Somebody should tell the Govt that sending ministers out to tell customers to switch from the first energy company to put up prices makes them look even more out if touch, everyone in the country knows the others are following
Indeed. But there are some good fixed rates out there and no reason not to snap them up now before the others do raise their prices. Only a fool would move to a variable rate.
Surely the fixed rates reflect swap/futures prices, so essentially the median market expectation of the underlying variable price for the fixed period, distorted by any asymmetric demand for hedging - which means anyone who thinks the market is underpricing future rises would go fixed, and vice versa. If the power companies are offering fixed deals at a smaller margin vs market prices than variable deals it would be interesting to know - is there any evidence that there is value in fixes because of that?
Is it worse for Ed to be described as a "soclialist" or as "weak"?
The latter hasn't been heard recently yet formed almost the enitre CON strategy up 17 days ago.
The current confusion of the Tory strategy seems to be the desire to portray him as a weak socialist: "Fear Ed! He wants to make radical left wing reforms you won't like but he's too weak to do what he wants! He wants to interfere in the free functioning of the energy market which will be a disaster, but he'll fail at it and anyway prices are a bit too high and we'll interfere too, just a bit less and in a way which won't scare the markets as much as weak yet socialist Ed!"
They probably need to work out which line to run with sometime soon.
Is it worse for Ed to be described as a "soclialist" or as "weak"?
The latter hasn't been heard recently yet formed almost the enitre CON strategy up 17 days ago.
If you aren't a core Labour voter - I'd say its a toss up between the two. If you aren't old enough to remember socialism in action, then weak will do instead. If you're over 40 - its a double whammy.
OGH - I refer you to the latest piece from Saint Hodges of Kensingontutchelsea.
They acknowledged that Ed Miliband’s announcement he would freeze energy prices had resonated with the public. Yet they also believed Labour had made a crucial strategic error.
“The idea that Labour is marching off to the left has been embedded,” a Tory strategist told me. “Before [the conference season], our dilemma was whether we painted Ed Miliband as a joke or as someone who was dangerous. We’re now confident we can do both.”
Somebody should tell the Govt that sending ministers out to tell customers to switch from the first energy company to put up prices makes them look even more out if touch, everyone in the country knows the others are following
Indeed. But there are some good fixed rates out there and no reason not to snap them up now before the others do raise their prices. Only a fool would move to a variable rate.
Is Dave not abolishing those and putting everyone on "the lowest tariff" I thought I'd read that energy companies were dumping a load of tariffs that pensioners prefer in preparation for the coming of Daves heroic irrelevance?
You should probably just read the proposals rather than make up what you think they say
"Under government plans, it seems as though consumers will be given the chance to choose from one of four types of tariff.
These must include a variable rate deal and one with a fixed rate over a certain period of time. Others may include a green tariff or similar, whatever the supplier thinks is competitive.
Suppliers must offer just one price for each of the four tariffs. Customers will be put on the cheapest price of the tariff of their choice."
Somebody should tell the Govt that sending ministers out to tell customers to switch from the first energy company to put up prices makes them look even more out if touch, everyone in the country knows the others are following
Indeed. But there are some good fixed rates out there and no reason not to snap them up now before the others do raise their prices. Only a fool would move to a variable rate.
Is Dave not abolishing those and putting everyone on "the lowest tariff" I thought I'd read that energy companies were dumping a load of tariffs that pensioners prefer in preparation for the coming of Daves heroic irrelevance?
No - lots of fixed rate tariffs are available, depending on how long you want to fix for. There is a price you pay obviously for fixing for a long time but it (a) gives you certainty - which helps with budgeting; (b) protects you from price rises in the interim - I take the view that prices are more likely to rise than not; and (c) allows you to take your energy savings methods in the meanwhile.
No reason why pensioners or others can't take advantage of these deals and no reason why politicians can't advise people to look at comparison sites to see whether they can get a better deal than what they're on now.
None of this affects the underlying point which is that neither this government nor previous ones have done anything like enough to ensure that there is a sufficient and secure energy supply to this country. At some point this will bite us all big-time.
Is it worse for Ed to be described as a "soclialist" or as "weak"?
The latter hasn't been heard recently yet formed almost the enitre CON strategy up 17 days ago.
He is a ruthless opportunist. Great for opposition tbh, particularly mid-term. The big question is does it stand up at the next GE when people are doing a sober analysis of who is to form the next Gov't.
My assessment is that Labour Minority and Labour Majority are a coin flip.
Did Brian arrive in a a bus, accompanied by 2 badgers carrying some goalposts and then just park up in front of them?
Ross Hawkins@rosschawkins2m Leveson: not trying to be difficult, not trying to avoid what are understandable questions
Paul Waugh@paulwaugh2m Leveson:"I've a profound respect for Parliament + of course I wd never say No [to giving evidence]" Then reads letter on why not answerng Qs
So what happened to the coalition pledge (on postal primaries wasn't it, not just an open meeting)
Seems to have been quietly shelved. Good thing too - firstly why on earth should the taxpayer subsidise the selection procedure for political parties?, and secondly we need a lot more experience of open primaries before concluding they are necessarily a Good Thing. They might be, but they may also have very significant snags, such as favouring celebrities who turn out to be rather vacuous, and devaluing the role of party members.
Did Brian arrive in a a bus, accompanied by 2 badgers carrying some goalposts and then just park up in front of them?
Ross Hawkins@rosschawkins2m Leveson: not trying to be difficult, not trying to avoid what are understandable questions
Paul Waugh@paulwaugh2m Leveson:"I've a profound respect for Parliament + of course I wd never say No [to giving evidence]" Then reads letter on why not answerng Qs
I honestly have no idea what Leveson is saying and I can see why John Whittingdale is so exasperated at his pinhead dancing. It's like watching Sir Humphrey testify.
Good afternoon colleagues and PB lefties, I gather another of my tips that Sir Ming would hang up his running shoes has been confirmed. Should be an interesting opportunity for the Tory candidate at #GE2015 who according to Baxter is presently predicted to win the seat.
Wonder how many more of the sitting Scottish MPs I have indicated to some PBers are likely to retire will do so.
The challengers to the LD's in 2015 will be SNP not the Conservatives . 2012 council results for the wards making up the parliamentary seat were roughly LD 8,300 SNP 6,200 Con 4,200 Lab 3,500 plus an Independent in Cupar who took 1,556 votes . His 2nd preferences split roughly 2:1:1:1 in favour of the LD's
Thank you Mark. And I note that Rod Crosby concurs with you.
The reason that the SNP are more realistic challengers to the Lib Dems in Fife North East is purely down to practicalities: the SNP are total experts at the "ground war" stuff. We have the money, we have the expertise, we have the large, motivated membership numbers, we have the databases, and we have the solid base of electoral support. The Tories have only got one or two of those things. The poor old Lib Dems have perhaps one of them.
