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FRIDAY 31 JANUARY 2020 ISSUE 3,546 CITYAM.COM FREE BRITAIN TO LEAVE THE AT 11PM TONIGHT IT’S BEEN QUITE A RIDE

CATHERINE NEILAN the city which first gave indications of “Our job as the government — my job Baker said yesterday: “I’ll allow myself a request an extension to the transition @CatNeilan the momentous result when its vote to — is to bring this country together and glass of champagne... but I’ll celebrate period, which lasts until the end of leave was announced in the early hours take us forward. And the most in a way which is respectful of the December, giving the UK and the EU less BRITAIN will formally leave the of 24 June 2016. important thing to say tonight is that genuine sorrow that others are feeling than a year to sign a trade deal. European Union tonight at 11pm, more The government will mark the UK’s this is not an end but a beginning,” he is at the same time.” than three and a half years after the departure with a Downing Street light expected to say. Johnson is expected to lay out his £ HOW CARNEY COPED P2£ historic referendum vote. show and the Prime Minister will The Prime Minister’s plan for a low-key objectives for the second stage of £ THE STORY SO FAR P4–5£ will host a cabinet address the country at 10pm, stressing celebration was echoed by other negotiations with the bloc on Monday. £ CHIEF ON WHAT meeting in Sunderland today, visiting the need for unity. prominent Brexiters. Tory MP Steve The PM has repeatedly said he will not HAPPENS NEXT P14

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DOUBT IT TAKES OYSTER CARDS UK-based flying taxi outfit puts its latest model on display to commuters at Canary Wharf THE CITY VIEW Carney goes not with a bang but a whimper

HERE may be a part of Mark Carney that will be glad to see the back of the Bank of England. His eight-year tenure, Twhich ends in March, has been dominated by political turbulence and so, perhaps inevitably, rows about the politicisation of the Old Lady. Threadneedle Street is not alone in being pulled into the orbit of politics. Whether through Donald Trump’s relentless attacks on the Fed’s independence or the ECB’s creeping expansion into sensitive policy issues, central banks have been politicised — whether through accident or design. Looking back on Carney’s tenure as the 120th governor, there was an early row about “forward guidance”, a policy designed to give markets clearer signals about rates. Carney said the Bank would hold rates at 0.5 per cent until unemployment BRISTOL firm Vertical Aerospace displayed its latest flying taxi concept outside Canary Wharf tube station yesterday. The Seraph fell to seven per cent or lower. The labour market performed took off for the first time last year. The firm says it’s “working closely with regulators” to ensure that it can operate commercially better than many — including as early as 2022. Back on ground, Transport for is considering an appeal from Uber for a more traditional licence. Carney — expected, and in the end the Bank’s policy just left people confused. Labour MP Pat McFadden dubbed Carney Central banks, an “unreliable boyfriend”. The UK consumers former Goldman Sachs man whether through GDP warning as then had to wrangle with the accident or design, more confident Scottish referendum before have been facing his biggest political politicised challenge: Brexit. Carney Carney signs off after election warned Brexit could lead to recession, much to the fury of Leavers like JESS CLARK and Michael Howard who accused the Bank of a “woeful failure” HARRY ROBERTSON case for a rate cut. However, Carney @jclarkjourno to be balanced. Yet to many, he appeared an adult in the room as said: “To be clear, these are still early UK CONSUMER confidence jumped politicians squabbled. Throughout all this, unemployment @henry_g_robertson days, and it is less of a case of so far so this month across a number of continued to fall as the UK economy defied what Boris Johnson THE BANK of England left interest good, than so far, good enough.” surveys, signalling the end of a rates on hold yesterday, citing signs of The Bank was not optimistic that “jittery mood” as sentiment went on to call “the doomsters and the gloomsters”. Carney’s a short-term pick-up in growth follow- the growth pick-up would continue strengthens following the General period as governor could be caricatured as one of inaction, but ing the Tory election victory. long term. Threadneedle Street now Election result. leaving rates unchanged is no less a decision than deciding to Yet Threadneedle Street painted a thinks the economy will grow just 0.8 Polling released by GfK saw an cut or raise. Most of the Bank’s firepower has been dedicated to darker picture of longer-term growth per cent in 2020, down from an initial increase of two points, which Joe and slashed its forecasts to account estimate of 1.3 per cent, and foresees Staton, client strategy director, the controversial policy of quantitative easing — buying up for Brexit disruption and Britain’s 1.5 per cent growth in 2021. described as a “mini Boris bounce”. government debt. He’s also been busy in other areas, not least productivity crisis. The forecasts contrast sharply “This is linked,” he added, “to the climate change and as an active supporter of diversity in the In Mark Carney’s last rates decision with chancellor ’s stated uptick in jobs and housing as Bank governor, the monetary pol- desire to boost GDP growth to 2.8 per markets.” City. He worked closely with his successor Andrew Bailey, and icy committee (MPC) voted seven to cent a year. Notably individuals polled were between them, they provided reassurance to a sector felt by two to keep the main rate at 0.75 Britain officially leaves the EU particularly optimistic about their many to have been ignored by ministers during years of political per cent. This was despite a surge in tonight at 11pm, but will keep its cur- personal financial situation over upheaval and uncertainty. Bailey’s role as an architect of post- expectations of a cut after some rent trading arrangements until the the next 12 months. mixed data and dovish comments end of 2020. Another survey, conducted by Brexit trade means he’s well placed to oversee the Bank — and from MPC members. The Bank said that even with a tran- CEBR and YouGov, saw consumer the City — as Britain embarks on a bold, if uncertain, new phase. The Bank said falling Brexit uncer- sition to a “free-trade agreement”, in- confidence jump to an indexed tainty, the government’s announced creased friction will take an economic 107.7, a significant increase on spending measures, and the easing of toll, especially when combined with last year, and the highest in 16 Follow us on Twitter @cityam global trade tensions lessened the lacklustre productivity growth. months.

FINANCIAL TIMES THE WALL STREET JOURNAL TORIES TO DECRIMINALISE WHAT THE SMART MOTORWAYS COULD ST JAMES’S PLACE REJECTS SENATORS BEGIN FINAL BID BBC LICENCE FEE EVASION OTHER BE HALTED OR SCRAPPED HELENA MORRISSEY SNUB FOR TRUMP IMPEACHMENT Boris Johnson’s government will The rollout of smart motorways has The boss of wealth manager St James’s The direction of US President Donald launch its first strike on BBC funding PAPERS SAY been suspended pending the outcome place has dismissed criticism of its Trump’s impeachment trial is far from next week, opening a formal process to of a major safety review, the transport complex fees by its new director Dame certain, as House Democrats and the lift the criminal penalties on those THIS secretary said yesterday. Stretches of Helena Morrissey. Chief executive President’s legal team yesterday traded refusing to pay the licence fee. The smart motorway currently under Andrew Croft said he was not shots in the final day of questioning consultation on decriminalisation will MORNING construction “will not be opening” until concerned by Morrissey’s comments ahead of a pivotal Senate vote on be one of Johnson’s first domestic new safety measures have been that nobody at SJP could explain its calling witnesses today. policy initiatives since the election — a introduced, Grant Shapps said. charges to her “in a sentence”. sign of the importance he is placing on SOUTHWEST FLEW MILLIONS shaking-up the broadcaster and the PRINCE HARRY LOSES FIGHT CHILDREN’S COMMISSIONER ON UNSAFE AEROPLANES licence fee system it has relied on since AGAINST MAIL ON SUNDAY ACCUSES ATTACKS CLEGG Southwest pilots flew more than 17m the 1920s. Tories estimate license fee The Duke of Sussex has lost a complaint The children’s commissioner has passengers on planes with unconfirmed evasion to cause costs of up to £200m. Traton has tabled a $2.9bn (£2.22bn) against the Mail on Sunday, the accused Facebook head of affairs and maintenance records over roughly two offer to buy the rest of American newspaper his wife is suing separately former deputy prime minister Sir Nick years, a government report said VOLKSWAGEN OFFERS $2BN manufacturer Navistar, in an attempt to over an alleged breach of privacy. The Clegg of hindering the fight against yesterday. It said the firm failed to FOR US TRUCK MAKER make inroads into the lucrative US duke said an article about his African online harms and delaying a tech tax prioritise safety and that the airline’s Volkswagen’s truckmaking subsidiary heavy-duty vehicle market. wildlife pictures was inaccurate. that could help pay for it. regulator hasn’t done enough about it. CITYAM.COM FRIDAY 31 JANUARY 2020 NEWS 03 Amazon gets in Aston could decide between rescue packages as soon as this morning Prime position HARRY BANKS Sales declined seven per cent year into the company.” on year in 2019, to just 5,809. The News of the board meeting was STRUGGLING luxury car maker Aston firm described “challenging trading first reported by the , Martin Lagonda was said to be in conditions” in a trading update with a source telling the newspaper crunch boardroom talks last night to earlier this month and a decision on which deal to decide between two competing deals confirmed that it was “in accept could be announced as revenue soars for much-needed cash. discussion with potential as early as today. The Chinese car maker Geely and strategic investors which In the 18 months since Canadian billionaire Lawrence Stroll may or may not involve Aston Martin’s float, its EMILY NICOLLE firm’s highly successful cloud com- are believed to have readied £200m an equity investment value has shrunk by close to @emilyjnicolle puting arm — rose 34 per cent year on investments into the iconic British 75 per cent. year to hit $9.95bn, compared to esti- brand, which has been beset with How City A.M. reported The firm declined to AMAZON reported better-than-expect- mates of $9.81bn. The firm lost out to financial struggles in recent years. rumours of Stroll’s interest comment. ed results for its fourth quarter late Microsoft on a $10bn contract to sell last night, sending shares up as much services to the US Department of as 13 per cent in after-hours trading Defense last year, which was expected and pushing it back above $1 trillion to provide a major boost to AWS. (£760m) in market value. Amazon is contesting the decision. For the three months to the end of For the current quarter, Amazon December 2019, the e-commerce giant surprised investors by providing guid- posted a profit of $6.47 per share, or ance of revenue between $69bn and $4.2bn, jumping well ahead of analyst $73bn. Analysts had forecast revenue expectations of $4.03 according to of $71.65bn. data from Refinitiv. Net sales in North America, Chief executive Jeff Bezos said efforts Amazon’s biggest market, rose 21.6 to push holiday shoppers towards its per cent to $53.67bn, compared to on-demand Prime delivery service expectations of $52.23bn. paid off, with more people joining However its total operating expenses Prime in the quarter “than ever surged 21.8 per cent during the quar- before” to reach 150m users — a 50 per ter to $83.56bn. cent increase from figures in 2018. “Given the scale of investments tak- Revenue was reported at $87.44bn ing place analysts had expected versus estimates of $86.02bn, while profits to reverse, and the fact they’ve sales from subscription fees to Prime improved despite the extra spending and other services such as Music is testament to the quality of the busi- Unlimited and Prime Video rose 32 ness Jeff Bezos has created,” said per cent to $5.2bn. Hargreaves Lansdown equity analyst Amazon Web Services (AWS) — the Nicholas Hyett.

JAIL SALE Square Mile police station to be transformed into a five-star luxury hotel

THE CITY’s Grade II* listed Wood Street Police Station is set to be transformed into a five-star hotel. The City of London Corporation has sold the building to Magnificent Hotels, after deciding the police station was “surplus to operational requirements”. IN BRIEF TSB RECOVERS FROM IT IBM CHIEF EXECUTIVE GINNI DISASTER MELTDOWN ROMETTY TO STEP DOWN TSB returned a profit and a healthy International Business Machines (IBM) balance sheet in 2019 after it stemmed chief executive officer (CEO) Ginni losses from its failed IT migration. The Rometty will step down after eight bank reported that profit before tax for years in the role and will be succeeded the year to 31 December 2019 was by the head of its cloud business Arvind £46m, compared to a pre-tax loss of Krishna in April. Rometty, who has been £105.4m in 2018. It said it was with the company for 40 years, will “primarily driven by the non-recurring continue as executive chairman and effect of the net migration-related costs will retire at the end of the year, the and losses incurred in 2018”. Customer company said. Shares of the company loans increased by 3.6 per cent to were up nearly four per cent in £31.1bn driven predominantly by extended trading late last night. growth in mortgage lending. Customer Krishna, who joined IBM in 1990, was deposits increased by 3.7 per cent to the architect of the company's $34bn £30.2bn. TSB’s net interest margin fell (£26bn) acquisition of Red Hat last year. slightly from 2.87 per cent in 2018 to “Arvind is the right CEO for the next era 2.75 per cent in 2019 due to ongoing at IBM,” Rometty said in a statement competitive pressures and a lower level yesterday. Under Rometty's leadership, of unsecured lending.In April 2018 an IT IBM has shifted focus to cloud business failure left millions of TSB customers through a series of acquisitions and by without access to online banking. selling some of its legacy units. 04 NEWS FRIDAY 31 JANUARY 2020 CITYAM.COM SWAROVSKI.COM

BUSINESS WITH PERSONALITY BUSINESS WITH PERSONALITY WE ARE THE CHAMPIONS ALL THE LATEST YOUR BUMPER GUIDE TO PROPERTY NEWS GOING OUT THIS CHRISTMAS THE CITY’S SPORTING STARS, WITH KASMIRA P20-22 FROM SKIING TO RUGBY P10-11 JEFFORD P3 & 13 THE LONG AND FRIDAY 18 DECEMBER 2015 ISSUE 2,530 CITYAM.COM FREE WEDNESDAY 3 FEBRUARY 2016 ISSUE 2,556 CITYAM.COM FREE KILLING THE BLUES Jose sacked, with CAMERON’S Chelsea hovering above the drop zone DEALOR NODEAL PLEA TO EU: LAUREN FEDOR however, slammed the deal, saying it CAMERON’S EU GAMBLE DIVIDES CITY OPINION fell short of earlier promises made by A DRAFT deal to reform Britain’s the PM and . relationship with the European “Britain’s business leaders and Union has fiercely divided the Square finance professionals will remain to Mile, prompting cheers from big be convinced that today’s draft deal business groups, but drawing sharp is the right formula for a better criticisms from sceptical economists “...a key milestone “These are future in Europe,” said ICAS chief ex- HELP ME OUT and some City figures. ecutive Anton Colella. European Council President Donald in the reform significant Quidnet Capital Partners chief Tusk tabled a tentative agreement executive Richard Tice agreed, telling yesterday for a “new settlement” for negotiations to proposals.” City A.M.: “There is no genuine STUART ROSE LAUREN FEDOR ject any British demands to change EU “is asking for our help, and we should the UK in the EU, and in a letter to reform in any of this. The Prime the leaders of all 28 EU member date...” FORMER CHAIRMAN Minister talks about substantial WINDING ROAD laws to limit freedom of movement. help him.” CHRIS CUMMINGS MARKS AND SPENCER states, Tusk said his proposals go changes, but this is a restatement of PRIME Minister used a But Cameron reportedly said at last While no official decision or deal was THECITYUK working dinner in Brussels last night night’s dinner: “The levels of migration reached at the dinner, European Coun- “really far in addressing all the con- the existing system. to make an impassioned plea to we have seen in a relatively short pe- cil president Donald Tusk told cerns raised" by Prime Minister David Osborne wrote in City A.M. last Sep- European leaders to back his proposals riod of time are unprecedented, includ- reporters at the end of the night: “I am Cameron. tember: “One of the greatest threats for “substantial” reform of the ing the pressures this places on much more optimistic today than But Tusk added: “This has been a “I can’t find a to the City’s competitiveness comes European Union. communities and public services. This before our meeting.” difficult process and there are still “Completely from misguided European legisla- In a lengthy appeal to European is a major concern of the British people Cameron also said “really good challenging negotiations ahead. single thing that tion. A central demand in our rene- heads of state and government from all that is undermining support for the progress has been made”, but added: Nothing is agreed until everything is worthless.” gotiation will be that Europe reins in 27 other EU member states, Cameron European Union.” “It’s going to be tough.” agreed.” ANDREW LILICO will make a costly and damaging regulation.” said that if the leaders wanted the UK He added: “We need to find an effec- “We have taken a big step forward,” The circulation of the draft kicks EXECUTIVE DIRECTOR But Jon Moynihan, former execu- to stay in the EU, they needed to ad- tive answer to this problem.” he said in a press conference after the off another two weeks of high-stakes EUROPE ECONOMICS difference.” tive chairman of PA Consulting dress British voters’ concerns about German Chancellor Angela Merkel dinner, before adding: “There is a lot of negotiations ahead of a meeting of JON MOYNIHAN Group, said he saw little in the draft immigration. suggested she was open to the idea hard work to be done.” EU leaders later this month. FORMER EXECUTIVE CHAIRMAN that would curb harmful regula- Cameron has come under of treaty change to accommodate Last night’s dinner was widely seen Cameron has said that he wants to PA CONSULTING GROUP tions. “I’ve searched through it,” sharp criticism from multi- British demands, saying “we are as make-or-break for Cameron, who secure a final deal at the Moynihan told City A.M. “I can't find ple European leaders over his ready to compromise, but always has promised an in/out referendum meeting,paving the way to hold an a single thing that will make a proposals to limit in-work on the basis that we safeguard on Britain’s EU membership by the end in/out vote as soon as June. difference. Even the small set of benefits to EU migrants who core European principles.” of 2017. Tusk said earlier this month TheCityUK and Confederation of concessions achieved will either be have lived in the UK for at French President Francois Hol- that he wanted this week’s European British Industry (CBI) welcomed yes- just ignored by the EU as such agree- least four years. lande also stressed that “European Council to “address all the political terday’s draft, calling it a “milestone” ments have in the past,” Moynihan Earlier yesterday, Poland, rules must be respected.” Irish dilemmas related to this process”, with in the reform process, while the Insti- added. “They are sort of meaningless Hungary, Slovakia Taoiseach Enda Kenny, the hope of member states being able tute of Directors said the proposals as far as business is concerned.” were “better than expected”. and the Czech meanwhile, told EU to sign off on a “concrete proposal” in CONTINUED ON P3 Republic said leaders that Cameron February of next year – a deadline com- CHELSEA manager Jose Mourinho was given the boot yesterday, following a Economists and industry leaders, in a joint state- mitment that he repeated last night. dreadful start to the season – the west Londoners are 16th in the Premier ment that David Cameron is The camp slammed League, having lost nine of their 16 games. It marks the end of the 52-year-old’s they would re- pushing for EU reform Cameron’s latest efforts as “trivial”. second spell at the club, after he returned in June 2013. SPORT: P26

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Necklace designed with Miranda Kerr TOBREXIT... SWAROVSKI.COM 18 DECEMBER 2015 3 FEBRUARY 2016 David Cameron makes his pitch to Cameron gets his deal — but it’s quickly We look back at more than four years of Brexit drama — from European leaders for a new relationship under fire from Tory eurosceptics for not between the UK and the EU. He claims going far enough, and from those who David Cameron’s negotiation, to May’s cabinet battles and there is “tremendous support” among think it takes us too far away from Europe. continential leaders to find a deal that The referendum looks set to be held on 23 Boris Johnson’s shock majority. What will next year bring? keeps Britain in the bloc. June, a date later confirmed by the PM.

INSIDE THIS ISSUE: PETER SERAFINOWICZ ON HIS HILARIOUSTHE WORLD’S “SASSY TRUMP”ODDEST TOURIST ATTRACTIONS Y A.M. THE SECRET MASTERPIECES Y CIT BY A MYSTERIOUS RECLUSE A MAGAZINE B | OCTOBER 2016 ISSUE 37

