Governments Must Let Failing Banks ‘Die,’ U.K. Lobby Group Says
2013-02-27 10:43:59.540 GMT
By Howard Mustoe
Feb. 27 (Bloomberg) — Governments should let failing banks
collapse rather than risk taxpayers’ money, according to Anthony
Browne, chief executive officer of the British Bankers’
Association.
“We disagree with those in the European Parliament who
believe legislation should enable governments to take failed
banks back into public ownership in certain circumstances,” he
will tell the Institute of Directors in London today, according
to a copy of his speech obtained by Bloomberg News. “Whatever
the political pressure, governments must be prepared to let
banks die.”
Governments and regulators have done enough to make banks
safer, by introducing higher capital requirements, providing
guarantees on consumers’ deposits in the European Union, and
devising plans to build firebreaks around consumer-banking
units, Browne, 46, will say.
Taxpayers injected about 65.5 billion pounds ($99 billion)
into Royal Bank of Scotland Group Plc and Lloyds Banking Group
Plc, Britain’s biggest mortgage lender, to bolster capital amid
the 2008 financial crisis. The U.K. was forced to spend, pledge
and loan 850 billion pounds to rescue British banks by 2009,
according to the National Audit Office.
“Money that could have been used to build hospitals or
give tax cuts to those on low incomes was instead used to prop
up major financial institutions,” Browne will say. Institutions
“paid bonuses that were beyond the wildest dreams of most of
the people whose taxes were bailing them out,” Browne will say.
“There is nothing free enterprise about that.”
For Related News and Information:
More European banking stories: TNI BNK EUROPE <GO>
Top stories about finance: FTOP <GO>
Top U.K. stories: TOP UK <GO>
Global stocks stories: TOP STK <GO>
Most-read stock market stories: MNI STK <GO>
— Editor: Jon Menon
National Express Sought Deal to Avoid Rail Collapse (Update2)
2009-12-24 13:13:11.284 GMT
(Adds closing share price in sixth paragraph.)
By Jonathan Browning and Howard Mustoe
Dec. 24 (Bloomberg) — National Express Group Plc offered
to pay the U.K. government 100 million pounds ($160 million) in
return for a staged withdrawal from the unprofitable East Coast
railroad franchise, according to official documents obtained by
Bloomberg News. The plan was rejected and the line nationalized.
National Express sought a management contract as an
alternative to defaulting on the franchise as it ran out of cash
to fund the route between London and Scotland, minutes of
meetings requested by Bloomberg News under the Freedom of
Information Act show.
After Transport Minister Andrew Adonis turned down the
proposal, National Express said July 1 it would hand back the
franchise before the end of the year. The statement sent the
company’s stock down 13 percent in four days and prompted a
series of takeover bids that the London-based rail and bus
operator fended off before raising cash in a rights offer.
“It was a game of poker and I think Adonis played a
reasonable hand,” said Christian Wolmar, author of “Broken
Rails,” a history of Britain’s railways. “Default was
extremely damaging for National Express because it sent their
share price plummeting and made them vulnerable to takeover, so
to them it would have been worth offering money to avoid that.”
A National Express spokeswoman, who declined to be
identified, said last night that the company had no comment
beyond remarks from executives to Adonis recorded in the
government minutes.
National Express rose one-tenth of a penny to 190 pence in
London trading today after earlier slipping 1 percent. The stock
has declined 26 percent this year, giving the company a market
value of 969 million pounds.
No Commitment
Department for Transport spokesman Simon Horsborough said
that at no time in the talks with National Express had the
government given a commitment to a management contract, an
arrangement under which the East Coast route would still have
been run by the company, but with the state bearing the costs.
“We have been consistent in saying that we will not
renegotiate franchise agreements,” the spokesman said in an
e-mailed statement yesterday. “These documents make that quite
clear. We have a duty to explore all options to protect
passengers and taxpayers and the option of a management contract
was only discussed on that basis.”
The opposition Conservative party said the documents cast
doubt on Adonis’s actions in the months leading up to the
nationalization of the East Coast line and that the government
had passed up on millions of pounds being offered by an operator
wishing to exit a franchise on good terms.
‘Extreme Outcome’
“Adonis needs to explain exactly why he sought the most
extreme outcome and the upheaval of a default on one of the
country’s most important rail lines,” Theresa Villiers, who
speaks on transport matters for the party, said in an e-mail.
