Against the Grain: Who will guard the guards? Put the regulators on trial for reckless behaviour October 8, 2013 THE TREASURY’S amendments to the Banking Reform Bill mean that senior bankers could face up to seven years in jail for “reckless misconduct” which leads to the collapse of a bank. Certainly, the behaviour of prominent individuals in the run up to the crisis left much to be desired. If only we could have put [...]
Rejection of proposals for self-regulation is dire news for our press October 8, 2013 TODAY, the Privy Council is set to reject the newspaper industry’s proposals for new forms of press self-regulation. Various press-fearing politicos and censorious celebrities wanted statute-backed regulators. But all national newspapers (bar the Guardian and Independent) backed the idea of self-regulation as an alternative to the system of state regulation floated by those politicians and [...]
Letters to the Editor – 09/10 – UK energy crisis, Best of Twitter October 8, 2013 UK energy crisis [Re: Our energy crisis, like America’s debt idiocy, is self-inflicted, yesterday] I agree that it is crazy for Britain to be closing its coal burners under the Large Combustion Plant Directive. But it is also important to mention the effects of the Emissions Trading Directive and the Energy Efficiency Directive, which have also [...]
A single income tax would simplify our excessively convoluted system October 7, 2013 TAX simplification is back on the agenda, thanks to Simon Walker, director general of the Institute of Directors. Highlighting combined marginal rates of child benefit withdrawal and income tax of 73 per cent for those with four children earning between £50,000 and £60,000 a year, Walker called for radically simpler taxes. “I am all for [...]
Why discretionary government action can often lead to contradictory policies October 7, 2013 WITH breakfast news littered each morning with groups demanding funds or interventions from politicians, it’s hard not to conclude that appetite for all-acting government is returning – perhaps explaining Ed Miliband’s recent radicalism. But using discretionary government actions to try to solve every negative outcome or demand creates problems, not least in that it leads [...]
Mark Carney: A report card on the governor’s first 100 days in office October 7, 2013 NAPOLEON said that he wanted lucky generals. He would have made Bank of England governor Mark Carney, who will reach 100 days in office this week, Field Marshall. Since July, UK economic data has been exceptionally good. The economy probably expanded 1 per cent in the third quarter, likely the fastest rate in the developed [...]
Letters to the Editor – 8/10 – Housing supply, Flat tax, Best of Twitter October 7, 2013 Housing supply [Re: London Report: House prices set for high point as market surges, yesterday] David Cameron’s flagship housing scheme – allowing buyers to pay 5 per cent for a deposit on a house – is a reckless policy. The problem in our housing market is a supply-side one, which Help to Buy won’t address. The [...]
Obama is risking disaster for the US as his administration abandons Asia October 6, 2013 WHILE all eyes are on the horrifying sight of American political dysfunction, an equally dangerous long-term threat to the country lurks just beneath the surface: the administration’s reflexive and disastrous foreign policy pivot away from Asia and towards the thankless Middle East. Forget the comforting nostrums that the US government can focus on more than [...]
City Matters: Stable and predictable regulation is key to safeguarding the future of finance October 6, 2013 PARTY conference season has typically been a testing period for Canada – and in particular for the banking industry – over the last few years. Thankfully, however, this year saw the focus shift at least partially away from bankers, as the spotlight turned towards other sectors that are currently public (and political) [...]
Why our loose networks of entrepreneurs need to find a collective voice October 6, 2013 A CHASM has opened up, with entrepreneurs on one side and politicians and the public on the other. It may not be an obvious division, but it is damaging nonetheless. And it is why I’m launching a new think tank today, The Entrepreneurs Network, with support from the Adam Smith Institute. It’s time to amplify [...]