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Substack launched - is the bond market ad hoc? @davidmcw substack.com/@ericlonergan91…
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I was hoping to be able to announce this in my own time – but the media rumour mill is swirling, I'm being contacted by various reporters and others, and I don't like denying the truth, so ...
I wrote my first "Economic Agenda" column in The Sunday Telegraph 27 years ago, under the editorship of Dominic Lawson – filling-in occasionally during the late-1990s, before being given my own weekly slot from 2003.
Since then, while I've been heavily involved in television, and am perhaps better known as a broadcaster, penning "Economic Agenda" for The Sunday Telegraph each week has been the backbone of my journalistic life.
On Thursday, the @Telegraph rang to tell me my column is being scrapped.
I was asked, and have agreed, to write "Economic Agenda" until the end of November, as per my contract. After that, my Sunday Telegraph column will be no more.
Why this decision has been made, and whether or not my columns were any good, is for others to judge.
All I will say is that, as the first person in my family to attend university, sustaining a weekly column in a leading national newspaper for a quarter of a century has been a source of enormous pride for myself and my family.
Lots of people have been asking me about the future of "Planet Normal" - the hugely-popular Telegraph podcast which I co-created and co-present with the brilliant @AllisonPearson
"Planet Normal" has, over the last 330 weekly episodes, also become a major part of my professional life and my broader identity.
With Allison reportedly leaving the Telegraph as well, there is a lot of speculation about whether or not the podcast will continue to impart "news and views from beyond the bubble" with our usual blend of sharp analysis, humour and occasional outrage !
Well, I am delighted to confirm that Co-Pilot Pearson and myself are deeply committed to our joint podcast – and, above all, to our beloved listeners.
We will, as and when notice periods allow, continue our voyages through space every Thursday – perhaps to "Planet Normal", or maybe to another part of the solar system – so we can "gaze down each week at the madness of Planet Earth", as we have done since the Spring of 2020.
So citizens of Planet Normal, stand ready ! The "rocket-of-right-thinking", the "flying refuge of reasoned views", will soon be launched once again 🚀🪐👨🏭👱♀️🎙️📺
I poured my heart and soul into "Economic Agenda" and "Planet Normal". The Telegraph's decision to scrap them is obviously a huge personal blow. But I will always be grateful for the opportunities the paper has given me.
Above all, I would like to thank the illustrious list of successive Telegraph business editors I've worked with since the late-1990s, many of whom have become and remain good friends - including @Peston @RobertsDan @larmitstead @neilbenet @benjaminmarlow @cg_williams @kamalahmednews @MarkKleinmanSky @jamesrquinn (sorry if I've forgotten anyone, it's been a long time!)
On Friday, even though I almost always write my column from elsewhere, and despite being extremely disappointed by the paper's decision, I decided to go into the Telegraph and write today's column sitting in the newsroom.
I am glad I did - as being at the heart of the paper at such a difficult time allowed for lots of conversations, with everyone from junior production staff to senior reporters and executives, which reminded me that journalism, despite being an industry at the whim of seemingly endless and often brutal commercial and technological upheaval, is not only hugely important to our country, but full of talented, decent people.
See picture below, having just filed my piece, as I was heading out the door ...
Eric Lonergan retweeted
Class act
I was hoping to be able to announce this in my own time – but the media rumour mill is swirling, I'm being contacted by various reporters and others, and I don't like denying the truth, so ...
I wrote my first "Economic Agenda" column in The Sunday Telegraph 27 years ago, under the editorship of Dominic Lawson – filling-in occasionally during the late-1990s, before being given my own weekly slot from 2003.
Since then, while I've been heavily involved in television, and am perhaps better known as a broadcaster, penning "Economic Agenda" for The Sunday Telegraph each week has been the backbone of my journalistic life.
On Thursday, the @Telegraph rang to tell me my column is being scrapped.
I was asked, and have agreed, to write "Economic Agenda" until the end of November, as per my contract. After that, my Sunday Telegraph column will be no more.
Why this decision has been made, and whether or not my columns were any good, is for others to judge.
All I will say is that, as the first person in my family to attend university, sustaining a weekly column in a leading national newspaper for a quarter of a century has been a source of enormous pride for myself and my family.
Lots of people have been asking me about the future of "Planet Normal" - the hugely-popular Telegraph podcast which I co-created and co-present with the brilliant @AllisonPearson
"Planet Normal" has, over the last 330 weekly episodes, also become a major part of my professional life and my broader identity.
With Allison reportedly leaving the Telegraph as well, there is a lot of speculation about whether or not the podcast will continue to impart "news and views from beyond the bubble" with our usual blend of sharp analysis, humour and occasional outrage !
Well, I am delighted to confirm that Co-Pilot Pearson and myself are deeply committed to our joint podcast – and, above all, to our beloved listeners.
We will, as and when notice periods allow, continue our voyages through space every Thursday – perhaps to "Planet Normal", or maybe to another part of the solar system – so we can "gaze down each week at the madness of Planet Earth", as we have done since the Spring of 2020.
So citizens of Planet Normal, stand ready ! The "rocket-of-right-thinking", the "flying refuge of reasoned views", will soon be launched once again 🚀🪐👨🏭👱♀️🎙️📺
I poured my heart and soul into "Economic Agenda" and "Planet Normal". The Telegraph's decision to scrap them is obviously a huge personal blow. But I will always be grateful for the opportunities the paper has given me.
