Property

What will it take for us to stop doing business with Qatar?

On 17 June, a meeting of the Henry Jackson Society, held in the House of Commons, discussed (according to the minutes published on the society’s website) how a tribal elder in northern Cameroon who runs a car import business in Qatar has become one of the main intermediaries between kidnappers from Boko Haram and its offshoot Ansaru and those seeking to free hostages. It was alleged that embezzlement of funds going to Qatar via car imports might be disguising ransom payments. It was also alleged that Qatar was involved in financing Islamist militant groups in West Africa, helping with weapons and ideological training, and (with Saudi Arabia) funding the building

Hugo Rifkind

Why my friends love the idea of a nasty, stupid mansion tax

I see all the flaws with a mansion tax, I really do. And yet some little piece of me, some tribal chip within my soul, rejoices at the thought of one. So do not expect the sympathy of the young, you owners of ‘perfectly normal houses’, now classed, however bizarrely, as the homes of the super-rich. For they will turn away from you when the taxman comes knocking, with a sudden geronticidal steel in their eyes. And you may be hurt, and you may feel righteously aggrieved. But do not be surprised. I live in London, in a house which is not a mansion. Indeed, it is probably not even

Martin Vander Weyer

Why the real winner from George Osborne’s ‘Google tax’ could be Nigel Farage

George Osborne’s promise to crack down on multinational companies’ avoidance of UK taxes by the use of impenetrable devices such as the ‘Double Irish’ and the ‘Dutch Sandwich’ certainly has the support of this column. I have long argued that the ‘fiduciary duty’ (identified by Google chairman Eric Schmidt) to minimise tax bills within the law for the benefit of shareholders has to be balanced against a moral duty to pay at least a modicum of tax in every profitable territory. Google, Apple, Amazon and eBay, as well as Starbucks and big names of the pharmaceutical sector, are among those known to use smart schemes which variously involve sales bookings

Andrew Marr’s diary: Seeing shadows of Syria in Limousin’s ghost village

No, no, no, you don’t want a house abroad — the paperwork, the taxes, the piping, the cost of the pool. What you want are good, kind, generous friends with houses abroad. That’s what we’ve enjoyed this summer, meeting scores of interesting new people and being looked after by our best friends. We pay them back with wine, little presents and London hospitality. The only downside to ‘les vacances ligging’ is having to book extra seats home on Ryanair for our vastly swollen and moaning livers. The most striking thing we did in France was to visit Oradour-sur-Glane, the Limousin village where on 10 June 1944 a Panzer division of

The squeezed middle is a myth

[audioplayer src=”http://traffic.libsyn.com/spectator/TheViewFrom22_14_August_2014_v4.mp3″ title=”Ed West and Ryan Bourne discuss the moaning middle class” startat=1402] Listen [/audioplayer]Almost from the moment the coalition came to power four years ago, a mood of deepening grievance has gripped parts of the middle class, fuelled by a sense that they have been the biggest losers from the government’s austerity programme. They see themselves as ‘the squeezed middle’, the ones cruelly punished by rising taxation and the loss of state support. What makes their anger all the greater is the feeling of betrayal. David Cameron should be on their side. This narrative of victimhood has become conventional wisdom. Only this week Radio 4’s Jenni Murray, the epitome

On safari in Gloucestershire

The heat was still sweltering as we headed off at dusk towards the hide to watch wildlife with our enthusiastic guide, Leonie. My wife and I were on our first ever safari — or rather ‘stayfari’. No, we weren’t in deepest Africa, but in deepest Gloucestershire. And we weren’t on the look out for lions and elephants, but beavers. We were staying at Lower Mill Estate, near Cirencester. Consisting of 550 acres of beautiful lakes, fields and woodlands, it’s been described as the most important private nature reserve in Europe. In Lower Mill, the houses fit around the wildlife, and not the other way round: all of them have bird

Hugo Rifkind

You’ll mock me, but I have to ask: why don’t any of my friends have holiday homes?

