A recovering Britain should have faith in the governor
Mark Carney brought sporting metaphors back to the Bank of England’s quarterly press conference today, likening the UK’s recent economic progress with England qualifying for the World Cup. It was good...
View ArticleDoes the Bank of England still have an independent monetary policy committee?
Since Mark Carney took over from Lord King as governor of the Bank of England a year ago, the members of the Monetary Policy Committee have been unnaturally harmonious. Perhaps it has been a honeymoon...
View ArticleVideo: Bankers change slowly
Richard Lambert, head of the Banking Standards Review, says it will take a long time for new bank leaders to change staff behaviour. He discusses with Sharlene Goff, FT retail banking correspondent,...
View ArticleThe economic inequality debate avoids asking who is harmed
Outrage about inequality is big these days, and for good reason. Despite this justified attention, the discussion has been much too polite and limited. We should care about injustice, and not all forms...
View ArticleThe dilemma of defining risk appetite in banking
When presenting HSBC’s first-half results last month, Douglas Flint, the bank’s chairman, talked of “disproportionate risk aversion creeping into decision-making”. He ascribed this to the fact that...
View ArticleBritain needs greater unity not a messy break-up
With threats to our shared values coming from many fronts, this is not the time to consider a solitary existence Continue reading »
View ArticleHow I accidentally invented the ‘boring, snoring’ interview
It sounds like the wishful thinking of a television news editor: encounters between politicians and journalists should involve less rudeness and more candour. Perhaps, indeed, the political interview –...
View ArticleScots have revived the majesty of democracy
An Israeli friend and I were awaiting returns of the Scottish referendum in an Amsterdam bar last night, when he remarked: “I never used to believe in deliberative democracy. Look at the Scots. Now I...
View ArticleUK will grapple with the unsolved problem of greater autonomy
You can almost hear the sighs of relief, not just in London but in Washington and throughout the US, over the resounding “No” vote cast in Scotland. Irony aside – the fact that Americans once put their...
View ArticleCameron’s devolution move opens up ‘Pandora’s Box’ on tax and spending
The people of Scotland may have rejected independence but, fearing a “yes” vote, Westminster may have opened a Pandora’s Box that ultimately could lead to the creation – if that’s the right word – of a...
View ArticleIt is time to stand up for the European Union
There is an important debate under way about the future of Europe and Britain’s place in the EU. I bring a pro-European bias to this debate. I am a great believer in the Union as it was originally...
View ArticleBoost the UK economy with green Budget measures
This week’s Budget provides a vital opportunity for George Osborne, the UK chancellor of the exchequer, to boost economic growth and employment by stimulating investment in cleaner and more efficient...
View ArticleUK Budget 2014: hope is yet to triumph over doubt
When an economy enters a prolonged period of lower-than-expected growth, there is bound to be a fight over the spoils. In the UK’s case, George Osborne has decided to prioritise the interests of the...
View ArticleUK Budget 2014: Osborne is no longer in charge of his own fate
It wasn’t a “giveaway” Budget – because, as the chancellor admitted – even the greatest upward revision in growth between Budgets in at least 30 years had not given him anything to give away. The...
View ArticleDangers lurk in Britain’s economic experiments
It always seemed likely the UK’s elevated inflation rate in recent years would prove to be a temporary phenomenon. With miserably low domestic wage growth and low rates elsewhere, it was only a matter...
View ArticleBritish austerity is no model for the rest of the world
The British economy is the standout member of the Group of Seven rich nations. Over the last quarter the UK had economic growth at an annual rate of more than 3 per cent. In the same period the US...
View ArticleAutumn Statement 2014: A mixed bag from the chancellor
The UK economy is doing better than most developed economies but not well enough that the chancellor of the exchequer could afford to announce big giveaways for voters in advance of next year’s general...
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The Autumn Statement and a dose of wishful thinking
© Alastair Grant/AFP/Getty Images It might be described as an Autumn Statement for wishful thinkers. Admittedly, with a general election fast approaching, perhaps the medium term projections don’t...
View ArticleEven if Osborne’s outlook is deluded, he did not dream it up
You might not like the picture sketched by George Osborne of the UK economy in the years to come: yet more austerity and a massive retreat of the state. No matter. Sensible people from across the...
View ArticleLet London’s airports achieve potential
If Britain is to keep pace in the global economy, southeast England needs an additional runway. But this vital infrastructure will come at a high price, and the question is where the money is most...
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