Why the Libor scandal is just the latest chapter in Britain’s obsession with punishment January 22, 2015 Britain’s enduring obsession with punishment has resurfaced in its response to the Libor scandal. The number of UK traders charged for Libor-related offences by the Serious Fraud Office has reached 13, placing Britain far ahead of other European countries in its tally of prosecutions for benchmark manipulation. Investigations continue and the UK authorities have indicated [...]
The Eurozone desperately needed Mario Draghi’s QE stimulus – but the euro isn’t safe yet January 22, 2015 European Central Bank (ECB) president Mario Draghi has done what many in the markets had hoped for, and announced a massive package of QE of over €1 trillion – promising more if need be. This is much bigger than had generally been expected, indicating Draghi’s determination to deal decisively with the Eurozone’s deflation problem. If [...]
Burns Night 2015: American Scots are being deprived of haggis – it’s time to overturn the ban January 22, 2015 It’s Burns Night this weekend, and yet millions of Americans of Scottish descent will be unable to enjoy Scotland’s national dish, the haggis. Since 1971, the US government has banned the export of haggis to America, and so Boisdale has initiated a campaign to change this. This resulted in Lord McColl of Dulwich raising questions [...]
As the ECB unveils a massive QE boost for the Eurozone, will this set back structural reform? January 22, 2015 Richard Batley, senior economist at Lombard Street Research, says Yes Without structural reform, successive European Central Bank (ECB) monetary palliatives can only temporarily ease the symptoms of deflation and low growth. They can’t address the causes. In almost every euro area country, private sector and government debt-to-income ratios are higher than before the financial crisis. [...]
State of the Union hints at Obama’s lame duck term January 22, 2015 There has been a growing trend in the State of the Union address the President gives each year. He stands before Congress and begins to alternate between populist appeals, personalised stories, and non-starter policy proposals. This year was no different, although there is a possibility that a couple minor changes may be made. Little of [...]
Tax competition is good for Europe: Don’t let Jean-Claude Juncker muddy the waters January 21, 2015 At the end of last week, the European Commission disclosed a preliminary finding that Amazon’s tax arrangements in Luxembourg could have constituted “state aid”. While Amazon has said that it had received no special treatment, this is not good news for the Duchy’s former Prime Minister Jean-Claude Juncker, now president of the Commission. Yet the [...]
Political uncertainty: The greatest threat to Britain’s thriving small businesses January 21, 2015 In the depths of the financial crisis, we were approached by a small house builder in the South East who was looking for finance to refocus his business towards the higher end market. A gamble at the worst possible time, you might say. But five years on, and his business is thriving. It’s a small [...]
Britain needs an Elon Musk to revolutionise its creaking internet January 21, 2015 Cheap smartphones, discount clothing stores, budget airlines: capitalism may not be perfect, but it excels at making things once considered luxuries affordable. Rocketry startup SpaceX announced yesterday that it plans to do the same for broadband in the developing world. It’s raised $1bn (£660m) from Google and Fidelity, and plans to fill the sky with [...]
As Bank of England minutes reveal a unanimous vote to hold interest rates, should its first hike wait until 2016? January 21, 2015 John Longworth, director general at the British Chambers of Commerce, says Yes The latest MPC minutes make it clear that even the hawks don’t believe there is a convincing case for near-term rises in interest rates, something that UK businesses will applaud. Falling global oil prices, Eurozone uncertainty, sluggishness in emerging markets, and the near [...]
How to overcome the fear of public speaking January 21, 2015 For many people, public speaking is not easy. For some people, it is simply terrifying. Speaking in front a large crowd, particularly of your peers, has been likened to the trauma of buying a house, going through a divorce or going to the dentist. Of course, it is far worse when your career depends on [...]