BUSINESS WITH PERSONALITY BUSINESS WITH PERSONALITY BUSINESS WITH PERSONALITY BUSINESS WITH PERSONALITY MAGAZINE TOUGH GIG? MIND THE GAP WAS MOTORING FOOD & DRINK MO MONEY THURSDAY 30 MARCH 2017 ISSUE 2,845 CITYAM.COM FREE BESPOKE INSIDE TODAY MEET LABOUR’S THE LOTUS WE REVIEW MO PROBLEMS NEW MAN IN OXFAM RIGHT TO SLAM EVORA 410 P4 P2 & 22 P24 LUCA – SISTER RESTAURANT WHAT TO DO WITH LUXURY, FASHION, ART AND CULTURE THE CITY THE RICH? TO THE CLOVE CLUB P28 YOUR BONUS? P22 THURSDAY 13 OCTOBER 2016 ISSUE 2,732 CITYAM.COM FREE TUESDAY 17 JANUARY 2017 ISSUE 2,793 CITYAM.COM FREE WEDNESDAY 18 JANUARY 2017 ISSUE 2,794 CITYAM.COM FREE RETAIL AND WE’RE OFF Parliament BANK OF ENGLAND set to debate MAY VOWS: UK BHS collapse IT’S MAY WAY HELEN CAHILL WARNS: EU CANNOT @HelCahill SIR PHILIP Green faces the prospect of fresh criticism TO GO GLOBAL from MPs when the House of Commons debates the collapse of BHS next Thursday. City A.M. understands the OR THE debate will focus on the BHS REPLACE THE CITY pension scheme and a scathing report from MPs that labelled Green “the AFTER BREXIT TOP CENTRAL BANKER AND EUROPEAN DIPLOMATS SAY ONLY unacceptable face of capitalism”. NEW YORK CAN RIVAL THE UK’S FINANCIAL POWERHOUSE   Sir Philip PM will finally lay out 12 Pledges Britain will stay Green has main negotiation objectives open to top talent & free trade HIGHWAY already clashed with Frank Field MARK SANDS over the global Britain and our friends and allies in “computer programmers, brain surgeons, HAYLEY KIRTON AND JAKE CORDELL collapse of the EU,” she will say. bankers, senior managers” would be PM confirms UK will seek a bespoke free trade arrangement after “What we call London, I can’t see that written report of the meeting, which anywhere else can offer what London @MkSands “Not partial membership of the European unlikely to face blocks on migration. being replicated in the foreseeable was conducted under the Chatham offers.” BHS @HayleyLEK @JakeCordell PRIME Minister will today vow Union, associate membership of the May will set out her vision for “a country leaving the Single Market but warns EU she is prepared to walk future in one place in the European House rule. Figures from the Financial Conduct to make Britain “a great global trading European Union, or anything that leaves us that gets out into the world to build LONDON’S financial services firms Union,” Cunliffe told the House of Lords The document continued: “The Authority last month showed that more nation” in an eagerly-awaited landmark half-in, half-out. We do not seek to adopt a relationships with old friends and new away, saying: “No deal for Britain is better than a bad deal for Britain.” would rather head across the Atlantic to EU Financial Affairs Committee. danger lies in completely getting rid of firms in EEA member states use BHS collapsed into speech on Brexit. model already enjoyed by other countries. allies alike,” stressing that it remains in New York than relocate across the Meanwhile, participants at a recent London as a global centre of excellence passporting to access the UK market administration in April after HAYLEY KIRTON vote in parliament for the final deal membership of the customs union out in the way the Prime Minister Speaking at Lancaster House later today, We do not seek to hold on to bits of Britain’s interest for the EU to prosper, and UK ambassador to the Channel if forced to leave London, a meeting of EU ambassadors and UK – such a disaggregation would result in than the other way round. Green sold the business to and the promise that a “phased or through some other has done today.” May will set out 12 key negotiating membership as we leave.” that while the UK is leaving the EU, it is not EU Sir Tim Barrow Bank of England deputy governor said civil servants, hosted by the a fractured system.” Cunliffe’s comments come at a time serial bankrupt Dominic @HayleyLEK process of implementation” or arrangement. “The clarity is helpful and at least objectives for the UK, underpinned by Despite repeated pledges to clamp down leaving Europe. (right) walks away yesterday, as diplomatic figures suggest International Business and Diplomatic One participant added: “Moving when many in the financial sector are Chappell for £1.The Pensions PRIME Minister Theresa May laid transition deal would be raised “Clear and positive speech by we now know what the business promises to provide certainty and clarity, on migration since last summer’s “We will continue to be reliable partners, from European Council that Europe would shoot itself in the Exchange, noted businesses were more financial services is as complex and concerned about where they stand in Regulator (TPR) is now out her plan for life outside the during negotiations in a bid to avoid Number 10. Constructive approach case is,” added a source at a leading and to create “a stronger, fairer and more referendum, May will also insist the UK is to willing allies and close friends,” she will say. president Donald Tusk foot if it drives a hard bargain with the likely to shift to Shanghai or New York risky as moving nuclear waste.” the Brexit negotiations. Reports have investigating the sale to Single Market yesterday, warning a disruptive “cliff edge” scenario. to implementation arrangements bank. global Britain”. remain “outward looking” and will “We want to buy your goods, sell you (left), having delivered City over Brexit. than a European counterpart. The minutes continued: “The meeting emerged that Theresa May is reluctant ascertain whether Green sold Brussels that she will walk away Sterling surged, achieving its positive for all parties,” tweeted Brexit expert Shanker Singham, In what will be seen as the PM advocating continue to welcome talented workers who ours, trade with you as freely as possible, the letter that Jon Cunliffe, the Bank of England’s Participants noted that other EU noted that we have to take into to prioritise the City’s interests. the business to dispose off his from negotiations if the EU seeks to biggest intraday rise against the Xavier Rolet, head of the London director of the Legatum Institute a “clean” or so-called hard Brexit, she will contribute to the economy. and work with one another to make sure triggered Article 50 deputy governor with responsibility for states’ regulators would not be able to consideration the outcome not only for “One of the challenges which needs to obligations to the BHS seemingly rule out membership of either May will promise to make the UK “a we are all safer, more secure and more damage the UK by blocking a free dollar since 2008, as markets Stock Exchange. Special Trade Commission, said his financial stability, said that firms might handle the flood of paperwork that the City of London but for Europe as a be looked at is the size of financial pension scheme, which had a the Single Market or the Customs Union by magnet for international talent and a home prosperous through continued friendship.” trade deal. welcomed greater clarity on Brexit. Iain Anderson, executive organisation was “excited by the start looking to the Big Apple as a better would arise from financial firms seeking whole. It is important, and highly likely, services for Europe. London is a global £571m deficit at the time. While May’s threat sent jitters Speaking in front of a slew of chairman at lobbying firm Cicero vision she has outlined”. signalling her intention to secure a AM GREG SIGSTON/CITY to the pioneers and innovators who will The details of the speech will be watched place to do business post-Brexit. licenses as part of relocation plans. that all financial institutions have well- centre for a financial services, clearly a But Frank Field MP, who relationship with the EU “unlike that shape the world ahead”. This allies with closely in the City and Canary Wharf. The through the City, business groups cabinet members and diplomats at Group, added: “This is details, this is Sky News reported that May will He believes European hubs such as “Financial services are one area where advanced plans for location decisions number of international banks have has been leading parliament’s enjoyed by any other nation”. chancellor ’s October Treasury is set to contact top banks in the were heartened to hear the PM Lancaster House, May also said she comprehensive... the one thing that now meet bosses from Wall Street Frankfurt, Paris and Amsterdam do not London has global excellence – with the going forward, and there is a need options to invest elsewhere,” Andrew BHS inquiry, has said it is a “We seek a new and equal partnership – statement to parliament’s Treasury Select immediate aftermath of May’s comments in promise “a bolder embrace of free wanted to negotiate a customs business hates is uncertainty. The giants in Davos, for talks on what a UK PUTS TRADE AND THE CITY CENTRE STAGE AS BRUSSELS PREPARES TO PLAY HARDBALL pose serious competition to London’s EU ultimately benefitting from London upfront for an organised, orderly Gray, global financial services Brexit “disappointment” that TPR between an independent, self-governing, Committee, in which he stated that a bid to ease any concerns. trade” post-Brexit, calling on EU agreement with the remaining 27 idea of leaving the Single Market so-called hard Brexit means for the leading financial status. being in such a position,” reveals a transition. It is, however, unlikely that leader at PwC, told City A.M. has not sped up its negotiators to embrace Britain – “a EU states, and that she had an was always hinted at, but it wasn’t financial sector. investigation so MPs can have great, global trading nation”. “open mind” over whether this entirely believed until people Allie Renison of the Institute of WILLIAM TURVILL financial services and network exit and certainty are vital.” allowed to pursue bilateral Angelino Alfano was quoted saying. the report before the debate. In a stark warning to any EU would be through associate actually heard the words fleshed Directors added: “While we do not industries,” she said. Investment Association chief arrangements with the UK’s financial Swedish PM Stefan Lofven said: “We members who could prove expect a running commentary, @wturvill The letter also called for trade talks to executive Chris Cummings said: “We services sector, and also said it would want trade relations to be as favourable unwilling to play ball, May said she firms hope to get periodic updates EUROPEAN Council president Donald be run in parallel with exit negotiations. need a bespoke agreement that hinges not support industry-specific deals. as possible.” FTSE 100 7,024.01 -46.87 FTSE 250 17,956.28 -116.92 DOW 18,144.20 +15.54 NASDAQ 5,239.02 -7.77 £/$ 1.221 -0.003 £/€ 1.108 +0.011 €/$ 1.101 -0.003 would fall back on WTO rules if THE POUND BOUNCED FROM $1.205 TO JUST OVER $1.24 to maintain confidence as we make Tusk yesterday received the UK’s Article City groups welcomed the prospect of on mutual market access, access to Think tank Open Europe played down Elsewhere, Clemens Fuest, president necessary, adding: “No deal for $ our way towards the exit.” 50 letter from ambassador Sir Tim parallel trade negotiations and spoke global talent, legal certainty and the significance of the European of the German Ifo Institute, said: Eurosceptics slam Carney over claim Bank action saved 250,000 jobs Britain is better than a bad deal for 1.24 The PM spoke to German Barrow. “There is no reason to pretend out in favour of a “bespoke” deal in preserving the entirety of the UK’s Parliament document, highlighting the “Germany is very interested in having a Britain.” Chancellor Angela Merkel and that this is a happy day,” Tusk said. order to preserve the City. financial services ‘ecosystem’.” minimal role the body and Verhofstadt comprehensive free trade agreement. The PM had suggested previously French President Francois Hollande FRANCESCA WASHTELL to 0.25 per cent in August last year, would have meant, in all likelihood, member and Tory MP Jacob Rees- the BoE that saved these jobs 1.23 The letter, signed by Theresa May, “For the UK-based financial and However, senior European will play in negotiations. Otherwise, Germany could become a that Britain would leave the Single after yesterday’s speech, as well as AND JULIAN HARRIS while expanding the UK’s inflation around the target at the Mogg told City A.M.: “This borders on narcissism”. struck a more upbeat tone, and placed related professional services industry, parliamentarians warned negotiators “Ultimately the main drivers will be major Brexit loser.” Market – but yesterday’s speech European Council president Donald quantitative easing programme and two-year point of the forecast, but self-serving vanity is remarkable. However, board member at the 1.22 the City of London at the heart of the the right Brexit deal will be bespoke, against pursuing a special deal for the national governments and the member However, doubts emerged yesterday was the first time the government Tusk. Tusk said he “looked forward @fwashtell @Hariboconomics providing a new funding scheme to an output gap of some 1.5 per cent, Mark Carney predicted a disaster Centre for Economics and Business Prime Minister’s negotiation strategy. underpinned by mutual market access City of London, and said talks on the states which will give the mandate to over German Chancellor Angela Merkel’s explicitly confirmed the plan. 1.21 to negotiating in a spirit of good will MARK Carney has been slammed by absorb post-referendum nerves in implying around one quarter of a that didn’t happen and now says it Research Vicky Pryce said there May called for a “bold and ambitious” and based on mutual recognition and UK’s future relationship with the EU the negotiators,” said Stephen Booth, willingness to enter trade negotiations Nonetheless, the City reacted once the UK had triggered Article leading Brexiteers after claiming the banking sector. million lost jobs,” Carney told an was only avoided because of his own might be some truth in the claim. free trade agreement between the UK regulatory cooperation,” said Miles must not begin until a withdrawal Open Europe director of policy. with the UK during the exit positively when it emerged that 50,” according to Downing Street. that 250,000 jobs could have been “Suppose the MPC [Monetary audience at the London School of brilliance.” “The fact that we’ve been growing 1.20 and European Union. Celic, chief executive of TheCityUK. agreement has been reached. Politicians and commentators from negotiations. Previous comments had May’s vision for a hard Brexit came lost if the Bank of England had not Policy Committee] had not Economics. Brexit-backing economist Gerard and creating jobs rather than losing “This should be of greater scope and “As an industry that employs over A leaked draft motion from the across the continent yesterday spoke suggested she was open to the prospect with some softer edges, including a 3am 5am 7am 9am 11am 1pm 3pm 5pm  MORE ON MAY: P2-3 & 18-19 taken action in the aftermath of responded in this timely, coherent, A number of high-profile Leave Lyons described the figure as them has been to a large extent ambition than any such agreement 2.2m people right across Britain and European Parliament, signed by its top out for fair negotiations with the UK. of parallel talks. b f it th t it t i l t h i th EU d B it t ti G V h f t dt “Th h t t b t i h 28 JUNE 2016 13 OCTOBER 2016 17 JANUARY 2017 18 JANUARY 2017 29 MARCH 2017 Britain goes back to work — but Prime Bank deputy governor Sir Jon Cunliffe says New PM Theresa May (finally) sets out her May ups the rhetoric on the possibility of Sir Tim Barrow becomes a pub quiz Minister David Cameron and George firms leaving London are more likely to plan for a Global Britain after Brexit in her leaving the UK without a deal — though answer as he hands the official Article 50 Osborne are off. The City readies for a Tory head to New York than Paris or Frankfurt if Lancaster House speech. Parliament is Brussels seems less than convinced. letter to EU council president Donald Tusk. leadership contest and Brexit negotiations. the EU drives a hard bargain on Brexit. given legal right to a vote on any exit deal. Markets aren’t overly persuaded, either. The UK is set to leave on 29 March 2019.

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TUESDAY 10 JULY 2018 ISSUE 3,162 CITYAM.COM FREE SHOTS FIRED DECISION TIME NEW FILMS TO OUR LATEST THE THE BATTLE SAM HOLY TRINITY HERD MENTALITY ALL THE LATE COMINGS CATCH THIS LEGAL SECTOR TORRANCE ON THOMAS WE SIT DOWN SPORT P32 P26 REVIEWS OF THE BEST CONFRONTS ITS BETWEEN JAPANESE AND BJORN’S EUROPEAN WHY WE LIKE TO AND GOINGS WEEKEND P17 P19 P21 P24 WITH MICHELIN-STARRED FOLLOW THE BOOKS ON OFFER DEMONS SCOTTISH WHISKY TEAM OPTIONS P22 P20 FRIDAY 1 SEPTEMBER 2017 ISSUE 2,951 CITYAM.COM FREE CHEF ADAM BYATT CROWD MONDAY 26 MARCH 2018 ISSUE 3,090 CITYAM.COM FREE WEDNESDAY 5 SEPTEMBER 2018 ISSUE 3,202 CITYAM.COM FREE MAY FIGHTS ON AS BORIS WEDNESDAY 5 DECEMBER 2018 ISSUE 3,267 CITYAM.COM FREE Officials slam Amazon hits MONEY TROUBLE Home Office CITY KEEPS ITS CROWN WARNS: BREXIT IS DYING DAVIS LEADS $1 trillion Norway-style over foreign valuation MAY’S DAY OF deal ‘will not UK & EU CLASH  DAVIS SAYS HE’LL  TRADE TALKS EMBATTLED PM STICKS TO students leak LONDON RETAINS EMILY NICOLLE work for City’ OVER BREXIT BILL STAND UP FOR ARE PUT AT RISK JASPER JOLLY SOFT BREXIT PLAN AS SHE @emilyjnicolle TOP SPOT IN AMAZON yesterday became SEBASTIAN MCCARTHY TAXPAYERS @jjpjolly RESHUFFLES HER CABINET CHEQUERS the second ever US publicly- BRITAIN’S top statistics regulator listed company to hit a $1 @SebMcCarthy has strongly criticised the Home LATEST RANKING trillion (£777bn) market Office after a “damaging” leak of CATHERINE NEILAN Number 10 insisted she would fight valuation. BANK of England governor WILLIAM TURVILL, CATHERINE NEILAN “The risk of no transitionary agreement official migration figures to the OF THE WORLD’S any vote of no confidence, dismissing Amazon shares briefly Mark Carney and his deputy @CatNeilan HUMILIATION AND JASPER JOLLY seems to have increased today given the media ahead of their publication. Labour leader Jeremy Corbyn’s claims passed over the $2,050.27 Jon Cunliffe yesterday warned strong words from Barnier,” said Shilen Head of the UK Statistics FINANCIAL THERESA May last night vowed to fight that the government was “in mark needed to break the that the City could become a @wturvill @CatNeilan @jjpjolly Shah, a bond strategist at Investec Wealth & Authority Sir David Norgrove off any challenge to her leadership as meltdown”. milestone in afternoon “rule taker” if it adopted a DEADLOCK over the size of the UK’s so-called Investment. wrote that he was “concerned” outgoing foreign secretary Boris However, in his resignation letter to trading, before dropping back Norway-style deal. Brexit bill has triggered fresh alarm in the A top City source with knowledge of the about the “seriously CENTRES Johnson accused her of raising “the May, Johnson said: “It is as though we BACKLASH down to close at $2,039.51. Addressing parliament’s @owenjbennett City as fears grow that crucial talks on a new talks told City A.M. there is now a more than misleading” disclosure in a white flag” in the UK’s Brexit are sending our vanguard into battle It crossed the $2,000 per Treasury Select Committee, UK-EU trade and transition agreement will a 50 per cent chance the October deadline letter sent to Amber Rudd, the negotiations. with the white flags fluttering above share threshold last Thursday, THERESA May suffered a humiliating Cunliffe said: “I think our be shunted into next year. will not be met. They added there is “a home secretary. On a day of high drama in Westminster them,” and warned her proposals would amid doubts from Wall Street series of blows yesterday after the financial sector is about 20 Bosses are warning that financial services strong chance” the UK could end up Yesterday, Norgrove said: the Prime Minister, already reeling from leave the UK “a colony” of the EU. EX-BREXIT SECRETARY SET TO that placed it as the most- government was voted as in contempt of times bigger than Norway’s. firms will need to begin moving jobs and walking away from talks. “Whoever spoke to the the resignation of her Brexit secretary Rumours circulated throughout the shorted stock on the market, parliament for the first time in history, It’s much more connected operations if they do not have clarity on a “In my experience of negotiations at the journalist seems only to have David Davis and his deputy , day that angry Brexiters would mount a UNVEIL FREE-TRADE BLUEPRINT ahead of Tesla. and MPs backed a crucial rebel amend- internationally, it’s much future UK-EU set-up by the end of December. EU level, you always have to be prepared to half understood the data, or was forced to deliver a statement to the leadership challenge but as of late last Tech giant Apple hit the $1 ment to her key Brexit legislation. more complex… I think for a The UK had hoped to begin trade talks as walk away,” said London Tory MEP Syed inadequately communicated Commons just minutes after night May remained safe in her role. At a trillion marker last month, The pound fell at one point to its lowest financial sector this large, soon as October, but during a tense press Kamall. “MEPs have often walked away from them. The result was seriously announcing Johnson’s resignation. meeting with the backbench 1922 after a steady share price rise level against the dollar this year during a this complicated, it would be conference in Brussels, Brexit secretary the table in negotiations and have seen talks misleading, creating confusion EXCLUSIVE official country residence where she a leading City law firm. Sources sug- style free-trade deal”. took the 1976-launched Addressing a raucous chamber she committee of Tory MPs she was greeted CATHERINE NEILAN day of high political drama, as MPs voted as the governor says, quite David Davis and his EU counterpart Michel resumed later.” where clarity was important.” told MPs why she was sticking with the with applause – led by business presented it to her Cabinet, would gest that the document, which is in its Meanwhile, Boris Johnson, who also Cupertino company to the 311 to 293 in favour of finding the uncomfortable.” Barnier admitted little progress had been On the divorce bill debate, Open Europe Around 50 people, aside from Chequers policy, a plan which had secretary , and ended with see the UK remain closely aligned to final stages of preparation, contains resigned over opposition to the Che- top. Amazon, which was government in contempt. @CatNeilan Brussels on goods and regulation. detailed proposals for resolving the quers deal, is expected to stage a 1,000- Carney added: “From a made on the financial settlement, although director Henry Newman said: “Neither side the analysts working on the prompted three ministers to quit her most MPs agreeing there would be no founded in 1994, has had a The defeat means the government will financial perspective, from a movement has been made on both citizens’ wants to jump first but this is still a very data, have access to the statistics government. move against her – for now. FORMER Brexit Secretary David Davis It is widely unpopular among Irish border issue; stresses the need person “Chuck Chequers” rally at the much faster route to the is poised to throw his weight behind pro-Brexit MPs, and Davis’s impend- for full regulatory autonomy, with Tory party conference, according to now have to publish the legal advice financial stability perspective, rights and the Irish border. strong hand for the UK – in legal terms, if we before publication. “I believe this is a plan which is good Remainers have largely backed the coveted market cap. given to Cabinet ministers on the Brexit a fully-fledged alternative to the ing intervention is likely to dilute full control over tariffs and trade . Should it continue at its it’s highly undesirable to be a Barnier, the EU’s chief negotiator, said that do drop out without agreement, the EU will The Home Office said it will for the UK and which the EU will see can “business-friendly” proposals, although deal – despite insisting it would not be in government’s Brexit strategy as part further the already lukewarm deals; and slams the UK’s negotiators Downing Street has accused Johnson current pace, analysts rule taker and to lose the two sides remain “quite far from being get nothing at all, and they need it to make investigate who leaked the lead to a deep and special relationship want more certainty on the UK’s huge the national interest to do so. able to say that sufficient progress has taken their figures work.” statistics to the Daily Telegraph. of a major intervention ahead of the support for May’s preferred policy. for failing to bat off “EU obstruction- of “having no new ideas” and last suggest it will be a matter of supervisory autonomy for any in both our interests,” she said. May services sector. But Brexiters are less Conservative party conference. Sources suggest Davis is being lined ism” in the course of talks so far. night sources close to the former when, not if, Amazon’s The DUP – which props up May’s considerable length of time.” place” to begin discussing a new trade deal. However, City figures are keen for the The statistics revealed the added that her proposals were happy, albeit biding their time. “It’s clear that the UK doesn’t feel legally government to agree an exit bill and push on numbers of overseas student EXCLUSIVE City A.M. understands the pro-Brexit up to author a foreword to a 140-page The Chequers deal is expected foreign secretary confirmed he “has market valuation will surpass minority government – joined opposition The remarks came on the centres analysed for the 23rd edition account factors such as the rule of law “flight to safety” amid “uncertain Chinese city of Qingdao were also “challenging for the EU” but that big-hitter, who resigned in the wake “Alternative Brexit Plan”, which is due to come in for withering criticism not seen an alternative plan”. Apple’s. parties in voting against the Tories, but a same day as City policy chief obliged to honour its obligations,” he added, with talks. Catherine McGuinness, policy who stay on illegally in this JASPER JOLLY “this is the right Brexit”.  CONTINUES ON P2 in reference to the so-called divorce bill. chairman at the City of London Corporation, country was far smaller than of the international rankings. and the strength of its institutions. times” in geopolitics. evident. of Theresa May’s Chequers plan, will to be published later this month and in the document, which will also With MPs returning to Westminster, Amazon’s share price has Downing Street source insisted the two Catherine McGuinness said City A.M. The City scored 794 points on the The City’s reputation also scored London’s 14-point rise compared Shanghai and Qingdao were also by endorse detailed proposals for an which will make the case for propose a range of options in the May is also facing mutiny from the parties’ confidence-and-supply deal was that Britain becoming a “rule It is thought Brussels will accept nothing told : “In the interests of that long- previously thought. @jjpjolly more than doubled over the less than €60bn (£55bn), while the UK does term relationship I urge the government to The Office for National index, pipping New York to the post higher than any rival, as did the with the last update in September far the two centres that the finance advanced free-trade agreement a Canada-style trade deal, with event no deal can be reached. party’s Remainers, with former min- last year, adding more than still in operation. taker” in the event of having not want to go above €35bn-€45bn. find an agreed way forward sooner rather Statistics (ONS) announced in LONDON has retained its top spot as by one point. The ranking is based on calibre of its financial infrastructure. was the smallest in the top 15, professionals thought would become currently being compiled by a team of improved provisions on areas such as Earlier this week Jacob Rees-Mogg, ister Nick Boles calling for her to drop $520bn to its market value. The unprecedented defeat was close ties with the EU like Davis hit back, saying it was right for the than later.” She added: “Haggling over every June it will no longer give the world’s leading financial centre, 103 separate factors and draws on The report found increasingly following strong improvements from more significant in the next few years, Westminster trade experts and services and security. who heads up the pro-Brexit Chequers in favour of UK membership For comparison, Facebook’s compounded when the government lost Norway would be divisive. UK government to “interrogate [the divorce last penny may cost us more than we gain if ministers early access to official fending off stiff competition from New data from the World Bank, the United intense competition among the Asian and North American financial signalling the increasing importance lawyers. The comprehensive proposal is , said he of the European Economic Area. market cap stands at $494bn. another key vote on the power MPs would Joining the European bill] rigorously”. it takes so long that businesses have had to stats. The decision came after York and Asian cities, according to an Nations and the OECD, as well as the “stronger and more established centres. New York, San Francisco and of the fast-growing Chinese economy Davis has been highly critical of the being coordinated by trade expert and top EU negotiator Michel Barnier Yesterday Labour’s shadow Brexit Google parent Alphabet is have if May’s Brexit deal is voted down Economic Area has been The Brussels exchange set alarm bells move unnecessarily because of the suspicions that market-moving authoritative study to be published survey responses of more than 2,300 centres”, with the top 25 centres all Chicago all gained more than 30 in international finance. European Chequers plan, claiming it would be Shanker Singham of the Institute of agreed that Chequers “is absolute secretary Sir Keir Starmer told set to be the next of the major next Tuesday. That result – which could suggested as a “plan B” to ringing at home. uncertainty.” figures were being leaked ahead today. financiers from around the world. improving their scores. Mark Yeandle, points to close the gap with London. financial centres fared less well. “almost worse than staying in the Economic Affairs, in collaboration rubbish and that we should chuck it MPs the Chequers “fudge” satisfies US tech firms to hit the $1 prevent a no-deal Brexit – saw the pound Theresa May’s current Brexit of time. The global financial centres index, London came out on top of the Z/Yen’s director and the author of the Meanwhile, marked improvements EU”. May’s proposal, named after her with at least one other think tank and and what we should have is a Canada- “no-one”. trillion mark. rise back to where it started, rounding off proposals in recent weeks, but compiled by think tank Z/Yen, will rankings for the most competitive report, said the strength of the in the competitiveness of Hong Kong,  CONTINUES ON P6 a rollercoaster day for sterling. the idea is controversial as it show the City leading the pack of 110 business environment, taking into biggest financial centres reflected a Shanghai, and the north-eastern  THE CITY VIEW: P2 would involve the continued  CONTINUES ON P5 free movement of people once the UK leaves the EU, which Theresa May has ruled out. Lloyd’s of London counter-sues Kanye West over cancelled tour dispute FTSE 100 7,687.99 +70.29 FTSE 250 20,821.16 +202.82 DOW 24,776.59 +320.11 NASDAQ 7,756.20 +67.81 £/$ 1.325 -0.006 £/€ 1.128 -0.005 €/$ 1.175 +0.001 Britain tops European charts for finance as EU rivals struggle to keep up FTSE 100 7,022.76 -39.65 FTSE 250 18,329.64 -234.21 DOW 25,027.07 -799.36 NASDAQ 7,158.43 -283.09 £/$1.271 -0.001 £/€ 1.121 -0.010 €/$ 1.134 -0.001 JASPER JOLLY OLIVER GILL Los Angeles federal In documents filed possession or use of illegal drugs, found “substantial irregularities found, based on an analysis of 42 number one for foreign exchange Europe. The UK scores an index said: “London both in terms of court yesterday, Lloyd’s with the court, Lloyd’s the impact of prescription drugs in Mr. West’s medical history”. Labour plan to strengthen MPs’ hands through Withdrawal Bill amendments different metrics, from the size of trading, derivatives trading, and reading of 40, well above the next domestic financial activity and @jjpjolly @ojngill syndicates said West’s noted its policies not used as prescribed, or the use Last November, West cancelled financial services industries to the with regard to cross-border biggest EU rival, Luxembourg, on international financial activity is in THE UK is by far the most broader business environment. banking claims because of the 26. Germany, France and the a league of its own in Europe.” MEMBERS of the Lloyd’s of London Very Good Touring Inc exclude losses of alcohol, Reuters reported. the remaining dates of his tour HELEN CAHILL Starmer is expected to which Starmer describes as a Starmer will say: “The Brexiteers in her party – to allow important financial centre in The UK ranks particularly highly City’s massive international Netherlands all scored lower. The figures highlight the central insurance market have filed a legal had failed to caused either In order to protect details of after erratic behaviour and a announce an amendment to “safety valve in the Brexit government’s own Brexit minister the UK to crash out without an challenge to Kanye West’s claims co-operate directly or West’s private life being made number of no-shows and @HelCahill Europe, coming second only to the on international factors thanks to banking operations. The US scored 79, while China role that the UK plays in financing the government’s EU process”, will require the Lord Callanan said just last week agreement. That would be the US worldwide, according to a new the size of the City’s banking sector The ranking, which focuses on scored 29, based on an average of economic activity in the EU and he was owed $10m (£7.7m) for the when indirectly by the public, Lloyd’s did not include any shortened concerts. LABOUR will this week seek to Withdrawal Bill today, saying government to proceed in that if the deal is voted down, it worst of all possible worlds.” A different type of business school, cancellation of last year’s Saint looking specific information it had Lloyd’s has requested a jury ranking to be published today. and its pivotal role in the global the quantity of activity carried out ranking scores out of 100 across across the world, a key factor in West called off the tour block the government from it is “unacceptable” that Brexit negotiations on terms would be ‘an instruction to move Brexit secretary David Davis has Britain and the US far outstrip financial system. in financial sectors around the the different factors. ongoing Brexit negotiations. Pablo tour, according to reports. into the obtained regarding the claim, only trial. The insurance market pursuing a “no deal” Brexit in the parliament will not be decided by parliament. ahead without a deal’. That is said that the UK will continue to In a counterclaim filed with a claim. dates last November stating that underwriters had declined to comment. all other competitors, the report by New Financial’s inaugural world, shows that the UK is by far William Wright, New Financial’s A different type of career event that MPs refuse to accept allowed to direct the Brexit In a speech in Birmingham totally unacceptable plan for a scenario in which it Are you in the know? th N Fi i l thi k t k ki hi hli ht th t th UK i th bi t fi i l t i f d d i di t  CONTINUES ON P4 1 SEPTEMBER 2017 26 MARCH 2018 10 JULY 2018 5 SEPTEMBER 2018 4 DECEMBER 2018 EU-UK relations turn sour after arguments London keeps its top-spot in a global Boris resigns over the PM’s Chequers Backbench animosity builds against PM’s Government is found in contempt of over a “divorce bill” that could range as survey of finance centres... despite Brexit. compromise, warning the plan “sticks in deal, egged on by Boris and ex-Brexit parliament and forced to publish legal high, it is said, as £100bn. Eurosceptics are Opposition MPs begin to make May’s life the throat”. His resignation comes after secretary David Davis. A so-called clean advice on the Brexit deal. That advice unsurprisingly livid. difficult with Commons amendments. David Davis’ and Steve Baker’s. break comes into view. would prove explosive.

