The Daily Telegraph - 24 March, 2023
The Daily Telegraph - 24 March, 2023
The Daily Telegraph - 24 March, 2023
00
savings and
eduCaTion ediTor
THE chief inspector of Ofsted has
opened the door to the scrapping of
one-word school ratings in the wake of
the suicide of a head teacher.
Amanda Spielman said that the
investments
debate around reforming inspections to
remove grades was a “legitimate one”,
in her first public statement since the
schools watchdog was criticised by the
sister of Ruth Kelly.
The death of the primary school
leader has provoked a furious response
from head teachers, who have started to
wear black armbands during inspec-
Large rise in capital gains levy understood to tions and remove references to Ofsted
from their school websites.
be on table after Starmer refuses to rule it out Ms Kelly, head teacher at Caversham
Primary in Reading, Berks, took her
By Camilla Turner, Dominic Penna currently levied at 20 per cent on most own life in January after learning that
and Amy Gibbons assets, so it would have to be doubled to her school would be downgraded from
align it with the 40 per cent income tax “outstanding” to “inadequate”.
LABOUR’S deputy leader suggested rate. Head teachers have urged Ofsted to
yesterday that the party should raise tax The tax raised £15 billion last year drop its blunt ratings, which include
on savings and investments. and the annual haul is expected to hit “outstanding”, “go o d”, “re quires
Angela Rayner made the comments almost £18 billion by 2028. improvement ” and “ inadequate”,
as she criticised Rishi Sunak for paying More than 300,000 individuals pay because they say the ratings can “hang
a lower rate of tax than most working capital gains tax, according to the latest heavy on the necks of professionals for
people. official figures, compared with fewer years on end”.
It is understood that a large increase than 200,000 in 2013. In a statement, Ms Spielman said:
in capital gains tax is on the table if Sir A Labour Party spokesman said the “The broader debate about reforming
Keir Starmer wins the next election. party had no current plans to raise cap- inspections to remove grades is a legiti-
Sir Keir and Yvette Cooper, the ital gains tax but could not rule out a mate one, but it shouldn’t lose sight of
shadow home secretary, refused to rule change in future. how grades are currently used. They
ALESSANDRO GAROFALO/LAPRESSE VIA AP
out a rise in the levy after being publicly Yesterday, records released by give parents a simple and accessible
confronted about their plans yesterday. Labour revealed that Sir Keir paid summary of strengths and weaknesses.
A capital gains tax increase would £23,930 in capital gains tax last year, “Any changes to the current system
come on top of other raids on the mid- after earning £85,466 from his share of would have to meet the needs both of
dle classes planned by Labour, includ- the sale of a house he had bought for his parents and of government.”
ing reversing the Government’s plan to sister and her children. Labour has proposed scrapping
abolish the lifetime cap on tax-free pen- It comes after he was accused of Ofsted grades and replacing them with
sion savings and cancelling tax breaks hypocrisy after it emerged his pension a school report card showing what
for private schools. from his time as director of public pros- schools do well and what they need to
The latest debate on tax among sen- ecutions is exempt from the lifetime do to improve.
ior Labour figures is likely to cause savings allowance cap he plans to rein- Ms Spielman previously told digital
alarm among savers and may prompt a troduce. He has pledged to scrap the tax Harry Kane celebrates after slotting home a penalty – and becoming England’s all-time greatest goalscorer – in last night’s Euro newspaper Schools Week that Labour’s
sell-off of assets. benefits of his own pension. 2024 qualifier against Italy in Naples. Declan Rice also scored for Gareth Southgate’s side in a 2-1 victory Reports: Sport, Pages 1-5 policy could be a “logical evolution” of
The plans to reimpose the cap on tax- The IPPR think tank has been cam- how school performance is assessed.
free pension savings prompted warn- paigning for a rise in capital gains tax Prof Julia Waters, Ms Kelly’s sister,
ings that people would take early
retirement before the next election to
try to avoid the levy.
and said that Labour had “expressed an
interest” in the idea.
The think tank has previously sug-
Strikes threaten to cause Easter travel chaos has claimed that her death was “a direct
result of the pressure put on her by the
process and outcome of an Ofsted
That capital gains tax could rise gested several policies that have later inspection at her school”.
under a Labour government emerged been adopted by the party, including a By Jack Simpson warn about potential problems during More than 1,500 security workers at Paul Whiteman, general secretary of
after records were published which windfall tax on the excess profits of TransporT CorrespondenT Easter, traditionally the busiest period Heathrow’s Terminal 5 are set to walk the school leaders’ union NAHT, said:
revealed that the Prime Minister earned energy firms and increasing public for overseas travel after the summer out from March 31 to April 9. British Air- “School leaders want to see tangible
nearly £5 million in three years but funding to achieve net zero. HOLIDAYMAKERS going abroad at holidays. ways passengers will be worst affected actions being taken to reduce the intol-
effectively paid a tax rate of 22 per cent. Labour’s “grey book”, which it pub- Easter could see their plans scuppered Julia Lo Bue-Said, chief executive of by the action as the terminal exclusively erable pressure that the current inspec-
Ms Rayner wrote on Twitter: “Rishi lished alongside its last manifesto in as strikes at home and on the Continent Advantage Travel Partnership, said serves flights from the airline. tion regime places on everyone in
Sunak’s much delayed return reveal a 2019 to explain how it would fund its cause travel chaos. strikes would affect travel and warned It is understood that a number of schools, and they want to see those
Tory tax system where the PM pays a far spending commitments, pledged to tax Heathrow has told airlines that they passengers to expect longer wait times. other Heathrow airlines are waiting for actions now.”
lower tax rate than working people – capital gains at the same level as income should stop selling tickets for the Easter Last week, research from travel asso- more information before making Geoff Barton, of the Association of
who face the highest tax burden in 70 tax. The party is yet to announce which period because of strikes by security ciation ABTA showed that demand for changes to their ticketing policies. School and College Leaders, said: “The
years. His latest handout to the richest measures it will keep ahead of the next staff that look likely to cause major foreign holidays had recovered since The strikes could have knock-on chief inspector acknowledges that
one per cent shows you exactly who he election, but Sir Keir has already said he delays at the UK’s largest airport. the pandemic, with two-thirds of Brit- impacts on other terminals, with a large reforming inspections to remove blunt
puts first.” intends to pursue Jeremy Corbyn’s pol- It comes on top of more than 1,000 ons planning a foreign holiday in the part of the workforce being removed and reductive one-word or two-word
Following her remarks, Sir Keir icy of axing the financial benefits that members of the Public and Commercial next month. and Heathrow having to fill roles. judgments is a legitimate debate, but
declined to rule out a plan to bring lev- Continued on Page 2 Services union working in passport However, those looking to book last- It is feared that this could result in a there are no plans by Ofsted or the Gov-
ies on investment profits in line with offices going on strike between April 3 minute trips could be thwarted after repeat of the flight cancellations seen ernment to even consider this question
income tax if Labour wins the next gen- Reports: Page 4 and May 5, while industrial action in Heathrow told airlines to halt ticket last summer when staff shortages saw as far as we know. There must surely be
eral election. Capital gains duties are Editorial Comment: Page 15 France and Spain has led travel firms to sales for the 10-day Easter strike period. thousands of flights called off. some reflection following this tragedy.”
Johnson challenge on Rattle may boycott Ukrainian children Bank warns of further
Puzzles 16 partygate evidence Proms over BBC cuts beaten by Russians pain after rate increase
Obituaries 25 Boris Johnson has accused the
privileges committee of excluding
Sir Simon Rattle may boycott the
Proms in protest at the BBC’s choir
Russian authorities are beating
Ukrainian children in an attempt to
Andrew Bailey has signalled further
pain is on the way for households as
TV listings 27 name over partygate. The Daily
evidence he is relying on to clear his cuts. The conductor would ordinarily
play a role in the summer season of
“re-educate them”, according to a
teenager freed from a Moscow-run
the Bank of England raised interest
rates by a quarter of a percentage
Weather 28 Telegraph understands Mr Johnson’s concerts but he is understood to be
lawyers are writing to the seven-strong among a number of figures in the
youth facility after months of
negotiation. The parents of more than
point. Policymakers at the Bank upped
rates to 4.25pc yesterday, a near
group of MPs challenging its decision world of classical music to oppose a dozen children taken to a youth camp 15-year high and the 11th time rates
ISSN-0307-1235 not to make the documents publicly plans to disband the BBC Singers and in Russian-occupied Crimea last year have been raised in 15 months. It
available. A 110-page evidence bundle cut orchestra funding. Sources close to brought them home on Wednesday, comes after data showed that inflation
News
native dates to the committee and they The Rev Coles said that he was
are the facts.” unable to maintain his role alongside
The committee said it had invited Ms co-host Nikki Bedi, as the BBC planned
Caulfield to discuss the Government’s to relocate the programme from
plans for action on menopause in the London to Cardiff. He said: “I’m
workplace “but the Minister refused the leaving because they’re moving the
invite”. It is understood the committee programme to Cardiff and I can’t make
received a response from the minister Feeling peckish A rose-ringed parakeet snacks on cherry blossom as spring appears to arrive in St James’ Park, central it fit with my schedule.”
on the dates she was available only after London. The birds – the UK’s most abundant naturalised parrot – are frequent visitors to the royal park.
the letter they wrote to her. Editorial Comment: Page 15
Junior doctors to hold four-day strike after Easter BBC puts brakes on Top
Gear after Flintoff crash
The BBC said the filming of Top Gear’s
latest series will not resume after the
By Laura Donnelly HEALTH EDITOR the walkouts and duration of them lot of members – the BMA’s strikes have is unreasonable. My door remains open to add new unacceptable preconditions corporation’s investigation into a crash
would ring “alarm bells” at every hospi- already gone further than those of any to constructive conversations, as I have to talks instead of getting on and trying that injured presenter Andrew
JUNIOR doctors are to walk out for four tal, which would already have pressures other union. had with other health unions.” to find a resolution.” “Freddie” Flintoff.
days after the Easter bank holiday, the “piled up” after the four-day weekend. The next round will see junior doc- However, Dr Vivek Trivedi and Dr Saffron Cordery, deputy chief execu- The 45-year-old was taken to
British Medical Association (BMA) has They said the plans pose “a real threat tors walk out of A&E, critical care, and Robert Laurenson, co-chairmen of the tive at NHS Providers, said: “The pros- hospital with facial injuries and broken
announced. to patient safety” and could see a quar- cancer services, as well as planned care, BMA junior doctors committee, said pect of a 96-hour strike by junior ribs after the accident at the Top Gear
It follows the breakdown of talks ter of a million operations and appoint- at a time when the NHS is under heavy they announced the latest strikes with doctors will ring alarm bells for trust test track at Dunsfold Aerodrome in
with Steve Barclay, the Health Secre- ments axed. Three days of walkouts last pressure as it tries to recover from a “disappointment and great frustration”. leaders up and down the country.” Surrey on Dec 13.
tary, after the doctors refused to budge week resulted in the cancellation of long weekend with limited access to “The Government has dragged its A Department of Health spokesman The corporation said: “(BBC Studios)
on the demand for a 35 per cent pay rise. more than 180,000 operations and GPs. Yesterday, Mr Barclay tweeted: “I feet at every opportunity,” they said. “It said: “Further strikes will risk patient have sincerely apologised to Freddie
A Whitehall source said the union was appointments – a greater impact than all met the BMA’s junior doctors commit- has not presented any credible offer and safety and cause further disruption. The and will continue to support him with
“intent on having a fight”, while BMA of the other NHS strikes combined. tee yesterday in the hope of beginning is refusing to accept that there is any BMA placed a pre-condition on these his recovery. We feel it would be
leaders said they were “disappointed” at While other health unions have constructive talks. case for pay restoration, describing our talks of a 35 per cent pay rise. That is inappropriate to resume series 34 of
having to embark on more strikes. agreed pay deals with the Government “They placed a pre-condition on central ask as ‘unrealistic’ and ‘unrea- unreasonable. Our door remains open Top Gear at this time. We understand
Healthcare leaders said the timing of – which will now be the subject of a bal- these talks of a 35 per cent pay rise. That sonable’. Even yesterday they continued to constructive conversations.” this will be disappointing for fans, but
it is the right thing to do.”
Grieving families’ Date night Civil Service ‘memo Any rise in capital Polio jab roll-out at
four-month wait Hugh leak’ case may gains tax is a ‘turn schools in London
Grant took
for probate replies his wife, be held in secret off’ for business Children aged one to 11 in London will
be offered polio vaccines as part of a
Anna catch-up campaign.
By Charlotte Gifford Elisabet By Steven Edginton Continued from Page 1 Health officials warned last year that
private schools derive from their chari- there had been “some transmission” of
CIVIL servants have been accused of
Eberstein, A LEGAL case against the Civil Service table status. the virus in the capital after detecting
refusing to speak to bereaved families to the UK may be held in a secret court as minis- Several Labour backbenchers are poliovirus in sewage samples.
about time-crucial probate applications premiere ters consider using national security pushing for an increase in capital gains A booster campaign was launched in
for four months, as courts grapple with of his latest powers to block the public from pro- tax, including Richard Burgeon MP, the summer to raise immunity among
a backlog of cases. ceedings. who has presented a petition to Parlia- children as quickly as possible.
Registries are telling families “not to movie, A former official from the Depart- ment on the issue. But vaccine rates in some London
call them” until 16 weeks have passed Dungeons ment of International Trade is suing the He said: “This is a campaign that we boroughs are still too low and a further
after they apply for a grant of probate, & Dragons: Civil Service in the High Court for mis- are pushing as backbenchers, there has campaign will take place to boost rates.
according to legal firms. Honor feasance in public office. been a lot of interest and a lot of support The latest data show 377,356
Alison Morison, a reader of The Daily Ministers are considering using pow- from labour MPs from different parts of children aged one to nine in London
Telegraph from East Sussex, said that 14 Among ers under the Justice and Security Act the country.” had a polio vaccination since Aug 10,
months after the death of her son in Jan- Thieves, 2013 to limit access to evidence from the Last night senior Tories warned that out of 900,000 who are eligible. Polio
uary 2022, she was granted probate. at public, press and the claimant. a raid on capital gains tax would stifle was eradicated in the UK in 2003.
However, in a letter to this newspaper, The civil servant, who was arrested enterprise and be “catastrophic” for
she said a spelling mistake by the regis-
Cineworld in connection with leaked memos from business.
try meant that the documents had to be Leicester Lord Darroch, the former British Sir John Redwood, a former Tory
sent back for amendment. “Unsurpris- Square in ambassador to the United States, is Cabinet minister, said: “Britain needs
ingly, these papers have still not been west suing the Foreign Office and the Depart- more enterprise, not less. It needs more is a member of the
returned,” she said. “But our solicitors ment for International Trade. people prepared to take risks, create Independent
have been told that they are not allowed
London, Although the civil servant was inves- jobs and make money and capital gains Press Standards
to call the registry any more, since the yesterday. tigated by the Counter Terrorism Com- tax is a big turn off.” Organisation (IPSO) and we subscribe
system has been centralised.” mand as part of Operation Asperite, no Lord Hammond, a former Conserva- to its Editors’ Code of Practice. If you
A number of law firms have reported charges were brought and the investi- tive chancellor, said: “Any uncertainty have a complaint about editorial
being told their inquiries cannot be gation was closed last year. around capital gains tax regime, par- content, please visit www.telegraph.
JOE MAHER/GETTY IMAGES
dealt with until four months have Paul Diamond, the civil servant’s law- ticularly for early stage businesses, co.uk/editorialcomplaints or write to
passed. A HM Courts and Tribunals Ser- yer, said: “National security must not be would be catastrophic. ‘Editorial Complaints’ at our postal
vice spokesman said: “Applications are used as an excuse by the Government to “If Labour go into the next election address (see below). If you are not
processed in the order they are received conceal information and prevent public with anything like the policy they had at satisfied with our response, you may
and applicants can call for advice and scrutiny. If such an application is the last election, which is the equalisa- appeal to IPSO at www.ipso.co.uk.
assistance at any point in the process.” authorised by a minister, my client will tion of rates, it would be completely cat-
challenge any such move at the High astrophic for the venture capital sector The Daily Telegraph, 111 Buckingham
Letters: Page 15 Court.” trying to innovate and grow.” Palace Road, London, SW1W 0DT
The Daily Telegraph Friday 24 March 2023 ** 3
News
Rattled 1980
BBC proposed cutting five orchestras,
1988
Sir Simon Rattle was interrupted by rape
2011
The Proms had never been forced off air,
2020
After a Black Lives Matter protest,
Moments of disharmony at including the BBC Scottish Symphony, to alarms sounding in the Royal Albert Hall but Prom 62 was disrupted by 30 rumours abounded that the patriotic fare
save £130 million, causing a Musicians’ and a shower of leaflets thrown by pro-Palestinian protesters, left, who of the Last Night, such as Rule Britannia,
the Royal Albert Hall Union strike that resulted in the loss of anonymous protestors complaining about chanted during the performance of the would be dropped due to concerns about
the first 20 concerts of the Prom season. the musical establishment. Israel Philharmonic Orchestra. their imperialist overtones.
WILL OLIVER/EPA-EFE/SHUTTERSTOCK; CHRIS CHRISTODOULOU
iing
ng to fill. It has been susuggested
ity to function and ultimately have to be
disbanded. The planned cuts have been
met with outrage by the classical com-
munity, with figures like Sir Simon
understood to be privately concerned
protests has
about the state of music funding in the
UK, and mass action has been threat-
ened.
The Musician’s Union representing
the BBC Singers and orchestras could
BBC choir
Singers, an elite The Union has indicated that all and
choir w whose 20 any action may be considered in the dis-
professional
professi pute with the corporation.
members are
memb Naomi Pohl, the union’s general sec-
facing com-
facin retary, has said it will not rule out “some
pulsory
pulso form of collective action if the BBC
redundancy.
redu maintains its position on mass redun-
tor that Sir Simon mon may be A new dancies” and action might include hav-
Action by conductors willing to boycott ott the BBC classical
cla ing musicians pull out of ensembles set
Proms in protest att the corpora- strategy for
str to mark the Coronation.
may create a ‘poisoned tion’s cuts, and is currently
urrently con- the BBC It is unlikely that strike action will
chalice’ that others will not sidering what action ion he could also aims to
als directly affect the Proms, as many per-
want to fill, say insiders take. cut the formers are freelancers who are not in a
There are said d to be fears budgets of
bu position to break contacts or risk being
By Craig Simpson within the broadcaster
aster that sev- its Concert, excluded from future shows, it is under-
eral renowned female male conduc- Philhar-
Phil stood.
SIR SIMON RAT TLE may boycott tors may be willing g to take similar monic and
mon Insiders expect that a high-profile
Proms to protest the BBC’s choir cuts, action, and it is understood
nderstood that Symphony
Symp boycott from several prominent con-
The Daily Telegraph understands, as the British conductorr Alice Farnham Orchestras by
Orch ductors would be a more effective way
broadcaster braces for protests by clas- also strongly disapproves
approves of the 20 p per cent, to disrupt the concerts and to force the
sical music stars. planned cuts. raising inter-
raisin BBC to reconsider the cuts.
Britain’s preeminent conductor Insiders have indicated
ndicated that there is nal coconcerns A spokesman for the BBC said: “We
would ordinarily play a role in the nervousness within hin the BBC at the that these know this is a hugely tough time for
annual Proms, but he is understood to prospect of conductors
uctors pulling out of ensembles,
ensemb everyone impacted.
be among a number of high-profile fig- the Proms, particularly
ularly the Firstt already strug- “We will continue to do all we can to
ures to oppose broadcast executives’ and Last nights, and d leaving a gling post- support those affected by these changes
plans to disband the BBC Singers choir “poisoned chalice” Covid, will be and to engage with the industry, and we
and cut orchestra funding. It is under- vacancy which their ir col- weakened
weaken are in consultation with the Musicians’
stood from sources close to the conduc- leagues will be unwill-
will- beyond the abil- Union.”
rience, of both Shakespeare and life. be “forgotten throughout the produc- year. I was on a really strict diet anyway. Some drew a link with his ex-wife
“Much as the play is traditionally tion”, which will aim to provide an “eva- But I was like, ‘Bruce looks even more Gwyneth Paltrow, 50, who recently
associated with young love, I feel there’s sion from the relentlessness of our daily in shape than me’. stirred controversy over her own diet
something really powerful in rediscov- lives” and a “communal compassion for “And Patti said ‘Oh he’s only eating regimen.
ering the themes of freedom and love our shared humanity”. one meal a day’. So I was like, ‘Well, The actress turned wellness guru
from the perspective of older age. As You Like It will be staged at the there we go. That’s my next challenge’.” later hit back, telling Instagram follow-
“I’m therefore looking at casting the Royal Shakespeare Theatre, The father of two, who has been dat- ers her routine was based on “medical
play almost exclusively with performers Stratford-upon-Avon, Warwicks, from ing Dakota Johnson for six years, joked results and extensive testing” and not
who are past the age of 70.” In the play, June 17 to Aug 5. Geraldine James, 72, has been cast as Rosalind in Shakespeare’s As You Like It that Springsteen’s only meal of the day “meant to be advice for anyone else”.
4 *** Friday 24 March 2023 The Daily Telegraph
News
A
400k
ligning investment profit taxes France 19% of higher earners would effectively stance, as he said lessons have to be duce self-declaration for trans people.”
with income levies would make UK 20% create a “double taxation system”. learned from Scotland. Sir Keir initially remained silent on
Britain an outlier on the world 300k “You’re stealing from the future,” he Nicola Sturgeon resigned as First Ms Sturgeon’s proposals, but in Janu-
US 20%
stage and take rates to their highest in said. “You’re eating the seed corn and Minister last month after her radical ary, he revealed he thought 16-year-olds
decades, experts have warned. 200k Germany 26.4% you’re undermining growth. Capitalist approach to trans rights cost her the were too young to legally change their
Front-bench Labour MPs have UK* 40% economies depend on capital. They support of her SNP colleagues. gender.
suggested that the party could align 100k Chile 40% depend on people deferring their A law drawn up by Ms Sturgeon but While vowing to remove “indigni-
the rates of capital gains tax with consumption, for the sake of some blocked by Westminster would have ties” from the current system, he
income tax if Sir Keir Starmer takes Korea 45% greater good down the line. And taxing allowed anyone over the age of 16 to acknowledged that for “99.9 per cent of
0
power in the next election, and the 1990-01 95-96 00-01 05-06 10-11 15-16 20-21 *if rates realigned with higher-rate income tax capital gains as if it were ordinary self-identify their gender without a
Labour leader refused to rule the move under Labour income works against that.” medical certificate.
out when asked.
SOURCE: HMRC SOURCE: TAX FOUNDATION, OECD
In November 2020, the Office of Tax Sir Keir previously pledged to reform
‘The lesson I take from the
Capital gains duties are levied at 20 Organisation for Economic Co- United States, for example, investment Simplification advised the the Gender Recognition Act (GRA) to SNP is that if you’re going
per cent currently on most assets. operation and Development (OECD), profits are taxed at a rate of up to 20 Government to consider aligning allow trans people to self-identify. How- to make reforms, you need
Aligning this with the 40 per cent only seven favour this approach: per cent on most assets held for longer capital gains tax rates more closely ever, he appeared to back away from the
income tax rate would result in the rate Australia, Denmark, Estonia, the Czech than a year. Germany levies a rate of with income tax rates. It caused an pledge yesterday when asked if he still to have the public with you’
doubling for higher earners. Republic, Hungary, Luxembourg and 26.4 per cent, while in France the uptick in tax receipts that year, as planned to press ahead with the
Such a move has been described as Norway, according to headline rate is 19 per cent. investors rushed to sell assets. changes during a press conference in women the issue is biological”.
“dangerous”, with experts saying it PricewaterhouseCoopers, an Tom Clougherty, head of tax at the Stuart Adam, a senior economist at Stoke-on-Trent. Labour has previously appeared to
would stifle investment and enterprise accountancy firm. Centre for Policy Studies think tank, the Institute for Fiscal Studies think Sir Keir told reporters: “I think that if come unstuck on transgender issues,
at a time when growth in the British In most countries, capital gains are warned against this policy change, tank, said: “The basic risk is that you we reflect on what’s happened in Scot- with a number of its figures giving dif-
economy is most needed. taxed at a lower rate than income tax saying it was “seductive” but wrong. just discourage people from saving and land, the lesson I take from that is that if ferent answers about what a woman is.
