Thursday 24 August 2023

BUSINESS WITH PERSONALITY

SWEEPING INTO BUSINESS JOS BUTTLER TELLS US WHY HE’S INVESTING IN UK PLC P9

GOING OUT STAYING IN LONDON? HERE’S HOW TO SPEND THE BANK HOLIDAY P18

YOU COULD OPEN A COUTTS ACCOUNT WITH THAT!

DAME ALISON ROSE RECEIVES A £2.4M PAY-OFF AFTER RESIGNING FROM NATWEST AMID FARAGE ‘DEBANKING’ DEBACLE

JESSICA

FORMER NATWEST boss Dame Alison Rose will receive a £2.4m pay-out from the bank after her dramatic resignation last month.

Rose quit her high-profile role after admitting to being the source of a story on Nigel Farage’s finances, with the controversial politician ‘debanked’ by Coutts –owned by Natwest –over his political views.

Natwest confirmed that Rose would receive her salary, shares and pension whilst serving out a 12-month notice period –amounting to an effective £2.4m payout.

The former Ukip leader posted a video on social media platform X, formerly Twitter, claiming: “This is the

Liontrust

CHARLIE CONCHIE

corrupt British establishment looking after its own.”

Her shares are payable in Natwest Group shares and released annually on a pro-rata basis over five years from the date of award, the bank said. However, this figure does not include variable remuneration, such as bonuses or variable share allowances which Natwest said would be revealed “when such decisions are made”.

Her salary “remains under continual review” and the bank left open the possibility of tweaking Rose’s package once internal and external investigations into the ‘debanking’ conclude. Rose insists that she did not discuss Farage’s personal

finances when sat next to a BBC journalist, but admitted she may have given the impression Farage lost his account at the private bank due to falling below the lender’s wealth threshold.

Her replacement, Paul Thwaite, will be paid a salary of £1.05m alongside the same in shares.

Rose was paid £1.15m, making this a rare case of a man being paid less than a woman for the same work.

Rose’s £2.4m would be enough to open an account with Coutts, as long as she signalled a willingness to invest at least £1m of it.

Savings accounts require clients to deposit a full £3m.

REPORTS FROM RUSSIA

Wagner boss Prigozhin dies in plane crash

JAMES SILVER

YEVGENY Prigozhin (pictured), the head of the Russian mercenary group and the leader of a short-lived rebellion against Vladimir Putin’s rule earlier this year, has died in a plane crash in Russia according to state media.

The Kremlin ally-turned-critic was on the passenger manifesto of a private jet which crashed north of Moscow.

Russian civil aviation authority Rosaviatsia last night confirmed Prigozhin and Wagner group commander Dmitry Utkin were on board the crashed plane, but western media have few ways to verify the reports independently.

Last night, one social media account linked to Wagner accused Putin of organising the crash, and said it would trigger a second “march of justice” on Moscow.

Critics of the Kremlin leader also pointed the finger of blame at Putin.

Bill Browder, the Londonbased hedge fund manager who has become a leading antiKremlin critic, said Putin “never forgives and never forgets” with reference to Prigozhin’s role in this year’s coup attempt.

spat fires into another gear after ‘bordering illegality’ accusations

A REBEL group of shareholders trying to block the takeover of asset manager GAM have dramatically accused Liontrust boss John Ions (right) of tactics “bordering illegality” and reported him to the Swiss takeover regulator.

Liontrust launched a takeover bid for the ailing Swiss money manager in May but have since come up against fierce resistance from a group of investors calling themselves NewGAMe, which include the French tycoon Xavier Niel.

In an escalation of the spat

yesterday, NewGAMe have reported Ions to the regulator over emails he sent to shareholders suggesting a key third-party manager, Fermat Capital, would sever ties in the event NewGAMe got their way.

“John Seo [Fermat CEO] has also questioned the

integrity of NewGAMe, and, having suffered long enough [as you have] with GAM executive management, is in no mind to lunge straight into a relationship with people he does not trust,” Ions wrote to shareholders.

However, after being

sent the email, Seo said he was “shocked and dismayed” by the suggestions and rang Ions to force him to retract the comments.

“I never wrote those words, and I would never approve of those words,” Seo said in response.

£ CONTINUED ON PAGE 2

FRANK-KEYES AND STAFF

STANDING UP FOR THE CITY

Prigozhin death a needed reminder that we cannot sit back

IT IS A sad fact of life that war fatigue exists. When the Russians invaded Ukraine in February of last year, it was on our front page day after day. That isn’t the case anymore, even if the daily devastation wrought on Ukraine remains much the same. Indeed sometimes it is easy, almost, to forget that the European continent sits astride a nation run by a paranoid, violent tyrant who thinks nothing of territorial borders or indeed

THE CITY VIEW

human life.

And then one is reminded of the fact by a Russian mercenary leader mysteriously going bang in mid-air.

There is of course no proof that Vladimir Putin is behind what happened yesterday but it is

nonetheless worth revisiting why it is imperative that the West sticks together in its so-far, moreor-less united approach to Russia’s invasion of its neighbour. There have been occasional wobbles. As the cost to batteredand-bruised economies mounts –as seen in Europe’s horrible PMI data yesterday –there will likely be more.

Crucial to the West’s response has been the White House’s aggressive, uncompromising

AHOY YOUNG MUSOS Early-bird festival campers took an innovative approach to travelling to Reading Festival, opting to avoid the busy roads and dodge the rail fares

PMIs: Recession warning lights flash as manufacturing output hits three-year low

THE UK economy has contracted significantly this month according to a closely-watched index.

S&P Global’s Purchasing Managers’ Index (PMI) for the UK economy came in at 47.9 – far below the 50 reading which indicates flat growth. The PMI assesses the health of an economy’s services and manufacturing sector. Analysts had predicted a reading of 50.3 this month.

The all-important services sector slipped from 51.5 last month, indicating expansion, to a seven-month low of

48.7. Manufacturing meanwhile continued to fall, slumping to a 39-month low of 42.5.

The slowdown in growth will please some in the Bank of England, who are attempting to take the heat out of the UK economy and bring down persistently high inflation.

Many companies recoded a reluctance among clients to spend due to higher interest rates and stretched disposable incomes.

Chris Williamson, chief business economist at S&P Global Market Intelligence, said “the fight against inflation is carrying a heavy cost in terms of

heightened recession risks”.

“A renewed contraction of the economy already looks inevitable, as an increasingly severe manufacturing downturn is accompanied by a further faltering of the service sector’s spring revival. The survey is indicative of GDP declining by 0.2 per cent over the third quarter so far,” he said.

Although the data points to a slowdown in private sector activity, most analysts expect the Bank to send rates higher at its next meeting in September, bringing the rate to 5.5 per cent, though this is likely to be the last hike in the current cycle.

response. Where the US leads, most still follow.

As the US election circus kicks into gear, all eyes will be on Donald Trump’s evolving views on the Ukraine invasion, and not just in the Kremlin. For all of Trump’s boastfulness on the economy, not all of it is hot air. But a failure to stand up to violent tyranny would make his achievements, such as they are, only a footnote. He must surely know that, too.

WHAT THE OTHER PAPERS SAY THIS MORNING

TIMES

APOLLO SUED OVER $570M

TAX PAYOUT TO TOP EXECS

Apollo Global Management improperly agreed to pay $570m to cover the tax bills of its top executives as part of a shake-up aimed at distancing the PE firm from its scandal-plagued founder , according to a shareholder lawsuit.

THE GUARDIAN POST OFFICE BOSS TO GIVE BACK BONUS LINKED TO HORIZON SCANDAL INQUIRY

The CEO of the Post Office has said he will return a bonus payment linked to the inquiry into the Horizon scandal that led to hundreds of postmasters being wrongfully convicted.

THE TIMES

INDIA MAKES HISTORY WITH SUCCESSFUL LANDING ON THE MOON’S SOUTH POLE India has made history by becoming the first country to land on the moon’s south pole, provoking an outburst of national pride and confirming the nation as a leading space power.

Liontrust ‘desperate’, says rival GAM bid consortium

CONTINUED FROM PAGE 1

The spat marks a ramping up of hostilities between the two parties as NewGAMe presses shareholders to block the deal. NewGAMe has now lodged a complaint with the Swiss watchdog and wrote to GAM shareholders accusing Ions of underhand tactics.

“As Liontrust is growing more desperate by the day, John Ions is resorting to more and more aggressive tactics which are bordering illegality to the point where we have to complain directly

to Liontrust’s chairman as I am sure that he, and Liontrust’s compliance department, must be unaware of the kind of emails sent in the name of Liontrust to GAM shareholders,” NewGAMe wrote to GAM shareholders.

Liontrust has already ditched a key element of its initial £96m takeover bid after coming up against resistance for the firm. Liontrust declined to comment. Fermat Capital was contacted for comment.

In theory, the takeover deadline was yesterday.

CHRIS DORRELL

THE FINANCIAL

Goldman: Staff must ‘work in office five days’

CITY A.M. REPORTERS

GOLDMAN SACHS has reminded its employees to come into the office five days a week as banks continue the fight to get staff to cut back on working from home.

The Wall Street giant led the way in demanding that employees come back into work after the pandemic.

Chief executive David Solomon has previously described homeworking as an aberration.

Bloomberg reported that while most of the revenue-generating staff at Goldman had returned to the office, staff in other segments have been less willing to come back.

“While there is flexibility when needed, we are simply reminding our employees of our existing policy,” human resources chief Jacqueline Arthur said.

Arthur stressed that Goldman’s pol-

icy had not actually changed: “We have continued to encourage employees to work in the office five days a week.”

Other US banks have been trying to lure works back into the office, with JP Morgan asking its senior bankers around the world to work from the office five days a week. The investment bank told its top brass they need to “lead by example”.

In the City, Lloyd’s of London boss John Neal said workers needed to move away from working in the office only on Tuesdays, Wednesdays and Thursdays.

The term TWaT, which is in reference to Tuesdays, Wednesdays and Thursdays workers, was first coined by this newspaper.

There is increasing evidence that working from home often proves less productive than working from the office. However, the evidence shows many workers are keen to stay hybrid.

CEO

the

Nvidia wows investors in hotly anticipated earnings update

CHIP DESIGNER Nvidia forecast third-quarter revenue above Wall Street targets last night, boosted by soaring demand for its chips that power nearly all the world’s major artificial intelligence apps. Shares of the Santa-Clara, California-based company rose 6.3 per cent in trading after the bell.

Wilko job cuts ‘likely’ as buyer talks wind up

LUCY KENNINGHAM

ADMINISTRATORS for Wilko have warned that job losses are “likely” as potential buyers were no longer interested in acquiring the whole group.

Sky News reported last night that Poundland owner Pepco Group is in advanced talks to acquire around 100 stores, with others circling. However, even if deals are struck, this will leave a significant number of Wilko stores – there are 400 –unsupported and likely to face closure.

They have tripled this year, making the company the first ever trilliondollar chip business as investors bet Nvidia will be the key beneficiary of the AI boom. Analysts have estimated that demand for Nvidia’s prized AI chips is exceeding supply by at least 50 per cent.

The company forecast third quarter revenue of about $16bn (£13bn).

Administrators from PwC said in a statement that while there were interested parties for segments of the chain, “the nature of this interest is not focused on the whole group”.

“Sadly, it is therefore likely that there will be redundancies and store closures in the future and it has today been necessary to update employee representatives,” PwC said yesterday.

PwC will make an announcement today outlining any sale agreements and details for Wilko’s 12,500 employees. Reuters

of

world’s first trillion dollar chip company, Jensen Huang is set to be in the chips

CHAVI MEHTA

Morgan Stanley fined by Ofgem over Whatsapps

CHRIS DORRELL

MORGAN STANLEY has been hit with a £5.41m fine by Ofgem after traders were found to be using Whatsapp to discuss deals, pointing to increased regulatory intervention against lenders being caught breaking the rules.

Between January 2018 and March 2020, wholesale energy traders at Morgan Stanley discussed transactions using Whatsapp on private phones.

Ofgem found the bank “did not take sufficient reasonable steps to ensure compliance with its own policies and the requirements of the regulations”.

Morgan Stanley has “taken steps to ensure the breaches do not happen again”, Ofgem said. The fine included a 30 per cent discount for settling, with

Ofgem noting that Morgan Stanley co-

operated with the investigation.

Although fines have been issued before for failures to record messages in other markets, this is the first fine relating to wholesale energy products in Cathryn Scott, regulatory director of enforcement and emerging issues at Ofgem, said: “It is unacceptable MSIP failed to prevent electronic communications which could not be recorded or retained. It risks a significant compromise of the integrity and transparency of wholesale energy markets.”

UK regulators are following the example of the US in investigating private messaging services to discuss deals.

The Prudential Regulation Authority recently censured Wyelands Bank for wide-ranging failings including “poor retention of Whatsapp messages”.

You’d be forgiven for scratching your head and asking why wasn’t a financial or banking regulator taking action here? Yet this fine does technically fall within Ofgem’s jurisdiction as the communications related to trading wholesale energy products. Ofgem has powers to investigate and sanction against market manipulation and insider trading under so-called “Remit Enforcement Regulations”, which are designed to protect consumers and ensure market transparency and integrity. This raises the possibility it could trigger a wider clampdown, with compli-

Energy industry: Clamp down on brokers –now

NICHOLAS EARL

of energy products

THE BOTTOM LINE

ance experts telling companies to get their ducks in row. But there was only limited scope for Ofgem to get involved. Furthermore, an increasing number of banks and financial services have moved to ban their staff from using encrypted messaging apps such as Whatsapp for work purposes after the slew of fines. For now, Ofgem’s foray into the world of banking feels like a one-off, but it could well go after more energy firms.

