INTERVIEW: OSCAR-WINNER
OLIVER STONE ON PUTIN, ANGER AND BEING AN OUTSIDER P20-21
JULY 2021 IT IS IMPORTANT NOT TO OVER-REACT TO TEMPORARILY STRONG GROWTH AND INFLATION SEPTEMBER 2021 PRESSURES WILL BE TRANSIENT - DEMAND WILL SHIFT BACK FROM GOODS TO SERVICE, GLOBAL SUPPLY CHAINS ARE LIKELY TO REPAIR THEMSELVES NOVEMBER 2021THE EVIDENCE IS CLEAR THAT THINGS LIKE ENERGY PRICES GO UP AND DOWN AGAIN, THEY TEND TO STAY HIGHER, CERTAINLY NOT AT PERMANENTLY HIGH LEVELS
JULY 2022WE SEE
JACK BARNETT
THE BANK of England is on track to kick interest rates up their highest level in over 23 years in a bid to rein in what now appears to be embedded inflation.
City traders ratcheted up their bets on peak UK interest rates in response to official data that showed inflation was still running at 8.7 per cent last month, way above City expectations.
It is the latest blow to Andrew Bailey, the governor of the Bank of England,
who has been criticised for downplaying the stickiness of inflation in recent years.
Market participants now think Bailey and the rest of the Monetary Policy Committee – the nine-strong group who set official UK borrowing costs – will lift the rate to at least six per cent.
The group will meet today to hike the interest rate, with some believing the Bank could increase by 50 basis points to 5.25 per cent, from the current 4.75 per cent. Any increase would represent the 13th straight increase.
Core inflation rose again and to a 31year high of 7.1 per cent from 6.8 per cent in the previous month. Evidence of price pressures withstanding the toughest tightening cycle since the 1980s suggests they are beginning to be driven by domestic factors. Although inflation was running at five per cent heading into 2022, Russia’s invasion of Ukraine turbocharged prices by jolting international energy markets. Services inflation hit 7.4 per cent in
May, well above the Bank’s expected fall to 6.8 per cent. Such price increases typically require monetary policy to tighten to rein in spending.
Goods inflation is also running at 9.7 per cent. Food inflation dropped to 18.3 per cent from 19 per cent.
“Today’s data will likely leave the Bank of England with no choice but to opt for another increase in the base rate tomorrow,” Yael Selfin, chief economist at KPMG UK, said.
Last night, the Institute for Fiscal
Studies said 1.4m mortgage holders would lose around 20 per cent of their disposable income once the Bank’s decision flows through to mortgage rates.
Neil Wilson, chief market analyst at Markets.com, last night said: “Andrew Bailey and co have a remit to maintain stable inflation –they have demonstrably failed in this regard.”
£ STATE OF THE ECONOMY SPECIAL: PAGES 4-5
CITY A.M. REPORTER
HOUSEBUILDERS suffered through a miserable day on the stock market yesterday after the sky-high inflation print ignited further fears of a house price crash.
Allied with new house price data which showed an increasingly soft
market, the readout saw major British developers lose favour with investors.
Barratt sunk 2.17 per cent, Taylor Wimpey lost three per cent, and Persimmon also fell 2.5 per cent.
Berkeley, another housebuilder, told markets in a scheduled trading update that they expected the
market to be ‘choppy’ until interest rates settle, forecasting a 20 per cent drop in house sales. We continue to see good levels of enquiry for well-located homes built to a high standard of design and quality but
recognise that the market is likely to lack urgency until there is more certainty over the trajectory of interest rates,” the firm’s boss Rob Perrins said.
Disappointing economic data and stickier-than-expected
inflation has weighed down British stock markets all year. The FTSE 100 has effectively been flat since the turn of the year, whilst the FTSE 250 is down by almost three per cent. By contrast, the S&P 500 in the US is up just shy of 15 per cent, and even the tech-heavy Nasdaq Composite is up 30 per cent.
CALLS for some kind of mortgage relief are understandable. The hit to some homeowners, dealing with rapidly increased monthly payments, will be significant. But the government is absolutely right to resist the easy way out of bunging a few quid at mortgage-holders to make the problem go away, and ease their election woes. Britain has become obsessed with taxpayer-backed quick fixes; we
have certainly, since the onset of Covid-19, seen enough of them. Many have had merit: the furlough scheme, for instance, was cooked up in the course of a few evenings and had the double merit of avoiding mass unemployment and staving off
what would have been social unrest. Others have had less merit: the various interventions on the price of energy have at once distorted the market and been ruinous for the UK’s credit worthiness. At some point we have to move away from stickingplaster politics and panic button economics: the state is not the answer to difficult days. Politically unpalatable though it is, sometimes –and this counts as something like heresy these days –
markets are correct. There is no question that the Bank of England has made a quite tremendous cock-up of this inflationary cycle, but it is not on the taxpayer nor the government to fix that; if banks wish to change their terms or offer interest-only payment options, as Labour are proposing, then they can do that on their own terms. But our addiction to ‘something must be done’ is turning Britain into an ungovernable banana republic of
EUROPE UNITED Chancellor Jeremy Hunt opened the London Stock Exchange yesterday with representatives from Ukraine after a support package was announced
handouts, electoral giveaways and incoherent short-termism. Housing is fundamentally a cost of living issue; always has been, always will be. Higher interest rates are a problem for homeowners because they’ve been forced to leverage to the hilt to buy, especially in London and the south east. And yet a lack of political willingness to build, baby, build continues to pervade. It is time for long-term solutions to long-standing problems.
LATEST DELAYS TO HS2 FORECAST TO ADD £366M TO SOARING FINAL BILL
The decision by ministers to delay the construction of part of the HS2 rail line from London to northern England will add £366m to the scheme’s final bill, according to government estimates.
THE GUARDIAN MACRON CALLS ON PRIVATE FINANCE TO HELP REDUCE GLOBAL POVERTY
Private finance needs to play a significant role in supporting global development and reducing poverty by offering cheaper and more flexible loans, according to the French president and a group of fellow world leaders.
THE TIMES
What’s the best way to wind up Rishi Sunak? Accuse him of wrecking the economy. It’s a particular sore point for the Prime Minister, a self-styled boy genius who lost the leadership election to the woman who actually wrecked the economy, Liz Truss.
But he would look like a real schmuck if he said “it wasn’t me, it was the other one” every time Keir Starmer bellowed at him about a poor sod in Selby whose kids would now have to share bedrooms
SKETCH SASHA O’SULLIVAN
because of the rise in mortgage repayments.
Starmer spent yesterday’s Prime Minister’s Question in his comfort zone –humourlessly lecturing us on just how
PHONES
The European Union has agreed to the “intrusive surveillance” of journalists to identify their sources as part of criminal investigations under new draft legislation exemptions demanded by France.
dreadful everything is.
So irked was Sunak by a lawyer trying to school him on the economy, he launched his own attack: “He doesn’t have many policies but the ones he does have share one thing in common: they are dangerous, inflationary and working people will pay the price.”
You’d be forgiven for thinking Liam Fox was a secret Labour agent hiding on the Conservative benches, but no, he really meant it when he asked: “Is it not time we had good news, talking Britain up?”
There’s nothing’s funny about the economy, stupid –especially if you’re Rishi Sunak
NUMIS shareholders yesterday waved through Deutsche Bank’s takeover offer in its annual general meeting (AGM).
The vote passed through the court meeting with nearly 98 per cent support and secured the approval of over 99.9 per cent of shareholders at the AGM yesterday.
The scheme empowers the board to take all necessary actions to complete the deal.
The takeover is expected to complete in the fourth quarter of this year.
Deutsche announced in April it had agreed to buy London-based investment bank Numis for £410m, a premium of 72 per cent to Numis’s share price before the offer was made.
The deal reflects Deutsche Bank’s commitment to the UK investment
banking market despite the general shift away from dealmaking among global banks. In its statement, the bank said Numis would allow it to deepen its footprint in the UK.
Speaking to City A.M. earlier this year
Tiina Lee, Deutsche Bank’s UK head, noted that the UK still had the largest wallet in EMEA despite concerns around the City’s prospects.
The tie-up was one of the largest examples in the consolidation of smaller investment banks in the UK and around the world as smaller investment banks are rocked by a deals slowdown and an M&A drought.
Cenkos and Finncap in the UK were among the mid-market investment banks to consolidate this year in a merger, while Investec took a majority stake in European boutique dealmaking firm Capitalmind a few weeks ago.
GUY TAYLOR
THE PERFORMANCE of Network Rail has “not been good enough”, rail minister Huw Merriman has said, stating the body must be properly held to account to ensure it improves the UK’s rail infrastructure.
Speaking at a transport committee hearing, Merriman told MPs a major challenge for train operators “is the
HALFORDS yesterday reported a £38.3m drop in annual profits as the group was hit by a decline in consumer demand for cycling following its lockdown boom and a tough economic climate.
For the year, underlying profit before tax slumped to £51.5m compared to £89.8m the prior year and £56m during the pandemic.
Underlying earnings before tax also fell 21.1 per cent to £186m as the cycling and auto services giant battled high levels of economic uncertainty and consumer worries.
The group also said it saw over £68m of year-on-year inflation in the year, and two of its core markets –consumer tyres and cycling –have seen significant volume decline, of 14 per cent and 24 per cent respectively, compared to during the pandemic.
However, the group said it expects “strong profit growth” in the 2025 financial year as it take a step towards its mid-term expectation of £90-110m underlying profit before tax, partly due to the ramping up of ‘buy now pay later’ schemes..
Investors seemed reassured, with shares closing up nine per cent.
performance of Network Rail, which has not been good enough.”
“We really do have to hold Network Rail to account to ensure that they do deliver” on improving the country’s rail infrastructure, Merriman said, which is “worn in many parts”.
Network Rail has been criticised by the UK’s rail watchdog, the Office of Rail and Road (ORR), for contributing to rail cancellations and delays and
not delivering on infrastructure updates.
In May, the regulator wrote to Network Rail highlighting concerns over a growing backlog of overdue assessments for its structures. Train operators have also been frustrated with Network Rail. A spokesperson for Network Rail said they “totally agree” with Merriman’s assessment.
YOU KNOW YOU WANT ME PE firm Elliott joins £500m takeover race for Reiss
BRITAIN’s debt stock has swelled to larger than the size of its economy for the first time since March 1961, pushed higher by the government helping families with their energy bills, new numbers out today show.
The UK’s over £2.5trn debt pile represents 100.1 per cent of the value of its gross domestic product, according to official figures from the Office for National Statistics (ONS).
The debt-to-GDP ratio (a measure of the strength of a country’s public balance sheet) has been pushed higher by a series of shocks that have prompted the government to raise spending to marshal the economy.
Banking turmoil during the 2008 financial crisis, Brexit, the Covid-19 pandemic and the energy price shock after Russia’s invasion of Ukraine have
raised government borrowing.
Pandemic help including the furlough scheme, vaccine programme and household income support measures all lifted government spending at a time when the economy was struggling.
ONS experts calculated that May’s £20bn borrowing total was the second highest record for that month since data started. It was slightly below the City’s expectations.
Last month’s debt increase means Chancellor Jeremy Hunt (pictured) is on course to top the Office for Budget Responsibility’s (OBR) borrowing forecast. Borrowing has reached £42.9bn so far this financial year, £2.1bn higher than the OBR’s projections.
“It would be manifestly unfair to leave future generations with a tab they cannot repay. That’s why we have taken difficult but necessary decisions to balance the books in order to halve inflation this year, grow the economy and reduce debt.”
THE GOVERNMENT must do more to unlock private investment for green projects or risk missing its decarbonisation targets, MPs have warned.
A new report out yesterday from the Public Accounts Committee has called on the government to provide a more coherent delivery plan to lure investment into renewable projects to help remove fossil fuels from the country’s electricity system by 2035.
The public finances look ugly –and that’s not just a headache for economists. It has been the working theory in Westminster for some time that Rishi Sunak and Jeremy Hunt would look to engineer a pre-election giveaway for the nation in the form of a tax cut –but doing so now would result in an almighty row with the (selfappointed) watchdogs of all things fiscal, the centrist IFS and distinctly softleft Resolution Foundation. That doesn’t mean the party won’t be able to; forecasts can be massaged, usually by announcing some kind of revenue raise a few years down the line that you don’t actually have any
intention of delivering on. But it will still be difficult for the Conservatives to explain –no matter how correct they may be –that tax cuts don’t ‘cost’ the Treasury anything. If they want to push forward with moves to reduce the tax burden from a 70-year high, they’re going to have to come up with some public spending cuts, too. In the present political environment it’s hard to see where they can do that without taking a poll hit. Sunak and Hunt need some growth –sharpish. AS.
The Westminster group warned that energy security secretary Grant Shapps still has “a lot to do” if the UK is to achieve its green ambitions.
