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MUCH ADO ALL THE WORLD’S A STAGE, BUT LONDON’S MIGHT BE THE BEST P14 FRIDAY 22 JULY 2022

DAME SARAH STOREY OLYMPIAN PREVIEWS WOMEN’S TOUR DE FRANCE P19

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HSBC installs Communist committee

EN GARDE, LAGARDE!

JACK BARNETT AND STEFAN BOSCIA

ECB CHIEF FINALLY READIES FOR BATTLE AGAINST RUNAWAY EUROZONE INFLATION

JACK BARNETT THE EUROPEAN Central Bank (ECB) yesterday launched its first interest rate rise in over a decade with a shock 50 basis point move. The biggest inflation surge in the eurozone since the creation of the single currency in 1999 forced President Christine Lagarde and co to launch a bigger hike than she had previously indicated. The Continent’s monetary authority has lagged behind the Bank of England and the

US Federal Reserve in curbing stimulative policy in response to price rises. UK interest rates have risen from 0.1 per cent to a 13-year high of 1.25 per cent since December, while the Fed has raised its main rate 150 basis points since March. Despite the unexpected jump, eurozone rates are now just zero per cent. They are however out of negative territory for the first time since 2014. Lagarde had committed to a 25 basis point rise. The euro, which kissed parity with the US dollar last week, jumped

around 0.9 per cent on the news, but quickly fell during Lagarde’s press conference. The ECB signalled more tightening is on the way. “Further normalisation of interest rates will be appropriate” in future meetings, it said. Living costs are already up 8.6 per cent, more than four times the ECB’s two per cent target, among the 19 countries that use the euro. They are expected to surge even higher and possibly tip the bloc into recession.

Yesterday’s “rate hike will not bring down inflation in the short run,” Carsten Brzeski, global head of macro ING, said, adding another 50 basis point rise will land before the winter. Russia’s invasion of Ukraine has propelled inflation higher by lifting energy costs, which is “having a dampening effect on the economy,” Lagarde said. The ECB also announced the muchanticipated name of a targeted bond buying tool designed to narrow government debt spreads.

BRITAIN’s biggest lender and Asia-focused HSBC has set up a small Chinese Communist Party (CCP) cadre in its Chinese investment bank. HSBC has become the first foreign lender to install a CCP committee, according to reports yesterday in the Financial Times. Chinese law enforces domestic finance firms to have party officials in sufficient positions of authority. The committees typically act as a workers’ union. Until now, Beijing has not wholly enforced the requirement on foreign banks operating in the country. It is the latest controversy for the bank, which has already come under fire for backing a controversial national security law in the territory which effectively banned protest movements and severely limited free speech. Former US secretary of state Mike Pompeo accused the bank of a “corporate kowtow” to Beijing. HSBC told City A.M. last night: “Employees of private firms in China are able to form a Party branch. “These branches are common and can be set up by as few as three employees... management has no role in establishing such groups.”

Star performance for Boden’s Starling as challenger records first annual profit CHARLIE CONCHIE STARLING Bank bucked the global fintech gloom yesterday as it posted first full year profits of £32.1m. The London-based digital lender, which offers both personal and business banking, said it had swung into the black in the year

to March after a jump in revenues to £188m. The profits come after an acquisitive push into the mortgage market in the past year including the £50m purchase of Fleet Mortgages, which helped swell its book to more than £2bn

by the end of March. Boss, founder and City A.M. personality of the year Anne Boden told reporters yesterday the profits placed the firm "in a Starling boss and fintech champion Anne Boden

category of one” as loss-making fintech firms globally are hit by plunging valuations and an exodus of investors. “If you look at the listed markets and certain entities such as buy-now pay-later, we see a huge correction going on there,” she said on a call. “And that tends to be in those

organisations that have huge growth and huge numbers of customer numbers, but they’re not profitable yet,” she said. However, Boden told reporters that uncertainty was likely to scupper any chance of Starling’s much-anticipated IPO in the next year, with 2024 now most likely.

INSIDE ARM WRESTLE CONTINUES P3 LAWYER LAYOFF FEARS P5 TORY TAX ROW P6 OCADO LOSSES P7 SHAKING OFF THE CITY’S IMPOSTER SYNDROME P10 OPINION P12

NEWS

FRIDAY 22 JULY 2022

CITYAM.COM

STANDING UP FOR THE CITY

Dismal science has become the defining issue of Tory leader race

CONOMICS really has become the new battleground for armchair commentators. Are ‘unfunded’ tax cuts inflationary? Should we worry about the UK debt stock nearing the same size as the economy? Such questions have sparked long Twitter threads that have generated even longer threads in response. Who’d have thought the dismal science was so interesting to so

THE CITY VIEW many? Nonetheless, these are important issues that need to be ironed out as they influence the welfare of us all. Figures from the Office for National Statistics out yesterday estimated Britain’s debt interest bill hit a record of over £19bn last

month. A big number, yes, but not without its caveats. Bumper inflation has driven our interest bill higher. Investors need to be compensated for any risk they take on when buying something. So, we created inflation-linked gilts. These instruments reduce the risk of investors losing money (in real terms) if the income they receive on this debt trails inflation by tying their payments to the retail price index. As inflation has

trended higher, so have gilt holders’ compensation, priming our interest bill. Simple. Experts have argued we shouldn’t worry too much about these growing liabilities as they are spread over many years. Nonetheless, we are on the hook for that money – at some point. A big inflation surge over coming months will keep pushing the interest bill higher. As will higher interest rates. Both sides of that argument would agree on how to

GO APE! Bristol Zoo unveiled a giant interactive gorilla sculpture to help mark its forthcoming closure in September. The sculpture itself weighs more than four tonnes.

ease debt anxieties — boosting growth. Whoever wins out of Truss and Sunak needs to deliver a shot in the arm to the UK’s economy. Lifting business investment out of the doldrums will provide an immediate jolt to our productivity and growth malaise. It would also reduce the risk of future inflation by strengthening the supply side of our economy. Let’s just hope we get to growth without too many more Twitter threads.

WHAT THE OTHER PAPERS SAY THIS MORNING THE DAILY TELEGRAPH

TUI PUTS JETS ON STANDBY TO PREVENT TRAVEL CHAOS

Tui is putting five jets on standby to prevent travel chaos. The tour operator said it had also hired hundreds more colleagues at its call centres and airports. Tui typically provides only two jets on standby.

THE TIMES

NS&I TO HIKE RATES ON SAVINGS ACCOUNTS

More than 1.3m people will see a boost to their savings after National Savings & Investments increased rates. Rates on variable rate accounts rose by up to 0.7 percentage points with NS&I looking to keep up with rising amounts elsewhere.

THE FINANCIAL TIMES

TATA THREATENS TO CLOSE PORT TALBOT STEELWORKS

The owner of the UK’s largest steelworks has threatened to shut down its operations if the UK government does not agree to provide £1.5bn of subsidies to reduce carbon emissions.

Sunak or Truss will have to deliver ‘shot in the arm’ of economy to lift confidence JACK BARNETT RISHI Sunak or Liz Truss will need to deliver a “shot in the economic arm” of the country to lift Brits’ confidence out of the doldrums after one of them wins the Conservative leadership race, two surveys published today reveal. Scorching inflation, the highest interest rates in 13 years and tax hikes have plunged UK consumer confidence to its lowest level ever. That’s according to GfK’s long running index, which revealed optimism flatlined at minus 41 in July, the lowest reading since the firm started

tracking the data in the mid 1970s. A separate survey released today by consultancy Deloitte also found consumer confidence has tumbled to the lowest level they have ever monitored. Severe pessimism among households underscores the tough task Sunak and Truss will face to boost the health of the UK economy after one of them claims the Tory leadership crown in early September. The “successful candidate will need to deliver a much-needed shot in the economic arm of the country if they are to help improve consumer confidence,” Joe Staton, client strategy di-

rector at GfK, said. Households are being gripped by the worst cost of living crunch in a generation, triggered by rising living costs eroding their pay. Figures published earlier this week by the Office for National Statistics (ONS) found real regular pay is falling at the quickest rate since 2001. Inflation also raced to a fresh 40-year high of 9.4 per cent last month, raising fears the Bank of England will hike interest rates 50 basis points on 4 August, something it has not done since it was made independent 25 years ago.

UK consumer confidence has plunged to its lowest level since records began

FRIDAY 22 JULY 2022

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Inflation sends UK debt interest bill to record high JACK BARNETT SCORCHING inflation has ballooned the UK’s debt interest bill to its highest level since records began, figures published yesterday revealed. The amount of money the UK had to pay investors holding government debt in June more than doubled over the last year, topping £19bn, up from £9.1bn in June 2021, according to the Office for National Statistics (ONS). A large proportion of Britain’s debt pile is linked to the retail price index (RPI), an old measure of inflation, meaning interest payments rise in line with the rate of price increases. The month-on-month increase from two months earlier in RPI determines the interest payment adjustment. The index jumped over three percentage points in April. Some economists argue a high debt interest bill does not hit the public finances due to the payments being spread over a long period. Nonetheless, that record interest payment increase lifted borrowing in June to nearly £23bn, above the Office for Budget

Responsibility’s (OBR) £22.3bn forecast, but below the City’s expectations. A further inflation surge over the coming months, peaking in October when the energy watchdog raises the cap on bills again, will swell the debt interest bill. “RPI inflation likely will surge again in October, when the energy price cap will jump, boosting interest payments in December,” Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said. “In addition, both gilt yields and the market-implied path for bank rate are higher now than when the OBR produced its forecasts in March. Accordingly, we estimate that debt interest payments will total £104bn in 2022/23, £21bn more than the OBR anticipated,” Tombs added. Chancellor Nadhim Zahawi said: “The government has taken action to strengthen the public finances.” Both Liz Truss and Rishi Sunak have prioritised putting the public finances on a sustainable footing if they win the race to Number 10. The OBR recently warned the UK is on an “unsustainable” debt path that will require tax rises or spending cuts.

NEWS

London Stock Exchange ‘fighting’ for Arm listing, says chief executive CHARLIE CONCHIE THE BOSS of the London Stock Exchange (LSE) yesterday said it would “fight” to win the listing of British chipmaker Arm after reports its owner Softbank had downed tools on a London listing.

BRUARY 2022

ISSUE 3,677

Ministers and the LSE have been lobbying Softbank for a dual listing in London and New York but preparations have C reportedly stopped b re after key ministers resigned. But LSE CEO CITYAM.COM

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How we reported the battle to lure Arm

Julia Hoggett said there was still a “compelling case” for Arm in London. “We’ve been working very hard. I describe the energy that I have to winning anything as being that we have to be young, scrappy and hungry,” she told Bloomberg TV. “We should absolutely fight for anything that we think we have a compelling strategy to propose.”

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őǀƂĲĲ Ĳƍő ƅÖ³ÖĝǫÖ ƥŚǷǷ ƨő ƥŚ¿øǷǷ ³ ƍė© ³į ĝï Ǯőǀ ŬŬĲǮ ƨő ƨƅ ńƍïÖƅ Ǯőǀƅ ŬÖńƍĝőńƍ¿ =h ƍ őƅ őƨėÖƅ ĝńǫÖƍƨĽÖńƨƍ ƨő ǀƍ ©Ǯ Ɯ V³ƨő©Öƅ ƹǷƹƹŲ "ǭ³Ĳǀƍĝőńƍ¿ m ƍ ŬŬĲǮŲ MINISTERS have been looking at how to introduce changes to alcohol duty, so pubs can compete with the cheaper drinks sold by supermarkets. However, businesses have said they are disappointed that this legislation has now been pushed back to the autumn.

Pub chains Mitchells and Butlers and Fuller’s warn inflation potent JACK MENDEL AND EMILY HAWKINS ALL BAR ONE owner Mitchells & Butlers (M&B) continues to face a “major challenge” due to ongoing inflation rises while pub chain Fuller’s said cost increases were “showing little signs of abating”. M&B experienced a drop in sales by 1.6 per cent in the year to date, claiming a mixture of the Jubilee weekend, industrial action and hot weather saw people go out less.

The Toby Carvery owner said the main drivers of profit in the third quarter of trading was food, at 5.5 per cent of growth, while drink sales dropped 4.9 per cent. Fuller’s said in a pre-AGM update that its like-for-like sales increased 27 per cent year on year in the first quarter. However, it said that “the industrywide inflationary cost pressures around food supply, labour and particularly energy are showing little signs of abating”.

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NEWS

FRIDAY 22 JULY 2022

CITYAM.COM

Pensionbee eyes profits next year as invested customers jump to 159,000 CHARLIE CONCHIE PENSIONS fintech Pensionbee yesterday said it was on track to hit profitability by the end of 2023 as it revealed it had boosted its invested customer base by 72 per cent. In a trading update for the first half of the year, the London-listed firm said invested customers rose to 159,00, up from 92,000 at the same time last year, on the back of a major marketing push. Assets under administration also

jumped 35 per cent year on year to £2.68bn, as strong net flows from its customer base offset the turbulence that rocked markets in the first half of 2022. Annual run rate revenue increased by 37 per cent to £17m. Boss Romi Savova told City A.M. yesterday the firm would be pushing ahead with “more of the same” as it chased a swing into the black. “Despite everything that has been going on in the outside world, we’ve had really resilient assets, and really resilient revenues,” she told City A.M.

Fears Solvency II reforms could damage sector LOUIS GOSS INSURERS have called on the UK government to reconsider its plans to shake up the Solvency II rules that govern the country’s insurance sector, after warning the plans in their current form could backfire. The government’s current plans to reform the European Union’s Solvency II regulations could see life insurers forced to hold more capital than they are currently required to keep, the Association of British Insurers (ABI) has warned. The current proposals would therefore prevent those funds being invested back into the UK economy, the ABI said, as it warned the current plans risk sabotaging the government’s original aims of freeing up capital to invest in infrastructure. The plans to overhaul the EU’s 2015 regulations were initially welcomed by insurers as a means of levelling up the country and advancing the UK’s green transition. The Bank of England (BoE) previously said the government’s post-Brexit shakeup of Solvency II would boost the insurance sector’s competitiveness, by allowing it to invest capital it is re-

quired to hold to protect itself against bankruptcy. However, the ABI said the proposals, in their current form, risk backfiring, as the insurance trade body said any positive impacts will be “offset” by the requirement that life insurers hold more capital on their books. ABI director general Hannah Gurga said: “The insurance and long-term savings industry could invest more capital to help level up the UK, boost the economy and support the transition to Net Zero.” “The current proposals do not realise that opportunity and would risk penalising pension customers as a result of the increased costs associated with the proposed reforms,” Gurga added. The comments come after the BoE this month warned that the Solvency II reforms would not be a “free lunch” for the insurance sector and could put policyholders at risk. Sam Woods, chief executive of the BoE’s Prudential Regulation Authority (PRA), warned that if the reforms simply “loosen regulations which were overcooked by the EU, without tackling other areas where regulations are too weak, then we are putting policyholders at risk”.

in an interview. “That has given us the confidence to reaffirm our objectives around profitability excluding marketing by the end of this year and then full profitability by the end of next year.” Analysts at KBW said that Pensionbee’s focus on the younger market — who have longer horizon on their savings — had paid dividends amidst market volatility, with savers being less cautious about short term fluctuation in their pension pots.

CEO Romi Samova said the firm would be on track to be profitable by the end of 2023

BRITTAIN TO MOVE Whitbread’s former boss to take a non-exec role at Dunelm

Email suggests Sky Sports and BT collusion LEAH MONTEBELLO

ALISON Brittain is letting go of the reins of Premier Inn owner Whitbread after steering the company through the pandemic and the sale of Costa Coffee. She will join the board of homeware retailer Dunelm as a non-executive director in September.

Centrica granted licence to open UK’s largest gas storage site NICHOLAS EARL CENTRICA was yesterday awarded a licence to reopen the UK’s largest gas storage site, boosting plans to shore up domestic energy supplies this winter and reduce Western reliance on Russian fossil fuels. The North Sea Transition Authority (NSTA) has greenlit plans to bring the Rough site back online, which is based off the East Coast of England in the Southern North Sea.

There are hopes the facility could be reopened as soon as this autumn, according to The Telegraph, however ministers are still in talks with Centrica about possible financial support to help it reopen. This could see a further levy added to consumer bills, deepening the cost of living crisis, with energy specialists already forecasting the consumer price cap will rise above £3,000 per year this winter during the coldest months of the year.

