Shrink the government to grow the British economy November 2, 2016 November is the month when many Christians remember the dead. This year, in the same month, the Institute of Economic Affairs is focusing on that other constant of life – taxes. Sadly in the UK, taxes seem not just inevitable, but ever-growing. In 2015, the government spent 46 per cent of national income. Government estimates [...]
Should investors brace themselves for a big stock market fall if Donald Trump wins the US election? November 1, 2016 Adrian Ash, head of research at BullionVault, says Yes. If a friend is now waking up after missing 2016 in a coma, bring them up to speed gently: start with Leicester winning the Premier League at 5000-to-one. The UK’s vote to leave the EU was discounted even by its leading proponents right until the morning of [...]
The people of Burnley and Bradford have a point about the impact of immigration November 1, 2016 The scenes as the migrant camp was cleared in Calais once again provoked bitter divisions in British society. Metropolitan luvvies and liberals tweeted their virtue and called for no restrictions on immigration. In more traditional areas, there is active resentment at the possibility of even further inflows of foreigners. When New Labour decided in the [...]
Theresa May’s industrial strategy isn’t about picking winners – but taking control of Britain’s economic destiny post-Brexit November 1, 2016 Purists likely shuddered at Theresa May’s commitment to a “proper, modern industrial strategy” as she reshaped the Business Department in July. Three decades of free market orthodoxy have convinced many business folk that a fully-fledged plan for industry represents a throwback to the 1970s, a decade when sickly British Leyland came to symbolise all that [...]
Super Mario Draghi marks five years at the top of the European Central Bank November 1, 2016 FELICE anniversario! Today marks five years since “Super Mario” Draghi took the reins at the European Central Bank, tasked with bringing monetary stability to the Eurozone while helping the bloc recover from a severe economic slump – hardly child’s play. It has been an eventful half-decade. Highlights include the now-famous speech in the summer of [...]
Heathrow expansion will gift the whole UK a skills renaissance October 31, 2016 I’m very pleased to have been invited to chair the Heathrow Skills Taskforce, and to take on the challenge of developing the skills needed to make Heathrow expansion an inclusive training and employment opportunity for Britain as a whole. The Taskforce is made up of experts from schools, colleges and universities as well as employer and [...]
How the chancellor can satisfy pension funds’ hunger for infrastructure October 31, 2016 Death and taxes are said to be the only two certainties in life, but you could now add “rumours about increased government infrastructure spending” to the list. Infrastructure captures the imagination as it literally provides the building blocks of the nation. It can be a contentious topic, as seen with HS2 and the Heathrow-Gatwick debate, [...]
Repeat after me: Post-Brexit tariffs would primarily hurt UK consumers – not European exporters October 31, 2016 Tariffs primarily hurt the consumers of the country imposing them on imported goods. That is such an important insight that it deserves reiterating, nay, repeating ad nauseam until everyone understands it: *tariffs hurt consumers in the importing country*. Both the Remainers who want us to stay within the EU’s protectionist customs union, as well as [...]
As he commits to stay until 2019, have political attacks on Mark Carney undermined the Bank of England’s independence? October 31, 2016 Kathleen Brooks, research director at City Index, says Yes. While the Bank of England’s decision-making has not been affected by recent political attacks, the fact that the government thinks that the Bank is fair game for criticism could undermine the perception of the Bank’s independence in future. Although it’s unlikely that it will take political [...]
Luxury firms should stop blaming macro trends for poor sales and become more sophisticated October 31, 2016 The latest batch of earnings reports from the luxury giants were showstoppers – with stunning double-digit gains from Kering, the owner of Gucci, versus no growth from Burberry. The polarised results raise the question: is it time for the luxury sector to move on from a tale of woe after the crackdown on Chinese consumption [...]