This year marks the 70th anniversary of establishing the Kuwait Investment Office in London. The sovereign fund was founded in 1953 in London, 8 years predating the independence of Kuwait (1961), as a far-sighted vision to create the world’s first sovereign wealth fund.
Britain missed its chance to harness her oil and gas wealth as Norway did – but we have another valuable asset portfolio, with a record of long-termist management, close at hand.
It would not only bring practical benefits for the present, but could provide a means of easing societal problems in the future.
Given the working title ‘Project Birch’ within Government, the project is reported to be considering investmenting billions of pounds in companies.
This fiscal rule would leave governments free to borrow for infrastructure investments – but day-to-day spending would be paid through your and my taxes.
Plus: the official measure of inflation should be changed; student funding requires reform; and the Chancellor must prepare for No Deal.
Several new investment vehicles will put Theresa May’s belief in “the good that government can do” into action across multiple sectors.
The weird but real phenomenon of negative interest rates
Osborne’s stamp duty reform gets a thumbs-up. But reaction to other measures is more mixed – and deep concern about the deficit remains.
Though the idea was actually first floated by Jesse Norman. Sorry, by Mark Fox. No, hang on a minute…
Matthew Hancock briefs the Daily Mail as he prepares to unveil a new National College for Onshore Oil and Gas.
Thatcherite on the economy and Europe. Macmillanite on housing and saving. Carswellian on governance – but lacking popular input on constitutional reform.