Critics said it would also make because governments want to “Britain would end up with the least investing. The Government’s been you’re going to make reforms, you have In May 2022, Sir Keir refused to say
Britain an economic outlier and encourage investment. Nations such as competitive personal tax system in the trying to strike a balance between on to carry the public with you. whether a woman could have a penis,
penalise ordinary middle-class families New Zealand and Singapore do not OECD,” he said. “Considering we’re the one hand wanting to tax all sources “I think that’s a very important mes- only to eventually go on to admit that
who are saving for the future and have even have capital gains tax. already towards the bottom of the rank of income and capital gains equally, sage, and I think that’s why it’s clear “biology matters”. Wes Streeting, the
already been paying a growing amount While it is difficult to compare for business taxes and property taxes, and minimising the scope for tax that in Scotland there should be a reset shadow health secretary, said last
of capital gains tax. Britain’s system to other countries it would leave us with a pretty avoidance and not discouraging of the situation.” spring “men have penises, women have
Just a handful of major economies because of domestic complexities in unappealing tax system from the savings and investment.” The change In a message to Pink News, an LGBT vaginas”, only for Emily Thornberry,
tax capital gains at the same rate as each region, it is broadly in line with perspective of a business or an would help rake in an extra £1.5 billion website, for Pride in 2021, Sir Keir had the shadow attorney general, to insist
income. Out of 38 countries in the other major world economies. In the investor. That’s bad for growth, from tax over the next five years. said his priority was “forming the next some women “will have penises”.
Families face huge rise in council tax as average bills top £2,000 for the first time
By Nick Gutteridge choice” as they fight rising inflation, but social care services, without holding a sis by the County Councils Network that residents are in the midst of a cost
low tax campaigners said they should local referendum. Areas with the highest (CCN) and Society of County Treasurers of living crisis, and many of us have
POLITICAL CORRESPONDENT council tax bill in 2023-24
“get a grip on waste” instead. Analysis of Government statistics found England’s largest councils will reluctantly proposed maximum council
THE average council tax bill is set to hit Families in Rutland face the biggest shows that 188 increased the basic rates Band D dwelling occupied by two adults still be cash-strapped. tax rises,” he said.
more than £2,000 for the first time this bills in the country of £2,422 followed they are charging families by 4.9 per Council Bill They calculated that authorities will “While councils will do all they can
year, in a cost of living blow for house- by Nottingham on £2,412 and then cent or more. Rutland £2,422
need to save £1 billion and spend next year to deliver these savings whilst
holds. Lewes in East Sussex on £2,388. Of the 153 major authorities just two £350 million in reserves to meet the protecting vital care services there is
Nottingham £2,412
Four in five local authorities have Despite the rises councils warned did not trigger the extra top up, which legal requirement to balance their already little fat to cut.”
Lewes £2,388
opted to effectively increase their rates they will have to make at least £1 billion adds an average of £30 to the typical books. The Taxpayers’ Alliance said: “Coun-
Dorset £2,388
by the maximum amount, adding £99 in savings to balance the books. Band D bill. That is because inflation is set to add cils have shown that when given an
to how much a typical household will They are set to make cuts to services Central Bedfordshire was the only Wealden £2,363 £1.6 billion to their costs at a time when inch they’ll take a mile, hitting house-
have to pay. including bus routes, street lighting, council in the country to announce that Newark & Sherwood £2,357 the cost of living crisis means demand holds with record rate rises during a
Rates will rise by an average of 5.1 per recycling centres and community it was completely freezing this year’s West Devon £2,347 for services is increasing. cost of living crisis.
cent across England from next month, health. rates for residents. Bristol UA £2,345 Carl Les, leader of North Yorkshire “Local authorities now need to focus
pushing the cost for a Band D property Town halls are allowed to raise their The precepts for the police and fire Oxford £2,332 council and the CCN’s finance spokes- funds on the frontline and demonstrate
up to £2,065. regular bills by three per cent, plus up services have also risen by more than Gateshead £2,332 man, said authorities had “little option” to residents that their hard-earned
Councils insisted they had “no to an optional extra two per cent for six per cent on average. Even so, analy- SOURCE: GOV.UK but to raise their rates. “We understand money won’t be wasted.”
The Daily Telegraph Friday 24 March 2023 ** 5
News
Nigerian
senator guilty
of UK plot to
harvest organ
Ekweremadu paid a health tourism
Politician went looking for company in the UK to facilitate the med-
ical arrangements.
replacement donor after However, during their first appoint-
London hospital grew ment a consultant at the Royal Free
suspicious and raised alarm came to suspect the man was unaware
he had agreed to donate a kidney.
By Patrick Sawer and Jack Hardy The specialist refused to proceed and
raised safety concerns about the donor,
A HIGH-RANKING Nigerian politician who was noted as being “visibly
convicted of plotting to exploit a young relieved” on being told the transplant
street trader for his kidney shopped would not go ahead.
around for a replacement donor after a The intended victim returned to the
British hospital raised the alarm, a court family’s address in Cricklewood, north-
heard yesterday. west London, where an earlier court
Ike Ekweremadu promised the vic- hearing heard that “he was treated like
tim up to £7,000 and a better life if he a slave by the defendants”.
came to Britain to donate his organ to At one stage he managed to escape
the politician’s 25-year-old daughter, and lived rough on the streets, before
Sonia, in an £80,000 private transplant eventually walking into Staines police
at the Royal Free Hospital, London. station in May last year and told officers
However, when their plot went about his ordeal.
wrong the family began to review other Mr Davies told the Old Bailey that Mr
donors for a potential transplant in Tur- and Mrs Ekweremadu were powerful
key, the court heard. figures in Nigerian society, but that
Their search was interrupted when their status could not guarantee the
Ekweremadu, his wife Beatrice, 56, and
Dr Obinna Obeta, 50, a medical “mid- ‘Relative to the medical
dleman”, were charged with conspiring
to exploit the donor for his body part. costs of the process, the
Yesterday all three were found guilty victim’s reward was to be a
of the organ harvesting conspiracy
under the 2015 Modern Slavery Act – small fraction of the whole’ Ike Edweremadu,
the first conviction of its type.
his wife Beatrice,
They were remanded into custody good health of their family. Ms Ekwer- above, and Obinna
and will be sentenced on May 5. emadu, who was studying for a masters Obeta, right, were
As part of the plot, “elaborate” steps degree at Newcastle University when convicted of an
were taken to create the false impres- she became ill, had a “significant and organ harvesting
sion that Sonia and the young man, deteriorating” kidney condition which plot after the
whose age was given as 21 on his pass- could be managed through dialysis, but unnamed victim
port, were cousins. was curable through a transplant. walked into a police
Under the agreement, the man, who She is still awaiting a transplant and station, left, to
report them
at the time was making a few pounds a wept and hugged her father yesterday
day selling telephone parts from a cart, as she was cleared of conspiracy
was to be paid a fee plus the promise of charges.
work and a trip to the UK. Mr Ekweremadu was appointed
But Hugh Davies KC told jurors: “Rel- visiting professor of corporate and
ative to the wider medical costs of the international linkages at the University
process – measured in tens of thousands of Lincoln in June 2022, describing
of pounds – which would have been the p osition as “a call to serve
done privately, his reward was to be a humanity”.
small fraction of the whole. To him – a He was one of Nigeria’s most senior
street trader from Lagos – these sums politicians and regarded as ally of for-
MET POLICE/PA
Just a joke? Wolf whistle may Senior lawyers say they will not
earn admirers two years in jail prosecute climate activists
By Charles Hymas was a loophole in the proposals that streets without fear and I’m committed By Daily Telegraph Reporter disruption to vital public services and icised by some members of the legal
HOME AFFAIRS EDITOR would let offenders escape prosecution to ensuring that criminals who intimi- infrastructure in recent years, by block- profession who say it undermines the
by claiming they thought their behav- date and harass them face the conse- A GROUP of leading lawyers have ing traffic and printing presses, and notion that everyone is entitled to legal
MEN who wolf whistle or make sexual iour was welcome, even if any other quences. This is why we are backing the declared they will refuse to prosecute chaining themselves to oil refineries. representation, no matter the crime.
remarks to women will face prosecu- reasonable person felt it was not. Protection from Sex-Based Harassment climate activists. Potential signatories include Tim Robert Buckland, a Conservative MP
tion for harassment even if they believe Mrs Braverman has now accepted in Public Bill, and after carefully consid- Around 120 of Britain’s most eminent Crosland, a former barrister and direc- and the former justice secretary, told
it is a compliment or a joke, under legal their concerns and is backing an ering a range of views, we are support- lawyers are poised to sign a “Declaration tor of Plan B Earth, a group which the Daily Mail: “There are plenty of
changes announced by Suella Braver- amendment which will close the loop- ing an amendment that will require the of Conscience” stating that they will not people lawyers represent who are
man, the Home Secretary. hole by requiring a “reasonableness Government to produce statutory guid- prosecute eco-protesters brought before ‘When lawyers start deeply unpleasant and deeply unpopu-
Mrs Braverman is to toughen a pro- test” where it is accepted that a defend- ance for the police to help them enforce the courts. Lawyers such as Joylon lar, such as rapists and paedophiles.
posed new street harassment law so ant “ought to know” their behaviour the new offence.” Maugham KC and Sir Geoffrey Bindman picking and choosing, it “But they are entitled to a fair trial.
that potential offenders cannot escape amounted to harassment. The legislation has been piloted KC, and other members of the group undermines independence When lawyers start picking and choos-
prosecution by claiming they did not This means anyone who catcalls, wolf through the commons as a private “Lawyers are Responsible”, are among ing, in a way it undermines the inde-
realise their behaviour amounted to whistles, makes a pass or sexual com- member’s bill by former cabinet minis- the potential signatories, according to of the legal profession’ pendence of the legal profession.”
harassment. ment towards a woman which a “rea- ter Greg Clark, backed by the Govern- the Daily Mail. It comes as a survey called into doubt
The new Bill, which is due for its final sonable” person felt amounted to ment. He put forward the amendment Mr Maugham is an activist lawyer mounts legal challenges against govern- the efficacy of green protests in which
report stage in the Commons today, will harassment will no longer be able claim supported by former home secretary who has challenged the Government on ments that fall foul of climate pledges, activists blocked roads and threw soup
make it an offence to cause “intentional it was meant as a compliment or joke Priti Patel and Caroline Nokes, chair- issues such as Brexit and PPE contracts, and Prof Leslie Thomas KC, who special- over a Van Gogh artwork. The soup
harassment, alarm or distress” to a per- and will face prosecution. man of the Commons women and while Sir Geoffrey is a renowned human ises in claims against the police. stunt by Just Stop Oil activists, and
son in public based on their sex. Police will be issued with guidance so equalities committee. rights lawyer and member of the Labour Prof Thomas said that while he roadblocks of the M25 by Insulate Brit-
Offenders will face a maximum of they can enforce the law. Labour MP Stella Creasy, who also Campaign for Human Rights. intends to sign in a show of solidarity, ain, had more than 50 per cent disap-
two years in jail. Mrs Braverman said: “Women have played a key part in supporting the Bill, It comes as groups such as Extinction this does not mean he will refuse cases proval in a study of 3,000 people
However, campaigners said there the fundamental right to walk the welcomed the closure of the loophole. Rebellion and Just Stop Oil have caused he is assigned. The declaration was crit- conducted last year by Opinium.
its first known use in 1831 novel The “Sophie avoided answering this... I Nazism and he trained as a radio opera- touched many who rightly wish to pay
Young Duke, written by Benjamin Dis- am now very sure that she is not aware tor and air gunner before going on to fly their own tribute.
raeli, the former prime minister. that it offends others. As a black person Lancaster bombers. “From knowing so little about him at
The expression comes from the nov- some of the things she says are painful He left the Armed Forces in the 1950s. the start of this search, the information
el’s protagonist witnessing a horse race in our culture.” Later, he became a member of Maryle- gathered has led to an incredible out-
which had a surprise winner, a dark Dismissing her claims, Employment bone Cricket Club. pouring of support. Many people have
horse “which had never been thought Judge Jim Shepherd said: “Ms Man- Local residents began the search for asked to attend the service, which is
of ”. The Leeds Employment Tribunal gwanya misunderstood the reference
Cushty Katie Darragh and Mel Keepin, staff at Longleat funeral attendees as he was popular already well beyond the capacity of the
heard Ms Mangwanya was employed by which refers to someone who has kept House, Wilts, echo a comedy moment from Only Fools and with his neighbours. “Fiercely inde- chapel. We are exploring ways in which
Citizens Advice in September 2019 on a their talents hidden. It did not have the Horses when cleaning a 200-year-old chandelier. pendent, stubborn as hell, but a won- he can be honoured on a scale befitting
one-year fixed term contract in its purpose of violating her dignity.” derful guy,” his neighbour Julian Futter of his role.”
6 *** Friday 24 March 2023 The Daily Telegraph
News
BEFORE AF TER
Bemused residents have been questioning designs painted on a road that forms part of a controversial traffic scheme. They claim North Somerset Council has turned Clevedon’s historic seafront into something that resembles a scene from The Wizard of Oz
Ulez will ‘hit thousands more’ than mayor predicts The lure of a fake fly ups a daisy’s pollen count
By Jack Simpson zone will capture. According to traffic outer London whose vehicles don’t By Sarah Knapton sCienCe ediTor The Gorteria diffusa ments, changing the colour to a more
TransporT CorrespondenT data, the mayor expects 160,000 non- meet European emissions standards has repurposed its fly-like blue-green. The root hair genes
compliant cars travelling in outer Lon- will be forced to pay £12.50 for every A DAISY has repurposed its genes to genes to create a make hairs expand on the petal to give
NEARLY 700,000 cars face daily Ulez don. As of October 2022, there were on day they use their car within the Lon- grow a “fake female fly” on its petals to pattern that tricks texture while the third set of genes
charges when the scheme is expanded, average more than 50,000 non-compli- don boundary. attract males and help it to pollinate, male flies into trying make the fake flies appear in apparently
RAC data show, hitting thousands more ant cars travelling in inner London Most petrol vehicles under 16 years scientists have discovered. to mate, depositing random positions on the petals.
drivers than Sadiq Khan had estimated. every day. old and diesel vehicles under six years The Gorteria diffusa is the only daisy pollen on the flower Prof Beverley Glover, of the Univer-
Research from the RAC has found While not all of the 691,000 cars that old would usually comply with emis- known to make such a complex struc- sity of Cambridge, said in Current Biol-
that a total of 691,000 licensed cars in are registered in the zone will travel on sions standards. ture, which, with its hairy appearance ogy: “This daisy didn’t evolve a new
G re a t e r L o n d o n , i n c l u d i n g th e every given day, the figure given by the To get to its figure, the RAC analysed and eye-like dots, is lifelike enough to genes involved in building the fake fly. ‘make a fly’ gene. Instead, it did some-
expanded zone, were unlikely to hit the RAC is still far higher than the 210,000 DVLA data for all vehicles registered in trick male flies into trying to mate. Dur- One moves iron around, one makes root thing even cleverer – it brought
Ulez emissions standards. estimated by the mayor’s office. Greater London and then picked out ing the frantic wiggling that ensues, hairs grow, and one controls when flow- together existing genes, which already
This is far higher than the number of The Ulez zone will be expanded to every petrol car registered before 2006 pollen is deposited on to the flower. ers are made. do other things in different parts of the
non-compliant cars the mayor’s office cover all 32 London boroughs by the and diesel car registered before Sep- Scientists at the University of Cam- The “iron moving” genes add iron to plant, to make a complicated spot on the
estimates the newly expanded Ulez end of August. After that date, drivers in tember 2015. bridge have identified three sets of the petal’s normally reddish-purple pig- petals that deceives male flies.”
The Daily Telegraph Friday 24 March 2023 *** 7
News
Police rethink plans to withhold names of charged suspects
By Charles Hymas Home affairs eDitor open justice” or deny the public access been hammered out in a meeting with were adopted, the language would be strike a blow to the principle of open information commissioner’s office to try
to information in the public interest. the media and information commis- watered down, with forces advised they justice and could allow serial offenders and resolve its issues, and media organ-
POLICE chiefs are preparing to back It is understood the college had been sioner. “We understand the depth of “can” release the information if they to get away with crimes. isations to ensure journalists continue
down over secret justice plans that advised by the information commis- feeling on these issues and the public wish. The draft guidance told forces Last night, a spokesman for the col- to have access to the information they
would have allowed forces to withhold sioner’s office that its current guidance interest in getting any changes to the they “must consider their data protec- lege said: “We’ve listened to the feed- need to do their important job.”
the names of suspects charged with was potentially in breach of data protec- guidance right,” it said. tion obligations as well as the need for back on draft proposals around our In the wake of the Leveson Inquiry in
serious offences. tion legislation. The current guidance, issued to all open justice and transparency”. media relations guidance and we do not 2012, police forces stopped identifying
After a backlash over the plans, the In a letter to media organisations, the police chiefs, is that they “should” name Rape and sexual violence campaign- want to do anything that will undermine suspects when they were arrested. But
College of Policing said it did not want college said no decision would be taken a defendant when they are charged ers have expressed deep unease over open justice. We’ll take a common-sense they were still named once they were
to do anything that would “undermine on any changes until the issues had with an offence. But if the proposals the proposals with warnings it will approach, working closely with the charged.
Dismissing his appeal against the that while it is clear that Mr Lyons had published a watered-down strategy. drug Wegovy, which regulates appetite,
capital gains tax assessment, the judge set in motion steps to relocate to Aus- Mr Dimbleby, the son of David, the for obese people who have other health
said: “Mr Lyons had taken a large tralia in 2012, those steps had not broadcaster, and co-founder of Leon, a problems.
amount of jewellery to Australia and his reached the point of being a ‘substantial restaurant chain, said ministers’ views But health officials hope a drug com-
prized Ferrari was moved there in loosening of ties to the UK’ until after were out of kilter with the public, par- pany bidding war will drive down
November 2011. (But) Mr Lyons’s dog, April 6 2012. As a result, Mr Lyons was a ticularly of people in red wall seats that prices so the NHS can offer it to more of
Amber, to whom he was extremely UK tax resident during part of 2012-13.” Darryn Lyons must pay a capital gains tax bill totalling more than a million pounds have traditionally voted Labour. He Britain’s 12 million obese adults.
8 ** Friday 24 March 2023 The Daily Telegraph
News
vided a leadership role model for pink heart. Now succeeding Ms Sturgeon.
women and girls. tell us why you An Ipsos Mori poll found 38 per cent
However, they lambasted her record voted down the of SNP voters have a favourable view of
on the NHS, education and record drugs amendment to Mr Yousaf compared to 37 per cent for
deaths, with Douglas Ross, the Scottish stop rapists being Ms Forbes. However, none of the three
Tory leader, accusing her of breaking a housed in candidates had a positive approval rat-
pledge she made on her first day in women’s jails.” ing with the Scottish public. Outgoing First Minister Nicola Sturgeon hugs her deputy John Swinney, who is also standing down, before leaving the main chamber in Holyrood
Any regrets? You wouldn’t think she had any as she bows out her way
reflection from Nicola Sturgeon. National Investment Bank” and even, heckling and cries of “shame”. out of quoting leadership contenders the value of kindness in politics and
Sketch Regrets? Her? Never! Or at least, too “The NHS” – founded 22 years before Sturgeon riposted in Orwellian style: on the state of their own country after being “opponents, not enemies”
few to elaborate on. On her final day as Ms Sturgeon was born. She’d worn one “The SNP remains the only mass years of SNP rule. Would the First contrasted vividly with the playground
Grand Krankie, she wasn’t going to let of her trademark powersuits; the sort membership party in this country.” Minister agree that “continuity, mud-slinging of seconds ago.
a little thing like magnanimity get in that made her look like a Bond Villain While this didn’t quite answer Ross’s mediocrity and incompetence won’t Douglas Ross managed to end his
her way and so floated placidly in on a on The Apprentice. question, the SNP MSPs clapped cut it?”, he asked. final follow-up on a magnanimous note
By Madeline Grant Great Lake of her own smuggery. The opening contest between anyway. In Sturgeon-land, everything The main questions over, Sturgeon with a tribute to Sturgeon’s lengthy
“Let’s look at my record,” she Sturgeon and Scots’ Tory leader is fine – even when it isn’t. launched into a final valedictory public service, her “formidable”
‘R
egrets, I’ve had a few,” crooned boasted, with all the self-reflection of Douglas Ross was a scrappy affair. In Buoyed by the applause, she kept speech which attempted to reassert campaigning abilities and with best
Frank Sinatra in My Way. Many an arsonist brandishing matches in testament to the genuine dislike they going. “Tories shouldn’t be lecturing the moral high ground. It included a wishes to her family. Amid a ripple of
people choose this as the final front of the charred shell of a building. have for one another, the pair brawled anyone about honesty and integrity.” gushing section on her strong female polite applause from some nationalist
music at a funeral. As MSPs gathered to She cited “institutions that didn’t even like two alleycats over a piece of Sturgeon’s MSPs loved this too, but by leadership and contribution to MSPs, there was not a single clap from
bury her political career – some SNP exist when I became First Minister: rotting pilchard. Ross accused the SNP that token, should the SNP be lecturing women’s rights; particularly galling the outgoing First Minister. Enemies,
representatives had even brought Revenue Scotland for example… Social of lying to the public and media over anyone about integrity? Anas Sarwar, given her ongoing inability to define not opponents, once again, it seemed.
tissues – there was no such self- Security Scotland… The Scottish its membership figures. This drew the Scottish Labour leader, got mileage what a woman is. Her final thrust on As ever, Nicola Sturgeon did it her way.
Albanian prisoners
will be sent home to
finish jail sentences
By Charles Hymas HOME AFFAIRS EDITOR
ALL eligible Albanian criminals in UK
prisons are to be deported to complete
their sentences in their homeland
under a deal agreed between the coun-
tries’ two prime ministers yesterday.
In a statement after talks at Downing
Street, Rishi Sunak and Edi Rama said
the deportation of hundreds of prison-
ers would be fast-tracked after a joint
UK-Albanian team has ensured, by the
end of April, that Albania’s jails have the
capacity and appropriate conditions to
receive them.
There are more than 1,500 Albanians
convicted of offences in the UK who are
held in English and Welsh jails, making
them the largest group of foreign
nationals. Under the agreement, they
can be transferred up to 270 days before
their release date to serve the remain-
der of their sentence in Albania.
The two leaders also agreed to “take
forward” their “shared priority” to
tackle illegal migration and people
smuggling gangs after Mr Rama had
earlier criticised Britain for singling out
HENRY NICHOLLS/REUTERS
News
Royals plunge Kick off shoes
into the public’s and walk like
bad books after King, abbey
Harry’s memoir visitors told
By Victoria Ward Royal EditoR By Victoria Ward Royal EditoR
THE Royal family’s approval rating has WESTMINSTER Abbey is to allow visi-
slumped to its lowest level for 12 months tors to walk over the exact spot on
following the publication of Prince Har- which the King will be crowned in
ry’s memoir, Spare. stockinged feet.
