Why Now?

The London based Daily Telegraph newspaper faces the most serious question about David Laws’ resignation, and that is: Why now?
Why reveal information pertaining to his personal relationship as it relates to a rule change in 2006 about MPs renting accommodation from a “partner” -- a murky term if ever there were one?

It is certainly most detrimental to the coalition government, and hence the economic fortunes of the United Kingdom, and thus totally irresponsible.

Today the Telegraph makes the naïve claim they had no intention of revealing the victim’s sexual orientation. What a foolish claim.

It’s ironic that had David Laws defected to the Conservative Party at the time of the rule change he could then have safely come out, and stopped claiming for the London flat without giving rise to any suspicion.
But he didn’t, because he wrongly thought the Conservative Party more homophobic than his own LibDems.

A Good Deal?

People ask me whether the coalition is a good deal. If activists from both parties are complaining in equal measure that too much was given away, that says that it was about right.

No one believes that a minority Conservative government would have lasted beyond Christmas. Now there’s a good chance the coalition will last long enough to get to grips with Labour’s economic mess.

Meantime we must stomach the hike in capital gains tax and the delay in abolishing inheritance tax for families with modest wealth.
And hope for the best.

Cable ruins Cable

The biggest threat to Cable is Cable.
Cable is the term used by currency traders for the Sterling–US Dollar exchange rate (dating from the 19th century when the rate was transmitted by a transatlantic cable).
The prospect of a hung parliament this spring is sending jitters round the world, and the value of the British pound rapidly towards a 25-year low.
Traders fear the worst if vacillating Vincent Cable were to become involved with Britain’s economic policy.
Far from predicting the current crisis Cable warned merely about personal debt in 2003, and later conceded that the global financial crisis was actually triggered by the US mortgage market about which he knew very little.
Back in 1999 he campaigned vigorously for light touch regulation of financial services, meaning his recent denunciation of market excesses ring hollow.
These conflicting views are typical of Britain’s third party which he represents, and offer no path to recovery.

Myths Ahead

As the New Year looms, time for predictions, and 2010 will be a year of myths.
Like how easy it will be for the Tories to win the General Election. The last election ended with Labour on 35% share of the popular vote, and the Conservatives less than three percentage points behind at 32½%. And yet Labour had a good working majority, and nearly twice as many Members of Parliament as the Conservatives.
Another myth perpetuated by the left is that reducing government expenditure would threaten the economic recovery, leading to a “double-dip” recession. The truth is that in the past the Conservatives have been able to reign in state spending and at the same time witness economic growth. It’s quite natural for the private sector to thrive when relieved of the shackles of the state.