Francis Coppola

Guest post by Tom Streithorst The Basic Income Guarantee (BIG) is back in the news.  The Finns are considering implementing it, as are the Swiss, replacing all means tested benefits with a simple grant to every citizen, giving everyone enough money to survive. Unlike most current benefits programmes, it is not contingent on being worthy or deserving or even poor.  Everybody gets it, you, me, Rupert Murdoch, the homeless man sleeping under a bridge. Last seriously proposed by Richard...

The world turns on its dark side......it is winter A Child of Our Time, Michael Tippett "Man has measured the heavens with a telescope, driven the gods from their thrones," proclaims the contralto at the start of Michael Tippett's wartime oratorio A Child Of Our Time. Like our counterparts before the dark time of which Tippett writes, we too believe that science leaves no place for religion. But religion endures, and when the world turns, it comes back in its most violent form, tearing...

The WASPIs are angry again. About the New State Pension, this time. Apparently it is unfair to women, especially those born in the 1950s.Paul Lewis, in the BBC's Money Box email (h/t Annie Shaw), lists six problems: 1. Women born 6 April 1951 to 5 April 1953 all reach state pension age before the new state pension begins. So they won’t get the new state pension while men of the same age – who will be 65 when it begins – will. That is sex discrimination and they want the choice to have new or...

At the ICAEW's conference "Do Banks Work?" last week, there was a fascinating interchange between Ian Gorham of Hargreaves Lansdowne and RBS's Ross McEwan. Apparently RBS had refused a large deposit from Hargreaves Lansdowne, to the irritation of the asset manager. "There is a problem placing client money", said Gorham. And he went on: "Banks don't need people's savings, because they now have much more capital to support lending. This means that savers receive much lower interest rates on...

Back in 1995, the UK government made what was widely regarded at the time as a sensible and long-overdue change to state pension legislation. Since World War II, women had retired five years earlier than men, a sop to compensate them for their inability to clock up pensions of the same size as their spouses - and incidentally to enable men and women to retire at approximately the same time, since it was assumed that most men were older than their wives. But by the mid-1990s far more women...

The Chancellor's Autumn Statement contained an apparent U-turn on the cuts to tax credits outlined in the July budget. Predictably, this was presented as the Chancellor "listening" to those concerned about the impact of sudden large falls in income for working families at the bottom end of the income spectrum. The Conservatives continue to position themselves as the party for "hard-working families".However, this isn't quite what it seems. The income cuts for low-income working families are...

On October 30th 2015, I gave a keynote speech at Birmingham University's Finance Forum on the implications of Grexit and Brexit for financial stability. I've now written this up as a paper.I start by outlining the purpose of financial stability. Since the 2007-8 financial crisis, “financial stability” has been all the rage. We must prevent another crisis: we must solve the problems that make our financial system “unstable”.  But what exactly do we mean by “financial stability”? Most people...

In this post, Tom issues a timely reminder that there are much worse threats to our freedom than terrorists. Like Tom, I remember as a child disappearing with my friends all day long, only coming home for lunch and tea - a freedom my own children never had. We seem much more fearful of loss (of all kinds) than our forebears. Perhaps that is because we are much less used to it. - Frances Guest post by Tom Streithorst. For the past four days, the city of Brussels has been on lockdown. The...

In my last post, I warned about "siren voices" calling for tighter monetary policy while the Eurozone economy is stuck in a toxic equilibrium of low growth, zero inflation and intractably high unemployment. Specifically, the so-called "German Council of Economic Experts (GCEE)" has called for the ECB to reduce or unwind QE: ...the European Central Bank should slow down the expansion of its balance sheet or even phase it out earlier than announced. Of course, the GCEE is only concerned...

"The euro area economy is gradually emerging from a deep and protracted downturn. However, despite improvements over the last year, real GDP is still below the level of the first quarter of 2008. The picture is more striking still if one looks at where nominal growth would be now if pre-crisis trends had been maintained." So said Peter Praet, Member of the Executive Board of the ECB, in a recent presentation to the FAROS Institutional Investors' Forum.He's not wrong. From his presentation,...