Daily Archives: February 4, 2009

Jim Pickard

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Flights could be rationed in the future as a way to cut emissions from the aviation industry, Gordon Brown’s “environment tsar” predicted earlier today.

Lord Turner, chair of the climate change committee, said that personal limits would have to be considered at some point to constrain pollution from flights.

This is an idea which is likely to prompt a furore with business and tourism groups.

“We will have to constrain demand in an absolute sense, with people not allowed to make as many journeys as they could in an unconstrained manner,” Turner told a Commons committee. Read more

Jim Pickard

There is a case in America relating to Swiss tax avoidance…once that is over it is possible to get an international agreement.” (Gordon Brown, February 4, 2008)

“I think what people haven’t appreciated is we’ve now got global financial systems but we’ve only got national regulators to cover them. And I’ve been pressing for some years, and I wish I could have persuaded other countries to do what I wanted, and that was to create a global system of financial regulation.” (G.Brown, September 21, 2008)  Read more

Jim Pickard

We all know that mortgage lenders took increasing risks as the housing bubble grew. But the extent of the lunacy is only now becoming clear.

Figures obtained by the Tories show that the number of first-time buyers taking out 100 per cent loan-to-value mortgages grew from just 1 per cent in 1997 to 10 per cent in 2007. (This is leaving aside the growth in bonkers products such as the Northern Rock 125 per cent deal). Read more

Jim Pickard

rachel-lomax.jpgA fascinating appearance by the ever-polished Lord Turner at a select committee this morning. He was discussing climate change targets in his capacity as Gordon Brown’s environment tsar.

But with Turner wanting to spend more time in his day job – as chair of the FSA – the race is on to replace him as chairman of Brown’s climate change committee.

I’m told that Rachel Lomax is the front-runner. The former deputy governor of the Bank of England (pictured above with Alan Greenspan) is seen as a safe pair of hands who won’t rock the boat too much. Lomax used to be permanent secretary at the Department for Transport and is currently a non-exec of HSBC. Read more