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Labour’s economic plan is finally taking shape – but will it be enough?

‘Securonomics’ examined.

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Ever since Liz Truss’ fateful mini-budget of October 2022, the Labour party has enjoyed a commanding lead in the polls. Yet for many, its political vision has remained vague and undefined.

But now a clearer picture is beginning to emerge. In a speech to members of the UK’s financial sector in mid-March, the shadow chancellor Rachel Reeves outlined a wide-ranging economic plan.

Championing a growth strategy built around stability, Reeves argued that political volatility was a primary cause of Britain’s economic stagnation. In contrast to the policy churn and infighting that has characterised UK politics since the Brexit referendum, she promised a stable government and enhanced powers for the Office for Budget Responsibility and the Treasury.

And plenty of evidence indeed points to post-Brexit volatility having a chilling effect on investment into the UK. But not all of the country’s economic woes can be traced back to the Conservatives’ internal power struggles.

Reeves also cited geopolitical instability – the rise of China, the Russian invasion of Ukraine, the conflict in Gaza and the deepening climate crisis – as a further source of economic disruption.

She even highlighted her own party’s past errors. In a striking rebuke to New Labour, the shadow chancellor noted that Tony Blair and Gordon Brown had failed to tackle longstanding problems such as low productivity growth and regional inequality. Economic discontent, she argued, had fed the rise of the radical right, producing political instability.

Labour’s new answer to these challenges, Reeves continued, would be a modern form of industrial strategy, focused on resilience. Investment in domestic energy generation and infrastructure would help to shield the UK economy from volatility in global oil and gas markets, as well as assist the fight against climate change. Supply chains would also be restructured to reduce the UK’s exposure to geopolitical shocks.

This is what Reeves means when she talks about “securonomics”, which is essentially an interventionist economic agenda of the kind seen recently in the US.

Since taking office, President Biden has significantly increased public spending on infrastructure and financial support for green energy generation. He has also sought to bring important industries, such as microchip manufacturing, back to US shores.

Reeves argues that it is cheaper to build resilience upfront than it is to bail out firms, households and public services when crises hit. And her claim seems plausible given the scale of (over)spending on medical procurement during the pandemic, the cost of subsidies to households and businesses following spikes in energy prices, and the increase in economic inactivity that has coincided with lengthening NHS waiting lists.

The shadow chancellor also argued that greater resilience would help to tackle the UK’s productivity problem. There is a wealth of evidence to suggest that people who feel economically secure are more likely to engage in innovation and entrepreneurship. Greater economic security can also improve the dynamism of labour markets by giving people the confidence to retrain, move jobs or switch careers.

But questions remain over how Reeves’s agenda will be delivered. Labour has repeatedly said that it will not raise taxes beyond some relatively minor changes, like imposing VAT on private school fees. Reeves is also keen to dispel any suggestion that she will increase borrowing levels (while emphasising that she views borrowing for investment as legitimate).

So with minimal extra money on offer, economic security must be achieved by using existing resources differently. Labour’s strategy leans heavily on the power of government to overcome coordination problems in the private sector and persuade businesses to invest collectively.

Governments can certainly do this to good effect, as recent research indicates. Countries such as Taiwan and South Korea are often held up as exemplars of this approach, helping to channel business investment into high-tech sectors with substantial export potential.

If Reeves’ analysis is correct, securonomics will eventually pay for itself. A more resilient economy will grow faster, provide more tax revenues to invest in industrial strategy and public services, and become more resilient still.

But it is not yet clear how Labour intends to set this virtuous circle in motion.

Slow and steady?

“Bidenomics” serves as a model for Labour, as the strength of the US economy demonstrates how industrial strategy can deliver growth.

But Biden’s interventions have been far larger in scale than anything the Labour party is proposing.

Biden’s Inflation Reduction Act alone cost US$500 billion (£397 billion) in public spending and targeted tax breaks. Labour’s current plans amount to an extra £4.7 billion of green investment per year.

Even after adjusting for the relative size of the UK economy, the difference in ambition is stark.

And despite Biden’s economic success, growth in the US may have come too late in the electoral cycle for the president to enjoy the political benefits. The instability of another Trump term remains a possibility.

The UK differs from the US in many ways, both economically and politically. But the US experience shows how, in an era of insecurity, time is of the essence. Implementing securonomics incrementally may prove to be a risky strategy for Labour – and for the UK economy.

Nick O'Donovan is a former Labour party adviser.

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Retailers Offering Massive Discounts to Keep Consumers in Spending Mode

Bloomberg reports that many luxury brands are offering extreme discounts to revive consumer interest. The Frasers Group PLC (FRAS.L) bought Matches in…

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Bloomberg reports that many luxury brands are offering extreme discounts to revive consumer interest.

