I enjoyed the Daily Mail’s lambasting of the Financial Times as ‘panic-monger-in-chief’ for its doom-laden post-Brexit tone: ‘Is it determined to provoke a downturn in a bid to justify its lurid predictions?’ And I’m happy to let ‘Britain’s most self-important business newspaper’ take some flak, my own rather downbeat column last week having been so
My column calling Brexit campaigners ‘hooligans’ and ending ‘Reader, I voted Remain’, caused quite a stir — coinciding as it did with The Spectator’s eloquent call for Leave. ‘Pathetic,’ spat a famous columnist encountered in the street. ‘Your words and Farage’s poster resonated so much that I (reluctantly) voted Remain,’ emailed a broadcaster who had
Good news: ‘My sources in the Gulf tell me they’re poised with big cash to buy into sterling, UK equities and property on any weakness,’ says an email from a reader who does business across the Middle East. Will the phenomenon I once called ‘the Curse of Qatar’ be the horse that pulls us out
My pen hovers — but refuses to touch the postal ballot paper. I pour a drink (I won’t say whether claret, schnapps or English ale) and break off to watch Versailles, with its parade of lecherous continental backstabbers. The blood stirs, but still I cannot choose. So I defer the moment of decision, Remain or
‘In years to come we shall be able to claim that we pioneered in this country the general everyday use of credit instead of cash,’ said an ad for Barclaycard shortly after its launch as the UK’s first mass-market credit card 50 years ago this month. In that first campaign, one million cards were sent
Have you ever tried discussing the merits of gun control with a Texan, or of deregulated labour markets with a Frenchman and his Belgian cousin? The prejudices involved are much the same. Many Americans believe that guns in the home and the pick-up truck are their best protection against violent attack, and that the 13,286
Axa will no longer invest in the tobacco industry: the French insurance giant will sell €184 million of shares and gradually reduce its €1.6 billion bond holdings in the sector. No surprise, given Axa’s role as a health insurer and the oft-repeated statistic that smoking kills six million people a year; indeed, you might think
There’s a lot of negativity around HS2, and I sniff a Brexit connection. You might think Leave campaigners whose aim is to boost British self-belief would promote the idea that we have a talent for grands projets such as the Olympic Park and Crossrail, rather than a propensity to deliver half what’s promised at double
Has the shadow of Brexit already cost us a slice of GDP — and if so, is it a blip or an omen? The Office for National Statistics says UK growth was 0.4 per cent in the first quarter of this year, down from 0.6 per cent in last year’s final quarter. And we can’t blame
Royal Bank of Scotland is at last about to dump the ‘RBS’ logotype promoted by its fallen chieftain Fred Goodwin, who thought ‘Scotland’ too parochial for a bank with global ambitions, though he was famously keen on royal connections. The wonder is that this decision has taken seven-and-a-half years since the bank was saved by
Oh woe. Investment bank profits are evaporating after a disastrous contraction of trading revenues reflecting zero-to-negative interest rates, weak commodity prices and worries about China and other emerging markets. Not to mention the stagnant eurozone, the possibility of Brexit, increased capital requirements (which will rise further for banks that must ‘ringfence’ their trading operations) and
When the FTSE100 fell close to 5,500 in February, we all said ‘Mr Bear is back’. On Tuesday the index hit a high for this year of 6,400, and we all wondered whether Mr Bear had done what I said he wouldn’t, and shuffled back to hibernation. But the truth is that shares have lately
There were moments last week when I was ready to give up journalism and retrain in a less unsavoury profession — chiropody, perhaps. It might have been Jon Snow’s bushwhacking of arts minister Ed Vaizey on the subject of the prime minister’s tax affairs, or Snow’s colleague Cathy Newman shrieking questions about offshore companies at
If asked to pick the UK’s inward investor of the century so far I would, without hesitation, name Ratan Tata, the anglophile former patriarch of the eponymous Indian conglomerate that bought Tetley the tea-maker for £271 million in 2000, Corus the Anglo-Dutch steel-maker for £6.2 billion in 2007, and Jaguar Land Rover — from Ford
It was unfashionable of me to write in praise of George Osborne on Budget day. I did so, you may recall, because ‘at least we have a finance minister who’s always on the front foot’: I wanted to make a contrast between our Chancellor’s relentless activism in pursuit of his political goals, and the supine
In every gathering, someone — often me — calls for a show of hands on Brexit. And I have to report that, in the varied circles in which I move, ‘leave’ may have the best tunes but isn’t winning the argument. At a Mayfair fundraiser for a Jewish charity, the crowd of mostly thirty-to-fortysomething men
Give thanks for George Osborne — and I don’t say that because I happen to be writing this column on a slow train from Leeds to Manchester, a line that this Chancellor has just promised, for the umpteenth time, to upgrade. I say it because whatever flaws and gimmicks may have leapt out of Wednesday’s
All in all, this is an odd moment for an outburst of high spirits: not from me — I’m as phlegmatic as ever — but from commodity investors. The price of a barrel of oil has rallied from $27 to $40 after talks between Saudi Arabia and Russia about restricting supply; one pundit called that
The London Stock Exchange is no longer the red-hot crucible it once was, given the multifarious ways by which shares, bonds and derivatives now change hands. But the prospect of the LSE passing into the control of Deutsche Börse — in what was announced as a ‘merger of equals’, but with the Germans holding the
‘The City is in no doubt that staying in Europe is the only way ahead,’ declared Mark Boleat for the City of London Corporation. Likewise Chris Cummings of the lobby group TheCityUK praised David Cameron for delivering ‘a really special deal’. The official Square Mile is squarely for ‘remain’, confident that the Prime Minister has
