Andy Roberts

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  Spain reveals pain over cuts and unemployment

  http://distributedresearch.net/blog/2011/05/21/spain-reveals-pain-over-cuts-and-unemployment

  Spain protests: Young protesters in Madrid and beyond have many different demands, but they are united in opposing the Spanish governmentThis article titled “Spain reveals pain over cuts and unemployment” was written by Giles Tremlett in Madrid, for guardian.co.uk on Saturday 21st May 2011 11.59 UTCThe arrival of the table, a battered piece of formica bashed on top of four rough, oversized legs raised a cry of joy. Never mind that anyone on a normal chair would barely be able to see over the top – here was another small triumph of the new Spanish revolution, the gathering of angry Spaniards of all colours, ages and persuasions that is sweeping across the country and beyond its borders.The table that arrived in Madrid’s Puerta del Sol square was part of the swirl of creative chaos, naive enthusiasm and pent-up frustration that has transformed it into a makeshift camp for thousand of protesters who call themselves los indignados, the indignant ones.Tents and mattresses, armchairs and sofas, a canteen, portaloos and solar panels have sprung up in a remarkable display of organisational prowess. And the mass of people jostling around, each pursuing their own dream or demand, or just watching others doing the same, seemed more like something transported from the Arab spring in North Africa than from Europe.As the protests continued to swell on Friday, with 60,000 people defying authorities to obey the campaign’s “Take over the square!” slogan in dozens of Spanish cities, and with copycat demonstrations across Europe, the question was whether this was the new May 1968 – a youth-led popular revolt against an establishment deemed to have failed an entire generation.Esther Gutierréz, an elfin 26-year-old, wandered through the crowd with a battered shopping cart full of fruit.“We’ve got so much food we don’t know what to do with it. People just bring it to us for free and it’s wonderful stuff,” she said. “We want real democracy. Not just freedom for bankers. You’re not from the Spanish press, are you? We don’t speak to them.”Cynical and ingenuous by turns, the Madrid protesters and those who last week refused to obey orders to budge from the occupied city squares have torn up the rule book of Spanish public politics. The heavyweights of old – political parties, trade unions and media commentators – are not wanted here.“I was sacked when the Madrid regional government closed down a women’s centre last year when it imposed cuts,” explained Beatriz García as she bashed a small frying pan with a wooden spoon. “The unions didn’t even bother to turn up.”The political parties were worse, she said. “There is no renovation. There is nothing new or different, just two parties who take it in turn to govern because our electoral laws favour them.”Just a week ago Spain was known for the passivity of its citizens as they put up with one of the most depressing eras in recent history. Despite unemployment hitting 21%, widespread spending cuts and a socialist government bound to obey the diktats of Germany’s chancellor, Angela Merkel, and the financial markets, they had refused to show their pain. Marches, sit-ins or riots were for the French – or British students. The real drama, anyway, was in North Africa. Spaniards stayed at home.All that changed this week as demonstrations organised via Facebook and Twitter became static protests in city squares, mushrooming into something that caught politicians, unions and the media by surprise.While journalists were following the dull routine of campaigning for Sunday’s municipal and regional elections, the steam was beginning to escape from a pressure cooker of discontent.Many Spaniards had told pollsters they were tired of the same, well-known political faces – especially those who are due to be re-elected despite being mired in corruption scandals. Politicians have rarely been held in such disregard, with the prime minister, José Luis Rodríguez Zapatero, and opposition leader, Mariano Rajoy, of the conservative People’s party, rating lowest. Rajoy seems set to take over after a general election next March.When police forcibly evicted the Madrid demonstrators on Tuesday morning, they came back in even greater numbers later that day. By Friday night authorities had lost the battle to impose rules banning public politics on the day before elections. Police could only look on. “Join us, police officers!” the demonstrators shouted.By the early hours of Friday, it was already elbow-room only in the Puerta del Sol – the square which prides itself on being Spain’s “kilometre zero”, the spot from which all other distances are measured.On the statue of King Carlos III, somebody had pinned a sign that read: “We are anti-idiots, not anti-politicians.” Other placards read: “We aren’t against the system, we want to change it”, “Democracy, a daily fight”, and “Take your money out of the bank!”“We’ve brought tents, food and even Trivial Pursuit to keep us entertained,” said Pablo Cantó, a fresh-faced 23-year-old journalism student. Like many younger protesters, and the movement as a whole, he had trouble expressing exactly why he was here. “We want change,” he said. “Things just can’t carry on as they are.”The heavy clouds of cannabis smoke suggested others had brought their own form of entertainment.“I’ve been protesting for decades,” said 60-year-old school teacher Rosa Marín. “I’m glad to see so many young people here. The questions is this: Is this another May 1968, or are they just here for the party?”A gang of drunken skinheads, mindlessly chanting football terrace slogans, were there for the latter.But a neat, disciplined circle of people intently debating social reform showed many were here in earnest. They took turns to stand up and make their proposals, the audience listening and using the sign language applause of the deaf – by shaking their hands above their heads – to show approval without drowning the speakers out.The proposals, due to make their way through a laborious process of committees, working parties and general assemblies, varied from calls for less spending on the military to helping businesses. “Because it is not just money for the owners. They are the ones who give people like us jobs,” said one young man.For some younger protesters, it was a political baptism. “I don’t know what will come out of this, but it is enough just to show everyone how upset we are,” explained Javier de Coca by phone from the protest camp in Barcelona’s Plaza de Catalunya, where there was a surprising absence of the nationalist or separatist symbols of protest movements in recent years.“It’s as if they’ve realised they have more serious problems to deal with,” said one protester. One of those problems is 45% youth unemployment.On a wall beside the tarpaulin-covered command centre in what some were calling Madrid’s “Republic of Sol” – home to a press office, an infirmary and a legal centre – a list of needs had been pinned up. Toilet paper and food were scratched off the list. Bookshelves, wood, rubber gloves and bottles of cooking gas were on it. Volunteers were needed for a creche.“We process the proposals and try to turn them into something that makes legal sense,” explained a volunteer at the legal centre.However, the open assemblies are painfully slow. Some last for hours, as everybody is given their turn to speak. After almost a week of protests, the demonstrators have failed to come up with a coherent set of demands.Electoral reform to end the two-party system and action to both punish corrupt politicians and limit their luxuries and privileges were the main areas of agreement.So is the Arab spring spreading to southern Europe? “You can’t really compare us to people who were risking their lives by protesting,” said 23-year-old computer engineer Jaime Viyuela. “But yes, you can say that we are inspired by the courage of the Arab spring.” guardian.co.uk © Guardian News & Media Limited 2010Published via the Guardian News Feed plugin for WordPress.Thanks for subscribing to Andy Roberts blogSpain reveals pain over cuts and unemploymentRelated posts:Zapatero says Spain safe from bailoutProtest march against coalition cuts expected to attract 300,000Anti-cuts campaigners plan to turn Trafalgar Square into Tahrir Square

  

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  May 21 2011, 8:54am | Comments »

• I posted to distributedresearch.net

  MPs step up pressure to remutualise Northern Rock

  http://distributedresearch.net/blog/2011/05/02/mps-step-up-pressure-to-remutualise-northern-rock

  Support grows for motion tabled by MP Chuka Umunna to return nationalised lender to the mutual sector. That means the Northern Rock Bank would become the Northern Rock Building Society again, a mutual building society without any shareholders.

