Martin Vander Weyer is business editor of The Spectator. He writes the weekly Any Other Business column.
It’s heartening to see an authentic British entrepreneur heading this year’s Sunday Times Rich List, the industrial-ist Jim Ratcliffe, who has overtaken a coach-load of oligarchs as well as the Duke of Westminster with an estimated £21 billion fortune. This column has long admired Ratcliffe, whose Ineos chemicals conglomerate was built by buying up businesses his
All would-be entrepreneurs are told that ‘most start-ups fail’. A popular factoid from the US says nine out of ten new businesses don’t survive. UK statistics are more encouraging, but not spectacularly so. Here, surveys say roughly four out of ten new businesses live to celebrate their fifth birthday. Some sectors have higher survival rates
Would it really be fairer, in an inter-generational sense, to whack an ‘NHS levy’ on pensioners while giving every 25-year-old £10,000 to help them buy a first home or start a business? These are recommendations by the Resolution Foundation, chaired by former Tory minister Lord Willetts, to address what it sees as a breakdown in
The bank holiday turned out to be a hot one, not least in the takeover arena. First, Shire Pharmaceutical accepted a £46 billion offer from Takeda of Japan — though the stock market did not seem wholly convinced that the deal will proceed. If it does, should we care? Shire is a FTSE100 company that
This is an extract from this week’s ‘Any Other Business’ column. The UK economy grew just 0.1 per cent in the first quarter, says the ONS, reflecting low construction activity, sluggish manufacturing, squeezed consumers, Brexit uncertainties and bitter weather. That’s the worst quarter since 2012 — so no wonder I had such a feeble response
The systems breakdown at TSB is not (yet) the worst UK bank computer cock-up of all time: that prize is held by RBS, whose problems in 2012 afflicted customers for a month and attracted a £56 million fine. But the failure of TSB to migrate four million customers’ accounts from systems bequeathed by its former
This is an extract from Martin Vander Weyer’s ‘Any other business’ column in this week’s Spectator The season of high-street banks’ annual general meetings is with us and I urge you to turn up and make trouble. When I say ‘you’, I don’t mean the likes of New York ‘activist’ Edward Bramson — who holds
The season of high-street banks’ annual general meetings is with us and I urge you to turn up and make trouble. When I say ‘you’, I don’t mean the likes of New York ‘activist’ Edward Bramson — who holds 5 per cent of Barclays and may or may not agitate for a boardroom seat at
I said last week that WPP chief executive Sir Martin Sorrell was in ‘a very exposed position’. Sure enough on Saturday he resigned from the global advertising giant he created and had run for more than 32 years. ‘But he didn’t “create” it,’ one ex-employee told me, illustrating the internal resentments that seem to have
I’m proud to be a member of the 661-year-old Company of Merchant Adventurers of the City of York, having qualified on the strength of a first career spent trying to sell British financial services around the globe from Hokkaido to Gdansk. Before our annual feast last week we prayed optimistically for the discovery of ‘a
A decade ago I commissioned an article about Vladimir Putin’s business cronies. Among other lines of enquiry, it sought to finger ‘a coterie of wealthy and politically influential industrialists, many believed to be former or current secret service officials’ who allegedly had shareholdings in Russian companies which, if we or anyone else had been able
A decade ago I commissioned an article about Vladimir Putin’s business cronies. Among other lines of enquiry, it sought to finger ‘a coterie of wealthy and politically influential industrialists, many believed to be former or current secret service officials’ who allegedly had shareholdings in Russian companies which, if we or anyone else had been able
This is an extract from Martin Vander Weyer’s ‘Any Other Business’ column in this week’s Spectator. ‘Stocks plunge as China hits US goods with tariffs,’ said a headline after the long weekend, and the FTSE100 duly dipped below 7,000. But I wonder what a serious trade war would look like — and how markets would
‘Stocks plunge as China hits US goods with tariffs,’ said a headline after the long weekend, and the FTSE100 duly dipped below 7,000. But I wonder what a serious trade war would look like — and how markets would respond if the White House and Beijing took the gloves off. Last year, China exported $500
I remember the arrival of Toys ‘R’ Us in Britain, because as a young banker in 1984 I was tasked with devising a menu of exciting financial products to offer a brash American retailer that was clearly going to take a bite out of our sleepy — and in those days still Christmas-seasonal — domestic
My decision to vote Remain was driven in part by an exercise in which I tried to identify anyone close to me in Yorkshire — family, neighbour, business owner, farmer — who was worse off as a result of UK membership of the EU. The only people uncontestably in that category, I concluded, were the
Human progress has depended on economic disruptors since long before the advent of the internet. The internal combustion engine was a hugely significant invention, but motor cars remained rare luxuries until a disruptor called Henry Ford perfected the assembly line that enabled the Model T to be mass-produced at a price the ordinary citizen could
As ‘business lobby groups’ go, the Institute of Directors has always struck me as worthy but unexciting: a more authentic voice of mid-sized corporate Britain than the fat-cat smugfest that is the CBI; a fount of sound advice on governance, gender equality and ‘mental health at work’; and a handy Pall Mall watering hole for
This is an extract from Martin Vander Weyer’s ‘Any other business’ column, in this week’s Spectator. Unilever, the consumer goods conglomerate formed in 1929 by the merger of Margarine Unie of Rotterdam with Lever Brothers of Port Sunlight, is a model of cross-Channel collaboration that pre-dates the European Union we’re about to leave. So the
On the matter of President Trump’s imposition of a 25 per cent tariff on US imports of steel and 10 per cent on aluminium, I cannot improve on the comments of the sage of Washington, the former Bank of England monetary policy committee member Adam Posen, who called it ‘straight-up stupid’ and ‘fundamentally incompetent, corrupt
