Whitehall’s top mandarins are demanding a pay-rise because of Brexit

by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeOne-N-Done | 7-Minute Workout7 Minutes a Day To a Flat Stomach By Using This 1 Easy ExerciseOne-N-Done | 7-Minute WorkoutMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailPensAndPatronTori Roloff Confirms Sad Family NewsPensAndPatronAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen Heraldmoneycougar.comDiana’s Butler Reveals Why Harry Really Married Meghanmoneycougar.comMedical MattersThis Picture Shows Who Prince Harry’s Father Really IsMedical MattersWarped SpeedCan You Name More State Capitals Than A 5th Grader? Find Out Now!Warped Speed Whitehall’s top mandarins are demanding a pay-rise because of Brexit Mark Sands Civil servants have been among the public sector workers subject to pay restraints and the FDA argues that Whitehall staff are facing extra pressure to implement Brexit while also facing reduced numbers.Read More: Whitehall needs to get its Brexit act togetherFDA general secretary Dave Penman said: “To quote one member, ‘…the country needs a civil service that is optimistic, energised, proud, confident and ambitious – what we have is a senior civil service that is thoroughly dispirited and demotivated’.”Some haven’t seen a pay rise in a decade, all have seen their pay cut in real terms by around a quarter. The strain of the pay freeze and staff reductions is taking its toll.”He added: “This chancellor needs to take a more realistic position and heed the FDA’s call for real investment in the [senior civil service], not a never ending series of temporary fixes dreamt up on the hoof that end up being a costing the public more than before the pay restraint began.” A union representing top civil servants has written to the government to demand pay rises because of the pressures of Brexit.In evidence submitted to the Senior Salaries Review Body, which advises the government on pay for public sector workers, the FDA has warned 94 per cent of senior civil servants believe the current pay regime “is not fit for purpose”. whatsapp Share whatsapp More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgWhy people are finding dryer sheets in their mailboxesnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com Thursday 5 January 2017 6:11 pm Read More: Conservative MP attacks culture of Whitehall leaksThe FDA represents 18,000 senior civil servants, diplomats, policy advisors and other public sector groups.The SSRB’s recommendations on pay, and the government’s response, are expected to be published in April. read more

HSBC to close another 62 branches this year

whatsapp HSBC to close another 62 branches this year Shruti Tripathi and Shruti Tripathi HSBC is set to close another 62 branches across the UK this year, the banking giant announced today.This takes the total number of branches closing this year to 117. In November, the bank reported an 86 per cent slide in statutory pre-tax profits. The bank took one-off hits, including the disposal of its business in Brazil, which set it back $1.7bn.Francesca McDonagh, HSBC head of retail banking and wealth management for UK and Europe, added: The move marks the end of “HSBC’s branch restructuring programme”, Antonio Simoes, chief executive of the banking giant, said.“We now feel we have the right branch network that complements the other ways in which customers now choose to interact with us. We will continue to invest for the benefit of our customers as we build HSBC UK, a better bank for our people and customers.”The bank has closed 340 branches over the last two years. By the end of this year the bank will have 625 branches.Earlier this month, HSBC chairman Douglas Flint told MPs the bank was considering moving 1,000 investment banking jobs to Paris before the end of the Article 50 process – this is so that HSBC doesn’t suffer due to the current Brexit deal being negotiated.Read more: HSBC boss: Jobs will be moving out of London to Paris Tuesday 24 January 2017 12:17 pm whatsapp Share “The decision to close these branches ensures a more sustainable branch network for the future as we continue to invest in our digital platforms and our people. We will have fewer but better branches, with more empowered front line colleagues using a greater range of technology to support all our customers’ needs.“Our priority now is to work with our colleagues, our customers and the communities impacted by today’s announcement. We are contacting customers to explain the decision and help them with alternative ways to bank with us. We will offer customers individual sessions to help explain their options or provide help in setting up telephone, mobile or internet banking.” read more

