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Below are the back issues, freshest first. Each link opens the archived version of the email exactly as subscribers received it.

Issue 1: Murphy on the fear of the left, and the four tests for whoever wins

14 May 2026

UK 30-year gilt yields opened above 5.75 per cent while France and Italy borrow under 4. Richard Murphy's same-day diagnosis: the City is pricing in fear of a left-wing Labour PM, and the mechanism is wealth-protective rather than informational. Four falsifiable tests for whoever inherits the leadership, applied to the candidates on the live succession scorecard.

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Issue 0: First note from PGW Report

13 May 2026

The inaugural note. What this newsletter is, what I'll be writing about, and what I won't be doing. Sets the cadence and the editorial register.

Read issue 0 →

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