Richard Bowker, chief executive officer at National Express
at the time of the discussions, told Adonis that the company
“had no viable alternative but to withdraw from the franchise
from 1 July and that the best way to proceed was for East Coast
to continue on a management contract until the franchise was re-
tendered,” the minutes reveal.
Bowker, who left National Express on Aug. 31 to run a train
company in the United Arab Emirates, told Adonis that the U.K.
rail industry was “fundamentally broke,” according to the
minutes. The East Coast service was taken into public ownership
on Nov. 13 and no other companies have defaulted.
Public Interest
The transport minister argued that the proposal from
National Express, which also runs two other rail companies and
local and long-distance buses, wasn’t in the public interest
because it might have encouraged rival operators to follow a
similar course, according to the documents.
The U.K. government held almost six months of discussions
with National Express about the matter before Adonis informed
Chairman John Devaney of his decision at a meeting on June 26,
the papers show.
Adonis said in talks with Devaney that a default would
“dent the reputation of the business,” while arguing that a
compromise would prompt other operators to seek similar terms.
Stagecoach Group Plc, operator of Britain’s biggest rail
franchise, and buyout firm CVC Capital Partners Ltd. submitted
bids for National Express in the months following its default on
the East Coast line.
The company, which also runs school buses in North America,
rejected the approaches before raising 360 million pounds in a
share sale on Dec. 15, allowing it to cut debt and avoid pushing
up interest payments by breaching loan terms.
For Related News and Information:
National Express forecasts: NEX LN <Equity> TNI WARN <GO>
National Express estimate charts: NEX LN <Equity> EEB <GO>
Today’s top transport stories: TRNT <GO>
–Editors: Chris Jasper, John Simpson.
Tailors Show Swing to U.K. Opposition, Brown Stumbles (Update1)
2009-11-18 14:56:45.230 GMT
(Adds Queen’s speech in the 23rd paragraph.)
By Howard Mustoe and Jonathan Browning
Nov. 18 (Bloomberg) — Accountants, management consultants
and custom tailors are donating increasing time and expertise to
Britain’s Conservative opposition, anticipating the party will
beat Prime Minister Gordon Brown in next year’s election.
Crombie Concessions Ltd., the suitmaker that delivered
cloth to General Robert E. Lee’s army during the U.S. civil war,
gave 19,000 pounds ($31,500) of non-cash gifts to the
Conservatives in the second quarter. Bain & Co. Holdings Ltd.
provided a consultant to work for the party, which collected 23
times more of in-kind contributions than Labour in the period.
While companies historically donate more cash to the
Conservatives, known as the Tories, than Labour, they’re adding
advertising, staff and consulting services as the elections
approach. That increase mirrors the opposition’s edge in raising
cash, underscoring executives’ expectations that they’ll be
working under a new government in 2010.
“People think the Tories are going to win,” David Denver,
a professor who specializes in studying elections at Lancaster
University in northwest England, said by phone. “They want to
be on the winning side.”
With the vote due by June, Labour trailed David Cameron’s
Conservatives by 14 percentage points, according to a Nov. 13
YouGov Plc survey, which had a margin of error of 2 points.
Non-cash donations to the Conservatives totaled 592,200
pounds in the second quarter, 25 percent more than the same
period in 2008, according to records from the Electoral
Commission, which regulates political funding. Labour took in
26,600 pounds of non-cash contributions.
Cash Gifts
Cash contributions totaled 1.38 million pounds for the
Tories and 167,600 pounds for Labour in the second quarter,
dwarfing non-cash gifts, according to commission data.
Of non-cash donations, the opposition received 329,500
pounds in staff, consulting and advertising, 36 percent more
than in the second quarter of last year. Third-quarter figures
are due on Nov. 25.
Alan Lewis, the 71-year-old owner of Crombie, supplied
staff to the Conservatives’ business-relations unit to research
the attitudes of executives related to politics and the law.
“It’s really what we require regarding business views
throughout the country, trade association’s views, what are the
issues affecting the economy,” Lewis, who’s also chairman of
the Conservative business-relations unit, said in a telephone
interview from his office in London.
Staff Help
The U.K. division of Bain & Co., a Boston-based consulting
firm, gave the Conservatives 5,800 pounds worth of staff time. A
consultant was sent from Bain to work at the opposition offices,
though his salary is paid by the firm, James Horsman, spokesman
for Bain & Co. Holdings Ltd., said by phone. It’s the first time
the firm has made such an arrangement, he said.
