UK Defence Investment Plan delayed again!

Overturn this.

Blain’s Morning Porridge July 7th, 2026: Overturn this. “Some people believe Football is a matter of life and death. I can assure you it is much, much more important than that.” What Football fans would not want Donald Trump supporting their team? Who would say no to Trump’s superpower to reverse any referee decision? His intervention into the World Cup leaves the rest of the world shaking its collective head in disbelief. Another reason to laugh at America. These things have consequences. When is America going to wake up?  “Overturn this…” The Belgian Football Association comment on beating the USA last night said it all. Overturn this. Donald Trump has an unsurpassed ability to snatch defeat from the jaws of victory. The World Cup was on course to be a massive Soft Power win for America. Fans may have been fleeced by FIFA, the official ticket tout, but generally they’ve loved it. Some of the games have been fantastic.  You can read the Morning Porridge by subscribing on ⁠www.morningporridge.com⁠ [http://www.morningporridge.com], and have it delivered fresh to your inbox every morning!

The World Cup, The Berlin Wall, and Soft Power vs Russia

Blain’s Morning Porridge July 6th, 2026 “The greatest trick the devil ever pulled was convincing the world he did not exist…” England will take a confidence boost from the World Cup win vs Mexico. The Russians will be furious – their war plan requires The West’s resilience and pride is weakened through disinformation and instability. Countering Cognitive Warfare requires the acknowledgement it’s happening, that we fight it, and acknowledge our strengths and weaknesses, and that unity wins!   “C’mon England!” Not words you would ever expect a Scotsman to say…. “Gentlemen in England still abed shall think themselves accursed they were not there (in front of their tellies at 3 am) and hold their manhood cheap while any speaks that watched them upon the bloody field in Mexico…” Well done, England! Beating Mexico 3-2! Of course I did not watch. (Why would I? In the real world I support two teams: Scotland and whoever is playing England!) I expected to wake up to the news England’s hearts had been ceremonially hacked out and their bodies cast down the steps of the pyramid that is the Azteca. Nope. The World Cup is getting interesting. Bring on the Nogs! Engerland..! Engerland..! and we all like Vindaloo… maybe even in the Saracen’s Head in Glasgow? (maybe not…) Time to support the Auld Enemy! Meanwhile, one of my great chums found himself on the front page of the Times this weekend. Steve has erected a piece of the Berlin Wall [https://www.thetimes.com/uk/london/article/berlin-wall-london-garden-dispute-9bgz0njwg] in his back garden. Lefty that I am, I consider the Berlin Wall to be a monument to the success of Free Markets, Democracy and Freedom. A similar chunk stands outside the Imperial War Museum as a reminder of who won the Cold War – a bloodless war the West won by outcompeting the Soviets economically. You can read the Morning Porridge by subscribing on ⁠www.morningporridge.com⁠ [http://www.morningporridge.com], and have it delivered fresh to your inbox every morning!

Happy Birthday America and what ails Broken Britain

Blain’s Morning Porridge July 3rd, 2026 “Reorganising the civil service is like drawing a knife through a bowl of marbles.” Compare and contrast the USA and Britain. The new country and the old. Our problems are not in our inventiveness, our skills or our people, but in how our societies work. We suffer from Politics that don’t govern, Businesses that don’t share, and Bureaucracies that don’t deliver. These are problems of late-stage democracies in need of a reset. Politicians keep promising – maybe one day one of them will actually make changes! Happy Birthday America! Have a great party! Celebrate a quarter millennium of awesomeness! Across the pond in Europe we sincerely mean that. We have much to thank the USA for and much to be proud of. Britain’s finest sailed the ocean to the new world and forged a nation. It was a reaction to a far-away tyrant’s actions, founded on the basis all men are created equal and may only be ruled with the consent of the governed. The new state attracted Europe’s huddled masses giving it the strength and diversity to thrive. Today it is the most powerful nation on Earth – as its’ leader keeps reminding us. The USA has worked pretty well – thus far! You can read the Morning Porridge by subscribing on ⁠www.morningporridge.com⁠ [http://www.morningporridge.com], and have it delivered fresh to your inbox every morning!

We need a revolution in Defence

Blain’s Morning Porridge July 2nd, 2026 – We need a revolution in Defence “Generals always prepare to fight the last war, especially if they won it.” The UK’s long-delayed Defence Investment Plan was a final humiliation for Sir Keir Starmer as he struggled to gloss over the gaping defence funding gap. But it’s not how much is spent, but what it is spent on that matters. The frenetic pace of Mil-Tec evolution in the wake of the Ukraine War highlights how the next war will likely be fought. It’s time for a complete overhaul on the defence establishment’s approach to rearmament. (PODCAST TO FOLLOW) I sometimes wonder if the Houses of Parliament has a window cleaner? What do our politicians and civil service mandarins see when they gaze out at the geopolitical weather? They know the roof is leaking, but to fix it will be expensive and the kitty is empty. Why not throw another tarpaulin over it, and hope it doesn’t rain? Such a hope is not a great strategy here in Britain where weather lore says: “how do you know when it’s going to rain? Because it’s not raining yet?” Yes. Rain is a metaphor for conflict. You can read the Morning Porridge by subscribing on ⁠www.morningporridge.com⁠ [http://www.morningporridge.com], and have it delivered fresh to your inbox every morning!

Where have we been, where are we now, and what’s next?

Blain’s Morning Porridge July 1st, 2026 “It’s not the immediate damage, but the unforeseen second and third order consequences that really hurt.” 2026 has been an interesting year thus far. A number of themes including AI, Geopolitics, Debt and Innovation have driven the flow of markets, which have very high upside expectations and few worries about downside risks. I would remind readers of Blain Mantra No 1: “The markets have but one objective: to inflict the maximum amount of pain on the maximum number of participants”. Hey-Ho, and on we go... It’s the first of July, and we are at the half-way stage of 2026 – and hasn’t it been fascinating? I thought it might be interesting to skim through what we expected, what happened, and where we might be headed next. Its worth starting from the premise that markets are not enlightened, all-knowing crystal balls, but simply the sum of weighted stupidity – in other words, expectations are based on hopes, while reality is often the result of mistakes. That said, explaining the whole of the global economy and markets in 2 hours before breakfast and doing my day-job is a tough ask, but there are four very visible market themes that stand out in my mind – and of course, they are all inter-related, and they have all repeated themselves through history. This time it might be different - we live in a very connected world. As someone once said: “A toddler having a tantrum in Washington makes old men smile in Beijing.” You can read the Morning Porridge by subscribing on ⁠www.morningporridge.com⁠ [http://www.morningporridge.com], and have it delivered fresh to your inbox every morning!