BUSINESS WITH PERSONALITY CHIEF FOR A DAY FERRARI’S NEW UNDERDOG THE CHALLENGES LECLERC IS GIVING VETTEL FACING ROYAL A RUN FOR HIS MONEY P27 MAIL’S BOSS P25 THURSDAY 28 NOVEMBER 2019 ISSUE 3,510 CITYAM.COM FREE Ex-Barclays man: Qatari deal ‘a boost’ POLL POSITION JAMES BOOTH @Jamesdbooth1 POLLSTERS FORECAST A TORY FORMER top Barclays banker Roger Jenkins told a fraud MAJORITY AND LABOUR LOSSES trial in London yesterday that a deal between the bank and AMID EXPLOSIVE ROW OVER NHS Qatar characterised as a sham by prosecutors was actually a SEBSASTIAN MCCARTHY Meanwhile, the Scottish National “tremendous boost”. @SebMcCarthy Party would win 43 seats, securing a Jenkins was in the witness further eight MPs. box at the Old Bailey as he BORIS Johnson’s Conservative party is “Labour’s red wall is crumbling,” the stood trial for fraud alongside on course to secure a thumping victory polling company said, with the Tories former top Barclays execs in next month’s election, according to set to pick up 44 seats from Labour Thomas Kalaris and Richard a highly-anticipated poll published including Tom Watson’s vacated seat. Boath. All deny wrongdoing. late last night. However, with two weeks still to go The Serious Fraud Office Were the election held tomorrow, the until polling day Corbyn could yet accused the three of cooking Prime Minister would defeat Labour’s close the gap, with several surveys up phoney advisory services Jeremy Corbyn in dramatic fashion, suggesting the Tory lead is narrowing. agreements (ASAs) as a way to returning to Downing Street on 12 A Savanta Comres poll, also funnel £322m to Qatar to December with a 68-seat majority. published yesterday, showed induce it to invest £4bn in the On the same day as the two main Johnson’s lead over the opposition bank during two £11bn parties traded blows in an explosive falling to seven points. financial crisis fundraisings. row over the fate of drug pricing and Hours before the YouGov poll was The court had previously the NHS under a potential US–UK released, Johnson’s colourful and heard evidence of the three trade deal, a comprehensive seat-by- contentious adviser Dominic struggling to come up with a seat poll by YouGov showed Johnson Cummings penned a lengthy analysis way to get Qatar the 3.75 per could end up with 359 seats, while of the state of the campaign, warning cent commission demanded in Jeremy Corbyn’s Labour could finish that the election is “much tighter” return for its investment, with 211 seats. than polls suggest. eventually settling on an ASA Tory gains in Labour heartlands According to last night’s figures, after ruling out other could result in Corbyn’s party losing 51 independents such as Anna Soubry, “inappropriate” schemes. seats in the election, suffering its David Gauke and Dominic Grieve are Jenkins said he quickly second worst defeat since the Second all set to lose their seats. realised the value in the ASA World War. The three Labour defectors are also as it not only gave Qatar what The MRP election poll, which struggling, with Chuka Umunna 13 it had asked for in fees, but correctly predicted that Theresa May points behind in Cities of London and was an opportunity for the would lose her majority in 2017, also Westminster, Luciana Berger 18 points bank to deepen its showed signs of trouble for Jo back in Finchley and Golders Green, relationship with the emirate. Swinson’s Liberal Democrats, with the and Angela Smith trailing by 33 points It was a “tremendous boost pro-Remain party currently set to in Altrincham and Sale West. for us to have an advisory increase its number of MPs by just one agreement with someone like to 13 seats. £ ELECTION LATEST: P7 that,” he said. £ CONTINUES ON P3 FTSE 100▲7,429.78 +26.64 FTSE 250▲ 20,954.32 +89.40 DOW▲ 28,164.00 +43.32 NASDAQ▲8,705.18 +57.24 £/$▲ 1.288 +0.003 £/€▲ 1.171 +0.004 €/$▼ 1.100 -0.010 02 NEWS THURSDAY 28 NOVEMBER 2019 CITYAM.COM OBITUARY GARY RHODES Much-loved chef, restaurant owner and TV host who made British food fashionable dies after a sudden illness THE CITY VIEW NHS stunt reveals how desperate Labour is ABOUR’s unconventional relationship with the media took another couple of twists yesterday. First up, shadow trade Lsecretary Barry Gardiner failed to conceal his irritation when a reporter from ITV asked a question about Labour’s antisemitism problem. He snapped: “Do you have a question about the issue we’re discussing, or was that just an opportune moment to get a dig in?” The issue that Gardiner wanted journalists to focus on was his party’s sensational scoop that UK and US officials have been having preliminary conversations about how a trade deal might be approached. Here Labour revelled in the role of journalist. “Exposed,” they cried. “Revealed,” shrieked the press release. The revelation, such as it was, appeared on an online forum weeks ago, but nobody appeared to notice. 