This article discusses the resurgence of militant anti-capitalist protest in the UK in 2010 and 2011. The November 2010 ‘Millbank riots' in London are analysed as heralding a broader return of militant protest, reaching a first climax in the major urban riots of August 2011. The resurgence of militant protest is placed in the context of larger social and economic developments. The outbreak of the 2007/08 economic crisis is analysed as an important caesura, marking the end of a ‘neoliberal deal’ that was based both on the temporal displacement of antagonism through the mechanism of credit and on mechanisms of spatial or geographical displacement (‘globalisation’).