The demise of Lord Oakeshott, live on air

Occasionally one is executing one’s task on Channel 4 News and something happens that you cannot quite believe.

Last night I was minding my own business ahead of the programme wading through the technicalities of the Government’s deal with the banks on lending and bonuses.

The deal seemed to fly in the face of statements made in opposition by Vince Cable and others that any deal which set a “gross” lending target would “completely let the banks off the hook”. Yet here was a deal that did exactly that…so far as this amateur could divine. I did a long pre-recorded interview with Mr Cable arguing the point.

I suggested the only deal that hold water was one which set a net target, a target in which the banks actually lent MORE money. In setting the gross target of £190 billion, it was as Mr Cable had pointed out in opposition, perfectly possible, in clawing back loans from small businesses etc – for the bank actually to lend LESS.

Then the Treasury rang offering Treasury Secretary Danny Alexander live. We accepted…you never know what a live guest will bring.

Well, between bidding for him and his appearance, the Lib Dem’s senior treasury figure in the Lords declared the deal  “arrogant and incompetent”. Strong words in the language of Parliament.

Danny Alexander appears and declares Oakeshott politically dead: resigned..maybe sacked? For a moment you wonder whether you have heard right. Then it dawns on you, you have a story…tricky when at the same time you’re trying to fathom whether Oakeshott is right. My sense, from reading my faithful FT this morning, is that he is.

Now today we have the Lib Dem leaders of core UK Councils damning the Coalition’s “savage” local authority cuts. Things are getting interesting.

Concentrate boy! You never know what’s going to hit you next!