Thursday 16 March 2023

BUDGET SPECIAL

PENSION CHANGES, TAX HIKES AND TINKERING AROUND THE EDGES: ALL YOU NEED TO KNOW P2-P5

WHAT NEXT?

CENTRAL

CONCHIE

CREDIT SUISSE lost a quarter of its value yesterday, highlighting a day of crushing stock market losses across the world, with the Swiss National Bank forced to issue a statement promising it would provide liquidity to the Zurich lender ‘if necessary’.

It came on the same day Blackrock chief Larry Fink asked if the collapse of Silicon Valley Bank last week was the first ‘domino’ starting to fall as the era of cheap money comes to an end.

Credit Suisse’s tumble was triggered yesterday morning by comments from its

largest shareholder, Saudi National Bank, that it would not inject further cash into the business should it come to it.

That built on fears across the world that the demise of Silicon Valley Bank last week, hit by the impact of a series of bad bets on interest rates staying low, could be a canary in the coalmine for other banks.

Late last night the Swiss National Bank (SNB) and the country’s financial regulator was forced to issue a statement which confirmed that Credit Suisse met “the capital and liquidity requirements” it needed to.

The FTSE 100 suffered a more than three per cent loss, its worst in a year. Across Europe, bank stocks were battered:

CONTAGION FEAR HITS BANK SHARES AGAIN -25% -17%

Commerzbank tanked nearly nine per cent , BNP Paribas slipped 10 per cent and Socgen fell more than 12 per cent.

In a sign of the fear gripping markets, economist Nouriel Roubini –nicknamed Dr Doom after predicting the late-noughties sub-prime crisis –said the “Credit Suisse crisis is a ‘Lehman moment’ for European and global markets” and that it was “too big to fail and too big to be saved”.

The price of bets that Credit Suisse could default on its debts spiralled yesterday as other financial institutions looked to insure themselves against any further turbulence.

In his annual letter to investors, Fink, the boss of the world’s biggest asset manager,

said “the dominoes are starting to fall” after an unprecedented hike in interest rates across the world. Fink said the jumps had “exposed cracks in the financial system” and “something else had to give”.

“It does seem inevitable that some banks will now need to pull back on lending to shore up their balance sheets,” he said.

The European Central Bank is meeting today to decide whether to hike rates. It had all but announced it would hike 50 basis points, but most traders now expect a smaller rate rise of 25 basis points due to the increasingly febrile environment.

£ BANKS IN CRISIS: PAGE 6

The Parent Trap: Why hitting six figures could now cost you tens of thousands

CITY A.M. REPORTERS

AMBITIOUS City workers approaching the six-figure salary mark may need to reconsider their request for a pay rise if they’re planning to have children in the near future –with those earning more than £100,000 ineligible for four-years worth of free childcare. Jeremy Hunt announced in

yesterday’s budget that he would extend free access to thirty hours of childcare for three- and fouryear-olds to children aged one and two years old.

But the £100,000 cliff-edge means anybody who earns even £1 over the limit stands to lose access to the benefit. Deliberately conservative City A.M. estimates suggest parents above the

threshold will have to cough up an additional £25,000 over the first four years of their child’s life, though in London the reality may be much higher.

Analysts said that while the policy is designed to encourage young parents to return to work, at higher

income brackets it could have the opposite effect on higher earners –with earners above £100,000 also entering a marginal tax rate of 62 per cent for around £20,000 worth of earnings above the threshold as the personal allowance is withdrawn.

“Even for relatively welloff parents, this could deliver a crippling blow to

the household finances,” Tom Clougherty, research director at the Centre for Policy Studies, told City A.M. yesterday.

“The work incentives here are rotten. It is also unfair to completely withdraw benefits (rather than taper them) and to base withdrawal on an individual’s income, rather than the household total,” they continued.

BANK TO DECIDE ON EUROPEAN RATE RISE TODAY WORST DAY FOR THE FTSE 100 IN MORE THAN A YEAR LARRY FINK ASKS ‘ARE THE DOMINOES STARTING TO FALL?’

CHRISTOPHER DORRELL, JACK BARNETT AND CHARLIE

Time to channel Osborne –we need a long-term economic plan

THE TORY benches cheered, the Labour frontbench booed, the SNP reminded us they were there: yes, it was pantomime in Parliament yet again yesterday, with a budget pre-trailed to the point that many of us could have had a stab at announcing it ourselves. What was more interesting was what wasn’t in it: a genuine plan to fix Britain’s structural problems. Instead, apparently inspired by the recent Oscar winner, we got a

STANDING UP FOR THE CITY THE CITY VIEW

budget of tinkering with everything, everywhere, all at once. Corporation Tax is up –but you can write off some of it with a fiddly capital expensing scheme, but it’s only open for three years. Research and development credits were axed –

ON THE HUNT FOR A WARM RECEPTION

and replaced with a 27p in the pound voucher. Tax cuts for the film and TV industry; tax hikes for punters who enjoy a whisky; tax cuts for drinking a pint in the pub; but tax hikes for smokers. It is incoherent, untargeted, unclear in its direction. Commentators say it’s ‘sensible’ and nobody can find too much to dislike, but by God does it fail to inspire. There were days way back in the coalition when journalists and City watchers used to deride

George Osborne for citing a “longterm economic plan”. Goodness knows we could do with one now. The Conservatives have learnt the wrong lesson from the carnage on bond markets triggered by Liz Truss’ mini-budget. It wasn’t the tax-cut, growth-inducing policies that were the problem –it was the timing, coming alongside a poorly-targeted energy price cap which, had energy prices continued climbing, would have left the government with almost

unlimited liability. It may not be the time for Truss-redux yet, but it is at least time to ditch the scared-of-our-own-shadow approach.

No, no, no. Even the good stuff, like unlocking capital from our pension funds to fund infrastructure programs and UK start-ups, has been kicked into the autumn.

Another disappointment, and the Tories don’t have all that many chances left.

IN BRIEF

FUEL DUTY FREEZE GOOD NEWS FOR MOTORISTS

Fuel duty has been frozen at 5p per litre again for another 12 months, and will not increase in line with inflation, giving the average motorist an annual saving of £100 per year. RAC head of roads policy Nicholas Lyes said the cut “had given drivers some much-needed relief in what has been the most torrid year ever at the pumps”. Government figures show the average cost of a litre of petrol and diesel at UK forecourts is around £1.47 and £1.67 respectively. Prices reached record highs of £1.92 for petrol and £1.99 for diesel in July last year, following Russia’s invasion of Ukraine.

NO NEWS YET ON THE WINDFALL TAX

Hunt made no announcements on the windfall tax yesterday, despite speculation he had been weighing up reform amid fears Equinor could pull out of the proposed Rosebank oil and gas project. He has been considering price floor proposals, where the Energy Profits Levy will be switched off when oil and gas prices return to ‘normal levels’ – a number that has not been agreed. It remains to be seen whether an announcement will be made at a later date. The government is also considering plans to expand the scope of the investment relief –set at 91p in the pound – to include carbon capture and storage if tagged onto existing oil and gas fields to reduce emissions

Recession? What recession? Official figures give Chancellor a reprieve

JACK BARNETT

BRITAIN will avoid a much-tipped recession this year and will grow every year until 2027 after a short blip, a massive reversal from economists warning of the longest contraction in a century just a few months ago, the country’s spending watchdog said yesterday.

UK GDP is on course to suffer a mild slump in 2023 of just 0.2 per cent, a big upgrade from the 1.4 per cent downturn forecast by the Office for Budget Responsibility (OBR) in November.

The budget forecasts are much rosier than analysts expected and those published by the Bank of England last

month, which claimed the UK could not grow more than one per cent without generating inflation that is above

its two per cent target. Despite upgrading their near-term outlook for growth, the OBR trimmed

its medium-term projections, signalling the UK is poised to repeat its sluggish performance in the years after

the financial crisis, slimming Jeremy Hunt’s capacity to launch big tax and spending giveaways.

“Over the medium-term, the UK’s fiscal options are constrained by the pressure for more public spending caused by population ageing and the economy’s low underlying growth trend,” Michael Saunders, a former Bank of England rate setter and now at consultancy Oxford Economics, said.

Richard Hughes, chair of the OBR, warned that the growth outlook could be blown off course by interest rates topping the organisation’s around four per cent assumption, people staying out of the jobs market and lower net migration.

Chancellor Jeremy Hunt was joined on the frontbench by Rishi Sunak and his Cabinet as they looked to roll the pitch for the election

NO RECESSION BUT RECORD LIVING SQUEEZE STILL COMING

NOVEMBER 2022 FORECAST

SOURCE: OBR Forecast

Hunt’s growth pitch hobbled by profit taxes

FEEL THE DRAFT? A real Brexit dividend as Chancellor gives pubs a competitive edge

LORD MAYOR WELCOMES MOVES TO ALLOW PENSION FUNDS TO INVEST MORE

Nicholas Lyons, the City’s Lord Mayor, said it was “great to see the government listening to our calls” after Jeremy Hunt announced he would work with pensions funds to “unlock” investment capital into long-term assets and UK companies.

The Lord Mayor has been pushing –alongside the industry –for a Future Growth Fund which would do just that. The Chancellor said he would bring forward an “ambitious” package of measures in the autumn.

JESSICA

FRANK-KEYES AND JACK BARNETT

THE CHANCELLOR declared the “declinists are wrong” as he unveiled a welltrailed budget yesterday in the context of better-than-expected economic projections.

Hunt delivered what he claimed was a growth-focused budget centred on childcare reform, pensions and business investment, but a divisive six per cent hike in corporation tax will remain. The tax burden will peak at 37.7 per cent of GDP in 2027-28 –saddling the UK with a post-Second World War high.

MPs were told the government was meeting both its fiscal rules: to have debt falling as a percentage of GDP in five years and for public sector net borrowing to be below three per cent of GDP.

Hunt said: “In the face of enormous

challenges I report today on a British economy which is proving the doubters wrong.

“In the autumn we took difficult decisions to deliver stability and sound money… the International Monetary Fund says our approach means the UK economy is on the right track.

“But we remain vigilant, and will not hesitate to take whatever steps are necessary for economic stability.”

But the Institute for Fiscal Studies said while the OBR’s optimism handed Hunt some “room for manoeuvre”, he was now meeting his debt target by “an even smaller margin”.

Labour Sir Keir Starmer’s response was derisive, slating Hunt for his “opening boast that things aren’t quite as bad now as they were in October last year after the kamikaze budget”.

“Real doesn’t mean taxes don’t go up and down like yo-yos,” he said, referring to the corporation tax hike.

BEER and other draught products in pubs will be taxed at an 11p discount compared to supermarkets and grocery stores, Jeremy Hunt announced, calling the tax relief a “Brexit pub guarantee” only possible due to our EU exit.

Some relief for innovative firms with complicated tax credit move

CHARLIE CONCHIE

JEREMY HUNT attempted to soften the blow of changes to the research and development (R&D) tax scheme after a backlash from small firms and warnings the UK could become an “innovation wasteland”.

Hunt said yesterday the government would now roll out a

FULL EXPENSING OF R&D –BUT CRITICS CLAIM IT’S NOT AS GENEROUS AS SUPER-DEDUCTION

new tax break to allow “qualifying small or medium-sized” firms that spend 40 per cent of their total expenditure on R&D to claim credit worth £27 for every £100 they invest. It mark a partial reversal of plans to dramatically slash R&D tax breaks announced in the autumn, when Hunt revealed plans to rein in the existing tax credit system.

UK firms will be able to enjoy full capital expensing over the next three years as Hunt tried to soften the blow of corporation tax increasing to 25 per cent and the end of former Chancellor and now Prime Minister Rishi Sunak’s flagship ‘super-deduction’ policy. Hunt claimed the policy, which effectively allows firms to write off investment against the impact off the higher corporate rate, would encourage investment. The super deduction went further, allowing firms to write off 130 per cent. The annual investment allowance, more relevant to smaller firms, will increase to £1m a year. Hunt’s decision to push ahead with the corporation tax hike is unpopular on the Tory backbenches.

THIS was a budget for the workforce. It showed signs of sparking the supply side revolution that Liz Truss championed, but crashed hard in trying to get there too quickly.

The Office for Budget Responsibility (OBR) thinks so. It projects the government’s collective policies designed to boost the labour market will provide a 0.2 per cent GDP boost, the biggest ever since the organisation was created by former Chancellor George Osborne in 2010.

Most of the major policies announced by the Chancellor weren’t designed to lift the incomes of individuals (except the fuel duty freeze, but that always happens).

The usual 1p off a pint. Raising the income tax free allowance. Slimming VAT. All those policies didn’t even get a sniff yesterday.

Instead nearly everything in this budget was aimed at expanding the size of the country’s labour force and boosting its productive capacity, among the key goals of supply side reforms.

Take the childcare changes. Most

Hunt looks to avoid recession by getting the nation back to work

families can now get up to 30 hours of free childcare a week for kids aged nine months and up to five years, an expansion of the old support.

That will be a big hand to families that have held back the amount of hours they work or how hard they work to care for their kids, raising their earnings potential and keeping them in the workforce for longer.

The measure should specifically help women – who, despite progress, still shoulder most of the childcare burden – stay in the workforce at a time when their earnings have the potential to grow rapidly.

There’s a quirk in the new system now though that more people who receive a £1,000 pay rise, taking

their wages over £100,000, could actually be worse off – maybe by more than £20,000 because they will have to shoulder the entire cost of a nursery.

Maybe the threshold at which the support ends needs to be raised, although that should be balanced with the fact that households with a +£100,000 earner can probably afford childcare support.

By far the most challenging supply side problem the government faces is the sharp rise in people leaving the jobs market altogether. There’s no sign of that trend letting up.

Figures yesterday from the Office for National Statistics showed that the number of people economically inactive due to longterm sickness jumped again over

the last three months.

A chunk of yesterday’s measures beefed up financial incentives to stay in work, but didn’t really create a policy framework that will help those out of work because they are sick.

Measures thus far – including scrapping the pensions lifetime allowance altogether – have targeted people who are on the cusp of retiring. It seems fruitless to try to get these people to stay in jobs as they are likely to already have the resources to maintain a comfortable retirement.

Yes, the cost of living crisis may force some of the margin back into the job. But not enough to reverse the inactivity rise.

Investment reliefs to soothe a big corporation tax rise – to 25 per cent from 19 per cent – was needed to boost capital spending, which has tanked since Brexit. That was a no brainer.

In sum, Hunt targeted fortifying the plumbing of the economy yesterday, a welcome shift from marginal tweaks to small fry taxes.

This all comes against the backdrop of a series of economic crises that the Conservatives have argued have tied their hands. More will surely need to be done to help them cosy up to voters before the next election.

Remember Labour was (wrongly) blamed by them for causing the financial crisis via economic mismanagement. That doesn’t quite add up.

Most of the major policies weren’t designed to lift the incomes of individuals. Instead nearly everything was aimed at expanding the size of the labour force.

Lifetime pension allowance cap is abolished in full

SAMANTHA DOWNES

JEREMY Hunt abolished the pension lifetime allowance yesterday and increased the annual tax-free pension allowance by 50 per cent to £60,000 a year.

The measure was one of several unveiled in the budget aimed at encouraging an estimated 3.5m people of pre-retirement age back into the workforce.

Hunt said: “Turning 50 is a moment of anxiety rather than an anticipation of two decades of fulfillment.”

The Chancellor is keen to bolster Britain’s workforce as he looks to deliver on the Prime Minister’s pledge of growing the UK’s stalling economy.

The lifetime allowance was £1.07m, with savers incurring tax after that personal pensions pot threshold has been exceeded.

Hunt also increased the annual pension allowance, which is the amount tax-free UK taxpayers can put towards their retirement in any one tax year, from £40,000 to £60,000.

The money purchase annual allowance has also been increased from £4,000 to £10,000.

David Stevens, retirement director at LV=, said: “Scrapping the lifetime allowance (LTA) and increasing the annual allowance will be welcomed by pension savers throughout the UK .

“The freeze to CPI rises in the LTA from April 2021 had disappointed many savers and many people will be celebrating the government’s announcement to scrap the LTA. It penalised good investment decisions and removing it will simplify a complex pensions tax system.”

The annual allowance was once as high as £255,000 12 years ago, but George Osborne hacked away at the level over several years in the Treasury between 2010 and 2016.