BT SPORT and Sky Sports are said to have consulted on day rates for freelancers just as the UK competition watchdog continues its investigation into potential collusion in sports broadcasting. In an email shared with the Financial Times (FT) and dated back to July 2018, a senior executive at BT Sport wrote: “After consultation with Sky Sports, BT Sport will increase the daily rate... by £10 per day to £380.” The leak to the FT appears to suggest the media titans were colluding on the price offered to freelance workers. The news comes after the Competition and Markets Authority (CMA) opened an investigation last week into whether BT, IMG Media, ITV and Sky had fixed rates offered to freelancers. The firms are being investigated under Section 25 of the Competition Act, which allows the watchdog to look into potential cartels. All firms said they were cooperating. The watchdog said it had “reasonable grounds” to suspect at least one breach of competition law, focusing on skilled freelance staff, including camera crews and sound engineers. BT Sport said in a statement: “While we take these allegations extremely seriously, we are unable to comment due to the ongoing investigation with the CMA.”

Salesforce boss: Government must do more to plug tech skills shortage LEAH MONTEBELLO

Salesforce snapped up messaging giant Slack for a whopping $27.7bn last year

THE GOVERNMENT needs to do more to fill the tech skills shortages, says UK Salesforce CEO Zahra Bahrololoumi. Speaking with City A.M., Bahrololoumi said the current talent gap for tech is a “crisis”, pointing to the company’s own research, which found that over three-quarters of the

global workforce do not feel ready to operate in a digital-first world. “We have a crisis in the UK where we are not prepared to skill up a nation of folks to thrive and work productively to support our economy,” she said. Because of this inertia, firms like Salesforce, which now serve more than half of the FTSE 100, have been

forced to plug the gap: investing in apprenticeship and training schemes. With London as the biggest market outside the US for Salesforce, Bahrololoumi said the capital is a “priority market in terms of investment and focus”. The City’s Salesforce Tower is now the second busiest office globally for Salesforce, just behind its San Francisco office.

FRIDAY 22 JULY 2022

CITYAM.COM

Law firm layoffs likely after legal boom subsides LOUIS GOSS A DOWNTURN in the legal market could see widespread layoffs in the City’s topranking firms, the head of London-listed law firm DWF told City A.M. The lawyers that jumped ship in “big numbers” in pursuit of six-figure salaries in London’s most prestigious firms could soon be laid off, as the top firms seek to cut costs by making redundancies on a “first in, first out” basis, DWF chief executive Sir Nigel Knowles said. “The Great Resignation might be followed by a Great Redundancy,” Sir Nigel told City A.M. Sir Nigel said DWF’s status as a listed firm helps it recruit and retain talent as it is able to offer its workforce share options before they hit partner level, as he argued DWF may “benefit” from layoffs in other firms. He explained that DWF’s heavy weighting towards litigation puts it in a strong position to weather any slump.

“In harder times, people litigate more, so we tend to do well in a recession,” Sir Nigel said. The company chief said DWF’s focus on the insurance sector also acts to hedge the firm against recessions. The comments come after DWF yesterday upped its dividend after posting “sustainable” growth in revenues of 3.8 per cent compared to the previous year. The group’s higher revenues in turn saw the integrated professional services firm’s adjusted profits before tax increase by 21.1 per cent to heights of £41.4m for the financial year 2021/22. Looking ahead, the law firm also said it plans to cut costs by reducing its office space, with a view to “addressing” a third of the £28m in costs associated with its properties. The plans could see it cut the space it has in the City of London’s “walkietalkie” building and downsize its offices elsewhere. The DWF chief said it would be “helpful” if someone took half of its space in the London tower.

READY TO ROAR Joy at London Zoo after the birth of three endangered tiger cubs

LOUIS GOSS BIG FOUR accounting firm PwC has upped pay for newly qualified (NQ) lawyers working in its fast-growing UK legal business to heights of £90,000 a year. The salary hikes will see PwC match the salaries offered by top ranking law firms including London’s Mischon de Reya, and

put it ahead of major firms including Fieldfisher and Clyde & Co, PwC confirmed to City A.M. after Legalcheek reported the news. The pay rises, which will see the salaries paid out to PwC’s freshlytrained lawyers increase from £72,000 to £90,000 per annum, come after the accounting firm set out plans in January to double the size of its UK legal business over the

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THE THREE Sumatran tiger cubs are part of a species facing extinction with only 300 left in the wild, a decline on the estimated 1,000 tigers in the 1970s. The three cubs were born to their mother Gaysha in June but only spotted by keepers in July after the heatwave.

KPMG UAE to rerun vote and bring in law firm following failed coup THE HEAD of KPMG’s business in the United Arab Emirates (UAE) has said the firm will rerun the election for his position, and bring in an external law firm to oversee the process, after partners attempted a coup aimed at ousting him from the firm. The election rerun comes after two senior partners at KPMG Lower Gulf were fired from their jobs after raising concerns about perceived conflicts of

next three to four years. PwC’s plans come as the Big Four have increasingly sought to capitalise on the legal sector by offering clients integrated legal services over the previous decade. The firm also handed out pay rises to around 11,000 of its rank-and-file staff last month, following other City firms in trying to ease cost of living pressures for its staff.

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interest involving the firm’s chief executive, Nader Haffar, and the appointment of his brother-in-law Talal Cheik Elard to an executive position in the firm, the Financial Times reported. The attempted coup came after concerns were raised about an election to extend Haffar’s tenure. KPMG’s UAE division is now set to rerun the election and bring in an external law firm to oversee the electoral process and review the firm’s internal governance.

PwC ups pay for newly qualified lawyers to £90,000 per annum

Capital at risk.

LOUIS GOSS

NEWS

FRIDAY 22 JULY 2022

CITYAM.COM

Mordaunt accused of misleading Parliament over committee record STEFAN BOSCIA DEFEATED Tory leadership candidate Penny Mordaunt has been accused of misleading the House of Commons over her record as a trade minister, City A.M. can reveal. Mordaunt yesterday said she had never turned down an appearance request at Westminster’s International Trade Committee in an apparent jab at trade secretary Anne-Marie Trevelyan, who has turned down several requests.

However, Department for International Trade (DIT) sources now claim this is not true and that she refused to face scrutiny at a hearing of the cross-party committee in May — an allegation which Mordaunt denies. Misleading the House of Commons as a minister is traditionally an offence that leads to resignations. The claims are the latest in an escalating civil war within the department, with Mordaunt and Trevelyan firing shots at each other amid the Tory leadership contest.

Race for Number 10 begins with further tax row STEFAN BOSCIA RISHI Sunak and Liz Truss yesterday duelled over their tax plans as a new poll gave the foreign secretary a commanding lead in the Tory leadership race. A YouGov poll of Tory members put Truss on 62 per cent and Sunak on 38 per cent on the first day of a six-week campaign to become the next UK Prime Minister. The poll found 40 per cent of members do not trust Sunak, compared to 18 per cent for Truss, leading some to speculate that the ex-chancellor’s role in bringing down Boris Johnson will doom his chances of becoming PM. Conservative members will choose their new leader after a series of hustings across the country, with the winner to be announced on 5 September. Truss yesterday announced she would start an immediate review into providing tax relief for stay-at-home parents and carers if she is made Prime Minister. The foreign secretary said she would look at treating households as “single tax entities”, while also defending her plans to slash taxes by more than £30bn if made Prime Minister. Leading economists and Sunak have

Mordaunt declined a request to attend sessions of the trade committee in May to speak about the Australia and New Zealand trade deals, after Trevelyan could not make it. A trade department source said Mordaunt should have gone to the hearing as “she is the bill minister for Australia and New Zealand” and that the trade minister “lied to the house”. It comes after City A.M. exclusively reported last week that Mordaunt had been accused by her trade colleagues of “going missing for months”.

Mordaunt was knocked out of the race to become Tory leader on Wednesday

RISHI TO IMPRESS Sunak is on the trail ahead of Tory vote against rival Liz Truss

Reduced flows at Nord Stream as crisis looms NICHOLAS EARL NORD STREAM 1 has begun pumping gas into Europe again, following a 10-day outage this month, easing Europe’s immediate fears of a supply shock after Russian President Vladimir Putin warned flows could be cut further or stopped altogether. Supplies via Nord Stream 1, which runs under the Baltic Sea to Germany, were halted for maintenance on 11 July. However, gas flows are only at 40 per cent of capacity, in line with levels recorded prior to the maintenance work. Gas flows into Germany had been cut 60 per cent amid economic conflict between the Kremlin and the West following Russia’s invasion of Ukraine. The European Union (EU) has imposed a raft of sanctions on Russia over the past five months, including banning Russian coal imports and seaborne oil shipments. Russia has retaliated by halting or severely reducing gas flows into 12 EU member states, which refused to pay for gas in roubles. It has also blamed sanctions for delaying the return of a pipeline turbine that Siemens Energy was servicing in Canada, and for the general reduction in gas flows from Nord Stream 1. That turbine is reportedly on its way back, but Gazprom said on Wednesday it had not received documentation to reinstall it.

claimed her tax cuts, which would be funded by borrowing, would further fuel the UK’s 40-year high inflation of 9.4 per cent. Sunak has called her plans “something for nothing economics” that are “socialist” in spirit. Sunak told LBC: “I think [Truss’ tax plans] would be inflationary. We’ve got a situation today where everyone knows inflation is running much higher than we would like. “If the government goes on a huge borrowing spree, that is only going to make the situation worse and it will mean this problem we’ve got will last longer. If we don’t get a grip on inflation now it will make families poorer in the long run and I want to avoid that at all costs.” The influential Institute for Fiscal Studies (IFS) yesterday said that if her “tax cuts were indeed financed by additional government borrowing, rather than spending reductions, they would inject additional demand into the economy and further increase inflationary pressures”. Truss told the BBC that mainstream economists had been “peddling” the wrong theories, and that her plans would in fact “decrease inflation”.

UK science at risk of ‘taking a step backwards’ after minister resigns MILLIE TURNER

Former science minister George Freeman quit as part of the rebellion against the PM

THE GOVERNMENT’s pledge to make the UK a science superpower by 2030 is in “disarray” after the minister responsible resigned earlier this month. Science minister George Freeman resigned on 7 July amid a rebellion against Prime Minister Boris Johnson.

Andrew Catchpole, chief scientific officer at London-listed Open Orphan, which ran tests on Covid-19 for the government, told City A.M. that there is now “a bigger risk taking a step backwards than taking a step forward, which is what the government had pledged to do”. The science lead said the promise to the industry was “slightly in disarray”

after Freeman’s departure, adding his replacement must find funding for schemes provided by the EU. Simon Thomas, CEO of Paragraf, a maker of graphene semiconductors, told City A.M: “Without enhanced support for our innovators at an industrial scale, we risk lagging behind, destabilising and losing [critical] supply chains.”

FRIDAY 22 JULY 2022

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Post-Covid demand: Franco Manca owner’s revenue more than doubles MILLIE TURNER REVENUE at Fulham Shore, which owns Franco Manca and The Real Greek, has soared more than 100 per cent in the post-lockdown march back to restaurant dining. The London-listed hospitality giant made an operating profit of £6.7m in the year to 27 March, swinging from a £4.8m loss in 2021. Fulham Shore has unveiled six new Franco Manca pizzerias and four new The Real Greek restaurants since

March last year, taking its total restaurant network to 82. The restaurant operator was forced to open a £10.75m loan facility with the government’s Coronavirus Business Interruption Loan Scheme (CBILS) during lockdown measures in 2020, as well as undergo an equity raise for a further £2.25m. Amid the pandemic chaos, the company doubled down on expansion, while high street properties plummeted in price. Executive chairman David Page

said yesterday that Fulham Shore had continued on this strategy, “investing in new restaurants across the UK and creating jobs” over the past 12 months. Shares in the London-listed firm were uplifted more than eight per cent yesterday afternoon. The buoyant update comes as hospitality firms have struggled to recoup losses following the pandemic, against a backdrop of elevated costs and weakened consumer demand.

The pizza seller has reaped the rewards of a post-Covid bounceback in dining demand

Losses swell for Ocado as fewer items bagged EMILY HAWKINS OCADO posted swelling losses after shoppers added fewer items to their shopping baskets following the cost of living crunch and easing of lockdown restrictions. Losses widened to £211m, from £27.9m the year prior, for the six month period to 29 May, with customers forced to tighten their purse strings as inflation surged past new 40-year highs. Shoppers spent an average of £120 per basket in the period, compared to £138 in the same period in 2021, driven by customers adding fewer

items to their shops. While the average selling price lifted three per cent, this only partially offset shoppers’ reduced baskets. Group revenue tumbled four per cent to £1.3bn, while revenue from its retail business fell eight per cent to £1.1bn as economic turmoil caused shoppers to shrink their baskets. The firm is at a “major crossroads”, Fraser Thorne, chief exec at Edison Group said yesterday. “Is it a tech company or a retailer? Unfortunately, both are loss-making and neither are in vogue with investors,” he said. Shares in Ocado fell by nearly three per cent yesterday.

OCADO SHARE PRICE 2021-2022 2,000 1,800 1,600 1,400

21 July

753.2

1,200 1,000 800

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Eoin Tonge will swap sandwiches for sandals as he moves from the top finance gig at M&S to Primark owner Associated British Foods

Primark owner poaches M&S finance boss EMILY HAWKINS PRIMARK owner Associated British Foods has nabbed Marks & Spencer’s chief financial officer Eoin Tonge for its top finance job. Associated British Foods said that its current finance director John Bason will step down from the board, with Tonge stepping into his shoes no later than February 2023. Tonge also holds the positions of chief strategy officer at M&S and chief financial officer, which he has held since June 2020. “It’s never an easy decision to leave a great business like M&S,” Tonge said.

“However, the opportunity has knocked for me to take on a new financial role across a diverse portfolio of businesses.” After departing from the ABF board, Bason will become chair of a freshly created strategic advisory board for Primark. The board will offer Primark boss Paul Merchant external expertise, including members selected for “specific and relevant areas of expertise”. The news came after M&S

announced it had acquired the logistics provider to its food arm for £145m, with the supermarket “taking control of our food supply chain for the first time Tonge said that leaving Primark for M&S was ‘not an easy decision’ in our history”. The supermarket said the takeover from Storeshield would aid its multi-year plan to modernise its food supply

Britvic reports fizzing revenues but warns of cost of living slowdown CHARLIE CONCHIE

Britvic has posted strong sales, with revenue up 11 per cent versus last year

DRINKS maker Britvic reported a jump in revenues across its markets yesterday but warned sales could be hit in the months ahead as the cost of living begins to bite. The London-listed Tango-maker said revenues were up 11.2 per cent on the same period last year, with

double digit growth on 2019 levels as at-home sales in Britain boomed and the firm expanded in Brazil. Boss Simon Litherland said the growth reflected “continued resilient demand” but warned that demand could taper off. “We remain focused on mitigating the impact of inflationary pressures on our business; soft drinks is a

resilient category, within which we have a well-invested business, a flexible operating model and a robust supply chain,” he said yesterday. Rival Fever Tree issued a stark trading update last week. The premium drink seller cut its annual profit forecast by a third due to labour shortages and hurtling costs subduing production.

