There is something about summer that always makes me want to take up a hobby. This usually involves taking up a sport, or attempting to learn a language. (Although this never usually gets beyond the 'hello,' 'goodbye','my name is' and 'can I have a coffee' stage..)
This summer I am determined to learn more about how the economy works and attempt to find out what those polished looking men and women in Canary Wharf really get up to.
The recession has suddenly made the world of high finance a bit sexy. I'm sure in a couple of years we will have Hollywood blockbusters detailing the collapse of Lehman Brothers, or BBC dramas about Adam Applegarth's exploits and Northern Rock's collapse.
Yet its worrying that its taken the recession to ignite interest into what is Britain's biggest industry. While we may not all know the technicalities behind putting a car together or mining for coal, we can certainly understand how these primary industries work and how money and profit can be made.
As the crash highlighted, even top politicians and financial institutions couldn't fully comprehend how the complex markets operate.
Its hardly surprising. Since light touch regulation in the 1980's was introduced the industry is constantly being flooded by new products and practices. During the property boom, mortgages allowed to be given to people who could not afford them were being sliced and diced into lots of different packages and sold on, the result of which we all saw. The trouble is money floating round in the ether is just that; the more removed the knowledge about where it came from and its security then the higher the risk of things going wrong.
I read an excellent blog post today by Robert Peston in relation to the new rules being drawn up by the EU to improve banking supervision. http://www.bbc.co.uk/blogs/thereporters/robertpeston/. He makes the point that the jargon used by the Basel Committee who are writing these rules cannot be understood by anybody outside the committee that wrote it; yet the potential repercussions for getting it wrong could impact us all.
Its very difficult to have a political argument about something like the future of banks and how they should be taxed and regulated without having some sort of knowledge about what exactly is going on.
So, Im off to learn about Credit Default Swaps and the Libor rate. I may be some time....
RECOMMENDATION: Philip Coggan 'The money machine: How the City works'
Monday, 2 August 2010
Monday, 26 July 2010
Pupil Premium Announced
"I’m delighted we are today announcing a new Pupil Premium, which will give extra funding to schools to help them tackle the inequalities that have been a part of our state system for far too long. Thousands of children will finally be getting the extra support they need to succeed,"
says Children’s Minister Sarah Teather.
The Coalition Government today announced a Pupil Premium to target extra money at schools taking disadvantaged pupils.
The proposed Pupil Premium would provide additional per pupil funding on top of the existing funding provided to schools. Schools will be free to spend the additional funding as they choose to raise the achievement of disadvantage pupils.
This was a key manifesto commitment and one that Nick Clegg made clear was one of his absolute priorities.
Liberal Democrats Children’s Minister Sarah Teather said:
“For too long social background has been a deciding factor in a child’s achievement and future prospects. In a fair society, it’s the Government’s responsibility to close the gulf in achievement, where the poorest children are almost three times less likely to leave school with five good GCSEs than their richer classmates.
“That’s why I’m delighted we are today announcing a new Pupil Premium, which will give extra funding to schools to help them tackle the inequalities that have been a part of our state system for far too long. Thousands of children will finally be getting the extra support they need to succeed.”
Thursday, 15 July 2010
Vince Cable, voice of reason
One of our parties main pledges has been to scrap tuition fees. It is this pledge that has garnered support from young people across the country and feel that it is the one political group that speaks for and represents students or students to be.
The state of the nation's finances means that public spnding has got to be seriously curtailed, which of course has a knock on effect on the ability for this pledge to be delivered. We are still awaiting Lord Browne's Inquiry into University fees, but last night's speech by Vince Cable at London Southbank University has given us a glimpse into how the Government will reconcile economic hardship with the need to keep access to further education as open and as fair as possible.
Vince has asked Lord Browne to examine the introduction of a 'Graduate Tax.' Basically this would mean that students would pay for their studies through their earnings-with those on higher salaries paying more. This would be instead of Universities charging variable higher fees.
Some think its a betrayal of the party's principles; that entering into coalition with the Conservatives has meant that a key policy has had to be watered down. However, the deficit is a large, depressing reality and students cant be exempt from shouldering their share of the burden. If their education is a stepping stone to a salary they wouldnt have acheived without it, then surely being taxed based on this is fair.
Vince also warned that the 'severe financial pressure' in the sector will mean that radical steps will be needed to overhaul the system. He believes that this could include shortening degree courses and introducing more market forces into the sector.
The impact of the recession, and the thousands of graduates streaming out from University with similar degrees, all facing the prospect of a long, hard slog to find a job, should also jolt the Government and the education sector into looking at exactly what skills and qualifications students leave university education with.
