It’s not a great time for MP Tim Yeo. Faced with a revolt by his constituency party on one hand, the Tory grandee is also seeing his extensive portfolio hit hard.
Yeo, who was at one time being paid £460 an hour to chair meetings, has found his shares in Eco City Vehicles tumbling to a near historic low, shedding 26% of their value since the beginning of December. That’s 84% lower than his interest was worth a year after he started his second job there in 2007.
The firm distributes and services the Mercedes Vito taxi, which was offered to cabbies, at over £40,000, after the introduction of a London taxi age limit, the idea of which was initiated in a speech made to the Tory conference by, errr.....Tim Yeo.
But now things aren’t turning out so well and Tim Yeo has run into trouble, not from Parliament and the Law, but by the markets and his own local Party.
A Defra report in May 2013 (following testing of 10,000 London Taxis by the Environmental Research Group at Kings) showed deselected MP Tim Yeo’s taxis were creating MORE Nitrogen Dioxide than the older cabs they were replacing
Over the last month, he has seen his shares in Eco City Vehicles crash by 25%. Mind you, not without reason: some major technical issues (like the failure of the rear wheel steering) have given investors the heebie-jeebies, while a good dollop of healthy free-market competition has emerged in the shape of Nissan NV200 Taxi of Tomorrow, whose petrol version of The iconic London Taxi (already approved by Transport for London) is around £30k, much cheaper than the Tim's taxi. It also has cleaner emissions, but then that’s not hard.
Another blow to Tim, is his buddy the Mayor's statement that by 2018 no Taxis will be licensed unless they can produce Zero Emissions.
The launch of the Frazier Nash Metrocab, an extended range electric taxi, will provide yet another option to drivers who bought Yeo’s taxi following the London Taxi Age Limit which he himself initiated.
So there you are, the market has decided, and has told Timothy Yeo MP to take a hike.
TAXI FOR TIM!
Source: Political Scrap Book and Lucus2013infos.