The Debate: Will Tory divisions over same-sex marriage damage the party’s re-election prospects? February 5, 2013 YES Paul Goodman The same-sex marriage bill was not in the Conservative manifesto, the coalition agreement, or the last Queen’s speech. No green or white discussion paper has preceded it. But it was “whacked” through the Commons – to borrow the ugly but efficient word deployed by Boris Johnson – on a whipped timetable. It [...]
Letters to the editor February 5, 2013 Bank ringfencing [Re: Ringfencing is the wrong solution to the wrong problem, yesterday] It’s right to point out that Northern Rock, HBOS, and Bradford and Bingley were largely retail banks. But that doesn’t mean there isn’t a problem to solve. Retail banks have been relying on a flood of cheap money from the Bank of [...]
The retail funding myth – why the investment banks aren’t to blame February 4, 2013 BANKS used retail deposits to gamble on the investment banking casino!” That is the common perception of the cause behind the 2007-2008 financial crisis. The popular belief is that retail deposits, instead of being used to fund “safe” traditional retail lending like mortgages, were used to fund high-risk derivatives trading on the international capital markets. [...]
How we can reignite popular capitalism in Britain’s state-owned banks February 4, 2013 LORD Lawson, the former chancellor, has rightly asked the question of what to do about the ownership of RBS. But his suggestion – full nationalisation – has certainly raised eyebrows. While the yearly debate about bonuses causes political headaches, it is well-acknowledged that RBS’s current management is “defusing the biggest balance-sheet time-bomb in history”. Longer-term [...]
Whitehall amateurs should take lessons in business practice February 4, 2013 NON-executive directors (NED) are not a new phenomenon in the private sector. These men and women have been discussing the performance of directors, participating in committees, and setting the strategic direction of businesses for years. But Whitehall has come late to the party. NEDs have only sat on the boards of government departments since 2010. [...]
The Debate: As high costs force Centrica to pull out of new projects, can nuclear power ever be profitable? February 4, 2013 YES Tony Lodge Nuclear power stations can be built and operated without the need for government subsidies. The actual build of nuclear power stations is entirely financed by energy companies – not the government. However, the only way that you can get these companies to invest billions of pounds is by providing them with a [...]
Letters to the editor February 4, 2013 Austerity politics [Re: Recession and higher tax taking toll on Britain’s top earners, yesterday] This article makes it clear that we really are all in it together. But this fact creates a tricky electoral paradox for the Conservatives. First, it isn’t in the Tories’ best interest to point out that they are taking large amounts [...]
Crisis in the Eurozone is brewing up security problems for years ahead February 3, 2013 IN HIS speech on Britain’s relationship with the EU, David Cameron reminded us that European politics is still characterised by a competition for influence in pursuit of the national interest. There is, of course, no longer a military dimension to that contest. A common European market and common institutions have weakened the link between economics, [...]
Britain needs action on visa restrictions to stay open to international business February 3, 2013 THE defining characteristic of London’s success in recent times is its international outlook. New census data vividly demonstrates this fact, by showing that more than 100 different languages are now spoken in virtually every London borough. Skilled individuals from across the globe choose to call the capital home. This pool of talent is, in turn, [...]
A late night Tube is simple way to keep London competitive February 3, 2013 TRANSPORT for London has raised the prospect of the Underground running until 2am at weekends. Starting in 2015, this could deliver a signifciant boost to London’s £8bn a year dining, drinking and entertainment industry, and would provide a boon to the thousands of Londoners who flock to the West End for a night out. This [...]