Thursday 27 April 2023

THE

WEEKEND STARTS HERE

‘BANK HOLIDAY’ MAY KICKS OFF WITH OUR GOING OUT GUIDE P18

GUNNERS SHOT DOWN CITY PUT ONE HAND ON TITLE P22

BANKING CRISIS

First Republic on the ropes as shares fall

CHRIS DORRELL

FIRST Republic’s shares fell nearly 40 per cent yesterday before recovering slightly as speculation grows that the ailing lender will have to be rescued.

On Tuesday, the San Francisco-based bank’s share price closed over 30 per cent lower after it revealed on Monday evening that it had seen over $100bn (£80bn) in deposit outflows in the first quarter. Over the year to date, its share price is down over 95 per cent.

COMPETITION WATCHDOG BLOCKS MICROSOFT’S MEGA-BUCKS ACQUISITION OF ACTIVISION - WITH BOTH FIRMS READYING FOR BATTLE

PLAYER 1:

MICROSOFT

‘THIS DECISION REFLECTS A FLAWED UNDERSTANDING OF HOW THIS MARKET WORKS’

THE UK’s competition regulator yesterday blocked Microsoft’s £50bn-plus bid for the video game publisher Activision Blizzard, citing concerns over competition in the fledgling cloud gaming market.

The move by the Competition and Markets Authority (CMA) was criticised by both sides, with Microsoft immediately announcing plans to appeal.

OBITUARY

JACK MENDEL

HEARTFELT tributes have been paid to City grandee Sir Win Bischoff who has died at the age of 81 following a short illness.

The German-born banking boss who had top roles at Schroders and served as chair of Lloyds Banking

“It’s daring, it’s assertive, and [the CMA] will now have to face review by the Competition Appeal Tribunal. That will be the next interesting step,” said Anne Witt, a law professor and competition expert.

Activision said it would “reassess our growth plans for the UK” after the ruling, whilst Microsoft said that the decision “rejects a pragmatic path to address competition concerns and discourages technology innovation and investment in the United Kingdom”.

Group and Citigroup, also held a number of rules at JP Morgan.

The banking giant’s boss Jamie Dimon said yesterday that Bischoff was a “giant of our industry” and a “pivotal and calming leader through the financial crisis. His wisdom has left an indelible influence.”

The current chair of Lloyds

PLAYER 2: ACTIVISION

‘GLOBAL INNOVATORS LARGE AND SMALL WILL TAKE NOTE THATDESPITE ALL IT’S RHETORICTHE UK IS CLOSED FOR BUSINESS’

Activision added that the ruling was a “disservice to UK citizens, who face increasingly dire economic prospects”.

The deal is also being probed by other regulators, the European Commission and the US Federal Trade Commission, but moves by the UK regulator and appeals court are now likely to weigh on their decisions, experts said.

“If Microsoft succeeds, the game goes on,” added Witt.

“It needs to clear the EU and US hurdle.

Banking Group, Robin Budenberg, heralded Sir Win Bischoff as “an exemplary figure in financial services, and “pivotal part in the story of Lloyds Banking Group.” He had, said Budenberg, “played a uniquely influential and

But if the CAT conforms to the CMA’s decision, then it’s truly game over.”

Microsoft had previously pledged a string of proposals, enough to encourage the regulator to set aside its concerns that competition would be stifled in the console market last month.

But the regulator still had concerns that it would be “commercially beneficial” to Microsoft to lock the games into its own cloud gaming service should the deal go ahead.

Investors are concerned that the huge amounts of expensive short-term funding the bank took on to secure its survival will weigh significantly on profitability going forward.

The bank is attempting to come up with a plan for its survival, including cutting 25 per cent of its staff in the next quarter.

Bloomberg reports that First Republic is attempting to sell as much as $100bn in assets to pay off its debts. But the bank faces a race against time and the government may intervene well before any plans can come to fruition.

According to reports, regulators and financiers are scrambling for a plan to prop up the teetering bank, while the government is currently unwilling to intervene.

thoughtful role in the governance of banking and other business sectors –a guiding hand towards a more resilient, sustainable and inclusive financial sector.”

And the Corporation of the City of London’s policy chairman Chris

Hayward said: “Colleagues at the City Corporation are grateful for the opportunity to have known and worked with him over the years and will continue to honour his memory by working towards creating a more sustainable future for all.” Bischoff was knighted in 2000 for services to banking.

ABBY WALLACE

‘A giant of our industry’: City grandee Sir Win Bischoff passes away aged 81

STANDING UP FOR THE CITY

Here’s to an extraordinary church and a remarkable banker

To St Paul’s, where one of the City’s founding fathers is being celebrated. It is the 300th anniversary of the death of Sir Christopher Wren this year, and the cathedral at the heart of our national life is celebrating the great builder with an exhibition in the crypt of the Ludgate Hill landmark.

It is a remarkable picture of a man who was so famously commemorated in the words of his son: si monumentum requiris,

THE CITY VIEW

circumspice -- if you seek his monument, look around you.

Wren’s churches, which still dot the City, remain masterpieces. But perhaps most interesting is that whilst Wren’s design and dome have stood the test of time, the cathedral has been no stuck-in-

time affair.

The Victorians decided the interiors were too dull, dirty and austere (Queen Victoria in particular was not a fan) so added a phalanx of glittering mosaics into the stonework. Then, after the impact of World War II -- when the cathedral survived two bombing attacks, one of which had it not been for the quick work of a bomb disposal unit would have surely destroyed the cathedral in full -- further

restorers added to the church interior with an extraordinary baldachin, a sort of canopy, at one end.

Much like the City itself, the great cathedral has evolved through the centuries to remain relevant to modern tastes, and become a more remarkable place for its changes.

If St Paul’s is one of our physical landmarks in the Square Mile, then Sir Win Bischoff must be described as one of our more

FLIGHT TO SAFETY British nationals onboard an RAF aircraft after being evacuated from Sudan. The rescue mission has lifted 301 people while a fragile ceasefire

Sick days in UK reach record high of 185m as cloud of Covid-19 hangs over economy

WORKING days lost in the UK due to people being sick have climbed to a record high of just over 185m.

New figures released by the Office for National Statistics (ONS) indicate that Covid-19 is still impacting the economy and health of the country’s workforce.

In 2019, the volume of days lost to people being ill was 138.2m and had been on a downward slope for 20 years.

The sickness rate, the proportion of working hours lost due to sickness, hit

2.6 per cent: the highest rate since 2004.

Analysts warned this rise could

squeeze the country’s capacity to make goods and services if it continues.

“It signals further deterioration in the country’s production potential”, and “further decline in long-term economic growth” Yael Selfin, chief economist at KPMG’s UK, told City A.M.

The ONS categorises Covid-19 related sickness in its “other” bucket of cases, a reason which has been rising rapidly since 2019. Just under 24 in every 100 sick days were down to this last year.

Minor illnesses were the most common, causing 29 per cent of sick days.

All age groups underwent a jump in their sickness absence rate last year

though women took the most sick days.

People with long-term health issues were also highly likely to miss work, the ONS said, which suggests the strong impact of a rise in chronic sickness.

James Smith, economist at Dutch bank ING, told City A.M. the main factor increasing rates is temporary sickness.

Other ONS figures show 500,000 people have fallen into economic inactivity – defined as out of work and not looking for a job – since 2020.

A paucity of workers could hold back economic growth by stopping businesses from expanding, economists have warned.

corporeal lodestars. A lifelong banker with an extraordinary career who garnered the respect of all those who met or worked with him, Sir Win has passed away, and he will be sorely missed. The tributes paid to him yesterday were entirely in keeping with one of the City’s most wellrespected figures, and in his own way he too can claim to have left his monument in the shape of the modern Square Mile. Rest in peace.

WHAT THE OTHER PAPERS SAY THIS MORNING

THE FINANCIAL TIMES

KPMG FINED £1M OVER ‘RUDIMENTARY’ FAILURES IN THEWORKS AUDIT

KPMG has been fined £1m by the UK accounting regulator over its auditing of stationery seller Theworks.co.uk, taking the total penalties and costs against the firm to £69m over the past five years.

THE TIMES PWC TO INVEST $1BN IN ARTIFICIAL INTELLIGENCE

PWC has become the latest business to throw its weight behind artificial intelligence, announcing plans to invest $1bn in the tech in order to automate parts of its audit, tax and consulting services in its US business.

THE GUARDIAN ONLINE CASINOS FACE CURBS AFTER REVIEW OF GAMBLING IN UK

Online casinos will face tougher restrictions under government proposals to overhaul Britain’s gambling rules, but the majority of measures will be subject to further consultation.

British workers clocked zero productivity growth last year

JACK BARNETT

BRITISH workers clocked no improvement in the amount of goods and services they produce per hour over the last year.

Office for National Statistics (ONS) figures show output per hour in the three months to December 2022 matched 2021 figures.

The numbers indicate the UK’s sluggish productivity will continue.

Output per hour worked among the Square Mile’s banks, brokers and insurers contributed a 0.4 percentage point contraction to the

overall figures. Construction staff notched the biggest gains, adding 0.7 percentage points to the total. Economists pinpoint productivity growth as the key factor to boosting long-term living standards.

Since 2008’s financial crisis, the rich world has suffered a marked slowdown in productivity growth, choking economic expansion.

On a separate measure, the ONS said productivity growth over the past year was in fact worse: “Output per worker and output per job were 0.2 and 0.3 per cent below their respective Q4 2021 levels”.

JACK BARNETT

holds.

Lynch: Strike law will only lead to wildcat strikes

GUY TAYLOR

RMT general secretary Mick Lynch told MPs yesterday that proposed legislation for enforcing minimum service levels for some services and sectors when strike action is taking place would result in workers walking out without trade unions’ authorisation.

“If we can’t use traditional industrial action, there will be novel forms of action, and there will be wildcat action, which is what happens in France, and Italy, and Spain and elsewhere,” Lynch said. “It’s going to come back on the Conservatives’ heads, I believe.”

The union boss was giving evidence to the Transport Select Committee alongside Mick Whelan, the general secretary of ASLEF and Rob Jenks, TSSA’s policy officer, on the potential impacts of the controversial Minimum Service Levels Bill, which is making its way through parliament.

GIDDY-UP Flutter readies to pursue US listing as London exodus continues

All three argued that the so-called anti-strike bill was unsafe, with none agreeing to accept the legislation in any form. Lynch argued it was a “recipe for disaster.”

“We will never support minimum service level. It is undemocratic,” Lynch said. “It goes straight to peoples right to combine and to be democratic, and to have their freedoms expressed in a free democracy.”

The rail bosses also raised concerns that the policy would result in a total breakdown in the relationship between unions and government.

“When things do go wrong like this, and minimum service levels are imposed, those relationships will be broken,” Jenks said.

“In all my 38 years in this industry I cannot see how this can be done safely,” Whelan said. “There will be more action, and it will worsen industrial relations.”

PADDY POWER owner Flutter is expected to announce that it has secured investor backing for its plans for a second US listing at its annual meeting today, according to Sky News reports.

Beefeater maker Pernod defends resumption of exports to Russia

JACK MENDEL

THE WORLD’s second-largest wine and spirits seller Pernod Ricard has restarted exports to Russia but insists it’s “not business as usual”. Beefeater gin will once more be drunk in Moscow bars following the decision, slammed by the Moral Ratings Agency as “as disgusting as it

New CBI boss says sorry as she takes chair

JESSICA FRANK-KEYES

THE NEW boss of the Confederation of British Industry (CBI) has pledged to “rebuild and reimagine” the crisis-hit organisation and “win back trust” as the group continues to deal with an ongoing sexual misconduct scandal.

is ironic”. The company insisted it stands “firmly with the people of Ukraine” following Russia’s “unjustifiable war” in the country, launched in February 2022, and said the primary reason for restarting exports was to protect its teams. A spokesperson said it was “not business as usual” and the “decisions were not taken lightly”.

Rain Newton-Smith, the new director-general of the CBI, yesterday apologised to the women who made allegations of sexual harassment, assault and rape. Writing on Twitter, she said she wanted to express “how profoundly sorry I am for how our organisation let you down”, as she took over at the under-pressure lobby group. She added: “We know there is so much to do to win back the trust of our members, our colleagues and wider society.

It comes after more than a dozen women who worked for the CBI told the Guardian they had been victims of sexual harassment. Two women alleged they had been raped.

Newton-Smith faces a battle to reform the group after many questioned the wisdom of appointing a CBI insider as leader.

Short seller demands Labour MP retracts comments on Kremlin ties

CHARLIE CONCHIE

LABOUR MP Liam Byrne yesterday came under fresh pressure from City short seller Fraser Perring after failing to cough up evidence for his suggestion Perring and his firm Viceroy Research were acting on behalf of the Russian state.

A major war of words has erupted between the pair after Byrne

claimed in a House of Commons debate that Perring was “not an infrequent visitor to Moscow” and called for an investigation into the firm’s activities.

