Tom Powdrill
@tompowdrill.bsky.social
Labour and Capital: stewardship, labour rights, unions, pensions, corporate governance, workforce engagement
So, if Burnham had been allowed to run in Gorton & Denton, he’d have likely won it & Labour would have likely won the GM mayoralty. And Labour might not have taken such a pounding in the locals. I think Burnham personally actually benefited from delay but with hindsight it all looks pretty stoopid
Predistribution and Governance tompowdrill.substack.com/p/predistrib...
Predistribution and governance
A large part of my work these days is on corporate governance reform, where we have a project running at the Predistribution Initiative (PDI) called Broadening Corporate Governance Participation.
tompowdrill.substack.com
I actually think he would have ended in the same place, and would share exactly the same instincts, but I just can’t imagine Starmer immediately would have immediately come out against FIFA in that way Burnham did. A politically trivial issue but the response is an obvious upgrade.
kind of interesting if Reform lean into this. I think they risk coming across as a bit err monotropic
A bit on the Substack about policy relating to investors shifting from 'accountability' to 'allocation' and a linked trend toward greater public control - not necessarily ownership (yet) - of infrastructure. tompowdrill.substack.com/p/allocation...
Allocation, Ownership and Control
Quick snips
tompowdrill.substack.com
If Labour re-establishs a lead over Reform it will be interesting to see how Farage responds. Starmer showed us how to knacker your support & not gain switchers by fighting on issues where your opponent is strong. Can Reform meaningfully compete on the turf of Burnham's 'cost of living populism'?
Luke Tryl@luketryl.bsky.social · last wk.Our latest voting intention sees cross over. Labour move ahead by 4. Their first lead since March 2025 & highest share since Nov 24 🌹 LAB 28% (+4) ⏩ REF 24% (-2) 🌳 CON 22% (nc) 🔶 LIB DEM 12% (+1) 🟢 GREEN 8% (-3) 🟡 SNP 2% (nc) N = 2061| Dates 24-27/7| Change w 22/7
Interesting interview with Hettie O'Brien on PE. www.faircomment.co.uk/p/the-billio...
The billionaire factory
Jack Jeffrey interviews Hettie O'Brien about private equity in the UK
faircomment.co.uk
Some of the clips I’ve seen of Elon Musk being interviewed by the Economist have an echo of the Prince Andrew interview in the chronic lack of self-awareness combined with misplaced self-righteousness.
Remembering the chat on here from some people pre the Gorton & Denton by election about how irresponsible and costly it would be to trigger a mayoral election in Manc that Labour might lose and anyway rules is rules… Probably helped Burnham overall, but led directly to carnage in the locals.
This is a good piece. I'm a bit wary of equilibrium as a borrowed concept, but that argument is lost. But there may well be multiple equilibria and that changes the way to think about policy. www.ft.com/content/94a7...
Will Burnham go big or go home?
Reasons to be sceptical about the UK’s new prime minister
ft.com
I’m not sure “centre Right” is really an analytically useful label. Blairites were economic and social liberals. To the extent Blue Labour ever really was a thing it would be left of Blairites on economics but Right of them on social issues. But most would say they’re both on the Right of Labour?
Incredibly skilled at driving full speed into walls…
PoliticsHome@politicshome.bsky.social · 2w agoLabour MPs unhappy with the treatment of Starmer loyalists have warned they could make life hard for Burnham at the Budget “Andy’s Starmerite purge has created an incredibly powerful phalanx of skilled political operators who intimately know the government’s fiscal position" Harriet Symonds writes
where has our sunshine gone, Prime Minister? temperature in mid to low 20s since Andy so-called Burnham took over. you're not going to burn 'em with this level of cloud cover.
My first professional book cover design gig. Not gotten around to reading the book yet. Wish me luck
was thinking this morning that the easyJet takeover might be more complicated than it appears, mainly due to voting issues, then I saw this www.reuters.com/business/fin...
EXCLUSIVE: EU to review airline ownership rules, threatening easyJet bids
The European Union is preparing a review of airline ownership rules to prevent foreign investors from gaining effective control of carriers, an EU official said, a move that could complicate U.S. bid...
reuters.com
I found a paper published by a think tank linked to a German asset manager that advocates the removal of the right to strike in state-owned or controlled monopolies. Plus some stuff on Elon Musk, BlackRock's fragmented voting power etc... tompowdrill.substack.com/p/social-fac...
Social Factor round-up
Asset manager backed think tank vs right to strike, Passions and Interests, voting rights fragmentation, exec pay rises, listed or listing?
tompowdrill.substack.com
For seven blighted years since its foul stench was let loose in the world this tweet has slowly, remorselessly extinguished all named in it. Onward the horror slithers, setting no store by title: back bencher, party leader, prime minister, bloke who walked around a lot trying to become London mayor
Niche content: I reckon infrastructure investors are in for a crash course in the differences between “under public ownership” and “under public control” and how much it matters.
Wayne Rooney on Andy Burnham’s speech… the best part was the end.
It's a mystery why people think Elon Musk platforms racism.
Lots of emotional superstructures being built over very little news so far. Me: politicians are obsessed with short term headlines Also me: Burnham has already gone very badly wrong. I’m as disillusioned with politics as the next guy, but nothing has actually happened yet.
Note the concern is about the number of companies *listing* on the LSE. Not the number of companies *listed* The latter might lead you to look at the takeover regime alongside listing rules. But the UK makes £££s out of transactions so makes it hard to focus on exits. www.ft.com/content/c879...
Downing Street calls in private equity bosses amid London listing woes
Government wants to encourage UK IPOs of portfolio companies as FTSE exodus continues
ft.com
Unions exist to act effectively for their members at work. They do not exist to support Labour politicians or campaign on other issues. They are not power bases to be used instrumentally for other objectives. Unions must be effective worker advocates, end of. And they need leaders focused on that.