Judge in haste and repent at leisure – Editor’s Letter May 21, 2015 News lives in the now. Sprinting from drama to drama, we rarely have the leisure to turn and look back. But sometimes a clear picture only comes into focus with the help of hindsight. This week provided two instructive examples. First, a report marking the 10-year anniversary of the liberalisation of Britain’s antiquated drinking [...]
George Osborne says Britain wants to be in Europe, not run by Europe May 20, 2015 Chancellor George Osborne told business leaders last night that they need to “confront some hard truths about Europe”. In a speech at the pro-European Confederation of British Industry’s annual dinner, Osborne said that the government wants “Britain to be in Europe, not run by Europe.” “The continent is sleepwalking towards a future where it has [...]
Michael Spencer says EU referendum vote must not be rushed as CBI boss Sir Mike Rake gives pro-European support May 19, 2015 City veteran and top Tory donor Michael Spencer yesterday warned against rushing into a quick referendum, arguing that the Prime Minister needs time to renegotiate Britain’s relationship with Brussels. The message is at odds with pleas from key City figures, including Bank of England governor Mark Carney, to cast the in/out vote as quickly as [...]
Grexit odds have shortened again May 19, 2015 If Alexis Tspiras is a betting man he might be hoping for better odds than these. Bookmaker Paddy Power now believes there is a 40 per cent chance of Greece leaving the Eurozone this year. The odds of a Grexit have been shortening across the board. Paddy Power has it priced at 6/4, while [...]
The Brexit effect begins: Deutsche Bank forms working group to consider impact of UK leaving the EU May 19, 2015 Deutsche Bank is considering pulling chunks of its operations from the UK in the event of a Brexit, ahead of the EU referendum committed to by the Conservatives during the General Election. The German lender has reportedly put together a working group comprising execs from its risk, strategy, UK management and research teams, to [...]
Chairman of JCB Lord Bamford says economy would not be affected by Brexit May 17, 2015 The chairman of one of Britain’s largest manufacturers said today that Britain’s trade relationships would be unaffected if the country were to vote to leave the European Union in an in/out referendum. “We are the fifth or sixth largest economy in the world. We could exist on our own – peacefully and sensibly. We could [...]
Sleepwalking to Brexit: The stakes are too high to be complacent about the risks May 17, 2015 Expect the unexpected could be considered the new mantra for UK politics, just like think the unthinkable has become an increasingly common refrain for markets. The shock Conservative majority and stunning gains of the SNP left Paddy Ashdown eating his hat, Alastair Campbell eating his kilt, and David Cameron well-advised to dust off the “Better [...]
Nigel Farage’s unresignation, Mayoral candidates and the Avon lady’s funny turn: Here’s what got us talking this week May 15, 2015 It was the week we dealt with the fallout of the election – including the coining of the phrase “doing a Farage” (aka “taking an extra day off to prolong the weekend”). What got us talking this week 1. Barage of Farage Some called it Ukip’s Easter (“on the third day, he rose again”), [...]
Business backs Mark Carney’s push for in/out EU referendum vote May 14, 2015 Business leaders welcomed Bank of England governor Mark Carney’s comments yesterday, calling for the government to act with “appropriate speed” in pushing through an in/out referendum on Britain’s EU membership. In a radio interview with the BBC, Carney said it was “in the interests of everybody” to answer questions surrounding the UK’s relationship with the EU, adding [...]
UK banking’s falling competitiveness should worry the whole of the country May 14, 2015 Contrary to most expectations, we have a government. And although David Cameron might have felt he had it difficult in his first term as Prime Minister – dealing with a huge budget deficit while in coalition – this term also has its challenges. His majority is slim, there is the far from little matter of [...]