So Business Secretary Lord Mandelson is planning to turn the Post Office into a ‘people’s bank’ — to add to the taxpayers’ portfolio that includes most of Royal Bank of Scotland, the biggest stake in Lloyds Banking Group, the rejuvenated Northern Rock, the rump of Bradford & Bingley, and dear old National Savings & Investments.
‘The President tells me that too much regulation is harming business,’ Margaret Thatcher said, the moment I walked into her office for my weekly meeting. I had been appointed minister without portfolio some months earlier and the Prime Minister had just returned overnight from her latest summit with Ronald Reagan. ‘You had better believe it,’
I’ve recently developed a callous indifference towards the torrent of amateur self-analysis that’s infiltrating our everyday pattern of speech. I’m over ‘issues’. Way too many people have way too many issues for my liking. And too many people I don’t care about feel compelled to ‘share’ their issues with me. Last week people started ‘gathering’,
The more I see of the intellectual world and its frailties, the more I appreciate the truth of G.K. Chesterton’s saying: ‘When people cease to believe in God, they do not believe in nothing. They believe in anything.’ It is one of the tragedies of humanity that brain-power is so seldom accompanied by judgment, sceptical
The Kremlin wants Western Europe to be dependent on Russian gas, says Neil Barnett, but that doesn’t have to happen if the EU is prepared — for once — to show leadership The annual New Year gas dispute between Russia and Ukraine assumed particularly menacing proportions this year, being longer than usual and coming in
What is simplicity? And is it desirable, on principle? A good question. My recent essay on the origins of the universe, arguing that the simple explanation, its creation by an omni-potent God, is more plausible than its sudden emergence as a result of infinitely complex (and disputed) events, angered some readers. They took the view
The government recently proposed that schoolchildren be given lessons in personal finance. Can I ask that, alongside the Lower Fourth, room be made in the classes for the AA spokesman who recently said this: ‘People wanting to get high-aspiration vehicles at an affordable price will have been hit by the crash in [the cars’] value.’
Among the many overused clichés that have been dusted off to describe the chaos in financial markets over the past few months is the observation that this is ‘a crisis like no other’. Yet in one rather dark respect, it is following convention to the letter. As losses pile up and billions evaporate, an increasing
It is a sobering thought that a year ago the nominal wealth of the world, as registered in bank holdings, stock and bond prices, real estate and company valuations, was twice what it is today. Where has all the money gone? Was it there in the first place? The $50 billion ‘invested’ with Bernard Madoff
Matthew Lynn says banks that prospered by offering exclusive ‘wealth management’ services during the boom years are about to encounter some very angry customers Of all the phrases in the financial lexicon, ‘private banker’ is one of the most evocative. It summons up images of discreet addresses in the more remote Swiss cantons, of luxuriously
The credit crunch has had some unlikely repercussions. Tim Blixeth, a US lumber billionaire, was recently trying to sell his Caribbean island. With little interest shown in the $75 million asking price, Blixeth is now trying to barter it. He has suggested that a Gulfstream jet or a snazzy New York apartment might just secure
A Pantocrat who should be on everyone’s curriculum The decision by the authorities to drop Coleridge from the syllabus of state schools is intended as another nail in the coffin of English literature. He is to be replaced by a person unknown to me but apparently popular on TV quiz shows. No reason is provided
My wife tells me, and so it must be right, that now that we are retired we must beware of the involution of our habits and interests. It is all too easy for old people to live the petty round, in which a visit to the grocer seems an expedition of some magnitude, and not
Hedge Fund Land seems to be in disarray. Investment losses keep mounting up. It would not come as a surprise to hear that fully 70 per cent of these often complex and sophisticated offshore investment vehicles have percentage losses running into double figures over the last year, with a large number down by over 25
Are you sophisticated? Here’s how to find out The word ‘sophisticated’, though commonly used, especially by persons who turn out on close investigation to be unsophisticated, is tricky, and truly sophisticated people avoid it altogether. Now, having got that off my chest, let us try to define it. One difficulty is that the root of
As guests made their way out of the Taj hotel in Mumbai after spending New Year’s Eve in its restaurants, many stopped to study a small memorial plaque erected to commemorate the 12 staff who died protecting guests from terrorists at the end of November. If it has the same dignified simplicity as a British
This is the time of year when I repeat Christina Rossetti’s lines In the bleak mid-winter Frosty wind made moan, Earth stood hard as iron Water like a stone. November was as cold as I remember this once-muggy, foggy month. And December even harder. The Met Office says the rest of winter will be severe,
Reading an account by the historian John Waller of the Dancing Plague in Alsace in 1518 recently, I could not help but notice the interesting but perhaps incomplete parallels with our own time. Economic conditions in Strasbourg were dire in 1518 when a woman called Frau Troffea started dancing in public and continued for days
To a hammer everything is a nail, and to a doctor everything is a symptom. I was recently in a supermarket in a handsome and as yet unspoilt town in the west of England where, as my wife observed (being French and therefore a close observer of the English in all their guises), every woman
A hot new brand, a better train service and a kinder role model for harsh times Here in Old Queen Street, we have (in our editor’s eloquent phrase) said pants to recession by launching a fistful of ‘brand extensions’ this year: our Australian edition, our online Book Club, and the soaraway monthly Spectator Business. Even