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WEDNESDAY 13 MARCH 2019 ISSUE 3,329 CITYAM.COM WEDNESDAY 24 JULY 2019 ISSUE 3,420 CITYAM.COM FREE OUT OF HER HANDSFREE MONDAY 2 SEPTEMBER 2019 ISSUE 3,447 CITYAM.COM FREE PM’S BREXIT DEAL MAY GRANTS FREE BUSINESS GROUPS BUT BARNIER SAYS THINGS ARE SHOWTIME SUFFERS ANOTHER VOTE FOR TODAY, SAY UK MUST NOT NO-DEAL PLANS “ARE THUMPING DEFEAT ALLOWING MPS TO CRASH OUT OF THE MORE IMPORTANT BORIS JOHNSON IS SET FOR AN ALMIGHTY POLITICAL FIGHT IN THE COMMONS OPPOSE NO-DEAL EU AT END OF MARCH THAN EVER” WHEN MPs RETURN TO WESTMINSTER TOMORROW AMID FRANTIC HOTTING UP DEBATE OVER THE PROSPECT OF A NO-DEAL BREXIT

OWEN BENNETT BORIS WINS BUT @owenjbennett BORIS Johnson will officially become Prime Minister today after meeting the Queen at Buckingham Palace. FEELS THE HEAT It was revealed yesterday that the former London mayor beat leadership rival in a poll of Conservative AMID TORY WAR party members to land the top job. Johnson used his victory speech to pledge a Brexit break- through and vowed to unite the country, but his first task will be to heal a bitterly divided Conservative party current- NEW PM SET TO ly engaged in a civil war over the UK’s departure from the European Union. UNVEIL CABINET The former foreign secretary won a standing ovation when he appeared before Tory MPs just hours after his victory was announced, with many saying the party now ALEXANDRA ROGERS extension to Article 50 – the mechanism no deal more likely.” A meeting that Johnson had planned In a controversial move, MPs have been AS DIVISIONS that allows the UK to leave the bloc – Those on Johnson’s own benches who today to dissuade more than 20 Tory warned that even if they succeed in had a sense of hope for the first time in months. @city_amrogers But many of his hardest critics, including outgoing cabinet beyond the end of October. will set themselves against a no-deal rebels, including Hammond and Gauke, forcing through new legislation, the BOIL OVER ministers Philip Hammond, David Gauke and Rory Stewart, REBEL MPs are set to launch their last- Yesterday, Johnson warned Tory rebels scenario, including former chancellor from backing legislative attempts to government could be prepared to ignore stayed away from the gathering. ditch bid to stop a no-deal Brexit “intent on parliamentary shenanigans” Philip Hammond and former justice block no deal was cancelled last night. or frustrate it. Later today he will begin the rebuilding process against a tomorrow, using the few remaining days that they risked scuppering his chances secretary David Gauke, face being Hammond was invited to attend on his , the cabinet minister in backdrop of scorching heat in the capital as he announces ahead of the formal suspension of of securing a new deal with Brussels, thrown out of the Tory party and barred own, but has since pulled out. charge of the government’s no-deal the key roles in his cabinet. parliament next week. thereby making their most feared from standing as Conservative Across the channel, the EU’s chief Brexit preparations, told the BBC Boris Johnson is facing a dramatic outcome “more likely”. candidates at the next election as Brexit negotiator, Michel Barnier, yesterday the government would wait to  CONTINUES ON P2 battle to ward off MPs’ attempts to make “The one thing that could undermine Downing Street adopts a hardline stance warned he was “not optimistic” that a see what the legislation said before it impossible for him to honour his the UK’s ability to negotiate would be towards anti-government MPs. no-deal Brexit could be prevented due deciding any response. pledge to leave the EU on 31 October. Brussels thinking that there’s some However, Gauke signalled he would to the ongoing wrangling over the Irish International development secretary A group of cross-party MPs opposed to chance that the referendum could be rather be expelled than allow a no-deal backstop, the insurance policy designed Alok Sharma defended the government’s a no-deal exit are expected to try to seize cancelled, and that Brexit could be Brexit. “Sometimes there is a point to prevent a hard border in Northern decision to suspend parliament, telling the parliamentary agenda from the blocked,” he said in an interview with the where you have to judge between your Ireland. Sky News there was “plenty of time” for government, with the help of Speaker Sunday Times. own personal interests and the national He maintained the plan represented debate before the 31 October deadline. , and launch a bill that “The people who claim to be interests, and the national interests have the “maximum amount of flexibility” the FULL COVERAGE OF LAST NIGHT’S VOTE, STERLING’S UPS & DOWNS, THE CITY VIEW, SPRING STATEMENT P2–3 would force the Prime Minister to seek an campaigning against no deal are making to come first,” he told Sky News. EU could offer a non-member state.  JAVID HEADS TO THE CITY: P2 ©UK PARLIAMENT JESSICA TAYLOR JESSICA ©UK PARLIAMENT

FTSE 100 7,151.15 +20.53 FTSE 250 19,143.96 +50.90 DOW 25,554.66 -96.22 NASDAQ 7,591.03 +32.97 £/$ 1.307 -0.018 £/€ 1.158 -0.018 €/$ 1.129 +0.003 FTSE 100 7.207.18 +22.86 FTSE 250 19,393.63 +101.13 DOW 26,403.28 +41.03 NASDAQ 7,962.88 -10.51 £/$ 1.216 -0.002 £/€ 1.105 +0.004 €/$ 1.099 -0.006

13 MARCH 2019 17 MAY 2019 24 JULY 2019 2 SEPTEMBER 2019 18 OCTOBER 2019 Brussels’ concessions don’t do the PM any Theresa May sets out a plan for her Johnson takes the reins of government The Remain wing of the Tory party is in full Johnson secures changes to May’s Brexit favours and her deal fails, again. She departure, kicking off a leadership contest promising to deliver Brexit by the end of scale revolt against Johnson’s plans, and agreement and eurosceptic ERG Tory MPs would go on to lose a third vote, despite that was eventually won by the hardest October, with or without a deal. His new the Commons votes to ensure against a row in behind the deal, ahead of calls for promising to resign. Brexiter of the lot: Boris Johnson. cabinet would include hardline Brexiters. no-deal Brexit. A delay is inevitable. an election to break the deadlock. CITYAM.COM FRIDAY 31 JANUARY 2020 NEWS 05

OUR LEAP 100 FIRMS ON THE CHALLENGE OF FINDING Inside AND Zac Goldsmith RETAINING Why I’m voting STAFF P26 to leave the EU BUSINESS WITH PERSONALITY BUSINESS WITH PERSONALITY BUSINESS WITH PERSONALITY BUSINESS WITH PERSONALITY PAGE 8 BUSINESS WITH PERSONALITY THURSDAY 23 JUNE 2016 ISSUE 2,653 FREE MONDAY 22 FEBRUARY 2016 ISSUE 2,569 CITYAM.COM FREE YOUR WEEKEND A FUN HOT PROPERTY SOPHIE ANOTHER STORY READ OUR LIVE CONRAN INTERVIEW THE MAN TO BEAT JORDAN THE LATEST REFERENDUM POLLS, OPINION AND UPDATES ONLINE CITYAM.COM BIRD WITH ANGER ISSUES PLUS WHAT’S ON THE TOM SELLERS’ P42 P22-40 SPIETH IS SET FOR GLORY, TRENDY NEW REFERENDUM GETS HIS OWN MOVIE MARKET WRITES SAM TORRANCE P35 RESTAURANT P28 COVERAGE ONLINE FRIDAY 13 MAY 2016 ISSUE 2,625 CITYAM.COM FRE WEDNESDAY 15 JUNE 2016 ISSUE 2,647 CITYAM.COM FREE INTERACTIVE MAP, BORIS SWINGS TECH NEWS AND COMMENT Businesses Twitter aims CITYAM.COM

in London DECISION DAY FRIDAY 24 JUNE 2016 ISSUE 2,654 FREE CARNEY IGNITES MARKET WOBBLES AS to get itself BEHIND BREXIT face £7.5bn in tune with STAY OR GO? rate hikes WITH THE LATEST Mayor of London electrifies EU debate as referendum reveals divisions in the City SoundCloud POLLS SHOWING EXCLUSIVE SUZIE NEUWIRTH LAUREN FEDOR London home, the mayor criticised “But I didn’t get involved in politics chairman Luke Johnson and Ruth LEAVE GAINS GROUND JOSH MARTIN LEAVE AND REMAIN Cameron’s reform deal, secured at an to test every idea with pollsters, flip Lea of Arbuthnot Banking Group are INDUSTRY groups have RECESSION ROW @JoshMartinNZ LONDON mayor Boris Johnson EU summit in Brussels Friday night. flop on the big issues and then carry among those calling on the warned of a London exodus if Traders rush for safety as the prospect of Brexit NECK-AND-NECK, declared his support for Britain leav- “I don’t think anyone could realisti- on regardless once elected.” Corporation to maintain independ- TECH giant Twitter invested LONG NIGHT business rates are not cut, as ing the European Union last night, in cally claim this is a fundamental Goldsmith conceded that many of ence in an open letter in today’s new research predicts that $70m (£50m) in music stream- City A.M. BANK OF ENGLAND ACCUSED OF BIAS AFTER STARK BREXIT WARNING turns shares red and sends the pound tumbling DAVID CAMERON a move that exposed deep divisions reform of the EU or of Britain’s Britain’s biggest businesses would in The City of London firms in the capital will face a ing service SoundCloud, it has in both the Tory Party and the relationship with EU,” Johnson said. disagree with his view, but added Corporation declined to comment. £7.5bn hike after next April’s been revealed. capital. The mayor joins six cabinet minis- “business does not speak with one The letter follows Gerard Lyons, the JAKE CORDELL AND JULIAN HARRIS the Bank’s “responsibility to analyse these revaluation. JAKE CORDELL has never seemed more haven, reached a near six-week The social media network AND MICHAEL GOVE Johnson announced yesterday that ters who are also backing Brexit. voice”, citing figures showing that mayor’s chief economic adviser who £100bn risks… This is the biggest risk [to the Property consultancy appropriate,” said Chris high, extending a winning run. The bought the stake earlier this @JakeCordell he had “made up” his mind “after a Meanwhile, the Conservative candi- most of the capital’s small and sits on the board of TheCityUK, @JakeCordell and @Hariboconomics UK economy].” Gerald Eve, which compiled Beauchamp, senior analyst at IG. yellow metal touched $1,289.80 per year as part of a round that BATTLE IT OUT great deal of heartache”, adding, date to succeed Johnson in City Hall, medium-sized firms say EU regula- slamming Cameron’s deal as “far BANK of England governor Mark Carney Carney added: “We have to the eye-watering estimates, FINANCIAL markets were rocked The contagion spilled over to ounce during trading. Reuters WIPED OFF FTSE 100 would value SoundCloud at “The last thing I wanted was to Zac Goldsmith, also revealed that he tion makes it harder for them to hire. from what the City needed sparked an intense political row communicate this. The predicts that the capital’s yesterday, as referendum jitters other European markets, which also reported that gold priced in sterling IN PAST FOUR DAYS about $700m, tech website WITH AN EXCLUSIVE go against David Cameron or the would vote for the UK to leave the EU. “And a growing number of large or wanted”. TheCityUK chief wiped around £30bn off the value of closed sharply down. The Eurostoxx reached £913.09 – close to a three- Recode reported last night. IN THE CITY yesterday after he said that a vote to political choice would be to businesses will be hit by an government.” Writing exclusively in today’s City businesses have stated that Britain executive Chris Cummings, the UK’s top companies and sent 50 lost two per cent, the Cac 40 in year high – as the pound collapsed Twitter’s newly returned A.M. leave the European Union could plunge suppress the analysis.” average 18 per cent rise APPEAL DIRECT TO Johnson’s Brexit endorsement was , Goldsmith said Cameron’s deal would flourish, or at least not be on the other hand, said over Britain into recession. Tory MP Steve Baker, who following the 2017 investors fleeing for safe havens. France tumbled by 2.3 per cent and further. boss Jack Dorsey didn’t reveal seen as a slight to the Prime Minister “does not go far enough”. disadvantaged by leaving the EU,” the weekend that the Former chancellor Lord Lamont backs Brexit, disagreed. “The revaluation. It is estimated The FTSE 100 crashed below the the German Dax lost 1.4 per cent. It was also revealed yesterday STERLING IS NOW details of the deal, but CITY A.M. READERS but a major coup for eurosceptics, “We would be better off out of the he added. Prime Minister had laid slammed Carney’s “unwise” choice governor and the Bank now that those within the Square 6,000 mark, ending the day at In the dash for safe assets, yields that the European Central Bank confirmed that the San with the latest Ipsos MORI poll show- EU, and I will be voting to leave,” Goldsmith’s comments come as “solid foundations on of words, while two Conservative risk causing a crisis by talking Mile alone will have to pay 5,923.53 – its lowest finish since 24 on government borrowing costs (ECB) is preparing to hold HOVERING AROUND Francisco-based company now P2 ing that more than one in three peo- Goldsmith said. “I recognise that more than a dozen City grandees which to build a members of the influential Treasury down the very currency and more than £2bn extra over February. The blue-chip index has tumbled as demand for sovereign- emergency conference calls and owns a stake in SoundCloud. ple regard the mayor as “important” opinion in London is at best divided urge the City of London Corporation stronger EU”. Select Committee – which is economy they are charged to five years. now lost six per cent – or £100bn – backed debt boomed. issue a fresh “whatever it takes” “Earlier this year, we made to their decision to vote to remain or on this issue, and as a mayoral to remain neutral in the run-up to appointed by Parliament to examine protect,” Baker said. John Dickie, director of in the past four days of trading. The 10-year UK bond shed more declaration as soon as the result of an investment in SoundCloud leave in the In/Out vote on 23 June. candidate, it would be easier for me the In/Out vote. Former chancellor  CONTINUED the Bank’s policies – were furious with “If the bank continues down strategy and policy at London Sterling was also shaken, plunging than 0.08 percentage points to 1.12 the vote is announced on 24 June. $1.41 through Twitter Ventures to In a statement outside his north to quietly U-turn. Lord Lamont, Risk Capital Partners ON PAGE 3 the governor’s intervention. this highly political path, First, said the rate rise was “a by nearly one per cent to around per cent, its lowest on record. Reuters reported that a senior help support some of our “The Bank of England governor has they will themselves become very serious problem for $1.410 after a number of new The yield on German 10-year debt official said the ECB was ready to let efforts with creators,” he said. POUND SOARS AND THEN DROPS AS TRADERS STRUGGLE made himself a political partisan and the biggest risk to economic London”, and would push ou opinion polls showed the Leave side turned negative for the first time, banks get their hands on unlimited “They’ve been great partners should be fired,” Jacob Rees-Mogg MP stability.” smaller businesses, while pulling ahead with just eight days to hitting minus 0.03 per cent at one and sterling to ensure the of ours over the years and TO REACT TO EARLY INDICATIONS OF REFERENDUM RESULT told City A.M. “His comments were of Labour’s Wes Streeting MP, who Bryan Johnston from the go until the In/Out vote. point during trading. financial markets do not seize up LEAVE IS their community-supported such a highly speculative nature; it is also sits on the Treasury Select British Retail Consortium Surveys from both YouGov and “We’re seeing the typical safe should the UK vote to leave. approach mirrors ours in 1AM UPDATE unusual for a central bank governor to be Committee, backed Carney: “The warned that retailers would TNS gave the Leave side a seven- haven effects which happen when The move would “take some of many ways.” WILLIAM TURVILL STERLING PLUMMETS “Markets are incredibly nervous were brought in and sleep- so politically partisan.” governor and the Bank have a close stores in the capital. point lead over Remain, while two markets get nervous. We see a shift the risk off the table”, said Jasper The news sent Twitter’s AND JULIAN HARRIS now and it’s definitely tin hats time,” deprived workers plied with separate online and telephone away from risky assets towards Lawler, an analyst at CMC Markets. 7PTS shares soaring 5.58 per cent to Speaking after the launch of its latest responsibility to ensure the public Stephen Herring, head of £/$ he added. pizzas, sweets and coffee to keep Inflation Report, Carney had said the can make an informed choice.” taxation at the Institute of surveys from ICM both had the assets like government bonds,” said “However, the extra wash of $15.38 amid speculation that @wturvill @hariboconomics Earlier in the evening, a YouGov them going throughout the night, AHEAD, ACCORDING 1.500 effects of Brexit “could possibly include a Former Bank rate-setter Dame Directors, said that “not all Brexit camp four points up. Kallum Pickering, an economist at liquidity would be another reason the social media network is STERLING was sent on an historic poll published after ballot boxes amid frantic trading. technical recession”. He added that a vote to Barker told City A.M. last night she was [London] businesses have The pound has now shed four Berenberg. to excite gold bugs.” TO TWO POLLS heading towards a takeover. rollercoaster ride last night as 1.495 closed at 10pm showed that 52 per Barclays, HSBC, Lloyds, Societe leave would lead to a “material” slowdown “a bit surprised at how strong it sufficient scale and cents against the dollar in just seven “We had a very similar wobble 10 The first of the Bank of England’s The news comes just a day indications over the result of the EU cent of votes were in support of the Generale, Deutsche Bank, Royal in growth, and warned that sterling would [Carney’s language] was”, but added: profitability to meet the rate days, as implied volatility in sterling days out from the Scottish special referendum liquidity after Microsoft bought referendum swung dramatically 1.490 UK remaining in the EU, Bank of Scotland and JP Morgan all fall “sharply”. “Some of the criticism has been really hike forecast” and called for shot up to levels not seen since the referendum,” added Simon French, auctions, however, received only LinkedIn in a $26.2bn deal. between Remain and Leave. while 48 per cent voted to leave the had heightened staffing levels, Lord Lamont responded: “The governor overdone.” “radical reform of business financial crisis. chief economist at Panmure muted demand from UK-based GERMAN 10-YEAR Twitter, which is yet to Early indications pointed 1.485 union. especially in the area of foreign should be careful that he doesn’t cause a Earlier, Barker had told Sky News: “You’d rates”. “Panic appears to be gripping Gordon. banks, which swapped £2.5bn make a profit, saw it shares If Britain votes to leave London is an outward- towards a victory for Remain, It is understood that private exchange. crisis. If his unwise words become self- have to be a very unusual person to think A spokesman from the markets… The phrase ‘sea of red’ The price of gold, another safe worth of assets for cash reserves. YIELDS: MINUS 0.03% plummet to an all-time low of pushing the pound over $1.50. 1.480 polling undertaken by City “In the FX market, you could in fulfilling, the responsibility will be the that the short-term effects of a vote to leave department for communities $13.90 in March. the EU and take back looking, dynamic city, But the currency plummeted institutions mirrored this result. theory have Asia cover a lot of the governor’s and the governor’s alone. A wouldn’t be negative for the economy, and and local government said: dramatically soon after midnight, 1.475 The uncertainty continued overnight stuff. But clients like to control today, London that takes full advantage crashing below $1.44. throughout the early hours of today speak to sales and trading people prudent chancellor would simply have said it’s really the short term the committee has “These figures are pure RETAIL Among the early results to come 1.470 as the political ramifications began that they actually know. And with FTSE 100 5,950.23 -21.72 FTSE 250 16,158.06 -18.69 DOW 16,391.99 -21.44 NASDAQ 4,504.43 +16.89 £/$ 1.427 -0.006 £/€ 1.283 -0.007 €/$ 1.112 +0.002 ‘we are prepared for all eventualities’.” focused on. In the long term, I think the speculation. It’s far too early Facing accusations of political interference effects of leaving or not leaving are much to say what will happen in can soar even higher of EU membership earlier in the day, Carney insisted that it was more uncertain.” 2017, but the revaluation will ensure that all businesses are paying a fair amount.”

NEWS KLEINMAN OPINION SPORT 15 JUNE 2016 23 JUNE 2016 24 JUNE 2016 WHAT THE BBC OUR STAR THE PHARMA SOL SPEAKS: The City reacts to a host of narrowing polls More than 34m Brits troop to the ballot box Traders buy sterling on early indications 21 FEBRUARY 2016 13 MAY 2016 in the lead-up to the vote, with traders on referendum day, with Cameron and that Remain have won before the result After days of feverish speculation, Boris Bank of England governor Mark Carney looking for safe options in case the once- Gove appealing to City A.M. readers. A from Sunderland indicates Leave might Johnson announces his support for Vote pronounces Brexit “could possibly include unlikely Leave result comes to fruition. vicious storm hits London in the evening. edge it. Sterling crashes — hard. Leave. The mayor of London immediately a technical recession,” a so-called “Project becomes a figurehead of the campaign Fear” warning. Former chancellor and alongside cabinet ministers Michael Gove, Leave campaigner Norman Lamont hits Iain Duncan Smith and Priti Patel. back at the man from Threadneedle St.

BUSINESS WITH PERSONALITY BUSINESS WITH PERSONALITY WEDNESDAY 19 APRIL 2017 ISSUE 2,857 CITYAM.COM FREE FRIDAY 9 JUNE 2017 ISSUE 2,892 CITYAM.COM FREE GENERAL ELECTION IN CHECKELECTION CITYAM.COM FOR THE LATEST ELECTION SHOCK RESULTS, OPINION AND ANALYSIS THERESA MAY’S LABOUR SET FOR TORIES STUNNED SURPRISE GAINS BY FALLOUT FOLLOWING 50 FROM EXIT POLL CORBYN BOUNCE CITY SCRAMBLES BREXIT TALKS TO MAKE SENSE THROWN INTO OF VOLATILE UNCERTAINTY BY DAYS POLLING NIGHT OF DRAMA MPs VOTE TODAY ON THE PRIME MINISTER’S SHOCK PLAN TO GO TO THE COUNTRY ON 8 JUNE MAY’S ANNOUNCEMENT SPARKS TRADING FRENZY WITH POUND SOARING TO FOUR-MONTH HIGH 1AM EDITION period of intense political uncertainty. date ahead of crunch Brexit talks. a pinch of salt but added he felt it was 19 June. The Tory campaign made JULIAN HARRIS However, the pound regained some Big beasts from both Labour and the clear that a positive campaign had much of Theresa May’s ability to ground as early results suggested the Tories digested the shock exit poll live succeeded for Labour. secure a good deal for Britain, backed THE POUND has been rocked by exit poll could have exaggerated the on air, amid heated debate over the Just a few weeks ago Jeremy Cor- up by an increased parliamentary POLLS POINT TO A THUMPING another night of political high drama, extent of the Tories’ disappointment. accuracy of the data which also byn’s Labour party had trailed the majority. TORY MAJORITY WITH LABOUR after a shock exit poll pointed to a Late last night and into the early pointed to heavy losses for the Scot- Conservatives by over 20 points in a Dean Turner, an economist at UBS hung parliament. hours of this morning, Conservative tish National Party (SNP) in Scotland, string of leading polls. However, the Wealth Management, said last night: TRAILING 20-POINTS BEHIND Sterling initially took a dive after strategists grappled with the possibil- and a modest revival for the Liberal gap narrowed sharply as polling day “Exit polls suggest Theresa May’s elec- polling stations closed at 10pm last ity of losing the slim majority won by Democrats. Early results muddied approached, with Labour’s rallies tion gamble has backfired... It is early night, falling from $1.295 to around David Cameron just two years ago. the picture further, with some seats contrasting with a Tory campaign crit- days, and the result can change, but it $1.273. Traders described the exit poll, Prime Minister Theresa May had returning a result wide of the exit poll icised by some analysts as lacklustre looks as though her grip over the Con- FULL COVERAGE INSIDE which predicted just 314 seats being called the election, in mid-April, with predictions. and confused. servative party has weakened, which CITY A.M. COMMENT: THE RIGHT DECISION P2 won by the Conservatives, as a thun- the intention of securing a bumper Shadow chancellor John McDonnell Negotiations with the European does not bode well for the forthcom- derbolt, putting the UK on track for a majority and a fresh personal man- said the exit poll should be taken with Union are scheduled to commence on ing negotiations.” EVERYTHING YOU NEED TO KNOW P4-6 DEBATE AND ANALYSIS P20-21 FTSE 100 7,449.98 -28.64 FTSE 250 19,743.41 +47.49 DOW 21,182.53 +8.84 NASDAQ 6,321.76 +24.38 £/$ 1.277 -0.018 £/€ 1.140 -0.011 €/$ 1.119 -0.007

NEWS FOOD PERSONAL FINANCE SPORT ALL THE TOP CELEBRATE STICKING UP TREVOR (NON-ELECTION) ST GEORGE’S FOR THE NEW STEVEN ON 18 APRIL 2017 9 JUNE 2017 Riding high in the polls, the PM calls a May’s gamble fails, and her remaining in General Election designed to give her a Downing Street now depends on doing a bigger majority in parliament and a deal with the DUP — making the Irish stronger hand in EU negotiations. border even more difficult to solve.

