Economics lessons from history: Don’t expect a post-Covid boom December 2, 2020 Just over 200 years ago, the finances of the British government looked even more parlous than they do today. Since the mid-1790s, the country had been engaged in a titanic struggle with Napoleon’s France. To pay for the conflict, the government had borrowed on a massive scale. The cumulative financial deficit — the difference between [...]
Dial “Enterprise, Enterprise, Enterprise” for this economic emergency December 2, 2020 Never before has a chancellor had to stand in the House of Commons and present quite such dire economic news: the largest fall in output in 300 years; the highest level of borrowing in our peacetime history; and unemployment set to rise by over a million in the next six months. Amid this economic emergency [...]
Covid-19 brings Arcadia into administration, but Topshop’s brand has struggled for years December 2, 2020 Retail group Arcadia, owner of British high street giants Topshop and Dorothy Perkins, hired administrators this week after the coronavirus pandemic “severely impacted” sales. The retail empire, which is owned by controversial businessman Sir Philip Green, failed to secure extra funding to pay its debts despite the Black Friday sales period. While the pandemic created [...]
Don’t let the doom-mongers stand in the way of our robot-driven future December 1, 2020 Are the robots coming for our jobs? That has been a perennial worry ever since the initial technological advances of the first industrial revolution. But there are concerns that this time is different — and that artificial intelligence (AI) requires government intervention. Some estimates suggest that 40 per cent of jobs are at high risk [...]
Wanted: Someone to take charge and save hospitality this Christmas December 1, 2020 The excitement is building, and it’s so close now: lockdown is about to be lifted, and at midnight tomorrow we will all slot into our allotted tiers. London will be in a freshly toughened Tier 2, with shops reopening and pubs and restaurants allowed to admit customers — but under complicated limitations. A few lucky [...]
The best medicine for the Covid economy? Tax reform December 1, 2020 In last week’s Spending Review, the scale of the economic challenge facing Britain was made unequivocally clear: the worst drop in GDP for centuries, unprecedented peacetime borrowing, and lasting scarring effects on productivity and the labour market. The chancellor is keen to stress that these problems will require a concerted response in the years ahead. [...]
Yes, we really can end new HIV cases by 2030 — here’s how December 1, 2020 When I was asked to chair the HIV Commission tasked with recommendations for making England the first country in the world to end new HIV cases by 2030, I wanted to know two things. One, is it doable? And two, is it worth doing? Over the past 15 months, my questions have been resoundingly answered. [...]
Is Opec+ fraying at the edges? November 30, 2020 As the Opec summit gets underway in Vienna, there are signs that the consensus about overproduction levels may be fading. The UAE and other major producers have indicated frustration at the current state of production. They see Saudi Arabia and Russia, two of the world’s largest producers, determining energy policy bilaterally, apart from the rest [...]
Got an idea to supercharge growth in left-behind Britain? Your country needs you! November 30, 2020 A lot has changed since the nation last went to the ballot box. A generation will never again take freedom for granted. The national debt exceeds 100 per cent of GDP. Lives have been lost, attainment gaps have widened, dying industries have been dealt a coup de grâce. But in one area the narrative has [...]
Preparing the City for a very different Christmas — and beyond November 30, 2020 Many businesses across London will be breathing a collective sigh of relief: subject to parliamentary approval, the decision to put the capital under Tier 2 restrictions means that they will be able to trade in the run-up to Christmas. Nonetheless, the festive period this year will be a very different occasion for all of us [...]