Best Financial Markets Analysis Article In advance of the eventual publication of MP expenses by the Daily Telegraph, all five Sheffield Labour MP's have pledged to publish their own expense claims records over recent years which is now transpiring as the following summary of expenses by Clive Betts shows (including links to actual expense claims and receipts:

Clive Betts - Labour - Attercliffe Consistency

Total Expenses Claim 2007-08	£163,255
2nd Home Expenses	£23,083
Office, Staffing, Stationary and Comms	£128,125
Travel	£12,049

Self Publicised Expenses
Carpets	£1,268
Two Sofa's	£1,500
Wardrobe	£700
Bed for Bad back	£1,100
LCD TV	£700
Mortgage Interest on London Flat over 3 years	£36,000
Leather Arm chair	£800
Links to Actual Claims made including receipts
Telegraph Expenses Analysis - Pending

A recent poll for the Mail on Sunday puts Labour on just 20%, Conservatives on 42%, Lib Dems at 15%, this would result in a landslide Conservative general election victory of over 200 seats. The situation for Labour is even worse for the European Elections with UKIP level with Labour at 17%, Conservative 30%, Lib Dem 15%.

At the last General Election Clive Betts won 60.1% of the vote (22,250), with Lib Dems second on 17% (6,283) and Conservatives third on 14% (5,239), therefore Clive Betts has a strong majority of 15,967 in a Labour heartland seat and therefore does not appear to be under any serious risk despite the extremely poor opinion polls of losing his seat at a general election.

An analysis of how the expenses abuse came about puts Clive Betts right at the heart of the matter when back in 2001 he tabled an amendment on the additional costs allowance to increase MP expenses from the then £10,000 for mortgage interest which subsequently now covers everything under the sun. The amendment was passed overwhelmingly with backbenchers over riding their front bench advice. Read Clive Betts 2001 speech, Also see which MP's voted for the expenses gravy train.

The outrage of voters was most clearly evident in the recent BBC Question Time programme held in Grimsby as the following exchange between the audience and Margaret Beckett illustrates (after the MP attempted to justify the £72,000 that she claimed in expenses) :

" I am just very Angry Mr Dimbleby,"

"Mrs Becket are you going to pay back the £72,000 that you have taken after your mealy-mouthed answer trying to explain yourself, and Mr Campbell how the hell do you get through £800 a month on food?"

"No I'm Not, because as I pointed out a moment ago...."

The audience boo's, jeers and heckles Margaret Beckett's mealy-mouthed excuses.

The full programme is available now to watch on BBC Iplayer.

Current Yorkshire & Humberside MEP's

Linda McAvan (Labour)
Timothy Kirkhope (Conservative)
Diana Wallis (Liberal Democrat)
Godfrey Bloom (United Kingdom Independence Party)
Richard Corbett (Labour)
Edward McMillan-Scott (Conservative)

Results of Last European Election 2004 - 1573201 votes, (approx 43% of the total number of eligible voters) :

Labour 26.3%
Conservative 24.6%
Lib Dem 15.6%
UKIP 14.5%
BNP 8%
Green 5.7%

European Election Forecast

The European voting system suggests the following results on the basis of the most recent opinion poll.

Conservative 2-3 seats
Labour 1 Seat
Lib Dem 1 Seat
UKIP 1 Seat
BNP 0-1

By Nadeem Walayat
http://www.marketoracle.co.uk

Nadeem Walayat has over 20 years experience of trading derivatives, portfolio management and analysing the financial markets, including one of few who both anticipated and Beat the 1987 Crash. Nadeem's forward looking analysis specialises on the housing market and interest rates. Nadeem is the Editor of The Market Oracle, a FREE Daily Financial Markets Analysis & Forecasting online publication. We present in-depth analysis from over 250 experienced analysts on a range of views of the probable direction of the financial markets. Thus enabling our readers to arrive at an informed opinion on future market direction. http://www.marketoracle.co.uk

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any trading losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors before engaging in any trading activities.

Nadeem Walayat Archive

Only logged in users are allowed to post comments. Register/ Log in

The Market Oracle is a FREE Financial Markets Forecasting & Analysis web-site.
(c) 2005-2024 MarketOracle.co.uk (Market Oracle Ltd) - Market Oracle Ltd asserts copyright on all articles authored by our editorial team and all comments posted. Any and all information provided within the web-site, is for general information purposes only and Market Oracle Ltd do not warrant the accuracy, timeliness or suitability of any information provided on this site. nor is or shall be deemed to constitute, financial or any other advice or recommendation by us. and are also not meant to be investment advice or solicitation or recommendation to establish market positions. We do not give investment advice and our comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to enter into a market position either stock, option, futures contract, bonds, commodity or any other financial instrument at any time. We recommend that independent professional advice is obtained before you make any investment or trading decisions. By using this site you agree to this sites Terms of Use. From time to time we promote or endorse certain products / services that we believe are worthy of your time and attention. In return for that endorsement and only in the cases where you purchase directly though us may we be compensated by the producers of those products.