Magazine article The Spectator

Down the Drain

Magazine article The Spectator

Down the Drain

Article excerpt

THEY still don't get it, do they? The Equitable Life - unused, as its president says, to blame rather than praise - has turned to advertising. Its new ads hit your screen this week, shot in black and white and featuring John Peel, Tim Bell and Amanda Burton, who are described as celebrities from Britain's baby-boomer generation. Their message is set out in Campaign, the adman's almanack: 'To capitalise on the fact that Equitable Life has mutual status and therefore no drain on its finances from shareholders.' Every business needs capital. Most businesses get it from shareholders, who run the risks and, in good times, collect their rewards. In mutually owned businesses like the Equitable, the rewards and the risks come straight through to its members. Just now there is a drain on its finances, and the plug has been pulled out. …

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