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 [...]
Tory policy is becoming a mess of contradictions February 24, 2014 AS RECOVERY becomes entrenched, it is easy to forget the sense of urgency of those heady days in May 2010, when the Tory-Lib Dem coalition agreement was thrashed out. The backdrop of the Greek implosion brought broad consensus on the need for a credible medium-term plan to repair the public finances. The Conservatives who, right [...]
No turning back: Four reasons Osborne’s Budget matters March 19, 2014 FOUR key things strike me about the 2014 Budget. First, George Osborne stuck to his plan. Osborne’s Budgets will be remembered for two things: slow, steady, drawn-out spending cuts, bearing down gradually upon the government’s huge deficit; and a large rise in the income tax personal allowance. Both aspects were reflected in yesterday’s Budget speech. [...]
No turning back: Four reasons Osborne’s Budget matters March 19, 2014 FOUR key things strike me about the 2014 Budget. First, George Osborne stuck to his plan. Osborne’s Budgets will be remembered for two things: slow, steady, drawn-out spending cuts, bearing down gradually upon the government’s huge deficit; and a large rise in the income tax personal allowance. Both aspects were reflected in yesterday’s Budget speech. [...]
Why Sajid Javid could soon become the Tories’ great hope April 9, 2014 IT is a remarkable story. When Dadabhai Naoroji was elected as the Liberal Party member for Finsbury Central at the 1892 general election, the Mumbai-born became Britain’s first Asian MP. He was soon followed by Sir Mancherjee Bhownagree, elected in 1895 as the Tory MP for Bethnal Green North East. But it took another 122 [...]
Why you’ll never see the Bank of England’s meeting transcripts March 3, 2014 The excellent Tony Yates recently asked why the Bank didn't produce transcripts, suggesting that minutes were taken, but verbatim word-for-word accounts were not kept. The US Federal Reserve recently released the transcripts from their 2008 meetings, providing some valuable insights into the crucial decisions made during the financial crisis. Yates makes some worrying [...]
Standard Chartered finance chief out in reorganisation January 9, 2014 Standard Chartered's finance director Richard Meddings is to leave the bank's board by the end of June, and will leave the group entirely by the end of this year. In December Meddings was stripped of his role overseeing the firm's risk division, following pressure from the Bank of England (BoE). Responsibility for risk was transferred [...]
Insurers lash out at City watchdog’s blunder April 8, 2014 SLOPPY changes to insurance rules could undermine the government’s effort to boost savings, industry leaders warned yesterday, as the City watchdog revealed details of its probe into a bungled announcement of a market investigation. The Financial Conduct Authority has hired Simon Davis, partner at law firm Clifford Chance, to find out what went wrong in [...]
Fire the bosses: How flat firms work April 1, 2014 A few companies are dispensing with hierarchies, but don’t expect the end of management MANAGEMENT theorists have long pondered the structure of the corporation. In an open economy, with resources distributed by the invisible hand, how can it be that the market’s bidding is carried out by these autocratic, centralised entities? Economist Ronald Coase supplied [...]
The Restaurant Group’s Andrew Page to retire January 21, 2014 THE RESTAURANT Group’s chief executive Andrew Page is to step down after more than 12 years at the helm. The owner of Frankie & Benny’s said yesterday that Page will retire in August “to pursue new projects” although he will stay on as an adviser two days a week. A search has kicked-off for his [...]