The panel cautioned against further policy instability, including the imposition and frequent tinkering with the windfall tax, and the stop-start nature of initiatives such as the green homes grant voucher scheme, which have eroded investor confidence in government.
“We have already attracted £120bn of private investment in renewables since 2010 and expect to attract a further £100bn of investment which will support up to 480,000 jobs by 2030,” a department for energy security and net zero spokesperson said.
We need to talk about those people who feel confident about their retirement savings. But 1 in 3 of them are actually facing a savings gap of £100,000 or more.
MORTGAGE holders in London and the south east are set to be the worst hit by the “crippling” mortgage rate rises on the horizon, new data shows.
The top 20 areas of the country set to see the highest increase in their mortgage repayments increase are concentrated around the capital and the commuter belt, according to new analysis by the Labour Party.
By 2026, residents in Kensington, the Cities of London and Westminster, and Chelsea and Fulham will be the worst hit in the UK, facing average repayment increases of more than £10,000 – rising by £15,000, £12,900, and £12,100 respectively.
The remainder of the top 10 areas that will be worst hit – Richmond Park, Hampstead and Kilburn, Westminster North, Battersea, Wimbledon, Finchley and Golders Green and Islington South and Finsbury – all face an average increase of between £9,600 and £7,800.
Non-London constituencies in the top 20 are Esher and Walton, rising by £7,500, and Chesham and Amersham, jumping by £7,100.
Average future repayment increases in Holborn and St Pancras, Twickenham, Ealing Central and Acton, Hammersmith, Ruislip, Northwood and Pinner, Tooting, Hornsey and Wood Green, and Putney all range from between £7,700 to £6,900.
Speaking in the Commons on Tuesday, Labour’s Rachel Reeves said: “This is the consequence of the Conservative government’s mini-budget and 13 years of economic failure, with inflation higher here than in similar countries.
“Where does the Chancellor think families will find the money to pay this Tory mortgage penalty?”
It comes as analysis by the Telegraph today indicated the crisis could see the Conservative Party lose one in three of its seats at the next election.
Homeowners facing rocketing repayments outnumber the party’s majority in more than a third of Tory constituencies.
THE AMOUNT of money families have to hand over to the taxman after they receive gifts from deceased loved ones is on course to hit a record high.
Figures published by HMRC yesterday revealed the government sucked in just over nine per cent more in inheritance tax revenues in April and May this year compared to the same period in 2022, up to £1.2bn.
If that trend continues on its current trajectory, annual inheritance tax revenues would reach a record high.
Inheritance tax is typically a 40 per cent levy paid on the value of an estate over £325,000 left over from deceased parents, spouses and partners to their loved ones.
The rate at which beneficiaries start paying the tax was frozen by Chancellor Jeremy Hunt for an extra two years up until 2028 in order to rake in more cash for the Treasury to help the public finances.
There have been mounting calls of late –the majority coming from MPs on the Conservative benches –to water down or even to abolish the tax.
HOWARD SCHNEIDER
FURTHER Federal Reserve rate increases are “a pretty good guess” of where the central bank is heading if the economy continues in its current direction, Fed chair Jerome Powell said in remarks yesterday to lawmakers on Capitol Hill. In response to a question late in a three-hour hearing before the House Financial Services Committee, Powell said he would not characterize the Fed's decision last week to hold interest rates
steady as a “pause” and noted the fact that a majority of policymakers see two more quarter-point rate increases as likely by the end of the year.
“We didn't use the word pause and I wouldn’t use it here today,” Powell said. The outlook for two more rate hikes by the end of the year, included in the Summary of Economic Projections released by the Fed last week, “is a pretty good guess of what will happen if theeconomy performs about as expected,” Powell said.
GUY TAYLOR
SKIWORLD – the UK’s largest independent ski tour operator – has pulled out of much of its operation in Austria as a result of post-Brexit red tape, City A.M. has learnt.
The London-based firm – which runs chalets across the Alps – told City A.M. that a dip in the number of UK staff it is able to employ overseas as a result of post-Brexit bureaucracy has prompted it to stop operating the majority of its chalets in the country.
“Austria is a nightmare. Thirty years of building up a programme of accommodation in Austria has pretty much been completely wiped,” Diane Palumbo, sales and marketing director at Skiworld, said, with the firm now operating only in the popular St Anton resort.
“We’ve still got chalets in St Anton but we have to staff those with EU staff because Austria has a quota on the number of non-EU visas it
issues.”
It comes following a report last week from the travel trade association ABTA, which found that the number of UK staff employed overseas between 2017 and 2023 has plummeted, with hiring costs also rising, as firms struggle to wade through a snowstorm of bureaucracy post-Brexit.
The sector is calling for an extension of youth mobility agreements – which allow young workers to work abroad for short periods – to European Union (EU) countries.
The UK currently has agreements with countries including New Zealand, Australia and Japan but none with any EU member state, making it harder for British holiday staff to work overseas.
Skiworld said that before the UK’s departure from the EU, it had 22 chalets in Austria, but this has now reduced to just six.
GUY TAYLOR
LOCAL authority bureaucracy is causing delays of up to a year in rolling out electric car charge points, industry figures have warned.
“We’re getting caught up in red tape… which is stopping us deploying thousands more charges today,” Ian Johnston (pictured), head of the newly formed trade association Charge UK, told City A.M.
To build and operate rapid charging hubs, providers must seek planning permission from local authorities, but Johnston said that seeking approval from local authorities was causing delays of “up to a year”.
Meanwhile, James Court, chief executive of EVA England, the trade association for electric drivers, described local authorities as “a nightmare” and said we needed a “sea change” in how local councils approach charging.
THE BANK OF ENGLAND’s Lee Foulger has warned there needs to be “increased levels of resilience” in the shadow bank space to avoid risks to financial stability. With increased regulation of the traditional financial sector since the financial crisis, Foulger, director of financial stability, strategy and risk, said: “It is no surprise that over that time we have seen a relative shift towards non-bank finance.”
But in recent months, pressure has emerged in different parts of the nonbanking sector – such as LDI funds –as a result of rising interest rates. These pressures were only contained due to policy intervention.
Central banks around the world have been considering the best ways to improve oversight of non-banks.
Foulger laid out a series of priorities for improving resilience in the shadow banking sector. He said there needed to be “strengthened risk management in the providers of
SEVERAL small tech companies have accused Google of stifling competition due to its monopoly of the online advertising market amid calls to increase competition by lawmakers.
The House of Lords Communications and Digital Committee heard Google is “killing off industries”, and that its dominance leads to higher prices.
In the hearing yesterday, which discussed the potential impact of the Digital Markets, Consumer and Competition (DMCC) Bill, Richard Stables, CEO at ecommerce marketing platform Kelkoo Group, claimed “consumers are paying higher prices because retailers are paying higher prices for their advertising”.
A report published by Britain’s competition regulator in 2020 found Google’s market dominance has a “significant impact” on prices. When comparing like-for-like searches, Google’s prices were 30 to 40 per cent higher than Bing’s.
Kelkoo first filed a complaint about Google to the European Commission in 2009, which is still ongoing today.
Likewise, News Association boss Owen Meredith told the committee this week: “If big tech dominates something it
scares investors off smaller companies.”
Legislators in the West have been “asleep at the wheel in terms of looking after anti-trust and regulators over the last 20 years,” he added.
Also speaking at the hearing was Tom Fish, head of public policy at Gener8, who said: “We miss out on a potential revenue stream for our browser, owing predominantly to Google’s dominance in search.”
All the tech companies at the committee were in favour of the DMCC Bill, which aims to increase competition and innovation in digital markets and is set to enter into force in 2024.
Last week, the EU’s competition chief Margrethe Vestager announced a “statement of objections” to Google’s advertising business, which the regulator said the tech giant must sell parts of in order to comply with their laws.
Vestager has previously fined the tech company several times, amounting to a total of over €8bn (£6.8bn).
Google was not immediately available for comment but Dan Taylor, vice president of Google Ads, has previously said publishers have many options for advertising technology, and “keep the vast majority of revenue” when they use Google.
leverage”, such as brokers, and called for “greater self-insurance” such as greater capital buffers.
However, he said the most important step was to improve the available data. This was particularly true because the resilience of individual institutions cannot ensure that collective actions do not risk financial stability
On Monday, the Bank of England launched a system-wide stress test in order to shine a light on how banks and non-banks interact.
JESS JONES
SOFTBANK is planning to scale up its investment activity according to boss Masayoshi Son, who said the firm is going on the offensive.
At the Japanese company’s annual general meeting yesterday, billionaire Son said it was time to “shift to offence mode” as the group prepares to capitalise on rapidly developing artificial intelligence (AI) technologies.
Recently, chief financial officer Yoshimitsu Goto expressed concerns about missing out on potential investment windows due to the company’s defensive stance.
The defence approach was triggered by a round of tech investments which cost Softbank dearly.
The Tiktok and Klarna investor suffered huge losses in its Vision Fund unit, recently announcing a 730.4bn yen (£4.6bn) decline in profits between October and December.
The firm reported net annual losses of 783.42bn yen, compared with a 29.05bn yen profit the previous year.
Softbank is also reportedly gearing up for more layoffs at its Vision Fund arm, potentially affecting nearly a third of its staff, a source told Reuters earlier this month. Softbank did not confirm it. The firm previously cut 150 jobs in September.
CHRIS DORRELL
NATIONWIDE has extended its promise to keep all of its physical branches open, as it continues to buck the trend among high street banks.
The UK’s largest building society had already committed to retaining all 605 physical branches until 2024, but has now extended that to 2026.
Branches can still be closed if there are multiple sites in one area or when a lease expires. Some 20 branches have been closed since last year.
Nationwide boss Debbie Crosbie said: “Nationwide is different. We give customers a choice... and we support the British high street.”
The building society said it has invested over £46m in maintaining its
branch network since 2020. Research of 2,000 consumers conducted by Nationwide showed that 77 per cent of people valued or depended on physical branches with 40 per cent citing the value of face-toface services.
More than half of the UK’s bank branches, some 5,162, have already been wiped out since 2015.
Waitrose Roasted Salted Savoury Mix 200g was £1.50/100g now £1.25/100g, Essential 10% Fat Beef Mince 500g was £7.10/kg now £6.30/kg, Essential Sultanas 500g was £3.80/kg now £3.60/kg, Waitrose Peppermint Tea 20s 40g was £2.75/100g now £2.38/100g, Essential Fresh Mint Mouthwash 500ml was 30p/100ml now 25p/100ml, Waitrose Watermelon 200g was £1.50/100g now £1.13/100g, Waitrose Loose Ripe Large Avocado was £1.20 each now £1 each, Waitrose 4 Ciabatta Rolls was 41.3p each now 37.5p each, Waitrose 4 Valencia Orange Ice Lolly 4x73ml was 99.3p/100ml now 94.2p/100ml, Essential Spinach 260g was £6.73/kg now £6.15/kg, Essential Vanilla Soft Scoop Ice Cream 2l was 12.3p/100ml now 11p/100ml, Essential Crunchy Peanut Butter 500g was 47p/100g now 42p/100g, Waitrose Cherry Vine Tomatoes 270g was £9.44/kg now £8.33/kg, Waitrose Grissini Breadsticks 125g was 96p/100g now 80p/100g,
EARL
SOARING demand for air conditioning across Europe due to summer’s warmer weather has contributed to the latest spike in gas price.
Alex Smith, equity analyst for oil and gas at Investec, told City A.M. the combination of supply uncertainties and rising energy consumption across the continent was responsible for the latest uptick in prices on Dutch and UK benchmarks.
He said despite storage being at high
levels, there are fears around supply levels, following outages in Norway and the North Sea and maintenance work at Turkstream last week.
“This has been combined with increased demand for air conditioning across Europe. The combined factors have led to a steady rise in pricing the past couple of weeks,” Smith said.
Rystad Energy also noted these effects of hot weather and highlighted that weather forecasts for July are also above normal for Northern Europe.
THE LONDON Metal Exchange had no choice but to cancel billions of dollars of nickel trades last year to avert a jolt that would have hit wider financial markets, its lawyers argued in a London court yesterday.
Other alternatives put forward by two financial firms suing the LME for $472m (£370m) were not viable and would still have led to ructions on global markets, they said.
US-based hedge fund Elliott Associates and market maker Jane Street Global Trading say the LME unlawfully cancelled trades made on 8 March, 2022, after the nickel price doubled in a matter of hours.
The 146-year-old exchange argues it was justified in closing the market and cancelling trades because $19.7bn of margin calls would otherwise have led to the defaults of multiple clearing members and created systemic risk.
The LME’s lawyer Jonathan Crow said on the second day of the hearing at London’s High Court that the exchange
was faced with unprecedented circumstances.
“We are looking at what was literally a once-in-a-generation experience,” Crow said. “That demonstrates the complete abnormality of what the LME was dealing with last year.”
Failing to suspend trading and cancel deals would have led to a “death spiral” on the LME that would have spread to other financial markets, the LME says.
Earlier, a lawyer for Jane Street said the LME had
It said the “main driver” in prices was an unexpected three-week extension in maintenance at Norway’s Nyhamna gas processing plant and at feedgas fields Orman Lange and Aasta Hansteen – which will not be back up to full capacity until 15 July.
Gas is now trading at 96p per therm on the UK Natural Gas Futures market, having started the month at 54p.
European prices have also risen sharply, nearly doubling from €23 per megawatt hour to nearly €39 per megawatt hour.
PRECIOUS gemstone seller Gemfields yesterday announced a hefty hike in revenues at its latest ruby auction, with buyers embracing coloured gemstones as the market continues its post-Covid recovery. The London-listed miner and auctioneer generated £63.1m ($80.4m) in sales from this month’s mixed-quality ruby auction, up from £52.4m at its previous auction earlier this year. Adrian Banks, Gemfields’ managing director of product and sales, said:
no senior management monitoring the market as nickel prices surged in Asian trading last year.
Jane Street’s lawyer James Segan said that even though the LME bills itself as a global, 24-hour market, it had only low-level staff on duty in Asia from 1am London time when the market opened.
“During a critical period... no one was monitoring the market,” he said. “It was a breach of its obligations to the market.”
“The ruby market is clearly firing on all 12 cylinders and the stepchange in market pricing which we reported in 2022 is notably enhanced.” Gemfields is one of the world’s biggest vendors of rubies and emeralds, and it has managed to maintain robust prices even amid gloomy economic data to the limited global supply. The company’s boss Sean Gilbertson told City A.M. last year he considered gemstones to be “resistant” to inflation and the worsening cost of living crisis.
NICHOLAS EARL
OIL PRICES were showing signs of recovery in last night’s trading, with a sustained hawkish approach from the Federal Reserve raising hopes of an economic revival in the US – which could drive up demand.
Jerome Powell, chair of the FED, has hinted he will continue to hike
interest rates over the year to dampen inflation.
Brent Crude climbed 1.55 per cent to 77.08 per barrel on Wednesday evening, with WTI Crude up 1.88 per cent to $72.53 per barrel.
Inflation remains supremely challenging across developed economies, with the Bank of England expected to raise interest rates a
chunky 50 basis points after inflation held at 8.7 per cent last month.
Craig Erlam, senior markets analyst at OANDA, warned inflation could weigh down oil markets again. He said: “This summer was crucial in determining the scale of the job still to do and so far, investors arguably have more cause for pessimism than optimism.”
LAURA MCGUIRE
REVOLUTION Beauty yesterday hit back at its “hostile” shareholder Boohoo, labelling its attempted coup as “opportunistic” and “self-serving”. Boohoo, which holds a 26.6 per cent stake in Revolution, revealed it would vote against CEO Bob Holt, chairman Derek Zissman and CFO Elizabeth Lake at its upcoming AGM.
Boohoo wants to replace them with retail pros from its team to inject ecommerce know-how into the brand.
In a lengthy update to the market yesterday, Revolution took aim at Boohoo’s attempted management coup, lambasting the proposed replacements as “not appear[ing] to have any relevant experience” and suggesting the move was an attempt to “distract its own shareholders from the
various issues that Boohoo itself is facing”. The AGM, which was due to be held on 27 June, will now be held in July or August, as Revolution reviews ongoing issues after a torrid year, including news on Monday that the firm would be taking legal action against former boss Adam Minto over alleged breaches of fiduciary duties. Boohoo was not immediately available for comment.
THG INVESTORS yesterday welcomed news boss Matt Moulding had given up his ‘golden share’ in the e-commerce retailer THG, with shares soaring almost 2.36 per cent on the news.
The move comes almost two years after Moulding first promised to drop the powers amid efforts by the company to ease investor concerns over corporate governance.
The relinquishing of the special share means Moulding can no longer veto takeover approaches for the firm.
It comes a month after a failed takeover approach from US private equity giant Apollo, due to disagreements about THG’s value.
The failed bid marked one symptom of a turbulent few years for the firm, in which THG has seen a fall from grace from its £4.5bn mega float in 2020. Shares have suffered, plummeting around 90 per cent since the firm’s debut.
At its AGM yesterday, THG said it was anticipating a “significant increase in profitability” in its half year
results following a boost from its nutrition segment thanks to easing commodity prices.
The group expects adjusted half year earnings to come in between £44m and £47m, up from £32.3m over the same period a year ago, though it said its fullyear guidance remained unchanged.
Losses had previously reached £540m, partly as a result of soaring inflation, but the firm now anticipates a turnaround, largely down to a “particularly strong performance” from its nutrition arm. The company, which owns brands such as Myprotein and Cult Beauty, also confirmed that non-executive director Iain McDonald will step down from its remuneration committee after criticism from shareholder advisers over independence concerns. The group also confirmed its intention to move to a premium listing, with timing dependent on the outcome of the FCA’s review for reform of the listing regime.
Moulding can no longer veto THG takeover bids
ONE OF London’s oldest luxury shopping arcades, Mayfair’s Burlington Arcade, has seen two of it’s top-end French brands expand. Lalique and swimwear brand Vilebreqin have taken on second boutiques within the luxurious high-end shopping arcade.
WAGAMAMA’s owner The Restaurant Group (TRG) is waving goodbye to its chief financial officer, Kirk Davis, as part of a shake-up of its top team.
The hospitality group, which also owns high-street eateries such as Frankie & Bennys, said that Davis will step down after the publication of its interim results in September – but will remain available to the group until the end of October.
Davis served as CFO for over five years and has previously held senior roles at budget boozer chains JD Wetherspoon and Greene King. He will be replaced by the group’s chief executive officer for leisure and concessions, Mark Chambers, a finance and retail veteran, who has been with the company for over three years. The news follows shareholder calls for an overhaul of the company, including a change of governance and selling off its star brand Wagamama.
PLOUGHING through three feet of snow through downtown Detroit one bitterly cold February morning wasn’t perhaps the classic route to a new world of business opportunity. For one thing I was there on holiday and almost by chance. My girls were travelling through the US on their gap year, and we had pretty much stuck a pin in the map when deciding where we’d meet up.
But having landed on Chicago I wanted to use at least a little bit of my time exploring potential connections and opportunities to collaborate with my role as the Thames Estuary Envoy back home. Over the next few hours –once my hosts had recovered from the shock I had travelled by train from Chicago –it became clear my little holiday speculative side-trip had paid off as we bonded over our common interests. Waterfront? Check. Ford Motor Company? Check. Converting big logistics fleets to
hydrogen? Check. Autonomous vehicles? Check. Retelling the story of our region? Check. And on it went as we went through the list of the challenges and innovative solutions facing leaders both sides of the pond.
I’m building on those personal connections today, exploring and discovering synergies that work for us both and from that start we have now made meaningful links with a host of other cities and regions in the US, hosted a delegation from Indiana in London and expanded our portfolio of potential FDI partners for the future.
Going global doesn’t have to be fancy summits, cocktail parties and turning left at the top of the aeroplane steps (in fact it’s never that last one…) It means opening to the world and dealing with people on their terms, finding common ground and a win-win for us both. And those personal connections are always better in person than online.
AMONTH ago, Nationwide announced that a £100 “Fairer Share” payment would be deposited into certain customer accounts after registering profits of £2.2bn (a jump of 39 per cent). It’s a move that, according to YouGov BrandIndex, has led to a significant improvement in the brand’s already better-than-average Buzz scores.
This measure, which tracks whether consumers have heard anything positive or negative about a brand in the past two weeks, doubled from 6.0 to 11.9 between 18 May and 18 June. At their peak, net Buzz scores hit 15.7 (30 May).
By comparison, banks and building societies on average saw scores stagnate, changing only from 1.5 to 1.7.
Net Word of Mouth scores – again higher than average compared to the sector as a whole – jumped from 7.5 to
Field of Dreams is a perfectly decent movie –but it’s no blueprint for how to spread economic opportunity fairly. I’m fed up with that lazy line about how to implement the levelling up agenda through, like Kevin Costner, a just ‘build it and they will come’ approach. Making a reality of levelling up, which requires reversing entrenched poverty and worklessness, isn’t some baseball whimsy. It requires deep, persistent, sincere and, above all, granular engagement to help identify and remove the barriers preventing people from getting on. Those barriers can vary from street to street, and no one size fits all.
£ Last week, I attended a business breakfast with the shadow chancellor, Rachel Reeves. For an hour or so, we were locked in conversation about how to achieve the growth the country so desperately needs. The business leaders in the room naturally all represented their own individual interests yet were united by a common goal, and the
message from around the table was universal: the need for speed. Whether it is attracting investment in a competitive environment or the nuts and bolts of planning reform, we cannot afford to take our time. We are in a global race and if we look closely, we might just find someone else already eating our lunch.
£ Harnessing the huge potential of hydrogen is a huge part of the Thames Estuary’s future, ideally positioned as it is to take advantage of this dynamic new technology. Getting everyone on
board with a new energy source isn’t always easy, however. One recent visitor enquired nervously if it was safe. We gently explained to them they were –at that very moment –sitting on a hydrogenpowered baggage cart.
Selling the Thames Estuary to investors is not difficult. When I launched Investuary (www.investuary.com) in Leeds last month with investment minister Lord Johnson, I took the audience in the room –metaphorically –to the top of St Paul's Cathedral and faced them east, looking over this incredible landscape that has inspired Caneletto, Turner, Dickens and Dr Feelgood. This estuary reaching out from London into the sea and the world beyond is so obviously a land of opportunity that it pretty much sells itself. But then come the challenges of navigating 25 local authorities, three unitary councils, two development corporations, two LEPs and a mayor. This is where the role of envoy comes in. In a nutshell, I told the crowd my job is to “get sh*t done”. My fears I may have caused offence were calmed when Lord Johnson repeated it three times. We swapped mobile numbers at the end of what I hope to be an awesome partnership.
11.1 over the last month, peaking at 14.5 on 30 May. Compare that with the industry average (which went from 2.8 to 2.7), and it’s clear that Nationwide’s initiative has made some noise.
But have the payments made a difference? Nationwide’s Value for Money scores saw an improvement among the general public from 13.0 to 13.7, but among the bank’s current customers they rose from 42.4 to 49.8. Its Reputation scores, which measure whether
consumers would be proud or embarrassed to work for a brand, dropped a point from 24.7 to 23.7 among the general public, but among the bank’s customers they improved from 53.6 to 58.0. So, we can say the Fairer Share Payments have been a success for Nationwide from a PR perspective; in terms of the brand’s current customers, they are more likely to consider the brand good value and to esteem it as a workplace. In a cost-of-living crisis, bang for buck may be especially important: ask the public what their primary motivation for choosing a bank is, and our Profiles data shows that the top choice is “a trustworthy brand” (18 per cent) – but the second-most popular option is interest rates/value for money (17 per cent).
Stephan Shakespeare is the co-founder and CEO of YouGov
The notebook is a place where interesting people say interesting things. Today it’s Kate Willard, envoy for the Thames EstuaryStephan Shakespeare
BILLION-DOLLAR artificial intelligence firm Beamery is not the Saidov brothers’ first business venture. When the pair left Russia in the mid-90s with their parents, they lied about their age to get a paper round before investing the profits in a black market school sweetshop. As those profits rolled in, they turned their hand to importing and selling electronics from Japan.
“It wasn’t called entrepreneurship, it was just called hustling back then,” Abakar Saidov tells City A.M. in an interview.
The Dagestani Saidov brothers fled Russia amid the collapse of the Soviet Union but, as sons of a theoretical physicist father and a neurologist mother, had enjoyed an affluent life in their homeland. After their arrival in the UK, that all changed.
“When we moved to the UK [my parents] couldn’t get work with the skill sets they had, and my mother ended up working in a shop,” Saidov says. “We went from being comfortable as a family to being quite poor as a family.
“I remember having a £28 food budget for the week, which you know, as a 10 year old, it’s an interesting thing to know.”
Saidov’s childhood hustling might seem a far cry from his role at the helm of talent tech firm Beamery now, but he says the two are more closely connected than they seem.
The London-headquartered firm uses AI to help firms map out their talent needs and plug the gaps before they appear. He says it helps shift the focus of hiring away from CVs and onto skills, essentially broadening access to jobs into groups that might be shut out by more traditional restrictive hiring techniques.
Had the same sort of technology been
available when his parents migrated to the UK, he argues they might have been able to readily slot in to jobs in line with their actual expertise.
“The passport lottery is real,” he says. “Where you’re born has the biggest impact on your livelihood and earning potential.
“And so it kind of created a driving force within me and my brother probably from that point –this is the thing we wanted to do in the world.”
And the brothers and their co-founder Michael Paterson seem to be on their way to doing it.
Beamery has attracted big name investors from around the world including the heavyweight tech backer Ontario Teachers Pensions Plan, and in
December shrugged off a funding downturn to raise $50m (£39m) at a valuation of over $1bn.