The advertising and marketing firm Euro RSCG London Ltd.
gave the Tories services worth 52,500 pounds in the second
quarter, Electoral Commission records show. Euro RSCG ran the
Conservatives’ poster campaign in January, featuring a picture
of a baby and the caption, “Dad’s Nose. Mum’s Eyes. Gordon
Brown’s Debt.”
“We have to declare the difference between what they pay
and what the commercial rate is,” Euro RSCG Chief Operating
Officer Chris Pennington said in a telephone interview. “To run
a political advertising campaign is fascinating. It’s one of the
most exciting campaigns one can run.”
Michael Spencer, the Conservative Treasurer, supplied the
party with staff worth 19,400 pounds through IPGL Ltd., a
holding company controlling the ICAP Plc brokerage he founded.
Neil Bennett, a spokesman for the London-based firm, declined to
comment.
Lead Over Labour
The donations were collected by the parties between April
and June when the Conservatives extended their lead over a
Labour party burdened by debt. Labour received 11,500 pounds —
its only gift of staff, advertising or consulting services —
from advertising company Saatchi & Saatchi Ltd., a unit of
Paris-based Publicis Group SA.
“As our contract with Labour is commercial, the details of
it are confidential,” Saatchi spokeswoman Jenny Ellery said by
e-mail.
Accounting and consulting firms have been giving
Conservatives staff and advice to help them shape policies.
While Labour can rely on the civil service to vet its plans, the
opposition needs to hire that expertise.
PricewaterhouseCoopers gave 68,600 pounds worth of staff
and advice, and KPMG International donated 62,300 pounds to the
Conservatives during the quarter, the records show.
‘Professional Advice’
“It is professional advice and provision of staff,” PWC
spokeswoman Emma Thorogood said by phone. “What we try to do is
to maintain constructive and balanced relationships with the
main parties.”
KPMG has seconded staff to all three political parties
since the late 1990s “as part of supporting robust public
policy making” a spokesman said in an e-mailed statement.
The accounting firm gave Nick Clegg’s Liberal Democrats
14,500 pounds in the form of research staff. It didn’t make a
non-cash donation to Labour during the quarter, according to
Electoral Commission records.
“Donations are means by which companies can lend support
to a party they think is going to produce a better business
environment,” said Justin Fisher, professor of political
science at Brunel University in London. “In the past, companies
supported Labour for those reasons.”
Bloomberg LP, the parent of Bloomberg News, has donated
365,800 pounds to Labour, the Conservatives and Liberal
Democrats since 2001, including 19,000 pounds in non-cash
donations. None of it was received in the first half of 2009.
Queen’s Speech
Brown’s government today indicated that it aims to pass
laws before the next U.K. general election that would limit
bonus pay for bankers and curb the budget deficit. Queen
Elizabeth II, formally beginning Parliament’s legislative
season, said a Financial Services Bill will allow regulators to
tear up contracts granting pay they consider excessive.
“You are starting to see firmer policy ideas emerge from
the Conservative Party,” said Fisher. “Now we know war is
coming.”
For Related News and Information:
More European Politics stories: TNI POL EUROPE <GO>
Top stories about government: GTOP <GO>
Top U.K. stories: TOP UK <GO>
Top stories: TOP <GO>
Most-read Politics stories: MNI POL <GO>
–Editors: Reed Landberg, James Hertling
U.K. Conservatives Gain Donations as Brown’s Support Declines
2009-07-02 23:00:01.8 GMT
By Jonathan Browning and Howard Mustoe
July 3 (Bloomberg) — British units of companies including
Grupo Ferrovial SA, Westfield Group and Deutsche Bahn AG are
shifting cash to the Conservative opposition from the Labour
Party as Prime Minister Gordon Brown’s popularity ebbs.
The three are joining a growing number of companies that
are channeling gifts to the party that political analysts and
oddsmakers say has the best chance of winning the election that
must be held by June 2010. The Conservatives got 366 corporate
gifts last year, up 26 percent from the year before, while
Brown’s party received 110 payments, about the same as in 2007,
according to public records.