451 pages of minutes relating to technical CELEBRITY chef Gary Rhodes, a champion of British food, has died aged 59. Rhodes, whose signature spiked hair made him one discussions about potential future trade talks — or, as the of the UK’s best known chefs, opened his first restaurant in 1997 and won a Michelin star within 12 months. He went on to earn Labour party put it: “BREAKING: We have evidence that Boris four more of the coveted stars during his career and published over 20 cookbooks in his lifetime. He was awarded an OBE in 2006. Johnson has put the NHS up for sale.” They have nothing of the sort, of course, but the primary objective was achieved: move the conversation back on to the NHS. The Prime Minister was touring a Cornish hospital as Labour unveiled its stunt and naturally had to fend off the potent allegation that the Tories Businesses push back on want nothing more than to sell off the NHS brick-by-brick. Labour will also have plenty of fresh content for more of its highly successful viral videos featuring selective quotes, scary music and footage of US President Donald Trump salivating at the prospect of finally getting his hands on one of our debt- wonk’s capitalism critique saddled NHS Foundation Trusts. In truth, the documents highlighted by Labour yesterday are interesting and definitely newsworthy. Certainly, they suggest a battle lies ahead about HARRY ROBERTSON is extraordinary and absurd.” He said into the future of the corporation, drug pricing and patent policy, and the US is pushing for higher that although corporate governance recommended eight proposals to @henrygrobertson prices for its drugs — but the leak reveals what the Americans is not perfect, “improving it actually restore trust between businesses, BUSINESS groups and a leading think means giving shareholders more stakeholders and society. would like to be on the table, not what the British government tank have defended UK capitalism control over executives”. There are signs that discontent over has agreed to. Labour made much of a reference in the files to and corporations after harsh criticism The Institute of Directors (IoD) was the current model of capitalism is “total market access” — but this wasn’t referring specifically to from a report written by an Oxford more welcoming of the report, growing. For example, in August a the NHS (which only got four mentions throughout the 451 professor for the British Academy. praising its “emphasis on boards’ powerful group of top US executives Colin Mayer’s report yesterday said responsibilities to stakeholders”. recognised that firms should benefit pages) but rather the preferred starting point of US trade the British corporation “has failed to Yet IoD corporate governance policy all stakeholders: employees, cus- negotiators. The document goes on to note that it’s then up to deliver benefit beyond shareholders, advisor Carum Basra said: “Corpora- tomers, suppliers, and communities the other party to specify any area they want excluded from the to its stakeholders and its wider tions have been great engines of as well as shareholders. talks. Every time Boris Johnson is forced to insist that he community”. innovation, which has improved The British Academy report pro- He said forms of ownership in the lot of shareholders and non- posed changes to corporate gover- wouldn’t put the NHS on the table, Labour strategists pat each the UK lead to a damaging focus on shareholders alike.” nance to “establish accountability to other on the back. The election looks like it’s Johnson’s to lose, short-term returns. The report pro- Federation of Small Businesses (FSB) a range of stakeholders through and Labour hope stunts like yesterday’s could deny him victory. posed a shakeup of the corporation to chairman Mike Cherry said smaller appropriate board structures”. make it accountable to stakeholders firms already benefit their local areas. The CPS’s Clougherty criticised the such as employees. “Small firms help to give back in proposals, however, calling them “a Tom Clogherty, head of tax at the time, skills and wealth to communi- recipe for corporate sclerosis and centre-right Centre for Policy Studies ties which is reinvested back into the economic stagnation”. (CPS) think tank, hit back, saying: “To wider economy,” he said. The IoD’s Basra said there were “cer- claim that British business delivers no The report, published as part of the tainly steps we could take” to address Follow us on Twitter @cityam value to anyone but its shareholders British Academy’s project looking concerns. FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL TELEFONICA TO UNWIND WHAT THE AUSTRALIAN REPUBLICANS PRIMARK PAY POLICY COULD GIULIANI WEIGHED UP DOING HUGE TELECOMS EMPIRE OTHER DEMAND VOTE ON QUEEN USHER INVESTOR REVOLT BUSINESS WITH UKRAINE Telefonica has moved to unwind its Malcolm Turnbull, Australia’s former Primark faces the prospect of a Rudy Giuliani, the lawyer of US sprawling global telecoms network PAPERS SAY conservative Prime Minister said shareholder revolt next week over a President Donald Trump, said yesterday after the Spanish company revealed a yesterday that Brexit turmoil and the bonus scheme which could hand boss he was in talks earlier this year to earn major overhaul of its business that THIS possibility that the UK could splinter George Weston up to £7m.