Prodigal Londoners outspend the rest of the country by hundreds of thousands

whatsapp Prodigal Londoners outspend the rest of the country by hundreds of thousands London households can expect to burn through £2.3m over the course of a lifetime, dwarfing the UK’s average expenditure by almost half a million.Investment manager Tilney unveiled the discrepancy in its Cost of Tomorrow Report, which also revealed that the average British household has spent their first million by the age of 50, while Londoners can expect to reach that milestone by 45. They also spend £85,000 more in retirement than the average pensioner. Share According to Tilney’s head of financial planning Andy Cowan, “The key to enjoying a comfortable or even prosperous lifestyle in later life when you are no longer earning is, of course, to plan ahead and to start investing as early as possible.“People set expectations for their living standards in retirement during their peak earning years in their 50s, and this is the time when most ramp up saving, but it is also important to invest it in the right places.” Despite coughing up close to £800,000 on housing compared with £568,522 nationwide sociable capital-dwellers also spend the most on going out to restaurants and hotels, splurging £180,000 in a lifetime next to a national average £138,000.Read more: Property price rebound continues in October as northern divide deepensAs a result, London is second from the bottom of the nationwide league for the consumption of alcohol, cigarettes and narcotics to enjoy at home, tallying up a total bill of £35,000 compared to Scotland’s average £52,000 outlay.Across the country, those in their 30s and 40s burn through their income most quickly, with the wealthiest Brits spending more than £50,000 a year at this stage of their lives.But those who go into retirement with the highest savings can expect to spend more money on luxuries than any other group, with the top six per cent of over-65s spending £410,000 on entertainment, holidays, restaurants and cars in retirement. Hannah Wilkinson Friday 10 February 2017 1:00 am whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeG InsuranceIf You’re Attacked By A Bear, This Navy SEAL Knows What To DoG Insurance2021 Buicks | Search AdsIntroducing The Head Turning 2021 Buicks!2021 Buicks | Search AdsHealthy ZoneWarning! 10 Subtle Signs of Kidney Diseases that Should Never Be IgnoredHealthy ZoneDawn Vertrees JewelryRaw Diamond Engagement Ring Set, Raw Diamond Wedding Ring Set, 14k Rose Gold Diamond Engagement Rings, Raw Diamond Ring Set, Engagement RingDawn Vertrees JewelryDefinitionAmerica Has A State You Never Knew ExistedDefinitionNet Worth MagazineRemember Daniel Davis? This Is How He Looks Now!Net Worth MagazineTrendscatchersInside The Lives Of America’s Super-Rich Billionaire FamiliesTrendscatchersHealth.recetasgetHeart Attack Early Warning Signs and SymptomsHealth.recetasgetItsTheVibeCostco Items You Wouldn’t Find In Shelves AnymoreItsTheVibe read more

ECB’s Benoit Coeure calls for removal of non-tariff barriers for trade with Europe

whatsapp ECB’s Benoit Coeure calls for removal of non-tariff barriers for trade with Europe Thursday 16 February 2017 4:40 pm The removal of non-tariff barriers to trade could give a big boost to trade, according to an influential European central banker.Benoit Coeure, a member of the executive board of the European Central Bank (ECB), said “gains from trade are likely to be quite large” if countries can remove impediments to free trade. In a speech marking 25 years since the Maastricht Treaty created the EU, he said: “Trade is often hindered by more subtle forms of protectionism, including national regulation aimed at protecting domestic industries and state aid provided for similar reasons. The removal of these barriers, as in the European case […] might lead to large efficiency gains.”Read more: As Trump prepares to dump TPP, is globalisation going into reverse?While most economists point to the benefits of globalisation, protectionist politicians around the world, including US President Donald Trump, have taken advantage of discontent over the effects of international trade.Politicians and policymakers are facing a growing backlash against globalisation, with politicians like Marine Le Pen in France threatening to leave the euro and stop the free movement of people, one of the central pillars of the EU. Le Pen has campaigned on an explicitly protectionist platform.Coeure said: “I believe that reducing real and financial integration via harsh protectionism is tantamount to destroying machines, as the Luddites did during the industrial revolution.” In a strong defence of globalisation, Coeure said the EU is the “most elaborate attempt ever to mitigate the inevitable political trade-offs arising in a globalised world,” an attempt which had been “largely successful”.Read more: Robin Hood financial transactions tax is “within reach” says EU politicianCoeure also raised the possibility of a financial transactions tax as a potent political symbol which would increase acceptance of globalisation.“Given that it is easy to understand and intuitive to many citizens, it could increase the political legitimacy of financial globalisation, thus making it more enduring and, to some extent, more equitable,” he said.The idea of a tax on financial transactions, most famously proposed by US economist James Tobin, has been vetoed by the UK government in the past, but the countries involved in pushing the policy have renewed efforts in light of the UK’s imminent exit from the EU. Jasper Jolly Share Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May Likeanymuscle.com15 Cancer Symptoms YOU Ignoreanymuscle.comUndoRecetas Get7 Simple Ways To Naturally White Teeth At HomeRecetas GetUndotibgez10 Signs & Symptoms of Lewy Body DementiatibgezUndoDID U KNOW ReviewsUnsold 2018 SUVs Going for Pennies on the Dollar: Great For SeniorsDID U KNOW ReviewsUndoCleverstThe Top 20 Greatest Tennis Players Of All TimeCleverstUndoLearn It WiseTheir Reaction Was Priceless When He Return The Next Day After An Employee Treated Him RudelyLearn It WiseUndoBuzzDestination7 Types of Men Who Are Not Made For Relationships.BuzzDestinationUndoHealth.recetasgetHeart Attack Early Warning Signs and SymptomsHealth.recetasgetUndoHealthy ZoneWarning! 10 Subtle Signs of Kidney Diseases that Should Never Be IgnoredHealthy ZoneUndo whatsapp read more

