Monday 13 March 2023

LONDON’S BUSINESS NEWSPAPER

CHELTENHAM 2023 OUR UNBEATABLE COVERAGE BEGINS TODAY

P17-21

RED ALERT

SILICON VALLEY BANK’S UK ARM A CASUALTY OF US RUN TECH FIRMS FEAR THEY’LL BE UNABLE TO ACCESS FUNDS

BANKING SHARES SELL-OFF LIKELY TO CONTINUE TREASURY AND BANK OF ENGLAND LOCKED IN TALKS

CITY A.M. REPORTERS

TREASURY and Bank of England officials were locked in discussions over the future of Silicon Valley Bank’s (SVB) UK arm late last night –with leading tech figures across London suggesting the bank’s collapse could be an extinction-level event for thousands of firms.

The UK-owned subsidiary of Silicon Valley Bank was placed into insolvency last night, with customers unable to

access deposits across the weekend after its US parent fell victim to a confidence crash and a bank run after a botched cash raise last week. That inability to access banking services would be disastrous for many tech firms, leaving them unable to pay bills and salaries.

City A.M. understands that the Treasury’s preferred option would be for the sale of SVB UK, though it was also working on a package which would see the British Business Bank step in on an

interim basis to provide access to funds for affected firms.

Yesterday evening a series of names emerged as potential buyers, with Barclays, Oaknorth, the start-up Bank of London and an Abu Dhabi investment fund the Royal Group all said to be mulling offers. Sky News’ Mark Kleinman reported that HSBC was a potential ‘white knight’ too. City A.M. understands the process is being led by bankers from Rothschild.

SVB UK has around 3,500 customers in the UK but a large majority of those are in the ‘innovation economy’ –with the bank’s collapse likely to seriously bruise the UK’s continent-leading tech sector.

Prime Minister Rishi Sunak said yesterday there was no “contagion” risk to the wider banking sector but that is unlikely to quell investor concerns. Bank shares slid badly on Friday as news of SVB’s failure in the US spooked markets.

Over the weekend, a raft of venture capital players published a joint statement which said “in the event that SVB UK were to be purchased and appropriately capitalised, we would be strongly supportive and encourage our portfolio companies to resume their banking relationship with them”. The statement was signed by Seedcamp, Lightspeed and Accel among others. In the US, a similar attempt to sell off the stricken parent bank was underway.

STANDING UP FOR THE CITY

Ecosystem must catch up with our fastest-growing industries

IT IS, as they say, rather awkward timing. On Wednesday, Chancellor Jeremy Hunt was expected to deliver a paean to the tech industry –with investment incentives aplenty and no doubt lots of promises regarding our “world-leading” sectors.

After the collapse of Silicon Valley Bank UK, though, it is more likely that the industry needs group therapy more than it does warm words. The bank has played an

THE CITY VIEW

outsized role in the creation of what might be termed London’s innovation economy, tailoring its offering to a very specific kind of business. More than one CEO of successful firms has said that only SVB were willing to go into a banking relationship with them

when they started out.

The risk management in the US side of the business, clearly, had its flaws: the absence of a chief risk officer for much of the last two years being one particularly egregious failing. It is a shame that those failings have led to SVB in the UK being dragged down along with it; it is obviously even more painful that a host of Britain’s more exciting tech firms, through no real fault of their own other than a lack of

banking diversification, are in the muck as well.

The government does seem to appreciate the urgency of the situation, working all hours this weekend to give solvent, viable businesses access to their own capital. Inexplicably, one BBC headline called this a “bailout” of tech firms, when it is anything but. Assuming, though, that SVB is bought and begins to operate again, the lesson of the weekend

CALIFORNIA DREAMING Rishi Sunak on his way to San Diego yesterday, where he will update the AUKUS pact alongside US President Joe Biden and Aussie PM Anthony Albanese

may be one for other large banks to heed.

It is clear now that there is both the appetite and the need for more than one decent-sized provider of banking services focused on high-risk, start-up firms.

Larger high street lenders –or a boutique –would be wise to jump on the commercial opportunity, and help put some confidence back into the tech and innovation community while they’re at it.

Former minister: Regulators need more scrutiny after receiving Brexit powers

CHRIS DORRELL

WIDESPREAD concerns have been raised that too little is being done to improve the scrutiny of the UK’s financial regulators as the Financial Services and Markets (FSM) Bill passes through parliament.

Following Brexit, UK financial regulators – such as the PRA and FCA –were given the power to replace existing EU laws with new rules tailored to the UK market, significantly increasing their power and influence.

While there are existing avenues to scrutinise regulators, concerns have

been raised that the FSM Bill – the largest regulatory shake-up in a generation – fails to increase accountability to capture these new powers.

Lord Bridges, a former minister in the ‘Brexit Department’, told City A.M “there’s widespread support on all sides of the House of Lords for greater levels of scrutiny and accountability of the regulators in light of the extra powers they’re getting”.

To improve scrutiny of the regulators, Lord Bridges proposed the establishment of an Office for Financial Regulatory Accountability (OFRA).

The office would “examine and re-

port on the performance of the FCA and the PRA,” the amendment said, adding that the office must perform its duty “objectively and impartially”.

Lord Bridges said OFRA will enable “scrutiny based on fact about how the regulators are performing their role”.

However, Lord Bridges stressed that OFRA “is not a regulator of the regulators”.

Instead, the new body would be “a way of informing the debate about regulators’ performance with fact and opinion – which should serve to strengthen the legitimacy of the regulators themselves”.

THE GUARDIAN

BRITISH GAS MADE THIRD OF ALL APPLICATIONS TO FORCE-FIT PREPAY METERS

The debt collection agency that forcefitted prepayment meters for vulnerable British Gas customers made a third of all warrant of entry applications in England and Wales last year.

THE FINANCIAL TIMES NHS BRACES FOR WALKOUT BY

JUNIOR DOCTORS

Junior doctors in England will go on strike for three consecutive days from today, in the most extensive disruption for the NHS since a wave of industrial action by healthcare workers began in December.

THE

DAILY TELEGRAPH

CHAIN RESTAURANTS WILL NEVER RECOVER, WAGAMAMA CHIEF ADMITS

The chief executive of Wagamama has said that chain restaurants will never be as ubiqitous as they were pre-pandemic but insisted that they will not disappear from Britain’s high streets altogether.

Lord Bridges believes that

WHAT THE OTHER PAPERS SAY THIS MORNING

Recession kicked into long grass as UK steams ahead

JACK BARNETT

A RECESSION hitting the UK economy is looking like an increasingly far flung prospect after yet more data yesterday showed businesses and families are fending off the cost of living crunch.

A net balance of 43 per cent of UK businesses are buoyant about the economy over the coming year, the highest level in a year, according to research firm S&P Global and consultancy Accenture. The level also rose sharply 18 per cent from October.

The survey indicates economists’ bets on Britain falling behind its European and cross-Atlantic partners and slipping into recession this year may be overblown.

Business confidence in Europe was a net 23 per cent, nearly half the level recorded in the UK, while in the US, confidence hit 32 per cent.

Experts at the turn of the year warned Britain was on track to suffer the longest recession in a century that would wipe around three per cent off of GDP.

But a batch of numbers out in the past couple of months have signalled that

UK must rival US’s $370bn green fund or risk gutting EV car industry

JACK BARNETT

THE GOVERNMENT needs to ramp up spending on Britain’s electric vehicle (EV) industry or risk being left behind by the US and its peers who are injecting hundreds of billions of pounds into their auto industries.

families and businesses are still spending and are holding up well amid the cost of living crisis.

Figures from the Office for National Statistics last week revealed output grew 0.3 per cent in January, much better than the 0.1 per cent forecast by City economists.

Inflation has dropped for three straight months, although it is still in the double digits, while the purchasing managers’ indexes have returned to growth territory.

Separate figures out yesterday from consultancy BDO today also showed output is rising at the quickest pace since January 2022.

As a result, “the anticipated recession now set to be milder than previously feared,” the organisation said.

Matt Prebble, strategy and Consulting Lead for Accenture in the UK and Ireland, said: “The renewed optimism among UK businesses once again demonstrates their resilience in the face of economic uncertainty.”

Better than feared economic growth will boost the Chancellor’s capacity to support firms by lifting tax revenues in his budget this Wednesday.

CHILD’S PLAY Uber offers drivers childcare vouchers in bid to attract more parents

That’s according to the Society of Motor Manufacturers and Traders

(SMMT), the representative body of the automotive sector, who yesterday called on lawmakers to launch a spending package in response to the US’s $370bn Inflation Reduction Act. It is feared the globe’s top electric car makers will leave the UK to capitalise on generous tax breaks and free state funding unless the government launches a package of support to make EV production

affordable.

“With other parts of the world turbocharging their support for the zero emission vehicle transition, we need to step up to compete in this global race. Every part of the country has a stake in the switch and with fast, decisive action we can deliver for Britain the jobs and green prosperity this country deserves,” Mike Hawes, chief executive of the SMMT, said.

UBER has announced 10 hours of free childcare for a thousand of its UK drivers as part of a trial to attract and retain the parents of young children as drivers. Uber said its drivers earn £34 an hour in London and £30 in the rest of the country, but the most lucrative periods are often at weekends or evenings when drivers would require childcare.

Brit veteran drafted in by Saudi fund to run new carrier Riyadh Air

CITY A.M. REPORTERS

THE BRITISH aviation veteran Tony Douglas will lead a new Saudi Arabian national airline, the country’s government announced yesterday.

Douglas –the former boss of Etihad and the man credited with the Abu Dhabi carrier’s emergence as a global player –will take the reins of Riyadh Air.

The Saudi news agency

said the airline would serve more than 100 destinations around the world by 2030, reported by Reuters.

Riyadh Air will be wholly owned by the Saudi Arabian sovereign wealth fund and is expected to compete with Etihad, Emirates and Qatar Airways, with the potential windfall being noticed by global players Boeing and Airbus.

Aviation veteran Tony Douglas

Childcare support and energy bills on Chancellor’s budget to-do list

JESSICA FRANK-KEYES

ENDING the prepayment meter penalty on energy bills and boosting childcare support for the poorest parents are among measures set to be announced in the spring budget.

Chancellor Jeremy Hunt this weekend confirmed households on prepayment meters will no longer pay more than people on direct

debits as of July 2023.

Energy security secretary Grant Shapps said changes would ensure “families aren’t penalised simply for how they heat their home”, describing the current situation as “a tax on some of our most vulnerable”.

