What Has David Pitt-Watson Got to Lose?

Something is troubling Guido’s suspicious mind about the new explanation for David Pitt-Watson not taking up the post of General Secretary of the Labour Party.

According to the Brownies, as communicated via the usually reliable medium on these matters, Ben Brogan’s blog;

The new general secretary is said to be worried about the state of the party’s finances and the rules that say his personal assets could be forfeit if the party goes into liquidation. Mr Brown counters that it would never happen so the problem doesn’t arise, but has reluctantly given Mr P-W time to sort his personal finances in order and put his wealth (described to me as “low millions”) beyond reach.

Now the only way this could be done is for him to divest himself of his assets into some kind of unbreakable trust of which he was not a beneficiary. Would Gordon countenance the future General Secretary of a party mired in financial scandals involving proxy donors and illegal donations doing something that would be perceived by some as questionable? And to take all the time he likes about it? Which direction is that on the moral compass?

How many millions has the new General Secretary of the Labour Party got to put beyond reach? Well his NW5 home is probably worth a little short of £2 million. He worked for a few years at Hermes on the asset management side where he remains a director of two of their funds as well as Oxford Analytica and our old friends the IPPR. So low millions seems about right.

He was in 1997 a director of two Labour Party controlled limited liability companies, Labour Party Properties Limited and Labour Nominees Limited. Perhaps he would rather the Labour Party itself was a limited liability entity? Maybe. Certainly some are speculating along those lines. Hard to see how the party could be re-configured on that basis without the unanimous agreement of all the creditors and a vote at the party conference. There is no way that the Co-op Bank could, bearing in mind its fiduciary duties, accept such a change.

Something isn’t quite right here. Remember that originally Downing Street spin, by which we mean lies, that DPW was tied up by contractual commitments? This new line still doesn’t make any sense. Guido has a hunch that the truth is as originally reported. To Gordon’s tantrum-ridden horror, DPW simply doesn’t really want the job…




Tip offs: 0709 284 0531
team@Order-order.com

Quote of the Day

Jeremy Corbyn:

“I’m not a defender or supporter of ISIS.”

Sponsors

Guidogram: Sign up

Subscribe to the most succinct 7 days a week daily email read by thousands of Westminster insiders.

Facebook

Esther McVey for Tatton Esther McVey for Tatton
Zac Back? Zac Back?
UKIP’s Islamo-Banifesto UKIP’s Islamo-Banifesto
Karen Danczuk Seeks Selection in Bury Karen Danczuk Seeks Selection in Bury
Corbyn and Sturgeon At Same Event Corbyn and Sturgeon At Same Event
Updates: Who’s Standing? Who’s Standing Down? Updates: Who’s Standing? Who’s Standing Down?
Tories Mistakenly Share Private Conference Call PIN with Opposition Tories Mistakenly Share Private Conference Call PIN with Opposition
Len and Seamus’s Champaign Celebration Len and Seamus’s Champaign Celebration
Campaign Report: 48 Days To Go Campaign Report: 48 Days To Go
Campaign Report: 49 Days to Go Campaign Report: 49 Days to Go
Listen: Dawn Butler Car Crash Interview Listen: Dawn Butler Car Crash Interview
Manifesto Lookahead: Six Tory Policies in Peril Manifesto Lookahead: Six Tory Policies in Peril
McVey for Upminster? McVey for Upminster?
Watch: Corbyn Crowd Boos and Shouts Down ITV Question Watch: Corbyn Crowd Boos and Shouts Down ITV Question
Coalition of the Others Still Behind Tories Coalition of the Others Still Behind Tories
NEC Swerves Corbyn Loyalty Pledge NEC Swerves Corbyn Loyalty Pledge
Watch: Barry Gardiner Loses It on Sky News Watch: Barry Gardiner Loses It on Sky News
CCHQ Caught on Hop: Not Enough Tory Candidates CCHQ Caught on Hop: Not Enough Tory Candidates
Campaign Report – 50 Days to Go Campaign Report – 50 Days to Go
PMQs Sketch PMQs Sketch