The Times-120221

Friday February 12 2021 | thetimes.co.uk | No 73393 2G £2.20 £1.10 to subscribers

(based on 7 Day Print Pack)

Money, the mob Dig this
and me MeetthemanbehindTV’s Why
must-see mafia drama Suffolk

INSIDE is the new
TIMES2 hot spot

Property pullout

Duchess wins High Court privacy case over letter to father

Valentine Low over the newspaper, which she accused and Mail Online, over a series of arti- the autumn. But the duchess applied for nies create their business model to
Jonathan Ames Legal Editor of “illegal and dehumanising practices”. cles that reproduced parts of the letter it to be settled by summary judgment, profit from people’s pain. But, for today,
sent to her father in August 2018. avoiding the need for a trial, in which with this comprehensive win on both
The Duchess of Sussex has won a High In a judgment that was the climax of she would have been called to give evi- privacy and copyright, we have all won.
Court privacy action against The Mail a long and bitter fight against the She took legal action for alleged mis- dence and her father to give evidence
on Sunday after it published a letter she media, Mr Justice Warby ruled that the use of private information, copyright against her. “We now know, and hope it creates
wrote to her estranged father. disclosures from her letter to Thomas infringement and breach of the Data legal precedent, that you cannot take
Markle were “manifestly excessive and Protection Act for five articles pub- In a statement she said: “We all lose somebody’s privacy and exploit it in a
The judge also ruled in her favour for hence unlawful”. lished in February 2019, which included when misinformation sells more than privacy case, as the defendant has bla-
breach of copyright, prompting the extracts from the letter. truth, when moral exploitation sells tantly done over the past two years.”
duchess to hail a “comprehensive win” Meghan, 39, sued Associated News- more than decency, and when compa-
papers, publisher of The Mail on Sunday The case had been set to go to trial in Palace team prepared to testify, page 5

JANE BARLOW/PA

Virus patients

get fresh hope

from trial of

Covid drugs

Feeling the chill Residents in Braemar, Aberdeenshire, wrapped up against a low of minus 23C as temperatures dropped to the coldest recorded in 25 years. Page 5 Rhys Blakely Science Correspondent

Stay apart until autumn British researchers said last night that
the world’s largest trial of Covid-19 treat-
under lockdown easing ments had made progress beyond their
Social distancing rules could remain for months as ministers plot route out “wildest dreams” as they announced a
second life-saving breakthrough.
Steven Swinford Political Editor need to be retained until the end remain in place for different house- tive, a fall of 35 per cent on a week ago,
of the year. holds, meaning that grandparents will and there were 678 deaths, with the Thousands of patients admitted to
Oliver Wright Policy Editor still be unable to hug their grand- seven-day total down 25 per cent. hospital will receive tocilizumab, an
“The thinking is that social distanc- children. Sources said that a variety of 6 More than 450,000 people received anti-inflammatory drug, after it was
Social distancing restrictions will have ing will need to be in place for a long options were under discussion. their first jab, taking the total number to found to reduce the risk of death from
to remain in place until at least the time to come,” a Whitehall source said. 13.5 million. Over-65s will start receiv- the disease. For every 25 people given
autumn to reduce the transmission of “It has repercussions for the scale of Yesterday Boris Johnson stuck to his ing invitations from Monday. the medicine, a life was saved.
coronavirus under plans being con- any reopening. Restaurants, pubs and plans to reopen schools on March 8 6 Priti Patel, the home secretary, said
sidered by ministers. offices will all need to be Covid-secure.” after scientists warned that cases were the travel ban could be extended to The treatment, which costs about
still too high. Members of Sage, the more countries. £500 per patient, also cut the time spent
The Times understands that the Ministers believe it will allow other scientific advisory body, raised con- 6 Holiday companies are braced for in hospital by five days when it was
government’s route out of lockdown is controls to be relaxed. A government cerns that high transmission rates restrictions on the number of people given to those ill enough to require help
based on the assumption that people source said: “The more restrictions we could increase the risk of mutations. they can send abroad in the next year breathing. Patients were also less likely
will have to wear facemasks and remain have in place like social distancing rules to need mechanical ventilation.
a metre apart for months. Scientists the more we can do in terms of easing.” In other developments: Continued on page 2, col 3
believe that the restrictions may 6 A further 13,494 people tested posi- Its effects were discovered by the
It is not clear whether the policy will Recovery trial, which was responsible
last summer for finding that dexameth-
asone, a cheap steroid, can save lives.

