How to leave the EU without tanking the British economy: By adopting a Norway-style relationship June 30, 2016 British voters have set their government a daunting task after last week’s referendum decision to quit the EU. Managing to leave the bloc and regain control over immigration without doing lasting damage to the economy and living standards requires consummate ingenuity. There is no time to wring our hands about how difficult it is. We [...]
Five stocks to watch following the Brexit market meltdown June 30, 2016 The UK’s stock market has quickly and efficiently established a pecking order in the wake of the EU referendum vote. Low-volatility stocks, defensives and dollar earners have generally done well, or at least much less badly, than cyclicals and, domestic plays such as retailers, banks and house builders. In addition, gold and silver miners have performed extremely [...]
Britain will need an effective opposition June 30, 2016 Given the scale of the change that the British people have voted for, and the chaos it has unleashed across European politics and markets, it may seem strange that the number one story in town has been the circular firing squad that currently passes for Her Majesty's Opposition. Jeremy Corbyn has endured days of high-profile [...]
It’ll take blood, sweat and toil, but Brexit can work for the City June 29, 2016 I cannot pretend otherwise: it was with dismay that I watched Thursday night’s EU referendum results unfold. My view that Britain should remain an EU member was less a tactical position than an authentic, passionate and long-held belief, as well as something I felt was firmly in the City of London’s interests. As I watched my [...]
Forget disintegration: The EU hard core is on track for a United States of Europe June 29, 2016 Prior to the referendum result, I thought the EU was at a fork in the road, facing two difficult ways forward: either a gradual fading away, or an existential crisis. Following the referendum, the weight of argument for both has increased. The fading away argument has a number of components. First, the number of member [...]
It’s premature to assume Britain will plunge into recession June 29, 2016 As the dust settles on last week’s referendum, pretty much every verdict I have heard or read agrees that the UK economy faces a period of contraction and the market has moved very quickly to price that scenario in. At first glance, this case is persuasive. There has been clear evidence of deferred investment in [...]
As Jeremy Corbyn clings onto the Labour leadership, is a split within the party now inevitable? June 29, 2016 Tim Worstall, senior fellow of the Adam Smith Institute, says Yes. Labour has been splitting for all my adult life. A difference has always existed between those who understand that there is a spectrum of possible economic and political models, which must exclude a non-market system, and those who do not. This is what the [...]
Four ways the City can shape Brexit to its advantage June 29, 2016 Like it or not, the result was clear. Leave won by about the same margin as Barack Obama over Mitt Romney at the last US presidential election but on an enormous 72 per cent turnout. Apart from house-builders, UK banks have been the worst hit in the FTSE 100 over the past few days of [...]
Does the acquisition of Harris and Hoole from Tesco mean Caffe Nero is entering a new era? June 29, 2016 Last week's announcement that Caffe Nero has acquired in-supermarket coffee chain Harris and Hoole from Tesco sent a strong signal that the brand is committed to modernisation. This is vital in a market where casual dining brands have to fight huge levels of competition and a fast-moving, fickle audience base that will often be swayed by promotions and [...]
City A.M. podcast: After the Brexit vote, what next for the UK economy? June 29, 2016 The die has been cast, and the UK has voted in favour of Brexit. What next for politicians? In a special edition of City AM's podcast, City A.M. digital editor Emma Haslett is joined in the studio by editor Christian May, and guests Jimmy McLoughlin, head of external affairs at the Institute of Directors and [...]