  This article titled “MPs step up pressure to remutualise Northern Rock” was written by Jill Treanor, for The Observer on Saturday 30th April 2011 23.06 UTC Political pressure for the remutualisation of Northern Rock is gathering strength: 100 members of parliament have signed an early day motion backing the return of the nationalised lender to the mutual sector. Chuka Umunna, the Labour MP who tabled the motion, said 19 MPs had lent their support in the past week. Northern Rock and UK Financial Investments (UKFI), which looks after the taxpayer’s interests in the bailed-out banks, have appointed Deutsche Bank to explore options for the Newcastle-based lender. Deutsche will present ideas to UKFI that could be used as the basis of any recommendations made about Northern Rock to the chancellor. The lender, notorious for granting 125% mortgages before the financial crisis, was nationalised by Labour in February 2008 after it suffered the first UK bank run in living memory and thousands of anxious depositors queued round the block to withdraw funds amid fears about its solvency. After it was rescued by the government, the bank was split to create Northern Rock plc, the “good” bank that has resumed lending, and Northern Rock Asset Management, the “bad” bank that was merged with Bradford & Bingley’s mortgage business, another nationalised casualty of the credit crunch. Deutsche is looking at the options for Northern Rock plc. While Labour was in office, the then Treasury minister Sarah McCarthy-Fry revealed that ways of remutualising Northern Rock had been considered, but warned: “I’m not pretending it’s going to be easy.” Coventry building society has presented itself as being interested in linking up with Northern Rock, although little information has emerged as to how it might facilitate any deal. An analysis by Landman Economics has suggested that “profit participating deferred shares” could help the government recoup the money tied up in the lender. Landman’s analysis concludes that a trade sale or stock market flotation would not raise enough funds to pay back the taxpayer in full. Labour ex-minister Gareth Thomas, who has campaigned for the Rock to be remutualised, said he had doubts about whether George Osborne was interested. “I do not believe the Treasury is taking this seriously,” he said. Another option is merging the 70 Northern Rock branches with the 600 that Lloyds Banking Group has to sell to comply with EU rules on state aid.

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  Related posts:A co-ordinated strike is the next step Fukushima factor adds pressure to economic fallout from Japan’s crisis Bank of England governor blames spending cuts on bank bailouts

  

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  May 2 2011, 9:51am | Comments »

• I posted to distributedresearch.net

  Can a family of four be fed for £50 a week?

  http://distributedresearch.net/blog/2011/04/30/can-a-family-of-four-be-fed-for-50-a-week

  Sainsbury’s is launching a deal that promises it can be done. We asked three leading food writers if it’s really possible

  This article titled “Can a family of four be fed for £50 a week?” was written by Fiona Beckett, Simon Majumdar and Richard Ehrlich, for The Guardian on Friday 29th April 2011 23.05 UTC Fiona Beckett: Yes you can Sure you can feed your family for £50 a week, just as you can restrict yourself to 1,200 calories a day if you need to. But it takes willpower, and supermarkets aren’t always the best places to exercise that. Everything – well, practically everything – will have to be pre-planned. You can’t afford to be deflected by impulse buys, though it’s worth keeping, say, a £5 float to take advantage of offers on non-perishable foods like pasta and tinned tuna and for stocking up on basics like herbs and spices (which are cheaper in independent shops than supermarkets). You’ll have to stop pandering to your kids. On this kind of budget you can’t afford to let everyone eat what they like whenever they feel like it. Shared mealtimes are easier to control than 24/7 fridge raiding. Set whatever you don’t need aside for another meal rather than leaving it on the side for scavengers to dip into. Insist that kids ask you when they want a snack rather than just helping themselves. (Frugality, I’m afraid, requires a degree of fascism that doesn’t come easily to today’s laid-back parents.) Forget heavily advertised brands (despite moans from the kids) and buy – or at least try – own label. Discover when your nearest supermarket tends to have reductions. I used to find the one at my local petrol station would virtually give away unsold meat and veg on a Sunday night. The main challenge on a low budget is keeping some variety in your diet. If you build a couple of days round mince (say, a spag bol one night and chilli con carne the next), you could then switch to seafood like frozen prawns, veg and rice for the next two to three days. Forget the idea that every meal has to have expensive lumps of protein – do as our parents and grandparents did, and pad out meals with carbs and puddings. Not all the old wisdom applies though, it has to be said. Veg aren’t always – sadly – cheaper in season. (Frozen berries are almost always cheaper than fresh, for instance.) “Cheap” cuts can be anything but. It can, bizarrely, be more economical to buy steak on special offer than mince, if you stretch it by slicing it thinly. Sometimes ready-made foods like cakes or puds are cheaper than baking them yourself (though in general anything pre-sliced, grated or cubed is a rip-off). And remember that no one shop has all the bargains. You can bet your life that if Sainsbury’s – or any other supermarket – is promoting products to make them look as cheap as chips, they’ll be marking up other lines that will cost you less elsewhere. The old adage that does still apply is “shop around”. Fiona Beckett is author of The Frugal Cook, published by Absolute Press. guardian.co.uk/profile/fionabeckett

  Simon Majumdar: No you can’t In 1994, Sainsbury’s ran a campaign promising to feed a family of four for less than £50 a week. I had my doubts then, and I have them even more now that the company is offering almost exactly the same deal some 17 years later. The simple fact is, that while it may be feasible to feed a family of four for £50, it is, I believe, almost impossible to do it well for such a lowly sum. One may be able to meet people’s basic nutritional needs, but it will give little variety in the diet and extract all joy from the experience of dining. Some might suggest that, if people are financially stretched, they should be prepared to forgo certain pleasures to make ends meet. However, for me, such a notion is only a short remove from Ebenezer Scrooge’s impassioned cry of “are there no workhouses?” and has no place in this discussion. A £50 a week budget equates to £1.79 per person, per day. This amount is less than is allocated to guests of Her Majesty’s Prisons and only marginally more than is spent on the daily meals of the majority of National Health Service patients. While one doesn’t hear of too many people dying of malnutrition in hospitals and prisons, one also doesn’t hear of too many people clamouring to change places with them when dinner time comes around. It is possible, of course, to wheel out some well-intentioned nutritionist to talk about “wholesome soups” or “hearty bowls of pasta” in defence of the notion that it is possible to eat well, cheaply. However, anyone who has ever spent time subsisting as a student will testify that, while such dishes might do the job of filling a person’s stomach, the regular arrival of bowls of soup or dishes of spaghetti bolognese, night after night, can be enough to drive a person to bloody murder. Such a view also labours under the incorrect assumption that while people may be economically troubled, they can still find the time to seek out cheap, fresh ingredients and labour over a hot stove to make sure that their families receive all they need from their three square meals a day. If there ever was an era when such a thing was true, it is certainly not the case today when both parents are probably holding down jobs to pay the bills. Sainsbury’s latest promotion might seem like one possible solution to the issue. However, to me, it confirms only two things. One, that marketing people are incapable of ever coming up with new ideas. And, more worryingly, if the cost of this basket of food, meant to feed two adults and their offspring, remains the same nearly two decades on, there must be serious concerns about the quality. Whatever one thinks of our supermarkets, few people would ever consider them exemplars of altruism. For food to be sold at this price must mean that corners have been cut, costs have been shaved, and producers have been squeezed. The cynic in me can’t help thinking that all three are probably the case. Accepting this heady combination of uncertain food quality, a lack of variety and little enjoyment, it may well be possible to physically sustain a family of four people on the meagre sum of £50 a week. But, I have to admit, if I was in such a situation, Her Majesty’s Prisons might begin to look pretty appealing. Simon Majumdar is the co-writer of Dos Hermanos, one of the UK’s most widely read food blogs. guardian.co.uk/profile/simon-majumdar