Timid centrist Emmanuel Macron is unlikely to fix a failing France

Friday 3 March 2017 6:30 am Tom Welsh More seriously, those cheering his rise in the polls against both divisive Marine Le Pen and compromised conservative Francois Fillon should examine whether his policy platform is in any way sufficient to reboot France’s troubled economy.Read more: Is Emmanuel Macron going to be the next French President?Many of the policies set out in his manifesto yesterday are superficially appealing, much like the man. He wants to sell down government stakes in French companies (but only in those firms where the French state does not hold a majority). He will cut corporation tax from 33.3 per cent to 25 per cent (in the UK it’s coming down to just 17 per cent). He intends to smooth out the vast differences between hugely generous public sector pensions and private sector ones (while keeping the pension age at a logic-defying 62). He will cut some state spending, and lay off some bureaucrats, while retaining the ridiculous 35 hour week.All of the above would be a reasonable programme for a country in good health, looking to marginally increase its competitiveness. France is not that. For all its politicians’ hatred of “Anglo-Saxon capitalism”, the country has struggled to grow by more than 1 per cent a year since the financial crisis. Unemployment is hovering around 10 per cent. Report after report predicts that France will sink down the list of the world’s top economies, the victim of savage relative underperformance versus its peers.Read more: Europe must reinvent itself or markets will tear it apartLe Pen’s hard left economic policies would obviously be even worse, but the real risk is that a President Macron (with what leading French liberal Gaspard Koenig describes as “a timid set of proposals”) would be yet another terrible disappointment for France, which increasingly looks unreformable. If Macron, with his interventionism, and his aversion to free market “shock therapy” and “British-style reforms from the eighties”, is unable to deliver on his promise to transform his country, in the next elections in 2022 Le Pen will be less an outside chance and more a sure bet for the presidency. whatsapp Napoleon is said to have preferred lucky generals to clever ones.If true, Emmanuel Macron, the centrist candidate in this year’s French presidential election, would have found an eminent position in the great man’s army. For what else could have propelled this political ingenue who has never held elected office, who lacks a party hinterland, and whose political experience amounts to a few troubled years as an appointed economy minister under failed President Hollande to the forefront of this campaign but luck? whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeJournalCouple Turns School Bus Into a Tiny Home That Outdoes Most ApartmentsJournalHousediverTom Selleck’s Life Before Acting Might Surprise YouHousediverMiaw StoreSome acts from your cat may be a sign for alarm. Get to know it nowMiaw StoreHealthy ZoneWarning! 10 Subtle Signs of Kidney Diseases that Should Never Be IgnoredHealthy ZoneVisit UtahCelebrating Utah’s Food Culture One Bite at a TimeVisit UtahApartments for sale | Search AdsApartments for Sale in Scottsdale Might Be Cheaper Than You ThinkApartments for sale | Search AdsYour Health CareHow soaking your feet in vinegar water can help you healYour Health CareEveryday WellnessWhat Happens To Your Body When You Eat Two Bananas A DayEveryday Wellnesswhatyexpect.comWhat Your Sitting Position Style Says About Your Personality – WhatYExpectwhatyexpect.com Timid centrist Emmanuel Macron is unlikely to fix a failing France Share More From Our Partners 980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgWhy people are finding dryer sheets in their mailboxesnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comConnecticut man dies after crashing Harley into live bearnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.com read more

