Allister Heath forecasts that Britain’s economy will suffer less than America’s, but that homeowners and consumers will still feel the pain — and blame it on Gordon Brown First, the good news: there will be no recession next year in Britain. But while avoiding ‘the Big R’ will be some cause for celebration, the overall
‘Should we blame it all on City spivs?’ I asked a managing director of a famous investment bank at a pre-Christmas party. He had just told me – with the smile of a man who can look forward to yet another seven-figure bonus in a few weeks’ time – that his firm was still doing
By far the most entertaining show in London is the comprehensive exhibition of paintings by Millais at Tate Britain. In addition to his genius for creating an image which remains in the mind — the surest sign of a great painter — Millais had a wonderful knack of portraying interesting subjects and objects and took
Tuesday’s announcement that the Treasury will guarantee lending from other banks to Northern Rock is last ditch bid to avoid having to nationalise the bank. But in truth, most of the best options were closed off by inaction back in September. National Rock? With the announcement this morning of a further extension of the scope
To open a newspaper today is to enter a world of such horror, cruelty, vulgarity and corruption that one cannot imagine why almighty God does not decide, here and now, to put an end to it. But God knows better. There are many fine people around, and beautiful objects, and worthwhile activities, and as the
The last Lord Ribblesdale, who died in 1925, is remembered chiefly as the subject of a remarkable portrait, known as ‘The Ancestor’, by John Singer Sargent. For those who enjoy the byways of social history, this tall, unmistakably aristocratic figure in late-Victorian hunting garb is also remembered for other things: he was a celebrated amateur
There is one thing I have never understood about the property developers of 1930s Atlantic City. How come — at least to judge from the game they inspired, Monopoly — they never borrowed so much as a dime? Few provincial towns these days are considered so inconsequential that they have not spawned a special edition
The old ones are the best, so allow me to remind you of Sibley’s Law. Giving capital to a bank (said that worldly banker, Nicholas Sibley) is like giving a gallon of beer to a drunk. You know what will become of it, but you can’t know which wall he will choose. By now we
The Wangdingdi market on the outskirts of this fast-growing port city in north-east China is an extraordinary sight. It might be the world’s largest bicycle market; it’s certainly the loudest. In the roiling heat of a Chinese summer, touts at the market gather in a liquid throng, moving like mercury, urging — sometimes almost rugby-tackling
Budapest is the only city I know where Gresham’s Law takes pride of place. On the Pest side of the Danube opposite the Iron Bridge, in a niche on the front of what is now the Four Seasons Hotel, stands a statue of the propounder of ‘Bad Money Drives Out Good’. His presence is a
As New Orleans continues its slow slog towards recovery from Hurricane Katrina, the first signs of new life in still-devastated neighbourhoods have often been the markets. It’s fitting that the city that boasts America’s oldest urban bazaar — the newly refurbished French Market in the unflooded French Quarter — should see community markets as a
‘How’s business?’ I asked the Mr Big of commercial property in a city somewhere north of Watford Gap last week. I won’t say which city, because this Mr Big is so big there – his logo is on office block after office block – that he would be instantly identifiable. ‘I’m a buyer for the
The other day I came across a clever book on the movie actor John Wayne. I forget the name of the author but it may have been Simon Louvish, who writes better than anyone else on the film-star world. This suggested that the secret of Wayne’s immense physical appeal was his instinctive contrapposto. When filmed
Matthew Lynn says London’s last 19th-century merchant bank, Close Brothers, is under threat of takeover by one of the modern breed of aggressive City traders, Andy Stewart Anyone approaching the headquarters of Close Brothers just off Broadgate in the heart of the City may be reminded of the words that open the Asterix books, about
Those of us born in the late 1970s have a great advantage when it comes to understanding today’s oil market: we cannot remember Opec embargoes, nor the double-digit inflation and bitter recessions they triggered. So while many of our elders and betters were predicting Armageddon as the price of oil climbed inexorably over the past
It’s not often your host has passed up dinner with Mick Jagger and the Maharaja of Jodhpur to take you to his country house for the weekend. But that’s what Rajeev Samant, the pioneer of India’s wine craze, lets slip as we begin the long drive north from Mumbai to his Sula vineyard. Samant has
Does anyone actually resign anymore? Nowadays a resignation is regarded not as a final act but as a temporary career break and that’s bad for business. Paul Gray – the former head of HM Revenue and Customs who ‘resigned’ two weeks ago after someone in his department posted the names, addresses and bank details of
One thing history teaches is the transience and futility of power, and the ultimate impotence of those who exercise it. That is the lesson of the current King Tut exhibition. No group of sovereigns ever enjoyed the illusion of power more than the pharaohs of the New Kingdom, especially those of the 18th and 19th
I met Vincent Cable recently at a dinner party with a mixture of City and business bigwigs: a few FTSE-100 bosses, a smattering of hedge-fund tycoons, the odd private-equity baron. The Liberal Democrat Treasury spokesman was the only politician at the table and the debate inevitably focused on financial worries: the credit crunch, Northern Rock,
For a solvent mortgage lender to require emergency government support on a huge scale suggests that all is not well in our financial markets. This understatement matches the gorgeously hubristic claim from ‘Chuck’ Prince of Citigroup, America’s largest bank, in July, that ‘as long as the music is playing, you’ve got to get up and