  Richard Ehrlich: Well, maybe It would certainly be possible to feed a hypothetical family of four on a budget of £50 a week – the big question is whether it would be any fun. Before going any further, I have to add that all bets are off if the household includes teenage boys. The UK Department of Health’s Estimated Average Requirements call for a daily calorie intake of 1,940 calories per day for women and 2,550 for men. Teenage boys seem to need at least 5,000 or they start eating their own fingers. For the rest of us, £12.50 a week is just about do-able. It means avoiding many processed and pre-prepared foods: ready-meals for four can devour your whole daily budget. Favour porridge over boxed breakfast cereals, cheap seasonal veg over fancy salad leaves or sugar snap peas from Kenya, fresh fruit over fruit juice. It also means relying on cheap sources of protein. But remember that you don’t need much protein, far less than most omnivores eat. Try to use meat as a seasoning instead of the main event of the meal: four rashers of top-notch bacon will flavour a whole pot of beans or a pasta sauce. If you sometimes need an identifiable piece of meat on the plate, forget about steaks and chops. Cook stews from cheaper, tougher cuts such as shin of beef or knuckle of pork. Chicken legs are cheaper (and tastier) than breasts, and whole chickens, which can produce four meals for four people at a stretch, are cheaper still. A major cost-cutting option lies open to those who have a big garden or an allotment: grow your own vegetables. Even if you only have space for a few pots, growing herbs can save you a pound or two a week. And a final cost-cutting strategy: don’t assume supermarkets are cheap. When I compared prices on five items at my local Sainsbury’s with the fruit and veg stall across the road, the stall was cheaper on three items, the same on one, and more expensive on one. But the loose carrots at Sainsbury’s (35p/kg, compared with 77p/kg at the stall) were as flexible as garden hoses. Fresh ginger at the stall was £3.30/kg as opposed to £10.72 chez Sainsbury’s. But back to the F-word: will £50 be fun? It can certainly be made less painful by deploying cheap seasonings that deliver maximum pleasure. Bags of spices bought from an Asian shop cost a pound or so and last for many months. A knob of ginger, a fresh chilli, a head of garlic, a lemon – all cost little and can be used with anything. Ultimately, your fun-quotient will be determined by your enthusiasm for inexpensive starchy foods: potatoes, pasta, rice, pulses. Well used, these deliver great flavour at minimal expense. Macaroni cheese, curried lentils, any of numerous dishes combining a lot of rice and a little chicken or lamb – all can be made for as little as 30-50p a head. I know I spend more than £50 a week when there are four of us in the house, probably more like £80. If I had to cut down to £50, I could probably do it. But I love macaroni cheese. Richard Ehrlich’s latest book is ’80 Recipes for Your Pressure Cooker’, published by Kyle Cathie, £12.99. guardian.co.uk/profile/richardehrlich

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  Related posts:London Overground starts next week A five minute argument or the full week? Call to tax junk food ingredients to halt obesity

  

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  April 30 2011, 6:57am | Comments »

• I posted to distributedresearch.net

  Never has London’s atmosphere as a rich city-state felt so extreme

  http://distributedresearch.net/blog/2011/04/16/never-has-londons-atmosphere-as-a-rich-city-state-felt-so-extreme

  Geographically, never mind socially, we are not all in this together. Life in London feels different to anywhere outside. By London, though, we are only talking about a small area of central, west and north london. Out in the banlieu, you might as well be in Bradford.

  This article titled “Never has London’s atmosphere as a rich city-state felt so extreme” was written by Ian Jack, for The Guardian on Saturday 16th April 2011 07.30 UTC In Bradford on a winter’s night 25 years ago, I stood in front of an estate agent’s window and made a calculation. For the price of our terrace house in north London – two up and two down and a bit of garden at the back – I could buy 10 similar houses in Bradford. This month I read that Burnley has the lowest property prices in England, and made another calculation. For the price of our London house I could buy 40 houses in Burnley that were averagely cheap and 80 of the very cheapest. This doesn’t mean that the differential in house prices between London and northern England has grown by more than 400% since 1986. I live in a bigger house now, and Burnley isn’t Bradford. But the gap is certainly widening: according to Halifax figures, houses in Newcastle-on-Tyne cost on average 28.8% less than they did in 2007, while in Islington they’ve risen 9.7% in the past year after changing very little – up or down – in the previous two. I look at pictures of the cheap houses in Burnley. They’re Victorian terraces. Their doors open straight on to the street, but they look solidly built from Pennine stone, no frills, but handsome. I imagine workers came home to them from cotton mills. Our house is certainly more imposing, three floors rather than two, with bow windows and ornamental red brick. But it has shallow foundations in London clay, so whether it’s sturdier is doubtful. I imagine someone who earned money in a suit, a senior clerk or a shopkeeper, first moved in when the terrace was completed in 1890. Without substantial inherited wealth, not even two-income families in the modern equivalent of those jobs could move in now. Newspapers sometimes write that the coalition cabinet contains “18 millionaires” as though it were a peculiar outrage, but everybody who’s paid off their mortgage in my street is a millionaire, if property is counted among their assets. And I stress that this is an ordinary street; until 30 or 40 years ago, a schoolteacher or a Fleet Street sub-editor could have afforded a house here. What explains my good fortune? To some extent many of my generation share it, especially if they worked in a trade or profession that blossomed in the 1980s (better, on the whole, to have been a national-newspaper journalist than a mechanical engineer). Most people I know have grander homes than their parents, no matter where they live in the United Kingdom. If they live in favoured parts of cities such as Edinburgh and Leeds, their homes are often enviable for their architecture and space. Only the very grandest of them, however, could be swapped for 40 cheap houses in Burnley. Above every other consideration – career, age – the combination of judgement and happenstance that made me a London house-owner is what explains my relative wealth. To a certain degree, this is an old story, and common to every metropolis. Moving to London four decades ago, I discovered one-bedroom flats were double the price of those I’d left behind in Glasgow. But then the 1980s arrived and the British economy’s centre of gravity shifted sharply (and to date, permanently) south. Between 1979 and 1986, jobs in manufacturing industry declined by almost two million; 94% of jobs lost in every sector in those years were north of a line drawn between the Wash and the Bristol Channel. The traditional idea of Britain – one taught in school geography books – was a country that made its money in the midlands and the north (including Scotland, and not forgetting Wales) and spent the profits mainly in the south. But now both the generation and consumption of wealth grew concentrated in the same place, and the north-south divide suddenly marked something more fundamental than dialects and traditions. It was during this time, soon after the miners’ strike, that I stood with a notebook in a Bradford street and worked out the house price ratio. I wondered then if it could last. It didn’t seem possible that it could get worse – and for several years around the turn of the century it didn’t. Public spending financed by European grants and taxes raised in the City of London secured for many northern towns at least the suggestion of a viable future, if viability is measured in warehouse conversions, art galleries, warm cappuccino and rising property costs. The crash has since jeopardised all these simulacra of metropolitan living. The odd thing – the unfair thing, considering where the crash originated – is that the metropolis itself is immune. Geographically, never mind socially, we are not all in this together. Life in London now feels different to anywhere outside, as though you leave through city gates at turn-offs on the M25. Never has its atmosphere as a rich city-state felt so extreme. “Revenues have bounced back and we are again seeing strong sales growth. The outlook for the UK as a whole may be gloomy but I think the long-term prospects for London, especially with the Olympics, are very good.” These are the words of Des Gunewardena, who runs a chain of expensive restaurants (Le Pont de la Tour, Quaglino’s) and I read them last week in the Evening Standard, underneath the headline, “Surge in dining out feeds a flurry of restaurant launches”, next to a picture of Sienna Miller arriving at Sheekey’s. Each in the list of a dozen new restaurants still to open has the name of a chef attached. One of those already opened, the Pollen Street Social in Mayfair, took 5,000 calls looking for reservations in its first day. Beyond the hope that manufacturing industry can rebalance the economy, and the faraway prospect of a high-speed rail line to Birmingham, no government strategy exists to spread this wealth further north. The political tone is southern – look at the party leaders, or many of the Labour candidates parachuted to northern seats. It has been left to the BBC to do a little social engineering by – bravely or foolishly – relocating departments to Salford, Cardiff and Glasgow, so that half of its output will be produced outside London by 2016. Will better programmes result? Very few BBC staff seem to think so; on the evidence of BBC2′s Review Show, now made in Glasgow, extra expense in travel and hotel costs looks the likeliest difference. But three formerly great industrial cities will have BBC budgets and salaries added to their troubled economies; there will be job opportunities; the middle class in each place should grow a little larger. The staff who refuse to go are easily mocked. Haven’t they heard about the better quality of life, the Lowry, the easily accessed countryside, the “creative buzz” that’s now reported along the banks of the Clyde and the Manchester ship canal? Their reluctance to move is usually expressed in personal and professional terms: of not wanting to interrupt their children’s education, or being too far away from their show’s guests. But perhaps among their worries there’s something less easy to define; that by quitting London they’re removing themselves from its cultural, political and economic heft, which has grown so remorselessly and, whether or not BBC Breakfast gets done in Salford, will carry on regardless. The country’s centrifuge: both awful and interesting.

