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Metro Bank Investors Fire Warning Shot

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Metro Bank Investors Fire Warning Shot BUSINESS WITH PERSONALITY DAIRY NAUGHTY ONE HUNDRED, NOT OUT IS ‘MILKSHAKING’ THE MAN BEHIND CRICKET’S EVER MORALLY NEWEST FORMAT P26-27 DEFENSIBLE? P17 WEDNESDAY 22 MAY 2019 ISSUE 3,376 CITYAM.COM FREE Metro Bank investors fire NO, PRIME warning shot CALLUM KEOWN @CallumKeown1 DISGRUNTLED Metro Bank shareholders raised their discontent at yesterday’s annual general meeting (AGM) MINISTER but stopped short of a full- MPS FROM ACROSS blown rebellion against the board following a torrid few THE SPECTRUM REJECT months for the lender. More than 28 per cent of THERESA MAY’S LATEST investors voted against the re-election of two directors in BREXIT DEAL DESPITE A charge of risk: Stuart Bernau and Eugene Lockhart. SERIES OF CLIMBDOWNS Under-fire chairman Vernon Hill survived the AGM but 12 per cent voted against his re-election, up from the 3.7 per cent who rebelled against him last year. The bank admitted in January that a swathe of commercial loans had been OWEN BENNETT favour of May’s plan. Agreement Bill is voted down by MPs, second referendum vote proposal “a wrongly classified and should @owenjbennett The DUP, which still technically they would be “voting to stop Brexit”. betrayal of the 2016 referendum and have been among its risk- props up May’s government, also said “What would we do then?” she said, a betrayal of everything she has been weighted assets. THERESA May’s latest gamble to win it would not back her deal despite adding: “Some suggest leaving with- saying since she became Prime Shares have fallen 68 per support for her beleaguered Brexit fresh assurances over the border in out a deal, but whatever you think of Minister”. cent since the error was deal backfired spectacularly yester- Northern Ireland. that outcome – parliament has been Zac Goldsmith, Conservative MP for discovered and the bank was day in a humiliating blow for the It leaves May facing a fourth defeat clear it will do all it can to stop it. Richmond Park, said that while he forced to raise £375m in extra Prime Minister. on her withdrawal plan when it is “If not no-deal, then it would have backed May’s “rotten deal” the capital last week through a May revealed Brexit legislation set put to a vote in the Commons in the to be a General Election or a second last time it was put to parliament, discounted share placing. to be put before MPs would contain week commencing 3 June. referendum that could lead to revo- he would not support “this Chief executive Craig a vote on whether to hold a second Speaking at the PwC offices in cation – and no Brexit at all.” convoluted mess”. Donaldson, who offered to referendum, in a bid to win over Charing Cross, May insisted that by Former Conservative leader Iain He added: “That it takes us towards resign earlier this year, was Labour support for her deal. offering a vote on a second referen- Duncan Smith described May’s new a rigged referendum between her the most popular board But not only did it infuriate dozens dum, as well as letting MPs decide proposals as a “bad buffet of non deal and no Brexit is just grotesque. member, with just 10 per cent of Conservative MPs – including what customs arrangement the UK Brexit options”, adding: “Today the The PM must go.” calling for him to leave. many who had previously supported should have with the EU after Brexit, government has moved from take Former foreign secretary Boris Some shareholder advisory her Brexit deal – many Labour MPs she showed she had “compromised”. back control to give back control.” Johnson, who is seeking to replace groups had urged investors to calling for second referendum were “Now I ask you to compromise too,” Conservative MP for Harlow Robert May as Tory leader, tweeted: “The bill block the re-elections of Hill, angry that another public vote May said. Halfon, who voted in favour of May’s is directly against our manifesto – Donaldson and a number of would only take place if they voted in She warned that if the Withdrawal Brexit deal in March, called the and I will not vote for it.” other directors. FTSE 100▲ 7,328.92 +18.04 FTSE 250▲ 19,436.36 +100.77 DOW▲ 25,877.33 +197.43 NASDAQ▲ 7,785.72 +83.35 £/$▼ 1.270 -0.003 £/€▼ 1.138 -0.002 €/$▼ 1.116 -0.001 SEE PAGE 21 FOR OUR PARTNER SPOTLIGHT 02 NEWS WEDNESDAY 22 MAY 2019 CITYAM.COM TANK MAN IN TAIPEI Taiwanese capital marks anniversary of Tiananmen Square massacre as China seeks to rewrite history THE CITY VIEW Ministers must resist a bailout of British Steel IMING is everything, whether in business or politics. British Steel’s cap-in-hand plea to the government for an Temergency, job-saving bailout just 48 hours before the country goes to the polls is either an extraordinary coincidence or an audacious political ambush. Either