Fourth is, according to Olympic pundits, the cruellest finishing position. I don’t buy it. Who’d rather finish fifth or sixth than fourth, or, looking at it the other way, who enters a competition to finish third? Higher is better, first is best and last is worst.
Comments
I guess the question is whether the Lib Dems have a floor and if so what is it.
Now pulled, the ghost thread argued that OGH had determined by pulling a strand of hair from atop and letting it fall on divining cards that Nick Clegg would easily survive the Labour decapitation strategy in Sheffield Hallam.
I smell a rat in this as a continuing OGH option !!
We clearly require a full explanation from the PB MODERATORS backed up by a water tight legal determination.
And what of the effect of Scottish independence on the issue. Has Eck a plan B for your potentially lost post.
This issue has legs ....
But which 8%?
I expect we won't be told....
On topic, Lib Dems fourth.....I thought the Greens generally prospered in economic good times when people feel they can "afford" to be "environmental"?
The LDs party of In strategy is really a copy of UKIP's party of Out - an approach that has worked well for the purples. It is a national proposition tailored for a specific group of voters and the more publicity they get the more it is likely to succeed. Ironically the better that way UKIP appear to be doing the more likely it is that pro EU voters will go yellow.
I agree with fernando (F1 will be hard to bet on, especially in Australia):
http://www.bbc.co.uk/sport/0/formula1/26276837
Both Lotus and Red Bull had gearbox problems on Friday. If I can't find a 'proper' bet then one in the back of my mind is Marussia for points (I'd want bloody long odds, though).
What part of OGH will the SNP demand as their 8% pound of flesh ?? .... Clearly like North Sea oil there are some parts of Mike that are showing a diminishing return !!
Will the SNP be happy with Pork, uniondivvie, malcolmg and Stuart ?? or will they demand parts of Fitalass, Easterross and Max from Edinburgh ?
Will their avarice pull them in the direction of exiled posts from JackW and an attempted seizure of my ARSE
And who will debate Salmond on this issue ?!?
All caused by a Mary Celeste thread !!
Part I: Introduction
Yesterday I mentioned that I had been looking at the government's revised spending plans for 2013-14. The revisions are contained in a document named "Central Government Supply Estimates 2013-14: Supplementary Estimates and New Estimates", which is downloadable from the Treasury's website. (Warning: it is over 750 pages long!).
The majority of government expenditure needs to be approved by vote in Parliament. Each year, shortly after the budget, the Treasury will submit an expenditure plan for the current fiscal year detailing the items of expenditure which needs to be 'voted'. These submissions are known as 'Supply Estimates'.
During the course of the year, spending plans change and any overspend or underspend on pre-approved expenditure will need to authorised by further votes. This can happen at any time of the year but it is customary for all non-emergency revisions to be bundled together and authorised towards the end of the year in February. Revisions are submitted to Parliament as 'Supplementary Estimates' and 'New Estimates'. Supplementary estimates vary spending by established departments and accounting units. New Estimates cover new programmes established during the year. This year's New Estimates, for example, seek spending authorisation for the new 'Markets and Competition Authority' (under BIS) and the new 'National Crime Agency' (under the Home Office).
Mostly, the bulk of revisions will relate to existing departments. This year there are fifty separate entities submitting estimates.
In addition, a small group of independent organisations submit estimates independently of the Treasury (Electoral Commission, IPSA, National Audit Office, HoC Administration, Boundaries Commission).
Expenditure is split into two main categories. The first is 'Departmental Expenditure Limits' (DEL) which were set in a four year plan in 2010 and cover fixed departmental costs'. The second is 'Annually Managed Expenditure' (AME) which is determined during the yearly budget process and which is aimed mostly at costs which vary in line with the economic cycle. Both DEL and AME categories are further split into 'Resources' (consumption expenditure) and 'Capital' (investments).
Expenditure by the devolved administrations is not split by the Treasury into DEL and AME or Resources and Capital. It is submitted as an aggregate estimate under the 'Non-budget Expenditure' category.
Not all expenditure needs to be authorised by parliamentary vote: a notable example is expenditure funded by National Insurance revenuse. So the scope of the Supply Estimates is less than that of 'Total Managed Expenditure' (TME) which is stated, for example, in the Public Expenditure Statistical Analyses (PESA) document published by the Treasury each July. This year TME is planned to be £720 billion whereas 'voted estimates' total just under £550 billion.
[... to be continued]
Part II: Why the fuss?
Normally the Supplementary Estimates are unworthy of remark. The OBR assumed in their commentary on yesterday's Public Finances bulletin that the estimates would indicate an overall underspend:
A particular uncertainty [in predicting the year end fiscal outturn] is the degree to which central government departments will underspend against the plans for Departmental Expenditure Limits (DELs). Much depends on departments’ reductions in spending in their supplementary estimates, which form their final spending plans, and the extent to which they then underspend against those final plans. Departments supplementary estimates have now been published, and we will update our forecasts of departments underspends against their DELs in our March EFO forecast.
