Monthly Archives: October 2008

I am relieved that Barclays does not want to join the list of banks that ask the taxpayer to assume some or all of their risks. The taxpayer cannot afford all these banks. The question to ask, is why did the Regulator chose this time to demand more capital from the banks? Why didn’t they [...]

The government is planning its Queens Speech programme of new legislation, to be announced on 3rd December at the State Opening. I would welcome suggestions of authentic Labour legislation that the government might like to consider. I have one suggestion which might be in the mood of their times. A Bill to promote Childrens happiness. [...]

Mr Balls has joined the impressive list of bossy Ministers telling people how to lead their lives. He wants to stop the school lunchtime chip run, and approves of Councils preventing people setting up fast food outlets near a school. We are told we need eat five portions of fruit and vegetables a day, but [...]

First, Gordon Brown smashed the Bank of England’s ability to understand the money markets by removing their duty to regulate the day to day activities of the commercial banks, and by removing their task of raising the public debt. Second, he set up a so called independent Monetary Policy Committee. Every member of it was [...]

There is no end to the borrowing. In the Budget the government forecast £43 billion of public borrowing this year. Most forecasters now expect this to be around £65 billion, given the extra commitments added and the decline in tax revenues. We need to add to this the £37 billion they plan to spend on [...]

It is unusual for legislation to have such immediate effect. The debate was scarce concluded on the Global warming legislation at Westminster, when the October snows started to fall. There’s a response for you.

The Prime Minister is strutting the world stage again. It is time to check your bank account. He wishes to be the architect of a new Bretton Woods, a new set of institutions, regulations and government structures to ensure we never have a credit bubble again. The sound of stable doors slamming after all the [...]

It has come as a further shock to many of us that Licence fees levied on the poor and rich alike are spent on such huge salaries as that paid to Jonathan Ross, who then thinks it is entertaining to behave in the way he did recently. The BBC still has enough power of the [...]

The Bank of England’s Report makes gloomy reading. Why didn’t they foresee more of these problems a year or two ago when they could have taken better evasive action? Today we learn of possible future losses from banks, more difficulties for hedge funds and continuing trouble with derivatives. If the Bank expects further losses from [...]

Yesterday I agreed to go onto Channel 4 7pm news to talk about the economic crisis and the problems with the run away deficit. Late in the afternoon they sounded me out on my views. They probed my thoughts on George Osborne more than on the economy. I told them I would want to move [...]