Can London be turned around like a troubled company?
Judi Bevan meets Tim Parker, the controversial private-equity player who slashed jobs and boosted value at Kwik-Fit and the AA, and is about to apply his skills at City Hall
He left the AA when it merged with Saga last year — having made £1.5 billion in three years for his investors, CVC and Permira, and upwards of £40 million to add to the pile he made for himself at Kwik-Fit, where those who invested with him made five times their money in less than three years. By that stage he might have been content with advising Central Office, playing his flute and shooting with friends. But he found life unsatisfying without the counterpoint of full-time work.
So when senior Conservatives approached him about working for Boris, whom he refers to as ‘a brave politician’, he jumped at it. ‘This was an unusual and heaven-sent opportunity,’ he says. It remains to be seen whether the two men can work together.
Under Livingstone, the numbers employed at City Hall swelled from 400 to nearer 700; many of those jobs will now go. Time is pressing and he glances at his watch. ‘We must have a better Tube system; we must get Crossrail up and running; we must make sure the Olympic legacy is not wasted; and we must build houses for the less well-off. Without those physical things, the wealth creation simply will not happen.’ All I can say to that is: bring it on.
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Simon Hall
July 17th, 2008 11:57amWell perhaps Tim Parker is not concerned about taxes that people in London have to pay but I am. The tax burden from local councils is unfairly high - it is time to review the way in which the blunt council tax is calculated.
Damian Hockney
July 17th, 2008 3:36pmThe new administration at City Hall talks about cutting costs but does not answer where the money is going to come from to do all the things it says need doing. Tim Parker may not be bothered at the ever increasing taxes in London, but a main plank of the Tory campaign was the 'unacceptable' massive increase in the Mayor's 'precept' over the previous 8 years. Are we in for even more? Cutting a few staff at City Hall is tokenistic and does not represent one tenth of one per cent of the whole budget.
D Short
July 18th, 2008 2:21amHow can this person claim that he's never heard people in London complain about tax, but then go on to talk about the 'hard-pressed' taxpayer?
Shome mishtake, shurely?