Polly’s “Precarious” Guardian Has £850 Million Cash Reserves

Polly Toynbee has a full page advert in today’s Guardian asking readers to “become a Founder member” for £540-a-year. In other words write them a cheque because the £1.60 they pay to read the paper isn’t enough to save it from its “precarious” position:

“The Guardian’s life has always been precarious because we don’t have an owner or a corporation propping us up. We don’t have a press baron or oligarch ordering us to take their political or commercial line. We swim along in a dangerous world of media sharks, our independence precious and unique.”

As Press Gazette points out, the “precarious” Guardian currently has cash reserves of £850 million since selling its stake in Autotrader last year. Cynical tax strategies have kept the Guardian afloat whilst simultaneously campaigning against tax avoidance. Amazingly £850 million has built an endowment that will allow the unpopular paper to lose money in perpetuity. All without paying any corporation or capital gains taxes for years…

Pic via @wblau



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David Davis zings the Standard’s editor…

“I don’t read the Evening Standard, and if I’m going to take lessons on rule by decree, it won’t be from the editor.”

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