The second election debate is due to take place at 20.00 hrs this evening and having had the ‘dress-rehearsal’ and dressing down of last week’s first debate in Manchester, Brown, Clegg and Cameron must be feeling ever so slightly nervous. Tonight, in this second debate, the party leaders will have to defend their positions on foreign policy and tackle questions over government spending on defence and the nuclear deterrent, Trident.

Since the last debate several incidents and revelations have reshaped the public’s perception of Labour, the Conservatives and Liberal Democrats. A series of tit for tat accusations, some more ludicrous than others, have been thrown around. In Nick Clegg’s case this has involved a transformation in the media, depending on which paper you read, from Winston Churchill one week to a Nazi the next. (As suggested in the Daily Mail following an article Clegg wrote for the Guardian in 2002, claiming that Germany’s economy was stronger than Britain’s, with German workers 29 per cent more productive than their British counterparts.)

Clegg has also faced accusations after the Liberal Democrat leader allegedly received up to £250 a month from three businessmen in 2006, paid directly into his bank account by registered donors. All this will be seen by many as the unenviable, but inevitable result of him taking a front seat in the debate and turning-up the heat on his rivals. MC2 will watch with interest as to how he handles the pressure as he now faces scrutiny from all sides and can no longer act as mediator between Cameron and Brown.

Meanwhile, David Cameron has faced an egging from a teenager in Cornwall and has been accused of being spoiled and arrogant by Harriet Harman but has remained on message on the economy, stating in today’s Times that he believes a hung Parliament would put up credit rates for businesses and put pressure on the Sterling.

While Gordon Brown has received a damning blow from the IMF which claims that Britain’s recovery will be held back by the ‘withdrawal of fiscal stimulus, and high unemployment’.

If all this is still leaving you feeling perplexed about who to give your vote to then make sure you tune into tonight’s debate. In the meantime, do check out the following online questionnaires, designed to let the policies determine your vote and cut through the bicker and squabble:

http://www.whoshouldyouvotefor.com/index.php

http://www.voteforpolicies.org.uk/

You might just be surprised what party you’re aligned to- whether it helps or hinders your decision…

Cheshire-based Pets At Home, the pets accessory retailer, is reported to be eyeing up an IPO in 2010. The news is another sign of growing confidence, and an appetite for investment. It was only last week that there was a spate of fund-raising announcements, including the £720.5m cash call from housing-developer, Barratt, and financial sector equities lifted the FTSE 100 above 5000 points. 

However, the jury is still out as to whether this positive sentiment will last and if it is all such good news for those businesses involved. As for private equity house, Bridgepoint, its exit from Pets At Home will be, on the surface, a great success. The company was bought out for £230m in July 2004 and is now estimated to be worth £700m. Without a doubt, a fantastic return for Bridgepoint, but time will tell as to whether Pets at Home is ready to perform as a PLC.

The recent wave of rights issues should also be put into perspective. Although they will provide many with a vital financial boost, it should not mask the need for firms to rework their business models in order to remain competitive and survive the recession.

The news of IPOs and rights issues is welcoming, and I have no doubt that we will see more in the coming months. Well-funded businesses and investor confidence can only be good for the economy, as the UK seeks to buck negative growth in GDP. However, caution needs to be taken so that confidence doesn’t evolve into blind-optimism and bring further trouble onto the fragile economy.

In late 2010, retail giant, Tesco, will venture into the banking sector with the launch of its own current account and mortgage products. Although many commentators criticise the company for its dominance and power over the UK consumer, it is hard to argue against the creation of 800 new jobs in a recession and the introduction into a stale banking sector of some new competition.

Leading the charge will be Tesco Retailing Services’ chief executive, Andrew Higginson, who recently announced that he was determined to “build a bank from scratch” and insisted that Tesco would stay true to its performance-linked pay structure.

Distancing itself from the bonus scandal will be relatively straightforward for Tesco, which has the benefit of hindsight on its side and can start its banking model, including pay structure for banking executives, from scratch. However, competitors will declare that the industry’s hands are tied with regards to attracting talent, making guaranteed bonuses and lucrative pay structures inevitable.

It is unlikely that Tesco will be concerned about attracting the right talent for its banking operations. The size and scale of Tesco will lure some with the promise of stability and others with the challenge of helping to create something new and groundbreaking for the banking sector.

It is pleasing to see that there are actions being taken to counter the guaranteed bonus culture that appears to be rearing its ugly head again. However, although Tesco’s expansion seems unstoppable, other ventures, such as the launch of its US and Asian business, have proven to be difficult and riddled with complications. Similar anticipation will await the launch of Tesco’s banking operation. Watch this space…