Some experts argued the Chancellor could have done more to help encourage pension saving.

Lily Megson, policy director of My Pension Expert, said in the year leading up to April 2020, only 42,350 people breached the allowance.

GREEN Investment in nuclear now ‘green’ in bid to battle Biden subsidy

NUCLEAR power will now be classed as environmentally sustainable, giving firms investing in it the same incentives as renewable energy. The announcement in the budget comes as the government looks to ramp up nuclear power until it serves around a quarter of the UK’s energy needs.

ENERGY IN BRIEF

ENERGY PRICE GUARANTEE TO STAY A LITTLE LONGER

Household energy bills will stay at £2,500 per year for the next three months, with Hunt maintaining the support package at current levels to shield millions of Brits from a painful £500 hike until the summer. Downing Street hopes the effect of falling gas prices will be finally felt in energy bills this summer, with Cornwall Insight predicting the energy price cap will drop to around £2,000 per year from July.

The Treasury has priced the extension of the package at £2.9bn, while the Energy Price Guarantee is projected to cost £30bn by Cornwall Insight over its 18-month duration. Sadly for businesses, there was no U-turn in the scaling down of their support package – with subsidies in the

MARTIN GILBERT, ASSET CO AND REVOLUT CHAIR:

The removal of the Lifetime Allowance Cap on pensions is tremendous news for the economy. It means that skilled older workers, particularly in the NHS, will be incentivised to stay in employment or even return to work so they can save for their old age in a highly tax-efficient way. We need older workers in the economy to pass on their skills and experience to their younger colleagues. It should never have been lowered to its current level.

THE VERDICT

KITTY USSHER, INSTITUTE OF DIRECTORS:

Our economy has been held back in recent years because people running businesses have felt nervous of committing to investment. The introduction of full expensing is therefore very welcome and we urge it to be continued thereafter. Having said that, it is disappointing that the Chancellor has chosen to target R&D tax credits. While good news for the sectors concerned, it could lead to less innovation across the economy more widely.

PAUL JOHNSON, INSTITUTE FOR FISCAL STUDIES:

Overall these look like a sensible set of changes which could have the sort of marginal, but positive, impact which is perhaps as much as we can expect from measures in a single budget.

Debt interest spending is forecast to remain well above what was forecast a year ago. And we are still in the midst of an enormously difficult period for households. We’re by no means out of the woods yet.

Energy Bill Relief Scheme to be replaced by the more frugal Energy Bills Discount Scheme – which will only apply to 70 per cent of energy used by businesses and is capped at £5.5bn.

CARBON CAPTURE WIN

Hunt announced £20bn has been allocated for the development of Carbon Capture Usage and Storage known as CCUS to help offset emissions with oil and gas projects. He announced this will support up to 50,000 jobs, attract private sector investment and help capture 20m30m tonnes of CO2 per year by 2030. CCUS involves the capture of CO2 emissions from industrial processes onshore and storing it in deep underground formations in the North Sea or repurposing it for fuels and chemicals.

payment part is just the start

goldfish do ow what ck H do ’t k that get 3% o ur usiness r he do a uati rea he ne tan

What’s good for small business is good for everyone.

pa

GLOWING

First the good news. Credit Suisse has sufficient liquidity to ride out plenty of stormy waters. But it is hardly the first time the embattled Zurich lender has been in the headlines for the wrong reason.

Deeply embedded in the global financial system, it has become a fixture on front pages –thanks to everything from a C-suite spy scandal to banking supremo/Suisse saviour Antonio Horta-Osorio going to Wimbledon instead of staying in Covid-19 quarantine. But those are sideshows compared to what it is facing now.

Its trouble this week –which also

ANALYSIS

include it admitting to ‘material weaknesses’ in its financial reporting, let us not forget –has necessarily brought to mind memories of the early days of the global financial crisis.

The truth is it’s far too early to tell where we are. The Swiss National Bank confirming it would provide liquidity if required on the one hand looks reassuring; on the other, you’d rather not have central banks having to produce such statements in the

first place. It’s unlikely that the price of Credit Suisse credit default swaps is going to go down.

The question being asked yesterday was whether the ECB would spook markets more by going ahead with a planned 50 basis point hike or by pausing their upward path. Our bet is Christine Lagarde et al split the difference with a smaller, 25 basis point rise, that acknowledges there’s plenty of uncertainty around but there’s nothing to be truly scared of. Markets are skittish. Lagarde is paid a pretty penny. Tomorrow, she’ll have to earn it. AS

Traders bet on ECB reining in rate rises today

CITY A.M. REPORTERS

CHRISTINE Lagarde (pictured) and the European Central Bank (ECB) will today be forced to make a pivotal rate rise decision in the middle of a continentwide banking crisis.

The monetary authority had previously all but confirmed a 50 basis point hike but traders and analysts now believe that will have to be cut in two thanks to volatile trading in banks across Europe.

Neil Wilson, chief market analyst at Finalto, said he was “not sure ECB can go ahead with [the bigger hike] in this febrile kind of environment.”

Investors are fearful that –as happened with Silicon Valley Bank last week –rising interest rates could raise havoc with banks’ bond portfolios.

Adam Hoyes at Capital Economics said that there were “still huge uncertainties about what might happen next, but central banks, including the ECB tomorrow, will now have to factor in the risk that the current situation snowballs into a broader

loss of confidence in the banking system and a significant tightening in financial conditions”.

Market pricing suggested traders thought that there was around a one in five chance that the ECB would hike by the full 50 basis points.

Analysts told Reuters it was not beyond the realms of possibility that ECB President Lagarde could announce plans for a new liquidity backstop to allay any fears about contagion from Credit Suisse’s struggles.

“Between now and tomorrow, a lot can change so Lagarde can make the reference that they [the ECB] have the tools available to use if they need to,” said Marchel Alexandrovich, European economist at Saltmarsh EcoThe announcement will come at 1:15pm London time.

Traders are already anticipating that the Federal Reserve will at least reconsider its upward path ahead of its next meeting on 22 March.

Rates have spiked across the world in the past year as central banks fought to bring down inflation.

Wall Street volatile again as wait and see game continues on banks

CITY A.M. REPORTERS

WIDESPREAD concern at European turbulence dragged Wall Street lower yesterday despite efforts last week to reduce the risk of contagion.

Wall Street has been skittish since the out-of-nowhere collapse of Silicon Valley Bank (SVB).

As City A.M. went to press, the S&P 500 was down just more than one per cent on the day, having slipped lower in earlyday trading. The Dow Jones industrial

average was two per cent down.

First Republic Bank suffered another miserable day. Its shares fell by more than half on Monday as traders feared it could hit the same rough water as SVB before rallying slightly on Tuesday. Wednesday however saw a further 19 per cent fall as of around 3:30pm New York time.

At least one ratings agency cut its debt to junk, despite the Californian bank securing a credit line with JP Morgan over the weekend.

Traders on Wall Street enjoyed yet another topsy-turvy day as contagion fears spread

Prudential: ‘No plans’ to delist from London

LOUIS

GOSS

PRUDENTIAL has confirmed it intends to remain listed in the City following speculation the 175-year-old insurer had plans to swap the London Stock Exchange for New York.

A spokesperson for the insurance giant yesterday confirmed to City A.M. the firm has “no plans” to exit the London Stock Exchange.

It comes after Prudential yesterday hiked its dividend after posting an uptick in its operating profits following its first full year as an Asia and Africa focused insurance business.

Despite the positive results, shares in Prudential dropped over 10 per cent yesterday as fears spread about the insurer’s exposure to Silicon Valley Bank. The insurer, which was first set up in London in 1848 but has now moved its entire management team to Hong Kong, said it had benefitted from the

easing of Covid-19 restrictions in China and other major Asian markets as it posted an eight per cent uptick in its operating profits to $3.75bn (£3.09bn).

The dual Hong Kong and London listed firm in turn upped its dividend by nine per cent to 18.78c for 2022 as it outstripped analysts forecasts by bolstering its income by 7.5 per cent to $7.4bn.

The uptick was primarily driven by a 15 per cent increase in revenues the firm’s insurance business, which generated $3.4bn over 2022.

Prudential chief executive Anil Wadhwani said the insurer had “delivered a resilient performance against a backdrop of Covid-19 related disruption and broader macroeconomic volatility”.

The Prudential chief noted that sales also increased sharply in the first two months of 2023 due to an uptick in demand for savings products provided by its Hong Kong business following the reopening of its border with China.

PRUDENTIAL has reported a sturdy set of results, with an eight per cent jump in full year operating profit and a strong start to the new financial year reported.

The now fully Asia and Africa focused giant hasn’t done enough to offset wider market concerns though, with the group’s minimal $1m exposure to Silicon Valley Bank a potential cause for overreaction.

There have also been some challenges in the asset management business, with Eastspring’s funds under management coming under pressure because of very

GUEST ANALYSIS

SOPHIE LUND-YATES

tough macro and market conditions in the last year.

The spotlight should really be shining on the group’s potential in Hong Kong.

The re-opening of the border with Mainland China opens the door to

significantly higher insurance sales and premiums. Recent findings suggest the vast majority of visitors plan to buy insurance in Hong Kong, and ultimately this will help underpin the healthy prospective yield. When all is said and done, this was a strong first round for newly minted CEO Anil Wadhwani. Prudential also signalled it had no intentions to change its listing away from London, despite recent operational pivots to other regions. This should be seen as a mark of confidence for London, but is still something that can’t be fully ruled out in the medium term.

Shares in the dual-listed insurer dropped over 10 per cent on the London Stock Exchange yesterday despite a robust set of results

Lead equity analyst at Hargreaves Lansdown

Zara owner sees sales hit £28.8bn as shoppers flock to fast fashion

LAURA MCGUIRE

THE OWNER of high street fashion chain Zara said young shoppers continued to spend cash on the latest trends despite rising inflation and the cost of living crisis.

Inditex, which also owns popular brands such as Pull&Bear and Bershka, reported a sales growth of €32.6bn (£28.8bn), up 17.5 per cent

from the same period last year.

The Spanish retailer also said online sales soared four per cent over the record figure of 2021 to reach €7.8bn.

Inditex, which has grown to become one of the most popular retail groups since Philip Green’s Arcadia was forced off the high street, also said store sales grew 23 per cent for the year despite economic headwinds.

Gross profit for the group, which

has 16 Zara sites in London, was up to €18.5bn (£16.3bn) compared to €15.8bn (£13.9bn) in 2021.

Oscar García Maceiras, chief of Inditex, said: “The excellent results of 2022 show the strength of our business model.”

Investors, however, did not take kindly to the results, with shares falling five per cent amid a wider market sell-off.

John Lewis hires first ever CEO in turnaround bid

LAURA MCGUIRE

JOHN Lewis has drafted in its first chief executive as chair Sharon White looks to get another pair off hands on deck to help the retail group ahead of its trading update today.

John Lewis Partnership, which oversees the management of department store John Lewis and upmarket grocery chain Waitrose, has appointed retail veteran Nish Kankiwala to work closely with White.

Nish, who was the former chief executive of Hovis and has held senior roles at Burger King and Pepsico, will take up the role on 27 March and remain a member of the Partnership board –which he has sat on since 2021.

“Nish has developed a deep understanding and appreciation of the Partnership model and has provided counsel on our transformation. He will be able to supercharge this in his new role while protecting the Partnership’s ethos,” Sharon White, chair of the John Lewis Partnership said. It comes as reports

in The Guardian suggest that John Lewis Partnership is expected to report an annual pre-tax loss before one-offs of about £50m.

Last September, John Lewis posted a £92m loss before tax, blaming shoppers spending less due to inflationary pressures in the first half of the year.

This was versus a £69m profit compared to the same period last year, although the partnership said it was “not unusual for us” to make a loss in the first half of the year.”

The group, which has 34 John Lewis shops plus one outlet and 332 Waitrose shops across the UK, also had £1.4bn of debt at its last financial year end.

The middle-class retailer is now expected to report its second-ever first-year loss on 16 March.

Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, said the appointment of Nish Kankiwala was designed to inject more energy into the pursuit of profits.

MAGIC MOMENT Harry Potter publisher Bloomsbury hikes its full-year profit outlook

PUBLISHER

Bloomsbury said it has seen surging demand for titles in print and ebook, with trading strong in recent months. It now expects underlying pre-tax profits to be ahead of expectations, at about £30m for the year to 28 February on revenues of more than £260m.

Events organiser Hyve sold to US private equity firm in £481m deal

EVENTS group Hyve has become the latest UK firm to be snapped up by US private equity, with the firm yesterday announcing it had agreed a buyout deal with Providence Equity Partners.

In a deal valuing the events organiser at £481m, US firm Providence will buy Hyve for 108p per share in cash, the firms announced yesterday in a joint statement.

It comes after two former offers

from Providence at 101p and 105p a share were rejected by Hyve.

The latest offer, which already has approval from shareholders holding near 17 per cent of voting rights, will close in May if approved.

Hyve chair Richard Last said the board believed the offer represented “value for shareholders”.

Indeed, investors seemed to take warmly to the news, with shares bouncing to close up over 10 per cent yesterday afternoon.

Nish Kankiwala will be John Lewis’ first chief executive

CHELTENHAM DIARY

FERGIE FALLS SHORT IN WEDNESDAY OPENER

Sir Alex Ferguson didn’t have much to celebrate yesterday. His runner, Hermes Allen, could only manage sixth in the first race on day two. However, keep an

JACK THE RIDING HIGH

Jump racing’s tallest jockey, Jack Andrews, is riding at Cheltenham

Standing at 6’4’’ and set to carry just 11st4lbs

Anightinlambourn in the final race of the day, Andrews recognises he has to be very careful

SPONSORED

nancial checks from bookmak- and bag themselves a bacon roll.

“Every hour of the day I think about my weight 365 days a year,” said “I’m quite partial to a chocolate Hobnob when I come back in the evening. That is my daily treat. I allow myself to have one or two of them with a cup of tea when I get back in the evening from work.”

BRIGHTON MAN BLOOM WINS BIG

Brighton Football Club owner Tony Bloom hit the jackpot on Wednesday. Not only did his horse, Energumene, earn over £200,000 in prize money by landing the Champion Chase, the South Coast businessman landed a big

gamble too.

Staking £400,000 on the 11/10 favourite with Brighton-based bookmaker Star Sports, Bloom turned a tasty profit of £580,000.

TIMES CHANGE BUT OUR SPIRIT HASN’T

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

Thank You To The Businesses Leading The Way On Neuroinclusion

Today Neurodiversity in Business celebrates the phenomenal success of our first year and launches our first annual conference. We are deeply grateful to the large businesses who share our mission of a more neuroinclusive world. www.neurodiversityinbusiness.org

PwC strikes deal with San Francisco startup to let staff use AI chatbot

LOUIS GOSS

PWC has struck a deal to start using an artificial intelligence (AI) chatbot to speed up work in its tax and legal divisions as the world’s top professional services firms increasingly look towards tech to boost efficiency.

The accounting firm’s initial 12month contract with San Francisco start-up Harvey will see all 4,000 staff in PwC’s global legal business gain immediate access to the company's AI

chatbot that it developed off the back of OpenAI’s GPT technology.

PwC will also seek to work out ways it might begin using the specialist lawtech tool to speed up work and boost the efficiency in its tax division.

The AI tech will be used to “generate insights, recommendations, and predictions based on large volumes of data, delivering richer information and solutions faster,” PwC said in a statement.

Carol Stubbings, PwC UK global tax

Marshalls boss defends £535m Marley takeover

MARSHALLS boss Martyn Coffey (pictured) has defended the company’s acquisition of Marley after the construction and landscaping giant reported a sharp drop in its full-year profits amid investor concerns the deal was overpriced.

The chief executive told City A.M. that Marshalls would not have been able to take on the company last year unless it had paid the hefty £535m takeover fee – made up of cash, shares and debt in a three-way split.

He argued the deal will reap longterm dividends for the company, even if the economic downturn since the acquisition was confirmed last April made the fee seem increasingly large.

He said: “If you went in now, would you pay that price? You’d say ‘No’, but my answer would be ‘You wouldn’t get to buy it either’. From our point of view, the buyer didn’t have to sell. It’s easy to say that now all prices are deflated, but in reality, they would have held on to it.”