The allegations have triggered a furious response from Perring, who has accused Byrne of abusing parliamentary privilege and yesterday demanded that he retract the claims.

In a new letter to Byrne seen by City

A.M., lawyers for Perring said the MP was “fed these lies by individuals who have their own commercial reasons to attack our client”, and set a deadline of next Tuesday to retract the claims.

“It should be obvious to you by now that he will not rest until you have withdrawn your statements about him and acknowledged their falsity,” Perring’s lawyers said. Byrne did not respond to a request for comment.

CRH confirms New York listing in London snub

CHARLIE CONCHIE

BUILDING supplier CRH yesterday said it will press ahead with plans to ditch its London listing in favour of New York, confirming a major blow to the City as it scrambles to revive the appeal of its capital markets.

CRH, which makes a major chunk of its revenues in the US, announced last month that it was looking to swap from London to a primary listing in New York in order to tap into more “commercial, operational and acquisition opportunities” in the US

The news was seen as a major snub to the City amid fears that London was losing ground on international competitors as a listings destination.

CRH said it had “engaged extensively” with shareholders and had got “strong support” for the move.

“We believe a US primary listing will bring increased commercial, operational and acquisition opportunities for our business, further accelerating our successful integrated solutions strategy

and delivering even higher levels of profitability, returns and cash for our shareholders,” the firm said.

Policymakers and regulatory officials have been looking to breathe life into London’s markets amid fears that growing firms are looking overseas to better attract cash from investors.

A slew of reviews have been launched to overhaul the regulatory frameworks around the public markets, with the latest review into investment research launched by ministers earlier this year.

Ministers have also commissioned deep dives into listing rules and the UK’s secondary markets over the past three years to ease the way that firms can float and raise cash.

London has been dealt a series of blows in recent months however, with chipmaker Arm snubbing London in favour of New York despite a lobbying campaign from ministers and regulators. CRH’s confirmation yesterday came as the firm reported a “positive” start to the year with first quarter sales and earnings ahead of guidance.

London Stock Exchange chief says markets held back by risk aversion

CHARLIE CONCHIE

BRITISH investors need to better understand risk if the UK is to realise the potential of its capital markets, the chief of the London Stock Exchange said yesterday, as top City figures were grilled on an exodus of firms from London.

Julia Hoggett, the chief of London’s bourse, was quizzed on the future of London’s capital markets by the influential Treasury Select Committee alongside City grandee Lord Hill, GSK

chair Jonathan Symonds and the Lord Mayor of London Nicholas Lyons.

“We need to recognise that stock markets are about risk capital,” Hoggett said. “We have to recognise that not every time, companies will succeed. Some will fail, and not every company will have the returns expected.” Hoggett’s comments came as she mounted fresh calls on managers of pension funds to divert more cash into the UK’s stock market to spark the growth of companies.

LSE boss Julia Hoggett said London investors must stop being so cautious

Oxford Street is now a ‘national embarrassment’, says M&S chief

CITY A.M. REPORTER

THE BOSS of Marks & Spencer has said that Oxford Street has become a “national embarrassment”, warning that London and its high streets were on “life support”.

“The high street which is meant to be the jewel in London’s crown, today is a national embarrassment, with a proliferation of tacky candy

Persimmon share price jumps on optimism for home sales recovery

LAURA MCGUIRE

PERSIMMON Homes’ share price lifted over five per cent yesterday, despite the group reporting a 42 per cent knock in the number of homes completed in the first leg of the year.

The house building group, which is one of the largest in the UK, said sales secured on homes was down to 1,136 at the start of this year compared to 1,950 homes last year.

However, Persimmon reported strong

traffic to its website and improvement in sales, reassuring investors.

Moreover, the group said its pricing remained “firm” in the first quarter as the selling price on private homes grew 10 per cent on the same period last year.

“Trading over recent weeks has offered some signs of encouragement with visitor numbers up, cancellation levels normalising and sales rates continuing the steady improvement evident since the start of the year,” Persimmon boss Dean Finch said.

Interest rates boost Standard Chartered profit

CHRIS DORRELL

STANDARD Chartered beat expectations in the first quarter as rising interest rates once again boosted the bank but confirmed there had been not contact with First Abu Dhabi Bank.

The emerging markets-focused lender yesterday reported a pretax profit of $1.8bn (£1.4bn), up 25 per cent year on year and beating market expectations of a $1.4bn profit.

The increase came as higher interest rates continued to benefit the bank. Its net interest margin widened to 1.63 per cent, helping interest income climb 18 per cent.

Both the bank’s corporate and consumer divisions recorded significant income growth although its venture capital arm slumped to a $103m loss.

The underlying profit figures were the bank’s best since 2014.

Chief executive Bill Winters said: “Business performance continues to improve across our markets and products and has been achieved

in what continues to be an uncertain environment.”

The bank said that its deposit base remained “strong and stable” following the collapse of Silicon Valley Bank.

Chief financial officer Andy Halford said “we’ve actually had a really stable period for deposits which have been stable throughout the quarter”.

Halford suggested the volatility in the banking sector, and particularly the collapse of Credit Suisse, could create opportunities for Standard Chartered and it “will not be shy of seeking to grab them”.

The outlook looks bright with the bank guiding for 10 per cent income growth, at the top of its previously guided range.

The bank has been a target of takeover talks in recent months with First Abu Dhabi Bank confirming in January it had been interested in acquiring the bank. However, Halford confirmed there had been “no contact at all” with either First Abu Dhabi or any other suitor.

stores, antisocial behaviour and footfall remaining in the doldrums,” Stuart Machin, M&S chief executive, wrote in the Evening Standard.

“Meanwhile other cities are beginning to thrive again,” Manchin said, adding that “for too long now it has been on life support”.

His comments come as M&S battles to redevelop its Marble Arch store on Oxford Street.

Manchin said the government’s decision to scrap tax-free shopping for international visitors “only holds London back further”.

His comments were made alongside an announcement that M&S will inject £12.5m into its London stores, creating 200 jobs.

“As a proud Londoner I want to invest in a London we can be proud of,” he said.

The housebuilder said it had seen a recent uptick in demand

Boss Bill Winters praised the group’s resilience

Jupiter chair exits following rocky start to the year

CITY A.M. REPORTER

FUND management vet Nichola Pease stood down as chair of Jupiter yesterday, citing personal reasons for her sudden resignation.

Pease, who started her career at Kleinwort Benson and was formerly CEO of Hambro Capital Management, served in the top board chair for three years but leaves with the fund manager suffering a rocky start to the year.

They pulled a net £900m from the business in the first quarter alone, with the firm saying the outflows were a result of a “risk off” environment continuing from 2022 into early 2023.

“Client demand for UK and European equities remained muted, although this was partially offset by continued positive net inflows into global equity strategies,” the firm’s statement to markets read.

David Cruickshank, who spent his executive career at Deloitte and was elected as chair of the firm’s global board in 2015, will take the reins in the

John Lewis boss vows to keep employee-owned retailer ‘unique’

LAURA MCGUIRE

DAME Sharon White (pictured) has vowed to preserve what makes the John Lewis Partnership “unique”, as the chief of the struggling retail chain outlined how the company plans to navigate the cost of living crisis and retain its customer base.

“effects of the pandemic” and doesn’t believe that the sector is yet to land at a “new normal”.

Jupiter boardroom.

“Nichola leaves an experienced and talented board, who are focused on helping deliver our strategy and I would like to extend our thanks to Nichola, on behalf of the board, for her strong leadership and support,” he said yesterday.

The firm’s share price has largely survived an uncertain market, up around 20 per cent in the last six months.

Jupiter’s assets under management also rose by £600m in the first quarter to £50.8bn despite fears of a banking crisis delivering a dent at the end of the quarter, though Peel Hunt analysts said looking ahead they expected the firm’s performance to remain muted.

Pease’s legacy will largely be seen as managing the transition of Merian, which Jupiter bought in 2020, into the wider Jupiter business.

Roger Yates, a board member, said she had led the manager through “exceptional circumstances”.

LONDON GETS DRESSED UP Covent Garden readies for historic Coronation weekend

Dame Sharon told The Telegraph retailers are continuing to see the

Man Group records $1.1bn net inflows

as investor jitters ease

CHARLIE CONCHIE

HEDGE FUND firm Man Group yesterday revealed it had notched $1.1bn (£883m) of net flows into its funds in the first three months of the year and bumped up its assets under management as investors edged back into the market after a turbulent 12 months.

The London-listed investor said its managed assets rose one per cent to $144bn (£115bn) between January and March, while net inflows from clients in

the first three months of this year came in at $1.1bn.

Positive currency moves on its finances were offset by “negative performance-linked leverage movements” in the quarter, it said.

After a tricky year for London’s money managers exacerbated by recent banking turmoil, analysts at Barclays said it was a “solid update” with inflows beating analyst estimates.

Shares in the firm rose to close up over three per cent.

The retailer announced plans to cut prices by £100m in Waitrose and has drafted in Tesco Clubcard pioneer Dunnhumby to reshape its loyalty card scheme in a bid to revive itself.

Dame Sharon’s vow to keep the employee-owned business “unique” comes amid a difficult time for the retailer, as just last month it was revealed that the chief was looking to sell a minority stake in the company to raise much needed funds for its lossmaking brands.

Punters at Covent Garden are now being greeted by the union flag flying high –and lots of them –ahead of King Charles III’s Coronation next weekend. The City of London Corporation announced a host of Square Mile events for the weekend yesterday.

Nichola Pease steps down after three years

BP gears up for AGM with oil giant set to face wrath of pension funds

NICHOLAS EARL

BP HAS defended its decision not to let shareholders to vote on its weakened climate targets ahead of today’s AGM, where its chairman could be ditched. The energy giant plans to relax its reductions in oil and gas production from 40 to 25 per cent by 2030 – and views this change as part of its wider climate strategy which was previously approved by shareholders last year. BP claims this move is in line with both its net zero target for 2050 and

the Paris Climate Agreement.

A spokesperson said: “We have increased our aims for reducing operational emissions and for reducing emissions intensity of our energy sales, and for investing in our transition businesses.”

Five UK pension groups plan to oust chairman Helge Lund from his position, in response to the watereddown climate pledges.

Diandra Soobiah of Nest -- one of the five groups -- told City A.M.: “What’s particularly worrying is they haven’t

Heathrow trims losses but claims hit from strikes

GUY TAYLOR

HEATHROW Airport narrowed its losses this quarter, but said results were impacted by the Civil Aviation Authority’s (CAA) price cap, and strike action.

The airport posted adjusted pre-tax losses of £139m, down from £223m the previous year, writing this was due to “the revenue allowance in the CAA’s H7 settlement being set too low.” It forecasts no dividends for 2023.

The group welcomed 16.9m passengers in the first quarter, retaining its position as Europe’s busiest airport and second in the world for international travel.

Revenues increased by 57 per cent to £814m, up from £516m in 2022.

The results come after a period of industrial action, which saw Heathrow security guards strike for 10 days over Easter. Heathrow’s ongoing spat with airlines over the price cap continued, as both Heathrow and Virgin Atlantic announced their decision to appeal to the CAA over the decision.

The airport also plans to increase the frequency of trips to China as it reopens

its borders, and called on the government to end the ‘tourist tax’.

Heathrow CEO John Holland-Kaye said: “We are building our route network to connect all of Britain to the growing markets of the world. Now we need the government to lure international visitors back by scrapping the ‘tourist tax’.

“We urge ministers to make the UK more competitive for overseas visitors versus the EU by removing the ‘tourist tax’ of VAT on shopping which will drive more spend in shops, restau-

gone back to shareholders and given us a chance to vote on such a significant decision.”

Concerned investors will have to express their disagreement through other key votes tomorrow.

Lund was backed by 96.6 per cent of shareholders at last year’s AGM. Today’s outcome is not yet clear.

The company’s shares soared 20 per cent in February when it announced plans to ease fossil fuel reductions, which had powered the company to record £23bn profits last year.

rants and attractions across Britain.”

Last month, the CAA confirmed the cap on how much Heathrow Airport can charge airlines will remain fixed at the level set earlier this year.

The CAA published its final decision for the annual caps that will apply to the charges that Heathrow levies on airlines for using the airport until the end of 2026.

CITY A.M. REPORTER

IT MAY be the end of cheap flying, according to a new report, which shows flight costs could surge by as much as 230 per cent without urgent investment in green aviation tech.

Ted Christie-Miller, director of carbon removal at Be Zero Carbon, said: “The age of cheap flights is over. Unless we act now to bring down costs of key technologies such as

Boeing plans to ramp up 737 Max production after significant delays

GUY TAYLOR

US PLANE MAKER Boeing yesterday announced plans to ramp up production of its 737 Max planes after manufacturing issues led to significant delivery delays. There had been major concerns that the manufacturer would not be able to meet its annual target of

making at least 400 737 planes, but the firm said it now hopes to produce 38 planes per month and deliver 400450 aeroplanes this year.

The group did caution, however, that near-term deliveries and production on its 737 program will continue to be impacted.

In its quarterly statement, it also reported a 28 per cent increase in

revenue on the same period last year.

“We are progressing through recent supply chain disruptions but remain confident in the goals we set for this year, as well as for the longer term,” Dave Calhoun, Boeing president and chief executive officer, said yesterday.

Boeing shares took off, finishing up 2.72 per cent.

sustainable aviation fuels and direct air capture, aviation will become out of reach for most consumers.”

The whopping 230 per cent figure – the worst-case scenario – would be caused if no action was taken by the industry. This would mean that Londoners flying to New York would see the average price of a return ticket skyrocket from £540 to nearly £1,800 by 2050.

Christie-Miller added: “Armed with

more sustainable fuel options and effective and high-quality engineered carbon removal credits, the aviation industry could protect consumers from skyrocketing costs, and the planet from harmful emissions.”

The report comes as the government announced its ‘Jet Zero’ plan last week, in which it aims to decarbonise aviation by 2050 and boost production of sustainable aviation fuels.

‘The age of cheap flights is over’: Invest in green aviation tech or pay (triple) the price, group warns

BP is facing pressure over plans to water down its climate pledges

Reckitt names insider Kris Licht as new top dog

LAURA MCGUIRE

DETTOL maker Reckitt Benckiser yesterday named company insider Kris Licht as its new chief executive, after posting strong revenue growth in the first leg of the year.

Licht, who currently serves as president of Reckitt’s health business as well as chief customer officer, will take up the role in May. He replaces interim CEO Nicandro Durante, who took the role in 2022 after the unexpected departure of former chief Laxman Narasimhan.

“Kris is the right leader to take Reckitt on the next stage of its exciting journey. I look forward to working with Kris to deliver a seamless and uninterrupted transition,” Durante said.

The news came as the cleaning products to sexual health company posted first quarter results yesterday, reporting like-for-like revenue growth of 7.9 per cent, beating estimates. The Gaviscon creator also said net revenue growth in its health offering grew 12.5 per cent to £1.6bn, however Reckitt noted that sales in Dettol declined as the demand for the product dwindles post-Covid.

The company, which also owns Durex and Nurofen, also revealed it had hiked prices 12.4 per cent in the first quarter.

Shares fell after the update, closing down 3.45 per cent yesterday.

CV

KRIS LICHT

2002 - 2014: Danish national Kris Licht began his career in the world of retail and consumer in Dallas, where he served as a partner for 12 years at consulting firm McKinsey & Co, focusing on clients in beauty and confectionery.

2014 - 2019: In 2014, Licht made the move to Pepsico where he held a number of senior positions over the

GSK: Covid drug sales provide shot in the arm

AUGUST GRAHAM

A STRONG performance from its Covid-19 antibody treatment helped drugs giant GSK blast through expectations over the last three months.

GSK turned over £9.8bn in the first quarter, up 32 per cent from the same period last year.

It was considerably ahead of the £9.2bn experts had been expecting, and benefitted from good performances from the Covid drug and a shingles vaccine.

span of five years. His final and most senior role at Pepsico was division president for Pepsi Beverages North America, where he oversaw revenues of $4bn (£3.2bn) 2019 - 2023: In 2019, Licht made the move to Reckitt where he joined first as global chief customer officer, before eventually being promoted to the president of its health global business unit, where he helped grow revenues by £1.4bn. He will be relocating from the New York to the UK for his new gig as chief exec in May.

GSK also said it was on track to split from its consumer healthcare arm in July. The multibillion-pound company will be renamed Haleon.

“We have delivered strong first quarter results in this landmark year for GSK, as we separate consumer healthcare and start a new period of sustained growth,” chief exec Emma Walmsley said.

GSK reconfirmed its guidance for the rest of the year, saying it expects to grow sales by between five per cent and seven per cent.

Investors seemed put off by the conservative forward guidance, with shares dropping 3.87 per cent.

PA

The cleaning giant has suffered from a drop-off in sales since Covid-19

INTERVIEW

LEGAL AND PUBLIC NOTICES

Town and Country Planning (Development Management Procedure) (England) Order 2015

NOTICE UNDER ARTICLE 13 OF APPLICATION FOR PLANNING PERMISSION

Proposed development at:

55 and 65 Old Broad Street, London, EC2M 1RX

Take notice that an application is being made by: LS Old Broad Street Limited

To the City of London Corporation for planning permission for:

“Partial demolition of existing buildings and construction of a new building comprising ground floor plus 23 upper storeys (plus 2 existing basement levels), with a retained ground plus 5 storeys building, and renovated listed Bath House building, providing office (Class E), flexible retail / café (Class E), maker / studio (Class E), flexible retail / café / maker / studio (Class E), flexible maker / studio / office (Class E), public house (Sui Generis) and cultural / event uses (Sui Generis); alongside new and improved public realm and routes; ancillary basement cycle parking, servicing and plant; and other works and highway improvements associated with the development.”

Any owner* of the land or tenant** who wishes to make representations about this application, should write to the City of London at the address below within 14 days of the date of this notice.

Local Planning Authority to whom the application is being submitted:

City of London, Guildhall, PO Box 270, London, EC2P 2EJ

Signatory: DP9 Ltd on behalf of Applicant

Date: 27th April 2023

Statement of owners’ rights

The grant of planning permission does not affect owners’ rights to retain or dispose of their property, unless there is some provision to the contrary in an agreement or lease.

Statement of agricultural tenants’ rights

The grant of planning permission for non-agricultural development may affect agricultural tenants’ security of tenure.

*‘Owner’ means a person having a freehold interest or a leasehold interest the unexpired term of which is not less than seven years.

**‘Tenant’ means a tenant of an agricultural holding any part of which is comprised in the land.

ESG has become the City’s favourite acronym over the past three years and almost every boss and investment manager has scrambled to plant their flag on the standards as closely as they possibly can.

But those claims and labels don’t always stand up to scrutiny. Greenwashing is running rampant. Clean and green claims are being abused, and a regulatory reckoning now looms.

Sacha Sadan, director of ESG at the Financial Conduct Authority (FCA), has been tasked with leading the clampdown on greenwashing in the UK since 2021. And he tells City A.M. in an interview that he has not been afraid to ruffle a few feathers in the process.

“I came into this role knowing that I wouldn’t be loved. It’s okay,” Sadan says. “I’m old enough and I’ve supported a crappy football team for long enough not to worry about being a glory hunter.”

GLORY HUNTING

And ruffle feathers Sadan certainly has. In its most significant greenwashing push yet, the FCA is setting out rigorous sustainability disclosure requirements and drawing up standards around investment labels to try and restore consumers’ trust in “sustainable investment products”.

He argues the move will ramp up protection for consumers and is already winning the admiration of regulators globally. But he has also warned that if applied to the market in its current state, it would flush out some two thirds of the products currently labelled as ESG friendly in the industry.

That prediction has triggered backlash from certain political and industry figures. The chair of the influential Treasury Select Committee Harriet Baldwin accused the FCA of using “suspiciously round numbers” to justify its claims, while industry body the Investment Association (IA) warned it risked sparking a major market “dislocation”. Sadan, however, says the FCA is sim-

ply guiding firms along a path most of them are already taking, and not every firm can just claim to be green without repercussions.

“I’m not here to tell people to do ESG -- they’re already doing it. They’re already making commitments. They’re already selling lots of products, and people are buying them,” he says. “I’m just trying to put standards in place and trying to do it internationally.”

But, he adds, we do “need to raise the bar” and “not every fund [can] get in”.

The FCA is set to lay out its policy statement on labelling in the third quarter of this year after receiving some 240 responses to its consultation. Despite the punchy rhetoric from the IA and certain members of the Treasury Select Committee, he says the move has been broadly welcomed.

Sadan and his team are now on an industry-wide engagement push to roll the ground ahead of future rules and help the industry understand their impact.

FOSSIL FUELS AND WAR

The acronym is still misinterpreted by many as a synonym for climatefriendly and green, but, in reality, it is more complicated than that, Sadan explains.

Sadan, who was plucked from his former role at Legal & General Investment Management by FCA chief Nikhil Rathi, says he went out of his way to stress that point to staff at the regulator.

He raised eyebrows internally by calling in the chairman of weapons and defence firm BAE Systems, Sir Roger Carr, to be his first webinar guest at the FCA.

“This was way before the RussiaUkraine crisis. I got him in and of course, there were people saying ‘you’re the ESG guy -- why don’t you get a wind turbine farm?’

“Roger is chairman of just about one of the biggest employers in the UK. Brilliant apprenticeships, engineering degrees, world-leading stuff going on,” Sadan said.

The crux of the issue lies not in the fact that it’s a defence company, but “what kind of defence company it is”, Sadan says. And the same standard extends into the legacy oil and gas giants.

“It’s okay to own an oil and gas company in a climate change fund if you are trying to do something with it. [Tackling] climate change is more than just owning solar panel farms,” he says.

“I do like solar panels farms. I think they’re really important. But we have to make sure we reduce emissions in the industries that are [already] there.”

BLACK AND WHITE ISSUE?

That pragmatic approach to ESG rules has thrust the FCA towards the front of the pack in regulatory standards internationally.

Outside of the EU, the City’s watchdog has been among the fastest movers and is now at the heart of bringing rules together in a more consistent international framework. Sadan heads up an International Sustainability Taskforce for the international body IOSCO and says UK regulation is now playing an integral role in shaping what global rules could look like.

“We are working with everyone from the SEC, Hong Kong... Japan is doing something very similar on ESG ratings,” he says. “Things are moving, but are they moving fast enough for everyone? Of course not, it takes time.”

GROWING PAINS

The fragmentation of rules remains one of the fundamental issues facing the sector. The US is moving at a more sluggish pace than the UK and Europe, triggering some fears that business may gravitate towards the slacker regulatory framework.

But Sadan says the FCA has no plans of slowing down. Demand among retail investors is shifting further towards sustainability and he argues his duty is to “look after UK consumers”. “We have a commitment from the government and therefore we should try to do this. Others will follow -- we can’t just be followers,” he says.

Charlie Conchie interviews the biggest names in tech, fintech and financial services

‘I knew I wouldn’t be loved’: The FCA’s ESG chief talks greenwashing and how the UK is leading a clampdown

Half of Londoners say Sadiq Khan is doing ‘badly’, new poll says

JESSICA FRANK-KEYES

HALF OF Londoners say they think Sadiq Khan is doing “badly” at City Hall, polling has found.

Exactly 50 per cent rated him as doing “badly” while almost a third (32 per cent) think the mayor is doing “very badly”, pollsters at YouGov said.

Over a third of Londoners think he is doing “well”, according to the poll, conducted between 14 and 25 April.

Yet the survey of 1,107 adults in the capital marks a three-point drop from the last round of polling on the mayor in January 2022.

It comes amid controversy over the mayor’s plans to expand the ultra-low emission zone (ULEZ) in a bid to tackle air pollution. A judicial review by five Tory councils to challenge the legality

Rishi and his conga line of (non) Doms

SKETCH

of the policy is underway.

Meanwhile, London’s Met Police and the fire brigade have both been placed under special measures.

Khan was particularly unpopular with older voters, with 81 per cent of Londoners aged over 65 saying he was doing “badly” or “very badly”.

However, Londoners aged 18 to 24 were more positive and the only group to rate him positively (albeit just): 40 per cent said he was doing “well” and 37 per cent said he was doing “badly”.

On specific issues, 65 per cent of the respondents said Khan was doing “badly” on housing; 62 per cent “badly” on crime; and 55 per cent “badly” on transport.

The mayor’s office and the Labour Party were contacted for comment.

Sascha O’Sullivan

IF YOU were to traipse through Rishi Sunak’s nightmares for a night or two, you would find yourself enduring a conga line of Doms, coming and going. First there’s Dom Cummings slagging him off on Substack. Then there’s Dom Raab, hurling tomatoes from across the room but blaming it on the Civil Service. Lastly there’s a faceless, ephemeral beast holding him in a political chokehold and luring him with cash, known simply as ‘the non-dom’. Shrugging off its seriousness, both to Keir Starmer and his own psyche, Sunak dismissed it simply as the “non-dom thing” at yesterday’s Prime Minister’s Questions.

UKRAINIAN officials have long been calling on Beijing to use its influence in Russia to help end the war.

Chinese President Xi Jinping spoke by telephone yesterday to Ukraine’s Volodymyr Zelensky for the first time since Russia’s invasion of Ukraine last year, fulfilling a longstanding goal of Kyiv which had publicly sought such talks for months. Zelensky immediately signalled the importance of the chance to open closer relations with Russia’s most powerful friend, naming a former cabinet minister as Ukraine’s new ambassador to Beijing.

Met Police chief Mark Rowley locked in war of words with MPs over force’s extensive failings

JESSICA FRANK-KEYES

MET POLICE chief Sir Mark Rowley was accused of lacking “honesty” yesterday as he was grilled by MPs over the force’s extensive failures.

Senior Conservative MP Lee Anderson traded blows during a House of Commons hearing on policing standards, with the top cop insisting he was “ferociously” tackling issues in the force.

Rowley told MPs he was “doubling down on standards” and the “majority” of cops were “good people”.

But deputy party chairman Anderson accused him of “not

being very honest” when he refused to give an example of any racist, misogynist or homophobic incidents during his career.

“You must have been walking around with your eyes closed… it would appear that you’re in denial,” Anderson said.

Meanwhile, on environmental protestors, Anderson told Rowley to “leave [his] ivory tower” and end the disruption.

The commissioner insisted he had to “work to the law rather than whim”.

Starmer, jaded from a week of Mr Whippy jokes after Sunak’s “Sir Softie” jibe, labelled Sunak “Mr 24 Taxman”. A new character in politics, Mr 24 Taxman would likely be cast by a wayward pollster as a psephological competitor to Stevanage Woman.

Rishi was ready to recall Labour’s time in government: “Same old Labour, always running out of other people’s money.”

He made a mental note to thank Greg Hands for his daily tweet of that letter from Alistair Darling, even if posting it in a novel location substituted an actual plan to fight for thousands of local election seats.

“The rank hypocrisy of it,” Sunak

declared. “When it comes to his own special pensions scheme, it’s one law for him and a tax rise for everyone else.” And then, like a ballerina, he pivoted to his favourite schtick of asking Labour for ideas on what they would do on the economy if they were in charge. Oliver Dowden, his new Dom, whipped out a notepad and pen, in case he suggested anything decent. Typically, Sir Softie held them close to his chest.

“Woeful,” Dom Raab hissed from the backbenches and even Sir Lindsay Hoyle was too scared to tell him to go for a tea break.

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Anderson, MP for Ashfield, added: “You might want to believe that you’re doing your job correctly, but I don’t think you are. I feel like I’m wasting my time with you.” Rowley hit back: “If you want to be personally offensive then write it in newspapers… but I’m not going to answer these questions.”

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‘LONG AND MEANINGFUL’ Zelensky describes his first call with China since war began. Xi pledged to try to mediate peace.

Rowley has been chief since September

THE SQUARE MILE AND ME

WHAT WAS YOUR FIRST JOB?

My first job was as a silver service waiter for functions at the Lansdown Grove hotel in Bath, when I was 14. I pretty much filled in every role in the hotel over the next seven years on weekends and holidays from washerup to receptionist and bar manager. This gave me the financial breathing space to do unpaid work in radio, TV and newspapers through school and university while still managing to have a social life.

AND YOUR FIRST JOB IN THE WORLD OF BUSINESS JOURNALISM?

I became a business reporter and presenter at BBC Breakfast in 2005, after being part of the launch team for BBC Three News. This entailed getting up at the crack of dawn and going on pursuit of breaking consumer and corporate news. It took me everywhere from Glasgow and Paris to Newquay and Bangor – with stints presenting live from the London Stock Exchange. I covered everything from the pitfalls of buying property abroad, to the business of fake tans, all overtaken of course by the Great Financial Crisis and its repercussions.

WHAT'S YOUR MEMORY OF YOUR FIRST WEEK?

On my first day, I was reporting live on Tesco making its first £2bn annual profit, outside the store on the A4 in Kensington, at 6am. Later that week, I helped Stuart Rose manoeuvre a coat rail full of garments into the Stock Exchange studio for a backdrop, before interviewing him on the challenges M&S faced from fast fashion rivals. A particular white suit kept falling off its hanger.

WHAT'S BEEN YOUR MOST MEMORABLE LUNCH?

My most memorable lunch was a long way from the City of London. With my RAF Reserves beret held firmly on, I landed in a Chinook helicopter on HMS Illustrious which was in the Gulf, in the run up to the invasion of Afghanistan. We’d spent three weeks in a hot tent in the Omani desert, so drinking tea from a china cup in the state room of the aircraft carrier was a surreal moment.

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

QUICKFIRE ROUND

important to start investing early.

WE'RE GOING FOR LUNCH IN LONDON AND YOU'RE PICKINGWHERE ARE WE GOING?

Greenberry Cafe, on Regents Park road. It’s a little haven in the capital, and only 14 minutes from Bank station to Chalk Farm on the Northern Line. You can sample Welsh wine, beautiful food and then stroll to catch a marvellous glimpse of the city from Primrose Hill.

AND FOR DRINKS AFTER WORK?

Cafe Kick, Exmouth Market has the best negronis in the City, possibly the world. It’s also got the freshest oysters and is always a lot of laughs. You never know who you will meet, but you know you will have a great time.

ARE YOU OPTIMISTIC FOR BRITISH BUSINESS IN THE MONTHS TO COME?

I am a glass half full person and the resilience of British businesses keeps being under-estimated. It’s still going to be tough going but the pandemic has made companies so much more adaptable, flexible and ready for change ahead.

WHERE WOULD WE FIND YOU AT THE WEEKEND?

Ideally swimming somewhere, anywhere with lidos, lakes or the sea.

IF YOU COULD CHANGE ONE THING TO MAKE BRITISH BUSINESS MORE COMPETITIVE, WHAT WOULD IT BE?

Eliminate the mountain of new paperwork which companies trading with Europe now have to fill in, which is a hugely unnecessary burden. It’s crucial that trading relations with Europe are improved, with estimates from the OBR that leaving the EU will reduce long-term output by about 4 per cent.

WHAT'S

ONE MOMENT FROM YOUR CAREER YOU'LL NEVER FORGET ?

Interviewing Adam Applegarth, then chief executive of Northern Rock live on BBC Breakfast as queues were building up outside the bank in 2007. It was a very awkward interview as he was less than forthcoming when I asked him about the extent of the withdrawals, the bank’s business model and its over-reliance on wholesale funding. It serves as a salient reminder to check the money in your accounts are fully covered by the Financial Services Compensation scheme.

The inter-connectedness of the business eco-system, from the shoe shine stalls to the trading desks, the coffee shops to the legal chambers, with a whiff of history at every turn. I particularly love ducking down the narrow alleyways imagining generations past rushing by in their quest to turn a shilling and help London thrive.

AND ONE THING YOU'D CHANGE?

The perception that it’s all men in suits and only for the wealthy few. Capital markets will work much more effectively, and the population as a whole will build financial resilience if more opportunities are open to ordinary investors. This means cutting out the jargon, changing perceptions and helping people understand why it’s so

FAVOURITE... BOOK: THE GREAT GATSBY

BAND: MASSIVE ATTACK

MOVIE: GROUNDHOG DAY –IT JUST GETS ME EVERY TIME

FAVOURITE VIEW OF LONDON: PRIMROSE HILL

DRINK: TEA OR COFFEE?

TWO TEAS THEN A COFFEE –EVERY MORNING

WHO IS THE BUSINESS FIGURE YOU MOST ADMIRE?

There are so many, but I am going to single out Merryn Somerset Webb and Anne Boden. Merryn, who is the former editor of Money Week and now Bloomberg columnist, was always a delight to interview at the BBC, and was one of my first guests at the London Stock Exchange. Her witty and wise commentary has helped make investing fun, knowledgeable and accessible. Meanwhile, Starling Bank’s Anne Boden has disrupted the traditional banking system, overcoming huge setbacks along the way.

WHERE'S HOME DURING THE WEEK?

Mainly Bristol, but I stay in Primrose Hill quite a bit.

AND WHEN YOU'VE GOT A WELLDESERVED TWO WEEKS OFF, WHERE ARE YOU GOING AND WITH WHO?

To Hourtin, on the French Atlantic coast, to surf with my children and drink Medoc wine with my husband and good friends.

We dig into the memory bank of the City’s great and good: this week, former journalist and now Hargreaves Lansdown’s head of money and markets Susannah Streeter spills the tea

CITY DASHBOARD

YOUR ONE-STOP SHOP FOR BROKER VIEWS AND MARKET REPORTS LONDON REPORT BEST OF THE BROKERS

FTSE 100: Standard Chartered and Persimmon peg London losses

LONDON’s FTSE 100 skidded lower yesterday despite a decent batch of results pumping up shares in banks and house builders.

The capital’s premier index lost 0.49 per cent to close at 7,852.63 points yesterday afternoon, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, edged 0.04 per cent lower to 19,207.97 points.

Share price drops among Britain’s largest companies weren’t offset by a string of decent financial out yesterday boosting London’s biggest listed lenders and constructors.

Persimmon, one of the UK’s largest home providers, jumped to the top of the FTSE 100, adding nearly five per cent.

The share price bump came despite the firm saying it has built fewer homes in the first three months of this year due to a slump in demand caused

by the Bank of England hiking interest rates 11 times in a row.

Banks also led gains in the City after Asia-focused lender Standard Chartered said it posted its best profits in nearly a decade.

It climbed 2.8 per cent, but signs that the UK banking sector held up pretty well amid last month’s financial market turmoil that laid waste to Credit Suisse and Silicon Valley Bank lifted sentiment toward the sector.

Barclays and Natwest both closed near the top of the FTSE 100.

Industrial giants also recouped some of their sharp losses in recent days, with miners Glencore and Antofagasta advancing over 1.5 per cent apiece.

Oil mega caps BP and Shell – which as a pair represent a large chunk of the

FTSE 100 – both clocked in decent advances during opening trading, before running out of steam.

Dragging the premier into the red was Primark owner Associated British Foods sliding a little under two per cent, adding to Tuesday’s losses after it posted soft results that warned inflation was eating into its profits.

Pharma giant GSK’s shares clocked steep losses, stumbling 3.87 per cent after it posted results that showed the revenue bump it’s received from Covid-19 vaccines is receding.

Wall Street’s top indices the tech-heavy Nasdaq, S&P 500 and Dow Jones also nursed heavy losses last night due to investors fretting over the state of the US economy.

The pound strengthened about 0.6 per cent against the US dollar.

Construction group Breedon reported an increase in revenue of 10 per cent in its latest quarter as a result of higher pricing levels. At its annual general meeting, the company said cost pressures were beginning to recover, while enquiries were up. Peel Hunt adds it to its buy list, but leaves its target share price at 86p.

Outsourcing company Bunzl reported an increase in revenues of 8.4 per cent in its latest quarter on the back of support from inflationary pressure. Its outlook and guidance, however, remain unchanged. Peel Hunt has placed the company on its add list with a target price of £3.20 per share.

As bills skyrocket, have businesses curbed their energy costs over the last year?

THE UK has launched a campaign to help organisations

“boost their energy efficiency, cut costs and increase their cashflow”. But YouGov data suggests the government might have its work cut out for it: a poll of 1,028 business decision-makers can reveal that overall, 17 per cent say their organisations are using less energy compared to March 2022, 44 per cent say their usage has remained about the same – and 26 per cent say their usage has increased.

In businesses with fewer than 10 employees, where decision-makers are perhaps more likely to have greater insight into their organisation’s day-to-day

Stephan Shakespeare

costs, respondents were less likely to say usage had increased (20 per cent) –but more likely to say their usage had remained the same (59 per cent).

So overall, 79 per cent of micro businesses said their energy use remained roughly on par with last year – or increased. A majority of businesses with

50 to 249 employees (79 per cent) reported the same. Large businesses were more likely to report an increase in usage (32 per cent) – although with a higher proportion of respondents answering “don’t know”, they may have had less visibility into their utility bills. We can’t say whether businesses can feasibly reduce their energy costs or not. We can say that most have not done so just yet, and with firms worrying they will have to scale back their operations, they may not appreciate being told to use their gas and electricity sparingly.

Stephan Shakespeare is the co-founder and CEO of YouGov

MOST BUSINESSES SAY THEY AREN’T USING LESS ENERGY COMPARED TO LAST YEAR

Is your business using more or less energy now compared to this time last year, or has your level of energy usage stayed about the same? (% of 1,028 business decision makers)

OPINION

EDITED BY SASCHA O’SULLIVAN

Diane Abbott and Dominic Raab share the fate of being doomed to the fringes

Cabinet and remove the whip from Jeremy Corbyn.

AS WE watch two wealthy men who achieved genuine success in elite professions before entering parliament strive to win the centre ground of politics, it’s easy to forget that until very recently British politics was dominated by revolutions on its right and left. In 2016 the Tory Right destroyed David Cameron’s premiership and achieved what it had been fighting for since the early 1990s, as the country voted to leave the European Union. Meanwhile, the year before had seen the Labour Party travelling back in time to 1980s, as admirers and confidants of Tony Benn finally seized control of the party with the election of Jeremy Corbyn as leader.

As the Duke of Wellington once warned, “next to a battle lost, the saddest thing is a battle won”, because both Tory Brexit Ultras and Labour Corbynites have much to dislike in the aftermath of their great victories.

Whilst Britain has left the European Union, and Labour is still advocating for policies way to the left of Ed Miliband’s manifesto in 2015, the people most associated with those changes have been cast to one side; Boris Johnson is battling to avoid suspension from the House of Commons and Jeremy Corbyn has been expelled

Leon Emirali

WHEN Netflix this week announced a $2.5bn investment to produce more South Korean entertainment, they did so to encourage the production of captivating thrillers and glossy rom-coms that have made so-called K-Drama’s a worldwide hit.

Inadvertently perhaps, Netflix’s announcement could also be considered an investment in the world’s most unlikely nuclear deterrent.

As tensions simmer on the Korean Peninsula and the South faces an unpredictable nuclear threat from Kim Jong-Un in the North, the West would likely find itself compelled to defend its ally in the event of a hot war. Not only because of traditional geopolitical factors but also due to the cultural impact of the Hallyu Wave - the name given to the huge popularity of K-Pop and K-Dramas that has spread across the world.

Much like Ukraine, South Korea re-

from the Parliamentary Labour Party.

The temptation is for either side to blame the establishment for having destroyed any hope that their revolution might succeed on its own terms.

But what happened to Dominic Raab and Diane Abbott last week exposes how such talk is merely an excuse for politicians that failed the test that victory brings.

Until Friday, Raab had been Deputy Prime Minister and Justice Secretary, only to have to resign after being found to have bullied staff members.

Until Sunday, Abbott was a Labour MP, she was Shadow Home Secretary under Jeremy Corbyn, and now has had the Labour whip suspended after sending a letter to The Observer that

argued against the possibility that white people from Jewish, Irish or Traveller communities could experience racism. There have been attempts to excuse or defend both politicians’ behaviour, but leave to one side the merits of either case, and instead ask yourself one question: are these the behaviours of disciplined radicals who genuinely believe that they are operating against a merciless establishment that would seize upon any slip-up to destroy them?

Would a minister determined to implement controversial policies against the views of a civil service filled with their ideological opponents behave like Raab did? After all, it was his un-

forced and reckless promise to resign should any allegation be proven, that moved the burden of proof away from his accusers and onto himself, and so left Rishi Sunak no option but to ask for his resignation.

Likewise, would a veteran backbencher gripped by the fear that the new leadership were looking for any excuse to remove the whip from her and her associates, behave like Abbott did? Her explanation that a first draft was sent by mistake, reveals staggering incompetence given the sensitivity of the issue in question. After all, it was Keir Starmer’s belief in the Corbynite tendency to dismiss antisemitism that caused him to fire Rebecca Long-Bailey from the Shadow

Netflix’s £2bn gamble on South Korea and a new Squid Game is an unlikely nuclear deterrent

lies on the West for its security. There is a chilling parallel between these two nations. Both have faced invasions and territorial disputes from their powerful neighbours. South Korea, however, has turned to soft power in the form of K-Pop and K-Dramas to build an international coalition and drum-up potential support in the event of a crisis.

This isn’t accidental. The government's proactive involvement in supporting these industries is clear through the establishment of dedicated agencies, such as the Korea Creative Content Agency and funding programs like the Hallyu Globalisation Project. This government backing, coupled with the soaring popularity of K-Pop groups like BTS and BLACKPINK, as well as K-dramas like "Squid Game" and "Crash Landing on You," has enabled South Korea to wield its soft power sublimely, ex-

panding its economic and diplomatic footprint worldwide.

South Korea is now a soft power juggernaut; its entertainment and pop culture exports are used as a means of diplomacy and geopolitical influence. No nation, perhaps since the US in the 1980s, has done this so effectively.

Netflix's latest investment is a testament to that influence. By producing and distributing more South Korean content, the streaming giant is not only cashing in on the Hallyu Wave's popularity but also contributing to a strategic geopolitical alliance between South Korea and its Western allies that could have a huge sway in determining the fate of the region.

The cultural affinity that the global audience has developed for South Korean entertainment would make it difficult for elected Western leaders with voters to please to turn a blind eye to any aggression from the North, as the

public outcry would be immense – especially from younger voters.

Russia’s invasion of Ukraine serves as a cautionary tale. In the lead-up to the conflict, Ukraine's reliance on the West for security was apparent, with the country's leaders seeking assistance from NATO and the European Union. The international community's response to the invasion highlighted the political and strategic significance of Western support. But that support has been hard-won, with some in the West now questioning such extensive support to battle Putin when global inflation continues to bite.

South Korea's soft power strategy, however, may prove more successful than Ukraine's, specifically thanks to its investment in pop culture. By beaming in scenes from Seoul and beyond to our living rooms every night, the West has a familiarity and affinity

It is of course true that both Brexit and Corbynite socialism had powerful enemies, especially within the more respectable corridors of Westminster, Whitehall, and Fleet Street. But the knowledge that you are fighting an establishment should sharpen, not dull, a politician’s survival instincts. And radicals have shown this necessary mixture of guile and steel at various points in British history; whether it be Nye Bevan fighting to establish the NHS, Roy Jenkins working with socially liberal backbenchers to create a more permissive society in the 1960s, or the various thinkers and bruisers that made sure Margaret Thatcher succeeded where Ted Heath failed.

But whether it be Tory Brexiters or Labour’s Corbynites, the belief that they were fighting an all-powerful establishment seems to have inspired no such efforts. On the contrary, it seemingly removed the motivation to do the hard work of developing coherent policies, persuading key stakeholders, or tactically outmanoeuvring opponents.

It's not a coincidence that both factions which once inspired such terror, today look so pathetic, but it is surely pathetic to excuse your failure on the grounds that your opponents had the temerity to oppose you. The people who should be angriest with the likes of Dominic Raab and Diane Abbott, are not those who disagree with them, but those who share their beliefs. It is after all those beliefs that have been diminished and discredited by their incompetence.

£ Will Cooling writes on politics and pop culture for the It Could be Said Substack

to South Korea that it never had with Ukraine.

In other words, South Korean politicians are banking on the millions of KPop and K-Drama fans worldwide to clamour for Western support if they were ever under threat.

The strength of K-Pop and K-Dramas as a nuclear deterrent is not merely symbolic. The South Korean cultural industry has had a tangible impact on the country's economy, and tangentially its readiness for war. The entertainment industry has emerged as a crucial component of South Korea's economy, with the rapid growth of the cultural sector contributing significantly to the nation's GDP. The cultural and creative industries accounted for 4.3 per cent of the GDP in 2020, a figure that has been steadily on the rise since the early 2000s.

The popularity of K-Pop and K-Dramas in the West may well be South Korea's most potent weapon in the face of North Korean aggression. Whilst we all hope the drama stays on our TV screens and not in the trenches, the cultural and economic ties between South Korea and its Western allies increases the likelihood of Western support in the event of a such a crisis on the Korean peninsula.

£ Leon Emirali is a former ministerial aide and adviser to PLMR

LETTERS TO THE EDITOR Another US listing blow

[Re:London over and out: CRH confirms New York listing swap after ‘strong support’ from shareholders, April 26]

Charlie Conchie’s article rightly spares no punches on building giant CRH’s switch to a New York listing. A range of factors are drawing more firms to the US. There are ongoing concerns about the stability of the UK trading environment, especially the long-term effects of Brexit. A US listing also provides access to more capital, all in a risk-tolerant market that is much more receptive to backing cutting-edge products - even at earlier stages of company growth.

So how can we avoid repeats of CRH and ARM? To incentivise firms to list

domestically, we need to establish a business environment built on access to growth capital, fostering innovation, and supporting growth. This will likely require changes to the FTSE listings rules, which look increasingly antiquated compared to other markets. Then we need an ambitious plan from the UK government to steer the giants of private capital to back UK plc. Recent ideas, as covered in this paper, like the plan to get major pension funds to back a proposed UK sovereign wealth fund, are exactly the bold steps needed. The time to act is now. London needs to demonstrate why it remains the best place for firms to raise funds and grow their business. Should this fail, other listing options in financial centres like New York, Paris, or Amsterdam will be waiting.

Naureen Zahid OpenOcean

SCARF-FACE Free scarves sent to Amazon customers to boost sales

Our relationship with China has been overhauled, but it’s still a

one for the City

Juha Jarvinen

ON THE last day of January 2020, Virgin Atlantic suspended all flights between London and Shanghai. Few could have predicted the scale of global crisis that would follow, or the way that UK businesses, especially airlines, would have to adapt to the loss of frictionless travel to major markets like China.

Shanghai was the first of many global cities to be cut off, sparking unprecedented upheaval. As an airline, we faced a previously unimagineable scenario of flying zero passengers for three months from April 2020. It’s now been more than three years since we stopped flights to China, but from next Monday, planes between London Heathrow and Shanghai will resume.

The UK will once more be connected by a UK flag carrier to China’s business and financial hub, the epicentre of our second largest trading partner.

As Covid-19 restrictions finally unwind, China remains a powerhouse of economic activity. Total trade in goods and services between the UK and

EXPLAINER-IN-BRIEF: THE MORAL CONUNDRUM OF A £30 PRET SUBSCRIPTION

If, like me, you’re a Pret subscriber, you would have been stunned by the news that their subscription service is going up by £5 to a monthly £30 from June. “Did you read our email on subscription?”, my favourite Pret employee asked me yesterday as I was picking up my coffee. I had read it indeed.

The hike doesn’t come in a vacuum; everything in Pret has been going up in price gradually over the past months. You wake up one day to discover that your Italian prosciutto sandwich is 20p

more expensive, again. That day is never a good day.

Pret justified the move by blaming food inflation. According to the latest analysis by the ONS, the price of food and nonalcoholic drinks rose at the fastest rate in more than 45 years in the twelve months to March 2023.

Customers will have, once more, to decide whether the treat - the coffee - is worth the price - those additional £5. As for myself, if the alternative is the office’s instant coffee, it will be a hard decision.

ELENA SINISCALCO

China is worth £103.5bn per year and despite the pandemic, the Chinese economy grew by 8 per cent in 2021 and 3 per cent in 2022. It’s a two-way street. Chinese visitors to the UK surged between 2009 and 2019 as seat capacity on direct flights doubled, spending £1.7bn here in 2019 – the UK’s second most valuable inbound market.

For the City of London, it reopens a new chapter of UK-China financial opportunity. Three years of China’s stringent lockdowns and pursuit of a “zero Covid” strategy had a profound impact, and there is rightly scrutiny of its domestic and foreign policies. But as Foreign Secretary James Cleverly said last week, Britain should not “pull the

shutters down”. The business community understandably looked to other parts of the world as choked supply chains added to the perfect storm, but those shutters are now reopening.

Airlines, like countless businesses with interests in China, had to be agile to respond to its closed borders. As part of decisive action to ensure survival, we expanded cargo-only flying, strapping boxes of PPE from China to seats ordinarily reserved for customers, and diversified our route network to new markets like Pakistan, while retiring less fuel-efficient Boeing 747s.

Another sign of the changed landscape is the added complexity for UK carriers serving Asian destinations, following the closure of Russian airspace. Despite longer journey times, connectivity with China remains vital both for the movement of people and crucial cargo. The return to Shanghai offers a barometer of pandemic recovery, evidence of the aviation sector’s return to strength and a milestone for UK plc – reinstating links that will help fulfil China’s market potential.

It’s a particularly significant moment for Virgin Atlantic, marking the day our flying programme is restored to full capacity for the first time since January 2020.

Despite macroeconomic headwinds, we’re seeing robust demand for international travel, including a corporate sector expected to reach 85 per cent of 2019 levels by the end of this year. A need for travel reiterated when Shanghai tickets went on sale in February.

Increasingly the compass is pointing to China and the scale of opportunity is huge as the country’s Covid restrictions unwind – one of the last markets to do so. As sectors like financial services, retail and consumer goods gradually open further, this will broaden.

We’ve made it through significant challenges with China over the last few years. This final reopening is a restart to the mutual opportunities for business and consumers in the UK, and helping restore our aviation sector.

£ Juha Jarvinen is chief commercial officer of Virgin Atlantic

crucial

China is a powerhouse of economic activity, worth £103bn to UK trade

Virgin Atlantic hasn’t flown to Shanghai for three years

No, the mystery scarf you received isn’t a secret clue. It’s a scam from a company sending “Suzhichou” branded scarves to Amazon customers in a bid to boost their sales and create fake reviews, according to Which?.

Crypto scams are on the rise, as is the need for regulation

RESEARCH from a financial claims management company has revealed that cryptocurrency scams are on the rise.

Work by Refundee shows that of the 1,742 scams reported to the Shoreditch-based company, cryptocurrency fraud has accounted for 31 per cent of reports.

This is followed by investment scams at 19 per cent, purchase scams (18 per cent), work/job task scams (14 per cent), and romance scams weighing in with seven per cent.

Cryptocurrency scams are often based around fake opportunities with promises of huge returns. They use a variety of tactics to convince victims to send them money, including with social media marketing, fake websites and phishing emails.