Nicholas Earl

THE ROLE of brokers in the business energy supplier market is in urgent need of regulation to protect companies from high prices this winter, Energy UK has warned. Energy UK argued brokers “should be regulated, just as suppliers are”. “Many non-domestic contracts are secured through energy brokers, who are unregulated. The industry has long called for regulatory oversight and higher standards for brokers to properly protect their businesses customers and Ofgem recently called for extra powers to regulate brokers themselves,” a spokesperson told City A.M. Octopus’s research found 3.2m small businesses had a negative broker experience in the past year. Jack Arthur, energy expert at Uswitch for Business, told City A.M., there is a role for brokers, especially in managing the paperwork involved with switching contracts, “which can often be extremely complicated”. A spokesperson for the Department for Energy Security and Net Zero expressed support for Ofgem’s calls to increase transparency.

Traders at Morgan Stanley had used Whatsapp to discuss deals

Tax-saving venture capital trusts buck startup investment slump

CHARLIE CONCHIE

VENTURE Capital Trusts (VCTs) which allow savers to make tax-savvy earlystage investments, have bucked a funding slowdown this year and boosted the amount of cash they are pushing into startups.

VCTs, which are a vehicle for retail investors to access venture capital, ramped up their investment by eight per cent to some £664m into firms in the financial year to April, according to data from the Venture Capital Trust

CHEERS TO THAT Wine bar chain Vinoteca saved from closure by London PE outfit

Association (VCTA).

The figures come despite a major slowdown in the wider venture capital landscape over the past 12 months as investors grapple with rising interest rates and a shuttered IPO market. Figures from KPMG found wider VC funding slumped 23 per cent in Q2.

Will Fraser-Allen, VCTA chair, said the country was “increasingly in need of innovative young businesses to push the economy forwards” and drive the development of technologies like artificial intelligence.

M&S poised to enter FTSE 100 as reshuffle looms

JESS JONES

AS THE reshuffle of the FTSE 100 index approaches, several companies are vying for a coveted spot among the UK's star stocks, while others face a demotion to the FTSE 250.

In the reshuffle, to be based on closing prices on 29 August, strict rules prevent a repetitive “hokey-cokey” scenario of the same companies constantly entering and leaving.

Leading the pack of potential newcomers is Marks and Spencer, said Susannah Streeter,  head of money and markets at Hargreaves Lansdown.

Shoppers have given the Percy Pig creator a “thumbs up” as focus on quality and price has been “a clear advantage”, explained Streeter.

M&S ’s turnaround strategy has paid off and popular click-and-collect services have led to strong sales growth. However, retail’s longer term prospects are “hard to map”.

Technical products supplier Diploma has also caught the eye of investors.

Steady sales growth, bolstered by repeat orders and strategic acquisitions, has propelled the firm into the running for a premier blue-chip position. Similarly, pharmaceutical companies

Dechra and Hikma could join the top ranks, if only briefly in the former’s case due to its imminent £4.5bn takeover by Freya Bidco.

Hikma has benefitted from increased revenues and a summer vote of confidence in its generics drugs business as it hoisted up annual revenue and margin guidance earlier this month.

But several companies are teetering on the edge of demotion.

Catalytic converter maker Johnson Matthey is grappling with a lack of direction following its retreat from battery manufacturing plans.

Meanwhile, developer Persimmon’s shareholders have been spooked by industry data revealing the strain of borrowing costs on the housing market.

A sense of deja vu must be lingering over asset management firm Abrdn as it finds itself at risk of being evicted from the FTSE 100 for the second time in a year after shares plunged by nearly a third in under a month.

Companies must rank within the top 90 by market cap to enter and below the 110th largest to be demoted.

The final changes will be announced after UK markets close on 30 August, revealing the new lineup of Britain's top-tier companies.

VCTs have been the subject of fierce political debate over the past 18 months and are currently due to be wound up by 2025. City minister Andrew Griffith in June refused to commit to extending the trusts beyond the current wind-down date when quizzed by MPs.

“With government policy also looking to bolster UK growth by encouraging investment in fastgrowing companies, the vital role of VCTs in the investment ecosystem has never been clearer,” Fraser-Allen said.

TIPPED FOR PROMOTION AND DEMOTION

CANNON Street private equity outfit Breal Capital has snapped up Vinoteca, saving the five-strong wine bar chain from imminent closure after it was hit hard by the pandemic. The deal saves all 150 jobs across the business.

Nike finance boss to take up Reckitt

gig

LAURA MCGUIRE

CONSUMER goods giant Reckitt has announced the retirement of its chief financial officer, Jeff Carr, drafting in a business veteran from Nike to replace him.

The firm said that Carr will step down next March after nearly four years at the company, with Reckitt praising him for reducing the firm’s net debt and guiding the business through the pandemic.

Reckitt, which makes popular household goods such as Dettol and Nurofen, said that Shannon Eisenhardt, chief financial officer for consumer, market place and brand at Nike, will take on the role once Carr leaves.

Eisenhardt was also finance director at Procter & Gamble which owns Pampers and skincare brand Olay.

She will join Reckitt on 17 October this year as CFO designate to succeed Jeff –and she has also been elected to the board as an executive director.

“We are delighted to announce that Shannon will succeed Jeff as chief financial officer,” Chris Sinclair, chairman of the board, said. He added: “Shannon brings extensive experience across consumer and retail, having worked with some of the most globally recognised brands, and an impressive and highly relevant international background.”

West End ‘picking up’ after £102m worth of deals bolster high street

LAURA MCGUIRE

THE WEST END showed signs of “picking up” in July as demand from businesses to secure a spot in London’s premier shopping district led to a cluster of five deals totalling £102.2m. So far this year some 58 property transactions have taken place and turnover year to date has reached

£1.92bn. This is already above its 2019 figure of 51, but still remains below its pre-pandemic average of 94, data from Savills revealed.

But Stephen Down, executive chair of central London and international investment for Savills, said there are signs the West End market is “picking back up” after its pandemic slump with buyer interest from across the

globe, including unlevered, cash rich family offices, along with funds from the US and Europe. He added that £50m and £100m was the “sweet spot” for purchases.

Savills said the biggest deal was of office building Liberty House on 76 & 80 Hammersmith Road, W6 which was acquired for £48m by property investment firm McAleer & Rushe.

Savills said there were signs the West End was back roaring after the pandemic slump

Ithaca Energy announces fresh dividend despite windfall tax hit

NICHOLAS EARL

ITHACA Energy has announced fresh dividend payments for shareholders, while confirming it expects oil and gas production in 2024 to be lower than this year due to the windfall tax.

To keep shareholders sweet, the North Sea oil and gas producer yesterday revealed a fresh second $133m (£104m) dividend in its halfyear results – taking year to date payouts to $266m. It is now planning a total dividend of $400m for the year.

The FTSE 250 firm also revealed it had taken a $223m hit from the Energy Profits Levy over the first six months of business this year.

Ithaca expects further decisions to slash output and investment in projects will be made as it draws up its medium-term strategy in the second half of this year.

Ithaca said it was “clear that we, like the rest of the industry, will feel the impact of lower investment on our medium-term production outlook below previously guided levels”.

CMA rethinks concerns over Hitachi takeover

GUY TAYLOR

HITACHI’s £1.4bn takeover of Thales’ rail signalling business will not impact competition in the market for supplying signalling systems for the London Underground, the UK’s anti-trust agency said yesterday.

The proposed deal led the Competition and Markets Authority (CMA) to raise competition concerns back in December, as Hitachi and Thales are two of the main suppliers of signalling systems for railway networks in the UK. Siemens and Alstom are the other two leading firms.

The CMA said in June that the deal could drive up prices and reduce service quality for passengers on the London Underground, indicating that the deal could be blocked by the regulator. But the watchdog yesterday said new evidence had led it to reconsider previous concerns.

The CMA said it now believed that Hitachi would “not be a credible bidder” to supply communications-based train control systems for the tube in the

“near to medium term”.

It said Hitachi was unlikely to meet Transport for London’s tendering requirements for two major upcoming projects on the Underground, at Bakerloo and Piccadilly, and would therefore not “be a significant competitor to Thales” in the future.

Stuart McIntosh, chair of the CMA’s independent inquiry group, said “effective competition in the urban and digital mainline sig-

Expansion plans have also been cancelled in domestic operations such as the Greater Stella Area, Montrose Arbroath Area and Elgin Franklin Area. Ithaca warned investors it would also need to pursue more merger opportunities to consolidate its position “until the fiscal is regime is improved”.

Despite the challenges, it revealed pretax profits had risen year-on-year, from $907.4m to $979.7m over the first six months of trading. Shares closed down 5.62 per cent.

PEDALLING DOWNHILL Peloton recall sends shares to record low

PELOTON shares yesterday plummeted over 27 per cent after the exercise bike maker said costs related to product recalls would delay its return to a positive cash flow. The company said it anticipated costs of $40m due to recalls, a figure which “substantially exceeded [its] initial expectations”. The firm hopes to achieve positive cash flow in the second half of fiscal 2024.

Aviation watchdog staff vote to strike in pay feud

nalling markets is essential for ensuring the UK’s rail transport systems are efficient and reliable for passengers who rely on these services”.

McIntosh added, however, that its “provisional view that this merger raises concerns in the supply of digital mainline signalling in Great Britain, is not affected by today’s announcement”.

The CMA’s investigation is ongoing, with a final decision set to be made by 6 October. Both firms were contacted.

ALAN JONES

WORKERS at the Civil Aviation Authority (CAA) have voted overwhelmingly in favour of industrial action in a dispute over pay.

Members of the Prospect union backed strikes by 2-1 and by almost 9-1 for other forms of industrial action. The union said the CAA had refused to provide a “fair” pay rise for this year.

Prospect added that an internal

survey of CAA workers found that two in five are considering leaving the organisation because of poor pay and excessive workload.

It was the first time a ballot on industrial action has taken place at the CAA, said Prospect.

Mike Clancy, general secretary of Prospect, said: “More than a decade of real terms pay cuts have left our members at the CAA with no choice but to take industrial action.

“The employer can still avert this industrial action by coming back to

the table with a meaningful offer that addresses the ongoing cost of living crisis.”

Rob Bishton, CAA interim chief exec, called the vote “disappointing”.

“We recognise the cost of living challenges that colleagues face, which is why we’ve already implemented a five per cent pay rise,” he said.

He added that the CAA did not anticipate any disruption to the sector due to the “modest proportion” of staff which are Prospect members.

Great British Railways is a hit. So why hasn’t it been delivered?

THE FUTURE of the proposed Great British Railways (GBR), one of the biggest planned shake-ups of the rail sector in decades, is at a crossroads.

Initially put forward by Boris Johnson in 2021, the plan was to create a stateowned public body to act as a unifying ‘guiding mind’ for Britain’s struggling rail sector. The body would reduce pesky ministerial meddling and provide oversight and accountability for the complex web of different groups which make up Britain's rail network.

It was seen as a fix for a crisis-hit railway service that has never truly recovered from the pandemic, with delays across the network and industrial action now commonplace.

But the reforms have been delayed and have fallen well down the legislative agenda of recent governments.

The government insists it “remains fully committed” to the plans, but recent reports have hinted at attempts to water down or scrap it entirely.

The rail sector believes that bringing GBR legislation forward is the number one priority right now, and are concerned a fast approaching general election could push things back further.

Writing in The Times last month, Iain Stewart, chairman of the Transport Select Committee, warned that “without

legislation soon… the chance to fix Britain’s railways and deliver rapid improvement for the customer is slipping away and alternative reforms could become more salient.”

Stewart told City A.M. that although some of the work on GBR could be done without legislation, bringing it forward would give “passengers and the industry much reassurance”.

In May, 60 business leaders in the rail and infrastructure sector wrote to the PM urging him not to delay legislation that would establish GBR.

Darren Kaplan, chief executive of the

PA

Railway Industry Association – a representative body who organised the letter – told City A.M. the government must push on with the reforms to give “rail customers, businesses and infrastructure investors the certainty they require.”

National Rail said: “GBR is currently the only way on the table to resolve the biggest issues of responsibility and cost on the railway.”

Britain’s railways need an urgent fix and while there is no one solution, the sector is surprisingly unified in backing GBR –it just needs to be delivered.

The North Sea oil giant warned it would have to cut investment due to the windfall tax

The CMA initially raised concerns over the deal’s impact on Tube prices

CHRIS DORRELL

EXPORTS have slumped, growth has stalled and the economy even slipped into deflation. The youth unemployment figures have gotten so bad that the government has stopped publishing them.

These figures, or their absence, reveals more than an economy struggling to grow after Covid. What they demonstrate is that China’s high-growth model over the past few decades has run out of steam.

Many of China’s immediate problems can be traced back to problems in its enormous property market.

The sector is hugely important to the Chinese economy, making up around 30 per cent of its GDP, with private and state property developers driving the largest spate of urbanisation in history.

This, however, generated a huge bubble, with property developers taking on big debts to build enough houses.

In 2020, the Chinese government attempted to deflate the bubble with its Three Red Lines policy, which tried to regulate the amount of debt developers could take on.

But the policy was too aggressive, effectively bankrupting the country’s largest property developer, Evergrande. This snowballed into a wider crisis in which many smaller developers also defaulted.

The ensuing slowdown in the sector sparked by the panic has hit even developers previously seen as reliable. Country Garden, previously considered one of the most reliable developers, missed payments on some of its bonds at the

China’s slump signals end of high growth era

beginning of this month, reigniting fears that the property sector could crash the wider economy.

But putting the real estate sector to one side, the Chinese economy faces a set of structural issues that look likely

to hold back growth.

