In this issue


Waging war, planning peace Now is not the time for negotiations with Russia. But that time is coming, and Kyiv must be ready Jonathan Powell Plus No deal Putin can’t be trusted in peace talks. The only option is to exhaust his forces Vladimir Milov


When markets fail Martin Wolf thinks too much inequality could destroy democracy Interview by Tom Clark

Labour’s to lose There’s a Conservative bias in Britain’s electoral geography. But other factors will help Keir Starmer Peter Kellner

Dystopia unlimited The Saudi dream of a gleaming desert city could turn into a nightmare Deyan Sudjic

The year of opportunity In 2023, could money finally start working against the climate crisis? Bill McKibben Plus Britain was once a climate leader. It can be again Ed Miliband

Origins unknown The lab leak theory sounds like a Covid conspiracy. It might not be Philip Ball