I’m picturing you reading this in your armchair beside a blazing log fire on Friday evening, Christmas tree lights twinkling over your shoulder, spaniels steaming at your feet, beaker of mulled wine in your hand. ‘Quite exciting while it lasted,’ I hear you say, ‘but thank God it’s all over. Here’s to Angela and Nicolas
I admire the Chancellor for his clarity of mind and his coolness under fire, but I don’t believe a word of his forecasts. I didn’t even believe the forecasts he read out on Tuesday from the independent Office for Budget Responsibility, and I’ll hazard a guess that the Chancellor wasn’t really putting much faith in
I wrote here in July that I was hoping to see history reversed at Northern Rock. Shortly after that, Swiss boffins declared that time travel really might be possible, after discovering they could fire neutrinos through an Alpine tunnel at a fraction faster than the speed of light. But the idea of propelling the privatised
The Bank of England was expected this week to slash its growth forecast for the current year and next to around 1 per cent, down from previous forecasts of 1.5 and 2.1 per cent — but that’s still optimistic according to a European Commission report which projects no better than 0.7. Official figures were also
What are bond markets saying about Italy? With my usual proviso that markets are best understood as shoals of piranhas, communicating moods of panic, indifference, bloodlust and satiety rather than coherent ideas, the relatively clear message earlier this week was that Italian government bond yields were perilously close to the threshold of panic. That threshold
‘The boom in top people’s pay is gathering momentum,’ I wrote before some of you were born — those of you who are still at school, that is. I went on to quote a leading industrialist of the day: ‘Shareholders won’t be able to stop it. Moderation will have to come through pressure of public
Deep in autumnal France, it’s eerily quiet except for a flock of magpies in the trees — an omen of ‘death and hard times ahead’, or so I read on a website for druids which is as informative as any of the more mainstream sources about the chances of successful resolution of the euro crisis.
As mass expressions of anti-capitalist rage go, ‘Occupy London Stock Exchange’ has been a bit of a damp squib. What was meant to be an assault on the epicentre of evil dealing, co-ordinated with similar eruptions in New York and elsewhere, swiftly turned into an extended coffee morning on the steps of St Paul’s Cathedral.
The most startling number in this week’s news was the extra £750 million spent on petrol by Tesco customers in the six months to August, compared with the same period last year. This wasn’t some Clarkson-esque craze for seeing off the downturn blues by taking the motor for a spin, but the inflationary impact of
Martin Vander Weyer’s Any other business In the spirit of Richard Ingrams, who as our television critic many years ago reviewed a programme he had not seen but had heard through a hotel-room wall, I felt moved to write about Ireland on the strength of perusing a discarded copy of the Irish Times at a
Hang on to your popcorn – this could be the final reel of the euro disaster movie The good news is we’re in a new phase of the euro crisis. The bad news is we don’t know how it’s going to end. In every good disaster movie, there’s a moment when bickering bureaucrats who have
UBS: the bank that lost the formula to turn Mr Hyde back into Dr Jekyll ‘Thank you, UBS,’ writes the FT columnist Martin Wolf, who as a member of the Vickers commission on banking reform was one of its strongest proponents of the ‘ring-fencing’ of retail banks to protect them from the casino follies of
Safer banking will mean the same rotten service at a higher price Cross-party support made the release of the Vickers report on banking reform less of an event than it might otherwise have been. Vince Cable looked almost benign on the Commons bench beside George Osborne. Ed Balls had nothing new to say. After all
It’s an irritating daily occurrence. The names of two or three people I barely know pop up in my inbox asking me to join their ‘professional network’, LinkedIn. Early on, I was tempted by the idea that being part of this family might widen my range of contacts, and perhaps also my story-gathering capacity. But
Not for nothing is economics known as the dismal science. Having failed to foresee the global bubbles in credit, banking and housing, mainstream economists have compounded the problem by advocating entirely the wrong solutions. Like generals fighting the last war, most economists (and leftists who think they understand economics) continue to bang the drum of
Here’s the good news. Share prices are falling. Investors are panicking. Talk of crisis dominates the headlines. These are precisely the conditions in which bargains tend to become available on the stock market. Just as history is written by the victors, so the day-to-day stock-market narrative is written from the perspective of those with most
A thunderous collapse could drown out the clamour over banking reform The banking lobby doth protest too much, methinks — to misquote Hamlet’s mother — and so doth its enemies, not to mention the opponents of planning reform. In fact, there’s a whole lot of grandstanding going on in the public arena which I fear
Steve Jobs: the perfectionist who raised industrial design to the level of high art I’m no techie but I have long been an admirer of Steve Jobs, whose declining health has forced him to step down as chief executive of Apple, the Californian technology giant he co-founded 35 years ago. Many tributes have been paid,
The shocks won’t end with the summer The world’s stock markets have had a pretty gruesome August. Listen to most of the financial press and you might think the reasons for this are hideously complicated. Not so. It boils down to the simple truth neatly summed up by Tim Price, director of investments at PFP Group: ‘What is unsustainable by definition
Why Merkel and Sarkozy cannot deflect blame onto Anglo-Saxon speculators Chemistry between the frumpy hausfrau Angela Merkel and the vain little egomaniac Nicolas Sarkozy never looks warm, but their summit in Paris on Tuesday must have been more than usually fraught. The French economy failed to grow in the second quarter, while Germany achieved just