Where are Gordons and Alistairs savings?

[caroleiw]

I've been wondering where Gordon and Alistair have their savings and think it would be useful to know if this influences their decision making.

I vaguely remember that Alistair had his mortgage with the B&B so maybe they have savings there as well and therefore by nationalising they are protecting their own savings.

There must be a conflict of interest somewhere for them, and as it's our money they are giving away we should know.

Sorry if this is the wrong place for this. It's late and I've had a glass or 2.

[bigg]

Under their mattresses, if they’ve got any sense. :rotfl:

[Yant1]

I expect with Lloyds TSB, HSBC or Barclays :D

[islandannie]

I really have no idea.

But i can tell you which Co-op he racks his divi up in :cool:

[Debt_Free_Chick]

Perhaps we should all disclose where we have our money in case that influences our posts ;)

[beingjdc]

Alistair has a Northern Rock mortgage, and owns a spare flat in London, which he rents out. Bad times...

"Perhaps we should all disclose where we have our money in case that influences our posts"

30% of my money is in a Lloyds TSB Fixed Rate ISA, 30% is in Premium Bonds, 20% is in a Natwest Instant Savings Account, and 20% is in a Hargreaves Lansdown Equity ISA (various funds).

[poppy10]

Shadow chancellor George Osbourne was asked on Any Questions where he had his savings. He confessed to having no savings at all and actually being in debt. Not a great example from the person who wants to run our economy.

[apt]

I seem to remember Tory banker and 'guru' Oliver Letwin saything something similar on a past Question Time and he did not even have the excuse of Boy George of only recently being out of short trousers and of never having had a proper job. So either these Tories are rich as hell and are lying through their teeth or they are blethering on about governments putting money aside in the boom times when they did not do this when in power in the 1980s and can't even manage to do it in their own private lives.

[Oblivion]

Shadow chancellor George Osbourne was asked on Any Questions where he had his savings. He confessed to having no savings at all and actually being in debt. Not a great example from the person who wants to run our economy.

I'm sure some Russian oligarch will be able to help him out with a tenner or two.

Dave.

[baby_boomer]

Gordon is heavily into buy-to-let landlordism through his wife Sarah. The house has been transferred into her name to maximise the tax concessions.

Huge numbers of MPs of all parties are in the same boat, so don't be surprised if buy-to-let tax concessions are maintained or extended.

MPs also have a vested interest in the property market because of the mortgage interest which gets paid on their second London properties if they don't let out the first one.

When hundreds of MPs and minsters get kicked out in 2010, many will rely on letting out one of these two houses while they consider their career options.

This may help some on here understand if you are confused as to why the Labour Party has been so encouraging of the buy-to-let boom. Even left-wingers like Michael Meacher have a property empire of several houses.

Most of them are invested in heavily geared plays on the housing market.

Their other main "investment" is in their index linked gilt edged inflation proofed public sector pensions.

Put the two together and you could say that personal fear of long term inflation is hardly likely to put them off a spending spree with future taxpayers' money if they think this is the best way to try to save their skins at the next election, or to save the economy, or both.

[apt]

Keith Vaz is another notorious multi-home 'socialist'. In 2001 it was reported that Meacher and his second wife owned 12 properties - almost as many as John McCain and his second wife.

[superstar]

Gordon is heavily into buy-to-let landlordism through his wife Sarah.

Sounds like some kind of fetish ... ;)

[earlgrey]

I seem to remember Tory banker and 'guru' Oliver Letwin saything something similar on a past Question Time and he did not even have the excuse of Boy George of only recently being out of short trousers and of never having had a proper job. So either these Tories are rich as hell and are lying through their teeth or they are blethering on about governments putting money aside in the boom times when they did not do this when in power in the 1980s and can't even manage to do it in their own private lives.
I heard that Question Time programme too. Letwin said he only had an overdraft.

From the man who was the Shadow Chancellor before master George Osborne got the job, I found that either a worrying indication of total incompetence at managing his own finances or else he was being deliberately misleading. Not sure which would be worse.

Must be someone who at least knowns how to look after his own money they can give the job to. Perhaps having had to get by without a rich daddy would have helped?

