Why Britain’s housing market has escaped the disasters of the 1990s November 22, 2012 DESPITE economic woes, the British housing market is holding up reasonably well. According to the Office for National Statistics, house prices in September were 1.7 per cent higher than a year earlier in nominal terms, and only 2.5 per cent down on their 2008 peak. Of course, there are qualifications. Higher prices are mainly confined [...]
It’s time we should raise a glass in Thanksgiving for our commercial society November 22, 2012 BLESSED with a wife born in America, Thanksgiving is a festival I am learning to celebrate. In grim economic times, it is easy to focus only the negative. But we still enjoy the rare good fortune to live, for the most part, in peace and under liberty. Freedoms of association, speech, trade, and faith enrich [...]
The HP Autonomy allegations reveal US-UK differences November 22, 2012 ANOTHER US-UK economic conflict is brewing, following HP’s revelation that it has taken an $8.8bn (£5.5bn) write-down. It comes after the claim that it had discovered “serious accounting improprieties” at Autonomy, the British software company. Autonomy completely denies the allegations, of course. But like Standard Chartered’s run-in with the New York regulator over Iranian sanctions, [...]
Should Sunday trading hours be extended in supermarkets for the Christmas period? November 22, 2012 YES Dalton Philips The seven trading days before Christmas day are the busiest days of the year for grocery shopping. This period puts a huge strain on staff across our business, but particularly those in stores, logistics, and in manufacturing. Our analysis shows that, in the seven days prior to our early closing on Christmas [...]
Rapid responses November 22, 2012 Taxing times [RE: Our bureaucratic tax system is destroying jobs and growth, yesterday] Fiscal reform is desperately needed. There is a bewildering menu of taxes in this country, and even more red tape as a result. With the government’s avaricious appetite, high levels of taxation are not going to go away any time soon. And [...]
There’s no third way for the City in Britain’s relationship with the EU November 21, 2012 TODAY David Cameron travels to Brussels to take part in a critical summit on the EU’s budget from 2014 to 2020. The occasion will involve more than just budget negotiations, however. This summit has implications for both the City of London and the UK’s broader position within the EU – areas where the coalition’s approach [...]
Banks are part of the solution: They’re the lifeblood of UK economic growth November 21, 2012 WHEN it comes to the economy, banks are usually seen as the problem – as the ones that got us in this mess. But banks are also part of the solution. It is not just that financial services is a major sector of the economy – one of the few sectors where the UK is [...]
Why I still support Abramovich’s rule at thriving Chelsea November 21, 2012 ROMAN Abramovich’s decision to dismiss Roberto di Matteo, barely six months after his coach won him the European Champions’ League for the first time in Chelsea’s history, has been roundly criticised by many who follow football. Commentators deplore the oligarch’s inability to settle on a manager and give his club stability. Di Matteo is the [...]
Will HP’s allegations against Autonomy damage the reputation of UK start-ups? November 21, 2012 YES Mike Franklin This case is hugely embarrassing. Although the former management of Autonomy has completely denied these allegations, the fallout could still be enormous. The seriousness is underscored by the fact that HP reported the case to the US Securities and Exchange Committee and the UK’s Serious Fraud Office. A deal on this scale [...]
Rapid responses November 21, 2012 The cost of saving [Re: Fresh allegations overshadow welcome cultural shift in the City, yesterday] As a higher rate tax payer I benefited enormously from the 40 per cent tax relief on my pension contribution. But I was struck by the discrepancy between my position and that of my wife. As a lower rate taxpayer, [...]