The so-called ‘back to work’ budget is set to increase the maximum amount parents in receipt of Universal Credit can claim for childcare by

“several hundred pounds”, the Treasury says.

Costs will also start being paid out upfront, rather than in arrears, as part of a bid to get Brits back to work. It comes after pressure from business organisations including the Federation of Small Businesses (FSB), childcare lobby groups such as Pregnant then Screwed and MPs to address the ongoing sector crisis.

UK pay on track to trail inflation for 15th month

JACK BARNETT

WAGES are on track to trail inflation for the 15th month in a row, underscoring how much pressure the cost of living crisis is piling onto household finances, official figures out tomorrow are expected to show.

Regular pay growth is projected to trim to 6.6 per cent over the three months to February, down slightly from the previous period, City analysts reckon the Office for National Statistics (ONS) will say this week.

Despite clocking big pay gains – on some measures rising at a record pace –the rate of price increases has eroded workers’ spending power.

Economists have projected the cost of living crisis could wipe off around £4,000 from family budgets by the end of next year, which would be among the largest falls in national living standards on record.

Inflation has been running in the double digits for several months and is currently at 10.1 per cent, although it has dropped for three straight months.

Sanjay Raja, senior UK economist at investment bank Deutsche Bank, said pay

growth could top their forecasts if December’s quarterly figure is revised up.

He also reckons the unemployment rate held steady at 3.7 per cent, “but there are upside risks to our forecast especially with the single month jobless rate pushing to 3.95 per cent”.

Analysts at another investment bank Nomura disagree, arguing that the rate will nudge up to 3.8 per cent, likely driven by people flowing back into the labour market from economic inactivity or firms laying off staff in response to the UK’s economic weakening.

Signs that the jobs market is holding up well amid a sharp rise in interest rates and a demand slowdown could agitate officials at the Bank of England. They are trying to bring inflation back down to their two per cent target, partly by knocking the jobs market to keep a lid on wage growth via ten straight rate increases.

Inflation expectations numbers out from the Bank on Friday will be closely watched by City traders for clues on whether households and businesses reckon elevated price increases are embedding into the economy.

Issa Brothers mull sale of Asda properties to cover corporate debt

LAURA MCGUIRE

ASDA has reportedly launched a £8.6bn review of its property estate as the billionaire brothers behind the business scramble to reduce its debt pile.

According to reports in The Telegraph, owners Mohsin and Zuber Issa backed by private equity backers TDR Capital are targeting the sale and leaseback of Asda’s supermarket estate.

Market sources told the outlet that property experts have been drafted in to “assess the prospects for the

supermarket’s estate”.

According to Asda’s 2021 annual report, its freehold properties were valued at £8.6bn.

As part of the process, it is understood that Asda’s owners will look to hold on to a “sizable underpin of freehold properties”, even if that means some of its sites are sold to investors and then leased back. While a sale and leaseback of Asda properties could help lower debt, the firm also risks reducing interest payments in exchange for higher rent.

Asda’s owners the Issa Brothers are looking at ways of bringing down the debt pile

Is Tiktok running out of time?

Jessica FrankKeyes asks if the social media app is set to go the same way as Huawei

EVERYSunday, whatever the weather, groups of teenagers gather outside City A.M. HQ to film themselves dancing against the glittering backdrop of the city. A little distracting, but innocuous enough you would think. And yet it is this app that has found itself at the centre of national data security concerns.

With reports emerging in the Sunday Times that the government is set to recommend a ban on the Tiktok app on all state-issued electronic devices following an assessment by the National Cyber Security Centre, it is high time to ask just how concerned we should be about the app’s reach.

Foreign affairs select committee chairwoman Alicia Kearns puts it bluntly: “We need to ask ourselves the question: are we comfortable entrusting our data to a company that functions as an indirect arm of the

Chinese Communist Party?”

With the app, owned by Chinese firm Bytedance, recently revealing employees in China are able to access user data to assess the algorithm’s performance, concerns are only growing.

While Tiktok has been quick to defend itself –the app recently launched Project Clover in an effort to improve data governance and has said its user data is stored in the US and Singapore, not China –it seems to have done little

to assuage fears. EU officials are now banned from having the app on their work phones while Congress is deliberating legislation to bring in a full-on ban of the platform. With the US response widely thought to be setting the

tone for global levels of trust in Tiktok, experts reckon it’s likely the UK will soon follow suit.

“As we saw with regulation of Huawei, the views of our allies will also drive our decision and increased pressure from the US may force the UK to take action,” Evie Aspinall, researcher at the British Foreign Policy Group, said.

“In the eyes of the government, the balance of evidence on the threat posed by Tiktok is not yet conclusive enough to risk an escalation of tensions with China, nor to justify removing access to a key political engagement tool ahead of an election,” she added.

But Kearns told City A.M. the UK shouldn’t wait to act, arguing “more than enough red flags” had already been raised. “We’re currently sleepwalking into a far more dangerous world,” she said.

Security experts too have suggested fears are far from baseless.

Chris Cash, China Research Group director, said people were “right to be worried”. “People need to be a lot more wary of what their data is being used for,” he said. “Tiktok is ubiquitous.”

A glance outside for us is enough to confirm the latter.

It seems then, much like the drifting of a spy balloon above South Carolina, what goes up must, in most cases, come down.

Thames Water looking to ditch large debt pile

THAMES Water has been forced to draft in advisors to evaluate its financial situation, amid growing concerns that the group will not be able to fix its £14bn debt mountain.

The UK’s biggest water supplier has drafted in investment bankers from Rothschild and the law firm Slaughter & May to explore “financing options for the company”, as first reported by Sky News’ Mark Kleinman.

The appointment of the advisors comes as the privately owned company has faced backlash from both the public and political figures regarding its inability to prevent sewage leaks.

Industry sources told Sky that the government and Ofwat, the industry

regulator, were “aware of growing concerns about its financial position”.

“It’s normal course of business to appoint advisors to support the funding of our investment programme,” a Thames Water spokesperson told the outlet.

The news is another blow for the company’s reputation, which has been bat-

The water firm has been under fire in recent months over discharges

tered over the past few years due to being fined a number of times.

In 2021, it was slapped with a £4m penalty for allowing untreated sewage to escape into a river and park, and later in the same year it was ordered to pay £11m for overcharging customers.

A host of London property figures will be in Cannes this week for the globe’s biggest property conference

Cannes-do spirit: London in MIPIM pitch

LAURA MCGUIRE

LONDON councillors are jetting off to the French Riviera in the search of sustainable investors willing to pump eco-friendly funds into the capital. A flurry of prominent London property figures are set to attend MIPIM, the enormous property conference which takes place in Cannes this week, in a bid to entice major foreign investors to use their

funds to make London commercial properties more green.

The mission is being funded by Opportunity London, a new initiative backed by London Mayor Sadiq Khan, who are on the lookout for partners which “share their values to deliver long-term investment and provide social, environmental and economic benefits for communities”.

The councillors will host a stand at the conference which takes place at

the Palais des Festivals.

The event is regarded as an important date in the diary – both socially and professionally – for big players in the property sector with attendees paying upwards of £3,000 to secure a place at MIPIM.

If successful, London Opportunity said the focus for the investment would be centred around seven major zones identified by Khan, which includes Croydon and Thamesmead.

LAURA MCGUIRE

King-backed business charity calls for mandatory ethnic gap reports

ANNA WISE

A BUSINESS organisation backed by the King has urged the Prime Minister to “not waste any more time” in making it mandatory for big companies to report their ethnicity pay gaps.

Business In The Community

(BITC) wrote letters to Rishi Sunak and Labour leader Sir Keir Starmer

asking them to work together to introduce new legislation for employers with more than 250 staff.

The group, of which Charles was a royal founding patron when it formed in 1982, said it is a “matter of urgency” for the government.

Just three per cent of the UK workforce is employed by companies that publish their ethnicity pay gap, BITC said.

Yet predictions using census data show that, by 2051, nearly a third of working-age adults in England and Wales will be from ethnic minority backgrounds.

Furthermore, if this diverse ethnic workforce is utilised, it could boost the economy by £36bn by 2051, BITC predicted using data from the McGregor-Smith Review in 2017 on race in the workplace.

Fears John Lewis will fail to deliver prized staff bonus

HENRY SAKER-CLARK

JOHN Lewis Partnership (JLP) could slide to a loss for the past year in the face of rocketing costs at its Waitrose supermarket arm, according to industry analysts.

It would mean staff at the high street stalwart would miss out on an annual bonus payout.

The retail giant behind the department store chain and Waitrose is set to reveal its trading performance for the year to January on Thursday.

It comes amid a pivotal time for JLP during the group’s transformation under the leadership of Dame Sharon White.

In 2021, the company bounced back to a profit as it saw the first positive signs of the strategy, which saw it close a number of department stores to reduce costs.

However, its latest update comes amid a tough backdrop for the retail sector, with shoppers facing soaring household bills.

Over the first half of the financial year, the Partnership fell to a £99m half-year loss, saying it chose to “forgo” profitability to

help staff and customers amid the cost of living crisis.

The group showed in September that like-for-like sales lifted three per cent year on year in the department stores in the first half, but fell five per cent in its Waitrose stores.

Positive winter trading updates from rivals Marks & Spencer and Next will provide optimism that John Lewis shops will have maintained their steady performance.

The update will come just weeks after John Lewis boss Pippa Wicks parted company with the department store arm, being replaced by current retail director Naomi Simcock.

However, questions remain over Waitrose, particularly given its more upmarket position during a time of financial pressure for shoppers.

Retail expert Nick Bubb predicted that JLP could deliver a £50m loss before one-off costs for the year on Thursday, compared with a £181m profit in the previ-

Blanc: I was ‘simply not listened to’ as Welsh rugby union chair

LAURA MCGUIRE

AVIVA chief exec Amanda Blanc has told the BBC’s iconic Desert Island Discs show that she was “simply not listened to” during her stint as chair of the embattled Welsh Rugby Union (WRU). Blanc, who was born in the Rhondda Valley, said that she was forced to step down from the role she held for less than two years due to the misogyny she faced.

“There was one [question] which was ‘what do you know about governance?’. Well, quite a lot actually. I've got 32 years of experience and I operate in a regulated business,” she told the BBC’s radio show.

“Nobody else was asked that question, but I was. I got an apology for that actually, a written apology for it,” Blanc continued.

