Bugger the Bundesbank — that seems to be ECB President Jean-Claude Trichet’s current raison d’être. The ECB, together with other global central banks, yesterday agreed to provide dollar funding to ease the mounting liquidity crisis in European banks, largely caused by American banks curtailing interbank lending in anticipation of another crisis. This unorthodox action runs contrary
Martin Vander Weyer’s column in the latest issue of the magazine is essential reading. It features five current stories from the business world. The Vickers report, Martin says, will merely offer the same poor service for consumers at a greater cost. Martin also notes, as he did two weeks ago, that American banks are winding
“This is your revolution,” said David Cameron to the mass of rapturous Libyans who welcomed both him and Nicolas Sarkozy in Tripoli this morning. Obviously this is a PR coup for the two leaders, who both face difficulties at home. But, although these were scenes of jubilation, both leaders were keen to say that the
It was something of a mystery. Emergency conference calls about the future of the Eurozone were being made yesterday, but there was no news of those discussions. As it turned out, this was for the best of all possible reasons: there was no news to report. Angela Merkel and Nicolas Sarkozy announced no new measures
VERDICT: The 80,000 rise in unemployment announced today gave Ed Miliband an immediate tactical advantage and he made the most of it, damning the government’s economic policy and painting the coalition as uncaring Conservatives. He even cracked the odd risqué joke, such was his confidence. Cameron defended as best he could and he managed to avoid looking
Nick Clegg gave a speech on the economy earlier this morning. As Tim Montgomerie notes, Clegg came close to admitting that the economy is nearing crisis. He said, “The economic context is much worse than before. Yes, facts have changed” and added that the “government is not blind to deterioration in economic environment”. These warnings
The Palestinians are seeking United Nations recognition as a state and a vote is apparently imminent. The Guardian’s Jonathan Freedland has a useful account of the diplomatic arithmetic and explains how the possible vote could be decided by European countries and by Britain in particular. ‘Barack Obama has already said the US will vote against
Angela Merkel, Nicolas Sarkozy and George Papandreou are in crisis talks about Greek debt. There are rumours that they are preparing an “orderly default” for Greece. But, officially, Merkel is still pressing ahead with implementing the existing Greek debt deals. This meeting also has a domestic context for Merkel. According to the FT, she is determined
The Institute for Fiscal Studies enjoys quasi-divine status in Westminster: chancellors and their shadows bother it for its blessing, and Budget Day is never complete until its judgment has been passed. Both parties have bent a suppliant knee before the institute in the past, but the IFS became particularly important to Labour after it declared
David Cameron and IDS have been promoting the Work Programme this afternoon and they reiterated that jobseekers must learn English to claim benefits if their language difficulties are hampering their job applications. It’s another indication of the government’s radical approach to welfare reform. Aside from that, the main event in Westminster today was Ed Miliband’s speech to
The Culture, Media and Sport committee has recalled James Murdoch to give further evidence into phone hacking and James Murdoch’s people are briefing journalists that he is happy to appear. Sophy Ridge reports that the committee had a long discussion about who to recall, but were largely in agreement and there was no vote. In
Ed Miliband is the Brothers’ man, or so the popular myth relates. Miliband has been trying to shake that perception ever since his election was secured by the union vote. He will make his most visible show of defiance yet in a speech to the TUC conference today. Miliband will refuse to countenance the proposed general
George Osborne made a firm statement on the Vickers report this afternoon; if he felt uneasy about the proposed abolition of his seat or Natalie Rowe’s latest sally against him it didn’t show. As expected, he accepted Vickers’ proposals “in principle”, giving himself and his coalition partners enough room to manoeuvre within an agreed timetable that
September 11 2011, another day that will live in infamy. Cataclysmic events invariably cause a deluge of fiction, some of it great. The Easter Rising, The Spanish Civil War, Vietnam, The Charge of the Light Brigade, the sinking of the Titanic, all have inspired tomes and novellas. And who could forget Lord Flashart’s contempt for
After a short break in service, normal posting will now resume on the books blog. The Booker shortlist has been announced and there is no room for Alan Hollinghurst, Sebastian Barry, D.J. Taylor or Patrick McGuiness. Here are the books that superseded them: Julian Barnes, The Sense of an Ending Carol Birch, Jamrach’s Menagerie Patrick
Theresa May has named Bernard Hogan-Howe as the new Metropolitan Police Commissioner. Hogan-Howe was the early front-runner and a finalist for the role last time round. He is apparently highly respected within the police force and has been a successful chief constable in Merseyside. His appointment has come earlier than was expected: the talk at the
The Boundary review, which was embargoed, has been leaked. Here are some immediate headlines from the proposals: George Osborne’s Tatton seat appears to have been abolished, though you imagine he’ll have little difficulty in finding anohter. After much speculation that his Twickenham seat would be subsumed, Vince Cable may have survived. The new seat covers what appears cover
“I said to George [Osborne] jokingly that when you’re prime minister one day I’ll have all the dirty goods on you, and he laughed and took a big fat line of cocaine,” says Natalie Rowe, a former madam of the Black Beauties escort agency, in an interview with ABC’s PM programme. She adds, “It’s been
It’s the moment of the truth for Britain’s banking sector: the publication of the Vickers report. The headline is as expected: the Commission recommends the imposition of a ringfence on banks’ ‘core operations’ (such as consumer deposits and small business lending) from the riskier elements of their business. According to the FT (£), the banks will
The EU has banned imports of crude oil from Syria. This is being touted as a major success for the EU, displaying the ability of governments to act collectively. Oil sanctions on Syria should, theoretically, impede President Assad: 95 per cent of Syria’s oil is exported to Europe, worth roughly £3bn a year. Germany and Italy
