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NOVEMBER/DECEMBER 2020 Contents 34 38 The Agenda 3 THE SPEAR’S LEADER The $12 trillion H-bomb 8 EDITOR’S LETTER By Edwin Smith 11 READERS’ LETTERS Our readers’ views on mental health, Arabia’s cultural heritage and more 12 DIARY The Davos-defying Dutch historian Rutger Bregman on protests, taxes and why his latest book was misunderstood 14 THE HEDGEHOG News from around the HNW universe, featuring cardinal sins, dating advice and chairs you won’t find at IKEA. 15 MOMENTS IN MONEY The story of the first interest rates 18 BOOKS A review of Enid, which tells the life story of socialite ‘Lady Killmore’ – plus four more new books to read 48 20 PHILANTHROPY Nicola Mendelsohn CBE, Facebook’s vice president for EMEA, on her efforts to combat follicular lymphoma 22 LIQUID LUNCH With John Paton, digital media mogul and newspaper chairman 24 MATTHEW GOODWIN Despite all Boris Johnson’s problems, Keir Starmer still has his work cut out if Labour is to topple the Tories 25 ANNAMARIA KOERLING With fraud prevalent in hard times, post-Covid investors need to focus on governance issues 26 ROBERT AMSTERDAM It’s time for a complete rethink of our approach to the fight against global corruption 27 JASON COWLEY Empty stadiums have changed football for both players and fans The Issues 30 THE MAGIC MONEY TREE? Policymakers who for years have pooh-poohed modern monetary theory are now piling on debt. Arun Kakar asks if this is a brief blip or a long-term trend 34 FASHION STEPS INTO THE LIGHT Without after-parties or air-kissing – and with climate change a constant shadow – the luxury industry is having to change its ways. By Anna Solomon 38 THE TAX MAN COMETH In its efforts to shut down tax evasion, Fatca is affecting innocent people, one crusading lawyer tells Alec Marsh 44 UP IN THE AIR Airlines are in a tailspin, and as a result the industry – and the way we travel – will look very different. By John Arlidge 48 IT’S HYDROGEN MAN! JCB scion Jo Bamford wants hydrogen to power our buses and trucks – not to mention the UK’s future, he tells Spear’s

NOVEMBER/DECEMBER 2020

Contents

34

38

The Agenda

3 THE SPEAR’S LEADER

The $12 trillion H-bomb

8 EDITOR’S LETTER

By Edwin Smith

11 READERS’ LETTERS

Our readers’ views on mental health, Arabia’s cultural heritage and more

12 DIARY

The Davos-defying Dutch historian Rutger Bregman on protests, taxes and why his latest book was misunderstood

14 THE HEDGEHOG

News from around the HNW universe, featuring cardinal sins, dating advice and chairs you won’t find at IKEA.

15 MOMENTS IN MONEY

The story of the first interest rates

18 BOOKS

A review of Enid, which tells the life story of socialite ‘Lady Killmore’ – plus four more new books to read

48

20 PHILANTHROPY

Nicola Mendelsohn CBE, Facebook’s vice president for EMEA, on her efforts to combat follicular lymphoma

22 LIQUID LUNCH

With John Paton, digital media mogul and newspaper chairman

24 MATTHEW GOODWIN

Despite all Boris Johnson’s problems, Keir Starmer still has his work cut out if Labour is to topple the Tories

25 ANNAMARIA KOERLING

With fraud prevalent in hard times, post-Covid investors need to focus on governance issues

26 ROBERT AMSTERDAM

It’s time for a complete rethink of our approach to the fight against global corruption

27 JASON COWLEY

Empty stadiums have changed football for both players and fans

The Issues

30 THE MAGIC MONEY TREE?

Policymakers who for years have pooh-poohed modern monetary theory are now piling on debt. Arun Kakar asks if this is a brief blip or a long-term trend

34 FASHION STEPS

INTO THE LIGHT Without after-parties or air-kissing – and with climate change a constant shadow – the luxury industry is having to change its ways. By Anna Solomon

38 THE TAX MAN COMETH

In its efforts to shut down tax evasion, Fatca is affecting innocent people, one crusading lawyer tells Alec Marsh

44 UP IN THE AIR

Airlines are in a tailspin, and as a result the industry – and the way we travel – will look very different. By John Arlidge

48 IT’S HYDROGEN MAN!

JCB scion Jo Bamford wants hydrogen to power our buses and trucks – not to mention the UK’s future, he tells Spear’s

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