The WRU has been hit by a raft of sexism allegations in recent months.

Aviva chief Amanda Blanc said she suffered serious misogny as head of Welsh Rugby Union

Former regulator Sharon White was a surprise choice for CEO

THE NOTE BOOK

Older workers won’t come back unless mindsets change

Acrisis in slow motion”. “The worst price shock in decades”. Economists are not known for their hyperbole, so when this is how they are describing the current cost of living crisis, the scale of the challenge cannot be underestimated. The surging costs of essentials such as food and energy are causing many to make tough decisions. With around half a million people having left the UK workforce over 2020-2022, for a number of reasons, the recent financial reality has prompted many people across the UK to ‘unretire’. This new wave of ‘returners’ are also embracing the challenge of acquiring learning new skills, and widening their career opportunities with six in ten retirees open to reskilling to secure new roles. In addition, older workers bring with them a strong work ethic, a deep knowledge and understanding of how a business

functions and they can play a critical role in training the next generation of workers. In the wake of skills shortages, businesses should be wary of missing out on the swathes of older workers seeking work due to age bias. Disappointingly, however, there is a widespread and persistent employer bias against recruiting older workers. This is felt by applicants: 71 per cent of those out of work aged 45+ reported their age was a factor. This also corresponds with the responses of hiring managers who report concerns that candidates of this age range would be reluctant to try new tech, unable to learn new skills and have difficulty working with other generations.Business leaders need to convert their dialogue around the value of reskilling and upskilling into hiring policies, as not doing so prevents their business from tapping into a pool of skilled and experienced candidates.

INSTRINSIC SKILLS ARE KEY TO EMPLOYMENT

Beyond those who have recently ‘unretired’, business leaders should consider the many people who are made redundant every year to fill their skills gaps. The dialogue around the recent tech lay-offs, which centred around how easily those made redundant from high profile companies would find new work, contains a lesson for business leaders. After news of the redundancies broke, articles poured out instructing newly unemployed workers to utilise their personal strengths and soft skills to secure a new job. This buzz has meant companies have welcomed those made redundant from tech companies with open arms. Yet, it is not just those fired from Twitter who deserve a second chance at a career. These layoffs reveal a truism – technical knowledge can be taught and advanced, but is a heavily constrained and short-term lens through which to evaluate a future employee. The intrinsic skills, capabilities and mindset, including the eagerness to learn and upskill, define a candidate’s potential beyond their first year or so. Mid-career workers consistently make up a high proportion of the long-term unemployed in the UK and this needs to change. Whilst a rocketing cost of living might force older workers back into employment for the time being, the long-term solution lies in businesses recognising the value of older workers. Only then will we see the true economic potential of older workers realised.

SUPPLY SIDE REFORM NOT ENOUGH

£ Jeremy Hunt is placing a lot of faith in the over-50s to return the economy to health. He’d be better served starting from the other side of the equation: how can we improve the fit, and connection, between these latent talent pools and the record-breaking number of open roles that business leaders need to fill. The success of a firm is rooted in its employees. A company built from enthusiastic, passionate workers will succeed. To assert that encouraging older workers back into the workforce will by itself yield results for the UK economy oversimplifies the problem. A mindset shift, coupled with increased training provisions being rolled out via government and private sector funding, is a powerful combination that would make a much bigger and long-term impact on the economy.

Where interesting people say interesting things.Today, it’s Michael Houlihan, boss of employment non-profit Generation

City A.M.’s energy editor Nicholas Earl delves into the sector’s challenges in his weekly column

OVER the past 12 months, nearly five per cent of the UK’s energy needs have been met through burning wood pellets. Now that the UK has shifted from coal power and is looking for a long-term future beyond gas through ramping up increasingly sophisticated clean energy technology, such a rudimentary power source seems surprising.

Yet, biomass energy counts as 12 per cent of the country’s renewable mix and is a key feature in the government’s drive to net zero and supply security following Russia’s invasion of Ukraine.

The chief source of domestic biomass is Drax Power Station – the largest facility of its kind in the UK – where pellets are imported from across the world to Selby, North Yorkshire, and then treated for burning at one of the plant’s four large-scale boilers.

Hooked up to the grid, the 3.9GW plant has played a vital role in keeping Britain’s lights on and boilers running amid a Russian supply squeeze on the region this winter.

Not that this is an act of charity, as Drax has raked in monster profits from the energy price crisis, with earnings up 84 per cent last year to £731m. So far, the site has received £6bn in taxpayer subsidies, including £800m in public funds in 2022 to support biomass energy.

It is also highly likely to feature in the country’s biomass strategy, expected to be published between June and April this year.

Yet, the government has an increasingly difficult juggling act of balancing supply security with emissions as the energy source becomes increasingly controversial.

CLIMATE BODY WARNS BIOMASS’ VALUE IS COMING TO AN END

A damning report from influential advisory group the Climate Change Committee (CCC) was published last week warning the UK is in danger of missing its goal of decarbonising the grid by 2035 –an essential milestone in its push for net zero.

The CCC argued that, to boost the UK’s green efforts, the government should stop the flow of multimillion pound subsidies to companies that burn trees by 2027.

Instead, the UK should ditch biomass energy in its current form by the end of the decade.

Dr David Joffe, the CCC’s head of net zero, later told reporters biomass is “not good value for money for bill-payers, and it’s not the right thing for the climate either”.

He also warned biomass producers are being overused, and that they “run for as many hours as possible rather than operating flexibly in a back-up role” because they are paid the wholesale price, which is linked to gas prices, alongside subsidies.

Drax has been under sustained scrutiny for its emissions, with the power group revealing in its accounts in 2021 that it was responsible for 13.3 megatonnes of carbon dioxide through its operations.

Sky News’ calculations suggest Drax’s Selby plant is the largest CO2 emitter in the UK,

GREEN ENERGY’S DIRTY SECRET

before any carbon dioxide removal by new tree growth has been factored in.

This is not a surprise when burning wood produces more greenhouse gases than burning coal – the world’s dirtiest fossil fuel.

Drax was accused last year of logging wood from old, carbon rich forests in Canada in a BBC Panorama investigation.

This has been exposed with satellite images showing old-growth forests being sawn down on land belonging to Drax.

Drax denies the claim, and has offered to begin undertaking a carbon analysis of all its wood imports for its biomass facilities.

Yet, such questions over its practices undermine confidence in the energy source, and suggest biomass may have reached its

natural shelf life in the UK’s energy mix.

PRIORITISE PRIORITIES, PLEASE

Biomass energy is considered renewable by DEFRA because new trees are planted to replace old ones used in sourcing wood –which recapture the carbon emitted by burning the pellets.

When used in high-efficiency wood pellet stoves and boilers, biomass pellets can offer combustion efficiency as high as 85 per cent, making it highly prolific as an energy source. But recapturing the carbon from wood pellets takes decades, and the off-setting can only work if the pellets are made with wood from sustainable sources.

As a next stage, CCC is in favour of plans to

make biomass carbon negative by capturing and burying the emissions under the North Sea in depleted oil or gas fields – which could cost up to £3bn in subsidies. Instead, it would be more transparent for pledged subsidies paid out under renewable obligation deals and contracts for difference to be tapered off by DESNZ by the end of the decade. With such a vast pipeline of wind and solar power, and the possibility of reviving nuclear, Drax is a headache that the government could live without. Tackling planning delays and development logjams that are impeding on the UK’s greener future is a far more fruitful use of the government’s time and taxpayer money than propping up an energy source that belongs in the past.

Oil giant Saudi Aramco announces record profits of $161.1bn in 2022

HADEEL AL SAYEGH

AND MAHA EL DAHAN

SAUDI Arabian oil giant Aramco yesterday reported a record annual net profit of $161.1bn (£133.9bn) for 2022, up 46 per cent from the previous year on higher energy prices and improved margins for refined products.

The profits, which are around triple that of Exxon’s $56bn, follow similar reports in February from international peers such as BP, Shell and Chevron which have mostly posted record profits for last year.

Oil prices swung wildly in 2022, climbing on geopolitical worries amid the war in Ukraine, then sliding on

weaker demand from top importer China.

“Given we anticipate oil and gas will remain essential for the future, the risks of underinvestment in our industry are real — including contributing to higher energy prices,” Aramco’s chief exec Amin Nasser said in the results statement. Reuters

oil giant Aramco had a bumper year in 2022 thanks to improved margins

Biomass energy is considered renewable. But recapturing the carbon from wood pellets takes decades.

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ECB’s Lagarde set to sign off on another 50 point interest rate hike

TOPPING City traders’ minds this week will be what is tipped to be another 50 basis point interest rate hike by the European Central Bank (ECB) on Thursday.

The ECB has explicitly told markets to expect another steep rate hike this week and possibly more in the coming year.

Analysts said the tone of the decision statement and President Christine Lagarde’s press conference will be key to determining where borrowing costs will peak on the continent.

“It will also be important to watch whether the ECB pre-commits to a 50bp hike in May, as it did for the March meeting in February,” investment bank Nomura said.

“In terms of the tone of the meeting, we believe the ECB will likely want to

Nate Zou, Nate is Head of Web3 Product at OKX, the second-largest crypto exchange by trading volume

The battle over the future of money is underway, and it's most often characterised as being between two belligerents - traditional finance and crypto/Web3. Although this contrast is catchy - it's easy to picture Windsor knots and tailored suits versus hoodies and backwards caps - it's ultimately misleading. The real conflagration is between centralization and decentralisation, and the battle lines are muddled.

That's because there are those within the crypto/Web3 space that embrace decentralisation, and those who embrace it rhetorically, instead looking to build businesses and products that are decentralised only in name. Here's why that's a problem, and why we are investing in decentralised technology more than ever before.

In 2021, we launched the self-custody OKX wallet. It might be counterintuitive for a crypto exchange to invest so much in a product that allows users to self-custody their funds, as opposed to holding them on a centralized platform. But when viewed through the lens of OKX as a Web3 technology company, the case couldn't be clearer.

Now I'm pleased that we are well on our way to achieving the second, more

be ‘hawkish enough’ to maintain tight financial conditions in the euro area, and further support the view that the ECB will maintain rates higher for longer,” they added.

On these shores, fresh jobs figures tomorrow are likely to show wages are still rising at a near-record pace but still being outstripped by inflation.

City analysts reckon pay jumped 6.6 per cent over the last quarter, a level that will probably keep inflation above the Bank’s two per cent target over the long term if it is sustained, raising the risk of an eleventh straight rate rise on 23 March.

