Economy

Sunday

Fraser Nelson

Osborne’s voteless recovery?

This is a strange old recovery. The News of the World has an interesting ICM poll today, showing that 66 per cent think the economy is getting worse. It’s not: GDP is growing and we have the second-highest job creation in the G7. Rather than losing jobs to China, we’re flogging Coventry-made Jaguars to Beijing billionaires (one of the random gems uncovered by our new Twitter feed @LocalInterest). So why is everyone so glum? And why do 52 per cent think that David Cameron and George Osborne are doing “a bad job” with the economy?   In theory, Osborne’s recovery is coming on well. His “cuts” agenda is simply a

Saturday

David Blackburn

IDS’ great expectations

There is no rest for IDS. Yesterday he was in Madrid talking about youth unemployment and immigration and today he turns his attention to child poverty. Of all life’s accidents, the accident of birth is the most decisive. It is said that a child’s prospects are determined by the age of five, and numerous other statistics and factoids lead to a similar conclusion. IDS rehearses some in a piece in today’s Guardian. IDS and Labour MP Graham Allen have conducted a report into these matters, and have concluded that early intervention in a child from a deprived or broken family is vital if the poverty gap is to be closed,

Friday

Peter Hoskin

Why IDS is right raise the link between immigration and worklessness

Before everyone gets too excited, Iain Duncan Smith is not saying in his speech today that immigration is a bad thing in itself. But he is saying that it has consequences, some of which impinge on native Brits. Many of these consequences are, as it happens, writ in the official statistics. As IDS highlights – and as Coffee House has detailed before – a good number of the jobs that sprang up during the New Labour years were accounted for by immigration; and there are signs that the process is continuing still. This is one of the reasons why the number of jobs in the economy can increase, while the

Thursday

James Forsyth

Our politicians need to look beyond Europe

In Britain, public sector strikes always bring with them the whiff of national decline. They are a reminder of a time when the country was becoming less and less competitive and the civil service regarded its job as the management of decline, a mindset only broken by the Thatcher government.   But today Britain faces a choice almost as acute as the one it faced in the late 1970s. Is this country content with declining slightly less quickly than the continent of Europe as a whole, or does it want to equip itself for a new world in which economic power is moving east?   It is in this context

Tuesday

James Forsyth

Lagarde’s appointment is a win for Osborne

The appointment of Christine Lagarde as head of the IMF is a diplomatic victory for George Osborne. The Chancellor was one of her earliest supporters, was the first to nominate her and hit the phones hard on her behalf. She will be a useful ally for Osborne in this position especially given how choppy the global economic waters remain. But the UK government also used the IMF nomination process to do some diplomatic horse-trading. The government made it clear that UK support for Lagarde was contingent on Paris agreeing that Britain should have to play no part in the coming bailout of Greece. There will be those who argue that

David Blackburn

Lagarde three giant steps closer as Russia, China and the US back her IMF bid

The 24 members of the IMF board are meeting to see if they can agree that Christine Lagarde should be the organisation’s next leader without a formal vote. Lagarde has already gained formidable backing. 40 per cent of the membership had indicated its support before today’s meetings, while her closest competitor, Mexican Augustin Carstens, had mustered just 12 per cent of the IMF’s votes. The remaining 48 per cent is now concentrating behind Lagarde’s candidacy. Her popularity extends beyond Europe into the vital emerging markets.  Russian Finance Minister Alexei Kudrin gave his signature today, saying that he hopes she will ‘secure reform of the IMF in the interests of developing

Monday

James Forsyth

Strike Thursday nears

After the failure of today’s meeting between union leaders and Francis Maude and Danny Alexander, Thursday’s strike now seems certain to go ahead. It’ll be the biggest test so far of the coalition’s ability to withstand industrial action. The coalition has constantly emphasised that it has contingency plans in place to deal with strikes. This Thursday will show us how good these plans are. Certainly, the more schools that are kept open, the less powerful the bargaining position of the unions will be. I understand that David Cameron will use his speech to the Local Government Association tomorrow to emphasise that the deal that the government is proposing on public

