There follows a letter to Tim Cook, chief executive of Apple:
There's no easy way to put this so I'll just come right out with it. I'm leaving you. It's been great (mostly) but it's over.
I figured the least I could do is to explain my decision in full - I like to think it might help protect you from nasty break-ups like this in the future.
I've been … Continue Reading ››
Brilliant graphic from the OECD showing the disparity in disposable incomes between different regions. As you can see, disposable incomes in the richest region of Paris (Ile de France) are roughly in line with the lowest-paid region of the United States.
Before the financial crisis, inner London had the highest level of average disposable income (eg post-tax take-home pay adjusted for inflation) in Europe - peaking at almost €30,000 per person. According to Eurostat figures, it has now lost this crown to Luxembourg. The full data for this are from Eurostat and can be found here. They only run up … Continue Reading ››
The fundamental problem is that the private interests of banks and bankers can diverge from those of society at large. This is especially true when it comes to the stability of the system and the direct or indirect burden on taxpayers. The source of this conflict is … Continue Reading ››
I've covered economics for a decade or so, but I confess that until very recently I didn't really know what GDP really is. I mean, like most of you I knew it was the broadest and most widely-used measure of our economy’s health - that it determines whether we’re officially in recession or not (two or more quarters of shrinking GDP equals a recession).
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The Prime Minister caused a bit of a stir earlier today by apparently hinting that tomorrow's GDP figures might be positive. In Prime Minister's Questions David Cameron said "the good news will keep on coming". Apparently some traders ended up making a turn on his comments.
As you can see from this chart of the 10-year government bond rate, markets did firm up a bit in the wake of his … Continue Reading ››
An interesting speech from the Bank of England Governor tonight – including, for the first time in a long while, a suggestion that the economy might well be starting to bounce back. But what most stands out from Sir Mervyn King’s speech in Cardiff was a pretty direct slap-down to Lord Turner, the FSA chairman who is vying to replace him as Governor.
Lord Turner, you might recall, made a … Continue Reading ››