On the corporate front, Deliveroo posts final results on Thursday, with the firm needing to impress investors as its pandemic-induced boost recedes. Pest control firm and FTSE 100-listed Rentokil updates markets on the same day.

Insurer Direct Line has had a bit of a torrid time of late. It issued a profit warning at the beginning of the year and trimmed its dividend, sending its share price sharply lower. Analysts at broker Peel Hunt reckon the firm swung to a £16m loss in 2022 from a profit of £327m in 2021. Peeling back Solvency II could free up cash to send to shareholders, prompting the broker to recommend snapping up the stock.

The wave of railway strikes over the last year or so that have left commuters moored is unlikely to have had a big impact on ticket booking app Trainline’s bottom lines, results out on Wednesday are expected to show. Earnings will probably come in at the lower bound of analysts’ forecasts, but not too much lower. Peel Hunt reckon clients should buy the stock.

TO DE- OR NOT TO DE-CENTRALISE?

nounced that our Web3 Wallet is now compatible with 50 different blockchains. This means that users can interact seamlessly with 50 different crypto ecosystems, allowing them to benefit from a range of innovative Web3 products.

Decentralisation has always been a key

sis block, they hid a message: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks". This headline was a reference to the need for a truly decentralised currency that couldn't be unilaterally devalued by centralised monetary policy.

As Head of Web3 Product at OKX, I

ation financial system. My team specialises in building products that are radically transparent and open source. And in Web3, there is no product more crucial than the wallet. The potential for crypto lies in empowering individuals to take control of their finances and assets. But in order to do

this, they need crypto wallets that allow them to do two crucial things: safeguard their funds, and connect them to the wide and disparate world of Web3 which exists on many different blockchains. The OKX Wallet does both. Although it is tempting to view the cryptocurrency debate through a dichotomous lens of suit-wearing bankers versus hoodie-sporting coders, the truth is that there is a deeper struggle between those on both sides who prefer a comfortable yet inherently flawed centralised system over the decentralised alternative.

Our response at OKX is to invest in true decentralised products like our Web3 wallet so that everyone has a choice in the matter. Only then can it be a fair fight.

THIS ARTICLE IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY. IT REPRESENTS THE VIEWS OF THE AUTHORS AND IT DOES NOT REPRESENT THE VIEWS OF OKX. IT IS NOT INTENDED TO PROVIDE ANY INVESTMENT, TAX, OR LEGAL ADVICE, NOR SHOULD IT BE CONSIDERED AN OFFER TO PURCHASE, SELL OR HOLD DIGITAL ASSETS. OKX IS NOT REGULATED BY THE FCA, THUS, PROTECTIONS SUCH AS THE FINANCIAL OMBUDSMAN SERVICE OR FINANCIAL SERVICES COMPENSATION SCHEME WILL NOT BE AVAILABLE. YOU SHOULD CONSIDER WHETHER YOU UNDERSTAND HOW CRYPTO WORKS AS DIGITAL ASSET HOLDINGS, INCLUDING STABLECOINS, INVOLVE A HIGH DEGREE OF RISK, CAN INCREASE OR DECREASE AND PROFITS MAY BE SUBJECT TO CAPITAL GAINS TAX. PAST PERFORMANCE DOES NOT INDICATE FUTURE RESULTS

HAWKISH BEHAVIOUR

“Who’d have thought two years ago markets would be talking up the ECB as the arch hawk of the central banking world? Another rate hike on Thursday will once again reinforce the central bank’s newfound hawkishness.”

JACK BARNETT, ECONOMICS EDITOR

OPINION

EDITED BY SASCHA O’SULLIVAN

Footballers’ political interventions are often a litmus test for public sentiment

to deliver and are subjected to much more exacting standards.

IN MANY ways I blame Nick Hornby. That may not be fair, but the timing seems about right: in 1992 he published Fever Pitch, a memoir of his relationship with Arsenal; Tony Blair, wrapping himself tightly in a demotic shawl, became leader of the Labour Party in 1994. Suddenly football was no longer the grim, hooliganinfested, piss-stained occupation of freezing terraces and casual violence, but a classless passion to unite white and blue-collar, and, importantly, an essential component of the language of politics.

It would be very difficult to reach the top of politics now without at least being able to pretend one had a love for the beautiful game. David Cameron, always willing to have a go but sometimes failing in the execution, scored an own goal in 2015 when he appeared to confuse the team he’d supported since childhood, Aston Villa, with another squad which plays in claret and blue, West Ham. Even the most unlikely statesman must have a favourite: Theresa May, whom it is hard to picture waving a scarf and screaming obscenities, was said to support Wimbledon after her time as a councillor in Merton. Yet so often the intersection of football and politics turns sour. Gary

Lineker’s decision last week to voice his concerns about the government’s new Illegal Migration Bill has divided opinion: he said that the language the home secretary was using was like “that used by Germany in the 30s”. (He may underestimate the ripeness of Nazi phraseology here.) Many cheered him on, while some felt that a former footballer paid £1.35m a year from the public purse should perhaps think twice before opining on matters of public policy. This collision of two worlds has happened before. In 2020, Manchester United star Marcus Rashford began to campaign for greater provision of free school meals to help those families

struggling through the pandemic. Inexplicably, Boris Johnson and his ministers dug their heels in and rejected the intervention of a footballer in politics. But they ended up capitulating, as anyone with half a brain could have seen was inevitable. At the time, Rashford remarked mildly “I don’t have the education of a politician… but I have a social education”. It was a devastating line.

One of the great strengths of politicians is supposed to be their ability to co-opt potential opponents, and our leaders know that cosying up to footballers can be a useful publicity stunt: remember Tony Blair and Kevin Keegan heading a ball back and forth in

1995? And yet when the two worlds meaningfully collide over policy points, it turns toxic.

One explanation is that non-political celebrities are able to say easily generous and high-minded things without having any responsibility for implementation. A centre-forward can say “We should give our kids free x”, but he doesn’t then have to spend hours in meetings with Treasury ministers trying to gain approval for the spending.

So politicians sometimes feel frustrated. It is unfair, they think, that a young, athletic, hyper-remunerated sports star should be able to throw out some glib platitudes and receive lavish praise, when it is ministers who have

Arm’s New York listing is an example of London’s success being lost to competitors

THE recent decision taken by Arm to list in the US is the latest of a long stream of technology companies to do so. It won't be the last.

The UK is bursting with creativity and enterprise. This is a great place to start a business. But what happens when these businesses grow? Far too often, they are snapped up by overseas investors. And far too often, when it comes to choosing a place to list, they choose New York or other stock exchanges rather than London. The seed is sown here, but the reward is reaped overseas.

The challenge for all of us in the City is how we stop these cases from becoming part of a larger and damaging pattern. We need to ensure that highgrowth companies, such as fintech and other tech firms, do not feel that they need to leave our shores in order to grow.

The UK has the largest number of fintech companies and unicorns in Europe, but often these too are ac-

Nicholas Lyons

quired by overseas companies. We need to encourage more home-grown investment for these home-grown success stories, so British people and organisations can benefit from the success of British enterprise.

More must be done to ensure that the UK is the best place not only for high-growth businesses to start, but also for them to scale and to stay. We have a significant opportunity to unlock the resource of UK private and institutional money so that it flows into UK firms. According to the recent report Advancing Purpose by the Purposeful Company, the seven countries with the largest pension

fund pots invest on average 19 per cent of their assets in infrastructure and private equity. In the UK, it is just 7 per cent.

One of my key mayoral priorities is to encourage the private sector to plug this funding gap with a £50bn Future Growth Fund. Such a fund would enable investment via private equity into fintech, life sciences, biotech and green technology. By channelling this investment, we can create growth and in turn, jobs and prosperity across the whole UK economy.

Backing for these companies could come from the UK’s existing £4tn pension system which is currently the second largest after the US. I’m aware this will require a shift in risk culture and regulation. The recently announced Edinburgh reforms are encouraging. Enacting the Financial Services and Markets Bill currently in Parliament, and the proposed changes to Solvency II will be a big step forward.

These actions combined with a pri-

vate fund would present a real opportunity to unleash investment into British businesses, mobilise pension assets, and help us to turn the tide. If everyone had just 5 per cent of their defined contribution pensions allocated to the Future Growth Fund, we would also be giving everyone a share of the success of our growth economy companies.

This is an idea which is gaining traction across the City. The City of London Corporation is convening the industry to discuss how to make the idea of a Future Growth Fund a reality. It is time for us to act decisively and take a new approach. Business follows the money. If we want to keep firms here in the UK, we need to make sure they can get the investment here in the UK. Without it, we will continue to see the exodus of talent, intellectual property and value leaving our shores.

£ Nicholas Lyons is the Lord Mayor of the City of London Corporation

There is something else, too. For all that our leaders embrace the relatable identity of a football team and the language of fandom, do we regard football stars as somehow a bit déclassé for the public arena, too uneducated, too simplistic, too raw? What do they know about public life? After all, some of the Chelsea back four didn’t even read PPE.

I am not a football fan, by any means. And I do not think that the latest sensation to start for Spurs should necessarily double up as head of the Downing Street Policy Unit. But politicians should calmly and rationally accept that footballers are popular figures, and, in a strange, intangible way, they embody the wisdom of crowds. Gary Lineker may not have nailed every detail of immigration policy, but he is, in some ways, the acme of the man on the Clapham omnibus. If he is thinking something, it is a reasonable bet that many members of the public are too. The only difference is his social media reach.

Understand, assess, synthesise, absorb. Those are the functions which in politicians should be highly developed. If a football player (even if it is association rather than rugger) articulates a semi-political point of view, the instinct should not be to reject, condemn and belittle. Think. Think about where it is coming from, what has inspired it, and how the public is likely to react. It may show you where your true interests lie.

BIDEN ON THE

President Joe Biden is meeting Rishi Sunak in the US today to unveil details of their new AUKUS submarine deal. The new Australian submarines will have US parts and a British design - and will be a key part of the strategy to counter China in the Pacific region

SUBS

£ Eliot Wilson is co-founder of Pivot Point and a columnist at City A.M.

Eliot Wilson

Gary Lineker compared the languaged used to launch migration policy with 1930s Germany

WE WANT TO

YOUR

LETTERS TO THE EDITOR

Tech to cure our health

[Re: Can Rishi Sunak’s science superpower dreams become reality?, March 6] Rishi Sunak recently announced plans to cement the UK as a science and tech superpower by 2023. Bio-tech innovation will play a big part in this ambition: now is the time for investors, innovators, industry leaders and policy makers to step up and have a real impact in the fight against major diseases.