LV= mulls merger or disposals as its profit takes a hit from capital rules

Share One of the largest financial services mutuals in the UK has held secret talks over a potential merger with Royal London.LV=, which has nearly 6m UK customers across insurance, pensions and income protection products, has now called off the talks as the firms couldn’t agree on the structure of a deal, reported Mark Kleinman, city editor of Sky News. whatsapp Tuesday 14 March 2017 7:10 pm The UK’s third-largest car insurer’s profit has been hit with a combination of tougher capital requirements and low interest rates. LV= is also understood to have been exploring whether to sell any of its individual units.Read more: LV= operating profit more than halves in six months to JuneThe firm’s profitable insurance division has been the subject of a number of acquisition enquiries from other insurers. However, it wasn’t clear whether any discussions were ongoing. Industry sources said they were likely to be continuing.Formerly known as Liverpool Victoria, LV= employs more than 6,000 people and is the biggest friendly society in the country, counting 1.1m of its customers as members.The mutual operates across the life and general insurance sectors, and it’s the UK’s biggest provider of individual income protection.Read more: Insurer LV= steps into the legal market Courtney Goldsmith LV= mulls merger or disposals as its profit takes a hit from capital rules whatsapp More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.com read more

Italian choir mistakenly sings Franco-era national anthem to the King of Spain

first_imgMattarella then apologised, telling the royals: “It was a mistake by the event’s organisers.”In fact, Spain’s Marcha Real is one of just four national anthems that has no lyrics.It started as a military march for the Spanish Infantry in 1761 before it was adopted as the country’s national anthem in the 1770s.Read more: Spain calls snap election after Sanchez’s budget defeatedDuring the reign of General Francisco Franco, however, Peman added his fascist lyrics to the anthem, which were quickly dropped upon Franco’s death and Spain’s move to democracy. Tags: Trading Archive Wednesday 8 May 2019 3:02 pm Share Joe Curtis It must quickly have become apparent to Italy why Spain’s national anthem has no lyrics.Read more: This is what British people want the national anthem to be whatsappcenter_img As the King of Spain Felipe VI and king emeritus Juan Carlos were heralded by a choir of Italian schoolchildren earlier this week, it quickly became apparent the kids were singing fascist-era lyrics.Spain’s royals stood alongside Italian President Sergio Mattarella and Portugal President Mercelo Rebelo de Sousa at the Cotec Europe Forum in Naples as the countries’ national anthems were played, with Spain’s Marcha Real to start.However, a youth orchestra and a children’s choir mistakenly sung lyrics written by fascist poet Jose Maria Peman before the Spanish Civil War. Italian choir mistakenly sings Franco-era national anthem to the King of Spain whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikePast Factory4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!Past FactoryFilm OracleThey Drained Niagara Falls – Their Gruesome Find Will Keep You Up All NightFilm Oraclebonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comDefinitionMost Embarrassing Mistakes Ever Made In HistoryDefinitionZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldPost FunA Coast Guard Spotted Movement On A Remote Island, Then Looked CloserPost FunDaily Funny40 Brilliant Life Hacks Nobody Told You AboutDaily FunnyHealthyGem20 Hair Shapes That Make A Man Over 60 Look 40HealthyGemMisterStoryWoman files for divorce after seeing this photoMisterStory “Long live Spain, raise your foreheads, children of the Spanish people which is resurrected again. Glory to the homeland which knew how to follow the course of the sun over the blue of the sea,” they sang, according to Catalonian publication El Nacional. More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comKiller drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orglast_img read more