Daniel Korski

The danger of unbalanced trade with China

The Chinese premier seems to like cars; the Chinese in general seem to like cars. China has bought MG in Britain and Volvo in Sweden, to which it has just added Saab. If the Chinese can make European car companies viable, then what’s the problem? Theoretically nothing: trade will help the Chinese and Europeans alike. But, as Robert Peston made clear in his questioning of Wen Jiabao, trade remains unbalanced. For example, European companies are excluded from public procurement contracts in China. It is also worth noting that China’s purchase of Spanish and Greek bonds over the past year, coupled with their promise to buy from Hungary, have made it

David Blackburn

The dirty secrets of ‘no win no fee’

Jack Straw’s column in the Times today (£) contains the following revelation: ‘Our records indicate that you may be entitled to £3,450 for the accident you had. To claim free reply CLAIM to this message,” went the text that my pal Phil Riley received last week. This “accident” was, in truth, a minor prang. Phil had stopped in traffic. The chap behind drove into him, with minor damage to Phil’s car; no personal injuries. The other driver’s insurer paid Phil’s repair bill. Within days of this prang, 18 months ago, Phil was bombarded with texts and personal calls to tell him that if he would make a claim, three or

James Forsyth James Forsyth

Britain’s future economic challenge

Wen Jibao’s performance at today’s press conference was typically diplomatic. He declined to say that the UK was going too far in Libya and was emollient on the question of human rights. But his honeyed words can’t obscure the true nature of the Chinese regime. But Wen Jibao’s presence here was also a reminder that the economic competition Britain is going to face in the future is going to come increasingly from the east. If Britain is going to thrive in this world, then it is going to have to produce a huge amount of intellectual property. It is in this context, that Michael Gove’s educational reforms should be seen.

Sunday

David Blackburn

Badgering Spelman

The stars must be crossed for Caroline Spelman. First came the forests, then the bin collection fiasco, then the circus animals and now the FT’s Jim Pickard has news that the Cabinet will meet in mid-July to discuss whether to start a badger cull in the south-west. Badgers are one of those perennial issues of contention. As Pickard says: ‘It’s one of those classic issues where both sides have a highly convincing argument. The farmers (who have, I’m told, offered to underwrite the killing) believe that badgers have caused bovine TB among cattle herds and are pushing hard for the cull. But the animal welfare people want vaccination instead. They say

Saturday

David Blackburn

Immigration is so much more than an electoral issue

Further to Daniel’s piece about declining immigration in Europe, it is worth highlighting this passage from Iain Martin’s column in the Mail: ‘But once in Downing Street, Cameron was confronted by research from his personal pollster, Andrew Cooper, which confirmed the true extent of public concern about high levels of immigration. Ironically, Cooper was one of the very modernisers in the Tory Party who did not want Cameron to be tainted — as he saw it — by being seen as tough on immigration in the run-up to the election. But now he has changed his tune — and taken the Prime Minister along with him. In fact, Cooper has

Edward King

Empty lines on a CV

The intern is everywhere, slowly but surely, infiltrating every office on the planet. But while the internship is now ubiquitous, having become the standard first rung on most career ladders and the most frequent stepping stone between education and a career, it remains a largely unexamined and unregulated sector. Somewhere between an apprenticeship and a temp job, the internship resists easy definition and is understood more in terms of social cachet than actual responsibilities. Having had his fair share of directionless and underpaid internships between various degrees at Stanford and Cambridge, Ross Perlin, a researcher in linguistics, decided that the phenomenon deserved closer scrutiny. The result is Intern Nation, an

Friday

Christopher Fildes

9 March 2002: What though the spicy breezes blow soft o’er Buenos Aires, incompetence messes it up

As the world braces itself for the inevitable Greek default, and investors look nervously at potentially exposed banks, perhaps it’s worth recalling Argentina’s implosion a decade ago. Here is what the Spectator made of it at the time: The missionary Bishop Heber wrote a hymn about Ceylon: ‘Where every prospect pleases And only man is vile.’ On being told that this was unfair to his converts, he corrected ‘Ceylon’ in the second edition to ‘Java’, but his point stands: there is no prospect, however pleasing, that is beyond the power of human and governmental incompetence to mess it up. We have seen the Heber factor at work in our own green and pleasant

Dominique Lazanski

How to regulate the Internet?