“The Tories have been pushing on an open door because
companies are drawing the conclusion that they’re going to form
the next government,” said Dominic Wring, an elections analyst
at Loughborough University. “It’s business sense for some of
them to invest in the Conservative Party.”
The increasing corporate donations to the Conservatives
fit with an opinion poll lead the party held for more than a
year. Brown trailed the opposition by 16 points in a YouGov Plc
poll finished June 26.
British law limits party spending to 19 million pounds ($31
million) in the year before an election, a fraction of the $746
million that Barack Obama spent to win the U.S. presidency in
2008.
The U.K. figures, in records compiled since 2001 by the
Electoral Commission, which regulates campaign finances, show
Labour got 868,761 pounds from companies last year, down 24
percent from 1.15 million pounds in 2005.
Conservative Funding
Conservatives raised 5 million pounds from companies in
2008, compared with 6.9 million pounds in 2007. The party
limited individual donations to 50,000 pounds to broaden its
funding base.
Since 2001, Labour has received 61 percent of its money
from unions. Conservatives got 23 percent of theirs from
companies, relying on individuals for much of the rest.
Madrid-based Ferrovial, whose BAA division wants to build a
runway at London’s Heathrow airport, is giving more to the
opposition. So is Westfield of Sydney, which helped fund a rail
link to its Merry Hill shopping complex in England.
“Companies are trying to buy influence,” said Robert
Barrington, a director of Transparency International U.K., a
London anti-corruption lobby group.
BAA gave 3,850 pounds to the Conservatives in March 2009
after providing the Scottish Labour Party with 2,000 pounds in
March 2007. It was the company’s first donation to the
opposition since May 2004.
BAA’s Donations
Damon Hunt, a spokesman for the company, said BAA sponsored
a dinner for a local Conservative group, which the law
classifies as a donation.
Westfield gave 10,300 pounds to the Conservatives in
September and December 2008 through a London-based unit. That
was a switch from Labour, to which it donated 6,300 pounds in
May and June 2008.
The company in 2005 agreed to invest about 35 million
pounds in an extension to the Midland Metro tram system in
Dudley, central England.
“Westfield is a major investor and employer in the U.K.
and as such is keen to engage with all political parties,” said
Ben Russell, a company spokesman. “Any money given has been
cross-party and only for matters such as events and conferences
which are of relevance and interest to Westfield.”
Deutsche Bahn
The German state-owned Deutsche Bahn gave the Conservatives
19,000 pounds through English, Welsh and Scottish Railway Ltd.,
switching its support to the opposition in April 2007.
“This is part of how routine public affairs work,” said
Graham Meiklejohn, spokesman for its DB Schenker unit, which
owns EWS Railway. “It’s something most companies would do.”
Berlin-based Deutsche Bahn is interested in buying the
stake in Eurostar Group Ltd., held by London and Continental
Railways Ltd., which is owned by the U.K. government. The
company had held talks with the government regarding the stake.
Songbird Estates Plc, the London-based company that owns 61
percent of the East London office developer Canary Wharf Group,
won approval from shareholders to spend 100,000 pounds on
political donations at its annual meeting on June 10.
The company gave 206,488 pounds to political parties since
2003, according to public records. It started donating to the
Conservatives in November 2007, having previously supported
Labour and the Liberal Democrats.
Canary Wharf
“We’re engaging in the political process rather than
necessarily supporting a particular party,” said a Songbird
spokesman said.
In December, Canary Wharf Group Plc agreed to invest 150
million pounds in a new station for the Crossrail railway
linking its offices with Heathrow. It will receive 350 million
pounds from the government for the station and has permission to
build 100,000 square feet of retail space there.
Bloomberg LP, the parent of Bloomberg News, has been a
donor to the Conservative, Labour and Liberal Democrat parties
since at least 2001. Since then it gave 366,000 pounds to those
parties.
Since September 2007, a period including the past two party
conference seasons, Bloomberg’s U.K. unit gave the Conservatives
50,000 pounds, Labour 58,750 pounds and the Liberal Democrats
44,382 pounds, according to Electoral Commission records.
“We believe strong political parties are important to
strong democracies” spokeswoman Judith Czelusniak said via
email.