Check before you travel this Christmas and New Year 23 Dec -1 Jan BUSINESS WITH PERSONALITY BUSINESS WITH PERSONALITY WEDNESDAY 16 JANUARY 2019 ISSUE 3,289 CITYAM.COM FREE DRINK AND BE MERRY ALL THAT GLITTERS LOOKING BACK AT A THE BEST PLONK FOR CHAOTIC YEAR FOR CHRISTMAS DINNER P25 CRYPTOCURRENCY P17 WEDNESDAY 19 DECEMBER 2018 ISSUE 3,277 CITYAM.COM FREE CHAOS REIGNS Man Utd get TROOPS ON STANDBY a kick from sacking Jose MAY SUFFERS THE GOVERNMENT FACES MINISTERS REACH BUSINESS GROUPS BIGGEST DEFEAT IN CONFIDENCE VOTE OUT TO OPPOSITION REACT WITH HORROR AUGUST GRAHAM HISTORY AS MPS TONIGHT AS LABOUR PARTIES IN BID TO TO MOUNTING RISK @AugustGraham 5.7% REJECT HER DEAL CALLS FOR PM TO GO BREAK DEADLOCK OF NO-DEAL BREXIT FOR NO DEAL BREXIT SHARES in Manchester United rallied yesterday after the club sacked under-fire manager Jose Mourinho following months of terrible performances. The New York-listed club’s shares rose 5.7 per cent to BUSINESSES ‘WATCH close at $18.30 last night. Mourinho leaves United IN HORROR’ AND PLEA FOR just days after losing 3-1 to S league leaders Liverpool. MP TO FIND A RESOLUTION Nineteen points separate the north-west rivals, with United ALEXANDRA ROGERS Many MPs have indicated they are against languishing in sixth place the UK leaving the bloc on such terms, with having managed to win only @city_amrogers justice secretary David Gauke branding the 26 points from a possible 51. THE GOVERNMENT is dramatically so-called “managed no-deal” option a The club said yesterday that ramping up its no-deal Brexit contingency “unicorn that needs to be slaughtered”, Mourinho would leave with planning, warning businesses of the while Tory Nick Boles said he would then immediate effect after two potential impact and putting the army on resign the party whip and even vote with yet to start – and cannot be expected and a half years in the job. standby to offer support. Labour if it tabled a no-confidence motion to be ready in such a short space of “A new caretaker manager In a lengthy meeting yesterday morning against the government. time”, they warned. will be appointed until the Cabinet ministers agreed to allocate an The country's leading business groups – “All this activity stems from end of the current season, additional £2bn to help with Theresa May’s the Institute of Directors, Confederation of the growing risk of leaving while the club conducts a no-deal preparations, which it said must be British Industry, British Chambers of the EU on 29 March without thorough recruitment process implemented “in full”. Commerce, Federation of Small Businesses a deal. With just 100 days to for a new, full-time manager,” With just 100 days to go before the UK is and the EEF Manufacturers’ Organisation – go, the suggestion that ‘no- a spokesperson set to formally leave the EU, Brexit today called on the government to prevent deal’ can be ‘managed’ is not said. secretary Steven Barclay warned that Britain leaving the bloc without a deal. a credible proposition.” Mourinho’s planning for no deal needed to be “much “This is not where we should be,” they said When May’s deal was unveiled, business payout will cost more of a priority for businesses”, as in a joint statement. groups urged MPs to give it their backing, United £18m ministers agreed to send letters to 140,000 “Businesses have been watching in arguing that it gave businesses clarity and a to £24m, companies urging them to step up horror as politicians have focused on necessary transition period. according to preparation. factional disputes rather than practical IoD head Stephen Martin told City A.M: reports. The Ministry of Defence said 3,500 troops steps that business needs to move “Avoiding no-deal is the immediate priority would be placed on standby to help with forward,” they said. for businesses and MPs must keep this  SPECIALIST any “contingencies”. While many firms were “actively firmly in mind in the coming weeks. IN FAILURE: The Prime Minister immediately came preparing” for a no-deal scenario, “there P30 under fire following the announcement. are also hundreds of thousands who have  CONTINUED ON P2

FTSE 1006,701.59 -71.65 FTSE 250 17,495.04 +78.08 DOW23,675.64 +82.66 NASDAQ 6,783.91 +30.18 £/$ 1.264 +0.003 £/€ 1.112 +0.001 €/$1.136 +0.001

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A NIGHT OF HIGH DRAMA, A WOUNDED PRIME MINISTER AND THE CITY’S REACTION P2–3 OUR WINTER SALE S i h 23 D 1 J 19 DECEMBER 2018 16 JANUARY 2019 News of a contingency plan to put 3,500 The Commons rejects the PM’s Brexit deal IS ON NOW troops on the streets in the event of a no- by 432 to 202 — a historic defeat. More deal ups the stakes. The PM readies for a than 100 Tory MPs vote against the deal. crunch vote on her deal in January. May vows to secure more concessions. We’re kicking off the new year with our big seat sale to the Americas. Now is the time to save on travel to Canada, the U.S., South America, and sunny Caribbean destinations.

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JeremyCorbyn BorisJohnson NigelFarage DOG TORIES REDRAW THE POLITICAL MAP AS LABOUR COLLAPSES BREXIT BILL SET TO COME TO THE COMMONS BEFORE CHRISTMAS

CATHERINE NEILAN suffered its worst showing since 1935 from Labour. course, knew this was going to be a Westminster, which was being tipped as its so-called red wall of seats in the But London’s first declaration in challenging election, with Brexit at the to swing to Labour. @CatNeilan north and midlands crumbled. Putney offered Labour a brief respite, forefront of many people’s minds and Although the result suggests the NicolaSturgeon JoSwinson CarolineLucas BORIS JOHNSON is on course to The first historic development of the as Justine Greening’s old seat swung our country increasingly polarised.” political make-up of the country has reshape the map of British politics night came in the former mining town to Labour’s Fleur Anderson. It was also a bad night for the Liberal been shaken to its core, new and after an extraordinary exit poll of Blyth Valley, where the Tories’ Ian Sterling surged against the to Democrats, with leader Jo Swinson in returning MPs will have little time to CATHERINE NEILAN predicted the Conservatives will win Levy overturned a long-standing levels not seen since the referendum real danger of losing her seat of East let the dust settle. that is “ready to be approved by a new about the prospect of an imminent solid lead. second referendum on the terms. the biggest majority in more than a Labour majority. That set the tone for more than three-and-a-half years ago. Dunbartonshire to the SNP, while Johnson is expected to have both parliament”. showdown, with Labour MPs thought The election may act as a proxy for Last night Corbyn said: “A Labour @CatNeilan generation. other Labour Leave seats to turn blue. City analysts predicted a surge of success in the capital seemed to be the Commons and Lords working on “There is only one way to get Brexit to be particularly nervous. Some 11 of a second referendum, with Johnson government will be on your side; As City A.M. was going to press, the Totemic seats including Darlington, interest in UK equities as the threat of limited to the expected pick-up of his withdrawal agreement as early as PARLIAMENT finally gave the go- done in the face of relentless parlia- the 20 that voted against the election hoping to secure a majority that will while Boris Johnson’s Conservatives, exit poll had the Tories sweeping up Workington and Bishop Auckland also nationalisations receded and the Richmond Park from the next weekend, as he is finally able to ahead for a General Election last mentary obstructionism… and that is were Labour MPs while more than allow him to ratify his deal early in who think they’re born to rule, will 368 seats with Labour set to win just fell to the Conservatives, while chance of an orderly Brexit rose. Conservatives. make good his promise to get Brexit night, set for 12 December. to refresh this parliament and give 100 abstained. January. only look after the privileged few.” 191 — giving Johnson a majority of 86 Labour’s party chairman Ian Lavery A Tory spokesman said late last The SNP, however, looked likely to done. A Budget is expected to be Parties are today gearing up for a people a new choice.” The Conservatives’ current strategy The Liberal Democrats have said if Leader of the Liberal Democrats Jo and paving the way for him to push clung on in Wansbeck, one of many night: “A functioning majority would have a good night, poised to jump presented in February. bruising battle ahead of the first After refusing to back an election in is also expected to be predicated on they secure an outright majority they Swinson said: “This General Election through his vision of Brexit in the previous safe seats to find their mean we can now finally end the from 35 to 55 seats and strengthening It now looks likely that the Prime December election since 1923, with three previous votes, Jeremy Corbyn switching pro-Leave, traditionally will overturn the 2016 referendum will decide the future of our country coming months. majority eroded overnight. uncertainty and get Brexit done. It Nicola Sturgeon’s calls for a second Minister will have a stronger parliament’s last sitting on Guy seemed to bow to the inevitable and Labour seats. result and revoke Article 50. for generations. It is our best chance If the poll is shown to be right when In Wales, the once rock-solid Labour would allow the country to come Scottish independence referendum. negotiating position for the trade talks Fawkes’ Night. responded by saying Labour would The NHS is likely to come under sea- But Labour is expected to press its to elect a government to stop Brexit.” the final results come in this morning, seat of Wrexham swung to the Tories. together and move forward by The drama was set to carry on with the European Union, something As he asked MPs to back him, Boris back an election to get rid of a “reck- sonal pressure in the run-up to the case “for the many, not the few”, The election is expected to be he will have won the Tories’ largest North of the border it was also bad delivering the change people voted throughout the night and into the he has said repeatedly will take place Johnson bemoaned the “paralysis” less” government and pledged to election, and the Tories could be focusing on austerity rather than signed off by the House of Lords later number of seats since Margaret news for Jeremy Corbyn, as the SNP f o r.” morning, with 65 seats “too close to before the end of the transition period that was preventing any progress campaign “all over the country”. squeezed both by Liberal Democrats Brexit. The party’s position, agreed at today. Thatcher, while Labour will have gained Rutherglen and Hamilton West A Labour spokesman said: “We, of call” — including Cities of London and this time next year. within the Commons, arguing he had However, backbenchers in both and the Brexit Party. last month’s conference, is to secure d i d l ih h d db ll d h i h i i d l h ll  30 OCTOBER 2019 13 DECEMBER 2019 Jeremy Corbyn finally votes for an A Tory majority sees Brexit now nailed on election, at the third time of asking. The for 31 January 2020 — a full three-and-a- date is set for just a fortnight before half years since the vote. Boris promises to Christmas: the Brexit election begins. unite the country. Now what? 6WDUW\RXUSHUVRQDOLVHGWUDGLQJ experience today

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.1% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work,DQGZKHWKHU\RXFDQD΍RUGWRWDNHWKHKLJKULVNRIORVLQJ\RXUPRQH\ 0RQHFRU /RQGRQ  /WG LV D PHPEHU ȴUP RI WKH /RQGRQ 6WRFN ([FKDQJH $XWKRULVHG DQG UHJXODWHG E\ WKH )LQDQFLDO&RQGXFW$XWKRULW\ZLWK)LQDQFLDO6HUYLFHVUHJLVWHUQXPEHU CITYAM.COM FRIDAY 31 JANUARY 2020 NEWS 07 IN BRIEF DRINKS GIANT DIAGEO TIME TO BLOOM LOWERS SALES TARGETS Tulip Tower may still Beverage behemoth Diageo’s net Shell profit falls sales grew four per cent in the final go ahead as appeal sixth months of 2019, boosted by growth in the North America and process is launched Asia Pacific regions. However, the Guinness maker cut its sales forecast for the year to June to the as firm suffers lower end of its four to six per cent target as it cited “ongoing uncertainty in the global trade environment”. Operating profit rose 0.5 per cent year on year to £2.44bn. from oil slump FACEBOOK TAKES $50BN HIT IN GROWTH SLUMP Shares in Facebook fell as much as EDWARD THICKNESSE at Brewin Dolphin, said: “Investors eight per cent yesterday, following a @edthicknesse in Royal Dutch Shell were braced for disappointing set of a results from bad news and the company’s results the tech giant. to wipe more than SHELL saw its final quarter income are largely worse than expected DEVELOPERS behind the Tulip Project have submitted a planning appeal against $50bn was wiped off its market halve yesterday as the continued against a highly challenging macro- Sadiq Khan’s decision to reject planning permission last year. A public inquiry is set capitalisation. The social media firm slump in global oil prices knocked the economic backdrop.” for the middle of 2020, with a final decision made by central government. reported its fourth consecutive company’s full-year profits. Shares fell 3.7 per cent to 2,046p. quarter of revenue growth under 30 In the final quarter, earnings fell 48 Oil prices sank to their lowest in per cent earlier this week, and its per cent from the same period last three months, as the worsening coron- slowest quarter of growth since year, from $5.6bn (£4.3bn) to $2.9bn. avirus outbreak continued to take its going public in 2012. Full-year income attributable to share- toll on economies. Brent crude lost holders for 2019 was $16.5bn — a 23 $1.52 to settle at $58.29 a barrel, while Cybersecurity firm Avast closes TRADERS CALL TIME ON per cent fall from last year’s $21.4bn. US crude fell $1.19 to settle at $52.14. LONG WORKING HOURS Although Shell said that it would Traders yesterday called for market continue its share buyback scheme, trading hours to be reduced by 90 SHELL business that sold on user data the rate of investor payouts will slow minutes to seven hours. The P JAMES BOOTH considerably, with plans to buy back 2,250 immediate effect” with more than Association for Financial Markets in $1bn by the end of April. @Jamesdbooth1 200 jobs in the business at risk. Europe (AFME) and the Investment Analysts had widely expected the 2,200 Speaking to City A.M. chief Association (IA) have responded to prolonged slump in oil prices to effect 2,150 CYBERSECURITY business Avast said executive Ondrej Vlcek said: “In the the London Stock Exchange’s Shell’s profit, which were also hit by 2,100 30 Jan yesterday it would shut down its grand scheme of things it was a consultation on the issue. They are $2.2bn in impairment charges. 2,046 controversial Jumpshot business after venture we probably shouldn’t have campaigning for a reduction in Other majors BP and Chevron have 2,050 media reports revealed it was selling entered into.” hours to either 9am-4pm or 9.30am- been hit by similar charges related to 2,000 data on its users to clients. Shares fell 13 per cent to 395p 4.30pm. AFME and IA argue that a US shale gas assets. Avast said it would terminate the yesterday. Avast shares have fallen 28 reduction in hours would “create Stuart Lamont, investment manager 24 Jan27 Jan 28 Jan 29 Jan 30 Jan provision of data to Jumpshot “with per cent since their close last Friday. more efficient markets”.

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THE WOMAN FROM THE PRU Insurance Deutsche Bank crashes to massive firm Prudential hires Vadera as new chair €5.7bn loss as turnaround hits profit JAMES BOOTH growth plans and an abortive merger “Our new strategy is gaining @Jamesdbooth1 with rival Commerzbank. traction,” Sewing said yesterday, 4.23% Chief executive Christian Sewing’s pointing to stabilising revenue in the DEUTSCHE Bank slipped latest attempts at a turnaround is a second-half of 2019 and an improved to a larger than expected €7.4bn drive to cut 18,000 jobs, capital position. loss of €5.7bn (£4.8bn) last year, increase its focus on corporate “Weak core operating trends could as the costs of its turnaround drive banking and slim down its lead to further core bank hit profit. investment bank. downgrades, leaving Deutsche Bank’s The German banking giant has The €1.6bn loss in the fourth share price vulnerable after a good now posted losses for five consecutive quarter was larger than the €1bn start to the year,” Credit Suisse years. Deutsche has struggled with forecast, meaning the full-year result analysts wrote in a note. misconduct scandals, failed US missed expectations of a €5bn loss. Shares rose 4.2 per cent to €8.31. BARONESS Shriti Vadera nabbed one of the top jobs in the City yesterday after being appointed as new chair of life insurance firm Prudential. Vadera, who recently missed out on the Bank of England’s top job, will succeed Paul Manduca next year. BT predicts cost of £500m from UK’s Huawei cap

JOE CURTIS over the next five years”. @joe_r_curtis The bulk of BT’s costs will come from replacing Huawei 4G boxes from CITY AM IS ANNOUNCING THE INAUGURAL BT YESTERDAY warned the govern- its 5G network to meet the 35 per ment’s decision to cap Huawei’s in- cent government cap. CRYPTO AM AWARDS TAKING PLACE ON THE 11TH volvement in the UK’s 5G network For 5G to work, 4G and 5G boxes will cost the telecoms giant £500m must be from the same supplier. BT MARCH 2020 AT BOISDALES OF CANARY WHARF over the next five years. had cautioned its use of Huawei in its BT welcomed the “clarity” provided 4G network is over the 35 per cent cap by Prime Minister Boris Johnson’s de- the government has enforced. NOMINATE YOUR COMPANY AT cision to enforce a 35 per cent cap on It came as BT warned of drops in Huawei’s 5G involvement. both profit and revenue in the last WWW.CITYAM.COM/CRYPTO/CRYPTO-AM-AWARDS But chief executive Philip Jansen three months of 2019 as regulation yesterday warned of the financial and broadband investment costs hit the British telecoms firm will now mounted up. suffer as a result. Shares in the telecoms firm fell 7.4 “The security of our network is per cent to 162.4p yesterday. CATEGORIES paramount for BT. We therefore welcome and are supportive of the BT clarity provided by government P Community Enhancement Award around the use of certain vendors in 180 networks across the UK.” Service Provider Award “[We] agree that the priority should 175 be the security of the UK’s communi- 170 Enterprise Blockchain Award cations infrastructure,” Jansen added. 30 Jan “We are in the process of reviewing 165 162.40 UX/UI Award the guidance in detail to determine the full impact on our plans.” 160 Educational Platform Award Jansen estimated that the cap could Outstanding Industry Contribution Award have “an impact of around £500m 24 Jan27 Jan 28 Jan 29 Jan 30 Jan Social Impact & Sustainability Award Payment Service Provider Award Digital Asset Custodian Award Pompeo: US will put Britain at Incubator / VC Award Crypto Exchange Platform Award ‘front of the line’ in trade talks

Deployment in Fintech Award CATHERINE NEILAN would result in the UK going to the @CatNeilan back of the queue, Pompeo said: “We intend to put the UK at the front of THE US secretary of state Mike the line. This is a historic *The Crypto AM Awards 2020 are still open for sponsorship, Pompeo pledged to put the UK “ relationship.” for enquiries, please contact [email protected] at the front of the line” in future Pompeo added there was a trade talks, during a speech in “tremendous value” to the US from London yesterday. the relationship with the UK, saying *Submit your nominations by midnight tonight Speaking at a there was “huge opportunity for us to event, Pompeo said he wanted do really great creative business”. to be in the UK on the date that the On the Huawei decision, Pompeo UK leaves the EU as a mark of acknowledged that the UK had “come solidarity over Brexit, but up with a model they think provides counterpart Dominic Raab noted the adequate protection for its people today will be “hectic”. citizens”, and said the US would work In contrast to former US president with partners to develop “a sound set Barack Obama’s warnings that Brexit of alternatives” in the long term. CITYAM.COM FRIDAY 31 JANUARY 2020 NEWS 09 Sports Direct resolves tax dispute JESS CLARK Ashley’s company said it would “con- undertaking for all parties involved.” @jclarkjourno tinue to fully engage and work” with “Our view at the time was that this the Belgian investigation related to VAT bill was without merit so I am de- MIKE Ashley’s Sports Direct has re- the rest of the VAT. lighted we have so far been vindicated solved a large chunk of a €674m The shock tax bill first came to light in that view with the extinguishment (£570.2m) tax dispute with the Belgian in Sports Direct’s delayed full-year of the main part of the proces-verbal,” authorities. results in July, and prompted the res- he added. The retailer — which recently re- ignation of the company’s auditor On Wednesday the Financial Times branded as Frasers Group — said Grant Thornton. reported that Sports Direct is battling €491m of the disputed VAT had been In a statement yesterday morning to keep private documents it handed accounted for and authorities in Bel- Frasers Group finance chief Chris to its accountants from being passed gium had withdrawn the claim. Wootton said: “This was a huge to the accounting regulator. Mike Ashley’s firm said it will continue to work with Belgian authorities

IN BRIEF H&M APPOINTS NEW BOSS IN BOARDROOM RESHUFFLE Coronavirus is H&M yesterday announced the appointment of a new chief executive following a boardroom reshuffle sparked by the exit of chairman Stefan Persson. The declared public Swedish retailer said it has appointed Helena Helmersson as its new chief executive as the company’s current boss health epidemic steps into the role of chairman. Persson announced he will step down from the POPPY WOOD board in May after 20 years in the role, and @poppyeh has appointed current chief executive Karl-Johan Persson as his successor. THE WORLD Health Organization Helmersson, who is currently chief (WHO) yesterday declared an operating officer, joined H&M as an international public health economist in the buying department in emergency as the coronavirus 1997. Meanwhile, H&M Group finance outbreak continues to spiral. chief Jyrki Tervonen has been promoted to The death toll has now climbed to chief executive of Ramsbury Invest, more than 170, and the virus has H&M’s parent company. He will be reached every region in China. replaced by Adam Karlsson, current head Following an emergency of controlling at H&M. committee meeting in Geneva WHO director general Tedros Adhanom BRITISH BUSINESS IN FAVOUR said: “We don’t know what sort of OF EUROPE HUB AFTER BREXIT damage this [coronavirus] could do if Almost one in five of UK businesses are it were to spread in a country with a more likely to expand into Europe as a weaker health system. We must act result of Brexit, exclusive data revealed now to help countries prepare for today. Voxbone, which spoke to senior IT that possibility.” and cloud leaders in large UK companies “For all of these reasons, I am for the research, said the figures could allay declaring a public health emergency fears that the UK may become more of international concern over the inward-facing following the country’s exit global outbreak of [the virus].” from the European Union today. A further The health body defines an 38 per cent of business leaders polled by international public health the survey said their expansion plans were emergency as “an extraordinary unaffected by Brexit. “Britain’s global event” that constitutes a “public business community has one of the best health risk to other states through reputations in the world, and it is the international spread of disease”. encouraging to see that British business Previous emergencies have included will continue with global strategies despite, the Ebola and Zika viruses. and even because of, Brexit,” said Timir More than 8,000 cases have now Patel, head of product at Voxbone. been recorded in 18 countries around the world. UNILEVER MISSES TARGETS AS WHO committee chairman Didier FIRM LAUNCHES REVIEW Houssin said the classification would Consumer goods giant Unilever missed its allow the health organization to underlying sales target in 2019, its results better coordinate an international showed yesterday, with the firm citing response to the virus. “challenging” developed markets. The Shares in British Airways owner British-Dutch company also suffered a 33 IAG closed 3.31 per cent lower per cent fall in pre-tax profit year on year to yesterday following the €8.29bn (£7.02bn) in 2019. A year earlier, announcement that it was the sale of its spread business bumped up suspending all flights to mainland income, bringing down earnings per share. China for a month. Virgin yesterday Unilever announced in its full-year results also announced a temporary that it would undertake a “strategic suspension of flights to the region. review” of its global tea business, which The FTSE 100 fell 1.36 per cent as includes household names PG Tips and foreign secretary Dominic Raab Lipton. The firm said sales had fallen due confirmed that the evacuation of to “subdued consumer demand for black British citizens to the UK from the tea”. Shares rose two per cent to 4,527.5p. Wuhan epicentre began last night.

Billionaire Alexander Machkevitch and his daughter Anna Oligarch’s daughter obstructed fraud probe Machkevitch JAMES BOOTH and told to pay a victim surcharge of Machkevitch, is a founder of ENRC @Jamesdbooth1 £181 and the SFO’s costs. and one of the suspects in the case. The request related to the Eurasian SFO director Lisa Osofsky said: “By THE DAUGHTER of a billionaire Natural Resources Company (ENRC) failing to comply with our request, oligarch was yesterday found guilty of which is being investigated for fraud, Ms Machkevitch has wilfully failing to hand over documents to the corruption and bribery by the SFO in obstructed our investigative efforts.” Serious Fraud Office (SFO) in relation relation mining assets in the Anna Machkevitch’s barrister to a massive corruption probe. Democratic Republic of Congo. David Whittaker QC said: “We are Anna Machkevitch was found Machkevitch is not a suspect in disappointed by the outcome and are guilty under Section 2 of the relation to that investigation. considering our options in terms of Criminal Justice Act and fined £800 Her father, billionaire Alexander an appeal.” 10 NEWS FRIDAY 31 JANUARY 2020 CITYAM.COM

TAKING OFF Ryanair’s O’Leary launches Chief of Jaguar fresh attack on Javid amid Flybe squabble Airbus in court today for £3bn Land Rover to corruption deal JAMES BOOTH @Jamesdbooth1 EUROPEAN plane maker Airbus’ £3bn plea deal with prosecutors is exit later in year expected to be approved in court today, settling a long running corruption probe. JOE CURTIS set to be named immediately, the The deferred prosecution Financial Times first reported. agreement (DPA) between the @joe_r_curtis Tata chairman Natarajan Serious Fraud Office (SFO) and JAGUAR Land Rover (JLR) chief Chandrasekaran added: “I want to AN ONGOING spat over the government-backed rescue of failing airline Flybe Airbus has been agreed in principle executive Ralf Speth is set to quit the thank Ralf for his passion and com- escalated yesterday as Ryanair boss Michael O’Leary accused Sajid Javid of making and is set to be approved by the top job at the company this mitment over the last 10 years. Ralf “seriously misleading” statements about Flybe’s finances, Sky News first reported. president of the Queen’s Bench September, the British car manufac- developed Jaguar Land Rover from a Division in London today. turer confirmed yesterday. niche, UK centric manufacturer to a It will be part of a settlement The 65 year old will vacate his chief respected, technological leading, glob- with US and French authorities. role but remain on the board of Tata, al premium company.” DPAs are plea-deals that were which owns the historic UK brand. Speth took charge of JLR in 2010 introduced in 2014, which allow “I feel very honoured to have worked when Tata bought the brand from Most British drivers set to shun prosecution of a company to be with so many dedicated and creative Ford. Since then Speth has spearhead- suspended in exchange for a people, both inside and outside of ed growth into new markets and a company agreeing to terms, such as Jaguar Land Rover,” Speth said. much wider range of vehicles. petrol or diesel for next vehicles paying a fine and agreeing to “We have elevated Jaguar and Land JLR now has production plants in the cooperate with the prosecution Rover. I want to say thank you for all US, China and further afield. of individuals. their support and commitment.” Meanwhile JLR has introduced new ALEX DANIEL traditional internal combustion The investigation of individual Speth added: “We offer our cus- models like the electric Jaguar I-Pace. engine-powered (ICE) car next, City Airbus executives is understood to tomers multi-award-winning products However, the company has struggled @alexmdaniel A.M. can reveal. That is down on last be ongoing, however, the SFO has and will continue to surprise with the amid the US-China trade war. It was THE MAJORITY of British drivers do year’s figure of 63 per cent, failed to successfully prosecute best pipeline of new, innovative prod- badly hit by a severe downturn in not intend to buy a normal petrol or according to Deloitte’s annual UK individuals following past DPAs. ucts we have ever had. China car sales. diesel car for their next purchase, automotive consumer study. Barry Vitou of law firm “Personally, I am looking forward to It has responded with an initiative to amid growing interest in hybrid and But the intention to move away Greenberg Traurig said the new and exciting challenges.” cut around £2.5bn of costs, electric cars. from ICE cars has not boosted sales, conclusion of the probe was a While Speth will retain an advisory which could lead to thousands of Only 48 per cent of consumers in with only 7.4 per cent of the market “feather in the cap” of authorities role at the company, no successor is job losses. a major poll said they plan to buy a being electric or hybrids last year. in all three jurisdictions.

