Is Britain headed for a summer of strikes?

Hello from London. Like many in the UK, my week has been interrupted by the rail strikes. About 40,000 members of the RMT union are striking for higher pay, largely shutting down Britain’s railways, and causing widespread disruption. The week has brought back memories of the Covid-19 pandemic lockdowns when most office workers stayed at home and train platforms were empty. The normalisation of remote working means the strikes don’t bite as they once did, but they are still disruptive. Though the?overall hit to gross domestic product?would be small, the strike could damp investment intentions at a time when business confidence is low.

So?can we expect a summer of discontent??Unions warn that industrial action will spread across the country unless the government backs pay rises to counter inflation. But ministers are worried that every pay settlement will become a benchmark for the next negotiation. The FT’s editorial board writes that the government must?impose fiscal control on behalf of taxpayers, but it also needs to minimise disruption to passengers and businesses. We can’t afford a return to the 1970s.

My choices this week

1.?“Globalisation is not dead. It may not even be dying. But it is changing.” Martin Wolf sets out the?seven mistakes we must avoid?as we move into a more difficult world.

2.?In France’s local elections this week, the far-right Rassemblement National increased its seats in the assembly 10-fold, placing leader Marine Le Pen at the heart of day-to-day politics. Our team in Paris asks?what Le Pen’s gains mean for Emmanuel Macron.?(Free to read)

3.?Private equity groups are increasingly buying companies that they already own. In this fascinating Big Read, private capital correspondent Kaye Wiggins reports on?the private equity industry’s hottest trend, and why it’s not the best news for investors.

4.?Once Russia’s richest man,?Mikhail Khodorkovsky is now one of its most prominent dissidents. In an interview with chief features writer Henry Mance, they discuss the efficacy of western sanctions, how prison changed him and why no concessions must be made to Vladimir Putin. (Free to read)

5.?Why do politicians make ostentatiously authoritarian, conversation-starting pledges, such as Donald Trump’s border wall, or the Conservative party’s Rwanda resettlement policy? In the FT Weekend Magazine, columnist?Stephen Bush traces the rise of “vice-signalling” in electoral politics.

6.?What are you reading this summer??In our annual summer books series, FT writers and critics choose their favourite reads of the year so far, from politics, economics and history to art, food and, of course, fiction.

Thanks for reading,

Roula

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