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FRIDAY 22 JULY 2022

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Australian bidder walks away from £650m race to snap up Go-Ahead MICHIEL WILLEMS AUSTRALIA-BASED Kelsian yesterday confirmed it had pulled out from the race to buy Go-Ahead – weeks after the board picked a rival offer. The business said falling share prices in Australia tied its hands and forced the group to walk away from a potential tie-up. Kelsian is one of Australia’s biggest bus and ferry companies; it also has operations in Singapore and London. It tried to muscle in on a deal to buy

Go-Ahead, which co-runs the Govia Thameslink Railway, but its shares have fallen by more than 15 per cent in recent weeks. “Unfortunately, recent Australian equity markets have been volatile and external events have adversely impacted the Kelsian share price since 14 June 2022 when Kelsian first announced it was considering a possible offer for Go-Ahead,” Kelsian said. If Kelsian made an actual offer for Go-Ahead, it would have gone up

Airlines warned by watchdog on chaos pay-outs ILARIA GRASSO MACOLA THE CIVIL Aviation Authority (CAA) and the Competition and Markets Authority (CMA) have warned airlines they could face enforcement action if they fail to comply with consumer law. In a joint letter sent to carriers, the regulators said they were concerned about consumers experiencing harm “unless airlines meet their obligations” and “minimise flight disruption throughout the summer and beyond”. The CAA and CMA said they were going over evidence and if they found consumers were still facing major problems, they would consider further action – including enforcement. The regulators raised doubts over carriers engaging in harmful practices, including selling more tickets than they could supply and not providing customers with sufficiently clear information about their rights. “Airlines should assess and review all the key factors which could lead to flights being cancelled, and take steps

Go-Ahead is a leading operator of buses and trains in the UK

BOOK IT IN – WITH A TWIST Iconic St Pancras cocktail bar enjoying the fruits of the capital’s growing tourism rebound

to mitigate these or stop advertising flights where their assessment suggests there is a high likelihood of cancellation,” the statement read. The letter comes on the heels of both airlines and airports reducing the number of flights to ensure smoother operations. Earlier this month, British Airways cancelled around 18 per cent of flights for July, August and September, while Heathrow was forced to cap daily departing passengers to 100,000. Airlines are set to reduce the number of flights to improve their operations Under consumer law, airlines should offer stranded passengers re-routing solutions, either using their own flights or a replacement with another carrier. Trade body Airlines UK said the industry was “fully committed” to delivering for customers. “Taking customers on long-awaited holidays and building resilient summer schedules is our number one priority right now,” the body said.

FANCY A NIGHTCAP? Strikes on the Night Tube have been suspended by the RMT PLANNED strikes across the Tube network in December by the RMT union have been called off, leading the chief executive of UKHospitality to remark that “we desperately need our staff and customers to be able to get to and from hospitality venues in London. We urge all parties involved to work to ensure that strikes are avoided.”

against a £650m deal already agreed between the company’s board and a consortium made up of Australian rival Kinetic and Spain’s Globalvia. Shares dropped around three per cent on Thursday, following the announcement, to around 16p below the offer price. Go-Ahead said it plans to go ahead with the Kinetic and Globalvia deal. The bidders said there will be a “limited” impact on the staff employed to support Go-Ahead’s listing on the London Stock Exchange.

JACK Porter, bar manager at St Pancras’ iconic cocktail bar Booking Office 1869, is whipping up a storm as the capital’s summer tourism season kicks back into life. Porter, armed with a new cocktail menu and the surrounds of the station’s old ticket office, is confident the capital is on its way to recovering from the pandemic. “London seems to really be back to life with locals, offices and tourists coming into the iconic building and wanting to experience fantastic cocktails in beautiful surroundings,” he told City A.M.

Chaos as TfL backtracks over plans for early closure on Central tube line JACK MENDEL AND ILARIA GRASSO MACOLA CONFUSION reigned for Londoners yesterday after Transport for London (TfL) announced the Central Line would close early due to staff closures — before u-turning on the decision shortly after. TfL yesterday made an

announcement saying the central line would shut by 5.30pm due to staff shortages and illness in the control room. However, when contacted by City A.M., TfL said that while customers should expect minor delays, trains would now run until the end of the evening. The announcement came after the

London Underground suffered a series of strikes over working conditions and pay, while the heatwave also put pressure on services to continue in extreme conditions. Before finding a replacement for its sick workers, TfL told customers that shuttle buses would replace the service, running from 5.30pm onwards.

FRIDAY 22 JULY 2022

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NEWS

S4 Capital shares are slashed as ad giant issues profit warning and cuts LEAH MONTEBELLO SHARES in S4 Capital tanked as much as 45 per cent yesterday after the advertising giant issued a profit warning. Sir Martin Sorrell’s firm said staff costs were ahead of profit and revenue growth, knocking confidence in the turbulent stock. S4 lowered its full-year guidance on earnings before interest, taxes, depreciation and amortisation to £120m, compared with estimates of

£154m to £165m. Net debt at 30 June 2022 was also towards the bottom end of previous guidance of £140-190m, due to “an improvement in working capital”. Adding salt to the wound, the firm said “significant cost reduction measures, including a brake on hiring and discretionary cost controls” had been introduced to “better balance the growth in revenue, gross profit / net revenue”. The London-listed firm has been criticised for its intense acquisition

strategy, having snapped up 30 media groups in the past four years. A recent investigation by the Sunday Times found that the finance team failed to accurately record sales and accused the S4-owned Mediamonks of regularly failing to pay social media influencers and other creditors on time. Nonetheless, analysts at Peel Hunt backed Sorrell’s firm, and said it continues to be an undervalued stock, giving it a buy rating recommendation.

S4 Capital shares were down nearly 80 per cent in the year to date yesterday

Alphawave boss: Hawkish tech policy to tighten MILLIE TURNER THE GOVERNMENT’s hawkish policy on foreign investment in British technology is only going to tighten, the boss of chip maker Alphawave told City A.M. Computer chip manufacturers have fallen under increased scrutiny in recent months. The potential takeover of Newport Wafer Fab by Nexperia, which is owned by a Chinese state-backed company, raised eyebrows in government after the passing of the National Security and Investment Act earlier this year. “I don’t think anyone in the semiconductor industry thinks that regulation is going to be eased, especially in a Western environment,” John Lofton Holt, executive chairman of tech infrastructure firm Alphawave, said. “In this geopolitical climate, it’s not a surprise that law passed. “It’s expected in this environment. Is it good for tech or bad for tech? That’s way above my pay grade, but it is going to make it more difficult to do business globally.” It follows business secretary Kwasi Kwarteng blocking the purchase of vision sensing technology by Beijing Infinite Vision Technology on Wednesday night over national security concerns.

However, Western technology companies are poised to navigate tightening regulations, Holt continued. Alphawave, which launched a £3.1bn float in the UK in May last year, mostly serves Silicon Valley giants such as Amazon, Microsoft, Intel and Meta. After pumping investment into infrastructure at the beginning of the pandemic in 2020, most of Alphawave’s clients are well positioned to come out on top — despite regulations in the UK, as well as in the US and Canada, weighing on the tech industry. While consumer tech firms will continue to be hit by plummeting demand as inflation eats into people’s spending power, businesses building ‘behind the scenes’ tech such as computer chips have been granted a certain level of immunity, he explained. “In March 2020, we saw the work from home movement and the infrastructure providers really doubled down on infrastructure investments… These companies are still investing in the infrastructure they’re going to roll out in a few years from now.” He added that Alphawave was “really lucky” not to have a consumer exposure, which is currently being hit by weak demand.

Profits surge at Moneysupermarket for 2022 LOUIS GOSS

The electric car giant headed by Musk has sold Bitcoin worth circa $1.5bn

Elon Musk’s Tesla sheds Bitcoin holdings as profits start to drop HAMZA FAREED MALIK TESLA has sold 75 per cent of its Bitcoin portfolio as profits slid in the second quarter of the year. The electric automaker yesterday announced in its Q2 earnings report that it converted the Bitcoin to $936m (£782m) of cash, with its digital asset holdings now at $218m. Profits fell to $2.3bn from a record $3.3bn profit in the first quarter, as the electric car giant faced production challenges and the closure of its Shanghai factory.

Tesla announced it had bought $1.5bn of Bitcoin last February, when its price was over $46,000, more than double its current price. Bitcoin fell further yesterday. Tesla CEO Elon Musk has been a highly prominent advocate of cryptocurrency like Bitcoin and Dogecoin, the latter which Tesla said it still has not sold. It comes as Tesla’s share price has taken a beating over recent months since Musk announced his $44bn takeover of Twitter, a deal that is now in doubt. Tesla shares rose yesterday.

PRICE COMPARISON website Moneysupermarket yesterday said its first half performance was “ahead of expectations” after a 19 per cent jump in revenue saw its pre tax profits grow 20 per cent compared to last year. The website said its financial performance was boosted by returning demand from travel insurance comparison services and “exceptional” trading in its banking comparison division in the second quarter of 2022. The return of global travel saw revenues from Moneysupermarket’s travel division return to 60 per cent of pre-pandemic levels, generating revenues of £8m for the first six months of the year. The boom in demand for banking comparison services also saw revenues from the site’s money division surge 64 per cent to £53m. Moneysupermarket chief executive Peter Duffy said: “As the cost-of-living crisis bites, we’re doing all we can to help the British consumer. We’ve performed well with strong profit growth despite some mixed end markets. “At the same time we’re making strategic progress towards becoming a flexible tech-led savings platform, with all our core data now in Google Cloud Platform.” Duffy added. Moneysupermarket shares closed up over 12 per cent yesterday.

Aldi recruitment boom as it begins hunt for 1,000 new logistics roles EMILY HAWKINS

The supermarket wants to expand its distribution, maintenance and transport teams

ALDI is the latest firm to take part in a logistics recruitment boom, creating some 1,000 roles across the country over the next year. The discount supermarket wants to expand its distribution, transport and maintenance teams at its 11 regional centres across the country.

It comes as retailers face a race for distribution and warehouse space. A recruitment drive will include both full-time and part-time jobs, with wages of up to £19.80 per hour. Aldi, which currently has a store estate of around 960 sites and a 38,000-strong workforce, is anticipated to carve out 2,000 permanent jobs across the UK this year.

The budget brand has been gaining market share in recent months as it seeks to appeal to shoppers looking for cheaper deals amid the cost of living crisis. “As we continue to grow and make Aldi accessible to even more shoppers, we need more amazing colleagues at our distribution sites,” Kelly Stokes, recruitment director at Aldi UK, said.

NEWS

FRIDAY 22 JULY 2022

CITYAM.COM

Our mental health columnist Alejandra Sarmiento on staying sane in a high pressure world

HEAD SPACE Imposter syndrome is not a new phenomenon - just ask Franz Kafka

RANZ Kafka is best known today as one of the most influential writers of the 20th-century. Author of masterpieces such as “The Metamorphosis” and “The Trial,” Kafka was, in fact, a lawyer for an insurance company by profession. He hated his day job. His real passion and only sense of purpose was in writing. He also loathed his writing, burning nearly 90 per cent of his work during his lifetime. Even towards the end of his life, Kafka remained plagued by self-doubt and wrote a letter to Max Brod, his best friend and literary executor, instructing him to burn all his manuscripts, diaries and letters upon his death. Brod refused to do this, believing in the brilliance of his friend far more than Kafka himself ever did. Kafka, of course, is not the only talented writer or artist who wanted his work destroyed. Virgil, Emily Dickinson, Vladimir Nabokov, Claude Monet and Francis Bacon, for example, were all convinced of the worthlessness of their

I knew that if I failed I wouldn’t regret that, but I knew the one thing I would regret was not trying.

works and either left instructions for these to be destroyed or they eradicated their legacy themselves. We may not be an acclaimed artist but we can probably relate to this sense of insecurity, especially in our professional, working lives. We may believe that we are not good enough for the position we hold or that, any minute now, we will be “found out”. IMPOSTER SYNDROME? We are, in short, in the grips of Imposter Syndrome—a term coined in 1978 by two American psychologists, Pauline Clance and Suzanne Imes, to describe the fear of fraud that creeps in when pressure and perfectionism unite to distort our reality. Imposter Syndrome is not an officially diagnosed mental disorder but it is a very real and debilitating form of professional self-doubt. It is very common, whether you are at the pinnacle of your career or have just entered the workforce. It can show up as the belief that we must immediately become an expert in

our field whilst fearing that we can never achieve this; that our work must be perfect at all times; that we cannot ask others for help; and, that burnout is the ultimate badge of honour for our relentless hard work. Otherwise, perhaps we will indeed be “found out”. STRIVING FOR PERFECTION ISN’T AS HEALTHY AS IT SEEMS The truth is that this makes our professional life a living hell.

We need to zoom out and step into radical self-acceptance. We need to understand that striving for perfection is a fear of rejection in disguise and that asking for support and guidance is a sign of strength that allows for growth. We are so often our own worst enemy. On an emotional level, we need to remind ourselves that feelings are not facts. On a practical level, overcoming our fears will make us much more effective. Ultimately, we are so much more capable than we believe we are.

Record revenues at broker IG as US arm booms

Market volatility fails to shake AJ Bell as users rise CHARLIE CONCHIE RETAIL investment platform AJ Bell reported a surge in customer numbers in the past quarter but said that assets under administration dipped five per cent as volatile markets rocked investors. Customers at the London-listed firm jumped 18 per cent to 14,120 in the three months to the end of June while assets under administration slipped five per cent to £63.5bn, which the firm said was primarily due to “adverse market movements”. Meanwhile, net inflows to the firm hit £1.6bn, down from £2.1bn in the same period last year, amid a more cautious environment for investors. Boss Andy Bell, who announced he would step down from his role last month, said customer growth had bucked the investor nervousness that has gripped the markets this year. “Our trusted, dual-channel investment platform has continued to attract thousands of new customers looking to invest for their future, despite a weakening in investor sentiment over the last six months,” he said in a statement today. “During our third quarter, platform customer numbers continued on an upward trajectory and closed 18 per cent higher than in the previous year, whilst

platform net inflows of £1.6bn were in line with Q2, a traditionally strong quarter which benefits from the increase in customer activity in the run up to tax year end.” The firm’s investment arm notched a nine per cent jump in managed assets in the quarter to £2.5bn in the three months to June, up 25 per cent year on year, as net inflows hit £271m. Bell said the firm’s investment solutions had “outperformed against most competing products over the last five years”. “Overall, our business continues to perform well and our long-term growth prospects remain strong,” he added. Shares jumped over four per cent yesterday on the update as the firm climbs back from a May slump as volatility spooked investors. Bosses revealed in the statement that they would push back the launch of a new adviser app ‘Touch’ until later this year, despite originally planning to launch the product last year. Yesterday’s update comes as the firm prepares for a period of change, with founder Andy Bell preparing to hand over the reins to finance chief Michael Summersgill in October as part of what was described by the company as being part of a “long-term succession process”. The positive results buoyed shares over four per cent yesterday.

JEFF BEZOS

CHARLIE CONCHIE

Brewin Dolphin said that a worsening macroeconomic environment had hit results

Brewin Dolphin funds slide as turbulent markets take their toll CHARLIE CONCHIE BREWIN Dolphin yesterday reported a slide in income and assets under management in the three months to June as volatile markets took their toll on the wealth manager’s investments. The London-listed firm, which agreed to a £1.6bn takeover by the Royal Bank of Canada in May, said total funds decreased by 8.2 per cent in the quarter to £51.7bn due to a negative investment performance of £4.7bn, while income was down 5.7 per cent to £97.9m. Bosses said that a worsening macroeconomic environment and turbulent markets had hit the firm.

“While the recent market weakness has impacted our results in the third quarter, I am pleased that for the year to date we have achieved £2.5bn of gross discretionary inflows,” chief executive Robin Beer said in a statement yesterday. “The strength of our gross inflows demonstrates continuing demand for advice and our ability to capture new clients, especially during market uncertainty.” Beer added that Brewin continues to see “increased demand for our propositions and investment solutions” and is “well placed to capture the secular growth trends in the market”.

ONLINE trading platform IG yesterday reported record profits and revenues after booming growth in its US division Tastytrade. The London-listed investment platform said pre-tax profits were up seven per cent to £477m after net trading revenues jumped 14 per cent to £966.5m. Tastytrade — which was snapped up by IG in January last year for £1bn — saw revenues hit £112m, up 16 per cent on a pro forma basis from £96.1m in the previous year. Boss June Felix yesterday said the firm had “achieved consistent, strong financial performance while we continue our journey to become a more diversified, innovative, global fintech.” “This year’s record results show how we have achieved consistent, strong financial performance while we continue our journey to become a more diversified, innovative, global fintech,” she said. “Our forward-looking strategy has positioned us well to capitalise on a significantly larger total addressable market and to take advantage of the ongoing shifts towards self-directed investing. We are now operating on an entirely new scale.” Shareholders are now in line for a bumper payday as bosses announced they would buy back up to £150m worth of shares to put cash back in investors’ pockets. Shares in the firm jumped 10 per cent yesterday, having risen nearly 14 per cent in the past month.

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FRIDAY 22 JULY 2022

CITY DASHBOARD

BEST OF THE BROKERS

Recession jitters tame gains on FTSE 100 but Frasers Group shines

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LONDON REPORT

ITTERS over a slowdown in the global economy pulled industrial stocks lower yesterday, taming gains on London’s FTSE 100, but Frasers Group boosted the mid-cap index. The capital’s premier index edged 0.09 per cent higher to 7,270.51 points, while the domestically-focused midcap FTSE 250 index, which is more aligned with the health of the UK economy, jumped 1.59 per cent higher to 19,709.24 points. Scorching inflation and rising business costs are crimping economic activity, sending a chill through global output. Investors are also worried central banks will tip their respective economies into recession by raising rates rapidly to tame historic price rises. The European Central Bank yesterday hiked rates by a shock 50 basis points.