For Related News and Information: More U.K. politics stories:
TNI UK POL <GO> More European political campaign financing
stories: TNI EUROPE CAMPFIN <GO> Top general news stories:
TOP GEN <GO> Top U.K. stories: TOP UK <GO> Global stocks
stories: TOP STK <GO>
–Editor: Reed Landberg, James Hertling
U.K. Government Free to Lend RBS, Lloyds Stock to Short-Sellers
2009-04-17 07:37:28.448 GMT
By Howard Mustoe and Jonathan Browning
April 17 (Bloomberg) — U.K. Financial Investments Ltd.,
which oversees the government’s shareholdings in banks, is
allowed to lend out the stock to short-sellers, who were only
months ago attacked by politicians for destabilizing the banks.
UKFI, which owns 70 percent of Royal Bank of Scotland Plc
and has a 43 percent holding in Lloyds Banking Group Plc,
legally may loan stock, according to information obtained by
Bloomberg News under a Freedom of Information Act request. UKFI
said it hasn’t so far loaned any of its shares, and has no
current plans to do so. It added it’s a “commercial investor”
and reserves the right to use all means available to investors.
Short-sellers sell borrowed shares with plans to buy them
back later at a lower price. Stock may also be loaned to make up
for a shortfall between trades to avoid penalties for not
delivering shares on time. Politicians and investors had blamed
short-sellers for destabilizing markets in September, prompting
the Financial Services Authority to impose a ban on short-
selling financial stocks, a restriction only lifted in January.
“Stock-lending is a perfectly sensible thing to do because
if you’re sitting on stock you can earn extra money from it,”
said Justin Urquhart Stewart, who manages about $3 billion as
director of 7 Investment Management in London. “The other side
of it is stock-lending can be used for short selling.”
UKFI was set up by the Treasury in November to manage the
government’s shares in RBS and Lloyds as well as its stake in
Northern Rock Plc. Part of its remit is to “protect and create
value for the taxpayer as a shareholder with due regard to
financial stability and acting in a way that promotes
competition,” according to a November statement by the
Treasury.
‘Fetid Market’
UKFI could impose restrictions on shares borrowed from the
agency that would prevent them from being used in short sales,
Urquhart Stewart said.
“If I were UKFI or the government, I would put a
constriction on what it could be used for,” he said. “I don’t
think short-selling in the rather fetid market of these stocks
would help the stabilization of the companies.”
Paulson & Co., the hedge-fund firm that made more than $3
billion betting the U.S. housing market would collapse, may have
made 311 million pounds ($428 million) between September and
March by short selling Lloyds and HBOS Plc. The firm made at
least 295 million pounds short selling RBS.
“I’d have thought it’s rather unlikely they’d lend the
shares because of the risk of political backlash,” said Simon
Willis, a London-based analyst at NCB Stockbrokers Ltd.
For Related News and Information:
More U.K. short selling stories: TNI UK SHI <GO>
Top stories about finance: FTOP <GO>
Top U.K. stories: TOP UK <GO>
Global stocks stories: TOP STK <GO>
Most-read stock market stories: MNI STK <GO>
–With reporting by Kevin Crowley and Andrew Macaskill in
London. Editors: Edward Evans, Ben Vickers.
Orwellian U.K. Angers People With Tree Cameras, Snooping Kids
2008-10-09 23:01:00.60 GMT
By Caroline Alexander and Howard Mustoe
Oct. 10 (Bloomberg) — Hidden in foliage next to a path in
the southeast England seaside town of Hastings are digital
cameras. Their target: litterbugs and dog walkers.
The electronic eyes feed images to a monitoring unit, where
they’re scanned and stored as evidence to prosecute people who
discard garbage or fail to clean up after pets, a spokeswoman for
the town council said.
“It’s becoming a bit Big Brother-like,” said Sandra
Roberts, 50, a Hastings kiosk manager, invoking George Orwell’s
1949 book “Nineteen Eighty-Four,” about a Britain where
authorities pry into all aspects of citizens’ lives.
Local authorities are adopting phone-record logging, e-mail
taps and camera surveillance to police such offenses as welfare
fraud, unlawful dumping of waste and sick-day fakery.
Telecommunications companies are about to join the list of crime
monitors. Already, 4.5 million closed-circuit cameras watch
public places across Britain, or about 1 camera for every 15
people, the highest ratio in the world.
“There’s too much of it now, all this spying,” said Ivor
Quittention, 80, a retired owner of three hardware stores who
lives in Hastings. The town’s spokeswoman, who declined to be
identified, said spying is the most effective way of dealing with
something residents complain about most.
