Was that the chairman of Coutts I saw emptying his pockets of wads of twenties round the Ascot betting ring on Saturday? Was that the CEO of HBOS in front of me in the Tote queue investing exclusively on 100–1 shots? Illusions, of course. It must have been the unaccustomed glare of sunshine which greeted us punters on Willmot Dixon Group Day. But in a world in which only sock and mattress salesmen can be turning a profit it scarcely seemed like gambling any more to be going to the races. Who could say that a 7–2 shot like Emma Lavelle’s much-touted Champion Hurdle hopeful Crack Away Jack at Chepstow was not a wiser investment than an Icelandic government bond or a promised 8.5 per cent return on an ISA with the Grab the Bonus and Run Investment Trust? Interesting too how quiet those cruising City sharks have become. They used to tell us there wasn’t a politician capable of running a whelk stall.
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