Brian Paddick had his in-house launch (as opposed to the recent public one at Lambeth Town Hall) at the Hop Cellars in Southwark tonight, with all five current LibDem GLA members, various hopeful GLA candidates and key activists by the score. Such parties can frankly be a bit tedious on occasion, but this one swang, not just [...] 
I honestly don't have an obsession with thing Filipino, be they monkeys or bombers. However, I read this and it struck me as rather odd. JI, the Islamist movement, have been using female suicide bombers in the Philippines (that's not the weird bit). What is very strange is how the media are referring to them as "sexy bombers". How are they "sexy" Most irregular. Note: The photograph for this post is not a Filipino suicide bomber. That was difficult to find. I believe this is a Palestinian militant of the Hamas organization judging by the flag, sash, and head bands. ...
Guido Fawkes causes someone to hit a delete button...
Whilst the Lib Dems news policy of a referendum on out continued membership of the EU might be inspired, it serves merely to gloss over the fact that we promised a referendum on the EU Constitution, and as has been shown by various reliably sources, the EU reform Treaty is virtually identical to the EU constitution. So shouldn't we support the referendum we promised Others I know feel the same way too. I am not sure that Nick Clegg should be held to manifesto pledges made in the name of a party led by Charles Kennedy in 2005, but I ...
What has Europe ever done for us Well, that question was partially answered today: it can expose the Labour Governments connivance in creating a British electoral system which is open to fraud. That was the startling conclusion of a report issued today by a committee of the Council of Europe Parliamentary Assembly, which states starkly: it [...]
An incredible Ahmadinejad video. Hat tip: Arash Kamangir
I have just come off the phone having had a 30 minute telephone conversation with a resident worried about the planned affordable housing in the village. It seems they are horrified at the prospect of having to share the same air as people living in 22 affordable houses. Of course, they werent against affordable housing, it was just that the proposed development was in the wrong location. Whats a wrong location Anywhere near them! Nobody can just come out and say that so they have to have good reason. The reasons for objecting to this particular development were as follows; ...
I can’t help but agree with James Graham’s view that "… if the Lib Dems are in favour of a referendum on our continued membership of the EU, which we apparently are, then if that option looks as if it will get nowhere (which it does) we should be supporting the next best option, a referendum [...]
I now know how a cat feels trapped inside a washing machine when the tumble dry cycle goes onto overdrive. It's like being trapped in the EU Reform Treaty debate. Round and round it goes, and where it stops....we all heave a sigh of relief. Fortunately, since the last fast spin cycle of this debate, I've managed to clarify my thinking - helped, largely, by Messrs Clegg and Huhne (yes, in the
Largely unnoticed, a few hundred people in Chelmsford and communities across the country keep the local voluntary organisations going - doing so much good for their area. I attended the AGM of Chelmsford CVS today and met some of those people. These crucial voluntary groups do so much good work but suffer for lack of (relatively modest) extra funding - and nearly all of them would welcome 
Apparently Ralph Nader, the guy who many blame for Gore not being President these last 7 years, will decide whether to run again in a month's time. Will he get the Green party nomination What about Jello or Governor Jerry Brown
A Freedom of Information request by the BBC for the 2003 tax year which was initially refused by the commissioner means you will learn all the juicy gossip about our former PM Tony Blair, former deputy PM John Prescott, Mr Brown, former Tory leader Michael Howard, former Lib Dem leader Charles Kennedy and former Tory MP Jonathan Sayeed. Sounding a bit like a 2005 investigative splash that...well...fell a bit flat Three years after the BBC were refused, the commissioner has decided that these MPs will now have to reveal their expenses in minute detail. Apparently "while a monthly breakdown of ...
Found this 'World Wide Words' site (in happy appropiateness via a reference to P.G.Wodehouse) where 'International English is examined from a British vewpoint. As an example of terms discussed, 'Skimble-Skamble' is such a good invocation of the Mayoral campaign of Boris Johnson that you dont really need to click to find its meaning. A joyful site to explore. The term 'A Johnson' is not included however. For that you need to go to Terry Pratchet's book 'The Hogfather' where there is a reference to the famous Discworld inventor 'Bloody Stupid Johnson'. BS Johnson did not make things that did not ...
