London’s housing market is failing the capital’s workers: We can’t make this crisis someone else’s problem March 1, 2016 With house prices a staggering 13 times the average London wage, and rents taking up on average 60 per cent of London tenants' incomes, the prospect of finding an affordable place to live is slipping further out of reach for many of the capital’s four million-strong workforce. As the housing crisis deepens, workers from across the [...]
As Mervyn King warns that the project is doomed, is it time for the Eurozone to be broken up? March 1, 2016 Ruth Lea, economic adviser to the Arbuthnot Banking Group, says Yes. The Eurozone was always primarily a political project, a major stepping stone to the “ever closer union of the peoples of Europe,” but one with the profoundest economic consequences. Members have no control over their interest rates, their exchange rate or, indeed, fiscal policy. And, [...]
EU referendum: While David Cameron deems Brexit a leap in the dark, is a vote to Remain risk-free? February 29, 2016 David Cameron’s position on Brexit can be boiled down to five words: “a leap in the dark”. Leaving the EU is a risk we cannot take, he argues, because we can’t be certain that any new arrangements we may secure will be better for Britain than what we have today. For financial services, in particular, [...]
Britain needs to take a giant leap forward and embrace radical competition to achieve ultrafast broadband February 29, 2016 London is one of the world’s greatest cities, and arguably the pre-eminent global financial centre. The UK has 17 of Europe’s 40 tech unicorns (startups valued at $1bn or more), and all bar three of these are in London. And yet, compared to other European cities, its broadband infrastructure – the vital sensory network of a [...]
Socialism has created a humanitarian disaster in Venezuela February 29, 2016 Venezuela's accelerating economic meltdown is rapidly turning into a full-fledged humanitarian crisis. For too many in that country, the pervasive shortages of food, medicine, electricity, and other basic goods are making everyday life a nightmare. It is Venezuela’s version of the “winter of discontent,” except that it has been brewing for much longer and its [...]
We mustn’t let the EU referendum narrow our view of the City’s global opportunities February 29, 2016 Only 115 days to go. The EU referendum has been a huge story since well before the date was announced and now we have months of campaigning before polling opens. In fact, so dominant has the referendum been recently that the world outside Europe has been almost overlooked by the media. I’m writing this column [...]
The City has nothing to fear – and much to gain – from Brexit February 29, 2016 The UK’s continued membership of an increasingly hostile EU is putting the City at risk. The EU is an important market but its significance has been waning. In 2005, 39 per cent of our exports in financial services, pensions and insurance went to the EU, but this has now fallen to 33 per cent. By [...]
With mortgage rates heading towards 1 per cent, should we be worried about a bubble in the market? February 29, 2016 Scott Corfe, director at the Centre for Business and Economic Research, says Yes. Most of the house price growth seen in the UK over the past couple of years has been fundamentals-driven. Supply of new homes simply hasn’t caught up with demand. However, one does wonder if we are now veering into bubble territory – particularly [...]
Everton takeover: Are the club really worth £200m? A former director explains what Farhad Moshiri will consider February 27, 2016 As the club’s Commercial Director, I helped Everton to achieve their aim of becoming one of the 20 richest clubs according to the annual Deloitte Football Club report. It was felt that, by attaining this position, Everton would be attractive to prospective purchasers. That was ten years ago, and they have still not found a buyer [...]
Gianni Infantino’s victory means little – Fifa has shown few signs of cleaning up February 27, 2016 If you believe the hype out of Zurich, you’d think that Fifa has turned the corner. The ‘bad guys’ are gone. There’s new management. And Fifa has had a Damascene conversion to good governance, transparency and accountability. Wrong. Wrong. Wrong. The overwhelming emotion for many when Gianni Infantino won the ‘beauty contest’ of the Presidential [...]