There Won't Be War

The announcement comes on top of panic-selling of GEC-Plessey shares on the basis of rumours that the electronics giant had overextended itself in the Soviet market and was about to come under threat again from a Gorki-based consortium. Suggestions of an alliance with British Aerospace or Amstrad have been discounted by spokespersons for those companies.

Shares fell sharply from their opening prices, but recovered slightly half an hour into trading when buying programs were activated by unprecedentedly low prices. The DTI has not yet released details of its Emergency Economic Rescue Package, but an announcement from Downing Street is expected this afternoon.

In Moscow, the Politburo released a sharply critical statement, accusing several Soviet-based multinationals of placing personal gain ahead of the public good, and of forgetting their socialist origins. None of the companies concerned had anything to say in response to this accusation.

NewsBurst: 11:25 C.M.T.

Catastrophe has struck the Stock Exchange in the past hour, with the revelation that IBM is definitely cooperating with the Soviet MGF consortium and Cola Corporation. Following the IBM takeover of Mercury, the company responsible for running the SEAQ dealer network, confidence in the very medium of trade has collapsed. It is considered likely that details of confidential bids are being piped direct to hostile corporate computers. While this “outsider dealing” is definitely in breach of the law, it cannot yet be proven and by the time DTI inspectors and Scotland Yard have established the facts, many companies will be in receivership.

It is reported that the main Tandem fault-tolerant mainframes in use by Barclays de Stoat Fader have become infected by a virus which is systematically downloading all their files into SEAQ. The blatant data piracy has shaken the board of directors, who are expected to announce a suspension of trading by the UK’s biggest investment house in less than half an hour’s time.

Chaos has hit the international exchange rates, with the ECU falling to 43 Kopeks, a completely unprecedented collapse. The FT100 index at 11:00 G.M.T. stood at 1892, its lowest level in ten years.

President Jackson has scheduled his big speech for 13:00 G.M.T., which will be covered by this data channel.

The initial effect of the rise in interest rates has been a massive drop in the cost of housing. Prices in the high street chains have fallen by up to 60% in one morning, and reports of estate agents engaging in suicide pacts have been coming in. Pedestrians are advised to be careful about venturing out on foot in the Square Mile and the Docklands Enterprise Zone, where eight suicides by jumping have been reported this morning so far. The London Underground’s Northern Line was reported to be at a standstill, with a record four bodies on the line in two hours.

The parliamentary Opposition has tabled a vote of no confidence in the government, and is predicting a defection by large numbers of back-bench Thatcherite MPs. Fears of an incoming hard-left government have done nothing to allay share instability in the system; the Opposition remains committed to a massive program of re-nationalisation, wage and price control, and other policies which in the light of the events of this week can be expected to be massively popular with the electorate.

NewsBurst: 12:07 G.M.T.

Amstrad and News International Group have been bought out by Yegor Ligachev Technologies of Novosibirsk, a relatively obscure hydroelectric power project whose fluidity has been massively augmented in the European markets by the behaviour of their commercial big brothers. Rupert Murdock and Alan Sucrose were unavailable for comment, but an unattributable source has stated that Mr. Sucrose is to be offered the Managing Directorship of Sony. With the loss of these two multinationals, the entire UK television industry is now concentrated in the hands of Soviet-owned companies.

A vote of no confidence in the government has been scheduled for 13:30 this afternoon.

Reports are coming in of the lynching of two bank managers in Stoke-on-Trent by customers angered by the rise in mortgage rates. Labour councils in the Northwest are said to be considering a general buy-out offer for all mortgage-holders unable to sustain re-payments; in return for title to the properties, the councils are offering to maintain the occupants as sitting tenants in normal council accommodation.

The Trades Union Congress has called for an immediate one-week General Strike in those industries affected by Soviet takeovers, in an attempt to “poison the pill.” General Secretary Todt had this to say: