Green light for shale: Now Britain will benefit from the dash for gas December 13, 2012 FORGET the Energy Bill; the announcement that exploration for shale gas can now resume is the big energy story of 2012. In Lancashire alone, there is enough shale gas in the ground to meet Britain’s needs for decades. But the big question is what proportion can be developed at a reasonable cost. Yesterday’s decision means [...]
At the end of the day the business cliche just masks woolly mindedness December 13, 2012 LET’S open the kimono. The language of business is a joke. It now seems to be best practice to get your ducks in a row for corporate meetings by memorising phrases like value proposition, point person and core competency. At the end of the day, buzz phrases and bizarre metaphors may take it to the [...]
Charities take the burden as parties harden on welfare December 13, 2012 ONCE upon a time, we had to read the old classics to hear about the two kinds of people in need – the labouring poor and the undeserving poor. Dickensian scenes of the hard-working Bob Cratchit, abused by his employer Scrooge, contrasted with the feckless, drunken Bill Sykes. But is it too far fetched to [...]
Is Eurozone banking union a danger to the City of London as a global financial centre? December 13, 2012 YES Philip Booth The rationale for an EU banking union is clear: if Eurozone bank bailout costs are socialised, then bank regulation must be centralised. But this is the wrong approach. Instead, we should focus on ensuring that banks can fail safely, without bailouts. Roland Vaubel explained the dangers of a banking union in yesterday’s [...]
Rapid responses December 13, 2012 Bankers respond [Re: British Bankers’ Association mulls merger in hunt for cash, yesterday] The British Bankers’ Association (BBA) has not been directed by its members to seek to merge with any other trade association. At its recent meeting, the board voted unanimously to approve the budget for 2013, which accommodates the expected loss of income [...]
European banking union will be no friend of vibrant financial services December 12, 2012 WOLFGANG Schäuble, the German finance minister, recently said that “we can only achieve political union if we have a crisis”. His idea is to exploit the Eurozone’s sovereign debt problems to confer additional powers on the EU. And his most recent project is the “single supervisory mechanism” – otherwise known as banking union. EU finance [...]
Bashing City bankers has unintended consequences for middle England December 12, 2012 I HOPE, dear CityA.M. reader, that you occasionally manage to unchain yourself from your desk, rip yourself away from the trading floor, and escape from the shadows of the towers of Canary Wharf and the Square Mile. Because – and I hope this won’t come as a total shock to you – there is a [...]
New tax avoidance rule is a recipe for chaos and disorder December 12, 2012 THIS week’s draft Finance Bill gave a number of revealing insights into the mind of the chancellor and the direction the 2013 Budget will likely take. Among its contents was a long-overdue update on the general anti-abuse rule (GAAR) – the government’s much-hyped silver bullet for the scourge of tax avoidance. Over the past year, [...]
Should North Korea’s surprise rocket launch raise concerns over security in the region? December 12, 2012 YES Raheem Kassam There is no doubt that North Korea’s test will terrify the people of South Korea as well as other nations in the region. The West will not only be concerned by the threats and strains created by an emboldened North Korea, but also by the reaction of its partners. Over the past [...]
Rapid responses December 12, 2012 Urban renewal [Re: Decline in homeownership is the result of bonkers red tape, yesterday] Unfortunately, the housing shortage is London is not just an issue of “idiotic planning rules” but a fundamental unwillingness to allow the city to expand physically. The debate has artificially divided into supporters of the green belt and those who want [...]