Rapid responses November 25, 2012 House of cards [Re:Why Britain’s housing market has escaped the disasters of the 1990s, Friday] Although Ruth Lea’s article is interesting, I’m concerned that a similar housing disaster to that of 1990s has simply been postponed by our unnaturally low interest rates. The problem that Britain’s housing market faces is that a huge number of [...]
The Liberal Democrats’ attack on middle class will backfire September 23, 2012 It is hard to know what the Liberal Democrats are playing at. Their traditional positioning was centrist, appealing to people who were repelled both by Labour’s statism, high taxes and authoritarianism (as well as its foreign policy) and by the Tories’ low-tax, smaller government, Eurosceptic policies, as well as their traditional social conservatism. The Lib [...]
Capital & Counties gets cash to help it expand Covent Garden September 19, 2012 PROPERTY group Capital & Counties (Capco) yesterday raised £149.1m to help fund its ambitious plans for Covent Garden. The firm placed 68.4m shares at 218p per share, or a 1.1 per cent discount to Tuesday’s closing price. Capco said the funds will be used to help fund its £200m plans to snap up more properties [...]
Advisers capco’s £149m share placing September 19, 2012 SIMON MACKENZIE SMITH BANK OF AMERICA MERRILL LYNCH CAPCO’S push to improve Covent Garden has long been backed by Bank of America Merrill Lynch (BAML) and UBS. The former has been Capco’s financial adviser since it demerged from Liberty and listed in London and Johannesburg in 2010. BAML also contributes to the Covent Garden estate [...]
The cigarette display ban is a smoking gun in the war on free expression August 20, 2012 THERE’S something odd about my local Tesco. Since April, the kiosk at the entrance has looked incredibly dull. As I was recently trying to work out why, I saw a sign saying that all cigarettes and tobacco-related products must now be hidden behind closed doors – to comply with UK regulations. As an economist, I [...]
Reflections on the causes of crises from one of America’s top bankers June 18, 2012 PUBLIC policy decisions are being made based on a myth. The misunderstanding driving this myth is that deregulation of the financial industry in the US, combined with greed in financial markets, caused the financial crisis and the continuing recession. And the root of this economic misconception is philosophical. In fact, the crisis and recession are [...]
Surging labour costs are keeping UK unemployment high May 29, 2012 THERE is a straightforward reason why unemployment remains so high in Britain. Unit labour costs are rising – hiring someone to produce a set amount of output is becoming more expensive. And higher prices mean reduced demand – in the jobs market as in everything else. This may come as a bit of a surprise: [...]
Surging labour costs are keeping UK unemployment high May 29, 2012 THERE is a straightforward reason why unemployment remains so high in Britain. Unit labour costs are rising – hiring someone to produce a set amount of output is becoming more expensive. And higher prices mean reduced demand – in the jobs market as in everything else. This may come as a bit of a surprise: [...]
RAPID RESPONSES April 11, 2012 Flight risk [Re: The economics of the airline industry are sheer hell, yesterday] I’m surprised David Crow has chosen to lump me in with Vijay Malya (the Indian entrepreneur behind Kingfisher Airlines) in his otherwise well observed critique of the modern airline industry. As the largest shareholder in easyJet I have, since 2008, been vocal [...]
The Master and Margarita: Surreal, nightmarish and brilliant March 22, 2012 THE MASTER AND MARGARITA | The Barbican | ★★★★★ Cowardice is the worst sin” is a phrase often repeated in Mikhail Bulgakov’s hallucinatory satire The Master and Margarita. And cowardice is certainly not an accusation that can be levelled at Complicite’s production – it is a bold, cacophonous, at times baffling play that never flinches [...]