[No. 1,078] No one knows where the real life is

It's not there.

And, okay[1], and look at me[1], and, okay[2], and I wanna go where everything is perfect[1], and look at me[2], and look at you[1], and I wanna go where everything is perfect[2], and, uh, uh ...[1], and look at you[2], and a-ROUND, and a-ROUND, and a-ROUND ... / ... and does anything ever change?[1], and, uh, uh ...[2], and here we are![1], and a-ROUND, and a-ROUND, and a-ROUND ... / ... and does anything ever change?[2], and imagine being so clean that you can't even see yourself in the mirror[1], and here we are![2], and ... 'Ha, ha, ha!'[1], and imagine being so clean that you can't even see yourself in the mirror[2], and YOU(!) ... could be gone from the world[1], and ... 'Ha, ha, ha!'[2], and, well ...[1], and YOU(!) ... could be gone from the world[2], and, yes, yes ... it's something to think about, isn't it? ... but, but ... is it something to fear???[1], and, well ...[2], and ... 'BUT(!) - !!!'[1], and, yes, yes ... it's something to think about, isn't it? ... but, but ... is it something to fear???[2], and ... ... ... What?![1], and ... 'BUT(!) - !!!'[2], and can we, er ... fear a thing that is not known? ... ... ... and can we, er ... fear nothing?[1], and ... ... ... What?![2], and are we living, really?[1], and can we, er ... fear a thing that is not known? ... ... ... and can we, er ... fear nothing?[2], and one breath, two breath, three breath ... oh, tell me, kook ... What are you looking for?[1], and are we living, really?[2], and be honest[1], and one breath, two breath, three breath ... oh, tell me, kook ... What are you looking for?[2], and a-ROUND, and a-ROUND, and a-ROUND ... come on? / ... and I don't think it's here[1], and be honest[2], and ... we're just getting dizzy, man[1], and a-ROUND, and a-ROUND, and a-ROUND ... come on? / ... and I don't think it's here[2], and ... 'I can dig that!'[1], and ... we're just getting dizzy, man[2], and if we're wasting our time ... ... ... it might not be the end of the world[1], and ... 'I can dig that!'[2], and ... 'Great!'[1], and if we're wasting our time ... ... ... it might not be the end of the world[2], and certainly not this world[1], and ... 'Great!'[2], and I just ...[1], and certainly not this world[2], and I'm hanging on ... don't ask me why[1], and I just ...[2], and feeling so human, ha![1], and I'm hanging on ... don't ask me why[2], and maybe this is our time ... or ... maybe this is our time ... or ... maybe this is our time[1], and feeling so human, ha![2], and ... do you have any idea???[1], and maybe this is our time ... or ... maybe this is our time ... or ... maybe this is our time[2], and, Christ ... a-ROUND, and a-ROUND, and a-ROUND ... really?[1], and ... do you have any idea???[2], and I worry about you ...[1], and, Christ ... a-ROUND, and a-ROUND, and a-ROUND ... really?[2], and, but, but, but ... there's nothing I can do[1], and I worry about you ...[2], and ... 'Don't even bother, Mikey!'[1], and, but, but, but ... there's nothing I can do[2], and it doesn't matter what you do ... no ... no! ... time passes with or without you ... but don't get upset, all right?[1], and ... 'Don't even bother, Mikey!'[2], and this ain't the ENDS[1], and it doesn't matter what you do ... no ... no! ... time passes with or without you ... but don't get upset, all right?[2], and ... believe me?[1], and this ain't the ENDS[2], and, okay[3], and ... believe me?[2], and look at me[3], and I wanna go where everything is perfect[3], and look at you[3], and, uh, uh ...[3], and a-ROUND, and a-ROUND, and a-ROUND ... / ... and does anything ever change?[3], and here we are![3], and imagine being so clean that you can't even see yourself in the mirror[3], and ... 'Ha, ha, ha!'[3], and YOU(!) ... could be gone from the world[3], and, well ...[3], and, yes, yes ... it's something to think about, isn't it? ... but, but ... is it something to fear???[3], and ... 'BUT(!) - !!!'[3], and ... ... ... What?![3], and can we, er ... fear a thing that is not known? ... ... ... and can we, er ... fear nothing?[3], and are we living, really?[3], and one breath, two breath, three breath ... oh, tell me, kook ... What are you looking for?[3], and be honest[3], and a-ROUND, and a-ROUND, and a-ROUND ... come on? / ... and I don't think it's here[3], and ... we're just getting dizzy, man[3], and ... 'I can dig that!'[3], and if we're wasting our time ... ... ... it might not be the end of the world[3], and ... 'Great!'[3], and certainly not this world[3], and I just ...[3], and I'm hanging on ... don't ask me why[3], and feeling so human, ha![3], and maybe this is our time ... or ... maybe this is our time ... or ... maybe this is our time[3], and ... do you have any idea???[3], and, Christ ... a-ROUND, and a-ROUND, and a-ROUND ... really?[3], and I worry about you ...[3], and, but, but, but ... there's nothing I can do[3], and ... 'Don't even bother, Mikey!'[3], and it doesn't matter what you do ... no ... no! ... time passes with or without you ... but don't get upset, all right?[3], and this ain't the ENDS[3], and ... believe me?[3], and

And, okay[1], and look at me[1], and, okay[2], and I wanna go where everything is perfect[1], and look at me[2], and look at you[1], and I wanna go where everything is perfect[2], and, uh, uh ...[1], and look at you[2], and a-ROUND, and a-ROUND, and a-ROUND ... / ... and does anything ever change?[1], and, uh, uh ...[2], and here we are![1], and a-ROUND, and a-ROUND, and a-ROUND ... / ... and does anything ever change?[2], and imagine being so clean that you can't even see yourself in the mirror[1], and here we are![2], and ... 'Ha, ha, ha!'[1], and imagine being so clean that you can't even see yourself in the mirror[2], and YOU(!) ... could be gone from the world[1], and ... 'Ha, ha, ha!'[2], and, well ...[1], and YOU(!) ... could be gone from the world[2], and, yes, yes ... it's something to think about, isn't it? ... but, but ... is it something to fear???[1], and, well ...[2], and ... 'BUT(!) - !!!'[1], and, yes, yes ... it's something to think about, isn't it? ... but, but ... is it something to fear???[2], and ... ... ... What?![1], and ... 'BUT(!) - !!!'[2], and can we, er ... fear a thing that is not known? ... ... ... and can we, er ... fear nothing?[1], and ... ... ... What?![2], and are we living, really?[1], and can we, er ... fear a thing that is not known? ... ... ... and can we, er ... fear nothing?[2], and one breath, two breath, three breath ... oh, tell me, kook ... What are you looking for?[1], and are we living, really?[2], and be honest[1], and one breath, two breath, three breath ... oh, tell me, kook ... What are you looking for?[2], and a-ROUND, and a-ROUND, and a-ROUND ... come on? / ... and I don't think it's here[1], and be honest[2], and ... we're just getting dizzy, man[1], and a-ROUND, and a-ROUND, and a-ROUND ... come on? / ... and I don't think it's here[2], and ... 'I can dig that!'[1], and ... we're just getting dizzy, man[2], and if we're wasting our time ... ... ... it might not be the end of the world[1], and ... 'I can dig that!'[2], and ... 'Great!'[1], and if we're wasting our time ... ... ... it might not be the end of the world[2], and certainly not this world[1], and ... 'Great!'[2], and I just ...[1], and certainly not this world[2], and I'm hanging on ... don't ask me why[1], and I just ...[2], and feeling so human, ha![1], and I'm hanging on ... don't ask me why[2], and maybe this is our time ... or ... maybe this is our time ... or ... maybe this is our time[1], and feeling so human, ha![2], and ... do you have any idea???[1], and maybe this is our time ... or ... maybe this is our time ... or ... maybe this is our time[2], and, Christ ... a-ROUND, and a-ROUND, and a-ROUND ... really?[1], and ... do you have any idea???[2], and I worry about you ...[1], and, Christ ... a-ROUND, and a-ROUND, and a-ROUND ... really?[2], and, but, but, but ... there's nothing I can do[1], and I worry about you ...[2], and ... 'Don't even bother, Mikey!'[1], and, but, but, but ... there's nothing I can do[2], and it doesn't matter what you do ... no ... no! ... time passes with or without you ... but don't get upset, all right?[1], and ... 'Don't even bother, Mikey!'[2], and this ain't the ENDS[1], and it doesn't matter what you do ... no ... no! ... time passes with or without you ... but don't get upset, all right?[2], and ... believe me?[1], and this ain't the ENDS[2], and, okay[3], and ... believe me?[2], and look at me[3], and I wanna go where everything is perfect[3], and look at you[3], and, uh, uh ...[3], and a-ROUND, and a-ROUND, and a-ROUND ... / ... and does anything ever change?[3], and here we are![3], and imagine being so clean that you can't even see yourself in the mirror[3], and ... 'Ha, ha, ha!'[3], and YOU(!) ... could be gone from the world[3], and, well ...[3], and, yes, yes ... it's something to think about, isn't it? ... but, but ... is it something to fear???[3], and ... 'BUT(!) - !!!'[3], and ... ... ... What?![3], and can we, er ... fear a thing that is not known? ... ... ... and can we, er ... fear nothing?[3], and are we living, really?[3], and one breath, two breath, three breath ... oh, tell me, kook ... What are you looking for?[3], and be honest[3], and a-ROUND, and a-ROUND, and a-ROUND ... come on? / ... and I don't think it's here[3], and ... we're just getting dizzy, man[3], and ... 'I can dig that!'[3], and if we're wasting our time ... ... ... it might not be the end of the world[3], and ... 'Great!'[3], and certainly not this world[3], and I just ...[3], and I'm hanging on ... don't ask me why[3], and feeling so human, ha![3], and maybe this is our time ... or ... maybe this is our time ... or ... maybe this is our time[3], and ... do you have any idea???[3], and, Christ ... a-ROUND, and a-ROUND, and a-ROUND ... really?[3], and I worry about you ...[3], and, but, but, but ... there's nothing I can do[3], and ... 'Don't even bother, Mikey!'[3], and it doesn't matter what you do ... no ... no! ... time passes with or without you ... but don't get upset, all right?[3], and this ain't the ENDS[3], and ... believe me?[3], and

