Migrants prepare to cast off the beach at Shimbiro, Somalia, for a perilous journey across the Gulf of Aden to Yemen and beyond. Photo: Alixandra Fazina/N
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The best of the NS in 2014: World Affairs

Our best pieces from the past year. In this selection, we choose the best foreign affairs coverage and reports from abroad.

From Portsmouth to Kobane: the British jihadis fighting for Isis

By Shiraz Maher.

British jihadis fighting for Isis What motivates the young men who leave Britain to join the murderous fanatics of Isis in the Middle East? Shiraz Maher spoke to dozens of them inside Syria to find out.

Life among the ruins: ten days inside the Gaza Strip

By Donald Macintyre.

The grossly asymmetrical casualties inflicted on the Palestinians have obscured another important question: how far have they even been worth it from Israel’s point of view?

High heels and hijabs: Iran’s sexual revolution

By Ramita Navai.

For more than 30 years, the Islamic Republic has been obsessively battling against sex, but as with anything that is suppressed or banned, people have learned to sidestep the punitive regulations.  

Miracle of the tsunami

By Xan Rice.

A family lost a son and daughter in the Indian Ocean disaster. Ten years on, they may have found them.

Blowback: who are Isis and why are young Brits fighting with them?

By John Bew and Shiraz Maher.

Hundreds of young British men are said to have joined the murderous group, first in Syria and now on its bloody incursion into Iraq. What happens when they come home?  

It is sobering to see how war has taken hold in Ukraine

By Lindsey Hilsum.

There is no question in my mind that Russia stirred up this war to destabilise Ukraine, but how will these people ever trust the government in Kyiv again?  

Can anyone bring back Nigeria's lost girls?

By John Simpson.

President Goodluck Jonathan has no strategy for dealing with Boko Haram – he just hopes the world will forget the 276 youngsters kidnapped by them in April.  

Project Martyr: the British doctor who went to work in Syria

By Martin Fletcher.

In 2011, Rami Habib, a 43-year-old doctor from Leicester, flew to Syria. Since then, he has watched the revolution against Bashar al-Assad fall apart – but he won’t give up.  


Two years after the infamous Delhi gang rape, India’s women still aren’t safe

By Samira Shackle.

India is only just beginning to understand the scale of its sexual violence problem. The public discussion in the wake of the Nirbhaya case has been encouraging, but until it translates into action, little will change.


At the gates of power: Marine Le Pen and the far right in France

By Charles Bremner.

Under her father, the Front National was the pariah party of France. Now Marine Le Pen has brought it closer to the mainstream – and people are getting worried.  


Francis Fukuyama: “America shouldn’t have permanent enemies”

By Sophie McBain.

The American political scientist and author once predicted that liberal democracy had won the battle of ideas. Now he says political Islam is not a serious threat to the west and we should not intervene in Iraq.

From Africa to Kent: following in the footsteps of migrants

By Daniel Trilling.

The guardians of Fortress Europe are fighting a lost battle: poor migrants will always try to find a better life for themselves, or die in the attempt. Daniel Trilling traces their steps, from the Middle East and Africa to the Kent countryside.  

Where has the French Left gone?

By Myriam Francois-Cerrah.

The recent dissolution of the government reflects the increasing pressure on Hollande to turn around a dire economic outlook.

I saw no evidence of Hamas using Palestinians as human shields

By Jeremy Bowen.

The BBC's Middle East editor reports from Gaza.

A tale of two cities: how San Francisco's tech boom is widening the gap between rich and poor

By Laurie Penny.

San Francisco is awash with tech money. Yet this city of innovation is also a place where you have to step over the homeless to buy a $20 artisan coffee.  

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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