The Digital Services Tax (DST) is a relatively easy bargaining chip to give away in a last-ditch bid to appease Donald Trump, whose final menu of tariffs on UK exports to the US is expected imminently. First tabled by Philip Hammond as chancellor in 2018 and enacted by his successor, Sajid Javid, two years later,
‘You can’t make an omelette without breaking eggs’ is a maxim attributed to leaders on both sides of the French Revolution. ‘Move fast and break things’ is today’s equivalent, emanating from Silicon Valley and amply demonstrated by Donald Trump and Elon Musk in their approach to government and geopolitics. ‘You can’t make omelettes at all
‘Don’t stress over short-term stock market swings’ is a maxim on which Donald Trump and I might agree, even if he is keen to take credit for upward rallies. The shakedown of the past few days is a natural reaction to the wild six-week ride of Trump’s tariff and foreign policy gambits and the realisation
I’ve been judging a beauty parade, but I hasten to add that no bikinis were involved. Four leading investment firms were competing for the mandate to manage a charitable endowment – and offering insights into the way professional stock-pickers see the world. First, despite (or if you’re a disciple, because of) the madness of Donald
Among British car factories, Nissan at Sunderland is the most productive and Jaguar Land Rover at Solihull probably the most advanced. As for industrial landmarks, the former British Leyland complex at Longbridge is reduced to a research and development facility for Chinese-owned MG; but ‘Plant Oxford’ at Cowley, the original home of Morris Motors now
If the new Trump era has a theme, it’s one of quixotic disruption with random consequences. In that spirit, stand by for more interventions from activist shareholders seeking to electrify sluggish businesses while making fast bucks on the way through. The first episode over here was the attack by the New York investor Boaz Weinstein
The Chancellor’s appeal to regulators last month for suggestions to boost growth was mocked as evidence that the government itself is hopelessly bereft of ideas. Might as well ask traffic wardens to devise urban regeneration schemes, we scoffed, or food safety inspectors to plan state banquets. But it made sense to the extent that smarter
When I visited Toronto with a UK delegation last winter, conversation focused on the issues of immigration, housing and inflation that were contributing to the unpopularity of Justin Trudeau, who finally announced his resignation as prime minister last month. The prospect of Donald Trump’s return to the White House was the slumbering python in the
Call me a cynic, but I suspect this week’s headlines about a revival of Heathrow’s third runway plan amount to little more than a political game. Arguments for and against this project have been aired many times over, from a white paper in 2003 to the Davies Commission’s final report (in favour) in 2015. Much
London’s capital market needs a kick in the pants, as I write every week, and ‘activist investors’ are no bad thing if they provoke sharper corporate performance. The assault by the New York hedge funder Boaz Weinstein on seven UK investment trusts – demanding shareholder votes to replace directors with his own people and take
I long to write less about Rachel Reeves and more about world-beating British businesses – such as Brompton, the folding bicycle maker whose fortunes I have followed since I bought the product and interviewed the founder-designer, Andrew Ritchie, 20 years ago. The latest Brompton news was that profits collapsed from £11 million in 2023 to
Headed for ‘the worst of all worlds’ is not where any of us would wish to find ourselves at the start of the new year. But that was the phrase used by the CBI economist Alpesh Paleja to sum up the predictions of member businesses – of reduced hiring and output, rising prices and weak
Forty years ago this Christmas I visited Hong Kong for the first time – a few days after the signing in Beijing of the Sino-British Joint Declaration that sealed the former colony’s transfer to mainland rule in 1997. It was a moment of apprehension, but at least the timetable had been set. And how lucky
Woke it may be, but Jaguar’s ‘Copy Nothing’ video is a work of marketing genius. With its ungendered models, ungrammatical slogans (‘live vivid’, ‘delete ordinary’) and strange absence of cars, the 30-second ad has brought global attention to a brand that was dying for want of a new generation of customers, in an auto industry
How is it possible that we’re still reading headlines about the £4 billion fundraising from the Gulf that saved Barclays from a bailout in 2008? It’s not too sweeping to say that most of the financial world smelled something fishy in the undisclosed £322 million of advisory fees that were paid to Qatari investors –
Regular invitations to Mansion House banquets petered out after I asked a shifty-looking waiter for a glass of champagne and he told me he was a deputy governor of the Bank of England. So I can’t report firsthand whether last week’s speech by Chancellor Rachel Reeves was greeted by assembled financiers with napkins on their
This column comes to you from Atlanta, Georgia, where but for one giant ‘Trump Stands Up For Families’ billboard and some Harris-Walz placards in the leafier suburbs, you would hardly know there had just been an election. I was hoping to report a whiff of teargas after a contested result, but no. Urban Atlanta voted
I confess I was lunching at L’Escargot in Greek Street as Rachel Reeves delivered her Budget. My excuse was that I thought I already knew what was in it – but in reality the package was even more anti-business than I feared. My punishment was a risotto too glutinous to finish, but the Chancellor’s 76-minute
Anyone hunting for a ‘Trump trade’ at this late stage has probably missed the US election bus. If you bought gold as a traditional safe-haven asset back in February at £1,600 an ounce, you’d be a smug 33 per cent up by now – though my man in the bullion market tells me the rise
As the interminable Budget wait goes on, so does the trawl through the Chancellor’s bin bags. I refer to the old tabloid method of digging in celebrities’ dustbins for evidence of depravity or scandal; in Rachel Reeves’s case, that would mean piecing together shredded Treasury analyses on all the various tax wheezes floated since July.