And, okay[1], and look at me[1], and, okay[2], and I wanna go where everything is perfect[1], and look at me[2], and look at you[1], and I wanna go where everything is perfect[2], and, uh, uh ...[1], and look at you[2], and a-ROUND, and a-ROUND, and a-ROUND ... / ... and does anything ever change?[1], and, uh, uh ...[2], and here we are![1], and a-ROUND, and a-ROUND, and a-ROUND ... / ... and does anything ever change?[2], and imagine being so clean that you can't even see yourself in the mirror[1], and here we are![2], and ... 'Ha, ha, ha!'[1], and imagine being so clean that you can't even see yourself in the mirror[2], and YOU(!) ... could be gone from the world[1], and ... 'Ha, ha, ha!'[2], and, well ...[1], and YOU(!) ... could be gone from the world[2], and, yes, yes ... it's something to think about, isn't it? ... but, but ... is it something to fear???[1], and, well ...[2], and ... 'BUT(!) - !!!'[1], and, yes, yes ... it's something to think about, isn't it? ... but, but ... is it something to fear???[2], and ... ... ... What?![1], and ... 'BUT(!) - !!!'[2], and can we, er ... fear a thing that is not known? ... ... ... and can we, er ... fear nothing?[1], and ... ... ... What?![2], and are we living, really?[1], and can we, er ... fear a thing that is not known? ... ... ... and can we, er ... fear nothing?[2], and one breath, two breath, three breath ... oh, tell me, kook ... What are you looking for?[1], and are we living, really?[2], and be honest[1], and one breath, two breath, three breath ... oh, tell me, kook ... What are you looking for?[2], and a-ROUND, and a-ROUND, and a-ROUND ... come on? / ... and I don't think it's here[1], and be honest[2], and ... we're just getting dizzy, man[1], and a-ROUND, and a-ROUND, and a-ROUND ... come on? / ... and I don't think it's here[2], and ... 'I can dig that!'[1], and ... we're just getting dizzy, man[2], and if we're wasting our time ... ... ... it might not be the end of the world[1], and ... 'I can dig that!'[2], and ... 'Great!'[1], and if we're wasting our time ... ... ... it might not be the end of the world[2], and certainly not this world[1], and ... 'Great!'[2], and I just ...[1], and certainly not this world[2], and I'm hanging on ... don't ask me why[1], and I just ...[2], and feeling so human, ha![1], and I'm hanging on ... don't ask me why[2], and maybe this is our time ... or ... maybe this is our time ... or ... maybe this is our time[1], and feeling so human, ha![2], and ... do you have any idea???[1], and maybe this is our time ... or ... maybe this is our time ... or ... maybe this is our time[2], and, Christ ... a-ROUND, and a-ROUND, and a-ROUND ... really?[1], and ... do you have any idea???[2], and I worry about you ...[1], and, Christ ... a-ROUND, and a-ROUND, and a-ROUND ... really?[2], and, but, but, but ... there's nothing I can do[1], and I worry about you ...[2], and ... 'Don't even bother, Mikey!'[1], and, but, but, but ... there's nothing I can do[2], and it doesn't matter what you do ... no ... no! ... time passes with or without you ... but don't get upset, all right?[1], and ... 'Don't even bother, Mikey!'[2], and this ain't the ENDS[1], and it doesn't matter what you do ... no ... no! ... time passes with or without you ... but don't get upset, all right?[2], and ... believe me?[1], and this ain't the ENDS[2], and, okay[3], and ... believe me?[2], and look at me[3], and I wanna go where everything is perfect[3], and look at you[3], and, uh, uh ...[3], and a-ROUND, and a-ROUND, and a-ROUND ... / ... and does anything ever change?[3], and here we are![3], and imagine being so clean that you can't even see yourself in the mirror[3], and ... 'Ha, ha, ha!'[3], and YOU(!) ... could be gone from the world[3], and, well ...[3], and, yes, yes ... it's something to think about, isn't it? ... but, but ... is it something to fear???[3], and ... 'BUT(!) - !!!'[3], and ... ... ... What?![3], and can we, er ... fear a thing that is not known? ... ... ... and can we, er ... fear nothing?[3], and are we living, really?[3], and one breath, two breath, three breath ... oh, tell me, kook ... What are you looking for?[3], and be honest[3], and a-ROUND, and a-ROUND, and a-ROUND ... come on? / ... and I don't think it's here[3], and ... we're just getting dizzy, man[3], and ... 'I can dig that!'[3], and if we're wasting our time ... ... ... it might not be the end of the world[3], and ... 'Great!'[3], and certainly not this world[3], and I just ...[3], and I'm hanging on ... don't ask me why[3], and feeling so human, ha![3], and maybe this is our time ... or ... maybe this is our time ... or ... maybe this is our time[3], and ... do you have any idea???[3], and, Christ ... a-ROUND, and a-ROUND, and a-ROUND ... really?[3], and I worry about you ...[3], and, but, but, but ... there's nothing I can do[3], and ... 'Don't even bother, Mikey!'[3], and it doesn't matter what you do ... no ... no! ... time passes with or without you ... but don't get upset, all right?[3], and this ain't the ENDS[3], and ... believe me?[3], and

A burning platform!

'Yippee!'

What are you so excited about, Voice?

'You're writing about the astral plane again!'

Er, no ... this is a PR email, mate.

'What?! You've got a PR email about the astral plane?! Who sent you that?'

Christ! I'm not writing about the astral plane! I'm writing about Rolls Royce.

'Oh.'

Anyway ...

Rolls Royce: a "burning platform" that must transform to survive.

'Who sent you that, boss?'

Wealth Club.

Let's find out what this is all about ...

'A Rolls Royce on the astral plane!'

I'm not writing about the astral plane! Those days are over. Open your ears!

'I ain't got no ears!'

You've got astral ears, haven't you?

'Of course.'

Well, open those!

Anyway ...

Rolls Royce, the British aero-engine manufacturer, has announced its full year results:

Underlying operating profit of £652m, £238m higher than the prior year, with the increase driven by Civil Aerospace and Power Systems. Free cash flow was £505m versus an outflow of £1.5 billion in the prior year.

