Ain’t this great?

A Labour-controlled council has been urged to invest part of its £250 million pension fund overseas because of “political risk” associated with Labour policies if Jeremy Corbyn becomes prime minister.

Camden council said that it had been advised by London CIV that it would be “imprudent” to expose London pension funds to infrastructure investments that were entirely UK-focused because of risk associated with a programme of renationalisation. Labour pledged in its manifesto this year that it would bring rail, mail and utilities back under public ownership.

That the Senior Lecturer gets ahold of your pension is a risk, isn’t it?

29 comments on “Ain’t this great?

  1. If this cockrot about May planning to sell-out NI to the Single Market are true Corbog might get his chance.

    With even half- decent Tory leadership I still don’t think Corbog can win but a rematch with the Fish Faced Cow is another matter.

    Given that the DUP won’t wear it what has been said by some MP–that it is the Eire gang of EU-sucks releasing one of their rejected proposals to embarrass May–could be true.

  2. I’m not so sure AN Other could defeat Corbyn. The lure of bottomless freebies to the terminally stupid is high.

  3. Mr Ecks

    Don’t believe anything you read, hear or see reported on the Brexit negotiations: they are all parti pris and miles from the truth.

  4. Paul–Venez peasants fell for it. And the young and dumb over here might. But I don’t think there are enough of them.

    A sure way to finish Corbog would be to permanently remove the vote from all RoP /SubSahara in the UK and from all migrants since 1997 and from now on until they–most likely their family-have been 100 years in the UK. Migrants are imported to vote for the left. Time that was ended.

  5. Why are labour councils paying for advice from capitalist running-dogs? Why do the central planners need 3rd party advice?

  6. Ironman said:
    “I wonder where Islington Poly, sorry, City University gets its advice on its pension fund.”

    It’s unlikely to have their own; they’ll probably be part of one of the big national public sector schemes, either the Universities Superannuation Scheme or the Teachers’ Pension fund. More likely the latter (the former is mostly just for the old universities).

  7. I don’t understand all this paying for investment advice. There’s a wealth of data which shows their advice is no better than index-trackers, and if you like say Neil Woodford you can click on his funds and it tells you what comprises the funds managed anyway. Probably oversimplifying, but I just don’t get it.

  8. Bongo said:
    “I don’t understand all this paying for investment advice.”

    For a pension fund it’s probably arse-covering; it’s not the trustees’ money so they have to show that they’ve been responsible.

  9. Thank you Witchie.

    Apparently the Universities Superannuation Scheme has a £17.5 billion deficit; I think they ought to get Murphy to advise them on their investments.

  10. OhgodOhgodOhgod.

    Please, please let them invest it in Venzuelan Bitcoin, as a show of solidarity.

    Oh, and ringfence from other council funds otherwise the denizens of Camden will end up footing the bill. Again.

  11. Apparently the Universities Superannuation Scheme has a £17.5 billion deficit; I think they ought to get Murphy to advise them on their investments.

    so they can turn it into a £35bn deficit

  12. Very amusing. This sort of thing is going to start some serious angst on the Left if Corbyn et al get anywhere near power. Suddenly there will be a lot of self interest in the value of shares and investments for all the bien pensants who currently can preen and show off their right on credentials by supporting ‘Jeremy’.Might be a bit different when their pension fund has halved overnight………..

  13. “they ought to get Murphy to advise them on their investments”: nah. A future Governor of the Bank of England should not compromise himself in that way.

  14. Allegedly, because I’m no expert, USS deficit is 17.5bn, and increased by 9bn in the past year or so. Universities have assets of c. 50bn (again, I’m no expert), but mostly they can’t be turned into cash, so it will eventually come out of student fees or Government.

    I can’t easily find the equivalent info for TPS.

  15. Brexit really should be an opportunity to reform our voting laws and stop pretending we are still an empire and clearly state that you have to be a UK national to have a UK vote.