Above all, I would like to thank the illustrious list of successive Telegraph business editors I've worked with since the late-1990s, many of whom have become and remain good friends - including @Peston @RobertsDan @larmitstead @neilbenet @benjaminmarlow @cg_williams @kamalahmednews @MarkKleinmanSky @jamesrquinn (sorry if I've forgotten anyone, it's been a long time!)
On Friday, even though I almost always write my column from elsewhere, and despite being extremely disappointed by the paper's decision, I decided to go into the Telegraph and write today's column sitting in the newsroom.
I am glad I did - as being at the heart of the paper at such a difficult time allowed for lots of conversations, with everyone from junior production staff to senior reporters and executives, which reminded me that journalism, despite being an industry at the whim of seemingly endless and often brutal commercial and technological upheaval, is not only hugely important to our country, but full of talented, decent people.
See picture below, having just filed my piece, as I was heading out the door ...
Eric Lonergan retweeted
Just finished @MazzucatoM book, brilliant stuff. Mariana coming to @kilkenomics. Woohoo!
Check out kilkenomics.com last of tickets must go! Halloween sale til midnight tonight, 20% off, use code WITCH.
Jeeze, I feel like the Ben Dunne of Economics😀
See u in kilkenny
Also speaking on a panel with @davidmcw, @mehreenkhn, @doctorow and @alisonspittle on ‘The End of the West: What Comes After Globalisation?’
Saturday 7 November | 15:00 (GMT) | Watergate Theatre, Kilkenny ➡️ kilkenomics.com/events/prod_…
Eric Lonergan retweeted
Sorry Lads, No Politics.
It's so frustrating trying to promote reasonable, in real life political discussion. We've been shut out by the people who deliberately made it toxic in the first place!
naoisenunn.substack.com/p/so…
Eric Lonergan retweeted
Nov 5th - Political Cabaret on a Boat. Debate, comedy, conversation, drinks. Doors 6pm; show 7pm - 8:30pm. Tickets: leviathan.events
Don’t miss it. November 5th, Westminster.
Nov 5th - Political Cabaret on a Boat. Debate, comedy, conversation, drinks. Doors 6pm; show 7pm - 8:30pm. Tickets: leviathan.events
Eric Lonergan retweeted
Also worth noting that nominal disposable income is up almost 45% in the UK over the last decade. The "jaws" has been inflation. Yes, Ukraine and Iran were exogenous shocks, but two decades of UK energy policy failure have amplified these impacts.
The most bullish thing for the UK economic outlook this week was a very clear grabbing back of UK energy policy by HMT, from DESNZ. The only industrial strategy worthy of the name is cheaper energy. All the workhorse economic metrics (RHDI, Corporate Margins, Business Investment) benefit from cheaper energy. This is not about shoehorning in renewables, or N Sea O&G, or Nuclear policy. It is about a model where 24/7/365 there is plentiful, cheap energy to input into economic activity.
If I were shaping UK economic policy I would prioritise delivering cheap energy over all other economic goals (actively moving resources from the myriad of downstream projects, to pursuing this single goal) - and approach the policy trade-offs accordingly.
Eric Lonergan retweeted
The ECB faces difficult trade-offs at a time of leadership changes - my column in the FT.
The ECB needs a smooth transmission and a smooth transition ft.trib.al/ItsDC2f
Why are token prices not in CPI, but semiconductors (indirectly) are? Do we really need a task force for this? @darioperkins @TheStalwart
Eric Lonergan retweeted
Though nobody I have ever met is more disrespectful to me than Mehreen, I broadly agree
if you don't follow @MehreenKhn you are wasting your time thetimes.com/business/econom…
Eric Lonergan retweeted
I spent a year at the Bank of England as a Senior Houblon Norman Fellow during the transition from Mervyn King to Mark Carney. Research economists briefed the Monetary Policy Committee ahead of their meetings but the information they presented could easily have been assembled by an AI. @cmatthes_econ @t_holden
A second important input was the reports of the Bank’s regional agents who presented anecdotal evidence. For example, an agent might report back on his/her conversations with business representatives in Sheffield. That information would be harder to replicate by AI.
A third important input, was from a few trusted individuals on staff who had the ear of the Governor. Monetary policy was run by discretion — not in any sense by ‘rules’.
Prior to my Bank of England experience I spent several summers visiting the Econometrics group at the ECB. I naively believed, on arrival, that the econometricians would examine the data and convey a set of ‘facts’ to the research economists. The research economists would analyze the facts and convey to the policy makers the best strategy that could be offered by economic theory.
In practice, that process runs in reverse. The policy makers decide what they want to do and they convey their opinions to the research department. The research economists go to the econometricians and say: make it so. In other words, the forecasts were reverse engineered to justify the policy actions.
This is in no way a criticism of monetary policy in practice. It is a recognition that policies adapt to circumstances in ways that are not easily captured by mechanical rules.
Replying to @cmatthes_econ
Yes, the distinction essentially doesn't exist in the US. That model is much more sensible, and is much more readily adaptable to the changes that are coming.
My view is that humanity's advantage at doing econ research (not necessarily at selling it) has at most a year or two left. So what is important is to have people who can intermediate between AI and policy makers.
Substack: How Eurocrises work (again). Almost verbatim from 2022. For ‘Italy’, read ‘France’. ericlonergan915540.substack.…























