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 [...]
Lost UK influence over EU financial services regulation could come back to bite the City October 26, 2016 Theresa May’s suggestion at the European Council meeting in Brussels last week that the UK would continue to play a role in EU institutions and their respective decision-making processes post-Brexit was met with thinly disguised incredulity by European leaders. Manfred Weber, leader of the European People’s Party in the European Parliament, commented after the meeting: [...]
BHS rebirth: Lessons it must learn from its past life October 26, 2016 We have previously discussed where BHS went wrong – how the brand turned stale and got left behind by its more modern rivals. However, it has already relaunched as an online-only shop, selling some of the previously popular items; primarily lighting and home furnishings to begin with. But what are the prospects for the reinvented BHS, and will [...]
It’s facile to blame the referendum for everything: Digital killed the TV star, not Brexit October 26, 2016 It matters not which sector you work in, if something has gone wrong since June, chances are it was the fault of Brexit. Just try it, it’s easy: “_______ happened, due to Britain voting to leave the European Union”. Feels good, doesn’t it? As sinecures go, doomsayers have only just stopped short of blaming Brexit [...]
Labour’s City man gets real over green belt October 26, 2016 Building in Britain is not always easy, as the debacle over airport expansion shows. The government satisfied business groups yesterday by revealing its intention to allow a third runway at Heathrow – but even though Theresa May has acted reasonably quickly, the verdict follows years of dawdling, and arrives nearly half a century after Harold Wilson [...]
Why everyone called Brexit wrong: Analysts have become too close to the elites they’re meant to analyse October 26, 2016 I have long held heretical views about political risk analysis, which cluster around what I call the “plumber’s test”. However bejeweled or slick at marketing a political risk firm may be, what matters in the end is that they are analytically correct. Just as I don’t invite back my local plumber if he fails to [...]
Britain must deploy its vast soft power reserves to prove to the world it remains globally engaged October 26, 2016 The precise ramifications of the Brexit vote will take a while to shake out, but many people overseas have interpreted it as the UK pulling up the drawbridge and retreating from its international role. This is both unfortunate and troubling. We must show everyone that we are more committed than ever to international cooperation economically, militarily [...]
One new runway at Heathrow isn’t enough for our ultra dynamic aviation industry October 25, 2016 Few industries have been more dynamic and disruptive than aviation. No one foresaw the rapid shift from propeller planes to jets, the overnight rise of transatlantic jet travel or the 5 per cent cumulative annual passenger growth between 1970 and 2010. Other trends also came as a surprise, including the explosion in airport retail and [...]