Buy at the bottom

In the early 1990s I was head of training for one of the UK’s least successful investment banks and had responsibility for the graduate scheme. I organised events at universities, involving the more articulate of the business heads in selling the bank to potential applicants.   On one occasion we attended an evening presentation when, on the previous day, our parent bank’s Chairman had announced, that, unless there was a rapid return to profit, he would close the investment subsidiary. No graduate in their right mind would choose to join us over our competitors. Ever imaginative, one of the business heads told the audience that a sensible market aphorism was ‘buy at the bottom’ and this was what they would do by joining us. A moment’s reflection demonstrates that there is no logic in the underlying argument but it had superficial credibility.

There is more substance in the case for voting Labour in the forthcoming local elections. Certainly, given the inept leadership and growing chasms between the factions, it is ‘buy at the bottom’. I shall vote Labour because I always have and don’t think I could do anything else – a poor reason I know. Like many others I want the party to survive and at some time return to mainstream credibility.

Our local party has succeeded in finding a full slate of candidates to fight all twelve County Council seats in North Norfolk. However the idea that there has been some rejuvenation as a result of the huge influx of people who joined to vote for Jeremy Corbyn has been exposed as nonsense. As the annual financial report coyly put it, despite the surge in membership: “the challenge has been to activate the new membership in campaigning and participating in meetings”.   Too true: as far as I can tell only one of the candidates is under the age of 40 and most have been around for some time, albeit some of them in the Greens.

However all credit to the candidates for their willingness to fight a pretty hopeless cause.  The leader of the County Council Labour Group was the guest speaker at the February meeting. The minutes record that the response included “questions on alternatives to implementing cuts such as joining with other councils to rebel against cuts”. Old habits die hard and it is almost touching to see such nostalgia for the gesture politics of the 1980s. Sadly, if the current polls are anything to go by, there will be few councillors elected here to join this forthcoming Trotskyist insurrection.

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One thought on “Buy at the bottom

  1. Sadly Martyn, I will probably not be voting OR voting for a candidate other than Labour. To support Labour in North Norfolk would show me as a hypocrite as I do not like what has become of the party locally or nationally. Nothing in the rule book prevents me for voting for any other candidate and I will maintain my membership ready for the day when Corbyn and his extremist chums are history. Whilst we may not return to New Labour, we can certainly return to the values and achievements under Tony Blair.

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