2016: A post-mortem of the year the UK’s “economic experts” failed December 20, 2016 The end of a calendar year and the start of a new one provides a chance for reflection. For the UK’s economic establishment, particularly forecasters, introspection is more appropriate. Complete with their New Keynesian models, most have been proven utterly wrong so far that voting for Brexit would lead to a short-term downturn. As the most [...]
Big firms can enhance social mobility in 2017 by committing to buy from social enterprises December 20, 2016 I suspect that, if you ask many in Britain what they want for Christmas this year, they might say “hope” or “change”. Reflecting back on 2016, the EU referendum showed that too many ordinary people haven’t felt the benefits of our strong economy and now find themselves on the margins of society. As the chairman [...]
Reform visas to make Britain the tech leader of the twenty-first century December 20, 2016 In my career, I have been privileged to work in some of the world’s greatest universities – Imperial, UCL, Harvard – on some of the world’s most interesting problems. Most recently, we used quantum systems to sense individual electrons, a billion times smaller than had been possible before, helping to transform what humans can understand and effect [...]
As militant unions plot Christmas misery, should strike action on railway services be banned? December 20, 2016 Keith Prince, deputy chair of the London Assembly Transport Committee, says Yes. Strike action on public transport can have a devastating impact on commuters. Southern’s passengers have suffered huge delays, cancellations and some have lost their jobs because they can’t guarantee they’ll be able to get to their desks. This appalling situation cannot be allowed [...]
A dealmaking BP is emerging from crisis but should not neglect shareholder concerns on pay December 20, 2016 BP has been mired in crisis since 2010's Deepwater Horizon disaster in the Gulf of Mexico. Some of the turmoil has been of its own making, some has haunted the entire sector. After $75bn worth of disposals in the wake of the spill and its costly clean up, the company no longer resembles the oil [...]
How to make the UK an innovation nation December 20, 2016 Prime Minister Theresa May intends to start 2017 with a flurry of policy announcements including apparently unveiling what Nick Timothy, her co-chief of staff, called “a more long-term and strategic approach to economic and industrial policy” in an article he published before he re-joined government. Industrial strategy is back. This is very welcome. But how does [...]
Weary RBS investors demand £1bn in compensation for 2008 rights issue disaster December 20, 2016 More than 27,000 RBS shareholders nearly wiped out in the bank’s 2008 rights issue are due compensation of up to 94.5p in the pound, or more than £1bn, according to an independent report commissioned by the investors and seen by City A.M. The shareholders, part of the RBS Shareholder Action Group, are heading to court [...]
Fiver producer Innovia Group sold in meaty £680m deal with Canadian giant December 20, 2016 Here's another big deal worth, ahem, noting: Innovia Group, supplier of the Bank of England’s new plastic five pound note that has come under fire for containing animal fat, has been snapped up by a Canadian label and packaging maker in a CA$1.13bn (£680m) move. The UK-based company makes specialty bi-axially oriented polypropylene films used for [...]
Diverging forecasts on inflation and GDP from leading economists point to uncertain times for the UK December 20, 2016 Following a year in which British people have allegedly “had enough of experts” – or should that be “soothsayers and astrologers”? – it is a brave economist who will venture a guess at where we will be in 12 months' time. But that is what three prominent economists have done for the Economic Research Council. [...]
Government must not undermine £25.7bn legal sector in Brexit process, warns City lobby group December 20, 2016 Government must take care not to unwittingly damage the UK's legal sector, which was worth roughly £25.7bn to the economy in 2015, in the Brexit process, a report out today has warned. The study, produced by lobby group TheCityUK, called on government to make sure the legal sector would not only retain access to overseas talent [...]