From public sector pensions to social care, the government is scarily ill-prepared for major demographic change December 13, 2016 The gap between private and public sector pensions in the UK is the worst in the developed world, according to the OECD. New civil servants can expect to receive a 6 per cent pay rise when they reach retirement, while private sector workers can expect a cut of nearly 50 per cent. Mounting pressures on social [...]
Chancellor Philip Hammond calls for a four-year “soft Brexit” as the UK leaves the EU December 12, 2016 Chancellor Philip Hammond has backed a transitional period to ease Britain’s exit from the European Union, bringing relief in the Square Mile but exposing a potential split with senior Cabinet colleagues. Hammond said yesterday that “thoughtful politicians” could see the need for a “longer period to manage the adjustment” of leaving the EU. The comments [...]
Goldman Sachs banker Gary Cohn becomes Donald Trump’s main economic adviser December 12, 2016 Donald Trump has announced the appointment of former Goldman Sachs banker Gary Cohn as his most important economic adviser. Cohn has officially been named as director of the National Economic Council. He will be tasked with advising the President-elect on implementing his unorthodox economic campaign promises, which purportedly combine broad tax cuts with big infrastructure [...]
Sadiq Khan makes progress in bid to become the London mayor for business December 12, 2016 LONDON mayor Sadiq Khan is making progress in his bid to become the city’s “most pro-business mayor ever”. In a recent poll of more than 500 London businesses the proportion who saw him as pro-business remained at 39 per cent, the same as it was before his election. Yet the same poll, which was commissioned [...]
Political shocks have been a buy signal in 2016 – why not in 2017 too? December 12, 2016 It's that time of the year for financial journalists: we are being inundated with lengthy outlook reports for the coming year. My inbox is littered with ominous warnings about how 2017 will see more uncertainty, and the overwhelming theme for the year is: it’s the politics, stupid. Given the rise in populist voting in 2016, which manifested [...]
Successor to John Key is confirmed in New Zealand’s top post December 12, 2016 New Zealand has a new prime minister, with frontrunner Bill English confirmed as the person to succeed John Key after his shock resignation last week. Telling reporters he was "both excited and humbled", English announced Paula Bennett as his deputy and economic development minister Steven Joyce as the person to take over his old job [...]
Donald Trump is snatching defeat from the jaws of victory in powder keg Asia December 12, 2016 Donald Trump is off to a surprisingly good start. While his enemies in the Democratic party and the American press (which is largely the same thing) froth at the mouth, enraged that their world view has been found wanting, the President-elect has assembled a thoroughly solid cabinet up to now. While there are some (to coin [...]
The City is a national asset with massive potential to address regional inequality December 12, 2016 One of the hardest parts of the lord mayor’s job is getting people to think of the financial City as more than just London. Our capital is certainly a vital part of the UK’s offer, but so are the many smaller towns and cities that lie beyond the M25 that, together, provide two thirds of the UK’s [...]
It’s Europe that will push for a conciliatory Brexit – because Britain holds all the aces December 12, 2016 A strong case can be made that the UK economy is in a unique position within the European Economic Area (EEA). Unique, because its membership is to the categorical financial benefit of all other members. Other countries gain either through exports to or via businesses located within Britain. Were the UK to be sent outside the [...]
Johnson keen to emphasise UK’s close ties with Saudi Arabia after critical comments on Yemen December 11, 2016 Foreign Secretary Boris Johnson reiterated Britain's close ties to Saudi Arabia on a visit there yesterday, days after making comments seen as critical of the desert kingdom's actions in Yemen. "I'm here to emphasise the friendship that exists between the UK and Saudi Arabia, and that is something that is developing and expanding," Johnson said [...]