All the latest analysis of the day's news and stories
‘It is clear that urgent reform of the Libor compilation process is required,’ says Martin Wheatley of the Financial Services Authority. Hardly a revelation: it’s been clear since Barclays was fined for its part in the manipulation. Some were even pushing for reform back in 2008, such as the then-president of the New York Fed
This is not a great time to be a tabloid journalist. It is an even worse time to be an out-of-work tabloid journalist. Few tears are shed when red-top hacks lose their jobs and they are consigned to a discard pile that includes unemployed bankers and politicians. This is why the case of Matt Nixson
The papers today are full of empty seats at the Olympics. This morning, a Downing Street spokeswoman tried to take a glass-half-full approach, saying the empty seats were ‘disappointing’, but adding that the Prime Minister was ‘satisfied’ that Locog was working to resolve the issue. Locog carried out a review at the weekend which found
As a slogan, ‘give me more money’ is an unlikely election winner. Nevertheless, Peter Cranie came close to trying it at the hustings for the leadership of the Green Party in Manchester on Friday. At the start of the above clip, a member of the audience asked what wage the contenders would take. Pippa Bartolotti
While the ladies’ beach volleyball is exciting Boris ‘glistening otters’ Johnson and the peeking Prime Minister, another event could be about to get very political. President Putin is set to arrive in town on Thursday: yes there will be bilateral meetings, but he’s really here for the judo. At a time when UK/Russian relations are
‘Desperate Treasury to water down planning laws,’ blasts the Telegraph today, making it quite clear that it’ll oppose any effort by the government to return to planning reform. Those Tories who were uncomfortable with the original proposals are also making clear that they haven’t changed their position. The new national planning policy framework was announced
The Olympic beach volleyball is situated just behind Downing Street on Horse Guards Parade, and as such is perfectly located for a politician wishing to take an hour or so out from a hard day’s work. Boris Johnson is clearly a fan, writing in today’s Telegraph: As I write these words there are semi-naked women
In case you were in any doubt about how committed eurozone leaders are to the survival of the single currency, Angela Merkel has put out another statement on doing ‘everything possible to protect the eurozone’, this time with Italian Prime Minister Mario Monti. The pair had a phone conversation on Sunday and their remarks follow
The Guardian has published an interview on its site with Stephen Hester in which the RBS chief executive predicts his bank is facing a huge fine for its part in the Libor fixing scandal. He says: ‘RBS is one of the banks tied up in Libor. We’ll have our day in that particular spotlight as
Today’s papers are stuffed full of Olympic reportage rather than analysis of the GDP figures. But down in the bowels of Whitehall, a list of policy options to try and boost economic growth are being drawn up. Decisions on what to do will be taken after the Olympics but I understand that further planning reform
Ed Balls is doing very well out of the GDP figures that were released on Wednesday. The Shadow Chancellor is right to say that George Osborne is not yet doing the right thing with the economy. But that doesn’t mean Balls’ solution is the right one. Cuts should have been only one side of the
Remember that great scandal that rocked the Olympics, G4S? That pre-Games row has been completely eclipsed, at least for now, by the rows and rows of empty seats at supposedly sell-out Olympic venues. It turns out that those seats, often situated below the masses of people who shelled out a pretty penny for their own
You’d think that after the bad economic news of the past week, George Osborne might have reverted to submarine mode as soon as he possibly could, moving quietly under the cover of the Olympics. But this afternoon he has stuck a periscope up with this message: the world has confidence that Britain is dealing with
A couple of weeks ago, I took a look at the tight battle for control of the United States Senate. This week: the House of Representatives. The fight for the lower chamber of Congress is much harder to assess. There are, after all, 435 individual contests — each with its own unique candidates, characteristics and
Until last night I thought Danny Boyle was the respected director of a film about smack-heads. But after seeing the Olympics opening ceremony I now realize ‘Danny Boyle’ is the nom de guerre of the satirical team of Rod Liddle and James Delingpole. In their capable hands what might have been merely an opportunity to
I suspect there’s a certain relief in Downing Street today. First, the opening ceremony passed off pretty well; no one is talking about G4S this morning. Second, Standard and Poor’s has reiterated Britain’s AAA credit rating despite the negative GDP figures this week. The government is hoping that the Olympics will help it turn the
There was an uncomfortable moment last night at the Olympic opening ceremony when the Syrian team entered the stadium. The athletes – who are there as competitors, not apologists for the Assad regime – did not receive the same raucous cheer as many of the other nations. The BBC commentators at least, who had been
