Russia and the City
[Re: The UK is not as dependent on Russian money as you think, yesterday]
Some interesting data, but there are also some unanswered questions. What about law firms’ revenue? And even if the money is not held in the UK, how much of it is managed from a UK-based family office? The gas trade is important to the strategic debate, but not to the importance of Russia to the City. But the author is right about UK banks’ exposure, and real estate and schools. But if the UK has so little to lose, why is it not being tougher on Russia, given that it signed a treaty undertaking to guarantee Ukraine’s integrity?
[Re: The pension revolution could restore Britain’s long-term savings culture, yesterday]
The economic implications of the pension reforms are welcome. But it’s also interesting to see how the move to free-up pensions has wrong-footed the opposition. Labour’s argument that we should be wary because people may squander their pensions early invokes a strange logic – how many policies should we apply it to? Should child benefit claimants be forced to prove they are spending on the optimal interests of the child? This has exposed Labour’s equivocation over whether individual responsibility and freedom are to be embraced.
BEST OF TWITTER
US has no useful way to influence Russian behaviour. Best strategy is large-scale commitment to Kiev.
Co-op Bank seeks £400m as losses mount. Labour used to hail the Co-Op as a paragon of UK business.
Three pollsters in two days report 1 per cent Labour leads. It is getting very tight.
National polls are mood music. Don’t tell you what’s happening in marginals where battle will be fought.