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’
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As Philip Hammond rose to the despatch box to deliver his Spring Statement, the Chancellor must have felt like someone who wanted to talk about the funny noise the radiator was making half-way through extra-time of England’s World Cup semi-final last summer. Everyone’s attention was understandably elsewhere. If he was feeling mischievous he could have
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It is nothing if not bold. Battered by the gilets jaune movement, challenged by populists, and with a flat-lining economy that may soon be in a full-blown recession, France’s President Macron has proposed a huge extension of the EU’s powers for the 2020s. His plans include common border controls, an agency for defending democracy, and a
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It would stop us crashing out. It would give us enough time to negotiate a free-trade deal. It would allow business time to prepare, and for the government to put in place all the extra infrastructure we might need once we are outside the European Union. As the deadline draws closer and closer, the pressure
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Cripes. At this rate the CBI will be putting out reports on Brexit’s potential benefits, George Osborne will be reminding us he could always see its upside, and even the FT will be running leaders saying Brexit doesn’t quite mean the end of the world. There have been plenty of twists and turns in our
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Cripes. At this rate the CBI will be putting out reports on Brexit’s potential benefits, George Osborne will be reminding us he could always see its upside, and even the FT will be running leaders saying Brexit doesn’t quite mean the end of the world. There have been plenty of twists and turns in our
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It was one of the more memorable moments of the referendum campaign. In the midst of a fevered debate between Remainers and Leavers – and with the Treasury and its allies rolling out ever more lurid predictions by the day – Stuart Rose, the former Marks & Spencer chairman who was in charge of the
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Even by his usual standards of self-satire, Jean-Claude Juncker was on top form to open the new year. As he uncorked his final bottle of wine for the year, the president of the European Commission found time to blast out a tweet celebrating the twentieth anniversary of the launch of the euro. It has, according
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Even by his usual standards of self-satire, Jean-Claude Juncker was on top form to open the new year. As he uncorked his final bottle of wine for the year, the president of the European Commission found time to blast out a tweet celebrating the twentieth anniversary of the launch of the euro. It has, according
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There will be chaos at the ports. Only the occasional root vegetable will be sold in the supermarkets. The factories and farms will run out of workers, and the planes will all be grounded on the runway. We have yet to get an official warning about how the black death will ravage the land, or
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Parliament is deadlocked. The cabinet is split down the middle and Brussels won’t compromise on the deal it has already offered to the Prime Minister. As the clock ticks steadily towards March 29th, there seems little way out of the impasse surrounding our tortured exit from the European Union. No one can agree on how
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The ports will be clogged up with lorries. The shelves at Tesco will be empty. Doctors will be rationing antibiotics, and the army will be called out to deliver food. As we approach the deadline for our departure from the European Union, as the Prime Minister returns empty handed yet again from yet another catastrophic
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If they were former Manchester United players, Booker prize nominees, or members of Oasis, the acrimony and arguments might be fairly run of the mill. Among current and former Governors of the Bank of England it is, to put it mildly, a little unusual. And yet Mark Carney now finds himself under sustained attack from
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There have probably been worse branding campaigns in history. Cadbury’s apparent attempt to drop the word ‘Easter’ from its egg hunts was a clunker of cosmic proportions. The launch of New Coke has found its way into the textbooks as a masterclass in how to trash one of the greatest brands in the world, and
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The headlines will inevitably write themselves. The Bank of England backs Theresa May. The Prime Minister’s beleaguered and precarious deal is the best of all the options available and the economy may well get through the next few months largely unscathed. Following the testimony this morning from the Bank’s governor Mark Carney, most people will
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The headlines will inevitably write themselves. The Bank of England backs Theresa May. The Prime Minister’s beleaguered and precarious deal is the best of all the options available and the economy may well get through the next few months largely unscathed. Following the testimony this morning from the Bank’s governor Mark Carney, most people will
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An elaborate scam for ripping off gullible investors. A black-market currency for gun-runners, drug dealers, pimps and terrorists. A bubble that makes a 17th-century Dutch tulip look like a solid investment, and a drain on global energy. There are so many different ways the digital currency bitcoin is going to destroy the world it’s sometimes
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Collapsing retailers. A looming far-left government threatening nationalisation. And perhaps most significantly of all, our potentially chaotic rupture with our largest, closest and most significant trade partner. It doesn’t seem to matter what you throw at it, the British economy continues to be surprisingly resilient. Figures out today showed it expanded at 0.6 per cent
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The growth forecasts might be too optimistic. The economy may yet turn down, the pressure on public services will only continue to rise, and, most of all, leaving the European Union may yet turn into a catastrophe. The Institute for Fiscal Studies did not waste much time in branding yesterday’s Budget ‘a bit of a
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At this rate, there’s going to be a very empty hospitality tent, and a heck of a lot of canapés left over in Saudi Arabia. One by one, the bigwigs of the business and financial worlds have been pulling out of the Saudi investment conference, dubbed ‘Davos in the Desert’, which opened today. The reason? They
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A new interior minister. A new agriculture and culture minister. There wasn’t, despite some speculation, a new prime minister, but there will be lots of new fresh faces around the cabinet table. France’s dynamic young president Emmanuel Macron has finally re-launched his government after a wave of resignations in a bid to kick-start phase two
