Or answer (b).

I haven't written anything recently because I don't think there has been anything new to say, and I've been busy with other stuff. But I thought that this answer (published yesterday, and too long to tweet) to a question posed in the House of Lords…

I was at a small dinner tonight at which the speaker was a Minister from the Treasury. He was speaking under Chatham House Rules, which precludes my naming him. But it doesn't make a huge amount of difference because he didn't really say very much.

Paul Leyland from Investec is quoted in the Independent today as saying, "it will be difficult to make money in a taxed UK environment". In a single sentence, he has written off 10 years of history in which Betfair has been profitable every year, paid out a…