A combination of dexamethasone,
which costs about £5 per patient, and
tocilizumab reduces the risk of death by
between 30 and 50 per cent, depending
on the type of patient. “That’s essential-
ly beyond our wildest dreams, in terms
of what we thought we would be able to
achieve [by this stage],” Professor Peter
Horby, co-chief of the trial, said.

Professor Martin Landray, also a
co-chief, said that the tocilizumab
result would “change practice, not only
here in the UK, but globally.”

The government said it was working
with Roche, which makes tocilizumab,
to ensure the drug is available across
the NHS. Originally developed to treat
rheumatoid arthritis, it is given intrave-
nously and is thought to calm the over-
reaction of the immune system that can
lead to death in severe Covid-19 cases.

In the trial, 29 per cent of the patients

Continued on page 2, col 3

y(7HB7E2*OTSKPT( +z!.

2 2GM Friday February 12 2021 | the times

News UK sends armoured vehicles to
Lebanon as Isis threat lingers
Today’s
highlights Larisa Brown Defence Editor LEBANON used in Northern Ireland during the
Troubles — along the border.
8am Victoria Atkins, the minister for Britain has sent 100 armoured patrol Armed Forces border
safeguarding vehicles and a team of paratroopers to training school The Land Rovers,which have a re-
10am David Nabarro, special envoy on Lebanon to help the country patrol its vised weapons-mounted installation
Covid-19 for the World Health Organisation borders and stop terrorists, drugs and Beirut kit, can handle rugged terrain and can
2.30pm Giles Coren’s celebration of Chinese weapons from entering Europe. be mounted with heavy weapons. They
New Year with Kwoklyn Wan and Ken Hom Rayak SYRIA have been given to the LAF’s Land Bor-
7pm Michael Portillo chats to presenter Lieutenant General Sir John Lorim- der Regiments that patrol the north
Kate Humble, right, about Britain’s most er, the UK’s senior defence adviser on 20 miles and northeast border with Syria.
beautiful coastal paths the Middle East and north Africa,
12am Kait Borsay catches up with the warned there were “festering sores of ideology remains. The human resour- The vehicles, worth £1.5 million, were
author, artist, poet, playwright and instability” in the wider region. ces, although reduced, still remain. taken out of service by the UK military
film-maker Julia Cameron after use in Iraq and Afghanistan.
In an interview with The Times, he “We should remain alert and vigilant
Listen on DAB | Smart speaker | Online at times.radio | Times Radio app said bolstering Lebanon’s security for the reappearance of terrorism A specialist team of paratroopers
would stop any spillover of the Syrian through possibly a different form, from 16 Air Assault Brigade deployed to
T O DAY ’ S E D I T I O N conflict and in turn make the UK safer. which means what the UK is doing in meet the vehicles on arrival in Beirut is
He made the comments as Rami Lebanon is even more relevant.” giving vehicle training to the LAF.
Trump’s actions Bitcoin rises to Archer treated Mortada, Lebanon’s top diplomat in
‘have a pattern’ record high for elbow pain Britain, compared Islamic State to a The Lebanese Armed Forces (LAF) Lorimer, who is leaving the military
mutating virus. was able to drive Isis out of Lebanese this summer after 40 years, said the ve-
Democrats have told The price of bitcoin Jofra Archer has been territory in 2017 but the threat from the hicles would enable the land border
the impeachment trial surged to a record high ruled out of the second He said the threat from terrorists in group has persisted. The army said last regiments to secure the areas between
of Donald Trump that after it emerged that Test against India after neighbouring Syria was still present week it had arrested 18 people, both the watchtowers. He said they will
the former president Bank of New York requiring an injection and his country, which was experienc- Lebanese and Syrian, with links to Isis. “help them secure their borders against
has a history of Mellon, the oldest in to ease discomfort in ing economic and health crises, was a extremists, terrorists and smugglers”.
encouraging violence, America, is to start his right elbow. It is “gateway to Europe”. Those arrested confessed to belong-
and that rioters at the storing and issuing hoped that the ing to the terror group and several “If things can go into Lebanon, things
Capitol last month cryptocurrencies for treatment will allow “When you have the original virus weapons were confiscated, according can get out of Lebanon”, he added.
were “following his clients in its digital him to recover in time and you manage to eliminate it, you to Asharq Al-Awsat newspaper.
marching orders”. assets division. Bitcoin for the third and think you’ve eliminated it but this virus Mortada, who said war in Syria was a
Trump denies inciting rose 8 per cent to fourth Tests in could come back in a different variant,” The UK has already helped to build breeding ground for terrorists, added:
Mortada said. 79 watchtowers — some of which were “This spillover effect is natural, that’s
insurrection. Page 30 $48,481. Page 35 Ahmedabad. Page 70 why controlling and maintaining bor-
“The same applies to terrorist organi- der security is of utmost importance.”
sations, we’ve managed to contain one
variant of this threat, Daesh 1.0, but the James Heappey, armed forces minis-
ter, said “the UK will continue to work
closely with our partners in the region.”