MARKETS

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DIPLOMA 2,750 2,700 2,650 2,600 2,550 2,500 2,450 2,400 2,350

2,698 21 July

15 July

Those concerns over a reduction in global demand weighed on FTSE 100listed commodities producers. BP and Shell, which represent an enormous share of the index meaning movements in their share price exert a strong influence over its direction, both fell more than 1.05 per cent. Brent and WTI, the global oil price benchmarks, each dropped around two per cent, hitting the oil mega caps’ shares. Miners Glencore and Fresnillo all placed near the bottom of the FTSE 100 performance table. Prices for commodities such as copper have tumbled in recent months. Mike Ashley’s former FTSE 250-listed retail business Frasers Group led the day’s gains on the FTSE 250 after it posted a profit jump despite a significant increase in cost. Its shares closed up nearly 27 per cent.

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Technical products specialist Diploma has issued a bullish third quarter trading update, with an operating margin at the top end of the target range of 18-19 per cent and net debt to end the year at 1.5x ebitda. Peel Hunt has maintained its ‘Buy’ stance at a target price of 3000p. Analyst Henry Carver said the results “reiterates its confidence” in its growth plans, despite challenging macroeconomic conditions.

DWF 100

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INFLATION COMES TO THE CIRCUS At the moment fiscal policy demands an ability to balance on a tight rope, spend too much and debt becomes insurmountable spend too little and the economy will simply grind to a halt.

96 95

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Manchester-based legal business DWF Group has reported full-year net revenues of £350m and profit before tax of £41.4m. Most encouragingly the adjusted ebitda margin has increased from 11.6 per cent to 13.3 per cent. Peel Hunt has kept its buy stance at a target price of 145p. Analyst Andrew Shepherd-Barron said: “DWF is a well-managed sector leader that remains under-recognised by investors.”

CITY MOVES WHO’S SWITCHING JOBS MAGNETIC

Design company Magnetic has bolstered its training and capability building business with a new manager. Former ASDA and British Gas lead Minda Galvin will help the business meet rising demand for training post-pandemic, for corporate clients such as PwC, Deloitte, HSBC and RSA Insurance. “Over the last two decades I’ve helped organisations

to transform from the inside,” said Galvin, adding that she is “now excited to use these skills to deliver on Magnetic’s purpose.”

XSOLLA

Video game ecommerce company Xsolla has poached its new senior country manager for the UK, France and Benelux from tech giant Meta, formerly Facebook. Sebastian Totté joins the firm after seven years at Meta, where he was most recently a strategic partner manager. The incoming lead is set to build relationships with games studios in the region.

“We’re thrilled to welcome Sebastian on board, who has market-leading expertise in cultivating leading commercial partnerships and deploying strategic services for one of the largest global technology companies,” regional director for Europe, Miikka Luotio, said. “Sebastian brings a wealth of experience which will enable the new Xsolla UK team, in particular, to scale at speed.”

BCB GROUP

Digital financial services firm BCB Group has appointed a fresh deputy CEO, from fintech giant Paysafe.

Noah Sharp previously spent more than a decade with Deutsche bank. He has also worked with Standard Chartered, where he was director of fintech banking and advisory for clients across Europe and North America. The banking veteran, also a specialist in payment solutions for crypto exchanges, will share responsibility with CEO Oliver von Landsberg-Sadie. “We have appointed Noah at a time where the international scaling of the business needs a seasoned expert with an extensive track record in banking and payments, and I’m honoured to have Noah support my vision in such a powerful way,” said Landsberg-Sadie.

To appear in CITYMOVES please email your career updates and pictures to citymoves@cityam.com

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at a 30ITH UK inflation surging year high due to supply energy costs and for inchain issues, the casesaving, vesting, rather than been greater. your money has never are still hovering Interest rates low, meaning that around an all-timesavings account or a money held in eroded in cash ISA will be significantly real terms. ISA season, people As we head into their tax-free aluse to still looking to 5 April will need lowance before of inflation eroding weigh up the risk the risk of investas their savings versus in asset classes such ing their money or peer-to-peer loans. stocks and shares tax year, the For the current 2021/22 ISA can save in an inmaximum you not pay tax on any is £20,000. You do gains accrued within terest or capital an ISA wrapper. exempt from payThis means you are which kicks in on tax, ing capital gains than £12,300 from any profit of more an investment. into an ISA by You must put moneyfor it to count toyear the end of the tax allowance. Any unwards this year’s not roll over into used allowance doesuse it or lose it! so on the next tax year, of opportunities With a plethora can be overwhelmoffer, the ISA market the best places ing, so we have analysedmoney. to put your hard-earned

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of the fund as the “You should think and indiin April, will hit six per centbe looking main course of your investment KING plates – slightly more better, inflation CASH IS NO LONGER that investors should fence waiting for vidual shares as side more lifted the base rate to sitting on the be the time to lock in meaning above six per cent to avoid risky, but you may consider them The Bank of England of 0.1 per cent to Society, according for returns low but now might Coventry Building Historic stock mar- fun and interesting to follow. from an historic a eroding their savings. December, and raised data as of 25 January from Moneyfacts. that best rate.” sure you first have that this can be 0.25 per cent last “You should make most average rates this year to 0.5 ket performance suggests is riskand then buy “Last year, we saw it again on 3 February although no investment core plate of investmentsthe edge.” across the savings UP EQUITIES around money in achieved, go to record lows out of the ISA wrap- EYEING per cent. individual shares ISAs losing savers or in comparison to that you’ll usually people in a free. example, if you invested in an back With cash However, this pales 30-year high of 5.4 market, within It’s worth noting slowly climbing fi- real terms, it is advisable for fees with “For a the perper, but they are position to confund that tracks inflation, which hit to pay a few different 2021 and is presays Rachel Springall, comfortable financial ISAs, which give index trackerthe stock market, on a his- have s ISAs. Th per cent in Decemberthan six per cent up again,” at Moneyfacts. in- formance of sider stocks and shares nance expert dicted to rise to more2022. steady process chance of outperforming of in them a good “It is a slow and during the course left languishing though. There was a base rate rise in Therefore, any money decrease in value in cash ISAs will

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latest announce its OFGEM will consumer price update to the millions of cap today, with bracing for a households hike in energy painful price bills this spring. at Cornwall Energy analysts the cap, warned Insight have what suppliers can which limits tariffs, could year. charge for default per £2,000 rise to almost the energy Jonathan Brearley, ly chief, previous watchdog’s mechanism suggested the soaring should reflect wholesale costs. is expected to Downing St loan scheme roll out a £6bn £200 a g this week, providin household to rebate for every from rising soften the blow prices. taxpayers This will involve iting loans effectively underwr . c to suppliers for Economi The Institute City destination, but CHARLIE CONCHIE York as thetold favoured Mayer Affairs’ Andy will only political have indicated the plansinsiders that the A.M. relief for BRITISH chipmaker the government is keen to see the firm go per cent Arm is set to be provide partial come “at or above four ofaround a charm offensive to encourage in London. and will ldspublic will “remain at subject for househo of end ofto2022,” higher bills list intarget. London rather than New York. source said “it shouldn't be expense AofWhitehall through to the itinflation from the Institute years five Julian Jessop, is betting the Bank will three to Japanese owner Softbankthe said may abesurprise that ministers would like a the Bank’s Arm’s today, rise double rate what a in Economic Affairs, at one Monetary Policy In preparationsthe yesterday it was making to loanBritish success story like Arm to float in is repaid.” before. Markets are pricing out as caught whether been defy recent historymeeting this year and float the Cambridge-based chipmakerIt is alsoLondon”, a Treasury spokesperson unclearwhile but they have Bank expectations in the defied fallpush . will the Committee (MPC) r, after a $40bn (£29.5bn) takeover bid from said it would ahead with reforms to points, e prices Novembe energy d, triggering be the lift rates 0.5 percentag with US giantcompariso Nvidia collapsed listing rules toenergy make ns to amid hawkish tilt will and left rates unchange near future, capthe capital more and The Bank’s abrupt g dampening warning regulatory pressures. attractive to the major firms. volatility in markets trade body Carney’s Mark in October. economy driven by it prioritisin againlocal Softbank said it was.’eyeing up New MP said itto was “vital” the former Governor ‘unreliable boyfriend rises across the could rise Arm’s . an for suppliers rampant price g to the pandemic reputation as The inability e costs to rate and inflation instead of respondin by City A.M. wholesal higher interest agitate Chancellor Rishi A polled on ts has pass cap, to the may Most economis peak at between 6.5 environment will customers, due estimates a one and is going bust. think inflation per cent in April Sunak. The Treasury in both would led to dozens point increase per cent and seven e soon. finances. percentag anytime to the public unlikely to cool developed markets deal a £23bn blow James Smith, said the cost of living economist at ING,

BRIT CHIP FIRM TO COME UNDER POLITICAL PRESSURE TO LIST IN LONDON NOT NEW YORK AFTER REGULATORY HURDLES END NVIDIA TAKEOVER PLAN LED BY NOMISTS POL firm listed in the capital. Politicians are T reportedly also wooing other soon-toTODAY AS ECO YEAR – AT LEAS float global firms. ERS SET TO HIKE News of the float came after a bumper E TO COME THIS BANK RATESETT takeover bid from US giant Nvidia was DICT THREE MOR PRE finally kiboshed, with a combination of A.M. 2022, in CITY three times competition watchdog interest and lift rates a further Bank has raised

time the marking the first four times in a calendar borrowing costs– that’s the consensus will this year since year since 2004 A.M.’s poll of economists. cycle THE BANK of England forecast of City fastest rate hike a former rate setter embark on the tame rampant inflation in e Andrew Sentance, adviser to Cambridg 2004 in a bid to at its meeting of rate “three and now senior City said he expects the UK – starting Econometrics, this year” after today’s reveals an exclusive setters today – economists. further rate risesrates to 1.25 per cent by 18 A.M. poll of top ck rate hike in meeting, taking year. The first back-to-ba today and will the of the end certainty agree with years is a near intent to rapidly shift Several top analysts Sachs and Capital signal the Bank’s rate g the British Sentance. Goldman supportin pricing in four from to both policy the pandemic Economics are t 2022. economy through inflation. to hikes throughou stamping out edle Street is set Threadne After today,

JACK BARNETT

LOUIS GOSS

pay more be forced to KPMG could damages for its role in giant than £1bn in construction auditing collapsed a Carillion. firm has received The Big Four the Official Receiver legal claim from

ent officer (OR) – a UK governm g Carillion’s for managin responsible requesting the firm pays News’ liquidation – of £1bn, Sky last damages in excess reported late Mark Kleinman by the night. being driven ’s The claim is duty to Carillion OR’s statutory

NE PLOTS SES P3 VODAFO H DEAL COLLAP INSIDE PLAYTEC

national security concerns too much of a hurdle to overcome. Softbank pushed through a management shakeup at Arm yesterday, with president of the firm’s IP products

Windfall tax plans rubbished by economists after oil giant’s losses last year London must become tech payout claim lodged

NICHOLAS EARL North Sea gas impact. The Labour Party have been pushing ECONOMISTS and BP’s boss rejected for a one-off levy on energy firms calls yesterday for a windfall tax on amid spiking household to costs. will be forced energy firms after the energy giant The auditor But Looney said at “the UK needs more which today, claim le for the be That’s announced healthy profits. gas, not less gas,case right now. will recognise been responsib of the for Bernard KPMG had details The British firm’s chief going to require more ’s accounts courtinvestment, not point the Carillion through the itself auditing public Looney said it earning would be misguided made to less investment.” two decades, work.and reducesystem. Calls for a tax raid almostlimit firmincreased in itsfor ability to invest its audit nds thehave s £29m in fees A.M. understa against the OR’s the provision City increased the itself KPMG has to all of plans to defend declined to comment. up to respond it has saved faces, from £92m claim. The firm nds. claims it currently understa A.M. to £144m, City

billion-pound gs around KPMG with Carillion collapse han recovery of maximise the creditors, to any losses. put the OR in The High Court ng Carillion in collapse charge of liquidati following the January 2018, lion-pound building go of the multi-bil saw the firm contractor, which debt worth £7bn. bankrupt with

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A PROMINENT former Greenpeace activist and now Stanford University fellow has said “panic” over climate change is blocking debate over the move to a greener future. Danish campaigner Bjorn Lomborg writes in City A.M. today that “fifty years of panic clearly haven’t solved climate change” and that a smarter approach which “focuses on realistic solutions such as adaptation and innovation” is needed. Lomborg’s warning comes the week after McKinsey calculated the cost of moving to net zero by 2050 across the world at a cool $9 trillion a year. The head of the Copenhagen Consensus think-tank called for solutions that emphasise the funding of green energy projects rather than JACK BARNETT“showering politicians to the governmen subsidies over expensive vanity t’s spending bill ECONOMIC by projects.”growth is vital if state the end of the decade. O’Connell said spending state spending at is not The report comes tobecome scale envisioned City has a hub reach “unsustain the as a raft of able” The by - ing pledges of levels, green experts financewarned in recent set out at the spend- was “unsustainable” the new report today. A report and said growing from the ranking years. A global by Resolu- budgets have already put last two the economy was division Rene Haas taking over as chief think tank tion Foundation crucial. the size of the state on published analysts at Z/Yen put thetoday executive from Arm-veteran Simon Segar. Pursuing a strategy vealed re- level since course to reach its largest tained a persistentl of achieving susat the top of the global Softbank boss Masayoshi Son said: the 1970s. y higher economic growth NHS bill and capital the The planned 1.25 to tree enormous for the first time 2021. “Rene is the right leader to accelerate cost of in transitionpercentage point enue for the Treasury raise reving to net zero national hike, is more will swell the desirable The UK government is size Arm’s growth as the company starts the British of and dividend on top of corporation nances than balancing the public state under to historic fire for making preparations to re-enter the fitax hikes and the through proportionsincreasingly further in the to ing of income freez- perts said. tax hikes, excoming lay out the costs of public markets.” years. tax Thefailing costtransition raise the tax burdenthresholds, will of caringto “Avoiding the zero’ ageSon added that Softbank was aiming to for‘net Britain’s ing population level since the 1950s. to the heaviest and relative a period of weak growth will rows amid ongoing about the take Arm public before the end of the primarily drive a economic ramping up in John O’Connell, governmen cial,” the Resolution decline is cruof energy and the rollout financial year in March 2023. t spending chief executive to theprice tune Foundation said, the Taxpayers’ Alliance, of £76bn of adding that electric vehicle facilities. a year by the a protracted period of thisofdecade, told City A.M. taking the size end that “ministers must sluggishness after CONTINUED ON PAGE 3 of refuse of the state to the same the financial crisis LOMBORG:level PAGEas12Germany’s argument that spending the tired has wiped £200bn before cannot be ernment’s a year off the govthe Covid-19 crisis. reined in. spending Ramping up funding “Instead, they should Dan Tomlinson war chest. to reach zero targets will go for growth add £14bn each net by backing business Foundation said of the Resolution year taxes.” and cutting the coming national insurance increase was “small compared to tax hikes to come. fry”

P24

BP reported a £9.5bn profit yesterday, its best annual result since 2013

They lost billions in 2020, when the the week since Shell also revealed pandemic caused prices to plunge. chunky profits. They regained some of this in 2021-22, BP lost £4.2bn in 2020 amidst a when economic activity restarted.” collapse in global demand for oil, Michael Hewson, chief market similarly to most oil majors. CHARLIE CONCHIE analyst at CMC Markets, described the Speaking to City A.M., Andy Mayer Arm’s Japanese from the Institute of Economic AffairsTECH calls for a tax as “predictable”. leaders said on Tuesday owner Softbank said: “Fossil fuel energy companies governmen have called on the it was looking take the chipmaker to t to shake up UKPAGE 5 RESULTS AND ANALYSIS: have not enjoyed ‘windfall’ profits. listings rules after Nasdaq exchange public on the British chipmaker the owner of bid by American after a takeover rival Nvidia eyeing up a New Arm said it was collapsed. York floatation for one of Britain’s Russ Shaw, founder most exciting companies. of Tech London Advocates the move showed , told City A.M. “there is a lot

INSIDE LV= AND ROYAL LONDON

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MATT HARDY result in a stake smaller PRIVATE equity firm 15 per cent anticipated than the when Silver to acquire a stake Silver Lake is set Lake and NZR held of talks in January cent in internationa around five per of last year. l rugby outfit the All Blacks which could The initial deal was commercial arm of see the been valued at aroundsaid to have valued at £1.5bn. the rugby team time and came a year £1.5bn at the The deal with New acquired a stake in after Silver Lake (NZR) would give Zealand Rugby Group – who own City Football the Premier minority shareholdin American firm a champions Manchester League be a new commercialg in what would The deal was originallyCity. holding the subject company. of a player rebellion, According to Sky News’ would represent the but if finalised latest – and Kleinman, the transactionMark biggest – private equity would move into rugby union.

float capital as Arm plan s to more work that to be done” to needs tempt tech firms into listing in the capital. “If we could get Arm to list in the UK that would be a significant win,”very he said. “But this is

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ic e o rise o more during the course of 20 an six per cen Therefore, in cash ISAsany money left languishing will decrease in value in

WEDNESDAY

p up again, y are o c im ing nance exper ys a e pring a , i“It is a slow oney s. though. There and stea y process was a base rate rise in

ca s sing rea erms, s a visa com or si er s oc s inancia are them a goo an c ance of

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going to be a hard slog over the coming years.” Janine Hirt, boss of UK fintech body Innovate Finance, said the government needs to push ahead with

C b re

ARM WREST

A PR Green Stanf said “ chang the m

BRIT CHIP FIRM TO NOT NEW COME UNDER YORK AFTER CONCHIE POLITICAL REGULATORY BRITISH PRESSURE subject chipmaker Arm York as HURDLES of a charm the is set political favoured destination, ensive t to be the TO LIST insiders END NVIDIA government have but e public IN LONDON is keen indicated the firm listed to see the in London. TAKEOVER firm reportedly in the capital. float glob also wooing Politicians ar PLAN CHARLIE

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today t clearly change app realistic ad is need w the cost by 2050 o cool $9 ac tri C f the f projects r politicians b

list in New York changes to the UK’s listings regime to make it more attractive for tech firms. The governmen consulting with t has been recent weeks as tech bosses in it looks to overhaul the listings system and persuade more tech firms into going public in London.