And yet the poor old Lib Dems out polled SNP in the 2012 elections and substantially out polled the Conservatives .
What is your prediction for the Dunfermline by-election in a fortnight Mark? Will the Lib Dems manage to hold on to 3rd place? It would be pretty astonishing if you did not, considering that the Tories were 12.6 points behind you last time out.
I'm pretty sure the answer's not zero. Carrington's under construction atm. There's also (from memory) one at Pembroke, and Staythorpe? opened in late 2010, so that's Labour's responsibility. Sadly, I don't maintain a list, and cannot find one... http://www.carringtonpower.co.uk/
The problem is that the market economic of new power stations is queered by the system of levies. If the companies do not think that the plants will be economic long-term, they won't get built.
It doesn't matter if they're owned by UK companies or foreign companies: if the bottom line isn't there, they won't invest. If it is, they will.
ISTR that RCS suggested he might write a small primer about the way the energy industry works. I think that such a document might be a brilliant aid for debate.
Josias, thanks very much for your correction! Staythorpe generates 1.65 GW, Pembroke 2 GW and Carrington 0.88 GW, for a total of 4.53 GW of generating capacity.
Interestingly [according to wikipedia], Staythorpe was given planning permission in 1993(!), but construction restarted in 2008 after being halted. Construction of Pembroke also began in 2008, after a 2007 proposal. Carrington was given planning permission in 2008. These are all just before Miliband became secretary of state at DECC at the end of 2008.
From the public debate on this issue I had gained the erroneous impression that no new power stations had been built in the last 5-10 years.
James Forsyth @JGForsyth That 95% + of 2010 Tories prepared to reject Afriyie amendment shows that there’s a new, more disciplined Tory mood bit.ly/19BCkmH
James Forsyth @JGForsyth Humiliation for @AdamAfriyie as 140+ of the 147 new intake Tory MPs write to him telling him to drop his EU amendment bit.ly/19BCkmH
Alastair Stewart @alstewitn @BBCNormanS@CarolineFlintMP Arthur Scargill always had a flat-cap and a can of Faberge hair-spray in his brief-case: 'All circs' covered'.
Good afternoon colleagues and PB lefties, I gather another of my tips that Sir Ming would hang up his running shoes has been confirmed. Should be an interesting opportunity for the Tory candidate at #GE2015 who according to Baxter is presently predicted to win the seat.
Wonder how many more of the sitting Scottish MPs I have indicated to some PBers are likely to retire will do so.
The challengers to the LD's in 2015 will be SNP not the Conservatives . 2012 council results for the wards making up the parliamentary seat were roughly LD 8,300 SNP 6,200 Con 4,200 Lab 3,500 plus an Independent in Cupar who took 1,556 votes . His 2nd preferences split roughly 2:1:1:1 in favour of the LD's
Thank you Mark. And I note that Rod Crosby concurs with you.
The reason that the SNP are more realistic challengers to the Lib Dems in Fife North East is purely down to practicalities: the SNP are total experts at the "ground war" stuff. We have the money, we have the expertise, we have the large, motivated membership numbers, we have the databases, and we have the solid base of electoral support. The Tories have only got one or two of those things. The poor old Lib Dems have perhaps one of them.
And yet the poor old Lib Dems out polled SNP in the 2012 elections and substantially out polled the Conservatives .
What is your prediction for the Dunfermline by-election in a fortnight Mark? Will the Lib Dems manage to hold on to 3rd place? It would be pretty astonishing if you did not, considering that the Tories were 12.6 points behind you last time out.
Not looked too deeply into Dunfermline yet but I would expect easy Labour gain and LD's 3rd . Two Scottish by elections today , I expect LD gain in Borders and possibly narrow Labour gain from SNP in Glasgow .
So far as UKIP are concerned for the understated reasons given by SeanT last night I still think that the majority of their current support will hold their noses and vote tory where it matters. The more left Ed goes the easier that sell will be and so far at least he is showing remarkably little interest in the middle ground.
The Labour party is a long, long way from being fit to run this country and will remain so until the detrius of the Brown generation leave the stage. At the moment, especially following the reshuffle, they are in complete control of the party.
After watching this select committee - if Dave were to burn a copy of this goons report outside no 10 and wash his hands of the whole thing he'd go up in my estimation.
After watching this select committee - if Dave were to burn a copy of this goons report outside no 10 and wash his hands of the whole thing he'd go up in my estimation.
This had me LOL - Leveson is filibustering in an epic way.
Niall Paterson @skynewsniall Leveson: I am concerned that this inquiry may have an effect on judges being asked to do similar in future [massively paraphrased]
James Forsyth @JGForsyth That 95% + of 2010 Tories prepared to reject Afriyie amendment shows that there’s a new, more disciplined Tory mood bit.ly/19BCkmH
James Forsyth @JGForsyth Humiliation for @AdamAfriyie as 140+ of the 147 new intake Tory MPs write to him telling him to drop his EU amendment bit.ly/19BCkmH
Any chance this prima donna might defect to Ukip ?
James Forsyth @JGForsyth That 95% + of 2010 Tories prepared to reject Afriyie amendment shows that there’s a new, more disciplined Tory mood bit.ly/19BCkmH
James Forsyth @JGForsyth Humiliation for @AdamAfriyie as 140+ of the 147 new intake Tory MPs write to him telling him to drop his EU amendment bit.ly/19BCkmH
Any chance this prima donna might defect to Ukip ?
He's finished in the blues surely ?
Isn't he MP for Windsor? He's got no chance there and I suspect he's a grandstander with no real gumption.
Josias, thanks very much for your correction! Staythorpe generates 1.65 GW, Pembroke 2 GW and Carrington 0.88 GW, for a total of 4.53 GW of generating capacity.
Interestingly [according to wikipedia], Staythorpe was given planning permission in 1993(!), but construction restarted in 2008 after being halted. Construction of Pembroke also began in 2008, after a 2007 proposal. Carrington was given planning permission in 2008. These are all just before Miliband became secretary of state at DECC at the end of 2008.
From the public debate on this issue I had gained the erroneous impression that no new power stations had been built in the last 5-10 years.
I'm not sure where you got that impression from - there's always new capacity being built or replaced. it's the generative capacity that matters.
The 'crimes' I would put against Ed during his time at DECC in this respect are: 1) Agreeing to the European Large Combustion Plant Directive (1), and therefore forcing a fair few large-capacity coal plants to shut down before their natural age (it was hours-limited). 2) Not going for a near one-on-one wrt replacement baseload capacity; i.e. building new plants to come on stream at the time of the closures. 3) Forcing new coal plants to have CCS, which is a largely untried capability at scale, and therefore stopping all new coal plants from being built. 4) Not moving forward with nuclear. 5) Allowing the perversity of large-scale biomass.
