It has always been my view that government agency after government agency is dedicated quite pointlessly to protecting us from ourselves. This is not a new idea. I have been today passed the following: “The ultimate result of shielding men from the effects of folly is to fill the world with fools.” – Herbert Spencer, English philosopher (1820-1903). Herbert forgot to mention that the modern version of foolish intervention would have as a central feature the requirement that the expense of the exercise would be borne by those who never asked for an interventionist to intervene.
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An official at the FCA has commented that the elderly should sell up their homes and downsize so releasing properties to more suitable sized families (a good idea). However, in doing so, such sellers might well jeopardise their estates’ entitlement to the new improved expanded Inheritance Tax free bands (a bad idea).
Now, I myself have always thought this extension of the band to cover a principal private residence a politician’s mixture of pap and stupidity. But it is – there’s no denying it – the law. So my fine friends who govern us: what is it to be – sell or do not sell?
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Readers may be interested to learn (my source is Lord Adonis in next month’s Prospect) that there is room for tens and tens of thousands more homes in and around London simply through releasing land held by government. So my fine friends who govern us: what is it to be – solve a housing problem or claim that there is one?
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Apparently, the directors of BooHoo (BOO) took out £200m on the flotation. Interims are on 29th September. The rating looks stratospheric to me.
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I had it pointed out to me this morning that Plus500 (PLUS) has yet to be taken over at 400p cash by Playtech. My informant wonders what will be the position if further enquiry reveals that PLUS is to lose on a regulatory review? That’ll be 200p+ straight off the price, now 373p.
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Meanwhile the finance director of Mulberry (MUL) has sold at 895p. I never remotely understood why the shares should be over 250p in any event. MUL are hard to borrow.
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Finally, the chairman is speaking at a Bruges Group meeting in Manchester on 5th October. It’s all about getting out of the EU. Over to the Mancunians.