The Friday arts diary

Our cultural picks for the week ahead.

Design

Valentino: Master of Couture, Somerset House, London WC2, 29 November 2012 – 3 March 2013

Recently described by Decca Aitkenhead as looking like "a mafia boss who has been confined under a sunbed for the past 20 years, then dressed as an Edwardian dandy", Valentino is arguably most iconic fashion designer of the last century. Somerset House is currently showing 130 of his most delightfully impractical creations in a retrospective exhibition. If you’re able to screen out the sycophantic fawning over "the life of the master" which constitutes the first part of the show, it’s worth persevering for the chance to admire close-up the hand-stitched masterpiece that is Princess Marie Chantal of Greece’s wedding dress. This Saturday there is also a screening of the outstanding Storyville documentary Valentino: The Last Emperor– indispensible for anyone seeking to properly appreciate the craftsmanship of the clothes and the eccentricity of their designer. Best of all, this show offers all the guilty pleasure you get from flicking through the latest issue of Vogue, with the smug satisfaction that what you’re looking at is culturally credible. Hey, it’s in an art gallery, after all.

Music

Sharon Van Etten,  Shepherds Bush Empire, London W12, 3 December

Yes, we're just as sick of hearing about trendy new "Brooklyn-based singer-songwriters" as you are, but Sharon Von Etten, though she resides in the aforementioned New York borough, is a cut above your average hipster. Her 2012 album Tramp has slowly but steadily been gaining international acclaim, and she has developed a near-fanatical following for her hauntingly mournful music. This show at the Shepherds Bush Empire is the only chance to catch her in the UK this year, so grab tickets while you still can.

Film

Nordic Film Festival, various locations, London, until 5 December

Nordic television has swept these shores and it seems film-makers want a slice of their success with the first Nordic film festival in the UK. A range of independent films from Finland, Denmark, Iceland, Norway and Sweden will be shown. Tonight’s opening film is Love is all you need at the Ciné Lumière. The Danish feature film is a romantic comedy and was part of the official festival selections at the Venice Film Festival 2012 and Toronto International Film Festival 2012

Theatre

A Clockwork Orange, Soho Theatre, London W!, until 5 January 2013

This all-male adaptation of Anthony Burgess’s controversial dystopian novel has been widely praised. Alexandra Spencer-Jones’s testosterone-filled production has Martin McCreadie take on the role of Alex, the charismatic yet terrifying young man hellbent on enjoying some "ultraviolence" with his friends.

Set in Manchester the play seems apt following the riots, according to the Independent review, and the fury and anger unleashed by the characters is not too dissimilar from the scenes we saw in August 2011, only violence in this ‘horrorshow’ is directed at citizens of the same society.

Art

Antony Gormley, White Cube, Bermondsey,London SE1, 28 November - 10 February 2013

Antony Gormley claims that his latest exhibition has been three decades in the conception. The artist who brought us the Angel of the North has never lacked ambition, so we shouldn't be be surprised to discover that what he has created this time is a cross between an art work and a climbing frame.

Gormley has filled Britain’s biggest commercial space – the White Cube Bermondsey - with an overwhelming maze-like sculpture, created from more than 100 tonnes of steel welded together. Viewers are invited to walk, climb, crawl through it -  “whatever they want really,” the artist saqys airily. 

Valentino with model Natalia Vodianova (Photo by Pascal Le Segretain/Getty Images)
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The Autumn Statement proved it – we need a real alternative to austerity, now

Theresa May’s Tories have missed their chance to rescue the British economy.

After six wasted years of failed Conservative austerity measures, Philip Hammond had the opportunity last month in the Autumn Statement to change course and put in place the economic policies that would deliver greater prosperity, and make sure it was fairly shared.

Instead, he chose to continue with cuts to public services and in-work benefits while failing to deliver the scale of investment needed to secure future prosperity. The sense of betrayal is palpable.

