Theo Usherwood@theousherwood
Peter Davies proving himself a worthy best man of @George_Osborne - his firm Landsdowne understood not to have sold its stake in Royal Mail.
Was rather odd of Miliband to focus on Royal Mail.
Taking as read what the rules are (I've no idea myself) I seriously doubt it's a case of him not knowing. More likely the case of misinformation making better political soundbites for the ignorant gallery he's preaching to.
I'm sure you are right. He will know the difference, it's just that he's guessing that 90% of the people watching don't. Ed isn't an idiot but he treats other people as if they are.
Essentially, if you are given shares in the business by your employer then they become a taxable benefit and you would have to pay income tax when selling - otherwise employees and businesses could avoid tax by being paid in shares. There are HMRC rules which allow shares to be given in a tax free way but only if they are held for a certain amount of time.
The difference with the general public and financial institutions is that they paid the going rate so they could sell any time they want. In fact, those who did sell immediately on day one were the ones who lost and and should have kept their holding for longer as the price rose further.
I don't know how it works but I was under the impression from what I've seen of PMQ's that the PM knows what questions, or at least the topics the leader of the opposition is going to ask about, which if correct begs the question.... "Why doesn't Cameron have the answers prepared for the questions Miliband asks him" ?
The difference with the general public and financial institutions is that they paid the going rate so they could sell any time they want. In fact, those who did sell immediately on day one were the ones who lost and and should have kept their holding for longer as the price rose further.
I for one don't really mind if a hedgefund that might be looking after my pension made a few quid.
That aside, I have always struggled with the logic of the city - probably always will.
What I struggle to get my head around regarding this sell-off isn't who bought and then sold, but who they sold to. Why didn't those buyers buy in the first place?
Where were they when the govt was trying to create interest in 600 million shares?
I for one don't really mind if a hedgefund that might be looking after my pension made a few quid.
That aside, I have always struggled with the logic of the city - probably always will.
What I struggle to get my head around regarding this sell-off isn't who bought and then sold, but who they sold to. Why didn't those buyers buy in the first place?
Where were they when the govt was trying to create interest in 600 million shares?
The original sale was massively over subscribed by the financial institutions. Many of them got nothing so much of the initial sale was of shares from those who wanted a quick sale to those, like pension funds, which wanted a longer term holding.
When Royal Mail entered the FTSE 100 tracker funds had to buy it so that pushed the price even higher.
I don't know how it works but I was under the impression from what I've seen of PMQ's that the PM knows what questions, or at least the topics the leader of the opposition is going to ask about, which if correct begs the question.... "Why doesn't Cameron have the answers prepared for the questions Miliband asks him" ?
Hi GM, he does not know what he is going to ask, the only question he has pre knowledge of is written questions.
Comments
Was rather odd of Miliband to focus on Royal Mail.
Guido: http://order-order.com/2014/04/30/pmqs-sketch-what-did-axelrod-make-of-that/#more-165852
Labour List:
http://labourlist.org/2014/04/pmqs-verdict-back-to-royal-mail-sell-off-as-cameron-tries-to-win-over-his-own-side/
Telegraph:http://www.telegraph.co.uk/news/politics/pmqs/10798797/PMQs-sketch-Speaker-the-devil.html
Mirror:
http://www.mirror.co.uk/news/uk-news/pmqs-sketch-david-cameron-goes-3478374
Daily Mail:
http://www.dailymail.co.uk/news/article-2616730/Royal-Mail-sell-knockdown-price-stinks-Miliband-claims-bitter-row-taxpayer-lost-1billion.html
More as they are published
I'm sure you are right. He will know the difference, it's just that he's guessing that 90% of the people watching don't. Ed isn't an idiot but he treats other people as if they are.
Essentially, if you are given shares in the business by your employer then they become a taxable benefit and you would have to pay income tax when selling - otherwise employees and businesses could avoid tax by being paid in shares. There are HMRC rules which allow shares to be given in a tax free way but only if they are held for a certain amount of time.
The difference with the general public and financial institutions is that they paid the going rate so they could sell any time they want. In fact, those who did sell immediately on day one were the ones who lost and and should have kept their holding for longer as the price rose further.
You only get an "oo oo" with typhoo ;-)
Thanks
I for one don't really mind if a hedgefund that might be looking after my pension made a few quid.
That aside, I have always struggled with the logic of the city - probably always will.
What I struggle to get my head around regarding this sell-off isn't who bought and then sold, but who they sold to. Why didn't those buyers buy in the first place?
Where were they when the govt was trying to create interest in 600 million shares?
Don't take my word for it I could be totally wrong, I'm sure some of the more knowledgeable posters will clarify whether I am right or wrong
The original sale was massively over subscribed by the financial institutions. Many of them got nothing so much of the initial sale was of shares from those who wanted a quick sale to those, like pension funds, which wanted a longer term holding.
When Royal Mail entered the FTSE 100 tracker funds had to buy it so that pushed the price even higher.
He may have wanted to discuss this
http://www.thebureauinvestigates.com/2014/04/30/mps-given-list-of-financial-institutions-that-gained-large-shareholdings-in-royal-mail-float/
this
http://www.thebureauinvestigates.com/2014/04/30/royal-mail-did-the-government-and-bankers-short-change-britain-by-750m/
and this
http://www.thebureauinvestigates.com/2014/04/29/unmasked-the-city-institutions-given-privileged-status-in-the-controversial-royal-mail-flotation/
Hi GM, he does not know what he is going to ask, the only question he has pre knowledge of is written questions.