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Corrigan, Tracy
2 articles of this author have been cited in the European Press Review so far.
British banks in crisis
The Daily Telegraph predicts that the new financial crisis in the US will have harsh consequences for the British banking system: "The need for the US authorities to step in quite so dramatically scuppers hopes that the worst is over. On recent form, that is a sign that the downward slide has even further to go in the UK. ... Despite the structural differences, the end result for both economies looks rather similar. Things are so bad that no financial institution of any significant size can be allowed to fail. In practice, both governments - in other words, taxpayers - are implicitly underwriting big financial institutions. ... The alternative is a potential collapse of confidence in the financial system. But this does not alter the fact that the situation already represents a colossal failure. For now, we are stuck with a system which allows troubled banks to post their keys through the taxpayers' door and walk away."
» full article (external link, English)
More from the press review on the subject » Financial Markets, » United Kingdom, » U.S.
What makes companies British?
"It is so British to let our firms become foreign," argues Tracy Corrigan with an eye to recent decisions by several British companies to shift their headquarters to Ireland for tax reasons. "What makes a company British has also become increasingly difficult to divine. ... None of the once reliable business markers - where a company pays tax; where shares are listed; where products are sold or where most staff are based - quite does the job any more. ... There is something very British about our willingness to accept the transformation of corporate Britain, without making, well, much of a fuss. The UK is more open than any other country to foreign takeovers. Since the start of the decade, UK businesses worth 1,200 billion dollars have been bought by foreign companies, compared with 500 billion dollars in Germany and less than 300 billion dollars in France."
» full article (external link, English)
More from the press review on the subject » Corporations, » United Kingdom
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