On the Wednesday in early July when Rishi Sunak announced a temporary increase from £125,000 to £500,000 in the stamp duty threshold for house purchases, a record 8.5 million people visited the Rightmove property website and I’m pretty sure I was one of them. I continued visiting it weekly: it became a lockdown obsession, alongside
Which is madder, bitcoin at $41,500 — oops, make that $31,000 on Monday — or Tesla shares at $880 apiece? Don’t get me started on the crypto-mania in which the Financial Conduct Authority has warned gamblers ‘they should be prepared to lose all their money’. But Tesla, relatively speaking, is a real thing: a California-based
‘This Article shall not apply with respect to financial services.’ That’s what it says on page 92 of the EU-UK Trade Co-operation Agreement, and my search engine has found nothing else in the monster document offering any comfort to the sector, which contributes £130 billion to the UK economy and provides more than a million
Tidings of comfort as the vaccination programme advances, but shortage of joy. That’s my summary of a season in which there’s no Spectator Christmas bash for the first time in my 29 years on the magazine; in which my panto-dame ball gown hangs forlornly as a decoration in the foyer of the theatre where social
There really isn’t much left to be said about Sir Philip Green as his Arcadia fashion empire collapses into administration, taking the Debenhams chain down with it, unless a new rescuer steps in. An aggressive rag-trade wheeler-dealer since he started selling cheap jeans in the 1970s, Green was also once regarded as a brilliant merchandiser
We’ve heard a lot this week about infrastructure spending, and how much more will be needed if the UK is to achieve the ‘Green Industrial Revolution’ that the Prime Minister seems to have sketched on the back of a pizza box. We’ve also heard that the Chancellor is looking at ways to squeeze billions for
It’s not axiomatic that taxes must rise to pay for the pandemic, if you seriously believe the surge in growth, jobs and prosperity that will follow the rollout of a hyper-efficient national vaccination programme will generate sufficient revenues for Rishi Sunak to stabilise the public finances, albeit at the highest level of debt ever seen
FTSE indices soared as the Biden Bounce met vaccine euphoria, underpinned by the Bank of England’s announcement of another £150 billion injection of quantitative easing. It was heartening to see shares in airlines, hotels and Rolls-Royce, the aero engine maker, perking up — and hardly surprising to see lockdown winners such as Ocado and Just
Aviation, nuclear power and public transport — along with good restaurants, golden retrievers and hand-knitted bed socks — are, as Julie Andrews put it, a few of my favourite things. So in a week when the news is as depressing as I can remember since the dark winter of 1973-4, I might as well write
The ‘antitrust’ law suit launched by US authorities against Google has been reported as a potential turning point in the dominance of ‘big tech’ — and an echo of the courtroom dramas that diminished the excessive power of America’s late 19th–century oil, steel and railroad barons. But I wonder how much impact it will really
Is that a light at the end of the tunnel — or a second lockdown thundering unstoppably towards us? News of a viable vaccine is the one development in the Covid drama that could drag the national mood out of the current despair that’s pulverising economic recovery; it would also provoke a euphoric stock market
The Bank of England has told commercial banks to prepare for the possibility of negative interest rates. This last hypothetical spanner in the toolbox of monetary stimulus — since rates are stuck close to zero anyway and quantitative easing through bond-buying programmes has diminishing effects — sounds weird and worrying but has already been in
What a triumph of entrepreneurial empire-building — if that’s still an acceptable phrase — is the £6.8 billion acquisition of the Asda supermarket chain by Blackburn-born self-made billionaires Mohsin and Zuber Issa. Sons of Gujarati immigrants, these brothers have advanced from a single petrol station in Bury to a chain of almost 6,000 in ten
What advice can I offer Alok Sharma, who took a pasting in the weekend press for his lacklustre performance as Secretary of State for Business, Energy and Industrial Strategy? While Rishi Sunak knocks up as many runs as he can on a difficult wicket with his job support scheme and VAT deferrals, Sharma is the
Good riddance to the passenger rail franchise system which has finally been killed off by Covid, though a majority of the travelling public might say it should long ago have been put out of its — and, more pertinently, their — misery. The complex scheme to privatise British Rail launched by the Major government in
A small cheer for Liz Truss’s treaty with Japan. It is, says the official press release, ‘the UK’s first major trade deal as an independent trading nation’ — and we must hope, the harbinger of much bigger deals to come. Even on the government’s own analysis, this one claims to deliver just £1.5 billion to
‘Every country has a political problem with its fishermen,’ wrote Peter Walker, the Conservative minister who negotiated the first effective EU-UK fishing deal in 1983. ‘Everyone sympathises with the tough life they lead. They all want to take as much fish as they can.’ And here’s Michel Barnier, still speaking as the EU’s chief Brexit
Along, cold weekend brought a haul of business news more bad than good. The worst was from aero-engine maker Rolls-Royce, which announced a £5.4 billion half-year loss — adverse currency movements plus a collapse in new orders and engine-repair work — and warned that in the ‘plausible downside scenario’ of an extended slump in global
A takeover battle for BT would bring much-needed excitement to the City — as well as a major political row. The privatised telecoms giant that rarely pleases its customers and regulators has seen its shares fall by four-fifths since late 2015. While many other tech-related stocks have rebounded, BT’s price is still down where it
Doing the math, as the Americans say, became this column’s theme after I abandoned another planned trip to France. Seven days in the Dordogne (where last week’s Covid infection rate was just 2.9 cases per 100,000) would have cost me 14 days lockup on return, so I spent the weekend doing arithmetic instead. As I
