The Spectator

Barometer | 24 March 2012

From our UK edition

The Chicago schoolDavid Cameron has called for the building of a new generation of ‘garden cities’. In Britain the term is most associated with Letchworth, founded in 1903 by Ebenezer Howard, who formed the Garden City Association in 1899. His concept was for a series of towns with populations of up to 32,000, spread over 6,000 acres. — But the original garden city was, ironically, a city now more associated with the birth of the skyscraper: Chicago, which adopted the motto Urbs in Horto, ‘city in a garden’, in 1837, to describe the patchwork of buildings and gardens in its heart. — Howard lived in the city in the 1870s, a few years before some of those gardens disappeared beneath the early skyscrapers.

Portrait of the week | 24 March 2012

From our UK edition

HomeIn the Budget, George Osborne, the Chancellor of the Exchequer, raised the threshold for workers to start paying income tax at standard rate to £9,205 and announced a gradual reduction of the rate for those earning more than £150,000 from 50 per cent. He imposed a higher level of stamp duty on houses costing more than £2 million and promised measures to make people pay. Child benefit would be withdrawn from fewer families. Tobacco and drink duties went up by 5 per cent above inflation. Taxpayers will each be sent annual details of the tax they pay and what it is spent on. The Office for Budget Responsibility had raised its expectations for growth in the economy a smidgeon, and the Chancellor expected to eliminate the national deficit by 2016-17.

Budget battles

From our UK edition

For the past couple of months, government business has been bogged down in the detail of taxation policy. Higher personal tax allowances, a lower top rate, more stamp duty for £2 million mansions, a tycoon tax — all have been batted across the coalition ping-pong table at dizzying speed. While engaged in this game the government has refused to consider the other side of its ledger: the spending side. This is seen as a great untouchable, thus considerably reducing George Osborne’s room for manoeuvre. This is why this was a Budget that laid the foundations for an economic recovery, rather than starting one in itself. The tax cuts which the Chancellor did make were welcome, as far as they went.

Bookbenchers: Louise Mensch MP

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In the hot-seat this week: Louise Mensch, the Conservative MP for Corby. Author of 15 bestselling novels, she knows a good read when she sees one. She has a string of recommendations for those in search of light relief after a stressful week; and she lists some Old English classics for those who want a challenge. 1) Which book's on your bedside table at the moment?   I've Got Your Number by my friend Sophie Kinsella (Madeline Wickham). She never fails with brilliantly light comic romance. A perfect stress-buster.   2) Which book would you read to your children? The last one wasThe Story of Ferdinand, an early favourite of both mine and my father's, and it worked with them too.

From the archives: the fall of Saloman Brothers

From our UK edition

Back in August 1991, Michael Lewis examined the disintegration of his ex-employer — investment bank Salomon Brothers — for The Spectator. His semi-autobiographical story, Liar's Poker, went onto to become an international best seller. Here is the article in full for CoffeeHousers: The Judgement of Salomon, Michael Lewis, The Spectator, 24 August 1991 We never be told the truth about what happened at Salomon Brothers over the past few years. I'm not even sure that it matters. The firm has admitted to breaking the rules in five separate US Treasury auctions, to fraudulently using the names of its customers, and to submitting an illegal bid for $1 billion worth of US Treasury bonds as a 'practical joke'.

The week that was | 23 March 2012

From our UK edition

Here is a selection of articles and discussions from this week on Spectator.co.uk... Most read: Nick Cohen on the spectre of militant secularism.  Most discussed: Douglas Murray asking how to solve to a problem like Baroness Ashton.  Most shared: Nick Cohen speculating on whether Osborne will close the 'Livingstone Loophole'.  And the best of the rest... Fraser Nelson approves of new roads but not a pensions raid, highlights twelve points about the Budget and urges Osborne to break free of Gordon Brown's traps.  James Forsyth reports the Lib Dems are happy with their contribution to the Budget and says the real test for the Tories is whether the Budget delivers growth.