China has pursued an investment-led growth model, which has turbocharged its economy over the past three decades. Investment currently makes up between 40-45 per cent of GDP com-

pared to an average of around 20-25 per cent among the rest of the world. But now the economy is essentially saturated with productive physical assets. Further investment, particularly if directed to physical infrastructure, is

unlikely to improve performance.

In order to generate sustainable growth over the longer term, China is trying to lift domestic consumption, which currently makes up a small proportion of GDP.

“It is the wish of the Chinese government to shift from old style, industrial production and fixed investment to consumption,” Janet Mui, head of market analysis at RBC Brewin Dolphin told City A.M.

Experts argue the state could boost the social safety net, which would encourage citizens to spend rather than save in case they fall on hard times. The savings rate in China is currently much higher than in many Western countries, partly because there is limited state support.

Another impediment to higher domestic consumption is China’s artificially devalued currency, the yuan. Although the devalued yuan supports an export led economy, it also makes imports for domestic consumers more expensive than they would be.

But Mui said it would be “very hard to stimulate consumption meaningfully”.

More broadly, China’s ageing population also poses significant threats to its future growth.

“The big picture is that trend growth has fallen substantially since the start of the pandemic and looks set to decline further over the medium-term,” Julian Evans-Pritchard, head of China economics at Capital Economics, said. While Chinese growth is set to reach nearly five per cent this year, the days of 10 per cent growth look to be well and truly over.

A LEGACY OF DIFFERENCE MAKING

WE WERE basically running insurance companies,” the likable Barry Gale tells City A.M. of his career before joining Aon. Gale was at a Big Four consultancy firm, working on restructuring and insolvency. “But without the front-end, bringing in new clients.”

He and his colleagues soon found out that winding up insurance firms was notably more complicated than other firms. After all, the usual priority is to get the process closed up as soon as possible. In insurance, however, the thorny issue of policies underwritten in the past –and potentially claimable against in the future –made that process more challenging.

“The last thing you can do is shut down too early to prevent someone from making a claim,” he says.

“It’s bad enough in an insolvency that you might not be getting that claim paid in full, but if instead you’ve not even got the opportunity to make that claim, then we’re favouring some creditors over others.”

What that left Gale and his colleagues dealing with was the ‘tail’ –and it’s the tail of insurers’ responsibility that occupies Gale’s time as head of legacy at Aon, where he moved two years ago.

“It’s a bit like a construction project. We do the maintenance,” he says. In short, insurers who underwrote policies a few years ago need to keep a certain amount of

capital on the books in case a claim comes in on that policy. That’s not necessarily the best use of that capital, which is where Gale’s team at Aon comes in, building solutions that work for all sides.

“Just because you built the project in the first place,” he says, returning to the construction metaphor, “doesn’t necessarily mean that you are the right organisation to manage the tail, or the run-off”. Gale is passionate about a little-understood but vital part of the insurance market.

“It matters enormously that that run-off is managed responsibly, and that the policyholders get what they need if they’ve got a claim. So it matters enormously to the insurer that their reputation is protected, but if they have a lot of their resource and capital tied up in stuff they did a few years ago, then it

stops them serving the world today.”

Gale’s advice to youngsters coming into insurance –“listen, and be curious” –is certainly a worthwhile credo for anybody even looking at the industry.

Much of the work of the sector goes under the radar –but without it, not a lot that we take for granted can happen.

“Insurance helps to make the world tick. It helps you to have a mortgage, get in a car or get on a plane or go into an employer’s office because they’ve got the right liability insurance. If we accept all these things, and that the world is changing and the needs of the word are changing, then we have to be able to write new products.”

By freeing up the capital to do that, Gale and his legacy team play their part in keeping the insurance world ticking over –and, crucially, doing right by insurers’ clients.

Insurance helps to make the world tick, and we help to make sure that can happen

WHEN he dips away and scoops a head-scratching fast bowler for six, you might think England cricketer Jos Buttler just spends his spare time dreaming up new ways to hit boundaries.

Over the past decade the one-day supremo has been at the forefront of changing the way that runs can be scored and has been feted as among the greatest to play the white ball game.

But even as he prepares to defend England’s 2019 World Cup in India this year, England’s Somerset-born captain has his mind beyond the boundary: much as fans would like him to go on indefinitely, Buttler is already thinking of life after cricket.

“I’ve always had a bit of an interest in business and no real knowledge, just sort of ‘what is investing and what do people do and how does it work?’,” Buttler tells City A.M

“Obviously as a sports person, your careers are finite and could stop anytime through a loss of form or injury, so it’s always been one eye on what I might do next, or what opportunities are out there, and what skills you can transfer across from your sporting environment.”

ALL-ROUNDERS

The answer for now appears to be venture capital. Buttler, along with team mates Ben Stokes, Jofra Archer and Stuart Broad and Indian batsman KL Rahul, are among a host of big name sports stars and professional investors to plough £40m into a new venture fund called The Players Fund, which both looks to channel cash into young companies and give athletes a glimpse of life beyond sport.

The new fund has been born from a group of athlete collectives across the US and UK, including Forgood, led by former Manchester United defender Chris Smalling, and B-Engaged, headed by Hector Bellerín and Serge Gnabry.

Buttler, Broad, Stokes and Archer meanwhile are members of 4Cast, set up by former pro footballer Fergus Bell and his brother Rory, to begin build-

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

BATTING FOR BUSINESS

City of London amm ogr pr Full ty’sCity or f e update

ing business interests for sports stars and give them something to fall back on beyond retirement.

“In the pandemic we had about 12 athletes come to us and say ‘what happens if the Sky TV money ends? If the central contracts end?’ We decided with Ben, Stuart and Jofra to launch 4Cast,” Bell tells City A.M.

Bell’s pro football career was cut short by injury and he’s now become a sort of fixer for professional sports stars as they grapple with a life outside sport. Buttler is among the newer signatories to the group but it’s perhaps an indication of where his mind is going.

He says he’s already sitting in on business calls and scoping out ways where his cricketing nous can add value.

“[I draw] from my different experiences on the sports field that link into some form of leadership or problem solving, which may help in a certain situation or may help push something forward.

“And it’s stuff I’m interested in –I can add value to it.”

He says he’s already invested in a growing Manchester-based padel business called the Padel Club and is on the hunt for other opportunities that catch his eye.

OUTSIDE THE DRESSING ROOM

Finding things that excite and stimulate after a life dedicated to the relentless pursuit of winning is a challenge increasingly troubling the world of professional sport.

Much has been written about the psychological drop-off facing professional footballers for example after their careers come to a premature close. 4Cast and now The Players Fund are positioning themselves as a solution to helping sportspeople learn the wares of business and offering them a vehicle to invest.

“You lose that identity that you’ve had since you were 16 or even younger,” adds Bell. “Maybe you’re always the football guy or the cricket guy, and the Players Fund is there almost solely for that really to prepare

guys and female athletes after sport.”

Venture capital and investing are proving particularly popular routes for post-sport careers. Former F1 star Nico Rosberg is now a prolific investor, quarterback Tom Brady recently was a key player in the purchase of Birmingham City and Lewis Hamilton and Serena Williams both mulled entering consortiums for the Chelsea sale last year.

“We see the story of Wrexham, Tom Brady’s just got involved with Birmingham. People see that and think maybe there’s potential in some way, shape or form… for people to get involved in these things,” Buttler says. So can we expect a new lower league football club purchase from the newly former Players Fund?

“Who knows,” say a chuckling Bell and Buttler.

VIEW FROM THE PAVILION

The cricketing world may also be proving a fruitful ground for a new generation of investors. The fact that four of the biggest names in the England setup of the last four years have thrown their weight behind the new fund is surely no coincidence.

Is there something unique to the English game that is producing it?

“Well, there’s a lot of rain breaks in cricket,” Buttler laughs. “So there’s plenty of dead time where you’re thinking what you would do if you weren’t a cricketer.

“Some people have got no interest in the dressing room and just want to bat and just want to bowl and sort of just blinkered to the finish line. And [say] ‘I'll sort it out when I finish my career’.”

But the team atmosphere of an investment collective has been a draw outside of cricket for Buttler. He’s teaming up with Stokes on the fund just after the news he will be reunited with the test captain out of one-day retirement for November’s world cup.

“It’s an incredible boost for us,” he says. But is his investing like his bazball batting?

“He does things one way –so probably.”

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THE NOTE BOOK

FRIGHT AT THE MUSEUM

August has never felt so –for want of a much better word –Augusty. It’s mighty quiet out there, and that isn’t just because of the City’s long-discussed issues attracting floats and the slowdown in M&A.

Indeed, more and more of my contact book appear to be taking the European approach to the summer months: not quite sell in May and go away, but certainly recharging the batteries for an extended period of time over the August break.

Wellness advocates would no doubt argue that ‘les grandes vacances’ are a fine way for us to wipe off the stress of working life and ready for a full-paced return in September. As a journalist, I can tell you that it’s bloody annoying.

At the heart of my frustration, however, is a bigger question about the UK’s oft-discussed productivity puzzle. Every once in a while a politician unwisely casts doubt on the work ethic of the Great British Worker; Liz Truss is still pilloried for

ADVERTORIAL

Today, it’s City A.M. editor Andy Silvester with the pen

saying Brits needed “more graft” when compared to foreign rivals. But to be honest it’s not the hours, or whether we’re all on the beach in August, that’ll dictate the UK’s productivity going forward, but investment in new technologies and learning how to use them in smarter ways.

It’s interesting that one of Britain’s few genuinely worldleading industries –the management consultancy and professional services sector –is doing just that.

One cannot move for news of the latest AI investment by one of the Big Four. PwC partners even took a salary hit so the firm can invest more in labour-saving AI.

The UK has been notoriously bad at investment in recent years, for a host of reasons, not least endless political instability. So next year, enjoy your August –it won’t make much difference to the productivity numbers if you’re away. Just make sure you invest in some new tech before then.

Anovel trend is unfolding in the digital assets space, with the tokenization of realworld assets (RWA) emerging as a powerhouse in financial innovation. Spearheaded by Treasury bills (T-Bills), which has historically offered investors a secure means to earn yields, this progression is transforming asset management and investment dynamics

Tokenization, the process of converting tangible assets such as gold, stocks, and T-bills into digital tokens, presents an exhilarating prospect for financial institutions. Pioneering this wave, Franklin Templeton, launched the first U.S. registered mutual fund on a public blockchain in 2021, later expanding its reach to other platforms in 2023. Notably, the firm managed to amass over $299 million in assets under management for its OnChain U.S. Government Money Fund within a short span.

Recent spikes in U.S. short-term Treasury yields have caused ripples of concern among Wall Street veterans, pushing many to wonder about a looming recession. Historically, events such as the inverted yield curve — where short-term Treasury yields surpass longer-term ones — have signaled impending economic downturns. This inverted yield curve, coupled with other financial indicators, has brought more investors into the fold, particularly to the realm of tokenized treasury bonds. This trend is evidenced by the $500 million collective market capitalization of tokenized money market funds, a whopping 400% increase within a year.

Key financial institutions are acknowledging the value of RWA tokenization. The Bank of America, for instance, sees it as a primary driver for digital asset adoption. This tokenisation wave has already made its mark, with the tokenized gold market alone amassing over $1 billion in investments. Onyx, a bank-led blockchain platform by J.P. Morgan also announced that it will focus on tokeniz-

No story has gripped me in this barren August like the extraordinary tale emerging from the British Museum. One would think that a museum under more than a little pressure to prove to the world that they can look after the world’s treasures would notice its artefacts popping up on Ebay. To be fair to the Museum, management have been up front about the failures. As a troublesome hack, of course, the only disappointment is the famed Parthenon relics remain in place –we’d love to run the ‘lost their marbles’ headline.

£ Today is GCSE results day, begging the interesting question of whether it’s now more common to see social media posts from successful people who cocked theirs up or snarky posts about successful people posting they cocked theirs up. A more worthwhile take might be to ask why we still insist on a system forcing youngsters to choose their academic path before they’ve even sniffed an illicit drink. A more rounded education would be a far better idea.

£ The Rugby World Cup starts in a couple of weeks. It’s supposed to be one of the world’s biggest sporting occasions yet the build-up –certainly here, in part thanks to England’s ongoing struggles –- has been strangely muted. With open mutiny in the grassroots game over new tackle rules and a governing body receiving justified criticism for its remote management of the game, the potential growth of the sport is being strangled. Let’s hope the tournament reminds fans why they love the game.

CAN I QUOTE YOU ON THAT?

Elon Musk hints that firing the people who made Twitter / X run properly may have been a rash move

THE DAWN OF REAL-WORLD ASSET TOKENIZATION: NAVIGATING THE DIGITAL FINANCE FRONTIER

My partner occasionally comments on my not always healthy reading diet: over-loaded with nonfiction, and sorely lacking in the nutrients that come from novels. I’ll admit that a book entitled ‘The Battle of London: 1939-1945’ doesn’t necessarily scream ‘relaxed summer read’, but Jerry White’s no-holdsbarred social history of the capital in wartime has been a delight. For those looking for something a little lighter, though, I can’t recommend a recent re-discovery enough. Kingsley Amis’s Lucky Jim is a perfect comic novel, and contains the finest description of a hangover yet committed to literature. And anyone who hasn’t read the cigarette burns scene before should try and avoid doing so on public transport.

transparency in the tokenization process. This transparency empowers investors to scrutinize financial operations that were traditionally concealed, ensuring the authenticity of the backing real-world assets. By decentralizing this process, tokenization not only fortifies the system against vulnerabilities but also promotes a democratic approach to monitoring, enhancing trust among stakeholders. These protocols also play a significant role in interfacing off-chain and cross-chain assets, acting as vital bridges between traditional financial

ing money-market funds, and will use them as collateral.