  16. Bearing in mind Corbyn is the same guy who was leader of Labour at the last general election and lost – what makes anyone think he can win next time? He’s the same guy.

  17. Witchie, the TPS is unfunded, it doesn’t have any investments. The contributions go into government coffers and the government pays out on the pensions.

    Which makes it interesting that Murphy is in the USS, which has a capitalist investment fund. Surely he should be campaigning for City University to switch to the TPS, so that the government can use the contributions to fund public investment.

  18. Martin – a few older Tory voters have died off since then, and a few younger Labour/Corbyn voters have come on stream. And he didn’t lose by much – a few thousand votes in a few constituencies would have given him a majority.

    Meanwhile, everything the Tories touch turns to horseshit, and while some people will listen to the likes of us pointing out that it would (probably) be worse under Corbyn a lot of people are wondering how he could be that much worse.

    I hate them all pretty much equally, and I am almost coming round to thinking we need ten years of Corbynism to knock the living shit out of the country so we can start again from the resultant year zero. I have the time, older readers perhaps don’t.

  19. Martin,

    It’s and old maxim but worth remembering – oppositions don’t win elections, governments lose them.

    May got a real and accurate slating in this week’s Bagehot column in the Economist. If she’s still there and not been replaced by someone younger and more dynamic at the next election Corbyn’s a shoe-in.

  20. @BinD

    JRM for the win? Whilst I like the man, I’m not sure adopting labour’s tactic of installing a cartoon version of a party’s worst excesses is an electorally sound idea.

    I figure Corbyn’s popular for the same reasons trump is- he’s a rejection of the status quo, not a flocking towards it.

  21. Interested–No you don’t have time. He’ll sell out Brexit , import 5 million Beardies ( think on that you who harp on about your daughters) to ensure he won’t be voted out. Jim and others who think he and McNasty won’t try for full tyranny are wrong.

    As for beating the cunt well the reason he didn’t lose by much in several areas is that lots of folk who should have voted Tory didn’t or weird voted because of the Fish Faced Cow. She is the key factor–not Grandpa Death. A rematch would be bad news. But the vote won’t be carried just by young snot numbers.

  22. what makes anyone think he can win next time? He’s the same guy.

    Opinion polls, not that they are particularly useful these days but still. Scary times.

  23. JS,

    I suppose if we are going to have Corbyn and his spiteful crowd thrust on us having JRM at helm of the Tories will at least provide some light relief. I dont think he’s the future but at least he’s bright, quick witted and polite.

    My son’s GF stood against him at the last but one GE and even though she was on the left of the Green Party she had nothing but praise for him as a person.

  24. What people are forgetting is that even if Jeremy Corbyn is the PM of the next government, he doesn’t control even 50% of the PLP. Which is going to make doing anything, especially controversial things, rather hard. He’s unlikely to have a large nominal majority, if at all, so having a large % of his own party prepared to rebel and vote with the opposition will mean its incredibly difficult to get business through Parliament. The whole government will descend into a mass of infighting that will make the current lot look like bosom buddies.

    I suspect the Hard Left would prefer to lose the next election, giving them further time to purge the party of all the MPs who are not loyal Corbynites, and thus meaning that if/when they do get into power they have the votes to get stuff through. Its not going to be much good nominally being in power if you can’t do what you want to.

  25. “clearly state that you have to be a UK national to have a UK vote.”

    Last time I checked, although I’ve lived here more than 30 years, I cannot vote for MPs as I’m not a UK national. Local and European elections only.

  26. Commonwealth citizens can vote (and even stand) for MPs if they have a non-tourist visa.

    This leads to the awkward situation where EEA rules can entitle someone to vote in parliamentary elections. For example an Australian man is allowed to join his French wife in the UK for as long as she is economically active or self-sufficient, so the right of the Australian to vote (and stand) in UK parlimentary elections is entirely dependent on remaining married to the French woman and her continuing to be economically active in the UK!

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