There can be few times in living memory when major national votes in the US, UK and France have all taken place in the space of twelve months – and yet only the French result was the outcome preferred by markets. So it was
“The hardest thing in the world to understand is the income tax,” said Albert Einstein. Since then, it has only got harder, not least in the US. Gary Cohn, the chief economic advisor to the president, reminded press last week that the current US
It has become a commonplace of the past ten months that, when politics pushes sterling rapidly in one direction, so the FTSE 100 travels a similar distance, but the opposite way. Last week was no different but, even by recent standards, both moves were
Last week’s events were quickly overshadowed by Theresa May’s announcement on Tuesday that she planned to call a general election, to be held on 8 June, subject to parliamentary approval. This completes the picture of a European summer dominated by national elections in
Crossing the line
Actions speak louder than words. President Trump’s sabre-rattling rhetoric over North Korea dominated the build-up to last week’s summit meeting with his Chinese counterpart, Xi Jinping. But it was his decision to launch a surprise missile attack on a Syrian airbase that
Red letter day
Letters have a chequered history. Henry VIII’s letter to the Pope asking for a divorce precipitated the break with Rome, while Neville Chamberlain’s 1939 letter to Hitler became just one more badge of his ineffectiveness in Europe. The contents of Theresa May’s six-page
Pound in your pocket
The sad events in Westminster held the headlines last week, as Londoners absorbed the impact of what had taken place. Markets offered a brief response, but are ultimately ill-equipped to do so. Some events are simply too far above their remit.
Political commentators have their stock of regular metaphors, but few win as many column inches as the Ides of March, the date of Julius Caesar’s assassination. Last week the commentators could take extra delight in the Dutch election, starting shot of a widely-feared series
If anywhere can claim to be capitalism’s birthplace, it is probably the Netherlands. Karl Marx called it the “model capitalist nation of the seventeenth century”, the Amsterdam Stock Exchange became home to the first tradable shares in its founding year of 1602, and the
In many ways, Philip Hammond will have the wind at his heels as he announces his first Budget in Parliament this week. Stronger tax receipts and positive economic growth mean he can look forward to detailing a £29 billion windfall, according to Resolution Foundation
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