John Smith Died Today

How would things be different if he had lived?

In 1994 Guido was sat at his desk in a dealing room when word of John Smith’s heart attack reached the old LIFFE futures exchange trading pits before the newswires. Guido immediately called Stuart Wheeler’s bookmaking firm who offered a Cabinet Reshuffle Bet which, although the Tories were in government, included John Smith as a way of betting on Labour miraculously getting into government. Guido bet against John Smith the maximum they would take. A minute later Guido called the bookies again and did the same again this time at worse odds. The bookie said “you know if John Smith becomes PM you stand to lose £2,000”. Guido said yes, but could he put some more money on. The bookie hesitantly said “okay” and took another bet. Minutes later the news of his death was on the newswires. Guido called all his Labour voting friends to commiserate. One burst into tears and was in no way mollified when Guido offered to buy her a drink out of his winnings.

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Quote of the Day

Andrea Leadsom told BBC Radio 4’s Today

“He’s made his views on Brexit on the record, and the problem with that of course is that the chair’s impartiality is absolutely essential. … He’s made his views known on Brexit… it’s a matter for him but nevertheless it’s a challenge and all colleagues need to form their own view of that.”


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