Back to the future

Upcoming releases by world-class directors.

After the release of long-awaited films, such as Pedro Almodóvar's The Skin I Live In and Tomas Alfredson's Tinker Tailor Soldier Spy, we take a look at what's coming next from some of our greatest living directors.

Twixt (2011), Franis-Ford Coppola

In Coppola's new detective thriller, Val Kilmer plays a pulp horror writer living in a Californian town, who becomes involved in a dramatic murder story of his own. Narrated by Tom Waits, the cast includes Ben Chaplin, Bruce Dern and Elle Fanning.

Making a rare public appearance, this year Coppola showed parts of Twixt to the Comic-Con fan convention in San Diego. He used real-time editing tools to present a version of the film which was directly influenced by the audience's response. This was the first run of an interesting project due before Twixt's theatrical release: a national tour in which Coppola will show a different version of the thriller each night.

Carnage (2011), Roman Polanski

Carnage is based upon God of Carnage, the 2009 Tony-winning play written by French playwright Yasmina Reza. Reza and Polanski started adapting the play for the big screen in 2009. Set in Brooklyn, Carnage is based on the interaction between two sets of middle-class parents who meet after their sons are found fighting in the school playground. In this witty film, hostility and resentment are unleashed between two couples: the Longstreets (John C Reilly and Jodie Foster) and the Cowans (Christoph Waltz and Kate Winslet). Premiered at the Venice Film Festival, Carnage will open the 49th New York Film Festival on 30 September.

Melancholia (2011), Lars von Trier

From the director of the 2000 Palme-D'Or-winning Dancer In the Dark, comes this visually stunning end-of-the-world melodrama. The film was in the running for this year's Palme D'Or, but lost to Terence Malick's Tree of Life.

A mysterious new planet called "Melancholia" threatens to collide into the Earth, which has a damaging affect on the relationship between two sisters: Justine and Claire. Kirsten Dunst won Best Female Actress at Cannes this year for her role as Justine, a bride-to-be who suffers from depression. The more rational sister, Claire, is played by Charlotte Gainsbourg. The film also stars Kiefer Sutherland, Charlotte Rampling and John Hurt.

Gambit (2012), Michael Hoffman

The remake of the 1966 British action thriller starring Michael Caine and Shirley MacLaine has a screenplay written by Joel and Ethan Coen.

In his first film since The King's Speech, Colin Firth stars as a cat burglar trying to rob a billionaire. The criminal employs the help of a waitress (Cameron Diaz) who closely resembles the billionaire's ex-wife. Gambit's shooting in London began in May this year, and it should be released in 2012.

The Great Gatsby (2012), Baz Luhrmann

Baz Luhrmann is dedicating a vast budget of £90m to his film production of one of the best novels of all time. First published in 1925, F Scott Fitzgerald's The Great Gatsby conveys how a materialist and hedonistic culture can both attract and estrange people from one another. The novel is set in Long Island and New York City, but the film is being shot in Australia.

In parallel with his role as Jay Gatsby, Leonardo DiCaprio is stupendously rich, topping the 2011 Forbes list for the top-earning male in Hollywood. Tobey Maguire plays the novel's narrator Nick Carraway and Carey Mulligan stars as Gatsby's love, the enigmatic and unforgettable Daisy Buchanan. In other roles, Isla Fisher stars as the sassy Myrtle and Joel Edgerton as Tom Buchanan.

It's said that Luhrmann will shoot the film in 3D. This has sparked anger from some who fear that the form is suited to fast-paced action films rather than to an adaptation of a classic novel.

The Bop Decameron (2012), Woody Allen

Woody Allen's first film set in Rome is a romantic-comedy partly influenced by Fellini and the Decameron, Giovanni Boccaccio's 14th-century collection of bawdy stories.

Allen will star in the film, alongside actors such as Oscar nominee Jesse Eisenberg, Penelope Cruz, Alec Baldwin and Ellen Page. This is the second time Allen has directed Penelope Cruz - the first time being Vicky Christina Barcelona in 1998, for which Cruz won an Oscar. Allen has also casted real life members of Rome's paparazzi.

Pinocchio (2014), Guillermo del Toro

Guillermo del Toro will direct a new version of Pinocchio in 2014, an exciting prospect after his mesmerising dark fairy-tale Pan's Labyrinth, which was set in facist Spain.

A follow-up to The Five Obstructions, Martin Scorsese and Lars von Trier

Scorsese and Lars von Trier have confirmed that they will collaborate to make a follow-up to The Five Obstructions- von Trier's 2003 documentary about filmmaking. In 1967 Danish film director Jorgen Leth made a short film about human behaviour. The Five Obstructions was based on von Trier's challenge to Leth to make five remakes of his film under certain constraints, such as to shoot the film in the "most miserable place" Leth could think of. It is rumoured that in this follow-up von Trier will challenge Scorsese to remake the Taxi Driver.

Silence, Martin Scorsese

Scorsese's next feature film, Silence, is set to begin production in early 2012 and will have an impressive cast, including Daniel Day-Lewis, Benicio Del Toro and Gael García Bernal.