Stuart McFadden, co-founder of FCA-regulated Refundee said media attention and complexity around cryptocurrency investments makes it a natural target for scammers.

“The scams follow a very familiar pattern but, unfortunately, we see banks systemically failing to train their staff to spot the signs of these scams, prevent them and educate their customers."

Charlotte Tregunna, of counsel at London law firm Peters & Peters said it was inevitable that scams would become prevalent in the crypto ecosystem, given their prevalence in traditional finance.

“But their scale and impact has been exacerbated by the speed at which the crypto market has grown;

the lack of comprehensive and joined-up regulatory framework both domestically and internationally (still in its infancy in most jurisdictions); and the inherent difficulties in pursuing scammers who are often not situated in the same country as their victims,” she explained.

“Of course, a partial answer to the solution is increased regulation.

HM Treasury’s consultation on the future financial services regulatory

regime for cryptoassets is open for evidence until 30 April. However, questions remain as to whether the regime proposed (effectively extending the existing TradFi regulatory regime to crypto activities) is fit for purpose in the crypto context; whether there is the legislative flexibility in place to support the proposals and future innovation; and whether the FCA will ever be properly equipped to deal with this fast-

COINBASE ESCALATES STAND-OFF WITH SEC

COINBASE, one of the world’s largest crypto trading platforms, has turned the tables on threats from the Securities and Exchange Commission by suing the SEC. The exchange filed a lawsuit demanding the SEC provides clarity over Coinbase’s petition for crypto regulation.

The petition was levied eight months ago, and urged the financial body to create rules to govern digital securities. This latest ‘escalation’ comes after the SEC threatened to sue Coinbase if it were to go ahead with launching a lending product that would allow users to earn interest on their crypto assets.

SPANISH POLICE BUST €100M CRYPTO FRAUD

POLICE in Mallorca have arrested the chief suspect in a worldwide scam defrauding investors in a non-existent cryptocurrency. Part of a global gang, the suspect is accused of swindling a network of more than 3,000 people – including many from the UK, according to the Guardia Civil. Officers said the success of ‘Operation Mandoa’ had been executed across the Balearics and Basque regions, with further arrests made in Ukraine, Israel, Georgia and Azerbaijan where they believed money from the fraud was headed.

SUCCESSFUL E-MONEY LAUNCH FOR GREENGAGE

paced and ever evolving industry.”

“In the interim, crypto scams will continue unabated and given scammer ingenuity, will likely continue to top the list for a number of years until regulators and law enforcement get their act together. Investors, however sophisticated, therefore need to educate themselves before investing. Do your research. Notice red flags. If it sounds too good to be true, it probably is.”

Another curious week in the cryptocurrency world

IT WAS a funny week for Bitcoin investors, with the price of the leading cryptocurrency dipping as low as $27,000 (£22,000) before a recovery on Wednesday.

We’ve seen something of a reversal in fortunes over the past 24 hours, with Bitcoin gaining nine per cent in 24 hours to break its five-day losing streak and reach $29,000 for the first time in a week. The uptick comes as concerns over US banking stability flare up again, with shares of First Republic Bank dropping 50 per cent on Tuesday after the San

Francisco-based lender announced customers had withdrawn over $100bn (£80bn) last month. The rise to $30,000 in recent months followed similar issues, with the collapse of Silicon Valley Bank seen by some as the catalyst.

Ether, the second-largest cryptocurrency by market value, has also had a topsy-turvy week, dipping to $1,800 (£1,400) but rising by seven per cent in 24 hours back to $1,950. This comes after the chair of the Securities and Exchange Commission, Gary Gensler, last week refused to say

whether Ether is a security, during a congressional hearing. Gensler was questioned by lawmakers about proposed crypto regulations, climate change disclosure requirements and audit trails. Many lawmakers expressed concerns about a lack of regulatory clarity for crypto companies in the US. There was better news on the regulatory front in the EU, where a new lawhas passed requiring crypto operators to seek licences to operate, and stablecoin issuers to maintain sufficient reserves.

The law will enable crypto companies to use their licences in one European country to ‘passport’ their services across various member states, as noted by CNBC.

Called Markets in Crypto-Assets (MiCA), the ruling makes the EU the first major jurisdiction in the world to introduce a comprehensive crypto law.

LONDON-based digital merchant banking platform Greengage launched its new e-money accounts service on Tuesday, facilitating GBP and EUR payments and cards, targeted at SMEs, HNWs, and digital asset firms.

The launch follows a survey of nearly 70 prospective clients carried out in 2022 around which Greengage has designed its proposition.

Guided by the findings, Greengage now offers a range of B2B lending partner providers including traditional and digital funding sources, growing to a broader Web3 offering incorporating in-built API connections to other SaaS products including embedded finance.

RENDER SHOWING A SMOOTH FINISH

A SUDDEN move to the upside for cryptocurrencies across the board has given cheer to many investors this week, but it is fans of Render Network token RNDR who are enjoying particular success. The Ethereum-based token was notching a remarkable 30 per cent 24-hour lift last night, with a weekly rise of 17 per cent, and a monthly boost of close to 90 per cent. The $848m (£680m) market cap token also notched a 125 per cent rise in 24-hour buying volume to $311m yesterday as its price hit $2.39.

GOING OUT

EDITED BY STEVE DINNEEN @steve_dinneen

VIDEO SHOW LIKE A PUNCH FROM A VELVET GLOVE

ART

UNMISSABLE

ISAAC JULIEN: WHAT FREEDOM IS TO ME

TATE BRITAIN

BY STEVE DINNEEN

When the Tate Modern’s new wing opened in 2016 it promised to usher in a new era in which performance and video would be given equal billing to paint on canvas.

Aside from 2018’s blockbuster Steve McQueen show, this brave new world hasn’t quite materialised, and it seems telling that the biggest, most exciting video exhibition since Covid is hosted not in the bowels of the Tate Modern but in its Millbank-based sibling.

And what an exhibition it is. Black, queer, London-born filmmaker Isaac Julien’s show is utterly sumptuous, a pristine, carpeted, dimly-lit series of installations unlike anything else I’ve seen.

Before you enter the exhibition proper, several of Julien’s early works are beamed onto the foyer wall: a defiantly lusty response to the Aids crisis;

footage of a protest march through East London following the murder of young black man Colin Roach in the 1980s. It shows real confidence that important works like these are presented as a kind of primer for what’s to come.

Then you enter into a sea of grey, whitewashed gallery walls replaced by mirrored fabric and bouncy carpets. Julien’s latest film, Once Again… (Statues Never Die) plays across five screens that cleave apart the space. Filmed in crisp black and white, it’s strikingly beautiful, not least the front-of-thebrochure shot of snow rising from the shoulders of its star André Holland.

The 30 minute film examines the way African art has been othered and downplayed by western galleries, told from the point of view of writer and curator Alain Locke. A devastating solo by singer Alice Smith is worth the price of admission alone.

From here you pass into an innovative hub-and-spoke layout designed by architect David Adjaye, in which a series of films play in rooms off a central atrium. There’s a costume drama based on the life of anti-slavery campaigner Frederick Douglass, told across 10 screens; a haunting rumination on the 2004 Morecambe Bay tragedy featuring Crouching Tiger-style wire acrobatics; a film about the work of Italian-Brazil-

ian architect Lina Bo Bardi; a surreal, choreographed comedy of errors looking at the way we accumulate and interact with art.

The pieces are compellingly disparate, tied together only by the themes of inequality and identity central to Julien’s work and the striking vi-

THE LOWDOWN: ANIMAL’S CHRISTOPHER JOHN-SLATER

YOU MADE YOUR STAGE DEBUT LAST YEAR – HOW WAS THE TRANSITION FROM SCREEN TO STAGE?

In Animal I don't leave the stage at all, so it's kind of daunting but the feedback from audiences has been great. I feel like the key with stage is patience, allowing yourself to figure out the character as you go. Film is like ordering fast food: what you get is what you get, whereas in theatre you have time to prepare and collect all the juicy ingredients that make a scene work.

WHAT ATTRACTED YOU TO THE PART?

The magnitude of it. I’ve never played a character like this. He’s severely disabled but that isn’t what defines him – he’s imperfect and manipulative, like a Shakespearean villain. I feel like this character is a start to a wonderful process of hiring more disabled actors in lead or bigger parts.

HAVE YOUR OWN EXPERIENCES INFORMED THE WAY YOU APPROACHED THE ROLE?

I’ve never been on Grindr – but I've been on Tinder! I also worry about having a disability and dating. It

can be scary at times, having to find ‘too perfect’ a person, somebody who is open-minded enough and caring. It’s tricky without a disability but more tricky with one!

I based a lot of David’s movements on a boy I met at school who had a lovely way of moving and you knew from his movements how he was feeling.

ARE THINGS GETTING BETTER FOR DISABLED ACTORS?

We still have a long way to go, I feel like we’ve just started to get where we should be. Right now it feels like disabled people are in theatres but not necessarily for the best reasons. We need to get away from just having a character with disabilities and having a character who *might* have disabilities, he *might* have autism, he might have CP, he *might* have Tourettes - that's the important thing.

SHOULD ABLE-BODIED ACTORS PLAY DISABLED ROLES?

If you’re making a film about slavery and need a black character, you wouldn’t hire a white guy and it should be the same way with dis-

ability. If you have a disabled character you should hire a disabled actor.

The only exception should be something like Stephen Hawkins, who was more able-bodied in his younger life and then grew more disabled in his later life.

We are telling their truth. It’s not somebody going ‘Oh how does it work, how can I become more disabled’.

In Animal I’m heightening my disability and even that’s iffy when you think about it, but a totally non-disabled actor playing the same part wouldn’t hit the same way. There are brilliant disabled actors who deserve an opportunity.

WHAT’S YOUR DREAM ROLE?

Puck in A Midsummer Night’s Dream. I love his cheekiness and I think it would be fun to spend some time with him. I would also love to do Macbeth a little later in my career. I’d love to play Sweeney Todd but I can’t sing so that would be an issue. £ Animal is on now

sual poetry with which he tells his stories. There is no lack of force to these films, but each punch is delivered by a fist wrapped in a velvet glove.

To think of these installations as drop-in, drop out pieces (an honest mistake for gallery-goers more used to looped video art designed to be seen in

a non-chronological way) would be a mistake.

Instead think of this as an afternoon at the cinema, with each film to be luxuriated in from start to finish. In total there’s over four hour’s worth to digest, and you’ll want to set aside time to rewatch your favourites.

The lead actor in this pitch -black comedy about dating, disability and online culture on playing the role of his life

THEATRE

LITTLE RICHARD DOC IS A TRIBUTE TO A LEGEND FILM

UNMISSABLE

RECOMMENDED

DIXON AND DAUGHTERS

NATIONAL THEATRE (DORFMAN)

BY STEVE DINNEEN

It’s easy to get sniffy about soap operas but there’s an undeniable value to those nightly instalments of drama that shine a powerful light on the minutia of modern life. Dixon and Daughters, a new play by Deborah Bruce, brings to mind the very best of soap opera, from its domestic setting to the complex familial relationships that seem to arrive on stage fully formed.

It begins with the homecoming of bad-tempered family matriarch Mary. Her daughters Julie and Bernie, along with granddaughter Ella, attempt to create a party atmosphere but it soon becomes clear this is far from a happy occasion.

There’s talk of Mary visiting her husband’s grave, only someone has daubed unseemly graffiti on it, and people keep mentioning a woman who’s name Mary refuses to hear.

It’s clear this is a family dealing with the aftermath of abuse, the extent of which is drip-fed over the course of the tight 90-minute run time.

The fact everyone is walking on egg shells, trying not to mention the unmentionable, is masked by a chippy northern bravado, at least until the family are joined by two more women, one a figure from their past and one who Mary met during her time away.

It’s essentially a study of the way people deal with trauma, be it through alcoholism, self harm, selfhelp or simply shutting it out for as long as possible.

It all plays out in a wonderfully realised two-up two down, complete with transparent walls that allow us to voyeuristically track the family as they move from room to room.

The set design hints at the psychic damage of its inhabitants, with the sides of the house sheared away, revealing jagged brickwork. Director Róisín McBrinn borrows from the horror playbook, with strange lights and sounds disturbing the family as they sleep, and a dark energy emanating from the little bedroom upstairs.

Starting out as a dark comedy, Dixon and Daughters ends up a harrowing melodrama, pulling no punches in its examination of trauma. It’s held together by exceptional performances across the board, giving a human face to the sadly topical issue of child abuse.

Animal: disability and online dating

RECOMMENDED

ANIMAL

PARK THEATRE

BY STEVE DINNEEN

Animal opens with the lead character, David, attempting to utilise a masturbation pump. A cerebral palsy sufferer, inserting his penis into the device’s nozzle is just one of the many things he is unable to do. Explaining why he needs to return it to the online sex shop is another.

What follows is an examination of the intersection between lust and disability, a subject rarely broached in mainstream culture, and certainly not in anything like the hilariously graphic detail found in Jon Bradfield and Josh Hepple’s play.

Impossibly horny, 25-year-old David is talked by his carer-cum-friend Dereck and his flatmate-cum-carer Jill (when dealing with a condition as severe as David’s, the lines become blurred) into setting up a Grindr profile.

It’s a neat set-up, and lends itself well to the stage: David is confined to his bungalow and we’re stuck there with him. His early failures are washed away when he uploads some pictures of his bigger-than-average junk, leading to a string of casual encounters, and one that becomes a little more involved.

What follows is a smart dissection of not just the problems faced by people with conditions like David’s but also the dangers of hook-up culture and the insidious nature of addiction.

At its heart is a brilliant performance from Christopher John-Slater (who has cerebral palsy himself), who nails not only the sense of frustration at being reliant on others for everything from drinking a glass of water to having an orgasm, but the comic timing required to make Animal work as a black comedy.

The acting is solid throughout, with special mention going to William Oxborrow, who plays a series of dubious Grindr matches who visit David’s flat, providing by far the biggest laughs of the evening.

There’s a sit-com style fluency to the dialogue, with the play rattling through scenes at an admirable clip. The wider structure isn’t quite so concise, however, with a few too many narrative threads and a desire to flesh out relationships that could have been left to the imagination, swelling the run-time to over two hours. Very few darlings were killed in the making of this play.

But given how rarely the issues raised in Animal are spoken about, you can understand the desire to squeeze in as many as possible. Smart, funny and genuinely enlightening, Animal carries its heavy themes with remarkable lightness.

LITTLE RICHARD: I AM EVERYTHING DIR. LISA CORTES

BY VICTORIA LUXFORD

Throughout history, those who created great movements are rarely the ones who enjoyed the benefits. Little Richard: I Am Everything is a stunning documentary about a singer, but also a meditation about how cultural history is manicured.

Told through archive footage and talking head interviews, it’s about the life of Richard Wayne Penniman, the singer from Maycomb, Georgia who would find success in the 1950s as Little Richard. Overcoming racial segregation to break through to America’s white youth, the film is a testament to how hits such as Long Tall Sally and Tutti Frutti inspired The Beatles, The Rolling Stones, David Bowie and more (with interview footage of those figures confirming it).

He was, as he proclaimed several times in his life, The Architect of Rock ‘n’ Roll. Yet director Lisa Cortes pulls the curtain back on the many ways in which his genius was undermined: culturally, with record companies declaring Elvis Presley and other white acts as the originators of the genre, and financially as it’s revealed Richard wasn’t paid royalties for his many classics. Academics, musicians, and admirers (John Waters, Mick Jagger, and Billy Porter to name a few) lament the treatment of a man who gave them so much, but always seemed to be shouting from the fringes of celebrity.

Even more interesting is the examination of the man. Richard’s Christianity was at direct odds with him being gay, to the point where he renounced his sexuality many times and married women. While seen as a betrayal of the community by some, other (more sympathetic) interviewees offer a portrait of a man who

feared damnation, who had been told for so long that he was bound for hell that he began to believe it. Paired with the singer’s own sparkling anecdotes and stunning performances, Little Richard: I Am Everything is a sublime tribute to a man who was never anything less than unique.

ALIEN DIR. RIDLEY SCOTT BY

VICTORIA LUXFORD

To mark Alien Day this week (26 April, in case you forgot to send your cards), the first two films in the Alien saga are being re-released in cinemas. Over forty years on, these first films are the standard by which the series is still measured, as well as sci-fi in general. Both starring Sigourney Weaver as Ellen Ripley, Ridley Scott’s original is a nail-biting haunted house horror, while James Cameron takes the reins for a gung-ho follow up that centres around Ripley fighting back to protect an innocent orphan. Whether you like creeping tension or allout spectacle, both are still masterclasses of filmmaking. They’re also tailor made to be seen in a cinema, where everyone can hear you scream.

I LIVED LIKE KING CHARLES FOR A DAY - WAS IT WORTH IT?

St James’s tailors dress King Charles. Our man Adam Bloodworth went to live like a King

Rumour has it that princes William and Harry used to go to St James’s barbers Truefitt & Hill for their haircuts. They were taken there by Prince Charles who’d always gone there for his hairdos - that was until Diana convinced him Nicky Clarke was much cooler.

I’d agree. Looking at the royal warrant certificates hanging on Truefitt & Hill’s coffered wooden walls, hanging next to photos of dukes posing with their dogs, there are definitely cooler places to go for a shave.

But there aren’t places with more royal pedigree. Wendy from Truefitt & Hill was the Duke of Edinburgh’s personal shaver all of his life, right until the end. She still manages the store, but when I go I’m towelled up by Jason from Brentwood, a young barber whose hot towel shave was so relaxing that I could barely muster an answer when someone offered me a midshave manicure. (A mid-shave manicure!)

Why am I here? I was making my way around some of St James’s’ oldest tailoring and grooming establishments as part of the Dukes hotel’s Royal Experience, designed to celebrate the Coronation, but really, to allow me to live like a King for the day. Anyone that knows me will know I try to live like a King on as many days as possible, but frequently fail, so I thought I’d better try it the proper way: the Dukes experience only features royal warrant holding establishments, I’ll have you know.

Thirty metres away at Locke & Co hatters someone pushes an ominous-looking Victorian metal object on my head. It retracts and expands and looks utterly terrifying. It’s over 100 years old, though no one knows exactly how old. It could even be the one Churchill used when he came here for his hats. An unnerving jolt, and a piece of paper is produced that mirrors the shape of my head, meaning I can get a hat that fits perfectly. I’ve never worn hats, but I’m recommended a fedora and it looks so sharp that I make a mental note to find somewhere that sells one for a tenth of the price so I can mirror this look when this experience is all over.

Founded in 1676, Locke & Co “moved to this premises in the 1700s,” one staffer says, almost embarrassed by how relatively recent the current digs are.

A short walk across St James’s and I arrive to Anderson & Sheppard, where staff member Michael is cutting a summer suit for a very famous politician. He turns over the label to disguise the name and laughs nervously.

“Not all of our clients are famous.” But at the starting cost of £6,000 for a be-

look after the main man,” my tailor for the day tells me. That’s King Charles, by the way, who comes hereor rather, they go to him - for his everyday suits.

How does Charlie choose from over 100 house fabrics, some of which go for a couple of thousand per metre?

We flick through a lookbook featuring only Vicuña wool from a type of mini camel whose chest fluff is used to make suits priced from £20,000. At Anderson & Sheppard, their unique selling point is that each tailor is a specialist in one particular item. “We recently had someone retire who spent 52 years on trousers,” I’m told. Sample books dating back hundreds of years scale the walls, towering way above my head. I wear a casual look by

the tailors; a blue summer blazer paired with a white shirt and red, white and blue pocked square, ‘cause, you know, gotta nod to the “main man.” You’d miss the Dukes hotel unless

you knew where it was. Only a minute’s walk from Truefitt & Hill, it’s deep within the labyrinth of St James’s’s back streets and was once favoured by Diana and 007 creator himself, Ian Fleming. I’m not allowed to say that Fleming developed the famous ‘shaken, not stirred’ preference here, so I order a vesper martini and go deep into my imagination to picture him huddled in a corner with his friends, drumming up a spy fantasy with something very dry, and disarmingly alcoholic, in his hand. But we’re not here to talk about Bond. The Dukes hotel’s latest feat isn’t literary, but culinary: I’m here to eat the Royal Dinner, designed by executive chef Nigel Mendham around the food Charles likes. It’s the product of “plenty of Googling” about the

King’s culinary tastes, he tells me as he threatens to place a whole smoked salmon on our table. Sourced from London’s last smokehouse, it has so much flavour that I treat each slice as if it were a boiled sweet, turning the pieces around and around in my mouth. A main of beef wellington was almost the size of my head and to finish, an earl grey tea panna cotta with milk ice cream and a honey biscuit, which was memorably superb, achieving the right balance of dainty-looking and punchy-tasting.

The following morning, luxuriating in my suite, I munch eggs with caviar, because apparently Charles likes eggs but chef found that too boring so he added fish. I won’t complain. Had I lived like a King? That depends on your perspective. Truefitt & Hill hasn’t tempted Charles back since Diana allegedly took him somewhere cooler, and I can understand why some royals might feel inclined to run a million miles from establishments that brand themselves on their royal association. But then again, I’m not a modern royal, so sign me up.

Dukes Coronation Package runs all year, go to dukeshotel.com to book. The package includes a pocket square fitting and tour at Anderson & Sheppard, a hat fitting at Locke & Co, a shave at Truefitt & Hill and a night’s stay at the Dukes hotel with dinner

Someone pushes an ominous Victorian object onto my head. It could be the one Churchill wore

From top left, clockwise: An Anderson & Sheppard tailor shows Adam around; in Locke & Co and the exterior of Dukes hotel that has organised the package

Aston Martin’s top engineer tells Matt Hardy how team have become podium chasers

FORMULA 1, of late, has been a dominance sport, but Aston Martin have forced themselves into the mix and don’t plan on giving up the fight anytime soon.

Since Jenson Button’s win for Brawn in 2009, every World Championship has been won by a driver from either Red Bull or Mercedes. Their duopoly has been incredible.

But in 2023 there’s a new fighter beginning their ring walk. Aston Martin, though unlikely to challenge for a title any time soon, are on a run of three podiums in three races thus far.

Fernando Alonso, two-time world champion, has bagged all three of those for Lawrence Stroll’s team, while the owner’s son Lance has impressed in parts too.

And Aston Martin’s engineering director Luca Furbatto says there’s no reason not to be optimistic for a fourth podium as the F1 season resumes in Baku, Azerbaijan, this weekend.

MANAGE EXPECTATIONS

“I think it’s fair to say that perhaps we were not expecting to be P2 [second in the race] but now that we are [on the podium] I think we want to stay there,”

Furbatto told City A.M.

“We’re conscious that the gap to P1 is still quite large. But I think Lawrence was very clear on where we need to be as a team going forward.

“To be world champion, you need to be P1 at one point.

“I like to say that we’ve normally done very well there [Baku] but I need to be a little bit careful. What we learned from the past is that everything can actually happen in Baku.

“This year there’s going to be a sprint race. Is that the best place for a sprint race? I think it’s too late now for that.

“There’s plenty of walls there and if you go out you could be facing a tough challenge to rebuild a car between Saturday and Sunday. Let’s see how it goes. I’m reasonably optimistic.”

Aston Martin have capitalised on the

BRING BAKU THE PODIUM

China was removed from this year’s F1 calendar, creating a four-week gap after the opening three races

BAKU TO MIAMI

After this weekend’s race in Baku, the Formula 1 paddock travels to Miami next week before returning across the pond for the first of two grands prix in Italy this year.

“We always look back

“We put that in the simulator and try to optimise our performance during previous events, but for example, Baku is a specific circuit.

“The first two sectors, there’s a lot of low speed corners, a lot of 90 degree corners.

“And then you’ve got sector three, which is almost like a long straight with maximum efficiency so it is a tricky balance between a car that ideally would call for high downforce in the first two sectors and extremely low downforce in the third sector.

“So getting that balance right for the event is going to be the key. In a way, Miami’s not dissimilar, and obviously

a little bit less extreme than Baku.

“The developments [for this weekend are] a range of rear wings with less downforce. But also mechanical setup opportunities that perhaps we could not exploit in the first three races.

“Baku normally gets resurfaced every year and is normally smooth, and it allows us to run setups that are not possible on a street circuit like Melbourne.”

Aston Martin are ambitious, and it is clear Stroll, his son Lance, and Alonso have a Formula 1 world championship in their sights.

But it is a difficult game, and progress can be slow, so three podiums in three races is one of the biggest recent developments in the sport that shows the dominance of a few could become the playground of the many.

Exercising is down –so let’s make it simpler

AN ELITE athlete cadges a lift to skip a couple of kilometres of an ultra race. Tough Mudder turns Finsbury Park into a swamp and is barred from using the venue next year. The London Marathon director cycles to a love-in with fossil-fuel hating activists ahead of the race, which is then won by men and women in prototype super-shoes.

There has been no shortage of publicity, but the hard data shows running is in gradual decline as the British population shifts shape. And it’s not the only sport struggling for numbers.

Sport England has trumpeted its latest annual Active Lives survey as showing overall activity recovering to roughly the same level as before the pandemic. Some 63 per cent of the population is said to meet the Chief Medical Officer’s guidance of at least 150 minutes of moderate physical activity a week. Enjoyment in the process is not simply taken as read; Sport England provides survey evidence on mental wellbeing to back this up.

Ed Warner

Look back beyond Covid and activity is essentially flatlining, though. It is tempting to use this as a stick to beat Sport England, which acts as the government’s distributor of funding to grassroots sport. But its data showing lower activity levels among disadvantaged minority groups highlights the challenge of reversing the societal barriers to physical fitness.

