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Thursday, 8th January 2009

McDonald's take-away a Tory aide

Fraser Nelson 7:54pm

More defections from Tory HQ: Natalie Kirby, Cameron's assistant head of media, is off to run the press at..... McDonald's UK. Before Coffee Housers snigger, I'd like to point out that McDonald's corporate debt has a lower risk rating than UK government bonds, so the markets are in no doubt about which is the dodgier institution. I’m not joking: McDonald's has a credit default swap rating of about 70 while the UK government’s is about 100. This means that the market genuinely thinks that quarter-pounders are a safer bet than pounds.

Cameron will argue that as companies prepare for a change of government, its inevitable that Tory staff will be headhunted. But I can't help noticing that the flow of high calibre staff does seem to be leading out of, not into, its Millbank HQ.

P.S. As TGF points out below, Guido had chapter and verse on the McDonald v UK debt rating, complete with graphs, on 9 Dec. To my shame, I missed it. I’d read it in the Independent business section, which wrote it up as an exclusive – but that was on 10 Dec so, like so many Fleet St exclusives, it was obviously nicked from Guido. In the comments to that post, Guido claims he nicked it from a Tory press release – so perhaps that’s the moment that Natalie had her epiphany.

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Carol-Ann

January 8th, 2009 8:28pm Report this comment

Indeed, no sniggering here. If this country's finances were in the same shape as McDonalds we wouldn't be in the mess we're in and on the verge of printing money, sorry 'quantative easing'.

Some company's are recession proof and McDonlalds is one of them, shame UK plc is not!

Lance Grundy

January 8th, 2009 9:19pm Report this comment

From flip-flopping with Cameron to burger-flipping with McDonald's.

Arbie

January 8th, 2009 9:34pm Report this comment

McDonald's better risk rating reflects behaviouralist sentiment in the market rather than being genuinely revealing. UK government debt is like pensions - the closest thing to copper bottomed you'll ever get because it is guaranteed by future taxes. People will be paying those even if they have to stop buying McDonald's.

TGF UKIP

January 8th, 2009 9:44pm Report this comment

Fraser, your mate Guido ran the story on the pricing of credit default swaps for HMG v McDonald Corp about six weeks ago.

He even accompanied it with a chart and, from memory, at that point, insuring HMG debt was charted at 121 basis points against 76 basis points for McDonalds.

Or as Guido more graphically put it, your money was significantly safer with Ronald McDonald than it was with Gordon Brown!

Surely though, the real story here is that even presented with such gifts, your hopeless, useless Cameron Tories can do nothing with them.

I am becoming ever more convinced, though, that when the history of this sorry time comes to be written one of the things that is going to most puzzle the historians is why the supposedly intelligent and informed Tory Press by and large not only tolerated but slavishly supported such an anaemic Tory "opposition."

LiverpoolTory

January 8th, 2009 11:41pm Report this comment

TGF UKIP

I am becoming ever more convinced, though, that when the history of this sorry time comes to be written one of the things that is going to most puzzle the historians is why the supposedly intelligent and informed Tory Press by and large not only tolerated but slavishly supported such an anaemic Tory "opposition."

Is every post you make intrinsically the same? You start out with some slight criticsim of Gordon Brown then finish by pouring verbal diarrhoea for two or three long drawn out paragraphs.
Are you Peter Mandelsohn?

Austin Barry

January 9th, 2009 8:57am Report this comment

LiverpoolTory

Why does everyone imbue the ever-dancing, ever-prancing Mandy with this Machiavellian ubiquity?
The time of TGF UKIP's post is 9.44 pm when I would guess that Mandy's principal strategy is sorting out which fetching cardigan he will wear the next day.

Henry Rogers

January 9th, 2009 9:10am Report this comment

LiverpoolTory,

I think utterly dedicated UKIP supporters have to take this line as only if the Tory Party were to disappear would there be room for a UKIP which could come close to power. All they will probably achieve is to make it harder for the Tories to eject Labour from power by splitting votes in a few constituencies. However, I think it is a position sincerely held. TGF's comments are more about attempted persuasion than prediction. We just have to put up with them!