Despite these advancements, questions about the legitimacy and security of tokenized RWAs remain. How can investors be certain that a digital token truly represents its real-world

asset counterpart? Trust in this burgeoning digital space is paramount. Chainlink's Proof of Reserve (PoR) mechanism, exemplified by its recent integration with Matrixdock, is a testament to this need for transparency. Through this integration, investors

can confidently verify the authenticity of Matrixdock's Short-term Treasury Bill tokens (STBT).

Protocols like Proof of Reserve (PoR) enable real-time, independent verification of tokenized asset collateralisation, fostering much-needed

markets and burgeoning blockchain ecosystems. They ensure a smooth and secure transition into the digital finance domain.

Looking ahead, the future potential of real-world asset tokenisation is staggering. Predictions suggest it could inject an astounding $16 trillion into the digital asset market by 2030. As we stand at this crossroads of financial evolution, tokenization emerges as a defining trend. It symbolizes a transformative shift in how we perceive and manage assets, emphasizing the indispensable role of trust, transparency, and security in moulding the future of finance. The story of digital finance is as much about breakthroughs as it is about trust, and tokenization stands front and center in this narrative.

Embrace the long break, even if it’s made my job harder

We may fail, as so many have predicted

Key financial institutions are acknowledging the value of RWA tokenization.

MARK KLEINMAN

BREAKING BUSINESS STORIES AND ANALYSIS

Post Office chief fails again to Read the room

Like salt poured in an open wound: that’s the only conceivable metaphor for the corporate governance disgrace delivered by the Post Office in recent weeks.

Consider the facts: thousands of sub-postmasters were the victims of a grotesque cover-up, with many of them left penniless, homeless or wrongfully imprisoned. Their fight for justice was then imperilled by the unfairness of compensation settlements which were either woefully inadequate or squeezed by the funding arrangements which saw large parts of their payouts swallowed by litigation funders.

And now, to make matters worse, the current board of the government-owned company has presided over a shambolic process where it allowed bonuses to be paid to executives for their cooperation with an inquiry into the scandal that is not even complete.

Last week’s report from the law firm Simmons & Simmons, commissioned by business secretary Kemi Badenoch, made dreadful reading. It concluded that the Post Office board had been guilty of “clear failings” in its deliberations and its record-keeping.

In April 2021, Nick Read, the chief executive, set out in a speech to stakeholders his ambition to turn the Post Office into a profit-sharing collective, with sub-postmasters given the chance to benefit from a revamped network.

The chief executive said this could even be in place within a few years: “As we become commercially

Historic England, the V&A, English Heritage –the list goes on. It’s all change at the top of many of Britain’s most prestigious cultural institutions and bodies. Next up is Historic Royal Palaces, where a search has been underway for nearly two years for a new chair of sites

including the Tower of London and Hampton Court Palace.

I hear that this particular crown is soon likely to land on the head of Sir Nicholas Coleridge, the former Conde Nast executive. Confirmation may depend on whether Sir Nicholas secures the provost’s role at Eton, with which

sustainable and no longer reliant on government subsidy, looking for new ways to ensure postmasters share fairly in that success is the right thing to do,” he said.

“For [the] Post Office to be in a position, say by 2025, to make this a credible option for postmasters, their customers and the government would, it seems to me, represent a genuine achievement.”

Those aspirations now look little more than a pipedream. The Post Office’s financial performance is weak, and the Horizon scandal fallout has left its boardroom looking less like a cuddly co-operative than a rapacious school of sharks.

That impression is compounded by Read’s unfathomable refusal to hand back the entirety of last year’s £455,000 bonus. Instead, after weeks of obfuscation by the company, he decided yesterday to increase the sum he would surrender from a measly £13,000 – to a slightly less measly £54,400.

Chief executives fond of virtue-signalling about “the right thing to do” must be prepared to be held accountable when they fail.

The Post Office is years away from an end to government subsidy, or anything like financial sustainability.

The entire board should now consider whether “the right thing to do” involves remaining in their posts. And if Read believes he is the right long-term leader to restore faith among a beleaguered workforce, Badenoch should disabuse him of that notion and advertise for his successor. That seems like the right thing to do.

he has been widely linked. In turn, his departure from the chairmanship of the Victoria and Albert Museum after eight years frees up another prized vacancy in the capital.

With the Science Museum and British

Film Institute also seeking new chairs, headhunters specialising in these appointments cannot echo bankers’ complaints about a moribund summer period.

ESPN tie-up would leave DAZN in US box seat

How about this for a screen test? DAZN, the loss-making streaming service, may finally be getting its house in order under Shay Segev, the ebullient Israeli who became its sole CEO last year after a spell running Entain, the FTSE-100 gambling group.

A $4.3bn recapitalisation by owner Sir Len Blavatnik has provided it with the financial freedom to think big, so it seems logical that it will be among those closely studying Disney’s plans to explore a sale or strategic partnership for ESPN.

Disney has never cracked the streaming market, while DAZN, despite the questionable nature of some of its historic rights deals, has started to generate meaningful international momentum.

DAZN’s presence now in 230 markets and with more than 60m registered users provides a scale that would complement ESPN’s USfocused footprint. Its moves into

gaming and merchandising –particularly the recent deal with US-based Fanatics –also look like sensible diversification plays, assuming the economics stack up.

For the streamer, a tie-up would build credibility with customers and rightsholders in the US, an essential step towards an eventual exit.

The reappearance of Kevin Mayer, until recently DAZN’s

chairman, as an adviser to the Disney chief Bob Iger might prove to be a helpful factor in engineering a deal.

DAZN will face competition, without question: this week, it emerged that Verizon, the US telecoms giant, had initiated talks with Disney about a partnership. It is unlikely to be the only one. For Sir Len and Segev, though, a combination with ESPN may prove that bit more compelling –and with the US sports giant as its centrepiece, a US listing would surely prove too difficult to ignore.

Economists brand calls for tax cuts as showing ‘questionable judgement’

JESSICA FRANK-KEYES

Tory MPs urged the Chancellor to cut taxes after borrowing figures beat forecasts

ECONOMISTS have warned that calls from Conservative MPs for Chancellor Jeremy Hunt to cut taxes after improved borrowing data emerged show “questionable judgement”. Three backbench Conservatives piled the pressure on, according to the Financial Times, with calls for

“personal tax reductions” after July borrowing figures came in lower than forecast by the OBR in March.

But economists have warned against cutting taxes in response, suggesting the government is only just meeting its own fiscal rules, following months of gloomy news for UK plc.

Aveek Bhattacharya, from the Social Market Foundation, told City A.M.:

“Rushing to cut taxes in response to the first piece of fiscal good news would show questionable judgement and priorities from the government.”

Meanwhile, Carl Emmerson, of the Institute for Fiscal Studies, warned tax cuts now would likely result in bigger tax rises on the other side of the election, with borrowing still much higher than forecast 18 months ago.

Coleridge lined up for the Tower... boardroom

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PMIS FLASH RED

London markets finish in the green despite manufacturing slump

LONDONmarkets rose yesterday despite new PMI data showing a significant slump in UK business activity. The FTSE 100 closed up 0.72 per cent after a day in the green, while the FTSE 250, which is more aligned with the health of the UK economy, climbed 1.1 per cent.

S&P Global’s Purchasing Managers’ Index (PMI) for the UK economy came in at 47.9 –far below the 50 reading which indicates flat growth. The PMI assesses the health of an economy’s services and manufacturing sector.

Analysts had predicted a reading of 50.3 this month.

Martin Beck, chief economic advisor to the EY Item Club, said the data will give the Bank of England “food for thought” ahead of its next rate decision in September and “suggests an increase is no longer a certainty”.

The FTSE 100’s top riser was Endeavour Mining, closing up 4.18 per cent by

late afternoon, as miners continued a strong performance this week.

Russ Mould, investment director for AJ Bell told City A.M. yesterday that investors were pivoting to opportunities in mining as a gloomy economic climate meant they were deciding they “no longer want paper assets, and want hard assets instead”.

JD Sports Fashion had a turbulent day, initially rising 2.24 per cent to rebound from yesterday’s sharp fall. The retailer closed down over five per cent though – the FTSE’s biggest faller – after being hit by news from across the pond that US footwear chain Foot Looker had slashed its guidance for the full year.

Oil giants BP and Shell languished near the bottom end of the blue-chip index throughout the day, as oil prices reacted to concerns over demand from the world’s biggest crude importer, China.

“The going is good” at Bank of Georgia, analysts at Peel Hunt wrote after its most recent quarterly results which showed a particularly strong return on equity. While some of its strong performance is unsustainable, the analysts argued it was still “performing above expectations”. It boosted earnings forecasts for the next couple of years. The analysts rated it a ‘buy’ with a target price of 4,200p.

Costain's first half performance came in ahead of expectations with the firm reiterating its medium-term targets. Peel Hunt analysts expected a dividend to be “confirmed shortly”. The analysts maintained a pretax profit estimate of £40m for the full year, marginally ahead of consensus. Costain was rated an ‘add’ with a target price of 60p.

“It’s been another day of disappointing economic data with French, German and UK flash manufacturing and services PMIs coming in well below expectations... Rather perversely this hasn’t been taken as the negative as it might have done as it serves to prove that rate hikes are starting to have the desired effect.”

MICHAEL HEWSON, CMC MARKETS

OPINION

EDITED BY SASCHA O’SULLIVAN

LinkedIn ‘influencers’ could sway votes - just not the way they were hoping to

Michael Martins

LINKEDIN in 2023 has started to look suspiciously like Twitter in 2016. Although Westminster does not spend nearly as much time on LinkedIn as it does on Twitter (probably because they don’t know that Snoop Dogg recently joined and often responds to comments), the platform has become a part of the long-haul general election campaign in an unexpected way: via the LinkedIn Creator.

Following the pandemic, lockdowns, and amplified by the Musktakeover of Twitter, LinkedIn has started to look a little bit more like Twitter, as people’s platform habits change. Although there is the standard fare of “such a humbling experience to do this great thing for my CV”, there is also a large cohort of so-called LinkedIn Creators i.e., people that have succeeded either in business or in amassing followers, who have the platform’s microphones and try to shape opinion in their own image.

And so, after the Conservatives’ victory in July’s Uxbridge by-election, where the party also managed to find a likely election wedge issue in the form of opposition to “green” policies, many of the LinkedIn Creator crowd seemed to think that a thoughtful, critical, and hyperlink-in-

fused (read: long) post would have the potential to determine the next election result.

This is, and was, surprising. For such a professional platform, there was a fairly large number of people posting critical views of an election result and subsequent policy pivot, even if some of their companies and bosses likely held less firm political views. Even more surprising, though, was the feeling that some of these intellectuals seemed to have missed a key takeaway from the Brexit referendum: the loud-

est critics usually just help to propagate a campaign message they disagree with and, often through their own passionately held beliefs, end up alienating more people in the debate than they convince. A net positive if you’re the one being criticised, which in this case, would be the Conservative party. LinkedIn is obviously different to Twitter. For most people on it, there is an incentive towards moderation or at least self-control, hence why most of the loudest Creators tend to also be

their own boss. But other key differences matter, too.

Firstly, there is little balancing voice on LinkedIn – it is less a forum for debate and more a place to post and try to last on people’s newsfeed for as long as possible. The algorithm determines what you see based on a post’s interaction with its followers, so the more likes, the more eyes, and the longer the post stays in people’s feeds.

Secondly, there is a “show more” barrier that blocks most of a long post, meaning that readers’ eyes are

Let’s be honest, we don’t need to have any more bank holidays - even for the football

IN 1930, economist John Maynard Keynes wrote an essay predicting that within a hundred years people would work just 15 hours per week.

Keynes thought greater economic efficiencies would boost our standard of living (around four to eight times) to the point where we would barely have to work to consume everything we needed.

Keynes was not entirely wrong – Brits are around five times wealthier but annual working hours have declined from around 48 down to 34 hours per week. But instead of working 15 hours per week, we have chosen to consume a lot more – modern gadgets, better food, and international holidays, to name a few. We also live much longer, meaning more leisure time across our lives. But that leisure time and consumption is no free lunch, it requires working and saving when younger. Nevertheless, the calls for more leisure are ever-present. Last week, amid the excitement surrounding the Lionesses making it to the Football

Matthew Lesh

World Cup final, there were demands for a victory to be met with a new bank holiday. Labour leader Keir Starmer perhaps jinxed the result by declaring that “there should be a celebratory bank holiday if the Lionesses bring it home”.

Unfortunately, despite how much everyone loves a day off, more bank holidays are a rubbish policy. According to IEA Economics Fellow Julian Jessop, an additional bank holiday for the Lionesses could have cost the economy around £1bn – a big blow to a country teetering on the brink of recession.

“The extra day off work would hit output and incomes, and disrupt public

services, especially as employers would have little time to prepare,” Jessop explains. We could have commemorated a victory at a much lower cost by investing in women’s football, giving a financial bonus to the players, or extending pub opening hours on Sunday, but an expensive bank holiday hardly feels justifiable.

The same applies to the general demand for more bank holidays. In 2017, never afraid to make a nice-sounding but fundamentally dumb promise, Jeremy Corbyn committed to four new permanent bank holidays.

Bank holidays force many businesses to shut down and workers to lose income. They also disrupt projects and workflow, lead to more NHS treatment delays, and cause kids to spend less time in school. By making everyone take time off, they are highly disruptive compared to when individuals are in control of their own holidays. Taken together, bank holidays lower productivity and economic growth. More fundamentally, bank holidays

collectively impose a holiday on everyone rather than leaving individuals free to decide when they take time off. They mean everyone – no matter their religion or lack of religiosity – is forced to take off Easter and Christmas. They increase costs for flights and accommodation for those wanting to travel. In practice, it leaves a select few stuck working; alternatively, shops and restaurants are closed altogether. There’s nothing wrong with wanting more leisure time – and in fact, it has become increasingly normal to negotiate with employers for part-time work or more time off in lieu of pay raises. But not everyone has to take the same time off with you. Keynes was ultimately wrong about the 15-hour workweek because we chose to work harder and become much richer. More holidays should be an option, not something that everyone is forced to do, and certainly not all at the same time.

