Tag Archives: stock

Murty’s meltdown? Firm connected to PM’s wife loses millions

Akshata Murty and her husband, UK prime minister Rishi Sunak: has she been using her connection with a leading UK politician to gain advantages for her firms? Is she now losing support after Sunak fell under investigation for a possible conflict of interest? Or is it all just coincidental?

A firm connected to Rishi Sunak’s wife Akshata Murty has lost a fortune on the stock exchange.

The losses are being reported on the day an investigation was launched into whether Sunak failed to correctly report a conflict of interest; Ms Murty is a shareholder in a firm that will profit from a Budget incentive to recruit childminders.

It seems another of her investments that made the headlines because of government policy has taken a major loss on the stock market.

Remember Infosys, the company that carried on trading in Russia after the government sanctioned such firms?

Infosys claimed in April last year that it was closing its office in Russia – providing a lucky escape for the then-Chancellor, who had refused to take any action about the company’s continued commercial interest in a country that the UK should have been shunning.

Then – exactly a month ago – we discovered that Infosys was still operating in Russia, eight months after it said it would withdraw, and had been given a £1.8 million government contract in spite of this.

Now:

So her shares, which were worth £400 million this morning, are now worth £351 million – in a company for which, like Koru Kids, Sunak broke – or at least seriously bent – government rules.

Had she been using her connection with a leading UK politician to gain advantages for her firms? Is she now losing support after Sunak fell under investigation for a possible conflict of interest?

Or is it a coincidence? It will be interesting to find out.


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Do you agree with VP that the government has earned our disrespect?

Keith Lindsay-Cameron writes the popular ‘A Letter A Day To Number 10’ and is a friend of Vox Political. His latest missive to David Cameron takes a similar attitude to that adopted by VP yesterday, regarding the respect we should accord to a prime minister – and a government – like David Cameron’s:

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Dear Mr Cameron,

No party has ever brought politics into such disrepute as yours, the disrespect you heap on the nation on a daily basis is outrageous!

Such statements as – “people who are poorer should be prepared to take the biggest risks” as they have “the least to lose” – David Freud.

Iain Duncan Smith – “But essentially Universal Credit as a benefit will be the benefit by 2016 and the remains of the vast, vast majority of the stock will be in place pretty much by the end of 2017.”

Iain Duncan Smith, mocking reporters over his avoiding the bedroom tax debate – “I can’t hear you, I can’t hear you!”

David Scott, a Tory councillor from Tunbridge Wells – “The other area I’m really concerned about is obviously the disabled. I have a number of mentally damaged individuals, who to be quite frank aren’t worth the minimum wage.”

David Freud – “Now, there is a small… there is a group, and I know exactly who you mean, where actually as you say they’re not worth the full wage and actually I’m going to go and think about that particular issue, whether there is something we can do nationally, and without distorting the whole thing, which actually if someone wants to work for £2 an hour.”

Alan Mellins, a Conservative councillor from Maidenhead, on Travellers – “Execute them.”

Then there are the routine lies and falsified figures, election promise lies, welfare lies, economic lies, NHS lies, really, you name it and it’s doubtless been lied about.

Last week in Parliament Square should be held up and remembered as a beacon of what your party is all about, the oppression of the people.

Respect is earned, Mr Cameron, and by heaven the people of this country are due some respect, but you are not. You have earned all the disrespect that can be heaped upon you as a silly, ignorant, rich boy playing at politics, serving vested interests, robbing the nation and worthy of our greatest disrespect!

http://www.theguardian.com/commentisfree/2012/nov/23/lord-freud-welfare-poor-risk

http://www.mirror.co.uk/news/uk-news/universal-credit-iain-duncan-smith-2894737

http://www.mirror.co.uk/news/uk-news/bedroom-tax-fury-running-scared-2786058

http://www.theguardian.com/politics/2014/oct/15/welfare-reform-minister-disabled-not-worth-minimum-wage

http://www.independent.co.uk/news/uk/politics/andy-mcsmiths-diary-exterminating-travellers–not-a-laughing-matter-9811864.html

http://www.newstatesman.com/politics/2013/11/pre-election-pledges-tories-are-trying-wipe-internet

http://socialinvestigations.blogspot.co.uk/2012/02/nhs-privatisation-compilation-of.html

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You are ‘infrahuman’ and your government thinks you are ‘stock’ – even if you voted for it

130516colinbrewer

The public voted him back in: Disgraced former Cornwall councillor Colin Brewer resigned over remarks he made about the disabled – it seems he has suggested disabled children should be treated in the same way as deformed lambs. These comments are beyond the pale but the electorate in his Cornish ward voted him back into office, knowing what he had said! What does that tell us about attitudes in Britain today?