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  Related posts:Compensation is only for the rich To us, it’s an obscure shift of tax law. To the City, it’s the heist of the century Arc Royal to extend London City Airport

  

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  April 16 2011, 11:21am | Comments »

• I posted to distributedresearch.net

  OFT launches extended warranties investigation

  http://distributedresearch.net/blog/2011/04/14/oft-launches-extended-warranties-investigation

  Extended warranties are just a type of insurance, which in turn is a form of gambling with the odds always stacked against the consumer.. Except for AppleCare of course, which is usually worthwhile.

  This article titled “OFT launches extended warranties investigation” was written by Jill Insley, for guardian.co.uk on Thursday 14th April 2011 10.39 UTC The Office of Fair Trading (OFT) is to examine whether extended warranties for domestic electrical goods, a market worth more than £750m a year, offer consumers value for money.

  Extended warranties are insurance policies that cover the cost of repairs or replacement for a set number of years beyond the manufacturer’s own warranty. They are typically sold at the point of sale on electrical items such as televisions, washing machines and computers, with most policies running for three or five years.

  The OFT’s decision to probe this market follows its review of “aftermarkets” for domestic electrical goods launched in November 2010. This revealed concerns that competition between extended warranty providers was reduced because of retailers’ ability to promote policies when selling an electrical item. Some parties responding to the review also complained that warranties are not good value for money.

  Rules controlling the sale of extended warranties were introduced in 2005 following a Competition Commission investigation. These include the requirement for retailers to tell customers that buying an extended warranty is optional, that they have up to 30 days to buy the extra cover, and there is a 45-day cooling-off period if they change their mind after doing so. But an OFT evaluation has revealed that these measures only address consumer detriment worth about £19m a year out of an estimated total of £366m.

  Claudia Berg, director of the OFT’s consumer and goods group, said the results of the study would be published in the summer.

  “Consumers buy millions of extended warranties on domestic electrical goods each year, and we want to make sure they are getting value for money. We plan a short and focused market study to find out quickly what, if any, action is needed to make this market more competitive, to the benefit of consumers and the wider UK economy,” she said.

  However, the OFT has decided against looking into the repair of electrical goods. It said it had not received sufficient evidence to support initial concerns that manufacturers might be limiting competition in this market by restricting independent repairers’ access to technical information and spare parts.

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  April 14 2011, 6:08am | Comments »

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  Olympics 2012: Are there ways to save on tickets?

  http://distributedresearch.net/blog/2011/04/08/olympics-2012-are-there-ways-to-save-on-tickets

  What’s the best way to get good value Olympics 2012 tickets without breaking the bank?

  This article titled “Olympics 2012: Are there ways to save on tickets?” was written by Jim Griffin, for guardian.co.uk on Friday 8th April 2011 11.07 UTC Every week a Guardian Money reader submits a question, and it’s up to you to help him or her out – a selection of the best answers will appear in next Saturday’s paper.   This week’s question:   My husband is planning to spend more than £1,000 on Olympics tickets, which seems crazy to me. He wants to go for the pricier tickets, as he says the cheap £20 ones will be over-subscribed. Is he right? Any tips I can pass on for reducing his (our) bill?   What are your thoughts?

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  April 8 2011, 6:34am | Comments »

• I posted to distributedresearch.net

  Olympic stadium completed on time

  http://distributedresearch.net/blog/2011/03/29/olympic-stadium-completed-on-time

  London 2012 Olympic Stadium designers hail ‘the beginning of the end’ of the construction phase as the main arena comes in on schedule and under budget.

  This article titled “Olympic stadium completed on time” was written by Owen Gibson, for The Guardian on Tuesday 29th March 2011 19.51 UTC The designers of the Olympic Stadium in east London have hailed its completion as “the beginning of the end” for the construction phase of the 2012 Games. As International Olympic Committee inspectors arrived in the city for a three-day visit to check on progress, organisers hoped the good news on the completion of the Stratford stadium would overshadow an ongoing row with the British Olympic Association over how any hypothetical profit would be distributed. Lord Coe, the chairman of the London Organising Committee of the Olympic Games, watched Frankie Fredericks, a four-time Olympic silver medallist, lay the last piece of turf on the infield. The £486m stadium is the second major venue on the Olympic Park to be finished, after the Velodrome was unveiled earlier last month. “I do not want anybody to run away with the idea that this stadium is ready to stage a track-and-field championship tomorrow,” said Coe. “But as a chairman of an organising committee to be able to tick off this venue is terrific. It is fantastic. I think it will be an intimate theatre for sport and it has fantastic legacy potential, too.” Work began on the 80,000-seat stadium in May 2008 and the Olympic Delivery Authority, which is responsible for spending £8.1bn of public money on the infrastructure to host the Games, said its completion was a “huge milestone”. “The Olympic Stadium has been finished on time and under budget,” said ODA chairman John Armitt. “To complete a complicated project such as this in less than three years is testament to the skill and professionalism of the UK construction industry.” Rod Sheard, of stadium architects Populous, said he was looking forward to watching “this innovative design perform for the first time”. He added: “Its completion marks the beginning of the end of the construction phase of London’s Olympic Games.”

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  March 29 2011, 3:35pm | Comments »

• I posted to distributedresearch.net

  Firstbuy could lock young homebuyers into falling property market

  http://distributedresearch.net/blog/2011/03/27/firstbuy-could-lock-young-homebuyers-into-falling-property-market

  George Osborne‘s Firstbuy scheme, designed to help cash-strapped first-time property buyers could end up just subsidising the building industry.