But outside of Saidov’s mission, Beamery’s hefty valuation points to a more pressing issue facing firms in the current climate as well.
Companies globally are grappling with a historically tight labour market and struggling to both hire the talent they need and keep the talent they have.
He says the landscape has shifted talent conversations into the boardroom and chief executives are taking control of the issue themselves.
“Almost every CEO under the sun is talking about upskilling and reskilling. And so how do you do that?” he says.
“From my vantage point, in the UK, the US and Europe, the demand for what we’re doing has been growing rather than shrinking,” he adds.
Even with growth the firm has not been immune to the economic slump of the past 12 months. Just one month
after its latest funding round, Beamery was forced to lay off a chunk of its workforce in January, a sharp aboutturn for a firm that sells itself on helping firms “future proof” their workforce.
Even as Saidov’s firm is buffeted by economic headwinds in the UK, however, he remains staunchly committed to it.
Beamery’s investor base largely hails from across the Atlantic and he says they have “very much urged” him to shift their operation to the states and follow the talent and money.
“That’s where the skills are and everything else, and they were not wrong,” he says.
“But our approach was –maybe somewhat in a meta way –if everyone believes that, this will never change. And given we are a skills technology company, we decided to be hard-nosed about it and say no, we will do this in the UK.”
That commitment comes despite evidence and incentives continually pointing him towards other shores. The government deploys “great rhetoric” in its aims to create the next Silicon Valley, he says, but it is ultimately rhetoric.
“You need tax incentives, you need visa incentives. You need the ability for entrepreneurs to feel like building a business here is in their own best interests and easier than elsewhere. Right now, it’s harder.”
Without reform to the visa system, he says, we are limiting the flow of talent to only the very top universities and could be in danger of losing the next Saidov immigrant entrepreneurs.
His comments point to concerns that are rippling across the tech sector in the current climate as both the government and Labour mount offensives: that the UK is losing its appeal for tech firms.
Calls are growing for greater and faster reform, and Saidov is one of many in that regard. But for the moment, he’s issuing no threats of leaving.
“The UK is what changed the course of our lives. And as a place and as a country, maybe we feel a lot of belonging here,” he says.
“We want to –and maybe this is some sort of national pride –be part of what makes the UK great at technology.”
entrepreneur Abakar Saidov tells Charlie Conchie why the UK is the place for him
The UK changed the course of our lives. As a place and as a country, maybe we feel a lot of belonging here.Charlie Conchie interviews the biggest movers and shakers in tech, fintech and financial services
Where you’re born has the biggest impact on your livelihood and earning potential.
To appear in Best of the Brokers, email your research to notes@cityam.com
LONDON’s indices closed in the red yesterday after yet another higher than expected inflation reading earlier yesterday morning.
The FTSE 100 closed 0.1 per cent lower at 7,559.18 while the FTSE 250, which is more aligned with the health of the UK economy, sunk 0.9 per cent to 18,571.45.
Official figures out yesterday morning showed the rate of price hikes held steady at 8.7 per cent in May. Markets had expected inflation to come down to 8.4 per cent.
Core inflation, which strips out more volatile elements, increased month on month to 7.1 per cent.
Finalto’s Neil Wilson said the figures showed inflation was “out of control… Andrew Bailey and co at the Bank of England have a remit to maintain stable inflation – they have demonstrably
failed in this regard.”
The Bank of England will almost certainly continue hiking rates, potentially to a peak of six per cent. The Monetary Policy Committee meets today, and markets now think there’s an even chance of the Bank lifting rates by 50 basis points.
The FTSE’s house builders all suffered with Barratt and Persimmon falling over four per cent while Taylor Wimpey closed 3.5 per cent lower. Higher rates will dent demand for new properties further hurting mortgage holders. Berkeley released final results showing a 10 per cent jump in annual profit
On the FTSE 250 Halfords jumped over nine per cent, despite recording a slump in profit. Investors were impressed with its aims to grow its share in the market for bike parts and car parts.
Berkeley shares closed down yesterday after it said its sales could fall by as much as 20 per cent as mortgage rates look set to climb and rock the housing market. Analysts at Peel Hunt said they “still see good value in the group longer term” it was “hard to see Berkeley performing strongly until there is more market/mortgage rate stability”. It held its ‘add’ rating and set a target share price of 3,760p.
Halfords reported that its full year profits dropped yesterday, with underlying profit before tax for the year to March coming in at £51.5m, down from £89.8m the previous year. But the firm was confident about the year ahead. Based on Peel Hunt’s expectations of the firm’s future profits, it said the firm’s shares look “decidedly cheap”. It raised its target price from 250p to 275p and upgraded it from ‘add’ to ‘buy’.
“A note from Exane Paribas warned that UK banks could face a perfect storm of higher rates hurting, not helping, when it comes to the outlook for loans and deposits. Downgrades to Natwest Group and Lloyds Banking Group have seen the shares of both drop.”
MICHAEL HEWSON, CMC MARKETS
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THE main drag in Newquay offers countless patisseries selling that most local of pastry delights, the Cornish Pasty. Such is their profusion and apparent similarity, the casual visitor and pasty enthusiast can find themselves overwhelmed. The retailers however have spotted the problem and endeavouring to help have decided that they should award prizes to the best. Hey presto – choice made simple. Unfortunately, the pasty industry suffers from a familiar malaise, one we meet in sectors as diverse as housing and sausages: award inflation. Consequently, it’s difficult to find a shop that does not claim to possess a gold award winning product. Indeed, gold appears to be an entry level requirement. There are many tiers beyond this. The visitors’ choice becomes between competing awards rather than competing pasties. Back to square one.
Were you this week to visit a very similar seaside town in the south of France, you would stumble into the advertising industry’s biggest, most lavish and prestigious event - its annual awards jamboree in Cannes. Rather less glamorous than the film festival, it is reputed to be far more lucrative. Cannes, though the industry’s 800lbs gorilla, is but one in a global constella-
tion of advertising award ceremonies. For a week La Croisette is dotted with panels of linen-wearing execs talking to audiences made up of their own employees, while juries staffed by senior industry executives hand out awards to each other.
Which is not to suggest that awards in either the pasty industry or in the advertising industry are easy to come by, they are not. But their profusion does pose the questions, who and what are they for?
Awards have become big business, inflation an embedded feature. Banking crises, pandemics, energy shocks and war are mere bagatelles to their own internal logic. And internal they are.
Almost none penetrate beyond the boundaries of their industry. Notable exceptions being film, music and, at a push, books. That said, even there you’re way more likely to remember the names of the ceremonies than those of the winners.
Visiting unfamiliar awards ceremonies are snatched glances into a new world. What on earth is there possibly to award in that industry we might ask. I once turned up late for a do at a swanky Park Lane hotel and, ushered into a large room of black-tie clad revellers, hunted for my table. Only after a fruitless 15 minutes did I realise I was at the wrong awards. When I at last made my table in a dif-
ferent room, I remarked, fancy thatawards for the logging industry. Only to reflect later that they would perhaps be as baffled at awards for adverts – especially if they spent any time at all actually watching them on TV.
Unless you win, awards ceremonies are mostly dreadful, though memorably I once attended a fabulous evening at the computer games re-sellers awards (again, who knew) as a guest of a client. Unusually (in my experience at least) winners were invited to make a short speech, one choosing to sign off with, ‘And f*ck you to the team at WHSmith’. A phrase you don’t hear very often and maybe a pointer toward the real role they play.
FEW cities in the world can match London’s rich collection of museums and galleries. A favourite amongst them is the National Portrait Gallery, uniquely devoted through paintings and images of the human face and telling human stories.
All similar organisations have been hit by the pandemic lockdown, and some have suffered painfully. But it is not those pressures which have seen the NPG close its doors for the last three years. This gallery’s story is altogether different.
Behind the scaffolding and builders’ screens these years of feverish activity have dramatically changed the NPG, both inside and out. It is a transformation taking the gallery into the future to meet the demands of the modern world while still building on its outstanding qualities from the past.
Until now, the gallery’s modest entrance, which to many was little more than a side door, unwittingly understated the fantastic appeal of every-
David Rossthing inside. That has literally been turned around.
Our gallery is in the heart of London’s West End, the very centre of the bustle of its night time life and economy. Historically the entrance to the gallery faced east, because in the past the communities of Leicester Square and Soho were not considered desirable by grand national institutions. The cheek of it!
Thankfully, the world has changed and we have too, with our new entrance facing north towards Chinatown and Covent Garden.
It is designed to say “come in, and don’t be shy”. It is intended to beckon everyone and anyone from all back-
grounds, and broaden access to the arts to all people, and especially to new audiences. It’s a national collection inside. It belongs to all of us, and so is open to everyone who might be standing on the outside thinking about coming in. The restructuring of the building also equips us to fulfil our mission to transform the way we communicate and appeal to young people, and we have achieved that by constructing much-improved facilities to offer for school visits, life drawing and other activities. Ultimately, it is the artistic experience and the educational value that accompanies it, which is the heart and soul of the National Portrait Gallery. While we were shut, we have been able to think differently about our collection, the message of it and the accessibility to all. Thanks to generous support from our sponsors we have been able to actively address the challenges around gender and diversity inherent within our historic collection and to address questions. We are delighted to share the hugely important
Reynolds portrait of Omai, after a campaign tenaciously led by Nicholas Cullinan and his team, and ultimately acquired with significant support from lottery players and the hugely innovative partnership with the Getty Museum. In a similar vein the foresight of the Weston family has enabled us to refurbish and transform the Weston Wing, now open to the public as a gallery for the first time in over 25 years.
Quirky, idiosyncratic, different, and fun, we hope to present the world’s greatest display of portraiture to our visitors in a way that has been reimagined, in a building that has been reinvented.
After three years of toil, generous support, boundless imagination, and quite remarkable enthusiasm from all involved, the National Portrait Gallery will now once again open its doors. Step in and love it as we do.
£ David Ross is chair of the board of Trustees of the National Portrait Gallery
Awards are mostly unscientific, one obvious exception being those awarded for science - I’m not quibbling with Stephen Hawkins’ Nobel prize. There is in most, more earthly cases, an argument that links a gong to a measure of product quality and hence business performance. Yet often that elastic is stretched very thin indeed. In advertising, it could once realistically be claimed that in general creative awards correlated to client sales. Today that link is all but broken, or at least forgotten, as the awards battle becomes a game in itself. Or to take a more universal example, who has ever looked at a competitor’s more lofty ranking in one of the many best places to work awards and concluded anything other than they were better at playing the game. It's easy to dismiss awards as bullsh*t. Until you win and hastily update your email signature with the accolade. Then it really can feel like the best day of your career, and perhaps in the end, this is the point. Most companies are simply trying to do a common thing better than the competition, and that is a long, hard graft; at least Dave Brailsford got real-time feedback on whether his marginal gains were working or not. If you’ve spent 12 months sweating night and day over your pasties, it must feel bloody amazing to win, even something as lowly as a gold.
Most awards are a game and those better at playing it win more. They consequently are an unreliable guide for customer choice. Afterall, does anyone believe the ‘world’s best pizza’ is really off of the A5 just after Shrewsbury.
£ Chris Hirst is a CEO and author. His latest book is No Bullsh*t Change.
Ward, a top strategist at JP Morgan and member of Jeremy Hunt’s council for advice on the economy, has encouraged the Bank of England to ‘create a recession’. She said if the economic conditions meant employees were worried for their job, they wouldn’t ask for a pay rise.
[Re: Skills revolution? Perhaps it’s our politicians holding us back, June 6]
I read with interest your City View column about the skills revolution.
As the skills gap widens in the digital sector, businesses are starting to get anxious. Almost half of tech start-ups cite a lack of staff with the right skills and hiring difficulties as their top two concerns this year, with 80 per cent investing in upskilling their current workforce in attempts to close the gap. Despite what you may have heard there has been a renewed focus from government on the education and upskilling of the next generation of talent, with a new government inquiry publishing its call for significant curriculum reform. The Education for 11–16 Year Olds Committee is calling out for insights, recognising the
importance of equipping students with the skills they need.
While this won’t completely solve the issue within the next couple of years, these improvements to curriculum will focus on creating a highly skilled, passionate workforce over the long term. It is clear that we must go back to the beginning to close the skills gap.
Evolving the education of younger people at school or college and providing placement opportunities, apprenticeships and traineeships will be vital to for a generation of talent.
The only way that UK talent will continue to improve and thrive is through effective collaboration between businesses, government, and education leaders. We must work together to instil a culture of upskilling from education to first job, find and nurture young talent early, and prioritise meeting ESG goals to attract the best into the industry.
