Martin Vander Weyer is business editor of The Spectator. He writes the weekly Any Other Business column.
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In previous years, regional judging sessions for The Spectator’s Economic Innovator of the Year Awards, sponsored by Julius Baer, have all taken place over convivial lunches – and readers of my weekly Any Other Business column know how much I enjoy throwing in a restaurant tip as part of an economic parable. This year, however,
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A small cheer for Liz Truss’s treaty with Japan. It is, says the official press release, ‘the UK’s first major trade deal as an independent trading nation’ — and we must hope, the harbinger of much bigger deals to come. Even on the government’s own analysis, this one claims to deliver just £1.5 billion to
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‘Every country has a political problem with its fishermen,’ wrote Peter Walker, the Conservative minister who negotiated the first effective EU-UK fishing deal in 1983. ‘Everyone sympathises with the tough life they lead. They all want to take as much fish as they can.’ And here’s Michel Barnier, still speaking as the EU’s chief Brexit
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Along, cold weekend brought a haul of business news more bad than good. The worst was from aero-engine maker Rolls-Royce, which announced a £5.4 billion half-year loss — adverse currency movements plus a collapse in new orders and engine-repair work — and warned that in the ‘plausible downside scenario’ of an extended slump in global
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A takeover battle for BT would bring much-needed excitement to the City — as well as a major political row. The privatised telecoms giant that rarely pleases its customers and regulators has seen its shares fall by four-fifths since late 2015. While many other tech-related stocks have rebounded, BT’s price is still down where it
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We’re very pleased to announce the finalists for The Spectator’s Economic Innovator of the Year Awards 2020, sponsored by Julius Baer. We were excited to receive more entries than ever this year – despite the disruptions of the pandemic – including many more from the regions outside London and the South East. And we’re delighted
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Doing the math, as the Americans say, became this column’s theme after I abandoned another planned trip to France. Seven days in the Dordogne (where last week’s Covid infection rate was just 2.9 cases per 100,000) would have cost me 14 days lockup on return, so I spent the weekend doing arithmetic instead. As I
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At a low moment in late March, I suggested that all large companies should consider temporary cuts in executive salaries ‘both as a gesture of immediate solidarity and as a move to avert a longer-term backlash against wealth, privilege and the pillars of capitalism’. Latest research from the Chartered Institute of Personnel and Development and
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We should take heart from BP’s £5.1 billion second-quarter loss, accompanied by a halving of its dividend. What’s good about that? Nothing — except that the loss reflects a write-down of the value of oil and gas assets that shifts the company to a more realistic footing for an extended period of low oil prices
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Rishi Sunak is contemplating a 2 per cent tax on goods sold online, possibly combined with a ‘green’ levy on delivery vans and a radical review of business rates, all designed to improve the survival chances of high-street retailers while harvesting more revenue from online sellers who have boomed during lockdown. About time too —
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When I worked in the Malaysian capital of Kuala Lumpur long ago, my office looked across Jalan Tun Razak, a boulevard named in honour of the country’s second prime minister and ‘father of development’. This week his son Najib Razak, its sixth prime minister (2009-2018), was convicted of charges relating to the disappearance of $4.5
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The price of gold has been rising since the earliest virus reports from China in December. Adherents regard it as a hedge against inflation, bad government, economic turmoil, weak currencies and negative real returns on financial alternatives, all of which are present threats. For pessimists, this week’s headlines — above-inflation pay rises for 900,000 UK
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This column has been banging on about the peculiar nature of Huawei, the Chinese telecoms giant, ever since its expanded presence in the UK won what I described as ‘grateful applause from David Cameron’ back in 2012. I have deployed everything from serious intelligence sources to laborious knock-knock jokes (‘Huawei who?’ ‘Who are we kidding,
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The government’s £1.57 billion lifeline for the cultural sector was bigger than most practitioners were expecting — and drew a chorus of approval from arts panjandrums lined up to offer quotes on the end of the DCMS press release. A nifty media exercise, then, and a smart deployment of the Hank Paulson ‘big number’: when
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John Maynard Keynes looks down and smiles, recalling his own perhaps too-often quoted remark that ‘when the facts change, I change my mind’. Boris Johnson’s £5 billion ‘New Deal’ of school and hospital projects to stimulate the pandemic-torn economy is pure Keynes, as well as a conscious reference to Franklin Roosevelt. And like the totality
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Should Chancellor Rishi Sunak cut VAT as an emergency stimulus to the consumer economy? When Labour’s Alistair Darling made a 2.5 per cent £12 billion cut after the 2008 crash, I called it ‘an unconvincing and expensive gambit’, on the basis that shoppers would barely notice and that ‘far more significant will be the general
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Do stock markets foretell the future while politicians fudge and economists mumble? No: share prices collectively have a life of their own — driven by herd mentality, weight of money and the available range of investment choices — which indicates little more than the simple fact that what goes up must one day come down
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The Spectator’s Economic Innovator of the Year Awards 2020, sponsored by Julius Baer, closes for entries on Wednesday 1 July. Don’t miss the deadline: we’re eager to hear from entrepreneur-led businesses in every sector and region of the UK whose products are changing their markets, have potential for global success — and have made positive
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All logic suggests that the 14-day quarantine for arrivals from abroad really is, as Michael O’Leary of Ryanair put it, ‘a political stunt’. The best explanation is that it was conceived in Downing Street — with minimal consultation, unless someone rang Armando Iannucci, writer of The Thick of It — as a sop to focus-group
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Car showrooms are open again: some dealerships, with a hint of forgivable hyperbole, report a surge of pent-up demand. And after building only 197 new cars this April, compared with 71,000 in April 2019, car factories are returning to production — even if under new safety rules that will slash productivity for the duration and
