Philip Hammond gave a speech today outlining how a Tory government will be “Doing More With Less”. He austerely told the audience

Our challenge is two-fold: First to ensure the rapid implementation across Government and the public services of the many efficiency savings that have already been identified, but not effectively delivered. And secondly to embed the process of constant innovation in our public sector to create a culture in which the pursuit of efficiency becomes self-sustaining.

To help me in these tasks, we have decided to establish a Shadow Public Services Productivity Advisory Board…

That will be Tory Quango number 18 by Guido’s count…

UPDATE : Tom in the comments quips “What is this, a slimline quango?”, even the Cabinet Office’s Liam Byrne is laughing, “Philip Hammond is clearly a quango-addict”.

Jonah Brown met Sheikh Mohammed bin Rashid Al Maktoum, the ruler of Dubai on Monday in Downing Street. As ever, doom was sure to follow. On Wednesday Dubai announced it could no longer service billions in debts, raising fears of a sovereign default, triggering global stock markets to tumble this week amid fears of the dreaded double dip.

The malign hand of Jonah Brown strikes again…

Think JGM2 is the winner that is publishable in a family blog:

There once was an MP from Fife
Who was always afraid for his life
To questions of competence
At his own Party Conference
He preferred to just hide ‘hind his wife

So if JGM could emails Guido their postal address a copy of the book “Crap MPs” will be sent to you.  Win with Guido!

The billions lost by Brown’s decision to sell Britain’s gold reserves are mounting as gold prices have more than quadrupled since his decision.  He has the reverse midas touch when it comes to market timing.  This chart shows what is known in the gold market as “Brown’s Bottom”:

Now far be it from Guido to oppose a privatisation, but he seems intent on doing for water what he has done for gold. Gordon wants to sell the British Waterways’ property portfolio in a £16 billion asset fire sale. Obviously this is prime development land with waterside views. However we are in the midst of a property slump:

Selling development land now is just plain stupid because it is too cheap.  Essentially Gordon is so desperate to raise capital it seems he is willing to sell at any price, even if it is a crap deal for the taxpayer.   If you are going to do asset sales, you don’t sell assets with depressed prices.

Barclays Capital told clients 3 weeks ago…

“We recommend a long position in Dubai sovereign credit and see today’s negative price actions as an opportunity to buy.”