Why Osborne’s housing subsidies feel right out of the 1970s March 24, 2013 IT is all too easy to make comparisons between the behaviour of current politicians and those of their historic predecessors. But basic economic errors seem ingrained in the nature of those in positions of power, and keep happening in almost cyclical fashion, albeit always in superficially very different circumstances. I have previously compared George Osborne [...]
Osborne’s gambled on the wrong policy March 23, 2013 THERE is a striking paradox at the heart of George Osborne’s approach to the economy, as demonstrated yet again in yesterday’s Budget. He was remarkably risk-averse with his tax and spend policies, refusing to embrace the kinds of shock and awe tax reforms many of us wanted, or to cut spending faster, though he did [...]
Britain needs a Swedish-style fiscal rule to end its yearly Budget farce | City A.M. March 22, 2013 BEN GUMMER HERE we are again, two days before the budget, and the chancellor is inundated with advice about what he should do to “fix” the British economy. It has become a tiresome ritual that comes around twice a year before the Budget and the Autumn Statement: a litany of suggestions, papers and proposals pushed [...]
Fastjet’s Kenya fight deepens March 22, 2013 RELATIONS between Aim-listed airline Fastjet and the head of its Kenyan subsidiary have soured further in the past week, with both sides now turning to legal action in a dispute over the terms of their tie-up. Don Smith, who agreed to sell most of his holding in Fly540 Kenya to Fastjet last year, instructed law [...]
Europe’s political elites betray the middle class March 22, 2013 ABOVE all, don’t lie, especially when it comes to people’s savings. That was a rule European politicians used to understand, especially in a continent where dispossessed middle classes have repeatedly turned to fascists when their savings were wiped out. Today, however, the political class and its corporatist allies have forgotten this golden rule – just [...]
Former lawyers heading FTSE 100 companies on the increase March 22, 2013 PEOPLE with a legal background are rising through the ranks in blue chip company boardrooms and taking senior management roles, a report out yesterday said. The number of chief executives with a legal background at FTSE 100 companies has increased since 2002 when there were just three. Today there are seven but some commentators say [...]
Torotrak agrees licence deal as it invests £3m in F1 engineer March 22, 2013 ENGINEER Torotrak yesterday completed a licencing agreement with Allison Transmission for £6m, as it snapped up a stake in Flybrid, which makes technology for Formula One cars. Allison will pay £6m for the exclusive right to manufacture and sell Torotrak’s gearless traction drive systems in commercial vehicles, as well as buying 8.2m shares – a [...]
First €20,000 of Cypriot deposits to be protected March 22, 2013 The newest proposals for a bank levy on Cyprus deposits would see the first €20,000 of deposits protected, with a 6.7% from €20,000 to €100,000 then 9.9% over €100,000 (unchanged). Cyprus’ parliament will meet at 16:00 GMT to vote on the levy proposal. Financial Minister Michael Sarris remains scheduled to fly to Moscow this Wednesday. Kremlin spokesman [...]
Mama buys Hoxton Bar & Kitchen for £1.9m March 20, 2013 MAMA Group, the music venue owner which was sold by HMV to private equity firm LDC in December, has snapped up East London’s Hoxton Bar & Kitchen for £1.9m. Its parent company Barworks confirmed yesterday it has sold the restaurant, bar and live music venue to Mama, which owns the Jazz Cafe and Barfly in [...]
Cartels of politicians do not serve public interest March 20, 2013 WHENEVER I see politicians of all three parties patting each other on the back and congratulating themselves on their brilliance, I panic. Consensus in politics is a disaster. When government and opposition agree, and the checks and balances of robust democratic argument are suspended, something awful inevitably happens. Dissent is good; conformity stinks. It leads [...]