Society

Ever wondered what would happen to the British economy if net immigration were slashed to zero? Well today’s ‘Fiscal Sustainability Report’ from the number crunchers at the Office for Budget Responsibility provides a glimpse of what such a future might look like — and it is a grim picture indeed. They’ve put together projections for the economy — and the public finances — all the way to 2062. Of course such long-term predictions should be taken with a pinch of salt. As Pete says over at ConservativeHome, ‘today’s OBR figures will probably bear as much comparison to the 2060s as the Jetsons will’. But the OBR don’t just produce one

&”Did you encourage them to make up the made up thing to their own advantage?” That’s how one Twitter correspondent paraphrased a question to the Deputy Governor of the Bank.  The LIBOR scandal has exposed the institutions and culture of the City to popular scrutiny as never before.  The population is reacting with justified incredulity to the absurdity it is finding.   LIBOR submissions from Barclays and everyone else were based not on the rate at which they would lend, not on what they actually had to pay to borrow, but on what they said they thought they might have to pay. On the face of it, that is the flakiest

At 7am this morning, The Spectator’s managing director emailed me to say the new magazine is on sale at WH Smiths at Victoria station – a good sign, he said. But why shouldn’t it be? Because this week, we’re running a cover story by Nick Cohen lambasting the thuggish Olympic censors, the people who are stopping chip shops selling chips because the Olympics is sponsored by McDonald’s. And it’s still not quite clear, this morning, if that means we’ll be taken off the shelves. A few weeks ago, I was emailed advice – not from our lawyers, but from someone else in the magazine world – that The Spectator should

There’s an interesting paper out from a number of members of the Conservative Free Enterprise Group this morning. The report, called Policy Bites: Seven Shots in the Arm of Britain, makes these seven recommendations for reforming the economy: 1. Over 65s still in work should continue to pay National Insurance contributions on their earned income to fund NIC holidays for young low-paid workers. 2. Exempt businesses with up to three employees and less than £75,000 annual turnover from employment regulation. 3. Reform the Treasury to place greater emphasis on supply-side reform. 4. Give planning permission for a third and fourth runway at Heathrow. 5. Create a new Ministry of Infrastructure

‘This doesn’t look good, Mr Tucker.’ Andrew Tyrie made this observation towards the end of his Treasury Select Committee’s evidence session with Bank of England Deputy Governor Paul Tucker. He was talking about the minutes of a meeting in 2007 which suggested Tucker was aware of the lowballing of Libor, but he might as well have been summing up the witness’s hopes of taking the reins as the Bank’s next Governor. Tucker insisted he was not aware that lowballing was taking place, but the minutes themselves said: ‘Several group members thought that Libor fixings had been lower than actual traded interbank rates through the period of stress.’ John Mann leapt

Imbecilic leftie authoritarians are whining again about being called nasty names by people with less power than them. Exhibit A is the fabulously stupid Islamist Mehdi Hasan, once of the New Statesman and now of the Huffington PostUK, whatever that is. Here’s the emetic opening sentence of his article in today’s Guardian (under the headline ‘We Mustn’t Allow Muslims In Public Life To Be Silenced.’ Yes, he means himself): ‘Have you ever been called an Islamist? How about a jihadist or a terrorist?? Extremist maybe? Welcome to my world.’ The abuse he gets, he whines, is ‘as relentless as it is vicious’. He complains about being called a dangerous Muslim