The Regulation of Investigatory Powers Act, dubbed “the
snoopers charter” by London-based civil-rights group Liberty,
was passed by the ruling Labour Party in 2000 to legislate
methods of surveillance and information gathering. The purpose of
the law, known also as Ripa, was to help prevent crime, including
terrorism, according to the Home Office.
`Too Much Power’
Initially, only security and intelligence services could
invoke the Act’s provisions. In 2003, Parliament extended powers
to the 474 local councils in England, Scotland and Wales, as well
as to 318 other state bodies, including 11 Royal Parks, the Post
Office and Chief Inspector of Schools.
Since then, local authorities have been expanding their use
of the provisions to dozens of lesser offenses.
The law has loopholes and councils like Hastings aren’t
doing anything wrong when they invoke it for minor crimes,
according to Gus Hosein, a professor from the London School of
Economics specializing in technology and privacy.
“Ripa just gives too much power to any Tom, Dick or Harry
related to government,” he said.
The latest proposed expansion of the Act requires
telecommunications providers to store the text of all e-mails and
details of all phone calls transmitted over their lines.
The government is seeking the views of the public on the
proposal until Oct. 31. The bill will then go to Parliament for
consideration.
`Sleep-Walking’
Of the 163 U.K. councils that replied to calls and Freedom
of Information requests from Bloomberg, 95 percent said they use
Ripa. Nine said they don’t, including Barnet, Basingstoke and
Deane, Broadland, Halton, Harrogate, Shepway, West Devon, Slough
and the Shetlands, a group of islands off Scotland where sheep
outnumber people. Three declined to provide details without
payment of an administrative fee.
East Hampshire, in south England, applied the law to catch
vandals defacing tombstones. Derby, in northern England, invoked
it to send children with recording gear into shops to see if
they’d unlawfully be sold cigarettes and alcohol.
“It’s unreal,” said Dean Price, 24, a graphic designer in
London. “We’ve been sleep-walking into this. Everyone talks
about Orwell and 1984 but no one ever does anything about it.”
A spokesman for the Home Office, which oversees Ripa, said
the extension is vital to intelligence gathering and will help
investigators identify suspects, track them and examine their
contacts. He declined to be identified, in line with policy.
Petty Offenses
The Association of Local Government, which represents
councils, said through a statement by outgoing Chairman Simon
Milton that the “crime-busting powers” are an essential tool in
gathering evidence needed to stop criminal activity.
At the same time, Milton said he wrote to all councils in
June asking them not to invoke the law for petty offenses.
“It’s ironic that a nation that was once a bastion of
privacy, one in which `an Englishman’s home is his castle’ and
that did away with National ID Cards in 1952, is now one of the
most surveilled in the world,” said Toby Stevens, founder of
London’s Enterprise Privacy Group.
The opposition Conservative Party is against Ripa in its
current form and will amend it if it wins the next election, due
by 2010, home affairs spokesman Dominic Grieve said.
Mark Jewell, a councilman for the U.K.’s third party, the
Liberal Democrats, said more checks and balances are needed to
ensure Ripa isn’t abused. “At the moment, you don’t need to have
done anything wrong to get snooped on,” he said. No other
European Union government has similar regulations.
`Hugely Disproportionate’
Among councils which responded to Bloomberg’s questions,
those in northern England, Wales and Scotland used the law more
than those in the south. Durham, in northeast England, was the
biggest user, invoking the provisions 144 times in the past year,
as authorities cracked down on offenses including fraud.
In April, council workers spent two weeks tailing a couple
in Poole, southeast England, they wrongly suspected were planning
to send their daughter to a school outside their designated area.
Tim Joyce and Jenny Paton called the intrusion into their lives
“hugely disproportionate.”
In August, Paul Griffiths was taken to court and fined 1,000
pounds for allowing his dog to foul grass outside his home in
Bristol. Griffiths said he’s innocent and his pet had only been
urinating when she was spotted on camera.
Brian Clements, a 79-year-old retired teacher from Clacton-
on-Sea, south England, said the measures are “like using a
sledge hammer to crack a nut.”
“Wouldn’t the Gestapo have loved all those little
cameras,” he said.
For Related News: Top UK stories: TOP UK <GO>
Top government articles: TOP GOV <GO>
–Editors: Malcolm Fried, Chris Collins