Time Off with All the Best New Films & Sporting Drama P28-35

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Time Off with All the Best New Films & Sporting Drama P28-35 BUSINESS WITH PERSONALITY THE WEEKEND IS HERE PACK YOUR TIME OFF WITH ALL THE BEST NEW FILMS & SPORTING DRAMA P28-35 FRIDAY 21 JUNE 2019 ISSUE 3,397 CITYAM.COM FREE IT’S GOODNIGHT FROM THEM... HARRY ROBERTSON global payments system. a super-safe place to keep their Both men were giving what is likely money. @henrygrobertson to be their last ever speeches at the The Bank would also extend the use TWO OF the most powerful famous Mansion House bankers’ and of its settlements system, lowering custodians of the UK economy last merchants’ dinner in the City. the cost and increasing the speed of night laid out their vision for how the Carney is due to step down in payments for non-bank institutions. financial sector can thrive after they January after six years at the Bank’s Carney said the Bank was “levelling leave office. helm, while Hammond is unlikely to the playing field” and “reducing Addressing a City audience in the stay in Number 11 Downing Street reliance on major banks” which heart of the Square Mile, chancellor when a new prime minister replaces traditionally hold other firms’ money Philip Hammond announced a major Theresa May next month. and act as middlemen for payments. review into financial regulation as the Carney announced last night that Threadneedle Street appeared to be banking sector undergoes rapid the Bank will consult on letting non- readying itself for a new financial change and Britain prepares to leave bank financial institutions such as world, two days after Facebook the European Union. fintech firms deposit money with it proposed a global payments system Bank of England governor Mark overnight. linked to its 2.4bn-member social Carney said his institution would He said the move would “support network. open itself up to tech companies, just financial stability” by giving days after Facebook proposed a new increasingly important payment firms £ CONTINUES ON P2 ...AND HELLO FULL STORY TO BORIS? PAGE 3 FTSE 100▲7,424.44 +20.90 FTSE 250▲19,384.13 +138.67 DOW▲26,753.17 +249.17 NASDAQ▲8,051.34 +64.02 £/$▲ 1.270 +0.005 £/€▼ 1.125 -0.001 €/$▲ 1.129 +0.006 02 NEWS FRIDAY 21 JUNE 2019 CITYAM.COM THE CITY VIEW The City bids farewell to Spreadsheet Phil N THE drama of the Tory leadership contest, last night was a reminder that it is not only the Prime Minister to whom we Iwill soon be bidding farewell, but the chancellor too. Philip Hammond’s speech at the Mansion House dinner marked his final major address to the City and the effective end of his tenure at the Treasury. Unlike some of his predecessors, Hammond has not been the kind of flashy chancellor who tried to use the role as a stepping stone for the top job. In fact, at his first fiscal event – the 2016 Autumn Statement – he spoke out against making hundreds of tax changes twice a year, and committed to a single annual Budget and a straightforward Spring Statement responding to the economic forecast, forgoing the multiple opportunities to tinker and show off that George Osborne had so enjoyed. “Spreadsheet Phil” should also be commended for his commitment to fiscal discipline. While numerous members of the government, including Protestors, apparently affiliated with Greenpeace, interrupted the event during Theresa May in her final He won’t depart to chancellor Philip Hammond’s speech. Footage emerged of Tory MP Mark Field weeks, have attempted to a chorus of cheers, (right) appearing to grab a protestor by the neck and walk her out of the room. siphon off more taxpayer but he can leave funds, he has kept a tight grip on the purse strings. As with his head high the leadership candidates Climate protest gets ugly have pledged tax cuts and spending splurges on everything from schools to local councils to the environment, the chancellor’s contribution to the contest has been to urge them to commit to reducing the national debt (at least as a proportion of GDP) and not increasing the deficit. as big beasts bow out Beyond that, his record is mixed. Hammond can have a tin ear for the political mood and wasn’t much of an asset in winning over floating voters. His attempt to raise national insurance for CONTINUED FROM FRONT PAGE reflect on his time in the cabinet. protestors burst into Mansion House the self-employed was misguided and embarrassing, while his He also used his speech to issue a in an attempt to bring attention to announcement of an income tax cut last autumn (as a sign that Carney praised the tech giant’s pro- warning to the next prime minister – the issue of climate change. posed system, which would be based most likely to be Brexiter Boris John- They protested inside the building austerity was over) was partially nullified by a rise in national on a cryptocurrency