£ Matthew Lesh is the director of public policy at the Institute of Economic Affairs

generally only exposed to the headline the Creator is seeking to dismantle.

Thirdly, for much of the media and political bubble, LinkedIn is just an afterthought, so there is little curatorial or editorial pushback. And finally, only the truly brave tend to post very critical comments to political or media posts, leading to a “zealot” bias, again making some things seem sensible as the loudest critics often leave little room for nuance amongst the undecideds.

Given these differences, it is not without a dollop of irony that some of the current government’s loudest Creator critics on LinkedIn are shaping the low-level corporate debate, but likely in a way that detracts from their aims. As a non-driver, I didn’t know the ULEZ price was £12.50 until a LinkedIn Creator pointed it out, for example. So, while Twitter is probably not yet tired of experts in this longhaul election campaign, many of LinkedIn’s Creators should probably think twice about clicking post. They could end up amplifying and extending a debate about whether the UK will achieve its net zero goals because ULEZ expansion might affect 8.7 per cent percent of cars in London, roughly 0.6 per cent of the UK’s total (the new £350m a week for the NHS, some might say). So as good as it might feel to let the feelings out, Creators, you may end up doing your policy opponent’s bidding in the process. Consider yourself warned - feel free to like and repost.

£ Michael Martins is a senior director at 56 Degrees North

The Conservatives’ ‘anti-green’ policies, like the oppositition to Ulez, has been targeted on LinkedIn

YOU NEED TO CALM DOWN It’s always interesting when the famously antagonistic President of China Xi Jinping is the one calling for unity (and not with Taiwan). Sadly, it wasn’t with the West either, but rather the bloc of developing nations known as Brics - Brazil, Russia India and China.

WE WANT TO HEAR YOUR VIEWS

LETTERS TO THE EDITOR

Don’t fall for FOMO tech

[Re: London SMEs committing over half of annual revenue to tech investment, data reveals, Aug 22]

London’s SMEs are investing in technology like never before and with a national productivity problem that feels like the right decision. However, with budgets under pressure the risks of getting it wrong are growing and SMEs must be considered in their tech investments to truly see the benefits.

When SMEs are competing against enterprises, the FOMO temptation to simply jump on the latest technology is strong. The world of tech is fastpaced, exciting and full of distractions, especially in a new world of AI, but SMEs must keep their feet on the

ground, seeking tech solutions that serve their main goals.

Technology absolutely enables SMEs to level the playing field with their major competitors. But investing in technology is not just about possessing the tools; it’;s about having the right skills and resources to use them effectively – doing otherwise is a productivity drain, not gain. Before hitting the buy button, ensure your business has the skills and infrastructure to effectively manage and use the tech.

Find a partner that you trust to be able to separate “shiny things” from real winners and work closely with them so that you can focus on today’s challenges, and don’t feel the need to jump first. This is the smart path that promises not just a tech-driven future, but a future driven by the right tech.

Matt

The CMA’s hardball approach to the Microsoft deal paid offbut EU gamers will be left out

Zach Meyers

SEVERAL months ago, the UK’s Competition and Markets Authority seemed to be in a tight spot. It had banned Microsoft from completing its $69bn takeover of gaming giant Activision –leading to loud complaints that the CMA was anti-business. And it soon looked like a global outlier. US courts threw out the Federal Trade Commission’s attempt to stop the deal and the European Commission was proudly trumpeting the concessions it extracted to clear the deal. Speculation was rife that the CMA was trying to find a minimally embarrassing way to retreat from its decision. Yet the CMA has done far more than save face. Its tough approach has paid off –while the European Commission has left EU gamers short-changed.

Competition authorities’ concerns focused on cloud gaming: a nascent technology which allows consumers to “stream” games over the internet onto devices like PCs, avoiding the need for a specialised console like a PlayStation or Xbox.

This summer feels a long way off the heatwave of last year, but those blistering 40 degree days of 2022 put our water supply in serious and ‘immediate risk’ according to the Environment Agency. Water levels in some reservoirs were close to ‘dead storage’ where it is no longer treatable.

EXPLAINER-IN-BRIEF: BEHIND BAN ON BABY FORMULA ADVERTS

Boots has been forced to apologise after it automated advertisements promoting infant formula on Google.

The Advertising and Standards Authority said the ads fell foul of rules which prevent retailers pushing products for children under the age of six months old.

While many claim this rule is based on fears advertising for infant formula would encourage women to stop breastfeeding, it actually stems from the International Code of Marketing

Breastmilk Substitutes, developed with the help of the World Health Organisation. It was not driven by fears of a decline in breastfeeding, but after companies actively went into hospitals and told new mothers formula was better than the natural alternative. It’s also as a result of formula being pushed in countries where bottles can’t be sterilised. However the result has created a bizarre situation where supermarkets can’t tell customers if formula is on discount.

Seeing how consumers have jumped on streaming television, this technology could rapidly take off and allow millions more consumers to enjoy gaming. The competition watchdogs, however, are worried that Microsoft would monopolise this technology – it already owns the Windows operating system which many devices use, has one of the few large cloud computing networks necessary for cloud gaming, and would own blockbuster Activision games like Call of Duty.

The European Commission accepted one solution to this problem. Microsoft agreed to allow people who bought an Activision game to use it on another cloud gaming service (a “bring-yourown-game” model). But this remedy was imperfect.

For one thing, gamers want the convenience of using cloud services which already have a portfolio of games ready to play – buying an Activision game first and then moving it to a streaming service is a lot of unnecessary rigmarole. But the Commission could at least boast that its remedy would give consumers more choices than the status quo – Activision games are not available for streaming at all today. The Commission therefore implicitly criticised the CMA for blocking the deal.

Microsoft was initially blocked from acquiring Activision earlier this year

The Commission therefore initially looked more business-friendly and more pragmatic than the CMA. But the CMA has now been vindicated. Microsoft has proposed a new deal, which offers much more for consumers. Under new deal, Activision will sell cloud gaming rights to a third company, Ubisoft. Microsoft would acquire the rest of Activision.

If Microsoft wants cloud gaming licences for Activision games, it will have to negotiate (along with all other cloud gaming providers) with Ubisoft.

The CMA still needs to scrutinise the new proposal – and will want to be certain that Ubisoft will have the incentives and ability to make Activision cloud gaming licences more widely available. If it waves the deal through, then the cloud gaming market should develop competitively. Gaming services will have more freedom to experiment with different business models. And consumers will get more choices.

So: all’s well that ends well… except in the EU. Because Microsoft had already reached a settlement with the European Commission, the old deal would still apply in the Union – mean-

ing Microsoft will still control licensing of Activision games in the EU. EU consumers would be stuck with a worse deal than consumers everywhere else in the world. Brussels’ trust-busters must regret not pushing for stronger concessions. And EU consumers should be fuming.

Brussels has promised for years to make digital markets more competitive. But apart from levying some large antitrust fines, its approach has not yet delivered many visible consumer benefits. The CMA, on the other hand, is developing a reputation for being tough, principled and incisive. The CMA is right to insist on markets which are genuinely competitive, rather than governed by inflexible concessions put in place solely so large tech companies can make megadeals.

Rather than close the UK off for business, the CMA wants to give Microsoft’s competitors more opportunities to succeed, and UK consumers more choices. EU gamers will be looking on jealously.

£ Zach Meyers is a senior research fellow at the Centre for European Reform

Parker Babble Cloud

DROUGHT WATCH Parts of England

almost ran out of water last summer

HOTPROPERTY

MAKE THIS BATTERSEA SKY POOL YOUR GARDEN

Live in the building with that swimming pool. Steve Dinneen checks out the Ambassador Building penthouse suite

Battersea has been dragged kicking and screaming into the high-end property world.

Less than a decade ago it was a strange bubble of industrial wasteland, a place filled with old warehouses and the rusted remnants of esoteric machinery.

Now it’s a gleaming residential and commercial Disneyland, supported by its own underground station and dominated by the hulking chimneys of the redeveloped Power Station.

It is also home to the rather Orwellianlooking American Embassy, occupying a space a few minutes east of the Power

Station, a place once described by Donald Trump as a “lousy location”, which, coming from him, is probably a ringing endorsement of the area.

Taking its naming conventions from its salubrious neighbour is the nearby Ambassador Building at Embassy Gardens, a luxury development famous for its glass swimming pool that bridges two adjoining buildings.

If you’ve ever looked up at that pool and thought “I’d like to live there,” well, now’s your chance. The penthouse in that building is for up sale at £4.5m. For that you’ll get your very own private terrace, access to the Sky

AT A GLANCE

£ 15th Floor

£ 2,023 sq ft with a 1,630 sq ft private roof terrace

£ Views of the city and river

£ Two designated parking spaces

£ 24 hour concierge

£ Residents’ gym and cinema

£ Walking distance to three underground stations

Pool and spectacular views across the Thames and beyond from the comfort of your own bed or living room.

“Embassy Gardens has always been synonymous with luxury living, but this latest offering takes opulence to new heights,” says Jon Johnson, managing director of Johns&Co.

“It features marble work surfaces, floor-to-ceiling windows, and an exquisite spiral staircase leading to a sprawling private terrace. Craftsmanship is evident in every corner. Abundant natural light fills the spacious living areas, highlighting the captivating views.

“This property is tailor-made for those who appreciate urban sophistication and crave unparalleled city vistas. It’s the ideal retreat for professionals seeking a tranquil yet connected lifestyle in the heart of the city.”

Find out more at johnsand.co

POSITIVE PROPERTY HACKS: HOW TO SELL YOUR HOME IN TODAY’S SENSITIVE MARKET

Just like painting the door, adding a few attractive planters and pots instantly makes the entrance a feature and hints at a home that is looked after and makes a buyer want to discover what’s inside.

On any residential street you will find the exterior paintwork will weather over time, so try to keep the outside of your home in a state of good repair. Clean windows will make a big difference, allowing natural light to come in. Internal leaks or (even historic ones) should be repaired as should small redecoration work. Minor improvements don’t cost much but can prevent alarm bells ringing for a potential purchaser.

Any buyer arriving for a viewing will be intent on thinking about the property and may not welcome distractions – so try to keep energetic pets and children in the background. It’s obvious that a comfortable but clutter-free

Everybody

home will be more appealing, so it’s worth having a sort out. Also consider lighting; it can be a mood changer.

If the property is vacant, ensure it’s dressed if possible. The majority of buyers struggle to envisage how a room will look without furniture, or whether a bed will fit and how they will use the space. There’s a reason why all prime developers ensure their developments have a show apartment.

If you have parking, consider an electric charging point.

PITCHING YOUR PRICE

Providing a market appraisal is not an exact science and while anyone can

Simon Tollit Partner, Tedworth Property

freely access multiple data points to assess value, the most important piece of advice comes down to listening to your appointed agent.

They should be an expert in your local area with first-hand knowledge and research to advise a client about what asking price they should set. This includes recent sale prices on the street and in the area, what comparable properties are currently on the market and for how long, any proposed developments or works in the area, any improvements made since the property was last sold, as well as the type of buyer profile suited to this type of property.

Look to work with an agent who will

PLAN, PLAN, PLAN

Be sure to get organised in advance of securing a buyer by instructing a solicitor, contacting managing agents if appropriate and getting the necessary documents in place for works that have been undertaken to the property during ownership, so that when an offer comes in, everything is to hand.

be there for the duration and not be swiftly replaced by a junior negotiator with little experience. Make sure the agent knows the intricacies of your specific home and won’t just open doors blandly pointing out obvious things. It’s all about the detail.

Finally, don’t appoint an agent because (a) they give you the highest price or (b) they go low on their commission. If an agent can’t negotiate for themselves over their own fees, there is little chance they will negotiate efficiently on your behalf with a prospective buyer.

In a market where buyers are cautious with higher borrowing costs, an impasse can be reached where a buyer will refuse to increase their offer any further and the seller will hold out for a bit more; again, an adept agent should manage this negotiation and find a sweet spot for both to agree.

In today’s market a buyer will use the length a property has been on the market as a downward negotiating tool, meaning that more often than not the first offer is the best offer…so take it!

Simon Tollit works for tedworth.co.uk

knows the value of painting your front door. Here are more fool-proof tips for selling your house

GOING OUT

EDITED BY STEVE DINNEEN @steve_dinneen

MANGA CLASSIC MAKES A WICKEDLY FUN MUSICAL

MUSICAL

STEVE DINNEEN

One of the most successful manga series (Japanese comic books), then anime shows (Japanese animation) of all time, Death Note has jumped from medium to medium, chasing that sweet nerd dollar. This includes a lacklustre live action movie, various spin-off animations and a well received musical, the latter of which arrived in London this week (it sold out the Palladium in a few hours and transfers for a limited run at The Lyric next month). You can tell this isn’t your regular theatre audience when the queue for the merch stall is several times longer than the queue for the bar. Made up mostly of 20-somethings with a smattering of parents dragged along for the ride, they look a bit like the cast of Rocky Horror Picture Show were they to attend a My Chemical Romance gig, with more emo haircuts that you can count and plenty of people in full goth-lolita cosplay.

Rapturous applause before the show had even begun suggests Death Note is preaching to the choir but this show never feels like a cynical cash-in, with a solid – if extremely strange – musical

emerging through the veil of hype.

It begins with a conversation between two shinigami – monstrous Japanese spirits who coax humans towards death – complaining about how bored they are. “All we do all day is play with bones, gamble and kill humans,” laments Ryuk, a tall, spidery figure with a shock of black hair and the most impressive costume I’ve seen on a London stage this year.