 

This is a sequel. Last October, Vox Political published Living under the threat of welfare reform, a personal account of the hardships suffered by just one disabled benefit claimant as a result of the Coalition government’s crude and unnecessary attacks on people who are unable to work and must rely on social security. The author expressed fears about her future, after the main changes to benefits that were expected in April this year. Vox Political contacted her earlier this week to find out how she was coping, and this article is the result. Please welcome Sasson Hann:

Definition of ‘welfare’: the good fortune, health, happiness prosperity, etc., of a person, group, or organisation; well-being: to look after a child’s welfare; the physical or moral welfare of society.

When I first read ‘21st Century Welfare‘ published in the summer of 2010, 10 months after I was forced to give up my professional career, I realised that those of us reliant on benefits were facing an almost insurmountable challenge to their well-being: a challenge like nothing before in recent history.

At the time, I spoke to friends about the possible consequences of welfare reform, then subsequently became distraught and angry when hearing that people had died after having benefits reduced or removed; sadly, now a weekly occurrence. So when Vox Political asked me to write a guest blog – an update of my personal circumstances – in all honesty, I felt that my situation was nothing in comparison: it’s challenging nonetheless.

The collective mindset towards people who claim benefits has definitely changed since 2010. ‘Hate crimes’ are in the news; hateful comments under articles in online newspapers. In fact a new term coined by researchers for this change – particularly toward benefit claimants – is ‘infrahumanism‘; people viewed as ‘less’ than human. Colin Brewer, the disgraced former Cornish councillor who was forced to resign after making derogatory comments about disabled children is an extreme example of this. Only yesterday he was reported as saying that society should treat disabled babies like farmers treat deformed lambs: the police are investigating. What concerns me more is why a community recently voted him back into office: what does this indicate?

Attitudes have certainly altered towards me, though not as drastically. Strangers think that they have the right to walk up to me and demand: ”What’s wrong with your legs then?’  People think it’s fair that the government should force me from my home of 27 years. Others cast doubt on my integrity, not believing that I’m too disabled to work. Some repeatedly ask me to explain why I receive certain levels of care and benefits, even why I should need a wheelchair outside: not indicative of ‘infrahumanism’ exactly, but definitely insensitive. Of all the pressures a disabled person faces, frequently having to justify your disability is one of the hardest challenges.

As for financial matters, my income has dropped drastically since 2010. I receive DLA and I’m in the ESA support group; a half decent income. That was until 2 years ago when my local authority started charging me for my care – some £3,000 per annum – despite me having no assets or savings. Nevertheless, I adjusted, and figured that unlike some, at least I had a ‘personalised’ care package.

Then I had a care reassessment last year. The assessor informed me that most of what my carers do was ‘no longer funded’. Basically, the new packages focus on eating and keeping a person clean: we do more for pets. I fought and gained a hollow victory: whilst I retained 75 per cent of the hours, social services dictated their use; I would also have to pay extra for private care. Ironically, in 2011, the government published a document about personalisation, but implemented the exact opposite. The reassessment commences again in July – another six months of stress compounded by the additional yearly financial and disability reassessments. I tell myself this is the ‘new normal’: I must rise to these challenges; not so easy when chronic illness dominates your life.

Beginning in April, I had the extra cost of a £100 per month bedroom tax (my housing association has nowhere for me to move to); along with the extra care costs, this totals £5,900 per annum. As a result, I can rarely socialise now, and it will take much longer to save to replace things. I reasoned that at least I have a home, enough money to pay bills, buy food, and the occasional treat. It’s unnerving though not having a financial buffer if my benefits are removed: a sobering thought. I have a good network of family and friends to help me, but ultimately, like others, they can’t afford to keep me financially long term; is it any wonder that some feel they cannot carry on, that there is no way out?

Multiply what I’ve lost by thousands of households in my area and country-wide, and imagine just how much money is being taken out of the local/national economy; how damaging this will become. In Wales for instance, due to historical poverty, the cuts to benefits have affected one in three people, such that the Welsh Assembly have recently appointed the first ‘Poverty Minister‘, claiming that austerity will cause hardship not known since the 1930’s.

