Donald Trump is right: The Federal Reserve has created the conditions for another financial crisis March 3, 2016 Following Super Tuesday, it’s time to start taking “the Donald” seriously, as the improbably-coiffed, globally-lampooned businessman now seems nearly certain to win the Republican nomination. Trump’s frequently bizarre outbursts, together with his left-field initiatives in foreign and domestic matters, have led many to disregard any remark he makes. However, and at the risk of losing [...]
The morning after Brexit: Why the UK should embrace free trade whatever deal it gets March 3, 2016 Quick recap. Last week I examined the three key aspects of our economic relationship with the EU (direct payments to the EU financed through higher UK taxation, the customs union, and the Single Market). Direct payments to the EU are obviously a cost. I also argued that the common external tariff (customs union) was negative [...]
Why the City of London Corporation should not abandon neutrality over Brexit and endorse a vote for Remain March 3, 2016 Today, at 1pm precisely, a quaint and rather gorgeous ceremony will take place in Guildhall. Preceded by a swordbearer and a macebearer, the Lord Mayor of London will sweep majestically into the “Court of Common Council” to preside over the meeting of one of the world’s oldest democratic bodies continuously in existence, the City of [...]
London risks taking its global status for granted if housing crisis carries on unabated and cost of living continues to rise March 2, 2016 It's awards season, and from the Oscars to the Grammys gongs are being handed out left, right and centre. It’s an opportune time, therefore, to reflect on the accolades bestowed recently on our capital city. London cleaned up last year, taking the top spot in a clutch of surveys including EY’s European Attractiveness Survey, MasterCard’s [...]
Forget HS2: Only radical education reform will rescue the Northern Powerhouse March 2, 2016 The head of Ofsted, Sir Michael Wilshaw, warned last week that secondary schools in Liverpool and Manchester were “going into reverse”. Too many pupils in Northern towns and cities are simply not prepared for the next phase of their education, training or employment. In Liverpool, for example, four out of every ten schools are judged [...]
From airport expansion to energy policy, our politicians are shirking the big decisions – and it’s partly our fault March 2, 2016 It was good to see City A.M. taking aim last month at the absence of long-term planning over energy policy. It is – and has been – an unholy mess for a long time with serious consequences for the economy and country. Only the most wild-eyed optimist would be reassured by EDF’s claim that construction of the [...]
Will Barclays’s restructuring programme actually improve prospects for the bank? March 2, 2016 Laith Khalaf, senior analyst at Hargreaves Lansdown, says Yes. Jes Staley, the new boss of Barclays, clearly takes the view that big is not necessarily beautiful when it comes to banking operations. The sale of the group’s African business and accelerated wind-down of non-core assets push Barclays further along the path of becoming a simplified [...]
Morrisons may not be the most obvious partner for Amazon, but there is method behind the marriage – and it could mean trouble for Asda, Tesco and Ocado March 1, 2016 Only one pound out of every £10 that Britons spend on groceries drops into Morrisons’ tills. Not a bad ratio, you might think, but like its bigger rivals (over £6 in every £10 is spent in Tesco, Sainsbury’s or Asda), Morrisons has been struggling with a declining market share. The Bradford-headquartered supermarket is not the [...]
Osborne is wrong: Brexit wouldn’t cause a “profound shock” – but would be a positive change of direction for Britain March 1, 2016 The actor Norman Reedus once said that “the dog with the loudest bark is the most afraid”. Last week, George Osborne showed how true this is, offering up warnings of the “profound shock” that would occur if the UK were to leave the EU and getting British diplomats to persuade G20 finance ministers to claim that [...]
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 [...]