The latest Ipsos poll suggests that all The guided “barefoot tours” will
senior royals have been affected by the offer access to the Cosmati pavement
fallout. While the Prince of Wales where every English monarch has been
remains the most popular, his rating has crowned since the 13th century.
slipped 10 percentage points to 59 per The pavement, commissioned by
cent since December. Henry III, was hidden under a carpet
Prince Harry took particular aim at for 150 years until it was restored to its
his brother in his book, describing dec- former glory in 2010.
ades of simmering resentment and The guided Crown and Church visits
rivalry. will begin on May 15, a week after the
He accused Prince William of push- Coronation.
ing him to the floor and causing physi- Tourists – kept to small groups of 10 –
cal injuries, and of lunging at him after will be asked to remove their shoes and
the Duke of Edinburgh’s funeral. walk in socks to help protect the mosaic
Prince William is closely followed in floor of marble, stone, glass and metal.
the ratings by his aunt, the Princess Rich in symbolism, the pavement is
Royal, and his wife, the Princess of said to depict the universe, with a
Wales. But both women have witnessed spherical globe at its centre, and fore-
a drop in popularity since December, by tells the end of the world.
seven and 11 points respectively. A spokesman for the abbey said: “It
Overall, the family’s approval rating will be the first time in living memory
has fallen to 47 per cent, down six points that the abbey has invited visitors to
since the start of the year, and the low- walk on the Cosmati pavement where
est figure recorded by Ipsos UK over the the Coronation chair will be placed for
past 12 months. the crowning of HM the King on Satur-
However, the institution still has a day May 6.”
positive net favourability rating of +21, Scott Craddock, the abbey’s head of
with 26 per cent of adults unfavourable visitor experience, said: “The Corona-
and 25 per cent neither favourable or tion will be a joyous and significant
unfavourable. moment for the nation, and for West-
This time last year, the family’s rating minster Abbey.
was +29. “ We hope that our special pro-
The Sussexes were not immune from gramme of events and digital resources
the plunge in public opinion following gives everyone an opportunity to join in
the book’s release and remain the least with the celebrations.”
popular members of the family, aside Other elements of the programme
from the Duke of York. include an exhibition in the Chapter
JONATHAN BRADY/PA
Kelly Beaver, chief executive of Ipsos House which will explain and illustrate
UK and Ireland, said: “Our latest polling the key elements of the Coronation ser-
shows the popularity of the Royal fam- vice and its artefacts.
ily and its most prominent members is The Crown and Church tours will run
still down from the levels of sympathy until July 29 and cost £15, plus an abbey
in the aftermath of the Queen’s funeral.” Howard Berry, a Westminster Abbey marshal, takes off his shoes to walk across the Cosmati pavement where the Coronation chair will be placed to crown the King admission fee of £27 for adults.
Russian diplomat
makes dig at Prince
during Poland trip
By India McTaggart
and Nataliya Vasilyeva
RUSSIA’S top diplomat has taken aim at
the Prince of Wales’s visit to Poland,
expressing Russia’s concerns about
Britain’s support of Ukraine in the war.
Maria Zakharova, the spokesman of
the Russian foreign ministry, used the
trip to raise concerns about Britain’s
plans to supply Ukraine with depleted
uranium shells for Challenger 2 tanks.
“I wonder if William Charles-ovich
has brought depleted uranium ammu-
nition for his troops,” she said, coining a
patronymic for the Prince of Wales by
using his father’s first name.
Vladimir Putin earlier this week said
supplies would be tantamount to using
a “dirty” nuclear bomb.
Ms Zakharova made the comments
yesterday, on the second day of Prince
William’s surprise trip to Poland to
“personally thank” British and Polish
soldiers stationed 50 miles from the
YUI MOK/PA WIRE
World News
banquet may be
scrapped as riots
pose safety risk
Versailles would entail a long motor-
‘Highlight’ of royal tour cade and could be at risk of disruption
b y p ro t e s t e r s wh o h a v e t a k e n
could be moved to avoid to descending on motorways to block
disruptive rallies opposing traffic.
Macron’s pension reforms The city of Paris has ordered all
employees in the public order and traf-
By Victoria Ward Royal EditoR fic department to work during the
and Vivian Song in Paris King’s visit.
Tram drivers have already promised
A BANQUET planned for the King dur- to refuse to take the Royal couple on a
ing next week’s state visit to France may short ride into the centre of Bordeaux,
be moved or cancelled as a result of planned for Tuesday.
safety fears prompted by protests. Trade unionists warned that they
The event is scheduled to take place would not provide the red carpets, fur-
on Monday evening at the Palace of Ver- nishings and flags required for the visit
sailles and has been billed as a “high- after staging a walkout over pay.
light” of the brief tour, which begins on However, Loic Turpin, a spokesman
Sunday. for the National Furniture Service, said
Reports suggest the event could be that only 24 members of staff out of 420
relocated, with the Elysée Palace in were on strike yesterday. A protester in Nice,
Paris a likely replacement. “The red carpet has been delivered
LYON right, wears a
mask depicting
A source close to Emmanuel Macron, Emmanuel Macron.
the French president, told the BFMTV ‘Mr King, listen, we Above, riot police
channel: “The dinner between Charles in Strasbourg, and
III and Emmanuel Macron, planned for have nothing against left, protesters in
Monday, may not be held at Versailles, you... but you should Lyon react to tear
as initially planned.” gas. Police say
The station added: “The information stay away from Versailles’ about one million
people
we received is that the dinner will likely
demonstrated
be moved to another location, possibly and the trade unions have assured us throughout the
to the Elysée, officially for reasons of that they will not block the work of non- country, whereas
security.” striking staff,” he said. unions say the
The King faces the prospect of being Meanwhile, Sandrine Rousseau, an figure was more
used as a political pawn by unions cam- MP for the Ecologist party, called for the like 3.5 million
paigning against Mr Macron’s plan to cancellation of the visit.
raise the retirement age from 62 to 64. “Unbelievable,” she said. “We are
More than 1,500 protests have going to have Emmanuel Macron, who
already taken place in cities including is going to welcome King Charles III in
Marseille, Lyon, Lille and Paris, with Versailles who is going to descend the
bins set alight, roads blockaded and Champs-Elysées and dine at Versailles
track invasions at railway stations. while the people are protesting.
Demonstrations have also been held “Of course he should cancel this visit.
outside refineries which have blocked Is the priority really to welcome Charles
deliveries of oil and energy workers III in Versailles?”
have cut power to some towns causing Jean-Luc Melenchon, leader of the
brief blackouts. Left-wing France Unbowed party, said:
Original plans for the Versailles ban- “Mr King, listen, we have nothing
quet, hosted by Mr Macron and his wife, against you here, but you’re the King of
Brigitte, was said to involve 200 guests, the English – that’s your business – but
a concert by the Royal Opera and a meal you should stay away from Versailles.”
served on Sevres porcelain and Bacca- A Buckingham Palace source said
rat crystal in the Hall of Mirrors. that it was “keeping a close eye” on
The hour-long drive the King and developments and admitted that there
Queen would have to take from Paris to may be an impact on logistics.
The Daily Telegraph Friday 24 March 2023 S *** 11
Anarchy in France as
call for Macron’s head
reaches fever pitch
Clashes ensued as riot police moved “It is a right to demonstrate and make
About 3.5 million people in and drove back the anarchists with your disagreements known,” she said
tear gas and stun grenades, and fire- on Twitter, but added: “The violence
demonstrate as president fighters were forced to intervene after and destruction that we have seen today
reminded of grisly fate pallets and piles of uncollected rubbish are unacceptable.”
that befell Louis XVI were set ablaze. More than 250 protests were organ-
Nadia Belhoum, 48, a bus driver on ised across the country.
By Vivian Song in Paris the Paris march, said: “The president of Near Toulouse, in south-west France,
the Republic ... is not a king, and he plumes of smoke were seen rising from
EMMANUEL MACRON was warned he should listen to his people.” burning piles of debris blocking a high-
faced the same fate as the beheaded Mr Macron broke weeks of silence on way. Masked demonstrators dressed in
king Louis XVI yesterday, as fury over the new policy to say he would stand black set fire to bins and clashed with
the president ’s pension reforms firm and that the law would come into police in Rennes, with water cannon
brought France to a standstill. force by the end of the year, at one point being used to disperse them. Video
Hundreds of thousands of protesters comparing the protests to the 2021 shared on social media showed the
took to the streets across the country, storming of the US Capitol. town hall in Bordeaux burning after
clashing with police, disrupting travel Critics attacked Mr Macron for the apparently being set on fire by protest-
and blockading oil refineries, in the statement, describing the president as ers. Flames can be seen climbing up the
most chaotic day of unrest since demon- “self-satisfied” and “out of touch”. building’s front door while a crowd
strations against Mr Macron’s plan to Ahead of the protest in Paris, Philippe gathered to cheer.
raise the age of retirement from 62 to 64 Fabien Roussel, the leader of France’s
began earlier this year. Protests against Communist Party, which has joined the
Yesterday’s nationwide strikes were the pension reform protests, called on police to lay down
the first since the government survived March 23 their batons and “join the movement”.
a no-confidence motion and pushed the Paris Mr Macron, he said, had “bet on vio-
deeply unpopular reform through par- lence” at protests to turn public opinion
liament without a vote. Nantes against the demonstrators.
Bourges
French unions claimed that 3.5 mil- Blockades at oil refineries and petrol
lion people had taken part in the dem- depots have exacerbated a fuel shortage
onstrations, while police said just over a across the country, with pumps at about
ERIC GAILLARD/REUTERS; PHILIPPE LOPEZ/AFP VIA GETTY IMAGES; YOAN VALAT/EPA-EFE/SHUTTERSTOCK
million people had participated. 15 per cent of service stations running
Large crowds marched in Paris, Biarritz dry. Airports have also warned of a crit-
where protesters carried placards Nice ical fuel shortage. Flight services will
depicting Mr Macron in the regalia of Marseille continue to be reduced at the weekend,
SOURCE: LE MONDE
France’s executed leader, with mes- France’s civil aviation authority said.
sages warning: “Louis X VI – We Protests against the new law – which
beheaded him.” Martinez, CGT union head, said: “When also accelerates a planned increase in
Protesters stormed the city’s Charles there is such a conflict, the role of the the number of years one must work to
de Gaulle airport, blocking the motor- president of the republic is to calm draw a full pension – have drawn huge
way leading to it and forcing travellers things down. Yesterday, he threw a can crowds in rallies organised by unions
to reach it on foot. Crowds of demon- of gasoline on the fire.” since January.
strators blocked the tracks at the Gare In Marseille, where unions claimed A survey on Sunday showed that Mr
de Lyon train station, with the union 280,000 people turned out to protest, Macron’s personal approval rating had
member leading them calling for the Jean-Luc Mélenchon, France slumped to just 28 per cent, its lowest
president to be “overthrown” and for Unbowed’s Leftist leader, urged oppo- since the anti-government “Yellow
King Charles’s visit to Paris this week- nents of the reform not to be intimi- Vest” protest movement in 2018.
end to be targeted. “Let’s all go to Ver- dated. “Today, we must throw all our The French president on Wednesday
sailles and welcome him as we should,” forces into battle,” he said. said the pensions changes needed to
Fabien Villedieu, rail union representa- Meanwhile, in the town of Lorient, “come into force by the end of the year”.
tive, told BFMTV. demonstrators staged an elaborate Backtracking on earlier comments
Elsewhere in the capital, the Eiffel lynching in front of the police station, that the crowds demonstrating had “no
Tower, Palace of Versailles and the Arc hanging an effigy and setting it on fire. legitimacy”, he said organised protests
de Triomphe were closed. While most Several police officers were injured as were “legitimate”, but violence should
demonstrators were generally peaceful, they fought back protesters trying to be condemned and blockages should
smaller groups of “Black Bloc” anar- storm the station, which caught fire not impede normal activity.
c h i s t s s m a s h e d s h o p w i n d ow s , after being hit with flaming projectiles. Trade unions have called for more
destroyed street furniture and ran- Elisabeth Borne, the prime minister, nationwide protests on Tuesday to coin-
sacked a McDonald’s restaurant. said the violence was “unacceptable”. cide with the visit of King Charles.
World News
Russians tried to
Ukraine, that the head teacher of
their school in Kherson had assured
him that his children would be safe
when he sent the pair off to a youth
camp in Crimea. “We waited for
R
ussian authorities are beating Ukrainian views. by an officer to beat them
Ukrainian children as they “We will take you to an orphanage,
attempt to “re-educate them”, you will sit there and understand
according to one of more than a dozen everything,” the boy said a security southern Russia, to keep her safe after
teenagers freed from Moscow-run officer had told him and other a shell hit a nearby house.
SERGEI CHUZAVKOV/AFP VIA GETTY IMAGES
World news
Comment
M
uch of the analysis between GB and NI, and
around the therefore fulfilling Article 6
Democratic Unionist in a roundabout way. If this
Party’s (DUP) views on the is indeed his intention, it
Windsor Framework is might help if he sets it out
misleading at best. While clearly and outlines
the party did not vote for safeguards in law.
Rishi Sunak’s motion on Mr Sunak would also have
Wednesday, it is simply to find a way to diminish the
not true that it opposed his practical issues caused by
plans outright. The debate the bearing of EU
was after all on one element regulations on Northern
of the Framework: the Ireland’s manufacturers.
Stormont brake. While it is good progress
In truth, the DUP has been that people in Northern
open to Mr Sunak’s Ireland will, under the
proposals. As Sir Jeffrey Framework, be unimpeded
Donaldson indicated when in buying sausages from
the deal was first announced, other parts of the UK, it
significant progress has been remains the case that
made in certain areas. It was sausages made in Northern
therefore worthwhile for Mr Ireland, which is part of the
Sunak to seek to renegotiate UK, have to be made to EU
the Northern Ireland standards because EU law To order prints or signed copies of any Telegraph cartoon, go to telegraph.co.uk/prints-cartoons or call 0191 603 0178 [email protected]
Protocol and alleviate some applies to all of our
of the serious challenges manufactured goods. This
faced under its applies even if our sausages
implementation.
The DUP’s outstanding
complaints need not torpedo
the Framework. They are
about the need for
are sold into the UK market,
as most of our products are.
Then there are the
concerns over the Stormont
brake. Analysis published
I’m beginning to see how the Tories
might win the next general election
clarification in some key this week by the European
areas. If these clarifications Research Group showed just
are made, either in UK law or how convoluted the process
through some other is, and how difficult it will be
domestic mechanism, then to use in practice. Since the
there is still a pathway for EU has already conceded
restoring Stormont. that the brake must be built
One example of the need on the principle of consent,
for clarification is how the this is an issue that London chance of winning next year’s “repatriation offensive” with a going to close off illegal routes then
Framework relates to the Act can address directly. It’s a long shot, but Sunak’s election, so needs to pull off the minister assigned to overseeing it. he needs to improve the legal ones. He
of Union. The first of seven As a member of the DUP’s seemingly impossible. The whole legal architecture of follow Fraser could pledge to settle one, even two,
DUP tests for Mr Sunak’s panel of eight consulting on
plan to stop the small boats His pledge to “stop the small boats” asylum law, governed by the 1951 Nelson on Twitter genuine asylum seekers in the UK for
deal is that it should fulfil the Windsor Framework, I may be more successful certainly fits that description. More Refugee Convention, is creaking. It @FraserNelson every Rwandan deportation.
Article 6 of the Act, which do not doubt that important than anyone now thinks than 40,000 people arrived on them was, once, feasible for countries to read more at The parents of Nadhim Zahawi
states that all parts of the practical steps have been last year and the rate shows no sign of accommodate anyone who arrived telegraph.co.uk/ and Priti Patel both fled persecution,
United Kingdom shall have taken, and that trade will be slowing. “He won’t just fail, he’ll be with a “well-founded fear of opinion arriving here from Iraq and Uganda
the same allowances, easier with the Framework fraser nelson
lson humiliated,” says one former persecution”. Harder when respectively. How would they have
encouragements and than before. But now, to leadership contender. “We’ll end up 120 million are on the move and done so if they had to leave now?
draw-backs, and be under restore devolution in with even more arriving.” But if he far more can now afford the £5,000 This needs to be about how, not
the same prohibitions, Northern Ireland, the Prime succeeds, it could be a sword-from- to £15,000 typically charged by whether, Britain discharges its
restrictions and regulations Minister should know that it the-stone moment. It would underline people-smugglers. duty to the world’s persecuted and
of trade, and liable to the is eminently possible to meet his main election claim: to be the man And this – the sheer amount of displaced.
same customs, duties, the DUP’s remaining who gets things done. So Sunak ought to frame the
E
money – is the real game-changer.
imports and exports. concerns. This is not a di Rama, the prime minister of It’s hard to overstate public concern The United Nations reckons the debate in those terms: that he’s not
It is not yet clear to me zero-sum game – we all care Albania, is an unusually over small boats. It has been a visible human-trafficking industry is worth just dealing with small boats but
that No 10 is guaranteeing about the Union. important ally for Rishi Sunak. sign of Britain losing control of the $7 billion, all scraped together by creating a new asylum framework.
these obligations. The Not so long ago, about 1 per cent of borders, being outwitted by people- those fleeing either persecution or He ought not to be afraid to boast
Framework’s legal position Arlene Foster is a former first Albanian men were in Britain smugglers and overwhelmed by sheer poverty. All desperate enough to risk about how many refugees are already
claims to “respect” the Act minister of Northern Ireland applying for asylum, accounting for numbers. Some 166,000 are being death by going to criminal gangs if helped abroad by UK foreign aid –
of Union by protecting the and a non-affiliated peer almost half of all small-boat arrivals. (slowly) processed, of whom a third there are no legal routes – as is, all too and how the cost of helping one
economic rights of people Just before Christmas, a deal was are staying in 400 hotels at a cost of often, the case with Britain. person at home can help 30 overseas.
in Northern Ireland. Mr struck to have them flown back to £6 million per day. “My constituents So Sunak’s opponent is not really This is about stamping out
Sunak’s view seems to be Tirana to be assessed there. Once the are open-minded,” says one Cabinet refugees: Britain helps thousands at criminality, not asylum.
that, by dealing with follow Arlene Foster on planes started to take off, Albania’s member. “But when two local hotels home and far more abroad. The When Sunak took over, some
practical issues, he is Twitter @ArleneFosterUK small-boat arrivals collapsed – almost are booked up for a year by the Home opponent is a well-resourced criminal polls put the Tories 30 percentage
working towards a de facto read more at overnight. To Sunak, this was a Office for asylum seekers, most of network exploiting every weakness in points behind Labour. Now it’s closer
harmonisation of trade telegraph.co.uk/opinion breakthrough moment: a sign of how them Albanian men, people start to the UK system. to 15 points. The Northern Ireland
quickly things can change. ask what’s going on.” And this is what makes Sunak agreement, the San Diego deal with
Rama was in London yesterday to The Home Office has recently been confident: if they’re a business, he Joe Biden over Aukus, the unexpected
strengthen the alliance – the first, making decent progress in its says, then he’ll break the business SNP implosion – all have given the
Sunak hopes, of many. Boris Johnson Rwandan deportation case, having model – as he did with Albanian Prime Minister a decent run of luck. If
struck a deal with Paul Kagame of won in the High Court, and is now arrivals. As things stand, non- The hope in it keeps going, it’s not impossible to
Rwanda to deport asylum seekers, but delayed only by appeals. The plan is Albanians arriving illegally in Britain envisage Labour’s lead narrowing to
his failure to make legal preparations to start the Rwanda deportations not face no realistic risk of deportation. No 10 is that single digits. After which, a fifth Tory
meant his plan was halted by the
European Court of Human Rights.
with new arrivals but the easiest But if that changes – and the world the first term starts to look feasible.
Earlier this month, Sunak spoke
cases: rejected applicants whose can see planes taking off for Rwanda
The ECHR tends to pick its battles case failed at every stage. And the – it’s no longer worth the huge cost flight for from a podium in No 10 with “stop
and not contradict specific laws made ECHR? It is, at heart, a political court. of transit. Rwanda the boats” written on top. The day
by member states, so Sunak is And one unlikely to resist once it The demand dries up, as it did for before, some 197 asylum seekers had
changing the law. The hope in No 10 becomes clear that there is a the old lorry-stowaway-passage takes off in disembarked from such boats. It’s
is that the first flight for Rwanda European consensus emerging on model after the introduction of proper summer not too much of an exaggeration to
takes off in summer – and that it will mass deportation. scanners. The hope in No 10 is that say that his entire re-election hopes
change everything. Norway has been doing this for a this would happen quickly: perhaps – and that it now hang on this very long shot.
It’s a gamble, but the whole Sunak while. Denmark reached its own deal even by the end of this year. Will he pull it off? It’s still unlikely.
premiership is a massive gamble. He with Rwanda shortly after Britain did, But there’s one major missing
will change But for the first time, I can see how
recognises that he has an eight-to-one and even Germany has now started a element to the Sunak strategy. If he’s everything it’s possible.
I
t was the 19th-century military tank could do far worse. To a “tankie” largest tank battle in history – to see unrecoverable. Its advanced tanks are
theorist Carl von Clausewitz who like me, it’s the equivalent of a First the folly of sending large numbers of wrecks and its men exhausted, unable
described war as “the realm of World War biplane taking on a new old tanks against superior models and to advance more than a few miles a
uncertainty”. In Ukraine, the fog of stealth fighter. If I was a Russian tank advanced anti-tank weaponry. The week in this new push.
war is thick, and growing ever thicker. commander – God forbid – and my Russians lost many hundreds of T-34s In short: it will take years for Russia
It’s impossible to gauge the true state commanding officer told me to fight in in that hideous battle, yet 80 years to rebuild – time it does not have as the
of the battles raging in the east of the one of these museum pieces, I would later they want to use outdated tanks new wave of Western weapons begins
country. For some, Ukraine’s heroic stand to attention, turn to the right, against even more modern technology. to arrive. If tanks designed many many
defence against the renewed Russian salute, and march home. It’s lunacy. decades ago are what Russia is
offensive marks a victory of sorts. For The problem is that the Russian When Britain’s Challenger 2s arrive resorting to, we should station guards
others, the high losses they are generals still believe their own in Ukraine, they will pick off T-55s as at the Tank Museum in Dorset in case
sustaining are indicative of Russia’s propaganda. They believe in the myth though in a fairground shooting the Russians try to steal them. They
ability to remobilise and regroup. of the indestructible Soviet tank rolling gallery. And even if these Soviet tanks would be better use than the ones
But if the latest information coming across Europe. Before the invasion, managed to hit a Challenger 2, it’s Putin is now bringing out of storage
out of Russia is to be believed, Putin Russia’s minister of defence, Sergei likely the crew wouldn’t even notice. A to relieve his beleaguered forces.
and his generals are in a worse state Shoigu, invested heavily in a fleet of British tank round would probably go
than many realise. In a bizarre twist, modern tanks when he reformed the through two or three of them before it Col Hamish de Bretton-Gordon is a
the Russian army appears to be armed forces. Their effectiveness was ran out of energy. It now makes former commander of the 1st Royal
morphing into the Red Army of impeded by corruption, however, and complete sense why the Russians are Tank Regiment
The Daily Telegraph Friday 24 March 2023 *** 15
Boris Johnson still lives in a world where rules are for other people Brexit and sovereignty
sir – At Wednesday’s privileges any other in history. Yet despite all the beggars belief that anyone in sir – Wednesday’s vote in Parliament
committee hearing (report, March 23), evidence, Mr Johnson arrogantly Downing Street thought this to be on the Windsor Framework was not
Boris Johnson was asked about the maintains that lockdowns were appropriate. Indeed, in most about rebellion or the European
concerns raised by his former director necessary. That, more than anything, workplaces it results in disciplinary Research Group, but the principles of
of communications over the infamous makes him unfit for any future office. action or even instant dismissal. sovereignty and democracy (“Big
Downing Street garden party. Tim Coles Gail Young beasts do not strike fear into the back
He admitted it might be thought that Carlton, Bedfordshire Dundee benches as they once did”, Analysis,
ESTABLISHED 1855 “we were doing something other March 23).
people weren’t allowed to do … I can sir – The “trial” of Boris Johnson is sir – The rapid decline of Mr Johnson’s Disraeli wrote in his novel
see why people might have felt that absurd and should be terminated. political career is unprecedented. The Coningsby: “There was indeed a
way.” It is hard to imagine why anyone No 10 had to work through a crisis tragedy is that he generated so much considerable shouting about what they
T
emerged from the privileges they deserve credit. A far greater public confidence. Ireland question remains unfinished
he narrative is by now tediously familiar. committee hearing, and it came right offence, in my view, was committed John Catchpole business, and the Protocol Bill, passed
Remainers unreconciled to leaving the EU at the beginning. by the civil servants who disappeared Beverley, East Yorkshire unamended by 74 votes in the
increasingly think that the public has turned In a comment about lockdowns, Mr when the chance arose and are yet to Commons, solved the problems, within
against Brexit. Any piece of bad news is Johnson stated that “whatever people return to their desks. sir – I note that Boris Johnson had a the guaranteed sovereignty of Section
immediately blamed on a decision they still believe may say about them now, [they] were Mick Ferrie haircut before facing the privileges 38 of the European Union (Withdrawal
was driven by ignorance and lies. Many are biding essential for public health”. Mawnan Smith, Cornwall committee. Agreement) Act 2020.
