£50,000 Balls at Bust Co-op’s Gala Dinner Tonight
Sings for His Supper to Bust Bankers Labour Owes £3.6 Million

Blinky BallsIt looks like it is a busy day for Ed Balls, the man who aspires to be a chef, lunching today, according to EyeSpy.MP, with The Telegraph’s Deputy Editor Benedict Brogan at the Michelin-starred chef Michel Roux Junior’s Roux at Parliament Square. We’re all in this together, eh?

Tonight Ed’s waistline takes another hit when he is the keynote speaker at the Co-operative Party Gala Dinner 2013 at the Hilton Victoria Hotel off Millbank. The evening will apparently “provide a unique opportunity to enjoy the company of some of the country’s leading co-operators and Co-operative Party members, supporters, workers, Councillors and Members of Parliament.”

low-cost-loans-240x1632The financial hub of this great co-operative movement is of course the Co-operative Bank, which was encouraged by the Labour government to take over the Britannia Building Society in 2009 because politically Labour wanted to expand the co-operative base. Ed Balls is a Co-op supported MP, his office gets bunged £50,000 a year from the Co-op. The Labour Party itself is literally in hock to the Co-operative Bank to the tune of £3.6 million on a low interest you scratch-my-back I’ll-scratch-yours terms deal. Tonight Ed Balls will sing for his supper as their after dinner speaker…

The Co-operative Bank is a financial disaster after the Labour government induced deal, the bank’s bonds have hit junk status, 7,000 end investors – typically pensioners – will be wiped out by the bond haircut that will be necessary to plug the black hole in the Co-op Bank’s finances. It smells bad. Ed Balls isn’t going to do himself any favours tonight if he is trying to rebuild his reputation for financial probity…

UPDATE: According to reports from the room tonight, Ed is still a keen Guido reader:



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Quote of the Day

Charles Clarke says Cameron is the most successful PM for over a century…

“Under Margaret Thatcher the Conservatives gained 99 seats. They lost 211 under John Major, gained one under William Hague, quickly and wisely got rid of Ian Duncan-Smith, gained 32 under Michael Howard and have so far gained 133 under David Cameron who, to the great surprise of many (including senior Conservatives), has turned out to be the most electorally successful Tory leader since 1900.”

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