I am told that at least one of the Miliband camps has already devised some special hand signals to convey to allies in the waiting room who has won the leadership race – 10 minutes or so before the official result.
This type of system has been used before, as Paul Richards* reveals in his excellent new book, “Labour’s Revival” (published by Biteback). Read more
Yesterday’s rally in gilts was not – on the face of it – the best of news, given that it was triggered by gloomy MPC minutes and by the Fed’s decision to prepare for a new round of US stimulus measures.
But the rise in gilt prices (or fall in yields, to put it another way) has political repercussions which could be to the advantage of chancellor George Osborne.
Yields on the benchmark 10-year gilt have dropped from about 4 per cent at the start of the year to just under 3 per cent as of last night. Yesterday’s move saw yields fall by 15 basis points to 2.97. (Short-term gilts have actually halved in recent months, as Tory MP Matthew Hancock points out in a Times column today).
These movements have no impact on Britain’s enormous stock of existing debt*. But there are positive ramifications for the wave of issuance set to take place in the coming months and years. Read more
They said Clegg was the new Obama. But when set against the real thing, well, he didn’t quite live up to the billing.
Clegg should be proud that his United Nations speech won a mention in the White House “pool report”, which is sent to dozens of US news outlets. Read more