Arch Cru Scandal - the fight goes on

Last year's most depressing meetings for me were the times when I had to meet and advise local people who had suffered from the Arch Cru mis selling scandal. I have many constituents who are affected by this, although fortunately not as many as were affected by Equitable Life.
The scandal arises because normal people took their savings and invested in what they thought were "low risk" investments, when they were clearly anything but low risk. The funds have got into terrible difficulties and an administrator is trying to get back as much as is possible for the investors.
I am the secretary of the All Party Parliamentary Group on Arch Cru, and have joined forces with Labour and other members of parliament to try and seek redress for the victims. The limited good news is that there will be some recovery, but the reality is that such a recovery is going to be a fraction of the original safe investment, and the recovery is taking a long time.
I met with some of the local victims in the autumn in Hexham. All felt understandably very hard done by, powerless, and some were clearly struggling to survive. In the House of Commons we are doing what we can to keep the pressure up on the FSA, the administrator, and the various other organisations involved to see that our constituents recover as much as is possible.
The Mial on Sunday has worked tirelessly to highlight this scandal and I pay tribute to the Money Section editor Jeff Prestridge, who has attended parliamentary debates, met victims and helped fight the inadequacy
of the present system of compensation. Jeff wrote the following 2 articles before christmas:
http://www.thisismoney.co.uk/money/investing/article-2252191/Up-200-investors-abandoned-Arch-Cru-rescue-scheme.html
and
http://www.thisismoney.co.uk/money/investing/article-2252221/JEFF-PRESTRIDGE-Blame-Financial-Services-Authority-Arch-Cru-almighty-fiasco.html
People talk about the glamour of life as an MP but most of it is helping people through life's unfairnesses: the sad reality is that people only tend to come to see me for my help when all else has failed them. Arch Cru and its effects is just such a case. 2013 will be a good year if we can get some redress for the victims both locally in Northumberland and nationally.     

Is Shale Gas the Future?

One of the topics I speak on most in the house is energy. From Britain's energy security to fuel poverty I believe it is a topic which will dominate over the next decade.

I could not make a speech in the recent Energy Bill debate as it was oversubscribed, and given that I speak so often in the House the Speaker fairly decided to call others to speak instead. The many questions and debates which the Bill has sparked are really interesting - and it is vital we get the right answers:

• Is there too much, or too little, focus on renewables?
• Is coal a thing of the past or a legitimate future option?
• Can carbon capture change the energy equation?
• Are we right to rely on gas in the short term?
• What is the future of newer renewables like tidal power?
• How much can and should we rely upon Nuclear power?
• Should the state continue to subsidise commercial biomass on domestic timber?
• What chance is there that the lights will go out by 2018?

The truth is, the answers to many of those questions are from easy. One of the biggest new developments in the energy market is Shale Gas. It is a new form of gas which some experts believe could be in abundance in the United Kingdom. Shale Gas has transformed the American energy market with many hailing it as the holy grail of new energy. Some however warn that the Shale gas revoultion of the States can not be repeated here. You can read of a short BBC article about Shale Gas for yourself HERE

Having looked at the evidence I myself am a big supporter of shale gas and have spoken repeatedly in support of it in the House of Commons. It has not just brought down domestic energy prices but it has genuinely changed the industrial prospects of the USA; this new cheaper energy is one of the biggest reason why the US has been able to remain competitive.

I believe the latest Energy Bill contains a good blend of short term resolution of our energy needs, with a correct desire to continue decarbonise over time. I am a committed environmentalist but this Energy Bill of Ed Davey's does, I believe, create a healthy balance. The Chancellor has also recently made it easier for business to put shale gas into that mix which I believe will help even further. 

My Predictions for 2013

International politics: As Syria descends into civil war, the focus will shift to Iran and its nuclear intentions. World leaders will have to make very tough decisions on the middle east generally and Iran in particular. My one strong prediction is that Assad will not be the leader of Syria by the end of 2013. The end game for him is nigh.

Big Local Issue 2013: I predict the issues around our green belt will dominate locally in 2013.

International Democratic Day of the Year: the Falklands Referendum on March 10th 2013 - when the local people finally are able to make their feelings clear. I happily predict the islanders will vote to remain British.

Local Democratic Day of the Year: May 2nd when Northumberland goes to the polls. I will put my neck on the block and make two predictions; 1) The Conservatives will have more seats that we have now 2) The Conservatives will win one or both of Hexham West and Haydon and Hadrian.

In the Arts: The Oscars are the only show in town in the spring so my strong prediction is Best Actor to Daniel Day Lewis in Lincoln, with Les Miserables as Best Picture.

A horse racing bet: Flemenstar is a good choice each way for the Gold Cup in Mid March but I particularly like Sea Bass each way to win the Grand National on April 6th

And finally...Sport: Not my finest predictions last year, but here it goes for 2013. Murray will win Wimbledon, England will win back to back Ashes series, Man United will win the League, and Rory McIlroy will win the Masters, only to be denied a grand slam by Ian Poulter who wins the Open.

Come back in 12 months time to see how I got on!