India’s economic reform needs a little more authoritarianism

first_img whatsapp Opinion Ed SmithEd Smith is head of asset allocation research at Rathbones. Tags: Indian economy Today, India’s economic policy is the worst of both worlds. It is heavily protectionist, with politicised and poorly run state-owned banks, but it lacks visionary central planning, with the global, long-term focus of Korea or Taiwan. Ostensibly capitalist, it lacks the institutions necessary to support the efficient allocation of capital, such as functioning bankruptcy laws or a corruption-free judiciary.Worst of all, it is mired in layer upon layer of municipal, state and federal bureaucracy – which Modi, despite his promises, has made disappointing progress in reducing.One way or another, India needs serious economic reform if it is to attract investment and turn its economy around. And if that economic reform takes on a subtle authoritarian hue, that may be no bad thing – if (and it’s a big if) it’s done right. With the world’s largest General Election now fully underway, more and more people are expressing concern of a national impasse in India: a crossroads in terms of social, economic, and perhaps even constitutional identity.Since Prime Minister Narendra Modi came to power in 2014, questions around India’s economic potential have become inextricably linked to issues around the pattern of its politics – in particular, debates centred on authoritarianism. Tuesday 14 May 2019 7:04 am by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikePast Factory4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!Past FactoryFilm OracleThey Drained Niagara Falls – Their Gruesome Find Will Keep You Up All NightFilm Oraclebonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldPost FunA Coast Guard Spotted Movement On A Remote Island, Then Looked CloserPost FunDefinitionMost Embarrassing Mistakes Ever Made In HistoryDefinitionDaily Funny40 Brilliant Life Hacks Nobody Told You AboutDaily FunnyHealthyGem20 Hair Shapes That Make A Man Over 60 Look 40HealthyGemMisterStoryWoman files for divorce after seeing this photoMisterStory Share City A.M.’s opinion pages are a place for thought-provoking views and debate. These views are not necessarily shared by City A.M. whatsapp India’s economic reform needs a little more authoritarianism Autocracy tends to be associated with a deficient rule of law and socio-political abuse, often with militarian tendencies. It goes without saying that this should be vehemently opposed.But could India’s economy do with a little more “authoritarian” direction? Or rather, is the Indian economy in need of a little more central planning?Like China and the former Soviet Union, India used to have five-year plans, between 1951 and 1997. During this period, it sustained real growth rates of four per cent a year, thanks to a large demographic dividend and the process of bringing subsistence farmers into the industrial economy.But central planning created a bureaucratic chimera, inhibiting innovation and efficiency. As the world became more integrated, India’s central planners forgot about the need to be competitive on the international stage. Between 1950 and the early 1990s, India’s share of world trade fell from 2.5 per cent to 0.5 per cent as it became increasingly protectionist.For most of the western world, “central planning” remains a dirty term. Until the financial crisis, the Washington Consensus reigned supreme, with the dictum that the “freest” economies were the best economies. Even as capitalism has come under closer scrutiny in the past decade, statism remains treated with deep suspicion. Yet the economic history books tell us that central direction was behind three of the greatest economic success stories of twentieth-century development: Japan in the first half of the century, and South Korea and Taiwan from the 1960s to the 1980s.Korean and Taiwanese industrial policy extended well beyond the limits of genuinely pluralistic government. These were corporatist states, in which certain industrial giants were favoured over smaller interest groups.By the 1980s, the 10 largest Korean conglomerates, or “chaebols”, accounted for two thirds of Korean GNP, up from a third in the 1970s. The economic mechanism at work was the authoritarian use of the state to raise the investable surplus, directing it to industries and firms that could sustain higher wages in the future.The results were intense cycles of investment, sustained even as the global economy turned down, which led to a rapid rise in the demand for labour and a surprisingly wide distribution of the benefits of growth.Of course, there are many more examples of central planning going horribly wrong. What separated Korea and Taiwan (and previously Japan) from the rest was not only an outward-looking, global focus and a coordinated attentiveness to the long-term economic issues, but also the particularly active involvement of the centralised state.last_img read more

