Society

Isabel Hardman

Libor isn’t working

The Financial Services Authority’s Martin Wheatley will take one of the first steps to cleaning up the banking industry’s reputation after the Libor scandal today when he publishes an initial discussion paper on his review of Libor. Wheatley is likely to confirm what it appears Sir Mervyn King, his deputy Paul Tucker and Angela Knight of the British Bankers’ Association already suspected back in 2008: that Libor as it currently stands is ‘no longer fit for purpose’. The FT reports that Wheatley will suggest scrapping Libor altogether and replacing it with a rate based on actual trades that would be overseen by a new independent body. This would remove the

Isabel Hardman

People’s Pledge pulls voters in to support EU referendum

Holding a vote on the European Union in the middle of the summer holidays and while the Olympics are in full swing seemed to rather stack the odds against the People’s Pledge campaign. But when the results of the two votes in Hazel Grove and Cheadle came through this evening, the turnout in these two marginal constituencies was just as stunning as the outcome itself. Both constituencies saw a 35 per cent turnout, with 88.5 per cent of Hazel Grove residents voting in favour of a referendum on Britain’s membership of the European Union, and 86.6 per cent supporting a plebiscite in Cheadle. That’s a bigger turnout than we saw

Isabel Hardman

The good news in today’s university applications figures

A drop of 8.8 per cent in the number of students applying for university is surprisingly small, actually, when you consider the size of the hike in tuition fees. Still, the figures released today by Independent Commission on Fees prompted an angry response from Labour’s Shabana Mahmood, who said: ‘The Tory-led Government’s decision to treble tuition fees at the same time as cutting funding for higher education is already putting thousands of people off university who otherwise would be eagerly preparing to start their courses.’ It’s easy to brand this drop of 37,000 applications from the 2010/11 academic year as a failure for ministers who have insisted that the fee

Isabel Hardman

Conservatives have broken coalition agreement, voters say

Here’s an interesting statistic from YouGov: more voters think the Conservatives have broken the coalition agreement than think the Lib Dems have failed to stick to it. When asked whether the Tories have ‘mostly kept to their side of the deal they made in the coalition agreement’, 51 per cent said no. For the Lib Dems, 45 per cent of voters thought the Lib Dems had stuck to the coalition agreement against 32 per cent who thought they had not. It’s worth noting, though, that when you look at the breakdown of voting intention, it is Labour voters rather than Conservatives who think Nick Clegg’s party have stuck to their side

Isabel Hardman

Economy ‘close to zero’

Sir Mervyn King’s sporting jokes are almost as bad as the Bank of England’s ability to publish accurate economic forecasts. As he unveiled the August Inflation Report this morning, the Governor said: ‘Unlike the Olympians who have thrilled us over the past fortnight, our economy has not yet reached full fitness, but it is slowly healing. Many of the conditions necessary for a recovery are in place, and the MPC will continue to do all it can to bring about that recovery. As I have said many times, the recovery and rebalancing of our economy will be a long, slow process. It is to our Olympic team that we should

Isabel Hardman

Cameron’s big sporting society

David Cameron made a spirited defence of school sport this morning when he appeared on LBC radio. Waving a sheet of paper triumphantly, the Prime Minister argued that the 20 school playing field sales that Michael Gove had signed off were actually schools that had closed, surplus fields and ‘surplus marginal school land’. He also defended the decision to remove a compulsory target for all children to take part in two hours of sport a week: Well, look, we haven’t done that, you know, sport is part of the national curriculum and we want schools to deliver sport and I think that’s very important, but frankly, and we’re putting a

Alex Massie

The Unbearable Weight of Being Kevin Pietersen

How do you solve a problem like Kevin Pietersen? England’s most talented and most infuriating batsman faces another crisis and, yet again, it is a crisis of his own making. Pietersen’s dispute with the ECB (the cricket authorities, not the European Central Bank) shows every sign of ending his Test Match career. The man himself insists he just wants to play for England yet, puzzlingly, seems to find the business of actually doing so more tedious and complicated than the layman – that is, the supporter – can possibly hope to understand. Notionally it is a simple business. England would like to offer Pietersen the privilege of batting for England.

Isabel Hardman

Lower inflation eases the squeeze, for now at least

George Osborne might not be feeling particularly comfortable with today’s August Inflation Report from the Bank of England, as Sir Mervyn King is expected to slash the Bank’s growth forecast for the British economy in 2012 from the 0.8 per cent it predicted in May to close to zero. This morning’s announcement will also include some mildly good news for households, with the Bank due to predict a 2.1 per cent fall in inflation by the end of the year. This will bring inflation down below the two per cent target, which, as the CBI’s Richard Lambert pointed out on the Today programme, will mean ‘families starting to feel a

Nick Cohen

RIP Robert Hughes: Enemy of the Woozy

Few books have had a greater effect on me than Robert Hughes’ Culture of Complaint. The clarity of Hughes’ style in his dissection of the discontents of the 1980s was enough to make me love him. In his political writing, histories and art criticism he never descended into theory or jargon, but imitated his heroes, Tom Paine, George Orwell and EP Thompson, and talked to the reader without condescension or obscurantism Critics denounce and admirers celebrate the ‘muscular style’, but I find it more courteous than macho. Hughes tackled hard and often obscure subjects, the rise of modern art, the penal colonies in early Australia, and made a deal with

Isabel Hardman

Cesspits and the City

It’s becoming difficult to predict just when the period of remorse and apology for bankers really will be over. Bob Diamond claimed that it had finished in January 2011, and found to his cost this summer that this was not true. The Libor scandal that cost the Barclays boss his job wasn’t the only unpleasant thing to crawl out of what Vince Cable described as the ‘cesspit’ in the City of London, though. Today Standard Chartered’s shares fell by 16 per cent following allegations from US regulators that the bank had covered up £160bn worth of transactions with the Iranian government. And at Southwark Crown Court this morning, Jessica Harper,

