159: The Grand Old Duke Of Yuck

4 Nov 2025 · 45 min · 19 chapters

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In short

Page 94 Private Eye episode 159 focuses on (1) Prince Andrew’s de-titling after Virginia Giuffre’s Epstein allegations, (2) UK fiscal/tax policy ahead of a budget, and (3) corruption and compensation stories: Teesside redevelopment and the Post Office/Horizon scandal.

Guests

Andrew Hunter-Murray (host), Helen Lewis (society correspondent), Richard Brooks (journalist; former HMRC tax inspector; writes “Gold Digger” for Private Eye), and Ian Hislop (editor).

Key claims

Prince Andrew’s titles/orders may be removed via WWI-era legislation; the “killer” 2011 Epstein email and a widely published photo with Giuffre are portrayed as turning points. Giuffre’s memoir is described as contested due to fact-checking issues, settlements, and inconsistent claims (including a corrected Dershowitz allegation). Teesside redevelopment is framed as “public risk, private profit” with land options repriced to £1/acre and profits extracted without investment. Post Office: Fujitsu is said to have paid nothing; moral responsibility is criticized as PR.

Notable examples

Giuffre’s claims of sex with Andrew three times; her work at Mar-a-Lago; Maxwell’s prison transfer after DOJ contact; Alan Dershowitz settlement; Teesside land deals/profits (~£65m on 90 acres); Post Office children of sub-postmasters compensation promised but “zero” from Fujitsu.

Written by AI. May contain mistakes. Listen to the episode to check what was said.

Chapters

Tap a time to open that second in VO

Royal Family Updates

1:16 to 4:12

Explore the latest developments regarding the royal family, focusing on Prince Andrew's situation.

“been going on with the royal family any news of them recently or have they been maintaining their usual monastic silence.”

Virginia Giuffre's Memoir

4:12 to 6:06

Delve into the controversies surrounding Virginia Giuffre's memoir and its implications.

“And is there ever a way this can be put on sustainable footing, short of Andrew cooperating fully with prosecutors in America or whatever that might be?”

Legal Complications and Accusations

6:06 to 8:08

Discuss the tangled web of accusations and legal battles surrounding Epstein's victims.

“And of course the other thing that comes out is that there's money involved in this.”

Public Perception and Prince Andrew's Downfall

8:08 to 10:40

Analyze the media's role and public perception in Prince Andrew's controversies.

“do all point back to a journalist who was one of the very few who has interviewed Maxwell in prison.”

The Political Implications

10:40 to 14:00

Examine the potential political ramifications stemming from Prince Andrew's case.

“I do genuinely think that that was the original Jelaine play was I've been sucked into this terrible web of sin.”

The Appeal of Dictatorship

14:00 to 15:16

Explore why some people prefer dictatorial rule for quick decision-making.

“I should say that's the second time we've de-kinged someone and the first time was actually even faster than that in 1649.”

Introducing Gold Digger's Column

16:13 to 17:58

Discussion about a new financial column in Private Eye and its implications.

“Now let's come to, very excitingly, there is a new column in PrivateEye.”

Sanctions on Russia: Reality vs. Expectation

17:58 to 23:07

Analysis of the effectiveness of sanctions on Russia and their enforcement.

“I mean, you were part of the blob, weren't you?”

The Complications of Tax and Policy

23:07 to 28:00

A deep dive into current tax issues and the challenges of budget policies.

“do what conforms to what they think, then you end up in a Liz Trust position.”

Fuel Duty Freeze and Its Implications

28:00 to 29:25

Discussion on the long-standing freeze on fuel duty and its unsustainable nature.

“It's part of the fiddle because the projections assume that it will be increased in line with inflation.”
Show all 19 chapters

Fiscal Drag and Tax Thresholds

29:25 to 31:01

Exploration of fiscal drag effects on taxpayers and political implications of tax policies.

“Rising property prices is, it's not that recent, is it?”

COVID-19 Economic Aftermath

31:01 to 31:46

Analysis of economic challenges post-COVID-19 and the need for tax reforms.

“That it was just seems like it could be all this talk about the benefits bill and the number of people out of work.”

Teesside's Redevelopment Controversy

31:46 to 36:43

Investigation into the controversial redevelopment plans in Teesside and their implications.

“otherwise you're not being honest so the OPR demands that you all say 2p straight away I mean these things are not impossible would you want to chair that body you in.”

Misrepresentation and Political Narratives

36:43 to 42:00

Discussion on the misrepresentation of reports and political narratives surrounding Teesside.

“Can I just recommend our readers, who, as usual, have got the best views on this?”

Political Accountability in Inquiry Demands

42:00 to 43:19

Discussing the lack of political action regarding inquiries promised by leaders.

“and it makes a good slot on a political panel.”

Post Office Compensation Failures

43:20 to 44:11

Examining the failures of the Post Office regarding compensation for sub-postmasters.

“not the post office, and certainly not Fujitsu.”

Calculating Redress for Postmasters

44:12 to 46:31

Discussions on the complicated and inadequate compensation system for affected postmasters.

“Even on a sort of PR level, it seems pretty stupid.”

Introducing 'Postmortem' Book

46:32 to 47:21

Announcement of a book detailing the Post Office scandal and its consequences.

“can find out a little more about the post office story?”

Combat Sports Event Promotion

48:00 to 48:59

Promoting the upcoming Bare Knuckle Fighting Championship event.

“Reserve your spot with just$200 down at BKFSEA.com.”
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Transcript

Automatic transcript. May contain errors.