Rhoda Klapp

January 9th, 2009 10:24am Report this comment

I was once told by a man with eight McD franchise outlets in Houston that when the economy is bad people in the US go to McD because it is cheaper to feed the family there than to cook at home. He was looking for more 'restaurant' sites. Of course they do well out of recession. UK bonds may be copper-bottomed, but if they print money it could just turn out that even copper-bottomed ships can hit the rocks.

Tiberius

January 9th, 2009 1:05pm Report this comment

Liverpool Tory: Cameron leading the Tories makes TGF's day in much the same way as a gun-toting punk makes Harry Callahan's.

Verity

January 9th, 2009 3:35pm Report this comment

Liverpool Tory - Not just TGI UKIP but all of us are trying to bang the message home that David Cameron is not a leader of men and should be replaced. I find TGI UKIP's writing lucid and pertinent. You must be a Labourite troll.

Henry Rogers, you may have missed the times that TGI UKIP has noted that he has no connection with UKIP.

Verity

January 9th, 2009 3:37pm Report this comment

Tiberius - Someone should ask David Cameron if he feels lucky. Ha ha ha ha ha!

Tiberius

January 9th, 2009 4:13pm Report this comment

Verity - you should seriously consider your propensity to be the representative of the majority Conservative voice. Just who are "all of us?"

And I should have thought that someone whose political views are somewhere between Emporer Hirohito and Ghengis Khan would realize that you make your own luck.

Verity

January 9th, 2009 5:38pm Report this comment

Tiberius - If you're going to insult someone with overstatement, you might check your post before clicking submit as typos weaken your argument.

People do make their own "luck" in a sense. They can't win the lottery without buying a ticket, for example.

Henry Rogers

January 9th, 2009 7:49pm Report this comment

Verity,

Yes I had missed that, despite seeing dozens and dozens of his or her posts, apologies! It was an understandable mistake, given the content of the contributions; as somebody else implied, the eyes do glaze over a bit after the first few lines.

Though I usually agree whole heartedly with what you post I'm afraid I don't agree with your assessment of Cameron. Whatever his limitations, and some huge cock-ups along the way, he's the only Tory in sight with a chance removing Labour. Considering where the Tory Party was in the polls before he won the leadership that's an achievement. As it happens I do pay a sub to the Tory Party and so I voted in that election. On the basis of what I saw of the candidates then, I voted for Davis who is still a chap I admire greatly. As you obviously know, a substantial majority of members who preferred
Cameron and on the basis of what I've seen since I now think they were right to do so. At a guess the membership would vote the same way now, perhaps even more emphatically. However I doubt that will be tested.

I personally would love a government of any shade which would cut us free from the EU and its slimy tentacles and do all sorts of other dramatic things beside; your wish list probably isn't very different from mine. The problem there is that a manifesto on those lines would have been a sure way of losing election after election. A majority of our fellow voters just didn't want that. Public opinion may be changing now but self restraint and patience are still essential. There's no need to do Brown's work for him.

My recollections of 1978 and 1979 are of equal doom and gloom. In some ways things were worse. Not many of us realised how much Maggie T would subsequently achieve (obviously people on the Left see things totally differently) and many Tories were by no means sure she could win an election, ever.

Tiberius

January 9th, 2009 8:57pm Report this comment

Oh, Verity.

Typo, yes. Overstatement, no because it's an attempt at humour (unsuccessful perhaps), which is something I know you struggle with.

I'd still like to know who "all of us" are, btw.

Excellent post, Henry Rogers.

hadrian

January 10th, 2009 11:10pm Report this comment

Personally, I prefer KFC any day.
Will UKIP split the tory vote? In a very few instances they might which is why, despite in the main agreeing with them, I fear it is a far far better thing to stick with Cameron just to initially oust these pestiferous socialists, then we can take it from there.

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