🧵SALT🧵
It's been snowing in the UK and the road gritters are out in force, begging the question:
Have you ever wondered where that grit actually COMES from?
The answer is more magical, beautiful and fascinating than you probably realised.
1/14
Because that dirty-looking salt being spread by trucks on our roads is actually the remains of an ancient ocean (actually two ancient oceans), buried deep beneath our feet.
Most of the stuff being spread in London comes from a single mine in Cheshire - at Winsford.
2/14
Here, about 20 to 40m beneath the meadows of Cheshire, is an enormous slab of halite, rock salt, the remains of an ancient inland sea a couple of hundred million years ago.
This is where most of our salt comes from.
3/14
The stuff we consume is pumped out in the form of brine (solution mining). But the stuff that goes on the road is mined PHYSICALLY - ground and dug away from the saltface. I visited the Winsford mine while researching Material World. It’s a pretty extraordinary place.
4/14
The mine was opened in 1844, making it the UK's longest-running mine.
The tunnels are enormous - not just big enough to drive through but big enough to drive a double-decker bus through. You can taste the salt particles in the air.
The walls are pink & slightly translucent.
5/14
Often when salt pools and dries, as in a salt lake, it forms these little ridges. Well, if you look closely at the ceiling in Winsford you see the imprints of those tiny pools that formed 200 million years ago when the briny waters collected across what is now Cheshire.
6/14
Anyway, the salt is ground and drilled by a suite of enormous mining rigs, controlled via what looked a bit like a playstation controller. Millions of tonnes of salt is sent away from the saltface up conveyor belts - every day of the year.
7/14
Since the temperature down here is more or less constant and humidity is low (thanks to the salt), some of the old caverns here have been given over for storage. Priceless works of art and archives are stored here beneath the ground, not far from the machinery...
8/14
As I said above, the Winsford mine is actually one of two in England producing rock salt. The other is at Boulby in N Yorkshire. This actually started life as a potash mine and these days mines something called polyhalite. I wrote about it here...
9/14
At Boulby they're burrowing through another ancient, buried sea - the Zechstein sea.
Actually it's even wilder than that. Since most of the tunnels stretch under the coast, they're mining an ancient sea hundreds of metres UNDER the seabed of a live sea (The North Sea).
10/14
This place is a very different kettle of fish to Winsford. The tunnels are far more claustrophobic. The mine goes down more than a kilometre, with the upshot that it gets VERY hot - over 40 degrees, sometimes over 50.
This is one of the places where road grit comes from.
11/14
The rock salt from Winsford and Boulby is ground into different sizes. There are 10mm grades and 6mm - the size difference determining how quickly they dissolve.
That in turn determines how long they take to deice the roads. Turns out there's a science and craft to grit!
12/14
And since govt is terrified we'll run out, salt is one of the few substances the UK keeps a stockpile of.
There's 250m tonnes stored in warehouses around the UK - the National emergency salt reserve.
Don't believe me? This is an actual thing! 👇
13/14gov.uk/government/pub…
Of course none of the above will have been news to you if you've already read Material World. If you haven't, well... bear in mind Christmas is approaching and the paperback is now available. Just saying...
14/14amazon.co.uk/Material-World…
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🧵
What does a trade war look like?
Much of what you've heard about tariffs is prob soundbites from politicians & economists.
But what does a trade war actually FEEL like at ground level?
We've spent the past year working on a film on just that.
Here's some highlights
👇
Best place to start is with this👇
It may look like a lump of metal but don't be fooled.
This is a die: a sort of mould used to shape plastics. Looks simple but it's super-engineered - designed to withstand enormous pressure.
Without dies like this there's no manufacturing...
Dies and moulds are the unsung champions in modern mass production.
One of the single most impressive things about Tesla's manufacturing processes is what @elonmusk calls the Gigapress: a massive machine that shapes metal. And at the heart of the gigapress are enormous dies.
The PM keeps repeating the figure £16bn in relation to the OBR's latest forecasts - giving the impression that this would have left a big hole in the public finances. What he fails to acknowledge is that that this is LITERALLY ONLY ONE PART OF THE STORY.
Here's why...
Yes: the OBR downgraded the fiscal numbers by £16bn (actually £15.6bn) due to weaker productivity (red bar below).
But it also simultaneously UPGRADED them by a whopping £32bn (blue bars).
This chart from @TheIFS shows it pretty clearly👇
Banging on about the £16bn productivity - as the PM did repeatedly in his press conference today - without also mentioning the £14bn inflation UPGRADE and the £17bn of other UPGRADES seems... pretty misleading to me.
It's simply NOT the full picture...
NEW
UK abolishes its "de minimis" rules which exclude cheap imports below £135 from paying tariffs.
A massive deal for the fast fashion/cheap Chinese imports sector: this is the so-called loophole used to great effect by SHEIN and Temu.
Should also bring in some tariff revenue
For more background on this, here's our investigation from earlier this year on de minimis and what it means in practice - including a glimpse inside the planes carrying these imports into the UK 👇
The flip side to this policy is:
a) stuff (yes, a lot of it is tat but even so) will get more expensive
b) it primarily hits lower income households
c) as you'll see from my thread, de minimis was a lifesaver for small regional airports. Its demise is v bad news for them...
NEW
"Data center alley" in North Virginia.
Home to the biggest cluster of server centres in the world.
Here, more than anywhere else, is the global epicentre of AI.
It's where the recent AWS outage happened.
And we've secured rare access INSIDE one of the data centres...
The inside of one of the centres, run by Digital Realty, one of the biggest datacenter companies in the world.
Extremely high security. Long, long corridors, flanked by rooms in which those servers are operating.
This is the very heart of the biggest economic story right now
And inside one of those rooms, here is one of the supercomputers powering the AI boom. This Nvidia DGX H100 is the physical infrastructure making AI a reality.
🚨EXCLUSIVE
The firm at the heart of Britain's critical minerals strategy has ditched plans for a rare earths refinery in the UK, and will build it in the US instead.
It's a serious blow to the Chancellor and her plans for "securonomics" ahead of next month's Budget👇
Not long ago Pensana was being hailed as key to Britain's industrial future.
It had plans to ship rare earth ores to the UK and refine them in a plant just outside Hull, creating 126 jobs and bringing in hundreds of millions of pounds of investment...
Its Saltend site was where the then Biz sec Kwasi Kwarteng launched the govt's official critical minerals strategy a few years ago, saying: "This incredible facility will be the only of its kind in Europe and will help secure the resilience of Britain's supplies into the future"
📽️Is Britain REALLY facing a 1970s-style fiscal crisis?
Why are investors so freaked out about UK debt?
Is this REALLY worse than under Liz Truss?
Who's to blame? Rachel Reeves? The Bank of England?
And would a bit of productivity really solve everything?
📈 Your 6 min primer👇
OK, so let's break it down.
Start with the chart everyone (well, everyone in Whitehall) is talking about.
The 30yr UK government bond yield. Up to the highest level since 1998. And it's still rising.
Does this mean the UK is facing a fiscal crisis? Let's look at the evidence
First let's compare the UK to other G7 countries.
There's two ways to do this.
First, look at absolute levels👇
And it looks pretty awkward for the UK.
Pre-mini Budget we were middle of the pack. That changed post-Truss. And now, under Labour, the UK is even more of an outlier.