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This is still rumbling on, eh?

A company linked to financier Lex Greensill “failed to act in good faith” by lending £250m more than it should have to businesses owned by steel magnate Sanjeev Gupta during the pandemic, the high court has been told.

Greensill Bank AG (GBAG) is suing the Department for Business and Trade (DBT) for about £331m over claims it wrongly terminated guarantees it agreed with Greensill Capital UK (GCUK) on Covid loans given to businesses.

GBAG and GCUK were part of the Greensill Group, a collection of companies connected to the Australian financier.

Before its collapse in 2021, GCUK was the principal financial backer of Gupta’s GFG Alliance, which includes Liberty Steel. Gupta built up a collection of metals businesses around the world, and forged a close relationship with Greensill to finance them.

The problem being:

The Greensill collapse caused severe problems for the GFG Alliance. In 2021 the UK’s Serious Fraud Office opened an investigation into suspected fraud, fraudulent trading and money laundering in relation to its financing from GCUK. Gupta has since lost control of several of his steel and aluminium businesses in the UK, Europe and Australia after the Greensill collapse prompted a desperate scramble to secure new financing.

Lawyers for GBAG told a hearing on Thursday the government breached its contract with GCUK and acted “capriciously” by terminating the guarantees, and is seeking more than £331m in damages.

Just to remind, Greensill was the company David Cameron pushed in return for a promise of some equity at a quotation. To the point that the head Ozzie farmboy running it got No 10 business cards and a desk if I’m recalling correctly.

No to Digital ID

The No to Digital ID campaign previously launched on this blog has gone from strength to strength. Having now 22,000 followers – many of whom here have followed and contributed.

We have launched a digital campaign with advertisements going live in Worcester, Cardiff, Great Yarmouth, Shrewsbury and others. We can do this instantly (within 24 hours).

We’re now looking to expand and looking for donors, or give the twitter account a share that would be great! If you’d can spare a few pounds for a very good cause check out our campaign here:

Check this link for a full list of how the money will be spent: LINK


 

 

 

Say NO to Digital ID

This campaign is endorsed by this blog. Please follow and PLEASE RETWEET.

Changes to comments

We’ve made a few small tweaks to the comments section!

  • You’ll now see a badge next to real users (we had to tackle some code injection issues).

  • We’ve added nested comments, so you can reply directly to someone’s comment.

  • You can now upvote or downvote comments — it’s just for fun and works like a ‘like’ feature, but it won’t change the order of the comments.

Enjoy the new features and keep the conversation going!

Any changes or suggestions, please drop them here.

Expect a few bugs… you can email worstall@echion dot co dot uk

T +R

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FIXED:

If you’d like to upload an image, click the picture button but you have to also enter a comment.

Usernames can now be 2 characters.

Font size is not tiny.

St George Cross

The ten things we should paint a St George’s Cross on to save Broken Britain

1. Potholes

The original hack. Nothing says “fix me now” like a Union of tarmac and patriotism.

2. Crumbling School Walls

If the ceiling looks ready to collapse, a splash of red and white might turn “RAAC concrete risk” into “national treasure, must preserve.”

3. Boarded-Up High Street Shops

From Poundland to Poundless, slap a flag on the plywood and maybe regeneration funds appear overnight.

4. Burst Water Mains

If St George can slay dragons, surely he can slay Thames Water leaks.

5. Train Carriages with Broken Heating

When it’s minus two and the windows don’t shut, a patriotic paint job might finally make “leaves on the line” less of a national emergency.

6. NHS Waiting Room Chairs

A cracked vinyl seat with yellow foam spilling out? Paint the Cross of St George on it and suddenly it’s “symbolic seating of national importance.”

7. Public Toilets That Closed in 2018 “For Refurbishment”

Paint the door, unlock the cubicle, declare it reopened with a ribbon-cutting ceremony.

8. Street Lamps That Don’t Work

Half the country’s already in the dark, but with a St George’s glowstick makeover, the council will rush to relight them.

9. Uneven Pavements

Trip hazard? Disability hazard? Council shrugs. Trip hazard with a St George’s Cross? Fixed by Tuesday.

10. Wi-Fi Dead Zones & Snail-Speed Broadband Boxes

Paint the flag on the green roadside cabinet, and suddenly fibre arrives faster than you can say “buffering.”

Conclusion: If we can’t fix “Broken Britain” with competence, maybe we can at least fix it with red and white paint.

Not really, no

Gender-critical supporters such as Ms Cunningham believe that there are only two immutable biological sexes, and that the courts and public life should reflect this distinction.

The opposite view says that gender identity is more important than sex, and gender should be elevated over a person’s sexual assignment at birth.

