Don’t misunderstand business beasts: Like Godzilla they’re on our side May 15, 2014 IT LOOKS like the monster showdown of the year. I’m not talking about the sadly limited charms of the new Godzilla movie, but the public clash between the state-sanctioned might of Westminster’s MPs and corporate behemoth Pfizer over its takeover bid for Astrazeneca. Yet the monstrous truth is that while the latest kaiju film with [...]
Austerity is working – but we must continue to challenge its diehard critics May 15, 2014 THE “BACKFIRE effect” is a term coined by the US political scientist Brendan Nyhan to describe how a person’s deeply-held convictions may actually get stronger when presented with contradictory evidence. In one recent study, Nyhan and his colleagues presented a group with information confirming the safety of vaccines. Faced with the facts, those who already [...]
Capitalists shouldn’t be frightened of Piketty’s growth-retarding manifesto May 14, 2014 WHEN a book called Capital in the Twenty-First Century, written by a French economist, hits the top of the best-seller list, you have to ask why. It’s not exactly familiar territory, after all. The answer lies in a clash of worldviews. The conflict is between those, like the book’s author Thomas Piketty, who want to [...]
Why politicians shouldn’t be trying to squeeze guarantees from Pfizer May 14, 2014 THE LONGER Pfizer’s attempt to take over Astrazeneca remains in the political spotlight, the more intense and worrying the pressure on the government is becoming to extract guarantees about what the combined company would and wouldn’t do in Britain. Attention has focused particularly on the R&D cuts that Pfizer has confirmed will happen if it [...]
Sterling strength won’t last: Markets will soon notice UK economic weaknesses May 13, 2014 STERLING has had a good run against the dollar, but it can’t last much longer. The pound has risen to five-year highs on growing expectations of an early UK rate rise and more dovish comments from the Federal Reserve. But events on both sides of the Atlantic could upset the consensus. For a start, the [...]
How the global economy became more equal – thanks to capitalism May 13, 2014 METROPOLITAN liberals love to be able to criticise Western society. Recently, their lives have been brightened by the extensive discussion on the rise in inequality since the 1970s, especially in the Anglo-Saxon economies. There is a danger that this essentially anti-capitalist narrative will come to dominate the media, paving the way for increased regulation and [...]
Britain’s supposedly open economy can’t afford this Pfizer political inquisition May 13, 2014 THERE was something quite uncomfortable about watching MPs do their best to trip up the boss of a major multinational that has expressed an interest in investing in the UK economy. At yesterday’s Business Committee hearing into his firm’s proposed bid for Astrazeneca, Pfizer chief executive Ian Read was treated no differently to Rupert Murdoch during [...]
Why Britain must reject Miliband’s arbitrary economic jingoism May 12, 2014 BRITAIN has a proud tradition of putting scientific inventions to commercial use – from the fire extinguisher to Beta blockers, used to treat high blood pressure. Both may be needed to defuse rising political tension over Pfizer’s bid to take over Astrazeneca. Ed Miliband’s shallow resort to populist protectionism threatens the rule of law, and [...]
Protectionism will do nothing for the UK – or the quality of its football May 12, 2014 ECONOMIC protectionism is back. Ukip has put immigration at the forefront of its EU election campaign, implying that competition in the jobs market from EU nationals is bad for UK interests. Labour thinks government should be more active in protecting the “national interest” in pharmaceuticals, and should stop foreigners buying property they might leave empty. [...]
The EU tax liberation day small print: Why the UK beats flat tax Lithuania May 12, 2014 WHEN I tell you Lithuania has a 15 per cent flat tax rate, does your mouth water at the idea of Britain adopting a similar system? As a former stockbroker who has researched “The Tax Burden of Typical Workers in the EU” for the past five years, I’ve learned to look at tax rates the [...]