  This article titled “Firstbuy could lock young homebuyers into falling property market” was written by Heather Stewart, for The Observer on Sunday 27th March 2011 00.06 UTC Campaigners are warning that George Osborne’s “Firstbuy” scheme to help cash-strapped young voters onto the property ladder is a subsidy for housebuilders that could lock vulnerable buyers into a falling market. The £250m scheme, under which homebuyers with a 5% deposit will be able to borrow a further 20% of the price of a new home from the government and housebuilders, was one of the few giveaways in the chancellor’s second budget last Wednesday. But the independent Office for Budget Responsibility expects house prices to fall by 2.3% this year, and grow by just 0.1% the year after, and many analysts are expecting sharper declines. Appearing before MPs at the cross-party Treasury select committee on Friday, Jonathan Portes, director of the National Institute for Economic and Social Research, criticised the chancellor’s scheme, saying “the main financial impact of giving help to first-time buyers is to pump extra money into the demand side and boost house prices. That’s the last thing future first-time buyers or the economy as a whole needs.” Osborne’s plan is very similar to “HomeBuy Direct,” a scheme introduced under Labour. Matt Griffith, of the pressure group Pricedout, said, “the experience of HomeBuy Direct has also been that it put too much power in the hands of the developers – who were often bringing forward the least sellable properties for inclusion in the scheme and selling at above market prices.” Matt Griffith, of the pressure group PricedOut, says some of the homeowners who took advantage of Labour’s similar scheme have been trapped in properties where prices fell substantially as the housing bubble burst. Asked whether the new scheme could also leave homebuyers lumbered, with depreciating new-build properties, a Treasury spokeswoman said: “I don’t think that level of detail is fixed yet.” The scheme will be operated under the auspices of the department for communities and local government. Paris-based think-tank the Organisation for Co-operation and Development, whose vote of confidence in the UK economy was cited by Osborne, urged the government to impose a tax on the value of all properties, to discourage speculation and tame the boom bust housing market.

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  March 27 2011, 1:16pm | Comments »

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  London 2012 tickets, Japan appeal and census targeted by scammers

  http://distributedresearch.net/blog/2011/03/27/london-2012-tickets-japan-appeal-and-census-targeted-by-scammers

  Warnings issued over phoney doorstop callers, fake emails asking for money and too-good-to-be-true London 2012 Olympic tickets

  This article titled “London 2012 tickets, Japan appeal and census targeted by scammers” was written by Jill Insley, for The Observer on Sunday 27th March 2011 00.05 UTC Bogus doorstep callers have been posing as census collectors to try to get into people’s homes – and householders are being warned to be on their guard for fraudsters after today’s deadline for filling in the form. Following an attempt by a fraudster purporting to be a census official from the county council to get into an elderly man’s home in Leicestershire, the Local Government Association has urged people to be vigilant. Paul Bettison, the chairman of local government regulation, said: “Fraudsters are known to take advantage of any situation. If they can make money from it, then they will give it a go. “People visiting a household for official business should be able to provide photographic identification and unless that is the case, nobody should allow anyone access to their property.” Official census collectors will, from 6 April, visit a small number of households that have failed to complete the census – which can be returned in a pre-paid envelope or filled in online – but they will provide identification. Anyone who thinks they have been targeted by a bogus caller should call the census helpline on 0300 0201 101. Fraudsters have also been trying to scam money out of people wanting to donate cash to the Japan Tsunami Appeal. A spokesman for the Red Cross said: “There are some fraudulent emails circulating claiming to be raising money for the Japan Tsunami Appeal. These may request that you donate through companies like Western Union or Money Bookers, which we would never do. If you suspect an email is fraudulent, do not open attachments or click on links. “In addition to this we have also received reports of people requesting money over the phone, or cash on the doorstep. Although the British Red Cross does undertake both street and telephone fundraising, our calls are for regular commitment by direct debit and not for donations by cash or credit card.” An email forwarded to the Observer includes a donation form requesting details that including the donor’s credit card details, their mother’s maiden name, driver’s licence or passport details, and Verified by Visa password. Mark South, a spokesman for the Red Cross, confirmed the email was fake and added that people wanting to donate money to Japan should ensure they never divulge their personal details to an unknown source. Donors should only give through trusted channels, such as the Red Cross website or via the British Red Cross hotline on 08450 53 53 53. All British Red Cross marketing email addresses end @mail.redcross.org.uk, and the charity does not use general email providers such as BT Internet or Gmail to solicit donations. Anyone suspicious of an email they have received should contact the British Red Cross supporter care team on 0844 87 100 87 or at supportercare@redcross.org.uk. The 2012 Olympics have also proved a temptation for fraudsters who have set up websites to act as fake or unauthorised ticket outlets for the games. The official Olympic website – http://www.london2012.com – includes a tool that will check if a website is a genuine outlet, plus a list of known unauthorised websites claiming to offer London 2012 tickets. These include genuine-sounding names like http://www.london-olympics-tickets.org.uk and http://www.london-2012-games.com/2012-olympics-tickets – two sites that are defunct or look like they have been abandoned. However, other fake or unauthorised sites are still live, including http://www.londonolympicstickets.com and http://www.2010olympictickets.net. Real tickets will carry the name of the purchaser, and it is illegal to sell them on through auction sites such as eBay or to ticket resale sites. Those who buy legitimate tickets but can’t go to the event will be able to resell through an official resale exchange: this will launch early in 2012 before tickets are sent out, and will set prices at the tickets’ face value. But, a spokesman for London 2012 admitted, many people will have had tickets bought on their behalf and while spot checks may be carried out, only those with cancelled or fake tickets are likely to be turned away from events. He said it would be impossible to check whether all tickets are being used by the original purchasers and their friends and families as 8.8m tickets will be issued for events at 34 venues over 16 days. “We’re more interested in protecting people from losing their money through the purchase of fake tickets,” he added. Michael Norton, the managing director of PayPoint.net, said: “We expect fraud levels to increase dramatically following the passing of the ticket application deadline on 26 April. Opportunistic fraudsters will be looking to take advantage of those unlucky consumers not able to get tickets for some of the most oversubscribed events.” Tickets may only be bought using a Visa debit, credit or pre-paid card, which enable consumers to claim all their money back if they do fall into the trap of buying fake tickets. Norton said ticketholders should check the London 2012 site for a list of the official sales channels, research the true cost of tickets and not be lulled into a false sense of security by a well-designed site – some of the fake ones look very legitimate. He added that they should print out or take a copy of all sellers’ details, including the terms of the ticket purchase, full contact information for the ticket seller, and any published criteria about ticket location and likely delivery date. This will let them pursue any issue with the order even if the seller website changes and will support any future credit card chargeback.

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  March 27 2011, 10:00am | Comments »

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  Oil price soars after UN resolution against Muammar Gaddafi

  http://distributedresearch.net/blog/2011/03/18/oil-price-soars-after-un-resolution-against-muammar-gaddafi

  Middle East tensions send cost of crude oil to $117 per barrel, but falls to $114.50 after Libyan leader announces ceasefire

