Was the government wrong to avoid radical reform of the licence fee in the BBC’s new Royal Charter? May 13, 2016 Tim Worstall, senior fellow at the Adam Smith Institute, says Yes. The government has rather whiffed the opportunity to radically overhaul the BBC and the licence fee. The first should be privatised and the other abolished, of course. Back when broadcasting was solely free to air, and thus limited by available spectrum, there was at least [...]
The UK government must remember to tackle corruption at home as Cameron’s anti-corruption summit gets underway in the wake of the Panama Papers May 12, 2016 The Prime Minister's invitation to representatives of other governments to attend an Anti-Corruption Summit in London looked like a good idea when he announced it a year ago. Before, that is, he chose to insult two of the guests. The gaffe has already drawn quick rebuttals from the two countries, with the Nigerian President claiming [...]
Credible deterrence: What is the real cost of FCA Enforcement proceedings? May 12, 2016 The financial services industry faces ever-more intrusive regulatory scrutiny and tougher penalties. Financial Conduct Authority (FCA) fines reached £1.4bn in 2014. This compares with just over £89m in 2010 and only £7.5 million in 2002. However, fines are not the only cost of an FCA enforcement intervention – reputation damage can be far more painful. [...]
Making it harder to become a citizen will not solve the net migration problem May 12, 2016 Seen from the government’s point of view, the pathway to citizenship for immigrants to Britain should be as tough as possible. Since Theresa May became Home Secretary, a host of measures has been introduced to make the route from arriving to citizenship harder than it has ever been. The cost of citizenship in Britain is [...]
Open data: London is streets ahead when it comes to helping commuters plan their journey – but we mustn’t become complacent May 12, 2016 Whether we’re trying to navigate around traffic jams or route closures, find the quickest way to a meeting or explore a new area of the city, many of us rely on technology to identify the best route to take. Transport and navigation apps have been allowed to flourish in London thanks to the availability of real-time and static [...]
Sadiq Khan will need to be radical in his thinking to solve London housing crisis May 12, 2016 The election of Sadiq Khan as London's new mayor neatly demonstrates what makes London a great city. Through his victory, Khan highlights that London is a city of opportunity where success is not dependent on a privileged upbringing. However, the attraction of London – thanks to its thriving economy and its ability to attract talent – [...]
The next great tax reform: Universal Basic Income May 12, 2016 Radicalism and popularity rarely march in step. Yet, there is one policy that the Chancellor has pursued, urged on by the Liberal Democrats when in coalition, that has achieved both: the expansion of the personal tax allowance. By the end of this parliament, the personal allowance is likely to have nearly doubled in cash terms [...]
The monetary policy committee is a master of policy inaction May 12, 2016 Today’s number to remember is 86. That is how many monthly monetary policy committee (MPC) meetings will have passed without a change in interest rates, assuming one does not happen today. Of course, I could be wrong in expecting no change from the MPC – along with every other economist on the planet. When there [...]
Sadiq Khan makes one small step in the right direction May 12, 2016 At the start of the week City A.M. asked – "will Sadiq Khan live up to his promise of being London’s most pro-business mayor?" The victorious Labour candidate may have set himself a tough target, but he has at least started on a positive note by dropping City Hall’s objection to expansion plans at City [...]
Why Britain really joined the EU and should now vote to leave it May 12, 2016 Students and journalists often seem to believe that Britain had to join the EEC (later the EU) because geopolitical realities demanded this or economic decline forced it on us. Nonsense. Ditching our victorious Commonwealth wartime allies to join a combination of Luxembourg, Belgium, the Netherlands, Italy, (Nato occupied) West Germany and a France that had [...]