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0:37Like, all the way. Stack more sales with the best converting checkout on the planet. Track your cha-chings from every channel, right in one spot. And turn real-time reporting into big-time opportunities. Take your business to a whole new level. Switch to Shopify. Start your free trial today. page 94 the private eye podcast hello and welcome to another episode of page 94 my name is andrew hunter-murray and we're here to discuss all the latest goings-on in and out of the magazine and in the news over the last fortnight i'm here with helen lewis richard brooks and ian hislop helen we turn to you yes uh because we look to you our society correspondent to find out what's been going on with the royal family any news of them recently or have they been maintaining their usual monastic silence.

1:26Do you know the worst thing is that for quite a long time when I particularly when I worked at the Daily Mail everyone used to say that I look like Princess Beatrice in fact my leaving page from the Daily Mail is I'll be off. Anyway the worst thing about it now is that my poor brother turns out he looks like quite a lot like Prince Andrew. Luckily he's in New Zealand so it's fine they don't have the newspapers there. Anyway so I feel a personal involvement in this as a satellite branch of the Yorks. He is now of course Andrew Mountbatten-Windsor. He's given up the knight of the garter, he's given up the princedom, he's agreed not to use the titles.

1:57Would you like to know when the relevant legislation for this comes from, for having your princedom taken away, or your titles? 1917. Because, of course, quite a lot of Queen Victoria's grandchildren had got British ducal or princely titles, and had ended up on the wrong side of the First World War, and so there were quite a few people called Ernst, and various variations of that, who got de-princed during the First World War. Wow. So that's the legislation that they will use as a template. Gosh. I mean, the previous version, he had just agreed not to use them. But the statement from the king and queen seemed to imply that they were actually going to move forward with an official debagging and de-princing.

2:38Yes, if you agree not to use them but you've still got them, that seems like a bit of a fudge. He wrote this email, the famous email to Epstein, I think really did for him, which proved that he had lied to Emily Maitlis. You know this one he wrote in 2011 that said... Is that officially unacceptable now? Yeah, right. He said, you know, we're in this together, he'd said, about the photo of Virginia Roberts-Giffray coming out. We're in this together. And it was the one that ended, I hope, will play again soon. But kind of more importantly to our purposes, it also was signed off Andrew York KG, right?

3:10HRH, Andrew York KG. So he had, even in a casual email at that point, Andrew liked to put all of his titles in it. So I do feel that this is a fairly fitting punishment in lieu of any actual other consequences. Yes, I did read that one of the last people to lose the Order of the Garter was Emperor Hirohito just after the Second World War. Wow. Which gives you an idea of the scale of the offence that this is being ranked alongside. So we know he'll be moving house. I mean, he may be moving to New Zealand. It's possible your brother will be getting some lookalike work before too long. Don't know how much in demand that's going to be.

3:44What party, what corporate event. Well, Halloween. but he's going to be plain old Andrew Mountbatten-Windsor and I would just say to him it's dangerous putting a middle name in your name because people think you're posher than you are but that probably won't be a problem for him now the reason the reason we're still talking about this is largely of Virginia Jafre's book Nobody's Girl and she took her own life earlier this year before the book came out and it details her life as she put it being a sex slave for Jeffrey Epstein procured by Jelaine Maxwell now in prison serving 20 years she says in the book that she had sex with Andrew three times claim he's always denied but the details that have come out in the book and the details that have come out in other things like the emails of him sending his royal protection officer her name and social security number whether that's to discredit her account or dig up doubt on her I think is not completely clear but it just became clear this was no longer a sustainable situation.

4:44But it hasn't been for years. And is there ever a way this can be put on sustainable footing, short of Andrew cooperating fully with prosecutors in America or whatever that might be? I mean, the interesting thing is lots of it has come out through either court discovery or records being submitted to Congress. So, for example, her memoir was co-written with a journalist. However, bits of it are taken from a previous fictionalized account that she wrote that's called the billionaires playboy cup now this has become quite controversial because that wasn't fact-checked she herself says in the book that some of the details in that were wrong because she was trying to disguise them but it has become you're right there has been a kind of not exactly a full court press but there have been a lot of people kind of questioning the whole content of her story just because of the fact that she has she made mistakes along the way for example she she accused alan dershowitz of sexually assaulting it they then settled that out of court.

5:37The American lawyer, Alan Dershowitz, she accepted that she had never been abused by him. He accepted that she'd made an honest mistake. And if you read the memoir, it's a very difficult read for a number of reasons. One of which is that between it being submitted to the publishers and it coming out, she accused her husband of domestic violence. He denies that. There's litigation ongoing about the estate. But there were kind of clues in the narrative that the relationship wasn't all that happy. There's lots of very volatile arguments. And of course the other thing that comes out is that there's money involved in this.

6:10There's a lot of debate about her settling her estate, for example, and who's entitled to that. In the book she writes about the fact that she was living really scratchy existence in Australia until she got the settlement from Epstein, the initial one, and then the settlement from Andrew. So this really complicates it. And I think she also is, like many abuse victims, obviously deeply traumatized by it that's what emerges from the narrative and hasn't actually always made her case in a kind of completely cast-iron compelling way which again is not unusual in abuse cases. The people who are accusing her and there are other victims who are saying and who are suing her and then halfway through their narrative you realize they've been given $50 ,000 by a fund, they've lived their lives on the basis of a settlement and so accusing each other of being abusers rather than victims.