The headline figures are grim. An analysis by the Institute for Fiscal Studies shows that real wages will not recover their 2008 levels even after 2020. The Tories are overseeing a lost decade in earnings that is, in the words Paul Johnson, the director of the IFS, “dreadful” and unprecedented in modern British history.

Meanwhile, the Treasury’s own analysis shows the cuts falling hardest on the poorest 30 per cent of the population. The Office for Budget Responsibility has reported that it expects a £122bn worsening in the public finances over the next five years. Of this, less than half – £59bn – is due to the Tories’ shambolic handling of Brexit. Most of the rest is thanks to their mishandling of the domestic economy.

 

Time to invest

The Tories may think that those people who are “just about managing” are an electoral demographic, but for Labour they are our friends, neighbours and the people we represent. People in all walks of life needed something better from this government, but the Autumn Statement was a betrayal of the hopes that they tried to raise beforehand.

Because the Tories cut when they should have invested, we now have a fundamentally weak economy that is unprepared for the challenges of Brexit. Low investment has meant that instead of installing new machinery, or building the new infrastructure that would support productive high-wage jobs, we have an economy that is more and more dependent on low-productivity, low-paid work. Every hour worked in the US, Germany or France produces on average a third more than an hour of work here.

Labour has different priorities. We will deliver the necessary investment in infrastructure and research funding, and back it up with an industrial strategy that can sustain well-paid, secure jobs in the industries of the future such as renewables. We will fight for Britain’s continued tariff-free access to the single market. We will reverse the tax giveaways to the mega-rich and the giant companies, instead using the money to make sure the NHS and our education system are properly funded. In 2020 we will introduce a real living wage, expected to be £10 an hour, to make sure every job pays a wage you can actually live on. And we will rebuild and transform our economy so no one and no community is left behind.

 

May’s missing alternative

This week, the Bank of England governor, Mark Carney, gave an important speech in which he hit the proverbial nail on the head. He was completely right to point out that societies need to redistribute the gains from trade and technology, and to educate and empower their citizens. We are going through a lost decade of earnings growth, as Carney highlights, and the crisis of productivity will not be solved without major government investment, backed up by an industrial strategy that can deliver growth.

Labour in government is committed to tackling the challenges of rising inequality, low wage growth, and driving up Britain’s productivity growth. But it is becoming clearer each day since Theresa May became Prime Minister that she, like her predecessor, has no credible solutions to the challenges our economy faces.

 

Crisis in Italy

The Italian people have decisively rejected the changes to their constitution proposed by Prime Minister Matteo Renzi, with nearly 60 per cent voting No. The Italian economy has not grown for close to two decades. A succession of governments has attempted to introduce free-market policies, including slashing pensions and undermining rights at work, but these have had little impact.

Renzi wanted extra powers to push through more free-market reforms, but he has now resigned after encountering opposition from across the Italian political spectrum. The absence of growth has left Italian banks with €360bn of loans that are not being repaid. Usually, these debts would be written off, but Italian banks lack the reserves to be able to absorb the losses. They need outside assistance to survive.

 

Bail in or bail out

The oldest bank in the world, Monte dei Paschi di Siena, needs €5bn before the end of the year if it is to avoid collapse. Renzi had arranged a financing deal but this is now under threat. Under new EU rules, governments are not allowed to bail out banks, like in the 2008 crisis. This is intended to protect taxpayers. Instead, bank investors are supposed to take a loss through a “bail-in”.

Unusually, however, Italian bank investors are not only big financial institutions such as insurance companies, but ordinary households. One-third of all Italian bank bonds are held by households, so a bail-in would hit them hard. And should Italy’s banks fail, the danger is that investors will pull money out of banks across Europe, causing further failures. British banks have been reducing their investments in Italy, but concerned UK regulators have asked recently for details of their exposure.

John McDonnell is the shadow chancellor


John McDonnell is Labour MP for Hayes and Harlington and has been shadow chancellor since September 2015. 

This article first appeared in the 08 December 2016 issue of the New Statesman, Brexit to Trump