Editor’s notes: Brexit has damaged economists, not the economy October 28, 2016 A couple of years ago I interviewed Saatchi & Saatchi’s global CEO, Robert Senior. As we discussed possible future advertising trends he said “my problem with futurologists is that they’re never held to account”. He meant that predictions of what life will be like in 100 years are very hard to hold up in front [...]
It’s time to celebrate the human side of the hedge fund industry October 27, 2016 Last year, I found myself in a room full of grown men and women who were moved to tears by an unassuming woman with a powerful message. This brave mother recounted her young son’s battle with cancer and how his nurses and doctors ensured that no Christmas was left uncelebrated for the three years the [...]
Theresa May must get serious about economic reform for Britain to weather Brexit turbulence October 27, 2016 The Prime Minister must begin to explain Britain’s role in the world outside the EU – something ambitious enough to match the enormity of the public’s decision to vote Leave. But she must also start explaining the need for a more dynamic and competitive domestic economy outside the EU. The two are inextricably linked. Britain [...]
Embrace road pricing to build the infrastructure we actually need without government borrowing October 27, 2016 It is odds on that Philip Hammond will announce in the Autumn Statement that government spending constraints will be relaxed to facilitate investment in infrastructure. We will be told that the government should borrow and invest more and that this will promote growth in the long run. This argument might have merit if it were not for [...]
Following better than expected third quarter GDP figures, have Project Fear’s warnings been disproved? October 27, 2016 David Blake, a professor at Cass Business School, City University London, says Yes. The Treasury’s pre-Brexit scaremongering has been proven so wrong, but it sticks to its original, completely implausible assumptions. Its latest position is that those forecasts were made based on the assumption that Article 50 would be triggered immediately, and that no policy response [...]
This government will be more radical on savings and pensions than you think October 27, 2016 For all her bold ambitions to reshape Britain’s economy in a more interventionist direction, Theresa May is unlikely to spend as much time on domestic matters as she might like. Brexit is said to be the most fiendishly complicated task Whitehall has had to undertake since the Second World War, touching nearly every area of [...]
What the new government should do to pensions: Scrap the £1m lifetime allowance and nudge young people to save more October 27, 2016 Philip Hammond has a lot on his plate. As the Autumn Statement approaches, shielding the UK economy from Brexit’s slings and arrows will be higher up his agenda than fiddling with a pensions system which was tinkered with year after year under the last government. Some of the changes (many at the exit end of [...]
Get ready for a more mature Autumn Statement – which might mean you get ignored October 27, 2016 All Autumn Statements are political, but some Autumn Statements are more political than others. Under George Osborne, we have become used to very political Budgets and Autumn Statements. The former chancellor consistently engaged the media with policy tweaks – from pensioner bonds to corporate tax cuts. The changes were generally small, but their appeal to [...]
Restoring Britain’s reputation for liberal economic policy must be the priority in the coming Autumn Statement October 26, 2016 The forthcoming Autumn Statement brings to mind the old quote from Bill Clinton’s adviser James Carville about wanting to be reincarnated as the bond market – because then he could intimidate everyone. Philip Hammond, the new chancellor, should beware the so-called bond vigilantes. The chancellor is looking for innovative ways to shift the cost of [...]
Inside Big Bang: The chaotic October morning that created the modern City October 26, 2016 Shortly before 8am, as Sir Nicholas Goodison surveyed the floor of the Exchange crowded with foreign television crews and curious journalists, he was a little apprehensive. After so much hype about the possibilities of what had been termed Big Bang, and difficult negotiations with Margaret Thatcher’s ministers, and efforts to persuade the more conservative elements [...]