[miserable_ol_so_n_so]

I'm no labourite..or any.ite.........the government, it happens to be labour right now.......is trying hard to make way for us all through this awful mess.....unnecessary criticism can only serve to undermine our democracy..........banking is largely a matter of confidence....if savers lose confidence and a large number want their money back.....no bank can give it back instantly.........and someone needs to step in quick.....and it is then inevitable that the wrong choices would be made......dont forget that for all saver big and small....it is their hard earned money......and it should not disappear instantly..........i for one am grateful to the government for ensuring that my savings have been saved........its a pity that the shareholders in northern rock, bradford and bingley were not better protected, for they too had their savings tied up in shares......perhaps the government can look at this again.......

[McSaver]

I wouldnt be suprised if they had some of their own money with Icesave.

[Gwhiz]

Shadow chancellor George Osbourne was asked on Any Questions where he had his savings. He confessed to having no savings at all and actually being in debt. Not a great example from the person who wants to run our economy.

I would argue that he has plenty but would prefer to say what he said rather than what I would have said which is "mind your own business" ;)

[ChiefGrasscutter]

I seem to remember that all HMG ministers have to have their assets managed under a blind trust while in office: to precisely ensure that their personal finances do not take advantage of their inside knowledge of any forthcoming 'gov actions.

I'm sure someone with far more knowledge that me will correct me if I'm wrong

[baby_boomer]

This is correct re stock market investments - but not cash AFAIK. And they can also pull the levers on property.

Cherie was alllowed to use Tony's blind trust to buy two Bristol flats because it was only a "small" transaction (http://www.independent.co.uk/news/uk/politics/confusion-over-links-to-conman-as-blair-clears-himself-of-guilt-610460.html)

Q. So when is a "blind" trust not a blind trust ;).
A. When it's a "Venetian blind" trust and the minister and his family can keep having a peek through the window.

Initially Tone even claimed it had been done by Cherie without his knowledge :eek: but he later corrected this - perhaps in order to look less stupid?

BBC - A blind trust is not a blind trust if the PM's wife can get her mits on it (http://news.bbc.co.uk/1/low/uk_politics/2562139.stm)

Anyone know how far down the ministerial food chain these so called "blind trusts" operate?

Secretaries of State in the cabinet?
All ministers?

The major point here is that ministers know if their trust has a buy-to-let property - or several - in it or not!

[justaquickie]

When asked to comment on allegations that they have extensive share holdings in UK liquidation and insolvency companies, Crystal Tipps and Alistair both remarked: “it’s all a big wind up”.

[earlgrey]

So when is a "blind trust" not a blind trust ;).

You can have all the rules you like but it won't stop politicians having some regard to their own interests.

None of the rules stopped Mrs Thatcher taking her son Mark the arms dealer along on official government visits to chat with arab arms buyers. (Was also a useful connection for keeping him out of a South African gaol following the failed coup when he went into the mercenary business with a substantial contribution from Mr J Archer. http://news.bbc.co.uk/1/hi/business/3996243.stm :rolleyes: )

By and large the governance in the UK is better than many other countries and to our credit that when a minister, Jonathan Aitken (another former arms dealer before being appointed Minister of State for Defence Procurement by Major), broke the law after lying in a libel case about his activities he properly went to gaol just as did the deputy party chairman Jeffrey Archer for a similar offence. In many countries that would never have happened.

[miserable_ol_so_n_so]

I still think we have the best system........alternative is people like Putin....Marcos.....Chavez......Peron.....all unaccountable and in permanent position.....atleast with our free speech and press....and compulsory elections.....we can boot them out.......

[baby_boomer]

I tend to agree that there is less corruption in the UK.

But why, when I searched for

ministers blind trust rules

did I find the rules of several other countries set out in black and white, but no record of existing or past UK rules? I'd love someone ot find these for me, as proper information is vital if there is to be democratic accountability.

Maybe cash should be included in the light of the following headline:

Darling knew of IceSave problems weeks in advance - Financial Mail (http://www.thisismoney.co.uk/saving-and-banking/article.html?in_article_id=456124&in_page_id=7)