Devo Met: How to boost growth by unleashing the power of our cities October 21, 2014 London is Britain’s global city. Between 1997 and 2012, its economy more than doubled, and that trend is set to continue. The mayor’s projections show the capital adding 1.4m jobs by 2050, assuming a 2.5 per cent annual growth in real gross value added. Its population is forecast to grow by 37 per cent to [...]
Yet another missed deficit target for Osborne – public sector pay is to blame October 21, 2014 Why can’t the UK government get its deficit down? This issue has been exercising commentators recently, in the light of the latest assessment from the Office for Budget Responsibility (OBR) that George Osborne will once again miss his target for the deficit in the 2014-15 financial year. Of course, the size of the deficit has [...]
Apple Pay is only the start: Mobile wallets are about to take off October 21, 2014 It’s here folks. Well, in the US at least. Yesterday, a string of American retailers (including Bloomingdale’s, Foot Locker and Toys R Us) started accepting Apple Pay transactions, allowing consumers to make payments through credit card information stored on the new iPhone. Exciting stuff, but haven’t people been predicting the end of cash for some [...]
As its growth falls yet again, could a flagging China spell disaster for the global economy? October 21, 2014 Freya Beamish, economist at Lombard Street Research, says Yes. The Chinese authorities are in no man’s land. They have accepted slower growth but are not yet ready to go for the financial and wider reforms that would usher in a new phase of expansion. We calculate our own Chinese GDP numbers. Our estimate shows that [...]
Back off Barroso: Your outlandish claims are nothing but propaganda October 20, 2014 So farewell then, Jose Manuel Barroso. The outgoing EU Commission president’s valedictory tour of our TV screens has underlined one inescapable fact: Europe’s bureaucrats are much too bossy, interfering and out of touch. They need to wake up and smell the coffee. I wish Barroso a long and peaceful retirement. But let me gently remind [...]
Our obsession with inequality is dangerous – the emerging world knows better October 20, 2014 Forget political polls and voting intentions. The most important survey of recent months came from Pew Research on the attitudes of populations worldwide to capitalism and inequality. As many Western economies labour under the strain of slow growth, an intellectual narrative has taken hold, arguing that free market capitalism causes unacceptable levels of inequality. But [...]
London is no Silicon Valley – here’s why that may be a good thing October 20, 2014 Geeks and startup types are again gathering today in Billingsgate for TechCrunch’s Disrupt conference, a celebration of London’s tech sector. There’s a lot to celebrate: the sector hasn’t been this hot since the days of the dot-com boom. Investors are toasting two billion-dollar exits this year: games designers Natural Motion and artificial intelligence wizards Deep [...]
As the FTSE slips back, could the recent panic in global equity markets continue? October 20, 2014 Kerry Craig, global market strategist at JP Morgan Asset Management, says Yes. We have been warning investors to expect more bumps, and this is exactly what we are seeing. During the summer, many worried that very low levels of market volatility spelt investor complacency – now, there is concern that volatility has swung the other [...]
Ebola to Ukraine: The West has failed to pay the piper – with terrible results October 19, 2014 Something truly terrible happened in Hamelin, Germany in the early Middle Ages, something so dire it has become embedded in western consciousness as the fairy tale “The Pied Piper.” Whether the town experienced a severe case of the Black Death, a rush of emigration to Eastern Europe, suffered through the Children’s Crusade, or was the [...]
If London didn’t have a lord mayor, it would be in our interests to invent one – City Matters October 19, 2014 What is the role of the lord mayor in the twenty-first century?” It is a common question that has been posed to me and my recent predecessors countless times. The role has come a long way since the era of four-time incumbent Richard Whittington, immortalised in pantomime. Some parts have remained the same – [...]