Guest editorial

House of Lords

Bruce Anderson

The House of Lords is in a mess and there is no obvious way to sort it out. It all started in 1909, when the then House of Lords, dominated by Tory hereditary peers, threw out a Budget which had been drawn up by David Lloyd George to redistribute money from the rich to the poor. In so doing, the Lords were breaking with precedent. For two centuries, the supremacy of the Commons in fiscal matters had been taken for granted.

Art in focus

Gardens of earthly delight

Monet is the star of the Royal Academy’s dazzling ‘Painting the Modern Garden’, which reveals how gardens sowed the seeds of avant-garde art and reunites a key series of the French master’s great late paintings. Curator Ann Dumas explains how Monet’s obsession with horticulture resulted in an eternal flowering of his art.

Economic focus

Will she, won’t she?

Brian Tora, Chartered Fellow, CISI, Consultant to JM Finn

One of the very first jobs I had when I first started in the City more than half a century ago was that of an unauthorised clerk, or Blue Button as we were known on account of the colour of the badge we wore on our lapel.

Independent view

Changing the way you exchange currency

Foreign exchange is an area that affects a great number of us in one way or another. Smaller transactions such as holiday spending money and monthly overseas payments, including family or mortgage commitments, sit at the lower end of the spectrum. However, larger transactions may also impact our lives in the form of purchasing a property abroad, emigrating or even moving considerable volumes of savings from one fund to another.

Equity prospects

J Sainsbury

Equity prospects

Howden Joinery

Equity prospects


Equity prospects

Berkeley Group

Equity prospects

In this issue:

Stock in focus

PZ Cussons

PZ Cussons is a long established manufacturer and distributor of Fast Moving Consumer Goods (FMCG) with leading positions, both in the UK and several key Emerging Market territories, with major Western Market brands including the well-known Imperial Leather.

Collectives commentary

Searching for a gem

Regularly labelled a “star manager”, Richard Pease has over three decades of experience in the fund management industry. He currently manages the £1.03 billion CRUX European Special Situations Fund, and has done so since launch in 2009, when it was part of the Henderson Global Investors fund range, following their acquisition of New Star Asset Management.

Bond focus

Where does it all end?

Getting the bond market right pretty much starts with where interest rates are going. That in turn is very much driven by macro views and opinions.