Moneyblog

Friday

Kate Andrews

Changing the gender pay gap system won’t help – let’s scrap it instead

My heart skipped a beat when I discovered the Royal Statistical Society was publishing a report, out today, which calls for the rules around gender pay gap reporting (companies with 250+ employees are mandated to calculate and publish this data by law) to be refined. As I wrote on Coffee House last week, the calculations are so crude and void of context, they render the results almost meaningless. They don’t take any like-for-like comparison on job, age, or education into account and don’t even control for full and part-time workers. As a result, the final figures are comparing the CEO of the FTSE 100 company to the junior researcher who

Thursday

Colin Greenwood

How long, cold winters created the ‘mercantile capitalism’ of today

At a dinner recently I was told the story of a Canadian billionaire (now defined in banking circles as someone withmore than $500 million in liquid assets) who is building an escape destination from the oncoming climate apocalypse: an ersatz Versailles, with two runways, deep in the thawing Canadian tundra. Four hundred years earlier, the world faced a different meteorological crisis. Temperatures plummeted by around 2° C, and summers zig-zagged between floods and droughts, possibly due to variations in solar and geothermal activity. Harvests were cut short, rivers and seas froze over as the climate changed with a biblical ferocity. Birds, frozen on the wing, were said to have plummeted

Stephen Welton

Westminster’s Brexit obsession is the biggest danger for SMEs

While the House of Commons increasingly becomes an echo chamber, thank goodness that outside of Westminster life continues for UK business and the 5.7 million small and medium-sized firms (SMEs) which form the backbone of the economy. Brexit uncertainty is a concern for many of them, but eyes remain fixated on progress and the future, not politics. Brexit has become an immoveable impasse in public discourse, a distraction from the really important challenges and opportunities that the UK and Ireland face. Whilst the chaos prevails, business has become an afterthought for the custodians of the economic success of the country. The lack of focus on any other issue over the

Martin Vander Weyer Martin Vander Weyer

Why we should all be eating out more

Trade associations are even better journalistic sources than talkative taxi drivers. If you want to know what’s happening in the economy of physical goods, consult a conclave of forklift truck operators; for a barometer of optimism among middle-class homeowners, mingle with managers of the nation’s garden centres. And if you want to feel the true pulse of discretionary spending, try suppliers of catering equipment. Invited to address a meeting of the latter on the inevitable topic (‘How the hell did we get into this Brexit mess?’ was my brief), I’m certain I learned more from them than they did from me. ‘Crisis in casual dining’ makes a less eye-catching headline

Tuesday

Spectator Money

Best Buys: One year fixed rate business bonds

Fixed rate business bonds can guarantee you a relatively high interest rate, as long as you are able to leave your money untouched for a certain amount of time. Here are some of the best fixed rate business bonds on the market at the moment, from data supplied by moneyfacts.co.uk.

Friday

Camilla Swift

What might a jockey earn from riding in tomorrow’s Grand National?

This Saturday, 600 million viewers are expected to tune in to watch The Grand National. Horse racing is the second biggest spectator sport in the UK, and Aintree’s most famous race – in fact, Britain’s most famous race – will be screened in every corner of the globe. £300 million of bets will be placed on the race, and thousands of office sweepstakes organised. What about the jockeys riding round the course? It’s safe to say that being a jump jockey is one of the most dangerous jobs – or certainly one of the most injury-prone jobs – out there. Just look at the fact that Bryony Frost – the

Thursday

Martin Vander Weyer

We could emerge from Brexit as a nation of born-again entrepreneurs – if we invest

Siemens’ UK HQ happens to be in Manchester, where I was glad to find contrary evidence last week that all is far from lost on the innovation front, at the Northern Tech Awards, presented in rock’n’roll style by the investment bank GP Bullhound. Here were 100 high-growth companies, ranging from the self-explanatory (-Parcel2Go, Pharmacy2U) to the baffling: I glazed over at ‘the intersection of Big Data and the Cloud’. Among winners with plainer purposes were Sheffield-based Twinkl, which sells online teaching materials for schools around the world, and Leeds-based Crisp Thinking, which provides rapid responses to adverse social media activity for companies and brands, again worldwide. But most interesting were

Kate Andrews Kate Andrews

The problem with the gender pay gap obsession

Would we condone teaching a child that 1+1 = 3, for the sake of increasing her interest in maths? No. Would we praise flat earth theorists for getting people talking about the health of the planet? No. So why are we giving credence to meaningless and often deceptive gender pay gap statistics, which have us focusing on women’s issues in a way that is damaging to women? With Brexit-mania dominating our national debate, you may have missed that today is the deadline for large organisations to report their gender pay gap data. Now into the second year of reporting, it has become increasingly clear that the influx of data from the gender pay

Tuesday

Spectator Money

Best Buys: One year fixed-rate ISAs | 2 April 2019

Fixed rate ISAs are a good way of making sure you have some cash put to one side for a rainy day – but as with everything, you need to make sure you get the best possible deal. Here are the best one year fixed-rate cash ISAs on the market at the moment, from data supplied by moneyfacts.co.uk.

Friday

Martin Vander Weyer

What is Britain really good at these days?

