About 2 weeks ago, my phone line failed. One online report and several days later, an engineer arrived unexpectedly on a Sunday morning. So far, imperfect but fine. He restored voice calls but not Infinity broadband. There was apparently something up with a cable in their junction box. He was […]
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Comment on business today: see also www.ambrielconsulting.com
The debate on Professional Standards in the Banking Industry
I can’t speak in the debate on professional standards in the banking industry today: I missed the opening speeches in order to help lead a conversation amongst colleagues on economic growth. As I listen to the debate from my office or in the Chamber, I realise my levels of optimism […]
Read MoreTwo simple steps to transform the culture of banking and to forestall the next outrage
It’s time to privatise commercial risk in banking and insist on prudent accounts. Government should: Eliminate moral hazard from the financial system by implementing this measure to make bank directors strictly liable without limit and to treat as capital both directors’ personal bonds and, for five years, the bonus pool. Introduce […]
Read MoreWill the Chancellor back a Competition Commission inquiry into LIBOR setting?
Before I left Westminster on Thursday, I submitted this written question to the Chancellor for answer on 2 July: Steve Baker (Wycombe): To ask Mr Chancellor of the Exchequer, if he will make an assessment of the need for a Competition Commission inquiry into the routine procedures for setting LIBOR. […]
Read MoreLow rates and the damage they are doing to the economy and society
Via Another “Operation Twist” will cause more damage to the economy » The Cobden Centre, Frank Shostak explains the damage that will be done by further credit market interventions: Last week the US central bank has announced that it will expand its “Operation Twist” program to extend the maturities of […]
Read MoreLuigi Zingales – Capitalism for the People: Recapturing the Lost Genius of American Prosperity
This morning, I had breakfast with the engaging and insightful Luigi Zingales, Professor of Entrepreneurship and Finance at Chicago Booth and author of Capitalism for the People: Recapturing the Lost Genius of American Prosperity. Via Amazon: A rising star in economics takes a forceful and sometimes personal look at how […]
Read MoreCrony capitalism is so entrenched, we scarcely even spot it
The Transport Committee met today for an evidence session on low carbon vehicles. It illustrated that crony capitalism is now not merely entrenched and passed over, but borne out of the good intentions of a global regulatory elite. In the first session, we learned that “consumer demand is lagging policy”, […]
Read MoreTwo videos celebrating 15 years of the Monetary Policy Committee
SaveOurSavers are celebrating 15 years of the Monetary Policy Committee with the following video. It’s rather too harsh on the Governor: effective central planning of the price of money is just as impossible as the planning of other prices and surely more counterproductive. That is, the Monetary Policy Committee are […]
Read MoreHelp cut business regulation
As a way of supporting The Red Tape Challenge, the Government has created a new campaign called Focus on Enforcement. It will focus on working to ensure that we do not gold plate EU law and that we avoid British business being disadvantaged in relation to EU competitors. The Government want […]
Read MoreThe Launch of Big Society Capital
The Government has recently launched Big Society Capital to help finance social action in the UK. It will start with a fund of up to £600m that includes £400m from dormant bank accounts (about which I have reservations but that’s past) and up to £200m from the four main UK […]
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