There is a growing recognition of the enormous social and economic devastation globally of diseases such as Alzheimer’s, estimated to cost the

global economy $1 trillion by 2050.

The UK is renowned for its innovation in science and highly disruptive approaches to unmet clinical needs. Investment in ground-breaking research and development will inevitably improve outcomes for patients and generate significant economic returns for investors and society.

We have a unique opportunity and great responsibility to drive meaningful change that can improve the quality of life for millions around the world. By working together and investing in these critical areas, we can bring impactful treatments to market and establish the UK as a global leader in science and innovation.

Baroness Professor Greenfield Neuro-Bio

WOOF WOOF Crufts dog show lifts the spirits in Birmingham despite snow

How we face the failure of Silicon Valley Bank will test how much we value start ups

Tommy Ricketts

FRIDAY’Sfailure of Silicon Valley Bank UK has fast become an acute matter of policy-making precedent for the government and the Bank of England. The start up community is watching.

The company my partner and I cofounded, BeZero Carbon, sits in the eye of the present storm.

As a climate tech start-up we employ 130 skilled workers innovating in science, finance, and technology. We raised more than £60m over the past two years to support this growth, and banked with SVB’s UK subsidiary.

Thankfully, we were lucky. We had money in other bank accounts and withdrew the majority of our SVB deposits on Friday.

Others are less fortunate. Those with cash in notice accounts, without alternative accounts, or unable to submit transfers are stuck. Many can’t make payroll. Their only certainty on deposits is the £85,000 guaranteed under the Financial Services Compensation Scheme.

Over the weekend, we joined more than 200 chief executives and cofounders in signing a letter to the Chancellor and Bank of England explaining this sour reality.

EXPLAINER-IN-BRIEF: CAN JEREMY HUNT’S BUDGET FIX THE UK WORKFORCE?

The Chancellor’s budget is coming in two days but don’t expect huge surprises. Most expect it to be a fairly uneventful one, with the governing principle being fiscal constraint. Hunt will focus on getting the economy out of the current mess, rather than supercharging it. What Hunt will try to do is fix the workforce: that would be a way of powering growth without spending too much money from the government coffers. Both Conservatives and the Labour

have been flaunting

policies to get the over 50s back into the workforce. In the budget, Hunt could announce new health checks and occupational health subsidies for small businesses, with a pivot to getting people in good health so they feel confident they can work. A focus on childcare reform is also likely. The government is considering raising the universal credit monthly childcare allowance from £646 to £950 to allow more parents to get back into work.

ELENA SINISCALCO

At the time of writing, both had promised plans to bridge this gap. Both the extent of their work with firms and the speed at which they are able to step up will be a test of the value they have, again and again, claimed to put on making the UK “the next Silicon Valley”.

The prevailing view appears to be that SVB is not a bank of systemic importance, in other words winding it up will not put the bank accounts of millions of British households at risk. The Old Lady’s new resolution powers will ensure bond and equity holders take the pain.

This is, for the most part, right. SVB’s investors should be on the hook. No one is asking for a repeat of 2008. But this treatment should not be extended to SVB’s depositors.

Jeremy Hunt and Andrew Bailey should do all they can to provide cash flow facilities for those desperately in need of working capital, and ensure their deposits are made whole in the near term.

The best way would be to insist on a merger of SVB’s business accounts

with another institution similar to Lloyds Banking Group and HBOS in 2008. As I write, there are encouraging reports of attempts to make this happen.

Failure to support these businesses is a systemic issue. These are the very companies that will deliver on the government’s ambitions of being a science and technology powerhouse and Europe’s start up capital. They are solving some of society's biggest and most complex challenges, such as climate transition, financial inclusion, and the future of medicine.

More technically, and as Bill Ackman argues, SVB’s clients will in effect be classified as uninsured depositors with an unsecured illiquid claim. If banking at a “Systemically Important Bank” (SIB) is what matters, what message is the Bank of England giving to depositors at other non-SIBs. Are their deposits safe?

Traditional banks should also take note. Most start ups chose SVB because they offered tailored solutions, were quick to deal with, and were an effective partner. Revolut is the main alternative. Many, like us, have both.

Start ups need large payroll facilities, cash management functions, and multi-currency accounts and payments. They don’t need working capital facilities typical of more mature businesses. That makes them an unattractive client so available services are often slow and basic, if offered at all.

This seems short-sighted. If start-ups cross the chasm and become successful, they will be loyal and profitable future customers. Every company was a “start up” once.

It’s reasonable to say the lack of competitive alternatives served to crowd deposit holders into SVB and create a single point of failure.

Meanwhile, start-ups are doing all they can to help one another via introductions, advice and lobbying. But it’s out of their hands.

Neither leadership team at the government nor the Bank of England have faced this type of test before. Get it wrong and together they could set back UK innovation for a decade £ Tommy

Ricketts is co-founder and chief executive of BeZero

party

Jeremy Hunt has warned UK firms are ‘at serious risk’ after SVB collapse

Dogs are invincible, and a bit of bad weather over the weekend wasn’t going to stop them parade in the biggest international dog show, Crufts. Furry friends of all sizes were well prepared for the snow, with warm outifts. The show attracts 18,000 participants from around the world every year.

TRAVEL

Kalkan on the Turkish Riviera is a slice of laid back luxury. Oliver Bilgutay plucks olives from the trees and eats the cuisine of his dreams

The images of Turkey that were splashed across news channels in the wake of one of the worst earthquakes in recent memory make a stark contrast to pictures of Kalkan, a town on the Turkish Riviera more than 1,000km away. While the whole of the country mourned the loss –and local Kalkan business, including the ones mentioned in this article –helped to raise funds to help those affected, it’s hard to reconcile the tranquility here with the devastation in the east of the country.

Hidden among the rising hills and mountains of the Turkish Riviera and facing crystal clear water teaming with sea turtles and the occasional pod of dolphins, Kalkan is the turquoise jewel of the Mediterranean coastline. Kalkan’s rustic old town, painted purple by the flowers of bougainvillaea vines and filled with an eclectic selection of restaurants, bars, shops, and café’s, stands alongside modern, contemporary villas built upon the hillsides.

Kalkan, unlike many other Mediterranean holiday towns, is suited to all ages. It has sophisticated restaurants, jazz bands and late-night music bars; there are high-speed water sports; and there are calming beaches that are perfect to enjoy the sunset with a cocktail or glass of rosé. There are 10 beach clubs along the shoreline, as well as the local ‘Town Beach’ which has the best views of the surrounding bay.

A favourite way to fully experience

Kalkan is via the daily boat tours that depart from the small harbour. With an endless selection of boats, with an equally long selection of characterful captains, you are able to decide which parts of the bay you would like to see.

The islands are a great option to scramble across the rocks in search of small pools: Frenk has become famed for its deep waters and towering cliffs, from which the brave plunge, while Firnaz Bay is a perfect spot for a calm drink and to enjoy a lunch of local dishes made for you by your captain.

If you are in search of a more nocturnal adventure, there is also the option of an evening boat trip, where watching the sun sink into the ocean is the main attraction, followed by some stargazing on the deck. This ‘Midnight Cruise’ gives full context to the ancient Greek historian Herodotus stating that Kalkan is “the closest place to the stars on earth”.

For those with slightly more niche interests, there are countless historical sites in the surrounding towns and villages, not least the Lycian trail, which runs across the surrounding mountains. Nearby Sakilikent Gorge, the second largest in Europe at 20km long, is also a must. The landscape is spectacular, with sheer walls towering high above as you clamber over boulders and through rock pools. Try river canoeing on the Xanthos River, which carries you through the lush surroundings of the ancient Lycian lands to Patara Beach.

And for accommodation, you can rely on one of Kalkan’s oldest businesses: Ko-

WHY THE TURKISH RIVIERA IS THE PERFECT LUXURY RETREAT

THE TRAVEL HACK

Visit the Turkish Riviera either side of the hottest summer months of July and August. In peak summer, temperatures can get uncomfortably hot

rsan. With rental villas spread across town, from the two-bedroom traditional Korsan Minik located in the heart of the old town, to the seven-bedroom Villa Korsan, which peers over the sea and bays, to the more affordable Korsan Apartments located just minutes away from the town centre.

Korsan also has a property development arm, with over 90 per cent of its accommodation built by the company itself. So if you happen to fall in love during your stay, you could even create your own dream property, with Korsan taking care of the management, maintenance, and rentals.

Korsan is also well known for its restaurants. Korsan Meze offers traditional Turkish dishes with a modern twist. The Korsan Fish Terrace is a great place to indulge in fresh seafood caught in Kalkan

bay. And the newest restaurant, The Kitchen by Korsan, has a mix of worldcuisines as well as villa catering services, which can bring the food right to your doorstep.

Pre-arrival, you can arrange for a selection of freshly prepared traditional mezes to be waiting for you at your villa and you can also opt for an in-villa BBQ night, a Mexican themed taco evening, a dip into Italian cuisine with handmade pasta, or even a sushi night, all prepared to your specifications.

Sticking to the foodie theme, I strongly recommend a guided tour around Korsan’s Tosunlar Olive Oil Press. With olive harvesting season occurring in late autumn, you will have the opportunity to taste some of the freshest, highest quality olive oil in the world, before having lunch in the factory restaurant – a fantastic op-

A Midnight Cruise, which starts as the sun begins to set, gives full context to the ancient Greek historian Herodotus stating that Kalkan is ‘the closest place to the stars on earth’

VILLA AGRIPPINA GRAN MELIA ROME, ITALY THE LONG WEEKEND

BOOK THIS

an

portunity to try ‘Pide’, a Turkish, pizzalike dish prepared in a large stone oven, a staple of any holiday in Turkey.

FEASTING & FORAGING BREAK

With the better weather around the corner, how about booking a weekend in the New Forest?

The Montagu Arms hotel has launched their Feasting & Foraging weekenders. Enjoy a two-night stay, foraging with experts Bellord & Brown, wine tasting and two lovely meals, featuring - of course - the food you found. £599 per room, 7th or 8th April, 2023. To book, visit montaguarmshotel.co.uk

Kalkan is filled with amazing restaurants, winding streets and turquoise seas. It will soon become your favourite place to pull up a sun lounger, put your feet up and unwind under the shade of an olive tree.

NEED TO KNOW

For more information and to book go to korsankalkan.com. Korsan will arrange airport transfers from nearby Dalaman airport, and organise restaurant reservations. Check out their Instagram channels: korsankalkan; thekitchenbykorsan; korsanfishterrace; korsanmeze; tosunlar_korsan_caykoy

THE WEEKEND: No matter how many times you have visited Rome, the Eternal City lures you back. This time for something a little different though: the plushest new swimming pool in the city centre, a rare find in the Italian capital. Sightseeing offset by sun lounging? Tell me more...

THE STAY: Situated in the shadows of the Vatican, the impressive Villa Agrippina Gran Melia hotel was once a convent, and is hidden down an olive tree-lined drive. However renovations have given the former nunnery a much more vibrant look, and the result is a sprawling pink palazzo on the banks of the River Tiber. Inside, polished floorboards, statement mirrors and mid century furniture are homely and chic at the same time. Behind the shrubbery in the garden is an impressive outdoor pool. There are two Executive Suites which offer private terraces and plunge pools, and the rooftop apartment provides direct access to St Peter’s Basilica, which allows guests to gloat over the gathered masses as they enjoy an uninterrupted front-row view of the papal proceedings with their morning coffee. Quite the treat...

WHAT TO SEE: A must see for first-time visitors is the Sistine Chapel located within the Apostolic Palace. Restored at the end of the 15th century, it is credited as one of Michelangelo’s masterpieces, and the painted frescoes on the ceiling are one of Rome’s most visited landmarks. At just a 30 min walk to the 18th century Scalinata della Trinità dei Monti (Spanish Steps), you can do a lot in a day, although you’ll need to keep your energy up. New rules prohibit

TO BOOK

Villa Agrippina Gran Meliá in Rome has rates starting from £615 and the Tenuta di Artimino, a Meliá Collection Hotel in Tuscany, has rooms from £250, both with breakfast

people from sitting on the 135 stairs, so be prepared for a hike up to the top. When you do, you will be rewarded by the impressive Chiesa della Trinità dei Monti church and impressive frescoes by Daniele da Volterra. The vantage point also gives impressive views of the city and the Barcaccia “sinking boat” fountain in the piazza. Rome’s most well-trodden monuments are the Colosseum and the Pantheon. Although not walkable from the centre, they make a great half-day excursion before you retreat from the heat and enjoy a smug dip in the hotel’s pool or a treatment in the spa.

A DAY TRIP: Ask the concierge to book you a private view at Villa Albani-Torlonia. Just a 25 minute drive from the hotel, the property was built in the mid-18th century by architect C Marchionni, and the house and grounds have been painstakingly maintained; you can also visit inside the villa but you’ll need a guide to escort you through the antiquities, which consist of ancient relics, busts and Greco-Roman statues which have been acquired from the most prominent collections of Rome’s patrician families. Inside the house you can enjoy paintings including works by Perugino, Tintoretto, Giulio Romano and Jacques-Louis David.

RELAXING IN ROME: This iconic city could be overwhelming due to its size and the masses of tourists, but I found a shady pool with cocktails on tap to be a pretty decent Rome hack. A few hours of sightseeing is so much better when you have somewhere this gorgeous to recharge and reset before another day’s sightseeing. Pass us the cocktail list...

A gorgeous swimming pool in the heart of Rome. Surely not? Sara Darling finds peace and serenity in the capital

There are

endless selection of boats, with an equally long selection of characterful captains, who will let you decide which parts of the bay you would like to explore

THE PUNTER

CONSTITUTION HILL HITS THE HIGH STREET

HORSE racing needs superstars and in the form of Constitution Hill, the favourite for this year’s Champion Hurdle, many are hoping we have found one. Based on what we’ve seen so far, notably his 22-length demolition job in last year’s Supreme Novices’ Hurdle, Nicky Henderson’s unbeaten six-yearold looks the real deal and he could easily be the torchbearer for the sport over the next few years.

He seems versatile with regards to ground and it would be a major shock if he lost his unbeaten record tomorrow.

The 2022 County Hurdle winner State Man is a fine horse in his own right,

and given he’s trained by a certain Willie Mullins, he has to respected, but the sense is that if the real Constitution Hill turns up, there is no horse in training that can live with him.

It’s unsurprising then, that’s he’s just 1/3 to extend his unbeaten record – a price that looks more than fair.

And while Constitution Hill will feature in accumulators up and down the country throughout the week, his price for the Champion Hurdle is one that won’t excite the majority of punters.

However, even money certainly will and that’s exactly what William Hill are offering on jump racing’s superstar.

As part of their ‘Epic Odds’ campaign,

Hills are giving new and existing customers the opportunity to back Constitution Hill at a boosted price of even money for up to £10.

It’s a concession that’s available in both shops and online, so looks more than worth snapping up and it’s on offer right up until the Champion Hurdle gets underway at 3.30pm tomorrow.

William Hill are getting fully involved in Constitution Hill fever as they’ve

made a fun move to rename seven of their shops, including four in Cheltenham, after the horse.

The rebranded ‘Constitution Hill’ shops, which were unveiled on Friday, have been created in homage to jump racing’s latest superstar and feature unique branding which will be on show to racegoers on the opening day of the Festival.

Barry Geraghty, a William Hill ambas-

sador who bought and reared Constitution Hill before he was sold to owner Michael Buckley, said:

“When we had Constitution Hill as a youngster, you wouldn’t dare to dream that he was going to turn out to be quite this good.

“He’s the star of the show this week and it’s a good bit of fun to see his name take pride of place above the William Hill shops.”

William Hill have renamed seven of their betting shops ‘Constitution Hill’

THE PUNTER

Charlie Robertson reports from William Hill’s Cheltenham Festival preview at Wetherby Racecourse

Geraghty and McCoy sticking with Henderson for best bets

UNDER the lights at Wetherby Racecourse and in front of a 250-strong audience, William Hill assembled an impressive stable for their 2023 Cheltenham Festival preview.

Hosted by Ross Brierly, the

panel consisted of jump racing royalty in the shape of Sir AP McCoy and Barry Geraghty, while former Gold-Cup winning pilot Andrew Thornton was also in attendance along with pundits Leonna Mayor and Kate Tracey and tipster Andy Holding.

The guests covered all four days with a fine-tooth comb, and while there were plenty of horses which the panel mutually agreed on, namely Edwardstone in the Champion Chase, there were several which it was certainly split on.

McCoy: Tuesday could be JP’s day

HAVING won 31 Cheltenham Festival races, it’s fair to say Sir AP McCoy knows his way around Prestbury Park.

The 20-time Champion Jockey rode several of his Festival winners in the famous green and gold silks of JP McManus, and he has high hopes that his former boss won’t have to wait too long to taste success in 2023 in the form of Jonbon in the Arkle Novices’ Chase.

“As novice chasers go, I think he’s pretty solid,” McCoy said. “El Fabiolo won’t be able to make the same mistakes he did last time because if he does, he’ll get behind.”

Tuesday could be a red letter day for McManus according to McCoy, with Epatante tipped to upset hot favourite Honeysuckle in the Mares’ Hurdle.

“I saw her work in Kempton and she worked really well, so she definitely has a chance. We

know she goes well at Cheltenham.”

McCoy was also keen on Marine Nationale in the Supreme Novices’ Hurdle, while he gave Gentleman De Mee, an impressive winner at Leopardstown last time, a squeak in the Queen Mother Champion Chase.

One horse McCoy wanted to take on was Ballymore Novices’ Hurdle favourite Hermes Allen: “I think he’s a good horse, but he’s running in the wrong race. He should be in the Albert Bartlett.”

Finally, he advised the audience to keep a close eye on Protektorat in Friday’s Gold Cup.

“I think he’s got a really good each-way chance. He looked like he needed the run in the Cotswold Chase and he should improve massively for it.”

NAP: JONBON (ARKLE)

NB: MARINE NATIONALE (SUPREME)

Barry Geraghty (left) and Sir AP McCoy (right) were the last two retained jockeys for JP McManus

Geraghty: I’m Sir-tain there’s a big run in Gerhard

BARRYGeraghty rode some of the Cheltenham Festival greats in the shape of Sprinter Sacre, Moscow Flyer and Simonsig, and many believed we might have another on our hands in Facile Vega. However, a below-par run at Leopardstown last time has dampened enthusiasm about the Supreme Novices’ Hurdle favourite and Geraghty will be taking him on in the Festival opener.

“They should have been dropping him in and because they haven’t, they’ve been left with a dilemma,” Geraghty said. “Will he settle? I’m not so sure.”

A winner of 43 Festival races, Geraghty would surely have loved to have ridden Champion Hurdle favourite Constitution

Hill, a horse he bought as a foal, and like most of us, he can only see one result in tomorrow’s feature.

“I’m very proud of what he’s achieved. To go and see what’s he done, particularly last season in the Supreme, has been great,” Geraghty added. “He’s been brilliant this season and if he reproduces that level of form, he’s going to win and win well.”

Ireland have dominated the four days in recent years, and while Constitution Hill is one Geraghty expects to go in for the home team, he’s anticipating plenty of Irish success over the four days, notably Sir Gerhard in the Brown Advisory Novices’ Chase.

“The class horse in the race is Sir Gerhard. He won the bumper and the Ballymore and I’m very very sweet on him. He’s the best value bet of the week.”

Geraghty was also keen on the chances of Teahupoo in the Stayers’ Hurdle, while Appreciate It represents “big value” in the Turners Novices’ Chase earlier on Thursday’s card.

The Irishman won the 2013 Gold Cup with the favourite in Bobs Worth and he expects this year’s market leader, Galopin Des Champs, to be “very very hard to beat.”

NAP: SHISHKIN (RYANAIR)

NB: SIR GERHARD (BROWN ADVISORY)

OTHER TIPS

LEONNA MAYOR

NAP: Edwardstone (Champion Chase)

NB: Sire Du Berlais (Stayers’ Hurdle)

KATE TRACEY

NAP: Impervious (Mares’ Chase)

NB: Marine Nationale (Supreme)

ANDY HOLDING

NAP: Blood Destiny (Triumph)

NB: The Real Whacker (Brown Advisory)

ROSS BRIERLEY

NAP: Banbridge (Turners)

NB: Lossiemouth (Triumph)

ANDREW THORNTON

NAP: Edwardstone (Champion Chase)

NB: Gaelic Warrior (Ballymore)

THE PUNTER

Bill Esdaile gives his best specials bets for the Cheltenham Festival

Nico de value to topple Townend in top jockey market

WILLIE Mullins has completely changed the face of National Hunt racing. After last year’s recordbreaking haul of 10 winners at the Festival, the Master of Closutton sits atop the all-time list on 88 winners with 16 back to his nearest rival Nicky Henderson.

