UK commercial property lease structures: Landlord and tenant mismatch

UK commercial property lease structures have come under considerable scrutiny during the past decade since the property crash of the early 1990s. In particular, tenants complained that the system was unfair and that it has blocked business change. Government is committed, through its 2001 election manifesto, to promote flexibility and choice in the commercial property lettings market and a new voluntary Commercial Leases Code of Practice was launched in April 2002. This paper investigates whether occupiers are being offered the leases they require or whether there is a mismatch between occupier requirements and actual leases in the market. It draws together the substantial data now available on the actual terms of leases in the UK and surveys of corporate occupiers' attitude to their occupation requirements. Although the data indicated that UK leases have become shorter and more diverse since 1990, this is still not sufficient to meet the current requirements of many corporate occupiers. It is clear that the inability to manage entry and exit strategies is a major concern to occupiers. Lease length is the primary concern of tenants and a number of respondents comment on the mismatch between lease length in the UK and business planning horizons. The right to break and other problems with alienation clauses also pose serious difficulties for occupiers, thus reinforcing the mismatch. Other issues include repairing and insuring clauses and the type of review clause. There are differences in opinion between types of occupier. In particular, international corporate occupiers are significantly more concerned about the length of lease and the incidence of break clauses than national occupiers and private-sector tenants are significantly more concerned about leasing in general than public-sector occupiers. Proposed solutions by tenants are predictable and include shorter leases, more frequent breaks and relaxation of restrictions concerning alienation and other clauses. A significant number specify that they would pay more for shorter leases and other improved terms. Short leases would make many of the other terms more acceptable and this is why they are the main concern of corporate occupiers. Overall, the evidence suggests that there continues to be a gap between occupiers' lease requirements and those currently offered by the market. There are underlying structural factors that act as an inertial force on landlords and inhibit the changes which occupiers appear to want. Nevertheless, the findings raise future research questions concerning whether UK lease structures are a constraining factor on UK competitiveness.

In the intersection of the angles of a table, there is more truth than in all the tangle of muscles: Futurism as anti-humanist critique

The recent celebrations of the centenary of the publication of the Futurist manifesto led to a renewed discussion of the ideas and artworks of the Italian artists’ group. Jacques Rancière related the Futurist ethos with the modernist project of liberating art from representation. Franco ‘Bifo’ Berardi, in his post-Futurist manifesto, also identified a historical irony at play in the emptying out of Futurism’s promise: a liberated mechanical humanity did indeed materialize, in a global economic system premised on financial servitude to the future via debt. However, these models continue to assess Futurism against an unchallenged humanism, finding it either supporting ideals of freedom and human rights despite itself, or else lacking in these areas. But Futurism is potentially more relevant than ever not in spite of its anti-humanist agenda, precisely because of it. Tom McCarthy annexes not Futurist art but Futurist writing to an emerging object oriented ontology that seeks to challenge the primacy of the human. If Futurism is to be repurposed as a critical concept, it can only do so by countering the humanist myth the liberal subject that underlies the current cultural and political hegemony of neo-liberalism.

Future Monument

Based on a series of collage made from images of mega yachts, the Future Monument looks at the possibility of taking late capitalism more seriously as an ideology than it takes itself seriously. The project asks whether the private display of wealth and power represented by the yacht can be appropriated for a new language of public sculpture. The choreographed live performance of the construction of the large scale monument was scripted to a proposed capitalist manifesto and took place in a public square in Herzliya, Israel. It aimed to articulate the ideology latent in capitalism’s claims to a neutral manifestation of human nature. The Future Monument project was developed through reading seminars taking place at Goldsmiths College, as part of a research strand headed by Pil and Galia Kollectiv on irony and overidentification within the Political Currency of Art research group. This research has so far produced a series of silk screen collage prints, a sculpture commissioned by the Essex Council and a live performance commissioned by the Herzliya Biennale. However, the project is ongoing, with future outputs planned including a curated exhibition and conference in 2012, in collaboration with Matthew Poole, Programme Director of the Centre for Curatorial Studies at the University of Essex.

Epic Sea Battle at Night: a Revolutionary Play with the Economic Thinking of Milton Friedman

The play Epic Sea Battle at Night was originally staged in 1967, to commemorate two of China’s People’s Liberation Army’s military triumphs over the Taiwanese navy two years previously. Produced at the height of the Chinese Cultural Revolution, the play is an example of the exploitation of the arts as an ideological instrument, celebrating military heroism and political conviction. Stills from the play were included in, China Pictorial 11, an English language propaganda pamphlet that was distributed to Western Imperialists in order to educate them in Maoist policy. Today, these images are clear representations of ideology. More than forty years after the Cultural Revolution, the ideology under which we live, neo-liberal late-capitalism, deliberately shirks from such blatant displays of propaganda. We have supposedly the freedom to believe whatever we like in a post-ideological age, and yet core beliefs about meritocracy, individualism and competitiveness frequently go unchallenged. By juxtaposing the visual language of ideology with the text of the capitalist manifesto, the re-enactment of a scene from Epic Sea Battle at Night harnesses the aesthetics of the past so as to allow us to reconsider the alleged neutrality of the present. The design of the stage, the positioning of the actors, costumes and props of the current production closely resembled those documented in China Pictorial 11, yet the actors’ monologues belong to a completely different context. No less heroic and utopian in tone than the speech given by the political instructor of gunboat 874 in the original play, the capitalist manifesto was an attempt to give a concrete language to the shapeless ideology of the present, and to force the invisible currents that govern life today, in China as in the West, to the surface. Neither a lecture on neo-liberal economics, nor a theatrical performance of a narrative, the piece appropriated the format of the propaganda play to re-evaluate the relationship between art and politics now.

The impact of the elderly on inflation rates in developed countries

What explains the cross-national variation in inflation rates in developed countries? Previous literature has emphasised the role of ideas and institutions, and to a lesser extent interest groups, while leaving the role of electoral politics comparatively unexplored. This paper seeks to redress this neglect by focusing on one case where electoral politics matters for inflation: the share of the population above 65 years old in a country. I argue that countries with a larger share of elderly have lower inflation because older people are both more inflation averse and politically powerful, forcing governments to pursue lower inflation. I test my argument in three steps. First, logistic regression analysis of survey data confirms older people are more inflation averse. Second, panel data regression analysis of party manifesto data reveals that European countries with more old people have more economically orthodox political parties. Third, time series cross-section regression analyses demonstrate that the share of the elderly is negatively correlated with inflation in both a sample of 21 advanced OECD economies and a larger sample of 175 countries. Ageing may therefore push governments to adopt a low inflation regime.