Skip to main content

Sometimes Asbstaining is the right thing to do even at midnight

Yesterday was the Northern Rock debate. The obvious thing to do is has been for some time to nationalise the bank to give it stability whilst aiming to return it to the private sector as a going concern.

Northern Rock faces some key challenges in that it is paying a penal interest rate to the Bank of England so it may not be cash flow positive. This is something the tories have ignored in their silly idea of putting it into administration. If Northern Rock doesn't pay the loan interest then the government would have to fund it. Hence administration is a really silly idea.

The debate was planned to go to Midnight and we were intending to support the government. In the last two hours, however, it turns out that noone knew what is happening with "Granite" which holds perhaps half the assets. Hence we ended up in the unusual position of abstaining because the government had not got enough information for a decision.

It remains that Nationalisation as passed yesterday is almost certainly the right action. It is a nuisance staying on the parliamentary estate until Midnight just to not vote. That's life, however. I started on the estate at about 7.50am and left at 12.15am.

It is sad, however, that 6,000 jobs in Newcastle with a Bank seem more important to the government that 6,000 jobs in Birmingham with Rover. Peter Luff seems to want to run a separate DBERR Rover Inquiry. I think this is a good idea.

Comments

Popular posts from this blog

Millionaires and politics

The Labour Party spent most of the last election criticising me for being a successful businessman (aka millionaire). That is business in the private sector employing over 250 people. It is worth looking at the situation for the Labour Candidate now:

For the year 2016-7 Annual Income from Parliament74,962Specifically for her book51,250Other media income etc5,322.82Total declared income131,534.82

Traditionally anyone with an annual income of over £100,000 has been considered to be a millionaire. I did not use my position in parliament to increase my income.


I have been asked for sources for this. This BBC piece looks at how one should define rich. It was written in 2011 so the figures will be slightly out of date. There are perhaps 2 relevant pieces:
"In 1880 a rich person would have had £100,000 in assets or an income of £10,000 a year, he says. About a hundred people a year died leaving £100,000 and by 1910 this was 250 - "a microscopic fraction of the number of death…

Homelessness vs Selling Books

Candidates in elections tend to find themselves very busy with lots of things to do.  It is, therefore, necessary to prioritise things to ensure that the important things are dealt with.

To me the issue of homelessness and rough sleeping is an important issue.  Therefore, when Birmingham's Faith Leaders group contacted me to ask me what I would propose and whether I would work with them to make things better I was pleased to respond with my views and indicate that I would work with them after the election.

The Faith Leaders Group (Bishops and other religious leaders in Birmingham) have now sent out their report.

Sadly, according to their report,  I was the only candidate for Yardley to respond.  The group in their report said:

"Particularly disappointing was the lack of response from some of those candidates seeking re-election as MP for their respective constituencies."
It is worth looking at the priorities of my opponent.
Interestingly today she has decided to be at th…

Gender Issues comparison of candidates

John Hemming believes that an MP should represent everyone in their constituency.  This should be regardless of their race, religion, gender, abledness, sexual orientation or anything else.  It should be everyone.

When he was an MP he worked on issues relating to men, those relating to women and those relating to non-binary people. Everyone.

For example here is John Hemming on a demonstration outside the courts with the campaign group Women Against Rape (it related to the case of a mother who had her child removed from her because the mother was raped).




Jess Phillips, who campaigns on women's issues, notwithstanding the questions asked about her appointments in her parliamentary office, had the following response when asked for a debate on issues specifically relating to men: