Clarissa Tan

So the Bank of England has pulled the lever on a second round of Quantitative Easing. Apparently sluggish economic growth, plus more ominous signs from the eurozone, have persuaded the central bank it can’t wait any longer to print more money. But given the evidence from QE1 - only a small boost to GDP accompanied by extra inflation - it's a big gamble. Mervyn King & the rest of the Monetary Policy Committee clearly believe that more money in the system is what’s needed to kick-start growth. But even they admit that QE1 didn’t live up to expectations, so why should QE2?

The dramatic – some would say theatrical – exit of Alexei Kudrin as Russia’s finance minister couldn’t have come at a worst time. The world economy is incredibly fragile and oil prices are in flux. But is Kudrin, highly respected for his fiscal policies and a member of Putin’s inner circle, merely pushing for promotion? With the ruble slumping to a 28-month low yesterday, there are signs the market is worried over the loss of a finance minister who prudently curbed Russia’s budgetary excesses and far-sightedly built up its oil wealth funds.

Well, so much for that. The FTSE 100 fell as much as 1.7 per cent this morning, while overnight the euro and Asian stock markets tumbled, after Europe’s leaders announced their grand 2-trillion-euro plan over the weekend to drag the Eurozone out of the mire. It appears the markets are well past the point of believing that political leaders can get us out of this mess. The consensus is that the plan is not concrete enough. Of course, equities may recover a bit later, as they have been prone to do in past days. But the whipsawing itself is the worst sign of all; stock investors and retail-end funds are confused, panicky and probably still in denial.

The politics of 'get the rich' is going global and even the rich are joining in. While few countries have adopted the equivalent of Britain's 50p tax, many are baring their teeth at the very well-off. In America, this is now being done by an unlikely alliance between Barack Obama and Warren Buffet. The billionaire investor is allowing his name to be appended to Barack Obama’s new tax-the-rich-more policy, which apparently follows the ‘Buffett Rule’. The Buffett Rule, which draws its basic principle from an op-ed Buffett wrote for the New York Times, is this: people making more than $1 million a year should pay a tax rate that’s at least the same percentage of their earnings as middle-class Americans.

So what's the upshot of yesterday's Vickers review into banking? A research note issued today by UBS puts it bluntly: Lloyds to do better, Barclays to shrink and HSBC to quit Britain entirely. The UBS note, written by Alastair Ryan and John-Paul Crutchley, points out that HSBC took not a penny of bailout money. It was able to cushion its own fall - so why hang around and let British regulators hack off its investment banking division? “HSBC required no state support during the recent crisis, either explicitly through capital or implicitly through liquidity or funding support,” says the note. “This is forgotten in official UK thinking about what happened and what to do about it.

So we’ve seen the ceremony at Westminster Abbey. How was the Royal Wedding celebrated – by expats and locals alike – around the world? In Afghanistan, British troops celebrated with bunting on the front line. In Australia, foods associated with the ‘Mother Country’ flew off supermarket shelves, with the biggest sellers being Maynards wine gums and Colman’s classic mint sauce. Even Aussie republicans appear to have been inspired to hold parties and wear tiaras. In China, a couple recently had a knock-off Royal Wedding, complete with horse-drawn carriage and archway of swords. And cashing in perhaps on the wedding fervour, McDonald’s in Hong Kong started offering wedding party packages.