7:03It turns into an incredibly sort of messy story. That's one of the really messy things. The Sunday Times had a piece by Rena Oh, who's another Epstein victim, in which she said, you know, she's suing the Geoffrey estate. And she said, you know, I've been accused of, you know, procuring girls for Epstein. Now, actually, within the same piece, she admits that she did do that. This is one of the things that Epstein would do to women. he would encourage them to go out and recruit more women. Jiffre writes about that in her book and says she regrets it. And Reena O did the same thing. And obviously she says that doesn't make me any less of a victim.

7:33She says she was raped by Epstein. But it does really complicate that picture. Everybody needs to be very firmly, for moral and financial reasons, end up in the kind of victim rather than collaborator camp. And there was an attempt, I think, even to do that with Jelaine Maxwell. So one of the more bizarre reviews of the book was The Spectator got Ian Maxwell, Jelaine's brother, to review it. Under the headline, don't take Virginia Giuffre's memoir at face value. Which I thought, I mean, okay, always a good thing to do in cases like this, but I feel like you may have a certain personal interest in this one.

8:04And, you know, as we've written about in the magazine, the very strategic leaks ahead of the manuscript kind of coming out do all point back to a journalist who was one of the very few who has interviewed Maxwell in prison. And she got transferred from a Florida jail 2-1, a low security, minimum security one in Texas, some point after having a conversation with a senior official at Trump's Department of Justice. So there is a kind of semi-conspiracy theory, but I don't think it's a completely ridiculous one, that actually all of this becoming a Prince Andrew story is actually very helpful for former friend of Jeffrey Epstein and current president of the US, Donald Trump.

8:41Yes. Where was Virginia Giuffre working when she was first picked up by Maxwell? Mar-a-Lago. She was working in the spa in Mar-a-Lago as a very young teenager. Yeah, so, I mean, this is a Trump story, and I've covered it in the US column before, because it's been kind of fascinating how it was the massive conspiracy story, an obsession of the MAGA right, released the Epstein files. And then Donald Trump, first of all, tried releasing some old file logs that everyone had seen already, and then said, I've actually looked at it, there's nothing really to see, and sent the swivel-eyed FBI director, Kash Patel, out to say, actually, I've looked at it and it's all completely fine.

9:17Yeah, it's a very mysterious and murky story. Another complication that comes out in the book is that Virginia Dufresne hired as her lawyer David Boyes. Now, you may know he's an incredibly aggressive New York litigator and his other thing you might know of him, he was on the board of Theranos, which if you're interested in money stories, fraudulent blood testing company collapsed, also had Rupert Murdoch on the board. It was a real government of all the talents, that one. But also acted for Harvey Weinstein, in which capacity he renegotiated a contract with a spying agency to essentially do background checks on all of Harvey Weinstein's accusers and also the journalists who are working on the story for The New York Times.

9:57So you have all of this. This is this is kind of speaks to the Andrews protection. Yeah. If you want to, you know, realistically to get justice in a lot of these cases, you have to hook up with a very aggressive civil litigator because it doesn't end up in a criminal court before Epstein died. Right. He got that very, very sweet plea deal in Florida and then died in prison before seeing the inside of a proper criminal trial. So these are really mucky and contested waters in which often there is a lot of reputation management or reputation kind of besmirching going on through PRs behind the scenes.

10:34The idea that there's unreliable narrators around in anything to do with the Maxwell family is hysterical. I do genuinely think that that was the original Jelaine play was I've been sucked into this terrible web of sin. And then it just became, unfortunately, it teetered over in the face of the overwhelming evidence that she did know everything that Epstein was doing. And therefore, that's why she's now in prison. Do you think this is really hypothetical? Do you think this would have happened, the Prince Andrew element of it, if that photo had not existed and been made public of him, age 41, with Geoffrey, then age 17?

11:10No, I think you're right. I think that concretised it in a way. He has always denied that that photo is. He sort of vaguely talked about Photoshop and all this kind of stuff or whatever. But I think people just went, oh, no, you're standing next to her. She looks like a teenager. She's dressed. She talks in the book about where she's wearing these trousers with a horse print on. She's wearing the kind of things that young girls would wear. Right. She's not a sophisticated adult at that point. And I think at that point people went. And then in a very concrete way, it's about that photo coming out that he sends that absolutely killer email to Epstein.

11:42that ends, let's play some more, we're in this together, Andy KG. So I think that photo absolutely precipitated the downfall. And she talks in the book, she just had gone to grab an instant camera because she wanted to record the fact she was with a prince. I mean, it's before the advent of the smartphone, so the survival of that photo is also quite fragile. But I think you're right, because that is the image that's used to illustrate every news story of it, really, or her as an adult holding that photo up. Until then he'd said he hadn't met her and then after that he had to say I just can't remember it I think that's the problem, his story has evolved shall we say and also just his unbelievable tone deafness Did you watch when the BBC News were covering his story?

12:26Obviously they're delighted to have all the clips of the Newsnight interview so they aired as many of them as possible and then Emily Maitlis asked him Do you regret meeting Geoffrey Epstein? and he thinks about it and then he says on balance, no, because all the things I learned of the people that I met, it's the most unbelievably tone-deaf performance you've ever seen. And actually watching it in retrospect, it's even more boggling now than it was at the time. It's up there with the honourable comment, isn't it? That he was doing the honourable thing. So many great... I mean, the simple shooting weekend is an incredible...

