黑洞社区

By the book

Labour鈥檚 pledge that it would honour the current government鈥檚 free school pipeline if elected, revealed in 黑洞社区 last week, may have seemed surprising given the fierce policy battleground that free schools have become. But what was behind the timing of this apparent thawing of relations? One consultant cheekily made the point last week that Labour鈥檚 statement came weeks after education secretary Michael Gove gave a generous review of his opposite number Tristram Hunt鈥檚 new book, Ten Cities that Made an Empire, in the Times, describing it as an 鈥渆xemplary read鈥�. To suggest that the two are linked is far-fetched, but should Hunt鈥檚 book make Gove鈥檚 ever-decreasing shortlist of books deemed acceptable for the national curriculum, then I鈥檒l be on the lookout for a wholesale Labour U-turn.

Reasons to be cheerful

Announcing stellar annual results last week showing profit up 40%, Berkeley Group chairman Tony Pidgley was extolling the merits of the economic recovery. The legendary housebuilder said the return to growth had created a 鈥渇eel-good factor鈥�, which 鈥渂enefits everyone鈥�. I鈥檝e no doubt that is the case. However, a curmudgeon would probably point out it is likely to benefit some more than others. The housing market surge has made it almost a given that Berkeley Group will be able to meet its promise to return billions in cash to shareholders, which in turn will trigger the payment of a 鈥渓ong-term incentive plan鈥� - known as the LTIP - to six senior executives at the firm, including Pidgley and managing director Rob Perrins. They say a rising tide raises all boats, and not only does the improving market make getting their bonus more likely, it also means the value of the LTIP (paid in shares) has grown from 拢280m when launched to about 拢450m today. With Pidgley himself due for shares worth a cool 拢115m, it certainly explains his feel-good factor.

Top that

Switching from profits to charity, a 17-strong team from consultant EC Harris took on the National 3 Peaks Challenge this month, climbing the three highest mountains in the UK in 24 hours. The team set out on Friday 20 June at 5pm to climb Ben Nevis, the highest of the three peaks, which stands at 1,344m. With a quick catch-up on some sleep in the minibuses while travelling to the Lake District they were ready to climb Scafell Pike at 4am. Last but by no means least, they hopped straight back on the minibuses and headed to Wales for the final climb up the 1,085m of Snowdon. They completed this final peak as a team on Saturday 21 June, celebrating with a glass of well-earned champagne. Quite an effort.

Southern comfort

George Osborne was in Manchester this week to talk up the government鈥檚 infrastructure ambitions and float the idea of a trans-Pennine high-speed rail link in a bid to build a 鈥渘orthern powerhouse鈥� city economy (see page 12). It鈥檚 easy to forget, sometimes, that Osborne - MP for Tatton in Cheshire - is actually a northern MP, given his education at exclusive London private school St Paul鈥檚 and then Oxford and his general all round, well, southern-ness. In his speech in Manchester鈥檚 Power Hall, he noted that while he may be the first chancellor to represent a seat in the North for 35 years - he is not in fact from the North. 鈥淎s you can tell from my accent, I wasn鈥檛 brought up here. I was born and raised in London,鈥� he confided. Thanks, George.