The second group contains those much madder than that. For there really are those who claim that it is sex itself which changes with the declaration/surgery. If only it were just folk insisting that gender should be considered paramount, not sex.

Bangladeshi business ethics

Six UK property companies controlled by a former Bangladeshi minister have been plunged into administration amid a wider corruption scandal involving Tulip Siddiq.

Saifuzzaman Chowdhury’s property empire has unravelled amid a crackdown by the Bangladeshi authorities, which have accused him of laundering money into Britain.

His UK property portfolio is said to be worth £170m and contains more than 300 properties.
…
Money generated from the sales would be used to repay creditors, which include Singaporean lender DBS and British Arab Commercial Bank.

Filings on Companies House also claim that Bangladeshi lender United Commercial Bank is also seeking to recoup $350m (£260m) from Mr Chowdhury.

It comes amid a complex corruption scandal in Bangladesh, with officials concerned over the vast UK property portfolios amassed by members of Sheikh Hasina’s government.

As you all know I write a column in Bangladesh (that is, a column I write is published there). The editor has no knowledge of anything to do with Tulip and so, therefore, I do not. But he has said that “A house or three? That would wind up the general public here, certainly, but from within politics it would all be regarded as a mere bagatelle, not something even worth mentioning and certainly not corruption.” – despite the quote marks that’s the sense, not the words, of it.

But UCB:

On 8 April 1993, Humayun Zahir, the first chairman of the United Commercial Bank was murdered following a dispute with other bank directors.[15] Akhtaruzzaman Chowdhury Babu, director of UCB was suspected for the murder.[16] On 26 August 1999, Akhtaruzzaman forcefully seized control of UCBL’s board of directors during a meeting with his son, Saifuzzaman Chowdhury by gunpoint with 40 armed men.[16][17] Again another chairman, Zafar Ahmed Chowdhury was forced to resign.[16] Bangladesh Police declined to initiate any action against him citing the close association between Akhtaruzzamanu and Prime Minister Sheikh Hasina.[16][17] Later, Zafar Ahmed returned to the board of directors with a court verdict in his favor.[16]

In February 2008, Bangladesh Bank appointed an observer to United Commercial Bank due to ownership disputes.[18] In 2010, Akhtaruzzaman became a director.[16] The Anti-Corruption Commission (ACC) sued four officials of UCB and a managing director of a real estate company for embezzling 90 million Bangladeshi taka from the bank.[19] Between 2007 and 2012, four officials of the bank stole 100 million taka from the bank using forged credit cards until they were detected in May 2012.[20] In 2012, the Anti-Corruption Commission sued six for embezzling 129 million BDT from UCB.[21]

Ho Hum.

From back in the day

Many thanks for the kind words and to those who have emailed offering condolences and prayers. I have a prediction to make, that tomorrow we’ll find out whether Britons are, still, in fact, Britons. Many years ago I was working in The City and there were two events that made travel into work almost impossible.

The first was a series of storms that brought down power lines, blocked train routes and so on. Not surprisingly, the place was empty the next day. Why bother to struggle through?

The other event was an IRA bomb which caused massive damage and loss of life. Trains were disrupted, travel to work the next day was horribly difficult and yet there were more people at work than on a normal day. There was no co-ordination to this, no instructions went out, but it appeared that people were crawling off their sick beds in order to be there at work the next day, thrusting their mewling and pewling infants into the arms of anyone at all so that they could be there.

Yes, we’ll take an excuse for a day off, throw a sickie. But you threaten us, try to kill us? Kill and injure some of us?

Fuck you, sunshine.

We’ll not be having that.

No grand demonstrations, few warlike chants, a desire for revenge, of course, but the reaction of the average man and woman in the street? Yes, you’ve tried it now bugger off. We’re not scared, no, you won’t change us. Even if we are scared, you can still bugger off.

A Great Aunt, in New Zealand. saw a portion of that quoted in her local newspaper. Which she clipped and sent to my Mum. With the line “Is that your Tim?”

Free Money!

To be able to claim, you’ll need to meet all of the following criteria:

You were living in the UK, for at least three consecutive months, between June 20 1997 and June 21 2008. If you live in Scotland, there’s a larger window – ranging from May 22 1992 to June 21 2008.
You were aged 16 or over during this period.
You purchased goods or services in the UK during this time for non-business purposes – although proof of this won’t be required.
You were still living in the UK on Sept 6 2016 (the date the claim against Mastercard was filed).
It doesn’t matter whether you have used a Mastercard debit or credit card or not – this is because Mr Merricks argued that the company’s high transaction fees hit all shoppers, irrespective of which card payment provider they used.