This week, the Open Rights Group launched a campaign against the proposed website blocking scheme between copyright holders and Internet Service Providers.  The campaign was launched on the back of a leaked document suggesting that a voluntary code for industry website blocking be introduced. The document was presented to Ed Vaizey, the relevant minister. Vaizey meets regularly with internet stakeholders to debate digital issues, including net neutrality, parental controls, and, of course, web blocking. These meetings are a vast improvement over the last government, which made technology policy decisions behind closed doors without much – if any – input from outsiders. Stakeholders want a new structure for reviewing gross copyright

David Blackburn

Ancient hatreds mask Stormont’s current challenge

Ignore the antediluvian hatreds for a moment. As Anne Dawson says, the recent violence in East Belfast was largely inspired by current economic distress. Northern Ireland’s economy is a serious cause for concern. Central expenditure per head is 25 per cent higher in Ulster than the UK norm and 70 per cent of Northern Ireland’s economy lies in the public sector according to parliamentary one estimate. Although the province has much to commend itself to business – competitive operating costs and excellent transport links serviced by substantial capital investment – private enterprise remains depressed. A report by PriceWaterhouseCoopers in March found that growth was negligible and that unemployment is running

David Blackburn

Cameron: no more bailouts

It’s another of those special Cameron victories in Europe: we’re in for a second Greek bailout, but not quite as much as we might have been. Britain will contribute a sum through the IMF; however, it will not be contributing to EU funds. Cameron has succeeded in ensuring that the European bailout will be conducted under the permanent European Financial Stability Facility (EFSF), to which only eurozone members are signatories. Although it should be noted that some Brussels experts doubt that the European Financial Stabilisation Mechanism (to which Britain has subscribed) could have been used in this instance, which further devalues the government’s victory. Anyway, attention now turns to Greece

Thursday

Jonathan Jones

Poll round-up | 23 June 2011

We haven’t dwelt on the polls very much on Coffee House recently, although we have flagged up some nuggets on Twitter. Here are some of the measures of public opinion that provide an interesting backdrop to Westminster’s machinations: Labour in trouble despite poll leads Two weeks ago I reported on a poll that showed the extent of Ed Miliband’s unpopularity. There have since been a few more polls to compound his unease. ICM found that he had worse approval ratings even than Nick Clegg: YouGov find that 58 per cent of the public think he’s doing a bad job, but perhaps more worrying for “Red Ed” is that he even

Daniel Korski

Apparently, Britain is less stable than a country in danger of collapse

If there is one global index it is best not to be on, it is the Fund for Peace’s annual Failed States Index. It ranks 177 countries using 12 social, economic, and political indicators of pressure on the state. This year, the FSI ranked Somalia as number one for the fourth consecutive year, citing widespread lawlessness, ineffective government, terrorism, conflict, crime, and pirate attacks against commercial vessels as reasons for the country’s billing. Finland, on the other hand, has displaced Norway at the bottom of the index. “Slight fluctuations in demographic and economic indicators, though minimal, lowered Norway’s scores, allowing Finland, with its continued stability, to slip in front of

Anne Dawson

Why Belfast is ablaze

I live three miles away from where the rioting was happening in East Belfast last night, and heard the helicopters whirring overhead. It was the kind of sound that anyone living in the city hoped never to hear again. As a child, I’d lie in bed and hear bombs and sirens and helicopters — and we had all hoped that dark chapter had been closed. A tipping point of violence has now been reached. A press photographer has been shot, another given a fractured skull after a second night of riots. And in the aftermath, the blame game cacophony begins: Who started it? It was them. No it was them