'A singular case of the dog that didn’t bark in the night' – The David Cowell Rant

by | Nov 27, 2015

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A singular case of the dog that didn’t bark in the night. Or, to give it its proper title, The Chancellor’s Autumn Statement. The frightening thing was how much he sounded like Gordon Brown. All he didn’t say was ‘an end to boom and bust’.

More sneaky employment taxes; state pension to rise by 2.9%; an end to the current account deficit by 2020; more sneaky personal taxes; sanctions for smoking behind the bike sheds, etc., etc. In the budget he promised corporation tax reduction to 18% by 2020 but on the other hand he raises personal income tax on dividends by 7.5% from April 2016. Yea verily, he giveth and taketh away but not necessarily in that order.

Louis lV’s finance minister, Jean-Baptiste Colbert, famously declared that “the art of taxation consists in so plucking the goose as to obtain the largest possible amount of feathers with the smallest possible amount of hissing.” Quite.


A young vulture was sitting on a tree branch with his father and looking down at the grazing animals below: “Hey Dad, why do we always have to wait ‘til they snuff it?” Any relevance to the above?


I have just watched a film extolling the virtues of joining SJP to IFAs. I think that it is fair to say that virtually all the text is about converts having an easier life rather than clients getting a proper service for reasonable charges.



‘Sandaire appoints responsible investment head.’ I was just thinking of appointing a head of irresponsible investment; there’s a big market for it; think of all those premier league footballers.



Talking of investment, we are still well ahead of the game:




It appears increasingly unlikely that a final deal on Britain’s EU renegotiation will be struck at the 17-18 December EU summit. There have been reports that EU officials have told Downing Street that, if there is to be a deal, the UK Government must finalise its negotiating position within a week and a so-called ‘compromise text’ would need to be circulated among other EU governments before the summit. It also appears that Cameron is in danger of losing his ‘friends’ at the table. Merkel has made a number of major mistakes which have badly dented her credibility and influence whilst the Polish PM is not a little narked by Dave’s stance on EU citizens’ social benefits.


Haggis could be back on the menu in the US by 2017, according to the Scottish government. Rural Affairs Secretary Richard Lochhead has held meetings with the US Department of Agriculture in a bid to get a decades-old ban lifted. Food products containing sheep lungs – a key ingredient in haggis – have been outlawed since 1971. Mr Lochhead said he had a positive response, with new draft rules on imports set to be published next year. I suppose this will go a long way to replace the lost revenue from North Sea Oil so that they can have another referendum.



Paddy says to Mick, “I’m getting circumcised tomorrow.” Mick says, “I had that done when I was a few days old.” Paddy asks,  “Does it Hurt?” Mick says, ” Well I couldn’t walk for 18 months..”



Have a good weekend.


David Cowell, Director, Myddleton Croft Investment Managers, Leeds, 0113 274 7700





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