What you may ask has this got to do with Scotland’s referendum? My blog on LIBERALation was my attempt to shine a light on the impact of LIBERALS on Scotland’s future.
I was very critical of Vince Cable and his engineering of the Royal Mail sell off. It was with great anticipation that I waited for last night’s Question Time from Bristol.
On the panel, none other than Vince Cable and the first question asked whether the Royal Mail sell off was a disaster. Peter Hain rose to the occasion calling it a scandal, but had left himself open to criticism since his Peter Mandelson bodged an earlier attempted by Labour to do the very same, and of course, how can we forget about his other Labour colleague, a certain Gordon Brown who flogged off our gold at a ‘car boot’.
Cable responded to the question with a lengthy explanation that was frankly cringe worthy. After some savage criticism from the audience the original questioner added that ‘it was easy to be wise after the event’. Half the audience clapped (guys, we are in scrumpy land!) and Vince had a look of calm on his face.
So let’s rewind and consider this claim – it is easy to be wise after the event – we all know this, but does it apply here?
Vince Cable’s people consulted with 500 businesses who gave their projected valuation of the Royal Mail. Cable took the higher end value! Will he consult with 500 turkeys later about cancelling Xmas?
Vince Cable is reported to have spent more than £12 Million of tax payer’s money consulting with 21 experts in share valuation. He then ignored their advice and set the valuation lower than all 21 had suggested.
Vince Cable ‘consulted’ with 15 financial institutions about their long terms investment in Royal Mail and offered them a preferential deal. They, of course, grabbed this with both hands. Within hours of the flotation we discover them flogging their Royal Mail shares and taking a massive killing. Long term? Long term in hours; only if you are hanging from a window ledge by your finger nails! This is often referred to as a ‘bonanza’.
We then learn that Vince Cable dumped £9 Billion of Royal Mail pension liabilities on the tax payers. That’s more than double the North Sea revenue receipts for Scotland in the current year. (Spot the link?)
We learn that Vince Cable’s valuation has resulted in a massive over subscription of 2,400%.
We then learn that his valuation has cost the tax payer’s about £2,500,000,000 or more that half the North Sea oil and gas revenues for Scotland in the current year.
Vince Cable acknowledges that recent flotations have been less successful and names a few including Facebook. Facebook is a bit like Royal Mail in that ….. nope, don’t get it! However, Vince horses on throwing caution to the wind and does not think to perhaps try a percentage sell off to test the temperature of the water. For God’s sake, he is the UK Business Secretary, this comes out of Economics for Dummies (if it’s not on Amazon, it should be!)
Vince Cable claims that he was intimidated by the CWU union who had threatened to strike. What a pity that Vince Cable turned up for work that day – because it threatened to rain! Turned out it was a glorious day and the CWU didn’t go on strike after all – Shame on Billy Hayes, General Secretary of the CWU, for diddling our Vince! ‘Vince, manage the unions and buy yourself a brolly – you’re the UK Business Secretary’.
Is Vince Cable fit to be the UK Business Secretary? Is he just plain arrogant, lacking business judgement or just plain stupid – or is it us, for swallowing all this tosh? Or was Cable ‘PULLING THE GRAVY TRAIN’?
Wise after the event? Well Cameron should be – and SACK HIM.
We Scots need to be wise after the event and remember how well these LIBERALS have served our country. I am also referring to the likes of Danny Alexander, the Chief Secretary to the Treasury, Alistair Carmichael, the Scottish Secretary and on …. The LIBERALS (note that I have dropped the Democrats bit) are no more representative of the Scottish people than the Conservatives.
7 comments for “Cable pulling the gravy train? or pulling the wool?”