As BG reduces Helge Lund’s pay deal, should shareholders press firms to cut executive pay? December 1, 2014 Vince Cable, secretary of state for business, innovation, and skills, says Yes. The decision by BG Group to revise the package offered to Helge Lund is correct. The previous offer made a mockery of the Directors’ Remuneration Policy approved by the firm’s shareholders earlier this year. I called for shareholders to intervene and they did. [...]
The oil war has begun: The Saudis are using crude tools to hobble their rivals November 30, 2014 “Paranoia is knowing all the facts.” – Woody Allen Venezuelan foreign minister Rafael Ramirez certainly believes in my Saudi oil conspiracy theory. With his horribly-run country requiring a break-even oil price of at least $121 per barrel to balance its budget, and with the global price of crude already down 30 per cent since July [...]
London can’t build a robust UK economy alone: We must unlock the regions November 30, 2014 In my first official engagement as lord mayor outside the M25, visits to Liverpool and Manchester were ideal places to kick-start my programme for the year. While my time in each northern powerhouse city was limited, it helped to set my agenda for the forthcoming year. Politicians love the term “rebalancing the economy”. It’s kept [...]
Cyber Monday UK 2014: A great day for online shoppers – and for internet crime November 30, 2014 Today is Cyber Monday, the busiest online shopping day in the retail calendar, as consumers continue to cash in on Black Friday discounts and get their Christmas orders in. With consumers expecting fast turnarounds of online purchases, retailers will no doubt be concerned about supply chains and channels to market – one wrong move could [...]
Could Cameron’s pledge for tougher action on immigrant welfare push Britain to an EU exit? November 30, 2014 Alisdair McIntosh is director of Business for New Europe, says Yes. David Cameron is right to recognise the value of EU membership to the economy, but his policies raise concerns. Free movement of people is fundamental to the EU, and large-scale changes may prove impossible. Some of his proposals, like barring migrants from in-work benefits [...]
Further devolution is great news for Scotland: Now it’s London’s turn November 27, 2014 THE AGREED conclusion of the Smith Commission into further devolution for Scotland is excellent news – real power to tax and spend, including responsibility over income tax rates and bands, is now set to be wielded by the Scottish Parliament. Now it’s London’s turn. The capital is the UK’s economic powerhouse, providing a staggering £34bn [...]
Cost of complexity: Britain’s tax relief chaos is even overwhelming HMRC November 27, 2014 HOW CAN HMRC be expected to administer Britain’s chaotic tax system if politicians keep passing so much legislation? Despite George Osborne frequently stating his preference for simpler taxes, last year’s Finance Bill was the second longest ever at 646 pages. There have only been five Finance Acts longer than 600 pages, and the coalition is [...]
Failure to reform Europe’s capital markets will blunt the UK’s entrepreneurial edge November 27, 2014 BRITAIN has long regarded itself as having a certain entrepreneurial flair that sets it apart from its continental cousins. And now it’s official. The recently released annual Global Entrepreneurship and Development Index placed Britain fourth in the world, and well ahead of its European neighbours. The ugly truth, however, is that Britain’s entrepreneurial edge will [...]
As the European Parliament votes to break up Google, is it politicising competition law? November 27, 2014 Philip Booth, professor of insurance and risk management at Cass, and editorial and programme director at the Institute of Economic Affairs, says Yes. Taking competition action against innovative industries is bad policy – unless the EU wants a stagnant economy. Google is operating in a sector where change happens very quickly, and dominant firms that [...]
Migrant entrepreneurs are shunning the UK – and we are all worse off as a result November 26, 2014 DEPUTY prime minister Nick Clegg has finally joined what shadow home secretary Yvette Cooper has described as an “arms race of rhetoric” on immigration, backing proposals to curb benefits to European Union migrants. He does, however, remain opposed to restrictions on the right of EU citizens to move freely and seek work within the UK, [...]