Danny Rowark Software AG
AS A YOUNG child I was enthralled by the Victorians and the two World Wars, learning all about the politicians who shaped Britain, and the armed forces that fought to defend it. Such history was extremely focused on white men. Even in the 1990s this was recognised as a problem, with teachers trying to make sure what we learnt was less a boys’ only adventure. They made time to talk about things such as women’s rights and Florence Nightingale. They wanted girls to see themselves in the history they learnt as much as we boys did. They realised that a broader curriculum would interest a broader range of people. That insight however rarely extends beyond the classroom. Whether it’s documentaries on TV or statues on the streets, the history that is celebrated is still primarily one dominated by men whose heroics were in a battle, at the despatch box or from a throne.
The problem extends beyond girls being less interested during history lessons. What we choose to celebrate about the past is the same as what we value about the present. That my history lessons were touched by the spirit of second-wave feminism was a symptom of broader changes in society, as the sexist taboo against women working or holding senior roles was broken.
Do you remember when in May President Biden said he expected the US-China relationship to improve “very shortly”? Well, he might have just screwed that. Biden spoke at a fundraising event this week, describing the contention about the alleged Chinese spy balloon flying over the US months ago. Referring to that, he said that Xi hadn’t known about the balloon, adding that it is a “great embarrassment for dictators” when they’re not aware of things happening under
their watch.
Predictably, the Chinese didn’t like to be described as a dictatorship. They hit back saying Biden’s comments were “extremely absurd and irresponsible”.
This same week, Anthony Blinken met with Xi to try and repair relations. Biden might well be thinking that the Chinese leader is a dictator, but he’d better let his secretary of state know next time he sends him off to play the peacemaker.
Of course, today’s Britain is a more diverse one than the one I grew up in and is becoming more diverse with every passing year. The same way my teachers knew thirty years ago that it was important to broaden history to include women, today we need to broaden history to better include Black and Asian people. And that doesn't mean copying American resources about Martin Luther King Jr or Barack Obama, in the same way British girls aren’t taught about Eleanor Roosevelt or Ruth Bader Ginsburg. It means celebrating moments in British history that demonstrate the role Black and Asian people have played in our society and celebrate their contribution.
Which brings us to today, June 22nd. Seventy-five years ago, 802 people from the Caribbean disembarked HMT Windrush after arriving in Great Britain overnight. Their arrival from Jamaica was greeted with open racism by members of both political parties. In an eery echo of contemporary debates about
immigration, politicians' desire to appease constituents by restricting new arrivals was defeated by the country’s urgent need to address chronic worker shortages. Therefore, despite these initial protests, Britain continued to encourage people from across the Commonwealth to come and work here throughout the 1950s.
There is a story that we can tell our children about how Black and Asian people came to Britain to help a country devastated by war rebuild itself. Indeed, maybe if this message was more commonly known by White Britons, we wouldn’t have tolerated the manifold abuses the Home Office so recently perpetuated against elderly Black or Asian Britons in the service of Theresa May’s hostile environment policy.
This contemporary discrimination is an echo of the hostile reception many Black and Asian people encountered as they made Briton their home in the 1950s. Often separated from their immediate family, they would be exposed
to racist abuse and racist discrimination from key institutions such as employers, trade unions and local councils. The government was unwilling or unable to ensure they received the support they needed to be safe and comfortable in their new home. While overt racism is less tolerated today, we still see too many recently arrived immigrants being left to struggle in the face of indifference from their neighbours, co-workers and public services. Maybe, if we had fully learnt the lessons of the past, we wouldn’t be repeating similar mistakes today.
So on Windrush Day, we should celebrate the contribution of the Windrush Generation but also learn the lessons from their mistreatment, so that we can fully include Black and Asian Britons and provide a better welcome for people immigrating to Britain today.
£ Will Cooling writes about politics and pop culture for the It Could be Said substack
UNMISSABLE
BY STEVE DINNEENThere is something inherently cruel about making English people sit through a play about their national team taking penalties. Much of our national psyche seems tied up in our uncanny ability to snatch defeat from the jaws of victory, failing in the most heartrending possible way.
This new play by the prolific political playwright James Graham follows Gareth Southgate and his team from the moment when the role was thrust upon him up until their glorious defeat by France in the Qatar World Cup.
Even by the standards of the National Theatre, Dear England has the feel of something big. Luminaries from the worlds of sport, media and entertainment filled the Olivier, some of them represented on stage. I’m sure I saw Ian Wright wipe away a tear watching Harry Kane miss that penalty against France in Qatar, and David Baddiel must have felt a warm tingle hearing the crowd sing Three Lions, even if he is thoroughly sick of the song.
While a guaranteed seat-seller, it’s a
bold gambit from the NT, retelling a story we’re all painfully aware of and attempting to recreate the sublime highs and lows of international football without any professional players… or even an actual football.
But as soon as Joseph Fiennes walks onto the stage you know you’re in safe hands. It is uncanny how much he resembles Southgate, both in appearance and mannerisms. From the voice to the subtle way he holds himself, he utterly inhabits the role. His Southgate is a likeable, awkward, hugely introspective man, still trapped in that fateful moment in 1996 when he missed the crucial penalty against Germany.
Fiennes is surrounded by a group of young actors who show themselves equally adept at mimicry. Graham and director Rupert Goold expertly walk the ethical tightrope, making fun of the young players without it ever feeling mean. Adam Hugill nails Harry McGuire’s dopey manner, while Josh Barrow perfectly captures Jordan Pickford’s fidgety energy. Will Close is also excellent as Harry Kane, his impression of a man apparently devoid of personality initially bordering on the cruel but turning full circle as the player’s heart and mettle are shown.
If you were wondering what a political writer is doing making a play about football, well, this isn’t *just* about football – through the prism of the national team, Graham asks what it is to be English, and shows how this generation of more connected,
activistic players might represent the country’s move to a softer, kinder type of place. The football is also peppered with appearances from political figures including Theresa May and Boris Johnson, the lampooning of whom certainly brought a smile to Ed Miliband’s face.
He also tugs mercilessly on the heart strings and, honestly, eliciting feelings of sympathy and loss from watching players clutch their heads, bereft, after missing a crucial kick is not the hardest trick in the world. Just hearing the stunned silence, or hearing Gary Lineker verbatim commentary, brings all those memories flooding back. It’s not cheap, exactly, but neither is it particularly expensive.
There’s also a slight structural issue. From the outset Southgate impresses upon his players the importance of a three-act structure, but Graham’s final act fizzles out somewhat, the Qatar World Cup not quite reaching the highs of losing on penalties to Italy in the final of Euro 2020 and the subsequent victory of the women’s national team.
But boy does it all hit you right in the feels. It’s a magnificent achievement, from the balletic choreography of the players to the staging that recalls the vastness of a football stadium to the excellent use of canned sound and projections.
Graham isn't able to give us an England victory at the end but he delivers virtually everything else you could hope for.
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DIVA V&A
BY ADAM BLOODWORTHIf the word ‘diva’ still holds any negative connotations, then those notions are scrapped wholeheartedly by the V&A’s new Diva exhibition, the first of its kind in the world. A kaleidoscopic collection of outfits, the exhibition subverts the idea that a diva is just someone who makes unreasonable demands for bottles of champagne. They are instead shown as powerful and influential people, often women but sometimes men, who have overcome hardship to become icons, particularly to the oppressed, such as the LGBTQ community.
You enter into an intimate and darkened space, where royal blue crushed velvet cloaks every corner, immersing us in the world of the diva. The first item is a floor-length, red velvet dress once worn by Maria Callas for one of her performances. One of the most famous opera singers of the 20th century, Callas is one clear definition of the diva. If it feels like a nebulous concept then in this instance the diva is someone defined by their style and talent. Under the cover of the blue velvet throws, we also come face to face with one of Elizabeth Taylor’s original Cleopatra cos-
tumes, and perfectly-preserved outfits worn by Joan Crawford in Mildred Pierce.
But if the divas were to come here, they’d play upstairs. There, the flame dress worn by Tina Turner – later copied by Beyonce – is attention-grabbing on a central podium alongside other Turner dresses and equally elaborate pieces worn by Cher. In the corner, Elton John’s 1997 50th birthday party outfit, the Recency, Louis XIV-inspired white, fluffy number, has likely commanded the most column inches and is most memorable. There are beautiful frocks worn by Rihanna, one to conceal her pregnancy in 2021, gold sparkly numbers worn by Whitney Houston and a little black dress Edith Piaf once sang in. Most exciting are the dazzling outfits upstairs, where the exhibition moves broadly into the modern era. More than 250 objects are divided into twelve “scenes” that touch on the empowerment and oppression faced by divas, as well as the factors that shaped them.
The ‘scenes’ can feel hard to follow, with the layout of cabinets not always making it immediately clear which physical items are grouped together. Perhaps a more straightforward timeline of divas by decade – an extension of the broader chronological feel of the exhibition, with divas from the early 20th century downstairs – would have been simpler.
But the sheer weight of stunning historical outfits, which took five years to gather together into one space, are worth the visit alone.
Finally, there’s a proper entrance! The National Portrait Gallery, closed for refurbishments since 2020, reopened this week. An investment of £35m has bought it a smart new look, and a genuine push for diversity.
There are new galleries and social spaces, but first, the doors. The Portrait Gallery’s pokey side-door on Charing Cross Road always felt like an underpowered means of access to such a prolific set of portraits; a spectacular new entrance on the south side of Leicester Square now properly feels the part. It puts the Gallery on a level pegging with the National Gallery on the Trafalgar Square side.
Photographs are, for the first time, threaded among the Victorian paintings, breaking down the arbitrary assumption that we must view the mediums separately.
The Gallery is still best viewed from the top down, so begin with the Tudors on the third floor, where a loan of Meynnart Wewyck’s Margaret Beaufort portrait catches the eye first as you walk in.
Also new for 2023 is the Portrait Miniatures collection on the second floor, asking us to rethink what a portrait actually is. Made on ivory or card, these palm-sized portraits, popular from the 1500s until the Victorian era, feel more intimate than traditional portraits, somehow capturing the whole essence of a person in three inches.
Much of the contemporary portraiture has been changed, reflecting the Gallery’s desire to display more of their huge deposit that sits unseen in storage. Gone is the iconic Chris Levine image of Queen Elizabeth II with her eyes closed, incoming is a 2011 portrait of her with Prince Philip and a 2013 portrait of King Charles, then Prince Charles, dressed more casually. It is
UNMISSABLE
one of the first pieces you see on the ground floor as you enter.
The contemporary pieces – accessible for fleeting visitors on the ground floor for younger or newer audiences –are a predictably colourful wash of contemporaneity: Ed Sheeran posing deep in thought, like the opposite of his performer identity, and below that, Michael Eavis with his hands thrown open, looking like anything but a dairy farmer.
And yet, it’s the upper floors that excite the most: the Gallery has upped its female portraits from 30 to 48 per cent, and these floors represent a time when women were rarely celebrated. The push feels visceral: a portrait of antislavery abolitionist Frederick Douglas by Elizabeth Peyton sits below a halffinished portrait of William Wilberforce, the pioneering anti-slavery campaigner whose back condition made sitting for such portraits unbearably painful.
Captions call out prolific male academics, like Baron Macaulay, for how their successful careers were “actually shaped by empire.”It’s a thrilling romp through history, definitively in the present.
The National Theatre’s production of Arthur Miller’s
The Crucible opened last year to rapturous reviews, with some of London’s finest acting talent breathing new life into the classic tale of the dangers of retribution.
Thoroughly deserving of a transfer, it picks up where it left off at the West End’s Gielgud Theatre, losing none of sharp edges that gave it such a fierce reputation.
As you enter you’re greeted by a wall of rain, a hint at the stylish production that awaits, with the angles of the set and strange lighting techniques creating an atmosphere of impossible tension.
Brian Gleeson is especially impressive as a farmer whose life is torn apart, both brusque and vulnerable. You really feel his guilt, shame and eventually anger over his pitiful situation.
It’s hard to go wrong with one of the greatest plays of the 20th century but that is not to diminish the achievement of this team. Three hours sail by in no time, and while your time in Salem may not exactly be enjoyable, it will certainly stay with you.
Group exhibitions are a tricky thing to get right but the Hayward Gallery shows how it should be done with the excellent exhibition Dear Earth.
It brings together 15 artists, all working in different mediums, addressing the issue of climate change. As you walk in you’re greeted by Otobong Nkanga’s giant tree, its roots exposed, sloping at an impossible angle. At its base are tiny glass biospheres sustaining life, a neat metaphor for the need to salvage what we can from a warming planet.
The theme of taking inspiration, rather than despairing, is repeated throughout. There are the beautiful, quasi-religious murals by the feministactivist Andrea Bowers, which suggest a communion with nature is still within our reach, or the rewilding projects undertaken by Agnes Denes, which give a glimmer of hope in the face of adversity.
There are other works that are just incredibly cool, like a raised box you can walk onto and see running water spiralling below your feet, or the set of reptilian eyes that lurk upon the upstairs terrace.