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Our public services are losing money to haphazard ‘social value’ procurement Aria Babu

UBLIC procurement is a third of all government spending, a tenth of the entire economy, yet it is a topic that attracts almost no media attention. Discussions of procurement are rare and typically only get attention when something goes wrong, like the controversy around PPE contracts during the pandemic. Think of it this way, for every pound spent in the UK, 10p of it is spent by a faceless bureaucrat following rules and systems that most of us never even consider. But if you want to know why nursing home care is so different from area to area, why government projects are always so over budget, and why hospital food is as bad as it is, the answer lies, in part, with procurement. Now, this should not be a controversial statement, but the goal of public procurement should be the same as the goals of private procurement or even just the spending that you do in your day to day. We should be trying to balance cost against quality so that taxpayers are getting good value for money. But, this seemingly uncontroversial idea is in tension with another idea - social value. It is the idea that procurement budgets should be spent to add extra positive benefits on top of

NHS budgets are being squeezed by public procurement contracts the product provided. Under the David Cameron coalition and Theresa May’s government, social value in procurement moved up the agenda. Social value is a broad term and includes anything that benefits the environment, local communities, equality, the economy, wellbeing, and community cohesion. This causes confusion. When a company is filling out a procurement tender, it is unclear to them which kinds of social value the public servant who is processing their bid will think are the most important. For example, if you are running a company seeking to provide cups to an outdoor event run by your local council, you will have to wonder if it is in

The true cost of these policies is obscured and the money taken from public services

your best interest to provide the cups at the lowest cost possible, if you should charge a bit more and provide the most environmentally friendly cups, or if you should charge even more and make the cups in a local community centre. Companies that know the procurement process well and companies with government affairs staff who know the actual procurers well, have a clear advantage over newer and smaller firms. Even if you care a lot about everything under the social umbrella, it is not clear that you are getting good value for money. The true cost of these policies is obscured and the money comes not from the budget for com-

Green levies are a form of defence spending to ease Russia’s hold on our energy market

INCE Boris Johnson announced he would resign, the Conservative party split itself into different camps for their leader. Now we have the final two: Rishi Sunak and Liz Truss. After an ideologically-light leader, the party has tried to reshape itself over its policy on tax cuts and the cost of living. On the one hand, we have the former chancellor putting fiscal prudence at the heart of his plans, on the other, we have the foreign secretary vowing tens of billions of pounds in tax cuts to appeal to a “Thatcherite” legacy. The UK had a pressure cooker heatwave this week and wildfires have raged across Europe. Yet, in place of environmental pledges, there are suggestions green levies could be removed as a means to tackle the cost of living. This is the definition of short-termism. It would weaken the net zero promise with minimal effect on cost of living. The green levy is a charge added to

Joshua Marks

energy bills in order to help pay for government energy policy and the transition to net zero. The money goes towards energy efficiency improvements in homes and businesses, helping vulnerable people and encouraging take-up of renewable technology. There have been claims that the levy is artificially raising energy bills but, currently, it accounts for only £153 of the average £1,971 energy bill, roughly 8 per cent. With the price gap expected to rise by another £800 in October, this percentage will fall even lower. The driving force behind energy bill

increases is the wholesale price of gas, which now accounts for over 50 per cent of the total cost of a typical bill. Removing the levy will have no effect on the main drivers of price increases and, at best, will result in minimal reductions on bills. The green levy powers our ability to invest in renewable energy generation. Scrapping it would, in fact, weaken our hand against Russia as we deplete the capital we have to loosen their grip on our energy bills by separating ourselves from the whims of international energy markets. It’s worth saying: £153 over the course of a year is not nothing for families struggling to make ends meet. But it will quickly be eaten up by further rises to the price cap. In truth, the green levy is a critical part of defence policy. Many candidates pledging further increases to defence spending should recognise this. Lowering investment into renewable infrastructure strengthens Russia’s hold on international energy and is

counterproductive to our aims at stopping the invasion of Ukraine. Leadership candidates have taken hawkish positions on Russia with defence spending and military connections playing a key part in some campaigns thus far. But increasing defence spending and toughening our stance on Russia while simultaneously taking aim at net zero policies is short-sighted and leaves open a key vulnerability. The green levy will allow the UK to continue to invest into its energy security, reducing our reliance on foreign powers and providing an economically sound method for reducing the cost of living over the next decade. Cuts and targets on renewable and environmental investment will only prolong the cost of living crisis, extend the UK’s reliance on fuel imports and weaken our position in future negotiations with Russia. £ Joshua Marks is a senior researcher at Bright Blue

munities or for the environment, but it instead is coming from the budgets for transport, the NHS and schools. We might be slightly improving wellbeing and community through local government procurement budgets, but this scatter-gun approach is likely to be less effective than targeted and direct spending. Procurement has been getting worse over this past decade. Single-bid tenders are tenders that only one company submits a bid to, meaning that there is no competition to deliver the service to the government. And they’re on the rise. The government is also incredibly reliant on a few strategic suppliers, companies they spend over £100m with. They are therefore of strategic importance to the government. Carillion was one-such strategic supplier and when it collapsed the government was left with almost 400 contracts that could not be fulfilled. The Procurement Bill that is going through parliament seeks to remedy many of the issues outlined, and, if delivered, it’s going to make a huge difference, even if it doesn’t manage to make headlines. Marginal improvements are important and procurement intersects with everything else the government does. A lean and responsive state that isn’t overly reliant on the fortunes of a handful of big businesses is going to be much more effective at delivering the promises that the next prime minister makes whatever they may be. £ Aria Babu is a senior researcher at The Entrepreneurs Network and author of a report on access to government

STAMPING A DATE ON IT Nicola

Sturgeon has been given a date to fight the case for a second independence referendum in the Supreme Court. Clearly being the First Minister means you get through all those court backlogs a bit quicker. Put October 11 in your diaries for a Scottish dust up with Westminster

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LETTERS TO THE EDITOR Food threats are heating up [Re: Innovation can save our food system from climate threats, 21 July] Extreme heat, droughts and floods were all mentioned in an IPCC report earlier this year as threats to food production. This week’s heatwave is yet another reminder. With the challenges posed by climate change only intensifying, we face a very real issue of food insecurity. The agriculture industry needs to be given the right tools to

create a robust plan that will ensure its protection against climate-related extreme weather. Supporting growers to embrace technology is a vital part of finding a sustainable way forward, with solutions such as vertical farming towers being crucial in complementing traditional farming methods. By allowing growers to control the farming environment, farmers can ensure their crops are resilient. Similarly, by growing closer to the point of consumption, we can help reduce food transportation’s carbon footprint. We need to give farmers the tools to combat food insecurity. Andrew Lloyd

LICENCE TO DELAY Plans to change the BBC licence fee put on ice

Nadine Dorries had promised to review the funding model of the BBC as Culture Secretary. But it is now a ‘caretaker government’ and the review, which will decide whether or not to scrap the fee beyond 2027, has been paused.

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OPINION

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A post-industrial Britain has stark lessons for net zero

AST week our cities were hotter than they have ever been, and many people suffered. On average they were 3-4 degrees hotter than the surrounding countryside. Had people been unable to work from home, it would have been worse. But why are London and cities across the UK so hot? There are three connected explanations. First, they are concentrations of activities that produce heat: cars, transport, deliveries, buildings, homes, and increasingly data centres and digital hubs. Second, cities are designed in ways which do not absorb and dilute heat, but rather they reflect and magnify it. Third, the atmosphere above cities adjusts to the heat emitted to reconcentrate it back into the city rather than to disperse it. All of this has additional impacts on air quality, which, unmitigated, will only get worse. Cities need to start preparing themselves for extreme temperatures: shading improvements, reducing reflection, reintroduce nature into the city with green roofs, walls, water and gardens, reduce vehicle use on certain days and times, switch to cooler engines, encourage active travel, and use the planning system to reduce the heat emitted by buildings. They can also carefully consider where data centres and other digital hubs are located. But all of this only makes sense in the context of a rapid decarbonisation of our cities. The core reason that our cities are hot, is that the world is heating up due to human induced increases in green-house gases. The switch to a zero-carbon economy

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Greg Clark

is the biggest change in our world since the industrial revolution. This requires both an energy switch and an urban transition. We now face a decade of reforms, reconfigurations, and retrofits to our urban environments, requiring investment on an unparalleled scale. Decarbonisation must not be mismanaged in the way deindustrialisation was, falling heavily upon certain sectors, regions, and communities, destroying jobs and livelihoods. The failure to invest in that deindustrialisation process left the UK with extreme inequalities, low productivity, and wasted opportunities. The biggest change to our landscape and economy in 200 years must be tailored to the needs of local areas with

The failure to invest in the deindustrialisation process created extreme inequality

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the buy-in and support of communities, and the resources of the private sector. This includes the retrofit of homes and commercial properties, integration of renewable energy, shifts to sustainable transport networks, circular waste management, and the enhancement of green spaces and waterways. An effective net zero transition will only be achieved through an unprecedented public-private investment agenda. The Cities Commission for Climate Investment (3Ci), founded this month, aims to forge new financial partnerships to enable fund managers and banks to invest in locally-led projects. By making green investment simpler and more finely in tune with the needs of different communities, these efforts can be scaled up to a national level. For investors, this will create substantial portfolios of green opportunities that deliver commercial rates of return for finance and substantial benefits for communities and the environment. In the current labour market and economy, we’re still seeing the scars of a deindustrialisation strategy which was top-heavy. The reason the “levelling up” agenda struck such a chord was because of how many places across the UK felt left behind by the decisions made in London, politically and economically. Our future labour market will be shaped by the decision we’re making now, and how well we can spread the opportunity across the country. £ Greg Clark is Chair of 3Ci and board member of both Transport for London and London Economic Action Partnership

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ALMEIDA’S GRIPPING STAGE DRAMA ABOUT PUTIN UNMISSABLE PATRIOTS ALMEIDA

BY STEVE DINNEEN

he story of the rise of Putin and the oligarchs has been told through various lenses in recent years. Author Peter Pomerantsev places shadowy “Kremlin demiurge” Vladislav Surkov at the heart of his gripping memoircum-investigation Nothing is True and Everything is Possible. Lucy Prebble’s all-singing, all-dancing play A Very Expensive Poison put Alexander Litvenenko front and centre. In writer Peter Morgan’s (Frost/Nixon, The Crown) new play Patriots at the Almeida, Boris Berezovsky becomes the principle character – a charismatic, amoral, unlovable mathematics protégé who, like a figure from Greek tragedy, challenges the very gods, only to be crushed by his own hubris. All three of these works capture the chaotic thrill of Russia’s lurch from communism to gangster capitalism in the wake of Perestroika, a time when an influx of unimaginable wealth crashed through Moscow on a wave of Stolichnaya and Beluga Caviar. But Berezovsky is perhaps the most apt embodiment of this schizophrenic era. Played by Tom Hollander, he stalks the Kremlin’s corridors of power with the manic energy of a child who’s been handed the keys to not only the toy store, but the means of toy production. Presented as the smartest of the oligarchs – not least in his own estimations – he strategises and bargains his way to a fortune of billions, becoming consigliere to Boris Yeltsin and king-maker to Putin himself. We already know how this story

ends: Berezovsky exiled to London and dead by his own hand (probably...) and Putin enemy number one in modern geo-politics. But that doesn’t make the journey any less wild. Berezovsky and Putin are presented as the yin and yang of the Russian soul, the former representing the chaos of change, the latter an icy, ruthless regressionist (he’s played brilliantly by Will Keen, who skillfully captures both the despot’s absurd machismo and his banal menace). The wider cast of characters – speaking in regional British accents, a la The Death of Stalin – includes a wonderfully wet-behind-the-ears Roman Abramovich, an endearingly eccentric Litvenenko, and a very convincing Yeltsin. The chaos of the era is mirrored in Rupert Goold’s production, with juddering jump cuts, surreal scene changes, extravagant lighting and even the odd song and dance number. It all feels appropriately manic – at least until Putin takes power. There are some issues: there’s a running theme of infinity (a mathematical interest of Berezovsky’s) vs confinement, which is a little on-thenose, and while the play attempts to provide both a potted history of modern Russia and a character study of Berezovsky, it falls slightly short on both fronts. But Hollander is magnetic, his performance so captivating that we’d probably be talking about awards were it not for Jodie Comer and Mark Rylance. His slow descent into despair is tragic in the literal sense, with his performance bordering on Shakespearian (Morgan’s creation borrows from both Richard III and Iago). Patriots entertains rather than educates, but it’s a fascinating and brutal soap opera nonetheless.

IS THIS THE SILLIEST MUCH ADO ABOUT NOTHING YET? RECOMMENDED MUCH ADO ABOUT NOTHING NATIONAL THEATRE (LYTTELTON)

BY ADAM BLOODWORTH

uch Ado About Nothing is Shakespeare for people who don’t like Shakespeare. Alongside A Midsummer Night’s Dream, it’s one of the Bard’s funniest and least demanding offerings, which has given rise to a degree of snobbishness about it. Kenneth Branagh’s 90s version, in which he plays a brilliant Benedict, is a landmark modern edition of the play, but purists call it Shakespeare ‘gone to Hollywood.’ Well, those who disliked Branagh’s Much Ado will want to blacklist the National Theatre from their social calendars for a few months, because this version is amongst the silliest there ever has been – and it’s all the better for it. Set within the grounds of the lavish Hotel Messina on the Italian Riviera, Anna Fleischle’s set is a warm embrace of terracotta balconies, communal squares and public baths. It’s a delightful setting for that most classic

of the back-slapping 16th century jokes: mistaken identity. Beatrice and Benedict are longer in the tooth than the average young lovers, but both still struggle to face their true emotions. She is proud and superior, he a force of dizzying chaos wherever he goes, falling out of hammocks and getting covered in ice cream on the daily. Actor John Heffernan’s Benedict is a ball of warm energy opposite The IT’s Crowd’s Katherine Parkinson, whose Beatrice doesn’t tinker much with the classically standoffish vision of her we have in our head, although that’s not to her detriment. Fans of Much Ado will know there is a particularly cherishable scene towards the end of Act 1 in which the two would-be lovers are set up by the principal cast. Don Pedro, Claudio, and Leonato shout loudly about Beatrice’s supposed affection for Benedict so that he can hear from afar, and then Beatrice overhears that Benedict supposedly has the eyes for her too, thanks to the same trick played by Hero and two waiting women Margaret and Ursula. Director Simon Godwin’s interpreta-

tion of the scene is wonderfully mad. With Benedict hidden in an ice cream trolley, the boys pretend they don’t notice him there as they prepare desserts while discussing Beatrice’s supposed feelings, dispensing hundreds and thousands on top of Benedict where he hides. But this cast does tragedy too. During Hero and Claudio’s wedding, when Claudio believes his future wife has been sleeping outside of their marriage, they conjure true devastation. Shout-out particularly to Hero’s father Leonato, who, played by Rufus Wright, appears broken with grief at the altar. (While we’re doing shoutouts, Celeste Dodwell’s Ursula is a hoot as eccentric waiting woman Ursula, nailing some of the best shouting I’ve heard on stage in years. You forget how funny inappropriate loudness can be.) Godwin – an old hand at Shakespeare having done Romeo & Juliet, Twelfth Night and Antony & Cleopatra for the National – keeps the tone from veering into try-hard territory. I’d encourage fans of the tragedies to give this a go – if you still hate it, I’d encourage you to ask yourself why.