This was the policy that arguably So appearance matters now? Northern Ireland remains
their time, hoping that a Labour government will caused more damage to public health sir – Alcohol should not be consumed Dr Jeff Slater subjugated to the EU. Since Brexit,
present an opportunity to return to the EU’s orbit. – not to mention our economy – than in the workplace. End of story. It Kelso, Roxburghshire more than 650 EU laws have been
By targeting Boris Johnson, they intend that – as passed for Northern Ireland by the
his political star fades – Brexit will also look to be, We accept letters European Council of Ministers behind
to all intents and purposes, over. by post, fax and Dumbed-down NHS closed doors by majority vote without
Clearly, much of the heat has now come out of email only. Please even a transcript.
include name, sir – It is staggering that Richard This deal does not reflect a real
the debate, with this week’s rebellion on the address, work and Meddings, chairman of NHS England, Union. There is no such thing as
Windsor Framework smaller than many had home telephone thinks that one of the reasons we don’t Northern Ireland sovereignty, only
expected. But the forces that drove the numbers. have enough doctors is that they are constitutional Westminster
extraordinary referendum vote back in 2016 have overskilled, and we can afford to cut sovereignty – so why should two
not been quelled. Millions still live in frustration 111 Buckingham back their training and use more million Northern Ireland citizens
at an establishment incapable of reflecting their Palace Road, “assistants” (report, March 22). be treated differently from the rest
London Some years ago I examined a young of the United Kingdom?
values. Despite the lassitude of ministers and SW1W 0DT child with a mild respiratory infection. The abstentions demonstrate a
regulators, the British economy is gradually I was able to pick up an interesting wider concern in the Conservative
beginning to diverge from the EU. Anger at out-of- fax heart murmur. The child had a parliamentary party, which goes
control immigration reflects a basic consensus that 020 7931 2878 previously undiagnosed congenital to the heart of our sovereignty and
the UK should have control of its own borders. heart defect and needed surgery. I democracy.
The problem is that Brexit no longer has a email don’t believe anyone except a properly Sir Bill Cash MP (Con)
standard bearer, a politician able to champion the dtletters@ trained and fairly experienced doctor London SW1
telegraph.co.uk would have made that discovery.
opportunities of life outside the EU and take on I would like to ask Mr Meddings
the miserablism of Rejoiners who still think Britain follow whether, if this child had been his, Bank errors
is incapable of governing itself. Telegraph Letters he would have preferred they were
Mr Johnson once held that role, but even when on Twitter seen by an “overskilled” doctor or sir – Philip Pilkington (“Threadneedle
he was prime minister his government did little @LettersDesk someone barely trained to know Street’s mad gamble on taming
to fully embrace Brexit, preferring instead to what it was all about. inflation has not paid off ”, Comment,
Where is the great overseas model March 23) omits a critical component
transform Britain into a European-style social that shows that this dumbing down in the Bank of England’s failure.
democracy. Perhaps he will again return to the works? Surely, when we go to the Pension funds were allowed to use
fight – inside Parliament, or out. But this week he doctor, we want the best possible their gilt holdings as collateral for
BRIDGEMAN IMAGES
was not able to marshal more than a small number advice. The fact is that, certainly in leveraged strategies aimed at creating
of MPs in opposition to Rishi Sunak’s deal. general practice, the profession has some kind of return that was
Could, then, Mr Sunak be that cheerleader? Only allowed itself to be badly damaged, unavailable on the gilts themselves.
but that is no reason to adopt a Many built up their gearing to between
a year after he entered Parliament, he took a big second-class system with second- three and eight times net asset value
risk to come out in favour of Brexit, but has since class practitioners. Aphids? A Corner of the Rose Garden at Bagatelle (1912) by Henri Adolphe Laissement – insanely high levels. And yet their
made little of that advantage. In part, this reflects Simon Harper regulators at the Prudential Regulation
his general struggle to elucidate a clear political Truro, Cornwall Authority and the Bank not only failed
vision. But the Prime Minister has also developed
Gardens should grow in harmony with nature to detect this risk, but – at least in the
case of the Bank’s own pension fund –
a tendency towards caution, perhaps ill-suited to Unrecognisable rugby SIR – Like Mandy Gaved (Letters, SIR – When squashing a garden pest actually joined the party.
championing a project that by necessity is to some March 23), I was disappointed by under foot, a dear late friend and Add to the mix that sterling and
degree a leap of faith. sir – From the age of 13 until I retired, Bunny Guinness’s article on “garden animal lover would utter the words: gilts were already sagging at Governor
But if Mr Sunak is unwilling to take on that role, sane and in one piece, at 30, rugby was pests” (Weekend, March 18). “They are all God’s creatures, but Andrew Bailey’s announcement in July
someone else certainly will be. Brexit was never my life. I would go anywhere at any Why do we feel entitled to kill some are nicer than others.” 2022 that the Bank would be selling
just a problem to solve, or a process to follow. It is time for a game: Saturday for my club, anything that is slightly annoying, Barbara Smith £80 billion of gilts over a year, and
a generational project to remake Britain, bring which still plays in the Premiership; such as the grey squirrel, which we Stafford what would normally have been a
Sunday for the Commercial Casuals, introduced to this country in the weakening in government bond prices
government closer to the people, and end a a pub team in Brixton. Tuesdays and first place? SIR – Louise Meadows (Letters, at Kwasi Kwarteng’s mini-Budget
debilitating culture of national decline. Let us Thursdays were for club training, and As for putting bait down, where March 21) says we ought to be turned into a rout and the near collapse
hope the revolution is only just getting started. on Wednesdays I’d turn out for either do the mice and rats go after eating sanguine and accept that some of of the UK financial system. Other
the Public School Wanderers or the poison? Often somewhere another our favourite plants will be eaten by central bankers have learnt the lesson
Firkins. There were Easter and creature – such as a cat, fox or owl pests. But how would she react if and, unlike Andrew Bailey, are not
S
that time suffered head injuries Nikki Willey Frank Rooney having been identified, Liz Truss could
ir Keir Starmer has performed the wrong (Letters, March 22). This is a scourge Chorleywood, Hertfordshire Stocksfield, Northumberland not be warned about it. The rest is
U-turn. The Labour leader vowed to change of modern rugby, and was unknown history – and doubtless a large slice of
until the professional game began. our future.
the law if necessary, after The Daily Telegraph Players are now too big and fast. Giles Rowe
revealed he is the beneficiary of a unique deal from What did centres like Jeremy Guscott Is there anyone in charge at the probate office? London SW12
his time as Director of Public Prosecutions that weigh? Between 12 and 14 stone. Today
may allow him to enjoy a pension that breaches the centres weigh 17 or 18 stone. The whole sir – Nearly 14 months after the death for amendment. Unsurprisingly,
lifetime allowance without incurring a tax charge. team’s weight has gone up by four to of my disabled adult son in January these papers have still not been Talking shop
But the problem is not Sir Keir’s arrangements. It is five stone per man. 2022, and following the diligent efforts returned, but our solicitors have
I can’t watch modern rugby. To me, of the solicitors appointed to deal with been told that they are not allowed sir – I would much rather have
him enjoying them while opposing the scrapping it’s not rugby – it’s a mixture of sumo his uncomplicated estate (including to call the registry anymore, since products that tell me they were made
of the lifetime allowance for the rest of us, a move wrestling, the storming of the Bastille, issuing a formal complaint regarding the system has been centralised. with “excitement” or “love” (Letters,
that has thrown thousands of people’s retirement and kick tennis. Only the women’s the interminable delays at the probate To whom, exactly, is this March 23) than those with
planning into chaos. teams play real rugby. registry), probate was finally granted labyrinthine, closed, secretive, anthropomorphic messages saying
It may be only the beginning of Labour’s war Unless the powers-that-be address on February 3 this year. opaque and unhelpful registry “Keep me in the fridge”, “Careful, I’m
on wealth. Yesterday, Sir Keir refused to answer this issue, rugby will fade away However, a spelling mistake answerable? hot!” or “Don’t turn me upside down”.
John Armstrong by the registry meant that the Alison Morison Stephen Knight
questions on whether the party would tax wealth Peacehaven, East Sussex documents have had to be sent back Stonegate, East Sussex Barnet, Hertfordshire
at the same rate as income. The issue arose after
the Prime Minister released details of his tax
affairs. Capital gains are typically taxed at a lower
rate than income, and that is reflected in how
much tax Rishi Sunak pays. But this is perfectly
rational: capital gains tax is peculiarly destructive.
Raising the rate could slash revenues, as people
Long Lockdown has left Britain infantilised
stop buying or selling assets altogether.
What else could be in Labour’s firing line? It has determination to forbid most forms of with each other. The whole it inevitably leaves a mark. If we are
made no secret of its desire to increase public The UK cannot recover if normal human contact, the detailed insubstantial pageant has faded. It is being honest with ourselves, I think
provisions regulating every aspect of almost as if, collectively, we can’t bear we all have moments where a voice at
spending, but the state may be approaching the millions continue to feel human existence – they were all totally it, so we have agreed to pretend it the back of our mind asks “is that
upper bound of what it can bring in through they have no agency over unprecedented. We had no experience never happened and to move on, really allowed?” or “why does the
existing taxation. The temptation will be to go after in dealing with them. Individuals and leaving the grief, the trauma, the Government let people take that risk?”
assets – property, investments, even Isas – and this the course of their lives families were thrown back on their disruption to life plans to be dealt with We need to remind ourselves
will inevitably be justified on the basis that it will own resources and each of us had to privately. that, historically, this is extremely
target the rich. But there is a limit to how far the david frost
st find a way to manage the situation. But it left its scars all the same. unusual. For most of history, people
very wealthy can be squeezed before they flee for Some – and these are the saddest Political Long Covid is real. One of its have had to get on with their own
stories we are now hearing – simply symptoms is infantilisation. It began lives without help. Even in the early
less capricious jurisdictions. If the Labour Party cracked under the strain. Others, for during the pandemic, when the years of the welfare state, government
does indeed go down the dangerous route of whatever reason, perhaps fuelled by pro-lockdowners argued that the assistance was supposed to be a safety
wealth taxes, the middle classes are vanishingly the authorities’ deliberate promotion Government knew best and we should net. The active state wasn’t meant to
unlikely to escape. of fear, became cheerleaders for just accept that. Now it’s over, I see be there to watch over you through
I
t’s three years since Boris Johnson lockdown, fanatical mask-wearers, rather too many lockdown critics the normal vicissitudes of existence,
told us “you must stay at home”. The Warden Hodges-style guardians of claiming in a different way that we help you formulate your own life
W
e’ll miss the Rev Richard Coles on Radio with us. with them, mistrustful of everything decades, and that we will never be able cultural political idea around
I find this a hard column to write. I that was said by the authorities. The to manage the economic costs. nowadays is that politics should get
4’s Saturday Live. He is an engaging, resigned from the Cabinet because I lack of normal interaction between I’m doubtful. Of course the costs out of large parts of our lives, and why
intelligent and slightly unpredictable could not support a prospective fourth people deprived us all of corrective exist and probably outweigh any the biggest political task we now face
broadcaster, who has made the role his own for lockdown, so even now I am often mechanisms: there was no one to say benefits of lockdown. But our societies is to make that happen. Unless we can
12 years. He lives in Sussex, but the BBC has moved asked what I think. Yet when I start a “are you sure about that?” or just have suffered many other traumas in do this, I fear that the malign forces of
the studio to Cardiff to meet box-ticking regional discussion, I find that the points I want “don’t be so silly”. We probably all the past – when they were poorer, too. lockdown will remain with us and
production quotas. This won’t help the Welsh, who to make somehow jar, land badly, are noticed minor disagreements getting People do recover from trauma and continue to poison our society.
not engaged with. It’s not that people out of hand in public – and, if we are rebuild – on one condition. It’s that The first step in facing this is to look
will hear it no louder. The programme’s quality disagree. It’s that they don’t want to back on the lockdown era as we should
honest, we probably all remember they believe they have agency, a
will, however, be compromised; fewer guests with have to think about it. difficulty at times in managing our project to which they are committed, – as a moment of governmental
tales to tell happen to live in Cardiff. It seems like I think there is a reason for that. It own emotions. the power to control their own lives. overreach and collective hysteria, a
another case of the BBC sacrificing its core task – seemed to me that the lockdowns I spell this out because it seems to That’s why it is so worrying that we monumental public policy error, and
good broadcasting – for unreal bolt-on targets. The released something malign into our me that society is trying to forget. have become such a collectivist one that should never happen again.
shedding of Richard Coles thus resembles the societies, some malfunction in the Those years of the rule of six, tiers 1-4, society, one where people are almost
normal way we do things, which even mask-wearing, shuffling into shops, taught that they can’t solve their
slaughter of the BBC Singers, who reliably excel at
now we instinctively shy away from. abandoning the office, the BLM riots, problems without outside help.
what they do. High-quality stability is ditched in Of course Brexit had been hugely the statue-toppling, the irrational Self-evidently the pandemic has follow David Frost on Twitter
favour of unstable agility: pop-up street food, as it divisive, but it was still normal politics. policing, all have taken on a curiously reinforced this. If every aspect of our @DavidGHFrost; read more
were, in place of the fine old village hostelry. Lockdown was different. The unreal quality. We hardly talk about it lives is regulated by government then at telegraph.co.uk/opinion
16 *** Friday 24 March 2023 The Daily Telegraph
Online
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BRENT CRUDE The 100-year era of Swiss
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-67.24 (-0.89pc) P/E ratio 12.20 -0.39 +75.14 (+0.23pc) +117.44 (+1.01pc) -0.78 (-1.02pc) Ambrose Evans-Pritchard
Get the latest markets info, share prices and create a portfolio at telegraph.co.uk/markets-hub Page 22 Page 22 Page 21
Bank warns
of further
pain after
rate increase
prompt rate-setters to hold back on fur-
Bailey insists policymakers ther increases, the Bank said it was con-
fident lenders could handle rising
require more proof of borrowing costs. “The UK banking sys-
inflation falling to pause tem maintains robust capital and strong
current cycle of increases liquidity positions, and is well placed to
continue supporting the economy in a
By Eir Nolsøe wide range of economic scenarios,
including in a period of higher interest
ANDREW BAILEY has signalled further rates,” the Bank said.
pain is on the way for households as the It comes after the Federal Reserve in
Bank of England raised interest rates by the US lifted its target range by 0.25
a quarter of a percentage point. points to 4.75 to 5pc on Wednesday. The
Policymakers at the Bank of England European Central Bank opted for another
increased rates to 4.25pc yesterday, a outsized hike of 0.5 basis points last week
near 15-year high and the eleventh time and vowed to keep up its fight against
rates have been raised in 15 months. inflation despite the recent turmoil.
It comes after official data showed that The Bank said it was monitoring signs
inflation grew unexpectedly last month. of lenders tightening the purse strings in
The Governor said policymakers need response to fears over global banking.
to see more proof of inflation falling to Among the nine members of the MPC,
pause the fastest cycle of rate rises in two strayed from the consensus. Doves
three decades. He added: “There are Swati Dhingra and Silvana Tenreyro
signs of calming down and of course voted for rates to remain at 4pc, saying
that’s encouraging … but we need to see the full impact of previous rate rises was
this translated now into the big fall in still filtering through and warned that
inflation we expect.” over-tightening would speed up so recent
In a later interview with broadcasters, increases would need to be reversed.
Mr Bailey said that interest rates may not The Bank of England has raised rates
yet have peaked. by 4.15 percentage points since Decem-
The decision by the Bank’s Monetary ber 2021 in its fastest rate-hiking cycle in
Policy Committee (MPC) follows a sur- three decades. It judged that measures
prise increase in the Consumer Price announced by the Treasury in Jeremy
MANUEL BALCE CENETA/AP
Index 10.4pc in February from 10.1pc the Hunt’s recent Budget would add 0.3pc to
previous month. It defied predictions of GDP in the coming years. It expects eco-
a fall to 9.9pc. The Retail Prices Index, of nomic growth to stagnate at the turn of
which a quarter of the Government’s the year but believes it will increase
debt is linked to, rose by 13.8pc, an slightly in the coming three months.
increase from 13.4pc in January. The rate increase means more than
Traders are now pricing in a two-in- 1.4m homeowners face yet another
three chance of another 0.25-point rate increase in their mortgage bills. The platform’s Shou Zi Chew speaks to reporters on Capitol Hill in Washington before a heated hearing of the House Energy and Commerce Committee yesterday
rise at the MPC’s next meeting in May. February’s inflation figure was driven
Even analysts who believe the Bank’s
job is done acknowledged there is
greater uncertainty after the 0.25-point
rise. Sanjay Raja of Deutsche Bank, said:
by food prices rising at the fastest pace in
more than 45 years. New figures from
the Office for National Statistics suggest
they have further to go, with 46pc of
TikTok data accessed in China, chief admits
“The bar for another hike is lower than food and accommodation businesses
we previously thought.” expecting to raise prices in April. This far By James Titcomb confrontational session, the TikTok Mr Chew, who is based in Singapore, move data to IT giant Oracle. The com-
Mr Bailey said he still expected price outstripped any other sector. chief failed to win over members of told members of Congress that he had pany has not made equivalent promises
rises to slow down “sharply” in early It comes amid warnings from the Fed- TIKTOK’S chief executive has admitted Congress, who are considering whether not spoken to a Chinese government about UK and European users’ data.
summer, but “we haven’t seen that yet”. eration of Small Businesses that 370,000 that users’ data can be accessed by its to give Joe Biden powers to ban the app. official since taking charge two years Washington has told TikTok that it
The extension of the Government’s small firms are at risk when the Govern- Chinese parent company as it battles a Cathy McMorris Rodgers, the Repub- ago, and that he had “no evidence” that will ban it in the US if it is not spun off
energy price guarantee and falling gas ment scales down energy support for potential ban in the United States. lican chairman, said: “Your platform TikTok users’ data had been accessed from its Chinese shareholders.
prices would help to bring inflation firms next week. Meanwhile, even as the In a bruising US Congress hearing, should be banned. TikTok is a weapon by the Chinese government. China threatened to block a forced
down, the MPC said. Threadneedle economic outlook has brightened con- Shou Zi Chew told the House Energy by the CCP [Chinese Communist Party] When asked if ByteDance, TikTok’s sale of the app, saying it would “firmly
Street also acknowledged there had sumer confidence remains firmly in the and Commerce Committee that staff in to spy on you, manipulate what you see parent company, has been able to spy oppose” the Biden administration’s plan
been “large and volatile moves in the doldrums. It only edged up slightly by 2 China currently have the ability to see and exploit future generations.” on staff, he said: “I don’t think that spy- to take the viral video app out of Chi-
global financial markets” after the col- points in March to -36, still far below the TikTok users’ information. Neal Dunn said: “We don’t find ing is the right way to describe it.” nese hands. The commerce ministry
lapse of Silicon Valley Bank in the US and pre-war level of -19. He said: “We rely on global interoper- you credible on these things,” prompt- Mr Chew said ByteDance employees said such a move would hit interna-
the rescue of Credit Suisse in Europe. ability, and we have employe es ing Mr Chew to complain: “You have in China will not have access to US tional investors’ confidence in the US.
While many commentators had ques- Analysis: Page 18 in China, so yes, the Chinese engineers given me no time to answer these ques- users’ data by the end of the year, when “If the news is true, China will firmly
tioned whether the turmoil would Ben Marlow: Page 21 do have access to global data.” In a tions; I reject these characterisations.” it will complete a $1.5bn (£1.2bn) plan to oppose it,” a spokesman said.
Business
J
ust hours after the Bank of England “They are passing through rate
announced a 0.25 percentage point increases on loans secured against
increase in the base rate, assets that have only dropped in price
Nationwide Building Society said it by 3pc or 4pc following an increase of
will cut some of its fixed-rate deals by about 20pc over the past two years.”
up to 0.45 percentage points. Instead, it is landlords themselves
As of today, the lender will offer a who pose a threat to their lenders. “If
five-year fixed rate at 3.94pc – the there is going to be an issue with
lowest on the market – for borrowers mortgage lenders it will stem from
remortgaging with a 40pc deposit. credit risk – mortgages going into
This is because lenders price arrears – and solvency rather than
fixed-rate deals based on expectations liquidity,” says Wishart.
of future borrowing costs: it is now The risk for the buy-to-let sector is
feasible that yesterday’s interest rate that landlords will see their profits
rise may have been the Bank’s last. The eroded by rate rises when they
UK is certainly close to a peak in rates. refinance, pushing them into mortgage
Recent turmoil in financial markets arrears or forcing them to sell up.
has also triggered a drop in swap rates, There are just over two million
another gauge for future borrowing outstanding buy-to-let mortgages,
costs. On the surface, this looks like according to UK Finance, a lender
good news for the housing market. But body. The vast majority of these are
its woes are only just beginning. interest-only, meaning borrowers have
“A lot of people will be thinking, ‘Oh, not been making capital repayments.
that’s it, the risks are kind of gone.’ But Since February 2022, the average
actually this is almost the most rate on a two-year, fixed-rate buy-to-let
dangerous part of the process,” says has jumped from 2.9pc to 5.81pc, says
Neal Hudson, of BuiltPlace analysts. Moneyfacts, a data company.
“Housing downturns start slowly, For a landlord remortgaging with a
and then speed up. The difficulty now £150,000 loan, this difference in rates ‘Now we are danger there is, we know this from the The jump in mortgage costs struck 1pc. For a borrower with a £200,000 ‘There are
is that we are kind of moving into the will cost them an extra £4,365 a year. financial crisis, if one loan in an an immediate hammer blow to buyer loan, the difference between paying
second stage of all of this, beyond the Changes to tax relief on buy-to-let in the investor’s portfolio goes bad it can demand, which is now filtering into 1pc and 4pc is £6,000 a year. always
point where it’s just about interest mortgages, which mean that landlords difficult bit, spread across their entire portfolio, house price falls. Yesterday’s rate High mortgage rates mean that a people
rates. Now we are in the difficult bit, who own properties in their own and to their primary residence. There increase will also immediately hit the buyer purchasing an average property
where things start to go wrong.” names can no longer offset all of their where is a risk of snowballing.” 1.4m homeowners on variable or with a two-year fix and a 25pc deposit who fall
The collapse of Silicon Valley Bank interest costs against their tax bills, are These landlords could then be tracker rate mortgages, which move in will need to use 28pc of their
was the first signal of the slow, heavy magnifying the blow of higher rates.
things start pushed to sell, bringing a rush of line with the Bank Rate. household disposable income to cover
through the
toll of central bank rate rises. The Landlords still have to pay the same to go wrong’ supply in concentrated areas which are But the biggest strain will be for the their mortgage costs. From 2010 to cracks’
cumulative effect of the Bank of amount of tax even if their properties dominated by buy-to-let properties, millions of homeowners who have so 2019, the average was 20pc, according
England’s 11 consecutive rate rises are make a loss. Capital Economics namely city centre flat markets. far felt no effect whatsoever. to Pantheon Macroeconomics.
only just working their way through. estimates that 365,000 landlords will In these zones, there is a risk of Across 2023 and 2024, around 3.4m The Financial Conduct Authority,
“We’re starting to find out where the be in this boat by the end of 2023 as much bigger house price falls. “If we homeowners will come to the end of the City regulator, has issued guidance
fragility is in the domestic and global their fixed-rate deals expire. see average price falls of 10pc, you can fixed-rate deals, according to UK that lenders should allow struggling
economy, but knowing exactly where Partly in response to these tax easily see a scenario where in some Finance. The numbers are particularly homeowners to extend their mortgage
these things are can be tricky. The changes, the buy-to-let sector has been places prices could barely move high because the stamp duty holiday terms or make temporary switches to
danger is on the fringes of the financial becoming more corporate: smaller downwards and in others they will fall helped to drive a huge jump in interest-only payment structures
system relating to the housing market. landlords are selling up, and their double that,” adds Hudson. transactions during the pandemic. without the usual affordability checks.
There are loads and loads of pockets of properties have been bought by larger Even without the headache from the In 2023 alone, half a million of these “The worry is that whatever lenders’
risk,” adds Hudson. ones and held in company structures. buy-to-let sector, the toll of high rates are coming to the end of two-year fixes, best intentions are, there are always
The UK’s buy-to-let sector is number “The sector has become more will continue throughout the housing meaning they took out loans when it people who fall through the cracks,”
one. Buy-to-let lenders use more concentrated,” says Hudson. “The market for years. was possible to get deals at less than says Hudson.
