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Fee Competition

A new expression ‘short termism’ has recently entered our language; a phrase as ugly in its use of English as its philosophy is damaging to the good of UK Ltd. In one application it describes the attitude, now manifest in so many City dealings, which forces companies to aim for quick profits, thereby maintaining good dividends and high share values, thus reducing risk of accusations of inefficient management and the trauma of takeover. On this topic, in a broadcast interview on 25 January, Mr Edward Heath, describing himself as having been trained in the City, to an absolutely different philosophy and ethic, deplored the present tendencies. ‘City concern’, he said, ‘used to be directed to the long-term benefit of industry. Now it seems many City operators are concerned only with short-term gains and what they can make out of it’. B.P. Wex