Mr Brown's New Labour, New Capitalist government has given me a handout. Very nice of them to do so but I'm not sure why I have been given such a generous dollop of cash at the expense of the taxpayer. We are shareholders in Northern Rock and yesterday's announcement of super-goldplated absolutely-no-risk-to-shareholders and investors bond issue has certainly helped to push up the price of the
This time last week I was happily stuffing copies of Liberator into envelopes, which means they should all be safely with subscribers by now. Which means it is time to start posting the old brute's latest diary here. Tuesday I hurry to Westminster to offer my heartfelt congratulations to young Nicholas Clegg on his election to the leadership of the Liberal Democrats. How different his victory was to that of his predecessor, poor Menzies Campbell! In that contest Ming was the favoured candidate of most of our MPs, of the Manchester Guardians leader writers and of the partys Great and ...
David Cox of The First Post imagines the speech politicians of all parties would really like to give. Here’s an extract: "… do you have to demand better services at the same time as lower taxes Must you ask for the planet to be saved while you insist on driving and flying Do you have to [...]
I have spent the last several days up to my eyes in by turns diverting, poignant and shocking questionnaires recording the thoughts and impressions of the Young People (that well known tightly-defined socio-economic group) of Haringey with regard to the officers of Her Maj’s police force. Analysts and consultants with experience of This Sort of Thing will be [...]
The Telegraph Spy says that the Cheeky Girls were "vetoed" by LibDem HQ from appearing at a party black-tie event, for fear of 'offending female MPs'. Whatever the real story is, the Cheeky Girls should have been vetoed on the grounds of being relatively talentless one hit wonders whose act is based on a feintly ludicrous initial idea. "We are the Cheeky Girls" raised the odd titter. But to
Ivan Lewis attempted today to through mud at Nick Clegg's excellent announcement of minimum health and care guarantees for the elderly, which would become part of the Lib Dems focus on health issues. But like any other thick yob, he highlights his own stupidity and his own government's shortcomings in doing so. Some might say Mr Lewis has made himself look a right stupid prat in speaking out before he has actually thought about what he means to say. Under the Lib Dem plans announced today there would be 1) A £2bn care guarantee for the elderly, based on need ...
TV news programmes (and other so-called bits of journalism) may be damaging the health of markets by discrediting the whole concept by their labelling. Because when they go to report on The Markets they mean the casino of share and currency prices, and the second guessing of trends, and parroting of predictions. Often about as relevant to real market economics as opinion polls are to real politics. With the current uproar the whole concept of serious economics risks being ever so slightly discredited. And that would be a rather dangerous thing. Bloomberg Television Economics is what John Kay calls the ...
Atonement, the big screen blockbuster that Redcar helped to make, has been nominated for seven Oscars.
This might seem a bit geeky but I think its rather important in this age where privacy is diminishing rapidly and government is prying into more and more of our lives.
The BBC reports that Council of Europe have stated that the UK voting system has few proper safeguards and it is wide open to fraud. The main findings of the Council of Europe are that it is ; 1) Childishly simple to create bogus voters. 2) Postal vote fraud is very easy. If the opposition parties know this, and both the Lib Dems and Conservatives have been raising the issue of voting fraud for some years, and the Council of Europe knows this, the question is why are labour so keen to keep systems which are so open to fraud ...
Worried about teenage crime, pregnancy and mental health problems If so, you can now point the finger in an unusual direction: religion. According to a study in Australia, church-going and conventional religion is linked towards happiness and good mental health. Unconventional religion - "trendy spiritualism", if you're a journalist - can cause problems. These include mental health issues, anxiety and depression - alongside more serious signs of demonic possession including projectile vomiting and your head spinning all the way around on your neck. Apparently, atheists and agnostics don't come out of it terribly well, either. What's even more surprising is ...
Hague really is very funny indeed. Click here to watch his take on the potential future President of Europe, at Foreign Secretary's questions. It should make you chuckle.
The Guardian, which has gone down in my estimations following its piss poor coverage of the US Presidential primaries, reports that crisis still reigned even though the Fed cut the rates. The BBC is far more measured and quotes the figures, which show stabilization. I think anybody actively trying to bring about a recession is in many ways repellent and needs their head and their hearts examined. P.S. The photo is generic, not a screen shot of the days events.
Chris Dillow has another superb post here. This time its about the wisdom of crowds and recession.
