Forward guidance: A political gambit that has retarded true capitalism August 18, 2014 IT’S A mistake to try and get too precise,” suggested Stanley Fischer last September, shortly before he was appointed vice chairman of the Federal Reserve. “You can’t expect the Fed to spell out what it’s going to do. Why? Because it doesn’t know.” Bank of England governor Mark Carney may now be wishing he had [...]
Roman and iron age coins found in Derbyshire cave: Could they have belonged to an ancient speculator? July 7, 2014 The discovery of 26 coins at Reynard's Kitchen Cave in Dovedale, Derbyshire, has historians faced with something of a mystery. The 26 coins unearthed include artefacts both of Roman and late iron age origin – the first time coins of these two have been found buried together in a British cave – along with a [...]
Relief for renters as forecasters point to faster increase in wages April 9, 2014 RISING wages are set to outstrip rent increases during the summer for the first time in more than four years, according to a new forecasts from LSL property services. The estate agents indicate wages will rise by 2.2 per cent this year, based on the projections of the Office for Budget Responsibility and the Office [...]
Letters to the Editor – 23/04 – Labour’s spending, The West’s decline, Best of Twitter April 22, 2014 Labour’s spending [Re: The cost of living crisis isn’t over – but Ed Miliband still won’t solve it, yesterday] It is difficult to see how Labour intends to deal with high childcare costs, while also promising to raise the national minimum wage or introduce a (much higher) living wage. Unless the intention is just to [...]
Why Mark Carney will be hoping his World Cup analogy isn’t too precise May 14, 2014 The Bank of England's governor has brought back an old favourite to the central bank's press conferences: sport analogies. Mark Carney has suggested that securing the UK's economic recovery so far has been "like making it through the qualifying rounds of the World Cup". A major achievement, but not the ultimate goal. The "real tournament" [...]
The great British wage squeeze should be about to end March 26, 2014 A FASTER growing economy is key to improving living standards. This very simple claim rests on a more complex point – how closely linked are wages, productivity and economic output? For the government, its chances of success at the next General Election could largely be determined by the answer to this question. The most recent [...]
The real reason you should be depressed by political soundbites April 7, 2014 POLITICAL sound-bites can be excruciating. They hang around for a year or two before disappearing when they become untenable. Who can forget Labour’s “too far, too fast”, or the Conservatives’ “global race”? With just over a year to go before the general election, you’ll be depressed to hear the current offerings look entrenched. The Conservatives [...]
We need a futuristic vision of genuine capitalism to halt the expanding state June 25, 2014 CAPITALISM is under attack and its defenders need to fight back. Most defences of capitalism begin and end with economic efficiency, and for good reason. The case is overwhelming. Last week, I moved onto the moral case, which is equally compelling. This week, I want to set out the third pillar of the defence, namely [...]
UK recovery picks up speed as growth hits 0.8pc April 29, 2014 A little softer than expected, but nonetheless an acceleration in UK growth. GDP growth has come in at 0.8 per cent for the first quarter of 2014, up from 0.7 per cent, according to the Office for National Statistics. Consensus forecasts suggested that we'd see even stronger growth – of 0.9 per cent – this [...]
Poorest hit hardest by inflation February 9, 2014 Soaring inflation in recent years has hit those on the lowest incomes harder than those at the top, the Living Wage Commission said in a report out today. Weekly spending by the lowest paid 10 per cent rose by 43 per cent from 2003 to 2012, the report found. Over the same period the national [...]