London

No ifs. No buts. Heathrow must have a third runway. Or must it?

‘No ifs. No buts. Heathrow must have a third runway.’ This was our motion of the evening at last night’s Spectator debate, but when it came to kick-off time, it appeared the audience was there for the taking. The pre-vote count found a majority of nine votes against the motion, but with 21 undecided attendees, everything was still left to play for. Graham Brady – Chairman of the 1922 committee, and MP for Altringham and Sale West (with Manchester Airport on his doorstep, he added) – opened the debate by speaking for the motion. With more than a nod to David Cameron’s conference speech in Birmingham, Brady argued: ‘We are

No ifs, no buts, we need a decision on Heathrow now

The Prime Minister presumably believes we face a critical shortage of airport capacity in London. Why else would he signal a possible U-turn on what was a headline pre-election promise? He knows that one reason west London voters backed the Conservatives in the last general and local elections was his decision to rule out any prospect of building Labour’s 3rd runway at Heathrow. But if that is how he feels, why on earth would he commit to doing absolutely nothing for three years? I am yet to meet anyone who believes an airport review should take anything like so long; indeed the majority of options have been studied to death.

The great City of London exodus gathers pace

Why not tax the bejesus out of the City and tighten regulation? Yes, the bankers will moan — but it’s not as if they will go abroad. The tax rate may be low in Zug, but do our pinstriped friends want to actually live there? The City’s elite have their kids in British schools, the time zone is right for business and the global phenomenon of Planet London has attractions that outweigh marginal tax rates. So let bankers moan: they’ll stay. This is, more or less, the argument that you hear from MPs on all benches as they take a carving knife to the golden goose that is the City

Cleaning up the City cesspit

Good news from the City is something to cherish at the moment, and today RBS has confirmed that it will be withdrawing from the Asset Protection Scheme, through which the government gave the bank insurance cover against losses on its £282 billion toxic assets. Those assets have now fallen 63 per cent to £105 billion. This is good news in the ‘cesspit’, as Vince Cable called the City of London, because it marks the first step towards the bank returning to the private sector. One man determined to turn the focus away from the latest scandal to crawl out of the cesspit and towards a recovering City is new City

Olympic tourism update

Ah – so those miserable traders who everyone told to shut up were dead right, back in August. Britain received its smallest number of foreign tourists for almost a decade this summer, largely as a consequence of the Olympic Games, it is thought. The only recent year which saw fewer people visit our country was 2003 – the year we invaded Iraq, when everyone hated us and the Yanks. It may well be that foreigners refused to come this time because they were scared by reports of hordes of Brits dressed in purple tracksuits grinning manically at them at every tube and railway station and street corner. I think the

Boris Johnson and Alex Salmond: Unlikely political twins? – Spectator Blogs

Here’s David Torrance with the kind of acute observation I wish I’d thought of first. There is, he writes, a comparison to be drawn between Alex Salmond and Boris Johnson: [Salmond’s] approval ratings also remain remarkably high, but then Salmond enjoys a very specific sort of popularity. Asked who best “stands up for Scotland” he wins hands down, but if voters are asked if they agree with his vision for an independent Scotland then it’s two-to-one against. So Scots like Alex Salmond, but they only like him in a particular setting. That context is the halfway house between full government and opposition otherwise known as devolution. As First Minister Salmond

The Good Loo Guide

Funny the ways you can learn about a book. Brian Jones of the Rolling Stones alerted me to one recently, 43 years after his death. I was at Somerset House for the exhibition of photos marking the band’s half-century, and one shot saw them leaving Heathrow Airport in 1966, bound for America. Brian, in a blazer whose stripes were quite shockingly vibrant (ten years later it would have felt perfectly at home on Ronnie Barker as he read the news), was carrying a book. A small, slim volume, its title was hidden away in a tiny font, but the photo had been blown up so large you could just make

Boris continues to push Heathrow campaign

As much as conference planners would wish it otherwise, one of the biggest stories from the Tory conference will be Boris Johnson’s speech and fringe appearance. It would be a surprise if he didn’t take at least one opportunity while in Birmingham to flag up his ongoing campaign against a government U-turn on Heathrow expansion, even if it were an apparently spontaneous answer to a question from a member of the fringe audience. As I reported last week, he has been looking for a Conservative MP to lead that campaign, and the Standard’s Peter Dominiczak then revealed that the Mayor has also approached MPs from other parties. Today the Mayor

A tale of two Smiths: Zadie Smith and The Smiths

It is lit-fiction season: that time of the year of when the premier novelists of the age dominate the market. Ian McEwan, Pat Barker, Zadie Smith, Sebastian Faulks and Rose Tremain all have new books out, and Salman Rushdie’s much anticipated memoirs are to be launched this week, so many newspapers are devoting themselves to regurgitating stale observations about The Satanic Verses ahead of the main and keenly guarded event. Of the new books, Zadie Smith’s NW is garnering the most plaudits, or at least that seems to be the case. Philip Hensher awarded the ‘rich and varied’ book 5 stars in his Telegraph review, marking the ‘virtuosity of Smith’s technique’

Racism: Going overground?

