Society

Saturday

The Spectator

Barometer | 16 October 2010

The deficit fairy A six-year-old girl from Manchester, Niamh Riley, sent David Cameron a pound coin left by the tooth fairy to help pay off the deficit. If all children followed her example, how near would we be? —With 790,000 children born a year, each with 20 milk teeth, this would raise £15.8 million a year. —According to a survey by the Halifax last year, British children receive an average of £6.24 a week, or £324 a year, in pocket money. If all this money was sent to the government it would raise £4.29 billion a year — one twentieth of the £80 billion structural deficit, and equivalent to ten days of

Mary Wakefield Mary Wakefield

Director’s cut

In the spring of 2008 I went on a press trip with the director of the British Museum, Neil MacGregor, to Hadrian’s wall. It was one of a series of jaunts planned by the BM in the run-up to its great Hadrian exhibition, a little Roman holiday. But though the wall was fascinating, I spent most of my time inspecting the director. He’s charming and universally admired — but also enigmatic. What are his politics? What does he do for fun? Nobody seems to know. So I watched him at Segedunum in Newcastle, talking to local grandees, charming, mercurial, alert. I watched him out by Housesteads fort, chatting to the

Martin Vander Weyer Martin Vander Weyer

A hotel on the Strand is a potent symbol in the great money-Monopoly game

‘A jolly nice little place for lunch, handy because you can get to it on a number 11 bus.’ That was a senior partner of Cazenove the stockbrokers talking about the Savoy in the days when captains of industry and City grandees treated its Grill as their canteen — and my predecessor Christopher Fildes, who nicknamed it the Dealmakers’ Arms, was often at the captains’ tables. ‘A jolly nice little place for lunch, handy because you can get to it on a number 11 bus.’ That was a senior partner of Cazenove the stockbrokers talking about the Savoy in the days when captains of industry and City grandees treated its

Alex Brummer

The bond supremacy

The crash has led to a new boom in corporate bonds. When Tesco’s debt yields more than its shares, every little helps When the Bank of England began its £200 billion programme of quantitative easing — ‘QE’, its technical name for printing money — at the height of the credit crisis in March last year, it made two important discoveries. The initial plan of the Bank’s markets director, Paul Fisher, was to use the money to buy up bonds issued by major companies. This, it was hoped, would put cash into company balance sheets and help prevent the crisis cascading though the rest of the economy. But the Bank quickly

Jonathan Davis

Trying not to be too clever

Before he became one of London’s most admired fund managers, Jonathan Ruffer had, by his own account, two spectacularly unsuccessful spells as a barrister. Not long into our interview, I gain a clue as to why this seemingly harsh self-assessment might be true. We’re discussing the credit crunch, which he predicted well before it hit, and policymakers’ responses to it. Ruffer is explaining where the Japanese went wrong 20 years ago when their economy first showed signs of slumping into debt deflation, from which it has still fully to recover. ‘So what you’re saying they should have done is …’ I prompt, not certain that readers would follow Ruffer’s meaning

Susan Moore

Art is a high-risk business

Never before have so many people in so many places collected works of art. In the past decade, the auction houses in particular have made heroic efforts to expand their markets, both by reaching out to emerging economies and by embracing new technologies. Thanks to instant translation by online search engines and live online auction platforms, it is now as easy to buy a work of art offered by an English provincial auction house or a Manhattan dealer while sitting in Guangzhou as it is from Guildford. The international art market has become global, and art is now seen as an asset class for investors. Given the current performance of

James Delingpole James Delingpole

I’m sure Richard Curtis doesn’t really want to kill my children. Well, I say that …

For some time now I’ve had this idea for a running gag in a comedy sketch series. For some time now I’ve had this idea for a running gag in a comedy sketch series. It would star a character called Unfunny Observational Comic. Each week we’d see him dying a death with his ‘Have you ever noticed…?’ comedy of recognition before an appalled audience. He’d say things like: ‘You know how it is, when you’ve broken into your neighbour’s house to rummage through her knicker drawer…?’ and ‘Gerbils. Just what is it about gerbils that makes us all want to shag ’em?’ The humour would lie, of course, in the

Allan Massie

Less is more | 16 October 2010

‘A good rule for writers: do not explain over-much’ ‘A good rule for writers: do not explain over-much’ (Somerset Maugham: A Writer’s Notebook). Like most of what he had to say about the craft of writing, this was good advice, although he didn’t always follow it himself. Even in his best stories he was inclined to tell you quite a lot about his characters before showing them in action or letting us hear them speak. Breaking his own rule worked well for him, because one of the charms of his writing rests in the knowledgeable man-of-the-world tone. You always feel that he is giving you the low-down on human nature.

