Tag Archives: robert peston

Your essential weekend reader — my personal pick of the week’s must-reads

Papers - Some rights reserved by NS MewsflashIt’s Sunday morning, so here are a dozen of thought-provoking articles to stimulate your thinking juices, culled from all those I’ve linked to this past fortnight. You can follow me on Delicious here.

Immigration and the knowledge economy – Facebook’s Mark Zuckerberg makes the business case for immigration reform in the US, but the lesson is universal: “In a knowledge economy, the most important resources are the talented people we educate and attract to our country.”

Mum did to Maggie what she’d done

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The seven EU members who are less creditworthy than myself

Following Robert Peston’s comparison of what interest rate the Italian government is charged for borrowing money compared to what his own household would be charged (Italy turns out to be more creditworthy than the Pestons, but only just), I thought I would take a look to see how I compare.

Take that, then, Cyprus, Greece, Hungary, Ireland, Portugal, Romania and Spain. You are the seven EU members who are being charged a higher interest rate to borrow money long-term than I would be.

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News International’s William Lewis, BBC’s Robert Peston, and the alleged act of theft which aimed to bring down Vince Cable

Rewind to December 2010, and you will recall the furore which greeted the revelation by the BBC’s Robert Peston that Lib Dem business secretary Vince Cable had been secretly taped by undercover Telegraph hacks “declaring war” on Rupert Murdoch and his bid for BSkyB.

Vince was almost forced to resign, responsibility for handling the bid was handed over to a Murdoch-friendly Tory, and the Telegraph was embarrassed by the implication that they had censored the story in order to avoid assisting media rival News International.

A report in today’s New York Times sheds a new and extraordinary light on that sequence of events, and suggests that:

  • The Telegraph was not sitting on the Cable/BSkyB scoop, but was all set to run it as a follow-up to the paper’s initial story focusing on Vince’s forthright views on the Coalition;
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The Independent Banking Commission publishes its interim report

Via the BBC:

UK banks’ retail operations should be “ring-fenced” from their investment banking arms, the Independent Commission on Banking has recommended.

However, in its interim report the commission stopped short of recommending the two should operate as separate entities.

It said more competition was needed in retail banking, including the sell-off of more Lloyds branches.

The commission’s final recommendations will be published in September.

Robert Peston adds,

The big banks will claim that putting their retail banks into subsidiaries would impose significant extra costs on them – because it would force them to raise and retain more capital (which is expensive), and it

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Public sector pensions: cuts amount to 7%

Robert Peston’s analysis of the proposed public sector pension reforms from John Hutton contains this key calculation:

The estimate – made by the analyst John Ralfe – that the switch would save just £2bn a year, out of the estimated total annual cost of state pensions (much of which is hidden) of £30bn.

That £30bn is Ralfe’s estimate of the annual cost. It is double the official estimate, with the disparity due to a disagreement on the appropriate discount rate for valuing future liabilities.

A reduction in the value of retirement benefits of 1/15th would of course be unpleasant. But compared

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Robert Peston casts his eye over George Monbiot’s tax plans

Max Teuerman took to this blog last month to criticise George Monbiot’s attack on the government over corporation tax plans. Now the BBC’s Robert Peston has blogged his own long-promised take on the story, saying:

The government seems to be trying to do precisely the opposite of what Mr Monbiot accuses it of doing: it is trying to stem the exodus of companies and their assets abroad.

As Peston explains,

George Monbiot warns that if dividends from overseas branches of multinationals become exempt from tax, that will create an incentive for multinationals to relocate more of their operations to these overseas

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Bank levy introduced

It’s January, so the government’s bank levy has come into force. The basic details are that it is a o.05 per cent levy on bank balance sheets, but rises to 0.075 per cent in 2012 and the details of how it works are designed to encourage banks to rely more heavily on more stable sources of funding in the future.

Expected to bring in £2.5 billion a year, the revenue is pretty small compared to the estimated costs of the financial crisis overall (even if future sales of the government’s bank shareholdings are factored in). However, at a time when …

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  • User AvatarRichard Clein 30th May - 4:53pm
    Not my title Nick and not sure what you are inferring. For the record my title was "Clowning around - Liverpool’s political circus is back...
  • User AvatarRichard Underhill 30th May - 4:15pm
    Stevan Rose: Home team in England, not retained in Mexico in 1970. jimmy Greaves unavailable injured in the final. No substitutes. No goalmouth electronics. Referee...
  • User AvatarCatherine Royce 30th May - 4:07pm
    Congratulations, -so gender balance is possible, with a wider mixture of talents, which is good news for Scotland, rest of party take note and act,...
  • User AvatarDavid Raw 30th May - 3:21pm
    Cameron & Osborne are doing a pretty good job of trashing the economy, and the Tory Party is doing a pretty good job on trashing...
  • User AvatarSimon McGrath 30th May - 3:20pm
    You are doing great work Shas , but surely their should be some comment on the role of the French government in failing to provide...
  • User AvatarEddie Sammon 30th May - 2:57pm
    Very good article Lauren and I would add another word: hope. If people think Corbyn is going to trash the economy then not many are...