13:01The I don't sweat anymore is also an incredible... I mean, everything about it. But he tried the honourable thing again when he said he would voluntarily relinquish the titles. And I think the turning point came that, you know, the royals may be tone deaf, but Charles can hear someone shouting at him in public and he is not used to turning up at an ordinary event and someone shouting, how much did you know then? It was really fast after that. And if I was pushed, I would say he decided then this process of slowly acting, which the royal family tends to do, doesn't work anymore. Flunky, who's our royal correspondent, pointed out last issue a lot of royal correspondents say no, it's incredibly difficult for him to strip away these titles and you need a huge amount of parliamentary time and we can't possibly do that.

13:52We actually de-kinged someone once in the abdication and the amount of parliamentary time was one morning. We can do this stuff if we want to. I should say that's the second time we've de-kinged someone and the first time was actually even faster than that in 1649. Oh, yeah, I thought we were doing Charles I, but you wrote we were doing Edward VIII. Yeah, OK, right, good. But it's the same, you know, like the post office story. That couldn't really be dealt with and it was all very slow until people in power's reputation was on the line. Then we can act incredibly quickly, you know, and we can exonerate hundreds of people at one fell swoop.

14:28But this is my theory of why people like dictators. because they just like the idea that one person might be able to make a decision and it would actually happen. And you might have to bribe that one person, but at least you know who the one person is who could make that decision. Are you saying it's anyone who's got experience of a meeting and what it's like is more prone to accept dictatorial rule? But I do think there is a feeling that everything in modern life is so sclerotic and turgid. And I think it's why people like Trump are appealing to their base, because his promise is action. Right?

14:59And actually, what does Keir Starmer's labour offer you? But, oh, we're going to do pip? No, we're not going to do pip. Oh, we're going to do winter flu? Oh, we're not going to do winter flu? Oh, we've got these taxes? Oh, we're not going to do these taxes. And that's why I think people just go, I wish something would happen. Unfortunately, when it does happen, it's often bad. I'm Kiana, and I leveled up my business with Shopify. Once I figured out that Shopify was a thing, I never turned back. I can create a site with my eyes closed. Shopify thinks ahead of us, you know, and it thinks about the customer more than anything.

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16:08Shopify can help you build upon it. Start your free trial on shopify.com. Right. Now let's come to, very excitingly, there is a new column in PrivateEye. It's in the back of the magazine, confusingly just after the in the back section. And it's in the money. And it comes after the very, very long running in the city column has ended. And that was written by Slicker for many years. This new one is written by Gold Digger. And Richard, I understand that Gold Digger is you et al. Yeah, I didn't realize I'd be outed after one issue. Sorry. Yes. It's a collection of financial stories that I'll be writing and pulling together from other people as well.

16:54The lead story in the latest issue of the mag was about sanctions on Russian firms or on Russian shipping and how often they're actually enforced and what kind of fines are dished out, even on the rare occasions that people are found guilty of this kind of thing. And it's kind of staggering, the scale of the sums that are dished out in fines compared to the scale of the offence. Yeah, I mean, like a lot of the stuff we do elsewhere in the MAG, it's about showing the reality against what we're told is happening. So with sanctions, we've been told several times that we're stopping the Putin war machine.

17:30He won't have any money to spend. And then years on, you find that, oh, we've got to do something else. You know that machine we stopped 18 months ago? We're going to stop it again. So that's where we are with sanctions. And we should say you have a lot of experience of this because of your, can we call it a dark past? As a financial criminal. Shady history. As a bank robber. Working for HMRC. Yeah, until 20 years ago. I mean, you were part of the blob, weren't you? Well, I think I'm part of a smaller blob now.

18:06I always felt that put you in quite a strong position as a journalist because you know how it works. or it doesn't work in so many cases. Back then, when I stopped being a tax inspector and started working for the I, there was a sort of prevailing mood and attempt really to stop tax collection working almost. It was sort of politically unpopular. It was, you know, it wasn't very nice to people who were dodging their taxes. It wasn't in the sort of partnership spirit of the day. So there were a lot of cushy deals for big companies and people hiding their money in Switzerland and places like that.

18:44And without going into too many details and getting into any trouble, it was that kind of thing that led to me changing jobs. Can I ask you a question about tax, which is not actually a bit of help on my VAT registration. This could be difficult. It was 20 years ago. No, no, no. About our tax code now, actually. Is it too complicated? Because one of the things I think that happened, Rachel Reeves, as we're talking, has just gone into trouble with her registration as a landlord for renting out her property. Obviously, Angela Rayner previously in trouble about council tax on her second home. Nadim Zahawi had to settle a very large bill with HMRC.

19:16Should we have any kind of sympathy with politicians who run into tax problems? Or are you cold-hearted about all of this kind of stuff? No, I think there is room for some sympathy. Administratively, it is complicated. One of those I wouldn't have any sympathy with, Nadim Zahawi. I'll draw the line there. and also Rachel Reeves I think she should probably have been a bit more careful she should be saying look I'm Chancellor are we sure we've got all this right her husband found some emails and she probably should have been saying are we sure we've done everything we need to because it's not the first little mistake that she's made is it?

19:56You know when you look at her the book she wrote and the slightly puffed up CV the puffed up CV, you know there's a kind of string of these now And it's a bit rich, you know, post Boris, who we all had a go at about detail, to say, look, we're in government, we're in detail. Yeah. I mean, that's what we wanted this time round, isn't it? Yeah, yeah. And the question for them is how would you have reacted if Boris Johnson had done this? Yes. I think that's a valid question. We've got this budget coming up and lots of people are getting their defences in early. All sorts of special pleading articles and columns are being written.

