Warren Buffett famously said that ‘when the tide goes out, you see who is swimming naked’. Now that the tide of easy money has receded, and interest rates have risen, we can see that the UK is exposed. Higher rates are causing acute financial pain to an extent not anticipated for the government, homeowners and
Two lessons learned from the breakfast buffet at the Hilton Hotel, Deansgate, Manchester. First, the plates are no longer minuscule, but pleasingly broad. However, they consist of a smallish bit in the centre and a gently elevated wide rim – the message being: put the food only in the middle. The outer circle is simply
There are times when I feel like certain rakes must have done when they realised that the Regency period was suddenly morphing into the Victorian one. Not that I feel especially rakish. Just that there are times when you see the new rules of sex and think: ‘Well, I guess there’ll be none of that from
‘That element of tragedy which lies in the very fact of frequency,’ wrote George Eliot in Middlemarch, ‘has not yet wrought itself into the coarse emotion of mankind; and perhaps our frames could hardly bear much of it.’ Her thought extends beyond ‘compassion fatigue’ in the face of global suffering on a scale beyond our
If I seem to be bashing universities lately, they’ve asked for it. The prestigious New York University in lower Manhattan didn’t cover itself in glory when, just before this semester began, it responded to a petition from 82 students (out of a class of 350) by sacking the professor. The petitioners’ main objection? The course
Much of this is not Liz Truss’s fault. The great big adjustment all over the West is that the era of low interest rates is now over. This is causing a crisis because most people, businesses and governments – and, we now discover, most pension funds – planned their finances on the basis that the
Where next for house prices? Clearly, they’re going down as mortgage rates go up – and my forecast in May that they would shed ‘recent froth’ and then stagnate rather than plunge, has been entirely overtaken by events, or at least by Kwasi Kwarteng’s calamitous ‘fiscal event’ last month. Reverberations from the Chancellor’s debut continue