CITYAM.COM

FRIDAY 22 JULY 2022

LIFE&STYLE

EDITOR’S PICKS

THE FUTURE LONDON SKYLINE

For 30 years architects have been adding to a 1:1,500 scale model of the Square Mile. Featuring exact replicas of the area’s famous buildings, it’s a chance to see the skyline as it might look with new developments, with the model constantly and painstakingly updated alongside the city itself. Featuring wooden blocks, detailed cardboard replicas and, since 2000, illuminated buildings, it’s a marvel – and it’s right in the middle of the City at New London Architecture (NLA), 80 Basinghall Street, EC2V 5AG

NOCTURNAL CREATURES

On Saturday the Whitechapel Gallery will host a series of “unique experiences” – from free live performances to installations, music, film and DJ sets. Transforming both the galleries and the surrounding areas around Aldgate, this immersive artistic evening promises to help people see the area in a new light. The evening includes after-hours access to spaces around East London, including House of Annetta, St Boniface Church, Toynbee Hall, the Hickman, Aldgate Square, and Bishopsgate Institute. Curated in association with Sculpture in the City, it’s also a great opportunity to catch the exciting works of public art currently on display around the area.

FILM

RECOMMENDED FASHION FREAK SHOW CAMDEN ROUNDHOUSE

BY ADAM BLOODWORTH

en gyrating in neon yellow tutus, dancers proudly sporting red tubing as the only cover to their modesty, others teasing the crowd wearing Shakespearean ruffs extending the length of the body. And how could we forget the conical bras? French fashion designer Jean Paul Gaultier’s vivid imagination is what helped him push past the crowd to become one of the world’s most lauded creatives. He put men in skirts on the catwalk in the 80s and juxtaposed wildly opposing fashion styles. Leather and sheer fabric, anyone? Gaultier did it, and for some of the most famous artists in the world, including Madonna, for her 1990 Blond

PRIZEFIGHTER DIR. DANIEL GRAHAM BY JAMES LUXFORD

Just when you thought every boxing story imaginable had been committed to film, Prizefighter unearths the intriguing real-life tale of Jem Belcher. Played by Welsh actor Matt Hookings, who also wrote and produced, Belcher became the youngest ever World Champion towards the turn of the 19th century, a record that stands to this day. Unfortunately this Bareknuckle Rocky tale never quite takes off, with the fast-paced fight scenes doing the heavy lifting. Hookings’ script and Daniel Graham’s direction amount to a series of flat plotlines and tired cliches, making the viewer punchdrunk long before the final bell. At 58, Russell Crowe is just a couple of years younger than Oliver Reed was when the pair co-starred in Gladiator. His appearance here as Jem’s slovenly father-figure feels like something the late actor might have played: gregarious and brief, but soulful enough to make a lasting impact. Sticking around just long enough to justify putting his name on the poster, he seems to enjoy every minute. Ray Winstone is typically grizzled as Belcher’s trainer, the type of role he’s

Ambition world tour. Now technically retired, 70-year-old Parisian Gaultier has got a team of designers running his fashion line while he’s been busy pulling together a cabaret show about his life. If you only know Gaultier as the guy who makes those perfume bottles in the shape of sailors, or that bloke off Eurotrash, then Fashion Freak Show will probably be too niche for you. It purports to tell the story of JPG’s life, from school misfit to Pierre Cardin intern to internally renowned designer, but really it’s a catwalk show: a thrillscape of wild costumes, with performers strutting to thumping club music. Alongside some stunning costumes, there’s impressive use of technology, with giant LED screens playing videos of Gaultier himself, as well as fictionalised scenes from his primary school, and other career-high moments. On three or four occasions, the screens appear to slowly dissolve, acting some-

thing like a stage curtain to reveal the depth of the Roundhouse’s stage. It’s tough to incorporate screens in theatre without it seeming corny, or like they couldn’t figure out how to achieve the same effect with traditional acting, but here the tech is impressive both in terms of the visual quality and the emotion the scenes bring to the show. Another stand-out moment is a pertinent reference to the AIDS pandemic, which took Gaultier’s partner Francis Menuge in 1990. It’s a rare moment of compelling storytelling in an otherwise visually rich fashion explosion. It had, predictably, a lot of incredibly dressed people on opening night, with people literally gasping all around me, presumably die-hard fans who’d pilgrimaged down for opening night. I wasn’t screaming quite so loud, but I left with immense respect for Gaultier’s life’s work.

played many times. His presence is enough to overcome some shaky lines, and both veterans make the film classier just by stepping into the shot. Conversely, award-winning actor Jodhi May feels wasted as Jem’s godfearing mother, with little more to do than clutch her hands in prayer and look worried. While watchable in parts, Prizefighter is far from a knockout.

years ago. New documentary Unstuck In Time certainly backs this up – it feels like it was conceived through pure adulation. A culmination of decades of work, filmmaker Robert B Weide was initially approached by Vonnegut to make a documentary on his life. Over 25 years the director pieced together a portrait of the man through interviews, footage, and his own accounts from their long friendship. The result is both biography and eulogy. In terms of structure, there’s a lot of talking head interviews spliced with archive footage. Weide shifts in his seat, admitting he hates documentaries where the filmmaker puts himself in front of the camera, before doing exactly that. It’s in keeping with Vonnegut’s irreverent nature – this is a man who experienced many struggles but learned to laugh in the darkness. He’s shown chuckling at a story about a classmate dying while in basic training as a soldier: this was his way of dealing with horror, by pretending the wounds didn’t exist. While praise is heaped upon him by misty eyed fans, there’s also some realism about the price of genius. Sentimental but level-headed, Unstuck In Time is at its best when you hear Vonnegut, rather than other people’s impression of him.

KURT VONNEGUT: UNSTUCK IN TIME DIR. ROBERT B. WEIDE AND DON ARGOTT BY JAMES LUXFORD

Fascination with the life and work of Kurt Vonnegut, the celebrated author of novels including SlaughterhouseFive, lives on well past his death 15

FRIDAY 22 JULY 2022

MARKETS

FTSE 100 7270.51 6.20

FTSE 250 19709.24 309.40

Price Chg High Low

GILTS Tsy 2.500 24 .....................375.31 Tsy 5.000 25 .....................107.78 Tsy 4.250 27 .....................111.65 Tsy 6.000 28 .....................124.74 Tsy 4.125 30 .....................361.84 Tsy 4.250 32......................119.63 Tsy 4.250 36 ....................120.47 Tsy 4.750 38.....................129.60 Tsy 4.250 46 ....................129.57

Price Chg High Low

DIVERSIFIED INDUSTRIALS 0.16 0.17 0.30 0.44 0.80 0.81 1.24 1.64 2.55

379.4 117.4 124.6 140.4 402.3 138.0 148.0 163.4 175.8

358.6 106.8 109.6 121.5 352.1 114.1 115.9 124.8 123.6

Smith (DS) ..........................284.7 1.1 462.3 270.5 Smiths Gp.......................... 1516.0 26.5 1629.0 1355.5 Smurfit Kappa Gp..........2856.0 37.0 4305.0 2623.0 Vesuvius................................323.6 8.4 567.0 284.6

ELECTRICITY Contour Global...................255.5 1.5 257.0 178.0 Drax Gp .................................743.5 2.0 831.5 393.8 SSE .......................................1721.0 -42.5 1920.0 1445.5

ELECTRONIC & ELECTRICAL EQUIPMENT

AEROSPACE & DEFENCE BAE Systems ...................... 783.2 -20.0 838.4 528.8 Chemring Gp ...................... 343.5 3.5 367.5 256.0 Meggitt ................................789.8 -1.8 839.2 440.2 QinetiQ .................................381.8 4.0 384.0 243.0 Rolls-Royce ........................... 92.3 0.3 147.5 78.2 Ultra Electronics ............3490.0 0.0 3494.0 2824.0

Halma .................................2247.0 Morgan Advanced ............289.0 Oxford Instruments .......2210.0 Renishaw ..........................4256.0 Spectris .............................2993.0 XP Power..........................3025.0

70.0 2.5 70.0 140.0 93.0 75.0

3216.0 412.5 2680.0 5565.0 4083.0 5630.0

1876.5 262.5 1760.0 3568.0 2458.0 2730.0

EQUITY INVESTMENT INSTRUMENTS

AUTOMOBILES & PARTS Aston Martin......................529.6 -9.6 2081.0 371.3 TI Fluid Systems ................162.6 -1.2 323.5 142.0

BANKS Barclays ................................159.0 1.3 217.1 140.6 HSBC Hldgs..........................523.4 5.6 567.2 359.8 Lloyds Banking .....................43.3 -0.1 55.1 41.0 NatWest Group...................227.1 1.5 253.5 192.8 Standard Chartered..........587.2 2.4 638.6 410.0 TBC Bank Group...............1214.0 22.0 1656.0 901.0 Virgin Money UK ................139.7 -1.1 218.1 124.2

BEVERAGES Britvic....................................837.5 6.5 1006.0 741.0 Coca-Cola HBC AG..........1938.0 12.5 2784.0 1460.5 Diageo ................................3707.0 39.5 4103.5 3343.0

CHEMICALS Croda International ......7048.0 174.0 10410.0 5908.0 Elementis..............................102.9 0.5 157.3 97.0 Johnson Matt...................2121.0 1.0 3077.0 1721.0 Synthomer ..........................236.2 0.2 564.0 222.0 Victrex ................................1867.0 15.0 2678.0 1590.0

CONSTRUCTION & MATERIALS Balfour Beatty ...................262.0 Barratt Devel......................500.2 Bellway ..............................2418.0 CRH .....................................2983.5 Genuit Group .......................413.0 Grafton Group....................812.0 Ibstock..................................181.2 Marshalls..............................487.4 Morgan Sindall Gp..........1982.0 Persimmon ........................1844.0 Taylor Wimpey ...................125.9 Vistry Group.......................932.5 Volution ................................387.0

CITYAM.COM

5.4 12.9 69.0 15.5 13.0 16.4 2.4 8.4 52.0 45.0 3.6 36.5 16.0

319.0 760.0 3526.0 4002.0 801.0 1412.0 239.2 845.0 2685.0 2940.0 182.9 1261.5 560.0

215.6 448.5 2070.0 2756.5 373.0 715.0 154.0 436.2 1776.0 1732.0 113.0 760.5 336.5

3i Infrastructure................332.5 Aberforth Smlr Cos .......1230.0 Alliance Trust.................... 960.0 Allianz Tech ........................235.0 AVI Global Trust.................185.4 Baillie Gifford Japan........766.0 Bankers InvTst .................. 105.2 Bellevue Healthcare.......... 167.8 BlackRock Smaller .........1400.0 BlackRock Wld Mining....563.0 BR Throgmorton ................615.0 Caledonia Inv ...................3745.0 Chrysalis Inv .......................102.4 City of London IT...............407.5 Edin Inv Trust .................... 612.0 Edin Wwide .........................192.4 European Opp .................... 718.0 F&C Investment ................858.0 Fidelity China SPE ............260.5 Fidelity Emg .......................620.0 Fidelity Eur ......................... 291.5 Fidelity Spec Val ...............268.0 Finsbury G&I Tst...............833.0 GCP Infra Inv......................114.6 Global Smaller ....................143.6 Greencoat UK......................153.7 Harbourvest Glb.............2270.0 Henderson Sml Co ........... 860.0 Herald Inv Trust ..............1682.0 HICL Infr ..............................175.6 Hipgnosis Songs Fund ......110.6 ICG Enterprise ................. 1140.0 IMPAX ENVIRO MKTS....446.0 JPM American....................737.0 JPM Emerg Mkt .................109.4 JPM Euro Disc. ..................394.0 JPM Japan IT ....................473.0

0.0 30.0 13.0 4.0 1.8 34.0 1.6 2.2 54.0 -2.0 25.0 115.0 4.5 1.5 7.0 5.2 19.0 13.0 5.5 -3.1 2.5 6.0 18.0 0.2 3.2 -0.7 150.0 12.0 46.0 1.6 1.2 22.0 7.0 6.0 2.4 2.0 12.0

366.5 1612.0 1078.0 370.0 222.0 1106.0 125.0 208.0 2220.0 792.0 1042.0 4100.0 277.0 425.0 657.0 338.0 891.0 946.0 371.0 907.0 345.0 315.0 930.0 118.6 177.0 159.9 2940.0 1370.0 2630.0 183.0 129.2 1314.0 583.0 782.0 139.0 582.0 729.0

302.0 1144.0 887.0 200.0 172.0 662.0 95.5 132.4 1254.0 502.0 533.0 3230.0 90.0 377.0 578.0 160.8 644.0 770.0 218.5 596.5 267.5 250.0 734.0 100.2 134.4 129.6 2000.0 778.0 1560.0 161.0 102.6 954.0 381.5 655.0 99.8 366.5 412.5

FTSE ALL SHARE 4021.50 12.39 Price Jupiter Fund Mngt ........... 140.6 Law Debenture ..................768.0 Mercantile IT......................194.2 Monks Inv Tst ..................1022.0 Murray Inc Tst...................836.0 Murray Intl Tst ................1246.0 Ninety One .......................... 198.0 Pantheon Intl Partn ..........247.0 Pershing Square.............2665.0 Personal Assets Tst.... 48350.0 Polar Cap Tech Tst ..........2100.0 Renewables Infra Gp........135.6 RIT Cap Partners...........2530.0 Schroder Asia .................... 533.0 Schroder Oriental .............258.5 Scot American Inv ............497.0 Scottish Mortgage ...........850.8 Sequoia Econ Infra .............85.7 Smithson Inv....................1343.0 Syncona ................................207.5 Temple Bar.......................... 218.5 Templeton Em Mkts ..........151.6 Vietnam Enterprise ..........665.0 VinaCapital Vietna ...........503.0 Witan Invest ...................... 221.5 Wwide Healthcare .........3320.0

Chg High Low 1.2 289.6 135.2 2.0 830.0 732.0 4.0 291.0 173.8 22.0 1472.0 888.0 8.0 952.0 770.0 10.0 1320.0 1076.0 6.6 277.4 183.7 2.0 351.0 240.5 20.0 3115.0 2330.0 50.050900.047350.0 20.0 2750.0 1778.0 1.2 139.4 123.2 50.0 2765.0 2250.0 14.0 614.0 498.0 2.5 276.5 251.5 13.0 543.0 442.5 12.6 1543.5 670.6 -0.3 114.6 83.3 19.0 2025.0 1140.0 7.9 222.0 157.2 0.5 254.4 203.6 5.0 195.2 140.6 25.0 791.0 625.0 20.0 545.0 449.0 3.0 257.0 202.0 25.0 3835.0 2825.0

FIXED LINE TELECOMMUNICATIONS BT Gp .....................................181.1 1.4 200.9 135.2 Telecom Plus ....................2165.0 40.0 2165.0 1010.0

FOOD & DRUG RETAILERS Greggs ................................1981.0 56.0 3416.0 1808.0 Ocado Gp ..............................753.2 -21.6 2090.0 727.8 Sainsbury(J)........................216.6 0.3 340.0 203.3 SSP Group...........................253.8 2.2 303.2 207.8 Tesco......................................261.1 1.3 303.4 231.8