Climate protests get ugly as City waves goodbye to Hammond

first_img whatsapp Share Carney, who is expected to outlast Hammond by some months, said less about his tenure. But he returned to the theme of climate change, on which the Canadian has previously been vocal. On BBC Newsnight, Tory MP Alistair Burt said “Mark [Field] will answer for himself”. Labour’s Dawn Butler tweeted: “An investigation needs to take place as soon as possible”. He threw the Bank’s weight behind calls to make it mandatory for companies and financial institutions to disclose climate-related financial risks which could affect them. He also announced it will carry out a “stress test” of UK financial institutions’ finances in 2021 to see how well they would cope with a climate crisis. Two of the most powerful custodians of the UK economy last night laid out their vision for how the financial sector can thrive after they leave office. Friday 21 June 2019 12:55 am They protested inside the building for around five or six minutes before being escorted out, according to an executive present. Greenpeace said there were around 40 activists. Bank of England governor Mark Carney said his institution would open itself up to tech companies, just days after Facebook proposed a new global payments system. While Hammond spoke, Greenpeace protestors burst into Mansion House in an attempt to bring attention to the issue of climate change. Climate protests get ugly as City waves goodbye to Hammond whatsappcenter_img Carney praised the tech giant’s proposed system, which would be based on a cryptocurrency called libra. He also used his speech to issue a warning to the next prime minister – most likely to be Brexiter Boris Johnson – about the consequences of crashing out of the EU without a deal. Addressing a City audience in the heart of the Square Mile, chancellor Philip Hammond announced a major review into financial regulation as the banking sector undergoes rapid change and Britain prepares to leave the European Union. After three years in charge at the Treasury, Hammond used his speech to the City’s big names to reflect on his time in the cabinet. Harry Robertson Footage emerged last night of Cities of London and Westminster MP Mark Field – a foreign office minister – appearing to grab one of the protestors and forcibly eject her from the room. Hammond said a new regulatory system must recognise that the EU will remain “one of our major trading partners”, but said it will lay “the groundwork for the more global nature of our future financial services industry”. Field could not be reached for comment last night. The City of London Police said it had not recieved any reports related to the incident. Both men were giving what were likely to be their last ever speeches at the famous annual Mansion House bankers’ and merchants’ dinner in the City. He said it could “substantially improve financial inclusion”, but said it must be tightly regulated “in advance of any launch”. Hammond also addressed rapid technological change, saying it must be used to empower consumers and small businesses.last_img read more