This is to be one of those columns that makes the writer faintly wish there wasn’t an internet. It would be one thing merely in print — ephemeral, swiftly forgotten, to be stumbled across only by like-minded individuals en route from Charles Moore to Taki — but online I fear there may be sniggering. ‘What planet is he on?’ they will be asking on Twitter, but then, I suppose, they always are. The fact is, there’s been a question preying on my mind these last few weeks and I’m going to be bold, and ask it. You may snigger, you may mock and you may sneer, but that won’t make

Sloane Rangers vs Arabs – the battle for Chelsea

Perhaps you’re aware that it’s Ramadan right now, the month in which all good Muslims refrain from eating, drinking, smoking and sex during daylight. What you might not know is that Ramadan also marks the start of an annual turf war in London; a battle between the tribal Sloanes and the young Gulf Arabs to dominate Chelsea. The skirmish actually begins before Ramadan. The Gulf States heat up to an intolerable degree and their oil-rich young migrate over here in droves to escape both religious censure and the sun. They descend first of all on the department stores in what’s become known as the Harrods Hajj, to flash their cash

‘Dark pools’ are just another conspiracy of bankers against the public

It was at the Mansion House dinner last year that a City gent two seats away announced himself to be the custodian of one of London’s ‘dark pools’. The phrase sounded pleasingly Tolkienian but his first explanation — an electronic exchange in which large share transactions are completed in total privacy — dispelled the charm. My reaction was sharp enough to make the Downing Street spin-doctor between us fiddle nervously with his Twitter feed. If institutional investors can shift blocks of stock on the quiet, without moving public markets, what happens to the normal process of ‘price discovery’ between buyers and sellers? Surely small investors are being ripped off? Sounds

I salute the wisdom of young Scots on independence (they’re voting No, by the way)

It’s a constant theme of this column that today’s young need to stop whingeing about their prospects and get on with making their own future. But a quick north-of-the-border tour as official campaigning kicks off for the Scottish referendum persuades me that the pessimism of the generation about to enter the world of work is for once well justified — and may play a key role in averting the potential economic disaster of independence. When SNP leader Alex Salmond chose to give 16- and 17-year-olds a say in September’s poll, he must have presumed that teenage Scots — if they could be bothered to vote at all — would be

Why education is no longer the best way to invest in your child’s future

Teenagers have never exactly been short of things to complain about to their parents. You didn’t give them enough support, sent them to the wrong schools, stopped them going to the right parties, or didn’t get them the latest iPhone. But Generation Rent, perhaps stirred up by too much time spent reading Ed Miliband’s Twitter feed, are likely to be especially aggrieved. To add to the traditional litany of charges from the younger generation against the older can be added one that might even have a kernel of truth in it — you stole our future. There is a case to be made that the big divide in British society,

Don’t blame ministers for the Royal Mail sell-off. Beat up the bankers!

Vince Cable and Michael Fallon, ministers responsible for the Royal Mail sell-off, have been summoned for another select committee grilling after Easter. Meanwhile, Labour’s irritatingly smug business spokesman Chuka Umunna continues to score points by claiming that last October’s flotation was ‘botched’, costing taxpayers a notional £750 million as the shares leapt from the issue price of 330 pence to 455 pence on the first day, and much more since as they rocketed on upwards. The truth is that the ministerial duo were right to be super-cautious about pricing a privatisation that had been thwarted for so long by union subversion, for which public enthusiasm was uncertain, and in which

Gordon Ramsay joins in the posh invasion of Battersea

London House is in Battersea, which some people call South Chelsea, but is more East Wandsworth to my mind; or maybe North Clapham, or, even better, West Brixton. This is the self-hatred that the housing bubble has brought to London: we have whole sorrowful postcodes that long to be something else because original posh London, which is SW1 and W1 and SW3, does not really exist any more, or rather it does, but it does not belong to us, so we might as well forget about it. So we have London House. It was obviously a marketing essential to tag this restaurant to London, and also to mention houses, which

