Wednesday, August 15, 2007

Finance Genius Returns

BOM readers will be only too familiar with finance genius Tess Jowell. Gordo apparently likes the feel of her steadying hand on his tiller so much that, against all rational expectations, he kept her on in June to keep a "firm grip" on the Olympics fiasco.

She's been remarkably silent since then. But now she's suddenly sprung out of her box to biff the TaxPayers' Alliance over their 2012 Watchdog report on construction cost inflation.

As you will recall, the TPA report estimates that by increasing cost pressures, the Olympics will add around £4bn to construction costs outside the Olympics project itself. Tess's response- in letters to the Telegraph and Metro- is a classic of misunderstanding (has she even read the report?) and spin. She even asserts that it "is a mistake to view 2012 as a cost, rather than an investment". So that's alright then.

Matt Sinclair has fun bashing her back into her box here.

PS In the real world of course, Tess's pretty little head knows nothing of finance- not even how her own home was mortgaged by her husband. But that has never stopped her coming out with all kinds of vacuous financial assertions. Tyler's favourite was when Jack Lemley, the world expert construction chief who resigned in disgust from chairing the Olympics Delivery Authority, said the budget was totally out of control. Featherwight Tess's weighty response? "I disagree with him" (see this blog).

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