To combat the boredom he drops his “death note” into the human world, just for shits and giggles. Inside are instructions on its use: write someone’s name in the book and they will die within 40 seconds. If no cause of death is written, they will die of a heart attack. Simple.

The book is discovered by Light, a smart, reactionary schoolboy, who immediately sets about killing dozens of criminals, soon developing a taste for vigilante justice. Bewildered police bring in an equally amoral child detective to help solve the case, the brilliant L, who is also happy to throw the odd criminal under the bus in his attempts to catch Light.

The song and dance numbers – courtesy of a live band – vary from traditional musical theatre fare to rocky numbers, John Carpenter-esque synth tunes, and even some unusual choral pieces. The cast is excellent, led by powerhouse performances by Joaquin Pedro Valdes as Light and Dean John Wilson as his nemesis. John Wilson also adds some wonderful physical act-

ing into the mix, his L full of fidgety energy and a charming menace.

Francis Mayli McCann plays influencer-cum-love interest Misa, and while she’s given the more traditional songs, she belts them out beautifully.

Adam Pascal, however, comes close to stealing the show as Ryuk, hamming up his limited number of songs with a wonderful, gravelly baritone.

An impressive set made up of higgledy-piggledy brickwork spires introduces some verticality, allowing the 20-strong cast to inhabit the stage at the same time for the big numbers.

The plot of Death Note is difficult enough to follow over 12 volumes of manga or 37 episodes of TV, so condensing it into two hours and change was always going to be a challenge, especially when most of the dialogue is sung rather than spoken; were I not already au fait with the material I’m sure I’d have followed it in only the broadest of strokes.

It’s worth noting that the Palladium shows were fraught with technical issues, with the sound breaking up at higher volumes and microphones frequently failing to fade in on time, resulting in missed lines of dialogue.

These problems would have been enough to sink a lesser show but Death Note ends with a sense of triumph. It’s a bizarre production, a mad confluence of styles and influences that shouldn’t work together but somehow coagulate into something quite brilliant.

THIS MOVIE ABOUT GROWING UP IS BOTH TOUCHING AND BRUTAL

RECOMMENDED SCRAPPER DIR.

CHARLOTTE REGAN

BY VICTORIA LUXFORD

High rise council estates have provided the setting for many independent British gems, like Andrea Arnold’s Fish Tank or Joe Cornish’s Sci-fi Attack The Block. Scrapper does not scale those heights, but it brings fresh ideas to the formula. It’s the story of Georgie (Lola Campbell), a 12 year old recently orphaned and managing to raise herself through a mixture of low level crime and inventive deception. That is, until Jason (Harris Dickinson) turns up on her doorstep, claiming to be her father. The pair begrudgingly forge a bond, with secrets about both their pasts slowly emerging.

Showcasing a similar father-daughter dynamic as the Oscar nominated Aftersun, debut director Charlotte Regan takes a more hopeful approach to tough subject matter. The context may be grim, but we see inside the lives of the characters as they attempt to be more than the sum of their parts. For Georgie, that means a roguish existence avoiding foolish teachers

and social workers so that she can raise herself. Not everything in the plan is believable: she keeps the social workers off her back by having the local shop worker record voice notes as her “uncle”.

It keeps on the right side of fantasy by portraying The System as uncaring (teachers debate how long a child needs off to grieve), and filled with easily appeased authority figures. Regan offsets these harsh realities through fantasy, such as animated segments feathering spiders, reality TV confessionals, and a heart-breaking narrative thread where Georgie ticks off the Five Stages of Grief like a to do list.

Lola Campbell is the key to making it all work. Child-led films are a difficult prospect, having to place weighty themes on young shoulders. But her Artful Dodger energy matches Regan’s playfulness, as well as her co-star’s. Dickinson plays Jason as Georgie’s opposite: an adult who hasn’t matured and seems lost in his sudden father figure role. There are some sharptongued exchanges, before the third act unveils something sweeter. More light-hearted than other films of this type, Scrapper makes up for a lack of edge with a great cast and sincere sentiment.

YOUR LONDON WEEKEND SORTED

1. 2. 3.

It's bank holiday weekend again, which means two things for Londoners: either avoiding Notting Hill and the surrounding area entirely, or heading there as one of the 2.5 million attendees to the Carnival. Expect floats, dancing, and lots of amazing Caribbean food and drink at this annual celebration.

If you prefer your festivals in a field, east London's biggest knees-up returns this weekend. HAIM, The Strokes and Confidence Man are all playing at All Points East in Victoria Park. There's good street food as well as a brilliant array of alternative music stages. Ever fancied experiencing life in the Victorian age, just without the lifethreatening diseases? Well, now's your chance. Vauxhall Pleasure Gardens is throwing Victorian Vauxhall, a free day out featuring traditional games from the Victorian era. Tightrope walkers, stilt walkers and a hot air balloon all feature for what is definitely London's weirdest attraction this weekend.

MUSICAL

JOHN TRAVOLTA PHONES IT IN FOR LIMP CRIME YARN FILM

MOB LAND

DIR. NICHOLAS MAGGIO

BY VICTORIA LUXFORD

John Travolta’s streak of ropey cinematic output continues with Mob Land, a crime thriller set in America’s South. Down on his luck in a crumbling small town, family man Shelby (Shiloh Fernandez) is talked into robbing a pharmacy by his brother (Kevin Dillon). The seemingly straight forward job goes awry, and soon Shelby finds himself in the crosshairs of a mafia enforcer (Stephen Dorff).

Debutant director Nicholas Maggio does a solid job of setting the scene, creating a town that is slowly dying thanks to a drug epidemic that has robbed it of all but it’s most grizzled residents. However, when the time comes to go deeper, both his direction and script come up short. The shaky camera work and quick editing are needless, while the script takes a little too much inspiration from crime thrillers of the past. Killing Them Softly, Collateral, and numerous Coen Brothers films are all recognisable from the early moments.

Travolta’s scenes are few and far between. It’s the kind of prestige supporting role that you imagine pays well and doesn’t demand too many shooting days. Still, he brings some presence to an otherwise B Movie cast. Stephen Dorff does a below-par impression of Anton Chigurh from No Country For Old Men, philosophically toying with his targets before a burst of violence. He has neither the intensity or acting chops to make it work, and while there are moments of peril, he’s not the menace this film needs.

A facsimile of much better movies, Mob Land has an idea of the type of story it wants to tell but not the tools to execute it.

Theatre camp drama will be catnip for thespians

RECOMMENDED

THEATRE CAMP

DIR. MOLLY GORDON, NICK LIEBERMAN

BY VICTORIA LUXFORD

Brian Yorkey’s Pulitzerwinning Next to Normal (it sits alongside Hamilton and A Strange Loop as the only musicals to be awarded the accolade in the 21st century) returns to the stage 14 years after its Broadway debut –but its message about the weight of coping with mental illness has barely aged a day.

It follows Diana Goodman, a middle aged woman trying to hold her family life together while dealing with bipolar disorder. The book is as sharp as the Pulitzer would suggest, with lines such as I’m no sociopath, “I’m no Sylvia Plath” peppered throughout. One catchy number focuses on Diana’s pill regime, while another is entitled “My Psychopharmacologist and I”. But there’s also a steeliness to the

production, which deals unflinchingly with attempted suicide and its aftermath. It asks big questions such as whether it’s better to live in pain or to suffer through the medically induced amnesia of electro-shock therapy.

While the themes may feel brand new, the music has taken on a pleasantly nostalgic quality, with the frequent rocky numbers –think Green Day –taking you back to the days when American punk rock dominated the charts.

It’s all set in a wonderfully realised family home, with tunes delivered by a band located in the attic, not dissimilar to the band in the recent Richard Hawley musical Standing at the Sky’s Edge.

There’s a reason this musical has stood the test of time and the Donmar more than does it justice.

The Show Must Go On is the mantra of this Disney-made comedy, which has The Bear actor Molly Gordon as it’s writer, co-director, and star.

She plays Rebecca-Dianne, an acting coach and former student of a surreal New York theatre camp. When their founder Joan (Amy Sedaris) falls into a coma, it’s up to her to bring together the students and faculty to make a show that will save the institution.

The bones of the plot are nothing new, briskly dancing through a oneshow-to-save-the-school narrative that never strays from the tropes. What Theatre camp does exceptionally well, however, is capture the melodrama of theatre education. Tutors of niche disciplines rattle off quirky motivational phrases, and directors project their own failings onto mortified students.

The adults have passive aggressive

feuds with bemused tweens, and the shows are of a questionable quality.

To say that this is a satire would be misleading, however, as there’s clearly a lot of love for this world. It may be lost on non-thespians, or those unfamiliar with the American camp tradition but the laughs come in the right places, and with a healthy dose of affection.

Gordon is delightfully neurotic as Rebecca-Dianne, the lead trying to manage both the circumstances and her own issues. She’s ably assisted by Ben Platt as colleague Amos, a hilariously stern believer in the camp. There’s an authenticity to his performance, given Platt is a Broadway legend, and thankfully there’s none of the creepiness that haunted his appearance in 2021’s Dear Evan Hansen. Jimmy Tatro may earn some audience members’ sympathy as Troy, the camp owner’s jock son who doesn’t really get the world he may be inheriting.

A slight film with a big heart, Theatre Camp is best enjoyed by those who recite showtunes from memory. However, even neutrals will get to the credits with some admiration.

NEXT TO NORMAL DONMAR WAREHOUSE

BY LAURA PYE

The Donmar revives Pulitzer-winning musical Next to Normal, which has lost none of its sharp edges a decade later

A new frontier for LGBT equality

The Stonewall Inn founders tell Adam Bloodworth about their pioneering safe spaces initiative that’s already helping LGBT people in the US

We’re being attacked and moving backwards on a global level,” says Stacy Lentz, co-owner of New York’s Stonewall Inn. Sitting upright in a hotel not far from London’s own cluster of LGBTQ bars in Soho, she insists “we’ve got to recommit as an LGBT global community or we’re going to go back into the Dark Ages.”

Fifty four years on from the Stonewall Riots, widely seen as the first LGBTQ uprising against brutal, homophobic police treatment, and the actions that began the push for equality, the bar’s current owners Stacy Lentz and Kurt Kelly have crossed the pond to talk about how the bar is doing more than serving booze these days. They’re engaging in a very contemporary fight against homophobia. And it’s working.

Despite what you might think, LGBTQ rights are being eroded in the western world. A case passed by the Supreme Court in the States this summer allowing a web designer to discriminate against LGBTQ people was marked as a historic blow.

In the UK the United Nations called our rise in homophobic hate crimes a “rampant surge.” Just this month two men were stabbed outside a Clapham gay bar in a crime the police are calling a homophobic attack. At the same time, statistics show that, in general, younger generations value equality more than any other, and statistics also show LGBT employees and customers who face discrimination are more likely to leave their jobs.

It is into this mix the Stonewall’s notfor-profit organisation The Stonewall Inn Gives Back Initiative has launched a pioneering programme, the SIGBI’s Safe Spaces Certification. It provides ten criteria for businesses to follow to protect LGBTQ employees and customers. It has already been rolled out in the States, with Brooklyn Brewery, Jägermeister and the New York City Marathon a few of the early adopters.

“It’s the right thing to do but it’s also good for business,” says Lentz. “We say this all the time. If you’re not on the side of equality, whether they’re gay, straight, doesn’t matter, Gen Z will not support you. In 20 or 30 years you will not exist as a brand if you don’t get on board with equality. Period. That’s it.”

Six LGBTQ community centres, located in the toughest parts of the US to be gay, worked with Stonewall to create the criteria and make it as diverse as possible. Lentz and Kelly, who bought the Stonewall Inn in 2006 after it had fallen into disrepair, acknowledge that they both have “geographic privilege, white privilege, cis privilege” so in order to represent the breadth of the queer experi-

ence they needed to have more conversations. “We worked with a Black trans organisation in Alabama, thought about how it affects the immigrant LGBT community with Rainbow Borderlands in Elpasa Texas and we also wanted to work out how religion works with us, so we worked with the Utah Pride Centre.”

Research from those conversations shows that 97 per cent of LGBT people believe they would benefit from having more safe spaces, and 89 per cent believe that most spaces aren’t aware that LGBT people feel unsafe. A further 86 per cent believe safe spaces should be accredited by a trusted LGBT organisation.

Lentz and Kelly were in London to promote the initiative to UK businesses. Although safe spaces have been carved out by individual companies here in London, there is no definitive criteria to protect LGBTQ people from discrimination.

“We could go global really quickly,” says Kelly. “That’s why we worked with a global consulting firm. It’s scaleable as

much as we want it to be but we’ve taken it slow ‘cause we want it to be properly in place.”

Foreign language versions of the product have been devised, although it felt “easy to roll out in London first” due to the shared language.

In terms of the US rollout, Lentz says “it’s already working,” adding of the Brooklyn Brewery and New York Marathon clients: “That’s a lot of people to put through those trainings, but it happened. Most of the companies said their employees were ecstatic. The employees said ‘this is amazing. I want my friends and family to take this’. It’s helpful, not condescending.”

The ten criteria are: there must be a gender neutral bathroom somewhere on premises; you must “put your money where your mouth is” and donate to an LGBTQ non profit group –“it doesn’t have to be Stonewall but we’d like it to be!” adds Lentz –you must support the community 365 days a year, not just during Pride; have policies and procedures

in place to protect and promote minorities; make sure you don’t donate to anti LGBT politicians –“which happens in the US all the time,” adds Lentz. The final code is to have a pronoun policy. “It doesn’t have to be formal, but understanding if a customer says these are my pronouns you respect them as such.”

