The RBS privatisation is set to be Osborne's version of selling off the gold

There needs to be pressure on Osborne to state what success looks like in respect to the £37 billion investment the Government made in two banks, writes VMC Rosario.

A couple of tweets crossed my timeline this morning about a piece from the Guardian last month by former Labour MP Chris Mullin arguing that a readjustment to restore the balance in Gordon Brown reputation. In it he argues that Brown’s handling of the crisis was world leading:

It was the British government's decision, announced on 8 October 2008, to take a controlling interest in three major banks that prompted the Europeans, followed quickly by the Americans, to do likewise. Indeed, the Europeans made no secret of this. A few days after the British had acted Brown was invited to address the 15 eurozone heads of government.

How we view the decisive action Gordon and Alastair took on the banks will be coloured by the decisions the current Chancellor, George Osborne, takes on the publicly-held stakes in Lloyds TSB and RBS either later this month in his Budget statement (or later this year as the Spending Review and possible Winter Statement come into view).

It’s clear that some sort of decision is being put together in haste. Stories in media earlier this month were that Osborne was doing some clarification about how the Government could divest its stock: either if a share price of 73.6p has been reached for a given period of time or the Government has sold at least 33% of its shareholding at prices above 61p.

This week the Governor of the Bank of England, Mervyn King, told the Banking Standards Commission that the Government should sell the banks:

The whole idea of a bank being 82 per cent-owned by the taxpayer, run at arms’ length from the Government, is a nonsense.

It cannot make any sense. I think it would be much better to accept that it should have been a temporary period of ownership only, to restructure the bank and put it back.

That has certainly piled pressure on Osborne to act. Now it seems Treasury ministers are planning to stage a "Tell Sid"-style cut price sell-off of shares to the public. That Policy Exchange are going to pronounce on the idea in a couple of weeks time gives it credence but it could potentially give Osborne a distracting announcement for an otherwise depressingly meagre Budget statement.

Osborne has form on doing something seemingly clever but ultimately foolish. Still, if he does go with a public sell-off he can take comfort in the cover the Liberal Democrat-leaning think tank Centre Forum will have given him in floating something similar but crucially different last year. Tim Montogomerie was picking up something similar even earlier.

Eye-catching ideas to one side there needs to be pressure on Osborne to state what success looks like in respect to the £37 billion investment the Government made in these two banks.

With banks "stabbing businesses in the back" in respect to lending, the banking reform bill still in draft and the banking standards commission still considering a wide range of issues relating the banks, playing politics with £37 billion looks like an awfully big risk.

This is especially true given just how Osborne has made considerable mileage out of bashing Gordon Brown for costing the taxpayer "£9 billion by selling the gold cheap".  If the now-Chancellor was keen for the taxpayer to pay attention to the bottom line then he should expect just as much scrutiny this time around.

Secondly, a public sell off which puts money in the hands of ordinary people is potentially something Labour should applaud, if a fair investment can actually be shown to reach ordinary people. Frankly if the chief executive of Lloyds TSB is going to make £1.4m out of any share sell-off, then it has got to be worth more that a token gesture for "Sid".  That’s especially important when saving the banks has overall cost every man, woman and child £20,000.

Labour should be holding Clegg and Cable to the principle that any effort should "socialise the profit" and ensure that the Government (in serious need finance-wise) does not sell the family silver off cheap.

If after investing £37bn to save banks there is nothing but a continuing litany of appalling behaviour when it comes to bonuses, Libor, bank charges, and lending—not to mention the lack of visible reform— then George and David will need to be clear about what they’ve achieved in finishing what Gordon and Alistair needed to start. 

Photograph: Getty Images.

V M C Rozario is a pseudonymous former housing professional and a member of Generation Rent.

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Inside Big Ben: why the world’s most famous clock will soon lose its bong

Every now and then, even the most famous of clocks need a bit of care.

London is soon going to lose one of its most familiar sounds when the world-famous Big Ben falls silent for repairs. The “bonging” chimes that have marked the passing of time for Londoners since 1859 will fall silent for months beginning in 2017 as part of a three-year £29m conservation project.

Of course, “Big Ben” is the nickname of the Great Bell and the bell itself is not in bad shape – even though it does have a huge crack in it.