Full Council last night and a few interesting things - not least Labour's failure to support an apolitical motion to reduce the use of carrier bags in Haringey. But I'll blog more about that in the next day or two. That's because I'm just on my way to White Hart Lane for a pretty important match... and while I'm hoping that it won't be going to extra-time, it'll still be late enouugh when I get back home and with luck I'll be tired out by all the excitement. That and the fact that I have a Fortismere Governors meeting at ...
Sunday: News from the United States of Amnesia*. Michigan voters decided that the Republican contest was too much fun, and kept the whole circus alive by making Senator Mitt Mormony into the "Comeback Creep". He has also picked up the Nevada caucus, with a huge 51% of Nevadans voting for the "please don't invade us, Utah" option. But from South Carolina, where Mr Mormony was pressed into a humiliating fourth behind Fred Flintstone, rival Senator Mick Hucky-Mucky-Puppy delivered a STINGING rebuke to the Moron from Mass, saying "the following Replutocrats were real swell fellas: Senator Oven-Chip that is all!" What ...
Does this news calm you down and think that growth will be boosted or make it look like the Fed got some really bad figures and is panicking. I'm not sure what message investors will receive. Tomorrow's opening markets will be very interesting. I worry it'll be the latter. People have just assumed its a recession and are acting already as if the US is in one. P.S. Gold at now over $900/Ounce 
Apparently: 'Liberal Democrat Leader Nick Clegg has written to David Cameron demanding clarification of the Conservative Partys stance on the EU treaty. Mr Clegg said, until David Cameron explains what the Conservatives would propose to do if this treaty were rejected his position makes no logical sense.' 'Brilliant' and 'policy' are two words that nornmally dont go together but our approach of showing that the Tories dont have a clear idea what to do over the European treaty and Northern Rock is simple yet utterly flawless. I hope we continue to employ this attack for as long as possible as ...
As any fool knows, we elect our MPs through a system commonly known as "first past the post", where the person with the most votes is declared the winner and sent off to Westminster to follow the orders of the party leadership like the sheep that they are. But is first past the post actually [...]
When one analyses what has been going on in Newcastle for the past months it should come as no surprise Kevin Keegan was appointed manager of Newcastle United last week.It is difficult for outsiders to recognise just how important Northern Rock was to locals; it somehow embodied the city of Newcastle. Not only did it [...]
A few people have contacted me to ask my views on the Lisbon EU Reform Treaty, and more particularly the decision of Lib Dem MPs not to support a referendum on the treaty. <>Personally, I am disappointed by the decision made by Liberal Democrat MPs to vote against a referendum on the EU Reform Treaty because I disagree with it. I have written to Nick Clegg today to express that view. There should be a referendum on the EU Reform Treaty, in my view it is insufficiently different to the EU Constitution which the then Prime Minister Tony Blair (and ...
Hazel Blears, the Communities and Local Government Secretary, was in the news today with plans for a contract between local government and the people. The plans struck me as a pretty good idea at first. But the more Ive thought about it, the more Ive come to the conclusion that its yet another bit of New Labour tinkering that will do nothing to increase either participation or satisfaction. The idea is that public service providers like Councils will effectively sign a contract with local people to provide a certain level of service. And if they dont live up to ...
The Evening Standard has the story: A Standard investigation reveals that the 2008 website Re-elect Ken was registered in the name of Mark Watts, a senior publicly-paid adviser to the Mayor. The site gives its registered address as the offices of a design consultancy given more than £260,000 worth of contract work by the Greater London Authority [...]
Daevid Allen, founding member of Soft Machine and driving force behind Gong reached 70 earlier in January. Thankfully he’s still going strong. To celebrate here’s some footage of Daevid with Gong back in 1971: and Daevid in November 2007 with University of Errors: I feel like I should have a cup of tea and commune with the Octave Doctors [...]
I've just discovered that Tanya Tier, who used to work with me (but had a different surname then, which is why only I just discovered it through a mutual former colleague on Facebook) has become a really brilliant political artist. Take a look at her work on 'BIRDS OF WAR' Hawks, Doves and Illegal Eagles. An on-line gallery of art from the Birds of War exhibition. The exhibition was initiated to
This morning I attended a meeting of the (deep breath) Greater Manchester Passenger Transport Authority Service Improvement Sub-Committee. There were two main items First off there was a report and actions list arising from a review of Integrated Social Needs Transport, which basically said that there needs to be more integration and joined up thinking between the GMPTA, Local Authorities and Primary Care Trusts. It wasnt a particularly good or bad report, and it painted a mixed picture. What is clear is that as a County we sometimes fail the most vulnerable when it comes to transport needs, and ...