Another element Brooklyn Brewery have worked on is creating a Stonewall exclusive beer with proceeds going to the charity. “You’re drinking that beer for two reasons, half the proceeds go to the Stonewall initiative, and you get a buzz,” says Kelly.

While in London the co-owners went round some of Soho’s gay bars, including She bar in Soho, and met with Stonewall UK. The two organisations aren’t connected despite sharing the name, although Lentz was upbeat when he said “they’re excited about it, they would love to partner with us.”

There are eight companies using the initiative fully in the States with another 85 “in the queue,” says Kelly. The

cost can be as low as £1,000 for small companies so that everybody has access to the training platform.

Back in New York, the reopened Stonewall Inn is a defiant sign of unity as one of the world’s first safe spaces. When Lentz and Kelly reopened the bar in 2006 they wanted it to look like gay bars would look like in its ‘60s heyday “if gay bars were legal,” says Kelly. “Downstairs it’s all wooden, with a wooden bar and pool table. Upstairs it’s Moulin Rouge, with the burgundy chandeliers and cabaret.”

As you enter one of the original signs hangs on the wall from when the police would denote where riots had happened. People who attended the uprising in 1969 still go to the bar today. It has been a large part of the life’s work of Lentz and Kelly to keep the bar open for new generations.

“We are as tall as the Statue of Liberty and as wide and as big as the Grand Canyon, as the first gay national monument,” says Lentz. In 2016 Obama gave the Stonewall Inn national monument status alongside the other 132 US national monuments.

“The darkest fear is they could take away marriage,” adds Kelly of the sweeping Conservative tides in the US and the UK that the duo are fighting. “That wasn’t the be all and end all for the community, but 80 per cent of the US believe in it. Trans and non-binary people are targeted more, but they will come after all of us. They’re just the easier target, we have to remember that.”

London businesses can go to stonewallinitiative.org or email kurt@thestonewallinnnyc.com or admin@stonewallinitiative.org to find out more and sign up to the training programme. The bar takes donations online and is visitable at 53 Christopher Street in Manhattan.

Top: Support for Stonewall’s ongoing campaigns; Left: Historic stonewall protests; Stonewall co-owner Kurt Kelly and Stacy Lentz

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THE PUNTER

Bill

Esdaile previews day two of York’s Ebor Festival

Ross can boss fillies in open looking Oaks

OF ALL the Group One contests on the Knavesmire this week, today’s Yorkshire Oaks (3.35pm) actually looks the most competitive.

The last six winners have all returned at odds of 7/4 or shorter, including four at odds-on in that time, while this year’s betting is headed by a 4/1-shot in the shape of Savethelastdance.

The daughter of Galileo arrives here seeking her third ‘Oaks’ triumph, after wins at Chester and the Curragh, while she had to settle for second at Epsom in the premier fillies’ Classic.

Her consistency at the top-level is what sets her apart from the others, but she’s opposable at her price if you consider there’s improvement to come from others in the field.

Bluestocking, lightly-raced and highly thought of by trainer Ralph Beckett, has gradually progressed this season having suffered an early setback that ruled her out of a Classic campaign, while we’ve probably not seen the best of Free Wind yet.

Frankie Dettori’s mount was left paddling in heavy conditions last time out at Goodwood, where racing was soon abandoned after her effort in the Lillie Langtry, and better is expected here.

The 4/1 and 5/1, respectively, about those two players isn’t overly appealing, though, nor is the 6/1 about Al Husn, who despite rattling off a hat-trick this season isn’t a guaranteed stayer.

The value is with the five-yearold, ROSSCARBERY

She’s yet to quite cut it at the top-level, with her closest effort coming when

beaten just a neck in last year’s Group One Prix Jean Romanet over 10 furlongs. That trip is her absolute minimum, whilst 1m6f on testing ground, like that she encountered when second to Emily Dickinson in the Curragh Cup last time out, is too much of a stretch. Trainer Paddy Twomey, whose two Group One successes so far have both come with fillies, earmarked this race for her straight after that defeat and she makes plenty of appeal at 14/1. She’s posted two convincing, if not comfortable, wins over 1m4f in the 2022 and 2023 Group Three Munster Oaks and should appreciate a return to that trip. With conditions in her favour today, and a few question marks hanging over the three-year-olds in this field, don’t be surprised if she hits the frame,

or even gets her nose in front.

Of the others mentioned, Savethelastdance is the most solid Group One performer in the pack and it’s hard to see her finishing outside the first three, whilst Free Wind hasn’t been seen at her best this season.

The latter’s last win came at this track on good ground in the Middleton Stakes and she just hasn’t had the chance to shine since.

With the exotics retuning bumper dividends on the World Pool this week, adding those two into a Quinella, a prediction of the first two horses home in any order, with the main selection, Rosscarbery, is the way to go.

Earlier on the card, PERSICA (2.25pm) makes a quick reappearance having shed his maiden tag at Salisbury in

eye-catching fashion last week.

Despite being slowly away, he quickly made up ground to lead and got on with the job well, which was a marked improvement on his debut at Leicester.

Trainer Richard Hannon is seeking a remarkable sixth win in this race from the last eight renewals, and is obviously keen to run this £200,000 purchase for the third time in just over a fortnight, so he must be showing all the right signs at home.

POINTERS

Persica 2.25pm York Rosscarbery e/w 3.35pm York Rosscarbery, Savethelastdance, Free Wind (World Pool Quinella) 3.35pm York

Diamond a Beautiful bet to give Burke another Lowther

ONLY one market leader has obliged in the last eight runnings of today’s Lowther Stakes (1.50pm), a six-furlong Group Two for juvenile fillies.

Karl Burke has been successful twice in the last four years, both with double-figure priced contenders, and his BEAUTIFUL DIAMOND looks a great each-way bet to land the hat-trick.

Very impressive on debut at

Nottingham in June, she was sent off favourite for the Group Two Queen Mary Stakes at Royal Ascot and ran a fine race to finish third to Crimson Advocate and today’s rival RELIEF RALLY

That was only the second run of her life and you can be sure she will have learned plenty from it.

As a daughter of Twilight Son, she should relish the step up to six furlongs here and at around 8/1,

she looks excellent each-way value. William Haggas’ Relief Rally is a worthy favourite and could well be coming here unbeaten as she only failed by the narrowest of margins in the Queen Mary.

After that she won the Super Sprint at Newbury in great style, despite racing on the unfavoured side of the track. She is another who should improve for the step up to six furlongs and the

only thing not to like is her price of 2/1.

She won’t be far away and is definitely one to include in a World Pool Quinella with tote.co.uk, along with Beautiful Diamond.

The other one I’d throw into the mix is Andrew Balding’s FLORA OF BERMUDA who shed her maiden tag in fine style in the Alice Keppel Fillies’ Conditions Stakes at Goodwood a few weeks ago.

She was drawn on the wrong side of the track in the Queen Mary, but still ran a fine race to finish sixth.

POINTERS

Beautiful Diamond e/w 1.50pm York Beautiful Diamond, Flora Of Bermuda, Relief Rally (World Pool Quinella) 1.50pm York

Paddy Towmey and Billy Lee (right) team up with Rosscarbery in the Yorkshire Oaks

Bill Esdaile previews the rest of the card on day two of York’s Ebor Festival Back Express to impress again at York

YORK is a bit like marmite for some horses as they either love it or hate it.

Time and time again we see the same horses winning on the Knavesmire, quite often when they are hopelessly out of form.

This doesn’t make life easy for punters, but I’m hoping the theory of following course form works a treat in today’s Clipper Handicap (3.00pm).

The one I’m most keen on is NORTHERN EXPRESS for Michael Dods at around 7/1.

He finished seventh in this contest 12 months ago, which wasn’t a bad effort, but three of his six career wins have come at this track, including two starts ago over seven furlongs.

He was raised to a career high mark of 102 for that victory, but showed that’s still within his capabilities when running really well to finish a close fourth in the hugely competitive International Stakes at Ascot on his most recent start.

That is very solid form in itself, with plenty of horses from that race coming out and running well since, and he should go very well again running off one pound lower.

ORBAAN finished seventh in the International Stakes and I’ve got a sneaky feeling he could run really well at 14/1.

He was fourth in this contest last year and if you watch the race back, there wasn’t much else in the field travelling as well as he was at the furlong pole.

David O’Meara’s inmate then met

trouble several times as he tried to challenge before flying home to be beaten by just two-and-three-quarter lengths. That was off a mark of 99 and given how well he finished, the fact he runs here off just 94 makes him a really interesting proposition.

World Pool will once again be in full force today and this race looks great for a Quinella bet with tote.co.uk.

The other horse I’ll include with the two I’ve already mentioned is last year’s winner BLUE FOR YOU

He’s another from the O’Meara yard who absolutely loves York, with form figures at the track of 22151 and you’d imagine connections will have been eyeing a repeat bid all season. Granted, he’s nine pounds higher

in the weights than 12 months ago, but he bolted up over course and distance two starts ago off six pounds lower, and based on that, he might still have a few pounds left in his locker.

I also like a couple in the closing fillies’ handicap (5.20pm), starting with Richard Hannon’s ROYAL DRESS

She was a taking winner at Haydock over seven furlongs two starts ago and caught the eye in a muddling race at Goodwood last time where she stormed home to finish fourth.

Another rise in the weights makes her life harder, but I wouldn’t be surprised if she turns out to be a lot better than a mark of 89.

The other to back is NAOMI LAPAGLIA at 12/1.

She was thrown into the 1000 Guineas on just her second start, and while she finished down the field that day, the fact connections pitched her in at such a high level so early on in her career must mean she’s highly regarded. The penny dropped at Newmarket last time, and there’s likely loads more to come off a mark of just 84.

POINTERS

Northern Express e/w 3.00pm York

Orbaan e/w 3.00pm York

Northern Express, Orbaan, Blue For You (World Pool Quinella) 3.00pm York

Royal Dress e/w 5.20pm York

Naomi Lapaglia e/w 5.20pm York

Moracana can strike in Galtres for Lavery and the Irish

IRISH-trained runners have done well in the Sir Henry Cecil Galtres Stakes (4.10pm) in recent years, winning two of the last four renewals and I fancy they could add another success today.

After 11 career starts, Sheila Lavery’s MORACANA doesn’t have the scope for progression of some of her more lightly raced rivals, but she is a tough and consistent mare that always gives her best.

She’s shown a high level of form in three starts this season, winning the Listed Noblesse Stakes at Cork on her reappearance and then twice running with credit at the Curragh and Ascot. That last effort came at the Royal meeting in the hugely competitive Duke of Edinburgh Stakes, and it’s one that can be marked up as she had to switch several times when attempting to weave a passage from the rear.

She ultimately finished fifth, beaten only three lengths, and the form has worked out with the third placed Live Your Dream going on to land a valuable handicap since.

Whether she wants ground quite this quick remains to be seen, but it’s not hard to see her running another big race and at 7/1 she makes plenty of each-way appeal.

In an open looking race, it looks

a good opportunity to play a few selections in a World Pool Quinella.

SEA THEME is certainly an intriguing runner after only two starts.

She won in great style on her second start at Doncaster and despite her inexperience must be respected hailing from the William Haggas yard that do so well at this meeting.

Harry Eustace’s MAKINMEDOIT shaped well when staying on for third

over 10 furlongs in Listed company last time and this step up in trip could be just what she needs.

POINTERS

Moracana e/w 4.10pm York

Moracana, Sea Theme, Makinmedoit (World Pool Quinella) 4.10pm York

The Michael Dodstrained Northern Express (red cap in front) has won three times at York

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Ollie Phillips

THE BANNINGof England pair Owen Farrell and Billy Vunipola for the start of the Rugby World Cup has thrust tackling into the spotlight, and on that topic I share the view of Shaun Edwards.

As the France defence coach says, it is a contact sport so accidental collisions are inevitable. That is made more complicated by the fact that players are now bigger, faster and stronger.

Vunipola was sent off last weekend for a high challenge on Andrew Porter. The Ireland prop is 19st but not that tall, so it isn’t easy to get down and tackle him at waist height.

But rugby has identified a major problem with head injuries, and tougher rules are its response to ensure parents will keep taking their children to local grassroots clubs.

That doesn’t mean those rules are easily applicable, as the last week has shown. Farrell’s initial exoneration, only to be banned after a second hearing, has made a mockery of the process.

What I have found disgraceful is the character assassination of Farrell that has followed. He tried to make a tackle and got it wrong, but it was in no way malicious.

It’s right that Vunipola and Farrell have been banned. By the letter of the law, it’s 100 per cent correct. Are the rules right? That’s a different story.

LUCKY

The banning of two key players leaves England with an almighty headache just two weeks out from a tough World Cup opener against Argentina.

Steve Borthwick has been beaten in five of his eight games since taking over head coach, he’s lost his captain and only specialist No8, and faces a tough warm-up game with Fiji on Saturday. England should have enough depth and versatility in the squad to cope with the short-term absences, but there is no escaping the fact that it’s another distraction for a team who are really not playing well.

GOLF

BANS HAVE GIVEN ENGLAND ALMIGHTY HEADACHE BEFORE WORLD CUP

Argentina are not the team you want to play in those circumstances. Normally, England should beat them but this time I wouldn’t be surprised if they failed to get the better of the Pumas.

I think they will beat Japan in their second match, however, and get out of what is one of the easier pools. Borthwick must be thanking his lucky stars they don’t have Ireland’s group. England could also get lucky in the quarter-finals, with Wales or Australia the likely opponents. Both are pretty average sides; a weakened Welsh XV was obliterated by South Africa. Two red cards in as many games has raised questions about England’s tackling more generally, but I don’t think

there’s a wider issue. Vunipola and Farrell are both confrontational players who want to

dominate their opposite number. It’s why they’re important. If you play close to the edge sometimes you make a mistake.

