Martin Vander Weyer is business editor of The Spectator. He writes the weekly Any Other Business column.
Regular readers know I have an umbilical connection to Barclays, because my father spent his working life there, I was on the payroll myself for a decade, and I wrote a book about the bank’s modern history, called Falling Eagle. So I cannot react objectively to news that the Serious Fraud Office has brought charges
Take no notice of the resilience of the FTSE100 index, which, having reached record pre-election highs, shed barely 100 points at its opening last Friday and recovered most of them by Monday. Dominated by multinational companies, it is being sustained by global market sentiment and the relative weakness of the pound, which makes our blue
The last limp gambit of the Tory campaign was a promise to revive the Board of Trade. As a way of grabbing attention and diverting the ‘Corbyn’s not such a bad bloke’ tendency, you’d have to say it lacked oomph. But was it a good idea? First formally constituted in 1696, the Board itself ceased
The science of ‘disaster recovery planning’, together with the related art of ‘crisis PR’, is a core discipline of 21st-century management, both in the corporate world and for agencies of the state. Business schools teach it; consultants sell it; hospitals role play it; the Cabinet Office runs a college in Yorkshire devoted to it; every
‘Fred Goodwin off the hook again,’ declared the Scottish Daily Record. That neatly summed up one strand of sentiment behind the RBS Shareholder Action Group’s battle for compensation for losses incurred in the bank’s £12 billion rights issue in 2008 — preceding its £45 billion taxpayer bailout, in which any remaining shareholder value was largely
Who should be housing supremo in what we all assume will be Mrs May’s new administration? Brandon Lewis and Gavin Barwell, recent junior ministers with that brief, achieved nothing — if we also assume the brief was to procure an adequate supply of new homes, in the private sector or ‘social’ one, which the ‘just
As the election campaign goes into full swing, we hear surprisingly little about the state of the UK economy — because the Tories can’t (and probably don’t need to) promise that they can make it any better in the medium term than it is now, while almost no one takes seriously what Labour has to
‘Do you still hate bankers?’ asked an old friend whom I hadn’t seen for years, having himself made a good career in overseas banking. Not at all, I said, and I never did. It’s been my mission to shame bad ones, but there are many I have liked and admired. Among those was Julian Wathen,
Will executive pay pop up in Theresa May’s manifesto? An objective of her snap election is to secure a larger majority on the basis of a smaller burden of manifesto promises than she inherited from David Cameron. But in her only leadership campaign speech last July, her reference to ‘an irrational, unhealthy and growing gap
Will executive pay pop up in Theresa May’s manifesto? An objective of her snap election is to secure a larger majority on the basis of a smaller burden of manifesto promises than she inherited from David Cameron. But in her only leadership campaign speech last July, her reference to ‘an irrational, unhealthy and growing gap
One hundred days is way too short a time to assess a presidency. On this, if little else, there was unanimity among our stellar panel, facing a 1,000-strong audience in the dramatic arena of Westminster’s Emmanuel Centre. In summary, The Donald’s performance has been erratic and high-risk, but he isn’t all bad: panellist and self-proclaimed
Another election that catches my business eye is the one for mayor of Greater Manchester. The winner will have a powerbase with huge potential: a city-region of 2.7 million people, an enterprise culture that has evolved over two centuries, an outstanding university science base, strong flows of inward investment, Europe’s largest industrial estate at Trafford
Is capping domestic energy prices an equitable way to help the ‘just about managing’, or an electoral gimmick with a whiff of anti-free-market ideology? When it was Ed Miliband’s idea, it was certainly the latter. Now it’s likely to be included in Theresa May’s manifesto, offering a potential £100 saving for millions of homes on
Is capping domestic energy prices an equitable way to help the ‘just about managing’, or an electoral gimmick with a whiff of anti-free-market ideology? When it was Ed Miliband’s idea, it was certainly the latter. Now it’s likely to be included in Theresa May’s manifesto, offering a potential £100 saving for millions of homes on
The lovely Dordogne village of St Pompon that is my holiday hide-away has only 350 voters, but is a perfect predictor of presidential elections. It voted heavily for Jacques Chirac against Jean-Marie Le Pen in 2002, marginally for Nicolas Sarkozy against Ségolène Royale in 2007, and 59-41 for François Hollande against Sarkozy in 2012. So
The lovely Dordogne village of St Pompon that is my holiday hide-away has only 350 voters, but is a perfect predictor of presidential elections. It voted heavily for Jacques Chirac against Jean-Marie Le Pen in 2002, marginally for Nicolas Sarkozy against Ségolène Royale in 2007, and 59-41 for François Hollande against Sarkozy in 2012. So
Are you reading this in the departure lounge, en route to an Easter break? If like me you’ve chosen to fly with Ryanair, I suspect you will judge the experience by the ease of airport parking, the length of the security queue and whether they play that fanfare signalling ‘another on-time arrival’. Anything approaching decent
What troubled places banks have become, I thought as I listened to two news stories, one concerning a formal reprimand for Barclays chief executive Jes Staley after he tried to uncover the identity of a ‘whistleblower’, the other trailing new revelations about the Libor scandal. But both, I’m afraid, were so badly explained that the
The BBC made much this week of a recording, from 2008, of one Barclays manager instructing another to submit artificially low rates into the daily interbank Libor fixing because ‘we’ve had some very serious pressure from the UK government and the Bank of England about pushing our Libors lower’. How shocking is that? Well, perhaps
Since Article 50 was triggered last week, City traders have been avidly watching the fluctuations of the pound. Analysts at Barclays, Nomura and Citigroup think sterling is undervalued against the euro and the dollar, and due for a rebound, having dived in the market tizzy that followed last June’s referendum and kept its head down