So the Fed has cut interest rates by ¾ percent, the Dow Jones has slumped another 3%, the US sub-prime market has collapsed and British banks are among those most seriously exposed. Change the names and youve got a Lewis Carroll poem in the making. The recession is going to hit us all and we need to be aware of the potential problems to jobs, inflation, investments etc etc. However, there is still a very bright spot in all the ensuing chaos which we would do well to take on board this time, as we seem not to have in ...
I am occasionally asked to comment for Business TV channels on aspects of my work in emerging markets. Today, as I walked to get my lunch, I saw a TV crew- as you often do around the streets of London. The only difference was that I know the journalist and stopped to say hello. As you do with journalists, we had a chat and arranged a drink. Five minutes later he called me. The US Fed had just made an emergency rate cut and all the stuff he had been doing was now out of date. Could I help Well, ...
In many ways the UK government's decision that new law-making powers for the assembly government to protect vulnerable children should not extend to a complete smacking ban was predictable. They have long made it clear that they consider this matter to be a criminal justice matter and that they believe there is no support for it amongst voters in England and Wales. Although UK Labour Ministers cannot do much about Scotland, whose Parliament has responsibility for criminal justice anyway, and which has a well-established separate legal system, I suspect that they believe that any weakening on their part with regards ...
Ward: Combe Down App Ref: 08/00042/FUL Parish: N/A Registered: 15th January 2008 Expiry Date: 11th March 2008 Location: 5 Stonehouse Lane Combe Down Bath BA2 5DW Grid Ref: (E)375744 - (N)162575 LB Grade: N/A Proposal: Erection of a two storey and single storey rear extension following demolition of existing extension and installation of front and rear dormers (Resubmission) Officer: David Cox Applicant: Ms J Glen Agent: A W Francis 2 Old Derry Hill Calne SN11 9PJ 35 Seend Cleeve Melksham SN12 6PU
The steady stream of exposees and innuendo about Ken Livingstone have become a crescendo. The latest is the full length Dispatches programme, which comes on top of a consistent set of stories from Andrew Gilligan in the Evening Standard. The implication is that Ken Livingstone is a drunk and sleazy politician. As regular readers of this blog will note, that is a view that I have put forward for some time. I do not believe he is fit for office. I do believe he should be replaced. However, the leading opponent of Crony Ken is currently the equally absurd Boris ...
I've got to draw a rat! Lucky Rat and Cherry Blossom...I did do a sketch somewhere...
The London Evening Standard has been running a promotional campaign on rainy days offering a free umbrella with each copy of the newspaper. This has permanently lodged a connection in my mind between ...
Ill readily confess to remaining uncomfortable with the Lib Dem position on opposing holding a referendum on the EU reform treaty. I do not like to see banner headlines on the BBC News Politics website proclaiming: Lib Dems oppose referendum vote. It does not sit well with the widely-proclaimed belief of both candidates during [...]
This dating thing is not going too well. The first time I logged on I felt really awkward. Most people don't write much. Some are overconfident, some try not to undersell themselves by adding 'my friends say', some stick to plain descriptions and some paint a rather boring picture. You end up looking at a series of photos, which made me feel very uncomfortable. I cannot look at people as if I
Member of Parliament for North East Fife, Sir Menzies Campbell has given his backing to a bill of vital importance to Fife, which could end proposals for ship-to-ship oil transfers in the Firth Of Forth. The bill, which has been introduced by Mark Lazarowicz MP in the House of Commons, outlines tougher regulations for ship-to-ship oil transfers around the UK. Commenting, Sir Menzies said, These unregulated ship-to-ship oil transfers in the Firth of Forth pose a huge risk to the environment and to the quality of life of everyone who lives here. This matter is of vital importance to Fife. ...
I took part in a very strange debate this morning about the key issue of how many houses are going to be built in the South West in the next 20 years and where they should be built. The figures and plans are in a document called the 'draft regional spatial stratgegy for the South West', on which an 'independent' panel has now produced a report to the Secretary of State. For South Gloucestershire the plan means an extra 30,000 plus houses (or roughly 'four Bradley Stokes'), an increase of about a third on the already large increase proposed by ...