The company was forced to suspend The official UK sanctions list claims
production at its Nikolaev refinery near EN+ Group carries out business “in
the port of Mykolaiv, inside Ukraine, sectors of strategic significance to the
after the conflict erupted, while western government of Russia”.
sanctions stopped it from receiving ship- EN+ is chaired by Christopher Burn-
ments from its Australian joint venture. ham, an American businessman and
EN+ also said it had met its “social obli- Republican politician who served on
gations” and raised wages for workers in Donald Trump’s presidential transition
the inflation-struck economy following team in 2016.
edicts from President Vladimir Putin. He has held the role since March 2022,
The company reported sales of alu- when former Conservative minister
minium remained almost flat at 3,896 kil- Lord Barker resigned after colleagues,
otons, as it redirected supplies towards including Defence Secretary Ben Wal-
Watch it Zhou Dongyu, Eddie Redmayne and
Asian markets. EN+ also warned alumin- lace, criticised his apparent willingness Zoe Kravitz at the Omega Aqua Terra Shades
ium prices had started to fall in 2023 due to work with Russian oligarchs such launch at London’s Somerset House.
to global economic turmoil, however, as Deripaska.
The Daily Telegraph Friday 24 March 2023 *** 19
Business
Business comment
Ben
Marlow The era of Swiss exceptionalism is
Bank made a dead following Credit Suisse crisis
historic error AMBROSE
TCHARD
EVANS-PRITCHARD
legality. “They told the Swiss that all
their other investments in Switzerland
would be called into question if it
Suisse corpse leaves Switzerland with
a monopolistic monster: too big to fail,
carrying $1.7 trillion of liabilities that
‘Switzerland
will never
secrecy, wealth concealment,
anonymity and tax avoidance”.
One could extend the criticism to
be forgotten
by the petropowers and Middle entire country into trouble,” Marcel fossil combustion, letting the
Eastern wealth funds. “It would have Fratzscher, head of the German
Bankers in Americans and the Chinese run away
Finance and neutrality, been the end of Switzerland’s banking Institute for Economic Research. Singapore with the electric future.
linchpins of Switzerland industry,” he said. “The best you can The enlarged UBS becomes the
are going to Switzerland remains a AAA
say now is that it is still standing. But West’s fourth biggest bank after JP economy (for now), with a broad base
for so many years, have left can the model survive?” Morgan, HSBC, and Citigroup, wildly be popping of life sciences, hi-tech and machine
Bailey may avert further turmoil it exposed like never before The Swiss backed down. They out of proportion to the state and
corks’ engineering. But it is not a AAA
expropriated $17bn (£13.8bn) from economy that underpins it in a crisis. Its member of the Western democratic
A
and curb inflation – yet he bears century of Swiss exceptionalism holders of Credit Suisse convertible liabilities are near 200pc of Swiss GDP. alliance. It has manoeuvred itself into a
responsibility for allowing prices is ending with shocking speed. AT1 bonds instead, risking contagion Switzerland is not Iceland. A diplomatic quagmire, and for the same
Everything is going wrong through Europe’s $270bn market for buccaneering trio of Icelandic banks, reason as its banking travails: out of
to spiral out of control at once. junior bank debt at a perilous moment. acting like hedge funds, took on so hubris and addiction to the old recipe.
The war in Ukraine is testing This is just as bad for Switzerland’s much leverage that they would have The war in Ukraine has rehabilitated
I
t’s probably no exaggeration to say that Switzerland’s armed neutrality to the credibility. bankrupted the Icelandic state in 2007 the British in the eyes of Europe – at
Andrew Bailey has arrived at the most pivotal point of destruction. They are “Switzerland will never be the same had Reykjavik not repudiated the least among those in defence and
moment in his chequered reign as central surrounded on all sides by EU states again. The reputation of Swiss banking losses, leaving London, Amsterdam, foreign policy circles – because the UK
Bank Governor. Yesterday’s interest rate decision yet their relationship with the EU has has been damaged forever. Bankers in and New York to clean up the mess. has been a rock solid at a time of great
was about as finely balanced as it gets for the broken down and seems stuck in Singapore are going to be popping However, the Swiss central bank has peril for European civilisation. Rishi
UK economy. permanent crisis. This has led to the corks,” said Prof Arturo Bris from IMD, limits and has already exhausted the Sunak and the Windsor Framework
There are no two ways about it: a quarter punitive expulsion of Swiss scientists the Swiss business school. political patience of the irascible have iced the cake.
percentage point rise in interest rates to 4.25pc from the Horizon Europe programme. The legal theft of $17bn required cantons. It recently disclosed that it The war has had the opposite effect
– the 11th straight rise since monetary tightening And now Credit Suisse no longer invoking emergency powers from the lost a quarter of Swiss GDP last year on for the Swiss, exposing the threadbare
began in December 2021 – may have been what exists. Switzerland’s business model as Second World War and was executed its QE portfolio, using up all of its loss moral claims of their armed neutrality.
the majority of economists were expecting, but it banker for the global elites crashed without an accounting justification. It provisioning set aside. A few more bad The country has a substantial weapons
is still a huge gamble and could easily backfire. and burnt over four stormy days from inverts the market hierarchy for loss months and it will have to go cap in industry. It sells arms to the Middle
True, Bailey and his central bank counterparts Thursday to Sunday night. absorption. Bondholders would hand to Swiss taxpayers for a bailout. East. SIG Sauer assault rifles sold to the
are now walking a tightrope after the banking The Neue Zürcher Zeitung reports normally hope to recoup half or more The Swiss National Bank (SNB) is not Saudis have been used against Houthi
disarray of the last week. Pause rate rises too soon that the finance minister did not even from a bank resolution. Aggrieved alone in suffering a hangover from the rebels in Yemen.
and inflation could run away and become more have an adviser to help as the Swiss funds are already preparing for years great QE experiment. The Dutch Yet it stands on piety as Vladimir
embedded; on the other hand, going too quickly financial world crumbled around her. of litigation. Swiss authorities will rue central bank says it may need Putin tries to expunge a democratic
could pour further petrol on the bonfire and tip This is astounding given that she used the day they picked this fight. recapitalisation, and so does the European state. It refuses to let Berlin
more banks over the edge while triggering a to be a translator, with no experience Britain’s pensions fiasco last mighty Bundesbank. What is unique is transfer Swiss-made shells for German
credit crunch that could completely destroy the in finance before her appointment in September was scarcely better. The the scale. The SNB’s balance sheet has Gepard tanks to Ukrainian forces on
seeds of economic recovery. January. difference is that the Bank of England reached 144pc of GDP. the grounds that they will be used in
Legal and General’s investment chief thinks “It is as amateurish as it gets,” said a managed the affair with supreme skill, The fast-shrinking capital base of conflict. There comes a point when
further bank failures are inevitable. “Over 70 veteran European regulator with winning plaudits from across the the SNB did not stop it extending a this crosses into complicity.
years and every hiking cycle we have seen in that intimate knowledge of the events. world. The British political leaders $100bn liquidity line to UBS to enable “I have to say clearly: I cannot
period, we have never seen a hiking cycle that has “How can this happen in a civilised responsible were decapitated instantly. the shotgun marriage. Yet it is understand why Switzerland does not
not led either to a recession – which is 80pc of the economy?” No relevant actor in Switzerland has legitimate to ask how Swiss leaders provide Gepard ammunition,” said
cases – or a financial crisis, or both,” Sonja Laud He said the country’s banking been removed from harm’s way. might react if the elephantine mega- Robert Habeck, Germany’s vice-
told BBC Radio 4’s Today. industry – 9pc of GDP – was close to a Mark Dowding from BlueBay Asset bank comes to grief. There may not be chancellor. Polls show that at least half
The Bank of England’s job has been made systemic meltdown over the weekend. Management said investors must now technical constraints on the SNB’s the Swiss population agrees with him.
doubly tough after inflation unexpectedly The debacle nearly escalated into a contend with the novel concept of ability to stem a major crisis, but after The Swiss are formidably well-
increased to 10.4pc last month, driven by food bank run on Switzerland itself. Swiss political risk. “They used to be the antics of last weekend there are educated and a resourceful people.
prices rising at their highest rate in nearly half a Saudi Arabia and Qatar were the safest of safe havens, but we may most-assuredly political constraints. They will overcome this enveloping
century. enraged by moves to wipe out Credit now start seeing a [risk] premium Simon Brady, of risk specialists national crisis just as we in Britain will
If Bailey missteps, there can be no coming back Suisse stockholders without a vote by attached to Swiss assets. Trust is 1LoD, says Credit Suisse went into overcome ours. But first they will have
for a Governor that has repeatedly got the big calls the board, in violation of shareholder everything in banking,” he said. terminal decline because it clung too to shed a lot of 20th century Swiss
wrong. But if he somehow pulls off this delicate rights, and at the outer boundaries of The UBS takeover of the Credit long to the old Swiss recipe of “bank shibboleths.
balancing act – by avoiding further turmoil and
taming the worst inflationary era for a generation
– the Bank cannot expect us all to suddenly forget
how culpable it is for this crisis in the first place. Watch this space
Put simply, Bailey and his colleagues have Relativity Space has
spectacularly dropped the ball on inflation and
have been desperately trying to find it ever since.
launched what it
It was a grave, historic mistake that all of us are described as
now paying for dearly in multiple ways. “world’s first
Household bills have gone through the roof, 3D-printed rocket”
mortgages are brutally expensive, banks are
going bust, the housing towards space. The
‘It is the market has come to a 110ft tall Terran 1
standstill, corporate credit launch vehicle is
collective is tightening and national designed to haul
debt is ballooning.
failure of a All of this is a direct result lightweight
complacent, of spiking borrowing costs, satellites into orbit.
which have been necessary Powered by super-
arrogant to fight inflation after central
Bank of banks misunderstood and
chilled methane
underestimated the severity and oxygen, it lifted
England’ of it, before they completely off from Cape
lost control of the situation. Canaveral in
It is the collective failure of a complacent, and
at times arrogant, Bank of England that thought – Florida, but failed
and should have known – better, but didn’t. And to reach orbit after
while the Monetary Policy Committee might like a malfunction on
it if everyone moved on and focused on the future, the test flight’s
that simply isn’t possible given the myriad
struggles that everyone is grappling with now as a second stage. It was
result of such incompetence. not carrying a
Nor would it be fair. In the same way that Boris client’s satellite.
Johnson has been forced to answer for his many
mistakes, and the Federal Reserve will come
under serious scrutiny for falling short in its role
as a supervisor and regulator of the US banking
system, the people tasked with safeguarding our
RELATIVITY SPACE VIA AP
W
standards. hen your party has been in decades of work. Workers pay into the political will within the Cabinet to tackle sign up to our Evidence continues to mount, showing
Truss’s disastrous tenure shut down talk of power for over a decade and system and it’s wholly reasonable that the triple lock. The argument made was Economic that people are better able to work into
reforming the Bank of England but that debate the tent is caving in, there is they expect to see something for those lockdown intensified intergenerational Intelligence their 60s and 70s, and also that doing so
still must happen. There are justifiable concerns one rule that applies before all else: don’t contributions once they reach unfairness in the UK: younger workers newsletter, has health benefits. Perhaps most
about how the MPC operates, including whether upset your voter base. So it’s not retirement age. But these contributions had been cooped up in small, rented importantly, life expectancy remains far
it is blighted by groupthink and distracted by surprising that Chancellor Jeremy Hunt have not been hypothecated, despite the flats and shared accommodation, were
by Ambrose above the retirement age.
woke issues, whether its data and surveys are still is expected to kick the decision to raise claims behind National Insurance. NI is placed on furlough, and lost out on job Evans-Pritchard We are in a vicious circle where an
up to scratch or if it is out of touch with the real the pension age into the long grass. nothing more than a second income tax. opportunities. If there were ever a time and Jeremy ever-growing number of retirees
world. A review of its mandate may also be The pension age is set to rise to 68 Those contributions are spent. to address the financial unfairness of the Warner receiving pension pay-outs will lead to
necessary. after 2044 but Hunt reportedly wanted The state pension is instead a “pay as triple lock, this was it. telegraph.co.uk/ an ever-rising proportion of public
In the meantime, like a gang of regretful to want to move faster, bringing forward you go” scheme, funded by general tax. Unfortunately then-prime minister ei-newsletter spending going on pensioner costs. It’s
arsonists, the world’s inept central bankers are the rise into the late 2030s – following As demographics swing towards more Boris Johnson squashed the plans, along generous so long as it lasts, but its price
scurrying around trying to put out fires that they on from advice given to the government retirees and fewer workers to contribute similar lines being used now: it wouldn’t tag risks making less available in the
themselves started. through an independent report back in to the income tax base, the system be popular with the Tory-voting base. future, especially for the pensioners
2017. But such a move risks ruffling the becomes increasingly fragile. According But it also won’t be popular when the who really need the support.
feathers of voters in their 50s, 49pc of to the Office for Budget Responsibility’s system starts falling apart, and change is Refusing to tackle the retirement age
whom voted Tory in the 2019 general latest calculations produced for the required in a much shorter time frame. risks a de facto deprioritising of other
election (compared to the 28pc that Budget last week, pension spending will If the triple lock remains untouchable, things, not to mention preventing
voted Labour). No such move is come to £125.2bn for this fiscal year – a the point will come when we have to serious personal or business tax cuts.
expected now until after an election. total that starts to rival what we spend radically reduce who is eligible to Continue on this path and you get a
To get hawkish on the state pension is on the National Health Service. By receive it. This could mean an age hike single-purpose economy: current
Business Briefing unpopular at the best of times. It’s the 2027-28, this jumps to £160.4bn. higher than 68, with far less time to workers propping up pensions and the
Sign up for our free daily kind of thing Conservatives like to talk This is where the “triple lock” on the prepare. Already we are putting in more NHS, hoping the next generation will be
business round-up about when they’re under zero pressure state pension takes us (which sees the and getting out less. A report from the willing to do the same when their turn
telegraph.co.uk/business-briefing to implement change. state pension go up by inflation, average Resolution Foundation found that a comes around.
22 ** Friday 24 March 2023 The Daily Telegraph
Markets
52 week 52 week 52 week 52 week 52 week 52 week 52 week
© 2023 Tradeweb Markets LLC. All rights reserved. The High Low (p) Stock Price (p) +/- Yld P/E High Low (p) Stock Price (p) +/- Yld P/E High Low (p) Stock Price (p) +/- Yld NAV High Low (p) Stock Price (p) +/- Yld NAV High Low (p) Stock Price (p) +/- Yld P/E High Low (p) Stock Price (p) +/- Yld P/E High Low Stock Price +/- GrsYd Cvr
Tradeweb FTSE Gilt Closing Prices information contained
herein is proprietary to Tradeweb; may not be copied or 2561¾ 1330 Morgan Sindall ● 1672 -18 6.0 12.6 544⅝ 348 Schroders 445⅜ -18 4.8 11.9 91⅜ 71 CT UKHighIncTst 82 — 6.7 89 660 410¼ Fullers ‘A’ 477 +6 2.5 41.2 50¼ 30¾ Intl Paper $ 34½ … 5.4 2.6
re-distributed; is not warranted to be accurate, complete Media -0.78% Retailers -0.92%
or timely; and does not constitute investment advice. 2297 1113½ Persimmon 1219½ -9½ 13.9 4.9 333⅜ 130 Vanquis Banking Gp ●225⅜ +7 7.5 -6.9 580 454 Dunedin Ent 562½ — 8.6 634 52 week 173⅝ 90½ IAG Intl Cons Air 139⅜ -1⅝ — 18.1 144⅜ 101¼ JP Morgan Ch $ 127⅜ +¼ 3.1 3.0
Tradeweb is not responsible for any loss or damage that High Low (p) Stock Price (p) +/- Yld P/E
might result from the use of this information. 590 367⅜ Redrow ● 447¼* -3¾ 7.2 7.8 690 537 Edinburgh Inv Tr ● 655 +1 3.9 706 44 18¾ Brown N 31 +½ — 11.8 5796 4174 Intercont Hotels 5268 -64 2.1 31.3 186¾ 150¾ Johnson&John $ 151¼ +⅛ 3.0 1.5
Healthcare -1.51%
145⅛ 80⅝ Taylor Wimpey 116¼ +¼ 8.1 6.4 230½ 147⅜ Edin Worldwide ● 152¼ -⅝ — 185 681 479¾ Auto Trader 607⅝ +8 1.4 23.7 104¼ 52⅝ Currys ● 56¼ -2¼ 5.6 8.9 248⅝ 99¾ Mitchells&But ● 159½ +1 — 72.5 41¼ 33⅜ Keurig Dr Pep $ 34⅜ -¼ 2.3 1.3
514 334¾ Mediclinic Int ● 499⅝ +1⅝ — 24.4 118 74⅝ European Assets 91⅜ — 6.3 99 492½ 349 Bloomsbury 458 — 2.4 22.1 1292 659½ Dunelm ● 1148* -16 7.1 13.6 274⅜ 111⅛ National Ex ● 117¼ -¼ 4.3 -3.0 101½ 64 Manpower $ 78 +⅝ 3.5 2.6
Electricals +0.55%
1338½ 959¼ Smith & Nep 1152 -25½ 2.6 55.7 992 769 F&C Inv Trust 910 -5 1.5 923 707⅝ 498¾ Informa 674 -18¾ 1.5 6.1 1001¾ 573⅝ Frasers Group 755 -5 — -45.8 636 360¾ Playtech ● 540 -9 — 20.9 33⅜ 19⅜ Marathon Oil $ 22⅛ -¼ 1.6 15.1
Government securities
52 week Flat Rdm 385 190¾ Dialight 198¼ +¾ — — 536 413⅝ Fidelity Asian V 506 +2 2.8 525 96⅝ 54 ITV ● 82½ -⅛ 6.1 7.7 2820 1650 Greggs ● 2682 +14 2.2 22.6 153⅝ 52⅜ Rank Group 70 -2¼ — 28.0 302 228⅜ McDonalds $ 270⅛ +2¼ 2.3 1.4
High Low (£) Stock Price (£) +/- Yield Yield Household goods -0.57%
927 586 discoverIE Grp ● 778 +2 1.4 28.7 303½ 178¼ Fidlty Chna Sp Sits ● 249 +3 2.2 268 1006¼ 680 Pearson 819¾ -4¾ 2.6 38.9 271¾ 123⅞ Halfords 176¼ -3¼ 5.1 4.7 72¾ 25 Restaurant Gp 41½ -¾ — -4.6 115½ 79¼ Merck $ 103⅝ -⅞ 2.8 2.0
104.69 101.36 Treas 5% 25 102.73 +0.38 4.87 3.54 2598 1855¼ Halma 2111 +12 0.9 32.7 2606 1473½ Burberry 2361 -9 2.2 24.0 351 258½ Fidelity Euro Tst ● 336 +½ 2.3 360 196¼ 64⅜ Reach 77 +1 9.5 4.6 832¼ 472¼ Howden Joinery ● 687¾ -7⅜ 3.0 10.5 2536 1014½ TUI AG ● 1413½ +3½ — -9.4 316 213⅜ Microsoft $ 279½ +7¼ 1.0 3.3
115.19 109.23 Treas 6% 28 114.14 +0.97 5.26 3.26 4482¾ 3238 Renishaw ● 4056* +16 1.8 24.5 45⅛ 15¼ McBride 26½ +¼ — -1.9 189½ 143 Fidelity Japan Tst 172 +1½ — 194 2619 2064 RELX 2583 -22 2.1 30.3 213⅛ 88⅜ JD Sports Fash 171 -1⅛ 0.3 23.9 833 388⅜ Wetherspoon ● 581 -11 — 38.2 56⅜ 39¼ Pfizer $ 40⅜ +⅜ 4.1 3.4
125.32 97.02 Treas 4¼% 32 108.11 +1.00 3.93 3.22 3845 1402 XP Power 2090 +35 4.5 -20.5 223 163⅜ PZ Cussons ● 179⅝* +1¼ 3.6 15.5 298 232 Fidelity Sp V ● 272 +2 2.8 291 669 437¾ Rightmove 564 +5¾ 1.5 26.5 294¾ 198⅝ Kingfisher 263¾ -7½ 4.7 11.1 3651⅞ 2245½ Whitbread 2889 -41 2.0 — 164⅞ 122⅛ Procter & Gamble $ 144½ +½ 2.5 1.6
131.83 124.42 Treas 4¼% 36 107.72 +1.16 3.95 3.50 6824 5400 Reckitt Benck 5984 -38 3.1 36.0 900 731¾ Finsbury Gwth ● 878 -1 2.1 927 1095½ 713 WPP 945¾ -7¾ 4.2 15.2 101⅝ 59¾ Lookers 81⅝ -⅜ 4.3 5.2 108⅞ 80¼ Raytheon Tech $ 96½ -¼ 2.3 1.6
Electricity +0.62% AIM +0.87%
144.69 96.52 Treas 4¾% 38 113.01 +1.28 4.20 3.65 163 122 Glbl Small Co Trust ● 142 -¼ 1.3 162 168¾ 91½ Marks & Spen ● 156¾ +2⅛ — 10.0 309⅜ 190⅛ Rockwell $ 280⅞ +3¼ 1.7 2.0
Information technology +0.55% Mining -0.22%
Index Linked Securities 845⅞ 467¼ Drax Group ● 593½ -8½ 3.5 27.9 78¾ 56¼ Hend Div Inc Tst 67⅞* +¼ 6.5 71 13 6 Mothercare 8½ — — 5.3 34 20 Afentra 20¾ -¼ — -11.1 196¼ 120⅝ Trane Tech $ 183⅝ +2 1.6 2.5
390.60 357.55 Treas 2½% IL 24 374.82 +2.14 0.67 0.86 1271½ 844¼ Nat Grid 1056 +9 4.9 16.1 431⅛ 289⅜ Aptitude Sftwre 371 +8 1.5 82.4 181 137¼ Hend High Inc 169½ -1 6.0 169 4292½ 2437½ Anglo Amer 2586½* -17½ 6.2 8.6 7082 4306 Next 6804 -16 2.8 30.5 1050 625 Arbuthnot 917½ — 4.3 20.3 160¾ 117¼ Wal Mart Strs $ 140¾ +1¼ 1.6 1.9
387.96 299.91 Treas 4⅛% IL 30 346.38 +2.25 1.19 0.00 1935½ 1405 SSE 1737 +6½ 5.1 6.0 823 587¼ Sage Gp 749 +5⅜ 2.5 29.4 185 153 Hend Intl Inc 173¼ -2¾ 4.3 183 1837½ 971¼ Antofagasta 1557 +20½ 3.1 12.3 1249½ 380¼ Ocado 447⅜ +12¼ — -7.6 2660 1665 BrooksMacdonald 1780* +20 4.1 11.9 144½ 84⅛ Walt Disney $ 96⅜ +1½ — —
304.96 205.34 Treas 2% IL 35 251.01 +2.22 0.80 0.15 294 160¼ Spirent ● 174¾* -1¾ 3.6 13.1 1020 674⅜ Hend Smaller Co ● 822 +8 2.9 904 3040 1998⅝ BHP Group 2361½* -10 9.1 4.8 29 16¼ Pendragon 16½ +¼ — 5.0 ½ ¼ Cambria Africa # ¼ — — 11.3 21 11¾ Xerox Hldgs $ 14¾ -⅛ 6.8 2.1
Engineering / Industrial +0.23%
10-year Government Bonds 1290 942½ Hend Opp 1015 -27½ 3.4 1192 127⅝ 74⅛ Centamin ● 104 +4⅛ 3.9 20.4 268¼ 71⅛ Saga 130 -⅝ — -1.9 299 204 Central Asia Met 255 +1 8.6 6.6
Insurance -0.96% Europeans -0.27%
380 270 Castings 330 -15 5.0 16.8 1966 1540 Herald Inv ● 1780 +20 — 2074 81 81 Evraz # 81 +⅛ — 0.5 272¼ 168¾ Sainsbury J 262⅝ -1⅝ 5.3 8.8 843¼ 296 Ceres Power 354 -1 — -30.7
Spread vs Spread vs
Yield% Bunds T-Bonds 82⅜ 50¼ Coats Group ● 75¾ -⅜ 2.6 -95.2 237 131 abrdn 208⅝ -⅜ 7.0 7.8 457½ 310 HgCapital ● 337 -6 2.1 454 996¾ 637¼ Fresnillo 735 +8 1.8 24.5 1728⅞ 1110 Smith WH ● 1444 -26½ 0.6 -23.1 1600 1020 Churchill China 1255 -10 2.2 33.2 85⅛ 55 AkzoNobel € 67¾ -1 2.9 2.3
France 2.71 +0.56 -0.76 1300 575 Cropper J 615 -20 1.5 43.3 2646⅝ 1691½ Admiral 2010 +15 7.8 6.0 185 138⅞ HICL Infrastructure ●153⅜* -⅜ 5.4 166 584½ 395⅜ Glencore 451⅝ +1½ 7.9 4.2 307¼ 194⅜ Tesco 253¾ -5¼ 4.6 13.1 596 332¼ CML Micro 540 — 1.9 72.5 103¾ 68½ BMW € 98⅞ +⅝ 5.9 3.2
Germany 2.15 - -1.32 3980 2350 Goodwin 3630 -110 3.0 21.5 606⅝ 341⅞ Aviva 416 -4¾ 7.5 6.3 298 216 Highbridge Tactical 282 +1 — 264 148½ 50⅜ Hochschild Mng 77 +3⅞ 4.6 6.8 574⅝ 384 Cohort 467 +2½ 2.7 20.7 21⅜ 13⅞ Carrefour € 17¾ -¼ 2.9 2.4
Support services -0.89%
Japan 0.30 -1.85 -3.17 1641 1069 IMI ● 1495 -3 1.7 20.3 735⅞ 385⅜ Beazley 557* +7½ 2.4 26.4 1223¾ 928 ICG Enterprise Tst ● 1016 — 3.0 1855 533 367⅛ Kenmare Res 462 +1½ 9.5 4.8 1⅜ ¾ Deltex Medical 1⅛ — — -6.8 79¼ 44¼ Continental AG € 66⅜ -½ 2.3 0.2
Great Britain 3.22 +1.07 -0.25 169¼ 94⅞ Melrose Ind 159⅞* +5¾ 1.5 -21.9 282⅝ 143 DirectLineIns ● 144 -3½ 5.3 -33.5 376 279 Invesco Asia Trust 340 — 4.4 379 409¾ 122 Polymetal 215 -7½ 17.0 -4.3 6012 3269 Ashtead Gp 5000 -104 1.4 32.1 105 62 Eleco 76 — 0.8 23.0 75⅞ 50¼ Daimler € 70¾ -½ 7.4 4.1
United States 3.47 +1.32 - 1719 1244½ Mondi 1301 -7 4.8 6.0 1152½ 789¼ Hiscox 1066½ -3 2.7 — 546 373½ InvesPerpUK Sm Co 435 -5 5.2 487 6406 4424½ Rio Tinto 5288* -31 7.7 8.5 3249 2542 Bunzl 3047 -7 2.1 21.5 107 65 Finsbury Food 94 — 2.7 11.2 58⅛ 46¾ Danone € 56⅛ -⅛ 3.6 0.7
The share prices, price-earnings ratios and dividend yields 75½ 46⅝ Severfield 61 -¾ 5.2 12.0 670 360⅜ Lancashire Hldg ● 539 -9 2.3 -664.1 738 624 JPM Claverh’se 668 -2 4.9 697 44⅞ 20 Capita 37⅝ -¾ — 8.4 58 24⅛ Futura Medical 42¾ … — -23.4 46½ 29⅝ Deutsche Post € 42⅝ +½ 4.3 2.4
below are supplied by Interactive Data (Europe) Ltd. The Oil & Gas -1.69%
yields are calculated using historic dividend payments 1807 1352½ Smiths Gp 1715½ +2½ 2.3 6.4 311⅛ 201⅜ Legal & General 228⅞ -6⅝ 8.5 6.0 97¾ 73⅜ JPM Eur G&I 92¼* -⅝ 4.3 103 20¾ 12½ Carillion # 14¼ — — 0.5 37 23 Hornby 24½ — — 27.5 22⅛ 16½ Deutsche Tele € 21⅞ … 3.2 1.2
divided by the closing share price multiplied by 100.
