Kate and Halifax

Thank goodness we have Kate on roller skates to distract us. Her charity disco for Tom's Ward at the Children's Hospital in Oxford a good cause and steals half the broadsheets who otherwise cover . . . . the collapse of Halifax! The UK's largest lender was sold to Lloyds TSB for £12 billion and Gordon Brown personally ensured the deal despite all normal competition laws. The new Lloyds will have 39 million account holders, 30% of all mortgages and 35% of all savers cash. Wow. The merger will also eliminate 40,000 staff, dwarfing Lehman's 5,000 in London. What does this mean for the punters you and me? Well, firstly, dearer home loans thanks to reduced competition. Secondly lower savings rates. Until now the competition made UK mortgages some of the cheapest and most available in the world, and our current account rates generous. Expect an end to all that. Also anticipate a reduction in the range of high street financial products like student and home loans, which will now cost more. We will probably be forced to pay for cash withdrawals and the banks will insist on taking a cut for making change. Still, this is a good deal - a Halifax collapse would be been the death knell. It ain't over yet brother.

Christian sees a few friends to get a sense of the jobs market in London and it is an interesting time to talk to guys in finance, oh boy. From there we have dinner with Paul and meet some new people including a fellow Philip whose father founded one of the world's largest english training programs. He's now involved with the business and regretting buying a house in Chelsea last year. We have a lively conversation about the financial mess and politics and the finacial mess and politics. Round it goes.

I have yet to meet a soul, either personally or in media, who does not have a strong view of the presidential candidates. It would seem that McC and Obama are extremes of colour so I ask myself ... are there really any independents and if so, why and where? I watch the polls Dear Sister and indeed they change. Daily. I suppose demonstrates (my) context more than anything yet I still find it, well, weird. Or likely, the even split means small movements titanic.