Ex-chancellor of the exchequer George Osborne has besmirched his former title, The City Grump explained in his latest column.
Author The City Grump
Thank goodness the sub optimal players at the heart of our financial establishment – like Charlotte Hogg, Hammond and Carney – are beginning to feel the heat.
Judging by this week’s omnishambles Budget, the Treasury would indeed be more at home with Jeremy Corbyn.
In the run up to this year’s Davos gathering of the great and the something or other, the founder of the World Economic Forum, professor Klaus Schwab, issued an extraordinary one pager in the 11 January edition of the Financial Times.
With 2017 upon us, will Theresa May have the courage to wake the nation from its slumber? It’s a question the City Grump has set out to answer.
One of the great benefits of the outcome of the referendum vote is that it has identified a whole array of emperors who are wearing no clothes. What is the collective noun for such? Perhaps a “bombastic” of emperors. Let’s start with the most topical right now, one Mark Carney.
In a report just out from the High Pay Unit it is noted that FTSE 100 CEOs enjoy average remuneration of £5.5m a year, which has increased by ten per cent in the last year. Let me explain the dismaying connection between this state of affairs and the, by now, infamous BHS pension fund deficit.
The European Central Bank (ECB), as part of its stimulus package, has been merrily buying bonds in a multitude of EU domiciled companies at a mind boggling pace of €300m a day. If that isn’t mega State Aid then I’m the Dutch president of finance ministers.
Mark Carney needs no introduction – it seems wherever there is a podium, camera, or journalist there he is. So it comes as no surprise that the lure of the referendum and its result has proven irresistible to his natural tendency to speak out.
Disillusion, deceit, discontent, dishonour, disgrace, mixed with vanity and greed, is the lethal potion that brings all empires down – the oxymoron that is the EU is rotting away. The time has more than come for us to leave and cut our losses, before we are economically and politically drowned in its sea of strife.
With “exchanges” clearly seeing providing the facilities to list and trade equities as of ever diminishing importance, it doesn’t take much of a mental leap to realise at the monthly board meetings of the directors of MegaExchange, AIM will never be given any agenda airtime at all.
The money managers have started 2016 in a blue funk – but most are too young to remember what kicked off at the end of the 1980s and the fact that, with the exception of the instigator, we weren’t then doomed to years of economic gloom.