There's a weirdly upbeat mood in the city

Are we in denial?

No one seems quite certain whether these are the best of times or the worst of times for the City. Well, OK, few think these are the best of times (that accolade still belongs somewhere back in the pre-2008 boom). But while there are still major problems in the banking sector, including what to what to do on executive pay and bonuses and how to deal with the fallout from scandals such as Libor-rigging and the sale of dodgy loan insurance products to SMEs and individual, there is nevertheless an upbeat mood in the air. This is most obviously epitomised by the FTSE 100 share index, which crashed confidently through the significant 6,300 mark last month and with only a few minor blips since has continued to regain heights not previously seen since before the crash.

But there has also been a noticeable upswing in corporate finance activity, with a rash of major M&A deals either done or on the cards.

In the last week there have been announcements about the leveraged buyout of a majority stake in computer giant Dell, the acquisition of Virgin Media by Liberty Global and even rumours of a private equity backed leveraged buyout of a significant chunk of the UK’s largest mobile telecom provider EE (formerly Everything Everywhere, itself formed from a merger between Orange and T-Mobile). All these deals point to a more buoyant start to 2013.

There have been several theories hatched to explain this sudden upswing. It started with a growing belief towards the end of last year (misguided according to the more bearish commentators) that the actions of the European Central Bank (ECB) and others have done enough to make the euro crisis recede, if not go away all together.

Then the US managed to avoid dropping off the fiscal cliff (again the bears would suggest that we’re not out of the woods here either, with a no real budget agreement struck and the pain merely deferred). But all these attempts to rationalize this upswing (which has so far not been matched by any sort of similar recovery in the real economy) don’t really explain it enough. Now, there will be plenty of people keen not to ask too many questions.

So desperate have we become for good news (any good news) that it seems like heresy to even question the source of any optimism.

The rest of this article can be read here, on economia

Photograph: Getty Images

Richard Cree is the Editor of Economia.

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As it turns out, the Bake Off and the Labour party have a lot in common

And I'm not just talking about the fact they've both been left with a old, wrinkly narcissist.

I wonder if Tom Watson and Paul Hollywood are the same person? I have never seen them in the same room together – neither in the devil’s kitchen of Westminster, nor in the heavenly Great British Bake Off marquee. Now the Parliamentary Labour Party is being forced to shift to the ­political equivalent of Channel 4, and the Cake Meister is going with. As with the Labour Party under Jeremy Corbyn, so with Bake Off: the former presenters have departed, leaving behind the weird, judgemental, wrinkly old narcissist claiming the high ground of loyalty to the viewers – I mean members.

Is the analogy stretched, or capable of being still more elasticised? Dunno – but what I do know is that Bake Off is some weird-tasting addictive shit! I resisted watching it at all until this season, and my fears were justified. When I took the first yummy-scrummy bite, I was hooked even before the camera had slid across the manicured parkland and into that mad and misty realm where a couple of hours is a long time . . . in baking, as in contemporary British politics. It’s a given, I know, that Bake Off is a truer, deeper expression of contemporary Britain’s animating principle than party, parliament, army or even monarch. It is our inner Albion, reached by crossing the stormy sound of our own duodenums. Bake Off is truer to its idea of itself than any nation state – or mythical realm – could ever be, and so inspires a loyalty more compelling.

I have sensed this development from afar. My not actually watching the programme adds, counterintuitively, to the perspicacity of my analysis: I’m like a brilliant Kremlinologist, confined to the bowels of Bletchley Park, who nonetheless sifts the data so well that he knows when Khrushchev is constipated. Mmm, I love cake! So cried Marjorie Dawes in Little Britain when she was making a mockery of the “Fatfighters” – and it’s this mocking cry that resounds throughout contemporary Britain: mmm! We love cake! We love our televisual cake way more than real social justice, which, any way you slice it, remains a pie in the sky – and we love Bake Off’s mixing bowl of ethnicity far more than we do a melting pot – let alone true social mobility. Yes, Bake Off stands proxy for the Britain we’d like to be, but that we can’t be arsed to get off our arses and build, because we’re too busy watching people bake cakes on television.

It was Rab Butler, Churchill’s surprise choice as chancellor in the 1951 Tory government, who popularised the expression “the national cake” – and our new, immaterial national cake is a strange sort of wafer, allowing all of us who take part in Paul’s-and-Mary’s queered communion to experience this strange transubstantiation: the perfect sponge rising, as coal is once more subsidised and the railways renationalised.

Stupid, blind, improvident Tom Watson, buggering off like that – his battles with the fourth estate won’t avail him when it comes to the obscurity of Channel 4. You’ll find yourself sitting there alone in your trailer, Tom, neatly sculpting your facial hair, touching up your maquillage with food colouring – trying to recapture another era, when goatees and Britannia were cool, and Tony and Gordon divided the nation’s fate along with their polenta. Meanwhile, Mel and Sue – and, of course, Mary – will get on with the serious business of baking a patriotic sponge that can be evenly divided into 70 million pieces.

That Bake Off and the Labour Party should collapse at exactly the same time suggests either that the British oven is too cold or too hot, or that the recipe hasn’t been followed properly. Mary Berry has the charisma that occludes charisma: you look at her and think, “What’s the point of that?” But then, gradually, her quiet conviction in her competence starts to win you over – and her judgements hit home hard. Too dense, she’ll say of the offending comestible, her voice creaking like the pedal of the swing-bin that you’re about to dump your failed cake in.

Mary never needed Paul – hers is no more adversarial a presenting style than that of Mel and Sue. Mary looks towards a future in which there is far more direct and democratic cake-judging, a future in which “television personality” is shown up for the oxymoron it truly is. That she seems to be a furious narcissist (I wouldn’t be surprised if either she’s had a great deal of “work”, or she beds down in a wind tunnel every night, so swept are her features) isn’t quite as contradictory as you might imagine. Out there on the margins of British cookery for decades, baking cakes for the Flour Advisory Board (I kid you not), taking a principled stand on suet, while the entire world is heading in one direction, towards a globalised, neoliberal future of machine-made muffins – she must have had a powerful ­degree of self-belief to keep on believing in filo pastry for everyone.

So now, what will emerge from the oven? Conference has come and gone, and amateur bakers have banged their heads against the wall of the tent: a futile exercise, I’m sure you’ll agree. Will Jeremy – I’m sorry, Mary – still be able to produce a show-stopper? Will Mel and Sue and Angela and Hilary all come sneaking back, not so much shriven as proved, so that they, too, can rise again? And what about poor Tom – will he try to get a Labour Party cookery show of his own going, despite the terrible lack of that most important ingredient: members?

It’s so hard to know. It could be that The Great British Bake Off has simply reached its sell-by date and is no longer fit for consumption. Or it could be that Tom is the possessor of his alter ego’s greatest bête noire, one as fatal in politics as it is in ­bakery, to whit: a soggy bottom. 

Will Self is an author and journalist. His books include Umbrella, Shark, The Book of Dave and The Butt. He writes the Madness of Crowds and Real Meals columns for the New Statesman.