The Spectator’s Notes: If Putin can have a referendum, so can Boris

Everyone can see that the West has no idea what to do about Russian power in the Ukraine. Britain, in particular, is at the margins. It is time for the Mayor of London to fulfil his historic role of stealing a march on more conventional politicians. Boris should take a leaf out of President Putin’s book and call a referendum of Londoners. He should ask them whether they would like all Russian housing in London to be seized, and be inhabited, instead, by British families. I predict a Yes vote whose percentage would exceed even that of the recent Crimean plebiscite. Obviously the Mayor, unlike Putin, has no military forces

Rory Sutherland

The engagement-ring theory of property bubbles

Google ‘the bread market’ and you get 135,000 hits, mostly from specialist food industry websites. Google ‘the property market’, however, and you get over 180 million. ‘The financial markets’ nets you 282 million. Seen like this, it’s unsurprising that capitalism has a reputational problem. The likelihood that the word ‘market’ is attached to any area of commercial activity is in direct proportion to the degree to which that category is seriously messed up. The idea that all ‘markets’ are effectively the same is perhaps one of the stupidest economic errors of the past 50 years. For a start, asset markets are not like other markets. As John Kay explains, writing in

Why are we turning London into Dubai?

If you’ve ever wondered what it will look like when we colonise Mars, the answer is ‘Dubai’. I was there the other week. Bloody hell, what a place. You sit there on your unabashedly fake beach on your un-abashedly fake island, perhaps basking in the shade of a palm tree that plainly wasn’t there a decade ago, because this used to be the sea. And across the bay, which is of course a fake bay, you can see skyscrapers. Pleasure zone, business zone, shopping zone. You half expect to find Richard O’Brien prancing around in a leopardskin top hat, urging you to collect crystals. It’s a great place for a

Any other business: How François Hollande let France miss the global recovery train

I’ve always respected stationmasters, but that sentiment is not universally shared. A distinguished friend of mine across the Channel described François Hollande the other day as ‘un chef de gare, sans aucune dignité’ — and it’s not difficult to picture the little president, peaked cap awry, trousers unbuttoned, haplessly waving his whistle as the last train à grande vitesse departs for the Eurotunnel laden with talented compatriots who see no future in France. As modern socialist leaders go, Hollande is beginning to make Gordon Brown look statesmanlike. Nicknamed ‘Flanby’ after a cheap custard pudding, he has left decision-making to his ragbag of ministers and done nothing to steer France towards

A dying estate agent helped me see the light

I recently decided to move house. It started with a resentful yearning to own two bedrooms, but I quickly discovered that to afford a spare room, I must leave my seedy area of west London for a worse one, or leave London altogether. Not easy after 30 years. Since I made up my mind to move, my normal life has disappeared. In the ceaseless hunt for houses I have no time for blogging, writing, painting, exhibitions or sociable lunches: the things that used to give life its shape. As there are not enough affordable houses, there is intense competition involved, which has changed me into something like the unpleasant yuppie

How mansion taxes will make us all poorer

There are few things most of us enjoy more than watching the value of our houses rocket. Every homeowner will have felt the pulse of excitement that comes from a mental calculation of how much has been added to their net worth by the latest bulletin from Rightmove or the Halifax. Yet fast forward two or three years and the same news could make our hearts sink — because by then a mansion tax could well have been introduced, and rising prices will take many middle-class owners over the threshold. The mansion tax bandwagon has been rolling for several years, pushed enthusiastically by business secretary Vince Cable and his Lib

How to make money from the Scottish referendum

The best time to buy an asset is when no one else can stomach it. Great fortunes are made in uncertainty. The self-made rich aren’t the ones who hung around on the edge of an iffy situation thinking about the possible disasters. They’re the ones who calculated the odds and bought before anyone else was sure of the answers. So where is there uncertainty in the UK today? Most English people are utterly uninterested in the prospect of Scottish independence — or in Scotland generally. But if they were actually to look up north they’d see pretty serious turmoil. It is less than a year until every resident of Scotland