The case, the claim, is one of the utmost stupidity. But free money is free money. As to where it’s all really going:

The remaining £100m will be used to cover legal fees,

The Perception of Value: Diamonds, Avocados, and Business Class Flights

Value ain’t something things have on their own—it’s about how we see it. It comes from the meaning we give stuff, not just the thing itself.

Think about business class flights. The plane’s going to the same place whether you’re in the fancy seats or squeezed in the back. Both get there at the same time, but one ticket costs way more just because it feels exclusive. Sure, you get a bit more space and better food, but what you’re really buying is that feeling—like you’re important, special, maybe even a bit fancy. Business class sells a story of privilege, and people are happy to pay for it.

Diamonds are just rocks made of carbon, but thanks to clever ads (DeBeers im looking at you…), they now stand for love and forever. No marketing, no sparkle, right?

Same with avocados. They used to be just a weird fruit. Then came some rebranding and now they’re trendy, showing up on every brunch table. Before that? Not so popular.

Here’s the thing: value is all in what we believe. Economy or business class, tap water or bottled, plain carbon or diamonds—it’s the story we buy into. And in business, that story is everything.

Assisted Dying – Thoughts

The UK’s decision to legalize the righto die has reignited debate over autonomy, ethics, and the state’s role in life-and-death decisions. For libertarians, this policy is both a victory for personal liberty and a cautionary tale about the risks of state overreach. The issue highlights core principles of individual freedom and raises important questions about safeguarding vulnerable populations.

Libertarians often champion the right to die as an extension of personal autonomy. Decisions about life and death, particularly for those suffering from terminal illnesses or unrelievable pain, are deeply personal and should not be dictated by the state. For advocates, this legislation affirms human dignity, allowing individuals to reclaim control over their lives when suffering undermines their quality of life.

The policy also challenges state authority. Libertarians argue that governments should not impose moral or religious values on private decisions. If individuals are free to refuse medical treatment or make other life-altering choices, they should similarly have the right to choose the timing and manner of their death. From this perspective, the UK’s legislation is a significant rollback of state control, signaling respect for individual sovereignty.

However, the policy raises concerns about implementation and unintended consequences. Libertarians are wary of how the state regulates access to assisted dying. While safeguards like independent medical reviews and eligibility criteria aim to prevent coercion, they also grant the government power to determine who qualifies. Critics fear this could lead to bureaucratic overreach, where the right to die expands beyond its original intent or becomes normalized as an expectation rather than a choice.

Another concern is the potential for societal pressure. Vulnerable individuals, such as the elderly or disabled, might feel coerced into choosing assisted dying due to systemic issues like healthcare costs or insufficient palliative care. Some libertarians worry this policy could create a “slippery slope” where economic incentives, rather than true autonomy, drive decisions. Additionally, there’s a risk that normalizing assisted dying could devalue life itself. Opponents argue that legalizing this practice might reduce societal investment in improving the quality of life for those in distress. Margaret Thatcher once stated, “Watch your thoughts, for they will become actions. Watch your actions, for they will… shape your character. And your character will determine your destiny.” While not directly addressing the issue of assisted dying, her focus on individual responsibility and moral reflection offers a framework for considering the broader societal implications of such policies.

Libertarians who support this policy stress the need for safeguards to ensure that offering the right to die does not erode efforts to support and care for vulnerable populations. The UK’s decision represents a significant cultural shift, emphasizing individual choice in one of life’s most intimate decisions.

For libertarians, it is both a triumph and a challenge—proof that personal liberty can triumph over state control, but also a reminder of the vigilance required to prevent misuse. As this policy unfolds, its success will depend on balancing autonomy with protections for the vulnerable, ensuring that the right to die remains a deeply personal choice rooted in dignity and freedom.

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Thank you and goodnight!

We’ll update the state by state analysis later (or when the legal wrangling finishes in a weeks time!).

Thank you for the comments and thanks to Timmy for letting us ramble for 24 hours!

By goodnight what we actually mean is “pub”.

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Trump is 47th – Kamala still hasn’t conceded.

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This doesn’t matter, really, it doesn’t

President Xi has ambitions to challenge the global dominance of the dollar. One way to do that would be to start trading oil and gas in renminbi.

Saudi Arabia, the world’s largest crude oil exporter, has traded oil entirely in dollars since 1974. But talks about pricing sales to China, Saudi’s largest trading partner, in renminbi have been accelerating.

Given that we’ve got large and liquid FX markets what the oil is priced in doesn’t matter a damn. Takes 10 minutes and 0.01% of thje amount to transfer £ to $ and so on.

Sure, if your currency doesn’t have a liquid market – like those of countries that try to peg the value – then you’ve a problem. But those problems aren’t because4 oil is in $, it’s because you’ve a pegged currency and thus no liquid market.