The history of rail suggests renationalisation will make little difference
Getting the railways to function properly has been a problem ever since they were first invented. The opening ceremony of the Liverpool and Manchester railway in 1830 was a major event in world history. For the first time ever, two cities were connected by a form of transport which could go considerably faster than a […]
Have we passed peak electric car?
This week I got rid of my electric car. As a car, it was a pleasure to drive. I also enjoyed the fact that it disconcerted at least some of my liberal friends who would not naturally associate me with such a ‘progressive’ consumer choice. But the downsides, as increasing numbers of people are realising, began to […]
Beneath the jargon, Bernanke delivers devastating critique of the Bank of England
Last week, Ben Bernanke, former chairman of the US Federal Reserve Bank and Nobel Laureate in economics, published his review into the process of forecasting and policymaking at the Bank of England. You really need to be a linguist to have a full appreciation of the report. It is a matter of translating the formal, […]
Scotland’s risible hate crime law is an incentive for the police to fail
The Scottish hate crime law has been a prominent feature in the media ever since it came into force just over a week ago on 1 April. This is not merely in its native land, but across the UK as whole. The content of the legislation is highly contentious, and many words have already been penned […]
As Derby’s historic rail industry declines, it should look to Redcar for a model of letting go
Derby has been a place where rail locomotives and rolling stock have been built for the best part of two centuries. A manufacturing capability was developed in the early 1840s, barely a decade after Stephenson’s Rocket had ushered in the rail revolution in transport. But last week the managing director of Derby’s Alstom train-building plant announced […]
The big challenge isn’t funding public services, it’s making them productive
There’s no shortage of special interest groups placing demands on the public purse. But with limited funds available, we must have an honest conversation about whose claims are the most valid. Waspi women are demanding a staggering £36bn in compensation for having been poorly informed about changes to their pension age. Meanwhile the National Foundation for […]
What if the OBR too optimistic about growth?
The Office for Budget Responsibility (OBR) published its economic and fiscal outlook document in conjunction with Jeremy Hunt’s budget statement on 6 March. Close scrutiny is paid to the short-term projections of growth in the economy made by the OBR. Tax receipts received by the government depend strongly on the rate of growth. And higher tax receipts give a […]
For once, Humza Yousaf has set an example other politicians should follow
Humza Yousaf, the First Minister of Scotland, does not often attract plaudits. But last week he overrode the advice of his officials. Shock, horror. Surely Sir Humphrey and the “experts” always know best. Officials recommended a donation to UNICEF to finance water programmes in Gaza. Instead, Yousaf decided that the money should be given to the United […]
Tech is in turmoil – but there is an upside
The Greek god Chronos, known as Saturn to the Romans, was notorious for eating his own children. Something similar seems to be going on within the tech industry. Tech giants such as Google, Microsoft and Meta have carried out substantial job reductions. Google are apparently preparing for a second round. Forbes magazine estimates that 34,000 jobs have […]
Interest rates aren’t as influential as you think
Criticising the Bank of England has become fashionable in City circles. From persisting too long with quantitative easing, to completely missing the upsurge in inflation to the condescending group think displayed on the validity of its discredited New Keynesian models, the Bank under Andrew Bailey has done plenty to make itself fair game. But when […]