He is only 7/2 with William Hill to bring up the century by having 12 or more winners and as short as 1/8 to be crowned leading trainer for a fifth straight year and a 10th time overall.

The ammunition he has at his disposal is truly frightening, but that does make life tough for stable jockey Paul Townend, who has the difficult choice of

which star horse to choose in most of the Graded races.

He will undoubtedly get a few wrong and although some might see William Hill’s 4/7 about him winning his third top jockey prize as a more than fair price, I’m happy to take him on. After all, he only rode five of Mullins’ 10 winners last year.

William Hill have cut NICO DE BOINVILLE to 4/1 in the market, but he’s still available at 7/1 with BetUK and I think that is really decent value.

If any punter was to name a certainty this week, it would be Constitution Hill in the Champion Hurdle, who is generally available at 1/3.

Shishkin is the second shortest-priced

favourite of the week in the Ryanair Chase and you can then throw in Luccia and Marie’s Rock, as well as lots of other chances during the week in the other Graded races and handicaps.

De Boinville won the prize back in 2019 with just three winners and he looks over-priced against Townend.

You then have the likes of Davy Russell, Rachael Blackmore and Danny Mullins, who all have some good chances over the four days, but I can’t resist throwing a few quid at Willie’s son PATRICK MULLINS at a massive 40/1 with Betfair. Despite being an amateur jockey, he still managed three winners 12 months ago and he will be looking to land a fourth National Hunt Chase tomorrow

on even-money favourite Gaillard Du Mesnil.

He has the pick of his dad’s horses in the Champion Bumper, will be riding many of the yard’s second and third strings in the big Graded contests and will have chances in both the Kim Muir and Foxhunters, which are both restricted to amateur riders.

The leading jockey has ended up with three or four winners in six of the last 10 years, so it’s not beyond the realms of possibility that Mullins Jnr could claim the prize with the same haul as last year.

As in the past few years, the Prestbury Cup is a non-event with the Irish priced as short as 1/25, but I am happy to have a go at the biggest winning SP market.

There are always turn ups at the Festival and the last four years have produced a winner at 50/1 or bigger.

William Hill are offering 15/8 for the biggest-priced winner to be between 50/1 and 66/1, which has copped in three of the last four years.

Jeff Kidder won the Boodles two years ago at 80/1, but generally the biggest winning SP has been 50/1 or 66/1, so 15/8 for a repeat looks a fair price.

POINTERS

Nico de Boinville, Top Jockey 7/1 Patrick Mullins, Top Jockey 40/1 Biggest Winning SP 50/1 to 66/1 15/8

Constitution will be running up that Hill clear of his rivals

SOME horses are just different. They don’t come along often, but they have that special something that others don’t.

Think of Frankel and Flightline on the Flat; Kauto Star and Sprinter Sacre over fences.

CONSTITUTION HILL is undoubtedly the most exciting hurdler we have seen in a long time.

I know he hasn’t won a Champion

Hurdle yet – although I like most others expect that to be resolved shortly after 3.30pm tomorrow – but he has that sprinkling of star dust.

In five starts under rules, no horse has got within 12 lengths of him. His average winning distance is 15.4 lengths and it’s not like he’s been annihilating average horses.

He beat Jonbon by 22 lengths in last year’s Supreme Novices’ Hurdle and his

two wins this season have been against stablemate and 2020 Champion Hurdle heroine Epatante.

It’s true that State Man represents his biggest challenge so far in tomorrow’s highlight, but from what we’ve seen he is just a freak.

Where I’m going with this is that William Hill are offering a market on the race with the biggest winning distance at this year’s Festival and the

Champion Hurdle can be backed at 6/1. That looks a monster price for a monster horse.

Nico de Boinville is going to try to win this as impressively as possible, just like he did in the Supreme 12 months ago.

State Man is a very good horse, and one who would be a hot favourite in a normal Champion Hurdle, but this is no normal year.

Hills only list 11 races in their market with any other race the 4/1 favourite, but with the Cross Country at 7/1 and Arkle at 8/1, the Champion Hurdle looks too big at 6/1.

POINTERS

Champion Hurdle biggest winning distance 6/1

Constitution Hill can get Nico de Boinville off to a flyer in the Champion Hurdle

WITH one of the driest buildups to a Cheltenham festival on record, it had been widely expected that this year’s meeting would take place on traditional decent watered spring ground.

In fact, the watering cans have been out for the last four weeks in an attempt to produce that easier surface.

All that has changed in the last seven days, with not just plenty of rain, but a very unsettled forecast for the week ahead.

That means that the best four days in the racing calendar will get underway on ground no better than soft, and if forecasts are to be believed, potentially even worse than that.

There are still some opportunities in the ante-post betting markets to take advantage of such potentially tough conditions should they materialise.

A race that catches the eye is Thursday’s Mares’ Novices’ Hurdle (4.50pm) which, for the first three years of its existence, seemed to be a favourite-backers benefit.

Limini, Let’s Dance and Laurina were all well-fancied Willie Mullins-trained mares who got the job done.

Since then, the flashy well-fancied types have struggled, with the race tending to go to those more equipped with stamina than speed.

Concertista (2020) and last year’s winner Love Envoi were definitely staying types.

It is clear to see why Nicky Hender-

SNOWDEN’S MARE TO WEAR IT WELL IN MARES’ NOVICE

Diamond head the betting for the Grade Two prize, but this could present a very different test to them both.

Racing switches to the New Course on Thursday and the long run-in from the last tends to favour those with the necessary stamina reserves.

I’ve been really taken with Jamie Snowden’s YOU WEAR IT WELL this season and she looks to have all the relevant attributes.

She showed plenty of speed over two miles earlier in the season but has showed plenty of grit and toughness in her two most recent assignments.

Conditions were atrocious at Newbury for the Challow Hurdle back in December, where she was the only one to put up any sort of a fight against Hermes Allen, running all the way to the line. At Sandown last time, she quickened up nicely to beat her own sex and comes here in rude health. She can be backed at 10/1 each-way with William Hill, and I expect that price to disappear should conditions worsen.

It is hard to know what the ground will be like come Friday because Cheltenham dries out so quickly at this time of year if the rain stops.

However, my selection in the very last race of the meeting is pretty versatile when it comes to ground.

COOL SURVIVOR is trained by Gordon Elliott, who spent his formative years under the tutelage of Martin Pipe, the legendary trainer after who the Conditional Jockeys’ race is named. The stable have won it in the past with similar staying types dropping back in trip from three miles.

Both Champagne Classic (2017) and Blow By Blow (2018) carried the same Gigginstown silks as my selection, and Column Of Fire would have surely won in 2020 but for falling at the last.

Jamie Snowden could be celebrating on Thursday after the Mares’ Novices’ Hurdle

Stamina will be a huge asset for Cool Survivor if conditions get tough, yet he showed plenty of speed when winning over this trip at Punchestown back in October.

He looks too big a price each-way at 15/2 with BetUK.

POINTERS

You Wear It Well e/w 10/1

Mares’ Novices’ Hurdle (Thursday) Cool Survivor e/w 15/2

Martin Pipe Conditional Jockeys’ Handicap Hurdle(Friday)

Banbou looks another tasty treat in the Plate for Williams

THERE aren’t many trainers I respect more than Venetia Williams when it comes to lining one up for the Cheltenham Festival.

The Herefordshire-based handler had two winners and several placed horses at the meeting 12 months ago from just a handful of runners.

She is set to saddle FRERO BANBOU in Thursday’s Magners Plate (4.10pm)

who looks to have an outstanding chance stepping up half a mile in trip for the first time.

This is a contest in which Williams has a quite extraordinary record.

She has saddled three winners (Idole First 2007, Something Wells 2009 and Carrickboy 2013) and has also remarkably trained the runnerup on four separate occasions too.

There is every chance that when

Frero Banbou finished third in last season’s Grand Annual off a 6lbs lower mark, his shrewd handler earmarked this contest as the target for this campaign.

If you watch a replay of that race, the eight-year-old ran well to be third considering he was virtually tailed-off at half-way and took most of the last fence home with him.

He has run consistently well this

campaign in four starts without getting his head in front suggesting he is well worth a try at this sort of trip.

The handicapper has lowered him to a mark of just 135 – that’s only 1lbs higher then when bolting up at Linfield back in January 2022.

I’d expect him to be ridden patiently and the slightly calmer tempo of this race compared to the

TIMES CHANGE

Grand Annual should help his cause. He can be backed at 12/1 with BetUK and I expect he’ll be a lot shorter than that on the day if the rain continues to fall.

POINTERS

Frero Banbou e/w 12/1 4.10pm Magners Plate (Thursday)

BUT OUR SPIRIT HASN’T

We are dedicated to taking time: we wait, we learn, we perfect. Share the unique character of Glenfarclas.

Bill Esdaile identifies some ante-post value at this week’s Festival

SPORT

DUBLIN DECIDER

Ireland win sets up Grand Slam chance against hurting English in Six Nations

MATT HARDY

IRELAND kept their Six Nations Grand Slam and Triple Crown hopes alive with a 7-22 victory over Scotland yesterday in Edinburgh.

Scotland centre Huw Jones and Ireland winger Mack Hansen traded tries in a tight opening 40 which saw the hosts return to the dressing room with a onepoint deficit at 7-8.

But it was all Ireland in the second 40 with tries from James Lowe and Jack Conan.

Johnny Sexton’s seven points drew him level with Ronan O’Gara as Ireland’s joint-top point scorer in the competition with 557.

Duckett shining light in England loss, says Buttler

MATT HARDY

BANGLADESH won their Twenty20 series with England yesterday with a four-wicket victory in the second match which gave them an unassailable 2-0 lead.

England posted a target of 118 at the Sher-e-Bangla National Cricket Stadium in Mirpur in a low scoring affair that saw Ben Duckett’s 28 the highest English contribution.

Phil Salt and Dawid Malan opened the batting for Matthew Mott’s men but fell for 25 and five runs respectively while Moeen Ali (15), Jos Buttler (4), Sam Curran (12), Chris Woakes (0), Chris Jordan (3), Rehan Ahmed (11), Adil Rashid (1) and Jofra Archer (0) failed to make a significant impact.

