David Blackburn

A nation of property owners

An Abu Dhabian official has briefed Reuters that Abu Dhabi will rescue Dubai on a “case-by-case basis”. The official stated: “We will look at Dubai’s commitments and approach them on a case-by-case basis. It does not mean that Abu Dhabi will underwrite all of their debts. “Some of Dubai’s entities are commercial, semi-government ones. Abu

Outmanoeuvred Brown endangers recovery

The Times’ Ian King writes that Dubai’s predicament presents an opportunity for the City to attract new business. There is no reason why, with attractive incentives, London shouldn’t capitalise on Sheik Mohammed’s momentary lapse of reason. However, the appointment of Michel Barnier, an evangelical protectionist who makes Joseph Chamberlain look like the father of Free

The coming sandstorm

The FT’s Alphaville blog has published a table detailing foreign banks’ exposure in the UAE. Look away now because it’s horrific. Of course not all of this lending was to Dubai, but those sort of funds are unlikely to be required by Abu Dhabi, with its gigantic oil profits and £900bn wealth fund. If Abu

Commissioner Boris

The Evening Standard reports that Boris Johnson is set to become the Tories’ first elected police commissioner. Chris Grayling told the paper: “We envisage the Mayor of London being the elected police commissioner. This would strengthen the role of the Mayor. However, I’m absolutely clear that no reform we introduce will allow any elected politician

Dodgy doings in the desert

Of all the lunacy engendered by this financial crisis, Dubai’s decision to call a six-month creditor standstill on its chief holding company is the most pronounced. Dubai’s successful but hideous entrepot model depends on the confidence capital markets, and as a rule markets don’t react to nasty shocks with a shake of the head and

Smoking guns and missing memos

Sir Christopher Meyer gave evidence to the Chilcot inquiry this morning. He spoke with characteristic flamboyance, awash with elegant witticisms and indiscretions calculated to amuse. Amid this tour de force, Meyer released one potential weapon of mass destruction. Hans Blix was given too little time to conduct a satisfactory inspection. Courtesy of Andrew Sparrow, here

Missing the point | 25 November 2009

The Today programme really let Paul Myners off the hook this morning. The interviewer obsessed with why the loans had remained secret for so long. It’s a fair question, and it seems bizarre that we only learn of them ten months after the borrowing was repaid in full. However, there are more important questions. As

PMQs Live Blog | 25 November 2009

Stay tuned for live coverage from 1200. 12:03: Here we go. Brown gets things underway with the weekly Butcher’s Bill and remembrance of those killed or otherwise affected by the floods in Cumbria. 12:06: And here comes Cameron – he follows Brown’s thanksgiving lead. Cameron asks how quickly temporary bridges across the Derwent in Cumbria

With friends like these | 25 November 2009

Bob Ainsworth has publicly criticised President Obama’s slothful deliberation on an Afghan troop surge. The Defence Secretary said: ‘We have suffered a lot of losses. We have had a period of hiatus while McChrystal’s plan and his requested uplift has been looked at in the detail to which it has been looked at over a

There are more pressing financial concerns than this

The two top dogs at the Treasury Select Committee, John McFall and Michael Fallon, give remarkably different reactions to the news that ministers withheld details of emergency loans to RBS and Lloyds for over a year. McFall argues that secrecy was necessary to avoid a run on the banks; Fallon expresses outrage that Lloyds’ shareholders

Will Chilcot be any different?

The Chilcot inquiry’s precedents don’t auger well. It’s unfair to describe the Hutton and Butler inquiries as ‘whitewashes’, but their colour was certainly off-white. That said, the condemnatory characterisation of Sir John and his panel as ‘establishment figures’ is redolent of a lower-sixth common room circa 1968. Who else could conduct this inquiry? Mohammed al-Fayed?

Carry on Karzai

The New York Times reports that 15 Afghan ministers, past and present, are under investigation on suspicion of corruption. Obama’s and Brown’s unequivocal stance on the Mk.3 Karzai government leaves the president with no choice but to sacrifice a few lambs. However, if ever there’s a bolthole Karzai will scamper through it. Corruption is Afghanistan’s

Satire is dead

I laughed more at the Antiques Roadshow than I did at The Thick of It. In fact, finding the louche Eric Knowles delivers more cutting gags per minute than Malcolm Tucker has become a feature of my weekends. And it’s a sad one because The Thick of It was the sharpest and most savage programme

Mumsnet versus Ofsted – a prelude to the post-bureaucratic age

Ofsted is bracing itself for the public lynching it roundly deserves. The Guardian reports that the Children, Schools and Families Select Committee, local authority service heads and head teachers are united in condemnation of the ‘wasteful’ bureaucratic giant in the wake of its annus horribilis. What is Ofsted doing wrong? The highly respected former Chief

What should be in the British Bill of Rights?

The success or failure of Cameron’s EU policy rests in part on the promised British Bill of Rights. What is clear is that Tories are unclear what should be included in it. One question that is yet to be answered is whether aspects of the constitution should be entrenched? Writing on the Blue Blog today,

Where to start cutting

Michael Portillo believes that a future Tory government, like those that came before it, will not succeed in cutting public spending. I agree with Pete: public finances are so parlous that cuts have to be made. Demolishing the state is not an overnight job; it will take time and cost money, and so it should

There are moral absolutes: aspects of Sharia are barbaric

Credit where credit’s due, Peter Tatchell wrote an article for the Guardian describing Sharia law as being “especially oppressive”. He says: ‘Its interpretations stipulate the execution of Muslims who commit adultery, renounce their faith (apostates) or have same-sex relationships. Sharia methods of execution, such as stoning, are particularly brutal and cruel – witness the stoning

Nothing’s changed

It’s a pity the Spectator has already run a political scandals supplement: the Telegraph’s latest scoop is a sordid classic. The Telegraph allege that Tory MP David Curry has claimed £28,078 on a second home from which his wife had banned from using after Curry used it as a rendezvous for assignations with a local school

They think it’s all over | 19 November 2009

It looks like curtains for ‘President’ Blair. Every commentator besides Adam Boulton and James MacIntyre, who is possessed of a ruinous gambling streak, have now virtually written off the former PM. Blair has an uncanny knack of winning through against the odds, so I will not call time on his chances quite yet. But with

Hoist by his own petard

The Queen’s Speech contained some worthwhile bills. Parents will face orders when a child breaches antisocial behaviour rules, and the Flood and Water Maintainence Bill, whilst unlikely to rival the 1911 Parliament Act in the annals of Westminster, is welcome, responsible legislation. I can even see that if you’re that way inclined, which I’m not,