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Haldane: Bond bubble is the biggest threat to financial stability


Via City A.M., Bank official: Bond bubble is the biggest threat to financial stability | City A.M.. OUTSPOKEN Bank of England official Andrew Haldane warned yesterday that the bursting of a bond bubble is the biggest threat to the world’s financial stability. Haldane, the Bank’s executive director of financial stability, told the Treasury Select Committee that central banks’ massive asset-buying programmes have created significant risks. “If I were to single out what for me would be the biggest risk to global [...]

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The Finance Bill 2013 – How to promote special interest lobbying


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Yesterday, I spoke against Clause 35 and schedules 15 to 17 of the Finance Bill 2013. They introduce tax relief for “high-end” television production (that is, posh drama and comedy) and video games development. They’re industries I’d like to see flourish but not by granting special privileges. It’s special privilege which is the most egregious objective of lobbying: it represents a subsidy for a preferred group at everyone else’s expense. I began by provoking laughter, for this kind of measure deserves to be [...]

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An absolute Conservative commitment to an EU referendum


You can choose whatever name you like for the two types of government. I personally call the type of government which can be removed without violence “democracy”, and the other “tyranny”. — Karl Popper Before the Lisbon Treaty, I had no interest in being an MP. That Treaty was introduced to sidestep democratic rejection of the near-identical EU Constitution: I saw democracy dying at the hands of fanatical advocates of European political integration. Previously, I thought it was enough to vote Conservative [...]

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Motorcycle rider licensing must be part of our EU renegotiation


The issue of rider licensing is still causing alarm among motorcyclists. I have been contacted by riders and businesses who are concerned about the complications that the European Union has introduced to the British motorcycle licence through unwelcome directives. This issue is important because as well as being a great leisure and tourism activity, more and more people are using bikes to get to work as a cheaper form of transport than trains or buses, plus of course motorcycles are [...]

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MPs meet Prof Sir Bruce Keogh to discuss his hospital mortality investigation


Earlier today, I chaired a meeting between Professor Sir Bruce Keogh, the Medical Director of NHS England, and those MPs for areas served by hospitals subject to his review.  Bucks NHS Trust, which provides services at Wycombe hospital, is to be investigated. We had a constructive discussion of both the review and the situation in each area. It’s clear that the inclusion of at least one hospital for statistical reasons surprised local people. We learned that those statistics are complex [...]

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NHS staff pay – updated


A further Parliamentary question on pay in the NHS locally. Compared to my previous question, 28 people earning over £50k are missing – I should have included “other” in the question. I’ll return to this subject later: Steve Baker: To ask the Secretary of State for Health how many (a) clinical, (b) managerial and (c) clerical NHS staff in Buckinghamshire were paid more than (i) £50,000, (ii) £65,738 and (iii) £100,000 in the last year for which figures are available. [...]

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Monetary activism must end in a slump


On Friday, I spoke against monetary activism once again, complaining about the use of expectation management and new monetary instruments in an attempt to defibrillate the economy. It’s a mistake, not least because a failure to contain inflationary expectations could be catastrophic, as I set out last year. Mark Carney understands the argument that monetary activism will cause a damaging “intertemporal misallocation of capital” but he chooses to believe wise intervention elsewhere can compensate. I am sure this is wrong. [...]

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The moon landings and the trajectory of public spending


Ahead of the budget, the TaxPayers’ Alliance reports, More Britons believe the moon landings were faked than think that taxes are too low. Headlines include: People underestimate the real rate of tax on their income. Fewer than one in seven people realise the Government plans to increase the debt, not reduce it. Most do not understand the impact of Employers’ National Insurance. Most people have no idea how much money the Government is spending on their behalf. And, earning the [...]

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Speech on accountability and transparency in the NHS


My speech in Parliament yesterday on accountability and transparency in the NHS may be found here. For reasons which should be apparent on reading it, I cannot comment further on the main substance of my remarks. The motion debated and passed unanimously was: That this House believes that in the wake of the Francis Report it is clear that accountability and transparency are of paramount importance to patient safety and trust in the NHS; and further believes that across the [...]

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The banking reform Bill will be a missed opportunity if it does not support community banking


The second reading of the Financial Services (Banking Reform) Bill is today. This is the main debate on the principle of the Bill. It was previously provisionally scheduled for last Monday. I have found myself assigned to statutory instrument committees on both occasions, potentially preventing me from speaking in the debate. I was notified of today’s duty late on Friday, too late to find a substitute. Of course I am disappointed this means I probably won’t be able to make [...]

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