Underlying operating profit guidance of £0.8-£1.0bn and free cash flow of £0.6-£0.8bn in 2023.

Transformation programme in place to deliver further performance improvements from 2023, with strategic review underway to identify investment priorities.

Well ...

What does our Charlie say?

'He's going to talk about the astral plane.'

Shut up!

Charlie? Come on, son.

Charlie Huggins, Head of Equities at Wealth Club, comments:

"It's not uncommon for a new CEO to do some kitchen sinking. But when the incoming leader describes the existing business as a 'burning platform' you know you have serious issues."

'Oh, I know what's happened here.'

What?

'The new CEO has been talking about the astral plane, but Charlie probably won't mention it.'

Shut up.

"'Every investment we make we destroy value', according to new CEO, Tufan Erginbilgic. Based on Rolls Royce's performance over the last decade it's hard to disagree.

"A business like Rolls must spend large amounts upfront to secure long-term maintenance contracts. This means it has to wait many years for the cash to roll in. And if anything disrupts those cash flows - like a global Thing - you can easily spend more than you get back, especially if you invest unwisely in the first place.

"Rolls Royce has burned through cash at a rate of knots over the last decade. That clearly isn't sustainable. Significantly improving Rolls Royce's cash generation has to be the number one priority for the new CEO.

"Transforming Rolls Royce will be far from easy. The capital intensity of the business won't go away. And while tackling the extreme complexity and inefficiency is a start, it probably won't be enough. A cultural transformation is also required, and that always takes time.

"The good news for the new CEO is that no one is really expecting miracles. Investors have endured years of severe turbulence - and many have already headed for the emergency exits. If the new pilot can at least avoid a crash landing, it would be a good start."    

Thanks, Charlie.

'Well, that was disappointing.'

ENDS

ENDS

ENDS

...

Anything else?

No.

There is nothing else.

And sometimes ... that's the way I like it, you dig?

'I can dig it, Mikey!'

Nice one, Voice.

Laters.

'Bye!'

[No. 1,077] Anyone who isn't helping you ...

... is trying to kill you.

And, oh ... yes[1], and, yes, yes ... it's true[1], and, oh ... yes[2], and you have to think like that ... I'm afraid ... in this world[1], and, yes, yes ... it's true[2], and ... 'That world, surely, Mikey?'[1], and you have to think like that ... I'm afraid ... in this world[2], and, uh, uh ... my mistake ... it's that world ... that world out there ... where the squares all congregate[1], and ... 'That world, surely, Mikey?'[2], and, Christ[1], and, uh, uh ... my mistake ... it's that world ... that world out there ... where the squares all congregate[2], and, kooks - !!! ... Here we are - !!![1], and, Christ[2], and, anyway ... ha![1], and, kooks - !!! ... Here we are - !!![2], and ... ... ... ... ... ... ... ... ... the cosmos???[1], and, anyway ... ha![2], and ... 'Tell us!'[1], and ... ... ... ... ... ... ... ... ... the cosmos???[2], and, well ... it helps with dreams, visions ... maybe tunes, or lyrics ... mathematical formulas, too - if you really want them[1], and ... 'Tell us!'[2], and ... 'Great!'[1], and, well ... it helps with dreams, visions ... maybe tunes, or lyrics ... mathematical formulas, too - if you really want them[2], and it expands your consciousness, sure[1], and ... 'Great!'[2], and, but, but, BUT(!) ... the cosmos can't send the marines in to get you out of a jam[1], and it expands your consciousness, sure[2], and ... 'Never mind'[1], and, but, but, BUT(!) ... the cosmos can't send the marines in to get you out of a jam[2], and never ever never ever never ever soul, my friends! ... because you can live forever if you know how[1], and ... 'Never mind'[2], and art ... ah, arts of all kinds![1], and never ever never ever never ever soul, my friends! ... because you can live forever if you know how[2], and I believe ...[1], and art ... ah, arts of all kinds![2], and these words didn't come here for their health ...[1], and I believe ...[2], and I believe that everyone will love the spinning ... one day ... or be driven to tears of rage by it[1], and these words didn't come here for their health ...[2], and it's only a matter of time[1], and I believe that everyone will love the spinning ... one day ... or be driven to tears of rage by it[2], and a-ROUND, and a-ROUND, and a-ROUND ... / ... and how much time is there, exactly?[1], and it's only a matter of time[2], and ... 'Er ...'[1], and a-ROUND, and a-ROUND, and a-ROUND ... / ... and how much time is there, exactly?[2], and it all depends ...[1], and ... 'Er ...'[2], and ... are we talking about their dreadful world ... or our glorious one???[1], and it all depends ...[2], and never soul[1], and ... are we talking about their dreadful world ... or our glorious one???[2], and ... 'Never ever never ever never ever mind!'[1], and never soul[2], and you could go crazy, couldn't you? ... given the right conditions[1], and ... 'Never ever never ever never ever mind!'[2], and ... 'These are the right conditions, Mikey!'[1], and you could go crazy, couldn't you? ... given the right conditions[2], and, anyway ... my dear friend(s)[1], and ... 'These are the right conditions, Mikey!'[2], and I want YOU(!) to know ... I'm here for you ... because, you know ... I'm just as sick as you are[1], and, anyway ... my dear friend(s)[2], and let's go crazy together ... I love you, babe![1], and I want YOU(!) to know ... I'm here for you ... because, you know ... I'm just as sick as you are[2], and ... 'What about the guy kooks?'[1], and let's go crazy together ... I love you, babe![2], and, guy kooks, Voice??? ... Ha, ha, ha![1], and ... 'What about the guy kooks?'[2], and I'll ENDS with ... anyway![1], and, guy kooks, Voice??? ... Ha, ha, ha![2], and, oh ... yes[3], and I'll ENDS with ... anyway![2], and, yes, yes ... it's true[3], and you have to think like that ... I'm afraid ... in this world[3], and ... 'That world, surely, Mikey?'[3], and, uh, uh ... my mistake ... it's that world ... that world out there ... where the squares all congregate[3], and, Christ[3], and, kooks - !!! ... Here we are - !!![3], and, anyway ... ha![3], and ... ... ... ... ... ... ... ... ... the cosmos???[3], and ... 'Tell us!'[3], and, well ... it helps with dreams, visions ... maybe tunes, or lyrics ... mathematical formulas, too - if you really want them[3], and ... 'Great!'[3], and it expands your consciousness, sure[3], and, but, but, BUT(!) ... the cosmos can't send the marines in to get you out of a jam[3], and ... 'Never mind'[3], and never ever never ever never ever soul, my friends! ... because you can live forever if you know how[3], and art ... ah, arts of all kinds![3], and I believe ...[3], and these words didn't come here for their health ...[3], and I believe that everyone will love the spinning ... one day ... or be driven to tears of rage by it[3], and it's only a matter of time[3], and a-ROUND, and a-ROUND, and a-ROUND ... / ... and how much time is there, exactly?[3], and ... 'Er ...'[3], and it all depends ...[3], and ... are we talking about their dreadful world ... or our glorious one???[3], and never soul[3], and ... 'Never ever never ever never ever mind!'[3], and you could go crazy, couldn't you? ... given the right conditions[3], and ... 'These are the right conditions, Mikey!'[3], and, anyway ... my dear friend(s)[3], and I want YOU(!) to know ... I'm here for you ... because, you know ... I'm just as sick as you are[3], and let's go crazy together ... I love you, babe![3], and ... 'What about the guy kooks?'[3], and, guy kooks, Voice??? ... Ha, ha, ha![3], and I'll ENDS with ... anyway![3], and

