EU migrant crisis: Don’t close the borders – why Germany needs the refugees September 13, 2015 “Give me your tired, your poor, your huddled masses, yearning to breathe free” – Inscription on the Statue of Liberty Having so recently played the part of the hard-hearted, skinflint uncle to a tee in the Greek crisis, it has been a profoundly pleasant surprise to see Germany behave in such a generous manner [...]
EU refugee crisis: From migration to capital movements – the City thrives on openness to the world September 13, 2015 A 2,000 mile round trip to Lithuania, quickly followed by another round trip of 7,000 miles to Washington, means that I will be spending a large part of this coming week travelling. But this time spent up in the air gives me a good opportunity to reflect on the challenges and opportunities that the City [...]
Jeremy Corbyn’s win is a disaster for Labour but the counter-revolution may come sooner than you think September 13, 2015 Jeremy Corbyn’s election as leader is a disaster for the Labour Party. It’s a particular disaster for those who believe that a party should select a leader who is a potential General Election winner and credible Prime Minister. And that a positive relationship with the businesses who create wealth and jobs, and pay the taxes [...]
As Goldman Sachs warns that the price of oil could fall to $20 a barrel, is the US shale revolution over? September 13, 2015 Peter Kiernan, lead analyst for energy at The Economist Intelligence Unit, says Yes. US shale oil growth between 2011 and 2014 was spectacular, causing total US crude oil output to grow by an annual average of 1m barrels a day during those years. But this was when prices were high. Production growth has slowed this year, [...]
Jeremy Corbyn: A Trotskyist tribute act on the verge of victory – The City View September 10, 2015 It feels like it’s gone on forever, we know – but tomorrow Labour will finally reveal the result of its leadership contest to replace Ed Miliband, who was so convincingly beaten during this year’s General Election. That election, back in May, reminded us of an age-old lesson in politics: never assume that there’s any such [...]
Jeremy Corbyn and the leadership result: Labour’s Thatcher moment won’t win over the country September 10, 2015 Say what you like about Jeremy Corbyn, but at least you know where he stands. His principled, straight-talking platform has the potential to transform the Labour Party. In fact, Corbyn could change Labour as radically and fundamentally as Margaret Thatcher changed the Conservatives. Indeed, while he would not thank me for saying this, [...]
Why the Fed should stick to its guns: The case for raising interest rates this month September 10, 2015 The Bank of England Monetary Policy Committee (MPC) held rates at 0.5 per cent yesterday for the 78th meeting in a row – no surprise about that. Ian McCafferty remains the lone hawk voting for an immediate rise. The rest of the Committee members are sticking to the line that we’ll need to [...]
The National Living Wage could make eradicating the deficit a three Parliament problem September 10, 2015 Today we have upgraded our forecast for UK GDP growth to 2.6 per cent for this year and next. On the face of it, we should be content with such an outcome, particularly when looking at the economic problems facing the Eurozone and the recent slowdown in China that has reverberated across markets around the [...]
With Russia upping its military presence in Syria, is it time that the West put boots on the ground there? September 10, 2015 Michael Rubin, a resident scholar at the American Enterprise Institute and former Pentagon official, says Yes Make no mistake: no Western nation wants to put boots on the ground inside Syria. Risks would be high, costs immense, and logistics complex. The question, however, is whether there is any choice. On the anniversary of the 9/11 [...]
We should encourage foreign graduates to stay – The City View September 9, 2015 Last week, this newspaper ran a front page story warning that finance chiefs identify the skills gap as a bigger threat to our economy than a slowdown in China, cyber attacks or even a British exit from the EU. Today, we feature the case of an international student with a first class degree in accountancy [...]