way, there’s never an easy time for a government to face such a decision. The situation at British Steel is a perfect story for our times – featuring a cast of skilled workers facing global pressure, private equity trying to make a deal come good and a clash of political priorities and ideologies including free-market economics, state-directed industrial strategies, nationalisation, privatisation and environmentalism. Left-wing pundits were out in force yesterday, arguing that jobs must be saved and this “proud industry” must be given the support it needs. What it A TAIWANESE artist has created giant inflatables of a tank and “tank man” – the lone protester who stood in front of a convoy of needs, in addition to cash, is gas and coal – both of which are tanks on Beijing’s Tiananmen Square – to mark 30 years since China’s bloody crackdown on its pro-democracy movement. Any imported and burned as part of the steel making process. The mention of the crackdown, which took place on 4 June 1989, is heavily censored in Chinese news and social media. same voices calling for a bailout of heavy industry were calling for a carbon-neutral economy just days earlier. They need to get their priorities clear. Meanwhile, Jeremy Corbyn wants to wave his wand and nationalise the steel industry, as if doing so would protect it indefinitely from the forces of globalisation. Tory MPs are, by and large, instinctively hostile to the idea of propping up Steel crisis: Now Corbyn failing industries, but with an election looming (and possibly another one before the year is out) it was left to former Treasury civil servant Lord McPherson to say what Tory MPs daren’t: bunging public money into British Steel “would be further calls for nationalisation evidence that industrial policy has lurched back to the failed interventionism of the 1970s,” adding: “If British Steel can’t compete at this exchange rate, you have to ask whether it ever ALEX DANIEL company to secure the long term porting about 20,000 more jobs indi- will.” If the government is to part with taxpayer cash it must do @alexmdaniel future of the steelworks and protect rectly in its supply chain. Unite the so with real, strategic purpose in mind – and not simply use it as peoples’ livelihoods and union said the company going bust BRITISH Steel is still in talks with the communities,” he said. would be an “economic catastrophe”. a short-term bailout. This morning, Tory grandee David Willetts government over a proposed cash It remains unclear whether the A British Steel spokeswoman said it and economist Mariana Mazzucato launch a new report aimed injection designed to save it from money will be forthcoming, but was in “live negotiations” with stake- at generating “a mission-orientated UK industrial strategy”. They collapse, business minister Andrew Stephenson told the Commons the gov- holders to consider different funding argue that the state should marshall a wide range of forces to Stephenson said yesterday. ernment “will leave no stone options. The firm, which was also yes- unturned” in its support for “We are aware of speculation that the tackle major challenges in areas such as transport, ageing and terday forced to assure that the company and the steel May salaries may not be paid,” they artificial intelligence. Under such a framework, the steel its employees’ salaries industry at large. “We added. “For the avoidance of doubt, we industry would, according to Mazzucato, be “supported to would be paid in full for can confirm that funding is in place transform, not to simply exist”. This is neither the clunking this month, has for the last Corbyn said the firm and British Steel employees will be paid week been lobbying the should be nationalised their salaries in full.” nationalisation of Corbyn nor the ruthless logic of the free- government for a £75m to save it from collapse Labour MP for Scunthorpe Nic Dakin market. It’s a detailed and thought-provoking report, but has loan to address “Brexit- said given that talks could have come too late to save British Steel. related issues”. recognise that global eco- collapsed last week it was “actually Labour leader Jeremy Corbyn nomic considerations con- quite positive” that they were still said the government should be tinue to be challenging for happening. ready to nationalise the company if the industry,” he added. He told City A.M. the government was necessary to save it from collapse. British Steel, the UK’s second-largest guilty of being “asleep at the wheel” to “If an agreement cannot be struck steel maker behind Tata, employs let the situation get to this stage, “but with British Steel, the government around 5,000 people at its Scunthorpe at the moment, they are trying very Follow us on Twitter @cityam must act to take a public stake in the steelworks and various other sites, sup- hard to resolve this crisis”.
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