FOOD PRODUCERS Assoc British Foods........ 1691.0 Cranswick .........................3238.0 Greencore Gp ......................103.4 Hilton Food Gp .................1056.0 Premier Foods..................... 111.8 Tate & Lyle ..........................790.0 Unilever.............................3889.0

13.0 20.0 2.3 18.0 0.8 4.6 -4.0

2131.0 4148.0 146.6 1250.0 126.8 906.5 4163.5

1526.5 2918.0 92.6 971.0 98.3 733.5 3328.0

FORESTRY & PAPER

Price Coats Group...........................69.8 Hargreaves Lans................855.2 IG Gp.....................................783.0 Integrafin Holdings...........257.8 Intermediate Cap ...........1472.0 Intl Public Prtnshps ..........163.6 Investec ...............................432.6 IP Group .................................79.2 JTC ........................................ 710.0 Liontrust..............................938.0 London Stock Exch ........7894.0 Man Group ...........................274.9 OSB Group ......................... 508.0 Paragon................................. 517.5 Petershill Partners ...........221.0 Plus500 .............................1655.0 Provident Financial ...........215.8 Quilter ..................................104.0 Rathbone Grp...................1934.0 Ruffer Investment............295.5 Schroders.........................2786.0 SDCL Energy .......................123.6 TP ICAP ................................118.5

Chg High Low 3.2 81.4 58.2 18.4 1645.5 762.6 71.5 945.0 648.0 9.8 602.0 213.0 55.5 2379.0 1284.5 -0.2 174.8 156.0 -3.1 536.8 272.8 2.5 155.2 66.7 35.0 936.0 571.0 28.0 2485.0 854.0 98.0 8504.0 6370.0 6.3 274.9 178.8 12.2 599.0 418.8 9.0 617.5 427.2 5.5 350.7 194.8 54.0 1673.0 1255.5 7.0 381.6 187.4 1.3 197.1 96.4 24.0 2210.0 1518.0 -2.0 325.0 230.0 48.0 3871.0 2578.0 1.2 124.0 97.8 5.0 208.2 102.5

GENERAL RETAILERS B&M.......................................418.7 Currys......................................72.5 Dunelm Gp...........................853.5 Frasers Group ....................949.5 Howden Joinery Gp..........655.6 Inchcape..............................792.5 JD Sports Fashion .............142.6 Kingfisher............................263.8 Marks & Spencer ................143.1 Moonpig...............................203.0 Next ...................................6628.0 Pets at Home Gp ................319.0 Vivo Energy ........................150.6 Watches of Switz .............862.5 WH Smith...........................1457.5

4.0 1.0 27.5 199.5 26.6 13.0 2.8 1.5 -0.3 3.0 80.0 9.2 -0.2 27.5 5.5

644.0 141.6 1521.0 949.5 975.6 933.0 234.0 375.5 256.9 424.6 8426.0 519.0 152.8 1518.0 1805.5

355.8 66.5 775.0 562.5 581.4 647.0 102.9 234.8 129.5 184.8 5764.0 278.0 101.0 746.5 1311.0

HEALTH CARE EQUIPMENT & SERVICES Convatec..............................226.6 4.0 262.5 Mediclinic Intl ...................478.8 4.0 478.8 Smith & Neph...................1201.5 25.5 1563.5 Spire Health .......................239.5 3.5 254.5

166.8 275.8 1120.5 206.0

HOUSEHOLD GOODS

Mondi ..................................1497.5 10.5 2068.0 1309.0

GENERAL FINANCIAL 3i Group ..............................1247.0 Ashmore Gp........................206.8 Brewin Dolphin ...................513.0 Bridgepoint Group............235.0 Capital Gearing ..............5040.0 Close Brothers .................1073.0 CMC Markets ......................307.5

RISERS % Frasers Group ............................. 949.50 26.6 Moneysupermkt.com .................216.80 12.9 IG Gp ............................................ 783.00 10.0

50.0 1.4 3.0 7.4 30.0 16.0 15.5

1503.5 399.2 517.0 569.0 5180.0 1602.0 455.5

1059.0 192.0 266.0 208.0 4905.0 987.0 219.5

Berkeley Grp Hldgs ........ 4141.0 Countryside ........................265.8 Crest Nicholson .................265.2 Reckitt Benckiser ..........6270.0 Redrow.................................578.0

78.0 13.6 7.6 -32.0 20.5

4943.0 571.5 424.2 6458.0 718.8

3670.0 225.8 233.0 5391.0 470.4

INDUSTRIAL ENGINEERING Bodycote .............................583.0 16.5 984.5 500.0 Hill & Smith ...................... 1318.0 52.0 1902.0 1110.0 IMI ......................................1292.0 35.0 1838.0 1150.0

Price Melrose Ind ........................ 164.5 RHI Magnesita ...............2034.0 Rotork ..................................255.6 Spirax-Sarco...................11330.0 Weir Gp..............................1480.0

Chg High Low -0.1 190.8 107.6 12.0 4262.0 1823.0 5.6 373.4 232.8 435.0 17135.0 9130.0 39.5 1916.5 1328.5

INDUSTRIAL METALS Evraz ........................................81.0 Ferrexpo ...............................126.7

0.0 646.2 53.1 1.5 495.2 107.0

INDUSTRIAL TRANSPORTATION Clarkson............................ 3520.0 75.0 4180.0 2835.0 Redde Northgate ...............371.5 3.0 443.0 333.0 Royal Mail ...........................290.0 4.4 533.2 264.6

LEISURE GOODS Games Workshp .............7580.0 340.0 12220.0 6005.0

LIFE INSURANCE 299.0 602.9 106.0 307.8 701.4 1553.5 1731.5

148.9 382.3 63.3 233.2 568.2 881.0 1054.0

MEDIA 30.0 10.0 14.8 2.0 48.0 2.0 2.1 24.7 4.4 37.0 15.0 16.0

3170.0 454.4 741.8 1464.0 3910.0 624.0 125.8 265.6 869.4 2449.0 800.4 1224.0

2240.0 253.8 499.5 829.0 1551.0 464.4 62.9 167.0 571.8 2029.0 531.0 761.6

23.5 -2.0 -8.0 -0.4 -1.0 -5.6 -6.2 1.6 1.5

4170.5 1781.5 3019.0 109.8 2100.0 986.8 541.5 173.4 6292.0

2470.5 991.6 1835.2 74.4 1510.0 622.4 307.1 74.0 4375.5

MINING Anglo American ..............2627.5 Antofagasta...................... 1047.0 BHP Group ........................2097.0 Centamin ................................79.3 Endeavour Mining...........1598.0 Fresnillo ...............................655.0 Glencore ...............................419.8 Hochschild Mining ...............75.7 Rio Tinto ...........................4692.5

MOBILE TELECOMMUNICATIONS Vodafone Gp ........................129.6

% -9.4 -5.7 -3.8

Price Chg High Low Hiscox ...................................864.6 4.6 990.2 792.8 Lancashire Hldgs...............401.6 0.4 675.5 346.6

OIL & GAS PRODUCERS BP ...........................................383.9 Capricorn Energy...............214.0 Energean ...........................1106.0 Harbour Energy .................330.4 Shell ...................................2028.5 Tullow Oil............................... 44.2

-4.6 2.0 -17.0 -19.8 -22.0 -0.4

451.4 229.8 1391.0 530.0 2440.0 62.2

284.1 125.6 620.0 298.5 1833.4 39.7

OIL EQUIPMENT & SERVICES Wood Gp(J) ........................150.3 -0.9 256.5 138.1

PERSONAL GOODS Burberry Gp.......................1719.5 21.5 2182.0 1482.0 PZ Cussons..........................204.0 0.0 257.5 182.8

PHARMACEUTICALS & BIOTECHNOLOGY

abrdn .....................................161.2 2.9 Aviva .....................................394.2 4.7 Just Group ............................. 67.5 1.1 Legal & General.................259.2 4.5 Phoenix Gp.........................600.0 5.2 Prudential .........................1002.0 -3.5 St James Place ................ 1185.0 28.5 4imprint............................2960.0 Ascential .............................308.2 Auto Trader Gp...................615.2 Euromny Inst Inv............1464.0 Future ..................................1971.0 Informa................................581.0 ITV ...........................................71.0 Moneysupermkt.com ....... 216.8 Pearson .................................787.2 RELX ...................................2352.0 Rightmove Group..............630.4 WPP ......................................869.8

FALLERS

Carnival ........................................707.80 Harbour Energy .......................... 330.40 Wizz Air Holdings ...................... 1877.00

0.3 139.5 106.9

NONLIFE INSURANCE Admiral Gp.........................1745.5 -3.5 3688.0 1729.0 Beazley..................................477.0 -9.0 504.0 370.2 Direct Line Ins ...................200.9 1.9 316.4 193.7

AstraZeneca ..................10794.0 Dechra Pharma................3618.0 Genus.................................2660.0 GSK ..................................... 1746.8 Hikma Pharma .................1725.0 Indivior ................................305.8

-124.0 11232.0 -112.0 5405.0 178.0 6070.0 -29.4 1810.4 34.5 2690.0 6.8 336.8

8063.0 3110.0 2234.0 1380.4 1482.0 148.1

REAL ESTATE Assura ....................................68.0 Big Yellow Gp ...................1376.0 British Land ........................476.2 Captl & Count Prop ............147.9 CLS Hldgs ............................203.0 Derwent London .............2816.0 Grainger...............................290.6 Grt Portland Est .................737.0 Hammerson ........................... 21.1 Land Securities...................714.0 LondonMetric Prop ..........244.0 Primary Hlth Prop ............ 140.2 Safestore Hldgs ................ 1111.0 Savills ..................................1137.0 SEGRO ................................1052.0 Shaftesbury........................522.0 Supermarket Income ...... 125.0 Target Healthcare..............112.2 TR Property IT ...................393.5 Tritax Big Box .....................192.7 Tritax Eurobox ......................93.9 UK Commercial Prop ..........77.3 Unite Group .......................1172.0 Urban Logistics...................169.0 Workspace Gp ...................566.0

0.1 4.0 2.0 0.5 0.0 40.0 4.6 0.0 0.2 9.6 2.4 0.9 9.0 12.0 15.5 3.0 -0.5 0.6 6.5 2.9 2.3 0.7 11.0 2.0 1.5

79.8 1724.0 556.4 179.3 262.0 3802.0 335.0 803.5 39.9 813.2 285.2 169.6 1418.0 1450.0 1436.5 662.0 133.0 119.2 510.0 249.0 124.0 93.4 1237.0 199.0 971.0

59.6 1200.0 441.7 138.4 185.2 2570.0 269.8 700.5 19.0 643.6 225.6 131.1 1015.0 975.5 950.6 495.8 116.5 106.8 354.5 178.5 84.4 72.4 990.2 118.5 537.0

SOFTWARE & COMPUTER SERVICES Auction Tech ......................991.0 32.0 1642.0 788.0 Avast......................................511.8 -15.2 645.4 474.0 Aveva Gp............................2359.0 47.0 4220.0 1924.0 Baltic Classifieds............... 148.0 2.2 255.0 99.8

/€ 1.1734 /$ 1.1969 /¥ 165.13

Price Computacenter...............2528.0 FDM Group..........................896.0 Kainos Gp ..........................1223.0 Micro Focus Intl ................286.9 NCC Grp ...............................201.0 Playtech ...............................471.0 Sage Group .........................704.0 Softcat ................................1387.0

Ä Ä Ä

0.0008 €/$ 1.0199 0.0017

0.4900 €/¥ 140.73

Chg High Low 86.0 3030.0 2268.0 13.0 1362.0 830.0 39.0 2084.0 954.5 -4.7 466.1 256.3 2.4 335.0 167.4 0.2 770.0 370.0 12.8 853.8 595.6 43.0 2240.0 1253.0

SUPPORT SERVICES Ashtead Gp .......................4143.0 Babcock Intl Grp...............330.2 Biffa ...................................... 361.0 Bunzl ...................................2991.0 DCC .................................... 5270.0 Diploma.............................2698.0 discoverIE Gp.....................704.0 Essentra...............................248.5 Experian ........................... 2835.0 Ferguson ...........................9834.0 Hays .......................................129.0 Homeserve .........................1179.0 Intertek Gp.......................4510.0 IWG........................................192.2 MITIE GROUP.......................71.5 Network Int......................... 197.0 Pagegroup...........................472.6 Rentokil Initial....................513.0 RS Group ...........................1005.0 Sanne Group....................... 907.0 Serco .....................................185.1 Travis Perkins...................1032.5

69.0 6450.0 1.0 380.2 5.0 416.0 55.0 3163.0 -10.0 6486.0 138.0 3460.0 32.0 1262.0 1.5 357.0 76.0 3667.0 140.0 13305.0 3.6 175.4 1.0 1179.0 123.0 5782.0 2.2 328.0 2.6 77.3 1.3 394.4 18.6 680.5 3.2 636.2 26.0 1255.0 -1.0 946.0 3.4 185.1 41.1 1830.0

3359.0 255.9 283.0 2397.0 4889.0 2158.0 597.0 227.0 2285.0 8680.0 109.0 608.5 4188.0 181.8 46.5 171.8 386.0 444.5 812.0 844.0 121.2 938.4

TECHNOLOGY HARDWARE & EQUIPMENT Spirent Comms..................268.2 12.8 300.2 215.4

TOBACCO Br Am Tob ........................3450.0 -13.5 3628.0 2512.5 Imperial Brands ..............1872.5 5.0 1900.5 1486.0

TRAVEL & LEISURE 888 Holdings.......................152.4 Carnival.................................707.8 Compass Gp......................1835.0 Dominos Pizza....................283.6 easyJet ................................382.9 Entain ..................................1149.5 FirstGroup............................133.0 Flutter Ent........................8024.0 Intercontl Htls .................4744.0 Intl Cons Airl....................... 113.5 Mitchells & Butlers ...........172.0 National Express ................182.4 TUI AG ................................. 134.6 Wetherspoon (JD) ............565.0 Whitbread.........................2667.0 Wizz Air Holdings ............1877.0

-0.1 478.0 -73.8 1766.4 -3.5 1852.5 0.6 465.2 -7.5 888.8 -4.5 2377.0 -2.0 139.5 -4.0 15890.0 -43.0 5338.0 -2.5 188.0 -0.6 295.0 -1.0 284.2 -3.0 352.2 -3.5 1167.0 -28.0 3438.0 -75.0 5398.0

€/£ 0.8522

144.0 619.6 1436.0 272.6 345.5 1075.5 81.9 7614.0 4193.0 102.9 160.7 169.0 124.3 540.0 2431.0 1695.0

Ä Ã Ä

0.0009 0.0005 0.3350

Price Chg High Low

AIM 50 Abcam ................................1186.0 Advanced Medical ............280.5 Alliance Pharma...................98.7 ASOS....................................1123.0 Camellia ............................6200.0 Caretech Holdings .............743.0 Central Asia Metals ..........231.5 CVS Group.........................1685.0 Dart Group ..........................892.6 Diversified Energy ..............114.1 EMIS Group..................... 1860.0 FD Technologies ............. 2035.0 Fevertree Drinks ............ 1060.0 Frontier Devs....................1488.0 Gamma Comms ................1162.0 GB Group .............................465.2 Gooch & Housego ..............927.0 Hurricane Energy....................7.3 Impax Asset Mgmt ......... 608.0 Iomart Group ......................175.6 IQE............................................38.5 James Halstead ..................211.0 Johnson Service Gp ......... 105.2 Keywords Studios ......... 2430.0 Learning Tech Gp ...............128.4 M&C Saatchi ....................... 151.1 M.P. Evans ........................... 814.0 Majestic Wine.....................155.9 Midwich Group ..................556.0 Molten Ventures ...............488.6 Mortgage Advice B .........900.0 Next Fifteen Comm ........1024.0 Nichols.................................1267.5 Numis Corporation ...........265.0 Polar Capital Hdgs........... 480.0 Purplebricks Gp....................14.5 Renew Holdings.................701.0 RWS Holdings .....................374.0 Secure Income REIT .......461.0 Serica Energy..................... 341.5 Smart Metering Sys........ 888.0 Telford Homes....................349.5 Thorpe (F.W.)......................390.0 Watkin Jones ......................219.5 Young’s Brew NV...............750.0 Young’s Brew-A................ 1148.0

