War, drought, debt – Simon French on Europe’s challenges

Friday 14th August 2026

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With the UK and Europe facing an unprecedented mix of geopolitical, environmental, and fiscal strains, is the region still a safe bet for global investors? On this weekend's episode of the NAB Morning Call, Phil sits down with Panmure Liberum Chief Economist Simon French to unpack the escalating pressures of lingering war, crippling European droughts, and skyrocketing debt. As standard UK inflation holds well above target and 10-year gilt yields hit multi-decade highs, can Prime Minister Andy Burnham deliver on ambitious spending promises around defence, social care, and tax relief without terrifying the bond market? Will a turn toward "buy British" public procurement and North Sea energy approvals offer a genuine structural bridge, or are protectionist measures bound to drag down broader growth? And as extreme weather threatens European food supplies while the US Treasury aggressively intervenes in currency markets, is Europe offering a clever valuation hedge against Wall Street—or simply a slower path through the storm?

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