Labour MP Only Sticks with His Party Because He Doesn't Think
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BUSINESS WITH PERSONALITY DRUGS CASE VIVA LA VEGAN IS THE HALES TO BLAME $1.5BN BEYOND MEAT FOR ROW, WRITES FLOAT TOO JUICY? P15 TREMLETT P20 THURSDAY 2 MAY 2019 ISSUE 3,363 CITYAM.COM FREE Lloyd’s of London to split in two CALLUM KEOWN @CallumKeown1 LLOYD’s of London yesterday unveiled plans to split into DEFENCESACKED SECRETARY WILLIAMSON two exchanges and move more of its business online in OUSTED OVER CLAIMS HE LEAKED a bid to cut costs. The six-point strategy INFO FROM TOP-SECRET MEETING includes splitting the 330-year- old market into two automated exchanges, OWEN BENNETT ing the investigation which prompted his allowing less complex risks to @owenjbennett dismissal. be placed “in minutes at a She said that while others under suspi- fraction of today’s costs.” GAVIN Williamson was sensationally cion had “engaged properly” with the in- Chief executive John Neal sacked as defence secretary last night quiry and “encouraged their staff to do the said the plan could cut costs after an investigation ruled he had leaked same”, Williamson’s conduct “has not by 10 per cent, which equates information from a top secret committee. been of the same standard as others’.” to around £1bn. Theresa May gave Williamson his march- May added: “In our meeting this Neal added the cost of ing orders after an inquiry discovered evening, I put to you the latest informa- buying insurance through the “compelling evidence” he had passed on tion from the investigation, which pro- market could be halved from information to a journalist about Chinese vides compelling evidence suggesting 39 per cent of the premium to company Huawei receiving permission to your responsibility for the unauthorised 20 per cent within five years. work on the UK’s 5G mobile network. disclosure. The report revealed the The ex-cabinet minister could now face a “No other, credible version of events to Lloyd’s expense ratio had police investigation into whether the leak explain this leak has been identified.” remained broadly unchanged constitutes a breach of the Official Secrets Downing Street insisted last night the since 1990 and was higher Act – a crime which carries a maximum jail Prime Minister would not push for crimi- than other global carriers. term of two years. nal proceedings to begin against One platform would be used After his sacking, Williamson insisted he Williamson, but Lib Dem deputy leader Jo for more complex risks, which was not responsible for passing on the Swinson wrote to Met police chief Cres- would still be conducted in highly-sensitive information, with a Sky sida Dick to demand an investigation. person, but more standard News journalist saying the now former Williamson was replaced as defence sec- contracts would be dealt with cabinet minster swore “on his children’s retary by Penny Mordaunt, with former through a new Lloyd’s Risk life” he was innocent. prisons minister Rory Stewart taking over Exchange. In a public letter to the Prime Minister, her role as international development sec- The market launched a Williamson cast doubts over the investiga- retary and leaving the Ministry of Justice. structural review last year tion which led to his dismissal, saying “a A former chief whip, Williamson was after it suffered a £2bn loss in thorough and formal inquiry would have seen as a May supporter, and was a key 2017 and chief executive Inga vindicated my position”. player in her successful bid to become Beale stepped down. In her own letter setting out the reasons Conservative leader in 2016. It has also faced criticism for his sacking, May was clear it was not over members’ costs, while just the leak but Williamson’s actions dur- £ TOP TORY SLAMS HUAWEI MOVE: P3 underwriters and brokers still use briefcases and paperwork. Labour MP only sticks with his party because he doesn’t think Corbyn can win OWEN BENNETT MP said he does he not believe As a backbencher in 2011, the financial houses” have “control decision to endorse the book @owenjbennett Corbyn would not be a good Prime now Labour leader wrote the which they exercise over the body of during a radio interview, Streeting Minister and he would not tell foreword to a reprint of JA public opinion through the press”. took to Twitter: “My advice to any LABOUR MP Wes Streeting, a vocal voters otherwise when he is out on Hobson’s Imperialism: A Study. In his foreword, Corbyn hails the Labour MP today: refuse to defend critic of his party’s handling of the campaign trail. The book, first published in analysis as “railing against the Jeremy Corbyn lauding a book antisemitism, has said he’s only The outburst was prompted by 1902, claimed banking in Europe commercial interests that fuel the containing classic antisemitic staying in the party because he yet another row over antisemitism was controlled “by men of a single role of the popular press with tales tropes. If he wants to defend the does not believe Jeremy Corbyn engulfing Corbyn, after it emerged and peculiar race, who have behind of imperial might”. indefensible he should go on the could win an election. he described a book riddled with them many centuries of financial After shadow business secretary airwaves and defend himself. He In a stinging attack on the anti-Jewish conspiracy theories as a experience”. Rebecca Long-Bailey seemed to has a responsibility to explain Labour leadership, the Ilford North “great tome”. It also suggests the “great laugh off questions about Corbyn’s himself.” FTSE 100▼ 7,385.26 -32.96 FTSE 250▼ 19,813.74 -11.07 DOW▼ 26,430.14 -162.77 NASDAQ▼ 8,049.64 -45.75 £/$ ▲ 1.305 +0.001 £/€ ▲ 1.166 +0.003 €/$ ▼ 1.120 -0.001 02 NEWS THURSDAY 2 MAY 2019 CITYAM.COM RED SQUARE Shadow chancellor John McDonnell addresses crowds in Trafalgar Square after May Day socialist march THE CITY VIEW It’s hard to see how Coupe can carry on IKE Coupe was met with rapturous applause from his fellow directors when he stepped up to the microphone Myesterday, as he hailed the coming of an era in Sainsbury’s history that would see it thrive having merged with long-time rival Asda. Coupe spoke boldly about price cuts and cost savings, and finished with a special thanks to the competition watchdog for approving the deal without hesitation. That is how yesterday’s presentation at Sainsbury’s HQ might have gone. But thanks to a deadly intervention from the Competition and Markets Authority last week, the tone was much less celebratory. With his Asda merger plans torn to shreds, Coupe was left to sell the City a business strategy that simply lacked the hefty promises (both to consumers and investors) which had been pledged as part of the tie-up. In his powerpoint pitch, the grocery JOHN McDonnell spoke to the annual May Day gathering in London yesterday. He gave his speech in front of a flag which showed images of socialist thinkers Karl Marx and Friedrich Engels, alongside communist dictators Joseph Stalin and Mao Zedong. This veteran could not bring himself to mention the A-word even once: week, the shadow chancellor told the BBC the Labour Party will unleash an economic “revolution” in the UK if it wins power. instead he talked of digital rollouts, store investments and the need to focus on economy products. Sitting next to the City grandee and Sainsbury’s chairman Martin Scicluna, Coupe stressed a number of positives to take away from the results: net debt was down, cash flow was up and underlying profits rose. But the botched merger plans were hard to ignore, May walks back no-deal even if it was not what he or his communications team wanted to talk about. “What these numbers confirm is that the pursuit of the Asda deal has been very very expensive, but the £46m that they spent on chasing it is the smaller part of the expense,” says retail analyst Richard Hyman. “The bigger part of the expense is stance at grilling by MPs the ground that they’ve lost in terms of market share and in terms of reputation with their customers”. OWEN BENNETT One the most publicly damaging parts of the Sainsbury’s–Asda Yvette Cooper, who accused May of good deal for the United Kingdom.” @owenjbennett “stubbornness” over her refusal to set The government is currently hold- collapse is that is has exposed with greater clarity the problems out any compromises over her post ing talks with Labour in a bid to fash- that Coupe’s business faces. Market share is being lost to German THERESA May yesterday said she was Brexit-customs policy. ion a Brexit plan which command the discounters at one end and a revitalised Tesco at the other. The talking in the “abstract” when she Asked by Tory veteran Sir Bernard support of the House of Commons. claimed “no-deal is better than a bad Jenkin if she stood by her claims that Jeremy Corbyn has called for the UK board has taken its eye off the ball in food retailing. Lower deal” during a grilling over the Brexit no-deal was better than a deal – first to enter a customs union with the EU product availability and a downward spiral in store standards stalemate. flagged up by the Prime Minister in a after Brexit, whereas May wants the leaves a once-great supermarket chain on the edge of a largely Appearing before parliament’s speech January 2017 – May said: “I country to operate an independent self-inflicted decline. powerful Liaison Committee of stand by the references I have made in trade policy.