Suckering Sid?

SidThe FT reckons the Tories are eyeing up a shares sale of some of some of the UKFI Ltd portfolio, this follows Myners on the weekend claiming to Adam Boulton that the taxpayer was sitting on a little nest egg investment in the banking system.  Perhaps, if you ignore the financial black hole that is Northern Crock.

Don’t get too excited.  Moodys has just released research suggesting we will see further losses of around £130 billion from the loan books and securities portfolios of rated UK financial institutions.  The UK economy is nowhere near out of the hole yet:

  • We are in a fifth consecutive quarter of recession.
  • Real GDP fell 0.8% quarter-on-quarter.
  • Output has fallen 5.6% year-on-year, the worst since records began in 1955.
  • The Bank of England base rate at 0.5%, is the lowest rate since the central bank was founded in 1694.
  • The Old Lady has eased £125 billion of new electronic money into the economy to create a false market in government gilts.
  • Nevertheless, the efforts thus far have met with little success: net bank lending to individuals fell to a fresh record low in June, net lending to U.K. businesses has slipped into negative territory in recent months, as repayments exceeded new loans. Sid is saving to pay down debt – unlike Gordon.

Guido’s advice to Sid: buy a little gold for insurance, invest in inflation linked securities  and neither the great British pound or the U.S. dollar are great places to be. Pop one of Gordon’s happy pills, we ain’t out of it yet…




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

Quote of the Day

Dominic Cummings tells Damian Collins:

“You talk of ‘contempt of Parliament’. You seem unaware that most of the country feels contempt for Parliament and this contempt is growing.”

Sponsors

Guidogram: Sign up

Subscribe to the most succinct 7 days a week daily email read by thousands of Westminster insiders.
Anti-Brexit ‘Renew’ Flops Anti-Brexit ‘Renew’ Flops
Robbins Hits Back at Brussels Robbins Hits Back at Brussels
Kremlin Pranksters Fail With Boris Kremlin Pranksters Fail With Boris
Corbynista Back Room Shakeup Corbynista Back Room Shakeup
Labour Live Causing Seizures Labour Live Causing Seizures
7 Cummings Truth Bullets For Brexiter Tory MPs 7 Cummings Truth Bullets For Brexiter Tory MPs
Gallery Guido’s PMQs Sketch Gallery Guido’s PMQs Sketch
Watch: Jon Craig Duped By Daily Mash Watch: Jon Craig Duped By Daily Mash
Boris Tells May: Get On With It Boris Tells May: Get On With It
German Firms Back Brexit Britain German Firms Back Brexit Britain
Zarb Referred to Disputes Panel Zarb Referred to Disputes Panel
Kate Osamor Plagiarised Maiden Speech Kate Osamor Plagiarised Maiden Speech
Ken: Seumas Wrote My Tweets and Never Told Me to Stop Talking About Hitler Ken: Seumas Wrote My Tweets and Never Told Me to Stop Talking About Hitler
Young Voters Now Prefer May to Corbyn Young Voters Now Prefer May to Corbyn
Ruth and Gove Blast “Dour” Tories Ruth and Gove Blast “Dour” Tories
Ken Resigns from Labour Ken Resigns from Labour
New Tory Treasurer is Director of 7 Companies With Overdue Accounts New Tory Treasurer is Director of 7 Companies With Overdue Accounts
All-Remain Peston Show “Kerfuffle” All-Remain Peston Show “Kerfuffle”
Top Tory’s Firm Implicated in Russian Dirty Money Report Top Tory’s Firm Implicated in Russian Dirty Money Report