For the coalition, it was to late to reverse 1. They've been looking at nuclear for 2), but should really have gone for immediate CCGT in 2010, to be coming on stream in the next couple of years. I don't think they're reverse 3). They're trying to get 4) going. They're reversing 5), although there are great difficulties in doing this.
Too slow by the coalition, but at least they're on the right course.
James Forsyth @JGForsyth That 95% + of 2010 Tories prepared to reject Afriyie amendment shows that there’s a new, more disciplined Tory mood bit.ly/19BCkmH
James Forsyth @JGForsyth Humiliation for @AdamAfriyie as 140+ of the 147 new intake Tory MPs write to him telling him to drop his EU amendment bit.ly/19BCkmH
Any chance this prima donna might defect to Ukip ?
He's finished in the blues surely ?
Isn't he MP for Windsor? He's got no chance there and I suspect he's a grandstander with no real gumption.
James Chapman (Mail) @jameschappers .@Conor_BurnsMP tells Leveson: 'You say this is our problem. It's a problem created by your report at the invitation of the Prime Minister'
Leveson is making a right nit of himself - he refuses to answer any of the questions and is just wibbling endlessly.
Paul Waugh @paulwaugh Ah Brian's back on the Alphabetti Spaghetti: "I refer you to J2..."
In 1983, the 'resilient' SDP with 26% of the vote won no seats, other than
a) 4 defectors from Labour who held on b) 1 by-election victor who held on c) 1 former Liberal seat where they were oddly given a free run
We note that none of the above will apply to UKIP in 2015. Their best chance remains Eastleigh, and that's a long shot. Hard to see where any other gains may materialize from, on a low, evenly-spread share of the vote.
For all the ramping of Farage, UKIP's sole national figure, he's already shown he's an electoral dud. 5% in 2005, third place against Buckingham's open goal in 2010...
The badgers moving the goalposts is the sort of comment that can end a career. Really, really stupid.
You have to feel sorry for the guy - in context it was funny and accurate.
It's a shame politicians who speak like this get jumped on the way they do. The result is that they all end up talking in the same bland, slightly weird politician language.
So far as UKIP are concerned for the understated reasons given by SeanT last night I still think that the majority of their current support will hold their noses and vote tory where it matters. The more left Ed goes the easier that sell will be and so far at least he is showing remarkably little interest in the middle ground.
The Labour party is a long, long way from being fit to run this country and will remain so until the detrius of the Brown generation leave the stage. At the moment, especially following the reshuffle, they are in complete control of the party.
Ed - left? I am not so sure. Authoritarian maybe. Interventionist in as way not seen since 1979 almost certainly. However I agree that when push comes to shove in 2015 a large number of UKIP voters will return to the Tories if only because this has not been a bad government in the sense that it deserves to be voted out unlike the previous one. I think a lot of credit for that lies with the Lib Dems who by and large have been sober and sensible influence.in contrast to some of the raving behaviour from the Tory parliamentary right
[Miliband] is a ruthless opportunist. Great for opposition tbh, particularly mid-term. The big question is does it stand up at the next GE when people are doing a sober analysis of who is to form the next Gov't..
Agree 100%. Labour seem to be building up a solid history of opportunistic policies and announcements that look good but then unravel under closer investigation.
Thinking back to last year's Budget, the Conservatives are perhaps going for the opposite approach of doing things that look bad but actually make plenty of sense. Like the pasty tax - presentationally awful but actually making the VAT regulations consistent across all kinds of cooked take-away food. You could argue that the current government is showing admirable faith in the UK electorate...
The badgers moving the goalposts is the sort of comment that can end a career. Really, really stupid.
You have to feel sorry for the guy - in context it was funny and accurate.
It's a shame politicians who speak like this get jumped on the way they do. The result is that they all end up talking in the same bland, slightly weird politician language.
Agree - the trouble is this is obituary material - both for a current career, and when, one hopes many years hence, he makes a final appearance in the Times......
The badgers moving the goalposts is the sort of comment that can end a career. Really, really stupid.
You have to feel sorry for the guy - in context it was funny and accurate.
It's a shame politicians who speak like this get jumped on the way they do. The result is that they all end up talking in the same bland, slightly weird politician language.
I think, as long as they acknowledge it when they say something amusingly stupid and have a laugh then this kind of comment is regarded with more affection than condemnation. Something like "actually, that's rather a ridiculous image, but you get the point..." before carrying on. Think how Boris would deal with it.
The problem here is that the point he was making is truly moronic. Effectively he was held to account against the success criteria he had previously set and then argued that he couldn't be held to account because of the limitations of working with unpredictable wild animals. If you can't construct goalposts that your trial subjects can't move, then what possible sense is there in implementing a trial?
After watching this select committee - if Dave were to burn a copy of this goons report outside no 10 and wash his hands of the whole thing he'd go up in my estimation.
Dave hung himself on this hook
Dave didn't agree to implement it without having read it.......
This is from the Cameron statement from November 2012 in response to Leveson
"...While no one wants to see full statutory regulation, let me stress: the status quo is not an option. Be in no doubt – we should be determined to see Lord Justice Leveson’s principles implemented.
Mr Speaker, there is much that we in this country can be proud of: the oldest democracy in the world; the freedom of speech; a free press; frank and healthy public debate.
But this Report lays bare that the system of press regulation we have is badly broken – and has let down victims badly. Our responsibility is to fix this.
The task for us now is to build this new system of press regulation that supports our great traditions of investigative journalism and of free speech but that protects the rights of the vulnerable and the innocent and commands the confidence of the whole country...
I've yet to see any journalists impressed by Leveson's response so far - and I follow maybe 100 of them.
Paul Waugh @paulwaugh Tracey Crouch bang on. Leveson inquiry not like a court case of X v Y, so why didn't be take Qs on his report? Qs which he is taking tday..
Tim Shipman (Mail) @ShippersUnbound Leveson has been totally unaccountable from the start, when he flatly refused to take questions from the press. He believes himself above it
Charlie Beckett @CharlieBeckett Is it true that all judges don't comment on their public inquiries - didn't Blom Cooper comment on Beckford for eg? #Leveson
Is it worse for Ed to be described as a "soclialist" or as "weak"?
The latter hasn't been heard recently yet formed almost the enitre CON strategy up 17 days ago.
It's worse to be described as weak. "Socialism" has lost much of its potency amongst the relatively apolitical mainstream. It no doubt offends a good 30-40% of the electorate, but largely within a group that are very unlikely to vote Labour anyway. However, "weak" strikes at the heart of electability.
