This press release sums up everything that’s wrong with the UK’s house price obsession February 18, 2014 If there's a blindspot in the UK's collective understanding of economics – house prices is certainly it. In no other area would we so excitedly greet news of rising prices. That public relations officers feel we should want to applaud news of house prices well above their pre-crisis high is an insult. "Like chinks of sunlight, [...]
Europe has reached a turning point – we now need to rescue it from the EU February 17, 2014 THE COMING European Parliament elections could be a turning point: our moment to save Europe from the EU. But for that to happen, Europeans must realise the real future they face under the current system, and the risks involved in underestimating Brussels. I have been interested in politics since I was a kid, and that [...]
It’s time to abolish universal benefits for pensioners – but expect a backlash February 17, 2014 I’D JUST arrived in the office when the telephone rang. The enraged caller let rip in a 10 minute diatribe before threatening to put something disgusting through my letter box. For similar reasons, a colleague once received a death threat. Had we waded into a controversial debate on culture and diversity? Immigration? Perhaps free speech [...]
UK asset managers can boost competitive edge with more transparency February 17, 2014 WHEN we asked asset managers and investors to name the most important issue facing the sector, the answer was overwhelmingly how clients’ funds are spent through dealing commission. The growing consensus that more can be done to ensure clients’ funds are used fairly reflects a wider cultural shift across financial services. Firms in all sectors [...]
Letters to the Editor – 18/02 – Scotland relations, Stamp duty, Best of Twitter February 17, 2014 Scotland relations [Osborne’s claims that Scotland couldn’t use the pound don’t stack up, Thursday] Ruling out a currency zone after Scottish independence carries risks for both sides. The rest of the UK will unilaterally erect customs posts and force people to change money when they cross the border. This would damage trade and the free movement [...]
Time to worry: The Iranian nuclear crisis still threatens global stability February 16, 2014 ONE OF the areas of overlap between the business and political worlds concerns negotiation; any businessman or government-type worth their salt surely loves the chance to play at being that master actor-negotiator Peter O’Toole, if only for a limited audience. Some of my fondest memories of my decade in Washington involve behaving outrageously – asking [...]
City Matters: Why opponents of City development ignore our true Victorian heritage February 16, 2014 GUILDHALL is currently playing host to a public inquiry that has major ramifications for planning in the Square Mile and London. The future of the derelict Smithfield General Market and Annex (not the operational meat market next door) – or Smithfield Quarter for shorthand – is under deliberation. The secretary of state for local government [...]
Stamp duty is feeding the growing bubble in London’s house prices February 16, 2014 SUPPORTERS of financial transaction taxes (FTT), often known as Robin Hood taxes, claim that they can make markets safer. But a look at London’s frothy housing market makes this argument difficult to sustain. FTTs remove liquidity from markets, making bubbles more likely to form. And it looks like London house prices are booming thanks to [...]
Letters to the Editor – 17/02 – Big bluff, Futures markets, Best of Twitter February 16, 2014 Big bluff [Re: The Scottish nationalists aren’t credible on keeping sterling, Friday] The Westminster politicians would soon change their minds in the event of a “Yes” vote. A vote for Scottish independence would force all interested parties to negotiate over UK asset and debt sharing, bank recovery and rescue plans. Ross McEwan of RBS thinks [...]
City & Gild: You can’t handle the truth! February 14, 2014 I find a useful shorthand definition for ‘brand’ is the combination of product and reputation – where reputation is past performance and future promise. Which, if you read the press in any given day, should be the cause of sleepless nights for CEOs around the world. Because, in this day and age of social media, [...]