See Liz Hoggard’s A London Life column in today’s Evening Standard, commenting on a recent report (not cited) which has apparently concluded that Generation Y and UK bosses are “speaking in different languages”. She says she can’t help admiring the new breed of “graduate divas”, who are ‘young [born after 1982], university educated, techno-savvy’ and ‘know themselves to be in great demand’. But if my daughter (young [born in 1985], university educated (Warwick) and techno-savvy-ish (knows how to turn the PC on) is anything to go by, they are not really much different to how Liz Hoggard and her contemporaries were in the late Eighties. And didn’t she think then that her generation spoke a different language to the older generation? I did in the early Seventies.
Author: wilks
Moral hazard
An interesting report by Norma Cohen in the FT this morning on a key test case involving Sea Containers’ legal challenge to a ruling made by the Pensions Regulator last June, when ‘the Bermuda-based, US-domiciled company, received the regulator’s first ever Financial Support Direction last year after the regulator, which is chaired by David Norgrove, concluded that the two schemes of the company’s GNER rail subsidiary were “in a parlous state”.’ Moral hazard involving pension schemes is a difficult concept it seems for corporates. Last year I had to advise an Austrian client and his lawyer on the powers of the UK Pensions Regulator. They didn’t believe it. All the managing director could say was, “No. Surely this cannot be right. This is like Romania”. At the time the received wisdom among pension lawyers (as Norma Cohen notes) was that the Pension Regulator’s ability to use his powers on overseas companies and those in bankruptcy were in doubt. And so I also advised. In the event, the Austrian client did not pursue the opportunity and we never had to decide how best to deal with a UK pension scheme in significant deficit. Probably just as well.
The disappearing dining room
After a week away, with no broadband access and days spent birding rather than scanning my Netvibes page, I am having some trouble getting back into blogging. While we were away, the builders have been hard at work, first taking up the dining room floor, then removing it all together, plus plaster, joists, ten tons of soil and rubble: we not only have the full set of deathwatch, wet and dry rot, but (at least for the moment) our very own Time Team experience. I also now know why we have no cellar: the house is built on sugar granite. But back to the dining room (or lack of it): according to Sophie Borland in the Daily Telegraph last week, Open-plan living leads to death of dining room. We will not be going that way, and I expect (and am paying for) our dining room to be back from the dead sometime soon. Her article suggests that dining rooms are disappearing because we want bigger living areas and because ‘lifestyle changes mean that fewer families sit down and eat a meal compared to 30 years ago, when it was common for households to sit round a table several times a day’. There is certainly some truth in this, but perhaps the real reason is that in the old fashioned kitchen there was a cooker, a sink and draining board and cupboards. Not much space was needed. There was usually a larder for food; and a wash room for the mangle and twin tub. Today most kitchens have dishwashers, microwave ovens, conventional ovens, hobs, a wide range of kitchen appliances, double sinks, food preparation islands etc. etc. Try getting all of that into the old sized kitchen. Plus for convenience most people like to eat close to the microwave, so people eat at the kitchen table. As the dining room was invariably next to the kitchen, what is more natural than knocking through to provide the space a modern kitchen needs. As for us? We have a hatch linking the two.
A fair cop?
Times are hard and it will be a difficult year (see my immediate past post, Stormy weather), but Gordon Brown was at his hectoring worst during PMQs today. Pressed on why the Home Secretary wouldn’t accept the recommendation from the independent tribunal on police pay, all he had to offer was his government’s anti-inflation strategy. If government is all about trust, then things are going from bad to worse. Badly done, Mr Brown.
Stormy weather
Mervyn King was very honest last night in his speech to the South West CBI-IoD dinner about what is in store for UK plc in 2008. Listening to him with upwards of 725 other South West businessmen was a sobering experience: no flashy delivery, no blinding with science, no self-congratulation on a job so far done well (how unlike Gordon Brown, who cannot resist telling us that even if things aren’t quite as good as they might be (a) it isn’t his fault and (b) that that it is as good as it is is all down to him and his best friend Prudence). Instead, from the Governor a critical summary of where we are, why and what is in store. Aside from the main points in his speech, and see an excellent report by Norma Cohen in today’s FT, two things remain in my mind: that as consumers we must save more and spend less (fairly obvious, but blindly ignored by most of us); and that the fear of what is still to come out of the sub-prime catastrophe in the US is as potent a destabilising force as what is already known.