The bell weighs nearly 14 tonnes and it cracked in 1859 when it was first bonged with a hammer that was way too heavy.

The crack was never repaired. Instead the bell was rotated one eighth of a turn and a lighter (200kg) hammer was installed. The cracked bell has a characteristic sound which we have all grown to love.

Big Ben strikes. UK Parliament.

Instead, it is the Elizabeth Tower (1859) and the clock mechanism (1854), designed by Denison and Airy, that need attention.

Any building or machine needs regular maintenance – we paint our doors and windows when they need it and we repair or replace our cars quite routinely. It is convenient to choose a day when we’re out of the house to paint the doors, or when we don’t need the car to repair the brakes. But a clock just doesn’t stop – especially not a clock as iconic as the Great Clock at the Palace of Westminster.

Repairs to the tower are long overdue. There is corrosion damage to the cast iron roof and to the belfry structure which keeps the bells in place. There is water damage to the masonry and condensation problems will be addressed, too. There are plumbing and electrical works to be done for a lift to be installed in one of the ventilation shafts, toilet facilities and the fitting of low-energy lighting.

Marvel of engineering

The clock mechanism itself is remarkable. In its 162-year history it has only had one major breakdown. In 1976 the speed regulator for the chimes broke and the mechanism sped up to destruction. The resulting damage took months to repair.

The weights that drive the clock are, like the bells and hammers, unimaginably huge. The “drive train” that keeps the pendulum swinging and that turns the hands is driven by a weight of about 100kg. Two other weights that ring the bells are each over a tonne. If any of these weights falls out of control (as in the 1976 incident), they could do a lot of damage.

The pendulum suspension spring is especially critical because it holds up the huge pendulum bob which weighs 321kg. The swinging pendulum releases the “escapement” every two seconds which then turns the hands on the clock’s four faces. If you look very closely, you will see that the minute hand doesn’t move smoothly but it sits still most of the time, only moving on each tick by 1.5cm.

The pendulum swings back and forth 21,600 times a day. That’s nearly 8m times a year, bending the pendulum spring. Like any metal, it has the potential to suffer from fatigue. The pendulum needs to be lifted out of the clock so that the spring can be closely inspected.

The clock derives its remarkable accuracy in part from the temperature compensation which is built into the construction of the pendulum. This was yet another of John Harrison’s genius ideas (you probably know him from longitude fame). He came up with the solution of using metals of differing temperature expansion coefficient so that the pendulum doesn’t change in length as the temperature changes with the seasons.

In the Westminster clock, the pendulum shaft is made of concentric tubes of steel and zinc. A similar construction is described for the clock in Trinity College Cambridge and near perfect temperature compensation can be achieved. But zinc is a ductile metal and the tube deforms with time under the heavy load of the 321kg pendulum bob. This “creeping” will cause the temperature compensation to jam up and become less effective.

So stopping the clock will also be a good opportunity to dismantle the pendulum completely and to check that the zinc tube is sliding freely. This in itself is a few days' work.

What makes it tick

But the truly clever bit of this clock is the escapement. All clocks have one - it’s what makes the clock tick, quite literally. Denison developed his new gravity escapement especially for the Westminster clock. It decouples the driving force of the falling weight from the periodic force that maintains the motion of the pendulum. To this day, the best tower clocks in England use the gravity escapement leading to remarkable accuracy – better even than that of your quartz crystal wrist watch.

In Denison’s gravity escapement, the “tick” is the impact of the “legs” of the escapement colliding with hardened steel seats. Each collision causes microscopic damage which, accumulated over millions of collisions per year, causes wear and tear affecting the accuracy of the clock. It is impossible to inspect the escapement without stopping the clock. Part of the maintenance proposed during this stoppage is a thorough overhaul of the escapement and the other workings of the clock.

The Westminster clock is a remarkable icon for London and for England. For more than 150 years it has reminded us of each hour, tirelessly. That’s what I love about clocks – they seem to carry on without a fuss. But every now and then even the most famous of clocks need a bit of care. After this period of pampering, “Big Ben” ought to be set for another 100 or so years of trouble-free running.

The Conversation

Hugh Hunt is a Reader in Engineering Dynamics and Vibration at the University of Cambridge.

This article was originally published on The Conversation. Read the original article.