And, oh ... yes[1], and, yes, yes ... it's true[1], and, oh ... yes[2], and you have to think like that ... I'm afraid ... in this world[1], and, yes, yes ... it's true[2], and ... 'That world, surely, Mikey?'[1], and you have to think like that ... I'm afraid ... in this world[2], and, uh, uh ... my mistake ... it's that world ... that world out there ... where the squares all congregate[1], and ... 'That world, surely, Mikey?'[2], and, Christ[1], and, uh, uh ... my mistake ... it's that world ... that world out there ... where the squares all congregate[2], and, kooks - !!! ... Here we are - !!![1], and, Christ[2], and, anyway ... ha![1], and, kooks - !!! ... Here we are - !!![2], and ... ... ... ... ... ... ... ... ... the cosmos???[1], and, anyway ... ha![2], and ... 'Tell us!'[1], and ... ... ... ... ... ... ... ... ... the cosmos???[2], and, well ... it helps with dreams, visions ... maybe tunes, or lyrics ... mathematical formulas, too - if you really want them[1], and ... 'Tell us!'[2], and ... 'Great!'[1], and, well ... it helps with dreams, visions ... maybe tunes, or lyrics ... mathematical formulas, too - if you really want them[2], and it expands your consciousness, sure[1], and ... 'Great!'[2], and, but, but, BUT(!) ... the cosmos can't send the marines in to get you out of a jam[1], and it expands your consciousness, sure[2], and ... 'Never mind'[1], and, but, but, BUT(!) ... the cosmos can't send the marines in to get you out of a jam[2], and never ever never ever never ever soul, my friends! ... because you can live forever if you know how[1], and ... 'Never mind'[2], and art ... ah, arts of all kinds![1], and never ever never ever never ever soul, my friends! ... because you can live forever if you know how[2], and I believe ...[1], and art ... ah, arts of all kinds![2], and these words didn't come here for their health ...[1], and I believe ...[2], and I believe that everyone will love the spinning ... one day ... or be driven to tears of rage by it[1], and these words didn't come here for their health ...[2], and it's only a matter of time[1], and I believe that everyone will love the spinning ... one day ... or be driven to tears of rage by it[2], and a-ROUND, and a-ROUND, and a-ROUND ... / ... and how much time is there, exactly?[1], and it's only a matter of time[2], and ... 'Er ...'[1], and a-ROUND, and a-ROUND, and a-ROUND ... / ... and how much time is there, exactly?[2], and it all depends ...[1], and ... 'Er ...'[2], and ... are we talking about their dreadful world ... or our glorious one???[1], and it all depends ...[2], and never soul[1], and ... are we talking about their dreadful world ... or our glorious one???[2], and ... 'Never ever never ever never ever mind!'[1], and never soul[2], and you could go crazy, couldn't you? ... given the right conditions[1], and ... 'Never ever never ever never ever mind!'[2], and ... 'These are the right conditions, Mikey!'[1], and you could go crazy, couldn't you? ... given the right conditions[2], and, anyway ... my dear friend(s)[1], and ... 'These are the right conditions, Mikey!'[2], and I want YOU(!) to know ... I'm here for you ... because, you know ... I'm just as sick as you are[1], and, anyway ... my dear friend(s)[2], and let's go crazy together ... I love you, babe![1], and I want YOU(!) to know ... I'm here for you ... because, you know ... I'm just as sick as you are[2], and ... 'What about the guy kooks?'[1], and let's go crazy together ... I love you, babe![2], and, guy kooks, Voice??? ... Ha, ha, ha![1], and ... 'What about the guy kooks?'[2], and I'll ENDS with ... anyway![1], and, guy kooks, Voice??? ... Ha, ha, ha![2], and, oh ... yes[3], and I'll ENDS with ... anyway![2], and, yes, yes ... it's true[3], and you have to think like that ... I'm afraid ... in this world[3], and ... 'That world, surely, Mikey?'[3], and, uh, uh ... my mistake ... it's that world ... that world out there ... where the squares all congregate[3], and, Christ[3], and, kooks - !!! ... Here we are - !!![3], and, anyway ... ha![3], and ... ... ... ... ... ... ... ... ... the cosmos???[3], and ... 'Tell us!'[3], and, well ... it helps with dreams, visions ... maybe tunes, or lyrics ... mathematical formulas, too - if you really want them[3], and ... 'Great!'[3], and it expands your consciousness, sure[3], and, but, but, BUT(!) ... the cosmos can't send the marines in to get you out of a jam[3], and ... 'Never mind'[3], and never ever never ever never ever soul, my friends! ... because you can live forever if you know how[3], and art ... ah, arts of all kinds![3], and I believe ...[3], and these words didn't come here for their health ...[3], and I believe that everyone will love the spinning ... one day ... or be driven to tears of rage by it[3], and it's only a matter of time[3], and a-ROUND, and a-ROUND, and a-ROUND ... / ... and how much time is there, exactly?[3], and ... 'Er ...'[3], and it all depends ...[3], and ... are we talking about their dreadful world ... or our glorious one???[3], and never soul[3], and ... 'Never ever never ever never ever mind!'[3], and you could go crazy, couldn't you? ... given the right conditions[3], and ... 'These are the right conditions, Mikey!'[3], and, anyway ... my dear friend(s)[3], and I want YOU(!) to know ... I'm here for you ... because, you know ... I'm just as sick as you are[3], and let's go crazy together ... I love you, babe![3], and ... 'What about the guy kooks?'[3], and, guy kooks, Voice??? ... Ha, ha, ha![3], and I'll ENDS with ... anyway![3], and

And, oh ... yes[1], and, yes, yes ... it's true[1], and, oh ... yes[2], and you have to think like that ... I'm afraid ... in this world[1], and, yes, yes ... it's true[2], and ... 'That world, surely, Mikey?'[1], and you have to think like that ... I'm afraid ... in this world[2], and, uh, uh ... my mistake ... it's that world ... that world out there ... where the squares all congregate[1], and ... 'That world, surely, Mikey?'[2], and, Christ[1], and, uh, uh ... my mistake ... it's that world ... that world out there ... where the squares all congregate[2], and, kooks - !!! ... Here we are - !!![1], and, Christ[2], and, anyway ... ha![1], and, kooks - !!! ... Here we are - !!![2], and ... ... ... ... ... ... ... ... ... the cosmos???[1], and, anyway ... ha![2], and ... 'Tell us!'[1], and ... ... ... ... ... ... ... ... ... the cosmos???[2], and, well ... it helps with dreams, visions ... maybe tunes, or lyrics ... mathematical formulas, too - if you really want them[1], and ... 'Tell us!'[2], and ... 'Great!'[1], and, well ... it helps with dreams, visions ... maybe tunes, or lyrics ... mathematical formulas, too - if you really want them[2], and it expands your consciousness, sure[1], and ... 'Great!'[2], and, but, but, BUT(!) ... the cosmos can't send the marines in to get you out of a jam[1], and it expands your consciousness, sure[2], and ... 'Never mind'[1], and, but, but, BUT(!) ... the cosmos can't send the marines in to get you out of a jam[2], and never ever never ever never ever soul, my friends! ... because you can live forever if you know how[1], and ... 'Never mind'[2], and art ... ah, arts of all kinds![1], and never ever never ever never ever soul, my friends! ... because you can live forever if you know how[2], and I believe ...[1], and art ... ah, arts of all kinds![2], and these words didn't come here for their health ...[1], and I believe ...[2], and I believe that everyone will love the spinning ... one day ... or be driven to tears of rage by it[1], and these words didn't come here for their health ...[2], and it's only a matter of time[1], and I believe that everyone will love the spinning ... one day ... or be driven to tears of rage by it[2], and a-ROUND, and a-ROUND, and a-ROUND ... / ... and how much time is there, exactly?[1], and it's only a matter of time[2], and ... 'Er ...'[1], and a-ROUND, and a-ROUND, and a-ROUND ... / ... and how much time is there, exactly?[2], and it all depends ...[1], and ... 'Er ...'[2], and ... are we talking about their dreadful world ... or our glorious one???[1], and it all depends ...[2], and never soul[1], and ... are we talking about their dreadful world ... or our glorious one???[2], and ... 'Never ever never ever never ever mind!'[1], and never soul[2], and you could go crazy, couldn't you? ... given the right conditions[1], and ... 'Never ever never ever never ever mind!'[2], and ... 'These are the right conditions, Mikey!'[1], and you could go crazy, couldn't you? ... given the right conditions[2], and, anyway ... my dear friend(s)[1], and ... 'These are the right conditions, Mikey!'[2], and I want YOU(!) to know ... I'm here for you ... because, you know ... I'm just as sick as you are[1], and, anyway ... my dear friend(s)[2], and let's go crazy together ... I love you, babe![1], and I want YOU(!) to know ... I'm here for you ... because, you know ... I'm just as sick as you are[2], and ... 'What about the guy kooks?'[1], and let's go crazy together ... I love you, babe![2], and, guy kooks, Voice??? ... Ha, ha, ha![1], and ... 'What about the guy kooks?'[2], and I'll ENDS with ... anyway![1], and, guy kooks, Voice??? ... Ha, ha, ha![2], and, oh ... yes[3], and I'll ENDS with ... anyway![2], and, yes, yes ... it's true[3], and you have to think like that ... I'm afraid ... in this world[3], and ... 'That world, surely, Mikey?'[3], and, uh, uh ... my mistake ... it's that world ... that world out there ... where the squares all congregate[3], and, Christ[3], and, kooks - !!! ... Here we are - !!![3], and, anyway ... ha![3], and ... ... ... ... ... ... ... ... ... the cosmos???[3], and ... 'Tell us!'[3], and, well ... it helps with dreams, visions ... maybe tunes, or lyrics ... mathematical formulas, too - if you really want them[3], and ... 'Great!'[3], and it expands your consciousness, sure[3], and, but, but, BUT(!) ... the cosmos can't send the marines in to get you out of a jam[3], and ... 'Never mind'[3], and never ever never ever never ever soul, my friends! ... because you can live forever if you know how[3], and art ... ah, arts of all kinds![3], and I believe ...[3], and these words didn't come here for their health ...[3], and I believe that everyone will love the spinning ... one day ... or be driven to tears of rage by it[3], and it's only a matter of time[3], and a-ROUND, and a-ROUND, and a-ROUND ... / ... and how much time is there, exactly?[3], and ... 'Er ...'[3], and it all depends ...[3], and ... are we talking about their dreadful world ... or our glorious one???[3], and never soul[3], and ... 'Never ever never ever never ever mind!'[3], and you could go crazy, couldn't you? ... given the right conditions[3], and ... 'These are the right conditions, Mikey!'[3], and, anyway ... my dear friend(s)[3], and I want YOU(!) to know ... I'm here for you ... because, you know ... I'm just as sick as you are[3], and let's go crazy together ... I love you, babe![3], and ... 'What about the guy kooks?'[3], and, guy kooks, Voice??? ... Ha, ha, ha![3], and I'll ENDS with ... anyway![3], and

