Tuesday 27 November 2007

Business and Politics

Long ago in the mists of time this blog was started to provide an outlook on both the business world and how it interacted with the political world, with the UK as a general model. Today sees two huge stories that demonstrate how closely linked both are by the filthy lucre.

On the one hand, the desperate Chancellor 'Badger' Darling is in a hole with few ways out. Northern Wreck lies on the state balance sheet accumulating more debt from the Bank of England and is a blight on our financial stability and hole beneath the water of government credibility. Out of the business world rides Richard Branson. A man many dislike but who is a truly successful and canny businessmen. He can see the Government writhe and offers a deal which is unpalatable to shareholders; but which will be forced through by a government desperate for a White Knight.

On the other hand, you have the opposite to Branson, a small time businessman from the North East who knows how Labour works and how dependent it is on even small financial favours. By buying his influence he made himself a nice turn; now this is exposed it has cost the heads of a few party apparatchiks...with maybe more to come?

And yet the second tale which has cost reputations and jobs for Labour is over half a million pounds odd of donations; a small entry in the accounts even for a political party. Wrong yes, but small fry. The former story which has cost no one in Government is a massive hole that will cost a billion or more of taxpayers money.

How strange outcomes can be when you mix business and politics.


Mark Wadsworth said...

It's not a small amount, it's one-and-a-half times as much as the amount that ElComm were trying to bust UKIP for earlier this year.

CityUnslicker said...

true, but I was talking in terms relative to Northern Rock.

The ministers have no shame.

Nick Drew said...

so who exactly were the three readers who voted for Darling ?

just asking ... we are very broad-minded around here

Old BE said...

I think people are more angry about the Rock than you give them credit for. How does the £25bn compare with the national debt by the way?

The sleaze thing is also an outrage and it's right that the press are going so strongly on it.

Newmania said...

I have thought exactly that and the fact tha the was the third largest contributor amazed me . There were large contributions from private equity and it is interesting that the tax regime applying to this section of the economy was notably kindly treated.

It looks silly but the truth is it is exactly the intergalactic sums the government controls which mean that cheating on any level has to be rigorously policed.

I have my own theory which I have recently blogged on the reason for Labour`s coninued addiction to mixing business and political pleasure . I don`t think you can look at each new problem in isolation. Its to do with the end of the mass Labour movement

Good post though

Whispering Walls said...

Virgin's proposing to repay £11bn to the Treasury immediately, by borrowing cash from banks so nearly half the liability passes from the taxpayer to banks' shareholders. Flowers is offering far less. If it were nationalised, we'd own the lot so I don't really see why you're complaining about this, unless you are a shareholder in Northern Rock.

Anonymous said...

You can't buy anything decent for 26 billion these days, not even the dodgy end of a north east exbuilding society's motgage book

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