• Municipal finance

    Steel and the pusillanimous pension rule


    How pension policy cowardice helped doom Britain's steel industry. Tata’s decision to write off the value of its UK steelmaking business and seek a quick sale, while keeping its Dutch business, is really a story about pension regulation.

  • Non financial

    Brexit and the central banker’s dilemma


    The UK's shock Brexit vote increases the likelihood of more Bank of England gilt purchases. This article shows how the sovereign risk tool puts the Bank's bond holdings in the context of other QE-dependent countries.