Exactly who is and who isn't, worthy of admiration, is obviously an individual's choice. However, Ive never quite understood why some people are considered to be a 'celebrity for no other reason than they were either born into money or they have a partner whos a sports star. A good case in point would be Colleen McLoughlin. A nice ordinary girl who only appears to be in the limelight because she's with a lad who's been picked to play for Manchester United and England. Surely, its time status was earned through hard work and positive qualities rather than popularity We ...
Having earlier taken a look at three of the more likely candidates for running mate for Mike Bloomberg (if he runs), its now time to look at potential running mates for the Dems. The front runner must be the Governor of New Mexico, Bill Richardson. He made it into the final four for the Presidential Nomination and is probably the best qualified having been Secretary for Energy and Ambassador to the UN. He is also Hispanic which could prove handy in the first election where the Hispanic vote will really matter. There is no chance of Obama or Clinton being ...
I enjoyed going to the Cornwall conference at Bodmin at the weekend. With a new unitary council scheduled it is important to start looking at Cornwall's future and priorities. We had some very stimulating debates on environment, housing, and the structure of delivering services in Cornwall. The latter item doesn't sound very inspiring but unless the structures are right we won't get the delivery. I chaired a meeting on affordable housing. Kate Tregunna from Cornwall needs Affordable housing was also on the panel. I liked her comment that really the words 'second home' are wrong. A second home is really ...
Saying something is a 'soundbite' isn't normally meant as a compliment in politics! There is though a role for short, pithy statements - soundbites if you will - that get to the heart of complicated matters and pulls out the essence of them. All of which is a prequel to praising Vince Cable for his Northern Rock soundbites yesterday. Once again Vince got to the heart of the matter, and rather than losing himself in the massive financial details of the Northern Rock saga, he got right to the heart of the matter: The Government has ingeniously come up with ...
Saturday: People seem to have forgotten in the face of the Prime Monster's now-you-see-it-now-you-don't General Election that Mr Balloon spent last year working up a reputation as a FLIP-FLOP-FOP, with such masterpieces as being against and then for Grandma schools and for and then against Hugging of Hoodies. He's now come out AGAINST the government's policy of supporting the Northern Rock, even though he was previously FOR it. In Prime Monster's Questionable Time, he accused Mr Frown of "DITHER AND DELAY!" not once, but three times. The Conservatory Policy on Northern Rock will be announced, er, sometime later this week. ...
At the September Lib Dem conference Norman Lamb launched a "spokesman's paper" on the future of the NHS. Now I have never heard of a spokesman's paper before. But not surprisingly a policy paper issued at party conference by a front bench spokesman was treated by the media as being new Lib Dem Policy - despite the fact it was not discussed by conference. The BBC reported it thus: The ideas comes
Another delivery session at the weekend... and no dog bites. Perhaps the canine population of Liverpool realise all the decent fingers have already been chewed!
One of the achievements of the Austrian school of economics is the analysis of the business cycle. Mises developed the initial theories and Hayek expanded upon them. However, the Austrian theory is concerned with capital goods, money and inflation but leaves out land. In contrast Georgist theories of the business cycle include land, but fail to [...]
There is a growing concern about alcohol abuse, or 'binge drinking' as it has become known in the UK. I do think the whole prohibition route is unworkable and would only lead to an unregulated and cri...
Heard this morning on the Today programme, discussing the Matisse on loan from Russia Presenter: And how much would a painting like that be worth today Art expert: Less than yesterday.
Via just about everywhere comes Liberal Democrat Shadow Chancellor Vince Cable’s contribution to the Northern Rock debate in the Commons yesterday: "I am tempted to recall the Danish economist, Hans Christian Andersen, who told the story of the two conmen who visited a particularly credulous king to sell him an imaginary suit of gold to cover [...]
Here's a nice vid of an Ashura procession. Don't worry there is no graphic content.
Guido has a terrifying spot here. This is really rather repellent work on behalf of a Downing Street spad.
A busy week ahead after a weekend with relatives, and yet more deliveries in my local area to get out, Yes even as Mayor I do not get away with that one. Toady at 12 noon I will be welcoming Guests from Bath & North East Somerset Council Heritage Services into the Parlour for a talk on what happens in the Mayors office. Then tonight I will be leaving home at about 6.30 to go...
For all those who didn't get to see the spat between BHO and HRC last night here 's an angry clip.