Lucky goes skiing!

'What?! That's ridiculous, boss!'

Ha, ha, ha! Anything is possible here, Voice. You should know that.

Anyway ...

Hello,

Oh, hello, Estelle. How are you?

Please find attached the press release regarding Vauban Infrastructure Partners' closing of the long-term refinancing of Altiservice, consisting of the global refinancing of its banking debt facilities.

Oh, okay.

Founded in 1990 as a subsidiary of Engie and acquired in 2019 by BTP Impact Local, Altiservice is a French company dedicated to the operation of ski resort concessions and cable car public transportation service. It holds concession contracts for the two largest ski resorts in the French Pyreneans, Font-Romeu Pyrénées 2000 and Saint-Lary, where it is responsible for the operation of all equipment in both the winter and summer seasons; for the design, financing, construction, operation, and maintenance of the ski lifts; for the preparation and safety of the ski areas (including snow production), and for ticketing, communication, and marketing around the ski resorts.

Okay.

Now, obviously ... our Lucky is the greatest skier since Eddie the Eagle, but ...

He can think, too!!!

'Ha!'

Come on, Lucky! Let's see you in action!

Paris February 16th 2023  Vauban  Infrastructure  Partners  through  its  fund  BTP  Impact                       local  announces               the closing of the refinancing of Altiservice a leading independent ski resort concession and urban cable transportation operator      for the extension and renewal of its current concessions   Vauban  Infrastructure           Partners                      "Vauban!"                is  delighted  to  announce  the                 closing  of  the  long                       term refinancing  of         Altiservice the company consisting                  of  the  global  refinancing  of  its  banking  debt facilities founded in 1990 as a subsidiary of Engie     and acquired in 2019 by BTP Impact Local Altiservice is a French company  dedicated  to  the  operation  of  ski  resort  concessions  and  cable  car  public  transportation            service it holds          concession contracts for the two largest ski resorts in the French Pyreneans Font       Romeu Pyrénées                         2000  and Saint                       Lary where it is responsible!                                 for the operation of all equipment in both the winter and summer               seasons for the design               financing construction operation and maintenance of the               ski lifts for the preparation!                 and  safety  of  the  ski  areas  including  snow  production  and  for  ticketing communication and marketing                around the ski                    resorts the  company            also  operates  and  maintains  industrial          &  public  transportation  assets in  particular Altiservice holds both long           term operation and maintenance contracts for Toulouses                                 Téléo the largest!!!                                        cable transportation infrastructure in France Altiservice helped to lead the testing phase of Téléo working continuously from early 2021 until its grand opening in May 2022 Altiservice is pursuing several potential similar projects which could ideally contribute to transport        decarbonation initiatives finally    Altiservice maintains several industrial cable car                      assets notably              for the Société Hydro   Electrique                        du Midi SHEM      during the Thing period     Altiservice finalized the                       extension of the Saint                          Lary concession until 2039 as part of a multi          year investment plan to reduce the resorts carbon and environmental footprint optimize its  operation  maintain  the  highest  standard  of  safety  and  increase  its  appeal  especially  during  the summer season Altiservice held an inauguration ceremony for its newly built lifts in Saint      Lary on January 28th        2023 Altiservice has then been off            to a dynamic start of 2022 thanks to the renewal of its Font            Romeu Pyrénées           2000 concession          until 2047    Altiservice will similarly commit substantial investments to upgrading the resort lifts and areas over the next few years to optimize facilities from environmental comfort and performance             standpoints a specific                 emphasis has been placed on              four seasons            investments geared at increasing the resort attractiveness for the general public year               round overall    both capital expenditure plans are set to run until 2026 and amount to a cumulated €51m  these investment programs are key to the Pyrenean Mountain economy securing local employment over several                   decades as well as                         funneling people                       and business flows         towards rural      areas of the region through its  positioning  and  the  local  partnerships  it  creates  in  the  valleys  Altiservice  is  a  cornerstone  of  rural employment in the Pyreneans to fund these investments alongside equity committed by BTP Impact Local and to refinance Altiservices existing               indebtedness the company             raised a long    term amortizing financing facility with the support            of                  Vauban this!!!                  will secure liquidity for the Company    while allowing it to remain agile and able to tap its growth potential in the cable car sector among other adjacent opportunities Altiservices  senior  financing  was  successfully  signed  on  November  30th  2022  with                     a  lending  pool                  including Caisse dEpargne Midi Pyrénées and Crédit Agricole Pyrénées           Gascogne as co                arrangers as well as Crédit Agricole Sud Méditérranée Banque Populaire               Sud Banque             Palatine and BPI France the bank financings include €38        8m of Senior Facilities a €5  15m Debt Service Reserve Facility and a  €1       3m  VAT  Facility in  addition  a  €4                  0m junior               facility  was  provided  by  Fond         Tourisme  Occitanie managed by MCapital  Altiservice was advised by H3P Financial Advisory as debt advisor    Taylor Wessing as the borrowers legal advisor and De Pardieu Brocas Maffei as the lenders legal            advisor in addition     CIME Conseil Ingénierie Montagne Expertise acted as technical due diligence provider and Marsh as insurance due diligence provider Yves                    Rougier President             of      Altiservice Altiservice        has been able to demonstrate its reliability for the local ecosystem through these investment programs as well as demonstrate its positioning as a key supporter of the mountain economy and local public authorities as showcased by our ESG              labels the driving force!            behind  Altiservice  and  its  staff  remains  local  employment  and  the  sustainable  development  of  rural territories Vauban supported us in delivering these key projects for the region aligning job creation and responsible environmental management     Guillaume                  Faroux BTP              Impact Local Principal and Partner at Vauban Infrastructure Partners Altiservice has  successively  and  successfully  reached  several  key  milestones  over  the  last  two  years  in  an environment  made  challenging  by                 the Thing the          completion  of  this  long          term  infrastructure       based refinancing after             the successful inauguration of Téléo and the renewal of both Saint           Lary and Font!             Romeu Pyrénées  2000  concessions  is  an  achievement  in  itself  and  stands  as  testimony  to  the  quality  of Altiservices infrastructure assets portfolio and the commitment and excellence of the company staff and management who operate them under the highest standards about                 Altiservice Altiservice               has been a private leader managing ski resort concessions in the French Pyreneans for more than 30        years today       the Company                  operates the Saint                   Lary and Font!                     Romeu Pyrénées             2000 concessions in  the  French             South West in  addition  Altiservice  holds  operation  and  maintenance  contracts  for  the Société  Hydro              Electrique  du  Midi             industrial  cable  car  as  well  as  Toulouses  only                          cable  car  public transportation line Téléo with a secured          business through its ski resorts concessions Altiservice has the ambition  to  capitalize  on  its  cable        based  transportation  knowhow  through  cable  car  lines  public transportation tenders across France  about Vauban Infrastructure Partners  Vauban Infrastructure Partners is a leading Infrastructure Asset Manager focused on the European core infrastructure investments   headquartered in Paris it employs 67                                   professionals who?!                      have  been  working together for a decade Vauban is the fully fledged affiliate of Natixis Investment Managers dedicated to            sustainable infrastructure                       equity investments           Vauban targets!!!

