More Mortgage Questions for Mandelson

Is history going to repeat itself? Greg Hands is asking how Mandelson made the money dealing in property in his constituency to install himself in a £2.5 million Regency villa. Mandelson admits to receiving money from Alain Minc, the mysterious French fixer who was an adviser to former premier Édouard Balladur and now makes his millions “fixing” things. Monsieur Minc is worth examining closely…
When Guido looked into Mandelson finances a few months ago he was given the impression that Mandelson trousered £1 million from his brief involvement with the Clemmow Hornby Inge advertising agency – a pretty good return on the £30,000 he invested. This plus an inheritance enabled him to finance his multi-million pound home. Gilligan reveals that the inheritance was not that big. New information has now come to light revealing something unexplained about the sale of the shares.

Something that didn’t come out in the Gilligan article is the nearly 12 month gap between Mandelson selling his shares for circa £1 million in summer 2007, and the purchase of the property in August 2006. Did he get another bridging loan from a benefactor, or did he get a bridging loan from a bank? If so, did he use the shares as collateral for the loan?

Tory backer David Ross was forced to resign his position for failing to declare that he had used his shares in Carphone Warehouse as collateral to finance property deals. Mandelson has been in trouble and had to resign before over declarations about his mortgage…

How Does Mandy Afford to Live on Millionaire’s Row?

Andrew Gilligan is digging into how Lord Mandelson can afford to buy a £2.5 million Regency villa on Regents Park. After all he has been a poorly paid public servant for over a decade…

Draper Site Crashes Live on TV

Dave Video is Rip of Obama Video

Guido has just noticed that Dave’s new video is a stylistic copy of Obama’s campaign video:

“Change” is the desired message… wonder if they will promise tax cuts like Obama as well?

Indebted Slavery to the Gilt Market

The Tories are highlighting the terrible debt burden being foisted on Britain’s children. Guido was recently chatting to the economist Tim Congdon about the gilt market and the historically unprecedented taxpayer liabilities in terms of the government’s admitted debts, the unfunded public sector pension liabilities and the PSBR trajectory even if the Tories win the next election. We also discussed on the prospects for the U.S. and Ireland.

The conclusion was that if Guido wants his daughters to grow up in an English speaking economic powerhouse in the coming century, unburdened by high taxes servicing government debt, perhaps it is time to look to India. The external debts of Britain amount to approximately $166,000 per person, the equivalent figure for India is some 1% of that, which combined with their better growth prospects suggests that economic opportunities in India might be greater in the future. When it comes to bonded slavery, Britons will be worse off than Indians in the future.

McNulty Slams Brown’s "Desperate" Golden Hello Jobs Plans

Gordon Brown’s Job Summit at the Science Museum in London will announce plans to pay employers “golden hellos” of up to £2,500 for recruiting jobless people. What does the DWP’s Jobs Minister, Tony McNulty, say about the plan?
Press release
Tuesday 11 November 2008
For immediate use

Tories making headlines on the hoof – McNulty

Tony McNulty MP, Labour’s Employment Minister, responding to the Tory announcement on unemployment said: “This is desperate stuff from the Tories, who continue to scrabble around trying to find a coherent economic policy.

“There is no way they can get 350,000 new jobs out of these proposals. There are too many restrictions being applied, the incentive is too small and many of these ‘new’ jobs will simply displace other people seeking work.

“In addition, the Conservatives just cannot pay for this tax cut – it is misleading of Cameron to say he can pay for getting the short-term unemployed back into work by using figures of savings you would make from the long-term unemployed.

“Osborne’s judgment is wrong yet again. They are making headlines on the hoof and they will be found out. “They need to make their sums add up – particularly at such a difficult time for the global economy.”

ENDS
Editor’s notes:
1. Their figures on how many jobs would be created are complete fantasy. The Tory plan assumes that an employer would create a new job for someone unemployed for more than a year for just £2500. The Tories have failed to take account of the displacement of workers who would have gotten jobs anyway. Currently 60% of people come off job seekers allowance within three months – this number would drop dramatically under Conservative proposals as employers would be incentivised to overlook people who have been out of work for 13 weeks or less.

The sharper among you will point out that this is a Tory plan he is criticising as a “complete fantasy” and “desperate stuff”. So what will McNulty say about the plan now the government has lifted it lock, stock and barrel? McNulty’s Shadow, Chris Grayling, welcomed the chance to implement his policy by proxy “I think it is the right step to take. But it is ironic ministers are walking around saying the Conservatives are a do nothing party, then adopting our policies.” Ouch!

UPDATE : Some bloggers copy party press releases, some blogs are copied by party press offices… CCHQ at 10.38 sent out a press release quoting McNulty’s above November attack on what is now government policy. Wonder where they got that idea?

Hat-tip : Bloomberg

Rich & Mark’s Monday Morning View

Hoon Blunts Labour’s New Attack on Middle Classes

Guido’s Geoff Hoon story from earlier last week has made it to the Mail on Sunday, where it is used to illustrate the hypocrisy of the political class. Hoon bought his daughter private tutoring in interview technique to successfully give her a better chance of winning an Oxbridge place at a time when Brown is, we learn from the Observer, bringing back Alan Milburn, to “undertake a review of obstacles faced by poorer children seeking to enter careers such as law, medicine and the media” in order to promote social mobility. Chris Grayling hits Hoon on the head, “Time and time again we see double standards from Ministers. They want to change the rules to make it tougher for everyone else while enjoying all the perks for themselves and their families.” Guido understands that Hoon desperately tried to kill the story with a threat to go to the Press Complaints Commission for breach of privacy.

Guido thinks politicians (and candidates) should not be allowed to claim privacy protection, all their behaviour as public office holders and aspirants should be subject to scrutiny in the public interest. We need to know if they are hypocritically extolling one law for us and another for themselves. Which of course Hoon is guilty of here without a doubt, just as Gordon was when he got private dental treatment.

LabourList Surfaces

As Guido exclusively revealed (and named) here last month, Draper’s LabourList has finally soft launched. The grand launch was scheduled for Monday, however that clashed with Gordon’s Downing Street Jobs Summit, which meant that it didn’t fit on Mandelson’s media

[…]

+ READ MORE +

Post-Nataly Fabulous

Does the French Justice Minister Rachida Dati look like she is just returning to work this week a mere five days after giving birth to a baby girl?

In a chic black suit and killer high heels, the 40something minister

[…]

+ READ MORE +

Don’t Fancy Your Dress

The Tory Bear blog ran a story about a Tory student, Matt Lewis, going to a “bad taste” fancy dress party as Madelaine McCann… you can you guess where this is going… the tabloids have gone into full on outrage

[…]

+ READ MORE +

Friday Caption Competition (Lunchbreak edition)

[…]

+ READ MORE +



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Quote of the Day

Former Miliband guru Arnie Graf reveals Labour’s disconnect with the working class:

“On one of my trips to the U.K. in the autumn of 2013, I bumped into one of Ed’s strategists in Portcullis House. He asked me if I was assisting the staff on Ed’s trip that was to take place in a few days to one of the regions. I told him that I did not have knowledge of his planned trip.

He told me that Ed was going to give a talk at the region’s annual fund raising dinner and that prior to the dinner he had invited the media to join him at a local coffee shop to listen to a conversation he planned to have with a minimum wage worker. The point of the conversation was to show how difficult it was for a minimum wage worker to get on in life.

There was only one problem. No one had been able to locate a minimum wage worker for Ed to talk with.”

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