I shit ye not, this comes via Maggie Bob in yesterday’s Metro: An MP has made a hasty U-turn after giving his support for National Fetish Day. Ronnie Campbell, 64, told organisers he would wear purple to mark the event planned for today and even confessed to having a horse fetish. When a local newspaper rang [...]
I have to admit to remaining of the view that if the Lib Dems are in favour of a referendum on our continued membership of the EU, which we apparently are, then if that option looks as if it will get nowhere (which it does) we should be supporting the next best option, a referendum on the Reform Treaty. The fact that we’ve consistently failed to enthuse the public about the EU should not be a reason for refusing to face the music. But if I don’t quite get Clegg’s line, Cameron’s line is even more inconsistent. Why this fig ...
Although I rarely admit it there does appear to be other bits of the country apart from the West Midlands. One such place is London, its a slightly bigger city than Wolverhampton about 2 hours to the south, well it has a Mayoral election in May.
Just when you wondered when GB's government was going to start actually doing something, on the day global markets crash and the Government gave £2k for every taxpayer to an ailing bank, Ed Balls announces that he's going to teach kids to cook as a "top priority". Brilliant. BBC NEWS | Education | Cookery classes to be compulsory Blogged with Flock
First she told us that no real people are ever to be found walking in Hackney after midnight. (On reflection, I’m quite pleased that this means I’m not a real person. After all, surely only real people would be covered by the Government’s ID cards scheme I think we may have found a loophole [...]
Says the FT: Two further laptops potentially carrying highly sensitive personal information about thousands of armed forces recruits have been stolen, Des Browne, defence secretary, admitted yesterday. As Lynne Featherstone points out, these latest admissions shouldn’t surprise us: the MoD has been regularly losing laptops year after year, so by now they should really have started looking after [...]
Friday From Tiananmen Square, that huge, implacable face stared out at us yes it was Mr Huw Edwards doing a BBC News report, live from China as Mr Frown flew in to ask, very nicely, if we couldn't have some jobs please. Chairman Frown {Posted by Picasa} There is a NEW formula, nowadays, for talking to the People's Republic of China avoid all talk of PEOPLE. And anything to do with being a REPUBLIC. And don't call them CHINA either it's Chung Kuo. Anyway, apparently it is OKAY to talk about global warming that way you can be mildly CRITICAL ...
Party leader Nick Clegg got the 7:24am slot to defend the party’s position on Europe and flag up today’s launch of new health policy. On Europe we’re sticking by our guns to say that the only real referendum that matters is in or out, and any vote on the constitution is a mere proxy for what’s [...]
Nick Clegg was on the Today Programme from about 7.20 this morning. He was very strong, succinct and to the point on our new Health proposals, saying that if you want localism you need to put your money where your mouth is unlike Labour and Tory decentralisation where big government still dictates the cash. But he was forced onto the back foot over the Lisbon Treaty, and came back to his occasional Leadership contest soundbite of um er um er (though now recovering from it more swiftly). Jim Naughtie wanted to force him into saying he backed the Labour Government. ...
I've finally finished the Shock Doctrine. My reading in the last two weeks has been more scatter gun than concentrated due in part to always having multiple books and interests on the go but also because I'm in a play at the moment which is taking up quite a lot of time and I have uni work to do which involves rather a lot of other reading (last week Gnosticism, this week Tertullian and the Dead Sea Scrolls). If something really grabs me about either essay subject for this week I might blog about it, otherwise I'll keep that and ...
It is good to see from here that following the counts conducted by DRS that a different company, Indra, will be doing the GLA count. They were responsible for the Breckland count last year. In the states, after the dimpled chads robbed Al Gore of the presidency, I am pleased to see that they now have so much faith in the new touch screen systems. So much so that moveon.org have launched a
Sheffield’s Tories appear to be continuing their crusade to cut poverty and health inequality in Sheffield by getting street lights repaired more promptly, roads repaired a little quicker (which in Sheffield will still be an age) and by cutting the grass in local parks a bit more. The reason I say this now is [...]
OK, back down to earth. Vince Cable's reaction to the government's announcement over Northern Rock's debts to the taxpayer being converted into a form of bonds is well worth reading and asks some of the many questions which need to be asked about the proposed rescue strategy. But there are some more questions which need to be asked. For a start, Vince refers to the profit sharing scheme proposed by the government as being of the order of 5-10%. As the Rock's profits in 2006 were £627m, it's quite clear that even if the bank does manage to achieve that ...
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