Friday

James Forsyth James Forsyth

The cuts are almost settled

We are entering the end game of the spending review. The Department of Education settled this morning, according to both Tory and Lib Dem sources. Although there is confusion about whether the money for the pupil premium is coming from inside or outside the education budget – Clegg’s speech suggested outside but other Whitehall sources are not so sure. Liam Fox has told friends that he knows the final number for the defence budget and that it is a lot better than expected over the summer. Fox has played a blinder in terms of defending his budget but this has come at a huge personal cost for him. Even supporters

Fraser Nelson Fraser Nelson

Highlights from the latest Spectator | 15 October 2010

I thought CoffeeHousers might appreciate a selection of a half a dozen pieces in the new edition of The Spectator. I know it is, in many ways, a tough task persuading online audience to part with cash for a magazine (or our new iPad edition, available for free to subscribers) – but this week’s issue really is the perfect something for the weekend.   1. The Coming Dutch Explosion. Tensions in Amsterdam are at bursting point – with Geert Wilders on trial soon, the English Defence League sending their skinheads out to aid him, and jihadism on the rise. We did the best thing we could to defuse the situation:

George Trefgarne

The true scale of the cuts

George Osborne likes to spend his weekends at Dorneywood, the chancellor’s official residence near Slough, but I doubt this one will be  particularly enjoyable. He will be burning the midnight oil as he prepares next Wednesday’s spending review. No doubt he will also be taking calls from ministerial colleagues, muttering dark threats about aircraft carriers, the arts, sport, the roads budget, overseas consulates – you name it. And just when the numbers all add up he will probably have to start all over again after discovering that No10 has  promised to save some wind turbines because Steve Hilton bumped into somebody at a drinks party.   Meanwhile, we can expect

Thursday

Patrick Nolan

The welfare money-go-round

Next week’s spending review will involve hard decisions. Hundreds of thousands of jobs will go. People in work will find employment conditions less generous with, for example, greater contributions required for their pensions. People out of work will find benefits provide less assistance and be under greater pressure to return to work. Goods in shops will be more expensive, with the basic VAT rate going up, some new schools will no longer be built, more hospitals will be under pressure to close and students will face higher tuition fees.   These changes are necessary but are just the start. To get the deficit under control in this Parliament, much more

James Forsyth James Forsyth

Obama 2.0

The piece in the New York Times magazine this weekend on the Obama presidency illustrates how far he has fallen. A large chunk of it is devoted to whether or not he can win re-election, something that most of his supporters used to take for granted.  Significantly, the Obama White House itself is admitting that things could have been done better: “While proud of his record, Obama has already begun thinking about what went wrong — and what he needs to do to change course for the next two years. He has spent what one aide called “a lot of time talking about Obama 2.0” with his new interim chief

Rod Liddle Rod Liddle

Rotterdammerung

Just back from Amsterdam, via the train, or two trains at least. The list of stations speeding by sounded like a drunken Scotsman’s tirade: Sloten, Dordrecht, Mechelen, Duffel, ya Delft bastard. I was there for the magazine, to write a piece about an increase in anti-Semitism in the country and especially in Amsterdam itself. The authorities appear mystified why this should be so – but this seems to be the sort of genuflection to political correctness, and perhaps crowd control, with which you will be familiar over here. We all know who, in the main, is carrying out these attacks and by and large it ain’t Thijs, Jaap or Aalbert.

Max Chambers

The bonfire of the quangos

Policy Exchange has been arguing for some time that the Youth Justice Board  should be abolished, with its functions shared between the Ministry of Justice and local councils. It has just been revealed that the body will indeed be scrapped, despite rumours that the Justice Secretary tried to buy more time before making a decision on its future,  before eventually losing out to the Cabinet Office.  There will inevitably be concern at the news from various children’s charities and penal reform organizations who will argue that young offenders need to be treated as a distinct group. So, why did we argue for the YJB to be scrapped and what will

David Blackburn

Dramatic cut in pension relief

The coalition is not afraid of the moneyed classes, or Peter Mandelson’s ‘filty rich’. Tax relief on pension contributions is to be dramatically cut.  The allowance will be decreased from £250,000 per annum to £50,000 and the pension cap will fall from £1.8m to £1.5m and retiring workers could be taxed at 55 percent on any sum above that sum. These changes will save the Treasury £4bn per annum, mainly by limiting how much of a bonus pot or a windfall can avoid income or capital gains tax. The Telegraph describes the move as a ‘raid’ on the ‘squuezed middle’, which is not strictly true. The previous governnment made similar

David Blackburn

Cameron’s government has been brave so far; it must not flinch at the finish

The spending review’s actors are jostling for position at the final curtain call. Bit-part players are stealing for the prominence of the centre, Whitehall’s bigger beasts fight to preserve their dwindling limelight and the leadership try to direct and subjugate the warring egos. Defence seems more or less settled, with the navy’s grandiose element apparently securing its two super-carriers. Doubts remain over the education budget’s final reckoning and welfare is unsettled as yet. Après child benefit, le deluge – so to speak. An attack on the principle of universal benefit would have predictable consequences. Questions have arisen about the government’s commitment to the winter fuel allowance and the cold weather

Alex Massie Alex Massie

Sarah Palin’s Hubris: Thatcher Edition

Good grief, Sarah Palin is a piece of work: A very happy birthday to Baroness Thatcher! There are so many lessons we can learn from her excellent example. She once said, “If you lead a country like Britain, a strong country, a country which has taken a lead in world affairs in good times and in bad, a country that is always reliable, then you have to have a touch of iron about you.” She sure did. Like her friend Ronald Reagan, Margaret Thatcher had a steel spine. Her excellent defense of the free market is as relevant and true today as it was two decades ago. I encourage people

Wednesday

Alex Massie Alex Massie

Campaign Ad of the Week: Puppy Slaying Edition

I don’t much care who wins the Illinois gubernatorial election and agree with Nick Gillespie that we need more ads like this: Politifact scores the ad “half-true” which, actually, means I’d be happy to see Brady lose even though he’s dropped his sponsorship of the bill and the issue is, anyway, “moot”.Relatedly: Mitt Romney’s record of dog-abuse might be thought enough to disqualify him from the Presidency.