When the Conservatives were last in power in the 80s, they scrapped housing benefit for the low-paid, water was privatised, and the Poll Tax was introduced. It had a dire affect on my family: we couldn’t afford heating so we suffered painful chilblains and contracted continual chest infections; without heating, the flat developed inch thick black mould on the walls; we couldn’t dry our clothes properly so they smelled of mildew; we were lucky if we could afford one meal a day; after a number of years our clothes and shoes wore out; we regularly had to go without soap, washing powder, loo roll, personal hygiene products and the like. It was a dark and miserable time for us.

I cannot begin to describe what it is like to have your dignity stripped away like this; I never thought I would see such hard times again: I was sadly mistaken. The current cuts to services and benefits go much further than this, leaving people with no safety net and no access to legal services. Incredulously, it isn’t even saving the government much money.

The government say we can’t afford the welfare bill, but regular readers of Vox Political will know there is in fact plenty of money sloshing around. The moving of public money into private hands, and also into the pockets of MPs and Lords: money that should be used to stimulate growth and improve the lives of all. If the post war government had enough money to set up the NHS, the welfare state, and embark on a massive building programme – when they were in a far worse financial situation – then our government can do the same. Yet laughably, MPs were this week lambasting the BBC because of the ‘excessive’ £24,000 average payment made to staff who moved to Salford, when MPs claim far more in expenses every year. On the other end of the scale, the ‘stock’ – as the government like to call us – who suffer and die for the sake of a few pounds a week are collateral damage; acceptable losses like deformed lambs. And if those who are left cannot afford a home and food, so what? A nightmarish ‘survival of the fittest’ scenario.

I can’t do much to oppose this; I’m too ill to attend protests. Occasionally I help people claim benefits and appeal, apply to charities, look up information and advise them, write and print a CV, and I’ve even negotiated with bailiffs! I tell everyone I meet about how welfare reform is affecting people, and I write as much as I’m able. This is all some of us can do; facing each challenge and fighting each battle, one by one. Notwithstanding this human catastrophe, I remain sanguine: I love life and I will not despair.

Martin Luther King Jr said: “The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge.” The government’s answer to that ‘challenge’ is to make the poorest destitute, the opposite to the definition of ‘welfare’: in this we perceive their ‘measure’. Consequently, we ‘infrahumans’ are facing a challenge so great that it will be remembered in history: are you up to this challenge? For all of the people who aren’t; for the many families who have lost loved ones: those of us left have to be.

Sasson Hann May 13, 2013.