The Conservatives have got themselves in a terrible tangle over this. It was an obvious error to try to portray the energy freeze policy as Marxist. Don't get me wrong, it is a bad idea, with very serious consequences that Labour seem incapable of understanding, but the average man on the street simply will not agree that energy companies having to hold prices for a relatively short period will result in the sky falling in.
The Conservative response to Miliband should focus on his character. It is still true that he is weak - certainly the public believe that he is - and the Conservatives have plenty of examples they can cite of Miliband failing to take responsibility for tough decisions (i.e. opposition to welfare cuts). There is an easy "he says he understands the need for cuts, but can't ever bring himself to do it" narrative. A kind of "He's a nice chap, but...." attack. The longer-term theme the Tories need to build is that Miliband is a man who just does not think about the longer term consequences of his actions. I believe Miliband to be unfit for the office of Prime Minister, and I know many long-standing political observers of all colours agree. I have seen evidence of that on a number of occasions, from his behaviour over certain media indiscretions (I think I got away with it!), to the Syria vote, to his casual introduction of price fixing, to his inability to support welfare cuts in almost any circumstance. His personal approval levels are astonishingly low, bearing in mind Labour's quite comfortable polling lead, which suggests the public at very least harbour serious reservations. Of course the Conservatives should focus on that.
They should also not neglect the shadow cabinet. I actually have some sympathy for Miliband in this respect because I think he is poorly served by most of his shadow cabinet colleagues. Amongst the "senior" positions only Balls and Umunna seem prepared to go out to bat with any vigour.
James Chapman (Mail) @jameschappers 'I don't know how many libel actions the local press has to face,' says Leveson innocently. Why on earth not?
Fraser Nelson @FraserNelson Leveson now showing ignorance of the press which underlines his report. Why don't we now have an inquiry into lawyers, chaired by a butcher?
RT @ShippersUnbound: Leveson casually dismissing the concerns of the regional press like a man who never reads a paper
It is a pity. Animals showing adaptive behaviour - not unexpected.
But don't get cocky, badgers, you can run but you can't hide (not forever, anyway).
That's what they said about Al Qaeda in Mesopotania.
If this one comes down to humans vs badgers the badgers will win. You kill one lot of badgers and the neighbouring badgers take over their territory, so you end up with more, cleverer badgers.
The solution, which amazingly the British have still failed to cotton onto despite decades spent administering an empire, is divide-and-rule: Innoculate some of the badgers, then arm and train them to kill the uninnoculated badgers.
"The Government Equalities Office originally estimated that there would be between 11,000 and 22,000 civil partners in Great Britain by 2010, but there were actually over 79,000 people in civil partnerships at the start of 2010."
Mr. T, bah. If/when I'm in such a financially delightful position I won't feel guilty for a bloody minute, or remotely worried. You wrote a book good enough to make you bundles of cash. "Huzzah!" is what you ought to be saying.
It is a pity. Animals showing adaptive behaviour - not unexpected.
But don't get cocky, badgers, you can run but you can't hide (not forever, anyway).
That's what they said about Al Qaeda in Mesopotania.
If this one comes down to humans vs badgers the badgers will win. You kill one lot of badgers and the neighbouring badgers take over their territory, so you end up with more, cleverer badgers.
The solution, which amazingly the British have still failed to cotton onto despite decades spent administering an empire, is divide-and-rule: Innoculate some of the badgers, then arm and train them to kill the uninnoculated badgers.
Shaun Freke @Connorfield56 Glos cull area, Tibberton, cull protestors guard 'Badger sett' for three weeks before realising it was a rabbit warren #countrywise
And to answer Mikes point further, branding Ed a Socialist on issues like this is inherently counterproductive because all the polling done on privatised utilities, renationalisation etc puts the public way to the left of Miliband.
You're right, but I am not terribly sure of the value of that kind of polling. On those types of questions people tend to take the opportunity to bemoan the status quo, whatever it may be. Put it another way, I would not be betting too heavily on any political party that stood on a platform of wholescale renationalisations.
But, as an aside, if the Royal Mail share price rises by even as little as 10% (or for that matter declines by as much as 10%) I expect the political reaction to be brutal.
"The Government Equalities Office originally estimated that there would be between 11,000 and 22,000 civil partners in Great Britain by 2010, but there were actually over 79,000 people in civil partnerships at the start of 2010."
Tim Shipman: @ShippersUnbound Tory MPs told me last night that Adam Afriyie thinks his referendum gambit has done his longterm prospects good. Wonder if he still does?
@alexmassie @ShippersUnbound Has anyone not named Adam Afriyie ever thought Adam Afriyie had any long-term prospects at all?
"...the court case in 1989 when he was charged with tax evasion.
Ken kept the court house in stitches during the three month trial when he admitted that, at that time, he kept most of his money in suitcases in the attic.
When the judge asked him what £100,000 in a suitcase felt like, Ken responded with "the notes are very light m'Lord!"
The case was literally laughed out of court and he was acquitted."
On the energy thing, everyone seems to talk about the energy companies not building much capacity as if it's a market failure, but are we sure it's not just the free market allocating capital correctly? Solar got crazy cheap over a short period of time, wind hasn't yet but the Germans are on the case. The needs of a grid with a lot of renewables are going to look very different from the needs of a grid without, but we don't know for sure how practical large-scale renewables are going to be in non-sunny countries, and wind might still turn out to suck for a while.
Some people are afraid of blackouts, but those people seem to have strong representation from the bonkers community. Wouldn't a sensible market just hold off for a bit and see what happens?
"But, as an aside, if the Royal Mail share price rises by even as little as 10% (or for that matter declines by as much as 10%) I expect the political reaction to be brutal."
I think Osborne would be delighted with 10%, I sense they are worried they got this one seriously wrong.
I am not sure they sense it, so much as have known that it is coming for a long time and have braced themselves for it. The Government are in an unenviable position because they only get one opportunity to price the shares and then there is a protracted period in which the market can prove them wrong (or just move against them for unrelated reasons, like the US sorting out the budget impasse and continuing the flow of easy money). But if there is a very big first day/week spike, as unfulfilled demand suggests is possible, fairly or not the politicians will have much to answer for.
I suspect even Vince Cable would smile ruefully if after all this speculation it was a privatisation that destroyed his reputation and forced his resignation - not saying it is at all likely, but its somewhere on the spectrum of possibilities. Of course, its quite possible that even if there is a price spike something else will keep it off the news, or the media will be obsessing about Leveson or whetever and it will just pass us by. Who'd be a punter...
Some people are afraid of blackouts, but those people seem to have strong representation from the bonkers community. Wouldn't a sensible market just hold off for a bit and see what happens?
That's what they are doing, and that is precisely the problem, giving that it takes 3-5 years, maybe more, to add new capacity once we find there isn't enough. The investors need some certainty, they were already showing doubts, and Ed has made it even worse.
I think Osborne would be delighted with 10%, I sense they are worried they got this one seriously wrong.
As badly wrong as Labour was over QinetiQ? At least it wont be a small handful of insiders who pocket most of the profit in this case.
"In November 2007, the NAO reported that taxpayers could have gained "tens of millions" more and was critical of the incentive scheme given to Qinetiq managers, the 10 most senior of whom gained £107.5m on a total investment of £540,000 in the company's shares. The return of 19,990% on their investment was described as "excessive" by the NAO. The role of Qinetiq's management in negotiating terms with the Carlyle Group, while the private equity company was bidding for the business, was also criticised by the NAO. Carlyle bought a third of the business for £42m which grew in value to £372m in less than four years."
I believe I posted that Adam A was a bell end at the weekend.
I was wrong, he has managed to bring unheard of unity and togetherness amongst the Tory MPs and I commend him for putting party ahead of his own career....
The under-pricing criticism was used time and time again re privatisation. If Cable didn't think the price was realistic he could have spoken out earlier. Trite politicians looking for lame excuses.
I'm still chortling away at tim's concerns when Osborne sold a few Lloyds shares in a block trade... the daily perhaps hourly commentary on the price and news relevant to the selling price was ignorance of the highest order and a rare weak spot in his knowledge portfolio!
More of the same soon expected.
BTW Vince is an utter bell end if as Peston reports he's limited allocations to we punters to those who applied for less than £10k with nothing for those who wanted more...
He'll have lost my vote forever if so... take that Cable, in Bercow land that could ruin you!
On the energy thing, everyone seems to talk about the energy companies not building much capacity as if it's a market failure, but are we sure it's not just the free market allocating capital correctly? Solar got crazy cheap over a short period of time, wind hasn't yet but the Germans are on the case. The needs of a grid with a lot of renewables are going to look very different from the needs of a grid without, but we don't know for sure how practical large-scale renewables are going to be in non-sunny countries, and wind might still turn out to suck for a while.
Some people are afraid of blackouts, but those people seem to have strong representation from the bonkers community. Wouldn't a sensible market just hold off for a bit and see what happens?
Wind is unlikely to get much cheaper, because the costs - i.e. concrete, land, interconnection and people - don't scale well. In the case of solar, there are some innovations in the works that could see prices halve or third from here. (And, in fact, prices have fallen from $4/watt to $0.70 - or more than 80% - over the past five years.) In fact, one of the reasons that utilities are so reluctant to invest in new capacity is the risk that demand that goes to dispatchable power generation could be hammered by this. (In Germany, the majority of new solar installations are being done without subsidy, because it's cheaper to generate your own electricity now, than to buy it off the grid.)
As an aside re blackouts, it is worth remembering that almost all the gas plant that has been taken off-line in the last two years has been mothballed rather than dismantled. All these plants could be brought back on-line within two years if wholesale power prices (and the gas spread) were to improve.
"It is currently hard to see how either of the main parties can secure 40 per cent or more of the vote at the next general election. Indeed, there are senior figures inside Downing Street who believe that the Tories can’t realistically hope to garner this share of the vote in 2015. Instead, they argue that their most likely route to victory is to poll around 38 per cent themselves, keep the Labour vote down to 31 per cent or so and then hope that their targeting of marginal seats delivers a majority for them."
It's very difficult to price a privatisation, I'd have thought, as the one thing you do not want is for it to flop or for there to be accusations that those who have bought small stakes have been fleeced. The government probably got it a touch wrong, but it's hardly a catastrophe. And the government will retain a minimum 30% ownership, so if the share price remains high there is a chance to cash in later on. Labour will obviously make its point, but in terms of great government sins it is way down the list and will very soon be forgotten.
On the energy thing, everyone seems to talk about the energy companies not building much capacity as if it's a market failure, but are we sure it's not just the free market allocating capital correctly? Solar got crazy cheap over a short period of time, wind hasn't yet but the Germans are on the case. The needs of a grid with a lot of renewables are going to look very different from the needs of a grid without, but we don't know for sure how practical large-scale renewables are going to be in non-sunny countries, and wind might still turn out to suck for a while.
Some people are afraid of blackouts, but those people seem to have strong representation from the bonkers community. Wouldn't a sensible market just hold off for a bit and see what happens?
The Germans are having very heated discussions about energy prices with some manufacturers threatening to leave the country for places like the USA. A huge amount of money has been spent on windmills but the wires to distribute the power do not exist in sufficient numbers.
"It is currently hard to see how either of the main parties can secure 40 per cent or more of the vote at the next general election. Indeed, there are senior figures inside Downing Street who believe that the Tories can’t realistically hope to garner this share of the vote in 2015. Instead, they argue that their most likely route to victory is to poll around 38 per cent themselves, keep the Labour vote down to 31 per cent or so and then hope that their targeting of marginal seats delivers a majority for them."
A way to go then.......
Given the way the polls have been, it's more likely to be 38% Labour, 31% Tory.....
Some people are afraid of blackouts, but those people seem to have strong representation from the bonkers community. Wouldn't a sensible market just hold off for a bit and see what happens?
That's what they are doing, and that is precisely the problem, giving that it takes 3-5 years, maybe more, to add new capacity once we find there isn't enough. The investors need some certainty, they were already showing doubts, and Ed has made it even worse.
You don't have certainty in a free market.
Weird thing about British politics: The left stopped doing socialism and made a big song-and-dance about it. But meanwhile the right have given up doing free markets, and everybody's too polite to mention it.
It's very difficult to price a privatisation, I'd have thought, as the one thing you do not want is for it to flop or for there to be accusations that those who have bought small stakes have been fleeced. The government probably got it a touch wrong, but it's hardly a catastrophe. And the government will retain a minimum 30% ownership, so if the share price remains high there is a chance to cash in later on. Labour will obviously make its point, but in terms of great government sins it is way down the list and will very soon be forgotten.
Its also true that the main aim of any privatisation is not to achieve the maximum value but to allow the company to develop, expand and innovate when freed from constraints of the State.
It's very difficult to price a privatisation, I'd have thought, as the one thing you do not want is for it to flop or for there to be accusations that those who have bought small stakes have been fleeced. The government probably got it a touch wrong, but it's hardly a catastrophe. And the government will retain a minimum 30% ownership, so if the share price remains high there is a chance to cash in later on. Labour will obviously make its point, but in terms of great government sins it is way down the list and will very soon be forgotten.
