Friday, January 17, 2014

More Woe For Yeo As Shares Crash In Company That Paid Him £460/Hour.

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.


Source: Political Scrap Book and Lucus2013infos.


Fooled Nomore said...

Don't shed any tears!

He's a capitalist so shold be more than supportive of market forces.

M.P.'s pension scheme is the most generous in Britain!
funny how road sweepers pensions are under attack by this government as they are both in the rubbish industry!

Anonymous said...

Any chance i ge,t i tell my passengers especoially mp's about this man.

Bootsy and Snudge... said...

Well done Chris a great story, the Taxi Leaks editorial staff once again are at the cutting edge... I don't know how you do it. You really are the genuine article.

Anonymous said...

Boris Johnson was going to implicate a 10 year age limit for London taxis. A cab driver activist uncovered the covert multi agency Stan agenda and the UTG used his exposure and agrreed to Boris Johnson's 15 year age limit and scrspage scheme. Jim, could you nsne the cab driver activist that ultimately bought the London Taxi trade the extra fibe years ?

Editorial said...

Sorry Anon but you've become a victim of false information
The STaN Agenda 2006 did not mention an age limit and was initiated well before Boris became mayor in 2008.

The age limit was the brain child of Tim Yeo, who put up the idea in a speech he made to the Tory Conference.
MP Yeo was instrumental in introducing the Vito as a serious contender to the Taxi market but he thought an age limit might shake up sales.

Yeo's friend and Tory buddy Boris, then started to make waves about a 12 year age limit, even though he knew at that time that he vehicles he would be using to replace the older taxis were more polluting.

Instead of challenging, the UTG offered no resistance if the mayor extended to 15 years. The UTG decided not to challenge legally as they were afraid of losing their inclusion to the engagement policy and so an agreement was signed by a committee of interested parties including the three UTG leaders, Taxi manufactures and self made trade entrepreneurs.
The trades drivers were never consulted on this matter.

This was a completely the wrong move and the UTG were badly advised.

If the mayor had forced an age limit on the trade we could have gone to court and won, as they did in Swansea. But as the Age limit was offered to TfL by the so called "trade representative" groups, we now don't have a leg to stand on legally.

But all this is now academic as according to Boris's new statement, no diesel Taxi will be allowed into the Ultra low emission zone after 1st Jan 2020. So a new TX4 bought tomorrow has just under six years service...unless he later announces an amnesty, the trade takes him to court for restriction of trade or the owner has a new engine fitted.

Mark Thomas said...

Intetesting editorial comment... However, your comment is a well crafted piece of misinformation designed to mislead the reader. An emergency meeting was convened by John Mason and the UTG representatives - they were summoned to Palestra 3 days after STaN was published on the Internet. The UTG were met by Mason with raised hands saying "Before we go any further guys, the Mayor has decided to set the Taxi Age Limit at 15 years" ... Jim Thomas you are either ignorant to the facts, or a blatant twister liar !

Editorial said...

Hold on a minute mark, under your nom de plume of anonymous, you stated that it was you who uncovered the age limit contained in the STaN agenda (that apparently punted round every media publication and got a blank) you also wanted to claim the kudos for giving the trade an extra 5 years...

Now your saying it was Mason who told the UTG.

Mark I'm not going to argue the toss with you as whatever I say will just cause you to attack me as you always do.

The age limit saga is well documented and as they say, a picture's worth a thousand words, so here is my thousand words.

Click here to see just who offered the Mayor, the 15 year agreement

Anonymous said...