Martin Vander Weyer is business editor of The Spectator. He writes the weekly Any Other Business column.
‘Can anyone seriously imagine the German state and corporate establishment allowing the bank that bears their country’s name to go down?’ I asked in February, adding rather bravely, ‘Of course they won’t.’ And that, I fear, makes my next question, ‘Am I about to eat my hat?’ Shares in Deutsche Bank have plunged to their
Hinkley Point — for all its flaws and the whiffs of suspicion around its Chinese investors — has finally received Downing Street’s blessing. Meanwhile, ministers hold the party line that High Speed 2 will go ahead according to plan, backed by news that the project has already bought £2 billion worth of land; and investors
Hinkley Point — for all its flaws and the whiffs of suspicion around its Chinese investors — has finally received Downing Street’s blessing. Meanwhile, ministers hold the party line that High Speed 2 will go ahead according to plan, backed by news that the project has already bought £2 billion worth of land; and investors
What’s happening with HS2? The high-speed rail project has now lost its chief executive, Simon Kirby, headhunted by Rolls-Royce at an unspecified multiple of his £750,000 HS2 salary. Rumour-mongers say the true final cost of the project is now closer to £80 billion than the official figure of £55 billion, and that chairman Sir David Higgins
The TUC general secretaryFrances O’Grady doesn’t get a lot of airtime. Compared with predecessors a generation ago, such as Vic Feather and Len Murray, she is all but invisible. But in her Congress speech at Brighton on Monday, she struck a note that must have resonated with many of the public who have no idea
In the post-Brexit landscape whose shape was barely glimpsed in G20 discussions at Hangzhou, one thing is clear: soon we’ll have to stop waffling about trade deals and start pushing British products the world wants to buy. One such is education, at our universities, independent schools and English-language colleges — an export sector calculated in
Do you ever tell your pupils that debt is a bad thing?’ I challenged the headmaster of a thriving Midlands prep school. His answer was more nuanced than I was expecting — but since independent school heads are also educational entrepreneurs these days, perhaps I shouldn’t have been surprised. ‘I’d be anxious about too much
Should we care two hoots whether negotiation of the Transatlantic Trade and Investment Partnership (TTIP, pronounced ‘Tee-tip’ by cognoscenti) has ‘de facto failed’? That’s what German economy minister Sigmar Gabriel said this weekend, pointing out that since talks between Brussels and Washington began three years ago, no agreement had been reached under any of the
Among lively responses to my recent item on executive pay and the possibility of using state-owned RBS as an experiment in reducing it, this one from a senior City whistle–blower: ‘Are you aware that the situation is even more absurd than you say? Since the EU bonus cap [introduced in 2014, limiting bonuses to 100
How many Olympic medals did Opec win? The answer (though I’ll bet no one else has bothered to work this out) is 15, or an average of 1.07 medals per member of the world’s leading oil-producer cartel. That result — boosted, I should add, by the five-medal triumph of the Iranian wrestling team — compares
The revelation by actuarial consultants Lane Clark & Peacock that 56 of the supposedly blue chip companies in the FTSE 100 index are running deficits totalling £46 billion in their defined benefit pension schemes puts the BHS story into a new perspective. It tells us that the £571 million ‘black hole’ in the chain’s pension fund
Theresa May sent a strong message to the corporate world when she criticised the ‘irrational, unhealthy and growing gap’ between the pay of top executives and average workers. Yet what should be a vigorous debate on this topic — about the balance between fairness and the right incentives for optimum performance — never quite takes
Theresa May sent a strong message to the corporate world when she criticised the ‘irrational, unhealthy and growing gap’ between the pay of top executives and average workers. Yet what should be a vigorous debate on this topic — about the balance between fairness and the right incentives for optimum performance — never quite takes
Let’s turn our attention to ‘tidal lagoons’: you may have heard that phrase in discussion of alternatives to Hinkley Point and wondered what it means. It refers to a £1 billion project, awaiting ministerial approval, to build a walled lagoon in Swansea Bay that would generate (through largely British-built turbines) electricity on the ebb and
There are reasons why Theresa May might harbour doubts about the Hinkley Point nuclear project — chiefly its unproven French technology and the high probability of time and cost overruns — but the fear expressed by her aide Nick Timothy that ‘the Chinese could use their role to build weaknesses into computer systems which will
Apart from Boris, where have all the posh boys (and girls) gone in Theresa May’s government? The answer, curiously, is the new department for Business, Energy and Industrial Strategy. Secretary of state Greg Clark is impeccably classless, being the product of a Roman Catholic secondary school in Middlesbrough where his father and grandfather were milkmen.
Not even your quixotic columnist is prepared to mount a full-on defence of Sir Philip Green this week, following the publication of the joint select committees’ report on the sale and collapse of BHS, and committee chairman Frank Field MP’s description of Green himself as ‘much worse’ than Robert Maxwell. What I would say, however,
It’s easy to see why Arm Holdings, the UK’s only global-scale internet technology company, looked worth a quick £24 billion bet by Softbank of Japan. At $1.32 to the pound, the price is a lot cheaper than it could have been before polls closed on 23 June, when sterling stood at $1.50; that made it easy for
I spent Sunday at the Sage Gateshead watching an epic performance of Götterdämmerung (I declare an interest, as a trustee of Opera North), so my head was full of it as I braced for more political backstabbing and immolation on Monday. That was very much the way it went as Andrea Leadsom fell, Theresa May
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