called libra. son – about the consequences of for around five or six minutes before insurance for middle and high earners – an underhand move He said it could “substantially im- crashing out of the EU without a deal. being escorted out, according to an from a chancellor who trades on being too mature or too dull for prove financial inclusion”, but said it Carney, who is expected to outlast executive present. Greenpeace said such stealth machinations. Still, it is worth remembering that must be tightly regulated “in advance Hammond by some months, said less there were around 40 activists. of any launch”. Hammond also ad- about his tenure. But he returned to Footage emerged last night of Cities under Hammond, the deficit has been all but eliminated and the dressed rapid technological change, the theme of climate change, on of London and Westminster MP Mark UK economy is in a respectable state. The UK jobs miracle saying it must be used to empower which the Canadian has previously Field – a foreign office minister – ap- continues, wage growth has ticked up, and the economy is (for consumers and small businesses. been vocal. pearing to grab one of the protestors Hammond said a new regulatory He threw the Bank’s weight behind and forcibly eject her from the room. now at least) still growing. Hammond won’t depart to a chorus of system must recognise that the EU calls to make it mandatory for compa- On BBC Newsnight, Tory MP Alistair cheers, but he can leave with his head held high. will remain “one of our major trading nies and financial institutions to dis- Burt said “Mark [Field] will answer for partners”, but said it will lay “the close climate-related financial risks himself”. Labour’s Dawn Butler groundwork for the more global which could affect them. tweeted: “An investigation needs to nature of our future financial services He also announced it will carry out take place as soon as possible”. industry”. a “stress test” of UK financial institu- Field could not be reached for com- After three years in charge at the tions’ finances in 2021 to see how well ment last night. The City of London Treasury, Hammond used his speech they would cope with a climate crisis. Police said it had not recieved any Follow us on Twitter @cityam to the City’s big names to While Hammond spoke, Greenpeace reports related to the incident. FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL S&P DOWNGRADES KRAFT WHAT THE BBC TO LOOK AT VETTING MOBILE PHONE OPERATORS UNITEDHEALTH TO BUY HEINZ TO WORST GRADE OTHER AFTER DEBATE CRITICISM ACCUSED OF COLLUSION PAYMENTS FIRM FOR $3.2BN S&P Global became the latest to cut The BBC will consider “additional steps” Britain’s biggest mobile operators face Unitedhealth has agreed to buy health- Kraft Heinz’s credit rating to the lowest PAPERS SAY in its vetting process after being explosive claims of attempted price care payments firm Equian from its investment grade, potentially further criticised over the televised debate this fixing and collusion as part of a £1bn private-equity owner for about $3.2bn complicating the packaged food THIS week between the Conservative High Court battle over the sudden (£2.5bn), according to people familiar conglomerate’s efforts to reverse leadership candidates. Ofcom received collapse of Phones 4U. The former chief with the matter. Equian, owned by New flagging sales growth and draw a line MORNING 31 complaints about Our Next Prime executive of the mobile operator O2 Mountain Capital, offers payment- under problems with its accounting. Minister. made “inappropriate” attempts to processing services for health-care The rating agency cut the maker of discuss pricing and smartphone sales companies and insurers. Heinz ketchup and Philadelphia cream MPs TOLD TO REPAY AFTER plans with a direct rival, it is claimed. cheese to BBB- from BBB. The move SUBLETTING THEIR OFFICES MOORE TO MAKE SECOND leaves Kraft Heinz’s just one notch away MPs have been made to pay back EU DEADLOCKED OVER NEXT ALABAMA SENATE BID from junk status. thousands of pounds after subletting PRESIDENT OF COMMISSION Republican Roy Moore – who narrowly “possible forms of integration” of the their taxpayer-funded offices and failing The European Union was deadlocked lost to Democrat Doug Jones in a 2017 TELECOM ITALIA TALKS WITH two networks. It said it has signed a to hand back the money. The missing over who should replace Jean-Claude special election for the US Senate in OWNERS OF OPEN FIBER non-disclosure agreement with state payments were only uncovered when Juncker last night, with Emmanuel Alabama after a scandal over past Telecom Italia has opened formal talks lender Cassa Depositi e Prestiti and parliament’s expenses watchdog Macron and Angela Merkel at conduct– announced yesterday he will with the owners of Open Fiber about energy company Enel.
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