Second chance for BHS? An open letter to David Anderson, managing director of the newly online-only retailer September 27, 2016 Dear David Anderson, Whether it’s BHS or Woolworths, we all love a good phoenix from the ashes story, especially when it involves a great British brand. News that BHS is to be reincarnated online has been met with a cautious welcome. Cautious because the challenges ahead are considerable: in addition to the reputational damage the [...]
Clinton and Trump’s dismal debate performances laid bare America’s perilous divisions September 27, 2016 “I have a son who’s 10, he’s so good with computers.” – Donald Trump, when asked about US cybersecurity weaknesses (The American Republic is) “under siege by a moron.” – Bruce Springsteen, when asked about Donald Trump Well, it was just as weird as had been anticipated. The estimated 100m Americans who tuned into the [...]
The great fall of China: If the Chinese economy sinks, it’ll take Britain down with it September 27, 2016 Forget the chatter around the economic risk posed by Brexit, for a more dangerous spectre looms: China’s massive debt pile and the potential for a painful slowdown in the Asian powerhouse. Former chief economist of the International Monetary Fund, Ken Rogoff, said yesterday that a slowdown in China is the greatest threat to the global [...]
City Giving Day: Community investment is a win-win for business and society September 27, 2016 UBS has operated a community investment programme in London for over 30 years. Never has it, and others like it, been more relevant. The relevance is driven by need; by the state of the UK and indeed of the world today; and by the now demonstrable proposition that companies undertaking such activity benefit both themselves [...]
Britain’s socialists aren’t quite as “progressive” as they think they are September 26, 2016 It’s as predictable as the so-called “rabbit out of the hat”. Twice each year (three times when George Osborne felt an “emergency” coming on), the days after a Budget or Autumn Statement are littered with left-wing MPs, armed with their Institute for Fiscal Studies bar chart, denouncing the package of policies as “regressive”. “The tax and [...]
What is the worst policy to come out of the Labour party conference so far? September 26, 2016 Dan Lewis, senior infrastructure policy adviser to the Institute of Directors, says the ban on fracking. Fracking has been transformative for the United States, leading to reshoring of manufacturing, bringing down energy prices, reducing emissions, creating jobs and raising taxes. No serious US politician seeking power wants to reverse that. And in this country, it will [...]
Leave the EU’s Customs Union for a serious trade and aid policy September 26, 2016 It will not be enough to leave the EU’s Single Market. We need to leave its highly corrosive Customs Union too. Indeed, as a new report from Global Britain into the links between international trade and development aid shows, leaving the Customs Union is a prerequisite for making globalisation of benefit to the whole world – [...]
Getting an Opec output cut won’t be a piece of cake September 26, 2016 With the US Federal Reserve and the Bank of Japan rate decisions out of the way, focus could now shift elsewhere. Like towards the expected weaker US durable goods orders (which are, according to Credit Suisse, set to drop to -2.3 per cent in August compared to 4.4 per cent in July), or the oil [...]
Labour leader Jeremy Corbyn will now renew the attack on capitalism September 26, 2016 You may not have spent your Saturday morning huddled round the TV waiting for the result of the Labour leadership election to be announced, but you probably haven't missed the fact that Jeremy Corbyn saw off his challenger and cemented his position as leader of Her Majesty’s Most Loyal Opposition. Yes, Jeremy’s going nowhere – [...]
Five points the City needs government to heed during Brexit negotiations September 26, 2016 To a huddle of European journalists, Jens Weidmann, president of the Bundesbank, claimed that Frankfurt could be attractive and would welcome newcomers. This is of course just the latest marketing attempt by our competing continental financial centres wanting take some of the City’s business. But how does the City respond? We are of course used to [...]