Bunhill: No semblance of reality

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THE industry minister Tim Sainsbury was strictly correct when in March he laughingly scorned the Labour Research Department's claim that his stake in the supermarket chain was worth pounds 160m. The figure had 'no semblance of reality', he said.

Very true. It turns out the stake then was nearer pounds 300m, though the Sainsbury share price decline and a transfer of 8 million shares to a charitable trust last week has since whittled it down to a more manageable pounds 207m, according to documents lodged with the Stock Exchange on Friday.