LORD MAYOR’S APPEAL The Lord Mayor’s Appeal looks ahead to 2020

he Lord Mayor’s Appeal enters 2020 with a busy agen- da as we work to create A TBetter City For All, one that is inclusive, healthy, skilled, and fair. We launch This is We launch This is Me for the year at a special morning event on Tuesday 4 Me for the year at February at Mansion House. This is a special morning Me is committed to changing atti- tudes around mental health and event on Tuesday strives to create healthier and more inclusive workplaces by reducing stig- 4 February at ma, dispelling myths, and improving Mansion House. employee wellbeing for good. It does this through three key strands - This is Me Storytelling, The Green Ribbon; on Thursday 27 February, and an excit- and Wellbeing in the Workplace ing Race Night at Mansion House on online training. So far over 800 busi- Wednesday 25 March. Then it’s the nesses have signed up, and last year London Market Dinner 'Protect Our 150,000 green ribbons were worn. Planet', an insurance sector event, on On Thursday 13 February 300 young Tuesday 5 May at Guildhall. City women will be spending a day learn- Beerfest is going to be back in 2020 - ing more about why the City is a and bigger than ever! Thursday 2 July viable career choice for them. It’s all will see Guildhall Yard taken over by part of She Can Be…, an initiative an exciting open beer and musical fes- which aims to improve gender equali- tival, for the fifth year. And on Friday ty in business and empower young 18 September at Guildhall you can women to pursue careers in business. munity partnerships. Companies join Alderman & Sheriff Professor She Can Be... opens up the City to involved in City Giving Day use it as Michael Mainelli and Sheriff untapped talent through a one day an opportunity to showcase their Christopher Hayward CC at the event in which groups of young amazing charitable and community annual Sheriffs’ Ball. women visit City firms and meet role work, letting their staff and visitors Throughout the year we will be sup- models to learn about how their know about the difference they are porting our charity partners Place2Be, skills are valuable to the workplace, making and the lives they are chang- Onside Youth Zones, Samaritans and the diversity of backgrounds of the ing. Last year over £500,000 was The Duke of ’s Award. City’s employees, and why the City raised. Any businesses interested in These organisations are leading wants to recruit them. taking part should come to one of our experts in addressing social issues, Our Power of Inclusion breakfasts breakfasts on Tuesday 25 February, and our support helps them to deliver will continue, this year focused on Tuesday 12 May or Thursday 2 July. groundbreaking programmes. the theme of social inclusion. We have a fantastic calendar of All in all, it’s going to be busy and Inclusive workplaces are more pro- rate for change, hear about innova- thropy and giving, City Giving Day events, providing a great opportunity brilliant! ductive, commercially successful, tive programmes that are already will take place on Tuesday 22 to have fun and raise money at the and have a happier and more proven to be successful, and share les- September. Launched in 2014, City same time. The Lord Mayor and Lady Any businesses who would like to know engaged workforce. Through mem- sons learned. The 2020 series begins Giving Day is a unique event that has Mayoress will be hosting the Call My more, or are interested in supporting our bership of the Power of Inclusion in May. become a staple in the City’s calendar, Wine Bluff Dinner, a fun and work should email series, member organisations collabo- Our annual celebration of philan- uniting us through charity and com- informal evening at Mansion House [email protected] £ For more information please visit thelordmayorsappeal.org.uk CITYAM.COM FRIDAY 31 JANUARY 2020 NEWS 11 Mitie predicts Listed firms need public flogging flat growth for HE £18.5 trillion in assets Mark In recent weeks, however, short-term Connect Airways’ business plan managed by members of the has become an even more malleable suggests would arrive in the third year the rest of 2020 Investor Forum would cover a Kleinman concept. Take Sajid Javid, whose of its turnaround plan is an unappeal- Tfair few shopping trips to description of Flybe’s difficulties as ing prospect. JAMES BOOTH Poundland, and buy its par- temporary, stretches credibility as well Given the alacrity with which Grant @Jamesdbooth1 ent’s shares hundreds of times over — as time. Shapps, the transport secretary, has but will public market shareholders The government is now tying itself in nationalised failing train operating OUTSOURCER Mitie said yesterday get the chance? knots as it seeks to avoid the collapse companies, perhaps the moment has its organic growth for the financial That’s one of the questions indirectly of companies it deems politically im- come to do the same at Flybe: pilot of year would be flat but earnings prompted by the forum’s latest annual portant while adhering to traditional last resort, anyone? would be in line with guidance. review, which highlights the intensify- products, there is no doubt that Conservative free market economics. The company said revenue ing erosion of equity markets amid the the scrutiny which public markets British Steel and Flybe offer the two 10X REUNION BECKONS growth in the nine moths to 31 allure of vast pools of global private bring to bear can play an important most obvious examples. The former It doesn’t take a genius to imagine the December was six per cent. This capital. role in increasing societal confidence has now been on life support for nine deafening silence that greeted news of was driven by Mitie’s £14m In Poundland’s case, its owner, in business.” months, costing taxpayers hundreds of John McFarlane’s appointment as acquisition of security business Steinhoff, will decide in the coming Among the factors cited by chief ex- millions of pounds. chairman of Australian bank Westpac VSG from Compass. months whether to pursue a flotation ecutive Andy Griffiths is Mifid-II’s im- Despite positive intent on both sides, at 10X Future Technologies. It added organic growth was flat in London and Warsaw, or sell to capi- pact on the availability of research on a rescue by China’s Jingye Group looks McFarlane’s ousting of Antony Jenk- overall, which it attributed to tal-rich private equity firms. the majority of public companies, far from assured. ins as Barclays chief executive more reduced spend in its technical It’s the same dual-track process that which has caused a vacuum in the in- At the Exeter-based airline, the cost than four years ago was arguably the services division and the “planned has been a fixture for M&A advisers for formation flow on which investors to the public purse is substantially most brutal defenestration of a British rationalisation” of its continental years — but the trend has increasingly base their decision-making. lower, but the merits of any form of bank boss since the financial crisis European businesses. diverged towards private sales. Increasingly, PLC directors complain bailout are more questionable. (although Stephen Hester and John Mitie said it expected organic That deprives public investors of at- about the regulatory and bureaucratic Like him or loathe him, Ryanair boss Flint might disagree). growth to remain flat for the year, tractive investment opportunities and, burdens that public disclosure rules Michael O’Leary makes a perfectly Jenkins has successfully rebooted which it blamed on soft public coupled with the volume of listed place upon them. valid point when he asks the chancel- his career, setting up 10X and sector spending. It said it had won companies being taken private, has Compare that to the relative tranquil- lor why the government should step joining an international cluster of new contracts in the private sector, reduced the overall stock of quoted ity of private markets, and the fre- in with emergency funding if its corporate boards. including a £150m facilities UK equities. quency with which FTSE 100 chairs shareholders or private lenders are Only two months ago, though, his contract with Glaxosmithkline. The Investor Forum is right to call and chief executives now bemoan unwilling to. banking-as-a-service startup took on Earnings for financial years this out — and its language is stark: their lot starts to make sense. A state loan on commercial terms Westpac as a client. 2019/2020 and 2020/21 were likely “There is no doubt,” its report says, looks unworkable if Flybe’s assets have I wonder if the deal has an escape to be in line with guidance. It said “that the effectiveness of public mar- A ‘SHORT-HAUL’ FLIGHT? already been pledged to other stake- clause — if not, some frosty meetings this was helped by “good kets is being questioned.” How ironic. For most politicians, the holders or are leased (as is typical in lie ahead. momentum” in cost-cutting, “Alongside the opportunity for citi- phrase long-term is elasticated to suit the aviation sector). Mitie said its balance sheet zens to share in the benefits of success- personal or party interests — but rarely And providing that risk capital £ Mark Kleinman is City editor at Sky News “continues to improve”, with ful companies through savings beyond a current electoral cycle. without sharing in the upside that @MarkKleinmanSky average daily debt in decline. 12 NEWS FRIDAY 31 JANUARY 2020 CITYAM.COM EDITOR’S INTERVIEW CHRISTIAN MAY @CHRISTIANJMAY [email protected]

HERE can be no doubt that last year’s General Election redrew Britain’s political Tlandscape but for an exam- KHAN WARNS JAVID ple of just how different things have become, consider that next week a Labour mayor of London will warn a Tory chancellor against imposing new taxes on multinational tech giants. AGAINST TECH TAX Sadiq Khan tells me he enjoys a good relationship with most of the current cabinet, but he talks about “Saj” as if they’re old school friends. We’ve been talking for almost an hour in the cafe of the Bridge theatre, a stone’s throw from City Hall, when the issue of tech regulation comes up. At first, the mayor’s comments on this subject don’t deviate from stan- dard observations about US multina- tionals. “I think they should pay their fair share of tax, they avoid it using clever devices,” he says. “When you see a big employer like Amazon pay- ing a minuscule amount of tax [in the UK] the government should close loopholes, they should pay their fair share of tax in relation to revenues raised in this country.” And then, out of nowhere, he adds: “I think we’ve got to realise that we’re a global city, we work in a global economy, to unilaterally impose taxes in one country could have unin- tended consequences, making them move elsewhere.” When I push on whether he’ll be raising this argu- ment at an upcoming meeting with Javid, he says it's “one of the issues I’ll be raising, making sure we’re wel- coming to businesses from around the world.” The government says it’s absolutely committed to the intro- duction of a tax on global tech giants.

City A.M. readers were not unreasonably suspicious about whether I’d get what makes our city tick

Khan’s Labour party comrades in the capital’s businesses, and proud to He won’t tell me who he’s backing about both main parties thinking from the EU. “For 1,000 years we’ve Westminster will probably attack the be associated with them. He responds for Labour leader, though the expec- that the way to success in a General been open to trade, people and ideas, government for being too timid, but to a claim by Tory opponent Shaun tation is he’ll come out for Sir Keir Election is by slagging off London.” and my optimism is based on the the mayor thinks it’s a bad Bailey that he’s too pessimistic by Starmer. “What I’m looking for in the He warns frontline politicians of track record of this city.” He does, idea and he intends to lobby the saying “speak to Apple, Google, Face- next leader is someone who under- all stripes: “Neglect London at however, worry about immigration Conservative chancellor. When I last book, Snapchat — they’ve all come to stands and accepts that we lost, has a your peril.” and the government's plan to bring interviewed Khan he was limbering London since I became mayor.” good diagnosis for that and has a Hostility to the capital is not unique down the numbers. He welcomes up to take on Zac Goldsmith in the Khan admits that when he first route back to winning.” He’s also con- to British politics, and Khan says it’s calls to lower the proposed salary cap mayoral race. He told me he wanted walked into City Hall he “didn’t fully the same in France, the US and other from £30,000 to £24,000 but says “it's to be “the most pro-business mayor understand the contribution made countries that are seeing voters “vent still too high.” If it remains govern- London has ever had.” I never by businesses of all walks of life, not their anger against globalisation.” ment policy to reduce net migration thought he’d prove it by riding to the just [those in] the Square Mile” and However, he suggests that some of to under 100,000 he says “I’d want it defence of Google and Facebook. he recalls that, three and a half years the anti-London sentiment which has all for London,” adding “we want it However, one of his most high-profile ago, City A.M. readers were “not un- bubbled up in recent years is justifi- and we need it.” He points to the staff clashes has been with another US reasonably suspicious about whether We’re a global city... able. “We have given the impression behind the counter of the cafe and tech giant: Uber. As chair of Transport I'd be a mayor that understood what To unilaterally of being arrogant, of saying to the re- reels off the stats about the number for London, Khan enthusiastically makes our city tick”. gions: be grateful to receive our of so-called low-skill jobs — and vacan- supports the regulator’s decision to He says the Corbyn factor and the impose taxes in one crumbs.” He wants other politicians cies — in London. revoke Uber’s licence. Some may see fears at the time over his party’s rela- to make the case that “we need each Then, as the interview finishes, he the Uber-tussle as proof of an anti- tionship with business meant that country could have other” — he cites the factory in the gets up and goes to talk to them. He business strand running through people may have had concerns about unintended west midlands that manufactures shakes their hand, thanks them for Khan’s approach to managing life in the spectre of Corbyn’s man moving London’s electric black cabs, and the the coffee and makes for the exit. He the capital, but he insists it shows the in to City Hall. Despite having been consequences factory in Hull that builds trains for hardly gets a foot out the door before opposite. “When I became mayor one of the handful of MPs to nomi- the Piccadilly line. The issue could get a passer-by stops him for a chat. Other there was a monopoly [Uber] but I be- nate Corbyn, he's quick to distance cerned that as it licks its wound, his worse, Khan says, because while “Lon- people stop and clock him, pointing lieve in the market economy and now himself from the project now. party could turn against London. “I’m don will be OK” after Brexit, “the or taking photos. He waves to some, we have not one but a number of dif- “We’ve got to accept that we’ve lost afraid many of my colleagues [in the parts of the country that voted to stops and talks to others. ferent operators.” He tells me, “the four General Elections in a row — we Labour party] don't understand the Leave will, ironically, do least well.” Then it’s a brisk march, under market is working” and I can’t help can’t keep repeating the same mis- importance of London to our coun- For someone who devoted a lot of armed guard, back to City Hall and but wonder, when was the last time a takes, we have to have the humility to try.” It isn’t just Labour MPs that seem energy to a second referendum cam- some preparation for his meeting senior Labour politician said that? recognise that the British public does- happy to turn their backs on the paign, Khan almost seems to have with the chancellor. The tech giants Khan seems immensely proud of n’t like what we’re offering.” capital. Khan says he’s “really worried made his peace with our departure will be rooting for him. CITYAM.COM FRIDAY 31 JANUARY 2020 MARKETS 13

CITYDASHBOARD YOUR ONE-STOP SHOP FOR BROKER VIEWS AND MARKET REPORTS LONDON REPORT BEST OF THE BROKERS NEW YORK To appear in Best of the Brokers, email your research to [email protected] REPORT Virus spread, dull TRAVIS PERKINS P 1,620 30 Jan Wall St U-turns 1,585 1,600 to end higher earnings and Bank 1,580 S STOCKS rebounded late to Uclose higher yesterday after the 1,560 World Health Organization (WHO) declared the China coronavirus a global emergency, while earnings move drown FTSE 24 Jan 27 Jan 28 Jan 29 Jan 30 Jan painted a mixed picture. After the Centers for Disease Control Travis Perkins’ has laid solid foundations to “focus on its core business” ahead of and Prevention reported the first US its demerger from child company Wickes later this year, said analysts at incident of person-to-person spread of Canaccord Genuity. The building firm is “progressing well” and is set for strong the virus, the WHO said recent weeks K SHARES tumbled yester- cent since last week when news of the revenue growth. Analysts gave it a “hold” rating and a target price of 1,715p. have seen an unprecedented day as the rising death toll coronavirus flare-up first emerged. outbreak, met by an unprecedented from the coronavirus out- The biggest drag to the blue-chip response. It said it was not Ubreak led investors away bourse came from Shell , which slid 4.4 WH SMITH recommending limiting trade or travel from risky assets like stocks per cent to its lowest level since July to China. P Facebook and at home the Bank of Englandkept 2017 after fourth-quarter profit halved 2,600 30 Jan shares slumped 6.14 per interest rates unchanged, while Shell and the oil major slowed its $25bn 2,386 cent after the social media company and BT slid on disappointing earnings. (£19.1bn) share buyback scheme. 2,550 warned of slowing growth as its The main index fell by 1.4 per cent to 2,500 business matured and it reported a levels not seen since mid-December surge in quarterly expenses. FTSE 2,450 and the FTSE 250 slid 0.9 per cent, as a Microsoft gained 2.82 per cent after P modest rebound that the indexes 7,700 30 Jan 2,400 it beat expectations for quarterly had managed over the last two sessions 7,381.96 2,350 earnings, driven by Azure cloud unravelled. 7,650 computing revenue growth. Tesla Countries have begun isolating hun- 7,600 jumped 10.30 per cent after dreds of citizens evacuated from the 24 Jan 27 Jan 28 Jan 29 Jan 30 Jan the maker of electric cars posted a Chinese city of Wuhan to stop the 7,550 second straight quarterly profit as virus from spreading, and the World WH Smith has lost its footing recently but appears set to gain further contract vehicle deliveries hit a record. Health Organization later yesterday re- 7,500 wins, and is pleasing customers with complementary products, said analysts Altria slid 4.21 per cent after the assessed its stance on the outbreak. at Barclays. They reiterated their “overweight” rating for the stationery company, tobacco firm took another $4bn The FTSE 100 has shed nearly four per 24 Jan27 Jan 28 Jan 29 Jan 30 Jan and gave it a target price of 2,705p. (£3bn) charge on its Juul investment. CITY MOVES WHO’S SWITCHING JOBS

BMO Management, commented: “With Nora’s appointment, is] highly regarded in the industry and [has] be replaced by Luis Gallego, currently Iberia chairman BMO Global Asset BMO GAM is ideally positioned to build on it best in considerable expertise and experience. [He] bring s and chief executive. Willie Walsh said: “I’d like to Management (BMO GAM) has class product offering in EMEA. We look forward to with [him] exceptional insight, energy and a congratulate Javier and Marco on their new roles and announcef the appointment of announcing future product innovations and solutions commitment to delivering the continued growth of the am absolutely confident that they are the right people Nora O’Mahony as head of that help our clients meet the challenges they face.” business.” to lead Iberia and Vueling. Both have worked in the product for Europe, the Middle Group for several years and have fantastic track East and Africa (EMEA). Nora, SQUARE MILE IAG records, proving once again that we have extremely who will be based in London, Investment consulting and research firm Square Mile International Airlines Group (IAG) has announced that talented people internally that we are able to promote joins with a wealth of has confirmed two new board appointment of Steve Javier Sanchez-Prieto, currently Vueling chairman and to our top jobs.” Javier has led Vueling for the past experience, having worked for Kenny as executive director. Steve joined Square Mile chief executive, has been appointed chairman and three years. He was previously strategic planning and Fidante Partners, Citi and GAM, in April 2019 as commercial director and is responsible chief executive of Iberia. Marco Sansavini, currently finance director at Iberia between 2013 and 2016 where she was head of global for distribution as well as helping to set the overall Iberia chief commercial officer, has been appointed where he was instrumental in achieving the airline’s product and fund development. In her role, Nora will strategy for the growth of the business. Richard chairman and chief executive of Vueling. Both Javier financial turnaround. Marco has been Iberia’s chief look to build on BMO GAM’s best in class solutions in Romer-Lee, Square Mile’s managing director, said: “We and Marco will take up their new roles in late March commercial officer for seven years where he has led EMEA. Kristi Mitchem, CEO of BMO Global Asset are very excited to welcome Steve to Square Mile. [He when IAG’s chief executive Willie Walsh stands down to the airline’s commercial and brand transformation.

To appear in CITYMOVES please email your career updates and pictures to [email protected]

NEWS Non-alcoholic beers shield Fuller’s Coca-Cola toasts to 2019 from traditional Dry January slump as revenue starts to fizz JESS CLARK per cent in the period. the chain’s venues, many of which EDWARD THICKNESSE apparent in all geographies. Chief executive Simon Emeny told are located near London’s Net revenue grew 16 per cent to @jclarkjourno City A.M: “We have traded really well . @edthicknesse $9.1bn (£6.95bn), beating analysts’ es- PUB CHAIN Fuller, Smith and Turner in January. We have seen more He said: “It’s so exciting, it feels COCA-COLA’s trademark soft drink timate of $8.9bn for the quarter. Over- said an increased range of non- people do Dry January, and we have like the beginning of spring, with proved its timelessness yesterday as all revenue for the year grew nine per alcoholic drinks protected it from the still seen people still come out. the end of January and the Six the firm said sales of its classic brand cent to $37.3bn. usual January slump in sales, despite “The range of non-and-low Nations.” had helped it beat revenue expecta- “We made good progress in 2019 an uptick in the number of people alcoholic choices in our pubs are “We own the most famous rugby tions in the final quarter of 2019. by delivering on our financial going tee-total for the month. really good. In the past January was a pub in the world,” he added, Although the firm has been putting commitments and growing in a Fuller’s yesterday announced that nightmare.” referring to The Cabbage Patch pub increasing focus on expanding its more sustainable way,” said James like-for-like sales in managed pubs Meanwhile, Fuller’s is looking in Twickenham. range of coffees, teas and low-sugar Quincey, chairman and chief execu- and hotels were up 4.3 per cent in forward to a surge in sales as the Fuller’s will open three new pubs drinks, its most famous product saw tive of Coca-Cola. the six weeks encompassing Six Nations rugby tournament kicks in the coming months at Royal Dock, its value grow six per cent. In its forecasts for 2020, Coca-Cola Christmas and New Year. off tomorrow. Wembley Park and Liverpool Street This was boosted by the launch of said that it expected revenues to In the 42 weeks to 18 January, sales Emeny said the west London-based Station. It is on track with the new brands such as Plus Coffee and grow about five per cent, grew 2.5 per cent. However, tenanted firm is “absolutely” expecting an integration of the Cotswolds Inns & Zero Sugar soda. Demand for the slightly down on 2019’s six per cent like-for-like profits were down three uptick in sales as rugby fans flock to Hotels business it bought last year. drink grew three per cent, and was increase. 14 OPINION FRIDAY 31 JANUARY 2020 CITYAM.COM FORUM EDITED BY RACHEL CUNLIFFE LETTERS Tonight marks the start of a TO THE EDITOR brave new post-Brexit future Taxing times [Re: I confronted our bureaucratic tax system — and lost] ONIGHT at 11 o’clock, as has size, but it lacks flexibility. lesser role internationally post- In recent years HMRC has improved its the Brexit countdown Matthew The Department for International Brexit? Are we stepping away from systems, particularly from a technological clock ticks to zero, I will be Elliott Trade has laid solid foundations to the world stage? Absolutely not. perspective. Its app provides enhanced Ttoasting the moment with both roll over existing deals which Boris Johnson has already become security along with a user experience that a bottle of Brexit Beer, pro- we currently have via the EU, and to a significant world leader in his would rival many high street banks. duced by my friend and fellow negotiate new deals which the EU own right, and he might possibly be- However, I do agree that making the tax Leave campaigner Jon Moynihan. has yet to embark upon. I’m looking come leader of the free world over return submission process simpler (and My toast won’t be to winning the forward to seeing further progress the coming years. With Donald the tax system itself more equitable) Referendum or Getting Brexit from next week, when Liz Truss and Trump not trusted, Justin Trudeau should be a priority for 2020–2021. Done. Rather, it will be a toast to the her colleagues will begin formally wounded by losing popular support, Our tax system lacks coherence: a system future, to the opportunities I hope perity requires us to negotiate a negotiating a series of “oven-ready” Angela Merkel exiting the world with its roots in the nineteenth century has will open up as Britain leaves the trade deal not only with the EU, but trade deals to come into force at the stage, and Emmanuel Macron fac- grown by adding taxes, reliefs and complex European Union. also with the remaining 85 per end of the transition period. ing political difficulties at home, it rules to prevent avoidance. It is hardly Many articles and books have cent of the world economy. On the regulatory front, the gov- is Johnson — buoyed by his electoral surprising that this has resulted in a been written about the road to And these bespoke trade deals ernment is right to insist that the triumph in December — who has complex and confusing web of rules. Brexit, the Referendum campaign, will be better suited to the UK econ- UK takes back control over our laws emerged as a key world leader. At a time when entrepreneurial and the painfully tortuous process omy, and more beneficial to UK and regulations. Far from losing our world stand- dynamism is needed to successfully of negotiating the UK’s exit under consumers, than those previously There might be areas where we ing as we exit the EU, the UK is “supercharge” the economy, the Theresa May. But not enough has negotiated by the EU. With services choose to remain aligned with the emerging as a stronger, more confi- government ought to be dispelling the tax been written about the opportuni- so important to our economy, our EU — just as there is regulatory align- dent country. As our economy pulls traps so that individuals and businesses ties that lie ahead for us outside the priorities are very different to those ment in a whole host of industries ahead of other EU members states can channel resources into their EU. It is time we focus once again on of other EU countries. The EU had internationally — but we must have (as all the leading forecasts suggest enterprises. One step could be aligning the big picture. an almost impossible task in nego- the power to chart our own course, it will), the humiliation we faced national insurance and income tax to For me, the Brexit prize was not tiating agreements that suited the when we feel that the EU laws that with our Brexit difficulties earlier create one simple payroll tax. about leaving the EU per se. Leaving priorities of all 28 member states. It have been incorporated into our this year is fast turning into admi- On a more micro level, the perils of the political institutions tonight is legal system over the past 45 years ration for us having had the guts to getting something wrong on the tax form the start of the process, rather than are unsuited to our future priorities. leave a club which no longer suited can result in disproportionate aggravation the endpoint. Without the UK’s liberalising in- our needs. through an enquiry, and, as this article I believe that free trade is a key fluence over EU decision making, People had all sorts of reasons for highlights, “hefty fines”. HMRC is refocusing driver of prosperity, and felt that the regulations, tariffs and taxes voting Leave. But mine was for resources on those who need additional the EU had become too protection- that have been mooted in the past Britain to become a more liberal, in- support. We must also recognise the ist. It is certainly a large trading People had all but not agreed are likely to resur- ternationalist, enterprising coun- fantastic work done by the tax charities bloc in its own right, but it wasn’t face. A financial transactions tax, try. If we go down this route — as I and their campaign to “Bridge The Gap”. pushing for new trade deals with sorts of reasons the harmonisation of corporate believe we will — tremendous pros- If only tax were as simple as online other economies around the world taxes, the neo-Luddite regulation of perity will follow. banking. Maybe then more people would with the urgency I felt was neces- for voting Leave, automation and AI — all are policies And when this prosperity is in- file soon after 5 April, rather than a mad sary in an increasingly globalised that have had traction in Brussels. vested in the regions and commu- panic 10 months later on 31 January. world. Its trade policy had also kept but mine was for If this direction of travel is nities that voted Leave, a long Dawn Register, partner in tax dispute younger and less developed nations Britain to become adopted by the EU, the UK will be- overdue process of levelling up will resolution, BDO down, by keeping them primary come a comparatively more attrac- begin. Boris Johnson was a One Na- production orientated. a more liberal, tive place to do business. But we tion Brexiteer. It is exciting to see When the UK joined the Common need to avoid becoming enmeshed that vision unfold. Market in 1975, it accounted for 35 internationalist, via dynamic alignment with the BEST OF per cent of world GDP. The EU now enterprising Single Market. £ Matthew Elliott was chief executive of TWITTER accounts for just 15 per cent of And what about Britain’s wider in- the Vote Leave campaign. He is now global wealth, so our future pros- country ternational interests? Will we play a senior political adviser to Shore Capital. Huawei situation is ultimately a failure of multilateralism in the West. Why did the 5 Eyes & key EU partners not work together 5-10 years ago to devise a co-funded alternative provider, to rival the cost & speed of the services of an autocratic state? And why not start Guru or Svengali? Dominic Cummings is at now? @sophgaston

