Martin Vander Weyer is business editor of The Spectator. He writes the weekly Any Other Business column.
From our UK edition
Ministers from 34 countries met in Brussels this week in the vain hope of a quick fix for the steel crisis that everyone blames on dumping by China — which responded, through a state news agency, by calling its critics ‘lame and lazy’. Our own Sajid Javid, desperate to avert the fallout from a closure
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When the FTSE100 fell close to 5,500 in February, we all said ‘Mr Bear is back’. On Tuesday the index hit a high for this year of 6,400, and we all wondered whether Mr Bear had done what I said he wouldn’t, and shuffled back to hibernation. But the truth is that shares have lately
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The most striking thing about the Treasury’s forecast of the impact of Brexit is the relative modesty of its claim that by 2030, assuming a UK-EU trade deal akin to the one negotiated by Canada, ‘our GDP would be 6.2 per cent lower’ while ‘families would be £4,300 worse off’. Since those quotes come from
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There were moments last week when I was ready to give up journalism and retrain in a less unsavoury profession — chiropody, perhaps. It might have been Jon Snow’s bushwhacking of arts minister Ed Vaizey on the subject of the prime minister’s tax affairs, or Snow’s colleague Cathy Newman shrieking questions about offshore companies at
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While we’re on the subject of taxes, what about footballers? That’s a question often put up by bankers accused of being overpaid, but the comparison works as well with politicians. Cameron’s tenure at the top has coincided with that of Wayne Rooney, a role model for millions who is said to earn more in a
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If asked to pick the UK’s inward investor of the century so far I would, without hesitation, name Ratan Tata, the anglophile former patriarch of the eponymous Indian conglomerate that bought Tetley the tea-maker for £271 million in 2000, Corus the Anglo-Dutch steel-maker for £6.2 billion in 2007, and Jaguar Land Rover — from Ford
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Let me make this perfectly clear: I have never asked Mossack Fonseca of Panama to set up a company for me in the British Virgin Islands or anywhere else. At least I don’t think I have: I mean, who reads the small print of all that boring paperwork from wealth managers and accountants these days?
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It was unfashionable of me to write in praise of George Osborne on Budget day. I did so, you may recall, because ‘at least we have a finance minister who’s always on the front foot’: I wanted to make a contrast between our Chancellor’s relentless activism in pursuit of his political goals, and the supine
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It was unfashionable of me to write in praise of George Osborne on Budget day. I did so, you may recall, because ‘at least we have a finance minister who’s always on the front foot’: I wanted to make a contrast between our Chancellor’s relentless activism in pursuit of his political goals, and the supine
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In every gathering, someone — often me — calls for a show of hands on Brexit. And I have to report that, in the varied circles in which I move, ‘leave’ may have the best tunes but isn’t winning the argument. At a Mayfair fundraiser for a Jewish charity, the crowd of mostly thirty-to-fortysomething men
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Give thanks for George Osborne — and I don’t say that because I happen to be writing this column on a slow train from Leeds to Manchester, a line that this Chancellor has just promised, for the umpteenth time, to upgrade. I say it because whatever flaws and gimmicks may have leapt out of Wednesday’s
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I usually take a stern view of corporate pay packets that are out of line with profits and shareholder value, but I’m prepared to make an exception for Bob Dudley. The American-born chief executive of BP collected $19.6 million last year, up 20 per cent on his 2014 remuneration, while the embattled oil giant clocked up
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What’s in next week’s budget? Not much, apparently. ‘Cabinet sources’ have been quoted saying that ‘George has been told not to rock the boat’ ahead of the Brexit referendum, and that’s why he backed away from a grab on pension relief for higher earners; likewise he may yield to pressure from his backbenchers not to
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All in all, this is an odd moment for an outburst of high spirits: not from me — I’m as phlegmatic as ever — but from commodity investors. The price of a barrel of oil has rallied from $27 to $40 after talks between Saudi Arabia and Russia about restricting supply; one pundit called that
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The London Stock Exchange is no longer the red-hot crucible it once was, given the multifarious ways by which shares, bonds and derivatives now change hands. But the prospect of the LSE passing into the control of Deutsche Börse — in what was announced as a ‘merger of equals’, but with the Germans holding the
From our UK edition
The London Stock Exchange is no longer the red-hot crucible it once was, given the multifarious ways by which shares, bonds and derivatives now change hands. But the prospect of the LSE passing into the control of Deutsche Börse — in what was announced as a ‘merger of equals’, but with the Germans holding the
From our UK edition
‘The City is in no doubt that staying in Europe is the only way ahead,’ declared Mark Boleat for the City of London Corporation. Likewise Chris Cummings of the lobby group TheCityUK praised David Cameron for delivering ‘a really special deal’. The official Square Mile is squarely for ‘remain’, confident that the Prime Minister has
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All this talk of a new financial apocalypse, so soon after the last one, is starting to annoy me. Partly because investors as a crowd are so irrational; -partly because so much that governments and central banks have done to contribute to the current market mayhem seems to work against the sensible efforts of ordinary
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Upbeat or downbeat? I asked last month whether the mood where you live is energised by enterprise or demoralised by public-sector retreat — or both. Replies poured in while the news mostly got worse. Governor Carney warned that ‘the UK cannot help but be affected by an unforgiving global environment and sustained financial market turbulence’
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A new European banking crisis. Seriously? Starting at Deutsche Bank? That’s the way markets were pointing on Tuesday as Deutsche’s shares plunged, inter-bank liquidity shrivelled, would-be investors in bank bonds hid in the toilets and speculative short-sellers did the work of the devil. And we all know there’s no smoke without fire, right? Let’s pause