This overblown rhetoric about ‘coups’ and ‘Nazism’ is in no one’s interests

first_imgTuesday 3 September 2019 5:21 am However passionately you disagree with the Labour leader, arguing that he secretly wants to turn Britain into Venezuela is liable to perplex most voters, for whom the comparison has little resonance.  We are not, after all, an oil-rich South American country with a long and ignominious history of corruption. “This is Britain’s Reichstag Fire Decree moment.” John AshmoreJohn Ashmore is acting editor of CapX. What you could call the “Reichstag Fire tendency” does not just coarsen our discourse, it cheapens it. When so many things are described as a “crisis”, “chaos” or “unprecedented”, it becomes more difficult to judge whether a situation is genuinely worrying, or if it is being overplayed for someone’s gain. Tempers may run high over Brexit, but these kind of jibes are less analysis than a brand of slightly hysterical name-calling. And the returns of this hyperbole diminish pretty rapidly. When someone starts throwing around words like “Nazi” or ‘fascist”, or referring to the EU as the “EUSSR”, it usually signals the end of any sensible discussion. More From Our Partners Texas governor said he plans to strip the Legislature’s paybusinessinsider.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org Not too long ago, some of those now hollering about an assault on democracy were contemplating installing Ken Clarke or Dominic Grieve as Prime Minister of a so-called “national unity” government made up of entirely anti-Brexit MPs. To read it in an article from Richard J. Evans, one of our foremost historians of Nazi Germany, was altogether more concerning.  by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeFinanceChatterViewers Had To Look Away When This Happened On Live TVFinanceChatterNoteableyJulia Robert’s Daughter Turns 16 And Looks Just Like Her MomNoteableyDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily FunnyPast Factory4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!Past Factoryzenherald.comDolly Finally Took Off Her Wig, Fans Gaspedzenherald.combonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comPost Fun25 Worst Movies Ever, According To Rotten TomatoesPost FunMisterStoryWoman files for divorce after seeing this photoMisterStorymaternityweek.comWilliam and Kate Have Been Told Their Fate Once Charles Finally Becomes Kingmaternityweek.com Opinion Then there’s the recent analysis from the FT and law firm Clifford Chance, which estimates that McDonnell’s plan to divvy out shares to employees would effectively expropriate around £300bn from the UK’s largest companies.  Demonstrators holds up placards as they join a protest against the British government’s move to suspend parliament in the final weeks before Brexit in Glasgow on August 31, 2019. – Demonstrations, being dubbed “Stop The Coup” by organisers, were to be held across Britain on August 31 against Prime Minister Boris Johnson’s move to suspend parliament in the final weeks before Brexit. The protests come ahead of an intense political week in which Johnson’s opponents will seek to block the move in court and legislate against a no-deal departure from the European Union. (Photo by ANDY BUCHANAN / AFP) (Photo credit should read ANDY BUCHANAN/AFP/Getty Images) If you cry wolf, don’t be surprised if it comes back to bite you. And there’s really no need for hyperbolic speculation when you can simply examine the policies that Corbyn has already proposed.  It is not an exaggeration, for example, to say that Labour plans to renationalise swathes of the British economy, with no apparent regard to the implications for either taxpayers or pension funds invested in UK utilities. And those predicting economic meltdown after a no-deal Brexit may also want to consider the effects of overplaying one’s hand. Claiming that the UK faces an economic apocalypse after Brexit Day risks making anything approaching normality look like a triumph for the government. As a world-leading expert on the Third Reich, Evans knows very well that the Reichstag Fire Decree, which suspended a host of civil rights in one fell swoop, bears little resemblance to the British Prime Minister’s decision to suspend parliament for a few days longer than would already have been the case. Of course, glib comparisons are not limited to pro-Europeans. Certain Brexiteers casually refer to politicians they dislike as “traitors” and seem incapable of discussing contemporary politics without invoking Dunkirk, the Blitz, or D-Day. whatsapp That was one man’s reaction to Boris Johnson’s decision last week to prorogue parliament. It’s the kind of intemperate remark you expect in the wilder reaches of social media, where Godwin’s Law – the inevitability of someone bringing up Hitler in an online debate – is alive and well. The Centre for Policy Studies estimates the extra borrowing that this would entail at £176bn, equivalent to 10 per cent of the national debt. That’s to say nothing of the effects on confidence if a Labour government refuses to pay market value – something John McDonnell hinted at when he said that “parliament will set the price”.  This kind of focused analysis of what Labour’s policies would actually mean for jobs, investment and household finances is far more likely to hit home than claiming that Corbyn is Islington’s answer to Hugo Chavez. whatsapp But it’s not just the anti-Brexit left who are guilty of falling into the hyperbole trap. The right should be wary too, when it comes to talking about Jeremy Corbyn’s Labour.  City A.M.’s opinion pages are a place for thought-provoking views and debate. These views are not necessarily shared by City A.M. The Prime Minister has bent parliamentary procedure to his own advantage, but he’s hardly the first politician to do so. What’s more, his opponents have been willing to use all sorts of chicanery to try to get their way.  This overblown rhetoric about ‘coups’ and ‘Nazism’ is in no one’s interests Often, it seems our reaction to events is shaped more by the particular hate figure involved than the reality of the situation. As with Corbyn, so with the backlash against prorogation, some of which is clearly a facsimile for feelings towards the Prime Minister. I hate Boris, the thinking goes, therefore the thing he’s done must be hateful. Whatever the political cause, be it campaigning against Brexit or defeating Corbyn, persuading the waverers requires much more than overblown rhetoric.  This kind of reasoning seems to be catching on. Historian Simon Schama has referred to “Duce Boris” – a nod to Mussolini’s title of choice. The journalist Lionel Barber completed the totalitarian trifecta by tweeting on Sunday that “the Bolsheviks have taken charge”. Share Main image credit: Getty Similarly, when normally serious people start saying that the UK is in the throes of a “coup” or that Boris has become a “dictator”, there’s a strong temptation to just stop listening. Those who have had the misfortune to experience a real coup or live under an actual dictatorship must find it all pretty astonishing.last_img read more