369⅛ 238⅛ Smith (DS) 310⅞ +1 5.2 15.2 690⅜ 501 Phoenix 557⅝ -11 9.1 -3.0 528⅞ 408½ JPM Japanese ● 463½ +1½ 1.3 504 570⅝ 359¼ BP 498¾* -5¾ 3.9 16.4 6508 3986 DCC 4358 -6 4.1 13.8 256¾ 165½ James Halstead 187 +6¾ 4.1 19.3 99⅜ 78¼ Heineken € 97⅝ -¼ 1.8 2.7
3798⅝ 2415 Smurfit Kappa 2920 -35 4.2 9.0 1381½ 782⅜ Prudential 1066 -8 1.4 -16.9 384 301 JPM Jpn SmCp G&I 324 +11 4.5 356 263¼ 191⅜ Capricorn Ener ● 233¼ -2¾ — 1.6 118¾ 50⅝ De La Rue 53¾ +¼ — 4.9 1394½ 637⅜ Jet2 1278½ +9½ 0.2 -8.7 830¾ 535 LVMH € 820¾ +5⅞ 1.5 2.3
Aerospace & defence +0.64%
52 week 13140 9008 Spirax 11325 +65 1.3 37.1 1520 904⅝ St. James’s Place 1191 — 4.4 16.0 1130 735 JPM Mid Cap 873* -7 3.4 1016 37⅜ 16⅛ EnQuest 18⅛ +¼ — -0.6 336 165 Essentra ● 179⅜* +1⅝ 3.5 20.2 103¼ 62¼ LifeScienceREIT 62¼ -⅜ 6.4 104 59½ 39¼ LafargeHolcim SFr 57⅝ -1⅛ 4.3 2.2
High Low (p) Stock Price (p) +/- Yld P/E 1556 800 Videndum ● 840 +7 4.8 11.8 812¾ 459¼ Land Secs 583¾* -6⅝ 6.8 — 356½ 185⅜ Hunting ● 238 +4 3.1 -2.0 3160 2242 Experian 2638 -21 1.7 25.5 534 210 Mpac Group 255 — — -115.9 11⅛ 5¼ Lufthansa € 9⅞ … — —
Investment trusts +0.20%
371⅜ 262¼ Babcock Intl ● 307 -6¾ — 9.4 2072 1312 Weir 1800 -12 1.8 18.1 52 week 136½ 99 Lowland Inv 122½ -2 5.0 133 161¼ 54 Petrofac 54 -3⅞ — -1.3 12460 8602 Ferguson 10690* -105 3.5 19.5 746⅝ 255 MS Intl 515 — 1.8 16.7 5¼ 4⅛ Nokia OYJ € 4⅜ … 1.8 9.4
High Low (p) Stock Price (p) +/- Yld NAV
978⅜ 698¼ BAE Systems 975 +17 2.8 19.1 220¼ 156¾ Majedie 212 +2 4.1 245 2613½ 1908⅝ Shell 2272* -45½ 3.7 10.8 5368 3485 Intertek Group 4002 -37 2.6 22.3 298¼ 170 Numis 216½ +1½ 6.2 17.5 30⅝ 22 Michelin € 27⅝ -⅛ 4.5 2.2
Food producers -0.70%
396¼ 292 QinetiQ ● 328⅜ -4⅜ 2.3 20.9 1685 1042 3i 1583½ +14½ 3.2 1626 358 272⅛ Mtn Currie Port 332 -2 1.3 334 255 102 Wood Grp (John) ● 206¾ +2¼ — -12.4 283⅝ 111¼ IWG ● 150¾ -8½ — -13.5 156 84¾ Premier Miton 100½ -1 10.0 15.4 206½ 166⅝ Pernod Ricard € 206⅜ -⅛ 2.0 1.5
160 64½ Rolls–Royce 147⅜ -1⅞ — -9.7 2076 1223 Ass Brit Fds 1955 -10 2.2 22.1 368½ 281½ 3i Infrastructure ● 311½ — 3.5 320 226 158⅜ Mercantile InvTr ● 192¾ — 3.6 229 126¼ 69 Johnson Serv 121 +¾ 2.0 18.6 55 23⅝ SRT Marine Sys 43¾ +5¾ — -12.4 29 12⅛ Philips (Kon) € 15¼ -⅛ — —
Pharmaceuticals +0.13%
178 111 Senior ● 150⅝ -⅝ 0.9 31.0 2201 1496 Coca–Cola HBC 2171 -23 2.9 21.7 103 81 Aberdeen Diversified 83⅛* -½ 6.8 115 606 480 Merchants Tst ● 557 -5 4.9 554 87¾ 49⅛ MITIE Gp ● 81¼ -1¼ 2.6 22.6 96 36¼ Tribal Gp 37⅝ +¾ 3.5 11.1 152¼ 93⅝ Siemens € 145⅛ +¼ 2.9 1.1
3768 2548 Cranswick ● 2970 +20 2.6 16.8 614 497 Aberdeen New India 506 -2 0.2 632 183 145 MomentumM-A V 156* — 4.6 156 11886 9399 AstraZeneca 10998* +22 2.2 63.9 565⅜ 441¼ Rentokil 564 +3¾ 1.3 48.7 53¾ 20⅜ Union Jack Oil 24¾ +¼ — -29.8 28⅜ 19 Societe Gen € 21¼ -½ 8.0 1.0
Banks -2.46%
1257 495⅜ Hilton Food ● 697 +5 4.1 15.5 1054 876 Alliance Trust ● 965* -6 2.5 1017 1138 875 Monks ● 946½ -5½ 0.2 1065 4310 2473⅜ Dechra Pharma ● 2578* +16 1.8 48.0 596 325 Ricardo Gp 546* -8 2.0 39.6 7 1¼ Xtract Resources 1⅜ … — -3.4 17¾ 11⅛ Stellantis € 16¼ … — —
198⅞ 128⅛ Barclays 139¾* -2⅞ 5.2 4.5 208 95¼ REA Hldgs 99¾ — — -36.1 287 199⅜ Allianz Tech Trust ● 223 +½ — 254 903½ 715 Murray Income ● 840 -5 4.3 900 3364 2186 Genus ● 2942* +30 1.1 47.1 750 418⅛ Robt Walters 481 -19 4.9 8.6 1490 863 Young & Co – A 1066 +26 1.9 18.1 135⅝ 108⅛ Thales € 136⅜ +1⅛ 2.2 2.2
1259 843 Close Bros ● 893 -30 7.4 8.1 4868⅝ 3351⅝ Unilever 4172½ -30 3.5 15.7 461 345 Asia Dragon Trust 399 +1 1.6 460 1376 1128 Murray Intl ● 1318 +4 4.2 1311 3408⅛ 1280⅞ GSK 1437¾* -⅜ 3.9 3.9 44⅞ 27 SIG 41⅝ +⅛ — 32.0 830 535 Young & Co – N/V 702 -27 2.9 17.8 60⅞ 44 Total € 53⅜ -1 5.3 2.8
653¾ 434¾ HSBC 548¼* -16⅜ 4.7 9.0 348 204½ Baillie Giff China 265 +6 2.7 289 63 52 Northern 2 VCT 54½ — 6.6 59 2137 1174½ Hikma ● 1673 -32½ 2.7 24.6 199 136½ Serco Group ● 153¾ -1⅛ 1.9 11.8 The Alternative Investment Market is for young and growing 20⅞ 13⅞ UBS AG SFr 17⅞ -¾ 2.8 3.6
Gas & Water +1.20% companies. Shares may carry higher risks than those with a
54⅜ 38½ Lloyds Bk Gp 46⅞ -⅞ 5.1 6.4 111¼ 73½ Baillie Giff Euro Gwth 93⅝ +⅜ 0.7 108 95¼ 82 Northern 3 VCT 84½ — 5.9 92 2020 1320⅜ Indivior ● 1414 +8 — -45.8 1357½ 707¾ Travis P ● 950 -7 4.1 10.5 full quotation, and may be difficult to sell. 29⅞ 18⅞ Veolia Environ € 26⅞ -¼ 4.2 0.6
313⅛ 210⅞ NatWest Group 268⅛* -1⅛ 5.0 7.9 108⅛ 65¾ Centrica 104¾ +1½ 2.9 -7.9 124¼ 68½ Balanced Comm Prp ●81½* +¼ 5.9 118 66½ 55 Nthn Venture 57½ — 7.0 62 240 144⅜ Volkswagen € 154¾ -2 4.8 3.9
Property +0.16% Telecommunications -0.78%
343½ 193⅜ Santander 294 -8⅛ 2.9 16.6 1124 735 Pennon Gp ● 861* +4 4.6 — 110¼ 90⅞ Bankers Invstmt Tst ● 99¼ -¾ 2.4 109 384 303 Pacific Assets 356 — 0.5 379
Americans +0.92% Recent issues
799⅜ 478⅝ Standard Ch 632⅜* -19⅝ 2.3 9.1 3228 2167⅜ Severn Trent 2833 +37 3.7 -80.5 1048 722⅜ Biotech Growth 784 -11 — 852 325 229¼ Pantheon ● 236½ -2½ — 460 20⅛ 12 Alina Hldgs 12¾ — — 26 196⅝ 110½ BT Group 139⅝ -1⅜ 5.5 10.8 52 week 52 week
High Low Stock Price +/- GrsYd Cvr High Low (p) Stock Price (p) +/- Yld P/E
1186⅞ 813¼ Utd Utilities 1052½ +11½ 4.2 -126.8 151 95 BlackRockEnrgy&Res 124 -1 3.5 127 202 132½ PremierMitonGlb 137½* — 5.1 166 72⅜ 46⅞ Assura ● 49½* +⅜ 6.3 — 2530 1470 Telecom Plus ● 1898 -22 3.4 42.1
Beverages -1.14%
144½ 116½ BlckRock FroInv 131 -¾ 4.3 139 2610 1792 RIT Cap Ptnrs ● 1888 -4 2.0 2432 1572 938½ Big Yellow Gp ● 1138 +12 3.8 — 132¼ 83¼ Vodafone 90¾ -⅝ 8.5 14.3 98⅛ 33½ Alcoa $ 40⅝ +⅝ 1.0 1.7 1¼ ¾ Celsius Resc ⅞ — — -4.5
General financial +0.15%
4067 3363 Diageo 3563* -41 2.2 25.4 568 396 BlckRck Grt Euro 520 +10 1.3 550 329 283 Ruffer Inv Pref ● 304 +½ 0.9 298 546¾ 317¾ Brit Land 367¾ -7¼ 6.3 — 194 130⅝ Amer Express $ 163⅝ +⅞ 1.5 4.1 329½ 275 Dar Global 300¼ -2¼ — —
Tobaccos -4.86%
286⅜ 177¾ Ashmore ● 240⅜* -3⅜ 7.0 17.9 206 164 BlckRck Inc&Grth 185 -2½ 3.9 204 470 366½ Schroder Asian TR 426 +1½ 2.6 447 231 127¾ CLS Hldgs ● 130¼ -3 6.1 -6.4 44⅜ 27⅝ BankAmerica $ 27¼ -⅜ 3.2 3.6 19 17 Fulcrum Metals 17¾ — — —
Chemicals +0.60%
378¾ 166¼ Bridgepoint Grp ● 205¼ -1 3.9 13.7 457 330 BlackRock Latin 339 -8 6.3 381 536⅝ 434 Scot American ● 496* -1 2.8 510 67 42¾ Cap&Regional 57⅞ — 9.1 — 3645 2823½ Brit Am Tob 2823½ -165½ 8.2 9.6 221⅜ 113 Boeing $ 196⅞ +¾ — —
8082 5862 Croda Intl 6464 +62 1.7 13.9 1065 735⅝ Hargreaves L 805¼* +5⅜ 5.0 12.9 215 183 BlckRckSustAmInc 183½ -¾ 4.4 193 1081⅞ 643¼ Scot Mortgage 670 +14¼ 0.5 817 3325 1783 Derwent Ldn ● 2262 -42 3.5 — 2185 1579½ Imp Brands 1875½* -44 7.5 11.3 266 160⅝ Caterpillar $ 220¾ +⅞ 2.2 2.6
2536 1755 Johnson Mat 1955 +4½ 3.9 18.4 851 646¾ IG Group ● 712 +5½ 6.2 6.0 1694¾ 1162 BlackRock Small ● 1298 +12 2.8 1497 242 205 Sec Tst of Scot 213 -1 2.9 213 739 388⅛ Gt Portland Est ● 489⅜ -7⅝ 2.6 — 189⅝ 132½ Chevron $ 155⅛ -⅞ 3.9 3.0
Transport -0.53%
1953⅛ 1522 Victrex ● 1667 -12 3.6 19.0 1867 937 IntermediateCp ● 1215½ -12½ 6.8 6.5 767 478 BlkRk Throg Tst ● 570* -2 1.9 604 178¼ 92⅞ Shaftesbury Capital ● 113 -⅝ 3.1 33.2 315 202¾ Grainger ● 228⅜ +1¾ 2.6 7.4 57⅝ 41¾ Coca–Cola Euro $ 57 +¼ 3.0 1.1
556¼ 336¼ Investec ● 447¼ -3½ 6.1 8.6 805 524 BlackRock Wld M ● 650* +5 6.2 634 1666 1120 Smithson Inv Tst ● 1354 +20 — 1466 35 17 Hammerson ● 22⅝ -⅜ 1.8 — 374¾ 173⅝ Int’l Dist Service ● 229⅜ -¾ 8.7 3.7 83¾ 67⅞ Colgate Palm $ 72¼ +⅛ 2.7 1.1
Construction -1.10%
97⅛ 51¾ IP Group ● 57 -⅜ 2.2 -1.7 1115 888 Brunner 1055* -10 2.0 1166 487½ 263 TR Property ● 282 -1½ 5.3 313 454¾ 292¼ Helical 297½ -13 3.8 4.1 442½ 276½ Redde Northgate ● 348 -6 6.5 8.4 79 49½ DuPontDeNemrs $ 68½ +⅜ 2.1 1.4
377⅜ 232⅝ Balfour Beatty ● 372⅜ +7⅝ 2.8 17.5 1348 692 Liontrust ● 1062 +8 6.8 10.9 4065 3015 Caledonia ● 3440 +10 1.9 4993 166 128⅝ Tmpletn Em Mt ● 149¾ +1⅝ 3.2 171 1423 744½ Safestore ● 923½* +6½ 3.2 — 426½ 187 Wincanton 205½ +2½ 6.0 5.3 126½ 79¼ Exxon Mobil $ 104 -⅝ 3.5 3.6
564¼ 313 Barratt Dev 444¾ +4¾ 8.1 8.8 39⅝ 32¼ Lon. Fin. & Inv. 37 — 3.1 -26.4 432 366½ City of Lon ● 406½ -3½ 4.9 399 78 64⅜ Troy Inc & Gr 70½ +⅞ 2.8 72 1204 750 Savills ● 947½ +8 3.8 10.9 47¼ 23⅞ Foot Locker $ 38½ -½ 4.2 2.8
Travel & Leisure -0.45%
2865 1572 Bellway ● 2035 -14 6.9 10.3 8612 6710 Lon Stock Ex 7780 +98 1.4 33.3 232⅛ 147½ CQS Nat Res G & I 170½ -1 3.3 204 126¼ 115 UIL Fin ZDP 2024 123½ — — 128 1408 669¼ Segro 737¾* +11¾ 3.6 — 95⅛ 59⅞ Gen Electric $ 91⅝ +2 0.3 1.7
4505 3120 Berkeley Grp 4034* -26 2.2 9.7 229⅞ 159¼ M&G 182* -4¼ 10.8 -2.8 270 214 CT Glbl Mgd G 226 -1 — 227 117⅝ 104 UIL Fin ZDP 2026 114 — — 127 182⅜ 123½ Town Centre 139 -5 3.6 — 1460½ 482⅞ Carnival ● 669⅝ +1¾ — -1.6 347¼ 264½ Home Depot $ 283 +⅜ 3.0 2.0 Bold FTSE100 Stocks ● FTSE250 Stocks
* Ex-dividend † Ex-scrip ‡ Ex-all
349 215 Boot H 225 +3 3.0 10.6 293¾ 202⅞ Man Group ● 242 +1⅝ 5.3 6.3 140 112 CT Glbl Mgd I 118* -½ 5.7 117 227½ 197½ Utilico Emerg 206* -2 4.0 238 251⅜ 120⅛ Tritax Big Box ● 135½* +¾ 5.2 190 604¼ 276⅞ easyJet ● 477 -7⅞ — -21.3 221 166⅝ Honeywell $ 187¾ +⅝ 2.2 1.8 § Ex-rights # Suspended
56⅞ 32⅛ Costain 55⅜ -⅛ — 5.9 177⅝ 79 Quilter ● 85⅞ +1 5.2 7.0 506 375½ CT Priv Eq Ord 440 -9 5.6 710 237½ 199¾ Witan ● 221 -1 2.6 243 178 94½ Warehouse REIT ● 95⅜* +⅜ 6.9 152 1702½ 994⅝ Entain 1204* -11 1.4 — 41½ 24⅛ HP $ 28 +⅛ 3.8 2.5 Cover relates to the previous year’s dividend.
Yields are net of basic rate tax.
4412 2736½ CRH 4048* -81 2.5 9.8 2245 1553¼ Rathbones Grp ● 1882 -2 4.5 14.1 101 60¾ CT Property Trust 62* +¼ 6.5 95 3500 2820 Worldw HealthTr ● 3050 -15 0.9 3346 735⅝ 335¼ Workspace Gp ● 453⅝ +1¼ 5.0 — 145⅝ 89½ FirstGroup ● 102¼ -2 2.6 1.7 153¼ 115½ IBM $ 124 … 5.3 0.3
Data is provided for information purposes only and is not
1054 621⅞ Grafton Gp ● 859 -6½ 3.8 9.6 2520 1900 S & U 2360 +85 5.5 7.5 326 256 CT UK Cap & Inc 288* -2 4.1 300 Net Asset Values © 2023 Morningstar Estimated at previous 14370 7340 Flutter Entrtmt 14205 +85 — -83.2 52½ 24⅝ Intel $ 28¾ +⅝ 1.7 3.9 intended for trading purposes. Speak with a financial
advisor before using any data to make transactions.
day’s close see www.Morningstar.co.uk.
