The government is still contradicting itself on bank lending November 28, 2013 ONE of the great but ultimately vacuous buzzwords of the Blair years was “joined-up government”; a fuzzy, heart-warming attempt at making sure that every part of the state machinery worked together, trying to achieve the same objectives. It failed pitifully. But at least the Blairites tried. This coalition, by contrast, is becoming ever more contradictory [...]
Britain’s two nations are continuing to grow ever further apart November 27, 2013 WHEN Benjamin Disraeli, the 19th century Prime Minister, wrote of “two nations, between whom there is no intercourse and no sympathy”, he was of course referring to the rich and the poor. But according to a fascinating report from Deutsche Bank, today’s two nations are what it calls the lands that “fall either side of [...]
Five shocks that could hit businesses over the next few years November 26, 2013 BUSINESSES are often very good at predicting the trends in their own, narrow markets – but they are not always able to see the big picture clearly. So here are five possible shocks that firms and investors should look out for over the next three or four years. 1) THE SCOTTISH REFERENDUMA break-up of the [...]
We must help those in financial crisis – but loan caps won’t work November 25, 2013 SOMETIMES I really do wonder who is in power in this country. Is it a Tory-Lib Dem coalition, dedicated to ensuring the UK is open to business, or is it the Labour party? Whenever the opposition starts to campaign on an issue, especially one with cost of living or emotional undertones, the coalition eventually caves [...]
We must never forget John F Kennedy’s legacy as a tax cutter November 25, 2013 IT was the fiftieth anniversary of John F Kennedy’s assassination this weekend. Yet amid all the retrospectives, not enough has been said about his tax policies, which were better than those of almost any Western government in power today. He believed in cutting taxes to liberate companies and individuals and to incentivise them to work [...]
Osborne’s budget deficit is going down but progress is slow November 21, 2013 SLOWLY but surely, George Osborne’s budget deficit is going down. It is still far too large for comfort, and the rate at which it is improving remains disappointing, but at least the numbers are moving emphatically in the right direction. The best measure of the shortfall between money in and money out – excluding financial [...]
America is slashing spending – but its economy is still growing November 20, 2013 IF you want to see what real austerity looks like, take a trip to the US. Real federal spending is set to slump by six per cent in the fourth quarter, compared with the same period a year ago, according to Goldman Sachs. That is a massive reduction, more than George Osborne wants to push [...]
Errors must be punished – but US justice is becoming arbitrary November 19, 2013 IMAGINE the following scenario. It’s 2024 and we are in the middle of a major banking crisis caused by a political implosion in China. Banks are going bust left, right and centre, with the regulators trying to offload failed institutions to stronger ones to contain the chaos. If you were in charge of one of [...]
There is nothing worse than self-righteousness in business November 18, 2013 REMEMBER the righteous folk telling us that the problem with banking was all those nasty, profit making global corporations, with their horrid shareholders and especially those awful hedge funds? And that the answer was to encourage small, regional co-operatives, with their senior management drawn from a broader cross-section of the community to boost corporate governance? [...]
Entrepreneurs now have their own pressure group – at last November 18, 2013 LISTEN up, entrepreneurs: you are about to get your own trade union. Yes, you read that right – a union, or at least a pressure group, specifically set up to fight for those who create and set up businesses. This new Entrepreneurs’ Alliance is an excellent idea. There are lots of groups that support established [...]