On tax and Tesco

I don't know the detailed substance of the Tesco/British Land sale and leasebank transaction that the Guardian is exposing with glee as a sign of Great Evilness. But I do know some basic things about UK company and tax law, which suggest that the claim that Tesco will be able to avoid paying non-trivial amounts … Continue reading On tax and Tesco

Me fail English? That’s unpossible

Apparently, 40% of 14-year-old boys perform below the level expected for their age group in national tests, and this is a Terrible Thing. In other equally shocking news, which also comes as a devastating indictment of the government's failed education policies [etc etc ad nauseam], nearly 50% of people are of below-average intelligence.

SPV of the week

[Sorry, it's a forward so I can't link the original...] "Munich Re has launched a bond programme under which $1.5bn in extreme mortality risk will be transferred to the capital markets.... Munich Re said that the programme would protect it against an exceptional rise in mortality after a major pandemic or similar event in the … Continue reading SPV of the week

Photography on London Underground is permitted

There's an occasional debate on whether photography is allowed on the Tube, generally sparked when a staff member harrasses someone for doing it. The answer is crystal clear: photography is indeed permitted on the Tube without express permission, as long as you don't do anything dangerous like using a flash, or sell the pictures you … Continue reading Photography on London Underground is permitted

Am I missing something here?

A surprisingly large number of commentators seem to believe that Northern Rock's shareholders should be eligible for some kind of compensation, following the bank's nationalisation. To me, this seems utterly bizarre. According to the Merril/Citi/Blackstone plan to sell Northern Rock in October 2007 (which was leaked by Bad People, and which certainly can't be found … Continue reading Am I missing something here?