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’
There is still some debate about who came up with the adage that ‘if you owe the bank $100 that is your problem. If you owe the bank $1 million dollars that is their problem’. It is usually attributed to the oil tycoon J. Paul Getty, which may help explain how he became the richest
They’ve only received a fraction of their old salaries. Many have missed out on months of work. And their pension contributions and holidays have been completely scrapped. So it is perhaps understandable that teachers, town planners and tax officials are feeling a little aggrieved. Except, er, no, sorry I made a mistake there. That was
A couple of shots to the arm and this will all be over. With today’s news from Moderna, last week’s from Pfizer, and with a potential update from AstraZeneca in the next few days, we may soon have three vaccines against Covid-19 (and if you add in candidates from Russia and China perhaps more). And
A new era of transatlantic cooperation will have begun. The United States will pivot towards Brussels. The trade wars will come to a swift end, and the American president will once again be a respected figure on this side of the Atlantic. With Donald Trump finally defeated, if not quite yet evicted from the White
There are still safety trials to be completed. Data has to be collected, checked, double-checked, and then peer-reviewed. And we still need to find out whether it is the most effective of the various candidates currently in development or whether there is something even better just around the corner. But the Pfizer vaccine has already
In the last decade, the mega corporation has taken a lot of stick from just about everyone. But hold on. It is just about to rescue us from the worst global crisis since world war two. Drugs giant Pfizer — part of the Big Pharma — has announced that its Covid-19 vaccine was effective in
High Street chains are closing all the time. The restaurant chains are shutting their doors. The gyms are going out of business and it doesn’t look as if all the airlines will survive. There have been lots of different industries that have been wiped out this year. But now we can add one more to
By tomorrow morning, he should be back on one of his golf courses. Or prepping for a new series of the Apprentice. Or quite possibly spending more time with his lawyers. Either way, if the polls and bookmakers are to be trusted, Donald Trump will be the first sitting president to be ejected from office
In Germany, the DAX index – the benchmark for the economy – is already down 4 per cent today. In France, the benchmark CAC-40 is down by 3.3 per cent – heading toward the low points seen in the spring. Across Europe a stock-market crash is starting to unfold. Is it a panic? An overreaction
When they were first introduced in the spring, lockdowns were meant to be a way of controlling the spread of Covid-19. But, in much the same way that viruses themselves sometimes do, they have mutated into something far more sinister and potentially far more dangerous – a way of waging war on every form of
Infections are rising. Hospitals will be overwhelmed. And very soon the vulnerable will start to die. From today, the Welsh First Minister Mark Drakeford is closing down Wales with one of the strictest lockdowns in Europe, shuttering all but essential shops. For the next 17 days, hotels, pubs, restaurants and for a while, schools, will
More help for bars and restaurants. Grants for businesses that are forced to close. Additional funding for the self-employed. The Chancellor Rishi Sunak has started shaking the magic money tree again, promising extra assistance to keep the economy alive during a second wave of Covid-19. There is a problem, however, and as the Chancellor runs
More jobs will be lost in the long run. Businesses will go under. And government debt will soar even higher. Labour’s Shadow Chancellor Anneliese Dodds is pushing the argument that a circuit breaker — that is a short, sharp national lockdown — will be cheaper in the long run. It will keep the virus under
Border posts have been dismantled. The armed guards and sniffer dogs have been retired. And the surly looking official who glances at you suspiciously before curtly handing back your passport has long since been consigned to the pages of dusty old spy thrillers. Over the last couple of decades, if the European Union had one
Fake companies set up under false names. Phantom employees invented to claim compensation. Start-ups trousering loans for ventures that don’t exist. Meals that were never eaten. The British economy has been in a bad place for the last six months. But it turns out one small corner of the economy has been flourishing: defrauding the
It will involve hundreds of hours of haggling over thousands of different products. It will have to pass torturous debates in Congress. And it will have to survive an election cycle or two. There are lots of hurdles in the way of a British trade deal with the United States. But now we have perhaps
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Vaccines are normally in the realm of scientists; but not this time as world leaders race to be the first. (00:50) Brexit is heating up, but is the government in a stronger position than it seems? (13:35) And a modern day Caligula – the life and times of the Thai king Rama X. (22:40) With
It could be the most audacious piece of political theatre of modern times. At the end of next month, just a week or so before Americans choose their next president, we could see Donald Trump standing on the White House lawn in front of a handful of friendly journalists, rolling up his sleeve and looking
Even a politician as tenaciously optimistic as Matt Hancock was struggling to put any positive spin on it: the world has woken up to the disappointing news that trials of the Oxford vaccine for Covid-19 had been paused after an adverse reaction in one patient. The Oxford-AstraZeneca vaccine was one of seven in Phase 3
It is, by any measure, a heck of a lot of pizza. The ‘Eat Out to Help Out’ scheme turns out to have been a huge success. We learned today that is was used more than a 100 million times in August. In many cities, it was virtually impossible to get a table from Monday
