Dire warnings about the damage from climate change, plus the war in Ukraine, mean that we need to wean ourselves quickly off fossil fuels. However the investment markets are very slow in re-aligning opportunities in quoted investment markets: personal investors need to be able to invest in massive renewable energy projects such as Xlinks, but private equity and institutions have got in there first. We need a thorough overhaul of the investable energy sector to provide socially acceptable alternatives to fossil fuels. Background music: 'Boundless Energy' by Nate Blaze
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Original Broadcast: Thought for the Week
The first SHARE conference in Cambridge last Friday provided much food for thought, and comments particularly drew attention to the need for widespread understanding of stock ownership if 'Stock for Data' is to take hold. In financial terms and because equity stock in companies is a surrogate for human enterprise, earnings from capital growth and dividends massively outperform bonds and cash over the long term; meanwhile stock owners have a key role in contributing to the governance of their companies, as employee shareownership has shown. All this needs straightforward and intelligible communication. Background music: 'Communicator' by Reed Mathis
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Original Broadcast: Thought for the Week
At first sight the challenges facing TikTok and John Lewis appear very different. For the former, it's the risk of being denied access to much of the free world as regulators clamp down over concerns of it becoming a major security threat. For the latter, John Lewis's need to raise investment is threatening the partnership which staff and customers hold in such high regard. These very different problems could, however, both be solved by applying customer stock ownership — in TikTok's case, in return for the immense wealth creation made possible by data harvesting; in John Lewis's case, in return for that £2 billion which they urgently need to update their business model. In each case, disintermediation leading towards a more egalitarian form of capitalism. Background music: 'On Hold' by Silent Partner
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Original Broadcast: Thought for the Week
The big ticket item this week is the House of Commons Privileges Committee, which is holding a televised evidence hearing with Boris Johnson on Wednesday 22nd March. Select Committees do an important job holding Government to account, and the most powerful is the Public Accounts Committee which oversees the delivery efficiency and effectiveness of Government programmes. They're able to draw on objective analysis provided by the National Audit Office whose latest investigation, published last week, is into the huge Child Trust Fund programme. Background music: 'People Watching' by Sir Cubworth
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UK Chancellor Jeremy Hunt sets out his Budget for growth. This is the unabridged recording, direct from the House of Commons on 15th March 2023.
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Original Broadcast: Thought for the Week
For the past 250 years, starting with Adam Smith, there have been valiant attempts to set out principles for taxation: but they have been principally domestic, and with no attempt to address inter-generational rebalancing. Without specific provisions requiring hypothecation of inheritance levies it's hard to see how disadvantaged young people can be empowered with resources and life skills so that all may share in future wealth creation. Don't expect change in this week's Budget, but the Treasury Select Committee should look again at the principles they established over ten years ago. Background music: 'Dark Alley Deals' by Aaron Kenny
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Original Broadcast: Thought for the Week
“Give your grace abundantly to our European Union Leaders, that they may lead with wisdom and insight”, prayed Archbishop John Sentamu in early 2019. But it only became possible to knock sense into Brexit negotiations with the EU once Boris, armed with his very direct slogan ‘Get Brexit Done’ and with his impressive parliamentary majority following the December 2019 general election, took the EU bull by the horns. We all knew then it couldn't be the end of the story and, sure enough, we now have the Windsor Framework: but let's give credit where credit's due. Background music: 'When Johnny Comes Marching Home' - Cooper Cannell
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Original Broadcast: Thought for the Week
Just as Nicola Sturgeon steps out of Scottish politics and Rishi Sunak struggles with the Brexit Protocol for Northern Ireland, my attention was drawn to some world-leading legislation passed by the Welsh Government in 2015: 'The Well-being of Future Generations Act'. Recognising the degree to which modern society impacts the future so much more than any of the generations which have preceded us, this Act is of constitutional significance — requiring public bodies to think about the long-term impact of their decisions, to work better with people, communities and each other, and to prevent persistent problems such as poverty, health inequalities and climate change. No wonder that it is attracting interest from countries across the world, offering a huge opportunity to make a long-lasting, positive change for future generations. Background music: Celtic Impulse by Kevin MacLeod, licensed under a Creative Commons Attribution 4.0 license https://creativecommons.org/licenses/by/4.0/
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Original Broadcast: Thought for the Week
The huge take-up of ChatGPT over recent weeks has brought the challenge of Artificial Intelligence into sharp relief. As the Chief Executive of its creator, OpenAI, said in one of his blogs, 'Artificial Intelligence will bring unimaginable wealth but, unless something changes, most of us will get none of it. We need a radical solution'. Conventional wisdom sees Universal Basic Income as the way through this dilemma, but this will only bring us more state intermediation and human subservience. We can put forward a better solution, by enabling all to share in the wealth that technology brings and to play their part in its future governance. Background music: 'Digital Solitude' by Silent Partner
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Original Broadcast: Thought for the Week
The Resolution Foundation's paper 'ISA ISA Baby' released last week drew a scathing response from This Is Money, and understandably so. Their analysis of the inadequate attention given to building savings and investment in low-income families was very much on target, but they chose to accompany it with an ill thought-out and uninformed attack on the most successful long-term savings and investment plan in the United Kingdom, the Individual Savings Account. The route to a more egalitarian form of capitalism is not by attacking aspiration by penalising those who are successful and thrifty. Savings are not just for a rainy day — they bring economic freedom. Background music: 'Resolution' by Wayne Jones
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