Winners and losers (pc) Major price changes FTSE 100 World market indices Exchange rates £ > € Rate 1.1315 Change -0.19¢ £ > $ Rate 1.2322 Change +0.91¢
Ç Gas & Water 1.20 Risers 36 Volume Close Change Fallers 63 Volume Close Change Index Change
Ç Melrose Ind 15.83m 159⅞ 3.70pc È Brit Amer Tob 7.53m 2823½ -5.54pc È Australia All Ordinaries 7148.60 -52.10 -0.72pc Tourist £1 = Sterling £1 = 1 Euro = 1 Dollar =
Ç AIM 0.87 Ç Endeavour Mg 0.32m 1843 2.90pc È Schroders 1.34m 445⅜ -3.88pc È Brazil Bovespa 97926.34 -2294.29 -2.29pc Australia Aus $ 1.7331 1.8338 1.6207 1.4883
Ç Ocado Group 4.05m 447⅜ 2.83pc È Standard Chart 9.09m 632⅜ -3.01pc Ç China Shanghai Composite 3286.65 +20.90 +0.64pc Canada Can $ 1.6040 1.6830 1.4874 1.3659
Ç Aerospace & defence 0.64
Ç Scot Mort Inv Tst 6.15m 670 2.17pc È HSBC 116.15m 548¼ -2.90pc Ç France CAC General 7139.25 +8.13 +0.11pc Denmark Krone 8.0038 8.4291 7.4498 6.8410
Ç BAE Systems 17.09m 975 1.77pc È Legal&Gen 21.90m 228⅞ -2.80pc È Germany DAX 15210.39 -5.80 -0.04pc Euro € 1.0779 1.1315 … 0.9183
Ç Electricity 0.62
Ç Segro 5.22m 737¾ 1.63pc È Kingfisher 7.74m 263¾ -2.77pc Ç Hong Kong Hang Seng 20049.64 +458.21 +2.34pc Hong Kong HK $ 9.1744 9.6720 8.5483 7.8497
Ç Chemicals 0.60 Ç Centrica 21.97m 104¾ 1.50pc È Informa 6.51m 674 -2.71pc È India BSE S&P SENSEX 57925.28 -289.31 -0.50pc India Rupee 89.2400 101.3628 89.5866 82.2650
Ç Beazley 3.87m 557 1.36pc È Imp Brands 1.90m 1875½ -2.29pc È Japan Nikkei 27419.61 -47.00 -0.17pc Israel Shekels 4.0107 4.3692 3.8616 3.5460
Ç Electricals 0.55 Ç Unite Group 0.67m 898 1.35pc È M&G 7.64m 182 -2.28pc È Singapore Straits Times 3219.00 -1.98 -0.06pc Japan Yen 153.5000 161.4055 142.6535 130.9950
Ç Antofagasta 1.89m 1557 1.33pc È Smith&Neph 4.78m 1152 -2.17pc È Spain Madrid SE 892.11 -4.23 -0.47pc Kuwait Dinar … 0.3770 0.3332 0.3059
Ç Information technology 0.55 Ç Auto Trader Grp 2.82m 607⅝ 1.33pc È Convatec 3.80m 219 -2.06pc È Switzerland SMI Index 10718.54 -63.74 -0.59pc New Zealand NZ $ 1.8243 1.9612 1.7333 1.5917
Ç Severn Trent 1.44m 2833 1.32pc È Ashtead Group 0.71m 5000 -2.04pc Ç USA Dow Jones 32105.25 +75.14 +0.23pc Norway Krone 12.2100 12.6779 11.2050 10.2892
Ç Engineering / Industrial 0.23
Ç Lon Stock Ex 0.82m 7780 1.28pc È Barclays 75.88m 139¾ -2.02pc Ç USA Nasdaq 11787.40 +117.44 +1.01pc Pakistan Rupee 327.9500 348.5445 308.0509 282.8750
Ç Fresnillo 0.54m 735 1.10pc È Tesco 16.65m 253¾ -2.01pc Saudi Arabia Riyal 4.3245 4.6287 4.0909 3.7566
Ç Investment trusts 0.20
Ç Utd. Utilities 1.55m 1052½ 1.10pc È CRH 0.99m 4048 -1.96pc Singapore $ 1.5234 1.6320 1.4424 1.3245
È Support services -0.89 Ç Barratt Dev 10.37m 444¾ 1.09pc È Shell 11.39m 2272 -1.96pc Commodities summary South Africa Rand 21.0100 22.2326 19.6497 18.0437
Ç Haleon 39.65m 332½ 1.06pc È Phoenix 3.88m 557⅝ -1.93pc Sweden Krona 12.0400 12.6434 11.1745 10.2613
È Retailers -0.92 Ç Rightmove 2.29m 564 1.04pc È British Land 6.59m 367¾ -1.92pc Price Change Switzerland Franc 1.0755 1.1269 0.9960 0.9146
Ç Croda Intl 0.65m 6464 0.97pc È Lloyds Bk Gp 235.48m 46⅞ -1.92pc Ç Gold per troy oz $1992.60 +23.20 +1.18pc Thailand Baht 37.5700 41.9793 37.1022 34.0700
Ç 3i 3.54m 1583½ 0.92pc È B&MEurValRtl 2.35m 474¾ -1.43pc È Silver per troy oz £18.75 -0.03 -0.18pc UAE Dirham 4.2436 4.5252 3.9994 3.6726
È Insurance -0.96
Ç Natl Grid 6.33m 1056 0.86pc È Whitbread 0.71m 2889 -1.40pc Ç Krugerrand £1636.58 +15.29 +0.94pc UK £ … … 0.8839 0.8116
Ç Admiral 1.56m 2010 0.75pc È Rolls Royce 37.70m 147⅜ -1.26pc Ç New Sovereign £372.50 +2.13 +0.58pc USA $ 1.1760 1.2322 1.0890 …
È Construction -1.10
Ç Maples £1633.28 +16.80 +1.04pc Tourist rates for indication use only. www.travelex.co.uk
È Beverages -1.14
Results Roundup È Platinum per oz £801.78 -0.28 -0.04pc
Company Turnover(£) Pre - tax(£) EPS(p) DIV(p) Pay Day XD È Palladium per oz £1157.69 -25.78 -2.18pc Money & Rates
Audioboom Group $ Fin 74.9m (60.3m) -429k (1.7m) -4.700 (45.000) 8.000 (0.000) tba tba È Copper† grade A £7295.08 -4.81 -0.07pc
È Healthcare -1.51
Carr’s Group Fin 124.2m (120.3m) 7.6m (7.5m) 6.400 (6.200) 2.850 (2.650) May 12 Apr 13 Ç Tin† high grade £19720.82 +425.59 +2.21pc RPI (1987=100) Feb 364.50 +1.2pc +13.8pc
Energean $ Fin 737.1m (497.0m) 107.0m (-90.7m) 10.000 (-52.000) 0.000 (0.000) - - È Lead† £1720.09 -12.39 -0.72pc RPIX (Target 2.5pc) Feb 363.60 +3.8 +12.9pc
È Oil & Gas -1.69
Gulf Keystone Petroleum $ Fin 460.1m (301.4m) 265.8m (163.7m) 123.520 (77.140) tba (11.561) Jul 21 Jul 06 È Zinc† special high grade £2349.86 -2.36 -0.10pc CPI (2015=100 target 2pc) Feb 127.90 +1.1pc +10.4pc
È Banks -2.46 Inchcape Fin 8.1bn (6.9bn) 333.1m (148.8m) -3.000 (30.000) 21.300 (16.100) June 2023 tba Ç Aluminium† high grade £1887.68 +19.48 +1.04pc Halifax house price index Feb 492.30 +1.10pc +2.1pc
JPMorgan UK Smaller IT Int – (–) 2.2m (2.9m) 2.800 (3.650) 0.000 (0.000) - - È Nickel† £18288.43 -324.11 -1.74pc
È Tobaccos -4.86 Playtech € Fin 1.6bn (1.2bn) 95.6m (605.0m) 29.200 (226.300) n/a (n/a) - - Ç Baltic Dry Index* 1484.00 +28.00 +1.92pc Bank Rate 4.25pc Nationwide Base Mortgage Rate 6.00pc
Pollen Street Fin – (–) 26.9m (31.8m) 62.400 (90.200) 16.000 (20.000) Mar 31 Mar 02 Æ Wheat per tonne £191.00 unch unch 1 month 4.18pc US Fed Funds 4.75-5.00pc
Symphony International $ Fin 14.7m (182.2m) 7.6m (122.5m) 1.480 (23.860) 0.000 (0.000) - - È Brent Crude May settlement $75.91 -0.78 -1.02pc 3 months 4.37pc US Long Bonds Yld 3.72pc
Wickes Group Fin 1.6bn (1.5bn) 40.3m (65.4m) 12.600 (23.300) 7.300 (8.800) Jun 07 Apr 20 6 months 4.66pc European base rate 3.50pc
*Copyright Baltic Exchange Information Services Ltd. †Data provided by the London Metal Exchange.
Mid Change Mid Change Mid Change Mid Change Mid Change Mid Change Mid Change Mid Change
Name Init chge Sell Buy on day
Name Init chge Sell Buy on day Name Init chge Sell Buy on day Name Init chge Sell Buy on day
Name Init chge Sell Buy on day Name Init chge Sell Buy on day
Name Init chge Sell Buy on day Name Init chge Sell Buy on day
Inflation-Linked Corp Bd 0% 108.57 +0.23 Inst UK IDX Opp Tr – 113.1001 … Jupiter Multi Asst Inc L Acc – *98.24 +0.2743 Eqty Inv Chrties GBP Inc – 1452.94 …
Long-Term Global Equity 0% 302.8 -3.56 Multi-Mgr Abs Ret A Acc 5.00 161.6 … Jupiter Multi Asst Inc L Inc – *50.1 +0.1399 Eqty Inv Chrties GBP Acc – 28864.66 …
Asian Income 0% 127.45 +0.56 Fundsmith LLP Multi-Mgr Active A Acc† 5.00 252.5 -0.6 Jupiter Multi Asst I & G L Inc – 96.14 -0.0833 †CAR - Net Income reinvested.
PO Box 10846, Chelmsford, Essex, CM99 2BW.
AXA Investment Managers UK Continental European 0% 218.92 +0.27 0330 123 1815 Multi-Mgr Distbn A Inc 5.25 124.4 … Jupiter Responsible Inc L Acc – 125.4 -0.4155
Limited Natwest Investment Funds
www.fundsmith.co.uk [email protected]
7 Newgate Street, London, EC1A 7NX
BNY Mellon Fund Managers Global Dynamic Bd 0% 84.67 +0.22 Multi-Mgr Divrsfd A Acc – 87.02 … Jupiter Unit Trust Managers Ltd Jupiter Responsible Inc L Inc – 67.23 -0.2228 (RBS Collective Investment Funds Ltd)
www.axaframlington.com Cust Svs: 0845 777 5511 Investors: 0800 614330 Brokers: 08085 660000 Global High Yield Bd 0% 73.61 +0.23 Fundsmith Equity T Acc – 602.53 -3.14 Multi-Mgr Inc&Gwth A Acc 5.00 186.6 … The Zig Zag Building, 70 Victoria Street, London, Jupiter Strategic Bond L Acc – *96.25 +0.5171 PO Box 249, York YO90 1ZY
www.bnymellonim.co.uk, SW1E 6SQ 0117 940 3848
Amer Gwth Acc – 1119 -22.00 [email protected] Global Opportunities 0% 267.96 -2.15 Fundsmith Equity T Inc – 549.13 -2.86 Multi-Mgr Inc&Gwth A Inc 5.25 145.2 … 020 3817 1000 Jupiter Strategic Bond L Inc – *54.66 +0.2936
BNY Mellon Investment Funds (ICVC)
Biotech Acc – 237.8 -4.70 International Bd 0% 103.94 +0.64 Multi-Mgr Mangd A Acc† 5.00 310.7 -0.4 Jupiter Abslt Rtn L Acc – 32.02 +0.1530 Jupiter UK Growth L Inc – 251.39 -0.1561 Global Bond Fund Inc – 84.04 …
Sterling Income Shares
Clean Economy R Acc – 1032 -10.00 Multi-Asset Bal 0% 158.9 -0.46 Multi-Mgr Mangd A Inc† 5.00 300 -0.3 Jupiter Asian Inc L Acc – 186.14 +0.3928 Jupiter UK Smaller Cos Eq L Acc– *332.71 +0.8033 Mangd Eqty Grwth Fnd Acc – 120.80 …
Emerg Mkts Acc – 262.3 +2.80 Global Income 0% 250.42 -2.25 Mult-Asset Div Return 0% 134.31 -0.10 Sterling Bond Acc† 4.25 205.9 … Jupiter Asian Inc L Inc – 142.38 +0.3006 Jupiter UK Special Sits L Inc – 207.35 -2.2386 Mangd Grwth Fund Inc – 110.94 …
FinTech R Acc – 745.4 -14.40 Corporate Bond 0% 81.06 +0.44 Mult-Asset Growth 0% 233.19 -0.83 Sterling Bond Inc† 4.25 56.24 … Jupiter China L Acc – *101.33 +1.8121 Jupiter US Sm&Md Inst I Acc – 80.99 … Mangd Grwth Fund Acc – 115.90 …
Global Tech – 202.0 -3.50 Equity Inc 0% 149.45 -0.90 Oriental 0% 186.59 +2.12
Guinness Global Investors Strategic Bond A Inc 4.00 105.2 … Jupiter China L Inc – *94.31 +1.6867 Jupiter US Sm&Md Cap Ret Acc – 74.46 … UK Eqty Fund Acc – 117.62 …
18 Smith Square, London, SW1P 3HZ
Global Thematics R GBP Acc – 2019 -27.00 Equity Inc Booster 0% 94.04 -0.56 Real Return A 0% 103.33 … www.guinnessgi.com UK Absolute Return A Acc 5.00 167.7 … Jupiter Corp Bond L Inc – *51.02 +0.3065 UK Eqty Fund Inc – 103.02 …
+44(0)20 7222 5703 Marks & Spencer Unit Trust
Health Acc – 2865 -35.00 Glob Abs Ret 0% 108.02 -0.03 UK Equity Fund 0% 141.77 -0.41 UK Alpha A Acc† 5.25 135.5 … Jupiter Eco L Inc – 540.87 -4.5433
Management Ltd Yealand Fund Services Limited
Japan R GBP Acc – 578.9 +5.10 Glob Multi-Strat 0% 113.95 -0.15 UK Income 0% 140.04 -0.85 Sustainable Energy Acc† – 24.1005 … UK Smaller Cos A ACC 5.00 791.3 … Jupiter European L Inc – 2904.73 -1.8433 Kings Meadow, Chester, CH99 9UT Admin: Stuart House, St John's St,
0870 333 1835
Managed Balanced Acc – 459.9 -1.40 Inflation-Linked Corp Bd 0% 108.43 +0.22 UK Opportunities 0% 156.24 -0.21 Global Innovators Acc† – 26.4626 … UK Equity Income A Inc 5.00 508.2 … Jupiter Euro Inc L Acc – 85.016292 … Peterborough PE1 5DD
Dealing & Enquiries: 0345 850 0255
Managed Income Acc – 178.4 +0.20 Long-Term Global Equity 0% 399.76 -4.72 US Opportunities 0% 290.74 -5.31 Global Equity Inc† – 18.4477 … UK Index Opps Tst A Acc – 112.4201 … Jupiter Euro Inc L Inc – 49.786986 … High Income Inc – *86.16 86.16 …
Managed Income Incf – 92.34 +0.09 Asian Income 0% 207.29 … Emerging Income 0% 97.69 … †Available as an ISA US Growth A Acc 5.00 1680 … Jupiter Euro Special Sits L Acc – *458 +1.1590 High Income Acc – *241 241 … Generation Fd 5.00 865.9 …
Monthly Inc Inc – 220.3 -0.50 European Opps 0% 330.72 +0.41 Global Dynamic Bd Inc 0% 0.8795 … †Available as an ISA Jupiter Fin Opp L Inc – 676.96 -16.0755 UK Select Port Inc – 336.1 336.1 … FENIX Balanced Inc 5.00 *171.6 …
Monthly Inc Acc – 676.5 -1.80 Global Dynamic Bd 0% 87.8 +0.23 Global Emerging Mkts 0% 200.4 +1.87 Jupiter Fund Of Inv Tsts L Inc – 282.86 -0.1896 UK Selection Port – 695.5 695.5 …
UK Growth Acc – 321.0 -0.40 Global High Yield Bd 0% 46.36 +0.15 Global Equity Fund 0% 262.34 -2.11 Jupiter Global Emg Mkts L Acc – 61.87 +0.2191 UK 100 Co's Fund Inc – *222.4 222.4 …
UK Select Opps R Inc – 1852 … Global Opportunities 0% 407.5 -3.28 Multi Asset Inc 0% 120.14 -0.35 Janus Henderson Investors Jupiter Global Finl Innov L Acc – 91.3 -2.3935 UK 100 Co's Fund Acc – *452.7 452.7 …
UK Select Opps R Acc – 3558 +1.00 International Bd 0% 226.5 +1.39 PO Box 9023 Chelmsford, CM99 2WB Jupiter Growth & Inc L Inc – 92.67 -0.1518 W'wide Man Inc – 541.9 …
Consistent Unit Trust Enquiries: 0800 832 832
UK Smllr Cos Acc – 266.5 +0.60 Multi-Asset Bal 0% 240.88 -0.69
Management Co Ltd Website: www.janushenderson.com J.P. Morgan Asset Management Jupiter Income Trust L Inc – 503.43 -5.5808 W'wide Man Acc – 926.4 …
AXA IM Funds www.axa-im.co.uk 60 Victoria Embankment, London, EC4Y 0JP *138.21
Mult-Asset Div Return 0% 173.38 … Admin: Stuart House, St John's St, Jupiter India L Acc – -0.5623
Peterborough PE1 5DD Clients:0800 204020.Brokerline 0800 727770
Mult-Asset Growth 0% 1163.53 -4.17 Asia Pac Cap Gwth A Acc 5.00 1136 … Jupiter Japan Inc L Acc – *141.21 +1.4331
Dealing & Client Services 0345 850 8818
Oriental 0% 916.33 +10.43 Asian Dividend Income Inc 5.00 78.64 … JPM Ems C Net Dis – *160.8000 +0.8000 Jupiter Japan Inc L Inc – *98.34 +0.9979
Real Return A 0% 116.1 +0.39 Opportunities Unit Tst Inc 0% 59.78 … Cautious Managed A Acc 5.00 285.2 … JPM Japan C Net Acc – *298.1000 +1.9000 Jupiter Merlin Bal Prtfo L Acc – 229.12 -1.2797
UK Equity Fund 0% 838.05 -2.46 Opportunities Unit Tst Acc 0% 162.4 … Cautious Managed A Inc 5.00 140.7 … JPM Natural Res C Net ACC – *986.5000 -11.2000 Jupiter Merlin Bal Prtfo L Inc – 144.07 -0.8046
M&G Securities Ltd
Blue Whale Capital UK Income 0% 70.29 -0.43 Practical Invest Inc 5.00 233.6 233.6 -0.6 China Opps A Acc 5.00 1192 … JPM UK Equity Core E Acc – *432.8000 -1.7000 Jupiter Merlin Con Port L Acc – *61.89 +0.1932 PO Box 9039, Chelmsford, CM99 2XG
0345 307 3439 *62.5800 *47.21 Enq: 0800 390 390. UT Deal: 0800 328 3196
UK Opportunities 0% 312.63 -0.42 Practical Invest Acc 5.00 1488 1488 -3 Emerg Mkts Opps A Acc 5.00 192.5 … JPM UK Equity Core E Inc – -0.2500 Jupiter Merlin Con Port L Inc – +0.1474
www.bluewhale.co.uk
US Opportunities 0% 317.49 -5.81 European Growth A Acc† 5.25 296.8 … JPM US Eq Inc C Net – *392.1000 -8.6000 Jupiter Merlin Grth Prtfo L Acc – *527.68 -5.2911 Charibond Chrties Fxd Int Acc – 3953.1 …
B Shares Discretionary Unit Fund *414.3000 *512.83
Blue Whale Growth R Acc – 164.92 -1.63 No 1, Poultry, London EC2R 8JR. 020 7415 4130 European Sel Opps A Acc 5.00 2241 … JPM US Eq Inc C Net Dis – -9.1000 Jupiter Merlin Grth Prtfo L Inc – -5.1423 Charibond Chrties Fxd Int Dis – 110.04 …
Global Income 0% 203.51 … Fixed Int Mthly Inc A Inc 4.25 17.61 … JPM US Select C Net Acc – *752.6000 -14.5000 Jupiter Merlin Inc Prtfo L Acc – 339.79 -0.0790 Charity Multi Asset Acc – 10622.78 …
Corporate Bond 0% 98.21 +0.53 Maitland Discretionary Inc 3.00 1602 +0.06 Global Care Growth A Inc 4.50 466.1 … JPM US Sm Cos Gwth C Net Ac – 865.8000 -27.4000 Jupiter Merlin Inc Prtfo L Inc – 135.68 -0.0316 Charity Multi Asset Dis – 88.13 …
Equity Inc 0% 111.77 -0.67 Global Equity Inc A Inc† 5.25 64.72 … Jupiter Merlin WW Prtfo L Inc – 371.73 -4.1639
Equity Inc Booster 0% 73.94 -0.44 Global Growth Acc 4.25 4161 … Jupiter Merlin WW Prtfo L Acc – 371.72 -4.1637 Initial charge:
Global Strategic Cap Acc† *122.98 This charge in percentage terms is included in the purchase
Glob Abs Ret 0% 108.56 -0.03 5.00 304.1 … Jupiter Monthly Alt Inc L Acc – -0.5351 price of the units. It is levied by the unit trust manager to cover
administrative costs and commissions.
Glob Multi-Strat 0% 114.63 -0.15 Global Technology A Acc 5.00 2919 … Jupiter Monthly Alt Inc L Inc – *25.91 -0.1127
* Denotes Ex-dividend ‡ Denotes Suspended
The Daily Telegraph Friday 24 March 2023 *** 23
Business
80
£198m
Year of listing:
1998
Discount: 5pc
Ave discount
R
apidly rising living costs could Baronsmead geographical diversification or balance Gearing: nil
ROBERT STEPHENS
PHENS prompt some income investors to Venture Trust sheet strength of larger businesses, Annual charge
QUESTOR seek ever-higher dividend yields. VCTs can be relatively illiquid.
65
(Sept 2022):
TFOL
TFOLIO
IO
INCOME PORTFOLIO While their investment portfolio may
HOLD
They also tend to pay “lumpy” 2.06pc
have provided a satisfactory income While they can be dividends due to their payouts being at
a little erratic as 60
over previous years, rampant inflation least partly dependent on company
and a challenging economic outlook regards payouts, this realisations that can be somewhat
fund and Northern
may mean there is now a disparity erratic. As a result, they may not provide
While they may between their income and outgoings.
Venture Trust are
worth holding onto a stable income on which to rely. 55
2018 2019 2020 2021 2022
However, in Questor’s view, high- Of course, in some cases the rewards
not provide a stable yielding investments should come with offered by high-yielding investments are
a health warning. In the vast majority of worth the risks. Having held both VCTs equate to 57pc of the original purchase ‘Ultimately valuations and investor sentiment are
income on which cases, they have significant risks to be in our income portfolio since October price. And since this column takes a
the raison
extremely likely to dramatically improve
carefully considered before purchase. 2016, this column feels they are an long-term view and has a diverse in the coming years.
you could rely, For example, a high-yielding stock
may be struggling in today’s low-growth
appropriate means of generating a high,
yet fluctuating, dividend that is not
portfolio of investments, the non-
uniform payment of dividends is not a
d’etre of Separately, the two trusts provide
welcome diversification benefits in an
VCTs can generate economic environment and could cut its
dividend to a level that makes it far less
currently subject to tax.
Clearly, their share price performance
major concern.
Neither is a tough economic outlook
VCTs is era where some mainstream
investments, notably bonds, have
to buy
a high, if fluctuating, attractive from an income perspective.
Or, as in the case of our income
has been highly disappointing over
recent years. Since our notional
that has prompted a “flight to safety”
among investors and caused particularly companies
become relatively unappealing. And
with Baronsmead and Northern having
tax-free dividend portfolio’s two venture capital trusts
(VCTs), it may be exposed to smaller
purchase in October 2016, for instance,
Baronsmead’s shares are down 30pc and
weak sentiment towards listed small-cap
stocks and unquoted companies. While
at low strong track records of realising a variety
of holdings at sizeable multiples to their
companies that are less likely to survive the capital loss on Northern stands at they could remain unpopular in the prices and original outlay, they continue to offer
an economic slowdown. 20pc. In their latest results to September short run, and may suffer considerably long-term investment appeal.
Indeed, Baronsmead Venture Trust 2022, the former reported a 19pc annual as rising interest rates put pressure on a sell them Indeed, their generous dividend
and Northern Venture Trust currently decline in net asset value (NAV) while wide range of sectors, low company at a much payments over recent years highlights
have historical dividend yields of 10pc the latter’s NAV fell by 14pc as the valuations present Baronsmead and their capacity to generate an attractive
and 7pc, respectively. Both figures are valuations of growth-focused holdings Northern with relatively attractive higher income stream over the long run. They
far greater than the FTSE 100’s 3.7pc came under severe pressure in an era of long-term buying opportunities. price’ undoubtedly carry greater risk than
dividend yield, and therefore extremely rapidly rising interest rates. Ultimately, the raison d’etre of VCTs is many other investments, which could
attractive to income investors in the It is worth remembering, though, that to buy companies at low prices and deter some income seekers from buying
current climate, but come with Baronsmead has paid dividends of subsequently sell them at much higher them. But since this column takes a
significantly higher risks than an 39.25p per share since our notional prices. Although the next period of long-term view and has other sources of
Read Questor’s rules of investment before investment in the large-cap index. purchase. This amounts to around 47pc sustained economic growth may feel income in its portfolio, they remain
you follow our tips: telegraph.co.uk/go/ As well as their focus on investing in of the original purchase price. Northern, extremely distant at the moment, the worthwhile holdings that have the
questorrules; telegraph.co.uk/questor unquoted and Aim-listed smaller meanwhile, has paid dividends per share track record of the UK economy potential to deliver improving total
companies that do not have the of 40p since our notional purchase that suggests company performance, market returns as the economy recovers.