What multiculturalism really means

Proponents of multiculturalism are crowing after golden Saturday when Team GB won a slew of Olympic medals. Somali Muslim immigrant Mo Farah and mixed race Jessica Ennis were among those securing gold. ‘Today intolerant right-wingers question the motives of non-indigenous sportspeople and are furious they have been chosen to represent the UK,’ Yasmin Alibhai-Brown wrote in the Independent. This is disingenuous. A packed Olympic stadium has stood and cheered for everyone in Team GB. The Times and Sun both carried articles on how our Olympic achievements reveal the success of a diverse and progressive nation. Alibhai-Brown epitomises how many on the left perennially misunderstand the debate around multiculturalism. They accuse

Alex Massie

Multicultural Britain, Olympic Games, Danny Boyle – Spectator Blogs

Back from holiday and it seems just about the only “controversy” at these splendid* Olympic Games lies in Danny Boyle’s exhuberant opening ceremony. According to its critics it was multi-cultural crap or pap or something. And, of course, in one sense it was a hymn to multi-cultural Britain. Why else would Boyle have begun with choirs in Northern Ireland, Scotland, Wales and England (spliced with rugby footage) if not to remind the audience (in London and further afield) that the United Kingdom is not quite the same thing as England. Of course, that’s not what the critics of multi-culturalism really mean when they sneer at “multi-culti” tripe and political correctness

The rot at the heart of the Syrian administration

There have been many tipping points in the Syrian revolution, and this morning we were provided with another. The newly appointed Prime Minister, Riyad Hijab, once considered a staunch Baath party loyalist, announced his defection to the opposition. He had only been in the post for two months. Working at the heart of President Bashar al-Assad’s government, Hijab is the most senior official to have defected. There are unconfirmed reports that a further three ministers are trying to defect, but are being stopped by the intelligence services. Activists from the beleaguered city of Homs have said that the Finance Minister, Mohamed Jalilati, was arrested as he tried to leave the

Isabel Hardman

Louise Mensch resigns

Louise Mensch’s local paper reports this morning that the Conservative MP will this morning announce that she is resigning her seat after struggling to balance family life with the demands of parliament. The Northamptonshire Telegraph reports Mensch saying: ‘I am completely devastated. It’s been unbelievably difficult to manage family life. We have been trying to find a way forward with the Prime Minister’s office but I just can’t spend as much time with my children as I want to.’ Mensch had told the Guardian last September about the pressures she was experiencing on her family life, and she left a select committee hearing with James Murdoch early to collect her

Rod Liddle

Summer holiday blues

Sorry I haven’t been blogging much recently – I’m on the annual family holiday. We’re in Croatia, on one of those islands they’re terribly proud of, roasting like pigs on a spit. Truth is I’ve regularly surfed the papers online to find something interesting to write about, but the only thing that seems to be happening is people rowing or running or lifting things up and everybody getting themselves into an awful frenzy about winning things and there’s no other news at all. That’s pretty much why we booked our holidays for these particular weeks; the overkill, the obsession, etc. The main Croatian TV channel shows nothing but Olympic stuff,

Toby Young

When did I lose my racer’s instinct?

About 15 years ago, I spent a ‘track day’ at Silverstone with my best friend Sean Langan. The climax was an Audi TT race, the result of which has always been a matter of dispute. I crossed the line first, but a race official told us afterwards that, technically, I should have been disqualified for illegal overtaking. Needless to say, we both claimed victory. This disagreement was destined to remain unresolved, until last week when Quintessentially invited me to the Millbrook Proving Ground to test-drive the Aston Martin range. I asked if I could bring Sean along and, to my delight, they said yes. The rematch was on. Millbrook is

Sex and the Games

Boxer Lennox Lewis, arguing that women weakened a man, avoided sex for three weeks before a fight. Greeks would have agreed, but things seem somewhat different in the contraceptive-laden Olympic village. Ancient theory was based on the idea that semen was a vital element in keeping a man strong. The doctor Aretaeus (1st century ad) said, ‘If any man is in possession of semen, he is fierce, courageous and physically mighty, like beasts. Evidence for this is to be found in athletes who practise abstinence.’ Even involuntary nocturnal emissions were thought to be enfeebling, threatening one’s endurance and breathing. The doctor Galen (2nd century ad) recommended that athletes take precautions

High life | 4 August 2012

Thucydides carefully structured his Peloponnesian war history as a cautionary tale about the moral decay that accompanies abuses of imperial power. ‘It is a general law of nature to rule whatever one can,’ say the Athenians blandly to the denizens of Melos before slaughtering them. (The tiny island of Melos, a Spartan colony, had refused to join an alliance with Athens in 416 BC, so the civilised Athenians punished innocent civilians by killing all the men and selling the women and children into slavery.) Athens was a direct democracy, whereas Sparta was a militaristic oligarchy, yet it was Athens that abused her power once the great Pericles had died of

Charles Moore

The Spectator’s Notes | 4 August 2012

Have you been following Mitt Romney’s ‘gaffes’? In Britain, he said that there were some concerns about security before the Olympics. In Israel, he said that the ‘economic vitality’ of Israel compared favourably with its neighbours and attributed this in part to ‘the power of culture’. He said that Iran should be confronted, not appeased. In Poland, he met Lech Walesa and praised those who stood out against the ‘all-powerful state’. One of his aides said something moderately rude to reporters who were trying to goad his boss. To the unprejudiced mind, all of this sounds wholly unremarkable, even vaguely positive, but we are talking not about the unprejudiced mind