This was very disappointing. The UK risk of becoming the story, not the adviser can’t walk in the middle of the road on this one. The choice was China or the US. This is creating vulnerability for IVIL service reform does not the leader’s strings, unfettered, un- ernment framed around the activi- the UK by engaging with Huawei. usually make headline news Eliot accountable, and out of control. ties of and Peter @NikkiHaley — unless, it seems, it is pro- Wilson This is already a narrative Cum- Mandelson? How many of Margaret Cposed by Dominic Cum- mings’ enemies have explored. They Thatcher’s relationships were @NikkiHaley is one of the biggest mings. The Prime Minister’s take Johnson’s chaotic, bumbling soured because of suspicion of supporters of the Special Relationship adviser is on a mission to shake up persona (which actually conceals a Charles Powell or ? in the . Her powerful Whitehall. He’s determined to sharp mind and a ruthless will to Yesterday, the government’s shift words of caution should be heeded by change how it makes decisions and power) and imagine the PM as a towards backing HS2 was framed in the UK. The Huawei 5G decision is bring in “weirdos and misfits” with front man, a pawn, reassuring and the media around whether this strongly opposed by many of Britain’s expertise in data science and IT. amusing while Cummings schemes marked a defeat for Cummings, closest friends on the world stage. Classic Dom. He is an iconoclast, forcing those in power to think behind the Number 10 door. who has been sceptical of the proj- @NileGardiner dismissing “Oxbridge English grad- more deeply and in new ways If the adviser becomes the story, it ect. The adviser, not the policy, was uates who chat about Lacan” and about the challenges they face. presents a dilemma. Is he an unwel- the story. Cummings is also cred- One more day to go before we trumpeting an age-old criticism of Such gadflies need the latitude to come distraction, or a useful light- ited (or blamed) with the decision officially leave the EU. Even though the civil service: that it is domi- say the unsayable. It is inevitable ning rod? Mediaeval monarchs this week to defy the US and allow this was a hugely divisive issue, now nated by public school arts gradu- that some of their ideas will be ter- certainly relied on the latter. Rebel- the Chinese firm Huawei to build it’s time to unite the country and unite ates who are confident bluffers but rible, ill-conceived or impractical lions were framed as reactions elements of the UK’s 5G network. our capital. London is the greatest city lack in-depth technical knowledge. (like moving the House of Lords to against “evil counsellors”, never the Ultimately, a government is judged in the world and so many But leave aside for a moment the York). But, so the theory goes, they king himself. Cardinal Wolsey fell on its actions, and its results. Any- opportunities await us in the future. question of whether he’s right or will produce the occasional pearl. because he could not deliver Henry thing which takes away from that @ShaunBaileyUK not, and consider instead how the There is a danger in, however. The VIII the marriage annulment he goal is a misstep. Which side will idea enhances Brand Cummings. freedom afforded to the guru can craved. The Earl of Strafford lost his Cummings come down on? I’d say Twas the day before #Brexit This is a man who cannot see a sa- be abused. Latitude can be stretched head as an offering from Charles I the man himself hasn’t yet decided. And it was now so clear cred cow without tasting the and liberties taken. Soon, if you are to an angry parliament. There had been no need umami of a good sirloin. unwary, you no longer have a But advisers should be wary of £ Eliot Wilson is head of research at For that Project of Fear Cummings is a combination of trusted adviser. Instead, you have a consuming all the oxygen. How Right Angles and a former House of @EddieHughes4WN court jester and devil’s advocate, Svengali: a puppet-master pulling often was the story of the Blair gov- Commons official. CITYAM.COM FRIDAY 31 JANUARY 2020 OPINION 15

WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum :@cityam Watch out for IR35, the tax rule DEBATE that could ruin your business Should certain conversation topics or ‘banter’ be off-limits to F YOU haven’t yet heard of IR35, Martin incorrect or careless determinations the controversial tax rule, it’s time will find it near-impossible to hire keep workplaces inclusive? to start learning. The rule, de- Griffiths workers, who will understandably Isigned to limit tax avoidance worry that they will find themselves through “disguised employment”, on the hook for unpaid back taxes. There’s a fine line between catching up already means that off-payroll work- And in the current environment, with your colleagues and inappropriate ers who would otherwise be deemed with the corporate world under the discussions. You have to remember directly employed are taxed at the spotlight, companies that become that the office is a place of work, where YES same rate as employees. known for trying to avoid paying their nobody should think it acceptable to MELANIE STANCLIFFE But from April the law changes: it taxes or for taking insufficient care of discriminate or be intolerant to others. will be down to companies who em- need updating. Now that they are of- their workforce are likely to face pub- There is no such thing as “banter” in ploy contractors to assess their status, ficial employees, they may want com- lic opprobrium — which can quickly the workplace — people are there to about your thoughts on things like rather than the workers themselves. pensation if their company offers no hit the bottom line too. work and be professional. politics, religion, or even your boss — And those companies may be liable if holiday pay or pensions contributions. To help, the government launched The office itself is an inherently and at your desk is definitely not that they get it wrong. Equally, employers will want con- the online Check Employment Status different environment from being down place. Bringing up certain topics may The changes have prompted wide- tractual protection and the ability to Tool (CEST) in 2017, which aimed to the pub, whether with colleagues or not only make your colleagues feel spread dismay. Around 60,000 organ- withhold tax so they are not left foot- help companies and individuals deter- friends. Behaviour should therefore uncomfortable and cause tension, but isations in the UK use up to 200,000 ing the bill themselves, which is un- mine where they were. But consulta- create an inclusive culture, one where could also influence their opinions of off-payroll workers — freelancers, con- likely to be permitted automatically. tion reports found widespread everybody can enjoy being part of the you and your ability to do your job. tractors or consultants. Under the Yet more admin and cost ensue. dissatisfaction, with CEST unable to team and feels able to be themselves, Why would you want to do that? new rules, these companies must, in Yet do nothing, and the risks to the take account of existing employment without the risk of comments that theory, determine the status of every company are substantial. If HMRC de- status, tax case law, or the often com- exclude or bully them. £ Melanie Stancliffe is an employment single worker, case by case. cides that workers have been incor- plex nature of the private sector. There is a time and a place to talk partner at Cripps Pemberton Greenish. Making those determinations is a rectly assessed or the company has Consequently, an updated, refined massively expensive exercise in itself, failed to take reasonable care, they CEST was relaunched in November but it’s not the only cost. HR teams can not only demand unpaid PAYE tax 2019. Reports so far suggest that, will need to be trained on the new and NICs — with interest. They can whereas before it was near-useless, it This week, I have learnt that, as a processes for future hiring. Finance also issue additional discretionary is now merely less bad. woman, I am being excluded in the departments will have to get their penalties of up to 100 per cent of the Given the issues and concerns, the workplace by male colleagues talking heads around them for payroll and outstanding money owed. This could government launched a consultation about football, and such chats should NO tax accounting. be a huge liability. into IR35 at the start of January. Many be moderated or restricted in order to EMMA REVELL Companies are between a rock and a Then there is reputational damage. are optimistically hoping that it will include me. Hold on while I delete my hard place. Many may consider simply Companies with a name for making recommend further delay. But don’t fantasy football team. converting such workers into employ- count on it. The wording of the con- The Chartered Management Institute’s generates team cohesion and creates ees on their payroll. But not all free- sultation is very clear: it is to “help im- edict on curbing workplace banter shared experiences. lancers will appreciate the change in plementation”, not delay or cancel it. completely misses the point. Water That’s before we get to the lunacy of status — not if it leads to reduced net Companies need to prepare. cooler conversations — whether about pretending that women want football earnings as tax and national insurance There is still just about time to get ad- last night’s Love Island recoupling or chat banned, as though gender dictates contributions (NICs) are deducted at vice and start planning, but the clock Saturday’s terrible VAR decision — are conversational preferences. Many source. Employers could find them- There is still time is running down fast. If companies are the lifeblood of many workplaces. people find the working week a grind — selves losing disgruntled workers, and not ready by the spring, April really They might not be necessary in open don’t make it worse, let the people talk. struggle to attract other high-quality to start planning, may prove to be the cruellest month. plan offices with woke attitudes, bright labour under the new terms. but the clock is beanbags and no walls, but in larger £ Emma Revell is head of And even if workers are happy, it £ Martin Griffiths is a tax & structuring workplaces with siloed team structures, communications at the Institute of seems inevitable that contracts will running down fast partner at Addleshaw Goddard. exchanging words at the kettle Economic Affairs.

