BUSINESS WITH PERSONALITY CONVERT TO THE CAUSE SHARE OF THE SPOILS TOP TORY REMAINER MP: THE DANGER BEHIND WHY I’M BACKING BORIS PART-OWNERSHIP P11 TO BOOST BRITAIN P16 WEDNESDAY 10 JULY 2019 ISSUE 3,410 CITYAM.COM FREE Woodford’s holders stuck LABOUR LORDS in Hargreaves JESS CLARK @jclarkjourno HARGREAVES Lansdown customers who invested in Neil Woodford’s suspended fund have been blocked from switching platforms, according to evidence ABANDONOWEN BENNETT SHIP the right judgment call about an issue submitted to the Treasury @owenjbennett reflecting deep prejudice. Select Committee’s inquiry Triesman added: “It is no longer a safe into the scandal. JEREMY Corbyn faced a fresh blow to his political environment for Jewish people Richard Wilson, chief authority yesterday when a former gen- or other opponents of antisemitism.” executive of rival fund eral secretary of the Labour party branded Labour has been dogged with accusa- supermarket Interactive him and his advisers “antisemitic”. tions of antisemitism in recent years, and Investor, said investors had Lord Triesman was one of three Labour in February Jewish Labour MP Luciana “both hands tied” after Link peers to resign the party whip in protest Berger quit the party in protest at the con- Fund Solutions, the at the handling of antisemitism by the tinued abuse she had received and a lack authorised fund manager, leadership – a further sign that Corbyn of support from the leadership. blocked customers has yet to convince many he can tackle The row is unlikely to go away, with a transferring from Hargreaves racism in the party he leads. BBC Panorama programme set to air Lansdown to another Triesman, who served as general secre- tonight said to contain interviews with platform. tary under Tony Blair, held nothing back former staff members setting out their Woodford customers are in his resignation letter, branding the experiences. also unable to withdraw their Labour party “very plainly institutionally Responding to the resignations, a savings while the Equity antisemitic”. Labour party spokesperson said: “We Income fund remains A Labour spokesperson rejected the completely reject these false and offen- indefinitely suspended. accusations, but they come at a time sive claims.” Wilson said investors were when the party finds itself under formal The resignations came just hours after unable to transfer ownership investigation by the equalities watchdog Corbyn confirmed Labour would cam- as a change in share class into whether it has harassed or discrimi- paign for Remain in another Brexit refer- would be required. However, nated against Jews. endum held under a Conservative he said the change is a “simple As well as Triesman, former health min- government. However, he was unable to record-keeping matter” and ister Lord Darzi and ex-Royal College of say whether Labour would offer another the decision had “no sound Physicians chief Lord Turnberg, also re- public vote if he became Prime Minister rationale”. signed the whip. before Brexit was delivered. Hargreaves Lansdown In his letter to Labour’s leader in the Instead, Corbyn indicated he still be- customers have £1.6bn tied up Lords, Angela Smith, Triesman was blunt lieves his party’s Brexit policy – which in the Woodford Equity on the reasons for his departure. includes signing an EU-UK customs union Income Fund. The investment He said: “My sad conclusion is that the while retaining an independent trade pol- platform has come under fire Labour party is very plainly institutionally icy – “could bring the country together.” for including Neil Woodford’s antisemitic, and its leader and his circle fund on a “best buy” list are antisemitic, having never once made £ THE CITY VIEW: P2 despite recognising issues with its level of illiquid assets. FTSE 100 ▼ 7,536.47 -12.80 FTSE 250 ▼ 19,467.37 -114.10 DOW ▼ 26,783.49 -22.65 NASDAQ ▲ 8,141.73 +43.35 £/$ ▼ 1.246 -0.006 £/€ ▼ 1.112 -0.004 €/$ ▼ 1.121 -0.002 THE GREAT FINANCIAL TRADING CONFERENCE 2019 FX | COMMODITIES | CRYPTO | IPOs | EQUITIES HOSTED BY GEORGIE FROST TUESDAY 23RD JULY 8:30AM TO 2:00PM LEONARDO ROYAL HOTEL, E1 8GP Join City AM and ThinkMarkets to get the inside track on trading from leading financial experts and analysts, CEOs and personalities from the financial arena. Plus a special discussion with boxer AMIR KHAN on his secrets to success VISIT CITYAM.COM/EVENT/THINK-MARKETS TO REGISTER 02 NEWS WEDNESDAY 10 JULY 2019 CITYAM.COM TETE-A-TETE Johnson and Hunt trade jibes in televised debate ahead of final voting to succeed Theresa May as Prime Minister THE CITY VIEW Labour incompetence is least of their worries ITH the Tory party engaged in a civil war (albeit one tempered by the Queensberry Rules), a competent Wopposition could expect to spend the summer shoring up a lead in the polls and presenting itself as a government in waiting. Unfortunately for the Labour party, competence eludes them. Yesterday, Jeremy Corbyn was finally forced off the Brexit fence on which he has balanced ever since the referendum. It is now Labour policy to call for a second referendum on any deal (or a no-deal proposition) put forward by a Tory government and, crucially, Corbyn’s party would campaign to Remain. However, the Labour leadership stopped short of confirming what they would actually do if they found themselves in government. Corbyn may have been pushed off the fence, but he lingers with one foot caught in the railings. For BORIS Johnson and Jeremy Hunt clashed over Brexit, tax reform and Donald Trump in a televised head-to-head debate last their position appears to be that they would try to negotiate a night. The two contenders to become PM squared off for an hour, with Johnson claiming only someone who supported Brexit in different deal, which would the 2016 referendum would be able to deliver a deal for the UK. Hunt hit back by accusing Johnson of “peddling optimism”. also be put to the public in The stain of another vote, and they may antisemitism has campaign against it. If you set deep into the thought the EU ran rings around Theresa May, wait fabric of the party until they start negotiating Watchdog warns of ‘real with a government that wants the British public to reject the deal they bring home. This is through-the-looking-glass politics. Labour’s position yesterday – promising to back Remain in opposition but refusing to say risk’ of ferry fiasco repeat what they’d do in government – risks alienating both wings of their party: not Remain enough to win over their metropolitan voters and certainly not Brexit enough to lure back the 5m ALEXANDRA ROGERS Transport secretary Chris Grayling minimum of three months, any new Labour voters who backed Leave. But their woes are bigger than came under significant pressure procurement process would need to @city_amrogers mere political cack-handedness. The stain of antisemitism has when it was revealed that his depart- begin very soon.” THE GOVERNMENT could waste even ment had awarded a £13.8m contract The PAC said the Eurotunnel settle- set deep into the fabric of this once-proud party, leading a more taxpayer money due to its lack to Seaborne Freight, a firm that ment, which would include improve- former Labour general secretary, Lord Triesman, to slam the of preparation for a no-deal Brexit, a owned no ships and had never run a ments to the terminal, amounted to party’s “institutional antisemitism” – saying “we may one day be top watchdog has warned, after the ferry service. “little more than window-dressing” the party of anti-racism once again but it certainly isn’t today”. Department for Transport (DfT) blew The government later cancelled the because the company said it would £85m on botched ferry contracts. contract, along with two others that have made such a commitment irre- He, and a handful of other Labour peers, quit the party The DfT’s lack of preparation risks it had secured with Brittany Ferries spective of the DfT agreement. yesterday on the eve of a BBC documentary likely to expose just cornering the government into fur- and DFDS. A DfT spokesperson said: “The how badly Corbyn’s Labour has handled instances and ther high-risk procurement contracts, With the cost of cancelling the con- freight capacity contracts were taken allegations of antisemitism. While the country watches a Tory parliament’s Public Accounts Com- tracts coming to £51.4m, and on top out as an insurance policy for the UK mittee (PAC) said today. of the £33m Eurotunnel settlement, to ensure that key medical supplies leadership race that could very well lead to a general election The committee criticised the DfT’s taxpayers have footed a bill of £85m, could be guaranteed in the event of a this year, they see an opposition party on the sidelines drowning procurement of additional ferry the PAC said. no-deal Brexit.” in scandal and incompetence. capacity at the end of last year as The watchdog warned: “There is a They added: “Two weeks ago the de- “rushed and risky”, saying it opened real risk that the short time left partment outlined a new framework the door to a legal challenge from before 31 October will force the proposal to provide a list of operators Eurotunnel, which argued that it had department into further high-risk capable of delivering this vital freight been excluded from bidding for the procurements, which it wants to capacity without the government contract. It later reached a £33m out- avoid,” it said. “Given the lead time committing to any agreements at this of-court settlement with the govern- needed to put ferry capacity in place, stage, with market engagement al- Follow us on Twitter @cityam ment in March.