20:32why you cannot possibly tax blah. Yeah. I saw a piece at the weekend which was all about how actually if you tax the gambling industry anymore, betting shops will have to close and they are an absolute lifeline for elderly, vulnerable, often very lonely, frequently men. I saw that article. It was like they were running some kind of like rotary club or something. It's like what you do is you get these people in and then you keep them in as much as you can in order for them to spend money. Like, come off it. It's a kind of like, and I'm sure a lot of people who've been going there every day for 20 years do find it really valuable and would be incredibly sad if it was closed down but that's not really the point of the gambling industry or paying tax so i'm going to say that about pubs given the incredibly complicated tax system that we do have because there it is complicated and there are lots of different loopholes is it possible for a radical change to happen in the budget that's coming up in a few weeks time no it's not possible in the budget, it's a longer term job.

21:28The problem with the budget, as with every budget for decades now is that they're very constrained. Rachel Reeves and her predecessors are working with the Office of Budget Responsibility, which takes a very conservative view of the effects of economic measures. So it sort of hems her in and she's left tinkering, looking at differences of$10 billion here,$5 billion here what's going to raise this what's going to give away that over a pretty short term over a forecast period that's four or five years so it's very difficult to take the kind of steps that you would need to transform the system and which might pay off in 10 20 years but you know and that's not just in terms of the tax system itself but the whole you know economic system so it's very difficult to launch a big investment program and expect credit from that because the OBR is going to say, well, we can't be sure for the next three or four years.

22:27You look at changes to employment rights. There's a very good argument that stronger employment rights in the long run will be good for growth. You have a higher wage economy, better industrial relations and so on. But there are people lobbying and they might have the way the Tories are lobbying to say, no, the OBR has to say that's going to hit growth and and it may well do in the next two or three years but the office of budget responsibility is presumably advisory I mean it's not an entirely democratic institution is it we don't have to do what they say on the grounds that well they it should be for them did we it should be but we've given them so much power and if you don't do what conforms to what they think, then you end up in a Liz Trust position.

23:13Yes. I'm not entirely advocating that. But there is a... I'm just questioning its role. That's right. It has been given a really central role and Rachel Reeves has made it even more important by putting in law that you must consult whenever you have a big announcement you must consult the OBR. You probably should do that anyway, but you should also recognise it's not the only view. And there's probably a case for not leaving it just to the OBR to do the fiscal and economic forecasts, the official ones, to have the Treasury do them again. Of course, they're going to be politicised. But have them, have the opposition do them, have a range of views.

23:50So you can say, well, look, this is our view. And we think these longer term measures we're taking, whether it's on investment, education, simplifying the tax system, we think they will work over 10, 20 years. And then let somebody else make the opposing argument. but at the moment having one very small c conservative body hold sway is given us this sort of sclerotic system where we can't actually do anything. Do you think this has been one of the most frenetic pre-budget periods that you can remember? I'm just trying to think whether or not I've just dipped out of British politics for the last couple of years and therefore I've kind of forgotten the horror of it.

24:28But this one seems to have been really, really frenetic. You know, all the things that have been floated like doubling the top two bands of council tax, deciding that working people is only people earning£45 ,000 or under a year so you can put tax over that. Swapping national insurance and income tax burdens. What else have they? They've talked about an exit tax for high income. But it just feels like there's... They always say there's kind of kite... Like the big budget cliches, right? You move from kite flying to rolling the pitch to the rabbit. That's the usual way that it proceeds. But it just seems to me that there seems to be something very torrid going on this year.

25:05It's got that feeling, you know, like Christmas getting earlier every year, hasn't it? You know, pre-budget, everybody's trying out their pet idea. And the media have a big part in it as well. Well, it's like football transfer system, isn't it, for nerds, basically, in that it's unfalsifiable, like Rachel Reeves may be considering any number of things and no one can kind of say she's not. You're in a sort of state of almost constant speculation, which isn't good for economic decisions. People investing, people employing people. It's, you know, this uncertainty. This was the point of the PIRDA system.

25:38Yeah, yeah. You know, this is when some of us were growing up, obviously, that nothing was said about it. And then it was announced. And you could criticise it or you could not like it. Now we have a system where you seem to be saying, let's get public opinion to all these ideas for months beforehand. And there was a joke piece in the last issue. And if you want public opinion, it's that nobody wants to pay any more tax. Thank you very much. They want everyone else to pay more tax. That is acceptable. But you can't make policy on the grounds that everybody else should pay more. and if you float those ideas and particularly with the press and the media at the moment you will get everyone saying no, that won't work before they've listened to the idea any amount of tax raising will be followed by someone saying I don't want this so what I don't understand is why you don't get to a system where the Chancellor says this is what we're doing that's it for a year but this happened last time with the Rachel Reeves ISA grab which turned out to be largely illusory but it was preceded by weeks and weeks of people saying, well, this is how to save yourself from Rachel Reeves' ISA tax grab.

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26:45That's going on now again. Yeah, but it happened last year, and it was move all your money out of ISAs now immediately, and then... Either you do what Ian says, and you have a purr, and you just make the announcement on budget day, or six weeks in advance, you have a proper discussion about what's possible and get people's views. What we have now is this sort of leaks and, oh, let's float this idea, and then the minister goes on the Koonsberg shoulder and says, oh, I couldn't possibly comment on the budget, you know, having leaked umpteen possible ideas. Yes, the words refuses to rule out suddenly appearing a news copy with a horrifying frequency, don't they?

