I have observed before how useful really big numbers can be in response to crises: when US treasury secretary Hank Paulson unveiled his $700 billion Wall Street bailout package in 2008, an aide famously let slip that the number had been pulled out of the air because it sounded reassuringly huge. Now we’re told that
China’s failure to bring anything new to COP26 surprised no one. The world’s worst carbon emitter offered no advance on President Xi Jinping’s earlier promise to reduce coal use after 2025 and bring overall emissions to a peak in 2030 — thereby negating for at least a decade much of the rest of the world’s
Climate emergency demands action, not rhetoric. So, on the eve of COP26, which UK news item promises to deliver the most positive impact for the future of the planet? Not, I suggest, Sadiq Khan’s extension of the Ultra Low Emissions Zone to the North and South Circulars, imposing stinging costs on owners of older diesels
Does the economist David Blanchflower — who I described as the Bank of England’s ‘resident wacko’ during his 2006-09 tenure on the Monetary Policy Committee and who later served as an adviser to Jeremy Corbyn — have a former pupil on the editorial team of the Today programme? I can’t think why else he should
If there’s anyone in Britain who knows how to keep grocery shelves stacked, it’s former Tesco chief executive Sir Dave Lewis, who has been named as Downing Street’s ‘supply chain tsar’. Application of Tesco’s mastery of logistics and fierce discipline on suppliers should keep delivery trucks moving, so long as they have drivers. But even
‘Blame it all on business’ was the Tory strategists’ answer to petrol queues and the risk of a no-turkey Christmas that threatened to distract the party-conference faithful from adulation of the Prime Minister. As spin, it might have been shocking if it wasn’t so familiar. But as an explanation of the supply crisis, the idea
A worthwhile policy proposal amid the Labour conference dogfight? Now there’s a surprise. But shadow chancellor Rachel Reeves’s scheme to freeze and eventually scrap business rates, in the meantime boosting high-street survival by raising the threshold for small business rate relief and incentivising re-use of empty premises, was the brightest moment of the Brighton event.
Will my bath water still be hot by Christmas? That’s not a question I’d normally feel a need to share with you, but shortly after this morning’s ablutions I read that Bulb Energy — the UK’s sixth-biggest energy supplier with 1.7 million customers, including me — ‘is seeking a bailout to stay afloat amid surging
I’m hugely enjoying meeting the finalists for The Spectator’s Economic Innovator of the Year Awards. This year’s bumper entry was strong on paths to decarbonisation — as you’d expect for the new era of climate action — and on ventures rocket-boosted by the pandemic, whether designed to take pressure off the NHS or in the
Late-breaking exam results: many of the City’s top fund managers have failed a vital test of ‘stewardship’ — defined for this purpose as ‘the responsible allocation, management and oversight of capital to create long-term value for clients and beneficiaries leading to sustainable benefits for the economy, the environment and society’. That mouthful comes from the
This is getting serious. Never mind global shortages of microchips, plastics, copper and container ships; now we’re running out of pigs in blankets. The British Meat Processing Association says its members are so understaffed that annual production of 40 million packs of this popular pork item for the Christmas market is under threat. The British
The Hundred — some sort of pimped-up cricket tournament, I gather — passed me by entirely, but I’ve been admiring the spin bowling of the Clayton, Dubilier & Rice team in another big contest, namely the bid battle for Morrisons. When CD&R made its initial 230p per share offer in June, there was much talk
Give or take a few leader-writing shifts and editing projects, I’ve been working from home for the past 30 years, so it may seem hypocritical to tell anyone else to return to the office. But it’s time to bring normality back to the world of work. I believe few people are capable of higher productivity
Bank of England governor Andrew Bailey looks increasingly uncomfortable as inflation notches upwards from ‘nothing to worry about’ towards the Bank’s latest prediction of a decade-high 4 per cent peak later this year and a possible ‘Oops, we’re back to the 1970s’ if spiralling wage and price pressures confound the forecasters. I wrote last week
Here’s a patriotic proposal: let’s form a Dad’s Army of lorry drivers, of which the Road Haulage Association reckons there’s currently a 100,000 shortage. Daily headlines tell us this is causing supply disruptions that have led to reduced factory output and half-empty supermarket shelves, slowing recovery and contributing to the blip in inflation. We need
Be glad you’re not in Dr Mike Lynch’s shoes. A London judge has ruled that the founder of the Cambridge-based software venture Autonomy can be extradited to the US to face multiple fraud charges in relation to the takeover of Autonomy in 2011 by Hewlett-Packard of California. This was, undoubtedly, a disastrous purchase: HP paid
It’s a vivid example of unintended consequences that the swimming-pool builders of southern England should owe so much to Sir Nicholas Goodison, the former chairman of the London Stock Exchange who has died aged 87 and whose obituaries suggested little inclination to frivolity, poolside or otherwise. Head-and-shoulders the most cerebral of the Exchange’s leading members
Have you been scanning airline websites for exotic destinations to which your double-jabbed status might allow you to slip away in August? I certainly have, but I’ve ruled out the parts of Canada and the United States that are stricken by record-breaking heatwaves and forest fires — and I’m wondering what impact such extreme climate
The Financial Times carried a curious story at the weekend about ‘the secretive process to elect the Lord Mayor of London’ being ‘thrown into disarray’ by ‘objections from some City leaders’ to the candidacy, for 2022, of Nick Lyons — who has just been elected as one of the City’s two sheriffs but who happens
Nicola Sturgeon depresses me and seems to be having the same effect on Scottish house prices. In a housing market described by departing Bank of England economist Andy Haldane as ‘on fire’, the flames have been rising higher the further away from London — but more or less extinguishing themselves at Hadrian’s Wall. Why buyers