Public sector – good/private sector – bad

Many of you may be aware that I live in a large county called Powys, that has a small population. This means that the amount of money the local authority receives from central government and local taxation is always stretched very thin, in order to provide the services required across – what is it? – 6,000 square miles.
Given that context, it should come as no surprise at all that some of the information I have been receiving about the way that money is being spent has raised concern.
It seems the county council has employed a consultancy to carry out a survey of housing stock – to pinpoint where repairs are required and carry them out. This consultancy has taken £1.5 million from the council’s budget and not one repair has yet been carried out.
In addition, it seems most of the council’s own employees at its benefits section have quit, to be replaced by staff from an agency. This organisation charges £20 per hour for each worker’s services, I’m told.
Is this value for money? I don’t think so.
I think it is a local symptom of a national malaise: the disastrous affair public authorities have been having with the private sector. It is an affair that has already led to the humiliation of the government in the G4S Olympic security debacle; an affair that has its roots in the Private Finance Initiative that was launched by the Conservatives in the 1990s and continued into the current century (to my shame) by my own political party, Labour.
I have recently become quite a fan of ‘lefty’ columnist Owen Jones. This may come as a surprise to some readers as not only has he enjoyed greater success than me at the same career (journalism), but he is 16 years my junior. Talented, young and successful – I should be green with envy rather than cheering him on, right?
In fact I’m simply glad that someone is around to say what I would have said, in his position.
You may have heard this gentleman speaking on the BBC’s Any Questions (Radio 4, last Friday and Saturday), on the very subject of private involvement in public services. If you did not, allow me to enlighten you.
“What’s happened with G4S has exposed the dogma of the last 30 years, that the private sector is good and efficient, and the public sector is wasteful. What happened when G4S failed? The state had to go in and fill the vacuum – and it’s not just there we’ve seen it. We’ve seen it with A4E, this welfare to work programe, this company that basically took taxpayers’ money to line the pockets of those who were running it; we saw it with PFI – started by the Tory government, continued under New Labour, that’s like paying for public services on a credit card, getting these private companies to do what the state should have done, apparently it costs up to £25 billion more, of our money. It’s the same with the London Underground; it’s the same with rail privatisation – we’re now paying up to four times more on subsidies for private rail companies than we did in the time of British Rail. And we’ve seen it recently with water. We just recently had a drought when rain was absolutely hammering the southeast. That’s because a water company sold off 25 reservoirs in the last 20 years.
“Public services should be run by the public sector, accountable to us, democratically-run, instead of taxpayers’ money lining the pockets of private companies who do not have our interests at heart; they just want to make profit out of our services.”
In support of that, let’s have a few facts and figures. Those I have at hand come from a book entitled ‘You Are Here’ by satirical luminaries Rory Bremner, John Bird and John Fortune, with Geoff Atkinson. It was published in 2005 so the information – accurate at the time – may be out of date by now and I would be happy to read any updates on what follows.
In 2005, this was the situation:
When the railways were privatised (by the Conservatives) it was decided that one company would own and run the tracks, one group of companies would operate the trains and another group of companies would own them. There are three rolling stock leasing companies – roscos – that lease their trains to the operating companies. These trains cost just over £2 million to build and are leased out for £500,000 per year. Their lifetime is anything up to 40 years – which is a huge profit margin.
But don’t worry – they don’t receive a penny of taxpayers’ money. No – the subsidy for the South Central franchise was set to increase by £342 million between 2005-2010. Of this, 80 per cent went to the roscos for new rolling stock – around £273,600,000. But it wasn’t taxpayers’ money by then. It was taxpayers’ money when it was part of the operating company’s subsidy, but when it was passed between that company and the rosco it was a simple business transaction.
That’s how they get away with it. You and I both know that the cash came out of our pockets, but because it went through a middle-man, these companies can call it their own.
You might be interested to know that the three leasing companies are (or were, in 2005) all owned by banks.
According to ‘You Are Here’, “The Future of Transport White Paper says: ‘The privatisation of the rail industry in the early 1990s assumed that private sector discipline and innovation would drive down the railway’s subsidy requirement and drive up the quality of service. In part this has been borne out.
“Rail users might well ask: In which part? The same document shows 80 per cent of trains arriving on time in 2004, compared to 90 per cent in 1998. The latest National Rail Trends shows total government support to the rail industry in 1995-96 of £431 million. For 2002-03 it was £2,588 million.”
Private Finance Initiatives were intended to bring private sector cash in to fund public services – which may seem like a good idea on the face of it. As ‘You Are Here’ states: The deal is simple. Money for the new service is raised privately in the money markets and thus kept off the country’s balance sheet… but like any free offer, it does come with small print.
“The long-term value of PFI contracts may go down as well as up. Your public services are at risk if you do not keep up the repayments. The return for consortiums running PFI projects” – on the other hand – “may go up and up and up. Standard terms include: cost-cutting, short-term employment contracts, high management costs, huge legal costs. Every element must be a profit centre. After expiry of contract (typically 35 years) the consortium is under no obligation to renew the terms of the lease and can renegotiate at more favourable rates or move out of the public service sector and turn the property into a hotel or office block.
“PFI often means that an organisation which previously worked to a single goal is now in competition with itself, as different parts of the same system strive to outbid each other, the primary goal being to enhance profitability rather than deliver a service.”
To enhance profitability rather than deliver a service.
In February last year (2011), David Cameron promised to deliver a ‘revolution’ in public services, in which he envisaged everything but the security services and the judiciary being privatised. You can read about it here. Private prisons; private police; private health services – we’ve seen these rear their ugly heads already, and I’m sure more is to come.
Considering the disastrous profit-driven performance of the private sector in public services, as detailed above, I cannot think of anything worse than letting private companies continue with what they’ve got, let alone adding anything new to their portfolio of travesties!
With this in mind, I have to ask why Powys County Council thinks employing a private firm to survey its housing stock, or workers for a private agency to administer its benefits, is an economical use of my taxpayer money.
It’s time the madness stopped, and if Westminster is too sick to do it, then perhaps local government should lead the way back to sanity.