Sport England can appear prone to fads and spin, but without the funding it dispenses I suspect that the nation’s infrastructure of organised grassroots sport would crumble – with obvious consequences for health.

Running and cycling were clear ben-

eficiaries of Covid, outdoor pursuits that could be undertaken solo or in small groups. Swimmers were stymied by pool closures. Outdoor team sports were struck down by social distance restrictions, indoor ones by locked venues as well. Each of these trends is reversing, although swimming is still 10 per cent down on pre-pandemic numbers. Most alarming for athletics bodies is that 1m people have stopped running regularly over the past five years. And for all cycling’s hype, it’s just freewheeling.

RED TAPE

I have written before about the bureaucracy weighing down clubs. Volunteers organising team sports suffer the double whammy of governance requirements and the fragmentation of leisure time under the weight of competing oppor-

tunities. People are less likely to make the commitment to be part of a team than they were in the pre-digital age. It is encouraging then to see team sports in aggregate recover their pandemic losses, although they are

still down in numbers over the longer term.

The collective masks divergent experiences, though. Rugby union participation is 14 per cent lower than in 2018-19; netball 10 per cent down. By contrast, the figure for cricket is a positive 12 per cent. Whether a sport is up or down doesn’t mean its volunteers’ complaints about red tape are groundless gripes, however. I hear these woes from across sports, including those expanding.

Sport England flags the enhanced mental benefits of team sports compared to more solitary physical activity. All the more reason for a high-level project to alleviate the burden on those who make up the backbone of Britain’s grassroots club networks. Commercial obstacle race organisers are part of the future – their controversial muddy footprints notwithstanding – but just a very small part.

I like to say that we’ve normally done very well in Baku but I need to be careful. What we’ve learned is that anything can happen

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

Furbatto joined Aston Martin ahead of 2022

Most alarming for athletics bodies is that 1m people have stopped running regularly over the past five years

SPORT

FOOTBALL

Row breaks out over European football’s plan for salary cap

FRANK DALLERES

PLANS to implement a salary cap in European football have received an immediate backlash, with unions accusing the game’s governing bodies of ignoring the views of players.

Uefa president Aleksander Ceferin revealed this week that talks had begun on introduce a cap in order to stabilise club finances and improve competition, and that “everybody agrees”. That came as news to the Professional Footballers’ Association chief Maheta Molango, who insisted that there had been no consultation with players, who would not welcome the move.

“When players read that ‘everyone agrees’ with capping their wages, I think they will rightly be angry,” Molango said.

“Without proper engagement or consultation, players are continually being asked to play more and more games. New competitions are being created and existing tournaments expanded. These all generate more money within football.

“Capping the wages of those who create the ‘product’ that others continue to benefit from is not a solution to ensuring better financial management by leagues and clubs.

“Football’s leaders are quickly going to create a real problem if they continue to treat players like this. They

HORSE RACING

BAKU WITH A VENGEANCE

Aston Martin tell us why they can win a fourth F1 podium in Azerbaijan PAGE 21

ONE STEP CLOSER City beat Arsenal in crucial Premier League tie

need to be treated as the game’s most important stakeholders and must be central to these conversations.”

Uefa’s salary cap plans come amid concerns from players about increasing workloads, due to the expansion of international tournaments and a new Club World Cup every four years.

The governing body is expected to propose a hard cap at a meeting tomorrow and consult with other stakeholders, including unions, thereafter. It is thought that any cap would likely apply to overall squad wage bill rather than individual players’ salaries.

A cap would threaten to suppress player earn-

a brace as Manchester City beat Arsenal 4-1 last night in the Premier League to close the gap to their title rivals to just two points. In what many described as the title decider, De Bruyne and John Stones netted before the break before the Belgian midfielder added his second in the 54th minute. Rob Holding scored a consolation goal for Arsenal before Erling Haaland netted his 49th goal of the season in all competitions. City are two points behind the Gunners with two games in hand.

FOOTBALL

Nottingham Forest win to fuel survival hopes

MATT HARDY

ings and therefore face resistance from unions.

In 2021, the PFA successfully overturned the English Football League’s salary cap in the third and fourth tiers.

Uefa rejected an absolute cap just last year when it rewrote its financial regulations, but Ceferin revealed the measure was back on the agenda.

“I already spoke with some people from the European Commission – we are trying to push that,” he said.

“Surprisingly, everyone agrees – big clubs, small clubs, state-owned clubs, billionaire-owned clubs – everybody agrees. I hope it can be made as soon as possible.”

NOTTINGHAM Forest recovered from a one goal deficit to beat Brighton and Hove Albion 3-1 last night to lift themselves out of the relegation zone and keep their Premier League survival hopes alive.

The home side went behind at the City Ground to a Facundo Buonanotte goal after Solly March’s effort was saved by Forest keeper Keylor Navas but only into the path of the 18-year-old for the South American to put the visitors ahead in the 38th minute.

Forest were behind for just 10 minutes, however, after Brighton defender Pascal Gross found his

Epsom Derby moved forward to avoid clash with FA Cup final

MATT HARDY

HORSE racing’s iconic Epsom Derby flat race will start earlier than originally scheduled to avoid a clash with the FA Cup final.

Both events will take place on Saturday 3 June with the Derby being run at 1:30pm followed by the FA Cup at 3pm. The FA Cup final had been set to kick off around 5pm but the match between Manchester United and Manchester City was deemed too high risk by the Metropolitan Police. That in turn prompted Derby organisers to move the race from its 4:30pm slot.

James Crespi, manager of Epsom,

said: “This year, the first Saturday in June will play host to two Derbys and two of Britain’s great sporting events.

“We are grateful to our partners at ITV and our generous sponsors Betfred for their help in facilitating the move, and we can’t wait for what is sure to be a great afternoon for British sport.”

The Derby will now be the second race on an eight-race card at Epsom. Manchester United beat Brighton on penalties to reach the showpiece cup final while rivals Manchester City beat Sheffield United comfortably on semi-final weekend.

own net to offer the home side a chance at victory.

Steve Cooper’s men took that chance in the 69th minute when Danilo stole the ball, as Brighton looked to play out from the back, and found the bottom left of the net. Forest made certain of the result in the 92nd minute through a Morgan Gibbs-White penalty following a Lewis Dunk handball.

The result lifts Nottingham Forest above Everton and Leicester City to 17th in the Premier League table with five games of their campaign remaining.

Elsewhere in the Premier League Chelsea remain without a win under interim manager Frank Lampard

SNOOKER

after a César Azpilicueta own goal and a late Bryan Mbeumo shot handed Brentford a 2-0 victory at Stamford Bridge. The result means Chelsea are without a win since a 3-1 victory over Leicester nine games ago.

The win moves Brentford above Fulham and into ninth position in the Premier League table.

West Ham United’s run of five matches unbeaten in all competitions came to an end last night as Liverpool recovered from 1-0 down to beat the Hammers 2-1.

Lucas Paqueta scored for the hosts at the London Stadium before Cody Gakpo and Joel Matip netted to hand Liverpool the three points.

Ronnie out at Crucible as wait for eighth title goes on

MATT HARDY

SEVEN-TIME world snooker champion Ronnie O’Sullivan’s hopes of an eighth world title will need to wait another year after “The Rocket” was dumped out of this year’s competition at the quarter-final stages.

O’Sullivan led Luca Brecel 6-2 and 10-6 but the Belgian fought back to win seven consecutive frames and take the quarter-final 13-10.

The Brit was looking to better Stephen Hendry’s record of seven titles at the Crucible having drawn level with the Scot last year.

“He played unbelievable. He is such a good player and I love watching him.

He is such a dynamic player,” O’Sullivan said. “Probably the most talented snooker player I have ever seen. I would love to go and see him win it just for snooker because that is how the game should be played.

“If I’d have put up a bit more resistance maybe he wouldn’t have played as well but you still have to pot the balls. I just wasn’t playing well enough to have an impact on the game.

“If it was a boxing match they’d have stopped it very early because I was pinching frames and hanging on and it catches up with you at some point.”

It was the first time that O’Sullivan had failed to win a frame in a Crucible session in his career.

Kevin De Bruyne netted

Uefa president Ceferin said “everybody agrees” with the cap

Red Roses to end Middleton era on Six Nations high

THIS weekend’s Six Nations showdown between England and France is a glass ceilingsmashing moment for women’s sport.

A world rcord crowd of more than 53,000 fans will be at Twickenham to watch this year’s championship decider. That bodes really well for the 2025 World Cup, with the Rugby Football Union hoping to sell out the final at the same stadium.

Simon Middleton’s final game in charge marks the end of an era in which the Red Roses have dominated, but failing to win the World Cup final last year – despite some mitigating factors – remains a pretty big black mark on his record. Yes, they were playing a woman down for 60 minutes, but not winning that tournament was a major failure for this England generation.

That said, the Red Roses becoming part of a wider conversation about rapid growth, along with football’s Lionesses, means that Middleton is going out on one of the highest highs.

Will I be doing a jig on Saturday to the Sugarbabes, who have been booked by one of the sponsors? Probably not. But will I be looking forward to a brilliant game between the two closest sides in

RUGBY COMMENT

Ollie Phillips

they’re a completely different machine since professional contracts were introduced.

But they were humbled 59-3 by England despite being unbeaten heading into clash in Cardiff. Ireland, meanwhile, are yet to win this year and both Scotland and Italy were brushed aside by the Red Roses, too.

It’s a demonstration of how far the game has come, but how far the game must still travel.

Seeing the game thrive in England off and on the pitch is all well and good, but until other nations across the world can consistently beat their own domestic attendance records and professionalise further, the job is not done.

TRIUMPH

It is good to see captain Marlie Packer declared fit to start against Les Bleus on Saturday. She is a complete workhorse and does a lot of graft both on and off the ball.

Another injury concern who is set to start at Twickenham is Hannah Botterman. She is a proper prop – she can scrummage well – but she’s also a great example of a forward who has adapted to the needs of the modern game. With that duo in the side England’s chances of winning certainly rise.

WORLD CUP BAROMETER

In association with

PLAYER OF THE WEEK George Furbank, 26, Northampton Saints and England full-back

the competition? For sure.

But through the brilliance that Saturday afternoon at Twickenham will provide, it is difficult to look past the gulf in class between these two sides and the other four.

I used to coach Wales and seeing how far they’ve come is truly brilliant;

The finishing positions in this year’s competition have added importance given that the inaugural WXV competition will see pools decided based on results from this weekend. I can see that competition – almost a global calendar – extended to the men’s game if it is successful in the coming years.

But among the themes of “more work to do” in the women’s game and the desire for rapid growth, we should revel in this weekend’s clash where I think England will triumph in a very, very good game of rugby.

Euro semi-finals pack a punch

IT’S not all about the Six Nations this weekend because the Champions and Challenge Cups return for the semi-final stages. And it doesn’t get much bigger than Saturday’s opening game.

Leinster versus Toulouse is effectively Ireland versus France – both sides’ play is representative of the quintessential style their respective national teams favour.

Leinster are playing at their second home, the Aviva in Dublin, despite the rules stating that a final four tie in the Champions Cup must be at a neutral venue. I think the Dubliners could win this but given that Toulouse beat Munster at this stadium last year in a knockout tie, I am backing the French side to do it again. In the other semi-final, I cannot see how Exeter topple La Rochelle in Bordeaux. Yes,

Gloucester nearly beat them, but Saracens were humbled by the champions and I think Exeter will succumb to the same fate. In the Challenge Cup, the Scarlets host Glasgow on Saturday night and, given the turbulence in the Welsh system over the last 12 months, they’re deserving of some positivity.

I cannot, however, see Italian side Benetton challenging Toulon in their own back yard. It is testament to where Italian rugby is that they’ve got a semi-finalist, but this is where that cup run will end.

Former England Sevens captain Ollie Phillips is the founder of Optimist Performance, experts in leadership development and behavioural change. Follow Ollie on Twitter and on LinkedIn.

Having made his England debut in 2020, full-back George Furbank has somewhat fallen out of favour in the national set-up. But in the Premiership this year he has been a shining light for a Northampton team who have secured a semi-final place. Against Newcastle last weekend he made 21 carries and offloaded four times. The 26-year-old made 139m too. Also offers cover at fly-half, so could be due a recall under England’s new head coach Steve Borthwick.

WHO’S HOT WHO’S NOT

Hooked after 50 minutes, Ollie Hassell-Collins was prematurely replaced by London Irish with his rival for an England shirt, Henry Arundell.

Wallaby back Marika Koroibete was this week named the best player in Australia for the second time. At 30, 2023 could be his last World Cup.

Having lifted the last World Cup, South Africa captain Siya Kolisi was this week told he could miss the next one if he needs knee surgery.

Seeing the game thrive in England is well and good but until others improve the job isn’t done

Borthwick is yet to find a No9 to fit his style, but in Ben Spencer, whose last cap came in the 2019 World Cup final, he may have rediscovered one.