‘Everyone remembers the names of Applegarth of Northern Rock and Goodwin of RBS, but history may judge the HBOS men to have been the worst of the lot,’ I wrote four years ago. Judgment has arrived at last in a Bank of England report on the 2008 HBOS collapse — plus a second report, by
At Stormont on Saturday, we observed a minute’s silence for the dead of Paris. Our conference group of Brits and Americans had convened two days earlier to discuss conflict resolution, the idea that nationalism and tribalism are the enemies of peace and prosperity, and how all this might relate to the migration crisis; so the
Like the Christmas pudding sampled by Hercule Poirot at Kings Lacey — but six weeks early — our Spectator Money supplement contains a little treasure in every portion, and perhaps even a priceless gem. I particularly commend the essays by Warwick Lightfoot and Subitha Subramaniam on interest rates, and why central banks have become so
I confess to being an out-and-out Luddite when it comes to bitcoin and other so-called crypto-currencies. To the extent that I think about them at all, I think that they are an ephemeral by-product of those creepy ‘virtual worlds’ in which obsessed gamers eventually go mad; that only such lost souls could seriously believe unregulated
I’m not a customer of TalkTalk, the phone company which revealed last week that a hacker had potentially compromised the personal data of four million users. But I feel I’m on the front line of the cyberwar nevertheless. In August, someone unknown to me tried to spend £1,200 at House of Fraser on my credit
The Great British Runway final between Heathrow and Gatwick is beginning to look like a game of two halves. The visit of China’s President Xi Jinping is a bonus for the west London team, who can claim that Chinese investors with bulging wallets are more likely to be impressed by landing at an urban mega-airport
Rather more attention was paid last week to the strange position of George Osborne’s feet than to the dark shape lurking behind him. My own theory about his stance on the conference platform is that he was imagining himself as a operatic tenor, belting out an aria in praise the magic elixir he has administered
This column has repeatedly cried that something must be done about business rates. Yes, it’s fair to ask businesses, as well as individual citizens, to contribute to local public-sector provision — even though businesses can’t vote. But it was far from fair during the recession to go on collecting £26 billion a year from hard-pressed
Not that I was much of a boy racer, but the sexiest car I ever owned was a 1982 Volkswagen Scirocco with the lines of a paper dart and the cornering of a cheetah. I once drove it overnight from the City to Tuscany with a blind date who barely uttered a word, en route
When news broke last Thursday evening that the US Federal Reserve had decided to keep interest rates on hold, I happened to be surrounded by serious economists representing a range of viewpoints and nationalities. None seemed surprised by the decision, though the media had declared it to be on a knife edge. But I did
What is George Osborne’s Living Wage? Is it a ploy to shift cost from the taxpayer to the employer by reducing in-work benefit claims; or a sop to Tory MPs who were bombarded with angry questions about earnings inequality during the election, as well as a neat way of turning one of Labour’s few effective
Sir Adrian Cadbury, who has died aged 86, is remembered as the author in 1992 of a first stab at a corporate governance code for public companies — which thereafter were expected to show ‘Cadbuarial correctness’ in the separation of chief executive and chairman and the powers of non-executive directors. Cadbury’s work was taken forward
Home from the hot Aegean, huddled by the fire as rain ruins the bank holiday weekend, I’m thinking: what gloom has descended since I’ve been away — and doesn’t it call for a round-up of cheerful news? So here goes. The UK economy grew by 0.7 per cent in the second quarter and a respectable
MS Queen Victoria, 38°N 19°E I’ll do my best, but I’ve got to be honest: being surrounded by shining Ionian waters and convivial Spectator cruisers isn’t helping me channel the panic that has gripped global markets. So forgive me if this dispatch doesn’t have the apocalyptic tone you’re expecting. I’m as irritated as anyone that
Asked to name Britain’s greatest living industrial designer, most people might cite Sir Jony Ive of Apple or Sir James Dyson of the bagless vacuum cleaner. I’d certainly shortlist Ive, but I traded in my unreliable Dyson for a brutally efficient German machine called a Sebo and I’ve always thought Sir James was overhyped. I
‘I visited the black marble obelisk which marks the epicentre of the explosion, and I saw the plain domestic wall-clock retrieved intact from the rubble with its bent hands recording the precise time of day when the city was obliterated: 11.02 a.m. I was glad to be alone, because I could not have spoken.’ Published here
Fourteen years is a long stretch. The punishment imposed on former UBS and Citigroup trader Tom Hayes for his role as ‘the hub of the conspiracy’ to rig yen Libor rates is the same as the maximum sentence for burglary with intent to commit GBH. Even though no public attempt has been made to quantify
It’s nearly 30 years since I worked in Japan, but I still have a few words of the language and a certain idea of how the place worked. The role of the business press, for example, was to trumpet export successes of Japanese corporations, and not to report shenanigans in which securities firms boosted prices
A City insider at last month’s Mansion House dinner told me the Financial Conduct Authority had become ‘a bit of an embarrassment’ — or rather, that was my bowdlerisation of what he actually whispered. So it comes as no surprise that FCA chief executive Martin Wheatley has resigned, having been told by the Chancellor that
As an occasional lecturer on the abstruse topic of the efficacy of sanctions in conflict resolution, I find myself much more excited about the emergence in Vienna of a settlement of the Iranian nuclear stand-off than I am about a third Greek bailout — which left-wingers of the Syriza party regard as a vindictive form
