The end of China’s migrant miracle could see global asset prices plunge July 22, 2015 China’s meteoric economic transformation has brought billions of workers out of poverty and into the global labour market. But recent discussion has raised the possibility that China’s “migrant miracle” (fuelled by the influx of people from the countryside to work in the cities) could now be over as the so-called “Lewis point” is reached – [...]
The EU risks damaging consumer interests in its push against Google dominance July 22, 2015 Jean Tirole won last year’s Nobel prize for economics for his work on a new type of market – and one that has grown with the meteoric rise of the internet. So-called two-sided markets arise when a company brings together suppliers and consumers. Google is a classic example: it provides browsers with web pages, and [...]
Are interest rates about to rise? Don’t bank on it yet July 22, 2015 Bank of England governor Mark Carney has set the cat among the pigeons with his recent comments on interest rate rises. From the media response, one could infer that a rate rise is just around the corner and a done deal. My response is hold on, not so fast. For the first time since the [...]
As Blair warns Labour has rediscovered losing, are its 2020 election chances slipping away? July 22, 2015 Patrick Diamond, lecturer in public policy at Queen Mary, University of London, says Yes Labour is at grave risk of throwing the 2020 election away. To win in five years, it has to understand why it suffered a devastating defeat on 7 May. The reasons are obvious: the public did not believe that Ed Miliband [...]
Universities are on the frontline in the UK’s battle against Islamic extremism July 21, 2015 Mohammed Emwazi, Michael Adebolajo, Seifeddine Rezgui – by all accounts quiet, unassuming individuals until they became ISIL’s celebrity executioner, Lee Rigby’s murderer, and author of the Tunisian massacre respectively. Insofar as any common thread binds this grim trio and all too many other recent terrorists, it is not poverty, deprivation or social isolation, but their [...]
Labour must re-embrace the City of London for the benefit of all society July 21, 2015 AS HSBC mulls over whether to leave the UK, it’s time for Londoners to re-embrace the City of London. Indeed, if I was mayor, I would be campaigning for major banks to stay headquartered here, unlike the current mayor. The jobs they offer directly and indirectly matter, but the damage to London’s reputation if they [...]
With the Greece crisis now off the table, is Europe primed for an economic boom? July 21, 2015 Dr James Nixon is chief European economist at Oxford Economics, says Yes There’s no doubt that Europe’s problems stem from a massive failure of macroeconomic policy. The financial crisis of 2008 laid bare the single currency’s fundamental flaws, and ever since Europe has been fighting to put its house in order. The failure was to [...]
The Bank of England could – and should– have raised UK interest rates much sooner July 20, 2015 Heartening as it was to hear the governor of the Bank of England, Mark Carney, dropping hints last week about the raising of Bank Rate, serious doubts remain over the effectiveness of the low interest rate regime in reviving the economy. Moreover, the impression continues to be given that the delay in raising rates carries [...]
How the Eurozone could survive without building a European super state July 20, 2015 When the euro was adopted, British sceptics argued that it was impossible to have a single currency without a single country. They suggested that you need central control of fiscal policy to stop governments from borrowing too much. It was also argued that you would need huge fiscal transfers to depressed countries given that they [...]
Ivan Massow: I don’t love Heathrow – but we shouldn’t let Nimbyism block a crucial new runway July 20, 2015 It’s no secret that London Conservatives are deeply divided on Heathrow expansion. So far, I’m the party’s only mayoral candidate to support the Davies Commission’s recommendation that the airport should get a third runway. In fact, one of us would rather resign than see it happen. I was there when Jeffrey Archer “resigned” as the [...]