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This is the inaugural note from PGW Report. The plan is one email per week, sent only when there is something substantive to say. If a week brings nothing worth your inbox, the email skips.

What this newsletter is. I read economic-side commentary that does not always surface in political feeds, particularly Tony from the Market Update channel, and Richard Murphy's political-economy work alongside it. Those two voices have been making complementary claims that political coverage has not yet caught up with. This newsletter is my attempt to bridge what is being said economically with what is happening politically.

What I am watching this week.

Tomorrow's King's Speech is being read against a scorecard I dated and published this evening: https://pgw.report/kings-speech-scorecard/v1/. Six tests across fiscal mechanism, package coherence, coalition signal, succession mechanism, register sustainability, and market response. The piece is publicly dated so it can be checked against the speech rather than rationalised afterwards.

The Labour-succession story has its own scorecard, also dated this evening: https://pgw.report/labour-succession-scorecard/v1/. Each named candidate is assessed against the same framework. Three predictions are dated from today and can be checked against what actually happens in the next thirty days.

The 30-year gilt yield is sitting at 5.81 per cent, the highest since 1998. That figure is doing a lot of analytical work in both scorecards.

The cohort tracker now lists fourteen verified entries across three parties: eight Reform UK, four Green, two Conservative. Mark Pack's complementary 2025-cohort tracker remains the standard for last year's elections; mine covers May 2026 onward. Live at https://pgw.report/council-changes-2026/v2/.

What I will not be doing. Hot takes, per-day commentary, or rehashing what is already on a hundred Substacks. The site exists for analytical pieces. The newsletter exists to tell you when one has landed.

Editorial disclosure. I am a member of the Green Party and the named communications officer for East Lindsey Greens. Every claim on the site is sourced. Interpretation is labelled as interpretation. If a reader finds something that does not check out, an email gets it corrected on the record.

Thank you for your time,

Paul G Webster