Matthew Lynn is a financial columnist and author of ‘Bust: Greece, The Euro and The Sovereign Debt Crisis’ and ‘The Long Depression: The Slump of 2008 to 2031’
They shift revenues around. They create endless shadowy shell companies. And they undermine the social model by dodging taxes. To the European Union, the American tech giants, when they aren’t busy destroying democracy and hollowing out local economies, are paying far too little to the state, and it is the only organisation with the muscle
There is one thing to be said for Anneliese Dodds: as shadow chancellor, she set the bar very low. Virtually invisible, with few ideas, and a manner designed to send even political obsessives to sleep, her successor Rachel Reeves won’t have to do much to look like an immediate improvement. A wet tea towel would
She handed the vaccine procurement process over to the European Union. She didn’t invest much in new production. And she allowed an American multinational to take control of a brilliant discovery by a small German biotech company. Angela Merkel, the out-going German Chancellor, has not had much success battling the Covid-19 crisis, and her handling
David Davis was ‘truculent’. Dominic Raab was ‘almost messianic’. Theresa May was ‘rigid. While Boris Johnson kept asking to borrow a tenner and whether it would be okay if Carrie joined the meeting. Okay, I made that last one up, but the rest are among the startling revelations contained in Michel Barnier’s Brexit diary, published
Okay, in fairness it might be the weather. Or the craic in the bars. Or the rugged coastline, golf courses, or the lakes. And yet for all its charms, there was always a far simpler reason why more than a thousand multinational companies have their main European headquarters in Ireland. Tax. For a generation, Ireland
The US is booming. The UK is set to grow at the fastest pace in half a century. China is expanding again at a blistering pace. Stock markets are rising. And commodity prices are racing ahead. Across most of the world, economists are starting to worry about a runaway boom, stimulated by too much easy
Well, that will teach them to go around manufacturing a vaccine against a global virus at cost price, and at record speed. The European Union has today said it is planning to take legal action against the pharmaceuticals conglomerate AstraZeneca for failing to deliver enough doses of the Oxford shot on time. No doubt European
Regrets? It turns out he has a few. The former president of the European Commission Jean-Claude Juncker does not seem too bothered by the EU’s miserable growth rate during his time in office, its geopolitical marginalisation, or indeed the growing power of corporate lobbyists in Brussels. But there is one thing that makes him at
Short of dropping Harry Kane from the England team, and replacing him with Andy Carroll on the grounds that what we really need is a big man up front, it is hard to imagine a footballing decision that could be less popular. Twelve of Europe’s biggest clubs, including Manchester City, Chelsea and Liverpool, have announced
Compared with the United States, the UK has so far been relatively cautious about launching stimulus programmes to kick-start the economy. And yet perhaps it doesn’t need to. People are paying off their credit cards, putting some money into the stock market, buying new houses, as well as finally booking a restaurant and getting back
The ports would reek from the smell of rotting fish. Factories would close en masse as orders got snarled up in red tape. There would be chaos at the borders as deliveries were blocked, and services would hit a wall of ‘non-tariff barriers’ that would make it impossible for British firms to sell them across
The country would remain implacably divided for a generation, with Remain and Leave replacing class and geography as the new fault line in British politics. International investors would take a generation to come round to the idea. And campaigns to re-join the EU would grow in strength as the chaos deepened. Even a few months
It didn’t order enough vaccines, spent too little money, dithered over authorisation and then lashed out at the companies making them. Over the last few weeks, the catastrophe of the European Union’s vaccine roll-out has become painfully clear to everyone. We are already starting to see the toll it is taking on the continent’s health,
Debts would be shared. The strong would offer a helping hand to the weak. Money would be raised at incredibly cheap rates to help countries recover from the impact of Covid-19, while at the same time building back a greener, tech-based economy. Last summer, as the epidemic engulfed the continent, the European Union took a
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As the EU threatens a vaccine export ban, is their blind panic a sign of incoming crisis? (1:15) Plus, will a new Instagram account for teenage girls to report sexual assault restart a battle of the sexes? (18:05) And finally, what is it like to be one of the last British babies born under the
The Dutch city of Leiden has rarely played a dramatic role in European history. Quiet, rainy and tucked away close to the sea, it is in many ways the Durham of the Continent. It was besieged by the Spanish in the Eighty Years’ War, Rembrandt was born and worked there, Einstein taught intermittently at its
Boris Johnson might have started back-pedalling furiously. He might have tried to dismiss it as an off-the-cuff comment. And the spin doctor might have preferred it to have remained private. Even so, the Prime Minister was surely right when he told MPs last night that ‘greed’ and ‘capitalism’ gave us the Covid-19 vaccine. And rather than
The BMWs and Mercs will be banned from the autobahns. People will only have electricity when there is enough of a breeze to keep the windmills turning. And the factories will be on a three-day week, while the airports will be converted into organic farms. Most businesses, and of course conservatives of any sort, will
We have to rid the world of vaccine nationalism. No one is protected until we are all protected. And we need, above all, solidarity to fight a virus which by its nature does not respect borders or boundaries. Over much of the last year, European Union officials, led by the President of the Commission Ursula
Lots of self-promotion. An avalanche of leaks. Fiddly tax changes that always somehow turn out to be an increase, plenty of creative double counting, and heavy spending on marginal seats, all wrapped up in a package designed to effortlessly transport its author into Number 10. Remind you of anyone? It is of course Gordon Brown,