Some mad black woman has been arrested for screaming racist abuse about white people on a London bus. She said repeatedly that she hated whites, and was only in this country because ‘your fucking people brought my people here.’ I assume the courts will have to send her to prison, just so that they can be seen to be even-handed. Jacqueline Woodhouse, a white woman, was sentenced to 21 weeks in chokey for being nasty about blacks and Asians, also on public transport. In fact there’s been a few of these cases recently, all dutifully filmed for YouTube, all taking place on trams or buses or trains. Perhaps the transport

A messy end to a Royal era

Who said posh youths don’t riot? Head down to South Kensington tonight for some Bullingdon-style antics: the nightclub Boujis is inviting loyal regulars to smash the place up before closing time. Guests are invited to leave their mark by scribbling over the walls before literally pulling down the decor – all aided by ‘construction girls’. But panic not, Prince Harry! Doors open again at the end of September. All will be fully redecorated and minus the graffiti. In fact Mr Steerpike might have to pop by tonight to see the destruction of the dance floor on which William famously wooed Kate…but strictly in an observational role, of course.

Boris puts the bubbles back into his campaign champagne

After Boris’s re-election as London mayor, his departing aide Guto Harri complained that the dry but effective campaign had rather taken the ‘bubbles out of the champagne’. Well, the Olympics is certainly putting them back in. Boris keeps taking opportunities that no other politician would dare to—the zip wire ride today being the latest, and most dramatic, example. The question is where does all this end, is it all just Olympics hi-jinks that will be forgotten when the flame leaves Stratford or is it just the next stage of the Boris for PM campaign? In my column in the magazine tomorrow, I say that it does seem to be more

Isabel Hardman

Calling in the Olympic ghostbusters

TfL have today stopped running those Boris Johnson announcements over the tannoys at Underground and national rail stations that were rather getting on commuters’ nerves. But their replacement seems to be trying to undo some of Boris’ good work in trying to scare people away from the centre of London. Last night, Westminster Underground Station played an announcement telling tourists that the city was now ‘really coming alive’ and urging them to make the most of the restaurants, museums and shops that they found around them. The station was relatively quiet at the time, save for a group of men clutching large flags. A TfL spokesperson said today: ‘We have

We need a minister to defend the City of London

Is the City of London worth defending? Not many in the government seem to think so. Vince Cable, the Business Secretary, calls it a ‘cesspit’. George Osborne blames the financial sector for causing the crisis – the Barclays Libor scandal, to him, was not an isolated incident but indicative of the whole rotten system, ‘the epitaph to an era of irresponsibility’. The City’s global enemies look on, amazed. Not even the Brits are prepared to stand up for their extraordinary financial sector. As I say in my Telegraph column today, now is their time to strike. As the Americans are pointing out, much Wall St woe can be traced back to

City retribution

When City AM editor Allister Heath was leaving the BBC’s Westminster studios on Friday, the last thing he would have expected was to be ‘arrested’. Out popped an overexcited viewer of the Daily Politics who I hear accosted Heath declaring: ‘I’ve got a warrant for your arrest’. The white envelope was quickly discarded. but a frothing anti-city rant ensued. A BBC snout tells me that Heath returned upstairs and was later smuggled out of the building while a quick-thinking BBC staff member distracted the lunatic. The irony of it all being that Heath had just spent the last hour slamming the banks and generally turning on the City, but this

Cheer up, it’s only a party

What’s the best way to deal with a full onslaught against your industry? A damn good party of course. ‘Despite the dismal financial outlook, Square Mile magazine held their annual Summer Party on Friday 13th for 1,000 City bankers,’ proclaims one of the most gloriously offensive press releases that Mr Steerpike has seen in long time. There were apparently ‘no signs of the dismal economy’ as bankers ‘quaffed free Iceberg Vodka and Louis Roederer champagne and were entertained by fire-breathing strippers and snake charmers’. And, as if that was not enough, ’ex-city trader Anton Kreil, set to become the first person to execute a financial trade in space, was the

In the service of Mammon

The Libor scandal continues to shock, prompting bewilderment as well as disgust. The mood has turned against the City, with the FT suggesting that it ‘may be necessary to retire this generation of flawed leaders.’  In the piece below, Geraint Anderson, a former stockbroker and whistleblower, explains why his latest book, Payback Time, a story of people taking revenge on a bank they blame for their friend’s suicide, was inspired by the self-loathing caused by working for Mammon and the divisiveness which the crash has caused.      I did not write Payback Time for the money. This is not an attack on my publisher’s generosity, but a reflection of the

Osborne goes for Balls over Libor scandal

The Libor scandal is yet another blow to the reputation of the City of London. Alistair Darling may have been right when he told George Osborne that we’re ‘kidding ourselves if we think this was the only country where this happened.’ But there’s no getting away from the fact that an uncomfortably large number of financial scandals start in London.     In the Commons, Osborne seemed keen to move towards a more American-style system of regulation with more prosecuting powers for the FSA and new criminal offences. But he was also keen to make a political point, this happened under the last government and a regulatory system set up

Osborne’s City safeguards

Before David Cameron’s trip to Berlin later today, George Osborne appeared on the Today Programme to emphasise that in the event of a Eurozone banking union, Britain would require safeguards.   Given the importance of finance to this country, Cameron and Osborne can’t accept anything that creates a two-tier single market for financial services. The Tory leadership is also acutely aware that it was this issue that led to Cameron vetoing a proposed treaty last year. It would be politically dangerous for Cameron to do anything that could be characterised as undermining his own veto.   One option being floated by some Tory Eurosceptics is a British veto on financial

Rus in urbe

One of the pleasures of my week is walking across St James’s Square. The slightly furtive sense of trespassing as one opens the ironwork gates; the decision as to whether or not to follow the circuit of gravel paths or go straight across the grass; the equestrian statue of William III and readers from the London Library eating sandwiches. Although the surrounding architecture is an odd mishmash, the shape of the square and its urban form preserves a strong sense of its original 17th-century layout. St James’s Square plays a prominent role in the narrative of Todd Longstaffe-Gowan’s magisterial account of the ups and downs of the London square. It