“No Hiding Place For Hedge Funds” Says Hedgie-Backed Eddie

Ed Miliband was taking voters in Pendle for fools this morning:

“Under my government, there will be no hiding place for the hedge funds.”

That’s the same Ed Miliband whose campaign for the Labour leadership was funded by a Mayfair based hedge fund trader.

As Guido revealed in March:

“Ed, desperate to beat his brother David, quietly took £27,000 from GLC, a billion dollar Mayfair hedge fund run by the Cambridge educated maths genius Lawrence Staden. Staden also gave another £100,000 of his profits to the Labour Party – £80,000 to Labour HQ, £10,000 to the ultra-marginal Eltham Labour Party and another £10,000 to neighbouring Greenwich and Woolwich, the constituency which includes his £3 million home in affluent Blackheath.”

What’s more, one of Labour’s biggest non-union donors under Miliband has been Martin Taylor, another hedgie, who has given a whopping £600,000. “There will be no hiding place for the hedge funds” under Miliband. Except when they hide their money in the Labour Party’s coffers..

Labour Double Down on Overspending Denial

Interviewer: “Was the country in a worse position to deal with the recession because of overspending, that is arguably the question”

Powell: “Well if that’s the question the answer to that very clearly is no”

They just don’t get it.

Another Labour Fraudster: Candidate Convicted Six Days Before Polling Day

Six days before polling day and it’s the end of the line for one candidate already. Labour have been forced to suspend their prospective MP for Wellingborough after he was convicted for fraud. Despite attempts to cover his tracks, Richard Garvie has been found guilty of buying train tickets worth almost £900 using a card for a closed bank account. His defence was that it was all a big conspiracy to stitch him up because “I have been active in helping people who have been treated wrongly by train companies”. He had the means, he had the opportunity, he had the loco-motive…

The Moment Miliband Claimed Labour Didn’t Overspend

This 13 second video clip is the one moment from last night the Tories will be playing again and again until polling day. Listen to those titters in the audience and that collective sharp intake of breath as Miliband insists the last Labour government didn’t overspend:

No further questions m’lud…

Hodge the Dodge’s Tax Hypocrisy Goes Box Office

Regular readers will be well aware that Guido has been banging on about Margaret Hodge’s shameless tax hypocrisy for years.

Back in 2012, he took a look at her 0.01% tax rate-paying family company, Stemcor. At the time she insisted her £1.5 million shareholding was “tiny, tiny, tiny” and she succeeded in scaring off the dead tree press from reporting her arrangements. Hodge even threatened to sue anyone accusing her of tax avoidance. Yet no writ or letter before action came. 

Today’s Times splashes on the story:

“just under 96,000 Stemcor shares handed to Ms Hodge in 2011 came from [Liechtenstein], which is renowned for low tax rates. Three quarters of the shares in the family’s Liechtenstein trust had previously been held in Panama, which Ms Hodge described last month as “one of the most secretive jurisdictions” with “the least protection anywhere in the world against money laundering”. The veteran Labour MP was accused of sheer hypocrisy. She has repeatedly attacked big businesses and bankers who used offshore arrangements, but has not declared that she benefited from an offshore trust.”

Busted…

The Borrowers

IFS verdict…

Here are the top lines:

  • Tories: debt as a share of national income reduced from 80% in 2014–15 to 72% by 2019–20
  • Labour, Liberal Democrat and SNP plans, debt in 2019–20 could be more like 77%, 75% and 78% respectively
  • Labour have been much less clear about exactly what level of deficit reduction they want to achieve than the Tories
  • The Tories need to spell out substantially more detail of how they will deliver the overall fiscal targets they have set themselves
  • The SNP’s fiscal numbers imply the same reduction in borrowing over the next parliament as Labour
  • Under the SNP, the period of austerity would be longer than under the other three parties

Ultimately, the IFS is scathing of all parties:

“the electorate is at best armed with only an incomplete picture of what they can expect from any of these four parties”

Even under the most ‘austere’ plans, those of the Tories, debt as a share of national income will still be 72%…

Electoral Commission Fine Tory Fundraisers Over Unreported Donations

The Electoral Commission has fined a Tory fundraising group £1,200 for repeatedly failing to declare donations made to the Conservative Party in excess of £25,000. The National Conservative Draws Society organises lotteries for Tory supporters, giving the proceeds to the party, and it claims to be “one of the most powerful fundraising actvities to help the Conservative Party in recent years”. Yet while the Tories confirmed receiving the money, the Society did not notify the Electoral Commission it was making the donations. They’ve already rolled over and paid it…

Man With Plane Trolls Owen Jones From the Sky

With Owen Jones visiting South Thanet yesterday to campaign for Labour, Simon Moores – an economist, Guardian contributor, councillor and pilot – saw his chance to troll the his lefty colleague from a great height. And troll him he did, by flying this banner over the constituency for the afternoon:

Moores tells Guido:

“I did it off my own back because I can’t stand Owen Jones. I can’t stand economic illiterates and Jones drives me crazy.”

One critic Owen can’t block…

Confirmed: Desmond Gives a Million to UKIP

As Guido reported earlier, and the Express have now confirmed in an ‘exclusive’, Richard Desmond has opened his chequebook and donated a million pounds to UKIP. He says:

“I firmly believe in Ukip. It’s a party for good, ordinary British

[…]

+ READ MORE +

RUMOUR: Dirty Desmond ‘About to Donate UKIP a Million’

Farage is apparently expected at Express Newspapers’ offices at some point today and Richard Desmond’s deputy Lord Stevens was spotted in Thanet with the UKIP leader on Tuesday.

Usually reliable sources suggest Desmond is about to drop a cool million […]

+ READ MORE +

Man Destroyed By Gordon Returns the Favour

The head of UK investment banking for Lehman Brothers when the doomed financiers went under has turned his life around and is now seeking revenge: to the tune of a £75,000 donation to the Tories. According to a profile in […]

+ READ MORE +

Labour Lead in Short Campaign Donations (Thanks to Unions)

Donations from Monday 30 March to Sunday 5 April:

  • Conservative Party – £501,850
  • Co-operative Party – £13,792
  • Green Party – £8,400
  • Labour Party – £1,887,312
  • Liberal Democrats – £20,000
  • United Kingdom Independence Party – £35,416

That Unite million has saved […]

+ READ MORE +



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Quote of the Day

Sajid Javid on when he first met Maggie:

‘I was standing in a group of five or six when she was brought over and introduced to us all. And, no kidding, she just ignored everyone and looked at me and held my hand in both hers, and stared me in the face.

And then she said: “Sajid!” And I said: “Yes.” And she said: “Sajid, you will protect our great island. You will protect our great island!” And I said: “Yes I will.”

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