As Britain returns to a technical recession, what course should George Osborne take? April 25, 2012 PLAN A+ Mark Littlewood George Osborne must not change course. On the contrary, he needs to redouble his efforts and rediscover the steely determination that the coalition has recently lacked. The government’s apparent bravery in tackling public expenditure looks set to result in spending flat-lining, not markedly falling, between now and 2015. The budget deficit [...]
RAPID responses April 25, 2012 Hope against hope [Re: A tax on heritage, Tuesday] I own a Grade II listed house that we wanted to refurbish. We’ve spent a large amount on design proposals and planning permission and we may have to shelve our project and sell up as we can’t afford the extra in tax. We’re not building a [...]
What businesses want in London’s new mayor: A wishlist from the CBI April 24, 2012 IN A YEAR of exciting events, the London mayoral elections are first in the capital’s diary, followed in the summer by the Queen’s Diamond Jubilee and the 2012 Games. The spotlight will be on London, so there’s no better time to redouble our efforts to promote the city as a world-leading business centre. Whoever wins [...]
State spending leads to growth in Grossly meaningless Domestic Product April 24, 2012 TWO years ago, the Bank of England (BoE) predicted that GDP would today be growing at a rate of 2.5 per cent a year. It is in fact growing at 0.0 per cent or thereabouts. An economic forecaster overestimating GDP growth by 2.5 percentage points is like a weather forecaster predicting that the temperature will [...]
The chancellor’s cuts to loss relief will hurt startups April 24, 2012 A FRIEND of mine responded to an invitation to a Big Society philanthropic event, “not sure I want to be associated with a group of tax evaders (previously known as philanthropists)”. I believe the event was cancelled. The foolishness of limiting tax relief on charitable giving has already been exposed; but there has been less [...]
Is the Leveson Inquiry becoming an attack on the fundamental freedom of the press? April 24, 2012 YES Mick Hume The Leveson Inquiry is the enemy of a free press, a showtrial which found the tabloids guilty before it started. David Cameron set it up not to investigate phone-hacking but to sanitise and tame the entire “culture, practice and ethics” of the media. Who needs state censorship, when you can get a [...]
RAPID responses April 24, 2012 Decaying heritage [Re: A tax on heritage attacks the heart of local business, yesterday] I completely agree with the sentiment and tone of this article. The charity, church and not for profit sectors are not legitimate targets for governmental revenue-raising on this kind of scale. One hopes, by now, the message has dawned. We need [...]
Super Mario talks a good game but Italy’s entrepreneurs have lost out April 23, 2012 ITALIAN Prime Minister Mario Monti recently proclaimed “historic” labour reform and even declared the “financial aspect” of the crisis to be over. But don’t pop the Prosecco yet. Italy’s biggest impediments to business – rigid labour rules and uncertain contract enforcement – are alive and well. Monti’s upbeat attitude should be tempered by Italy’s ongoing [...]
Financial markets aren’t like casinos – but they aspire to their condition April 23, 2012 CASINOS are a triumph of human achievement – a beacon of what financial markets hope to accomplish. No, I’m not being facetious. Consider the distinction the economist Frank Knight made between risk and uncertainty. Risk is calculable because the range of possible outcomes is known. In roulette, for example, a ball is released into a [...]
A tax on heritage attacks the heart of local business April 23, 2012 THE decision to withdraw VAT relief from approved alterations to listed buildings may not just change the face of Britain by sounding the death knell for hundreds of cherished buildings, but also damage local economies and community services. Listed buildings – only three per cent of all buildings – are protected as the best surviving [...]