27:22But I also think it's a reflection of the fact that the media is only representative of one particularly quite small slice of British public opinion, right? I mean, I, like you, I've read a lot of pieces about ISIS. I've read a lot of pieces about the 100 grand cliff edge. you know all of this kind of stuff but i haven't read so much stuff about the fact that one of the big economic stories of the last couple years is the fact of wage compression at the bottom end but the minimum wage has now you know been raised so high that it now basically is the same as a graduate starting salary so there's almost no benefit really for those people having gone to university so they're starting on essentially minimum wage but with a huge debt and you don't get that written a lot because those those people foolishly are watching tiktok rather than buying the times in the telegraph there's this other thing the sort of tinkering with smaller ingredients of of the overall tax pie yeah bad analogy um well no because a tax pasty that's that's where oh god don't you can't get back into pasties um but this so one example of it is the the now ancient tradition of freezing fuel duty yeah which has been going on i think it's 14 years in a row the chancellor has said i'm freezing fuel duty and everyone cheers and you know huge which is basically to keep drivers on side because they're an important part of the electorate, whatever.

28:33It's a fiddle. It's part of the fiddle because the projections assume that it will be increased in line with inflation. Right. But of course it isn't going to be. It's just a fiddle for the Chancellor of the day and none of them have been able to resist it. Right. But it's going to break down at some point because if cars do increasingly go electric you won't get nearly as much fuel duty even at the frozen rate. at some point you're going to need to change that system over and be a bit radical and reform it to move to some kind of like if you're using the road per mile that's the tax you pay yeah there just seems to be no appetite for a kind of bigger change that's why this short-term view is is so dangerous because you can't deal with bigger changes in the world right you know like the change to electric vehicles or increasing value of property for example you know which ought to be taxed more when it's not used.

29:24We can't sort of deal with that. Rising property prices is, it's not that recent, is it? No. Well, I mean, we've had a few decades to twig this one. But then you get the story about the pensioner who lives alone in a million pound house and is, what's the phrase? It's always asset rich and cash poor. My big moan about the lack of the fancy economics of the budget is about fiscal drag, which is the fact that the rates for higher and additional rate tax have remained in place for a really long time, even though inflation has massively eroded the value of those salaries. So people are now paying those higher tax rates at the equivalent of like a mid to senior range nurse is now a higher rate taxpayer in Britain.

30:01If they had moved up with inflation, Rachel Reeves would be looking at finding billions and billions more. So we can sort of say, you know, about the income tax thresholds, essentially lots of people are paying way more income tax than they were a decade ago just because of fiscal drag. But that goes back to what you have to say to get elected or what they think you have to say to get elected. I won't raise the rate of income tax. And, you know, you raise the same money with this fiscal drag thing. But could you not have... I'd just be interested to know what would... If somebody actually tried as an experiment, being a bit more honest about what they were going to do, and said, you know what, if we need to, I'll put a penny on the rate of income tax.

30:37Or it might even be 2P. Would that be electoral suicide? I would say, didn't someone do it in a penny on national insurance hypothecated for the NHS? I can't remember the word. I want to say Gordon Brown, but I don't know if I... But I think when there's a tax rise for a thing, and I think one of the ways that they probably could have done it is coming out of COVID gone. My goal, we spent a lot of money on all of that. And actually, we are just going to need to pay. Here's a time limited measure with the sunset clause to pay back some of that. But there was a kind of that was one of the things that baffled me about economics in the last couple of years is that we came out of COVID having borrowed all this money, but not at any point recognizing that there was a bill for that.

31:11Right. That it was just seems like it could be all this talk about the benefits bill and the number of people out of work. that is a really really big spike of people particularly mental health conditions post covid and again i think you can see that as a legacy of covid lots of people had a really tough time and they've really struggled coming out of it but we haven't treated this as kind of extraordinary times we haven't treated the war in ukraine as extraordinary times no and nobody has as you say suggested um we have to put up income tax to pay for covid yeah for all the damage that was done then I think we should maybe have an office of political responsibility that says during the election period I'm afraid you have to say that you're going to put taxes up otherwise you're not being honest so the OPR demands that you all say 2p straight away I mean these things are not impossible would you want to chair that body you in.

32:03Irresponsible for everyone hating Well, that's kind of you, Richard. Thank you. That's a great idea. Saturday, September 26th, two of combat sports' most dangerous strikers collide. Bare Knuckle. Liverpool's own Darren the Gorilla Till goes to war with Cuban powerhouse Yoel Soldier of God Romero. Plus, the Bare Knuckle Middleweight Championship of the World is on the line when the reigning champ Dave the Redneck Mundell defends against undefeated British challenger Jack the Meek Pleaver colon bkfc 94 till verse romero watch it live only on the zone sign up now at thezone.com this january bare knuckle fighting championship takes over the ocean the inaugural bruise cruise sails from miami to the bahamas aboard the norwegian jewel three straight days with pool deck bare knuckle fights in the caribbean massive parties beach events djs cigars tequila tastings in nonstop action.

32:58The light-up reveal's coming soon. Cabins are disappearing fast, and the prices won't stay this low. Reserve your spot with just$200 down at BKFSEA.com. Now, we should move north to Teesside. Now, regular listeners of the podcast will know we have covered Teesside once or twice in the past, but I think it's probably worth just restating, Richard, what has been going on at the immensely valuable ex-industrial site around the port in Teesside? Teesside had a big knockback about a decade ago when the steelworks closed, finally. Michael Heseltine was sent up there to pronounce what could be done, said we need a development corporation, which they got.