  This article titled “Oil price soars after UN resolution against Muammar Gaddafi” was written by Terry Macalister, for The Guardian on Friday 18th March 2011 19.17 UTC The price of oil soared after the United Nations approved military action against the Libyan leader Muammar Gaddafi, heightening geopolitical tensions in the oil-rich Middle East. The price of petrol has already hit record levels and motoring organisations in Britain warned that less well-off consumers in rural areas risked being “marooned” in their villages because they could not afford fuel. The cost of crude broke through $117 per barrel for Brent blend at one stage, spurred by events in Libya, uncertainty after shootings in Yemen and the continuing nuclear crisis in Japan. “The apparent move into a military endgame in Libya, together with the passing of the UN resolution and the escalation created by external involvement, is likely to represent the most immediate source of upside price risk for oil,” said energy analysts at London-based investment Barclays Capital. Robert McNally, an oil consultant and former international energy adviser to the White House, said the loss of oil exports from Libya due to the civil unrest there was soaking up spare oil production capacity throughout the region. “The oil market has moved from complacency around geopolitical risk last year to panic,” he told the Financial Times. The price of oil fell back to $114.50 after Gaddafi announced a ceasefire, but traders remained nervous that trouble in Yemen and Bahrain could spill into Saudi Arabia, the world’s biggest crude exporter. Uncertainty in the world’s main oil-producing region has driven up the price of petrol to record levels on British forecourts and spread a cloud over wider industrial activity. Moody’s Investors Service, the credit rating agency, said that oil prices persistently over $100 a barrel would weaken the global economic recovery. “Ultimately, the effects that high oil and fuel prices have on businesses and consumers depend on a number of factors with some far more exposed than others,” said Steven Wood, Moody’s managing director in New York. Petrol prices have hit very high levels in the US and broken records in Britain. The price comparison website petrolprices.com said the average bill for unleaded fuel was now 133.34p per litre, with maximum prices recorded of 145.9p. And new survey from the AA confirmed the UK average petrol price had reached a new high, with diesel at an average 139.98p – nearly 5p more than in February. The motoring organisation again urged the chancellor, George Osborne, to cancel the planned fuel duty hike of 5p a litre in next week’s budget. “Turmoil in the Middle East, with its impact on oil and pump price volatility, is already adding to financial uncertainty for poorer drivers. The AA asks the government to provide some respite by cancelling the fuel duty increase on 1 April,” said Edmund King, the AA’s president. “If not, tales of the rural poor being marooned in their villages and people cutting back on their food to keep the car on the road so that they can go to work will become more common – to the shame of a developed country,” he added. Although the Middle East has been the centre of attention for the oil markets, the tsunami and crisis in Japan’s nuclear reactors have added to tensions in oil markets. Japan’s electricity supply has been partly knocked out by the halting of nuclear reactors, forcing the Japanese to increase imports of liquefied natural gas (LNG) and some oil to be used for power generation. Countries in the Middle East and North Africa – notably Qatar and Algeria – are also major gas producers. Japan is already the world’s largest LNG importer in the world but experts say The country may need an extra 9m tonnes over the next 12 months, raising the price of LNG globally, hitting other western importing countries including Britain.The Middle East remains the biggest – and cheapest – place for producing oil despite attempts by heavy consuming nations such as the US and Britain to develop their own supplies in the Gulf of Mexico, now set back by BP’s Deepwater Horizon accident, and the North Sea where supplies are fields are running dry.

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  March 18 2011, 4:57pm | Comments »

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  Sarkozy election campaign was funded by Libya, claims Gaddafi’s son

  http://distributedresearch.net/blog/2011/03/16/sarkozy-election-campaign-was-funded-by-libya-claims-gaddafis-son

  A story from Paris about the President’s election campaign being financed by Libya. Saif al-Islam threatens to publish details of bank transfers to punish Sarkozy for backing Libyan rebels

  This article titled “Sarkozy election campaign was funded by Libya, claims Gaddafi’s son” was written by Kim Willsher in Paris and Ian Black in Tripoli, for The Guardian on Wednesday 16th March 2011 12.01 UTC Colonel Muammar Gaddafi’s son has claimed Libya helped finance Nicolas Sarkozy’s successful re-election campaign in 2007 and wants the French president to give the money back. In an interview with the Euronews TV channel, Saif al-Islam said the Libyan regime had details of bank transfers and was ready to make them public in a move designed to punish Sarkozy for throwing his weight behind the opposition forces in Libya. Asked what he felt about Sarkozy’s unsuccessful efforts to muster international support for military intervention against the regime in Tripoli, Saif said: “Sarkozy must first give back the money he took from Libya to finance his electoral campaign. “We funded it. We have all the details and are ready to reveal everything. The first thing we want this clown to do is to give the money back to the Libyan people. He was given the assistance so he could help them but he has disappointed us. Give us back our money.” The Libyan regime has yet to release any incriminating documentary evidence. A spokeswoman for the Élysée Palace told the Guardian she had no information or comment about the claims. Libyan sources have separately told the Guardian that substantial funds were paid into accounts to fund Sarkozy’s presidential campaign in 2007. Sources in Tripoli have made clear that the leak of this information is direct retaliation for France’s leading role in a diplomatic campaign to impose a no-fly zone over Libya and its unique recognition of the Benghazi-based rebel Libyan national council. The Guardian has been unable to confirm the claims independently. “Sarkozy is playing dirty, so we are playing dirty too,” said a well-placed Libyan source. French law places strict limits on party donations to candidates. Last year, Sarkozy was rocked by a political scandal involving alleged illegal donations to his party funds by France’s richest woman, Liliane Bettencourt.

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  March 16 2011, 7:09am | Comments »

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  Petrol prices crushing customer spending, Morrisons warns

  http://distributedresearch.net/blog/2011/03/10/petrol-prices-crushing-customer-spending-morrisons-warns

  Gosh, petrol prices are going up. Who’d have thought it.

  This article titled “Petrol prices crushing customer spending, Morrisons warns” was written by Julia Kollewe, for guardian.co.uk on Thursday 10th March 2011 08.26 UTC Supermarket chain Morrisons warned on Thursday that surging fuel prices sapped its customers’ spending power by nearly £400m in the past year. The news came as oil prices rose again this morning, remaining above $116 a barrel. Unveiling its annual results, Morrisons said the rise in the price of oil, exacerbated by increases in fuel duty and continuing sterling weakness, meant that consumers were paying on average 15.8p a litre more at the pump than the previous year, with average unleaded prices of 115p a litre. Overall, the fuel price increases reduced customers’ disposable income by nearly £400m in the year to 30 January, money “that could otherwise have been spent in store”, the Bradford-based retailer said. Morrisons’ figures show, however, that much of this money simply moved from the checkout to the forecourt. Its fuel sales benefited from higher oil prices, rising 18% over the last year on a like-for-like basis. That boosted its total turnover from petrol and diesel by over £530m. Brent crude climbed as high as $116.55 a barrel in early trading and later traded at $116.24, up 0.26%. Petrol prices in the UK hit a record-breaking £6 a gallon on Wednesday. It now costs nearly £3.50 more to fill up a tank, on average, than it did at the start of the year, with petrol prices hitting a new all-time high of 132.12p a litre for unleaded and 137.92p a litre for diesel. Edmund King, the president of the AA, urged the government to reduce petrol taxes and VAT.

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  March 10 2011, 3:08am | Comments »

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  Bank of England governor blames spending cuts on bank bailouts

  http://distributedresearch.net/blog/2011/03/05/bank-of-england-governor-blames-spending-cuts-on-bank-bailouts

  A few days old now but some are wondering why no one is making more of this.

  This article titled “Bank of England governor blames spending cuts on bank bailouts” was written by Phillip Inman, for The Guardian on Tuesday 1st March 2011 21.25 UTC Mervyn King has risked reopening the bitter argument over blame for the financial crisis by saying that government spending cuts are the fault of the City and expressing surprise there has not been more public anger. The governor of the Bank of England said that people made unemployed and businesses bankrupted during the crisis had every reason to be resentful and voice their protest. He told the Treasury select committee that the billions spent bailing out the banks and the need for public spending cuts were the fault of the financial services sector. “The price of this financial crisis is being borne by people who absolutely did not cause it,” he said. “Now is the period when the cost is being paid, I’m surprised that the degree of public anger has not been greater than it has.” King has repeatedly pointed the finger at the City since the crisis erupted in 2007, but this was the first time he blamed bankers for the coalition’s spending cuts. It became clear during the hearing that King and his fellow members of the Bank’s monetary policy committee, which sets interest rates, believe the crisis will have a lasting impact on the economy. Asked when living standards enjoyed before the crisis would return, King said: “The research makes it clear that the impact of these crises lasts for many years. It is not like an ordinary recession, where you lose output and get it back quickly. We may not get the lost output back for very many years, if ever.” King faced tough questions from Labour MPs who believe the Bank should not have supported the Treasury’s cuts programme. Accused by Andy Love, the Labour MP for Edmonton, of giving George Osborne cover for spending cuts, King denied that meetings with the chancellor resulted in a cosy agreement to keep interest rates low to support austerity measures. He said: “There has never been any attempt on any occasion to influence the monetary policy committee on what decisions it should take.” In a further provocation to the financial sector, King set out plans for an overhaul of City regulation and oversight that would allow banks to fail when they get into trouble. He told MPs it was necessary to move away from rules designed to prevent banks failing, with a safety net provided by taxpayers, to a system that allowed banks to fail in an orderly way.

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  March 4 2011, 6:03pm | Comments »

• I posted to distributedresearch.net

  WikiLeaks cables: Saudi Arabia cannot pump enough oil to keep a lid on prices

  http://distributedresearch.net/blog/2011/02/08/wikileaks-peakoil-saudi-arabia-oilprices

  Wikileaks cable reveals the US knows that Peak Oil may be sooner than expected because Saudia Arabia has fewer oil reserves than previously disclosed. According to the Guardian report of the Wikileaks cables, reproduced in full below, global oil production may hit the peak as soon as 2012, and the American in Washington would have known about this from 2007. So the temporary hike in oil prices to over one hundred dollars a barrel is very likely to continue and become permanent. The Graph below shows UK domestic heating oil prices over the past 2 years.

  This article titled “WikiLeaks cables: Saudi Arabia cannot pump enough oil to keep a lid on prices” was written by John Vidal, environment editor, for The Guardian on Tuesday 8th February 2011 22.00 UTC The US fears that Saudi Arabia, the world’s largest crude oil exporter, may not have enough reserves to prevent oil prices escalating, confidential cables from its embassy in Riyadh show. The cables, released by WikiLeaks, urge Washington to take seriously a warning from a senior Saudi government oil executive that the kingdom’s crude oil reserves may have been overstated by as much as 300bn barrels – nearly 40%. The revelation comes as the oil price has soared in recent weeks to more than $100 a barrel on global demand and tensions in the Middle East. Many analysts expect that the Saudis and their Opec cartel partners would pump more oil if rising prices threatened to choke off demand. However, Sadad al-Husseini, a geologist and former head of exploration at the Saudi oil monopoly Aramco, met the US consul general in Riyadh in November 2007 and told the US diplomat that Aramco’s 12.5m barrel-a-day capacity needed to keep a lid on prices could not be reached. According to the cables, which date between 2007-09, Husseini said Saudi Arabia might reach an output of 12m barrels a day in 10 years but before then – possibly as early as 2012 – global oil production would have hit its highest point. This crunch point is known as “peak oil”. Husseini said that at that point Aramco would not be able to stop the rise of global oil prices because the Saudi energy industry had overstated its recoverable reserves to spur foreign investment. He argued that Aramco had badly underestimated the time needed to bring new oil on tap. One cable said: “According to al-Husseini, the crux of the issue is twofold. First, it is possible that Saudi reserves are not as bountiful as sometimes described, and the timeline for their production not as unrestrained as Aramco and energy optimists would like to portray.” It went on: “In a presentation, Abdallah al-Saif, current Aramco senior vice-president for exploration, reported that Aramco has 716bn barrels of total reserves, of which 51% are recoverable, and that in 20 years Aramco will have 900bn barrels of reserves. “Al-Husseini disagrees with this analysis, believing Aramco’s reserves are overstated by as much as 300bn barrels. In his view once 50% of original proven reserves has been reached … a steady output in decline will ensue and no amount of effort will be able to stop it. He believes that what will result is a plateau in total output that will last approximately 15 years followed by decreasing output.” The US consul then told Washington: “While al-Husseini fundamentally contradicts the Aramco company line, he is no doomsday theorist. His pedigree, experience and outlook demand that his predictions be thoughtfully considered.” Seven months later, the US embassy in Riyadh went further in two more cables. “Our mission now questions how much the Saudis can now substantively influence the crude markets over the long term. Clearly they can drive prices up, but we question whether they any longer have the power to drive prices down for a prolonged period.” A fourth cable, in October 2009, claimed that escalating electricity demand by Saudi Arabia may further constrain Saudi oil exports. “Demand [for electricity] is expected to grow 10% a year over the next decade as a result of population and economic growth. As a result it will need to double its generation capacity to 68,000MW in 2018,” it said. It also reported major project delays and accidents as “evidence that the Saudi Aramco is having to run harder to stay in place – to replace the decline in existing production.” While fears of premature “peak oil” and Saudi production problems had been expressed before, no US official has come close to saying this in public. In the last two years, other senior energy analysts have backed Husseini. Fatih Birol, chief economist to the International Energy Agency, told the Guardian last year that conventional crude output could plateau in 2020, a development that was “not good news” for a world still heavily dependent on petroleum. Jeremy Leggett, convenor of the UK Industry Taskforce on Peak Oil and Energy Security, said: “We are asleep at the wheel here: choosing to ignore a threat to the global economy that is quite as bad as the credit crunch, quite possibly worse.”

  guardian.co.uk © Guardian News & Media Limited 2010 Published via the Guardian News Feed plugin for WordPress.

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  February 8 2011, 5:17pm | Comments »

• I posted to distributedresearch.net

  To us, it’s an obscure shift of tax law. To the City, it’s the heist of the century

  http://distributedresearch.net/blog/2011/02/07/to-us-its-an-obscure-shift-of-tax-law-to-the-city-its-the-heist-of-the-century

  If enough people understood the implications of David Cameron’s tax reforms in the UK we would soon be seeing his ‘Big Society’ Egyptian style. The Guardian published a revealing analysis in yesterday’s paper – reproduced in its entirety, below – by George Monbiot With the help of senior tax expert sources, Monbiot explains exactly how Cameron’s reforms will bring about a massive shift of wealth out of the UK economy and into the hands of a few wealthy big business owners and bankers, the people who largely helped to cause the crisis the government would claim necessitates such a “cure”. The Guardian’s report is published here with permission via the Guardian News Feed plugin for WordPress.

