Atticus Agenda (04/11/24)

Kemi Badenoch made history over the weekend by taking the reins of the Conservative Party, becoming the first Black woman to lead a major political party. The milestone is already stirring up controversy after the interviews she gave following her victory, and not to mention the reaction from fellow MP Dawn Butler, who shared a tweet linking Badenoch to "white supremacy in blackface". Will Badenoch channel the iron resolve of her political hero Margaret Thatcher, even if from the opposition benches? Well, we’ll just have to wait and see…

Badenoch is kicking off her week by assembling her shadow cabinet. She has already appointed Rebecca Harris as the party’s chief whip and hopes to hold her first shadow cabinet meeting tomorrow. Expect plenty of major appointments—but don’t count on seeing James Cleverly, who ruled himself out and said he was "not particularly in the mood to be boxed back into a narrow band again".

Reactions to the Budget are still rolling in, with Chancellor Rachel Reeves acknowledging she was mistaken in saying before the election that no major tax hikes would be needed—only to deliver the biggest tax-raising budget with a £40 billion increase.

Did the Budget land as Reeves had hoped? While her commitment to growth and rejection of austerity measures have been praised by some, others are less enthused. Farmers across the country have designated the new inheritance tax reforms as a “family farm tax.”

Despite this, there was no immediate panic akin to the era of Liz Truss’ “mini-budget.” However, yields on what is considered one of the safest investments—UK government bonds—did rise, and concerns persist that they could continue to climb.

But for now, these concerns are set to be eclipsed by the buzz surrounding the US Presidential election…

The polls for the highly anticipated US presidential election open tomorrow, with nearly 80 million votes already cast. A shock poll from Iowa over the weekend put Kamala Harris as leading the previously solid red state, which would suggest a major national swing in her favour has taken place. However, Donald Trump still has a strong position, with the Republicans claiming to have an edge among those yet to vote. Harris will spend the day campaigning in Pennsylvania, a key swing state with 19 crucial electoral votes that could decide the outcome, while Trump will rally supporters in North Carolina, Pennsylvania, and Michigan.

Still, don’t expect immediate results once the polls close. If the race is tight, and it looks like it will be, it could be several hours, days, or even weeks before a winner is projected.