Yeah. Thanks, Lucky.

You take it easy now, son.

Laters guys

'Bye, Lucky!'

ENDS

ENDS

ENDS

Anyway ...

Anything else?

Well, I can tell you the weather news ... it's cold.

'What about the finger news, boss?'

The finger news? The fingers are still cold.

Laters.

Belgravia PF completes £24m commercial senior debt refinance

Does it indeed?

Well, well, well ... life is full of surprises, isn't it?

Yeah, it's a PR email.

'I thought so!'

What, Voice?

'I thought it was a PR email.'

Well, yeah, it is.

Idiot.

Anyway ...

A boutique debt broker, Belgravia Property Finance sees in completion of a commercial senior debt refinancing in February for Asia based client.

The £24m commercial loan was secured against a mixed-use building in South West London valued at £44m consisting of a leading UK Hotel brand, 40 residential apartments, and six commercial high street units with a large supermarket chain as anchor tenant alongside the Hotel.

The terms secured were at a margin of 2.3% over daily SONIA, at a Loan To Value (LTV) of 55%.

Eh? Who's this Sonia bird?! Never mind. Maybe Sam will tell us ...

'Sam?!'

Sam Hoban, Voice.

'Oh.'

Sam Hoban, Director at Belgravia PF comments: "We were pleased to work with our existing client to secure competitive terms. In this rising interest rate environment, the UK clearing banks being risk-averse struggled to offer competitive terms, with most offering sub 40-45% at higher margins than those secured."

Oh, okay. Thanks, Sam.

Belgravia PF who are based in London provide advice and brokerage services to property investors and developers seeking property funding, including development finance, bridging loans, senior and mezzanine finance, at all levels of the capital stack in the UK and Europe.

Fair enough.

ENDS

ENDS

ENDS

...

Anything else? Music?

This will be the demo -

Mighty Soul

Shady, Dodgy, Shifty

This Love

Yeah, I recorded a version of This Love the other day that I didn't like at first, but now I do. Fortunately, I didn't scrap it. I deleted it from the Zoom Handy, but I left it on my phone for some reason - thank God!

Anyway, those three songs are more or less on the same level. I suppose it's a matter of taste which is the best.

Personally, I think Mighty Soul is the best.

This Love is the most commercial.

And I reckon Shady, Dodgy, Shifty will turn out to be my most popular song - if I ever hit the big time. I still don't have a recording I like, of course. / Actually, the very first recording of it was the best, but I was singing a dummy lyric then. My life, eh?

Anyway ...

I believe those three songs - even though I can't perform like Ed Sheeran yet, Christ - will get me a deal with one of the three majors.

I've got to believe that, actually, because things are looking very bleak for me at the moment.

Man, I want Shady, Dodgy, Shifty recorded by Sunday!!! 'Ha! You say that at the end of every week, don't you, Mikey?'

Yeah, yeah ... yeah!

Laters!

'Bye!'

Questions for everyone

Can you feel really alive in one moment? So alive that you only need that moment ... and not the millions of moments that belong to others?

Can you stare at the sea for an hour ... with that being enough?

Can you breathe only once with such intensity ... that all other breaths seem like sad jokes?

Can you spend just one day knowing the sun, and just one night knowing the moon ... and be satisfied with that?

Can you laugh at the thought of death? Or at least smile? Will you have to force yourself?

Can you be so alone that you doubt you even exist? Can you enjoy that feeling? Or will it be too much for you?

Can you look at someone and see nothing at all - without being frightened?

Can you imagine any of this?

[No. 1,076] Who knows?!

Tell me!

And, hello[1], and, you, you ...[1], and, hello[2], and does anyone know ... how we should be thinking ... and how we should be feeling?[1], and, you, you ...[2], and to be safe, to be calm[1], and does anyone know ... how we should be thinking ... and how we should be feeling?[2], and a-ROUND, and a-ROUND, and a-ROUND ... until I'm utterly gone is all I seem to know[1], and to be safe, to be calm[2], and, uh, uh ...[1], and a-ROUND, and a-ROUND, and a-ROUND ... until I'm utterly gone is all I seem to know[2], and ... ... ... ... ... ... ... ... ... you know???[1], and, uh, uh ...[2], and these days, those days ... any days![1], and ... ... ... ... ... ... ... ... ... you know???[2], and, Christ ...[1], and these days, those days ... any days![2], and I don't know, and I don't know, and I don't know ... what's out there ... that is worth saving[1], and, Christ ...[2], and I tell you ...[1], and I don't know, and I don't know, and I don't know ... what's out there ... that is worth saving[2], and when you've got a squirrel on your roof ... that is scratching ... inside your brain ... and cats in the yard, too[1], and I tell you ...[2], and those cars ... man![1], and when you've got a squirrel on your roof ... that is scratching ... inside your brain ... and cats in the yard, too[2], and it's too much for a spiritual aristocrat ...[1], and those cars ... man![2], and ... 'It's a shame'[1], and it's too much for a spiritual aristocrat ...[2], and those screams of lost souls at all hours of the day and night ... on, and on, and on ... they never stop![1], and ... 'It's a shame'[2], and ... 'It's certainly a real shame'[1], and those screams of lost souls at all hours of the day and night ... on, and on, and on ... they never stop![2], and, but, but, but ... what can we do??? ... / ... and, you, you ... what can YOU(!) do???[1], and ... 'It's certainly a real shame'[2], and ... 'Yes, it's a shame'[1], and, but, but, but ... what can we do??? ... / ... and, you, you ... what can YOU(!) do???[2], and, shut up, shut up, shut up ... IDIOT - !!![1], and ... 'Yes, it's a shame'[2], and, listen ... ... ... Did we spin ourselves over a thousand of these things to end up right here ... ?[1], and, shut up, shut up, shut up ... IDIOT - !!![2], and do you know where you are, my friend?[1], and, listen ... ... ... Did we spin ourselves over a thousand of these things to end up right here ... ?[2], and I know I'm here - !!![1], and do you know where you are, my friend?[2], and it's like hell, or ... heaven ... depending on your mood(s) ... which you can't control ... Oh, you're as bad as me![1], and I know I'm here - !!![2], and, hello, hello ... Am I talking to you???[1], and it's like hell, or ... heaven ... depending on your mood(s) ... which you can't control ... Oh, you're as bad as me![2], and, yeah, yeah ... I suppose ... I mean ... what else would I be doing? ... do you know ... do I know ...[1], and, hello, hello ... Am I talking to you???[2], and ... question marks![1], and, yeah, yeah ... I suppose ... I mean ... what else would I be doing? ... do you know ... do I know ...[2], and ... where were they ... ??? ... Ha, ha, ha ... uh[1], and ... question marks![2], and it's all chaos, this[1], and ... where were they ... ??? ... Ha, ha, ha ... uh[2], and ... 'Damn straight!'[1], and it's all chaos, this[2], and this ... it comes from a bigger chaos[1], and ... 'Damn straight!'[2], and a-ROUND, and a-ROUND, and a-ROUND ... yippee?[1], and this ... it comes from a bigger chaos[2], and ... aren't I lucky?[1], and a-ROUND, and a-ROUND, and a-ROUND ... yippee?[2], and, er ...[1], and ... aren't I lucky?[2], and, probably not[1], and, er ...[2], and I don't know, actually[1], and, probably not[2], and, hello[3], and I don't know, actually[2], and, you, you ...[3], and does anyone know ... how we should be thinking ... and how we should be feeling?[3], and to be safe, to be calm[3], and a-ROUND, and a-ROUND, and a-ROUND ... until I'm utterly gone is all I seem to know[3], and, uh, uh ...[3], and ... ... ... ... ... ... ... ... ... you know???[3], and these days, those days ... any days![3], and, Christ ...[3], and I don't know, and I don't know, and I don't know ... what's out there ... that is worth saving[3], and I tell you ...[3], and when you've got a squirrel on your roof ... that is scratching ... inside your brain ... and cats in the yard, too[3], and those cars ... man![3], and it's too much for a spiritual aristocrat ...[3], and ... 'It's a shame'[3], and those screams of lost souls at all hours of the day and night ... on, and on, and on ... they never stop![3], and ... 'It's certainly a real shame'[3], and, but, but, but ... what can we do??? ... / ... and, you, you ... what can YOU(!) do???[3], and ... 'Yes, it's a shame'[3], and, shut up, shut up, shut up ... IDIOT - !!![3], and, listen ... ... ... Did we spin ourselves over a thousand of these things to end up right here ... ?[3], and do you know where you are, my friend?[3], and I know I'm here - !!![3], and it's like hell, or ... heaven ... depending on your mood(s) ... which you can't control ... Oh, you're as bad as me![3], and, hello, hello ... Am I talking to you???[3], and, yeah, yeah ... I suppose ... I mean ... what else would I be doing? ... do you know ... do I know ...[3], and ... question marks![3], and ... where were they ... ??? ... Ha, ha, ha ... uh[3], and it's all chaos, this[3], and ... 'Damn straight!'[3], and this ... it comes from a bigger chaos[3], and a-ROUND, and a-ROUND, and a-ROUND ... yippee?[3], and ... aren't I lucky?[3], and, er ...[3], and, probably not[3], and I don't know, actually[3], and

