Five years after the run on Northern Rock, four years after the epoch-making crash of Lehman Brothers, the clouds over Britain’s banking sector remain as dark as ever. We may have been the first country to recapitalise our banks when the crisis struck, but as the years have unfurled the sheer scale of the legacy
A decade ago I wrote here about the way financial advisers are paid. I told you how, instead of giving you a bill, your adviser is allowed to sell you investment products in exchange for a commission from the product provider plus a cut of your assets every year for as long as you continue
Next week’s too-close-to-call US presidential election must make a big difference to the way stock and bond markets perform over the next few years — or so you might think. Yet experience suggests that investors should probably stifle a yawn rather than place too much significance on whether Obama or Romney comes out ahead. In
Fraser Nelson British politicians have long dreamt of regulating the press, but have always been hampered by the basic point that the press isn’t theirs to regulate. Only now, with the industry on its knees, do the enemies of press freedom feel able to strike. Their hope is to appoint a press watchdog who would
If you work for the BBC, you dislike seeing the outfit’s name in the headlines. It usually means the BBC is in trouble. No good complaining that much of the British press (to the bewilderment of people outside the country) have it in for the BBC, big time. Nor is it any good pointing out
Ring, ring, goes the telephone, every hour that God sends. And it’s always some producer from the BBC, ringing me up to ask me on to some programme to stick the boot in to the BBC. Newsnight, The World at One, This Week, BBC Good Morning Biddulph, BBC Top o’The Mornin’ Paddy. It is not
When I am in Rome, I do as the Romans — I engage in rampant materialism. The eternal city may be — via the Church which has its headquarters there — the way to heaven; its population, however, is more interested in this world than the next. The city is full of superb shops, as
At a wine-tasting-cum-briefing of volunteers at the Democratic Women’s Club headquarters in Washington last month, Obama campaign adviser Mindy Burrell stood up in a flowery dress. ‘Get people to visualise election day,’ she told the women about to knock on doors in the key swing state of Virginia. ‘How will they go and vote? What
There is one main road stretching north-south along the Bekaa valley between Lebanon and Syria. It runs in a beeline from the prosperous little city of Zhaleh, on through a series of villages each with its own religious bent — some Sunni, some Christian — to the border town of al-Qaa, then on into Homs
The Prime Minister gave a stirring speech last week in which he outlined the government’s new policy on law and order. The key, he insisted, was to be ‘tough and intelligent’ — which naturally suggested that previous policy had been soft and stupid. The truth, however, is that there is much more continuity between the
As you read this, the Conservatives seem to be edging towards some promise, to be contested at the next general election, of a referendum in the next parliament over Britain’s membership of the EU. You can see how far opinion has moved by the fact that government ministers — Michael Gove only last week —
Everyone was so busy celebrating Hilary Mantel’s second Booker Prize victory last week that it was easy to overlook the announcement that another of our literary prizes has been saved from extinction. The Orange Prize had lost its sponsor — but has been rescued by a group of women sponsors, including Cherie Blair. It ought
My brother David died recently in the care of the NHS. His death was not their fault: no one can do anything about bone cancer except alleviate the pain. Which is what they spectacularly failed to do. Bone cancer does not kill you. It just hurts like hell and your bones become so fragile that
If a US presidential election has the potential to wear down foreign observers, let alone the American public, imagine what it must do to the candidates. The challenger must spend years campaigning for the endorsement of their own party — fighting rebellions and pandering to diehards — while the incumbent has to work equally hard
The 2012 US presidential election will long be remembered for the encounters between a sleepwalker and a ghost intent on breaking into the White House. Even now, after one vice-presidential debate and two presidential debates, it is by no means clear which will win. Millions of astonished Americans watched the first televised encounter, which took
The below is a response to a piece by Spectator columnist Matthew Parris ‘If you look for truth,’ counselled C.S. Lewis, ‘you may find comfort in the end.’ If, however, you look for comfort ‘you will not get either comfort or truth’. A patriotic politician should reflect on Lewis’s wisdom. In good times almost anyone can
Few put a political argument better than Tim Montgomerie, the editor of ConservativeHome, and his latest column in the Times is no exception. Policies portrayed as priorities of the Tory right, he said, are also shared by the majority of the public. Some 70 per cent of Britons want a referendum on Europe and 80
The slowest and most expensive museum refurbishment in world history must be that of the Rijksmuseum in Amsterdam. It is taking longer and costing more than it took and cost to build it in the first place. Let us hope that the result will be magnificent, with all the interactive features that any modern child
For some time we have known about the tension between George Osborne and Iain Duncan Smith over welfare reform. The Chancellor wanted more welfare cuts, and the Work and Pensions Secretary resisted: real reform, he said, would cost money. So far, so understandable. But a new biography of the Chancellor by Janan Ganesh reveals another
Beirut is usually a party town, capital of the Middle East’s most glamorous country where people from all over the region come to kick back — but this year’s been a little different. Kidnappings, bank robberies, roadblocks and gun battles — no wonder the free-spending and normally blasé Gulf Arabs have stayed at home, leaving