The Frasers Group PLC (FRAS.L) bought Matches in December 2023 for £52m but placed it under administration less than three months after the acquisition. The administrators are reportedly seeking new buyers for the company.

Bloomberg reported that some consumer bargains are discounted at 70% or more. The pandemic and associated inflation rates affected both retailer expenses and consumer spending. Experts feel the surge in discounts would not be enough to keep some shops afloat.


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Weak Christmas spending, typically the highlight of the retail finance calendar, further hobbled the retail market. Based on a British Retail Consortium and KPMG report, the UK’s year-on-year sales increased by just 1.7% as opposed to the 2022 growth of 7%.

Julie Palmer, a Begbies Traynor Group Plc (BEG.L) partner, told Bloomberg that even the most prominent brands are battling in this “difficult macroeconomic” climate with its “reduced discretionary consumer spending, higher interest rates and renewed supply chain challenges”.

The US mirrored this situation with its weaker start-of-year spending and higher-than-expected inflation rate. Bloomberg quoted Melissa Minkow, the director of retail strategy at CI&T, who said:

So much of this is specialty retail, and if you’re going to sit in a niche space, you have to do that better than anyone to both survive and thrive.

 

The post Retailers Offering Massive Discounts to Keep Consumers in Spending Mode appeared first on LeapRate.

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Those Who Are ‘Vaxxed And Boosted’ May Have ‘Immune Imprinting’ That Ignores New Jabs

Those Who Are ‘Vaxxed And Boosted’ May Have ‘Immune Imprinting’ That Ignores New Jabs

Authored by Marina Zhang via The Epoch Times (emphasis…

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Those Who Are 'Vaxxed And Boosted' May Have 'Immune Imprinting' That Ignores New Jabs

Authored by Marina Zhang via The Epoch Times (emphasis ours),

People who have taken at least three doses of the original version of the COVID-19 mRNA vaccine have been strongly immune imprinted, a study by the University of Washington (UW) found.

(Mirror-Images/Shutterstock)

Consequently, when vaccinated with the most recent COVID-19 XBB.1.5 mRNA boosters, recipients produced few to no antibodies specific to the XBB.1.5 variant.

Immune imprinting occurs when previous infections or vaccinations leave such a strong immune memory that the body continues to produce immune cells and antibodies targeting the previous immune experience—even when exposed to a new variant or vaccine.

[Immune imprinting] could be a problem if the person was unable to mount a useful immune response against a new variant,” Dr. Stanley Perlman, an immunologist and microbiologist at the University of Iowa, told The Epoch Times. He was not involved in the study.

While that did not occur in this study, most of the antibodies made following vaccination targeted the original COVID-19 variant and not XBB.1.5. 

Surprising Findings

“Imprinting is not a new concept, but the situation we are looking at seems to be quite unique,” said David Veesler, who has a doctorate in structural biology, is a professor and chair in the Department of Biochemistry at UW, and an investigator with the Howard Hughes Medical Institute, in a press release.

Immune imprinting is a well-recognized phenomenon that can occur with other infections and viruses.

New influenza infections distinct from previous variants can overcome imprinting from influenza vaccinations and infections.

However, in the UW study, immune imprinting persisted even among those infected with new omicron variants.

It is completely different from what we know from the influenza virus,” said Mr. Veesler.

“Immune imprinting persists after multiple exposures to Omicron spikes through vaccination and infection, including post XBB.1.5 booster vaccination, which will need to be considered to guide future vaccination,” the authors wrote.

More than 20 people with a history of three or more Wuhan-variant mRNA vaccines participated in the study. Most had been infected with pre- and post-omicron COVID-19 infections.

In addition to the original mRNA vaccines, most participants took the bivalent booster or the XBB.1.5 booster. By the time of the study, all participants had taken four to seven shots.

The authors found that most of the antibodies produced after XBB.1.5 mRNA inoculation were best at neutralizing the original Wuhan COVID-19 variant.

The antibodies had the second-greatest neutralizing potency against the BA.2.86 omicron variant. The antibodies were third most potent against XBB.1.5 in people who took the XBB.1.5 vaccine.

These antibodies were cross-reactive, meaning they could also bind to other variants, including the XBB.1.5 variants.

However, there were few to no antibodies specific to XBB.1.5.

Some people did produce new immune cells that recognized only XBB.1.5. However, of the 12 participants evaluated, only five had immune cells that recognized XBB.1.5 but not the Wuhan variant.

“Most of the antibodies recalled by the updated vaccine boosters are cross-reactive and help block new variants, which is a good thing. However, could we do an even better job? The answer is most likely yes,” said Mr. Vessler.

2 Possible Reasons

“There are two leading hypotheses about what we are seeing,” Mr. Veesler said in the press release, “and I don’t know which of the two options explains it yet.”