A re-balanced economy less dependent on the financial sector demands a re-evaluation of the types of courses that many young people are currently being guided into. If they are entering into University education with the prospect of paying off their fees for many years ahead, they need to be offered subjects that give them a serious chance of finding long-term employment.
You can hear more on Vince's speech here:
http://www.bbc.co.uk/news/education-10646119
The state of the nation's finances means that public spnding has got to be seriously curtailed, which of course has a knock on effect on the ability for this pledge to be delivered. We are still awaiting Lord Browne's Inquiry into University fees, but last night's speech by Vince Cable at London Southbank University has given us a glimpse into how the Government will reconcile economic hardship with the need to keep access to further education as open and as fair as possible.
Vince has asked Lord Browne to examine the introduction of a 'Graduate Tax.' Basically this would mean that students would pay for their studies through their earnings-with those on higher salaries paying more. This would be instead of Universities charging variable higher fees.
Some think its a betrayal of the party's principles; that entering into coalition with the Conservatives has meant that a key policy has had to be watered down. However, the deficit is a large, depressing reality and students cant be exempt from shouldering their share of the burden. If their education is a stepping stone to a salary they wouldnt have acheived without it, then surely being taxed based on this is fair.
Vince also warned that the 'severe financial pressure' in the sector will mean that radical steps will be needed to overhaul the system. He believes that this could include shortening degree courses and introducing more market forces into the sector.
The impact of the recession, and the thousands of graduates streaming out from University with similar degrees, all facing the prospect of a long, hard slog to find a job, should also jolt the Government and the education sector into looking at exactly what skills and qualifications students leave university education with.
A re-balanced economy less dependent on the financial sector demands a re-evaluation of the types of courses that many young people are currently being guided into. If they are entering into University education with the prospect of paying off their fees for many years ahead, they need to be offered subjects that give them a serious chance of finding long-term employment.
You can hear more on Vince's speech here:
http://www.bbc.co.uk/news/education-10646119
Saturday, 10 July 2010
First Meeting Success
Southport Liberal Youth met last night for an informal 'Picnic in the Park' at Hesketh Park, Southport.
Despite the drizzly rain, we had a good turnout and a very interesting discussion about how to move Southport Liberal Youth forward. Of the attendees, 2 are definitely going to join the party, and one is even going to stand for co-option to the national Conference Committee- a resounding success if I may say so.
A big thank you to John Pugh, MP for Southport and Councillors Carmel Preston and Sue McGuire who turned up to show their support for Southport Liberal Youth.
The next meeting of Southport Liberal Youth will be held on the 7th August 2010, at 7:00pm at 35 Shakespeare Street, Southport.
There is also a farewell reception TONIGHT in Liverpool for the delegates in the LYMEC (young Liberals in Europe), please ring Sarah on 07896283444 for more details.
Tuesday, 6 July 2010
Your Chance to Have Your say
"For the first time in a long time, your Government is listening", these were Nick Clegg's words just a few days ago at the launch of Your Freedom (http://yourfreedom.hmg.gov.uk/), a new Government site where you can post your views on the issues that matter to you.
The site aims to restore Britain’s traditions of freedom and fairness, and free our society of unnecessary laws and regulations by the most democratic way possible- asking your opinion.
Southport Liberal Youth would urge anyone who has ever had felt their civil liberties were restricted, come up against unnecessary and unfair laws or felt businesses are too regulated to run efficiently, to sign up to the site and give your opinion.
Don't let anyone tell you you can't make a difference, and as Nick so rightly put it, be "demanding about your liberty, insistent about your rights"
This is "your chance to have your say", please do not waste it.
Friday, 2 July 2010
Southport Liberal Youth Hits the Headlines
Southport Liberal Youth made its first press appearance this morning in the Southport Visiter.
The article, which can be found here: http://www.southportvisiter.co.uk/southport-news/southport-southport-news/2010/07/02/student-opens-liberal-youth-branch-101022-26768190/
Get in touch for any more details about any of the points raised in the article.
Not to be missed!
Take Back Power are holding a grassroots activism discussion forum tomorrow in Liverpool.
The event, due to take place at Lloyds No. 1, Liverpool Way, Liverpool is to be held between 12pm and 5pm and is hosted by Dennis Norton.
The event aims start regular local meetings for people interested in real world activism on a more sustained, local level. It is will be meeting to talk about our goals, exchange ideas, meet likeminded people and to cement our plans for future meetings and action.
Two Southport Liberal Youth members attended last weeks very productive meeting, and we encourage as many people as possible to come to this fantastic event.
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