Perhaps the most affecting piece is a video installation by Himali Singh Soin, on which two films are projected backto-back onto a screen that stands over a pool of water, reflecting the tale of iceloss in the poles. It's a haunting story, told against an original string score with poetry by the artist.
As we sit down to start our interview, Oliver Stone makes a point of putting his own dictaphone on the table to record our conversation. “To protect ourselves,” he says, before going on to speak non-stop for 45 minutes with absolutely no filter, on virtually any topic I raise, and quite a few I don’t.
He’s dressed in a smart blazer and shirt but he looks a little wild, his greying hair unruly and his brow wet from the baking sun that floods through the windows of the hotel suite. He clutches a yellow silk handkerchief, which he uses to alternately gesticulate and wipe his face.
Stone is here alongside his producing partner Fernando Sulichin to promote his new documentary, Nuclear Now, but he’s in no hurry to start talking about it. To break the ice I mention that the boss of the toy company Mattel, who I had interviewed earlier that day, had jokingly asked if Stone would like to direct Barbie 2.
“Ridiculous,” Stone growls. “Ryan Gosling is wasting his time if he’s doing that shit for money. He should be doing more serious films. He shouldn’t be a part of this infantilization of Hollywood. Now it’s all fantasy, fantasy, fantasy, including all the war pictures: fantasy, fantasy. Even the Fast and Furious movies, which I used to enjoy, have become like Marvel movies. I mean, how many crashes can you see?”
Then, apropos of nothing, he changes the subject and suddenly we’re talking
Ryan Gosling is wasting his time with the Barbie movie. He should be doing more serious films
about how much he hates Virgin Airlines.
“I went through a nightmare the other day. I was flying Virgin to London. [Richard] Branson has a special place in hell reserved for him. Dante couldn’t make this up. That plane he’s designed is a sardine can. The seats are like straitjackets. I haven’t slept a fucking inch.”
He sighs, putting his head in his hands. “It’s a depressing nightmare…”
He looks up, perhaps noticing the slightly baffled look on my face.
“Oh yeah, so on the plane I watched John Wick, which is three hours and some. And I fell asleep about 778 times during it. I kept waking up and having to face him killing more people. It’s like the world has degenerated into non-logic.”
This is quite the introduction to the mind of Oliver Stone, the Oscar-winning director of stone-cold bangers including Platoon, Wall Street, Born on the Fourth of July and JFK, and writer of Midnight Express, Scarface and Natural Born Killers. In his early nineties heyday his stories of troubled outsiders helped to define a generation of movies. Then his output began to slow, the number of duds eventually surpassing the number of hits, until he seemed to vacate the Hollywood mainstream altogether (his last big feature film was Snowden, starring Joseph Gordon-Levitt, in 2016).
Now aged 76, he is predominantly a
people receive his work, including his new documentary.
“If they do, they’re missing the point. Because this is far bigger than this war. It’s bigger than Mr. Putin and Mr. Biden, it’s about the future.”
chief. “I’m an only child. I never tried to fit the profile of a rebel but when you take in all my work, there is a lot of anger and rebellion.”
That anger is certainly evident in Nuclear Now. It’s a strange beast, made up of both archive footage and new material (mostly Stone interviewing nuclear scientists, often in Russia). Part infotainment, part pro-nuclear propaganda, it’s a kind of mash up of Adam Curtis and the sort of film a teacher might wheel into a classroom on a rainy day. Clips from Godzilla and Dr. Strangelove sit beside endearingly lowfi scientific computer generations of nuclear reactors.
documentary-maker, having worked alongside Sulichin on 16 films and counting. One of these – a turning point in his public image – was a series of sympathetic interviews conducted with Vladimir Putin, who he has more or less defended ever since.
“I was filming Snowden, who many people in the West still consider a traitor. Lunacy! He’s a real hero! He ended up in Moscow, so the last scenes of the film were shot there. The world is relatively small so [Putin] knew I was there.
He agreed to meet me and talk about the Snowden affair, which I used as a basis to make the documentary.”
I wonder if he’s revised his opinion of the dictator since the invasion of Ukraine?
“No,” he replies without missing a beat. Then he seems to catch himself: “I don’t want to get into that, because it’s not important and it would take over the other issues.”
But it is important, I suggest, because his views on Putin will affect the way
Stone is no stranger to controversy –ever since he wrote the screenplay for Midnight Express he has been accused of pushing a problematic vision of heroic machismo, and yet forty years later he’s still making movies. Is he impossible to cancel?
“That’s a great expression. I like that. Because we’re cancelling too many talented people. The world has become more puritan and boring and narrow. We should entertain all kinds of thought. That’s how we get better.”
Given so many of his films seem to focus on outsiders, I wonder if he considers himself one?
“I wanted to explain nuclear energy,” he says. “What is it? What’s the origin? People all have an opinion but they just don’t know. I hate that.
“It’s like everyone has an opinion on Kennedy but they don’t do any research: ‘Oh yeah, he was killed from the front, blah, blah, blah. Oswald is guilty.’ It’s the same thing with nuclear, people are against it but their reasons are bogus. They haven’t even f***ing studied it. You have to start with knowledge.”
Stone acknowledges Al Gore’s seminal climate change documentary An Inconvenient Truth, which won him a Nobel Prize, was “important” but he thinks Gore missed the point; to par-
aphrase James Carville: it’s nuclear, stupid!
“People worry about nuclear waste and meanwhile the whole world is choking on fossil fuel waste. That’s silly. Trillions of dollars have been invested in solar and wind and hydropower. Everything possible is being discussed, except for nuclear. We had Davos last year and it’s not even on the agenda. It has to be on the agenda. It has to be talked about. It’s not the ugly sister that you hide in the back, you know, it’s Cinderella. She’s not ugly, she’s beautiful.”
Does he think Nuclear Now will have as big an impact as An Inconvenient Truth?
“It should but it probably won’t, because we didn’t have Vice President Al Gore as our frontman. I wish we had an Einstein around, or an Oppenheimer, I could use him. But we don’t have that today. I guess we don’t cherish and value science the same way we used to.”
Perhaps that contributed to how difficult it was to get Nuclear Now made in the first place.
“Studios know how to push serial killers or the Tiger Dominator,” says Sulichin, “But not things that will educate or enlighten. There are two documentary markets, the market for films with a murderer or a serial killer, which will get a good deal. Then you have other films, which are tough.
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“It was hard to raise the money for Nuclear Now and it was hard to distribute. But it’s a good film, and when the film is good, people will watch it. The word is spreading. The film has had great success in the United States and we are slowly, with a level of effort, achieving beyond our goals. Last week, this movie was number one on iTunes, which was a pleasant surprise.”
So how did they get it funded?
“Through myself and other people I know who are philanthropists,” says Sulichin. “A Polish woman who makes uniforms for nurses, entrepreneurs from Silicon Valley, a lot of interesting people who believe in nuclear. We accepted credit cards, bitcoins.”
This is a narrative I feel Stone can get behind, pushing his righteous agenda in the face of overwhelming odds. But Nuclear Now ends not with an apocalypse but a vision for a possible, slightly cheesy future: crystal-clear water and verdant forests, an antediluvian paradise, brought to you by nuclear fission.
“I wanted the Barbie doll ending! The film is depressing in the beginning. We throw all the shit in your face and say, ‘Look, this is the worst it can be’. And then we end with positive notions of the future, how nuclear can make… more of a Barbie world.”
Of the directors that broke through in the late 1990s, Wes Anderson has been one of the most successful - but also the most divisive. With a distinct visual style and love of nostalgia, some celebrate him as a genius while others call him a one trick pony.
Either way, 25 years on from his hit comedy Rushmore, Anderson continues to capture the imagination, and invites a whole host of stars to step into his new work, Asteroid City. As with his previous films, Anderson’s
NO HARD FEELINGS
DIR. GENE STUPNISKY BY VICTORIA
LUXFORDAdult comedies have been a tough sell recently. Reaching their peak in the early 2010s with The Hangover films, Bridesmaids, and Ted, audience tastes have veered away from low-brow laughs. Looking to reverse that trend is Oscar winner Jennifer Lawrence, giving her all as Maddie, a hard up Uber driver who has her car repossessed.
The solution? Answer an ad from a wealthy couple who want her to seduce their meek 19-year-old son Percy (Andrew Barth Feldman) before he goes to college. What is a horrifying premise on paper translates into a
story is framed in an unusual way. We’re taken back to 1955 and a play within a teleplay, Asteroid City. The play unfolds in colour, while its staging is presented in black and white. The play follows the visitors to an annual stargazing convention in Asteroid City, a town located around a crater created by the titular asteroid. A UFO sighting forces those visitors to lock down, leading them into pain and having to contend with being national news. Then we go back behind the scenes, where various people are putting on the play, and issues with the cast and crew threaten to jeopardise the playwright’s (Edward Norton) big moment.
If you think Wes Anderson movies are simply formed of awkward dialogue and Bill Murray cameos, this new story is unlikely to make you change your mind. The film has no interest in being user friendly, turn-
mediocre plot. It’s difficult to know what the script is aiming for, other than fitting as many toilet humour gags as it can into 100 minutes. The problem is that the film wants to be all things to all people. A bawdy comedy crowd pleaser that also boasts progressive sensibilities. It ends up doing neither particularly well, discovering all too late that it’s difficult to be both crude and wholesome.
But Feldman in particular is likeable as the weedy introvert whose overreactions to the outside world are funnier than they should be.
Adult comedies faded because many of us were tired of the stereotypes they perpetuated. Whether that’s progression or sensitivity depends on your point of view, but regardless this makes No Hard Feelings a comedy looking in vain for its audience.
ing the self-indulgence up a notch to reveal the filmmaker’s current mood board (1950s B-Movies). To dismiss this as style over substance would be a disservice, however, as there’s so much beyond the aesthetic.
Anderson’s world is one populated with characters imprisoned in structure, and explosions of emotion rupture that rigidity. In that sense, Asteroid City is a triumph; a puzzle that traverses from stylised to relatable and sentimental. The best performers are Jason Schwartzman as a grieving husband unable to confront his loss, and a worn down TV actor played by Anderson newbie Scarlett Johansson.
As with 2021’s The French Dispatch, Asteroid CIty isn’t going to recruit any fans. However, if you adore the Oscar winner’s cinematic eccentricities, this will be just under two hours of heaven.
The Qatar Goodwood Festival, which takes place from Tuesday 1 to Saturday 5 August, is one of the undisputed highlights of the British sporting calendar.
The flagship Qatar Goodwood Festival features 13 Group races. Day one gets underway with the historic Goodwood Cup, the highest ranked stayers race in the world. The best milers go head-to-head on day two in the most valuable race of the festival for the £1 million Qatar Sussex Stakes.
Thursday features a celebration of the best fillies and mares in the world, Japanese trained racehorse Dierdre raised the roof when successful in the Qatar Nassau Stakes in 2019.
A total of four quality Group races on Friday, with the headline King George Qatar Stakes featuring the fastest horses in the world. The Coral Stewards' Cup cavalry charge on Saturday concludes the week.
To add to the sense of momentous occasion, Frankie Dettori will end his
remarkable career in 2023 after revealing his intention to retire from the saddle.
A beautiful floral-filled hospitality space designed to feel like walking into a private garden party.
Stepping into the Secret Garden is breath-taking - the restaurant is designed to provide a feast for the eyes as well as the taste buds.
Each enclosure offers a wealth of places to eat and drink alongside exceptional experiences.
Spaces include the Charlton Hunt Restaurant, shared bars such as botanical-themed Sussex Roof Garden, are perfect for that family reunion, while the Sussex Lounge bar offers a more informal place.
The Earl's Lawn is the place to be and be seen this summer. Located at the heart of the Gordon Enclosure, live music provides the perfect pièce de resistance.
The Centre and focus will be
a brand-new bandstand which will provide the hub for guaranteed good times.
Back by popular demand and exclusive to the Lennox Enclosure, Squinty McGinty's Band will be bringing lively Irish music.
FASHION TO THE FORE
Fashionistas flock to the Qatar Goodwood Festival with sensational style on Ladies' Day, Thursday 3 August. Racegoers are encouraged to dress with a natural flare while being comfortable and cool.
The Panama Hat is an icon of the Qatar Goodwood Festival, its timeless style makes it the perfect addition to any outfit.
On Friday, racegoers are encouraged to wear the signature pastel blue and white colours of L'Ormarins for a chance to win a trip of-a-lifetime to South Africa.
Set to the picturesque backdrop of Goodwood House, after the first day of racing, the annual cricket match
between Lord March Racing XI and the Lord's Taveners will welcome exprofessional sportspeople of the Lord Taveners to take on the Lord March Racing XI. Free to attend, it's an unmissable evening of sport.
THE MARKEL MAGNOLIA CUP
Twelve inspirational amateur riders' line-up for the Markel Magnolia Cup in the name of charity on Friday 4 August. Since its inception the charity race has raised a phenomenal £2 million for amazing causes.