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FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.1883 ÃÃ0.0062 €/$ 1.1032 0.0028 7381.96 21291.88 4105.32 28859.44 9298.93 3283.66 /$ 1.3106 à 0.0095 €/£ 0.8416 Ä 0.0043 101.61 17 7. 1 1 52.01 124.99 23.77 10.26 £ /¥ 142.57 0.5900 €/¥ 120.00 0.1200 ÄÄÄÃÃÃ Ã Ä Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low GILTS ELECTRICITY Vietnam Enterprise ...... 461.5 -9.0 509.0 421.5 Just Eat...... 865.0 -11.8 901.0 587.4 LEISURE GOODS OIL & GAS PRODUCERS SUPPORT SERVICES AIM 50 VinaCapital Vietna ...... 319.5 -1.5 357.5 319.0 Kingfisher...... 205.7 -2.1 266.2 185.9 Tsy 4.750 20 ...... 100.41 -0.02 104.3 100.4 Contour Global...... 191.0 -4.0 222.5 159.1 Games Workshp ...... 6655.0 -55.0 7005.0 2800.0 BP ...... 467.1 -10.8 582.5 462.4 Aggreko ...... 787.8 -10.4 869.2 705.2 Abcam ...... 1402.0 -5.0 1500.0 1066.0 Witan Invest ...... 223.0 -4.5 235.0 201.2 Tsy 8.000 21...... 110.02 -0.12 116.9 110.0 Drax Gp ...... 271.8 -9.2 412.0 251.0 Marks & Spencer ...... 180.7 1.2 303.2 163.9 LIFE INSURANCE Cairn Energy...... 173.0 -0.3 213.8 143.1 Ashtead Gp ...... 2552.0 -40.0 2592.0 1805.5 Wwide Healthcare ....3085.0 -90.0 3255.0 2495.0 Advanced Medical ...... 278.5 -7.0 354.5 225.0 Tsy 2.500 24 ...... 362.35 -1.04 377.9 358.8 SSE ...... 1501.0 1.0 1529.5 1008.0 Next ...... 7030.0 -10.0 7340.0 4724.0 Energean Oil & Gas ...... 771.0 -39.0 1082.0 613.3 Aviva ...... 405.5 -1.9 438.8 352.3 Babcock Intl Grp...... 603.0 -4.8 646.6 416.7 Alliance Pharma ...... 87.0 0.0 87.0 63.0 FIXED LINE TELECOMMUNICATIONS Pets at Home Gp ...... 282.0 2.4 290.0 126.8 Premier Oil ...... 105.5 -2.9 118.7 65.1 Tsy 5.000 25 ...... 123.09 -0.24 126.0 122.1 ELECTRONIC & ELECTRICAL EQUIPMENT Lancashire Hldgs ...... 750.0 2.0 780.5 561.5 Bunzl ...... 1971.5 -31.5 2551.0 1943.0 Vivo Energy ...... 113.4 -0.6 139.5 111.4 Royal Dutch Shell A...2038.0 -93.0 2612.0 2038.0 ASOS...... 2961.0 -87.0 4066.0 2107.0 Tsy 4.250 27 ...... 129.49 -0.24 132.8 125.5 Halma ...... 2121.0 -26.0 2164.0 1422.0 BT Gp ...... 162.4 -12.9 233.9 158.9 Legal & General ...... 310.0 1.8 317.7 216.7 Capita ...... 146.8 -3.8 183.0 99.9 Watches of Switz ...... 378.2 5.8 390.8 270.0 Royal Dutch Shell B ..2046.0 -78.5 2622.0 2046.0 Blue Prism ...... 1800.0 -10.0 1810.0 788.0 Tsy 6.000 28 ...... 147.93 -0.29 152.1 143.3 Morgan Advanced ...... 311.6 -5.4 324.8 232.4 Talktalk Telecom ...... 113.0 1.5 126.5 96.5 Phoenix Gp ...... 767.4 -1.7 769.1 631.2 DCC ...... 6180.0 -162.0 7496.0 6180.0 WH Smith...... 2386.0 -18.0 2654.0 1896.0 Tullow Oil ...... 50.4 -2.6 250.0 39.9 Camellia ...... 8450.0 50.0 11750.0 8350.0 Tsy 4.125 30 ...... 383.38 -1.29 404.2 364.5 Oxford Instruments ..1544.0 -6.0 1626.0 927.0 Telecom Plus ...... 1514.0 4.0 1552.0 1130.0 Prudential ...... 1368.5 -23.5 1790.0 1279.5 Diploma ...... 1960.0 -10.0 2084.0 1280.0 HEALTH CARE EQUIPMENT & SERVICES OIL EQUIPMENT & SERVICES Tsy 4.250 32...... 142.31 -0.26 146.4 132.7 Renishaw ...... 4088.0 -72.0 4638.0 3232.0 FOOD & DRUG RETAILERS St James Place ...... 1160.0 18.5 1199.5 913.6 Electrocomp ...... 683.6 -13.0 729.8 540.8 Caretech Holdings ...... 454.0 0.0 473.0 325.0 Tsy 4.250 36 ...... 150.94 -0.33 155.7 137.9 Spectris ...... 2700.0 -31.0 2962.0 2234.0 Greggs ...... 2278.0 -12.0 2476.0 1546.0 Convatec ...... 203.9 -1.0 217.3 118.5 Std Life Aberdeen ...... 305.7 -2.8 336.9 231.1 Hunting ...... 310.6 -5.4 657.0 310.6 Equiniti ...... 205.2 -4.8 236.2 186.2 Central Asia Metals ....202.0 -5.0 266.5 180.0 Tsy 4.750 38...... 166.22 -0.39 171.8 150.5 EQUITY INVESTMENT INSTRUMENTS Morrison (WM) ...... 183.7 0.6 245.8 176.9 Mediclinic Intl ...... 378.1 -6.9 415.3 293.4 MEDIA Petrofac ...... 351.3 -4.6 559.0 344.4 Essentra ...... 418.2 -0.2 449.0 373.4 Clinigen Group ...... 971.5 -7.5 1069.0 737.5 Tsy 4.250 46 ...... 174.91 -0.62 181.0 1.0 Ocado Gp ...... 1270.5 -22.0 1435.0 873.8 NMC Health ...... 1288.5 -29.5 3000.0 1256.5 Wood Gp(J) ...... 378.2 -10.4 598.6 319.6 3i Infrastructure ...... 311.0 2.0 311.0 265.1 4imprint ...... 3300.0 0.0 3500.0 1917.5 Experian ...... 2695.0 -22.0 2717.0 1954.5 CVS Group ...... 1127.0 -19.0 1172.0 425.0 AEROSPACE & DEFENCE Sainsbury(J) ...... 203.3 0.9 293.9 177.1 Smith & Neph...... 1875.5 -42.5 1990.0 1424.5 PERSONAL GOODS Aberforth Smlr Cos .. 1450.0 -16.0 1546.0 1114.0 Ascential ...... 360.6 -6.6 421.2 319.0 Ferguson ...... 6920.0 -12.0 7216.0 4800.0 Dart Group ...... 1729.0 -16.0 1820.0 709.5 SSP Group ...... 645.0 -5.0 721.0 608.0 UDG Hlthcare ...... 776.5 -37.5 832.5 551.0 BAE Systems ...... 635.4 -5.2 647.6 443.9 Alliance Trust ...... 833.0 -14.0 872.0 727.0 Auto Trader Gp ...... 581.0 2.8 607.6 448.4 Burberry Gp...... 2015.0 -9.0 2345.0 1695.0 G4S ...... 202.5 -1.2 234.3 168.3 Tesco ...... 247.9 1.8 258.9 212.6 HOUSEHOLD GOODS Diversified Gas & Oil ...... 93.6 -1.6 116.5 92.8 Meggitt ...... 678.4 -2.6 697.4 489.9 AVI Global Trust...... 777.0 -4.0 802.0 698.0 Euromny Inst Inv...... 1242.0 -14.0 1498.0 1152.0 PZ Cussons ...... 191.6 -2.0 227.0 178.8 Hays ...... 157.1 -2.7 183.5 138.0 FOOD PRODUCERS Draper Esprit ...... 512.0 -14.0 548.0 410.0 QinetiQ ...... 355.2 -0.4 370.0 267.0 Baillie Gifford Japan ...800.0 -15.0 848.0 711.0 Barratt Devel ...... 802.4 3.4 816.4 546.4 Future ...... 1522.0 48.0 1572.0 532.0 PHARMACEUTICALS & BIOTECHNOLOGY Homeserve ...... 1285.0 -30.0 1340.0 953.0 EMIS Group ...... 1150.0 -12.0 1242.0 892.0 Rolls-Royce ...... 674.0 0.6 988.4 636.6 Bankers InvTst ...... 989.0 -17.0 1032.0 826.0 Assoc British Foods...2624.0 -19.0 2672.0 2106.0 Bellway ...... 4002.0 -16.0 4092.0 2698.0 Informa ...... 774.2 -20.2 892.0 680.0 AstraZeneca ...... 7515.0 -179.0 7878.0 5568.0 Intertek Gp ...... 5978.0 -80.0 6170.0 4643.0 Fevertree Drinks ...... 1415.0 -28.5 2475.0 1415.0 Senior ...... 167.0 -1.4 239.2 160.0 BlackRock Smaller .....1726.0 -8.0 1740.0 1290.0 Bakkavor ...... 134.6 -2.0 170.0 93.3 Berkeley Grp Hldgs ...5226.0 -16.0 5412.0 3437.0 ITV ...... 136.9 -1.6 156.5 103.6 Dechra Pharma ...... 2878.0 -26.0 3068.0 2330.0 IWG...... 448.0 5.4 469.0 222.2 Ultra Electronics ...... 2230.0 -18.0 2292.0 1232.0 BMO Global Smaller ...... 141.7 -2.4 150.0 127.5 Cranswick ...... 3540.0 0.0 3714.0 2472.0 Countryside Prop ...... 486.2 1.6 507.0 277.6 Moneysupermkt.com ...326.5 -2.5 417.7 306.0 Genus ...... 3112.0 0.0 3246.0 2178.0 Network Int...... 601.0 27.0 645.0 513.0 First Derivatives ...... 2705.0 10.0 3555.0 2050.0 Caledonia Inv ...... 3090.0 -15.0 3180.0 2910.0 Greencore Gp ...... 240.1 -3.9 281.8 185.1 AUTOMOBILES & PARTS Crest Nicholson ...... 500.0 5.0 500.0 332.0 Pearson ...... 565.8 -7.8 943.8 563.4 GlaxoSmithKline ...... 1792.4 -21.6 1846.0 1480.0 Pagegroup ...... 455.6 -4.4 539.0 367.8 Frontier Devs ...... 1406.0 -4.0 1430.0 844.0 City of London IT ...... 426.0 -7.0 448.5 394.5 Hilton Food Gp ...... 1046.0 0.0 1118.0 894.0 McCarthy & Stone...... 147.5 0.9 158.8 123.5 RELX ...... 2031.0 0.0 2050.0 1606.0 Aston Martin...... 402.7 -7.5 1374.4 399.3 Hikma Pharma ...... 1835.0 -79.0 2200.0 1556.5 Paypoint...... 1000.0 -6.0 1118.0 844.0 Gamma Comms ...... 1400.0 -5.0 1460.0 782.0 Edin Inv Trust ...... 608.0 -7.0 652.0 535.0 Tate & Lyle ...... 796.2 -2.8 801.4 663.8 Persimmon ...... 3040.0 29.0 3049.0 1836.0 Rightmove Group ...... 667.0 5.2 676.6 465.9 REAL ESTATE Rentokil Initial ...... 471.0 -4.1 481.4 329.0 GB Group ...... 715.0 -2.0 800.0 420.0 TI Fluid Systems ...... 237.5 -2.0 273.0 155.2 European Opp ...... 892.0 -9.0 913.0 675.0 Unilever ...... 4527.5 89.5 5324.0 3983.0 Sanne Group ...... 595.0 1.0 752.0 495.0 BANKS F&C Investment ...... 751.0 -11.0 783.0 673.0 FORESTRY & PAPER MAIN CHANGES UK 350 Assura ...... 78.8 0.7 79.3 56.7 Gooch & Housego ...... 1412.5 0.0 1527.5 954.0 Big Yellow Gp ...... 1175.0 7.0 1200.0 933.0 Serco ...... 160.3 -2.1 167.7 111.7 Barclays ...... 171.5 -0.5 192.5 136.2 Fidelity China SPE ...... 223.0 -7.5 253.0 201.5 Hurricane Energy ...... 21.1 -2.5 53.6 21.1 Mondi ...... 1592.5 -23.5 1898.0 1510.5 BMO Comm Prop ...... 111.2 1.8 128.0 106.0 SIG ...... 93.2 -0.8 153.0 91.3 BGEO Group ...... 1510.0 -8.0 1755.0 1252.0 Fidelity Euro Values .....259.5 -2.5 268.5 217.0 Risers à % Fallers Ä % Impax Asset Mgmt .....380.0 -17.0 405.0 201.0 GENERAL FINANCIAL British Land ...... 570.6 -9.8 638.8 468.3 Travis Perkins...... 1585.0 -13.0 1692.5 1166.0 HSBC Hldgs...... 563.0 -3.3 680.6 552.3 Fidelity Spec Val ...... 266.5 -1.5 280.5 240.5 Centamin ...... 135.70 5.5 Avast...... 395.00 -13.3 Iomart Group ...... 385.0 0.0 400.0 316.5 Finsbury G&I Tst ...... 890.0 1.0 958.0 780.0 3i Group ...... 1120.0 8.0 1184.5 870.2 Balfour Beatty ...... 270.00 5.1 BT Gp ...... 162.40 -7.4 Captl & Count Prop ...... 247.1 -3.5 270.5 184.8 TECHNOLOGY HARDWARE & EQUIPMENT Lloyds Banking ...... 57.9 0.4 67.2 48.6 IQE...... 51.0 -0.6 98.0 41.8 GCP Infra Inv ...... 128.6 0.8 134.0 122.6 Ashmore Gp ...... 551.0 0.5 567.5 397.8 Fresnillo ...... 650.00 5.0 Micro Focus Intl ...... 1022.20 -7.2 CLS Hldgs ...... 273.0 -1.5 312.5 212.0 Royal Bank of Scot ...... 221.5 0.6 270.4 177.7 Spirent Comms ...... 225.5 -2.0 251.5 140.4 James Halstead ...... 566.0 2.0 570.0 440.0 Genesis Emerging ...... 763.0 -19.0 818.0 683.0 Brewin Dolphin ...... 362.0 1.0 375.2 287.6 Network Int ...... 601.00 4.7 Finablr ...... 85.00 -5.6 Daejan Hldgs ...... 5260.0 10.0 6160.0 4715.0 Standard Chartered .....649.6 -10.6 738.6 575.7 Puretech ...... 305.00 4.1 Hammerson ...... 240.90 -5.2 TOBACCO Greencoat UK ...... 139.2 -1.6 152.8 128.8 Close Brothers ...... 1447.0 -19.0 1663.0 1227.0 Derwent London ...... 4114.0 -6.0 4186.0 2884.0 Johnson Service Gp ....208.0 1.5 211.5 128.0 TBC Bank Group...... 1242.0 16.0 1706.0 1150.0 Hochschild Mining ...... 168.70 3.6 Carnival ...... 3168.00 -5.1 Harbourvest Glb ...... 1836.0 -6.0 1854.0 1406.0 Coats Group ...... 75.8 -0.1 91.3 68.1 Grainger ...... 297.2 -3.0 315.6 217.4 Br Am Tob ...... 3349.5 -42.0 3507.0 2648.0 Keywords Studios ...... 1263.0 -107.0 1838.0 900.0 Stagecoach Gp ...... 137.60 3.3 Tullow Oil ...... 50.36 -5.0 Virgin Money UK ...... 175.0 -3.8 220.1 104.4 Finablr ...... 85.0 -5.0 215.0 85.0 Grt Portland Est ...... 935.8 3.6 948.6 649.4 Herald Inv Trust ...... 1458.0 -20.0 1514.0 1175.0 Future ...... 1522.00 3.3 Energean Oil & Gas ...... 771.00 -4.8 Imperial Brands ...... 1923.0 -26.4 2713.5 1668.2 Learning Tech Gp ...... 154.0 2.0 158.0 62.2 BEVERAGES Hargreaves Lans...... 1879.5 9.5 2433.0 1633.5 Hammerson ...... 240.9 -13.1 388.4 203.9 HICL Infr ...... 176.6 0.0 180.0 156.6 Galliford Try ...... 142.96 2.2 UDG Hlthcare ...... 776.50 -4.6 TRAVEL & LEISURE M&C Saatchi ...... 110.5 -13.5 394.0 79.0 Land Securities...... 950.0 -15.4 1001.5 735.4 Barr (AG) ...... 606.0 -9.0 975.0 526.0 JPM American ...... 489.5 -7.5 506.0 420.0 IG Gp...... 659.6 -23.8 708.0 474.8 Unilever ...... 4527.50 2.0 Royal Dutch Shell A ...... 2038.00 -4.4 Carnival ...... 3168.0 -170.0 4430.0 3056.0 M.P. Evans ...... 688.0 -12.0 750.0 612.0 Britvic ...... 876.0 -14.0 1068.0 850.0 JPM Emerg Mkt ...... 1014.0 -18.0 1088.0 878.0 Integrafin Holdings .....490.5 4.5 493.5 337.0 LondonMetric Prop ...... 227.8 0.8 241.2 185.0 Cineworld Group ...... 179.0 -6.0 321.0 179.0 Majestic Wine ...... 210.0 -4.5 318.0 210.0 Coca-Cola HBC AG ....2800.0 9.0 3074.0 2299.0 JPM Indian IT ...... 733.0 -1.0 790.0 633.0 Intermediate Capital .1699.0 -21.0 1720.0 987.5 Reckitt Benckiser ...... 6308.0 23.0 6688.0 5767.0 WPP ...... 967.0 -22.0 1077.5 800.4 NewRiver Retail ...... 190.4 0.0 246.0 147.6 Primary Hlth Prop ...... 158.8 -0.2 160.2 116.0 Compass Gp ...... 1899.5 -37.0 2138.0 1632.0 Diageo ...... 3029.0 -81.0 3625.5 2901.5 JPM Japan IT ...... 442.5 -10.0 477.5 368.0 Intl Public Prtnshps ...... 167.6 -0.4 171.2 146.8 Redrow...... 793.0 6.0 806.0 533.0 MINING Midwich Group ...... 510.0 -16.0 633.0 474.5 Investec ...... 431.3 -2.1 518.6 395.3 Taylor Wimpey ...... 215.0 0.3 223.0 142.9 Safestore Hldgs ...... 805.0 5.0 817.5 561.0 Dominos Pizza ...... 307.4 4.8 326.4 221.2 CHEMICALS Jupiter Fund Mngt ...... 390.2 -1.5 432.0 314.0 Anglo American ...... 2031.0 -16.5 2266.0 1666.6 Mortgage Advice B ...... 765.0 -6.0 795.0 546.0 IP Group ...... 68.8 -1.8 109.2 55.7 Savills ...... 1227.0 5.0 1240.0 817.5 Law Debenture ...... 636.0 4.0 654.0 552.0 Vistry Group ...... 1379.0 -6.0 1399.0 975.0 easyJet ...... 1388.0 -21.5 1527.0 854.8 Next Fifteen Comm .....506.0 -8.0 658.0 465.0 Croda International ..5105.0 -45.0 5375.0 4564.0 Antofagasta ...... 855.0 -6.2 1022.5 779.6 Mercantile IT ...... 261.0 -0.5 267.5 188.0 John Laing Gp ...... 357.6 -4.2 402.0 351.0 INDUSTRIAL ENGINEERING SEGRO ...... 910.6 2.0 915.8 636.6 EI Group ...... 284.0 -0.2 285.0 194.0 Elementis...... 129.8 -2.2 197.9 129.8 BHP Group ...... 1691.2 -29.8 2049.0 1600.0 Nichols...... 1330.0 5.0 1880.0 1322.5 Monks Inv Tst ...... 965.0 -15.0 997.0 788.0 London Stock Exch ....7824.0 34.0 7986.0 4489.0 Shaftesbury ...... 900.0 -8.5 979.5 739.5 FirstGroup ...... 125.1 0.0 137.5 89.3 Johnson Matt...... 2646.0 -54.0 3454.0 2646.0 Bodycote ...... 874.5 -20.5 971.0 652.0 Centamin ...... 135.7 7.0 152.3 79.8 Numis Corporation ...... 290.5 2.5 306.0 212.0 Murray Intl Tst ...... 1214.0 -6.0 1286.0 1114.0 Man Group ...... 157.5 1.3 175.2 130.5 St Modwen Props ...... 497.0 -3.0 510.0 373.0 Flutter Ent...... 8776.0 -154.0 9456.0 5525.0 Synthomer ...... 346.0 -2.0 420.8 279.0 Onesavings ...... 432.6 -1.4 452.0 313.6 Hill & Smith ...... 1450.0 -14.0 1510.0 1049.0 Fresnillo ...... 650.0 30.8 1027.5 539.6 TR Property IT ...... 478.5 -3.0 491.5 377.0 Next Energy Solar ...... 117.0 0.0 126.5 114.0 Go-Ahead Gp ...... 2020.0 -20.0 2278.0 1783.0 Polar Capital Hdgs ...... 596.0 20.0 604.0 475.0 Victrex ...... 2226.0 -80.0 2540.0 1845.0 Paragon...... 510.0 -17.0 553.5 388.0 IMI ...... 1125.5 -18.5 1206.0 906.0 Glencore ...... 226.4 -2.5 340.3 216.9 Tritax Big Box ...... 140.6 -0.8 159.7 135.5 Pantheon Intl Partn ..2440.0 -5.0 2620.0 2020.0 GVC Hldgs ...... 887.6 -6.4 939.0 507.5 Purplebricks Gp ...... 111.6 -1.4 132.0 96.0 CONSTRUCTION & MATERIALS Plus500 ...... 898.0 -14.4 1647.0 495.0 Melrose Ind ...... 240.0 -7.7 247.7 156.8 Hochschild Mining ...... 168.7 5.9 227.0 152.0 UK Commercial Prop .....86.8 0.7 92.7 79.9 Perpetual Inc & Grth ...321.5 -5.5 342.0 284.5 Intercontl Htls ...... 4666.5 -89.0 5738.0 4366.0 Redde...... 98.0 -2.0 127.6 98.0 Provident Fin ...... 462.1 -2.7 610.0 356.0 RHI Magnesita ...... 3232.0 -90.0 5000.0 3232.0 Kaz Minerals ...... 460.0 -0.9 738.4 380.3 Unite Group ...... 1284.0 4.0 1305.0 873.5 Balfour Beatty ...... 270.0 13.0 295.0 194.2 Pershing Square ...... 1500.0 -20.0 1578.0 1170.0 Intl Cons Airl...... 572.4 -19.6 671.0 413.5 Renew Holdings...... 500.0 -10.0 568.0 360.0 Quilter ...... 172.1 -2.6 174.7 120.8 Rotork ...... 310.4 -3.4 341.2 269.8 Polymet Int...... 1266.0 21.0 1272.0 772.6 Workspace Gp ...... 1233.0 13.0 1247.0 806.0 CRH ...... 2907.0 -35.0 3100.0 2250.0 Personal Assets Tst ....43200 -50.0 43350 39550 Marstons ...... 104.3 0.3 131.4 93.3 Rathbone Brothers ....1980.0 6.0 2540.0 1966.0 Spirax-Sarco...... 8935.0 -55.0 9400.0 6430.0 Rio Tinto ...... 4166.5 -74.0 4976.5 3924.5 SOFTWARE & COMPUTER SERVICES RWS Holdings ...... 585.0 3.0 670.0 460.0 Galliford Try...... 143.0 3.1 177.2 102.4 Polar Cap Tech Tst ...... 1624.0 -32.0 1682.0 1204.0 Schroders ...... 3240.0 1.0 3419.0 2541.0 Mitchells & Butlers ...... 395.5 4.0 470.5 238.0 Scapa Group ...... 255.0 -7.5 403.0 157.0 Renewables Infra Gp ...129.4 -0.4 139.2 115.4 Weir Gp ...... 1385.5 -4.5 1814.0 1261.5 MOBILE TELECOMMUNICATIONS Avast...... 395.0 -60.4 551.0 282.0 Grafton Group...... 936.5 18.5 937.0 645.5 TP ICAP ...... 394.2 0.9 417.5 270.0 National Express ...... 450.0 -3.0 476.0 383.0 RIT Cap Partners ...... 2060.0 0.0 2180.0 1954.0 INDUSTRIAL METALS Aveva Gp...... 4950.0 -135.0 5170.0 2724.0 Secure Income REIT ...471.0 -2.0 473.0 394.0 Ibstock ...... 291.6 -1.4 322.0 208.6 Vodafone Gp ...... 150.4 -5.2 165.2 123.3 PPHE Hotel Gp ...... 2000.0 10.0 2100.0 1630.0 Schroder Asia ...... 446.0 -13.0 485.5 421.0 GENERAL RETAILERS Computacenter...... 1800.0 -5.0 1829.0 1034.0 Serica Energy...... 120.0 -10.0 143.4 103.6 Marshalls ...... 785.5 -3.5 876.0 496.6 Evraz ...... 368.4 -1.0 709.4 341.4 NONLIFE INSURANCE Rank Gp ...... 285.0 4.5 285.0 144.0 Scottish Inv Tst ...... 795.0 -9.0 843.0 769.0 FDM Group...... 969.0 -30.0 1100.0 647.0 Polypipe Group ...... 543.0 -4.0 554.0 372.8 B&M ...... 370.6 -4.5 420.9 315.0 Ferrexpo ...... 140.4 -2.9 301.3 123.0 Smart Metering Sys.....493.0 -14.5 665.0 310.0 Scottish Mortgage ...... 582.0 -7.0 601.5 472.0 Admiral Gp ...... 2282.0 -22.0 2330.0 2014.0 Kainos Gp ...... 820.0 -32.0 880.0 430.0 Restaurant Grp ...... 130.4 0.3 166.4 111.9 DIVERSIFIED INDUSTRIALS Dixons Carphone ...... 138.6 -2.1 152.4 104.9 INDUSTRIAL TRANSPORTATION Telford Homes ...... 349.5 0.0 358.0 267.0 Sequoia Econ Infra ...... 115.0 0.2 118.6 110.0 Dunelm Gp...... 1159.0 -4.0 1173.0 704.5 Beazley ...... 544.0 -8.5 628.0 492.6 Micro Focus Intl ...... 1022.2 -79.2 2160.0 1004.0 Stagecoach Gp...... 137.6 4.4 167.0 115.5 Thorpe (F.W.) ...... 335.0 0.0 359.0 267.0 Smith (DS) ...... 349.3 -7.7 394.8 307.9 Smithson Inv ...... 1304.0 -14.0 1346.0 1048.0 Frasers Group ...... 480.6 -1.6 518.0 214.0 Clarkson ...... 2925.0 -25.0 3110.0 2200.0 Direct Line Ins ...... 339.7 0.7 366.5 270.5 Playtech ...... 349.3 -3.7 457.7 349.3 Wetherspoon (JD) .....1546.0 8.0 1734.0 1230.0 Smiths Gp...... 1722.0 -15.5 1751.0 1378.0 Syncona ...... 215.0 3.5 294.0 203.0 Howden Joinery Gp.....684.4 1.0 698.0 478.8 Fisher (James) ...... 1934.0 4.0 2260.0 1790.0 Hastings Gp Hldgs ...... 180.0 -2.2 231.6 167.9 Sage Group ...... 746.0 -13.0 820.4 626.8 Whitbread ...... 4553.0 82.0 5152.0 3988.0 Watkin Jones ...... 246.0 -4.0 255.0 199.6 Smurfit Kappa Gp...... 2716.0 -28.0 2966.0 2096.0 Temple Bar IT ...... 1342.0 -20.0 1486.0 1162.0 Inchcape...... 664.5 -4.0 720.0 545.5 Royal Mail ...... 201.7 -2.8 286.7 188.4 Hiscox ...... 1317.0 -43.0 1777.0 1213.0 Softcat ...... 1150.0 -15.0 1257.0 700.0 William Hill ...... 175.3 -1.6 205.2 132.3 Young’s Brew NV ...... 1230.0 5.0 1310.0 1030.0 Vesuvius...... 433.4 -15.2 642.0 341.0 Templeton Em Mkts .....810.0 -22.0 876.0 731.0 JD Sports Fashion ...... 824.4 -1.8 874.0 448.4 Signature Avi ...... 324.9 0.0 406.0 289.5 RSA Ins Gp ...... 555.2 -1.8 597.0 501.6 Sophos ...... 562.8 -4.0 577.0 298.2 Wizz Air Holdings .....4200.0 -102.0 4329.0 2880.0 Young’s Brew-A...... 1580.0 20.0 1885.0 1500.0 EU SHARES US SHARES Price Chg High Low Price Chg High Low ADIDAS...... 293.60 -3.45 316.05 197.00 3M ...... 162.51 0.51 219.50 150.74 AIR LIQUIDE ...... 130.90 -0.15 131.05 104.40 ABBOTT LABORATORIES ...... 89.16 0.02 91.86 72.36 ALLIANZ AG ...... 218.50 -1.95 223.80 182.72 ADOBE INC ...... 356.74 5.08 354.63 247.38 AMADEUS IT GROUP ...... 71.68 -2.02 78.60 42.30 ALPHABET NON VTG-C ...... 1455.84 -2.79 1486.65 1036.23 ALPHABET-A ...... 1454.25 -2.45 1484.69 1116.79 ANHEUSER BUSCH INBEV ...... 68.50 -0.77 92.71 65.77 AMAZON.COM ...... 1870.68 12.68 2020.99 1588.22 ASML HOLDING NV ...... 265.00 -3.90 272.40 155.50 AMERICAN EXPRESS ...... 133.22 1.54 135.11 103.06 AXA ...... 24.23 0.01 25.47 20.11 APPLE INC ...... 323.87 -0.47 324.34 166.52 BANCO SANTANDER ...... 308.85 -4.15 402.00 294.70 AT&T ...... 37.43 0.38 39.63 29.45 BASF...... 62.23 -0.85 74.49 56.20 BANK OF AMERICA ...... 33.48 0.47 35.64 26.25 BAYER AG...... 73.59 -1.21 75.75 52.53 BERKSHIRE HATHAWAY...... 227.88 3.38 230.20 195.81 BMW ...... 65.56 -1.08 77.75 58.70 BOEING CO ...... 323.30 1.28 432.69 309.00 BNP PARIBAS ...... 48.89 -0.61 53.58 39.32 CATERPILLAR INC ...... 135.37 -0.41 150.53 113.38 CRH ...... 2907.00 -35.00 3100.00 2250.00 CHEVRON ...... 111.40 1.03 126.54 110.37 CISCO SYSTEMS ...... 47.24 0.19 58.05 43.52 DAIMLER ...... 42.65 -0.87 59.31 40.53 CITIGROUP ...... 77.43 0.95 81.91 60.33 DANONE ...... 72.50 -0.34 82.00 64.09 COCA-COLA CO ...... 58.86 1.85 57.83 44.69 DEUTSCHE POST AG ...... 32.09 -0.61 34.91 25.26 COMCAST ...... 44.14 0.82 47.50 36.77 DEUTSCHE TELEKOM ...... 14.70 -0.16 16.25 14.14 DOW ...... 48.47 -1.20 66.65 40.71 ENEL ...... 8.09 0.08 8.01 5.10 EBAY INC ...... 35.06 0.48 41.57 34.31 ENGIE...... 15.63 -0.25 15.88 12.45 EXXON MOBIL ...... 64.79 0.68 83.38 64.11 ENI ...... 12.93 -0.36 15.94 13.04 FACEBOOK ...... 209.53 -13.70 223.23 174.60 ESSILORLUXOTTICA ...... 128.75 0.00 128.75 128.75 GOLDMAN SACHS GROUP ...... 244.13 4.01 249.72 182.49 FRESENIUS MEDICAL CARE ...... 71.06 -0.86 76.32 57.92 HOME DEPOT INC ...... 232.79 -1.23 238.85 181.14 HONEYWELL INTERNATIONAL ...... 178.34 2.67 183.23 144.71 IBERDROLA ...... 9.90 0.03 9.89 6.02 IBM ...... 136.77 -0.92 151.36 126.99 INDITEX ...... 30.92 -0.11 32.37 2.55 INTEL ...... 66.47 0.14 68.47 43.46 ING GROEP NV...... 10.02 -0.06 12.05 8.34 JOHNSON & JOHNSON ...... 150.36 -0.18 150.54 126.95 INTESA SANPAOLO...... 2.29 -0.03 2.41 1.83 JPMORGAN CHASE & CO ...... 135.89 1.66 141.09 98.93 KERING ...... 561.20 -6.80 610.20 425.05 MASTERCARD INC ...... 324.46 4.14 324.98 213.77 KON KPN NV ...... 2.55 0.00 2.96 2.54 MCDONALD’S ...... 216.18 1.74 221.15 173.97 L’OREAL ...... 259.60 -2.70 275.30 211.80 MEDTRONIC ...... 118.15 -0.22 121.09 84.15 LVMH MOET HENNESSY ...... 398.90 -8.70 439.05 282.60 MERCK & CO ...... 86.50 -0.74 92.04 73.19 MUENCHENER RUECKVE ...... 268.80 -3.20 272.70 196.70 COMMODITIES TOURIST RATES MICROSOFT ...... 172.78 4.74 168.04 102.78 NETFLIX ...... 347.74 4.58 385.03 254.59 NOKIA ...... 21.88 0.00 21.88 21.88 Gold ...... 1577.40 +5.60 Copper Cash Official...... 5697.75 -16.75 Canada ...... 1.6361 New Zealand ...... 1.8601 NIKE INC ...... 98.19 -1.65 104.58 77.14 ORANGE ...... 12.88 -0.08 15.01 12.86 Silver (Pence) ...... 1747.00 -50.50 Aluminium Cash Official ...... 1732.25 -12.00 Croatia ...... 7.9362 Norway...... 11.42 ORACLE ...... 53.31 0.11 60.15 50.22 ROYAL PHILIPS ...... 42.42 -0.56 45.61 33.72 Silver (Cents) ...... 1342.00 -39.00 Nickel Cash Official ...... 12627.50 -107.50 Czech Republic ...... 27.41 Poland ...... 4.447 PAYPAL HOLDINGS ...... 117.12 0.46 121.30 96.64 SAFRAN ...... 147.60 -2.45 150.05 112.25 Krugerrand ...... 1594.69 +5.42 Aluminium Alloy Cash Official ...... 1405.00 +35.00 Denmark ...... 8.3926 Singapore ...... 1.6519 PEPSICO ...... 143.83 2.10 143.65 118.61 SANOFI ...... 87.86 -0.81 92.72 72.24 Brent Crude ...... 59.81 -0.10 Natural Gas ...... 26.66 -1.48 Hong Kong ...... 9.5801 Sweden ...... 11.97 PFIZER INC ...... 37.07 -0.51 44.40 34.24 SAP SE ...... 118.60 -1.58 126.90 90.79 Platinum ...... 984.00 +2.00 Tin Cash Official ...... 16312.50 -30.00 Iceland ...... 142.19 Switzerland ...... 1.2033 PROCTER & GAMBLE ...... 125.95 0.89 126.41 97.14 SCHNEIDER ELECTRIC ...... 91.86 -1.84 94.22 62.10 British Sovereign ...... 372.12 +1.24 Zinc Cash Official ...... 2255.50 -13.50 India ...... 81.96 Turkey ...... 7.3939 TRAVELERS COMPANIES ...... 134.20 0.93 154.83 125.42 SIEMENS AG ...... 113.94 -2.38 119.90 85.00 Lead Cash Official ...... 1885.50 -29.00 White Sugar ...... 406.80 +1.40 Israel ...... 4.0435 United States ...... 1.2408 TWITTER ...... 33.22 -0.41 45.42 28.89 SOCIETE GENERALE...... 29.51 -0.32 31.79 21.13 UNITED HEALTH GROUP ...... 280.98 -1.92 300.74 215.26 UNITED TECHNOLOGIES ...... 154.00 1.18 154.47 118.98 TELEFONICA SA ...... 6.16 -0.04 9.18 5.94 WORLD INDICIES VERIZON COMMUNICATIONS ...... 59.36 -0.17 62.07 53.57 TOTAL ...... 44.92 -1.26 52.27 43.18 Price Chg %Chg Price Chg %Chg Price Chg %Chg Price Chg %Chg VISA ...... 208.21 3.35 207.90 168.86 UNILEVER NV ...... 52.45 0.96 57.56 47.05 FTSE 100...... 7381.96 -101.61 -1.36 S&P 500...... 3283.66 +10.26 +0.31 CAC 40 ...... 5871.77 -83.12 -1.40 Hang Seng ...... 26449.13 -711.50 -2.62 WALGREENS BOOTS ALLIANCE...... 51.95 -0.33 76.05 49.29 VINCI ...... 101.15 -0.90 102.40 76.20 FTSE 250 ...... 21291.88 -177.11 -0.82 Dow Jones I.A ...... 28859.44 +124.99 +0.43 Swiss Market Index ...... 10748.92 -110.96 -1.02 Nikkei ...... 22977.75 -401.65 -1.72 WALMART ...... 116.58 0.69 121.28 93.86 VIVENDI ...... 24.66 -0.05 26.42 22.20 FTSE All-Share ...... 4105.32 -52.01 -1.25 Nasdaq Composite ...... 9298.93 +23.77 +0.26 ISEQ Overall Index ...... 7078.77 -90.48 -1.26 STI Index ...... 3170.68 -11.89 -0.37 WALT DISNEY CO ...... 137.81 1.75 151.64 107.79 VOLKSWAGEN AG ...... 164.30 -5.82 185.52 138.16 FTSE AIM All-Share ...... 951.41 -6.91 -0.72 Xetra DAX...... 13157.12 -187.88 -1.41 FTSEurofirst 300 ...... 1622.26 -16.85 -1.03 ASX All Ordinaries...... 7108.60 -27.30 -0.38 WELLS FARGO & CO ...... 47.91 0.64 54.46 43.38 CITYAM.COM FRIDAY 31 JANUARY 2020 FEATURE 17 OFFICE POLITICS Tech-ing the pain out of self-assessment

you to file on time. HMRC is not cross- They may never be popular, but tax ing its fingers for you to slip up just so punitive fines can be issued. collectors are no longer the bad guys The government’s change in ap- proach is reflected in the statistics, F YOU drive a car, I’ll tax the Viktor too. In January 2019, only seven per street. If you try to sit, I’ll tax your cent of filings missed the 31 January seat. If you get too cold, I’ll tax the Stensson deadline. Tax collectors may never be heat. If you take a walk, I’ll tax KEEP TRACK popular, but they are no longer the your feet.” Thus warbled four rock- OF RECEIPTS bad guys of history. Istars from Merseyside. The underlying reason that HMRC As rebellious as it was melodic, Tax- 1Tap has been able to change its messag- man would become the first track on Free ing, and become remarkably friend- the Beatles’ album Revolver, with the lier, is advancements in technology. band’s metaphorical firearm aimed 1Tap is designed Electronic tax returns came into exis- squarely at the overzealous policies of The online deadline for self-assess- to help you keep tence in 1997 and since then the digi- Harold Wilson’s 1966 government. ment (the taxation process for the track of your tal process exploded in popularity. But the Beatles were hardly the first self-employed and business owners) is receipts — and In 2019, 93.5 per cent of all returns people to have tax collectors in their 11.59 tonight. In the run-up to this, make filing your were filed online. There are now a cultural crosshairs. more than 10m British citizens will self-assessment host of tech platforms which are de- In the Christian New Testament, a have their annual engagement with easier in the signed to take the pain out of book- taxman named Zacchaeus hears that the taxman. These experiences will ei- process. Sole keeping and taxation. Jesus is passing through the city of ther contribute to — or diminish — the traders can store As a creator of one of these tools my- Jericho, and decides to join the ador- mythology surrounding Zacchaeus. As January denly, HMRC moved from scaremon- receipts with self, I see first-hand the look of sur- ing crowd. Being a short man, he For the most part, they will in fact draws to a gering to reassurance, and the results 1Tap by taking a prise when it dawns on people how climbs a sycamore tree to get in on be pleasantly surprised. close, more clearly resonated. photo of them. simple financial organisation can be. the action. Over the last few decades, taxation that 10m Brits Then in 2018, with the help of some The app then It is genuinely easy to do your tax re- Jesus is so impressed by this demon- has transformed to become more are having photogenic ducks, it rolled out a self- extracts the data turns, and it will only get easier. stration of devotion that he chooses transparent, easier, and generally their annual assessment visual advertising cam- and holds onto it HMRC understands this, therefore it the tax collector’s house as the place friendlier. HM Revenue and Customs run-in with paign based around phrases like — ready for the no longer needs to play the scaremon- he will stay that night — to the dismay — the government department re- the taxman “Whatever you do, don’t duck it” and, various tax gering card. of the crowd. A sleepover at a sinner’s sponsible — has played a big role in “Don’t let your tax return peck away deadlines facing Instead, its job is to educate the pop- house! So reviled were tax collectors this reputational shift, partly through at you”. freelancers ulation on quite how easy financial that we are still talking about Zaccha- clever marketing. Though these campaigns score throughout the admin can be. Because tech certainly eus millennia later. In the noughties, it launched its highly in cringe factor, there is no year. doesn’t have to be taxing. But is this characterisation of the catchy slogan “tax doesn’t have to be denying their memorability and ap- taxman — or woman — actually fair? taxing”, which dominated the air- proachability. They convey that the £ Viktor Stensson is the founder of AI Well, ’tis the season to find out. waves and public consciousness. Sud- government is on your side and wants accountancy tool Bokio 18 HOT PROPERTY FRIDAY 31 JANUARY 2020 CITYAM.COM HOTPROPERTY ALL YOU NEED TO KNOW ABOUT THE LONDON PROPERTY MARKET Edited by Helen Crane

OLD AND NEW IN PORTOBELLO A pastel terrace and a rare block of new builds are both for sale on the iconic street. By Helen Crane

t may be home to the world’s largest antiques market; but Por- tobello Road in Notting Hill is Isurely just as renowned for its property. Tourists and influencers alike make the pilgrimage to W11 to take pictures with the row of brightly coloured Georgian houses, which have become such a symbol of London that they feature in films from Paddington Bear to Notting Hill. Top: 87 Portobello Road in dark blue. Above left: The vaulted ceiling . Above right: A dressed apartment in Bond Mansions. Below: A Bond Mansions bathroom Given the desirability of homes on Portobello Road – as well as the slug- shop’s owner. It is also directly oppo- Church, and is on the market with NEW: BOND MANSIONS one-off paintings and artworks from gishness of the prime London market site the building that was used in the Russell Simpson for £1.65m. If you’d prefer a new-build prop- Portobello market and vintage up- in recent years – a property being put recent Paddington Bear films as the “It’s rare to see a property that’s in erty, 31 one and two-bed cycled dressers and bedposts. up for sale is a rare occurrence. But a antiques shop owned by Paddington’s such good condition. We’ve had inter- apartments have just “It is refreshing to be period apartment in one of the fa- best friend Mr Gruber, played by Jim est from young couples, but also Eu- launched at Bond Man- able to offer apartments mous coloured houses, and a release Broadbent. ropean buyers seeking a base in sions just off Portobello in the heart of this real of new build flats, have just come on Architect Transit Studio refurbished London,” says Bertie Russell, sales ne- Road. It is part of Por- community, where the market in the same week. the apartment, and the interiors were gotiator. “When you walk down those tobello Square, Cata- there is so much on designed by East London’s Beton Brut. coloured streets it is one of the most lyst’s 1,000-home the doorstep to enjoy PERIOD: 87 PORTOBELLO ROAD Its most unusual feature is the ceil- iconic places in the capital”. development, and and discover.” says The two-bed, two-bath apartment at ing in the second-floor living area. prices for a one-bed Mike Bickerton, part- 87 Portobello Road sits within a Geor- The home has a ‘butterfly’ roof – also AREA GUIDE W11 start at £645,000. All ner and head of UK gian terrace painted Prussian blue. known as a London roof – which is v- HOUSE PRICES Source: Zoopla flats have access to a bal- new homes at selling The shop beneath it currently sells shaped, and the architect took away DETACHED SEMI TERRACED FLATS cony or garden, as well as agent Cushman & Wake- hats, but until last year was the Lon- the attic space to give the living area £4.5m £8.9m £4m £1.12m a communal park. field. don Antique Clock Centre, which extra height and allow for skylights, TRANSPORT Source: TfL Those wanting their interiors If you dream of daily Insta- dated from 1963 and sold vintage which created the pitched shape. The Time to Canary Wharf 28 mins to match the vibrancy of the area can gram sessions in front of those tech- clocks, watches and barometers, with apartment also has a terrace with Time to Liverpool Street 18 mins buy a bespoke interiors package from nicolour terraces, these could be the the upper flat being home to the views over the grade II listed St Peter’s Nearest tube station Notting Hill Gate designers Blocc, which will include homes for you. NW9

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www.beaufortpark.co.uk Proud to be a member of the Berkeley Group of companies 20 LIFE&STYLE FRIDAY 31 JANUARY 2020 CITYAM.COM GOING OUT EDITED BY STEVE DINNEEN @steve_dinneen MOVIES

RECOMMENDED A BEAUTIFUL DAY IN THE NEIGHBORHOOD (PG) DIR. MARIELLE HELLER BY STEVE HOGARTY

Beloved children’s television host Fred “Mister” Rogers is almost en- tirely unheard of outside the United States, but to a generation of Americans he inspires more heart- felt nostalgia than Neil Buchanan, Dave Benson Philips and both Chuckle Brothers rolled into one. His genial style of education was an eddy of peace and civility in a tu- multuous time for the rapidly changing nation, during which the fatherly Mister Rogers spoke to chil- dren plainly and unpatronisingly on topics as complex as racism, di- vorce and death. In one especially ambitious episode, a hand puppet struggles to come to terms with the assassination of JFK. Rogers worked until his death in 2003, after which this American treasure’s impact on the national psyche came into sharp focus. In 2018 he was the subject of docu- mentarian Morgan Neville’s film, Won’t You Be My Neighbor?, a de- mystifying profile piece that be- came the top-grossing biographical documentary ever made.

UNMISSABLE northern towns, all slurred declara- tions of brotherly love. If this is a THE LIGHTHOUSE (15) study of the male psyche, we do not DIR. ROBERT EGGERS come out well. BY STEVE DINNEEN While The Witch was a relatively straightforward – albeit razor sharp – From kids’ TV show Round the Twist horror yarn, The Lighthouse is harder to video game Bioshock, lighthouses to read. There are supernatural ele- have been portrayed in popular cul- ments, but whether they’re real or ture as structures that are, at best, the figments of two men’s poisoned weird and spooky, and at worst re- dreams is open to interpretation. sponsible for the complete collapse of Shot in high-contrast black and society. Well guess what: it’s yet an- white, Eggers’ film is ridiculously other bad day for the lighthouse mar- pretty: you’ll want to take stills of painstakingly accurate models. keting department. every frame and hang them on your Mushrooms have inspired cre- Robert Eggers follows up his bril- wall (well, maybe not the ones filled ART ators from Lewis Caroll to Mario liant 2016 period horror The Witch with excrement or semen or horrify- designer Shigeru Miyamoto. They with something even more astonish- ing nightmare visions). RECOMMENDED appear in science fiction as a ing: a stark, inscrutable film in which Just as impressive is the sound de- shorthand for places far, far from the frank lyricism of Herman Melville sign: we might be watching a man MUSHROOMS earth, demonstrated by Seana mingles with the pitch-dark imagin- slowly carrying a bucket of piss, but it SOMERSET HOUSE Gavin’s wonderful series of col- ings of HP Lovecraft. will inevitably be accompanied by STEVE DINNEEN lages of alien skyscrapers housed Willem Dafoe plays grizzled old some kind of otherworldly honking in towering fungal columns. lighthouse keeper Thomas Wake, a or droning or whooshing, imbuing here’s something about There’s a room dedicated to the man who tends his “dread lamp” every scene with dread. mushrooms that’s at once psychedelic properties of mush- with an almost paternal devotion. It’s also worth noting the aspect fascinating and horrifying. rooms, something that’s of in- He drinks to excess, sings sea ratio. While early films were pro- TI remember opening a cup- creasing interest to both scientists shanties and says things like “bore- jected in 4:3, since then it’s been a board in an old flat and and recreational drug users. One dom makes men to villains”. He race to the sides. The Lighthouse goes discovering a little field of pure- video installation mimics the should be a farcical stereotype, but in the other direction with a virtually white mushrooms sprouting out of trippy aesthetic of a psilocybin in Dafoe’s hands he has more layers square 1.19:1, adding to the overall the carpet. Part of me was amazed trip (the psychoactive ingredient than the sea has fathoms, changing sense of claustrophobia, as if you’re that these strange things had taken present in some mushrooms). An- in an instant from cruel to vulnera- trapped in, I don’t know, some kind up residence in my home, and part other features an artist dressed as ble to dangerous. Robert Pattinson is of tall, thin building. of me wanted to burn the place to a fly amanita toadstool dis- excellent in the film’s only other no- It all conspires to be a singularly the ground. Alongside insects and cussing, in character, his relation- table role, Wake’s new assistant evocative film, at once filthy and tentacled sea creatures, they’re the ship with his environment. Ephraim Winslow, a taciturn drifter beautiful, funny and appalling. closest thing we can imagine to The exhibition also touches on with a mysterious past. There’s nothing else like it and I love alien life on earth. the suspiringly common propen- What follows is essentially a light- it unreservedly. Somerset House delves into our sity to project intent onto mush- house procedural, in which the pair complicated relationship with rooms, likening their networks of carry out menial tasks in order to RICHARD JEWELL (15) these... things (neither plant nor an- underground ‘mycelium’ to the keep the thing lit and themselves DIR. CLINT EASTWOOD imal) in its new exhibition Mush- internet (something that crops up sane. We see Robert Pattinson strug- BY JAMES LUXFORD rooms: The Art, Design and Future in the scientific as well as the gling with a wheelbarrow; Robert of Fungi. It begins with the state- hippy community), as if they have Pattinson shovelling coal; Robert Clint Eastwood continues to chroni- ment “Without fungi, all ecosys- an intelligence all of their own. Pattinson masturbating in a shed. cle modern American heroes with tems would fail”, spelling out their It ends with a room devoted to There’s a fascination with the in- the biopic of Richard Jewell (Paul vital role in the life cycle of every- what our future relationship with trinsic grubbiness of the human Walter Hauser), the man who discov- thing and everyone, before diving mushrooms may look like, with body, with Eggers indulging every ered a bomb at the 1996 Olympics, into the place they hold in the shoes crafted from their flesh and fart and excretion. As time passes, the before being hounded by the FBI and world of art and culture. examples of their uses in biotech. men become ever-more animal, re- press as a suspect. There are beautiful botanical draw- It’s a fascinating and timely exhi- sorting to rage and violence, followed If there's one thing to take from this ings, stamps from around the world bition celebrating one of human- by the kind of drunken compassion drama, it's that Eastwood doesn't care celebrating their diversity, and ity’s great, unsung alliances. often seen during nights out in grim for the press or Democrat govern- CITYAM.COM FRIDAY 31 JANUARY 2020 LIFE&STYLE 21

Directed by Marielle Heller (Can You Ever Forgive Me?), A Beautiful Day In The Neighborhood puts a little more THEATRE distance between the audience and the man, giving Rogers back his near mythical status. Tom Hanks – one of FAUSTUS: THAT DAMNED WOMAN the only American actors unsullied LYRIC HAMMERSMITH enough to take on the role – slips into BY STEVE DINNEEN the red cardigan in a sweet drama based on one Esquire journalist’s as- he drive in British theatre signment to profile Rogers in 1998. to stage more plays by and Without the crutch of nostalgia, and about women has led to a especially for UK audiences, this story Tspate of gender-swapped of an inscrutable entertainer and his classics, reexamining and death-obsessed puppets can seem like recontextualising their patriarchal mad fiction. The introduction, a power dynamics. frame-by-frame reproduction of the Christopher Marlowe’s snappily ti- show’s iconic opening number, comes tled The Tragical History of the Life across as faintly sinister to the unini- and Death of Doctor Faustus is the tiated, like Rogers might be up to latest, and, on paper, it’s an ideal some shady business. candidate. As playwright Chris Bush But Heller neatly dismantles these writes in her programme notes, Mar- suspicions, and if there was any temp- lowe’s Johann Faustus, a wealthy tation to characterise Rogers as a trou- and respected scholar, already had a bled man, she avoids it. Tom Hanks pretty sweet deal: why would he captures Rogers’ otherworldly essence bother selling his soul? both on set and off, softly deflecting In her version, Johanna Faustus is a loaded interview questions with twin- poor woman whose mother was ex- kling eyes and gentle ripostes. The re- ecuted for witchcraft. She’s deter- lationship between Rogers and his mined never to become indentured profiler forms the emotional back- to a man but struggles to survive bone of the movie, as much a world- alone, so feels she has little to lose weary cynic coming into contact with when Lucifer offers her 144 years as the foremost expert on parent-child a time-travelling demigod in ex- communication might. change for her eternal soul. As she A genuinely lovely portrait, A Beau- glibly notes: “If you knew the lives us tiful Day presents a sentimental women lead, you’d realise the devil worldview you want to climb into and is a catch.” live inside. Rogers is a cult of love – it’s The set-up is perfect but the execu- horrifying to imagine what America tion is pretty hopeless. Modern-day would have become without him. parables are difficult to pull off (just look at the mess the National The- atre made of Saint George and the ments. The film spends so long wag- Dragon), and director Caroline ging it's finger at both for vilifying Jew- Byrne misses the mark by some dis- ell that it forgets to focus on the man tance. There’s something fawning himself. Olivia Wilde, meanwhile, is about her production, which is for- hateful as Kathy Scruggs, the reporter ever winking at the audience to who manipulates sources to turn pub- make sure we all get it. lic opinion against Jewell. Colleagues It also squanders Bush’s most inter- of the real Scruggs criticised the por- esting addition to Faustus mythos. trayal, which perhaps betrays East- As Johanna makes increasingly des- wood’s disdain for the media (see also: perate use of her ability to time- 2016’s Sully). travel, she visits our present and the Despite strong performances from distant future, something that Hauser, and Sam Rockwell as Jewell’s opens up all manner of allegorical lawyer, this is more rant than analy- potential. But these scenes feel sis, with the veteran filmmaker allow- rushed – half-formed and cliched vi- ing his views to overwhelm a gnettes rather than the culmination promising story. of an epic journey. In the end, the strong premise is wasted by a flimsy RECOMMENDED production, one that takes too long to say very little. QUEEN & SLIM (15) DIR. MELINA MATSOUKAS RECOMMENDED BY JAMES LUXFORD UNCLE VANYA The heart-breaking reality of racism HAROLD PINTER THEATRE in America is portrayed beautifully BY STEVE DINNEEN by Jodie Turner-Smith and Daniel Kaluuya, playing a couple on a Tin- Just as Dickens charted the plight of der date who become instant crimi- the underclass in Victorian England, self: “Everything is the same as apart from the strange repetition of nals when they shoot a bigoted cop Chekhov chronicled the slow col- ever, except worse”. the word “wanging”. The play’s en- in self-defence. lapse of the Russian aristocracy at the Rather than waste away quietly, vironmental message – the doctor The modern Bonnie and Clyde tale end of the 19th century. In Ian Rick- Vanya makes mischief, picking at is a frustrated conservationist – is is brimming with lessons – anger son’s production of Uncle Vanya, the misfits with whom he shares shrewdly left in the background, begets anger, violence begets vio- adapted by award-winning play- the crumbling family pile. He’s like where other playwrights might lence. Young people with bright fu- wright Conor McPherson, this break- a crumpled Loki, tormenting have centred it at the expense of tures can be snuffed out in a down is made literal, with trees friends and family with petty squab- the inter-personal drama. moment if a corrupt system decides winding through broken windows bles and leading the otherwise up- Still, there’s something missing, to single them out. Interestingly, we and vertiginous bookcases collapsing standing family doctor astray something that only becomes ap- also see how everyone they meet has under their own dusty weight. through all-night drinking sessions. parent when Jones isn’t front and to pick a side, either aiding their Who better to play the title role, The only thing stopping this sad centre. Without him things pootle cause or joining the hunt. then, than Toby Jones, the most art- little universe from descending into on, but it’s clear he’s the play’s beat- It moves at a breakneck speed, with fully dishevelled actor working today, complete entropy is Vanya’s brother- ing heart. Performances from the elegant filming and a looming sense a man whose every stray hair seems in-law’s beautiful young wife, Ye- supporting cast are spotty, espe- that this isn’t going to end well. to embody a grudging acceptance of lena, with whom everybody is in cially Richard Armitage’s breathy Turner-Smith and Kaluuya are capti- impending mortality. He’s so adept at love. She reminds Vanya of his youth Dr Astrov, and Aimee Lou Wood’s vating, with her ferocious and justi- playing the wearily downtrodden you and the doctor of the days before he Sonya is a little too wide eyed and fied anger contrasting with his could cast him as a bed of yellowing burned out through overwork. But earnest for my liking. realisation that his plans for life are autumnal leaves in a David Attenbor- she’s as dissatisfied as everybody But I could watch Jones mope now over. ough nature documentary. else, trapped in a loveless marriage around the stage all day. He’s a While it occasionally gets side- His Vanya is a joy, a self-destructive with a much older man, and forced man at the top of his craft playing tracked, Queen & Slim is a glorious booze-hound whose prickly facade to bat away the unwanted romantic a role so perfectly suited to his dis- rage against a broken machine. If hides a yawning existential ennui, attentions of Vanya. position it could have been written ever a film could be viewed as ‘impor- his best years gone, his aspirations McPherson’s adaptation is mod- for him – he’s worth the price of tant’, it’s this. abandoned. He sums it up best him- ern, but rarely distractingly so, entry alone. 22 PUNTER FRIDAY 31 JANUARY 2020 CITYAM.COM THE PUNTER RACING TRADER @BillEsdaile

David Pipe David Mare Honeysuckle to land takes a look Pipe at tomorrow’s racing from sweet success over the boys Sandown AST weekend was a really Sandown, I’m looking forward to Bill Esdaile previews idea of a banker at Sandown, but the 8/13 tough one for the yard as the saddling REMASTERED in the isn’t tempting. huge high of winning with Heroes Handicap Hurdle (3.00pm). tomorrow’s racing From a betting point of view, the Heroes RAMSES DE TEILLEE up at He was only just touched off by Handicap Hurdle (3.00pm) is far more in- Doncaster was eventual Welsh Grand National at Leopardstown teresting. Lovershadowed by losing WARTHOG winner Potters Corner at Chepstow ASK BEN jointly heads the market with at Cheltenham. last time so that form looks good and Sandown Golan Fortune at 7/1 and, with four places People often talk about the highs now. on offer, the former looks a great each-way and lows of this great sport and that The trip and tough conditions ICKING off the days until Chel- bet. was our afternoon last Saturday. shouldn’t cause him any problems tenham gets a bit tedious. Three miles on soft ground will take NIGHT EDITION ran a blinder to and we’ve also given him a wind However, Leopardstown’s some getting at Sandown and Graeme finish second in the opening operation since his last run. Racing Festival, with no less than McPherson’s seven-year-old is a proper Triumph Hurdle Trial before a freak I’m hoping he will run really well in eight Group Ones, does more Rachael stayer who handles plenty of give in the injury claimed WARTHOG after he’d what looks a very competitive thanT fill the gap. Blackmore is ground. jumped the first fence. handicap as this has been the plan Tomorrow’s Irish Champion Hurdle six from six on Further down the list at 20/1 is Agrapart. He was one of our shining lights for some time. (3.10pm) is maybe the most intriguing of Honeysuckle He’s been out of sorts this season but will and my thoughts go out to his Finally a word on City A.M. those, with mare HONEYSUCKLE set to be right in the mix if recapturing some of owners and Rosie Clarke who syndicate horse COLLINGWOOD have her credentials put to the test by the his older form, the best of which has come looked after him every day. COURT who has been schooling boys. ceipt of 7lbs from her rivals. in stamina tests on soft ground. RAMSES DE TEILLEE lifted all of well at home and is in good form. Sharjah, winner of the Grade One Math- She’s 6/4 and this is likely to be the first our spirits by battling away to win He’s got loads of entries for next eson Hurdle, and Klassical Dream, who time she goes off odds against this season. POINTERS TOMORROW the River Don five minutes after the weekend and it will be good to landed awkwardly early on in that race After that, her 7/1 about winning the Cheltenham race. get him started over hurdles despite and never recovered, look the main dan- Champion Hurdle at Cheltenham looks Ask Ben e/w 3.00pm Sandown He’ll head to Haydock next for the fact he’d prefer slightly gers. sure to contract, so that’s worth snapping Honeysuckle 3.10pm Leopardstown either their Grand National Trial or better ground. Both are trained by Willie Mullins who is up too. Honeysuckle 7/1 e/w Champion Hurdle another novice hurdle. in red-hot form, but Honeysuckle looks On home soil, Call Me Lord in the Con- (Cheltenham Festival) Looking at tomorrow’s action at in association with something special, while she’s also in re- tenders Hurdle will be many racegoers’ CITYAM.COM FRIDAY 31 JANUARY 2020 SPORT 23

pions Cup and Challenge Cup. And CONTINUED FROM BACK PAGE Galthie banking there were promising signs in Japan as Les Bleus came within touching big boost, while Rhys Webb’s on exciting young distance of the semi-finals, only for a reintroduction at No9 provides Sebastien Vahaamahina red card to competition for places, but the talent for his first sabotage their efforts against Wales. fitness and form of Dan Biggar is At half-back, the flourishing part- crucial. Biggar is world class, but Six Nations, writes nership between , 23, without Gareth Anscombe Wales Michael Searles and , 21, is so excit- don’t have much back-up at No10. ing that Galthie has left out Maxime With tough away games against Machenaud and . They Ireland and England I think Wales T WAS the World Cup match that HOW also have excellent runners outside of will finish mid-table. never was as Typhoon Hagibis them in and Teddy ripped through Japan. But on Sun- Thomas, who have produced out- SCOTLAND day France and England face each standing rugby for in Eu- ’s falling out with other at the on rope this term, as well as the versatile coach Gregor Townsend got Ithe opening weekend of a Six Nations FRANCE , 23, who was one of Scotland’s Six Nations off to a that promises fresh faces and change France’s stand-out backs last year. terrible start before a ball was even — for no one more than Les Bleus. Up front they are also well stocked kicked. He misses the opening Former assistant Fabien Galthie has and flankers , 26, and game with Ireland and I’m not been promoted to head coach, replac- Gregory Alldritt, 22, will be a great convinced he will be reintegrated ing Jacques Brunel, and has made his MADE match for England’s Sam Underhill for the rest of the tournament. mark by naming 19 uncapped players and Tom Curry. However, France will Russell is Scotland’s most in the 42-man squad that assembled sorely miss , 24, who is talented player, but they do have an in Paris last weekend. perhaps the pick of their pack. He was attacking back line which I like the Among the 50-year-old’s radical over- set to replace in the look of. Adam Hastings steps in for haul are seven players with fewer YOUTH No2 jersey but has been ruled out by Russell and he and Stuart Hogg can than five caps and seven of the Junior injury. It means more responsibility be dangerous with ball in hand. World Cup-winning side, with the em- will fall on the shoulders of 19-stone The task for Scotland, though, is phasis firmly on youth. prop , who at 27 is one winning the ball up front and at set France are widely fancied to chal- of the senior squad members. pieces to give their backs position. lenge for a first Six Nations title in a Then there are the backroom DE RIGEUR ITALY decade, but Galthie’s selection sug- changes, with former Wales coach gests he is looking beyond the next Shaun Edwards and ex-France captain Italy’s tournament is all about the two months and has an eye on the Rafa Ibanez coming in to support swansong of , with 2023 World Cup, which they will host. have won. That tournament is also re- across the Channel. It is symptomatic Galthie. Edwards in particular will the 36-year-old set to bow out after There is previous in France for this membered for players revolting of French rugby’s change in approach give England reason for concern, with winning 142 caps. The Azzurri have kind of upheaval. Former head coach against Lievremont, but the idea of as Top14 sides increasingly recognise the 53-year-old looking to impart the come a long way over the past 10 Marc Lievremont capped a record 13 overhauling the squad with an eye for the importance of producing and nur- knowledge that yielded Wales so years, but unfortunately for them new players at the 2008 Six Nations. the future is one that Galthie appears turing talent rather than throwing much success over the last 12 years. the competition has only got better They would finish third twice before to have adopted. money at global stars. His first outing with Wales in 2008 and they are still miles off the pace. winning the Grand Slam in 2010. However, the French rugby frater- was a 26-19 win at Twickenham. His The next year they reached the nity is not renowned for patience and, NEW ERA no-nonsense approach may be just Ollie Phillips is a former England Sevens World Cup final, losing 8-7 to hosts in fairness, it is impossible not to be This season they have three sides in what the mercurial French need as captain and now a director within the real New Zealand, but could and should excited by the talent coming through the quarter-finals of both the Cham- they embark on a new era. estate and construction team at PwC.

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fitzdares.com 24 SPORT FRIDAY 31 JANUARY 2020 CITYAM.COM YOUNG GUNS France have turned over a new leaf and put SPORT faith in a new generation PAGE 23 SPORT DIGEST WATSON’S INJURY MEANS ENGLAND DEBUTS LIKELY ENGLAND £ Anthony Watson has been ruled out of England’s opening Six Nations game against France on Sunday. The Bath back has a calf injury, meaning Gloucester’s Ollie Thorley or Northampton’s George Furbank TO HEAL could make their debuts in the back three in Paris. Uncapped Bath prop Will Stuart has also been retained in Eddie Jones’s 25-man squad for the game, while Tom Curry or Lewis WORLD Ludlam are likely to play No8 in Billy Vunipola’s absence. UNITED SIGN MIDFIELDER FERNANDES FOR £47M £ Manchester United have CUP SCARS completed the £47m signing of Sporting Lisbon midfielder Bruno Fernandes. The Portuguese international, whose fee could reach France, their opponents in Sunday’s £67.7m with add-ons, has signed a five-and-a-half year deal at United. opening match, are the chief threat to “He will be a fantastic addition to our team and he will help us push on in Eddie Jones’s men at the Six Nations the second part of the season,” said manager Ole Gunnar Solskjaer. The move comes before the transfer window closes at 11pm tonight. HE Six Nations kicks off to- RUGBY saw in the World Cup quarter-final de- which has gone to Johnny Sexton, but morrow and, although there COMMENT feat to Wales. France have the advan- I feel he peaked in 2018 and is now on INJURY MADE SEMI-FINAL are some question marks tage of three home games and if they a slow decline. In the long run Farrell HORRIBLE, SAYS FEDERER Taround them, England are were to get off to a good start they needs to blood a new fly-half – be it £ Roger Federer said a groin injury still red-hot favourites to win Ollie would be set for a solid tournament. Joey Carbery or Billy Burns – and re- meant he only had a three per cent the tournament. build a strong axis at No8, No9 and chance of beating Novak Djokovic in On the face of it, they come into the Phillips IRELAND No10. yesterday’s Australian Open semi- competition facing a few issues. Ireland are also making a fresh start I think Ireland will be competitive final. Federer, who suffered the injury Sunday’s match in Paris is their first under shrewd operator Andy Farrell, and well-organised at this tourna- in Tuesday’s five-set quarter-final win since losing the World Cup final in so England’s opening match is vital. If but it is hard to know what his meth- ment, but the acid test for them will over Tennys Sandgren, lost 7-6 (7-1), November. Can they pick themselves they can turn over France then their ods will be now he has succeeded Joe come away at Twickenham. Ulti- 6-4, 6-3. “It’s always tough when you up after the disappointment? Could remaining games look helpful, with Schmidt. Will he bring a new message mately, it will take time for them to have a three per cent chance of the Saracens salary cap fallout prove both Ireland and Wales at home. and structure after a poor World Cup get back to their best. winning, but that’s better than a distraction? They are also missing or look for continuity? none,” Federer said. “It was horrible.” the injured Billy Vunipola and don’t FRANCE There is continuity in the captaincy, WALES have a specialist No8 as back-up, with A new era is dawning for France Wayne Pivac has taken over from War- MUGURUZA TO PLAY KENIN Tom Curry or Lewis Ludlam set to fill under head coach Fabien Galthie and ren Gatland and, like Farrell, I think AFTER SHOCKS IN SEMIS in. Meanwhile, key players like George Shaun Edwards and I think it’s poten- OLLIE’S PREDICTED he will need some time to mould his £ Garbine Muguruza will play Sofia Ford and Ben Youngs are short of top tially very exciting. FINAL STANDINGS side. A repeat of last year’s Grand Kenin in Saturday’s Australian Open form, with Leicester struggling. France won the Under-20 World Cup Slam is unlikely. final after beating Simona Halep in Despite those factors, England re- in 2018 and that group is starting to Jonathan Davies is a huge miss at Melbourne. Muguruza, who is main the best side on paper. Although blossom. They are now ready to step 1ST ENGLAND centre. George North is a good player, unseeded despite having won two they were outplayed by South Africa, up and, with quality coaches and the 2ND FRANCE but he is not a natural No13. It is for- Grand Slam titles, beat the they reached the World Cup final by right selections, they could surprise a 3RD IRELAND tunate they face Italy first, but I feel Romanian fourth seed 7-6 (10-8), 7-5 playing impressive rugby against Ar- few people. The pairing of Romain 4TH WALES better sides will exploit the change. in the semi-final. The 26-year-old gentina, Australia and New Zealand. Ntamack and Antoine Dupont at 5TH SCOTLAND The return of Taulupe Faletau is a Spaniard will play Kenin after the As we saw with South Africa in No10 and No9 could be brilliant, 6TH ITALY American 14th seed stunned world Japan, rugby is all about momentum, based on the glimpses of quality we CONTINUES ON PAGE 23 No1 Ashleigh Barty 7-6 (8-6), 7-5.