Why bashing the wealthy will not raise tax revenue October 11, 2012 IT’S a curious state of affairs when tax is wielded as a stick with which to beat the affluent. Whether it’s capping tax reliefs, limiting pension contributions or increasing stamp duty to 7 per cent for £2m homes, it is noticeable that the constant stream of new tax measures is no longer about raising revenue, [...]
Was the Bank of England correct to leave monetary policy unchanged yesterday? August 2, 2012 YES Adam Chester We believe that the decision of the Bank of England’s Monetary Policy Committee to keep interest rates on hold at 0.5 per cent was the right one. Having announced a range of measures to stimulate growth last month – including an increase in quantitative easing and the Funding for Lending Scheme – [...]
Boris: It must be harder to strike September 17, 2012 BORIS Johnson yesterday launched a hard-hitting attack on the power of trade unions in a move that revived suggestions that he is positioning himself to run for leadership of the Conservative party. Setting out his proposals to combat hard-line union activism, the Mayor of London called for a clampdown on the ability of organised labour [...]
Central bankers finally deliver September 18, 2012 MUCH has happened since Lehman collapsed four years ago: three rounds of easing from the Fed, four from the Bank of England, five Eurozone bailouts, two waves of bond purchase programmes and two rounds of long-term refinancing operations from the European Central Bank (ECB). The result is that G7 policy rates are at or near [...]
As Australia confirms a law banning branded tobacco packages, should the UK follow suit? August 15, 2012 YES Amanda Sandford Branded packs are the last form of tobacco marketing. They act as mobile billboards that are visible every time a smoker reaches for a cigarette. Research shows that children are especially vulnerable and find colourful and glitzy packaging appealing, tempting them to smoke. Removing the promotional aspects of tobacco from packs would [...]
IMF tells ECB to fight debt crisis with bond buys and rate cuts July 18, 2012 THE European Central Bank (ECB) could play a bigger role in fighting the Eurozone sovereign debt crisis through more rate cuts, bond purchases and further liquidity provision, the International Monetary Fund (IMF) said in a regular report yesterday on the Eurozone. The IMF also said that the independent ECB, which is legally forbidden to finance [...]
Watchdog in last-ditch bid to save Libor September 27, 2012 A MASSIVE shake-up of Libor will be announced today by the City’s watchdog, in an attempt to stop traders ever again manipulating the key interest rate for their own gain. A new independent body will run the system, and bankers who break the rules could face criminal sanctions – including up to seven years in [...]
China factory output growth at three-year low August 9, 2012 Annual growth in China’s factory output slowed to its weakest in more than three years in July, missing market forecasts and increasing expectations that Beijing will take further policy steps to support an economy that has been sliding for six straight quarters. Official data released today also showed China’s annual consumer inflation fell to a [...]
Why Britain’s banking rules aren’t restricting our economic recovery September 13, 2012 The Financial Policy Committee (FPC) was set up in 2011 to protect and enhance the resilience of the UK financial system. Some commentators have argued that this is part of a regulatory onslaught by the UK authorities, responsible for stifling lending growth. So it may have come as a surprise to these critics when, earlier [...]
British aid policy is harming those it seeks to rescue August 13, 2012 TO TOP off a successful Olympics, David Cameron put London’s time in the global spotlight to good use by hosting a Hunger Summit at Downing Street, with the aim of tackling malnutrition in the developing world. Unfortunately, yet again, Cameron’s government failed to go the distance. Sunday’s outcome gave no indication of any shift in [...]