The Spectator

Saturday

The Spectator

Donald Trump has a genius for damaging his own reputation

From our UK edition

It’s easy to see why Donald Trump gets angry. He is presiding over a robust economy, growing at the fastest rate of any major economy. His recent tax cut has encouraged jobs and investment to come back to the United States. Apple alone is redirecting an extra $38 billion in tax towards the Treasury’s coffers. Other employers are using the tax cuts to pay workers a bonus: AT&T is handing 200,000 of its staff a payout averaging $1,000 each. There’s so much economic optimism that even Democrat voters say they feel better about the economy than they did under Barack Obama. But Trump isn’t taking much credit. He is still very much blamed — and his approval ratings are still very low, worse than any other President going into his second year.

Thursday

The Spectator

Barometer | 1 February 2018

From our UK edition

Tight money Ingvar Kamprad, the founder of Ikea, was worth an estimated £40 billion. Yet the eighth richest man in the world drove an old Volvo, flew economy class, bought his clothes in flea markets and had his wife cut his hair to avoid the cost of a barber. Some other wealthy tight-fists: — The oil entrepreneur J. Paul Getty, worth $6 billion when he died in 1976, famously installed a payphone for guests at Sutton Place, his home in Surrey. — Wall Street financier Hetty Green was worth $200 million when she died in 1951. It would have been a little less had she not lived in a small apartment, used charity health clinics (leading, it was said, to the amputation of her son’s leg) and only washing the hems of her dresses to save on soap.

The Spectator

Letters | 1 February 2018

From our UK edition

Creeping repression Sir: John O’Sullivan is correct to argue that Europe’s centrist establishment often ‘does not really accept the right of its challengers to come to power. And when they do, it casts them as being illegitimate as extremists’ (‘A new Europe’, 27 January). We fear, however, that like a number of our fellow conservatives, Mr O’Sullivan’s enthusiasm to see elites get their come-uppance creates blind spots for creeping authoritarianism. At the end of a second term by its Fidesz government, Hungary performs worse on all of the World Bank’s Worldwide Governance Indicators than it did a decade ago.

The Spectator

Portrait of the week | 1 February 2018

From our UK edition

Home The EU published its negotiating position on Britain’s period of transition, from 30 March 2019 until 31 December 2020. Britain would have to abide by the rules of the single market, customs union, free movement and decisions of the European Court of Justice, as well as new EU laws. Britain would have no representatives at the table. Jacob Rees-Mogg, the chairman of the European Research Group among the Conservatives, said: ‘This will be the first time since the Norman Conquest the UK has accepted rules imposed by a foreign power without having any say over them.’ The UK economy expanded by a half per cent in the last quarter of 2017 according to the Office for National Statistics, which was better than expected.

The Spectator

Trump vs Trump

From our UK edition

It’s easy to see why Donald Trump gets angry. He is presiding over a robust economy, growing at the fastest rate of any major economy. His recent tax cut has encouraged jobs and investment to come back to the United States. Apple alone is redirecting an extra $38 billion in tax towards the Treasury’s coffers. Other employers are using the tax cuts to pay workers a bonus: AT&T is handing 200,000 of its staff a payout averaging $1,000 each. There’s so much economic optimism that even Democrat voters say they feel better about the economy than they did under Barack Obama. But Trump isn’t taking much credit. He is still very much blamed — and his approval ratings are still very low, worse than any other President going into his second year.

Monday

The Spectator

Could Michael Gove be the one to fix Britain’s tax problems?

From our UK edition

Sir:  Sir James Dyson is right (Letters, 20 January). We need big farming; that is where our food comes from. But the elephant in the room is tax — inheritance tax and roll-over relief — which of course he conveniently skirts. Farming at this level needs subsidy precisely because land is too expensive for food production to give an economic return through income. And why is this? Because so much money chases land for tax reasons.  The massive distortion of the allocation of capital due to tax reliefs is one of the fundamental problems of the UK. The solution is not more tax, it is to reduce tax to a level so that the economic case , not tax, drives decisions; and then remove reliefs.

The Spectator

Donald Trump’s interview with Piers Morgan: full transcript

From our UK edition

PM: Mr President, how are you? DT: I'm good thank you, Piers. PM: It's been a while! DT: It has, since you became my Champion on the Apprentice. PM: Well that was 10 years ago. DT: Can you believe it? It's a long time but I appreciate all the nice things you've said, and every once in a while a hit, but that's OK. PM: I always say that you don't mind criticism if it's not hysterical. DT: That's true. PM: You don't mind listening to criticism, do you? DT: That's true. No I don't, if it's real. If it's fake, I don't like it. I mean when they give you false stories, and there's so much of it in the media, but you've always been very fair. And you really are a talented guy.

Thursday

The Spectator

Letters | 25 January 2018

From our UK edition

Reasons to use less plastic Sir: Yes, packaging from petrochemicals is bad, but what if we set out to use less of it? Like Ross Clark, I was once dismayed by wilting vegetables in my village shop (‘The great plastic panic’, 20 January). Then the shop closed, to be replaced by a community shop and café which stocks produce from local farmers and steers away from excess plastic packaging. This is not just a middle-class rural luxury: grass roots movements such as Food Assemblies are springing up in major cities, enabling shoppers to bring their own bags and buy food straight from producers who don’t put their vegetables in plastic costumes. These may be micro-gestures, but they point to the need for a root-and-branch rethink of packing in our food industry.