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The City of London was never the same after the "Big Bang"

Michael Howard reviews Iain Martin's new book on the legacy of the financial revolution 30 years on.

We are inundated with books that are, in effect, inquests on episodes of past failure, grievous mistakes in policy decisions and shortcomings of leadership. So it is refreshing to read this lively account of a series of actions that add up to one of the undoubted, if not undisputed, successes of modern ­government action.

Iain Martin has marked the 30th anniversary of the City’s Big Bang, which took place on 27 October 1986, by writing what he bills as the inside story of a financial revolution that changed the world. Yet his book ranges far and wide. He places Big Bang in its proper context in the history of the City of London, explaining, for example, and in some detail, the development of the financial panics of 1857 and 1873, as well as more recent crises with which we are more familiar.

Big Bang is the term commonly applied to the changes in the London Stock Exchange that followed an agreement reached between Cecil Parkinson, the then secretary of state for trade and industry, and Nicholas Goodison, the chairman of the exchange, shortly after the 1983 election. The agreement provided for the dismantling of many of the restrictive practices that had suited the cosy club of those who had made a comfortable living on the exchange for decades. It was undoubtedly one of the most important of the changes made in the early 1980s that equipped the City of London to become the world’s pre-eminent centre of international capital that it is today.

But it was not the only one. There was the decision early in the life of the Thatcher government to dismantle foreign-exchange restrictions, as well as the redevelopment of Docklands, which provided room for the physical expansion of the City (which was so necessary for the influx of foreign banks that followed the other changes).

For the first change, Geoffrey Howe and Nigel Lawson, at the Treasury at the time, deserve full credit, particularly as Margaret Thatcher was rather hesitant about the radical nature of the change. The second was a result of Michael Heseltine setting up the London Docklands Development Corporation, which assumed planning powers that were previously in the hands of the local authorities in the area. Canary Wharf surely would not exist today had that decision not been made – and even though the book gives a great deal of well-deserved credit to the officials and developers who took up the baton, Heseltine’s role is barely mentioned. Rarely is a politician able to see the physical signs of his legacy so clearly. Heseltine would be fully entitled to appropriate Christopher Wren’s epitaph: “Si monumentum requiris, circumspice.”

These changes are often criticised for having opened the gates to unbridled capitalism and greed and Martin, while acknow­ledging the lasting achievements of the new regime, also explores its downside. Arguably, he sometimes goes too far. Are the disparities in pay that we now have a consequence of Big Bang? Can it be blamed for the increase in the pay of footballers? This is doubtful. Surely these effects owe more to market forces, in the case of footballers, and shortcomings in corporate governance, in the case of executive pay. (It will be interesting to see whether the attempts by the current government to address the latter achieve the desired results.)

Martin deals with the allegation that the changes brought in a new world in which moneymaking could be given full rein without the need to abide by any significant regulation. This is far from the truth. My limited part in bringing about these changes was the responsibility I was handed, in my first job in government, for steering through parliament what became the Financial Services Act 1986. This was intended to provide statutory underpinning for a system of self-regulation by the various sectors of the financial industry. It didn’t work out exactly as I had intended but, paradoxically, one of the main criticisms of the regulatory system made in the book is that we now have a system that is too legalistic. Rather dubious comparisons are made with a largely mythical golden age, when higher standards of conduct were the order of the day without any need for legal constraints. The history of insider dealing (and the all-too-recently recognised need to legislate to make this unlawful) gives the lie to this rose-tinted picture of life in the pre-Big Bang City.

As Martin rightly stresses, compliance with the law is not enough. People also need to take into account the moral implications of their conduct. However, there are limits to the extent to which governments can legislate on this basis. The law can provide the basic parameters within which legal behaviour is to be constrained. Anything above and beyond that must be a matter for individual conscience, constrained by generally accepted standards of morality.

The book concludes with an attempt at an even-handed assessment of the likely future for the City in the post-Brexit world. There are risks and uncertainties. Mercifully, Martin largely avoids a detailed discussion of the Markets in Financial Instruments Directive and its effect on “passporting”, which allows UK financial services easy access to the European Economic Area. But surely the City will hold on to its pre-eminence as long as it retains its advantages as a place to conduct business? The European banks and other institutions that do business in London at present don’t do so out of love or affection. They do so because they are able to operate there with maximum efficiency.

The often rehearsed advantages of London – the time zone, the English language, the incomparable professional infrastructure – will not go away. It is not as if there is an abundance of capital available in the banks of the EU: Europe’s business and financial institutions cannot afford to dispense with the services that London has to offer. As Martin puts it in the last sentences of the book, “All one can say is: the City will survive, and prosper. It usually does.”

Crash Bang Wallop is not flawless. (One of its amusing errors is to refer, in the context of a discussion of the difficulties faced by the firm Slater Walker, to one of its founders as Jim Walker, a name that neither Jim Slater nor Peter Walker, the actual founders, would be likely to recognise.) Yet it is a thoroughly readable account of one of the most important and far-reaching decisions of modern government, and a timely reminder of how the City of London got to where it is now.

Michael Howard is a former leader of the Conservative Party

This article first appeared in the 20 October 2016 issue of the New Statesman, Brothers in blood