City Diary: Too little, too late, for high-speed rural broadband

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Good to see the Treasury leading by example when it comes to prudent spending.

Thanks to the Exchequer’s economic secretary, Nicky Morgan, Diary can reveal that HM Treasury has bought ten flat-screen televisions within the last 24 months – a total cost to the public purse of £4,202.80.

To keep up with events in Brussels, perhaps, or to broadcast live debates from the Commons? Not quite. The sets were bought for the Olympic Communication Team, ahead of the London 2012 Olympics.

Apparently, the Treasury felt some quality viewing time was essential “to help deliver a successful Games for the country”. Sporting.

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Closed shop on Coles exit

News from Sir Philip Green’s inner circle as Diary learns that Chris Coles, a former Barclays Capital banker, has stepped down as a director of Taveta Investments, the £2.7bn turnover group that controls the retail tycoon’s Arcadia empire.

Actis Capital, the private equity company where Coles is a currently a partner, confirmed his departure – although Sir Philip was in less talkative mood.

“Your query is with our executive office, in case Sir Philip would like speak to you further on this,” said a spokesman for Arcadia. Alas, the phone has yet to ring.

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Could Lloyds Banking Group’s efforts to sell up to 50pc of its TSB business be threatened by a technicality?

As one reader points out, when Lloyds and TSB merged back in 1995, it was structured as a reverse takeover by TSB, meaning TSB 'acquired’ Lloyds Bank, not the other way round.

“How can Lloyds sell something to TSB that TSB already owns?” wonders the long-memoried source. “Has anyone told Vince Cable?”

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Stockbroker's licence to thrill

A rare foray to the City yesterday from actor Sean Bean.

The James Bond villain was lured down from Sheffield by ex-stockbroker Richard Old for “support” at the launch of his first novel, Fat Chancer. It’s a fast-paced thriller set at the “blue-blooded, but corrupt” stockbroker Carven de Witt, following the rise – and inevitable fall – of anti-hero Andy Wirksworth.

While inspired by actual persons and events from his City career, says Old, it is, of course “all fictional”.

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harriet.dennys@telegraph.co.uk

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