On the energy thing, everyone seems to talk about the energy companies not building much capacity as if it's a market failure, but are we sure it's not just the free market allocating capital correctly? Solar got crazy cheap over a short period of time, wind hasn't yet but the Germans are on the case. The needs of a grid with a lot of renewables are going to look very different from the needs of a grid without, but we don't know for sure how practical large-scale renewables are going to be in non-sunny countries, and wind might still turn out to suck for a while.
Some people are afraid of blackouts, but those people seem to have strong representation from the bonkers community. Wouldn't a sensible market just hold off for a bit and see what happens?
The Germans are having very heated discussions about energy prices with some manufacturers threatening to leave the country for places like the USA. A huge amount of money has been spent on windmills but the wires to distribute the power do not exist in sufficient numbers.
I don't know how hot their discussions are but when it came to actual elections they threw out the only party that opposed the large-scale expansion of renewables.
It's very difficult to price a privatisation, I'd have thought, as the one thing you do not want is for it to flop or for there to be accusations that those who have bought small stakes have been fleeced. The government probably got it a touch wrong, but it's hardly a catastrophe. And the government will retain a minimum 30% ownership, so if the share price remains high there is a chance to cash in later on. Labour will obviously make its point, but in terms of great government sins it is way down the list and will very soon be forgotten.
Its also true that the main aim of any privatisation is not to achieve the maximum value but to allow the company to develop, expand and innovate when freed from constraints of the State.
Correct - you want the company to flourish ensuring revenue after the floatation.
The launch price is simply one static data point...
The Tories haven't freed Royal Mail from the state though, they've seemingly guaranteed 6% dividends
Snigger - you really aren't hot in this area are you? You'll be telling investors it's undervalued and a clear buy before long... hope you have PI insurance for doing that.
Guido now linking to Sean T's article in the Seen Elsewhere first line.
That should be good for a few more hits then.
It's now got 1000 shares - and I'm getting streams of readers emailing me saying "it's the best article I've ever read", or "the best blog I've seen in years" - clearly this is daft and way over-the-top but it's still nice. It's also being retweeted by celebs and MPs (Tory) - including our own Stewart Jackson. Suffice to say it has touched a nerve?
In other news, I made minimum €50,000 this morning. My new book - the upmarket thriller - is at the Frankfurt Book Fair and is getting foreign offers, and going to auction in foreign territories.
I am feeling worryingly chuffed and freakishly lucky. I may have to have a small car accident to even things out.
Yes it was even retweeted onto my facebook account by a friend who has no connection with PB which was slightly bizarre. Strange how something can take off
Guido now linking to Sean T's article in the Seen Elsewhere first line.
That should be good for a few more hits then.
It's now got 1000 shares - and I'm getting streams of readers emailing me saying "it's the best article I've ever read", or "the best blog I've seen in years" - clearly this is daft and way over-the-top but it's still nice. It's also being retweeted by celebs and MPs (Tory) - including our own Stewart Jackson. Suffice to say it has touched a nerve?
In other news, I made minimum €50,000 this morning. My new book - the upmarket thriller - is at the Frankfurt Book Fair and is getting foreign offers, and going to auction in foreign territories.
I am feeling worryingly chuffed and freakishly lucky. I may have to have a small car accident to even things out.
Yes it was even retweeted onto my facebook account by a friend who has no connection with PB which was slightly bizarre. Strange how something can take off
"seemingly" and "guaranteed" aren't natural bed-fellows in a sentence are they?
They have focused, I thought, on next Summer's dividend (singular) - rather different than a state guaranteed 6%pa perpetual dividend return (plural).
As another value company than growth stock, dividends tend to be quite important don't they - have a look at National Grid, even Vodafone (esp the latter with a biggy coming next year).
"seemingly" and "guaranteed" aren't natural bed-fellows in a sentence are they?
They have focused, I thought, on next Summer's dividend (singular) - rather different than a state guaranteed 6%pa perpetual dividend return (plural).
As another value company than growth stock, dividends tend to be quite important don't they - have a look at National Grid, even Vodafone (esp the latter with a biggy coming next year).
I think its Chuka we need to thank for driving up the price. His weekend tour of the studios, where he wailed about how undervalued the Royal Mail, was a masterstroke. We must assume he had put in for the full allocation and was hoping to do a quick pump and dump.
Tracey Crouch is superb at this hearing #Leveson - I hope she gets promoted in the future. Forensic and cool headed stuff, never heard of her before.
Tracey is down to earth. I believe she runs or ran a girls football team in Chatham. I imagine her energies will be spent fighting her seat in 2015 as Chatham and Aylesford is a Tory marginal susceptible to the sort of swing seen in Ashcrofts marginals poll recently.
@EiT - "Weird thing about British politics: The left stopped doing socialism and made a big song-and-dance about it. But meanwhile the right have given up doing free markets, and everybody's too polite to mention it."
Very good, but not pitch perfect. The left never did socialism - it pretended to; the right never did free markets - it pretended to. Now they both pretend to do free markets. And, to be fair, we are much better off for that. Free markets will never be electorally viable; neither will socialism.
Comments
Patrick O'Flynn@oflynnexpress2m
UKIP back up to 13% unprompted on YouGov. Means 20%+ on a fairer measure.
The latter hasn't been heard recently yet formed almost the enitre CON strategy up 17 days ago.
They probably need to work out which line to run with sometime soon.
They acknowledged that Ed Miliband’s announcement he would freeze energy prices had resonated with the public. Yet they also believed Labour had made a crucial strategic error.
“The idea that Labour is marching off to the left has been embedded,” a Tory strategist told me. “Before [the conference season], our dilemma was whether we painted Ed Miliband as a joke or as someone who was dangerous. We’re now confident we can do both.”
http://www.newstatesman.com/2013/10/holding-centre
remember pb's new rule - "hodges is always wrong unless tim retweets something where he is right."
Not funded by the taxpayer, thank goodness.
You should probably just read the proposals rather than make up what you think they say
"Under government plans, it seems as though consumers will be given the chance to choose from one of four types of tariff.
These must include a variable rate deal and one with a fixed rate over a certain period of time. Others may include a green tariff or similar, whatever the supplier thinks is competitive.
Suppliers must offer just one price for each of the four tariffs. Customers will be put on the cheapest price of the tariff of their choice."
http://www.bbc.co.uk/news/business-15304765
No reason why pensioners or others can't take advantage of these deals and no reason why politicians can't advise people to look at comparison sites to see whether they can get a better deal than what they're on now.
None of this affects the underlying point which is that neither this government nor previous ones have done anything like enough to ensure that there is a sufficient and secure energy supply to this country. At some point this will bite us all big-time.
My assessment is that Labour Minority and Labour Majority are a coin flip.