I invited you to suggest smaller companies that are ‘potential world-beaters’ for the next layer of stocks in our UK Optimist Fund portfolio — and your wide-ranging responses gave rise to one big question. What are we really good at these days? We certainly have strengths in bioscience, where your picks included Angle (blood analysis technology to identify cancer cells), Avacta (artificial proteins that stimulate auto-immune systems), BioVentrix (devices to treat heart failure), and ReNeuron (stem cell research). We’re a leader in financial technology, in which the venture capital fund Augmentum Fintech looks promising. Then there’s electronic engineering: you proposed Zytronic in touchscreens, DiscoverIE in electronic components and Ilika in

Martin Vander Weyer Martin Vander Weyer

The real winner from ‘Brexodus’ will be New York

How big is Brexodus — the flight of business and people from the City of London in parallel with our exit from the EU? I observed recently that squealing from the Square Mile has been minimal compared to sectors that make and move physical goods — suggesting that banks, insurers and investment houses have quietly completed all the necessary rejigging of domiciles and compliance that will permit them to carry on making money willy-nilly. There’s been plenty of paddling beneath the City surface. A report by the New Financial thinktank ‘identified 275 firms in the UK that have moved or are moving some of their business, staff, assets or legal

Tuesday

Becky O’Connor

Would you be tempted by a 40-yr home loan? I know I would

I remember it so well: the existential angst, the self-doubt, the bitter railing against intergenerational inequality, all of which preoccupied me for much my twenties. The cause? Anxiety about getting on the housing ladder. When you’re in that desperate state, it’s all consuming. Owning your own home is the holy grail of adulthood. You imagine that if you achieve it, everything else will be alright, you will get on with the rest of your life, focus more on your career, somehow be more of a person. Flowers will grow in your garden, you’ll do things like chat to the neighbours and you will no longer be beholden to landlords, with

Daniel Rey

Prince Charles’s trip to Cuba is a big mistake

More than 120 years ago, Winston Churchill sailed to Cuba. While there, he dreamt of a country ‘free and prosperous…throwing open her ports to the commerce of the world, sending her ponies to Hurlingham and her cricketers to Lords.’ Now, in spite of Cuba’s communist revolution, the British government seems to have the same optimistic view as Churchill. But is it right to do so? On Sunday, the Prince of Wales and the Duchess of Cornwall landed in Havana. Their tour is the first official royal appointment in Cuba, a four-day trip the British government hopes will strengthen economic and diplomatic relations with the communist country. The royal trip may

Wednesday

Mary Kenny

Would the real St Patrick have appreciated the contemporary marketisation of his Saint’s day?

St Patrick’s Day, on 17 March, is now regarded as a prime opportunity for Irish politicians to travel abroad on a mission for ‘brand Ireland’. They fly off overseas, armed with the symbol of the shamrock, alerting their hosts to the shiny new liberal Ireland which is such a fabulous investment opportunity — and don’t forget the low corporation tax! Few national saints have the global reach of Patrick: it has been calculated that church bells ring out in 800 worldwide locations to celebrate the feast day of this Roman Briton who brought Christianity to Ireland in the early 5th century. Jewish bakeries in New York sell green bagels and

Tuesday

Matthew Lynn Matthew Lynn

Why Greek, Italian and Cypriot banks can go to the wall, but German ones can’t

It would only encourage irresponsible lending. Deficits would run out of control. The rules of the single currency would be undermined, and voters would lose faith in the euro. Over the last few years, the Germans, the European Central Bank, and the EU itself, have been adamant that banks shouldn’t be bailed out inside the eurozone. Along the way, Greek, Cypriot, Italian and Irish banks have all been allowed to go to the wall or squeezed to extinction. But hold on. There seems to be an exception to that austere financial regime. Big German banks. With the once mighty Deutsche Bank in serious trouble, it turns out there is nothing

Sunday

Martin Vander Weyer

Martin Vander Weyer’s stock picks for the post-Brexit era

The nation certainly needs optimism this week, so what better moment to start building our ‘UK Optimist Fund’ of shares with exciting prospects for the post-Brexit era, for which I invited suggestions last week? I’m grateful to all  respondents but was particularly glad to hear from former minister Edwina Currie — whose stock picks show a penchant for high dividend yields — and this column’s very own veteran investor Robin Andrews, whose market eye has stood Spectator readers in such good stead over the years. Our underlying quest is a serious one. We’re heading into new territory in which businesses will clearly suffer if they previously depended on tariff-free access to European

Thursday

Spectator Money

Best Buys: Variable cash ISAs

If you don’t want your money to be locked away for a set amount of time, or to make additional deposits, then a variable rate easy access ISA is probably your best bet. Here are some of the best on the market right now, from data supplied by moneyfacts.co.uk.

Samuel Leach

Top tips for when you’re learning to trade

Trading the stock or forex markets can seem like a panacea for all your problems; you can set your own hours, work from wherever you like and theoretically make as much money as you want. However, it’s important that you understand the reality of the risks involved, have realistic and attainable goals in mind, and develop a clear plan of action for when you’re starting out. By following these tips, you can avoid unnecessary financial risk and let your money work for you. Start with achievable goals There is a steep learning curve involved and new traders often underestimate how difficult it is to be successful. Don’t leave your job