How do you price the priceless?

When a nation decides to count assets as well as incomes, it has to face some difficult questions.

The Financial Times has a report today on the efforts of the Treasury to publish the "whole-of-government accounts" for the first time. The usual practice for governments is to focus on income and outgoings, paying little heed to their assets and liabilities, but the fate of Greece put an end to that practice.

The problem with totting up everything a government owns is that their portfolio is rather different from that of, say, Barclays or John Lewis. They own things like Stonehenge:

Although unthinkable in practice, it would in theory be possible to price the site as if it were a business put up for sale, Mr Thurley [the head of English Heritage] admits. More than 1m people visit each year, with adults paying £7.50 each. “If we were to put Stonehenge on the market, we would probably sell it for a very large sum of money,” he says.

But applying a theme-park template would hardly have done justice to the ancient mystery of the stones, nor to English Heritage’s stewardship role. The fact that Stonehenge would have been ultimately lumped into an accounting category called “furniture, fittings and other” in the whole of government accounts would only have added insult to injury.

In the end, English Heritage kept Stonehenge and the vast majority of its treasures off the UK’s balance sheet by arguing that the cost of carrying out the valuation would have been out of all proportion to the benefits of disclosure. A similar approach has been taken by big museums and galleries, not to mention the Ministry of Defence, which declined to put a price tag on historical items such as the Enigma Machine, the second world war code-breaking device.

Thurley accepts that would be some benefits to English Heritage for valuing their less archaeological properties, since it would allow them to compare their performance against listed property management companies. It is hard to think of an acceptable use of valuing Stonehenge, though; the first chancellor to put the site up as collateral for a loan would probably be the last as well.

A real investment property; could do with some renovation. Credit: Getty Images

Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter.

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I believe only Yvette Cooper has the breadth of support to beat Jeremy Corbyn

All the recent polling suggests Andy Burnham is losing more votes than anyone else to Jeremy Corbyn, says Diana Johnson MP.

Tom Blenkinsop MP on the New Statesman website today says he is giving his second preference to Andy Burnham as he thinks that Andy has the best chance of beating Jeremy.

This is on the basis that if Yvette goes out first all her second preferences will swing behind Andy, whereas if Andy goes out first then his second preferences, due to the broad alliance he has created behind his campaign, will all or largely switch to the other male candidate, Jeremy.

Let's take a deep breath and try and think through what will be the effect of preferential voting in the Labour leadership.

First of all, it is very difficult to know how second preferences will switch. From my telephone canvassing there is some rather interesting voting going on, but I don't accept that Tom’s analysis is correct. I have certainly picked up growing support for Yvette in recent weeks.

In fact you can argue the reverse of Tom’s analysis is true – Andy has moved further away from the centre and, as a result, his pitch to those like Tom who are supporting Liz first is now narrower. As a result, Yvette is more likely to pick up those second preferences.

Stats from the Yvette For Labour team show Yvette picking up the majority of second preferences from all candidates – from the Progress wing supporting Liz to the softer left fans of Jeremy – and Andy's supporters too. Their figures show many undecideds opting for Yvette as their first preference, as well as others choosing to switch their first preference to Yvette from one of the other candidates. It's for this reason I still believe only Yvette has the breadth of support to beat Jeremy and then to go on to win in 2020.

It's interesting that Andy has not been willing to make it clear that second preferences should go to Yvette or Liz. Yvette has been very clear that she would encourage second preferences to be for Andy or Liz.

Having watched Andy on Sky's Murnaghan show this morning, he categorically states that Labour will not get beyond first base with the electorate at a general election if we are not economically credible and that fundamentally Jeremy's economic plans do not add up. So, I am unsure why Andy is so unwilling to be clear on second preferences.

All the recent polling suggests Andy is losing more votes than anyone else to Jeremy. He trails fourth in London – where a huge proportion of our electorate is based.

So I would urge Tom to reflect more widely on who is best placed to provide the strongest opposition to the Tories, appeal to the widest group of voters and reach out to the communities we need to win back. I believe that this has to be Yvette.

The Newsnight focus group a few days ago showed that Yvette is best placed to win back those former Labour voters we will need in 2020.

Labour will pay a massive price if we ignore this.

Diana Johnson is the Labour MP for Hull North.