Coffey was convinced Marley, which he has

previously dubbed the “Marshalls of roofing”, would add significant value to his company, with the FTSE 250 firm describing the deal to investors as “transformational”.

Marley specialises in the manufacturing of pitched roof systems for the construction market and makes almost half of its revenue from concrete roof tiles, plus a further 14 per cent from clay-roof tiles.

The price paid for the firm equates to 10.8 times its earnings before interest, tax, depreciation and amortisation of £49.5m last year.

Coffey’s comments follow Marshalls unveiling its full-year results, which exposed plunging profits at the stone and concrete manufacturer.

It announced that while revenues had risen 22 per cent to £719.4m from £589.3m last year, profits had plummeted 46 per cent to £37.2m. The group, however, hiked its dividend 9.1 per cent. It comes as shares have fallen 58 per cent in the last 11 months.

& legal services leader, said: “Harvey’s AI solution marks a huge shift in the way that tax and legal services will be delivered across the industry.”

The Big Four firm, however, noted that any work carried out by the AI tool will be “overseen and reviewed” by PwC’s human staff.

The accounting giant’s decision to start using Harvey, through its deal with the San Francisco startup that shares its name with the technology, will see it become the first Big Four firm to take up the tool.

KPMG ‘stands behind Silicon Valley Bank audit’

THE CHIEF executive of KPMG’s US business has said the Big Four accounting firm stands behind its audit of Silicon Valley Bank, after it gave the California financier a clean bill of health just two weeks before its collapse.

KPMG chief Paul Knopp told an event at New York University that “we stand behind the reports we issued and we think we followed all professional standards,” the Financial Times first reported.

The KPMG exec argued it is the auditor’s responsibility to “consider

all the facts” available to it at the time of signing off on a company’s accounts, as he claimed the Big Four firm “absolutely did do that”. He added auditors “can’t know with certainty” what “might happen after that audit is issued,” including “market-driven” events alongside customers’ “unpredictable” responses to those events.

Knopp’s comments come after the accounting firm signed off on Silicon Valley Bank’s accounts on 24 February, two weeks before US regulators shuttered the California financial institution on Friday 10 March after a run on its deposits.

The Big Four auditor has also faced scrutiny over its audit of New York firm Signature Bank, which collapsed just two days after Silicon Valley. In signing off on a company accounts, auditors are required to give an appraisal of the firm’s ability to survive the year ahead in identifying any material uncertainties.

A spokesperson for KPMG’s US division said: “Due to client confidentiality, we have no specific comment. Any unanticipated actions taken by management after the date of an opinion could not be contemplated as part of the audit.”

by Russia

LOUIS GOSS

INSURANCE giants Lloyd’s, AIG and Fidelis are set to face a ‘mega trial’ in London’s High Court over their refusal to pay out billions in insurance claims to aircraft leasers that had their planes seized by President Putin.

A High Court judge has ruled claims brought forward by an array of the

world’s biggest aircraft leasers should be heard together, in a single trial, that will be heard in London in October 2024.

More than 400 aircraft, worth almost $10bn, have been stuck in Russia after Western powers imposed sanctions after the Ukraine war.

Major aircraft leasers later began suing their insurers, after they failed

to pay out for the seized aircraft. The lawsuits include a $3.5bn claim brought forward by Irish firm Aercap, which had 141 of its planes seized by Russia, court documents show.

Lloyd’s of London is also facing a £735m claim, brought forward against it by Dubai Aerospace Enterprise Ltd (DAE) over Russia’s seizure of its planes.

NICHOLAS EARL

The Big Four accounting firm has stated that the clean bill of health it gave Silicon Valley Bank was appropriate at the time

Insurance monolith Lloyd’s is embroiled in

LOUIS GOSS

$10bn insurance mega trial coming over planes grabbed

PwC will start using an AI chatbot from start-up Harvey to streamline its workflow

Coffey said the deal would prove its worth

Hunt must ‘clear way for delivery decade’, SSE says

NICHOLAS EARL

A LEADING energy boss has called on Chancellor Jeremy Hunt to clear the way for a “decade of delivery” on UK energy supplies and face off the huge package of US green subsidies tempting companies Stateside.

SSE chief executive Alistair PhilipsDavies called on the government to meet its energy ambitions and put words into action.

He told BBC Radio 4’s Today programme: “I think we’ve had very clear policy from government in terms of big targets and in terms of British energy security strategy but now we are into delivery mode. This has got to be a decade of delivery.”

ANNOUNCEMENTS

This follows Hunt announcing plans to invest £20bn into carbon capture and storage projects, alongside commitments to ramp up small, modular nuclear reactors with a bidding competition.

The UK is facing competition for green energy projects from US and Europe – which are looking to lure renewable groups with slashed taxes and subsidies.

Meanwhile, the EU is pledging to loosen subsidies to enable member states to provide more state aid to companies considering a move Stateside.

At a green energy conference last month, Hunt described the new US subsidies as a “very real competitive threat”.

LEGAL AND PUBLIC NOTICES

CITY of LONDON

Notice is hereby given that for the City of London for the period commencing 1 April 2023 and terminating on 31 March 2024, the Common Council: -

1. In accordance with Section 30(2) of the Local Government Finance Act 1992 has set the following amounts as the amounts of Council Tax for the year 2023/24 for each of the categories of dwellings shown below.

A huge boost from China’s easing of Covid-19 restrictions is expected to lift oil demand

Boost from China to help oil demand end 2023 ‘with a bang’

NICHOLAS EARL

GLOBAL oil demand will boom later this year from resurgent air travel and China’s economic reopening after Covid-19 curbs, the International Energy Agency (IEA) has argued in a highly bullish market report.

“Global oil demand growth started 2023 with a whimper but is projected to end the year with a bang,” the

CITY of LONDON

Eon to invest in its grid and retail divisions

CHRISTOPH STEITZ AND TOM KAECKENHOFF

EON – Europe’s biggest operator of energy networks – plans to boost investment in its grids and retail businesses to £29.1bn (€33bn) and lift core profit 12 per cent by 2027, sending its shares to a one-year high.

While the company said the continent’s energy crisis wasn’t over yet, its optimistic outlook sent the shares up 2.3 per cent to the top of Frankfurt’s blue-chip index yesterday.

Paris-based agency said in its monthly oil review.

It argued rebounding jet fuel use and a resurgent China will see an overall first and fourth quarter rampup of 3.2m barrels per day, the largest relative in-year increase since 2010.

However, the IEA acknowledged that high inflation and investor concerns over high interest rates could pose a risk to fuel demand.

Council Tax & NNDR (Business Rates) –Change of Circumstance

It is important that you advise the City of London Corporation of any changes in your circumstances that affect your Council Tax or NNDR liability. The following are examples of changes of circumstances that would affect your liability:

Council Tax

• If you move address

• If you believe that you are entitled to a discount or exemption

• If you believe that you are no longer entitled to a discount or exemption

(executive agency of HM Revenue and Customs) amends the band of your property, Council Tax liability will be re-calculated automatically

NNDR

• If you move address

• If you believe that you are entitled to a NNDR allowance (e.g., Mandatory/Discretionary Relief)

• If you believe that you are no longer entitled to an NNDR allowance (executive agency of HM Revenue and Customs) amends the ratable value of a property, NNDR liability will be re-calculated automatically

The investment, which represents an increase by a fifth compared to the previous plan, foresees the group’s adjusted core profit rising to around €9bn by then, the company said, an increase of around 12 per cent compared with 2023.

“This underpins our ambition to play a leading role in advancing and shaping an accelerated energy transition in Europe,”chief exec Leonhard Birnbaum said.

2. Has determined that the amount of discounts awarded to:

(England) Regulations 2003 prescribed by the Secretary of State under the provisions of Section 11A of the Local Government Finance Act 1992 should be nil;

(England) Regulations 2003 prescribed by the Secretary of State under the provisions of Section 11A of the Local Government Finance Act 1992

(a) in the case of a vacant dwelling that has been such for a continuous period of less than 6 months ending immediately before the day in question: should be nil.

(b) in the case of a vacant dwelling that has been such for a continuous period of 6 months or more: should be nil.

(England) Regulations 2003 prescribed by the Secretary of State under the provisions of Section 11A of the Local Government Finance Act 1992 should be nil.

iv. care leavers within the City up to the age of 25, under Section 13A(1)(c) of the Local Government Finance Act 1992 subject to liability considerations should be 100%.

3. The Common Council of the City of London has determined that for 2023/24 a longterm empty property premium is levied under the provisions of Section 11B of the Local Government Finance Act 1992 at the maximum rate in accordance with legislation. For 2023/24 this will result in an additional levy depending on how long the applicable vacant dwelling has been empty for:

i. 2 or more years, but less than 5 years, a levy of 100%, (i.e., a charge of 200%)

ii. 5 or more years, but less than 10 years, a levy of 200%, (i.e., a charge of 300%)

iii. 10 or more years, a levy of 300% (i.e., a charge of 400%)

4. In accordance with Section 144(6) and Schedule 7 of the Local Government Finance Act 1988 set the Non-Domestic Rating Multiplier of 0.526 and a Small Business Non-Domestic Rating Multiplier of 0.513.

Ian Thomas

Town

Clerk,

Guildhall, EC2P 2EJ

16th March 2023

Online

• If your property changes from empty to occupied (or vice versa)

• If your property changes from empty to occupied (or vice versa)

The City of London will re-calculate your liability on receipt of your amended bills.

If the change of circumstance results in your Council Tax / NNDR liability being overpaid the City may off-set the balance against an outstanding liability, or a credit bill and a refund request form will be issued. A refund will not be processed until a fully completed refund request form is received.

If you vacate your property, it is important that you provide a forwarding address, in order that your credit bill and refund request form can be issued to the correct address. If you believe that you may be entitled to a refund of Council Tax or NNDR, please contact the City of London by email or telephone:

Telephone Email

NNDR (Business Rates) 020 7332 1318/3051

Council Tax 020 7332 1882

If you are unable to email or telephone, write to: City Revenues (Council Tax/NNDR),

Further information can be found at:

Council Tax:

NNDR:

Caroline Al-Beyerty Chamberlain 16th March 2023

strikes

Trainline sent off track as ongoing rail strikes dent sales £6m a day

HOLLY WILLIAMS

ONLINE rail ticketing

business Trainline has said annual ticket sales fell short of expectations, as rail strikes left it nursing a hit of up to £6m a day.

The group said ongoing industrial action on UK railways cost it £5m to £6m in gross sales impact on average per strike day.

It said overall group net ticket sales jumped 72 per cent to a record £4.3bn in the year to 28 February, as travel recovered from the pandemic.

But in a three-year comparison with pre-Covid levels, growth was 16 per

cent, slightly behind the group’s expectations of between 18 per cent and 27 per cent “primarily given the impact of industrial action in the UK”, according to Trainline.

The latest rail strike will bring many railways across the UK grinding to a halt today in the latest wave of industrial action.

London was also hit by a 24-hour combined strike by Tube drivers and station staff yesterday.

Trainline said a rise in international travel demand in particular boosted overall revenues, with overseas ticket sales up 95 per cent in a three-year comparison.

ticket retailer Trainline has been badly hit by rail

Start-ups embrace comfort of a big name after SVB chaos, writes Charlie Conchie

AMONGthe backslapping jubilation of HSBC’s rescue swoop on Monday morning, a singular voice fired a sour warning into the ether.

Loss-making start-up the Bank of London had over the weekend launched a bid to buy Silicon Valley Bank’s (SVB) stricken UK arm but had been snubbed for the security of one of Britain’s big boys. And it was not overjoyed.

“It cannot be right that once again the heritage banks that have provided a poor service to UK entrepreneurs over many years benefit from their already dominant position,” the firm said. This was a “missed opportunity” to shift power further away from Britain’s entrenched high-street banks, it added.

But the uncomfortable truth facing Britain’s insurgent lenders is that the start-up community was crying out for the comforting embrace of one of Britain’s big four banks.

HSBC’s involvement ensured start-ups did not follow through with their plans to pull cash from SVB UK as soon as possible this week.

“It would have been different if [the buyer] had been Bank of London, where no one’s really heard of it,” says Ashley Ramrachia, chief and co-founder of Manchester-based start-up Academy (pictured), which had all its cash tied up in SVB UK. “I don’t think that would have stopped the blood loss.”

‘GRATITUDE TO HSBC’ AFTER SVB 11TH HOUR SWOOP

Like many start-up founders, Ramrachia was in the war room over the weekend plotting how to delay invoices, make payroll at the end of this month and get hold of his cash by any means possible.

In a Whatsapp group of other start-up founders, he says many firms that transferred cash on Friday say they have now pulled back from the move due to the involvement of a big name.

“I’ve seen plenty of activity in the

KNOWN AND STEADY WINS THE RACE

increasingly impassioned pleas to regulators to step in and steady the bank, and late on Friday evening the Bank of England (BoE) announced it would place SVB UK into an insolvency process.

Included in its statement,

side of the big four, and your money is not guaranteed.

‘SAFETY AND SECURITY’

Otta, a UK-based tech jobs startup, says it is now

rity for deposits.”

Franklin says that the scramble is playing out on the other side of the pond too. A US investor in his firm has been circulating a list of global “systemically important banks” where start-ups should consider placing their cash for maximum security.

are supported,” the bank said. “Your business is backed by the strength of our global bank, and we’ll provide you with the continuity and security that’s critical to every business.”

A weekend of existential dread means that start-ups are rather leaning into that “continuity and security” too.

www.p2pfinancenews.co.uk

ONE OF BRITAIN’S BIGGEST KILLERS IS LARGELY PREVENTABLE. AND IT MIGHT ONLY TAKE A TEST

Cardiovascular disease is the leading cause of deaths in England. Many people don’t know about it, or think it doesn’t affect them - yet it is the cause of one in four deaths across England. The good news is that CVD is largely preventable and your blood pressure is the easiest way to tell if you might be at risk.

BLOOD PRESSURE RISK SIGNS

Most CVD cases and deaths can be attributed to what experts call ‘modifiable risk factors’ - that means high blood pressure, high cholesterol, or smoking. They’re called ‘modifiable’ because they’re just that - if you know the risks, you can make changes to reduce that risk.

The clearest warning sign is hypertension, also known as high blood pressure.

In England, almost half of CVD deaths are attributable to high blood pressure, and around half of heart attacks and strokes are associated with hypertension, too. It’s estimated that more than 12 million people in England - more than a quarter of all over-18s - have it, and more than 4 million of us are walking around with hypertension without knowing it.

HOW DO I KNOW IF I HAVE

HIGH BLOOD PRESSURE?

High blood pressure, or hypertension, rarely has noticeable symptoms. But if it’s left untreated, it can put you at risk.

The only way to find out if your blood pressure is high is to have your blood pressure checked.

We’ve all watched television hospital dramas with doctors shouting out blood pressure numbers to each other - but what do they actually mean?

Blood pressure is recorded with two numbers. The first is ‘systolic pressure’ - the force at which your heart is pumping blood around the body - essentially a measure of how hard your heart is working. The second, lower number, is diastolic pressure - the resistance to the blood flow in the blood vessels. They’re both measured in millimetres of mercury.

As a general guide, high blood pressure is considered to be from 140/90 or an average of 135/85 if you’re testing at home. Ideal blood pressure is between 90/60mmHg and 120/80mmHg.

The targets are slightly different for those over 80 so a good blood pressure for someone in that age bracket

IT ONLY TAKES A MINUTE

Romford-based jewellery designer Paulomi Debnath began to feel extremely tired last year – which triggered her booking an appointment with her GP.

“I’m usually quite energetic, but I noticed I was feeling tired and I had a feeling of pressure on the back of my head” she tells City A.M. “The doctor asked me to come in for a check-up. During the visit, the doctor also checked my blood pressure and it was off the charts, so I had to have it measured regularly for two weeks and I was given tablets to lower it.”

Like many of us, Paulomi felt she lived a healthy lifestyle - but her desk-bound job made her less active than she thought for large parts of the day. She’s trying to get up and about more now to add in small amounts of exercise to her daily regime.

“I love walking and swimming, but my job making jewellery is very desk-bound

so I realise I’m not very active so I’ve now bought a standing desk,” she says.

“I’d 100 per cent recommend that anyone over 40 gets their blood pressure checked because often there are no symptoms if it’s high. It only takes a minute.”

is below 150/90.

Everyone’s blood pressure will be slightly different, but if your blood pressure is above 120/80 then you could be at risk of developing hypertension if you don’t take steps to keep your blood pressure under control.

WHAT HAPPENS IF I HAVE HIGH BLOOD PRESSURE?

When your blood pressure is too high, it makes your body work harder. It puts extra strain on your blood vessels, heart and other organs - everything from the brain to the kidneys to the eyes.

Persistently high blood pressure increases your risk of a number of serious and potentially life-threatening health conditions, such as a heart attack and stroke.

If you have high blood pressure, reducing it even a small amount can lower your risk of these health conditions.

WHERE DO I GET MY BLOOD PRESSURE CHECKED?

The first step to addressing high blood pressure is to find out if you might be at risk.

The good news is that doing so is easier than ever.

YOU HAVE TO GO TO A&E - NOW

Sean Alexander was working in finance in London - and had begun to notice a ‘squiggle’ in his eye. After three weeks he went to get it checkedand the optician who did the tests told him he needed to go straight to hospital.

“They said that there was haemorrhaging behind the eye which sounds severe. So I went off to A&E, they did loads of tests on the eye, and they could see that it was the result of high blood pressure,” he told City A.M.

Sean stayed in A&E for 24 hours, having his blood pressure monitored and beginning a course of medication which helped to relieve the symptoms of hypertension. To say Sean was surprised was an understatement.

“To be honest I didn’t really know back then about high blood pressure - it was not something that was ever on my

YOU CAN GET YOUR BLOOD PRESSURE TESTED AT A NUMBER OF PLACES:

£At many local pharmacies

£At your GP surgery

£As part of your NHS Health Check, available to those in

radar,” he says.

Sean was living the life of a normal 29 year old, and by his own admission drinking and partying too much. But his diagnosis of hypertension meant he was able to make lifestyle changes which otherwise he might not have done.

“I had a friend who had high blood pressure, and whether it’s related or not, he then had a stroke. That’s the severe end of it.”

Sean has since made significant changes to his lifestyle. Quitting finance, he now works as a strength and conditioning coach, and has left alcohol and other substances behind.

Even now, he’s still on medication to address his high blood pressure.

“It’s more manageable. I take actions on my own health now, whereas before

England aged 40-74

£In some workplaces

£Or at home, with a blood pressure monitor

All adults over the age of 40 are encouraged to get their blood pressure checked at least every five years.

I wouldn’t have taken anything seriously. So now I make sure that I get a yearly checkup - a full 360 - so I’ve always got a marker every year to know where my health is and the areas that I need to improve.”

Sean feels lucky that he walked into that optician all those years ago.

“I think what happened to my friend sort of highlighted the fact that these things do happen,” he says today.

“And it's one of the hardest things to try to explain to someone, because until something bad happens, you don't really know or feel anything from high blood pressure. But in my new work, in retraining for that, you're always learning about how bad high blood pressure and high cholesterol can be.

“The two put together are definitely not good.”

AM I AT RISK?

With more than 4m people walking the streets undiagnosed, it’s a fair bet that some people reading this will be at risk or may already have hypertension. But experts do know who is more at risk.

You might be more likely to develop hypertension if you:

£Are overweight

£Eat too much salt and not enough fruit and vegetables

£Don’t exercise enough

£Drink too much alcohol, coffee

or other high-caffeine drinks

£Smoke

£Don’t get enough sleep or are regularly disturbed

£Are over 65

£Have a relative with high blood pressure

£ Are of black African or black Caribbean descent.

Making healthy lifestyle changes can help reduce your risk of hypertension, whilst also making you more healthy generally.

HOW IS IT TREATED?

Healthcare professionals will adivise people with high blood pressure to make lifestyle changesbut there are also drugs available, which can help bring the risks down.

TO KNOW, YOU NEED TO TEST

The only way to know if you have high blood pressure, or are at risk, is to get tested. So get yourself tested - the NHS is ‘open for business’ and getting an early diagnosis is the best way to keep stress off the health service this winter.

Remember, CVD is largely preventable - but the only way to know, is to know.

THE SQUARE MILE AND ME

WHAT WAS YOUR FIRST JOB IN THE BUSINESS WORLD?

I wrote about advertising and media for Reuters, based on Gray’s Inn Road. It gave me an early chance to interview some big business figures including Sir Martin Sorrell and Jeff Bezos.

WHEN DID YOU THINK THE CITY WAS THE PLACE FOR YOU?

As soon as I began reporting more widely. Nowhere else has the same buzz, whether from those early First Tuesday networking events or a Mansion House dinner. And what great stories. Take Barclays, an odyssey summed up brilliantly in Sir Philip Augar’s book. Later on, as Evening Standard City editor, I got to explore more nooks and crannies, including the Bank of England’s basement cash vault.

MOST MEMORABLE MOMENT?

When I ate with Xavier Rolet at the London Stock Exchange, the Occupy London protestors were in full view, camped out below on the steps of St. Paul’s Cathedral. It was a reminder that the Square Mile can always explain itself better.

WHAT’S ONE THING YOU LOVE ABOUT THE CITY OF LONDON...

It’s where ancient meets modern. St Bart’s the Great, the church next to our office, is 900 years old this year

QUICKFIRE ROUND

FAVOURITE...

FILM: ANY BOND MOVIE

BAND: SMITH & THELL

ARTIST: CHRIS HAUGHTON - THE MOST RECENT WINNER OF OSCAR’S BOOK PRIZE

BOOK: LARS MYTTING’S THE SIXTEEN TREES OF THE SOMME TEA OR COFFEE?: FLAT WHITE

success, although he should have listed the shares in London. And in getting Crossrail constructed, Jo Valentine was relentless – just as every trade group boss should be.

WHAT’S SURPRISED YOU ABOUT YOUR JOB AT THE QCA?

The degree to which we get listened to in government and by regulators. For our small and midcap members we are an effective check on the unintended consequences of one-size-fits-all regulation. That’s a testament to the work of my predecessor Tim Ward. We’re not complacent: I need to build on those relationships and turn up the volume a little on what we do.

ARE YOU OPTIMISTIC ABOUT THE CITY IN 2023?

You’ve got to be. We are one of the world’s leading capital markets and a London listing is still a kitemark of quality internationally. There is vigorous agreement that we need to boost competitiveness. Our job is to make sure the government’s Edinburgh Reforms keep up momentum because we are still losing one public company per week.

and provides a calming oasis. Around the corner, BT’s old headquarters is being reimagined and the Museum of London is moving into Smithfield. The City is constantly being remodelled and that’s exciting.

... AND ONE THING YOU’D CHANGE

We’re the QCA: we want a better deal for growth companies on the public markets –less burdensome regulation and cost, more buyers and sellers. Bring back independent equity research and some of the Tell Sid excitement for retail investors too. It matters: for City jobs, yes, for London’s global reputation, certainly, but also as fuel for the wider UK economy.

WHO IS THE CITY FIGURE YOU MOST ADMIRE?

Difficult choice. There have been so many innovators, going all the way back to John Castaing, also a newspaperman, who first listed stock prices in the coffee houses in the late 1600s. How Lance Uggla grew data provider Markit over 20 years is a much more modern but barely-known

YOU’RE CHOOSING WHERE WE’RE GOING FOR LUNCH...

Either branch of Balfour. Great oysters. Or Vinoteca on St John Street is very friendly.

AND FOR A QUICK DRINK AFTER WORK?

The Ned - or, heading west, the Ivy Club. WHERE’S HOME DURING THE WEEK?

Haslemere in Surrey. Somehow I joined the commuter crowd.

AND WHERE WOULD WE FIND YOU ON A SATURDAY AFTERNOON?

West Wittering if I’m lucky. I’ve lost so many weekends in the last year to The Everything Blueprint, my book on the microchip designer Arm, which is out in May.

YOU’VE GOT A WELL-DESERVED TWO WEEKS OFF - WHERE ARE YOU GOING?

The south of Sweden. Beach, forest, cinnamon buns – need I say more?

Delving into the memory bank of the great and good: this week, the former journalist James Ashton tells us about his favoured haunts and his new job at the head of the Quoted Companies Alliance

ARAMCO TEAM SERIES SINGAPORE

ON THE MONEY

How women’s golf has leveraged increased investment from sponsors to move towards equal pay –and how far is still to go

CAN ANYONE K.O. LYDIA?

ANALYSIS OF FIELD FACING THE WORLD NO1

AS WOMEN’Sworld No1, Lydia Ko is accustomed to breaking new ground and last month was no exception. At Royal Greens Golf and Country Club in King Abdullah Economic City, the New Zealander became the first Aramco Saudi Ladies International champion to receive equal prize money to the winner of the equivalent men’s tournament, Abraham Ancer.

Golf Saudi’s move to match the $5m prize fund on offer at the men’s PIF Saudi International made the tournaments the most high-profile in the world to offer equal pay. It was also the latest encouraging sign that the sport may be moving towards a level playing field for top players of both genders.

“I think this is the direction we’re trending in, not only at this event but all the events,” said Ko, after banking $750,000 from a purse that was bigger than at any regular tournament on the LPGA or Ladies European Tours.

“To have partners that support and believe in women’s golf and the talent that’s out here, it is just great to be a part of that and this history. Hopefully this is a continuous movement on the Ladies European Tour and the LPGA, and for other tours as well.”

For a measure of how prize money in women’s golf has increased, the majors offer ample evidence. In the last five years alone, the purse at the AIG Women’s Open has more than doubled to $7.3m and the winners’ payout to a shade over $1m. Prize money at the Women’s PGA Championship has increased 157 per cent in that time to $9m, while the most lucrative of all, the Women’s US Open, saw its purse rocket from $5.5m to $10m last year.

The sums on offer on the two main tours also signpost the uptick in investment. The total available across all events on the current LET season is €35m (£31m), up from €14m in 2019, the last year before the pandemic threatened to sink the circuit. On the LPGA Tour, meanwhile, the rise has been more modest but still significant, with the total on offer swelling from $70m in 2019 to $101m in 2023.

“In the last five years it really has started to rocket up for the ladies,” former Women’s Open champion and Ryder Cup captain Catriona Matthew told City A.M. last year. “The more money you get, the better players and it just improves everyone.”

EUROPE CLOSING THE GAP

The LPGA Tour still leads the way in terms of financial rewards but the LET has closed the gap. It has been bankrolled in no small part by invest-

HOW IT

ON THE MONEY

trying out for the first time the unique format of the Aramco Team Series, which sees players compete for both individual and team prizes over three days’ play, where she will be joined by fellow major winner Danielle Kang, among others.

“What Aramco has done for the LET has been absolutely phenomenal,” said Georgia Hall, who was runner-up on home soil at the London leg of the series. “I’ve spoken to a lot of girls on the tour and they say how much they enjoy the events and how much it has helped the tour.

“Hopefully we continue to have events like this and it shows other sponsors to raise their level and support the tour. Women’s sport is in one of the strongest

WORKS

Aramco Team Series events follow a unique format comprising both individual and team competitions, both offering $500,000 prize funds. The field is divided into teams of four, with captains getting to pick one other player before being allocated a third professional and an amateur, which can be male or female.

Play takes place over three days,

with the first two rounds deciding the outcome of the team competition and the individual prize being settled in the third and final round.

The team competition is based on a team’s two best scores at each hole, while the individual competition, which is restricted to the professionals only, is normal stroke play.

efits of the Aramco Team Series, LET chief executive Alexandra Armas told City A.M. last year.

“Growth generates more growth and interest,” she said. “The players are competing for $1m and that’s now an expectation from partners who want to get involved, they want to get to that level.”

Prize fund increases remain one of the tour’s top priorities. “We’re not going to say it’s easier to sell women’s sports but it’s getting easier,” she added.

EQUALITY SOME WAY OFF

Those at the very top of the game are earning sums comparable to other leading female athletes. Minjee Lee ranked 10th in Forbes’s list of highest paid sportswomen last year, with the Aus-

PREVIOUS WINNERS

2022 JEDDAH INDIVIDUAL WINNER: CHIARA NOJA

TEAM WINNERS: NICOLE GARCIA, CASANDRA ALEXANDER, TEREZA MELECKA, SONIA BAYAHYA

2022 NEW YORK INDIVIDUAL WINNER: LEXI THOMPSON (RIGHT)

TEAM WINNERS: JOHANNA GUSTAVSSON, JESSICA KARLSSON, KAROLIN LAMPERT, JENNIFER ROSENBERG

Open, despite the gap narrowing, while the $3.15m Matt Fitzpatrick trousered for winning the US Open was 75 per cent more than Minjee Lee took home from the women’s equivalent.

And the disparity is even greater away from the majors, as the total tour prize funds illustrate. The €200m on offer across all events on the current men’s European circuit is approximately six times that on the LET, while the PGA Tour will pay out half a billion dollars at its events this season, around five times the figure on the LPGA Tour.

“There’s still a way to go,” said Emily Pedersen, a six-time winner on the LET who is also playing in Singapore this week. “Obviously we want to be at a level with the men but it’s definitely growing

2022 SOTOGRANDE INDIVIDUAL WINNER: NELLY KORDA (RIGHT)

TEAM WINNERS: JESSICA KORDA, NOORA KOMULAINEN, TEREZA MELECKA, MALCOLM BORWICK

comparison for golf; an individual sport played on a global circuit that has offered equal prize money to both sexes at Grand Slams for over 15 years

Rising prize money in women’s golf has fostered talk of equal pay, so how close are we, asks Frank Dalleres

$101m

€200m

€35m

Total prize money available on the Ladies European Tour in 2023

SINGAPORE TO SAUDI VIA HK AND LONDON

Golfers in top 25 of the Forbes list of highest earning female athletes Total prize money available

and the Aramco Team Series helps. I still think we need more but we have to start

“I would definitely like to see the major championships being on the level of the men, I think that would be a great start. So it would be like tennis in the grand slams, where the women have the same prize funds as the men. I think that would help grow the normal events all over.

“We have seen that the major purses are increasing and they’re getting closer so I do believe that hopefully in the next five years we could get to the point where the major championships are at the same level.”

RIGHT DIRECTION

Tennis is the obvious comparison for golf; an individual sport played on a global circuit that has offered equal prize money to both sexes at all four Grand Slam events for more than 15 years. Naomi Osaka was Forbes’s highest earning sportswoman last year, on more than $51m, and fellow tennis players made up seven of the top 10.

2022 LONDON

INDIVIDUAL WINNER: BRONTE LAW (RIGHT)

TEAM WINNERS: NICOLE GARCIA, KELLY WHALEY, MADELENE STAVNAR, MIA BAKER

2022 BANGKOK

INDIVIDUAL WINNER: MANON DE ROEY

MAKING A WEDGE: HOW PAY COMPARES IN MEN’S AND WOMEN’S GOLF Total prize money

Yet it took decades from the US Open blazing a trail in 1973 following Billie Jean King’s protests to Wimbledon finally falling into line in 2007. Women’s tennis has also benefited from playing the same tournaments concurrently with their male counterparts, not just at Grand Slams but also other big events, such as this week’s BNP Paribas Open at Indian Wells.

Golf is moving in the right direction, with last year’s Scandinavian Mixed event, co-sanctioned by the LET and men’s European circuit, making headlines when Swedish wunderkind Linn Grant showed the strength of the women’s game by blitzing her male and female opponents.

Armas has said she believes her tour is “on a very good trajectory”. “Our relationship with the LPGA is very strong. That is important for the women’s game, that we align to have a cohesive women’s professional environment,” she added. “We’re not here for ourselves to be represented, we’re just spokespeople for the athletes and to make sure that any athlete anywhere can succeed.”

TEAM WINNERS: WHITNEY HILLIER, CHONLADA CHAYANUN, KRISTA BAKKER, PATTANAN AMATANON

2021 JEDDAH

INDIVIDUAL WINNER: PIA BABNIK

TEAM WINNERS: EMILY KRISTINE PEDERSEN, HANNAH BURKE, KRISTA BAKKER, AHMED AL SUBAEY

SINGAPORE, 16-18 MARCH LAGUNA NATIONAL GOLF RESORT

FLORIDA, 19-21 MAY TRUMP INTERNATIONAL GOLF CLUB

LONDON, 14-16 JULY CENTURION CLUB

HONG KONG, 6-8 OCTOBER HONG KONG GOLF CLUB

The difference this year, however, is that four of the five venues are new to the series, with the London leg – played at Centurion Club in St Albans – the only one to be retained.

Last year’s first stop, Bangkok, has been replaced by Singapore’s

2021 NEW YORK INDIVIDUAL WINNER: CHARLEY HULL (RIGHT) TEAM WINNERS: JESSICA KORDA, KAROLIN LAMPERT, LINA BOQVIST, ALEXANDRA O'LAUGHLIN

RIYADH, 3-5 NOVEMBER RIYADH GOLF CLUB

Laguna National Golf Resort Club, which is poised to host the curtainraising tournament from Thursday. With London moving to the middle slot, the Aramco Team Series heads to Florida for its second leg at Trump International Golf Club, West Palm Beach, from 19 to 21 May.

Centurion Club will become the first venue to host three Aramco Team Series events when the action

2021 SOTOGRANDE INDIVIDUAL WINNER: ALISON LEE (RIGHT)

TEAM WINNERS: ASHLEIGH BUHAI, STACY LEE BREGMAN, HAYLEY DAVIS, IGNACIO MORILLO

which replaces Sotogrande in Spain as the penultimate leg of this year’s series, on 6 to 8 October. And in a final change, the 2023 Aramco Team Series will culminate in Riyadh, which replaces Jeddah as the stage for the finale on 3 to 5 November.

2021 LONDON INDIVIDUAL WINNER: MARIANNE SKARPNORD

TEAM WINNERS: OLIVIA COWAN, SARINA SCHMIDT, DIKSHA DAGAR, ANDREW KELSEY

available on the men’s PGA Tour in 2023

$0.5bn

CAN ANYONE K.O. LYDIA IN SINGAPORE?

World No1 faces a field packed with former winners, Aramco Team Series veterans and some of golf’s most exciting rising stars

IT’S NOT all about Lydia Ko in Singapore, where the world No1 will be joined at the first Aramco Team Series event of the year by a field featuring seasoned winners and rising stars alike.

Ko’s LPGA Tour colleague Danielle Kang, the 2017 Women’s PGA Championship winner, will also be teeing it up at Laguna National Golf Resort Club today. US star Kang is looking to add to her six career titles and arrives off the back of a top-three finish at the HSBC Women’s World Championship at nearby Sentosa Golf Club.

Linn Grant, who swept to the Ladies European Tour order of merit in a stunning 2022 campaign, will be among the top prospects for an LET ‘home’ win. The Swede, 22, won seven times last year, including at the Scandinavian Mixed, and has already registered one runner-up finish in four events since January.

Making Grant look like a relative veteran is teenager Chiara Noja, who won the individual title at the Aramco Team Series Jeddah last year aged just 16. The German is set to mark her 17th birthday today by captaining her own team in Singapore, where she is seeking to build on third place on her last outing in South Africa.

Noja’s win in Jeddah emulated Pia Babnik, who herself won the title as a teen 12 months earlier, and the Slovakian is also competing at Laguna National. Two-time LET winner Babnik, now 19, will be looking to kick-start her year, having missed the cut at all three of her tournaments in 2023. England’s Lily May Humphreys could make it back-to-back wins, having landed her maiden LET victory at the Joburg Ladies Open two weeks ago. The 21-year-old from Chelmsford, who also celebrated her birthday this week, has enjoyed a meteoric rise since turning pro in 2021.

Fellow Englishwoman Bronte Law is among a clutch of former Aramco Team Series winners looking to add another title in Singapore. Law pipped compatriot Georgia Hall at the London leg last year and has thrived in the format.

Manon De Roey, technically the defending champion at this event having won the first leg of the series last year in Bangkok, is also in the field of 78 professionals.

Olivia Cowan, a former winner of the team competition who finished second in the individual standings at the last event of the series in 2021, is among the other past champions in the field.

Chiara Noja claimed the Jeddah leg of last year’s series aged 16

Lily May Humphreys is a rising star of English golf

Danielle Kang is a major winner with strong recent form

Sweden’s prolific Linn Grant is the reigning European No1

Teenager Pia Babnik is a former winner in the series

Global banking routs hit FTSE 100 index as budget fails to boost

LONDON’s FTSE 100 slumped yesterday afternoon as the banking sector faced a major sell-off following concerns over the future of Credit Suisse.

The capital’s premier index closed 3.83 per cent lower at 7,344.45 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, shed 2.63 per cent to close at 18,625.85 points.

The FTSE’s banking giants were among the worst performers. Lloyds closed down 4.4 per cent, Natwest 5.7 per cent, HSBC 5.8 per cent while Barclays was down 9.1 per cent as Tuesday’s recovery in the banking sector reversed.

Europe’s other major markets were pulled down by banking stocks with the DAX falling 3.4 per cent and the CAC falling 3.3 per cent. The European-wide Stoxx 600 banking index was down 6.9 per cent.

Banks came under pressure as speculation over the future of Credit Suisse grew. Its largest shareholder, the Saudi Na-

tional Bank, ruled out making further capital injections into the bank for regulatory reasons.

Credit Suisse closed around 24 per cent lower yesterday having traded as much as 30 per cent earlier in the day.

Hargreaves Lansdown’s Susannah Streeter said “the fresh banking sell-off has taken hold as fears rise to the surface about the robustness of sector with the shadow of the SVB collapse still looming large”.

“Investors took fresh fright after Credit Suisse’s problems multiplied. Shares in the bank plummeted by 20 per cent after key investor Saudi National Bank turned down the role white knight and refused to ride to the rescue,” she continued.

The market downturn came despite a budget from Chancellor Jeremy Hunt that focused on expanding Britain’s workforce.

Hunt unveiled sweeping childcare policies; abolished the lifetime allowance on tax-free pensions; and announced tax breaks for firms investing in research and development.

BEST OF THE BROKERS

To appear in Best of the Brokers, email your research to notes@cityam.com

Building material company Sigmaroc received a £17m cash bonus yesterday after a compensation claim filed in Sweden reached a verdict. The verdict may be appealed until 4 April, analysts at Peel Hunt noted, so there is still some doubt. However, if the payment is made, it will make “a nice dent” in the group’s debt position. The analysts rated it a ‘buy’ with a target of 95p.

Trainline’s results in 2023 were “significantly better” than the company thought this time last year, according to analysts at Peel Hunt. Despite strike headwinds, the rail ticket platform posted revenues of £327m, in the middle of its upgraded guidance range. The analysts said there was “room to grow” in Trainline Solutions. The analysts rated it a ‘buy’ with a target price of 487p.

SUSPICIONS RAISED “Prudential’s results may well have got a better hearing a week ago before the collapse of SVB but right now investors are treating financial stocks with the same suspicion as something they’ve found on their shoe.” RUSS MOULD, AJ BELL

Connecting the Community

AI chat bots set to appear on panels at fintech conference

ARTIFICIAL intelligence chatbots are to be used as panellists for the first time at a fintech conference this week.

ChatGPT and Bing AI will answer audience questions alongside human panellists in an attempt to harness the vast store of knowledge embedded in generative AI models.

The ground-breaking panel eventhosted by the Gillmore Centre for Financial Technology at Warwick Business School - will be part of a series of workshops on Friday 17 and Saturday March 18.

Discussions at the Digital Currencies, The Frontiers of AI and Fintech conference will include the challenges facing fintech, the failure of SVB, and the future of digital currencies.

“Generative AI embodies and distils all the knowledge available online," said Professor Ram Gopal, Director of the Gillmore Centre.

“It can also be quite creative in the way that it pulls together and integrates ideas.

“This experiment aims to give our audience access to research and insights embodied in these language models, as well as challenging our panellists and audience in a different way. It has the potential to re-shape the way we think about panel discussions and the way we debate and share research and expertise in a live forum.”

Organisers will also record each workshop and feed the text transcripts through generative AI programmes like ChatGPT and Bing AI to create a report of the two-day event.

The centre was established by Warwick Business School using a £3 million donation from Clive Gillmore, founder and Group CEO of Mondrian Investment Partners. It aims to become a global centre for excellence for fintech research.

Warwick Business School and the Gillmore Centre for Financial Technology have established partnerships with the Bank of England, Barclays,

and a host of fintech start-ups to empower consumers, develop financial literacy, and drive the growth of the fintech industry in the West Midlands.

“We are creating a place for researchers, policymakers, industry leaders and tech entrepreneurs to come together and explore new opportunities and ideas," added Prof Gopal.

“We have Silicon Spa on our doorstep in Leamington and more than 120

CRYPTO NEWS IN BRIEF

GREEN LIGHT FOR JADE VAULT

A JADEITE storage and trading company with access to the largest deposit of the precious stone in the world has been approved by Swiss regulators to be included within the Sinclair Capital Reserve. Jade Vault, which uses blockchain technology to ensure provenance of its resources, plans to create and trade the largest inventory of ethically-sourced jadeite in the world while bringing investment, trade and custody of the much-revered mineral to a global audience.  “Being approved by the Swiss regulator to enter into the Sinclair Capital Reserve Fund gives Jade Vault further validation and great momentum on an alreadyupward trajectory,” commented Jade Vault founder James Bowater.

FINEQIA HEADLINE PARTNER FOR SPRING AWAKENING

fintech start-ups across the West Midlands, adding around £420 million a year to the regional economy.

“The Gillmore Centre for Financial Technology will be an important part of this burgeoning ecosystem, helping to build the West Midlands into one of the UK’s leading regions for fintech.”

Anyone wishing to follow the conference can do so online via wbs.ac.uk/go/gillmore-event.

Looks like volatility’s back on the crypto menu

THE MARKETShave drifted recently, but appeared to have sprung back into life with a bang this week.

The price of Bitcoin hit levels above $26k on Tuesday – a nine-month high. But it may have overreached, with momentum fizzling out last night as Bitcoin lost sight of $25k.

It’s a similar story across the crypto markets, though Bitcoin has largely led the way in this recent rally. Ethereum has also had a strong week, rising 9% to more than $1,700 by yesterday morning before

slipping back to $1,630.

Solana, Polkadot and Polygon all followed a similar pattern.

The recent bounce came amid ongoing pressure on the US banking sector, with both Silicon Valley Bank and Signature Bank collapsing in the last week. The demise of Silicon Valley Bank, which specialised in lending to technology companies, is the biggest failure of a US bank since the financial crisis in 2008. Are there more dominoes to fall?

Analysts suggest that the Federal

Reserve will have to ease its program of interest rate hikes for now. ING economist Rob Carnell told Reuters: “I think people are linking Silicon Valley Bank’s problems with the rate hikes we’ve already had. If rates going up caused this, the Fed is going to be mindful of that in future.” Interest rates have been closely linked with price movements in crypto markets over the last year. Bitcoin was originally released in 2008 in the aftermath of the last financial crisis, with many touting it

as a way to free people from the corruption and avarice of the banking sector.

There will be many who see this as the cryptocurrency showing its value and an opportunity to bring it one step closer to mass adoption. But will they be proved right, or is it another false dawn?

DIGITAL assets platform Fineqia has been named as a headline partner for the highlyanticipated Crypto AM Spring Awakening. The event will be held at The Mansion House, official residence of the Lord Mayor London, on Thursday March 30. The theme of the Spring Awakening will be the ‘State of the Union of Crypto in the UK’, and includes a prestigious threecourse networking lunch in the magnificent surroundings of the historic Egyptian Hall. Tickets for the event, priced £120, can be purchased by visiting www.cityam.com/crypto-springawakening. Only 100 places will be made available.

KUCOIN FALLS FOUL OF NY ATTORNEY GENERAL

NEW York Attorney General Letitia James has filed a lawsuit against the KuCoin cryptocurrency exchange for “failing to register as a securities and commodities broker-dealer and falsely registering itself as an exchange”. The Office of the Attorney General (OAG) says it was able to buy and sell on KuCoin in New York, even though the company is not registered in the state. In the filing, Letitia James said her office was seeking to stop KuCoin from operating in New York until it complies with the law.

LIQUITY SETTING THE PACE

IN A week of eyebrow-raising volatility, it would be easy to pick any one of a multitude of cryptocurrencies that have had a strong few days. However, as the upward trend in the markets overreached and declined last night, the performance of Ethereum token Liquity (LQTY) has been noteworthy. The $245m market cap altcoin posted impressive weekly gains of 54 per cent, rising to $3.88 on Tuesday but dropping 25 per cent off that high by yesterday. Still, an eye-catching 300 per cent monthon-month lift is not to be ignored.

FOR ALL THE LATEST NEWS, VIEWS AND ANALYSIS HEAD OVER TO

OPINION

EDITED BY SASCHA O’SULLIVAN

Jeremy Hunt doesn’t want rabbits in hats, he wants all of us back to work

The average age for a woman having her first child is now 30.7 years old, according to the Office for National Statistics. Separate research from Evelyn, a financial services firm, indicates people are waiting until they earn enough money to afford to have kids.

JEREMY Hunt’s Budget yesterday was extremely boring. It was supposed to be. This will come as a surprise to our economics editor, who looks forward to the Office for Budget Responsibility dropping new forecasts with the same anticipation as most people wait for Taylor Swift to finally announce her UK tour dates.

Since the start of the pandemic, budgets, spending statements, random Tuesday afternoons when Rishi Sunak announced a hike to National Insurance, have matched the drama of their context.

Instead, we were regaled with two words which are extremely “unsexy”, “unchic” or “so wet” depending on which generation you belong to: “actual policies”.

Hunt had around £9bn extra to play with and little chance to inflate those figures. Any hint of fiddling with the numbers would give the Labour Party a chance to further dent the crucial measure of “trust in handling the economy”.

In uncertain times, people want boring. They want help on their energy bills, they want the promise inflation will fall - and with it their daily costsand they want a return to “normal”.

There were decent policies packed in there on unravelling cumbersome regulations, full expensing for business investments and reversing cuts to R&D tax credits, but the bulk of Hunt’s gambit is on fixing the uneven British

workforce. Done right, it could nudge the economy back to life and ensure he meets his promise of getting the deficit down. In other words, it could mean we all feel a bit less skint.

We will spend around £7bn on scrapping the lifetime allowance on pension pots, reforming disability benefits and his cornerstone policy of making childcare more affordable.

It would have been a Big Bang to change how we pay for childcare from April 1 this year, but it would have overwhelmed the childcare sector, who are already struggling with costs and recruitment - just like everyone else.

It does mean plans to give all work-

ing families 30 hours a week of free care for their kids won’t be fully implemented until September 2025, and with an election set for next year, it will mean a campaign full of cute kids sticking play doh up their noses while their parents go to work.

But there is a significant margin for error. According to the OBR, the combination of policies is expected to increase employment by about 0.3 per cent or 110,000 people by 2027 to 2028. For context, there are more than a million vacancies in the UK, up 328,000 on pre-pandemic levels. Higher migration will also help, with 160,000 people expected to come to the UK.

If there is a significant windfall of an extra 500,000 people in the workforce in five years time, this will give the Chancellor a hefty £11bn buffer against his fiscal mandate of borrowing falling as a proportion of GDP.

The flipside is also true.

As the OBR says: “In the upside scenario, the margin against the fiscal mandate would roughly treble, but in the downside scenario it would be gone.”

There’s also an interesting twist on the childcare policy. As a result of it simply being increasingly expensive to live in the UK overall, a decent chunk of parents are deciding to have kids later in life .

Businesses were hunting among the slim pickings for fresh cash to boost growth across the UK

YESTERDAY was a Budget with few surprises. It addressed the immediate urgent concerns, and didn’t try to peek too far into an uncertain future. It was still clear in its aims: it wants to change behaviours, encourage business investment and the economically inactive back into work. The million dollar question will be whether this approach will work and whether it will have the desired subsequent impact on our economy.

On business taxes it had been clear that the corporation tax rate rise was going ahead, as much as many in the City might’ve hoped otherwise. But in an attempt to ease the pain of this combined with the loss of the superdeduction, the Chancellor announced the introduction of full expensing for qualifying spend on plant and machinery for the next three years. The aim is

to make the measure permanent when the economy stabilises.

This was the most expensive tax announcement, and the objective is to encourage businesses to accelerate capital expenditure to see the knock-on economic effects, ahead of a general election. Offering an up-front tax deduction means it generates tax savings quickly for taxpayers. But often large projects are not easy to accelerate. As we saw with the super deductions, businesses put plans into place years in advance and changing them at the whims of No. 11 is not easy.

By limiting the relief to plant and machinery it also focuses largely on manufacturing businesses which often operate with low margins. To the extent full expensing generates a loss and there is no mechanism for surren-

dering losses for a cash payment, the relief may not be too valuable. While the replacement for the superdeduction will be welcomed, the temporary nature demonstrates a continued lack of long-term strategy which can be damaging to investment.

An underlying message seems to be that George Osborne’s orthodoxy of a low headline rate with a broad base has been turned on its head.

We knew the government was concerned about economic inactivity and here we saw other large announcements. The government is providing 30 hours a week of free childcare for eligible working parents of children aged nine months up to three years in England. It is also extending the annual allowance for pensions savings to £60,000 and abolishing the pensions lifetime allowance.

As expected, household finances are being helped by a freeze to fuel duty, together with an extension of the 5p reduction for a further year, and a continuation of the Energy Price Guarantee for a further three months.

With real household disposable income - a measure of living standardsset to fall by 5.7 per cent over the next two years, people’s pockets are still going to be pretty light.

Avoiding the label of “recession”, even if people are still worse off, will help consumer confidence - and perhaps the confidence to have kids.

If people don’t start a family until later, they will stay in the workforce so they will keep adding their income tax payments to Treasury coffers, but they won’t help us out of another burgeoning dilemma: an ageing population. By scrapping the lifetime allowance on pension pots, which meant people faced extra taxes on their savings for retirement, Hunt is trying to limit the impact of this by keeping older people in employment longer.

The cost per new worker is roughly £2.8m for the childcare policy, and £2.5m for the reforms to pensions. But, by keeping parents in the workforce, you extend their careers by decades, whereas the change to lifetime allowances will only keep the over 50s in jobs for another 10 years or so.

It’s probably the slowest but most impactful game of Jenga you’ll ever watch.

Many have billed this as a budget to tide this over until we get the red meat of tax cuts ahead of the next election, but fixing the workforce will lay the groundwork for Jeremy Hunt to be able to do that without facing cries of “unfunded promises”.

But there were other areas where the pickings felt lean. The Investment Zone initiative sounded fairly minimal, with 12 investment zones each able to access interventions worth up to £80m over five years. The limitation of full expensing to plant and machinery spend excludes large sectors such as infrastructure and construction. Major business rates reform seems to have been kicked down the road once again. And there were no measures to address some of the cliff-edges and distortions in the tax system, such as the VAT threshold.

Yesterday’s Budget was a plethora of smaller announcements. The most expensive tax measure is full expensing, but this is a timing difference and shows a healthy positive number in year five as the effect reverses.

Rarely have we seen a Budget where pretty much every announcement had been trailed in advance. The only rabbit was the abolishment of, rather than increase in, the pensions lifetime allowance.

At the very least, it reflected a calmer approach following months of political and economic upheaval.

£ Tim Sarson is a partner and head of tax policy at KPMG

By September 2025, everyone with a child over 9 months old will get 30 hours free childcare a week

Sascha O’Sullivan

Comment and features editor at City AM

Businesses put capital expenditure plans in place years in advance, not at the whims of No. 11

WE WANT TO HEAR YOUR VIEWS

LETTERS TO THE EDITOR

Troubled waters after SVB failure

[Re: Project Yeti: Inside the scramble to save Silicon Valley Bank UK, March 13]

While HSBC’s takeover of SVB’s UK business certainly reassures depositors, it should not mask the wider risk management issue that this black swan event, and others like it before, uncover.

A complete understanding of daily risk and exposure is critical for all investors, especially institutional investors. But ultimately, this requires the constant update of information to ensure full accuracy and transparency.

The fundamental problem for SVB was

that they had invested customer deposits into longer term bonds which is all well and good when interest rates are at record lows. But as soon as interest rates went up sharply, the value of those bonds dropped leaving them unable to immediately cover massive deposit withdrawals.

One can, of course, blame SVB’s business model for being too risky and not having sufficient rules, but it does not hide the fact that other banks face similar, and in some cases, greater risk management challenges. The SVB collapse shows we may see more black swans in a high-rate environment, especially if the adverse effect emerges in the underneath economy, if not on the surface yet.

Scott Erickson Clearwater Analytics

A BLACK SEA OF DOUBT Russia and US have first direct military clash

New chancellor, same story: London is always left out of Whitehall’s plan for growth

Nick Bowes

IT is a habit of Conservative governments to brag about repairing the roof while the sun is shining. Jeremy Hunt was no exception yesterday, crediting previous Tory Chancellors with creating stable public finances. But if the country’s economy is a house, then London forms the foundations, and the lack of attention to the city in the Budget should be a cause of worry.

But let’s start with the positives. Announcements on childcare and energy prices will benefit Londoners, many of whom are hardest hit by the cost-of-living crisis. The announcement of expanded free childcare provision will disproportionately benefit the city, given we are home to the dubious accolade of having some of the highest childcare costs in the world. Fuel duty freezes will, obviously, go down well with those reliant on cars and vans, but in London 42 per cent of households don’t have a car and face a 5.9 per cent rise in the cost of using the bus, tube and train.

Much of the emphasis was on projects beyond the M25, with talk of recreating a dozen Canary Wharfs in investment zones, but no mention of one being in the capital itself. This will be a disappointment to the Mayor and to those local authorities which are themselves in desperate need of levelling up.

EXPLAINER-IN-BRIEF: EVEN WITH FALLING PRICES, THE ENERGY PRICE CAP WILL STAY

One of the first announcements in yesterday’s Budget was an extension of the energy price cap, keeping it at its current rate of £2,500 per household until the end of June.

The cap was meant to expire next month.

Energy prices are expected to fall in July, with the average household annual energy bill expected to plunge by more than £800.

But although prices will go down, they haven’t yet. Energy firms buy wholesale gas in advance,

which means even though this price has started to fall, the impact on consumer bills will take some time to be felt fully. Plus, removing the cap would have made bills more expensive because the initial threshold was so high that even with a £800 plunge in prices, they would have still been above the lowest rate of £2500.

With this in mind, extending the price cap might have seemed the only possible option even for a Chancellor who claims his hands are tied.

No new powers coming London’s way, despite Whitehall handing more responsibilities and funding to the West Midlands and Greater Manchester. For London, Whitehall sees it as job done when it comes to devolution – it has a Mayor, what more does it need? But as every single comparison shows, London has control over far less of its own affairs compared to similar cities in Europe and North America. The cities and regions of England must work together if we are to really raise our sights, and not let Whitehall’s centralising obsession stop us from demanding the best for our places.

No funding was forthcoming for the long list of the next infrastructure projects – Crossrail 2, Bakerloo Line extension, Docklands Light Railway and Overground extensions – which the Mayor and Transport for London are keen to get going. This, added to the recent announcement that HS2 into Euston is to be much delayed, leaves the pipeline of the next big new additions

to London’s transport network barely dripping.

One area we did hear about was the competitiveness of the Square Mile, but only a consultation on regulatory reforms for The City, with little sense of urgency.

What does all of this signify? Well, it confirms a continued apathy towards London – the area within the M25 just isn’t a political priority. It won’t be a key battleground at the next general election. Perhaps the Tories have even given up the next Mayoral election without a fight, too.

As a symbol of this, the Treasury’s Red Book – the Budget bible – mentions London only four times in 122 pages – three times in the context of “outside” London and a fourth time in the Treasury’s address on the back cover.

This represents a taking for granted that London’s success will just carry on regardless. This view, that the city’s economy has boomed for thirty years

and generated enormous tax revenue so it will continue to do so, is dangerously complacent. Even before the pandemic, London faced an uncertain future, what with Brexit, high house prices and growing hostility towards it from the rest of the country. Yet other places are ready to pounce - many other cities are enviously eyeing up our tech, financial and cultural industries. Remaining competitive requires continued investment in skills and infrastructure if you’re to stay ahead of the pack.

Yet with no mention of new infrastructure investment for the city, no new devolution for the Mayor or local authorities, little for those suffering immensely from the housing crisis, local authorities with budgets continuing to be stretched, some will feel it a rather empty budget from a government whose attention is elsewhere.

£ Nick Bowes is chief executive of the Centre for London

London was only mentioned four times in the Treasury’s Budget papers

Russia has demanded the US stop flying drones near its borders after one of its fighter jets crashed into an American drone earlier this week. Moscow appeared to be keen to keep tensions calm yesterday, but said relations with the US were in a ‘lamentable state’.

GOING OUT

EDITED BY STEVE DINNEEN @steve_dinneen

SHAZAM: FURY OF THE GODS IS YET ANOTHER SUPERHERO DC DUD

MOVIES

SHAZAM: FURY OF THE GODS

DIR. DAVID F. SANDBERG

BY VICTORIA LUXFORD

The long in-development Shazam sequel (four years is an age for superhero films) arrives at a strange time. Audiences seem to be burned out on Marvel and DC, with many recent releases either bombing or being the subject of fan ire.

With a new strategy planned for the DC Universe, can Zachary Levi’s superkid convince us to keep Shazam around?

A few years on from the first film, Billy Batson (Asher Angel) is getting used to his double life as Shazam

(Levi) alongside his equally super siblings.

However, when the vengeful Daughters of Atlas (Helen Mirren and Lucy Liu) return to Earth seeking an all powerful weapon, Billy must work out what it truly means to be a hero.

The first film was charming, and got somewhat overlooked in 2019 in what was a dense year for comic book film releases.

Reminiscent of 80s hit Big, it played into the concept of a child being able to play at being a superhero. Sadly, that style of touching storytelling is less on display here. Instead, there is more of the late-stage universe jumbling that derailed the recent AntMan sequel. There are too many characters, too much lore, and while the script is witty not all of the jokes land. A running gag about Billy’s crush on Wonder Woman feels cheap, and there’s a cringe-worthy moment

of product placement in the third act. Oddly too, Levi seems to be the least interesting thing about his own movie.

Jack Dylan Grazer is the film’s best part as Freddy, Billy’s brother who struggles with the disparity between bullied schoolkid and caped hero. Mirren and Liu are over the top, but even they have an arc worth watching as their aims diverge.

Levi is there to act dopey and make lame gags, becoming a Himbo with no real qualifications for leading his team. It’s a routine that makes him feel superficial even in the CGIsoaked world he inhabits.

Like stablemate Black Adam, Shazam: Fury of The Gods thrashes around for a reason to exist, but only finds action scenes and quips. The customary credits scenes hint at a sequel, but this might be one hero that should get lost in the reshuffle.

WINNERS IS CHARMING, WITH HUGE HEART

RECOMMENDED

WINNERS

DIR. HASSAN NAZER

BY VICTORIA LUXFORD

In a wonderful bit of programming, Iranian comedy-drama Winners comes out in the afterglow of the Oscars. While set many miles from Los Angeles, this charming independent movie captures the mystique and awe so many of us witness when looking up at the big screen.

Winners is about the Oscars, or more specifically an Oscar. The shiny gold lump is being transported by an Iranian filmmaker to their home country, but a mix up means it is left in a cab. Through a series of coincidences, the gong ends up in the hands of Yahya (Parsa Maghami), a young boy with a love for movies but no clue as to what an Oscar is. Unsure of its true worth, he avoids numerous obstacles to find a way for this “doll” (as he and his friend call it) to help his family.

There are serious comments from director Hassan Nazer about his

home country. Most local characters are too busy with their lives to recognise what the award means (the cab driver initially describes the Oscar as “a man standing politely”). The film questions the value of such honours if they do not help the people on the ground - if they cannot shine a light on Yahya’s world, where he and other children search through trash mountains in search of value.

At its heart, however, is a celebration of childhood enthusiasm. Young star Maghami is wonderful as a young man who idolises the things he sees on the screen rather than the

awards that give them status.

There’s many charming conversations about classics of the past, such as Yahya’s employer Saber (Hossein Abedini) insisting he is not ready to watch Cinema Paradiso.

Cinephiles will relate to the relentless search for rarities, and endless discussions about the latest viewing.

Beautifully mixing innocence with harsh reality, Winners is a small film with the heart of a hundred awards contenders.

While the script is a conversation rather than a manifesto, the running time flies by.

ALLELUJAH

DIR. RICHARD EYRE BY VICTORIA LUXFORD

New British comedy-drama Allelujah is based on the 2018 play by Alan Bennett. Its focus on health care is interesting, given the amount that has changed since it debuted on stage. However, the subject is still pertinent. The film centres around the geriatric unit of a Yorkshire hospital. Overseen by a caring doctor (Bally Gill) and stern but sincere head nurse Sister Gilpin (Jennifer Saunders), they oversee the trials and tribulations of their aging patients with good humour.

Hope and enthusiasm grows as a film crew arrives to document a ceremony to celebrate Sister Gilpin’s years of service. However, with the unit facing closure, the filming becomes the last hope for the families and the ones they care for to save the hospital. There’s a terrific message at the heart of the film about the role of the NHS as our first and last lines of care.

In a Post-Covid world, that resonates more than ever. Sadly, the plot becomes so tangled that this tribute isn’t as considered as it might be. The light-hearted laughs are at odds with some of the more sombre moments, as jokes about the indignity of some elderly care can seem slightly callous. The variety of subplots also collide, meaning some big names don’t quite

BLACK SUPERHERO WRITER DANNY LEE WYNTER

Black Superhero opens at the Royal Court this week and runs until the end of April. We speak to its writer to get the lowdown on the new writing.

WHAT’S THE LOWDOWN ON BLACK SUPERHERO?

Black Superhero is the story of a black gay mixed race man, David, who fresh out of a traumatic period of his life finds himself propositioned by a friend he has always held a candle for, King Grant, a global superstar in a black superhero franchise. From the moment sex enters their relationship David begins to see fantasy and reality merge as he goes on a journey which leads him to face up to old wounds that haven’t healed.

Q&A

Mamet’s Edmond, and A Rake’s Progress, a series of paintings by Hogarth. The journey of one person through a short period of time and the people and experiences they encounter inform the decisions they make about their life.

get the time they should.

Dame Judi Dench, Sir Derek Jakobi, and David Bradley all bring their considerable presence to the screen as patients, but none get the time to shine. Of them all, perhaps Bradley has the most to do as the father of executive (Russell Tovey) looking to close the unit down. Saunders is terrific as Sister Gilpin, the embodiment of the Keep Calm and Carry On attitude that helps so many get through their darkest times. Noble intentions don’t always make for great entertainment, and Allelujah seems to get lost in the many things it is trying to say.

Considering there has never been a better time to focus on why our health service is so important, this feels like a missed opportunity.

HOW ARE YOU FEELING ABOUT OPENING NIGHT?

I haven’t got that far yet. I’m still obsessing about the first preview. Ask me next week.

WHERE DID THE IDEA TO PLAY WITH NOTIONS OF KINGS AND SUPERHEROES COME FROM?

The idea to have the character King Grant be a movie star who is a superhero came early on in the process of writing. I was drawn to the young black stars we now have who are asked to occupy a space which when I was starting out in the business wasn’t as readily available. The success of Black Panther, for example, is inspiring and a long overdue source

of joy to many. But the demands these actors face of having to be a role model both professionally and personally, the scrutiny, the judgement, the pressure the outside world puts upon one’s relationships and own psyche compelled me. Black actors are consistently asked by the white entertainment industry to talk about representation, to be political, to teach and school others out of all proportion to their white contemporaries, and more often, in my own view, than we are asked to talk about our actual work. You’re not simply required to be an actor. You’re required to be someone who inspires and ignites others, and as a maker of drama I find that a fascinating dichotomy.

IT SOUNDS LIKE THE PLAY CELEBRATES A SINGULAR BLACK MAN. HOW DID YOU DEVISE THE ROLE?

There is this great Maya Angelou quote that there is no greater agony than a story untold. I and many of my black queer British friends rarely see ourselves front and centre of a drama like this. One of the many plays I was inspired by was David

WHAT QUESTIONS DOES THE SHOW ASK?

As the writer of the play I mainly wrote from an unconscious place, so I’m not even really aware of the questions the play itself poses. Though obviously it does bring up a whole host of questions about how we live our lives and the feelings I was harbouring which led me to write it in the first place. People will take different things from it, I guess. But the hardest question I suspect may be whether our sexual desires are informed by the attachment styles we have developed.

WHY THE ROYAL COURT?

There was one other theatre who wanted the play, but there was never anywhere else I was seriously considering giving it to. It’s the greatest new writing theatre in the world. I have been inspired by so many of the Court’s shows throughout my life. To have them stage my debut play, even if I never have another of my plays staged, is a magnificent achievement both professionally and personally. I feel deep gratitude they read it so quickly and wanted to bring it to an audience.

LIFE&STYLE

‘My entire career is thanks to Vault Festival - it must be saved’

Katie Arnstein owes her entire career to Vault Festival. She left drama school and entered the world of acting, but quickly experienced sexism and struggled to land work. She decided to write her own play, then turned to Vault Festival, who agreed to stage it despite her being an unknown. The show got great reviews and was given bigger platforms, including a 30date UK tour.

Arnstein has now written multiple shows as a professional writer-performer because of Vault Festival, which receives no government funding but has launched the careers of thousands of creatives. However, the festival loses its home this weekend after 11 years, as their landlords are prioritising more commercial opportunities.

“I’m going to sound like a dickhead but I’ve won loads of awards and been able to tour the UK, and it’s all because of Vault,” says Katie. “I’ve got a writing agent because of Vault, because I could write shows and knew they'd be put on. I've been commissioned by the BBC to write my first short film, truly all of that is because of Vault Festival. They are a truly accessible venue in terms of financial accessibility but also actual accessibility.”

It’s not an understatement to say losing the festival would severely damage the pipeline of new actors, writers and

directors trying to cut their teeth in live performance. The festival funds two thirds of the cost of putting on a show with box office sales, meaning people from lower income backgrounds can put on work, and there’s a high footfall of paying ticketholders because of the central London location. There is nowhere of this scope in England for new talent to experiment.

Imelda Staunton, the Bridgerton cast and The Crown’s Emma Corrin are some of the other names to have come out in support of the festival since the news of its closure.

“In five to 10 years I would be surprised if there wasn’t a significant proportion of people running national theatres and theatre companies who did some of their first work at Vault,” says James Rowland, a writer-performer who credits his full-time acting job to Vault Festival. “That’s just how it works, unless you’re immensely privileged and skip a few steps. You work your way up and Vault is the grassroots of the theatre you see. It’s where people have made contacts, made friends, made artistic relationships. None of that exists without it.”

The festival has launched a Save Vault campaign to raise $150,000 to fund moving the festival to a new venue. Rowland has a capitalistic approach, having seen how the Vault Festival has made The Vaults venue

beneath Waterloo Station “cool” since the festival launched in 2012.

“Vault have proven that it can gentrify whichever venue you like,” laughs Rowland. “Landlords should pay them to take over their buildings for a year because that will mean their building is cool. The fact is it’s the same everywhere. Artists make a place, or make a thing successful, and then people with money take it. That is the system that we live in.”

Rowland has an interesting idea to mine money from DC Comics to keep the festival afloat. “Batman should just give Vault Festival the money they need,” he says. “DC Comics have got £150,000 knocking around the place. Give them the £150,000 they’re trying to crowd fund. Why not?”

It’s estimated that five pounds is generated for the economy per pound invested in the arts. Given that almost half a million punters have been through the festival’s doors, that’s a huge loss. But another loss is the diversity of artists being able to stage work.

“The festival’s closure pushes out people from working class backgrounds first,” says Rowland. “It pushes out Black artists, Brown artists, LGBTQIA artists, then we end up with art made exclusively by people who have very wealthy parents. Some of my friends have very wealthy parents and have wonderful art but that does not a culture make.”

Latest figures suggest central London has 31 million square feet of empty office space so landlords are encouraged to get in touch with the Vault Festival to discuss hosting them for 2024 and the years beyond that.

Arts landlord Richard Upton recently wrote for City A.M. about the commercial and cultural benefits of landlords housing arts initiatives, and how it is essential to allow space for not-for-profit ventures in key locations.

Rowland is “confident” Vault will find a new venue, but for now, he’s focussed on Sunday. The closing day of the festival will be bittersweet for the performer, who has agreed to stage the first show he premiered at Vault in 2016 one more time. It was the show that made his name as an actor and he’s staging it again as a goodbye to the venue. “There was a question in my head as to whether I would ever redo it,” he says, “but when I heard that they announced Vault Festival was leaving Leake Street, it was too much of a good opportunity to miss.”

“The show is a comedy about death and grieving and how difficult the most painful things can also be close to the most joyful things,” says Rowland. “It’ll be a lovely way of closing that loop.”

“Vault is a place where people are able to find out who they are and I don’t think that’s too grand a sentence,” concludes Arnstein. “That’s what Vault has done for me and lots of people. Its a real f***ing shame, which I’m sure you can’t write, but it’s been a huge part of my life.”

Support Vault Festival’s search for a new venue by donating at givey.com/vault Team Viking plays at 7.20pm on Sunday night and there is theatre, cabaret comedy and nightlife entertainment until Sunday night. There’s also a bar that doesn’t require ticketed entry. Vaultfestival.com

Landlords: pay Vault Festival to take over buildings for a year. It means your building becomes cool

Two actors who launched their careers at Vault Festival tell Adam Bloodworth why the festival must find a new home

Images from top: Inside Vault Festival, and the entrance on Leake Street

THE PUNTER

THERE aren’t many trickier puzzles to solve during the four days of the Cheltenham Festival than the Pertemps Network Final (2.10pm).

The way the qualification system for this race works means you often get horses that we haven’t seen anything like the best of yet this season. And this year’s renewal looks particularly trappy with a whole host of the 24-strong field looking handicapped to be very competitive.

Gordon Elliott won it three years in succession from 2018 to 2020, and many will fancy his Maxxum to improve his strong record in the threemile contest.

He couldn’t have been more impressive when winning a competitive handicap at Leopardstown by just the 16 lengths over Christmas, and while he was disappointing subsequently over the same course and distance, this has surely been the plan all season. He looks likely to go well as he could still have plenty in hand, but it’s another Irish contender in the form of GOOD TIME JONNY that will be the first horse carrying my money.

Trained by one of the shrewdest operators in the game in Tony Martin, Good Time Jonny hasn’t won since February 2022, but was a good third to Maxxum in the aforementioned Leopardstown race – a run that has

been boosted with the fourth, Perceval Legallois, winning since.

You can ignore his run last time as it was over a trip much too short and there aren’t many better at getting a horse ready for a big day than Martin.

I can see his charge running really well at around the 11/1 mark.

In a race of this nature, I always like to throw a couple of darts at the board

Bill Esdaile previews the Pertemps Final

THIS LOOKS A GOOD TIME TO BACK JONNY

and I’ll also be having a few quid on Nicky Henderson’s He might be the joint-oldest runner in the field at the grand old age of 11 and he certainly isn’t a frequent winner, having not won over hurdles for more than three years, but he might just have snuck in under the radar here. He was a really good third in this race last year off today’s mark where he vir-

run-in.

Henderson’s contender also ran a fine race when sixth in the 2020 Martin Pipe, so – for whatever reason –he seems to come alive at Cheltenham. Mill Green made a more than satisfactory return at Haydock last month, so I just thought there were plenty

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

TIMES CHANGE BUT OUR SPIRIT HASN’T

THE PUNTER

Bill Esdaile previews the remainder of Thursday’s action

Mullins can bring a Lot Of Joy to the Mares’ Novices’ Hurdle

THERE would be no better story than Henry de Bromhead training the winner of today’s Jack de Bromhead Mares’ Novices’ Hurdle (4.50pm).

The Grade Two event has been named in memory of the trainer’s son, who, in November last year, tragically lost his life in a pony racing accident aged just 13.

De Bromhead fields both Magical Zoe and Foxy Girl in the race, who will both be cheered on regardless of what’s on the betting slip.

In Monday’s column I flagged YOU WEAR IT WELL at 10/1 for this race, and given conditions have become fairly testing I still think she’ll be in the shake-up.

Red-hot favourite Luccia is fancied to extend her unbeaten run to five, but is a short enough price to do so at 13/8 in a field that’s packed with potential, so I’m happy to play another each-way.

LOT OF JOY is one of those who is beginning to evolve into a very bright jumping prospect, having previously been campaigned on the Flat in Sweden.

Initially lacking fluency, her jumping has improved with every one of her three starts over obstacles in Ireland, and she has the engine to be a high class jumps mare.

Willie Mullins has trained five of the last seven winners of this contest, four of which returned at shorter prices than the 11/2 available about her, and she could make it six from eight for the master of Closutton.

It will also be interesting to see how Princess Zoe, a Group One winner on the Flat who was second in the 2021 Ascot Gold Cup, will get on in this.

Tony Mullins’ eight-year-old grey mare dead-heated at Punchestown on her debut over hurdles and will need to improve to win this, but she is obviously very classy.

The Magners Plate Handicap Chase (4.10pm) was won last year by Coole Cody and Evan Williams’ 12-year-old is back for more.

It’s going to be a tough ask for him,

but he loves it round here and you can never rule him out.

Emmet Mullins’ So Scottish looks certain to go off favourite in this after his

second to Boothill at Ascot in November.

He’s been given a break since then and has been snapped up by JP Mc-

Manus, so plenty of punters will be filling their boots on him.

I can let him win at 4/1, but I am still keen on FRERO BANBOU at 11/1 who I

tipped in Monday’s paper.

He was fourth in the Boothill race and is now 6lbs lower than when third in last year’s Grand Annual.

That was an incredible run as he was detached at the back of the field at the start of the race before Charlie Deutsch creeped into it.

To finish third after ploughing through the last was a fine effort and he should relish this extra distance.

I will also be backing Dan Skelton’s MIDNIGHT RIVER each-way at 9/1 with William Hill.

He is much improved this season and while he has plenty of weight, I do struggle to see him out of the places after his impressive win over course and distance on New Year’s Day.

The Kim Muir Challenge Cup (5.30pm) for amateur jockeys has been won by two 40/1 shots in the last six years.

It’s always a race I try to find a bit of value in and I think DR KANANGA can run well for Ben Clarke at 40/1 with William Hill.

He ran from the front in the Becher Chase in December, but he gave the big fences a bit too much air and he was eased down when his chance was gone. His form hasn’t been the best this season, but if you go back to February last year, he was winning a 3m2f soft ground handicap chase at Chepstow by 12 lengths.

He then followed up to win by the same margin at Sandown and I can see him running well from the front.

POINTERS

Midnight River e/w

4.10pm Cheltenham

Frero Banbou e/w (already advised)

4.10pm Cheltenham

Lot Of Joy

4.50pm Cheltenham

You Wear It Well e/w (already advised)

4.50pm Cheltenham

Dr Kananga e/w 5.30pm Cheltenham

Delta gets down to Work against stablemate Galvin

GORDON Elliott adores the Glenfarclas Cross Country Chase.Following Delta Work’s second win in the 3m6f contest yesterday, he drew level with Enda Bolger as the winning-most trainer of this event with five victories.

Delta Work spoiled the Tiger Roll retirement party 12 months ago, but there was no party pooping this

time – the party was all for him.

Ridden by Keith Donoghue, who was on board for all three of Tiger Roll’s triumphs, the 10-year-old was well positioned throughout and just like last year, got the better of a stablemate on the run to the line after jumping the last together.

Galvin, fourth in last year’s Gold Cup, was trying this discipline for the first time and ran a cracker

under Davy Russell, only succumbing in the closing half furlong.

He’ll be back for more next year with Elliott trying to land a hattrick of one-twos.

Elliott said: “I love the Cross Country race and it is great to have the one-two.

“Galvin ran a great race. There were a couple of soft spots that

didn’t suit him that well.

“The O’Leary’s have been brilliant to me and to train a winner around Cheltenham for them is unbelievable as they are massive supporters of Cullentra.

“Keith Donoghue started off with me when he was 14 and he is having his best ever season.

“He went freelance so I said when Jack (Kennedy) couldn’t ride

there is no better man to have on him.”

Owner Michael O’Leary confirmed that Delta Work will go to the Grand National next month in a bid for a record fourth win for the owner, but he didn’t sound confident.

“He will go to Aintree, but will he win, no he won’t.”

BEN CLEMINSON

Willie Mullins could win a sixth Mares’ Novices’ Hurdle

THE PUNTER

Bill Esdaile previews the Paddy Power Stayers’ Hurdle

KLASSICAL A DREAM BET TO FLOOR RIVALS IN THE STAYERS’

BILL ESDAILE’S

STAYERS’ HURDLE 1-2-3

THERE can’t be many more open Grade Ones than the Paddy Power Stayers’ Hurdle (3.30pm), where all 11 runners look to hold something of a chance.

It’s a race with many great story lines.

FLOORING PORTER, winner of the last two renewals, is looking for the hattrick, 2019 winner Paisley Park is back for another go and market leader Blazing Khal is returning after a setback.

As the reigning champion, Flooring Porter looks the most sensible starting point.

In both his wins in this race, jockey Danny Mullins has been able to dictate the fractions from the front and the others have left him alone.

It will be fascinating to see how the race develops this time, but you can be sure Mullins will send Gavin Cromwell’s eight-year-old forward.

He hasn’t had the ideal preparation for this race when beaten on reappearance by Home By The Lee at Navan in November, and then again finding that rival too good in the Grade One Christmas Hurdle at Leopardstown.

However, he did have a similar prep last year – failing to win both those contests – before proving too good when it really mattered at the Festival, and the likelihood is Cromwell will have him ready to peak here again.

He should go close to completing

1 KLASSICAL DREAM

2 FLOORING PORTER

3 GOLD TWEET

the hat-trick, and looks a fair price at 6/1 with William Hill, but I’m keen to hunt for a bit more value in an open contest.

KLASSICAL DREAM was sent off favourite for this race 12 months ago and ran well to finish fifth, having travelled best into the contest before crying enough up the hill.

On that occasion Willie Mullins had given his son of Dream Well a prep run towards the end of January at Gowran Park, and I’m under the impression that didn’t give this horse the necessary time to recover and run to his best at Cheltenham.

While that break of around 50 days would have been ideal for most horses, we know that Klassical Dream needs plenty of gaps between his races, and is definitely best when caught fresh.

Crucially, he’s only had one run this season, when narrowly going down to Teahupoo in the Hatton’s Grace at Fairyhouse at the beginning of December, so will be a much fresher horse coming here this year.

That was a good performance, as he beat Honeysuckle into third over two-and-a-half miles, a trip that wouldn’t be his optimum.

He brings strong Cheltenham pedigree into this, as the 2019 Supreme Novices’ winner, and still has potential to do better over three miles, after only five starts at the trip.

He looks the value to me, and I’ll be taking the generous 9/1 on offer with William Hill.

Many will be looking to Blazing Khal as the horse to beat, and Charles Byrnes’ charge would be a strong favourite, had he not had such an interrupted preparation for this race.

We don’t know if he’ll be 100 percent coming here, after recovering from a knock after his Navan win last month and, to me, that means he’s worth taking on at the prices.

Teahupoo disappointed in the Champion Hurdle last season and, while this may be more his thing, he still has stamina to prove.

Coming here on the back of two wins, Home By The Lee looks to hold a sound chance, but the surprise package may be French raider GOLD TWEET

He came into the Cleeve Hurdle on Trials Day as an unknown quantity, but went through that race eye-catchingly well and picked up strongly to pull clear of Dashel Drasher and Paisley Park.

With that being his first start over three miles, there should be improvement to come from Gabriel Leenders’ six-year-old and that puts him firmly in contention.

He’s still something of a dark horse, and is likely to be overlooked, but he is a danger to all and I wouldn’t put anyone off him each-way at 11/1 with William Hill.

Klassical Dream (left) and Teahupoo battle it out in the final stages of the Hatton’s Grace Hurdle

Bill Esdaile previews the Ryanair Chase and Turners Novices’ Chase

Shishkin’s Road to victory might not be straightforward

THERE is no getting away from the fact that if the real SHISHKIN turns up for this afternoon’s Ryanair Chase (2.50pm), he should make light work of his eight rivals. They say that one swallow doesn’t make a summer and that’s the dilemma facing punters as to whether his blistering return to form at Ascot last time is a permanent thing.

