity is ruining Britain

Gus Carter writes in the magazine this week about how foreign private equity (PE) is hollowing out Britain – PE now owns everything from a Pret a Manger to a Dorset village, and even the number of children’s homes owned by PE has doubled in the last five years. This ‘gives capitalism a bad name’, he writes. Perhaps the most symbolic example is in the water industry, with water firms now squeezed for money and saddled with debt. British water firms now have a debt-to-equity ratio of 70%, compared to just 4% in 1991. Britain’s desperation for foreign money has, quite literally, left Britain ‘in the shit’. 

Gus joined the podcast to discuss further, alongside the journalist Megan Greenwell, author of Bad Company: Private Equity and the Death of the American Dream. (00:46)

Next: why is MAGA so incensed over Jeffrey Epstein?

Six years after he died, the Jeffrey Epstein scandal is still haunting Donald Trump. Trump had vowed to release all files on various cases that attract conspiracy theorists – from JFK to Martin Luther King Jr. What makes the Epstein case different, as Douglas Murray writes in the magazine this week, is that the case was so recent and Epstein’s ties with the elites, many of whom are still in power. Trump appeared to backtrack on releasing files relating to Epstein, prompting ire from the MAGA world, and there is now mounting cross-party pressure to uncover who knew what. Mike Johnson, the House speaker, sent representatives home early for summer, and there is even talk of Ghislaine Maxwell testifying.  

Why is the Epstein scandal such a lightning rod for MAGA rage? Douglas Murray joined the Spectator to discuss. The full interview can be found on Spectator TV. (15:49)

And finally: are literary sequels ‘lazy’?

It’s ‘sod’s law’, says the Spectator’s literary editor Sam Leith, that when a friend’s book is due to be reviewed in the pages of the books section that you edit, the review will be bad. Mike Cormack reviews Men In Love by Irvine Welsh this week, calling the decision by Welsh to pen another sequel to Trainspotting ‘lazy’. At the Spectator this made us ponder whether this is true of all literary sequels, and what motivates authors to stick with characters and stories that they know.

Sam joined us to discuss further alongside Lucy Thynne, the Telegraph’s deputy literary editor. (33:59)

Hosted by William Moore and Lara Prendergast.

Produced by Patrick Gibbons and Megan McElroy.

My guest in this week's Book Club podcast is the biographer Frances Wilson, whose new book Electric Spark: The Enigma of Muriel Spark was recently lauded in these pages as "mesmerising" and "a revolutionary book". She tells me how she immersed herself in the spooky life and peerless art of the great novelist, and why a conventional biographical treatment would never have been adequate to a subject for whom fiction and reality twined in unexpected and disconcerting ways.

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What's left of the Tories?

The Commons is closing down for the summer, but Kemi Badenoch has treated us to a shadow cabinet reshuffle. At the beginning of the year, Badenoch’s team were keen to stress stability, dismissing talk of an early reshuffle. But, as so often in politics, events have forced her hand. Ed Argar, the shadow health secretary, had a health scare earlier this summer. He has today stepped back from the frontbench to focus on his recovery. Badenoch is therefore using his departure as the chance to make what she calls ‘a few changes to my frontbench.’

The headline is that Sir James Cleverly, former foreign and home secretary, is returning to the front bench as shadow housing secretary. Is his new position designed to take on Angela Rayner? And what's Badenoch planning to do about the Jenrick question? Lucy Dunn speaks to Michael Gove and Tim Shipman.

Is Epstein the new Russiagate?

Freddy Gray is joined by Spectator writer Roger Kimball. They delve into the Epstein claims, the media's handling of the story, Trump’s economic agenda, and whether the MAGA movement is holding strong or starting to splinter.

Will AI have rights?

Freddy Gray speaks to Spectator writer Paul Wood about his piece this the latest edition of Spectator World on AI and whether it will soon have rights. This first came about when Paul went to live in Rome and discovered some of the work the Vatican has been doing in AI.

The strange death of Tory England has been predicted before. But never has the ‘natural party of government’ faced a greater challenge to survive. The Conservatives are facing attacks on all fronts from Labour, the Liberal Democrats and Reform UK. Kemi Badenoch’s six-month anniversary as leader was marked by the loss of nearly 700 councillors, with a stern test awaiting next year in Scotland and in Wales. She promises change with her long-awaited policy commissions, ahead of a make-or-break party conference in October, but can she turn it around? Is there a road back to power for the 121 surviving Tory MPs? And what exactly is Robert Jenrick and the rest of the shadow cabinet up to?

Join editor Michael Gove, new political editor Tim Shipman, assistant editor Isabel Hardman and the pollster Luke Tryl as they discuss where the Tories go from here.

This event is in partnership with Charles Stanley Wealth Managers.

Trump has said he's "very, very unhappy" with Russia, and threatened severe tariffs against them if there's no deal on Ukraine within 50 days. He's also sending more weapons to Ukraine in coordination with NATO. What's behind his change of heart on foreign policy, and how's his MAGA base responding? Freddy Gray is joined by deputy US editor Kate Andrews, and Sergey Radchenko, professor at the Johns Hopkins School of Advanced International Studies.

You can watch this episode here: https://youtu.be/J_QvBDhAGgU

First up: how the Bank of England wrecked the economy

Britain’s economy is teetering on the brink of a deep fiscal hole, created by billions of pounds of unfunded spending – never-ending health promises, a spiralling welfare bill and a triple lock on the state pension, which will cost three times as much as originally estimated.

Although politicians ‘deserve much of the blame for the economic state we’re in’, it’s Andrew Bailey – Michael Simmons argues in the magazine this week – who ‘has enabled their recklessness’.

He joined the podcast to discuss who really broke Britain with Kate Andrews, Deputy Editor of The Spectator’s world edition and former Economics Editor. (01:15)

Next: has Ukraine lost faith in Zelensky?

Whilst Donald Trump’s surprise ‘newfound support for Ukraine is a welcome lifeline’, Owen Matthews writes in the magazine this week, ‘the question is whether his help will be enough to stop Russia’s relentless attacks before Ukraine is engulfed in a critical military, political and social crisis that threatens to destroy it from within’. Ukraine is running out of men, and is racked by corruption scandals and purges. As a consequence, public faith in Volodymyr Zelensky is declining.

To discuss what’s next for Ukraine, Owen joined the podcast. (24:29)

And finally: the joys of mudlarking

In the arts section of the magazine this week, Margaret Mitchell reviews a new exhibition at the Museum of London Docklands on mudlarking – the practice of combing at low tide for washed-up items of historical interest. These can include everything from statues of Roman gods and goddesses to the common vape – and it’s a hobby that is booming in popularity.

To discuss, Margaret joined the podcast alongside Lara Maiklem, mudlarker and Fellow of the Society of Antiquaries. (41:07)

Hosted by William Moore and Gus Carter.

Produced by Oscar Edmondson.