Why politicians can never get our finances in order

The only way politicians can fix the mess they've made of the financial system is if they are forced to. And with politicians being politicians, that's not going to happen.

I'm reading The Mess We're In: Why Politicians Can't Fix Financial Crises by Guy Fraser Sampson. The answer, in a nutshell is: "because they caused them".

One of the premises of this excellent book is that "within a Western democratic system, we place our politicians in an impossible situation. We ask them to make decisions with long-term effects," but because "they must seek election every few years, we more or less force them to consider only the short-term consequences".

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Merryn Somerset Webb

Merryn Somerset Webb started her career in Tokyo at public broadcaster NHK before becoming a Japanese equity broker at what was then Warburgs. She went on to work at SBC and UBS without moving from her desk in Kamiyacho (it was the age of mergers).

After five years in Japan she returned to work in the UK at Paribas. This soon became BNP Paribas. Again, no desk move was required. On leaving the City, Merryn helped The Week magazine with its City pages before becoming the launch editor of MoneyWeek in 2000 and taking on columns first in the Sunday Times and then in 2009 in the Financial Times

Twenty years on, MoneyWeek is the best-selling financial magazine in the UK. Merryn was its Editor in Chief until 2022. She is now a senior columnist at Bloomberg and host of the Merryn Talks Money podcast -  but still writes for Moneyweek monthly. 

Merryn is also is a non executive director of two investment trusts – BlackRock Throgmorton, and the Murray Income Investment Trust.