Glencore boss gets Sales heat up for Brokers FinnCap Offices less than Inchcape shares Accenture to cut
$4.2m bonuses Wickes as public and Cenkos form 30pc full because tumble despite 19,000 jobs in drive
fuelled by sales targets energy bills investment bank of transport strikes profit growth to reduce costs
Glencore’s boss has collected $4.2m Sales rose to a record high at City stockbrokers FinnCap and Train and Tube strikes have pushed Shares in car dealer Inchcape sank by Accenture plans to cut 19,000 jobs
(£3.4m) in bonuses after the mining Wickes as customers stocked up on Cenkos have agreed to a £43m merger, office occupancy levels to below 30pc more than a tenth after its broker over the next 18 months, becoming the
giant reported record annual profits. fuel-efficient products and insulation after the former’s takeover talks with for the first time this year. issued a warning over the company’s latest consultancy giant to drastically
Gary Nagle, who succeeded Ivan amid surging energy prices. Panmure Gordon broke down late Last week the number dropped to earnings for the year. cut costs amid economic headwinds.
Glasenberg in July 2021, received David Wood, chief executive, said: last year. 29.9pc and to 26.5pc in London, the JP Morgan cut their expectations of The New York-listed company faces
$6.1m in total last year, according to a “We’ve seen dramatic increases in the The all-share deal will create an lowest in the capital this year since the company’s profits for 2023 by 4pc $1.2bn (£980m) in staff severance and
newly published annual report. sales of loft insulation, loft boards, investment bank with 230 employees the first week of January, according to £468m, in a note to clients. personnel costs, and will spend $300m
It also included a $1.8m salary, draught excluders, heating controls, and combined revenues of more than to Remit Consulting. Pre-pandemic Inchcape distributes cars around the consolidating office space.
$42,000 in pension contributions and thermostats and so forth.” £50m. The merger will be followed by properties were closer to 60pc full. world as well as selling them to drivers Accenture also lowered its annual
$18,000 worth of benefits such as a Revenues rose 1.8pc to £1.5bn in cost reductions in “areas of duplicative Lorna Landells of Remit through its dealership network. forecasts, reducing maximum revenue
lunch card for his company’s staff 2022. However, the company’s or inefficient spending”, the London- Consulting said: “Since the end of Slimmer margins from North and growth from 11pc to 10pc.
canteen in Baar, Switzerland. statutory operating profits fell by listed firms said in a joint statement. lockdown in May 2021 ... for much of South America could be on the “We are also taking steps to lower
The award comes after Glencore 30pc to £67.1m. “The FinnCap board and the Cenkos that time, the West End has horizon, JP Morgan said, adding: our costs in fiscal year 2024 and
posted a record-breaking $34bn profit, Wickes is planning to open 20 board are mindful of the market outperformed all other areas of the “Inchcape did not provide a detailed beyond, while continuing to invest in
partly thanks to sales of coal rocketing new stores over the next five years, challenges faced by the broking sector capital but since the end of last year [2023] outlook, which might be seen our business and people to capture the
during the energy crisis. largely in retail parks near big towns, in recent years and that as this highly the Docklands market has been negatively at this point in the year.” growth opportunities ahead,” said
Mr Nagle’s pay package is the Mr Wood said. fragmented market is becoming consistently stronger, possibly due to Profit before tax last year rose by chief executive Julie Sweet.
biggest handed to a Glencore chief “There are around probably 30 to 40 increasingly competitive, scale is ... banks and other financial 50pc to £373m. The shares fell 13pc to Last month McKinsey announced
executive since the £57bn miner listed areas of white space that I think really becoming increasingly important,” the institutions encouraging staff back to end at 758p yesterday, valuing the plans to axe 2,000 jobs and KPMG has
on the London Stock Exchange in 2013. deserve a Wickes in the UK,” he added. companies said. their desks.” company at £3.1bn. cut 700 roles from its US operations.
24 *** Friday 24 March 2023 The Daily Telegraph
Obituaries
A S
LEXANDER CAMERON, who has died EYMOUR FORTESCUE,
from cancer aged 59, was one of the who has died aged 80,
finest advocates at the criminal Bar was chief executive of
and the elder brother of the former prime Barclaycard before
minister David Cameron. becoming a regulator in the
A popular and fun-loving figure – financial sector and the
“everyone loved him, almost instantly,” a drinks industry.
friend said – he was described in legal A high-flyer in Barclays
reference books as “a commanding Bank in his early career,
advocate”, “completely unflappable” and “a Fortescue was a natural
strong, strategic thinker”. enthusiast and
He appeared in the first televised case communicator, well-liked
from the Court of Appeal since cameras by colleagues, who led the
were banned in 1925; in October 2013 bank’s marketing
viewers saw him applying for leave to department before taking Fast-tracked for promotion
appeal on behalf of Kevin Fisher, who was charge of its fast-growing
serving seven years for his role in a plot to Barclaycard operations. Hill in Devon, the
produce £1.5 million of counterfeit £1 coins. His tenure in that role, Fortescues were 18th-
David Cameron, who watched 1980-85, coincided with the century courtiers and MPs
proceedings on an iPhone while on a train dawn of a new era of whose earldom was created
to Wolverhampton, reflected on how consumerism and travel; the for Hugh, 3rd Baron
different the quiet, deliberative atmosphere merits of a credit card Fortescue, son-in-law of the
of the Court of Appeal was to the fast-talking acceptable in more than Whig prime minister
point-scoring of Prime Minister’s Questions: three million outlets were George Grenville.
“I said to my brother, perhaps he would like glossily promoted in ads Seymour was educated at
to do a job swap for a day.” featuring, among others, the Eton, and Trinity College,
Alex Cameron’s cases ranged from insider broadcaster Alan Whicker Cambridge, and was one of
dealing to fraud, robbery and murder. As a surrounded by poolside the first intake of the
junior he played a pivotal role in the Blue beauties. London Graduate School of
Arrow corporate bank fraud case and as a Fortescue went on to be Business Studies, later
young barrister he fought the extradition of Barclays’ director for the UK London Business School. He
General Pinochet. He defended Jonathan Cameron: ‘such fun to do a case with’, he was personal sector until 1991, joined Barclays in 1964 on a
Aitken and Jeffrey Archer, both of whom prodigiously talented. Above, at school he when he moved into the “special list” of well-
were convicted of perjury and perverting the excelled at games as well as acting, pursuits he charity sector to work for the connected young men
course of justice in their respective trials. continued into adult life Imperial Cancer Research fast-tracked for promotion:
In 2011 he defended the Pakistani Fund, and from there to be having served as an assistant
cricketer Mohammad Asif against allegations chief executive of the Health to the bank’s chairman,
of match fixing; a year later he represented in 1986, took Silk in 2003 and in 2010 was Education Authority, a Fortescue bypassed branch
Hans Kristian Rausing, the Tetra Pak elected head of chambers at Three promotional agency of the management to become a
billionaire who hid the body of his wife Eva Raymond Buildings. He retired through ill Department of Health. local director in
after her death, when he pleaded guilty to health in November 2020. Next, in 1999, he took on Birmingham and Luton
charges of delaying burial of her body. Alex Cameron, whose own political the task of establishing the before finding his niche on
Away from court Alex Cameron was a ambitions were confined to chairing the Banking Code Standards the marketing side.
tower of strength to his brother during local parish council, stood tall and imposing Board, a self-regulatory body His last jobs were as
David’s time at No 10 from 2010 to 2016. Alex at 6ft 3in, but as an advocate he had a light that set new codes of practice chairman of the Short-term
had encouraged his sibling to stand for the touch. His gift, a colleague recalled, was that for personal and business Lending Compliance Board,
Conservative Party leadership in 2005 and “he was incredibly grounded and incredibly banking. From 2006-09 he set up to raise standards in
as David Cameron noted in his memoir, For empathetic – coupled with a real intellect.” chaired the UK Remittances the mushrooming “payday
the Record (2019): “This meant a lot.” He had an unnerving insight into Taskforce, addressing issues lending” sector, and as a
In 2014, however, Alex Cameron, who unexpected questions that might bother a related to access for migrants consultant to the World
took on a significant amount of pro bono jury and, faced with a hostile judge, he stood to banking and payments Bank – for which he
work, acted on a pro bono basis in a his ground – with impeccable courtesy but services. travelled extensively, again
successful application on behalf of five August 27 1963, the eldest of four children of kissing girls,” he said, adding that he not giving an inch. He got on easily with Fortescue’s varied career addressing issues relating to
defendants to have a complex multi-million Ian Cameron, a stockbroker with Panmure sometimes worried “that I was never going people from all walks of life, minded deeply path endowed him with an migrant remittances.
pound fraud case against them halted on the Gordon, and his wife Mary (née Mount), a to break out of my brother’s shadow”. Even about doing the best he could for his client, unusual range of contacts in He was a governor of
grounds that cuts to legal aid imposed by his magistrate; his siblings were Tania, David after his brother had become prime and retained his commitment to the case to the City, Whitehall, the Oundle School, a member of
brother’s government meant that they could and Clare. He was six when the family minister, Alex Cameron never stopped the very end – he was not like those media and the regulatory the council of London
not find barristers of “sufficient moved to the Old Rectory at Peasemore in being a role model for him. barristers whose interest wanes once they arena. In 2009 he became University, chairman of
competence” to defend them. Berkshire, which in 2006 became his family In July 1981 Alexander, David and Tania have given their final speech. the first person from outside BookPower (a charity
The case brought headlines such as “PM home when their parents moved into an slept on ground opposite Buckingham “Al was my star pupil,” his pupil master the drinks industry to chair providing textbooks for
Cameron’s brother in victory against adjacent house. Palace to have a prime spot to see the royal Sir John Nutting KC recalled. “He had a the Portman Group, the tertiary students in poorer
government”. There was a vigorous He played cricket for the First XI at carriages heading to St Paul’s Cathedral for royal straight flush in talent: he had body funded by drinks countries), treasurer of the
brotherly disagreement on the matter, but Heatherdown prep school, where he was a the wedding of Prince Charles and Lady judgment, industry, determination, brains, manufacturers which leprosy charity Lepra, and a
no ill feelings, as all the Cameron siblings friend of Prince Edward (now the Duke of Diana Spencer. Four years later the looks and talent.” And there was always a regulates alcohol labelling past master of the Grocers’
had been brought up to argue and debate Edinburgh). They appeared in a school Cameron brothers held a joint 21st/18th lighter side: “He was such fun to do a case and promotion in the UK – Company.
round the kitchen table. production of Toad of Toad Hall, with birthday party on the day of Bob Geldof ’s with – endless jokes.” declaring his belief that Seymour Fortescue loved
Alex showed characteristic loyalty, Cameron as Ratty and Edward as Mole; the Live Aid concert at Wembley. Cameron continued playing football and “self-regulation based on a tennis, adventurous
moreover, in 2016 when leaked documents audience of parents included the Queen and At Eton, Alex Cameron was a member of cricket in adult life, was a member of MCC, tough code of practice” was long-distance walks, and
from the Panamanian law firm Mossack the Duke of Edinburgh. He was also invited Pop. He then read Law at Bristol and studied and travelled widely, with a liking for the best way of addressing gardening at his homes in
Fonseca appeared to implicate the Cameron to sleepovers at Windsor Castle, where he acting and mime at the Jacques Lecoq school unusual corners of inland Spain. “the adverse aspects of our Herefordshire and Provence.
family in tax avoidance, persuading his once had breakfast on the Queen’s bed. in Paris, acquiring skills that would serve He married, in 1990, Sarah Fearnley- drinking culture”. He married first, in 1966,
brother that every accusation needed to be In Cameron on Cameron: Conversations him well both in the courtroom and on visits Whittingstall, a lawyer and cousin of the Seymour Henry Fortescue Julia, daughter of Sir John
rebutted, and gathering expert advice. “For with Dylan Jones (2008), David discussed to the Edinburgh Fringe. One memorable television chef Hugh. She survives him with was born on May 28 1942, the Pilcher, who was British
once I saw my brother the QC close-up, living in the shadow of an older brother. performance was with a school their daughter, Imogen, and son, Angus. third son of the 6th Earl ambassador to Austria and
using his forensic skills and getting the job “They go to a school, you start going to contemporary, Jay Jopling (future founder of Fortescue, a decorated Japan. The marriage was
done. It was impressive,” David wrote. school, they start playing football, you start the White Cube gallery), in Waiting for Godot. Alexander Cameron KC, born August 27 soldier who fought in both dissolved in 1990 and that
Allan Alexander Cameron was born on playing football, they kiss girls, you start He was called to the Bar by Inner Temple 1963, died March 21 2023 world wars. Seymour was the year he married Jennifer
only child of the earl’s second Simon, who survives him
Robert Hébras
marriage to Sybil, daughter with their daughter, and his
of the 3rd Viscount Hardinge son and daughter from his
of Lahore, who counted two first marriage.
governor-generals of India
among her antecedents. Seymour Fortescue, born
Seated at Ebrington in May 28 1942, died March 14
Last survivor of a notorious massacre by the SS of civilians in the French village of Oradour Gloucestershire and Castle 2023
R
OBERT HEBRAS, who has died aged “national reconciliation”. By 1958 all those
97, was the last of only six survivors of convicted had been amnestied.
the worst Nazi massacre of civilians The news was greeted as “a second
carried out on French soil – at Oradour-sur- martyrdom” for Oradour, and survivors
Glane, a small village in the Limousin region gave back decorations bestowed after the
of south-west-central France, then under war. Years of protest followed in which they
the control of the Vichy regime. refused to place the ashes of their dead in a
Born in the village on June 29 1925, government-built crypt and displayed
Hébras could recall the sights and sounds of contemptuous posters with the names of
pre-war Oradour: ox-drawn carts; church politicians who had approved the amnesty.
bells; the clanging of the blacksmith’s anvil. Later, in 1983, Heinz Barth, a senior
Normally he worked at a garage in member of the SS Das Reich, was put on trial
Limoges, but on June 10 1944, a few days in East Germany and given a life sentence
after the D-Day landings, he was in Oradour. (though he was released in 1997). Other
At 2pm that day trucks containing between suspects living in East Germany were never
120 and 200 soldiers of the 2nd Waffen SS pursued, however, allegedly because officials
Panzer Division – known as “Das Reich” – working for the communist secret police, the
rolled into the village and began rounding Stasi, used such information to blackmail
people up in what appeared to be a routine war criminals into serving their interests.
search-and-identification operation. In 2010, a historian working in East
Though few had met a German before, German archives discovered evidence that
most were unconcerned. There had been no there were six men still at large, all in their
Resistance activity in Oradour, so no reason
GAMMA-KEYSTONE VIA GETTY IMAGES
C
annibalism soundtracked by It premieres tonight with
Tori Amos: it’s the return of two episodes of cinematic
Yellowjackets (Paramount+), shoot-outs and car chases
a US show that became a cult hit when that are sure to lure you in
the first series launched in 2021. It’s and keep you gripped.
about a bunch of teenage girls fighting
for survival after their plane crashes in FACTUAL
the snowy wilderness. We know that
some of them survive because we flit Gardeners’ World
between their ordeal in the 1990s and BBC Two, 8pm
now, where they are attempting to live The clocks spring forward
normal lives but failing spectacularly. this weekend, so it’s time to
This is not one of those shows that make the most of brighter,
you can pick up at series two if you’ve sunnier evenings. In this
never seen it before. There is too much
going on, all of which will seem fairly
insane. In 1996, teenage Shauna is
conversing with the corpse of her
former friend before deciding to eat
her ear (to be fair, it had fallen off). In Greg Davies returns for another series of the delightfully dark comedy, with guest Harriet Walter
the present, Shauna (Melanie Lynskey)
is trying to cover up the fact that she he second series of Greg gory mess. If it wasn’t for with landlady Lisa (Harriet
murdered a man with whom she was
having an affair, believing he was
T Davies’s The Cleaner is
just as delightfully dark
his promise to his new
girlfriend to lay off the
Walter), a cynic who has lost
her young lover in the fight,
Marnie Swindells and Rochelle Raye Anthony made the final two in The Apprentice blackmailing her, only to find out that and playful as the first. booze, it would be his ideal are as softly touching as they
the blackmailer was her own husband. Based on German comedy office. Still, there’s a are hilarious – a highlight
A
nd so to the most boring episode “based on a feeling, not fitness”) Across town, the state senator has Der Tatortreiniger, it stars jukebox, and a severed ear being Wicky’s tongue tying
of The Apprentice (BBC One) – and Team Rochelle (a chain of hair a secret shrine in her basement Davies as Paul “Wicky” to use as a microphone. itself in knots while he The hellebore has its time in
the final. It’s always dull as salons, although her previous plan featuring a decapitated dog’s head. Wickstead, a droll crime- For a man so physically tries to guess Lisa’s age. the sun on Gardeners’ World
ditchwater because the things that to open one in Mayfair had quietly The show can be very dark – scene cleaner who imposing (weaponised to There is also the comically
make this show entertaining – disappeared). Marnie already had figuratively and literally – but it’s specialises in getting blood great effect in shows such terrifying Cuddles (Charlie second episode of the new
hissy fits, dunderheaded decisions, a vision for her branding, her ad lightened by performances from 1990s out of carpets. In this as Taskmaster and The Rawes), a brawny barman series, Monty Don has tips
gibbering in the boardroom – are campaign and the layout of her gyms. screen queens Christina Ricci and hilarious opening episode, Inbetweeners), there is who talks with the deep, for sowing vegetables, Nick
absent. We’re supposed to wipe our When you think about it, all of the Juliette Lewis. As Natalie, the most he is called to the aftermath a gentleness to the 6ft 8in menacing voice of a Bailey creates a container
memories of the series in general, and contestants should have this stuff in anarchic member of the crew, Lewis of a grisly pub brawl, where Davies that makes him Rottweiler. The whole series garden – ideal for those who
last week’s episode in particular (when their heads if they’re serious about brings the energy that drives the show. one man stabbed another, a perpetually endearing is available as a boxset on may be moving house and
the business plans of finalists Marnie their big business idea rather than In the first two episodes of this series, leaving behind a right ol’ performer. His scenes here iPlayer. Stephen Kelly reluctant to invest in
Swindells and Rochelle Raye Anthony using the show as a route to fame. she rescues herself from kidnappers perennial planting – and
were torn apart by Claude Littner and Rochelle’s ideas were more vague with judicious use of a fork and then DOCUMENTARY murderer extraterrestrial? Rachel de Thame champions
co), and pretend that these are two of – pink for the colour scheme, but not reunites with fellow survivor Lottie, And why the Dickens does the hardy, low maintenance
Britain’s finest business brains, aided bright pink, but also brown, and the who received psychiatric treatment Locked Away: Our Autism the victim have a page of yet majestic hellebore.
by some very efficient colleagues. It’s palest nude, and maybe some more after their rescue and now presides Scandal – Dispatches Great Expectations in his
so divorced from previous episodes pink? She put Avi and Joe in charge over a creepy wellness retreat. “Last Channel 4, 7.30pm sock? The truth is out Amazing Railway
that even Lord Sugar and Karren Brady of bringing her “classy” salon to life in I heard, you were finger-painting in Richard Butchins explores there… somewhere. Adventures with
come across as perfectly nice. the metaverse (The Apprentice’s one the loony bin and now you’re running what life is like for autistic Nick Knowles
We started, for no reason at all, concession to modernity), which was a cult,” Natalie tells her. “It’s not a cult,” people within the UK’s Redemption Channel 5, 9pm
in Freemasons’ Hall in London. “For not her best decision. “What is a very says Lottie, straight-faced. “It’s an healthcare system. Secretly ITV1, 9pm This week Nick Knowles’s
centuries, freemasons have been feminine object? A flamingo or intentional community.” recorded videos from The latest in ITV1’s long line thoroughly entertaining
proud to practise their shared values of something?” mused Avi. “That The novelty of Yellowjackets has inpatients reveal mental- of crime dramas continues railway journey across the
integrity, friendship and respect, and definitely ticks off ‘class’,” agreed Joe. worn off for me – the parallel timelines health units that are unfit for to burn slow, but Paula world takes him to Vietnam.
at the end of this process I would like Avi’s “outside-the-box idea” was to have become annoying, as has Ricci’s purpose, while Butchins Malcomson’s steely He starts in the striking
a business partner that shares those have a blimp hovering above the salon. sociopathic busybody of a character. himself describes how he Drift: Partners in Crime – an performance as detective misty mountains of Sapa,
same values,” said Lord Sugar. And It was obvious who was going to In that American more-is-more way, avoided medical help for action-packed German treat Colette keeps it ticking before heading south by
who can begrudge them this positive win, long before we got to the pitches. the writers are planning three further fear of being locked up. along. Tonight she heads to train to the colourful,
PR, when sightings of Freemasons on It’s been obvious for weeks, hasn’t it? series. But the show has an army of discovered dead in a the hospital where her late bustling capital of Hanoi.
television are usually restricted to Marnie has brains, a strong backstory, devoted fans who gather online to DRAMA mysterious crop circle on a daughter Stacey worked to Expect some light, cheesy
weird handshakes and dodgy coppers and a sound business idea. Rochelle share theories. If you’re one of them, local farm, with reports of find out more about why she puns: when Knowles tries to
(The Gold being a recent example). wanted to open a hairdressing salon I’m sure this series won’t disappoint. Beyond Paradise strange lights in the sky the was suspended. Meanwhile, cross a street buzzing with
Former contestants were then that sounded exactly like every other BBC One, 8pm night before. Kris Marshall’s she must also solve the grim speeding scooters, he
welcomed back to help out Team hairdressing salon. Apart from the The Apprentice ★★ Finally, a murder down in detective can barely contain case of a teenage boy who deplores: “It is slightly
Marnie (launching a boxing gym that is blimp. And maybe the flamingo. Yellowjackets ★★★ Cornwall! A man has been his excitement. Was the has been stabbed. Han-noying.” SK
RADIO 1 Bizet 1.00pm Radio 3 Lunchtime RADIO 5 LIVE Real Story 1.00 News 1.06 Business
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with Johnnie Walker 12.00 Romesh 4.30 Feedback 5.00 PM 5.54 LW: 10.00 News 10.06 The Real Story World 6.00 Steptoe and Son 6.30
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6.00am Radio 2 in Concert: James Blunt 11.00 Americast 11.30 Today in The Newsroom 7.30 Sport Today 8.00 and the Geneva Mystery 2.30 Lord of
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RADIO 3 12.30am Breaking Mississippi 12.48 CrowdScience 9.00 Newshour 10.00 Woman on the Edge of Time 3.30 The
FM 90.2-92.4MHZ Shipping Forecast 1.00 As World The Newsroom 10.20 Sports News Wilsons Save the World 4.00 Steptoe
Service 5.20 Shipping Forecast 5.30 10.30 World Business Report 11.00 and Son 4.30 Babblewick Hall 5.00 Act
6.30am Breakfast 9.00 Essential News Briefing 5.43 Prayer for the Day News 11.06 HARDtalk 11.30 World Your Age 5.30 - 6.00am Trevor’s World
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The Daily Telegraph Friday 24 March 2023 *** 27
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Does..
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28 *** Friday 24 March 2023 The Daily Telegraph
Whiff of intrigue
in hedgehog den
A skunk has been filmed sniffing
about inside a hedgehog house in
Berkshire.
Skunks are not native to the UK,
so it is believed the raider may have
escaped from a private collection
and was foraging for food.
Clive Wraight said he was amazed
to see it running across his lawn in
Earley, near Reading.
His motion-activated nature
cameras showed that the skunk –
which emits a foul smell when it feels
threatened – spent more than six hours
in one of his empty hedgehog houses.
Inquiries on social media suggested
it had been spotted previously but the
owner could not be traced.
Marwell Zoo in Hampshire said the
footage appeared to show a striped
skunk, a species which is native to
North America. A spokesman said:
“There has been talk of skunks living
in the wild and it is thought they may
originate from accidental escapes.”*