This was certainly the case last year as can be seen in the first Yellow Box: Expenditure was revised down by a small percentage in all categories except 'Non-budget Expenditure'. Apart from blaming the damned celts for profligacy at the expense of the English, there is little to note here.
The 'Resource to cash adjustments' line is important. Not all expenditure requires cash funding (either from revenues or borrowing). Depreciation and provisions against future liabilities are typical examples of non cash flow expenses. Additionally, as almost all figures are 'net' (departmental income offsets expenditure) all categories can 'hide' some material transactions. Sales of bank shares and repayment of government loans for example, but [much] more of this later!
At this stage it is enough to note that of the £515 billion planned spending in 2012-13 only £455 billion required cash funding.
[... to be continued]
Part III: Go on, tell us!
Chote's assumption that the Supplementary Estimates will usually indicate an underspend did not apply in 2011-12. Here, a bad year for the economy, the government struggled to keep expenditure to the budget plans: Again not much to note. Most categories up around 2.5% mitigated slightly by a larger proportion not involving an additional borrowing.
But we need to see the 'ordinary years' before looking at the revisions to this year. Time to break the tension then. Here we go: [...to be continued]
Surely such a fate is not to be tolerated ??
I dont see the Greens doing so well this time, and think the LD pro EU strategy is a sensible and distinctive one. These elections do seem to hinge on a 10% threshold so that 12% gets numbers of seats while 9% may well get one or even zero.
We should see the back of the 2 BNP MEPs though I was a little surprised to see how well the BNP vote held up in Wythenshaw.
Part IV: So?
An alternative way of looking at this years changes is to split out Investment and Consumption or 'Resource' and 'Capital'. Here we go with more friendly headings: Now this is worthy of remark!
We can see that government consumption expenditure for 'this year' (ending March!) has been increased over the April estimates by £40 billion or over 10%: an amount around the size of the entire Defence annual resource spend.
And this increase in consumption has been part financed by a £7 billion reduction in capital expenditure. The rest of the overspend has been covered by a 64% (yes, 64%) increase amounting to £36 billion of 'net adjustments' to planned cash requirements.
So just what is hidden in that slug of £36 billion cash?
The bottom line of course balances. George can stand up in Parliament and claim that he will NOT have to borrow a pound more in order to achieve this £40 billion of additional government spending. Indeed the Net Cash Requirement for the government falls by near on a billion pounds.
What a mystery!
And the rest is silence ...
[to be continued ... but not 'til tonight].
Just been YouGov's on behalf of the Coop. Rather ironic as the Coop supermarket in my nearest town Tain closed yesterday because hardly anyone shopped there. Far too expensive. That is another minor blow to the Labour Party's funding.
I look forward to your concise summary this evening!
It does bring to mind some of the discussions that I have been having with our financial people and commissioners. So few people can read a spreadsheet intelligently and tease out the devil in the detail. So we see a long discussion over whether to have some new signs up in the dept and where, while a £600 000 project goes through on the nod.
This should work:
A truly sad fate !!
...........................................................................
BTW , not sure if this has been noted on PB but the BBC has announced that David Dimbleby will get a last outing as lead presenter of their general election coverage next year. Huw Edwardes will replace him :
http://www.bbc.co.uk/news/entertainment-arts-26270264
How much does the co-op give to Labour?> Can it afford to give anything.?
Speculation is growing in Europe over Prime Minister David Cameron’s rumoured backing of European Commission President José Manuel Barroso should he make a bid to become the next head of Nato.
For months there has been media speculation that Mr Barroso is keen to be the next general secretary of Nato after Anders Fogh Rasmussen relinquishes the post in September this year.
Now, Mr Cameron is rumoured to have pledged backing for Mr Barroso, a move which could give any bid the current EC president makes for the role significantly more weight.
Speculation further increased after Mr Barroso appeared on the BBC’s Andrew Marr show on Sunday and claimed Scotland would find it "extremely difficult, if not impossible" to find the support of fellow members of the EU to maintain membership in the event of a Yes vote in the independence referendum.
The latest threat to Scottish independence? Eurovision!
http://www.dailymail.co.uk/news/article-2565259/The-latest-threat-Scottish-independence-Eurovision-Scotland-warned-not-guaranteed-place-replaces-BBC-broadcaster.html
http://www1.skysports.com/f1/news/24180/9177321/jenson-button-optimistic-about-mclarens-prospects-but-suspects-mercedes-are-ahead
Andrew Neil please!
ROYAL Bank of Scotland will next week unveil a major shake-up that will radically reduce its size and pull the plug on many overseas markets to focus on UK high street and business lending – with fears that thousands of jobs will be lost.
