Brown's 黒人／ボイコット 穴を開ける 深くするs

By Alex Brummer for the Daily Mail
Updated: 00:00 BST, 22 January 2004

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HARD on the heels of the Organisation for 経済的な Co-操作／手術 and 開発 (経済協力開発機構) 問題／発行するing its 悲惨な 警告 about Britain's public 財政／金融s, along comes the real-time data to show how big the 穴を開ける is becoming.

In December, public 部門 borrowing 殺到するd to £5.3bn, almost £1bn more than a year earlier. With nine months of the 現在の 財政上の year gone, the 予算 赤字 has reached £36.1bn, which is £13.5bn higher than last time.

The final months of the year will see an 流入 of 税金 領収書s. But it is hard to see how the （ドイツなどの）首相／（大学の）学長 will 会合，会う his £37bn 予測（する） 問題／発行するd as recently as December.

So why is the red 署名／調印する flowing so 急速な／放蕩な? Spending is still on the rise with 資本／首都 事業／計画（する）s 押し進めるing up the 支出s in the final month of 2003. That is not 予期しない - after all, Gordon Brown is on a pre- 任命するd public spending spree.

The real 損失 is the 不足（高） of 税金 領収書s. Their growth is 現在／一般に running at half the 率 事業／計画（する）d in the Pre-予算 報告（する）／憶測. It is little wonder that the 財務省 Select 委員会 is asking for an 早期に 調査 on the 行方不明の billions.

Certainly, one area of serious 漏れ is in the 急速な／放蕩な-拡大するing construction 部門, where 増加するing numbers of 労働者s are becoming self-雇うd to take advantage of some of the （ドイツなどの）首相／（大学の）学長's 税金 breaks for entrepreneurs.

仲買人 BNP Paribas 公式文書，認めるs that the public 財政／金融s are presently 悪化するing at £1bn a month, which puts them on 跡をつける to break Brown's 'golden 支配する' - that borrowing should only be for 資本／首都 spending - within the next six months.

Simon Rubinsohn, of Gerrard, is now 事業／計画（する）ing a 赤字 of £40bn for the 2004-2005 財政上の year, against the £31bn 予測（する） for the （ドイツなどの）首相／（大学の）学長. The 悪化／低下 in the public 財政／金融s will be something else for the Bank of England to consider when it 会合，会うs in February.

The January minutes, which show an eight to one 投票（する） for 持つ／拘留するing base 率s at 3.75%, do not 申し込む／申し出 any 即座の 激励 to the 通貨の 強硬派s.

This is 特に the 事例／患者 at a time when the 続けざまに猛撃する is rising. It was 貿易（する）ing at $1.83 last night, 申し込む／申し出ing a 障壁 against インフレーション, but 潜在的に flattening 拡大. That will not be very helpful for the 税金 take, either.

Prudence is turning to profligac y.

刺激（する）s 直す／買収する，八百長をする
FOOTBALL clubs have long been run as personal fiefdoms and were never really ふさわしい to the 引用するd 円形競技場. But this is no excuse for an 明らかな 無視（する） for the usual City 支配するs of fair play for all 株主s.

There can be few more 明らかに 極悪の examples of unequal 治療 than the farce at Tottenham Hotspur. 表面上は its 驚くべき／特命の／臨時の general 会合 was held to raise £15m to help the famous north London club to grow its 商売／仕事.

But in the modern world of 首相の職 football this is the 肉親，親類d of money that will buy you just two Robbie Keanes.

The 装置 for raising the money is a 転換できる preference 株 申し込む／申し出ing underwritten by 刺激（する）s' largest 株主 ENIC, which already had 29.9% of the 在庫／株. This 許すd ENIC to raise its 火刑／賭ける to 50.8% now, at a 2007 転換 price of 16p - 井戸／弁護士席 below the 現在の 株 price of 24 1/2p.

ENIC, for those who have forgotten, is the leisure 乗り物 controlled by international financier Joe 吊りくさび, often 述べるd as one of Britain's richest men. It once had grand 計画（する）s to own football clubs across Europe and a chain of 主題d cafe-restaurants.

Instead, it has been relegated from the main 在庫／株 交流 to the 目的（とする） market. The club and ENIC are 議長，司会を務めるd by one and the same Daniel 徴収する.

Under normal 引き継ぎ／買収 支配するs ENIC would now be 強いるd to buy up the 少数，小数派 holdings in 刺激（する）s at the highest price it paid for the 株 in the last 12 months. But as a result of 権利放棄s 認可するd at the egm, ENIC is spared this expense.

All this leaves 少数，小数派 支えるもの／所有者s as sick as parrots and 刺激（する）s with barely enough new cash to bring in a new 経営者／支配人, let alone build a European-class team.

Hot seats
THE 2004 (n)役員／(a)執行力のある merry-go-一連の会議、交渉／完成する spins even faster.

The struggling retailer Homestyle has 運ぶ／漁獲高d in David Brock, 以前は of MFI Furniture, as a part-time (n)役員／(a)執行力のある chairman, not 正確に／まさに a Higgs-認可するd 地位，任命する, but 必須の after a calamitous 落ちる in the group's 株.

In contrast, the insertion of David Hanna as new 財政／金融 長，指導者 at Cadbury Schweppes was given an instant thumbs up by the market.

But he, too, has his work 削減（する） out as the group 捜し出すs to 会合，会う ambitious 的s for cost cutting and 拡大 under its 燃料 for Growth programme.