One hypothesis is that residents of Seattle, where most of the samples came from, were exposed to the virus so many times—mainly through vaccination but also infection—that they developed antibodies and immune memory cells preferable to the original virus.

People in Seattle, including myself, have been so compliant,” Mr. Veesler said. “We have been exposed many, many times over the past four years through vaccination and usually at least one infection. And that’s very unusual to have so many exposures in such a short amount of time—up to seven vaccine doses in the cohort we analyzed.”

Another reason is that the mRNA vaccine creates a more robust immune imprinting effect than previously known vaccines. The authors cited another study that found inoculating with killed COVID-19 viruses rendered a reduced imprinting effect in humans.

“Inactivated vaccines induce a weaker immune response, so there is less opportunity for the response to be biased [toward one variant],” Dr. Perlman said.

“mRNA vaccines may have been so good and elicited such strong immune responses that the imprinting may be stronger than what we have been used to seeing with vaccines for other viruses such as for influenza virus,” Mr. Veesler said.

Tyler Durden Mon, 03/25/2024 - 05:00

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Researchers carry out first peer-reviewed study of fecal microbiota transplants in dolphins

Scientists have successfully carried out pioneering fecal microbiota transplantations on Navy bottlenose dolphins that showed signs of gastrointestinal…

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Scientists have successfully carried out pioneering fecal microbiota transplantations on Navy bottlenose dolphins that showed signs of gastrointestinal disease.

Credit: U.S.Navy

Scientists have successfully carried out pioneering fecal microbiota transplantations on Navy bottlenose dolphins that showed signs of gastrointestinal disease.

One dolphin in particular who was outwardly ill was able to be taken off medication during the treatment course, with his appetite and energy returning to normal, according to the team at the National Marine Mammal Foundation.

The project was carried out jointly between the NMMF, the U.S. Navy Marine Mammal Program and the Gilbert Lab at UCSD School of Medicine and Scripps Institution of Oceanography, and its findings were published in the Journal of Applied Microbiology, an Applied Microbiology International publication.

Bottlenose dolphins with evidence of gastrointestinal disease were treated with fecal microbiota transplantations, and the changes to their gut microbiome were analyzed using metagenomic sequencing, corresponding author Dr Barb Linnehan said.

First of its kind

The paper is the first of its kind to describe the use of fecal microbiota transplants (FMTs) in dolphins in peer-reviewed literature. Prior to this work, there were only a handful of anecdotal cases of FMT use in marine mammals and there were no standardized methods to safely screen donors, effectively administer, or monitor its efficacy.

“This work is important to the veterinary community because it highlights a therapeutic option other than antibiotics to effectively treat gastrointestinal diseases in cetaceans, and describes a safe and effective protocol to alter the gut microbiome in animals with dysbiosis,” Dr Linnehan said.

“It was important to us to be as thorough and careful as possible to ensure safety of the dolphins as our top priority.

“In an effort to continually advance marine mammal medicine, we conducted this pilot project, pushing the boundaries in an area that had not been rigorously explored yet. There are numerous applications of FMTs beyond gastrointestinal disease, and this therapy holds so many future possibilities to investigate.”

Non-antibiotic option

Gastrointestinal disease is common in many animals, including wild and managed dolphins, and FMTs offer a non-antibiotic option aimed at restoring beneficial gut flora in dysbiotic animals. While FMT literature abounds in the human medical realm, there are only a handful of veterinary FMT studies published to date, across a variety of species.

The conception of this project was a collaboration between Dr. Maureen Carroll, a veterinary internal medicine doctor, and Dr. Barb Linnehan, a marine mammal veterinarian who was mentored by Dr. Carroll during her veterinary internship. At Angell Animal Medical Center in Boston, Dr. Carroll frequently uses FMTs to treat dogs with GI illnesses with great success.

When Dr. Linnehan was treating a Navy dolphin with dysbiosis, she reached out to Dr. Carroll to help extrapolate an FMT protocol for use in dolphins, based on the human and veterinary standards.

The first Navy dolphin who was treated with FMTs showed significant improvement and no longer required medications to manage GI illness. The success of this first pilot case is what led to this clinical project in collaboration with the Gilbert Lab, to more formally evaluate the science behind the dolphin FMTs.

Gut flora

The team first measured the baseline bacterial composition of dolphin fecal samples prior to any FMT treatments.

“We compared the gut flora from recipient dolphins, with histories of early antibiotic use and gastrointestinal disease, to the gut flora of the healthy donor dolphins,” Dr Linnehan said.

“With metagenomic analysis and comparison of these two groups of dolphins, we were interested to see if there was a distinct profile of a healthy dolphin gut microbiome versus a sick dolphin gut microbiome.

“We were surprised at this stage to see that each dolphin varied widely, and there was not a clear pattern in species present or abundances of certain species of microbes that described sick vs healthy dolphins – each dolphin was unique in microbial composition.

