The Capitalist

As Robert Jenrick defects to Reform UK, pressure is mounting on the Conservative Party to chart a new course. In this episode of The Capitalist, Sir Jacob Rees-Mogg joins Marc Sidwell to dissect the fallout — and to make the case for a pre-election pact between Reform and the Tories.

One of the party’s most recognisable figures, Rees-Mogg argues that Kemi Badenoch has emerged strengthened, but warns that division on the Right could lead to catastrophe. Drawing on the historical precedents of 1918 and 1931, he outlines how a pact might work in practice — and why, in his view, the future of the Right depends on swift, strategic unity.
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Robert Jenrick’s dramatic defection to Reform UK has blown open long-simmering tensions on the British Right — and handed Kemi Badenoch a serious test as Conservative leader. In this essay, Joseph Dinnage, deputy editor of CapX, dissects the intrigue behind Jenrick’s dismissal, the risks Badenoch took in cutting him loose, and the uncertain gains for Nigel Farage’s insurgent party. It’s a story of ambition, loyalty and timing — and one that may yet reshape the balance of power on the Right.

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What happens when a regime shuts off the internet — and then turns its guns on its own people? For the IEA's Mani Basharzad, the question is deeply personal: he hasn't heard from his mother or friends in Iran for days. As the country plunges into its most violent crackdown in decades, reports of mass killings, information blackouts and nationwide protests raise a stark question: is the Islamic Republic finally losing control?

In this urgent episode of The Capitalist, Joseph Dinnage speaks to Mani about what an internet shutdown really means on the ground, why this wave of protests feels fundamentally different from those that came before, and how a broad coalition of Iranians — rich and poor, secular and religious — are rallying around the prospect of regime change. Mani explains the role of Crown Prince Reza Pahlavi, the economic collapse hollowing out the state, and why this movement is less a revolution than a fight to reclaim basic normality.
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As ministers insist the labour market is merely “normalising”, the numbers tell a more troubling story — especially for the young. In this essay, Damian Pudner, an independent economist specialising in monetary policy, argues that Britain is sliding into a slow-burn recession under Rachel Reeves, with youth unemployment surging and entry-level jobs disappearing. Higher payroll taxes, tighter regulation and rising business costs, he warns, are scarring a generation before their working lives have properly begun — with consequences that could haunt the economy for decades.

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Are today’s culture wars, party fractures and populist backlashes really something new — or are we simply reliving an old British story? In this episode of The Capitalist, Marc Sidwell looks three centuries into the past to understand the political turmoil of the present. From riots over immigration to furious pamphlet wars, from elite anxiety about misinformation to bitter arguments over Britain’s role in Europe, the foundations of modern politics were laid in the age of Whigs and Tories.

Marc is joined by historian and author George Owers, whose book "The Rage of Party" (one of CapX's favourites of 2025) brings the birth of British party politics vividly to life. Together they explore the explosive origins of left and right, the rise of finance and global ambition, the dangers of suppressing demagogues, and why moderation — however unfashionable — has always been the hardest political art to master.
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