And, hello[1], and, you, you ...[1], and, hello[2], and does anyone know ... how we should be thinking ... and how we should be feeling?[1], and, you, you ...[2], and to be safe, to be calm[1], and does anyone know ... how we should be thinking ... and how we should be feeling?[2], and a-ROUND, and a-ROUND, and a-ROUND ... until I'm utterly gone is all I seem to know[1], and to be safe, to be calm[2], and, uh, uh ...[1], and a-ROUND, and a-ROUND, and a-ROUND ... until I'm utterly gone is all I seem to know[2], and ... ... ... ... ... ... ... ... ... you know???[1], and, uh, uh ...[2], and these days, those days ... any days![1], and ... ... ... ... ... ... ... ... ... you know???[2], and, Christ ...[1], and these days, those days ... any days![2], and I don't know, and I don't know, and I don't know ... what's out there ... that is worth saving[1], and, Christ ...[2], and I tell you ...[1], and I don't know, and I don't know, and I don't know ... what's out there ... that is worth saving[2], and when you've got a squirrel on your roof ... that is scratching ... inside your brain ... and cats in the yard, too[1], and I tell you ...[2], and those cars ... man![1], and when you've got a squirrel on your roof ... that is scratching ... inside your brain ... and cats in the yard, too[2], and it's too much for a spiritual aristocrat ...[1], and those cars ... man![2], and ... 'It's a shame'[1], and it's too much for a spiritual aristocrat ...[2], and those screams of lost souls at all hours of the day and night ... on, and on, and on ... they never stop![1], and ... 'It's a shame'[2], and ... 'It's certainly a real shame'[1], and those screams of lost souls at all hours of the day and night ... on, and on, and on ... they never stop![2], and, but, but, but ... what can we do??? ... / ... and, you, you ... what can YOU(!) do???[1], and ... 'It's certainly a real shame'[2], and ... 'Yes, it's a shame'[1], and, but, but, but ... what can we do??? ... / ... and, you, you ... what can YOU(!) do???[2], and, shut up, shut up, shut up ... IDIOT - !!![1], and ... 'Yes, it's a shame'[2], and, listen ... ... ... Did we spin ourselves over a thousand of these things to end up right here ... ?[1], and, shut up, shut up, shut up ... IDIOT - !!![2], and do you know where you are, my friend?[1], and, listen ... ... ... Did we spin ourselves over a thousand of these things to end up right here ... ?[2], and I know I'm here - !!![1], and do you know where you are, my friend?[2], and it's like hell, or ... heaven ... depending on your mood(s) ... which you can't control ... Oh, you're as bad as me![1], and I know I'm here - !!![2], and, hello, hello ... Am I talking to you???[1], and it's like hell, or ... heaven ... depending on your mood(s) ... which you can't control ... Oh, you're as bad as me![2], and, yeah, yeah ... I suppose ... I mean ... what else would I be doing? ... do you know ... do I know ...[1], and, hello, hello ... Am I talking to you???[2], and ... question marks![1], and, yeah, yeah ... I suppose ... I mean ... what else would I be doing? ... do you know ... do I know ...[2], and ... where were they ... ??? ... Ha, ha, ha ... uh[1], and ... question marks![2], and it's all chaos, this[1], and ... where were they ... ??? ... Ha, ha, ha ... uh[2], and ... 'Damn straight!'[1], and it's all chaos, this[2], and this ... it comes from a bigger chaos[1], and ... 'Damn straight!'[2], and a-ROUND, and a-ROUND, and a-ROUND ... yippee?[1], and this ... it comes from a bigger chaos[2], and ... aren't I lucky?[1], and a-ROUND, and a-ROUND, and a-ROUND ... yippee?[2], and, er ...[1], and ... aren't I lucky?[2], and, probably not[1], and, er ...[2], and I don't know, actually[1], and, probably not[2], and, hello[3], and I don't know, actually[2], and, you, you ...[3], and does anyone know ... how we should be thinking ... and how we should be feeling?[3], and to be safe, to be calm[3], and a-ROUND, and a-ROUND, and a-ROUND ... until I'm utterly gone is all I seem to know[3], and, uh, uh ...[3], and ... ... ... ... ... ... ... ... ... you know???[3], and these days, those days ... any days![3], and, Christ ...[3], and I don't know, and I don't know, and I don't know ... what's out there ... that is worth saving[3], and I tell you ...[3], and when you've got a squirrel on your roof ... that is scratching ... inside your brain ... and cats in the yard, too[3], and those cars ... man![3], and it's too much for a spiritual aristocrat ...[3], and ... 'It's a shame'[3], and those screams of lost souls at all hours of the day and night ... on, and on, and on ... they never stop![3], and ... 'It's certainly a real shame'[3], and, but, but, but ... what can we do??? ... / ... and, you, you ... what can YOU(!) do???[3], and ... 'Yes, it's a shame'[3], and, shut up, shut up, shut up ... IDIOT - !!![3], and, listen ... ... ... Did we spin ourselves over a thousand of these things to end up right here ... ?[3], and do you know where you are, my friend?[3], and I know I'm here - !!![3], and it's like hell, or ... heaven ... depending on your mood(s) ... which you can't control ... Oh, you're as bad as me![3], and, hello, hello ... Am I talking to you???[3], and, yeah, yeah ... I suppose ... I mean ... what else would I be doing? ... do you know ... do I know ...[3], and ... question marks![3], and ... where were they ... ??? ... Ha, ha, ha ... uh[3], and it's all chaos, this[3], and ... 'Damn straight!'[3], and this ... it comes from a bigger chaos[3], and a-ROUND, and a-ROUND, and a-ROUND ... yippee?[3], and ... aren't I lucky?[3], and, er ...[3], and, probably not[3], and I don't know, actually[3], and