INTRIGUED

The timing of their bans is frustrating, but at least they will be fresh as daisies when they do come back into the team later in the pool stage.

In Vunipola’s absence, Borthwick could use Tom Curry, Ben Earl or Jack Willis at No8, but at fly-half it has to be George Ford taking Farrell’s shirt. England will always be competitive defensively but they struggle to break down top teams. What Ford lacks in combativeness compared with Farrell, he makes up

for in much-needed creativity. Borthwick may also decide he needs more physicality in the midfield to compensate, which could mean selecting both Manu Tuilagi and Ollie Lawrence.

I’m intrigued to see who he picks against Fiji. Does he select his XV for Argentina and prioritise boosting continuity and confidence, or rest them and give others a chance to impress? If I were in his shoes, I’d go with the former.

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.

Olazabal brings Ryder flavour to PGA Seniors

RYDERCup chatter is growing louder as next month’s biennial showdown draws nearer and there will be no escaping it at this week’s Staysure PGA Seniors Championship either.

Jose Maria Olazabal, captain of the European team who pulled off the Miracle of Medinah 11 years ago, will be among the golfing greats teeing it up at Trump International Golf Links.

The Spaniard is also one of Luke Donald’s vice-captains for this year’s contest with the US in Rome, where the hosts will be aiming to regain the trophy they lost so emphatically at Whistling Straits in 2021.

Europe have beaten their American rivals in the last six home editions of the Ryder Cup, a run that stretches back to Olazabal’s time as one of the game’s most successful players to come out of the continent.

But the two-time Masters champion is taking a break from plotting another team victory to headline the

Former European skipper and current vice-captain is the star turn this week in Scotland, writes Frank Dalleres

flagship event on the Legends Tour in Aberdeenshire, starting today.

SWIRLING

The 57-year-old will be joined by defending champion Adilson da Silva, who has two wins from nine events on the tour already this season and currently sits fourth in the order of merit.

Olazabal will also have former major winners for company in Shaun Micheel and Paul Lawrie, who claimed the 2003 US PGA Championship and 1999 Open respectively.

Fellow Ryder Cup hero Phillip Price, who defeated Phil Mickelson in a pivotal 2002 singles match, will also be in action, while seniors circuit newcomer Bradley Dredge will be looking to back up a maiden victory in the

Legends Tour Trophy hosted by Simon Khan last time out.

It is the first Staysure PGA Seniors Championship to be held outside of England in two decades, since Tommy Horton won at Royal Dublin in 1992.

The event also ends a 25-year absence from Scotland, dating back to Peter Thomson’s victory at North Berwick in 1988, and Trump International promises to be a stern test for the eye-catching field.

The par 72, routed along a dramatic stretch of Scotland’s east coast, has earned a reputation as a challenging track since opening in July 2012. Hopefuls will need to battle swirling winds and undulating fairways to earn a low score over the 7,400-yard layout and boost their standing on the Road to Mauritius.

PACE

Former England footballers Teddy Sheringham and Robbie Fowler were among the names teeing off for charity in the wapp Celebrity Series yesterday.

Actor James Nesbitt, broadcaster Dan Walker, the seven-time snooker world champion Stephen Hendry and 20-time Champion Jockey AP McCoy also got the competition underway. But it

Olazabal is in action at the Staysure PGA Seniors Championship

was former Westlife singer Bryan McFadden who set the pace at Trump International, closely followed by Formula 1 great Damon Hill and 2005 Ashes hero Steve Harmison.

Fellow cricketing royalty, the record-breaking and recently retired England bowler James Anderson, is in the next group along with former European champion sprint hurdler Kriss Akabusi, Sheringham and Champions League-winning former Chelsea manager Roberto di Matteo.

Vunipola and Farrell’s bans are correct by the letter of the law. Are the rules right? That’s different

SPORT

FOOTBALL

Liverpool face losing millions as Anfield work is left in limbo

FRANK DALLERES

LIVERPOOLchiefs admit they do not know when the redevelopment of their Anfield Stadium will be completed after constructors the Buckingham Group ceased trading and filed a notice to appoint administrators.

An £80m upgrade to the club’s Anfield Road Stand due to increase capacity to 61,000 had already been hit by delays when the Buckingham Group announced it was in financial difficulties last week.

Building work that Liverpool had hoped would be completed by October has now been abruptly halted and chief executive Billy Hogan has refused to put a timescale on when the revamp might be resumed.

“Effectively, major work stopped on the site on Thursday morning. Timing, obviously, is incredibly fluid right now, there’s a lot of uncertainty around where we are and obviously in time that will become more clear,” Hogan said.

“It’s important that we don’t want to set any false expectations. We are in a bit of a holding pattern right now based on the news that we got on Thursday and that needs to reach its conclusion before we can truly start to take the next steps.

“But if Buckingham does enter into administration then we’ll need to ad-

CRICKET

OLLIE PHILLIPS ON RUGBY Bans have given England an almighty headache

ATHLETICS

KERRYGOLD Brit Josh wins 1,500m world title in Budapest

dress any delays that may arise from completing the new stand as a result.”

Operating Anfield at a reduced capacity of 50,000 is estimated to be costing Liverpool around £600,000 in lost income per home game. The club’s most recent accounts showed matchday revenue of £86m for 30 fixtures at the stadium. In the optimistic scenario that the work was completed by mid-October, Liverpool would still have missed out on around £2.5m in revenue, but that figure could increase significantly in the event of further delays.

“We talked about having the stand fully open

in October. Clearly we have discussed the uncertainty that this announcement creates,” Hogan said.

“We’re still aiming for October but we’re working now to put a plan in place. I know this is incredibly disappointing and frustrating.”

The Buckingham Group has also been working on earthworks on the HS2 and East-West Rail lines, as well as the redevelopment of Northampton Town’s Sixfields Stadium.

The employee-owned company said it had suffered “deep losses and interim cash deficits on three major stadium and arena contracts, and a substantial earthworks contract in Coventry”.

Stokes return is an incredible World Cup boost, says Buttler

CHARLIE CONCHIE AND FRANK DALLERES

ENGLANDcaptain Jos Buttler has hailed the return of Ben Stokes to the one-day international set-up as an “incredible boost” for the team’s looming World Cup defence.

Test skipper Stokes came out of his self-imposed ODI exile last week, a year after deciding he could no longer play in all three formats. He has been named in the squad for next month’s 50-over series with New Zealand, against whom he inspired England to victory in the 2019 World Cup final at Lord’s.

“It’s an incredible boost for us. I

think what Ben can bring to things needs no introduction,” Buttler told City A.M. in an interview published today. “He will add so much to the whole group. Look at Ben’s history in the last couple of World Cups –he is the man in the middle at the end, in the crunch moments, and always seeks to find those big moments. So I’m sure once we get to India, he’ll be in thick of it again.”

Buttler and Stokes, meanwhile, are joining forces off the field as investors in The Players Fund, a venture capital fund aimed at sportspeople.

JOS BUTTLER INTERVIEW: PAGE 9

Britain’s Josh Kerr left Olympic champion Jakob Ingebrigtsen trailing with a late burst to win the men’s 1,500m gold at the World Athletics Championships in Budapest last night. Kerr attacked Ingebrigtsen on the penultimate bend and the Norwegian failed to keep pace as the Scot finished in three minutes and 29.38 seconds, just three tenths of a second outside of his personal best. It is Ingebrigtsen’s second defeat to a Briton in the final of this event, after Jake Wightman at last year’s World Championships in Eugene. Wightman is currently injured. Kerr, 25, said: “It’s been a long time coming. I’ve wanted this my whole life. At about 50m to go I kind of broke him, and I was holding on from that point.”

Vunipola joins Farrell in England’s sin bin

FRANK DALLERES

ENGLANDhave lost a second key player for the start of the Rugby World Cup after Billy Vunipola yesterday received a three-match suspension.

Vunipola’s ban will be reduced to two games if the Saracens star agrees to attend tackle school following his red card against Ireland on Saturday.

But he is sure to miss England’s World Cup opener against Argentina on 9 September, as well as this weekend’s final warm-up game against Fiji.

The unavailability of Vunipola, the only specialist No8 in Steve

Borthwick’s 33-man squad, is another major blow to the head coach following the banning of captain Owen Farrell.

Farrell received a four-match ban on Tuesday after a protracted disciplinary process that followed his red card against Wales earlier this month.

Like Vunipola, the fly-half was sent off for a high tackle after an initial yellow card was upgraded following a video review.

Farrell was then exonerated at a disciplinary hearing last week, but World Rugby successfully appealed the decision.

Argentina are, on paper, England’s toughest opponents in a

pool which also includes Japan, Samoa and Chile.

Farrell’s ban was backdated, meaning that the 31-year-old will miss the final warm-up and the World Cup games against Argentina and Japan.

England attack coach Richard Wigglesworth, meanwhile, has played down the impact of the ban on Vunipola’s mindset.

“Billy has been through a lot in his career and has been really mature and really helpful towards the rest of the squad,” said Wigglesworth.

“There’s no worrying about himself. He’s worrying about everyone else.”

Men’s tour offers minimum guaranteed pay to top 250

FRANK DALLERES

ATP Tour chiefs have hailed a “gamechanging” new initiative that will guarantee minimum earnings of $75,000 (£59,320) for male players in the top 250 of the world rankings.

The Baseline scheme is designed to ensure professionals below the game’s biggest earners can cover the costs of travelling to tournaments and hiring coaches and physios.

“This is a big moment for the ATP,” said chairman Andrea Gaudenzi. “I believe this could be game-changing for the economics of the tennis player.”

Top players can earn tens of millions once lucrative sponsorships are in-

cluded, but income can drop steeply outside of that echelon. Nonetheless, 325 players on the ATP Tour have earned $75,000 or more this year.

Baseline is to be introduced on a three-year trial starting in 2024 and comprises three pillars.

The first, guaranteed base earnings, will see the ATP cover any top 100 player who makes less than $300,000, those ranked from 101-175 who earn below $150,000 and anyone from 176250 who doesn’t bank $75,000. Players injured for long spells also have protection, with top-ups of up to $200,000 for the top 100, while those climbing the rankings can access an advance of up to $200,000 on reaching the top 125.

Hogan said he did not know when the revamp would be completed

TENNIS

RUGBY UNION

POLITICIANSand sport rarely mix well and royalty not always either, so the fuss about the Prime Minister and Duke of Cambridge missing the Women’s World Cup final was classic British nonsense. In my experience, the less time spent trying to sprinkle dubious stardust on sporting events, the better.

Civil servants and UK Sport spent ridiculous time that could have been better used elsewhere trying to lure a member of the cabinet and a senior royal to the London 2017 World Athletics Championships.

The government at the time was in “don’t be seen to smile” mode in the aftermath of the Brexit vote. The Prime Minister was scheduled to be on a below-radar holiday and – one by one, from the Queen downwards – apparatchiks were told that the royals were otherwise engaged. Even London mayor Sadiq Khan only came for the opening session.

And so I found myself on the first evening next to Prince Andrew in the VIP section, still two years away from his infamous Newsnight interview.

The Duke said a few words to open the championships alongside the mayor and Seb Coe, World Athletics president, then watched just two or three of the preliminary heats of the men’s 100m before being whisked away. Back to Balmoral, we were led to believe. Rarely have I seen someone less enamoured with the duty thrust upon him.

Khan, by contrast, was so enthused by Mo Farah’s win in the 10,000m that night that he rejigged his diary so he could return and be close to the podium when Farah got his medal the following day.

Culture secretary Karen Bradley did make it to a session. At a celebratory tea party for athletes and staff at Downing Street a few weeks later, PM Theresa May told me she’d regretted being unable to attend, but that she had watched it on the BBC while on a walking holiday in Europe. She must have been using a VPN to get round the geoblock on the Beeb’s signal, if true. A privilege of power, I guess. Authen-

SPORT SHOULDN’T SWEAT OVER MPS AND ROYALS

PR execs. Khan was surrounded by them, all seemingly flummoxed by his unexpected intoxication with the event. Who’s more to blame for Rishi Sunak’s looking awkward in an Eng-

himself or the flunky who pressed the top on him?

There is a right way to do it. In my brief interim stint at the British Equestrian Federation, barely knowing one end of a horse from the other, I sat next to our patron the Duchess of Cornwall – now Queen Camilla, and still with that role at the BEF. Ours was a challenged organisation and I found the Duchess to be engaged, suitably concerned and full of passion for solutions to be found to our problems. Most importantly, none of this was for show.

CONTRACT LORE

Received wisdom is that Tottenham Hotspur chairman Daniel Levy did well

Munich for Harry Kane when England’s captain had only one year left on his contract and wanted away. But would it have been better to allow him to run it down (assuming that the striker remained motivated to give his best in the circumstances)?

There are clearly a number of moving parts in the equation: cost of a replacement, differential salaries and contribution to the team’s success, which in turn plays into the financial return for the club dependent on league position and cup runs.

Boil it down to a couple of million quid per game though and you could make the argument that a fee foregone is outweighed by having a final season of Kane. Or at least the sporting chip that he represents on football’s

PASS THE ZIMMER

Senior Railcard? TfL 60+ Oyster Card?

Turns out the biggest benefit of my big figure becoming six is the jump in London Marathon “good for age” qualifying time from three hours and 20 minutes for men aged 59 to 3:45 for those over 60.

I did the Reykjavik Marathon at 60 plus two days in 3:27.58 last weekend. Thank you Asics Metaspeed Edge+, a prudent training schedule designed for the more mature runner, great course, perfect conditions and a cortisone injection a few days out. London now calling.

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

Ed Warner

Rarely have I seen someone less enamoured with the duty thrust upon him