Ross Hawkins@rosschawkins2m
Leveson: not trying to be difficult, not trying to avoid what are understandable questions
Paul Waugh@paulwaugh2m
Leveson:"I've a profound respect for Parliament + of course I wd never say No [to giving evidence]" Then reads letter on why not answerng Qs
That should be good for a few more hits then.
'This is your problem, not mine,' Leveson declares. MPs look ready to smash their heads into desks #leveson
The badgers moving the goalposts is the sort of comment that can end a career. Really, really stupid.
Interestingly [according to wikipedia], Staythorpe was given planning permission in 1993(!), but construction restarted in 2008 after being halted. Construction of Pembroke also began in 2008, after a 2007 proposal. Carrington was given planning permission in 2008. These are all just before Miliband became secretary of state at DECC at the end of 2008.
From the public debate on this issue I had gained the erroneous impression that no new power stations had been built in the last 5-10 years.
Seems to me the Tories are passively aggresively channeling The Mail by referring to Das Kapital, Communism, left wing etc recently
Heaven forbid the Labour Party leader be left wing!
James Forsyth @JGForsyth
That 95% + of 2010 Tories prepared to reject Afriyie amendment shows that there’s a new, more disciplined Tory mood bit.ly/19BCkmH
James Forsyth @JGForsyth
Humiliation for @AdamAfriyie as 140+ of the 147 new intake Tory MPs write to him telling him to drop his EU amendment bit.ly/19BCkmH
Alastair Stewart @alstewitn
@BBCNormanS @CarolineFlintMP Arthur Scargill always had a flat-cap and a can of Faberge hair-spray in his brief-case: 'All circs' covered'.
http://www.theguardian.com/world/2013/oct/09/italian-football-fans-abuse-milan-napoli
Two Scottish by elections today , I expect LD gain in Borders and possibly narrow Labour gain from SNP in Glasgow .
The Labour party is a long, long way from being fit to run this country and will remain so until the detrius of the Brown generation leave the stage. At the moment, especially following the reshuffle, they are in complete control of the party.
Niall Paterson @skynewsniall
Leveson: I am concerned that this inquiry may have an effect on judges being asked to do similar in future [massively paraphrased]
He's finished in the blues surely ?
The 'crimes' I would put against Ed during his time at DECC in this respect are:
1) Agreeing to the European Large Combustion Plant Directive (1), and therefore forcing a fair few large-capacity coal plants to shut down before their natural age (it was hours-limited).
2) Not going for a near one-on-one wrt replacement baseload capacity; i.e. building new plants to come on stream at the time of the closures.
3) Forcing new coal plants to have CCS, which is a largely untried capability at scale, and therefore stopping all new coal plants from being built.
4) Not moving forward with nuclear.
5) Allowing the perversity of large-scale biomass.
For the coalition, it was to late to reverse 1. They've been looking at nuclear for 2), but should really have gone for immediate CCGT in 2010, to be coming on stream in the next couple of years. I don't think they're reverse 3). They're trying to get 4) going. They're reversing 5), although there are great difficulties in doing this.
Too slow by the coalition, but at least they're on the right course.
(1): http://www.defra.gov.uk/industrial-emissions/eu-international/lcpd/
Afriye was obviously just trying to make himself look good, and has managed to shoot himself in the foot.
James Chapman (Mail) @jameschappers
.@Conor_BurnsMP tells Leveson: 'You say this is our problem. It's a problem created by your report at the invitation of the Prime Minister'
Leveson is making a right nit of himself - he refuses to answer any of the questions and is just wibbling endlessly.
Paul Waugh @paulwaugh
Ah Brian's back on the Alphabetti Spaghetti: "I refer you to J2..."
"I don't need a lecture about freedom of speech, Mr. Gove, I really don't," he said, interrupting someone trying to get his point across.
In 1983, the 'resilient' SDP with 26% of the vote won no seats, other than
a) 4 defectors from Labour who held on
b) 1 by-election victor who held on
c) 1 former Liberal seat where they were oddly given a free run
We note that none of the above will apply to UKIP in 2015. Their best chance remains Eastleigh, and that's a long shot. Hard to see where any other gains may materialize from, on a low, evenly-spread share of the vote.
For all the ramping of Farage, UKIP's sole national figure, he's already shown he's an electoral dud. 5% in 2005, third place against Buckingham's open goal in 2010...
Very Marxist of him...
http://www.thelocal.de/national/20131009-52315.html
It's a shame politicians who speak like this get jumped on the way they do. The result is that they all end up talking in the same bland, slightly weird politician language.
Thinking back to last year's Budget, the Conservatives are perhaps going for the opposite approach of doing things that look bad but actually make plenty of sense. Like the pasty tax - presentationally awful but actually making the VAT regulations consistent across all kinds of cooked take-away food. You could argue that the current government is showing admirable faith in the UK electorate...
The problem here is that the point he was making is truly moronic. Effectively he was held to account against the success criteria he had previously set and then argued that he couldn't be held to account because of the limitations of working with unpredictable wild animals. If you can't construct goalposts that your trial subjects can't move, then what possible sense is there in implementing a trial?
"...While no one wants to see full statutory regulation, let me stress: the status quo is not an option. Be in no doubt – we should be determined to see Lord Justice Leveson’s principles implemented.
Mr Speaker, there is much that we in this country can be proud of: the oldest democracy in the world; the freedom of speech; a free press; frank and healthy public debate.
But this Report lays bare that the system of press regulation we have is badly broken – and has let down victims badly. Our responsibility is to fix this.
The task for us now is to build this new system of press regulation that supports our great traditions of investigative journalism and of free speech but that protects the rights of the vulnerable and the innocent and commands the confidence of the whole country...
http://goo.gl/YX9Pg4
Paul Waugh @paulwaugh
Tracey Crouch bang on. Leveson inquiry not like a court case of X v Y, so why didn't be take Qs on his report? Qs which he is taking tday..
Tim Shipman (Mail) @ShippersUnbound
Leveson has been totally unaccountable from the start, when he flatly refused to take questions from the press. He believes himself above it
Charlie Beckett @CharlieBeckett
Is it true that all judges don't comment on their public inquiries - didn't Blom Cooper comment on Beckford for eg? #Leveson
The Conservatives have got themselves in a terrible tangle over this. It was an obvious error to try to portray the energy freeze policy as Marxist. Don't get me wrong, it is a bad idea, with very serious consequences that Labour seem incapable of understanding, but the average man on the street simply will not agree that energy companies having to hold prices for a relatively short period will result in the sky falling in.
