Published articles

Budget Representation 2013

City Future, Policy Committee, 19 February 2013

City Future’s open letter to the Chancellor in advance of the 2013 Budget Day.

The Financial Services Bill: the Financial Policy Committee’s macro-prudential tools

City Future, Policy Committee, 10 December 2012

Our response to the Treasury’s consultation.

Sanctions for the directors of failed banks

City Future, Policy Committee, 27 September 2012

Our response to the Treasury’s consultation.

We need real political willpower to get Britain growing strongly – Sean Garman, 1 May 2012 (Platform 10)

Grim reading for Coalition supporters came in as the ONS confirmed Britain was back in recession with the economy contracting by 0.2% in the first quarter of 2012. Across the board feedback seemed bad; commentators on the Right complained about where the cuts fell and the lack of economic competitiveness, while those on the Left smugly reminded Osborne that this is his recession since it has come while the austerity is being implemented.

Responsible Capitalism Means Reforming Capitalism – Daniel Yates, 19 April 2012 (Platform 10)

When the ‘Occupy’ movement descended on the world in September last year, the unsightly camps that plagued cities around the globe were often more visible than the ideals of the protesters inhabiting them. It was the abhorrent tactic of the protest, to take up residence on the doorstep of financial centres for an undefined length of time that gained media coverage and sparked a debate.

The Democratisation of Capital – Sean Garman, 30 November 2011 (Platform 10)

Britain needs to democratise financial capital if it wants a strong, healthy and growing private sector. The Chancellor announced a new scheme whereby the Government underwrites SME loans originated byUKbanks. This is simply not enough, it is one policy when a completely different viewpoint must be taken to democratise all forms of capital – debt, equity and hybrid without saddling the taxpayer with the risks taken on by the private sector.

The British Dilemma – Daniel Yates, 31 October 2011 (Platform 10)                                                        

The ‘British dilemma’as coined by George Osborne asks how ‘Britain can remain a successful global centre of finance without asking taxpayers to bear unacceptable risks or putting the broader economy at risk’. The aim of the Vickers report is to help to solve this dilemma, and it is a welcomed solution.

The economy is entering turbulent waters – Sean Garman, 26 January 2011 (Platform 10)

It is hard not to look at the ONS preliminary data on GDP and think of anything else. A 0.5% contraction was way off what most analysts expected it to be. There is gloom and doom in the air as politicians, media pundits and market participants all try to figure out what went wrong and why.

Splitting up the banks will cause ore problems than it will solve – Sean Garman, 21 September 2010 (Conservative Home)

The recent appointment of an investment banker to the helm of Barclays has raised the profile of banking once again. Vince Cable and other left-wing politicians and commentators have stated that separating retail from investment banking is vital for the health and stability of the sector. This is a hopelessly misguided analysis based on ideology rather than empirical facts.

The Bank of England – Daniel Yates, 24 August 2010 *awaiting new link

Monetary policy is not easy. Imagine driving a fast car in which it is barely possible to look forwards and thus the rear-view mirror must be used for direction. To compound problems there is a time delay between moving the steering wheel and changing the direction of the car as it hurtles into the unknown. This is akin to the situation that central bankers face as they use backwards looking indicators such as inflation and growth data, in conjunction with their imperfect predictions to set interest rates which typically have a twelve to eighteen month lag before altering the path of the economy.

Setting up “Bad Bank” would have been a better solution – Manish Singh, 25 January 2009 (Conservative Home)

After talking up the idea of a ‘bad bank’ last weekend, the Government decided to create an insurance scheme that exposes taxpayers to all the downsides and no upside.