“However, there were also common ‘core’ microbial members that were found across a majority of the dolphins, including an unexpected strain from the bacterial phylum Candidatus Kryptonia which is typically associated with geothermal spring environments.”

Eight treatments

The researchers then performed eight FMT treatments on four recipient dolphins by combining thoroughly screened feces from healthy donor dolphins and giving it to the recipient dolphins trans-rectally.

“Importantly, we saw no adverse effects in the recipients. With shotgun metagenomics, we were also able to observe the engraftment of new donor species to the recipient microbiome following FMTs,” Dr Linnehan said.

“The degree of engraftment varied with each recipient dolphin. The dolphin who was outwardly ill at the beginning of the FMTs had the most dramatic response; he was successfully taken off of all medications and his appetite and energy returned to normal during the treatment course. The dolphin’s improved clinical outcomes coincided with increased microbial diversity following the FMT treatment.

Banking healthy feces

“During the project, we also came up with an effective protocol for banking healthy donor dolphin feces for later use. This has proven beneficial so that when an FMT is needed we have a healthy dolphin stool bank to pull from.”

This project was an important first step and building block for future studies to build upon, so that dolphin gut microbiome and FMT therapy science can advance, Dr Linnehan said.

“We’ve shown that FMTs can be done safely in dolphins and that they can be very effective in animals with gastrointestinal disease and dysbiosis,” she said.

Antimicrobial resistance

“As antimicrobial resistance and antimicrobial stewardship are hot topics in the medicine world, having this non-antimicrobial option as a therapeutic tool can be helpful for marine mammal veterinarians. These tools and techniques could also be applied to wild animals in rehabilitation settings, to include at-risk, threatened, and endangered dolphins.

“This study was just the beginning of exploring the use of FMT and microbial changes over time in the dolphin gut. As this was a small, clinical study that was disrupted by the global pandemic, future studies with larger sample sizes and over a longer time period are warranted.

“It would also be interesting to investigate gut microbiome changes with different diet composition (i.e. different fish types), during different times of year, or fluctuations with other external factors like environmental water quality. There are also numerous opportunities to investigate FMT for treatment of non-GI disorders as documented in other species, including behavioral conditions or to improve longevity.”

Marine mammals

The project was spearheaded by Dr. Barb Linnehan (veterinarian and Director of Animal Health and Welfare) at the National Marine Mammal Foundation with the help of Dr. Jack Gilbert and his laboratory team, including Sho Kodera (co-first-author, PhD student in marine biology at Scripps Institution of Oceanography). As part of the San Diego, CA based non-profit organization, the National Marine Mammal Foundation, Dr. Linnehan helps provide medical care to the U.S. Navy’s marine mammals. The Gilbert Lab is a highly interdisciplinary research group at UCSD’s Scripps Institution of Oceanography and the Department of Pediatrics, where they conduct research in medical and environmental microbiology, microbial ecology, and biotechnology development.

The project was funded as part of clinical care at the U.S. Navy Marine Mammal Program.

’Evaluation of the safety and efficacy of fecal microbiota transplantations in bottlenose dolphins (Tursiops truncatus) using metagenomic sequencing’ is published in the Journal of Applied Microbiology.

Notes to editors

1. The National Marine Mammal Foundation (NMMF) is a 501(c)(3) nonprofit organization recognized globally as a leader in marine mammal science, medicine, and conservation. Their team of experts is answering critical questions about the health of the world’s marine mammals and the ecosystems they rely on. The NMMF has a mission to improve and protect life for marine mammals, humans, and our shared oceans through science, service, and education. They advance their mission by conducting innovative research and collaborating with the world’s top scientists and institutions to translate their research into applicable medicine and species conservation. The NMMF provides technical, medical, and scientific expertise to help solve problems related to conservation medicine, human-made environmental change, and endangered species recovery. 

2. Applied Microbiology International (AMI) is the oldest microbiology society in the UK and with more than half of its membership outside the UK, is truly global, serving microbiologists based in universities, private industry and research institutes around the world. AMI provides funding to encourage research and broad participation at its events and to ensure diverse voices are around the table working together to solve the sustainability development goals it has chosen to support. AMI publishes leading industry magazine, The Microbiologist, and in partnership with Oxford University Press, publishes three internationally acclaimed journals. It gives a voice to applied microbiologists around the world, amplifying their collective influence and informing international, evidence-based, decision making. 

3. Oxford University Press (OUP) is a department of the University of Oxford. It furthers the University’s objective of excellence in research, scholarship, and education by publishing worldwide. OUP is the world’s largest university press with the widest global presence. OUP publishes more than 500 academic and research journals covering a broad range of subject areas, two-thirds of which are published in collaboration with learned societies and other international organizations. It has been publishing journals for more than a century and, as the world’s largest university press, has more than 500 years of publishing expertise.


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