The pick of the Bangladeshi bowlers was Mehedi Hasan, who took four wickets for 12 runs as England were bowled out for 117.

It looked as though England could be in with a shot as both of Bangladesh’s openers fell for nine runs each but Najmul Hossain Shanto’s 46 not out did a lot of the work for the hosts with Towhid Hridoy and Hasan scoring a further 37 runs between them.

Crucially, however, Ireland were denied a try bonus point which ensures France are still able to win the title next week.

“We knew this was going to be our toughest game of the year,” man of the match Mack Hansen said.

“To be fair to the Scottish lads, they showed up –it was such a tough test match. At half-time we said this is where we want to be.

“We lost some really key players, but it just shows our depth and how versatile we are. It’s a great team to be a part of.”

Ireland host England next Saturday in Dublin with the hope of winning their first title since 2018 – when they beat next week’s opponents to secure the Grand Slam.

Trossard’s hat-trick of assists puts Arsenal five clear at top

FRANK DALLERES

ARSENAL captain Martin Odegaard hailed Leandro Trossard after the January signing provided a hat-trick of assists to help the Premier League leaders go five points clear.

Trossard set up first-half goals for Gabriel, Odegaard and Gabriel Martinelli in a 3-0 win at Fulham that re-established their advantage over second-placed Manchester City.

“He has brought some amazing things to the team,” said Odegaard. “I love playing with him. He’s good to find the right pass. We’re really happy to have him on the team.

After last-gasp recent wins over

Bournemouth and Aston Villa, Arsenal cruised to victory at Craven Cottage.

The visitors had an early goal ruled out for offside before Gabriel headed in Trossard’s corner on 21 minutes. Martinelli nodded in the second moments later and Odegaard fired in the pick of the bunch on the stroke of half time.

“I’m really happy to get three points away from home, especially with a clean sheet,” said Arsenal boss Mikel Arteta. “It’s great to see the goals distributed through the team. Leandro laid on three assists and could also have scored.”

Beforehand, France will need to beat Wales in Paris to put pressure on Ireland. Scotland can still finish second for the first time in Six Nations history if they beat Italy well next week and Wales fail to win on the continent.

“Look, that first half we lacked a clinical edge”, Scotland captain Jamie Ritchie said.

“Credit to Ireland in the second half, they put a lot of pressure on our breakdown, we couldn't get any continuity and couldn't create as many chances.

“They're a very good side. We knew we could apply pressure if we slowed their ball down. We let them get momentum in the second half and we were on the

wrong side of the scoreline.”

World No1 side Ireland were favourites for the title ahead of this year’s Championship and have been overwhelming favourites after they beat France in round two last month.

Though they’ll be cautious of peaking too early ahead of this year’s World Cup, they’ll go into the showpiece event as one of the fancied sides despite a record which has seen them lose every knockout game they’ve played at the quadrennial event.

“We’ll be playing against an English team that are hurting and one that we have huge respect for,” Sexton added.

“The Irish people will get behind us next week, so we're looking forward to that.”

Archer continued his return to international cricket with three wickets for 14 runs while Curran, Moeen and Ahmed – who became just the eighth player to play all three international formats of the game before turning 19 – took one wicket each.

Bangladesh came home comfortably with four wickets and seven balls to spare.

“It was a difficult game of cricket, but exciting as well. Credit to Bangladesh for outplaying us,” captain Buttler said.

“It was a tough wicket to start your innings on. You needed someone to get in and bat through. Ben Duckett did that well, and we just needed someone to stick with him. It was an outstanding bowling performance, everyone putting their hand up and creating pressure.”

United blast ref as Casemiro

red racks up four-match ban

FRANK DALLERES

MANCHESTERUnited fumed at referee Anthony Taylor after Casemiro was sent off for the second time in four Premier League games in a 0-0 draw at home to bottom club Southampton. The £70m midfielder’s studs-up tackle earned a straight red card from Taylor after a VAR review, meaning he faces a four-match ban.

“Casemiro played over 500 games in Europe and never once got a red card. Now he has two in the Premier League,” said United manager Erik ten Hag. His absence is not the issue, we will deal with that. This game was influenced by the referee.”

Goalkeeper David de Gea said Casemiro had been “unlucky”, adding: “I think referees need to show more consistency. Sometimes they show a red card and sometimes they don’t.” The draw saw third-placed United lose more ground on Arsenal and Manchester City and kept Southampton anchored to the foot of the table.

Both sides hit the woodwork, United through Bruno Fernandes’s long-range drive and Southampton through a James Ward-Prowse free-kick and Kyle Walker-Peters’s shot.

In the late kick-off Alexander Isak and Miguel Almiron scored for Newcastle as they beat Wolves 2-1 –Hwang Hee-chan scored for the visitors.

FOOTBALL

FOOTBALL

Does government have a football problem?

THE WEATHER forecast finished and then suddenly there it was: the BBC’s hurried replacement for Match of the Day following its spectacular bungling of the Gary Lineker row.

Shorn of its theme tune, opening title, studio, presenter, pundits, commentators and about an hour of running time, this was bleak and surreal; a sort of post-apocalyptic football highlights show. We did at least get to see Mohamed Salah’s penalty miss at Bournemouth, a horrible miscalculation and yet only a fraction as illjudged as BBC executives’ response to Lineker’s Twitter activity.

While the Beeb didn’t so much score an own goal as forfeit the entire match, the corporation didn’t act in a vacuum but under pressure from the current Conservative government. More than 36 Tory MPs wrote to BBC

England have soul-searching

to do

after

record

loss to France, says Matt Hardy

ENGLAND’S 53-10 loss to France on Saturday in the fourth round of the Six Nations can only be described as a complete and utter humiliation.

Steve Borthwick’s side were outplayed, outmuscled and out-thought. They weren’t even in the fight.

So as the dust settles on the biggest ever loss suffered by an English team in a Test match at Twickenham and the fallout turns to soul-searching, here are three things we learned from a sobering day in south-west London.

WHERE WE ARE

The biggest thing England can take away from Saturday’s car crash is that the side knows exactly where they are in relation to some of the world’s best.

Scotland were a challenge for England, while Wales and Italy were nowhere near the level of those north of the border.

France, however, were a different beast. The kicking game orchestrated by full-back Thomas Ramos, scrum-half Antoine Dupont and No10 Romain Ntamack was sublime, their back-row of Francois Cros, Charles Ollivon and Gregory Alldritt provided a solid platform for launch plays and the centre partnership of Jonathan Danty and Gael Fickou dominated their opposite numbers. In short, France had their opposition comfortably wrapped up and that’s something which will worry Borthwick.

It was not a case of England not being at the races; they didn’t even leave the stables. Across the park they looked lethargic and were left celebrating small penalty wins deep into the second half when they were 30 points down. It was borderline embarrassing.

OOZING CLASS

While much of the focus will be on England’s capitulation in the rain, France’s sheer brilliance and dominance must not go unnoticed.

And in particular, the balance Les Bleus possessed in their back-row was astonishing.

Cros, Ollivon and Alldritt, between them, combine all the best attributes of a world class back-row. They have the

The BBC’s bungled Gary Lineker episode follows the latest case of Tory MPs taking on the sport, argues Frank Dalleres

director general Tim Davie last week, demanding action over Lineker’s comparison of UK immigration policy to that of 1930s Germany, and it seems fair to wonder what similar lobbying may have been undertaken in private. The Corporation, under threat of losing the licence fee, has become increasingly entangled in matters of what the government does and does not want.

This is just the latest episode of Tories taking on football and some of its most prominent stars, usually with unfortunate results. Ministers resisted Marcus Rashford’s school meals campaigning until it became clear they had lost the argument. They also derided England players for taking the

knee in the build-up to Euro 2020, only to rally behind them once it looked like Gareth Southgate’s team might win the tournament. It is hard not to draw the conclusion that some members of this government look down their nose at the game. During the pandemic, rugby union and horse racing got financial support from the state purse but professional football clubs were given

nothing. “The government seems to have a problem with football, generally,” Dale Vince, the green energy entrepreneur and owner of Forest Green Rovers told City A.M. in 2021.

Boris Johnson did at least get it right over the European Super League, although he never quite shook off rumours that he had initially been in favour of the attempted breakaway. More recently, the government has found that football is one of the few areas in which it is pro-regulation, the bill for which

Lineker’s tweet attracted complaints from Tory MPs

will be presented to clubs. Why does this administration seem so determined to put football and its people in their place? Is it a case of snobbery, of not wanting to be told what to do by the working man’s game? Whatever the explanation, it’s a strange stance to take towards one of the country’s most successful industries and a huge source of soft power. While PM Rishi Sunak struck a conciliatory note, some Tory backbenchers couldn’t wait to declare the BBC’s Lineker-less replacement for Match of the Day much better than the original. But at the same time, Beeb boss Davie was paving the way for the mother of all climbdowns with news interviews praising the England striker-turned-presenter.

Davie is learning what this government really ought to know by now: that taking on football often ends up with an embarrassing retreat.

HUMILIATED AT HQ

sion, and they’ve got the classy offloading game we’ve been so accustomed to with France.

Any World Cup winning team has a reliable and outstanding back row, and Les Bleus have developed one of those. So much importance is put on what a No9 and No10 partnership can do but the flankers and No8 provide the platform. France won the game up front. The backs decided by how many points they were victorious.

NEXT HUGE HURDLE

It is fair to say that England were played

be tested further next weekend when they take on Ireland in Dublin. This defeat could quite easily be a one-off and the squad resurrected next weekend on Super Saturday, but it will be hard to quantify where England are even after next week due to the quality of the Irish side.

There’s no shame in losing to Ireland at the moment and England will go into the match in Dublin as underdogs, but Borthwick’s side are in danger of going into a long break between the end of the Championship and the first of their four World Cup warm-ups off the

The Twickenham hammering is a wake-up call for England but also for the rest of the world. France’s loss to Ireland was their one-off, and they’ve proved they’re a force to be reckoned with ahead of a home World Cup. For England, Borthwick and assistant coach Kevin Sinfield, it’s back to the drawing board. Because with the resources at their disposal, their 53-10 loss was nothing short of unacceptable. England didn’t ever lose by 43 points at home to France, until they did. And that’s something everyone involved is going to have to live with.

England will be underdogs in Dublin and are in danger of going into a long break off the back of two big losses

RUGBY UNION