Business

I long to write less about Rachel Reeves and more about world-beating British businesses – such as Brompton, the folding bicycle maker whose fortunes I have followed since I bought the product and interviewed the founder-designer, Andrew Ritchie, 20 years ago. The latest Brompton news was that profits collapsed from £11 million in 2023 to breakeven for the year to March 2024 in the teeth of a post-pandemic demand slump; and that additional hiring has been put on hold after Labour’s NI increase added ‘hundreds of thousands of pounds’ of extra costs. A move from cramped west London premises to a new base at Ashford in Kent, with room for

Headed for ‘the worst of all worlds’ is not where any of us would wish to find ourselves at the start of the new year. But that was the phrase used by the CBI economist Alpesh Paleja to sum up the predictions of member businesses – of reduced hiring and output, rising prices and weak growth. Since that survey, a revision to zero of the official growth figure for the third quarter of 2024 and reports of depressed pre- and post-Christmas consumer spending have provoked even darker whispers of a return to recession. Whence cometh such pessimism? Has it bubbled out of the Tories’ black hole of fiscal shame? Can

Mumbai is my kind of town, a party town. In my first weeks living here, I was out most nights with new friends half my age, inevitably resulting in many unproductive mornings. This culminated with me waking from my slumber as the sun rose, contorted uncomfortably on the back seat of an auto-rickshaw parked on the edge of a slum under the hostile gaze of an unimpressed cheroot-smoking driver. I was so inexplicably far north of my south Bombay apartment that it took me two hours to get home, which in itself was no mean achievement given my wallet was empty of cash and my phone battery dead. Still, in

How is it possible that we’re still reading headlines about the £4 billion fundraising from the Gulf that saved Barclays from a bailout in 2008? It’s not too sweeping to say that most of the financial world smelled something fishy in the undisclosed £322 million of advisory fees that were paid to Qatari investors – and that whiff never went away, despite the collapse of criminal charges against individuals at Barclays in 2019. The Financial Conduct Authority has called the behaviour of Barclays ‘reckless and lacking integrity’, while recognising that the bank ‘is a very different organisation today’. But not so different as to actually acknowledge its fault: Barclays ‘does

The anger management counsellor stormed through the door and shouted at me to turn the heating up. Hello to you too, I thought, but I was polite because I realise we are going to get difficult customers doing B&B in West Cork, where tourists come from all over the world. At first, however, I didn’t know that this woman storming round my house was a psychotherapist. I just thought she was spectacularly rude. She was wearing a woolly hat and big coat, even though it was a typically mild West Cork autumn day, about 17°C. She got right in my face as she declared the house too cold at 11

Anyone hunting for a ‘Trump trade’ at this late stage has probably missed the US election bus. If you bought gold as a traditional safe-haven asset back in February at £1,600 an ounce, you’d be a smug 33 per cent up by now – though my man in the bullion market tells me the rise is by no means all to do with presidential hopes and fears. There has also been big buying from China possibly linked to moves, with Russia and other unfriendly actors, towards ‘de-dollarisation’ of world trade using a partially gold-backed alternative currency. Which means there could be more upside ahead, my man says, and gold ETFs

You can tell a lot about a country by who it admires. I was pleasantly surprised some years ago to see a poll showing that the most admired man in the UK was Richard Branson. You may not love all his publicity stunts, or have liked the sandwich selection on Virgin trains, but that poll suggested the British public still liked entrepreneurialism and achievement. It seems mainly to affect people who have really never done very much with their lives I slightly dread a rerun of such a poll today, because I suspect that among the youth vote in particular the winner would be the person with the most perceived

Every time I have a protracted ding-dong with a big organisation, I put in a request under data protection law to see what they’ve been saying about me behind my back. Anyone can do this. If you get into a row with a charity after complaining they’ve put your direct debit up without telling you, for example, you could then do a subject access request (SAR), asking them to send you a copy of anything mentioning you in their files, and they would send you back loads of emails in which various people in their offices discussed how to handle your complaint. The law requires them to do this, but

I’m not on the guest list for the Duke of Westminster’s wedding, but I wish him luck anyway. Mind you, the young seventh duke – Hughie to his friends – hardly needs more luck than has already come his way in the form of the £10 billion Grosvenor property empire in London and elsewhere. When the playboy second duke known as ‘Bend’Or’ died in 1953, Pimlico had to be sold to pay record death duties. But the Grosvenor family has taken a firmer grip on tax planning since then, their fortune multiplying despite the dukedom passing through three cousins to reach the father of today’s incumbent, who inherited via reportedly

We all know that increasing the diversity of your boardroom increases the success of your company because politicians, business leaders and academics keep telling us so. No one has ever got into trouble for making this assertion and, in any case, we have the scientific evidence to prove it – in the form of four studies pumped out by management consultants McKinsey & Company over the past decade. The first of these, Why Diversity Matters (2015), claimed, for example, that companies in the top quartile for gender diversity were 15 per cent more likely to outperform the median company in their industry, and companies in the top quartile for racial/ethnic