And, hello[1], and, you, you ...[1], and, hello[2], and does anyone know ... how we should be thinking ... and how we should be feeling?[1], and, you, you ...[2], and to be safe, to be calm[1], and does anyone know ... how we should be thinking ... and how we should be feeling?[2], and a-ROUND, and a-ROUND, and a-ROUND ... until I'm utterly gone is all I seem to know[1], and to be safe, to be calm[2], and, uh, uh ...[1], and a-ROUND, and a-ROUND, and a-ROUND ... until I'm utterly gone is all I seem to know[2], and ... ... ... ... ... ... ... ... ... you know???[1], and, uh, uh ...[2], and these days, those days ... any days![1], and ... ... ... ... ... ... ... ... ... you know???[2], and, Christ ...[1], and these days, those days ... any days![2], and I don't know, and I don't know, and I don't know ... what's out there ... that is worth saving[1], and, Christ ...[2], and I tell you ...[1], and I don't know, and I don't know, and I don't know ... what's out there ... that is worth saving[2], and when you've got a squirrel on your roof ... that is scratching ... inside your brain ... and cats in the yard, too[1], and I tell you ...[2], and those cars ... man![1], and when you've got a squirrel on your roof ... that is scratching ... inside your brain ... and cats in the yard, too[2], and it's too much for a spiritual aristocrat ...[1], and those cars ... man![2], and ... 'It's a shame'[1], and it's too much for a spiritual aristocrat ...[2], and those screams of lost souls at all hours of the day and night ... on, and on, and on ... they never stop![1], and ... 'It's a shame'[2], and ... 'It's certainly a real shame'[1], and those screams of lost souls at all hours of the day and night ... on, and on, and on ... they never stop![2], and, but, but, but ... what can we do??? ... / ... and, you, you ... what can YOU(!) do???[1], and ... 'It's certainly a real shame'[2], and ... 'Yes, it's a shame'[1], and, but, but, but ... what can we do??? ... / ... and, you, you ... what can YOU(!) do???[2], and, shut up, shut up, shut up ... IDIOT - !!![1], and ... 'Yes, it's a shame'[2], and, listen ... ... ... Did we spin ourselves over a thousand of these things to end up right here ... ?[1], and, shut up, shut up, shut up ... IDIOT - !!![2], and do you know where you are, my friend?[1], and, listen ... ... ... Did we spin ourselves over a thousand of these things to end up right here ... ?[2], and I know I'm here - !!![1], and do you know where you are, my friend?[2], and it's like hell, or ... heaven ... depending on your mood(s) ... which you can't control ... Oh, you're as bad as me![1], and I know I'm here - !!![2], and, hello, hello ... Am I talking to you???[1], and it's like hell, or ... heaven ... depending on your mood(s) ... which you can't control ... Oh, you're as bad as me![2], and, yeah, yeah ... I suppose ... I mean ... what else would I be doing? ... do you know ... do I know ...[1], and, hello, hello ... Am I talking to you???[2], and ... question marks![1], and, yeah, yeah ... I suppose ... I mean ... what else would I be doing? ... do you know ... do I know ...[2], and ... where were they ... ??? ... Ha, ha, ha ... uh[1], and ... question marks![2], and it's all chaos, this[1], and ... where were they ... ??? ... Ha, ha, ha ... uh[2], and ... 'Damn straight!'[1], and it's all chaos, this[2], and this ... it comes from a bigger chaos[1], and ... 'Damn straight!'[2], and a-ROUND, and a-ROUND, and a-ROUND ... yippee?[1], and this ... it comes from a bigger chaos[2], and ... aren't I lucky?[1], and a-ROUND, and a-ROUND, and a-ROUND ... yippee?[2], and, er ...[1], and ... aren't I lucky?[2], and, probably not[1], and, er ...[2], and I don't know, actually[1], and, probably not[2], and, hello[3], and I don't know, actually[2], and, you, you ...[3], and does anyone know ... how we should be thinking ... and how we should be feeling?[3], and to be safe, to be calm[3], and a-ROUND, and a-ROUND, and a-ROUND ... until I'm utterly gone is all I seem to know[3], and, uh, uh ...[3], and ... ... ... ... ... ... ... ... ... you know???[3], and these days, those days ... any days![3], and, Christ ...[3], and I don't know, and I don't know, and I don't know ... what's out there ... that is worth saving[3], and I tell you ...[3], and when you've got a squirrel on your roof ... that is scratching ... inside your brain ... and cats in the yard, too[3], and those cars ... man![3], and it's too much for a spiritual aristocrat ...[3], and ... 'It's a shame'[3], and those screams of lost souls at all hours of the day and night ... on, and on, and on ... they never stop![3], and ... 'It's certainly a real shame'[3], and, but, but, but ... what can we do??? ... / ... and, you, you ... what can YOU(!) do???[3], and ... 'Yes, it's a shame'[3], and, shut up, shut up, shut up ... IDIOT - !!![3], and, listen ... ... ... Did we spin ourselves over a thousand of these things to end up right here ... ?[3], and do you know where you are, my friend?[3], and I know I'm here - !!![3], and it's like hell, or ... heaven ... depending on your mood(s) ... which you can't control ... Oh, you're as bad as me![3], and, hello, hello ... Am I talking to you???[3], and, yeah, yeah ... I suppose ... I mean ... what else would I be doing? ... do you know ... do I know ...[3], and ... question marks![3], and ... where were they ... ??? ... Ha, ha, ha ... uh[3], and it's all chaos, this[3], and ... 'Damn straight!'[3], and this ... it comes from a bigger chaos[3], and a-ROUND, and a-ROUND, and a-ROUND ... yippee?[3], and ... aren't I lucky?[3], and, er ...[3], and, probably not[3], and I don't know, actually[3], and

Fuel duty freeze is a reckless waste

Er ... of public money, yeah.

'PR email, boss?'

Yes, Voice. PR email from the Social Market Foundation.

'Nice one!'

Yeah.

Permanently freezing fuel duty at the Budget would mean a loss of £5.5 billion each year to the public finances and benefit the richest, a think-tank warns today.

The Social Market Foundation said that a rumoured freeze in the rate of fuel duty would mean a loss of £27bn over five years to the Treasury, undermining politicians' claims to believe in "sound money" and balanced budgets.

Both the Conservative Government and the Labour Opposition have emphasised the importance of fiscal discipline as the economy struggles. But at the same time, both parties are leaning towards big giveaways on fuel duty. Labour has called for a duty freeze and the Government is considering making last year’s temporary 5p-per-litre cut into a permanent policy - the largest fuel duty cut in history.

In a briefing note published today, the Social Market Foundation calculates that maintaining this freeze for the next five years means that the public purse will lose roughly £5.5bn each year, compared to if the 5p-per-litre cut were removed and the rate rose in line with inflation. Over five years, losses amount to over £27 billion.

Instead, the SMF advises the Government to unfreeze fuel duty, and use the revenue raised to address the rising costs of motoring and the regional inequalities in transport access.

Fuel duty has been frozen since 2011, meaning the Treasury has foregone £100bn in tax revenue. The freeze and cuts have benefitted the richest the most - as of 2020, £17bn went to the richest households, and less than half that (£8bn) went to the poorest.

In the same period over 2,000 bus networks outside London have been reduced due to budget cuts and there have been up to 60 million fewer rail journeys. This spring, another 10-15% of England’s bus services are under threat of being cut.

Meanwhile, repeated freezes in fuel duty have increased the UK's CO2 emissions by as much as 5% as people drive more because fuel is cheaper.

Okay, okay. / And what does Gideon say?

Gideon Salutin, Researcher at the Social Market Foundation, says: "We are told every day that the public finances are under great strain, and about the heightened importance of sound money. Yet our politicians are willing to wave away billions of pounds in tax revenue and trash their own claims to fiscal responsibility in order to hand some cash to better-off drivers."

"Freezing fuel duty yet again would obstruct the UK's commitments to net zero transport and would hardly help out the most vulnerable. Instead of handing £5.5 billion a year for motoring, that money could be used to provide new buses and rail hubs for rural communities, alternatives for those stuck in expensive car ownership, finance green industrial growth, and deliver on more pressing needs.

"Voters need and are more concerned with failing transport infrastructure - the meagre benefits on fuel duty freezes will be remembered by few, but will cost the nation dearly for years to come."

Thanks, mate!

ENDS

ENDS

ENDS

'Don't you have anything to add, boss?'

No.

'No? No comment?'

No, Voice. I'm not in the mood, honestly.

ENDS

ENDS

ENDS

...

Anything else? Music?

This will be the demo -

Mighty Soul

Shady, Dodgy, Shifty

Round the Bend

Meaning ... I only need to record Shady, Dodgy, Shifty. I ain't got no time for loads of recording, you dig?

Laters.