‘Full employment’ usually means the lowest achievable rate of unemployment — somewhere south of 5 per cent compared with 7.2 per cent today, or to put it in numbers, fewer than 1.5 million compared with 2.3 million last month. You might think it ought to be a target of every Chancellor of the Exchequer. Only Norman
At the beginning of the last decade, a young man who claimed to be my ‘premier banker’ paid me a visit. He was accompanied by his boss, evidently there to assess the junior’s performance. Once upon a time — at least in popular imagination — bank managers were kindly, cautious, long-term advisers, but by the
I’m sure HS2 chairman Sir David Higgins is right to argue that if we’re serious about building a new north-south rail network, we should get on with it. The greater the number of general elections between conception and completion of any infrastructure scheme, the less likely it is to happen. Lord Mandelson revealed last year
Last Saturday was International Women’s Day, but we celebrated early in Helmsley when my Yorkshire home town was featured in national news last month as a beacon of recession-beating female entrepreneurship: 60 per cent of our new ventures have female owners. This is shaping up to be a good year for women in business generally,
To have written last month that the headline ‘Kiev in flames’ looked like a black swan on the economic horizon hardly makes me Nostradamus — but sure enough, the tension between Russia and Ukraine have caused stock markets to quiver and the price of UK gas for one-month delivery on the ICE Europe futures exchange
Dividends paid by listed companies around the world passed $1 trillion for the first time last year, we learn from a report by Henderson Global Investors. The total is 43 per cent higher than it was in 2009, and a breakdown shows that US companies account for about a third of all dividends paid, while
Imagine if the BBC’s excitable commentators had been asked to cover the building of Sochi’s facilities, rather than the Winter Olympics themselves. ‘Yeesss!!’ Ed Leigh might have yelled, ‘That’s the 21st construction contract for the big lad from St Petersburg, Arkady Rotenberg. Seven point four billion dollars’ worth, a new Olympic record — more than
A reader likens me to Dr Pangloss, the quack philosopher in Voltaire’s Candide who insisted that ‘all is for the best in the best of all possible worlds’ even after he was reduced to a syphilitic beggar. It’s true that I tend to regard positive indicators — a 22-year high in the BDO index of
At a charity lunch in Manchester, I meet a cheerful ‘engagement manager’ from AO.com, formerly Appliances Online, a fast-growing internet seller of fridges and washing machines headquartered at Horwich near Bolton. The job title is new to me: it turns out to mean engaging the company’s workforce in ways that help them enjoy their jobs
There were a million people who voted Labour in the 2005 general election but not in 2010, when the party fell from a 66 majority to 48 seats behind the Tories. Thanks to the Lib Dems’ spiteful rejection of boundary changes that would have helped their coalition partners, the 2015 poll is already rigged in
I’ve always respected stationmasters, but that sentiment is not universally shared. A distinguished friend of mine across the Channel described François Hollande the other day as ‘un chef de gare, sans aucune dignité’ — and it’s not difficult to picture the little president, peaked cap awry, trousers unbuttoned, haplessly waving his whistle as the last
The cautionary tale of the Co-operative Bank, its black hole and its naughty chairman has recently taught us that if a financial institution has the reputation of being dull, earnest and set in its ways, it probably isn’t. The collapse last year of Switzerland’s oldest private bank, Wegelin & Co — whose boss once claimed
This first working week of January is apparently the time when we’re most likely to think about a change of career; and last Friday was the 30th anniversary of the launch of the FTSE100 index of leading companies listed on the London Stock Exchange. The combination of those two diary items made me wonder what
I blamed the pheasant casserole, but I did it an injustice. Its only contribution to the drama behind my disappearance in mid-December was a residue of lead shot in the small intestine that briefly confused the radiologist. The real villain revealed by the scan was my appendix, which had taken on the raging, bull-necked, bug-eyed
Top of my Christmas reading pile is Saving the City by Richard Roberts, a new account of the largely forgotten crisis which afflicted global markets at the outbreak of the first world war, forcing the London Stock Exchange to close on Friday 31 July 1914 and stay dark for six months. It’s a reminder of
‘If I can’t see a factory from up here,’ I mutter to myself, throwing the car round an uphill bend of the B5032 south of Ashbourne, ‘I must be in the wrong county.’ But no, I’m not lost; there below me is a long pale slab of a building that announces itself as JCB World
The naughty Reverend Flowers will be a comic footnote in the history of the financial crisis — but no more than that. In terms of making ministry relevant to modern congregations, you’ve got to take your hat off to a man of the cloth who knows his ‘Charlie’ from his ‘ket’ (for the uninitiated that’s
My man in Dublin calls with joy in his voice to tell me ‘the Troika’ — the combined powers of the EU, the European Central Bank and the IMF — have signed off Ireland as fit to leave their bailout programme and return to economic self-determination. This is a remarkable turnaround in just three years
‘Satan seizes control of saintly bank’ would be a fair summary of much of the coverage of the deal that has rescued the crippled Co-operative Bank from oblivion, or ‘resolution’ as it is technically called. In order to avoid that fate, the parent Co-op Group has had to inject £462 million into the bank while
You know my theory that Unite leader ‘Red Len’ McCluskey is a Conservative secret agent? Well, having watched events at Grangemouth last week, I’m convinced his Scottish comrades Pat Rafferty, Unite’s Scottish secretary, and Stevie Deans, chair of Falkirk Labour as well as Unite’s Grangemouth convenor, are part of the same subversive cell. Having called