The Spectator

Open goal

From our UK edition

A decade ago, bankers were not merely the masters of Davos, but the ‘masters of the universe’. No one calls them that any more. It is a mark of how far the global economy has shifted that the market capitalisation of Goldman Sachs was this week overtaken by that of Netflix, the online entertainment company. The world’s five largest companies are now all in the field of technology and the internet: Apple, Google, Microsoft, Amazon and Facebook. Ten years ago, none of them made the top five: the masters, then, were Exxon, Walmart, China National Petroleum and the Industrial and Commercial Bank of China.

The Spectator

Portrait of the week | 25 January 2018

From our UK edition

Home Boris Johnson went on manoeuvres again. The media were briefed that, in a meeting of the cabinet, he would call for the National Health Service to be given another £100 million a week. ‘Mr Johnson is the Foreign Secretary,’ Philip Hammond, the Chancellor of the Exchequer, said. ‘I gave the Health Secretary an extra £6 billion at the recent Budget and we’ll look at departmental allocations again at the spending review when that takes place.’ No. 10 also slapped him down. ‘The Prime Minister and a large number of ministers made the point that cabinet discussions should remain private,’ said the official spokesman for Theresa May, the Prime Minister.

The Spectator

Barometer | 25 January 2018

From our UK edition

Redundant robots Fabio, a robot assistant in an Edinburgh grocery store, was retired after scaring customers. We worry about artificial intelligence destroying jobs, but sometimes it’s the robot that gets the P45: Elektra, a 7ft-tall robot with a brain formed of 48 electrical relays, was displayed at the World’s Fair in New York in 1939. He could talk, respond to voice commands and smoke a cigarette. He ended up in a California amusement park. K9, a robot helping security staff in San Francisco’s Mission District, was taken out of service after it was accused of discriminating against homeless people. Steve, a security ‘roboguard’ in Washington DC, suffered an ignominious end by tumbling into a fountain last July.

The Spectator

to 2340: Booboos

From our UK edition

Amongst the many ‘aphorisms’ of Yogi Berra, the New York Yankees baseball manager, were ‘The future ain’t what it used to be’ and ‘It was déjà vu all over again’.   First prize Christopher Hanafin, Adare, Co. Limerick Runners-up John Challoner, Newport, Essex; P.D.H.

Saturday

The Spectator

Jeremy Corbyn’s takeover is complete – and the Tories are terrified

From our UK edition

For Jeremy Corbyn and his allies, there has been no far-left takeover of the Labour party or its governing National Executive Committee. It’s true that, this week, Corbyn supporters came to control the majority of the NEC, completing their command of the party apparatus. But they see this as getting rid of the last of the right-wingers and enabling — for the first time — the Labour party to dedicate itself to the interests of the working class. It’s not the triumph of a fringe, they say, but the expulsion of a fringe. The Corbynite agenda of government expansion, mass nationalisation of railways, utilities and more, can now be pursued. Those still laughing at all that have not been paying attention.

Thursday

The Spectator

Letters | 18 January 2018

From our UK edition

Investing in farming Sir: Martin Vander Weyer (Any other business, 13 January) says, unhelpfully and inaccurately, that subsidies ‘absurdly’ favour bigger farms. As we look towards life after Brexit, instead of debating the merits of small vs large, the government should incentivise good rather than bad. My family’s farming business, Beeswax Dyson Farming, farms 33,000 acres directly and has invested £75 million in technology, training, soil improvement and environmental stewardship over the past five years. These are hardly the acts of a mere ‘wealthy landowner’, in his dismissive parlance. Subsidies we receive go directly into the activities that they are designed to support but are dwarfed by our own investments.

The Spectator

Barometer | 18 January 2018

From our UK edition

Big losers Construction company Carillion collapsed with debts of £1.5 billion. How does that compare with other UK corporate failures? Overend Gurney & Co, a bank, collapsed in 1866 with £4 million in liabilities (£400 million at today’s prices). Polly Peck failed after a fraud probe with £100 million in debts (£217 million). Barings Bank failed in 1995 after rogue trader Nick Leeson ran up £827 million of losses (£1.55 billion). MG Rover failed in 2005, leaving behind £1.4 billion of debt (£2 billion). Northern Rock was saved in 2007 after the government provided emergency loans to the tune of £27 billion (£35.7 billion).

The Spectator

Corbyn’s latest triumph

From our UK edition

For Jeremy Corbyn and his allies, there has been no far-left takeover of the Labour party or its governing National Executive Committee. It’s true that, this week, Corbyn supporters came to control the majority of the NEC, completing their command of the party apparatus. But they see this as getting rid of the last of the right-wingers and enabling — for the first time — the Labour party to dedicate itself to the interests of the working class. It’s not the triumph of a fringe, they say, but the expulsion of a fringe. The Corbynite agenda of government expansion, mass nationalisation of railways, utilities and more, can now be pursued. Those still laughing at all that have not been paying attention.

The Spectator

Portrait of the week | 18 January 2018

From our UK edition

Home Carillion, the construction and service-provider with 20,000 employees and many contracts for the public sector, went into liquidation with debts of £1.5 billion, owing 30,000 businesses £1 billion. The government said it would pay employees and small businesses working on Carillion’s public contracts ‘to keep vital public services running rather than to provide a bailout on the failure of a commercial company’, as David Lidington, the minister for the Cabinet Office, told Parliament. Greg Clark, the Business Secretary, asked the Official Receiver to investigate the conduct of its directors; ‘Any evidence of misconduct will be taken very seriously,’ he said. The annual rate of inflation fell back a smidgen to 3 per cent in December, from 3.