33:42Theresa May unveiled this development corporation. The idea was to regenerate the area, to reinvent it as a centre of green industry. To do that, the idea was that it would get a lot of money from Whitehall, raise money locally, borrow money, create a fund, develop the area, lease it to industries who would then pay the rent to the public sector plus the rates and that would fund more regeneration and so on. So you get a kind of virtuous circle. What actually happened was they brought in a couple of local businessmen. It's still not clear exactly why, but they invented some cock and bull reason as to why they had come in and they were given options to buy the land which very soon were repriced to one pound per acre so they could buy the land whenever they wanted for one pound an acre and of course they would want to buy it once a particular patch of it had been remediated at taxpayers expense and was then very valuable they'd exercise their option get this land for next to nothing and rent it out to a big company that was coming onto the site and then they could sell that income in return for a lump sum for themselves they did they've done that once already and made about 65 million pound profit instantly on a 90 acre site you know and there's sort of 1600 acres or so to cash in on so the whole story is just one strand of the ripoff but it's it's a huge transfer of public assets to private business.

35:19Not a very well explained reason why. No, and crucially, with nothing from them. We wrote about the private finance initiative for decades and what a rip off that was. That involved businesses investing money and then taking profits out and they were taking too much in profits. But at least they put some investment in. This is, you know, there's no investment coming in. It's just all profit going out. It's really quite perverse. So which genius thought of this then? Which political, you know, brilliant thinker came up with this model of how to redevelop Teesside? I think you've got to pin it really on Lord Houchin.

35:53So this is Houchinism. Yeah. So it's public risk, private profit. But that happens everywhere, doesn't it? I mean, I remember Peter Thiel, the venture capitalist, essentially saying you know, competition is for losers. The best thing you possibly do is get a monopoly, right? Which is why Palanty has so many defence contracts. The best thing you can do is have a kind of government contract because you can be the only one that supplies it and there is zero risk to you. Whereas the whole point of capitalism is that it's supposed to, like a market is supposed to weed out the best possible people and find prices within it.

36:24Weirdly, the same thing happening in the energy industry at the moment, right, where we're going to write off a lot of people's energy debt. That is just not functioning as a market, right? We just won't quite understand, we're not going to let people freeze to death in their homes in winter. So we end up buying loads of money into it. But then you've lost the whole point of capitalism at that point you might as well just be honest about it well that's how this project started out there was no competition for the deal yeah if you had said right this is the deal you've got a sort of help us remediate a bit but you don't have to put any money in and you'll be able to buy the land for a pound an acre whichever bit you want let's have some bids you'd have big companies come and say well we'll pay you you know everyone everyone would have bid for that you'd have raised a lot of money if you'd opened it up But there was no open competition.

37:09It was just a gift. Can I just recommend our readers, who, as usual, have got the best views on this? One of them noticed that Lord Houchen made mention in his House of Lords speech of the 200th anniversary of the Stockton-Darlington Railway. It's Martin McLean from Darlington. and he said the motto of the Stockton and Darlington Railway Company was Periculum Privatum Utilitas Publica, which translates as At Private Risk for Public Good, which appears to be the complete opposite of events detailed in the report on Teesside. Brilliant. You've got it in one. In unum, or whatever it is. I was going to say, I'm only surprised people haven't written in this week offering their own Latin translations the other way around.

37:53That'd be a very private eye reader. So Ben Houchen, Conservative mayor of the area, recently elected and sort of disconcertingly young. I mean, I think he's about... I think he's 40 now, or coming up to 40. He's roughly my age, which is, you know, you do think, God, I could have made so much for myself by now. I could have dished over tens, hundreds of millions of quid to my mates. Were they his mates? I mean, how did they meet? Do we know? Is that lost in the midst of time? One of them he'd had some dealings with when he was councillor locally. There are two property developers. One of them he'd had some dealings with.

38:27The other he says he'd had no dealings with. I don't think they were mates. I think these people were very influential in the area. And somehow they got this deal. And there was no competition, as we discussed. So, you know, that is all a bit murky, I think. But as far as I can see, they weren't mates in the way you put it. Although they seem to be becoming a fair bit friendlier. You know, we had a story in the current issue, actually, about Houchan going to the wedding of the son of one of these developers. The son who also runs a plant hire company, which is making money from the development that his father's controlling, and which makes huge profits, just stupid profits, for having a relatively small amount of kit.

39:17Which is a plant hire like heavy machinery, not like... Wisteria hire. I reckon they could make money from hiring out... But Richard, isn't the important thing to remember here that there was a report into all this which completely exonerated Ben Houchen and said he'd done absolutely nothing wrong and he was, in fact, the bestest boy in the world and you were very wrong? I think that's broadly what it said, isn't it? I think that was the Times article. No, there was a review a couple of years ago when we sort of got this stuff out about the land transactions and the pound and acre. Michael Gove was forced to ask for a review and a chief executive of Lancashire Council at the time, Angie Ridgewell, did a review with a couple of other people and it was a very, very good review with limited powers, no real powers to call for information and so on.

40:05She sort of confirmed the things we'd written and found some more, that there was no risk they were taking on, that they hadn't invested a penny, that the deals with friends and family were questionable, that there wasn't proper procurement, all that kind of stuff. So it was really damning, but it had one line in there. One of the triggers for that review was that the local Middlesbrough MP, Andy MacDonald, had said that this was industrial-scale corruption. He said that in Parliament. And so part of her remit was to look at that. And she said she, based on what she'd seen, and she also said that they didn't cooperate with her, providing information, but based on what she'd seen, she hadn't found any corruption, anything illegal.

40:51And that one line was latched onto by Ben Houchen, you know, in a pretty smart PR operation, made sure everyone was briefed on it well before the report came out and could see how bad the content of it was. so everybody ran with that line and now he just repeats ad nauseum that she found nothing wrong which is completely untrue and he he has completely uh misrepresented and lied about that report in quite important settings you know in a hustings first re-election in 24 he said that the report found it was value for money when it explicitly said she could not find value for money based on what she's seen.