  This article titled “To us, it’s an obscure shift of tax law. To the City, it’s the heist of the century” was written by George Monbiot, for The Guardian on Monday 7th February 2011 22.01 UTC ‘I would love to see tax reductions,” David Cameron told the Sunday Telegraph at the weekend, “but when you’re borrowing 11% of your GDP, it’s not possible to make significant net tax cuts. It just isn’t.” Oh no? Then how come he’s planning the biggest and crudest corporate tax cut in living memory? If you’ve heard nothing of it, you’re in good company. The obscure adjustments the government is planning to the tax acts of 1988 and 2009 have been missed by almost everyone – and are, anyway, almost impossible to understand without expert help. But as soon as you grasp the implications, you realise that a kind of corporate coup d’etat is taking place. Like the dismantling of the NHS and the sale of public forests, no one voted for this measure, as it wasn’t in the manifestos. While Cameron insists that he occupies the centre ground of British politics, that he shares our burdens and feels our pain, he has quietly been plotting with banks and businesses to engineer the greatest transfer of wealth from the poor and middle to the ultra-rich that this country has seen in a century. The latest heist has been explained to me by the former tax inspector, now a Private Eye journalist, Richard Brooks and current senior tax staff who can’t be named. Here’s how it works. At the moment tax law ensures that companies based here, with branches in other countries, don’t get taxed twice on the same money. They have to pay only the difference between our rate and that of the other country. If, for example, Dirty Oil plc pays 10% corporation tax on its profits in Oblivia, then shifts the money over here, it should pay a further 18% in the UK, to match our rate of 28%. But under the new proposals, companies will pay nothing at all in this country on money made by their foreign branches. Foreign means anywhere. If these proposals go ahead, the UK will be only the second country in the world to allow money that has passed through tax havens to remain untaxed when it gets here. The other is Switzerland. The exemption applies solely to “large and medium companies”: it is not available for smaller firms. The government says it expects “large financial services companies to make the greatest use of the exemption regime”. The main beneficiaries, in other words, will be the banks. But that’s not the end of it. While big business will be exempt from tax on its foreign branch earnings, it will, amazingly, still be able to claim the expense of funding its foreign branches against tax it pays in the UK. No other country does this. The new measures will, as we already know, accompany a rapid reduction in the official rate of corporation tax: from 28% to 24% by 2014. This, a Treasury minister has boasted, will be the lowest rate “of any major western economy”. By the time this government is done, we’ll be lucky if the banks and corporations pay anything at all. In the Sunday Telegraph, David Cameron said: “What I want is tax revenue from the banks into the exchequer, so we can help rebuild this economy.” He’s doing just the opposite. These measures will drain not only wealth but also jobs from the UK. The new legislation will create a powerful incentive to shift business out of this country and into nations with lower corporate tax rates. Any UK business that doesn’t outsource its staff or funnel its earnings through a tax haven will find itself with an extra competitive disadvantage. The new rules also threaten to degrade the tax base everywhere, as companies with headquarters in other countries will demand similar measures from their own governments. So how did this happen? You don’t have to look far to find out. Almost all the members of the seven committees the government set up “to provide strategic oversight of the development of corporate tax policy” are corporate executives. Among them are representatives of Vodafone, Tesco, BP, British American Tobacco and several of the major banks: HSBC, Santander, Standard Chartered, Citigroup, Schroders, RBS and Barclays. I used to think of such processes as regulatory capture: government agencies being taken over by the companies they were supposed to restrain. But I’ve just read Nicholas Shaxson’s Treasure Islands – perhaps the most important book published in the UK so far this year – and now I’m not so sure. Shaxson shows how the world’s tax havens have not, as the OECD claims, been eliminated, but legitimised; how the City of London is itself a giant tax haven, which passes much of its business through its subsidiary havens in British dependencies, overseas territories and former colonies; how its operations mesh with and are often indistinguishable from the laundering of the proceeds of crime; and how the Corporation of the City of London in effect dictates to the government, while remaining exempt from democratic control. If Hosni Mubarak has passed his alleged $70bn through British banks, the Egyptians won’t see a piastre of it. Reading Treasure Islands, I have realised that injustice of the kind described in this column is no perversion of the system; it is the system. Tony Blair came to power after assuring the City of his benign intentions. He then deregulated it and cut its taxes. Cameron didn’t have to assure it of anything: his party exists to turn its demands into public policy. Our ministers are not public servants. They work for the people who fund their parties, run the banks and own the newspapers, shielding them from their obligations to society, insulating them from democratic challenge. Our political system protects and enriches a fantastically wealthy elite, much of whose money is, as a result of their interesting tax and transfer arrangements, in effect stolen from poorer countries, and poorer citizens of their own countries. Ours is a semi-criminal money-laundering economy, legitimised by the pomp of the lord mayor’s show and multiple layers of defence in government. Politically irrelevant, economically invisible, the rest of us inhabit the margins of the system. Governments ensure that we are thrown enough scraps to keep us quiet, while the ultra-rich get on with the serious business of looting the global economy and crushing attempts to hold them to account. And this government? It has learned the lesson that Thatcher never grasped. If you want to turn this country into another Mexico, where the ruling elite wallows in unimaginable, state-facilitated wealth while the rest can go to hell, you don’t declare war on society, you don’t lambast single mothers or refuse to apologise for Bloody Sunday. You assuage, reassure, conciliate, emote. Then you shaft us. • A fully referenced version of this article can be found on George Monbiot’s website

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  February 7 2011, 5:17pm | Comments »

• I posted to delicious.com

  Increase Flow of Money by using Affirmations- Suite101.com Images

  http://www.suite101.com/view_image.cfm/1448826

  Increase Flow of Money by using Affirmations- Suite101.com Images Money scanned andyroberts

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  January 9 2010, 11:09am | Comments »

• I posted to distributedresearch.net

  How is wealth destroyed and where does wealth come from?

  http://distributedresearch.net/blog/2008/10/11/how-is-wealth-destroyed-and-where-does-wealth-come-from

  Where did the wealth destroyed on Stock Markets come from? If 20 percent of the value of world stock markets can be wiped out in one week, as has just happened, then where does that wealth actually disappear to? Is it buried in a big hole somewhere, scuttled at sea or sent on a rocket into outer space? Apparently not, but if money can simply disappear from world markets how can we make any sense of the concept of value in finance. How is it measured and where did it come from in the first place? Theories of value In the first post of this series I asked “where does money come from” and gave a brief history of the origins of money in the form of precious metal coins used to facilitate the process of trade from simple barter to the exchange of goods of different values. Without exactly defining where money comes from I hinted at the idea that monetary value is realted to the total amount of work or labour which is tied up in bringing the goods to market. That’s a theory which is known as the labour theory of value and is not always widely accepted, probably due to association with a certain Karl Marx who took that theory, which was already known by cpaitalist economists, and developed it a bit further with his concept of “socially necessary labour time”. Money grows on trees People who don’t subscribe to the labour theory of value believe that money comes from being rewarded for taking risks, that value is determined entirely by the balance between supply and demand, and that substantial sums of money can somehow just “grow”. They say that money doesn’t grow on trees, but that’s not too dissimilar to the idea that interest just accumulates on investments because money begets more money. In reality, investments such as stocks and bank deposits typically pass through a number of hands but end up being used to buy goods not for consumption but for increased or more efficient production. Investment of capital buys machine tools, land, property and other wherewithal to employing labour in order to create goods or services for the market which can be sold at a profit. The important point here is that the capital doesn’t generate a single penny of orginal value until the employment of labour has happened. To be profitable, the output from this process of applying labour to previously accumulated capital must be of actual use to a buying market, and must be produced with a total number of labour hours which is competitive with alternative setups, such as differently tooled machine shops employing labour under different terms and conditions. That’s pretty much all that’s meant by the “socially necessary labour time” formulation really, to counter the idea that simply getting enough people to work hard for the the most minimal wages will necessarily creaste wealth. Wealth Ceated by Labour All wealth is created in the first place by labour, and that is the real answer to the question answer “where does money come from”. It comes from work that has been done by somebody, that has been abstracted and turned into a type of commodity itself, which can then change hands and accumulate, which can be exchanged for special kinds of products, Which can then be deployed in the employment of further labour. Capital is an accumulation of the results of previous rounds of expended labour, or “dead labour” as is sometimes expressed. The capital exchanged on world money markets then represents a further abstraction as speculators buy and sell options to receive the fruits of other people’s labour in the future, that hasn’t even been expended yet, and place bets on the likelihood of prices rising and falling. Destruction of Wealth in a Slump In a serious recession, when stock markets crash, and seemingly abstract wealth is destroyed, this is not just a accountancy game played out with pieces of paper or rather electronic transfers. It does actually play out into the very real destruction of productive capacity as enterprises go under or cut back and the very concrete machinery, buildings, expertise and systems are abandoned due to lack of a buying market that can afford their products at a profitable price. All of that overcapicity which has been built up out of the relentless requirement to reinvest and expand will be scrapped, levelled, and laid waste at the greatest of human cost until enough real capital has been wiped out for the accumulation cycle to begin all over again. In the current circumstances the effects are particularly catastrophic because the downturn had been temporarily postponed for a couple of decades or so through the use of massively expanded credit, which could distort the outward shape of the cycle for a short while, but never the underlying forces at work in any free market system based on the private ownership of capital.

  Posted by Andy Roberts How is wealth destroyed and where does wealth come from?

  

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  October 11 2008, 10:13am | Comments »

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