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The furore surrounding the news – which James broke on Coffee House this afternoon – that academies will now be able to employ teachers who are not qualified was so brilliantly predictable that we could have written the unions’ press releases for them. Christine Blower of the National Union of Teachers slammed it as a ‘clear
Mario Draghi’s announcement yesterday that the ECB would ‘do whatever it takes’ to preserve the euro certainly cheered markets up – but only for a while. Interest rates for Spanish 10-year bonds dropped below the danger threshold of 7 per cent and the euro gained two cents against the dollar. But the more eagle-eyed spotted
While our economy was contracting by 0.7 per cent, America’s was growing by 0.4 per cent, according to the first estimate just released by the US Bureau of Economic Analysis. But, as the graph below shows, those 2012 Q2 figures just represent a continuation of the divergent economic paths the two countries have been on
What have we learnt about Willard Mitt Romney since he arrived in Britain? Not a lot. He’s a plonker, that’s for sure, but most of us knew that. The UK leg of his world tour will be remembered, if it is remembered at all, for the gaffes. And as Isabel suggested yesterday, Mitt’s diplomatic clumsiness
The pace of reform in education has been stepped up again today. The model funding agreement for all new academies has now been changed by the Department for Education to remove the requirement for all teachers to have Qualified Teacher Status. Any existing academy will also be able to change its funding agreement to include
In his first statement as Prime Minister on the steps of No10 Downing Street, David Cameron said that “One of the tasks that we clearly have is to rebuild trust in our political system… yes, it’s about making sure people are in control and that the politicians are always their servants and never their masters.”
As with all bureaucracies of its size and aloof detachment, the International Olympic Committee is blithely indifferent to the very principles it claims to uphold. Its charter proclaims that ‘any form of discrimination with regard to a country or a person on grounds of race, religion, politics, gender or otherwise is incompatible with belonging to
Boris Johnson is one of the few politicians in the world able to clamber up on a concert stage in Hyde Park, take the mic, and whip a crowd up into a frenzy as he did last night. If you haven’t seen the Mayor of London sending Londoners wild with excitement while mocking Mitt Romney,
Hilary Mantel has just been long-listed for the Booker Prize for Bring Up the Bodies, her brilliant follow-up to Wolf Hall, which netted the coveted Booker itself in 2009. We at The Spectator can’t trumpet this enough – you see, Hilary was the first-ever winner of our Shiva Naipaul Memorial Prize in 1987. The prize, awarded for ‘the
News reaches No. 22 that rising star of the right Milo Yiannopoulos, of Catholic Herald and tech-world fame, is to be nominated for Stonewall’s ‘Homophobe of the Year’. The news has come as a surprise to the flamboyant Yiannopoulos, who, despite arguing forcefully against gay marriage on Channel 4’s risible 10 O’Clock Live, has never
David Cameron broke with Downing Street tradition today by meeting Republican presidential candidate Mitt Romney. But Romney might now be wishing that, like François Hollande, he’d been snubbed by the Prime Minister until the elections were over. He started his day with forgetting Ed Miliband’s name, calling him ‘Mr Leader’ instead when the two met.
My blog on last week’s bombing in Bulgaria and convictions in Manchester provoked a response from my colleague Martin Bright which I should like to respond to in turn. In his post Martin writes: ‘You won’t hear me say this very often, but I don’t think Douglas has gone far enough. For once, I think
Revolutions don’t succeed until the capital starts wavering. Bashar al-Assad knows this and has, so far, managed to assert his authority over Damascus and Syria’s second city, Aleppo. That much was true until earlier this week when rebels launched a massive assault on both cities, coinciding with the start of the Muslim holy month of
There’s been a lot of attention over the past few days as to whether George Osborne is too political. But what should really worry Tories is not how political George Osborne is, but how unpolitical Number 10 is. There are far too many Tories who think that politics is something you do in opposition not
A few years ago, comedian Marcus Brigstocke beautifully summed up the national response to the news that we’d be hosting the Olympic Games: ‘“Would you like the oldest, most historically significant athletic competition the world has ever known, attracting athletes from every known nation on the face of the planet to come here and perform
The Lords Commissioner for Standards has cleared Baroness Warsi of allegations that she wrongly claimed expenses for staying rent-free with a friend. Now that this has been cleared up, and Sir Alex Allan has already exonerated her from any allegations of impropriety for allowing a business partner to accompany her, Warsi has a clean slate