41:33She didn't say it wasn't, but she said she couldn't find it. So it's been misrepresented, but people are still swallowing it. And Houchin is treated as if, you know, there's nothing to see here. He sort of occupied this place in the political narrative as the future of the Tory party. You know, this Tory party that's completely useless. What do they have to do? Oh, we need someone like Houchin who can deliver. That's the way, that's the future of Toryism. and everybody sort of goes along with it because it fits and it makes a good slot on a political panel. Does the change in government not change the appetite for actually finding out what's been going on here or officially recognising this?

42:13No, it should have done because Keir Starmer in opposition in 24 said it cries out for an inquiry. Angela Rayner promised one, but it just hasn't happened. Right. The problem is he's... They're just spineless. And he's not reformed. and he's a Tory who cares about them anymore I mean they've got other things to do I think if it was a Labour mayor Starmer might have done something I think he's kind of just too scared of appearing to opening up that challenge because the answer would be if he went in and demanded a full audit what you need is a full audit with statutory powers if he instituted that the response would be oh he's anti-growth he's trying to kill anything good that's happening in the north.

43:00I don't think he's got the stomach to fight that. How dispiriting. Any good news that we can... You've been covering the post office as well. Are you about to tell us that that's been going terrifically in the last year or so since we covered it on this pod the last time? There are some terrific things, mostly thanks to the postmasters, not the post office, and certainly not Fujitsu. Remind us of the total that they've paid out to date. Yeah, zero, absolutely. I thought it was going to be like 30 quid, but no, it's absolutely nothing. Fattest zero ever. They promised, it's now getting on for two years ago, that Paul Patterson, their European boss, sat in Parliament, told a committee, yes, we have a moral obligation to chip in.

43:50and he promised a particularly deserving group, the children of sub-postmasters who weren't entitled to any compensation but suffered major consequences. He promised them that he would fund a programme to support them and absolutely nothing's happened, which is disgraceful. And I can't quite believe it. Even on a sort of PR level, it seems pretty stupid. Does a moral responsibility mean you don't ever have to pay? Well, it's a crafted PR line. You confess moral but not legal responsibility. And I think it was first used by Union Carbide after the Bhopal disaster. Yeah. I mean, there's some sort of good news.

44:37The government's moved a bit, recently announced that those children of some places will get some financial help. Right. Compensation is moving along, but for some, still far too slowly. You know, there's still a couple of hundred at least claimants from sort of original claimants who are bogged down in legal arguments. Or are being offered substantially smaller amounts. Yeah. that kind of thing yeah yeah yeah kind of fraction of what they asked for and then they're having to go back and offered a bit more and go back again but you know the whole setup that whole system for calculating redress has been wrong from the start right they've always talked about putting sub postmasters in the position they would have been if they'd never come across horizon and it's just nowhere near how do you calculate well yeah you know of course it would always be impossible to calculate that but they're doing it on or have done it on principles normally applied to more routine for unfair dismissal sort of cases well we'll give you a couple of years pay lost pay right and oh did you really have a nervous breakdown oh well can you prove that you know um show us the paperwork kind of thing whereas this is more like your whole life derailed, especially if you're prosecuted over it.

46:00And as you keep pointing out, Fujitsu's profit margins are very, very large. And even, I remember going on Peston and being asked how much I thought Fujitsu should pay and I said, a billion pounds off the top of my head. They wouldn't even notice. It is ridiculous. That might be about a year's profit, but they should be this is more than a year's kind of persecution Is there anywhere that readers can find out a little more about the post office story? Maybe a book length summary of it? Are we allowed to plug? I don't know, well depends how gracefully and subtly it's done I suppose. The less so the more you're allowed to do it Well our account of the whole story is called Postmortem a book is being published at the end of this month by Private Eye.

46:58Some booksellers have seen the cover, I'm sad to report in, because it's got Private Eye as a banner and then the title Postmortem, and some are billing it as Private Eye Postmortem. Well, that's cheery for all of us. Well, it's good to work out finally where it all went wrong. We should wrap it up there, but if you have enjoyed this episode and you'd like more page 94, but in a text version, then just go into your local newsagent or supermarket and buy a copy of Private Eye. It's a terrific magazine. It's got a new columnist, gold digger, very exciting. It's got revelations about the post office, about Teesside, everything we've been talking about today.

47:40It's got a cover that is literally prophetic. Are Christmas gift subscriptions available, Andy, for a loved one, perhaps this festive season? Do you know? I think there might be. I think there might well. So that is all available locally or at privatehyphenide.co.uk. Until then, thanks very much. We'll see you next time. Bye for now.

48:21and the prices won't stay this low. Reserve your spot with just$200 down at BKFSEA.com. Saturday, September 26th, two of combat sports' most dangerous strikers collide, Bare Knuckle. Liverpool's own Darren the Gorilla Till goes to war with Cuban powerhouse Yoel Soldier of God Romero. Plus, the Bare Knuckle Middleweight Championship of the World is on the line when the reigning champ Dave the Redneck Mundell defends against undefeated British challenger Jack the Meat Cleaver Cullen. BKFC 94, Till vs. Romero. Watch it live only on DAZN. Sign up now at DAZN.com.

From the publisher
Ian, Helen, Andy and Richard Brooks discuss the week’s royal fallout, the forthcoming Budget, and get an update on all the murky business on Teesside. 

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