11.0 0.5 3.7 27.0 -25.0 0.0 1.5 12.0 -22.4 -0.2 -2.0 35.0 -1.0 78.0 38.0 18.6 2.0 0.0 7.0 -2.6 -0.5 0.0 1.0 66.0 4.4 -1.5 -6.0 -2.5 -20.0 36.4 12.0 8.0 12.5 0.0 11.5 0.0 25.0 11.4 0.0 -12.0 2.0 0.0 7.5 -2.5 12.0 -2.0

1750.0 341.0 121.6 4080.0 6925.0 747.0 284.0 2770.0 1423.0 128.8 1890.0 2500.0 2812.0 2840.0 2335.0 952.5 1485.0 11.7 1482.0 265.5 53.3 580.0 162.0 3302.0 235.8 216.0 1085.0 879.0 700.0 1180.0 1500.0 1458.0 1540.0 383.0 902.0 73.0 872.0 678.5 480.0 418.5 1030.0 349.5 520.0 276.5 982.0 1660.0

1049.0 256.5 95.0 783.5 5850.0 530.0 200.5 1549.0 783.8 98.5 1136.0 1378.0 866.5 1078.0 1026.0 386.2 816.0 2.1 550.0 140.0 28.2 196.0 97.6 1952.0 107.1 125.0 672.0 151.0 494.0 391.8 840.0 874.0 1105.0 230.0 438.0 14.1 594.0 331.8 394.0 145.6 688.0 349.5 371.0 205.5 648.0 1120.0

CITYAM.COM

FRIDAY 22 JULY 2022

PUNTER

Mishriff bids to go one better after finishing second last year

THE PUNTER RACING TRADER

Bill Esdaile previews Saturday’s action from Ascot

Mishriff can upset Westover in Ascot generation battle

NLY six runners have been declared for Saturday’s King George VI and Queen Elizabeth Qipco Stakes (3.35pm), but what the field lacks in quantity, it more than makes up for in quality. The fact the sextet have won the Prix de l’Arc de Triomphe, Juddmonte International, Saudi Cup, Coronation Cup and the Irish Derby, as well as a further five Group Ones between them shows that this is an exceptional field. It’s also an interesting clash of the generations, with two three-year-olds, Westover and Emily Upjohn, taking on their elders for the first time. Three-year-olds receive a considerable weight allowance from the older horses in this race and in the last 10 years, Adayar, Enable and Taghrooda have all

taken advantage of the concession. Given the authority of his Irish Derby win, where he effortlessly pulled seven lengths clear of his rivals, Westover looks to have every chance of joining that illustrious group. Trainer John Gosden has a fine record in this contest, winning it four times in the last 10 years, so while Emily Upjohn might not have had the perfect preparation for this race – having initially been aimed at the Irish Oaks – she is worthy of the utmost respect. The Gosdens also run the globetrotting MISHRIFF, who looked as good as ever when narrowly missing out in the Group One Coral Eclipse Stakes at Sandown earlier this month. He looked unlucky there, when caught behind rivals at a crucial stage

and not getting a clear run when the pace lifted. While that one-mile-two-furlong trip is probably this five-year-old’s ideal distance, he has won over this trip in the past and will be a danger to all, with fast ground conditions definitely in his favour. He looks the value win call on the World Pool with Westover likely to be a very warm favourite. If you are unaware how the World Pool works, it is a collaboration between totes across the world powered by the Hong Kong Jockey Club. Last year’s surprise Arc winner Torquator Tasso recorded a good win in the Grosser Hansa-Preis in Hamburg at the beginning of July and runs for the first time in Britain here.

A worry though is that he has never encountered quick ground conditions before, and he might be worth opposing. Earlier on in the afternoon, Lezoo will be a short price to gain compensation for a rough trip at Newmarket last time in the Princess Margaret Keeneland Stakes (1.50pm). However, there may just be a bit of value in taking a chance on Kevin Ryan’s GLENLAUREL in the win and place market on World Pool. It was only a Thirsk novice she won last month, but she did so in the style of a very smart filly and she looks the value alternative. The Longines Valiant Stakes (2.25pm) for fillies and mares serves up another intriguing battle between the generations.

German raider Novemba is a filly I have plenty of time for, but she would definitely prefer softer conditions. The three-year-olds look to hold all the aces here and Roger Varian’s pair ZANBAQ and KIND GESTURE look the two for me. I’m not sure Oscula is totally at home over a mile, and it could be worth chancing the Varian pair in a Quinella.

POINTERS

TOMORROW

Glenlaurel (World Pool win and place) 1.50pm Ascot Zanbaq and Kind Gesture (World Pool Quinella) 2.25pm Ascot Mishriff (World Pool win) 3.35pm Ascot

Back track specialist Chiefofchiefs to Star in International Stakes F

ULL-FIELD handicaps down Ascot’s straight course are never easy to unpick and the International Stakes (3.00pm) is another classic example. Near the head of the market is Charlie Hills’ Dark Shift, who boasts a very strong Ascot record having won four of his six starts at the Berkshire track, including the Royal Hunt Cup most recently. He’s up another six pounds for that

which obviously makes his life tougher, but he won nicely at the Royal meeting and will surely go well again. I wouldn’t put anyone off him, but the three at slightly bigger prices that I’m keen to stick in a World Pool Quinella are CHIEFOFCHIEFS, STAR OF ORION and ARATUS. The former is another with a good Ascot record, including when fourth in this race off four pounds higher in 2020, so he is handicapped

to be competitive. He didn’t get the best of starts in the Buckingham Palace Stakes last time, but stormed home in eye-catching fashion and Colin Keane is a noteworthy jockey booking. Star Of Orion runs off the same mark of 96 as Chiefofchiefs, meaning he’s a pound lower than he was when second in this race 12 months ago. He hasn’t done much since, but there’s been a feeling this has been the

plan for a while and his trainer Ralph Beckett’s yard is in flying form. Finally, Aratus looks very interesting. Clive Cox’s gelding rattled off four wins in a row in 2020 and 2021 and shot up the weights as a result. However, he proved the hike was justified as he ran well from a bad draw in the Victoria Cup over this course and distance in May. He didn’t look to quite see out the trip when behind Dark Shift in the

Hunt Cup and this looks a more suitable test.

POINTERS

TOMORROW

Chiefofchiefs (World Pool win and place) 3.00pm Ascot Star Of Orion (World Pool win and place) 3.00pm Ascot Quinella with tote.co.uk (Chiefofchiefs, Star Of Orion, Aratus) 3.00pm Ascot

KING GEORGE DIAMOND DAY

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18+. Full T&Cs apply. BeGambleaware.org

SPORT

CITYAM.COM

FRIDAY 22 JULY 2022

SPORT New race promises to elevate women’s cycling, Dame Sarah Storey tells Matt Hardy

NE OF sport’s most recognisable scenes involves a peloton of more than 170 men hurtling down the ChampsÉlysées, where the Tour de France yellow jersey wearer is traditionally crowned champion of the gruelling 21-day bike race. But just hours before the latest chapter of men’s cycling history is written, the first of a monumental era for women’s cycling will be signed, sealed and delivered. On Sunday afternoon the inaugural Tour de France Femmes will begin in the French capital when more than 150 riders take a circuitous 82km route from the Eiffel Tower to the grand Parisian avenue adjacent to the Arc de Triomphe – just 1km as the crow flies. “I think it is one of the best sights in sport to see a peloton gliding along,” reigning Paralympic road race champion Dame Sarah Storey told City A.M. “It looks so effortless and when you’re in one it’s like a washing machine of grit and determination to get the best position to feed your teammates and yourself. “The Tour de France is like a monument, it’s such a historic race and to have had a women’s race alongside the men’s get canned was a shame. But for it to be reignited for this year is magnificent. “I’m really, really excited to see how the women’s peloton responds because we know that the racing will be exciting and it’ll be on a different level of platform to the one that they’ve had previously.” Storey is a British record 17-time Paralympic gold medalist – first in swimming and then cycling – and has been on the podium at every Games since 2008.

TOUR DE FRANCE FEMMES HITS THE ROAD

KEEP AN EYE

The Tour de France Femmes will see the peloton compete over eight stages from the French capital to the finish in La Super Planche des Belles Filles, a ski station in the Vosges Mountains in the east of the country. “Even if it doesn’t look like it’s a challenging course on paper it will be because the profile of the course is never true to what you find on the road,” Storey added. “The women’s peloton will race so hard from the outset. “I guess that’s one of the benefits of slightly shorter stages [ranging from 82km to 123km]. There’s a lot of talk around the disruptions to the normal run of things in the men’s race over the last couple of days. But this is what we see in the women’s races all of the time.” And which teams and riders does the six-time national road champion think are worth watching? “DFJ [-Suez-Futuroscope] are going to be an incredibly exDame Sarah Storey is the reigning Paralympic road race champion and has won 17 golds in all

THREE TO WATCH IN THIS YEAR’S TOUR MARIANNE VOS

ASHLEIGH MOOLMAN PASIO

Dutch rider Vos will compete for Jumbo Visma as the 35-year-old aims to add Tour wins to her recordbreaking number of 32 Giro stage victories. She’s been key to raising profile of women’s cycling.

South African Moolman Pasio is a hardworking climbing specialist and will be a key contender on the difficult gravel stage. The 36-year-old will ride for SD Worx, one of the biggest teams in the peloton. She was runner-up at the Giro last year.

citing team to watch,” she says. “They’re a French team racing on French soil and they have Cecilie Uttrup Ludwig, who is a very animated racer. “And then you’ve got the old timers like Marianne Vos who’s been racing for this race since the outset of her career, with [her team] Jumbo Visma planning

their race around their leaders. “And of course you cannot take your eyes away from the likes of TrekSegafredo who are always really well organised.” A version of the women’s Tour existed until the late 1980s and the 30year-plus period has seen attempts at reviving the race in various guises – notably La Course, a one or two-day event finishing on the Champs-Élysées which has run since 2014 – but this is the first time we’ve seen an eight-stage tour for decades. “It’s hugely important [to have its

ANNEMIEK VAN VLEUTEN

Tipped by some as one of the favourites in this inaugural Tour, Van Vleuten will ride for Movistar. The difficult climbing stages towards the end of the event will suit the 39-year-old, who will aim to win those in the yellow jersey.

Let’s hope this is the next step for equality that needs to be there for our daughters alongside our sons

own window] but it has to be done with a view of how it fits with the rest of the world calendar,” she said. “There’s three Grand Tours and the women already have a Giro [d’Italia] but it’s almost eclipsed a little bit because it’s at the same time as the men’s Tour de France. “Sometimes it’s about seeing something you recognise as being an older version of you or as a position you aspire to be in – and it’s harder to do that as a female athlete if other women aren’t doing the same.” Storey has been a trailblazer in motherhood, disability and gender equality, and this year’s women’s Tour, too, could inspire a generation of women and girls to see professional sport as a viable, achievable career. “Of course everyone wanted it to happen yesterday and it would have been amazing to see it come off the back of the announcement of something else,” said Storey, an ambassador for Tour de France Femmes partners Skoda. “But this is when it is and this is history. “We’ve waited a long time and it’s going to be worth the wait. “Let’s hope this is the next step towards even more recognition for women’s sport in general – both for the women’s peloton and the equality that needs to be there for our daughters alongside our sons.”

CITYAM.COM

FRIDAY 22 JULY 2022

INTO THE WOODS Lingard signs one-year Forest deal at 16pt

£ Wimbledon champion Novak Djokovic is unlikely to compete in the final Grand Slam of the year after US Open organisers said they would “respect” American government rules in relation to people without a Covid19 vaccination. The Serbian missed the Australian open due to his vaccination status and may face the same fate this autumn. “The US Open does not have a vaccination mandate in place for players, but it will respect the US government's position regarding travel into the country for unvaccinated non-US citizens,” a tournament statement said. Djokovic’s Wimbledon win handed him his 21st Slam title, putting him one behind Rafael Nadal.

Nottingham Forest yesterday confirmed the signing of former Manchester United forward Jesse Lingard on a one-year deal. The newlypromoted side are said to have made a substantial offer for the England international with the 29-yearold picking Forest over West Ham – where he spent some of last year on loan. The forward has been with United since his youth days in 2000 and leaves the Manchester club having played 149 times – scoring 20 goals.

English rugby’s chief executive touts idea of developing future coaches in Georgia, writes Matt Hardy

NGLAND Rugby’s chief executive Bill Sweeney has floated the idea of placing coaches at second-tier nations such as Georgia to groom them for the England job. Speaking a week after England wrapped up a 2-1 Test series win against Australia Down Under, Sweeney suggested that a long-term coaching succession plan would not be realised until at least 2027 but stressed the importance of fast-tracking candidates to replace the current head coach, Eddie Jones, by trying to give them international experience. “How do we influence their [candidates] career development, working with clubs, because they all benefit from that coach development as well?” he said. “Do you try and place an English coach as head coach of Georgia for a while? Do you try and get a coach to go down to a coaching operation, and there have been a few, in Australia? “New Zealand tends to be a bit more closed, but how do we give them the international exposure that you probably need to have to compete at the highest international level? “Longer term, we need to make sure that we are developing all of those coaches to be the best coaches they can be in a high-pressure, international environment.” Jones’s tenure in charge of England is set to conclude at the end of next year’s World Cup in France, with a successor yet unknown. The bookies’ favourite is current Leicester Tigers director of rugby Steve Borthwick but the likes of Ireland’s Andy Farrell, Munster’s Graham Rowntree and even La Rochelle’s Ronan O’Gara have also been touted. Initially, the plan was to have a crossover period whereby the new boss would work with Jones in a transition phase. But that looks unlikely now with just one year to go until the changeover.

NOVAK SET TO MISS US OPEN OVER VACCINATION STATUS

LAMPARD INSISTS EVERTON PLAYERS MUST ‘BE BETTER’

£ Everton manager Frank Lampard says his players “have to be better” and that he, too, must improve if they are to avoid relegation in the coming Premier League season, following a 4-0 pre-season loss to Minnesota United. The Toffees were on the brink of dropping into the Championship last season with Lampard – who succeeded Rafa Benitez in January – just about keeping them up. “We were in that fight for a reason and, if we don’t want to be in that situation again, they have to be better, I

SPORT

SPORT DIGEST have to be better,” he said. Everton open their Premier League account at home to Chelsea on 6 August.

RUGBY PLAYER, 33, DIAGNOSED WITH MOTOR NEURONE DISEASE

£Premiership rugby player Ed Slater has been forced to retire from the sport at the age of 33 after the lock was diagnosed with Motor Neurone Disease. The Gloucester second row played 89 times for the Cherry and Whites after appearing over 140 times for Leicester Tigers. “Following six months of testing, Ed’s diagnosis was confirmed last week and as a result, with the support of his family, friends and Gloucester Rugby, he has made the difficult decision to retire from professional rugby with immediate effect,” a club statement said.

BIGGEST TV AUDIENCE OF THE EUROS FOR LIONESSES WIN

£ England’s win over Spain in the quarterfinals of Women’s Euro 2022 attracted a peak television audience of 7.6m, the highest so far at the tournament. The figure for Wednesday’s match is up more than 3.5m on the Lionesses’ 8-0 win against Norway. Another 1.5m streams were watched on BBC iPlayer and its website.

GEORGIA ON MY MIND

Do you try and place an Enlish coach as head coach of Georgia for a while?

Sweeney’s comments indicate a willingness to cooperate in some capacity with tier two rugby nations – after all, Jones got the England job after his spell with Japan. But the suggestion of using Georgia as a feeder team for coaches is a radical one, with the eastern Europeans developing well on their own – they beat Italy earlier this month. “We haven’t [spoken to Georgia], but all the emerging nations will say, there have been a couple here recently, ‘how

do we work closer together?’” Sweeney added, “One way that we can work closer together is in coach development. It’s an opportunity, an avenue that I think we haven’t used in the past. “[Former England coach] Andy Robinson is in Romania now, but that was under his own steam. I don’t see why we can’t build that into our overall coach development program.” Having been part of the Stuart Lancaster era – judged as disappointing by

most – Owen Farrell’s father Andy has had a strong period in charge of Ireland, taking them to the summit of the world rankings. “He’s doing well, isn’t he? A couple of years ago, he wasn’t doing so well and there was a lot of pressure around him at the time,” Sweeney said. “He’s regarded very highly but we also have a huge respect for the Irish Rugby Football Union. He’s under contract through to ‘23 and then whatever happens after 2023, happens after ‘23.”