We have a once-in-a-generation opportunity to fix Britain’s trains October 3, 2012 THE announcement of the suspension of not only the West Coast train competition – which covers trains from Euston to the north west – but the whole of the rail franchising programme and a number of the department’s officials, has sent shock waves through Britain’s rail sector. Patrick McLoughlin, the secretary of state for transport, [...]
Here’s a radical idea: Let’s take stock before introducing more regulation October 3, 2012 FINANCIAL services regulations aren’t like London buses, where you wait around for ages and then three come along at once. There’s no waiting around, and they come by the busload all the time. So far this week, we’ve had Ed Miliband threatening to break up the banks, and then the EU’s Liikanen report calling for [...]
Why both left and right must call for an EU referendum October 3, 2012 WHY would we – a card-carrying Conservative eurosceptic City man, and a life-long europhile Labour activist and former special adviser to two Labour cabinet ministers – team up? What project could possibly unite us? The People’s Pledge. The People’s Pledge is the politically independent campaign for a referendum on the UK’s membership of the European [...]
After reporting its first fall in profits since 1994, is Tesco now facing serious decline? October 3, 2012 YES Neil Saunders Those looking for a quick turnaround from Tesco will be disappointed by the latest results, which underline deep-rooted problems. UK like-for-like sales growth has improved since the last update. However, this has been driven by more discounting; a short-term solution that treats the symptoms of Tesco’s illness, but does very little in [...]
Rapid Responses October 3, 2012 Attack on property I’m a chartered surveyor working in London, and I was recently informed that Newham Council has decided to introduce mandatory blanket licensing of all rental properties in the borough. Letting agents or private landlords must pay £150 if they apply for a license by the end of the year. Afterwards, a five-year [...]
Big government may be dead but iDemocracy will reshape our lives October 2, 2012 IT’S over. The West’s big government way of doing things is coming to an end. For six years, the financial crisis has rumbled on. The longer it does so, the clearer it becomes that we are not watching a global crisis, but a Western one. From Spain and Greece to Britain and America, we are [...]
Teenage Mutant Ninja Turtles can teach us more than economics textbooks October 2, 2012 CHRISTMAS is coming and retailers are beginning to push their offers hard. The first page of a Google search for “Christmas Toys 2012” is full of sites announcing the hot must-haves of the year. In total, there are over 75m results to be perused. Last year it was Mishling Tree Monsters and Doggie Doo that [...]
EU banking report raises prospect of bailout divisions October 2, 2012 THE EU’s Expert Advisory Group, chaired by Erkki Liikanen, reported yesterday on whether to legally separate retail from investment banking – as considered by the Vickers Commission and discussed at the weekend by Ed Miliband. The Liikanen Report proposes five things. First, although the report suggests investment banking could be done within the same banking [...]
As the FSA proposes changes to listing rules, will it be enough to help the London market? October 2, 2012 YES Daniel Bellau The FSA proposals are a timely example of tightening regulations in order to protect investors and attract quality issuers. Seeking to ensure independence at board level if there is a powerful majority shareholder, and regulation of that shareholder’s relationship through a relationship agreement, already reflects the market. Codifying this within the regulations [...]
Rapid Responses October 2, 2012 Cost of statistics [Re: Time for MPs to summon statisticians over endless revisions, Friday] There are two main reasons why GDP is now revised more than it used to be. Allister Heath is right that the initial estimate comes out too quickly. But this is at the insistence of ministers, not statisticians. Secondly, ministers now [...]