City Matters: India is a sleeping economic giant – the City stands to gain from its rise December 14, 2014 IN RECENT years, the UK has traded more with Ireland than all of the Bric nations (Brazil, Russia, India and China) put together. That fact has been rolled out regularly by our politicians over the past few years. And it also explains why trade delegations led by the Prime Minister and other ministers to emerging [...]
Britain will stagnate if we fail to address our digital skills shortage December 14, 2014 THE SCALE of technological advance over the last two decades has been staggering, and it looks set to continue. According to the World Economic Forum’s competitiveness report, there will be 30bn devices connected to the internet by 2020, roughly four times the size of the estimated global population. In recent years, several companies have been [...]
The digital currency boom: Britain can claim first-mover advantage by acting now December 11, 2014 The UK has always been at the forefront of financial innovation, and we continue to lead the way today. This year, we became the first Western country to issue sukuk sovereign bonds. But we risk being caught on the hop in the emerging digital world. Within a few years, digital currencies, like Bitcoin, have gone [...]
Festive cheer: Even busy City workers should volunteer this Christmas December 11, 2014 It’s the season to be jolly, and the capital’s workers are flocking to celebrity-packed carol services, helping to swell the coffers of deserving charities. Just this week, guests joined the likes of Lesley Garrett, Dame Eileen Atkins and Colin Murray to raise £24,000 for children’s mental health charity Place2Be. And in the Square Mile, a [...]
Fewer MPC meetings? The Bank’s new plans are likely to backfire December 11, 2014 Yesterday, the Bank of England’s Monetary Policy Committee (MPC) announced a wide-ranging package of reforms to its meetings, processes and communications. The objective is sound – to enhance accountability and transparency. The proposals build on a report by Kevin Warsh, a former US Federal Reserve governor. His report was triggered by concerns that records of [...]
As Ed Miliband says he’ll make sensible cuts, are Labour’s deficit reduction plans credible? December 11, 2014 Chris Leslie, shadow chief secretary to the Treasury, says Yes. The only credible approach to getting the deficit down is one which is tough and balanced. George Osborne has failed to deliver the rising living standards needed to get the deficit down. And now he is making £7bn of unfunded promises, while pledging even deeper [...]
The FCA’s reputation has been dealt a serious blow – change is needed December 10, 2014 The Financial Conduct Authority (FCA) has had a tough week. The findings of the Davis report, an investigation into a botched, market-sensitive media briefing on the life insurance market, yesterday described the regulator’s reaction to the error as “seriously inadequate”, and “short of the standards expected of those it regulates”. The regulator spent a total [...]
In support of Boris Johnson: The US’s imperialistic foreign tax law helps no one December 10, 2014 The mayor of London and potential future Conservative leader and Prime Minister, Boris Johnson, has joined the army of voices against America’s controversial global tax law, the Foreign Account Tax Compliance Act (FATCA). During his recent book tour, Johnson was characteristically forthright, describing FATCA as “outrageous”, and a “terrible doctrine of taxation.” Born in New [...]
The Japanese general election: Shinzo Abe has history on his side December 10, 2014 The Japanese proverb “nanakorobi yaoki” roughly translates as: fall over seven times and stand up eight. It urges perseverance, and may be some comfort for Japanese Prime Minister Shinzo Abe ahead of this Sunday’s election. It has been a busy few months for Japan watchers – fresh QE, another slide into recession, and the calling [...]
Could the Eurozone soon see a wave of anti-austerity rebellion? December 10, 2014 Adam Memon, head of economic research at the Centre for Policy Studies, says Yes. In Greece, a disastrous combination of sheer incompetence and an inability to grasp the severity of the Eurozone crisis has meant that Syriza, a party of the hard-Left, could soon form a new government. Syriza’s economic programme, which calls for a [...]