The Conservative response to Miliband should focus on his character. It is still true that he is weak - certainly the public believe that he is - and the Conservatives have plenty of examples they can cite of Miliband failing to take responsibility for tough decisions (i.e. opposition to welfare cuts). There is an easy "he says he understands the need for cuts, but can't ever bring himself to do it" narrative. A kind of "He's a nice chap, but...." attack. The longer-term theme the Tories need to build is that Miliband is a man who just does not think about the longer term consequences of his actions. I believe Miliband to be unfit for the office of Prime Minister, and I know many long-standing political observers of all colours agree. I have seen evidence of that on a number of occasions, from his behaviour over certain media indiscretions (I think I got away with it!), to the Syria vote, to his casual introduction of price fixing, to his inability to support welfare cuts in almost any circumstance. His personal approval levels are astonishingly low, bearing in mind Labour's quite comfortable polling lead, which suggests the public at very least harbour serious reservations. Of course the Conservatives should focus on that.
They should also not neglect the shadow cabinet. I actually have some sympathy for Miliband in this respect because I think he is poorly served by most of his shadow cabinet colleagues. Amongst the "senior" positions only Balls and Umunna seem prepared to go out to bat with any vigour.
Edmund,
It is a pity. Animals showing adaptive behaviour - not unexpected.
But don't get cocky, badgers, you can run but you can't hide (not forever, anyway).
James Chapman (Mail) @jameschappers
'I don't know how many libel actions the local press has to face,' says Leveson innocently. Why on earth not?
Fraser Nelson @FraserNelson
Leveson now showing ignorance of the press which underlines his report. Why don't we now have an inquiry into lawyers, chaired by a butcher?
RT @ShippersUnbound: Leveson casually dismissing the concerns of the regional press like a man who never reads a paper
If this one comes down to humans vs badgers the badgers will win. You kill one lot of badgers and the neighbouring badgers take over their territory, so you end up with more, cleverer badgers.
The solution, which amazingly the British have still failed to cotton onto despite decades spent administering an empire, is divide-and-rule: Innoculate some of the badgers, then arm and train them to kill the uninnoculated badgers.
"The Government Equalities Office originally estimated that there would be between 11,000 and 22,000 civil partners in Great Britain by 2010, but there were actually over 79,000 people in civil partnerships at the start of 2010."
http://www.statisticsviews.com/details/news/5352551/How-will-marriages-to-same-sex-couples-change-statistics.html
Glos cull area, Tibberton, cull protestors guard 'Badger sett' for three weeks before realising it was a rabbit warren #countrywise
They all look the same to me
Here are some badger cubs
http://t.co/I0eeZ0drXc
I have a suggestion for your next blog combining your two most successful blog entry topics.
"Are Labour supporters mentally ill?"
UKIP haven't gone away you know.
The fun will begin if they finish first or ahead of the Tories in next year's euros
But, as an aside, if the Royal Mail share price rises by even as little as 10% (or for that matter declines by as much as 10%) I expect the political reaction to be brutal.
@alexmassie
@ShippersUnbound Has anyone not named Adam Afriyie ever thought Adam Afriyie had any long-term prospects at all?
http://www.manchestereveningnews.co.uk/whats-on/comedy/dodds-bolton-bonus-981443
"...the court case in 1989 when he was charged with tax evasion.
Ken kept the court house in stitches during the three month trial when he admitted that, at that time, he kept most of his money in suitcases in the attic.
When the judge asked him what £100,000 in a suitcase felt like, Ken responded with "the notes are very light m'Lord!"
The case was literally laughed out of court and he was acquitted."
@MSmithsonPB "starting to think that UKIP could surprise us at GE2015" http://www1.politicalbetting.com/index.php/archives/2013/10/10/im-starting-to-think-that-ukip-could-surprise-us-at-ge2015/ … Surprise will be how low UKIP's share is
Some people are afraid of blackouts, but those people seem to have strong representation from the bonkers community. Wouldn't a sensible market just hold off for a bit and see what happens?
I suspect even Vince Cable would smile ruefully if after all this speculation it was a privatisation that destroyed his reputation and forced his resignation - not saying it is at all likely, but its somewhere on the spectrum of possibilities. Of course, its quite possible that even if there is a price spike something else will keep it off the news, or the media will be obsessing about Leveson or whetever and it will just pass us by. Who'd be a punter...
http://en.wikipedia.org/wiki/Qinetiq
I was wrong, he has managed to bring unheard of unity and togetherness amongst the Tory MPs and I commend him for putting party ahead of his own career....
http://blogs.spectator.co.uk/coffeehouse/2013/10/2010-intake-of-tory-mps-write-to-adam-afriyie-telling-him-to-drop-his-amendment/
You got to love the understatement.
They must have been gutted they never got to 20,000% return.
More of the same soon expected.
BTW Vince is an utter bell end if as Peston reports he's limited allocations to we punters to those who applied for less than £10k with nothing for those who wanted more...
He'll have lost my vote forever if so... take that Cable, in Bercow land that could ruin you!
As an aside re blackouts, it is worth remembering that almost all the gas plant that has been taken off-line in the last two years has been mothballed rather than dismantled. All these plants could be brought back on-line within two years if wholesale power prices (and the gas spread) were to improve.
http://www.spectator.co.uk/columnists/politics/9049821/what-the-reshuffles-showed-usnone-of-these-parties-are-ready-to-win/
And Tory hopes of victory:
"It is currently hard to see how either of the main parties can secure 40 per cent or more of the vote at the next general election. Indeed, there are senior figures inside Downing Street who believe that the Tories can’t realistically hope to garner this share of the vote in 2015. Instead, they argue that their most likely route to victory is to poll around 38 per cent themselves, keep the Labour vote down to 31 per cent or so and then hope that their targeting of marginal seats delivers a majority for them."
A way to go then.......
Weird thing about British politics: The left stopped doing socialism and made a big song-and-dance about it. But meanwhile the right have given up doing free markets, and everybody's too polite to mention it.
Its also true that the main aim of any privatisation is not to achieve the maximum value but to allow the company to develop, expand and innovate when freed from constraints of the State.
The launch price is simply one static data point...
Snigger - you really aren't hot in this area are you? You'll be telling investors it's undervalued and a clear buy before long... hope you have PI insurance for doing that.
http://t.co/i6i3chlXTz
They have focused, I thought, on next Summer's dividend (singular) - rather different than a state guaranteed 6%pa perpetual dividend return (plural).
As another value company than growth stock, dividends tend to be quite important don't they - have a look at National Grid, even Vodafone (esp the latter with a biggy coming next year).
I think its Chuka we need to thank for driving up the price. His weekend tour of the studios, where he wailed about how undervalued the Royal Mail, was a masterstroke. We must assume he had put in for the full allocation and was hoping to do a quick pump and dump.
Very good, but not pitch perfect. The left never did socialism - it pretended to; the right never did free markets - it pretended to. Now they both pretend to do free markets. And, to be fair, we are much better off for that. Free markets will never be electorally viable; neither will socialism.