In 2019 the race captured the eyes of the world when Khadijah Mellah galloped to glory down Goodwood's home straight, while Ashleigh Wicheard took a knee in the Goodwood paddock to promote diversity and boost the profile of black women in the sport during last year’s renewal. It is a must-see moment on Friday 4 August.
FUN FOR THE FAMILY
The Lennox Enclosure is fantastic for a family day out. A large children's playground and flat grassy picnic spots next to the running rail put racegoers close to on-course action as the race unfolds with tickets starting from just
£25.
At the height of the British School Summer Holidays, the Qatar Goodwood Festival offers all under 18’s the opportunity to go racing free of charge when accompanied by an adult. In addition, a return bus service to and from Chichester Station and surrounding towns make the occasion easily accessible for all.
Goodwood Racecourse is tailor-made for a group get together, if attending as part of a group of five or more, make sure that you take advantage of our group ticket rates available for the Gordon and Lennox Enclosures, where up to 20% off can be obtained at checkout.
Standard admission tickets start from £25.
All tickets, dining, and hospitality for the Qatar Goodwood Festival can be purchased by visiting Goodwood.com or calling 01243 755055 to find out more.
THERE is a very good chance that we may just see a real top-class filly in action at Ascot this afternoon.
AL ASIFAH only made her racecourse debut last month at Haydock but created a really good impression when quickening away to land her maiden in good style. She then reappeared at Goodwood less than a fortnight ago oozing class when waltzing away with the Listed Agnes Keyser Fillies' Stakes by a cosy six lengths. That showed we could be dealing with something a bit special, and she is just 8/15 with Star Sports to see off 18 rivals in this afternoon’s Group Two Ribblesdale Stakes (3.40pm).
John & Thady Gosden’s filly has the potential to burst to the top of the pile when it comes to the three-year-old Classic generation, and she is already as short as 10/1 in a place for the Group One Prix de l’Arc de Triomphe in October.
It would be a major shock should she not emerge victorious here with Infinite Cosmos likely to give her most to think about.
The Gosdens may well be in for a good day as they hold two serious chances in the Hampton Court Stakes (5.35pm).
Epictetus is likely to be popular with Frankie Dettori in the saddle and will find this easier than the French Derby where he was a decent fifth last time.
However, I’m prepared to take a chance on the stable’s supposed second
string TORITO who ran out a really impressive winner at Epsom last time. That marked him out to be a colt with the brightest of futures and he’s well worth the step up in class to this grade. The talented Benoit De La Sayette retains the ride, and the son of Kingman looks sure to go well at 7/2 with Star Sports. The hardest puzzle of the day could well be the Buckingham Palace Stakes (6.10pm) and, if you’ve not backed a winner by then, it may be best to head to the car park early. Unforgotten is definitely a well-handicapped horse and a mark in the late 90s is very workable.
However, he is plenty short enough and the drop back to seven furlongs may not be ideal.
The draw looks certain to play a part in this and I’m taking a chance on two at massive prices drawn low.
GREAT MAX was third in the Chesham over course and distance as a two-yearold and has now ended up in the care of the hugely talented Alice Haynes.
He lost his way a little last season for Michael O’Callaghan but the change of scenery and the fact he’s been gelded are positives.
Connections are applying cheekpieces for the first time and, drawn against the stand side rail from a declining mark, he’ll do for me at around 40/1.
The other one I’m prepared to take a chance on is the old boy ACCIDENTAL AGENT who runs off a mark of 101 here.
The fire may not burn as brightly as it once did, but the former Group One winner will get a strong pace to aim at and is overpriced at 33/1.
If you are stuck in London today and looking for somewhere to watch this afternoon’s racing, then it may be worth checking out Star Sports’ new flagship shop on the famous Curzon Street with its wall-sized big screen.
RUN OVER the same distance as the Royal Hunt Cup 24 hours earlier, the Britannia Stakes (5.00pm) is always one of the most difficult races of the week at Royal Ascot.
With 30 three-year-olds taking each other on down Ascot’s straight mile, it isn’t a contest for the faint-hearted and punters are advised to tread carefully.
There hasn’t been a winning favourite in the past decade, with
eight of the 10 winners returning at double-figure prices, so don’t be afraid to look further down the list.
The one my eye is drawn to is RAMAZAN for Richard Fahey.
He had some good form last year, most notably when a fastfinishing third to Galeron in the Goffs Million over seven furlongs at the Curragh in September.
That form was franked when the
winner finished fourth in the 2000 Guineas and Ramazan was doing his best work at the finish.
The son of Kodiac then reappeared after a gelding operation to finish a decent third at York, again finishing his race off well.
The step up to a mile looks the right move and he is worth chancing at 22/1 each-way.
In last year’s King George V
Handicap (3.05pm), Charlie Appleby and William Buick combined to land the prize with Secret State and they can repeat the trick with TAGABAWA
The son of New Approach has only raced on the all-weather so far in his career, but we know that allweather form often translates well to Ascot’s sand-based turf track.
He is bred to be good and he certainly looked it when scooting
clear to win a Kempton handicap by four lengths in April. That was his first start over 1m4f and he is a fair bet at around the 4/1 mark.
AT AROUND 4.25pm today, another name will go down in the history books after winning the Gold Cup (4.20pm), Royal Ascot’s oldest race which began in 1807 and is the pinnacle of the five-day meeting.
This year’s field of 14 will burst from the stalls at the six-furlong start on the straight course, before making their way past the packed enclosures and embarking on a full circuit of the round course.
It’s this prelude to the final act, when the runners enter the straight for a second time some three minutes later, that is part of what makes the Gold Cup such a special race.
Some of this year’s runners have been there before and we can’t pass over this race without mentioning Subjec-
tivist, who was a brilliant winner in 2021 when ending Stradivarius’ quest to equal Yeats’ record of four consecutive Gold Cup wins.
Charlie Johnston’s runner has made a scarcely believable return from a near career-ending injury and just to have him back competing in the Gold Cup is a feat in itself.
It would be hard to expect him to perform to the level of two years ago, though, and while I’ll be hoping he runs well for the Johnston team, my money will be going elsewhere.
Another horse that has experience of this course and distance, if not in the Gold Cup itself, is Andrew Balding’s COLTRANE
This son of Mastercraftsman denied the heavily fancied Bring On The Night
in last year’s Ascot Stakes, gamely repelling that rival in a driving finish. He proved himself perfectly suited to this stamina-sapping test, but while he won that off a handicap mark of 98, few could have predicted his meteoric rise since.
A 10-length romp at Sandown followed before a step into Group One company in the Goodwood Cup, where he ran a promising race behind last year’s Gold Cup hero Kyprios. Better was to come when beating Trueshan in the Group Two Doncaster Cup, before that rival narrowly exacted revenge in the Long Distance Cup on Champions Day on a surface that was softer than ideal for Coltrane. Coltrane looked every bit as good when blowing away his rivals, including True-
shan, on his reappearance in the Group
Three Sagaro Stakes at Ascot last month.
Barring thunderstorms, he’ll get his favoured quick ground conditions today, and although now a six-year-old, he still looks to be progressing as a stayer.
I make him the one they all have to beat and the 7/2 available with some firms is more than fair.
Once again World Pool will be in operation, meaning you have a chance to secure a big return from only a small outlay.
I’ll be putting Coltrane in a Quinella – predict the first two home in any order – with Elgar Eldarov and Yibir.
The first mentioned looked all about stamina when winning last year’s St Leger and could well improve again over this marathon trip.
He returned this season with a close second in the Yorkshire Cup, a contest Stradivarius often used as a prep for this race, and should come on for that over this more suitable test.
Yibir is also of interest trying this trip for the first time, and as a Group One winner over 1m4f on fast ground, he has the class to play a part if staying the trip. For me, though, it’s all about Coltrane and I’ll take him to give Andrew Balding a first Gold Cup.
POINTERS
Coltrane 4.20pm Royal Ascot Coltrane, Eldar Eldarov, Yibir (World Pool Quinella) 4.20pm Royal Ascot
AHEAD of Royal Ascot, I’m not sure if any juvenile has made quite as big an impression as Karl Burke’s ELITE STATUS and he is a worthy 6/4 favourite for today’s opening Norfolk Stakes (2.30pm).
A comfortable winner of a soft ground five-furlong maiden at Doncaster in early May, he took his form to a new level when winning the Listed National Stakes at Sandown by five lengths.
He showed an unbelievable turn of foot that day with Burke saying after the race that “he has the potential to be a superstar sprinter”.
The yard have some top-class twoyear-olds, so they know where they stand with this son of Havana Grey, who himself is proving to be a superstar sire of sprinters.
His draw in stall four shouldn’t be a problem, especially as he’s housed
close to Wesley Ward’s American Rascal who is likely to make the running. Impeccably bred by Curlin out of Lady Aurelia, he couldn’t have been more impressive when winning a Keeneland maiden by over 10 lengths.
The concern is whether he will truly get home over this stiff five and he could set the race up perfectly for Elite Status. There have been plenty of shocks in this race over the years and
DEVIOUS looks overpriced at 16/1 for Donnacha O’Brien.
The son of Starspangledbanner comfortably won a Naas maiden last month, with connections then nominating this race as his next target.
He is likely to get further in time but he looked pretty quick that day and is worth including in a World Pool Quinella with Elite Status.
I would also add Noche Magica to that
as he was only just reeled in over six by Givemethebeatboys at the Curragh and he ran well in the Coventry on Tuesday.
POINTERS
Elite Status 2.30pm Royal Ascot
Devious e/w 2.30pm Royal Ascot
Elite Status, Devious, Noche Magica (World Pool Quinella) 2.30pm Royal Ascot
CHALLENGEaccepted! A reader last week asked what the most investable sports are for a sovereign wealth fund such as Saudi Arabia’s PIF. A return trip on Avanti West Coast to the first Ashes Test gave me the necessary thinking time.
Imagine yourself in the investors’ shoes. You’d likely want to buy dominant positions in sports, have the ability to host a flagship event, burnish the credentials you claim for societal change, make individual superstars phenomenally wealthy to tie them to your cause, not look like a financial mug to the watching world, and enjoy yourself in the process. Not so hard when your wallet’s like Croesus’s. Rugby could certainly fit the bill. CVC has built stakes in competitions around the globe, but Covid may have stymied its grand plan. Its string of minority positions leaves it attempting to
THE HUNDREDmay be approaching its third season this summer but it has been blown off course by the hurricane that is the Women’s Premier League (WPL).
The WPL is the women’s equivalent to the Indian Premier League (IPL), cricket’s biggest global franchise product, and it has revolutionised the landscape of the women’s game.
Players are paid six-figure sums for less than a month’s work and the world’s best players are now keeping an eye on the subcontinent to ensure they’re in the mix for future editions.
“I'm realistic as to where we are [The Hundred, behind the WPL] in the pecking order moving forwards but [we are] the No1 challenger competition, firmly in No2,” Beth Barrett-Wild, director of the women’s professional game at the England and Wales Cricket Board, tells City A.M.
“We’re certainly aware and alert to the WPL but I think at the moment I’m very much seeing it as a lifting opportunity rather than ‘oh gosh, it’s difficult to keep up’.
“I’ve spent the whole time benchmarking where we are against the WPL and the WBBL [Australia’s premier T20 competition], and what the WPL has done for women’s cricket – we talk about these breakthrough moments.
“It has shifted the economics of the women’s game. It has completely shifted the global dynamics and the economy of women’s cricket.
“But I don’t necessarily see it as being direct competition at the moment, because the women’s calendar has got a bit more flexibility to it.”
The Hundred has been a revelation for women’s cricket and has undeniably had an impact on the sport.
And though uncertainty surrounds some of its commercial deals, the competition has unearthed the likes of bowler Issy Wong – who took the first WPL hat-trick for Mumbai earlier this year, and is part of England’s squad for the Women’s Ashes, which starts today.
“Issy Wong and Lauren Bell [bowler,
cajole a political sport short of cash.
CVC’s profitable foray into F1 is a reminder that its objective is to turn a profit. PIF could take it out, pumping more cash into the sport to secure greater sway than CVC enjoys. Air condition stadia effectively and showcase competition in Saudi would follow. The professional women’s game could be swept up in the process, ensuring its viability in major playing nations.
Boxing’s fractured structure is the opportunity to create a globally recognised roster of undisputed champions.
Either back one existing sanctioning body, or establish an entirely new one. Unifying bouts could all be held in Saudi, which has shown its appetite for big fight nights. If there is one sport where money really does do the talking, it’s the noble art.
Last week I flagged the attractions of sovereign wealth investment into athletics to create a thriving circuit. I think this could be mirrored in swimming and gymnastics. Secure these three sports and create eye-catching event series and you would have your hands around the heart of the Olympics. Not a bad position if you har-
bour ambitions to host the Games. One of the beauties of these sports is their diversity, but more targeted statements of intent could be made in this regard. Netball remains a sport very predominantly played by females, although Commonwealth-centric and far from globally established. It is unlikely ever to be part of the Olympics because of its gender bias.
