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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

Global Promotion PROTECTING MENTAL HEALTH IN A POST-COVID WORLD When the dotcom bubble burst two decades ago, psychologists began hearing from financial firms worried about staff experiencing extreme stress as they dealt with clients losing vast sums of money. In addition, and often for the first time, high-net-worth individuals began seeking support as they struggled to cope with a period of significant financial uncertainty. The dotcom crash made people realise that there was a profound need to bring a mental wellbeing focus to the financial world. And, thanks to this shift, it’s now recognised that money is an emotional issue, rather than just a rational one. So, with all this experience high-networth individuals and employers should be better prepared for the pandemic, economic volatility and political turmoil which has blighted the world this year. However, that’s not entirely the case. There are significant challenges remaining - some of which are brought about by differences between the situation in 2020 and anything we’ve seen before. For example, unlike the dotcom crash, the COVID-19 pandemic has seen people spending more time than ever at home, giving them time to assess their priorities. Indeed, the Bupa Global Executive Wellbeing Index1 shows that, as a result of lockdown, a third (33 per cent) of executives now want to spend more time with their families. And so, as individuals return to an office-based world, thought must be given to how they can maintain a good work-life balance and protect that precious family time. Furthermore, today, people are not just concerned with their own mental health but that of their families too. Indeed, Bupa Global’s research revealed that 68% per cent of highnet-worth individuals have seen an impact on family mental health during the pandemic and want to address the problems which have arisen. Talking openly and seeking support early So, while the issues are perhaps different this time around, for Bupa Global, many of the solutions remain constant. Just as in the year 2000, in order to protect mental health and ensure that treatment is effective, individuals, families and employers must be committed to talking openly about concerns, and to seeking help early. Dr Pablo Vandenabeele, Clinical Director for mental health at Bupa Global says: “Stigmas and uncertainty around mental health conditions can lead to delays. At Bupa Global we want to raise awareness for common conditions and help people get the support they need, when they need it. Indeed, when it comes to mental health, early diagnosis and access to treatment can have a positive impact on the long-term prognosis.” At Bupa Global, we recognise that mental health is just as important as physical health and believe in helping people to feel their best and stay that way too. To support this, we are removing both annual and monetary limits across plans for in-patient and day-patient mental health treatment. We know that when a family member is struggling with their mental health, it can impact the whole family - that’s why we offer extensive mental health cover for individuals and their families. For more information, visit bupaglobal.com/withyou or talk to our Private Client team today on 0371 346 0199. 1 Bupa Global Executive Wellbeing Index (September 2020). Research conducted among 450 high net worth individuals and senior executives across UK, France, USA, UAE and Egypt. Calls may be recorded. Bupa Global is a trading name of Bupa Insurance Limited and Bupa Insurance Services Limited. Bupa Insurance Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Bupa Insurance Services Limited is authorised and regulated by the Financial Conduct Authority.

Page Text

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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