What a rich crop of headlines this morning, to get a grey Monday morning off to an optimistic start...
- it looks like there are still plenty of details to emerge about how Société Générale's compliance and risk management procedures could have allowed a relatively junior trader to "bet the bank" - and indeed what the full consequences will be for them and the financial markets;
- there's a stark commentary on 21st century Britain, in the news that three companies are to be given the right to award educational qualifications which are equivalent to A-levels (culminating exams of secondary education). Which three companies? McDonald's, FlyBe and Network Rail. So that's fast food, low-cost air travel and the railway infrastructure... none of which, let's face it, has enjoyed a uniformly positive press in recent times.
- and speaking of rail travel, First Great Western's customers are revolting this morning (but not, ho ho, as revolting as the loos on some of their trains...), in protest at high fares, high profits and dreadful service. I can sympathise. FGW (or "Worst Late Western", as the disgruntled are labelling it today) operates the inter-city commuter service I used to use when travelling up to London. I say 'used to', because I now try and avoid it if at all possible. Over the last 20 years, the return fare to London has gone up from under £30 to over £120. The journey now takes longer than it used to, and is significantly more cramped and less comfortable.
It is actually cheaper* and more convenient for me to drive 50 miles and take a rival company's (SouthWest Trains) service to Waterloo. How absurd is that?
*Here's the cost breakdown:
FGW: petrol, £0; parking at station £2.00; rail fare, £120 - Total: £122
SWT: petrol: £11.00; parking, £0; rail fare, £39.00 - Total: £50
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