His trainer Nicky Henderson has explained that he now requires this intermediate trip to allow him to travel sweetly into the bridle and that looked the case in the Ascot Chase.

On ratings, he is 7lbs clear of his nearest market rival and he reached an official mark of 177 before bombing out in last season’s Champion Chase. That’s the niggling worry in the back of my mind.

Whether you believe the stories about the ground and the possible bone disorder, he was woeful that day and, despite the fact he has won a Supreme Novices’ Hurdle and an Arkle here, he is returning to the scene of his worst ever run.

He’s a best-priced 5/6 with Willliam Hill and that will tempt many, but not me.

I much prefer the chances of the Gordon Elliott-trained FURY ROAD at 11/1 with the same firm.

The nine-year-old got within a neck of beating Monkfish in the Albert Bartlett here three years ago and has returned in great nick this season.

He kicked-off with a decent win over this trip at Down Royal in November and has run well at Grade One level in both starts since over three miles.

That was when third behind stablemate Conflated at Leopardstown at Christmas and then again third behind Gold Cup favourite Galopin Des Champs in the Irish Gold Cup.

The feeling is that he doesn’t quite see out the three miles, so the arrival of rain may actually help him as it puts an emphasis on stamina.

He jumped with real enthusiasm last time and I think he can shake up the more fancied runners.

Blue Lord somewhat fluffed his lines at the Dublin Racing Festival and steps up in trip here.

Any rain that arrives certainly won’t inconvenience him, but may put more emphasis on stamina which could be a negative.

Connections of Ga Law have made the sensible decision to abandon plans of having a tilt at the Boodles Gold Cup.

This year’s Paddy Power Gold Cup winner could easily hit the frame if brushing up his jumping but that is a worry.

A safer proposition may well be last season’s runner-up JANIDIL, who returned to form on bad ground at Gowran Park last time.

He sees out this trip really well, and was the only one to finish in the same postcode as Allaho 12 months ago. Chacun Pour Soi and Envoi Allen will have their each-way supporters, but the feeling is their best days may be behind them.

BILL ESDAILE’S 1-2-3

1 Fury Road

2 Shishkin

3 Janidil

Potter looks to have a Mighty chance in Turners

IF THERE has been one star of the novice chasing division this season from both sides of the Irish Sea then it is MIGHTY POTTER, who puts his 100 per cent record over fences on the line in the Turners Novices’ Chase (1.30pm).

Pulled-up when fancied for last year’s Supreme Novices’ Hurdle, he then bounced back winning a Grade One at Punchestown over hurdles and has been pretty flawless in three starts over fences this season.

The pick of those was arguably in the Grade One Drinmore in December, where he had Tuesday’s National Hunt Chase winner Gaillard Du Mesnil well beaten in second and BANBRIDGE back in third.

He then went on to take on five Willie Mullins-trained runners at the Dublin Racing Festival, beating them all, including Gaillard Du Mesnil back in third.

That’s top-notch form and the arrival of rain is a plus too.

He will again be ridden by Davy Russell, who is a maestro around Cheltenham and it’s hard to see him getting beaten.

If there is one in the field to lower his colours it could well be the Mullins-trained APPRECIATE IT, who finished third in the Irish Arkle to stablemate El Fabiolo last time.

That form was boosted with that horse’s win in Tuesday’s Arkle and the step up in trip may

be just what he needs.

He is a former Supreme winner, and the rain won’t inconvenience him either.

The same cannot be said for Banbridge, who is far more effective on a sounder surface.

The winner of the Martin Pipe Conditional Hurdle here last year, he can go well if the showers that are forecast don’t materialise.

BILL ESDAILE’S 1-2-3

1 Mighty Potter

2 Appreciate It

3 Banbridge

Fury Road (maroon silks) was third in the 2020 Albert Bartlett

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Ollie Phillips

ENGLAND’S final-round Six Nations tie in Dublin is not a case of whether the hosts can win, it’s a discussion about how many they win by.

The Irish chasing a Grand Slam in Dublin, against England, on St Patrick’s weekend. It is made for a famous home victory, isn’t it?

And even with their injuries – including the likes of centre Garry Ringrose and forward Iain Henderson – Ireland are favourites by a long chalk at the Aviva Stadium.

England’s challenge is how they will bounce back from their utterly humiliating 53-10 defeat to France last week.

Steve Borthwick’s side were completely outplayed in every department; I don’t think England carried hard enough, launched plays well or – obviously – executed chances.

I suppose what it does do is demonstrate the immaturity of England’s coaching set-up. That’s not to say they’re childish, but that they’re new.

Kevin Sinfield is a brilliant man and he was paramount in changing a Leicester Tigers culture from one in a rut to one which won the Premiership title last season.

But he’s so early into his journey as a coach and for his first experience of international rugby to be the Six Nations? That’s just tough.

If the away side can keep it clean, show some combative energy and at least challenge – like Scotland did for large parts against Andy Farrell’s Ireland – I think England will be happy.

There’s no shame in losing to Ireland at the moment, it’s as simple as that. They’re the best in the world, they’re relentless and they’re so well coached; they remind me of the All Blacks in the late noughties.

But England do need to show that they can turn up and put in a solid performance.

They need to carry harder, pass quicker and make smarter decisions; like the French did last week.

The spine of No8 Gregory Alldritt, scrum-half Antoine Dupont, fly-half Romain Ntamack and full-back Thomas Ramos ran the show.

The forwards provided a solid plat-

OPINION

LOSING BY HOW MANY?

or 25 points if England are competitive, but with just four matches after Saturday before the World Cup – all of which don’t have anything material on the line – it is paramount that Borthwick’s side show up.

I hope they do, but I did that last week and look where that got us.

GATLAND’S GALLES

Elsewhere on Super Saturday it is a huge day for Wales.

Their campaign has been a total write-off but, like England, they cannot be humiliated this weekend against France.

France have a Championship to play for while Wales are in Paris looking for some pride having just beaten Italy during their 2023 campaign.

I don’t see them winning but they’ve got to show some attacking flair,

England have got to stay in the fight against Ireland like Scotland did against Andy Farrell’s men last weekend

which has been missing.

Warren Gatland’s return to Wales has not gone to plan, but now is the perfect time for his side to show what they can do.

GREAT SCOTS

Scotland can still finish second in this year’s Championship, something they have not done in the Six Nations era. They host Italy in the early kick-off on Saturday and will be hoping to show how cut-throat they have become in recent times.

Italy will give them a game knowing they could hand Wales the Wooden Spoon but I cannot really see past Scotland for this one. They’ve come on so strongly in the last couple of years from a team that has one performance in them to one who have multiple.

form for the backs but everybody looked to be on the same page; the antithesis of what England demonstrated last Saturday.

England have nothing to lose in the

final match of this year’s Championship – except the game of course –and they can use the match as the toughest test between now and the World Cup later this year.

They’ve got to stay in the fight and take their chances. They’ve got to turn their red zone opportunities into points. They’ve just got to be better.

Ireland should win this match by 20

£ China Sevens head coach Ollie Phillips is the founder of Optimist Performance, experts in leadership development and behavioural change. Follow Ollie on Twitter and on LinkedIn.

Lineker row chance to change sport at BBC

NATIONAL treasuredom isn’t codified. It is a status that creeps up on individuals, usually as they enter their twilight years. It does not reflect universal approbation, but certainly requires dissenters to be in a dwindling minority. Gary Lineker is clearly too divisive a figure to be considered a national treasure just yet, but the past week has surely seen him take a further sizeable step in that direction.

If you think the footballer turned presenter has only entered this gilded sphere in the Twitter age, think again. Think back indeed to the 1990 World Cup and England’s penalty shoot-out defeat to West Germany in the semifinal. Only a year later one character in a West End play bearing his name likened Lineker to the Queen Mother. Another asked whether his farts smelled of perfume. All in the name of

SPORT COMMENT

Ed Warner

comedy, but playwrights Arthur Smith and Chris England were tapping into an enduring zeitgeist. What say you a stage revival of An Evening with Gary Lineker soon – or ITV rebroadcasting its small-screen version to cock a snook at the BBC?

Whatever side you took in the standoff between Britain’s state broadcaster and the frontman for its football coverage that disrupted last weekend’s programming, or how you view the hurried rapprochement between the

two, we can probably agree that the BBC’s handling of its stars is dysfunctional at best. Beyond the immediate ramifications for codes of conduct and the like, the episode may lead to a fundamental reappraisal of the style of the Beeb’s sports coverage.

THE TALENT

Spend any time up close to BBC Sport and you’ll hear the phrase “the talent” used to describe the broadcaster’s front-of-camera presenters and on-air pundits; not so much the commentators. This is not an epithet unique to the BBC, but its usage is so frequent that even the talent can become prone to use just the same phrase to describe themselves. To an outsider it is jarring to hear, but inside the bubble it simply trips off tongues.

In a competitive market for successful TV performers, it is unsurprising

that an atmosphere of reverence can develop. Little wonder that egos inflate. The risk, however, is that the employing broadcaster leans too heavily on the input of its expensive recruits in crafting its productions. When this comes at the expense of the sport itself, I’d argue that the overall quality of the output is diminished. Less chat, more action is my preference.

BBC insiders disagree. Their focus groups show that casual sports fans derive disproportionate utility from the talking heads. That’s why you see so much of them wrapped around live sport – and why when you are watching multi-sport competitions, or sports that break down into bite-sized action such as athletics, gymnastics and swimming, you might find yourself screaming at the screen for a producer to switch away from the studio and back to the venue.

The roster of sports that the BBC owns coverage rights for continues to diminish. The cost-versus-viewership equation for sport is often deemed unfavourable compared to other programme formats. Subscription broadcasters continue to build their pay-TV models around live sports rights and the BBC’s licence fee simply can’t stand up to the competition. Before the Beeb throws in the towel, however, it might like to extend the pundit-lite experiment forced on it to see whether there is scope to operate a leaner model that simply concentrates on the action. The WSL game on BBC2 last Sunday using the international commentary feed and devoid of pundits might be a first example to put before the focus groups.

£ Ed Warner is chair of GB Wheelchair Rugby and writes at sportinc.substack.com

SPORT

Genge: England will turn up and fight Ireland in the Six Nations

ELLIS Genge, who captained England to a record 53-10 defeat to France last week in the Six Nations, has insisted the side will show fans some fight on Saturday as they look to deny Ireland a Grand Slam in Dublin.

England capitulated to the French at Twickenham in what was their heaviest ever defeat at the stadium.

Coached by Steve Borthwick, England head to Dublin on Super Saturday to face off against the world No1s looking to salvage some pride after a poor performance last week.

“You will see a reaction,” prop Genge said yesterday.

“As a team we want to see us fight for each other until the last minute –and I think we will get that.

“I don’t think there is a massive difference in skill level and player calibre between the majority of the teams in the world.

“It is just people working hard on the day, and effort, the things that you can control.

“Talent is another question, but I don’t think we lack that. It was just being on the same page and fighting until the bitter end and we didn’t do that on Saturday.

“[The reasons we lost] are all underpinned by one thing and that is fighting and working hard for each other, and I don’t think we did that for the whole game, which is unusual for us.

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NO CAM DO Norrie loses quarter-final tie at Indian Wells

“I can assure you this group won’t be the same on Saturday.”

England’s tenure under Borthwick has so far seen them lose to France and Scotland while the team beat Italy at home and Wales in Cardiff, leaving them sitting fourth in the Six Nations table.

On St Patrick’s Day, Scotland will open Super Saturday against Italy in Edinburgh before Wales play France in Paris. England then face Andy Farrell’s Ireland in the final game of this year’s Championship, where Farrell’s son Owen is expected to start for the visitors at fly-half.

“What an occasion,” Genge told BBC Sport.

“It would be amazing

FOOTBALL

Government facing White Paper diversity row

FRANK DALLERES

to be Irish and have England come over and have a Grand Slam opportunity when they [England] have lost by 50 points on the weekend, on St Patrick’s Day –a day that is literally made for them.

“So we are going to turn up. And we are going to fight.”

Following on from this year’s Six Nations Championship, England will play four warm-up fixtures –at home against Wales and Fiji and away to Wales and Ireland –before the World Cup in France this autumn, where Borthwick’s side will play Argentina, Japan, Chile and Samoa in Pool B.

Red light for Ferrari as Leclerc set

for 10-place grid penalty

MATT HARDY

FERRARI Formula 1 driver Charles Leclerc is set to receive a grid penalty ahead of this weekend’s Saudi Arabia Grand Prix.

The Prancing Horse driver will drop down the grid by at least 10 places in the Middle East as a result of his retirement from the opening race of the season in Bahrain a fortnight ago.

Leclerc’s car had two issues with its electrics in the island nation, with the Monegasque driver now already at his allocation of two.

“It is something we have never experienced in the past and I hope

now it is under control,” Ferrari team principal Frederic Vasseur said yesterday. “But unfortunately we will have to take the penalty in Jeddah because we only have a pool of two ECUs [electronic control units] for the season.”

Leclerc was set for a podium finish in Bahrain, behind Red Bulls Max Verstappen and Sergio Perez, when the fault occurred.

The retirement allowed 41-yearold Fernando Alonso to claim a first podium for Aston Martin.

Elsewhere in F1, Austria has signed a deal that will see a Grand Prix in the country until 2027.

CAMPAIGN group Women in Football says it is likely to raise concerns with Culture Secretary Lucy Frazer about the White Paper on football governance.

Women in Football director Jane Purdon said the blueprint for an incoming football regulator appeared to have “stripped out all mention of diversity” targets for a sport already lagging behind.

“I think we’ll probably be writing to the Secretary of State to seek clarification on this,” said Purdon, a former director at the Premier League. “But I’m very concerned that we’re going to get a Football

Club Governance Code that is going to be silent on diversity and inclusion, unlike the UK corporate governance code. So, work to do in my opinion.”

Purdon said Women in Football had “put submissions in all through this process, including the Fan Led Review” undertaken by former Sport Minister Tracey Crouch in an effort to underline the importance of equality, diversity and inclusion (EDI) measures.

“Perhaps the biggest disappointment for me now is what the White Paper says about EDI, because I see this as a real opportunity for football, which as a sport has lagged behind others in

FOOTBALL

this country,” Purdon said at a Mishcon de Reya panel discussion. “Clearly we are not seeing the change we need whether on gender, ethnicity, socio-economic diversity, and we’re not seeing that happen quickly enough.”

The Departure of Culture, Media and Sport declined to comment, but government sources said it recognised more progress could be made to widen opportunities and develop talent in minorities across football. They added that the Football Club Corporate Governance Code would be tailored to football’s business model and clearly set out what responsibilities clubs have and how they should

United bidders heading

for Old Trafford talks this week

MATT HARDY

SIR Jim Ratcliffe, one of Britain’s richest men and a prospective buyer of Premier League outfit Manchester United, is expected to visit Old Trafford tomorrow to receive a presentation on the potential $6bn sale of the club.

In addition to Ratcliffe’s appearance tomorrow, representatives of Shaikh Jassim bin Hamad Al Thani –the man behind the Qatari bid for United –are due to be in Manchester today to receive a similar presentation.

This comes after the current owners of the club –who face Real Betis in the second leg of their round of 16 Europa League tie tonight –the Glazers said

they would listen to offers for the club late last year.

It is still unknown whether the Glazers, who also own NFL franchise the Tampa Bay Buccaneers, are set on selling a majority stake in the club or a minority holding.

Ratcliffe, the chairman and chief executive of chemical group Ineos, is set to be at his League 1 club Nice’s Europa Conference League tie with Sheriff Tiraspol this evening.

Ratcliffe is said to want the entirety of the Glazers’ holding in Manchester United –69 per cent –while Sheikh Jassim has stated that he wants the club in full, with any deal expected in the coming months.

MATT HARDY

be carried out.

Genge was captain against France after Farrell was dropped

British No1 men’s tennis player Cameron Norrie crashed out of Indian Wells last night in straight sets to 2022 US Open semi-finalist Frances Tiafoe. In a match that had an early stoppage due to rain, 2021 Indian Wells champion Norrie lost 6-4 6-4 to the American in the quarter-finals. Fellow Brits Emma Raducanu and Jack Draper each exited the unofficial fifth Grand Slam yesterday to No1 seeds Iga Swiatek and Carlos Alcaraz respectively.