El Presidente appears to have gone into hiding. One of the reasons parliament has carried so many votes despite the apparent majority for the Party of Regions was that some of his deputies didn't turn up, others just defected and voted with the opposition.
Collapse? Looks like it but theres a lot of manpower on the streets, some of it military conscripts who have joined the opposition and opposition leaders will have to try to keep it in check.
The symbolism of events goes as far as old statues etc of Lenin being taken down all over the country but this is very tricky.
So,DH could be right.In any case,it's worth having a look at the next LibDem leader market.
Mike has guided us toward Lamb but I wonder if their party members want another OrangeBooker so it is not surprising Farron is 7-4 fav with PP..
There is also a retirement home for Lenin Statues in Moscow. I am not sure if this is it - I originally saw a photo in the Moscow Times but it gives the flavour of being a statue out of favour.
http://bit.ly/1gpZXnp
Ukraine needs to reestablish security before the Sochi Olympics ceremony ends. I think Putin may have spent more time in the last few days watching the goings on in Independence Square than he has the ice hockey tournament in Sochi.
And that may not bode well for the Ukrainians.
http://www.standard.co.uk/news/politics/the-political-interview-george-osborne-on-heathrow-haircuts-and-family-life-in-downing-street-9144042.html
http://www.newsnetscotland.com/index.php/scottish-news/8770-rumours-of-cameron-backing-for-barroso-nato-bid-sweeps-brussels
You take the art of political obfuscation to a level not seen since the last days of the Lib/Lab pact in 1979.
It's not like either contradicted the consistent official EU position......
Scottish National Paranoia."...
"F1: Button jealous of Mercedes' tighter rear end grip"
There are many who think the same about my ARSE.
Jailed twice for robbery, assault and rape in his youth (but curiously without appealing his sentence) he arranged later in life for his criminal records to be lost by the authorities. Hence the fact that the opposition refers to him as "that convict".
He is a typical CPSU type apparatchik moving quickly up the ranks of the party by 'concretna' action', i.e. bullying opponents into compliance with the party's diktats.
He is not even Ukrainian and hardly speaks the language, He was born to a Russian Mother and his father was Belarussian/Polish (that part of the world suffered great population shifts post WWII).
He has little formal education and, like IDS, is famous for claiming fantasy degrees from non-existent universities.
His powerbase has been the Russian speaking and populated Donetsk region in the North West of Ukraine. This is tough coal mining and heavy industrial country and vital to Ukraine's economic future as well as the recruiting ground for the Russian dominated security forces.
Yanukovych will only go when abandoned by Putin. The Kiev Duma can vote how it wishes but it won't prevail over Russian interests. That said I can see Moscow offering Yanukovych a comfortable retirement dacha pretty quickly. I guess the only reason he is not ensconced there already is that Putin needs the right successor in place.
This could end in a very ugly way for Yanukovych, his family and oligarchic henchmen. Think Ceausescu and Romania. But more likely he will grab the Moscow lifeline when thrown.
His career as the Ukrainian President is over whatever happens.
http://www.economist.com/blogs/blighty/2014/02/economics-scottish-independence
Which distributed: Con, UKIP, Con, LD, Lab, Con, UKIP - so LD don't immediately look vulnerable.
At a guess, we could see: Con: 401,000; UKIP: 400,000; LD: 150,000; Lab: 250,000; GRN: 140,000.
Which would be: Con, UKIP, Lab, Con, UKIP, LD, GRN.
In which case the LDs could be displaced by both Con or UKIP doing a bit better - 420,000 or LDs a bit worse - or by one of them doing better and the Lib Dems falling behind the Greens.
Is it possible to restore a revised system with just a "noted" button rather than posting such an acknowledgment ?
Often it may appear rude not to post a reply when a simple "Noted" would suffice.
'Alistair Darling has criticised the "tawdry" treatment meted out to Fred Goodwin after the banker was humiliatingly stripped of his knighthood.
The former chancellor voiced distaste at the way Goodwin had been singled out by the government, while other senior figures escaped punishment.'
http://tinyurl.com/pyegtqt
Yummmm.... ;-)
Nasr's a driver I've been watching for some years. He won the competitive British F3 championship in 2011, thrashing second place Kevin Magnussen who now drives for McLaren. In GP2, he came 10th in 2012 and 4th in 2013. He also came 3rd in the 2012 Daytona 24 hour race.
http://en.wikipedia.org/wiki/Felipe_Nasr
Williams now have a Felipe Massa and a Felipe Nasr. Commentators will hate it if they ever race at the same time ...
One to watch.
Nasr sounds like he could get a race seat sometime.
The bigger question is where is Yulia Timoshenko? My understanding is that her release was part of the agreement. As yet though not a peep of an announcement.
Curious.
Also wanted by Interpol...some guys eh.
Just asking, as I don't see the Greens as obviously socialist/collectivist.
Or, come to that, revolutionary.