Saudi could create a flagship tournament that swiftly outranked all others in the sport, and facilitate investment across a broader geographical footprint to grow the game over the long term.
And what of tennis? Why not start solely with the WTA, a tour more in need of investment than its male
22] are players that people hadn’t heard of, partly because they are so young, but they’ve had their profiles really turbocharged through competitions like The Hundred,” Barrett-Wild said.
“That’s what’s different going into this [Ashes] series is these players, they’ve almost got a level of fearlessness about them now, and that is partly because they’re used to playing in these big venues.
“She [Wong] is a very exciting player to watch. I think when she took that hattrick [in the WPL] – I’m even getting goosebumps thinking about it now –for Mumbai Indians, for England to have somebody like that in their armoury to let them loose is just incred-
ibly exciting.
“Now we have over 100 players on full-time professional contracts in this country now which, compared to where we were in 2019, going into the Women’s Ashes we had our 18 English
counterpart? A chance to elevate its profile, starting with a very hefty bump up in prize money and the creation of the richest tennis tournament in the world, in Saudi, just for women.
My final weary thought on the train back from Birmingham is that Saudi Arabia could help loosen the International Paralympic Committee’s financial dependence on its Olympic counterpart. Theirs is a hugely unequal relationship which to my mind, after many years of working in this field, holds back the development of parasport. If you think that’s unsavoury or impossible, remember that Saudi Arabia is a member of the IPC like any other nation.
Back at Euston, I can’t say writing the above gave me any pleasure, but all of it could happen.
Ed Warner is chair of GB Wheelchair Rugby and writes at sportinc.substack.com
central contracts, but we didn’t have any domestic contracts.”
Australia head into today’s Test as overwhelming favourites for the Ashes, having won the last series in 2021-22 and having not lost an Ashes on these shores since 2013.
The Women’s Ashes format – one Test, three Twenty20 Internationals and three One-Day Internationals – uses a points system to determine the winner.
In 2013 matches were hosted at the likes of Chelmsford and Chester-leStreet, but this year the series will visit bigger venues such as Trent Bridge, the Oval and Edgbaston used. Around 20,000 tickets have been sold for the Birmingham T20.
And the two iconic cricket venues of London – Lord’s and the Oval – are key to the capital being a global centre for the sport, Barrett-Wild insisted.
“I think for the Women’s Ashes to get to play in those two venues, they were the two that when we were first scheduling, we had to get them in the mix,” she said.
“[London] is definitely a powerhouse of global cricket, having those two venues side by side and for the women to get, and I don’t want it to sound like we’re happy to be there, the opportunity and the chance to play in those venues, it’s almost about time actually.”
So it is about time the women get the chance to shine on the biggest stage for the biggest cricketing series. It’s just a case of performing on the pitch now.
These players have got a fearlessness because they’ve been playing in bigger venues
CRICKET
ENGLAND’Scricketers have been urged to use the Women’s Ashes to seize their moment and join their football and rugby counterparts in the national spotlight.
More than 80,000 fans are expected to pack into seven venues in six cities for this year’s Women’s Ashes, which starts with the solitary Test match at Trent Bridge today.
Ticket sales for the Test have seen a boost in recent days following the dramatic conclusion to the opening Test of the men’s Ashes on Tuesday, while a joint marketing campaign for both series against Australia together has also been credited with a boost.
“In terms of scale and ticket sales and the venues that we’ve got the women’s matches being played in, it’s certainly going to be big,” Beth BarrettWild, director of the women’s professional game at the England and Wales Cricket Board, told City A.M.
“We’ve sold around 80,000 tickets so far for those fixtures, so from an attendance perspective – and I’m sure from a broadcast angle as well – it’s going to be hopefully a really close battle.
“We’re seeing that through the Lionesses in football and also through the Red Roses in rugby and some of the amazing crowds that those two sports are getting. This is our moment.
Where in sport could Saudi Arabia’s PIF take their money next?
FRANK DALLERES
CHELSEAhave begun a major squad clear-out and raised almost £100m by agreeing deals to sell Kai Havertz to Arsenal and Mateo Kovacic to Manchester City.
Germany forward Havertz, who scored 32 goals in 139 goals during three seasons at Chelsea, is set to move across London to Arsenal for an initial fee of £60m, rising to £65m depending on performance.
Croatia midfielder Kovacic, who joined the club initially on loan in 2019, is poised to join Treble winners City –whose captain Ilkay Gundogan confirmed his departure
“We can recognise the opportunity of putting the men and the women alongside each other – something that we learned from The Hundred – and how we can utilise the scale that exists in the men’s game and as leverage to catapult women’s cricket into the public consciousness.”
The Women’s Ashes has a different format to the men’s. While the men play five Tests, the women play one Test, three Twenty20s and three OneDay Internationals, using a points system to determine the winner.
For the first time in England, the women’s Test will be held over five days instead of the usual four, signifying a
CRICKET
major change in mindset towards the longer format and its meaning in the women’s game.
“The players were [keen for a fifth Test day] off the back of the last one in Australia, which was an absolute thriller,” Barrett-Wild added.
“Our ambition is for cricket to be a gender balanced sport, where men and women are on that shared platform. It felt like the right thing to do.
“It felt like the right time given the professionalisation of the sport in this country. The players wanted it. Trent Bridge wanted it. It just felt like the obvious choice.”
from the club to Barcelona last night –for £25m, potentially rising to £30m. They will follow N’Golo Kante out of Stamford Bridge after the France midfielder completed a free transfer to Saudi Pro League champions Al-Ittihad.
Chelsea could recoup further funds by offloading Kalidou Koulibaly and Hakim Ziyech to Saudi sides.
Centre-back Koulibaly has been linked with a move to Al Hilal, while Ziyech is a target for Al-Nassr, who signed Cristiano Ronaldo from Manchester United in December.
The Blues may also lose midfielder Mason Mount.
Lauren Filer is set to make her debut today after the pace bowler was named in England’s Ashes side for the Test against Australia. The hosts take on the Aussies today at Trent Bridge in the only Test of the series. The Western Storm bowler is included as part of the matchday XI. Kate Cross and Lauren Bell will make up the Ashes seam attack while Sophie Ecclestone will provide spin – star Issy Wong was not included. The squad looks to be one of aggression and a sign of a style of play reminiscent to the men’s Bazball. “She’s a real impact bowler, she’s a bit of an unknown, but she bowls wicket-taking deliveries and she’s one of the quickest, if not the quickest bowler in the country,” said captain Heather Knight.
MATT HARDY
THE final day of the pulsating first Ashes Test match between England and Australia broke broadcasting records for Sky Sports.
A peak audience of 2.12m watched as Australia batted out the day and chased down 98 runs in the final session to take a 1-0 series lead. That’s the highest ever recorded peak audience figure for a Test match on Sky Sports.
Tuesday’s fifth day averaged 1.17m viewers while there were over 15.6m page views on the Sky Sports app and website.
In addition, there were 1.8m digital streams watching the sold-
out final day at Edgbaston.
Sky Sports managing director Jonathan Licht said: “Great to see such a thrilling start to the Ashes series, and to see that millions of fans are enjoying cricket content across the board.
“Equally we’re delighted to see so many young fans engage across so many of our digital channels.
“We have a fantastic opportunity with both the Men’s and Women’s sides who are playing some of the most entertaining cricket in recent memory, and our Sky Sports teams will continue to deliver all of the action throughout the series, via our exclusive coverage and unparalleled commentary team.
“The Women’s Test gets underway [today] at Trent Bridge, where we are set and excited to see fans get behind England’s campaign against a fierce Australian team.
“As the long-term broadcast partner with England Cricket, we are proud to tell the Ashes story and continue to support the growth of both the men’s and women’s game this series and beyond.”
England and Wales Cricket Board chief commercial officer Tony Singh added: “This first Men’s Test kept us all on the edge of our seats and showed the thrills of Test cricket at its best.”
Today’s women’s Test is on Sky Sports from 11am.
FRANK DALLERES
SPORTINGgreats Sir Andrew Strauss and Bryan Habana are set to come out of retirement next summer for an allstar padel pro-am tournament at the Hurlingham Club.
The Padel Classic, which will also feature a corporate tournament, is scheduled to be played on the lawns of the exclusive south-west London venue on 15-16 May 2024.
Ashes-winning former England cricket captain Strauss and World Cupwinning former South Africa rugby star Habana are set to be joined at the Padel Classic by a host of celebrities, professional padel players and invited
corporate clients and brands.
“I am excited to be competing in the inaugural Padel Classic at the Hurlingham Club next summer,” said Strauss, 46, chair of advisory group TTB Sport Capital which is behind the event.
“In recent years, I’ve become passionate about padel, a sport which, the more people I speak to, the more I realise its huge appeal.”
The Padel Classic, also backed by sport-focused charity Laureus, is expected to be the first in a global series of similar pro-am competitions.
“I am delighted to be joining the Padel Classic,” said Habana, 40. “Padel is a hugely compelling sport and one I encourage anyone to try.”
Chelsea raise £100m from sales of Havertz and Kovacic
WOW. What a conclusion that was to the opening men’s Ashes Test on Tuesday at Edgbaston. From day one through to five it was so entertaining.
England lost but I wasn't sulking about the result. Instead I was thinking about the opening shot on the first day, Joe Root’s reverse ramp shot for four, and the audacious declaration from captain Ben Stokes. Were you not entertained?
Because I was.
When I look at Brendon McCullum, Stokes and Bazball, I see a philosophy of entertainment. As I do when I see Gareth Southgate bring on Jack Grealish after Bukayo Saka has netted one of the great hat-tricks for his country simply to turn up the heat on North Macedonia.
The point is this: winning matters but so does entertainment, and the England football and cricket teams have that in abundance. Moments sometimes mean more than results. Tuesday’s loss in the Ashes didn’t lead to a huge conversation about the result, instead a discussion on the moments that led to it.
Likewise when England were knocked
RUGBY COMMENT
Ollie Phillips
a good and a bad thing. There were no real shocks when Borthwick added a number of Northampton and Leicester players to his training squad on Monday, and I doubt there will be any big surprises when he announces a training group including Saracens and Sale Sharks next week.
Stokes has barely tampered with his side. Borthwick and his captain Owen Farrell needn’t do it either. Because it is not the quality of the player that has the biggest impact on entertainment value, it’s the philosophy itself.
Look elsewhere, towards Andy Farrell and Johnny Sexton in Ireland and Fabien Galthie and Antoine Dupont in France. It’s a philosophical path towards excitement, collaboration and results.
So this summer, with his very capable players, I would like to see Borthwick throw caution to the wind at least once and discover and embrace Borthball; a system of freeing rugby where rugby players can express themselves and ultimately become a collective of stars on the pitch.
International cricket is exciting again and football has become thrilling, so it is time for rugby to do the same. Embrace the unknown and chance an arm. Because boring, inside the box rugby is not winning a World Cup for England this year. It’s as simple as that.
out of the last year’s World Cup against France, plenty of fans simply conceded that their continental neighbours had, on balance, been the better team in the contest.
So what does England rugby coach Steve Borthwick do about the lack of aura his team has with just four games between now and the World Cup?
When England chose to dismiss Eddie Jones I thought it was a bad call. I wouldn’t have employed the Australian in the first place but I do acknowledge that he is one of the best out there when it comes to finding unlikely ways to win under pressure.
Borthwick isn’t Jones and that’s both
The women’s Premier 15s final takes place this weekend and it will be at the newly named Queensholm, instead of Kingsholm.
It’s a smart PR stunt, and the home of Gloucester Rugby will see a new West Country name on the trophy this season – either Gloucester-Hartpury or Exeter Chiefs. My hunch is that Exeter sneak it but there’s no use counting out Gloucester on their home ground in a final.
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.
LEICESTER INS
Dan Cole, Joe Heyes, George Martin, Guy Porter, Freddie Steward, Jack van Poortvliet, Anthony Watson, Ben Youngs
NORTHAMPTON INS
Courtney Lawes, Lewis Ludlam, David
Ribbans, Fraser Dingwall, Tommy Freeman, Alex Mitchell, Fin Smith
OUTS
Ollie Hassell-Collins (London Irish), Ben Spencer (Bath Rugby), Harry Randall (Bristol Bears)
Before Christmas Jack Willis was playing for Wasps but has found himself running out for Toulouse after his former club went under. He has been astonishing and on Saturday was the outstanding player of the match as Toulouse won the Top14. He was a menace at the breakdown and made himself almost undroppable to England coach Steve Borthwick. Staying in France will hamper him after the World Cup, but for now he must be in the England side.
Winning matters but so does entertainment, and the cricket and football teams have it in spadesVersatile back Paolo Odogwu has declared for Italy and signed for Treviso after being rejected by England in years gone by.