COMMENT continued from page 1 had previously found that tocilizumab chance of progressing to such ventila-
reduced the risk of death for patients in tion or death from 38 per cent to
If British farming is to thrive, we need Treatment breakthrough intensive care. The Recovery trial is 33 per cent.
to care more about what we eat larger, with 2,000 patients being given
in the tocilizumab group died within 28 the drug and another 2,000 serving as a The data suggests that in Covid-19
ED CONWAY, PAGE 26 days compared with 33 per cent of control group. It also includes patients patients who require oxygen and have
patients in the usual care group. who are less sick and are still on the significant inflammation, treatment
Kate Reardon has won editor of ward. with the combination of dexameth-
the year at the BSME awards Tocilizumab also increased the prob- asone and tocilizumab reduces mortal-
in the monthly or less frequent ability of discharge alive within 28 days Matt Hancock, the health secretary, ity by about 30 per cent for patients
category for from 47 per cent to 54 per cent. Almost said that the trial result was “excellent requiring simple oxygen, and by about
Luxx magazine, all the patients in the trial were also news” and “further proof the UK is at 50 per cent for those requiring invasive
beating the given dexamethasone. the forefront of the global mission to mechanical ventilation.
editors of Vogue, find safe and effective treatments for
GQ and Tatler The breakthroughs made so far sug- this terrible virus”. However, experts cautioned that
to the title gest that treating Covid-19 will involve global supplies of the drug are likely to
combining drugs, Landray said. “When He added: “We are working quickly be heavily constrained.
THUNDERER 26 WORLD 30 SPORT 59 we set out doing this, just under a year and closely with colleagues across the
LETTERS 28 BUSINESS 35 CROSSWORD 70 ago, it seemed very unlikely to Peter health system to ensure every NHS Tocilizumab is a monoclonal anti-
REGISTER 51 TV & RADIO TIMES2 and myself that one drug was going to patient who needs this treatment body. “This class of treatments, which
LEADING ARTICLES 29 be a miracle cure. should be able to access it, reducing also includes medicines for cancer and
further pressures on the NHS and autoimmune diseases, is traditionally
FOLLOW US “It’s a complicated disease with lots of potentially saving thousands of lives.” one of the most expensive and inaccess-
different things happening — the way ible in the world, and notoriously
thetimes timesandsundaytimes thetimes the body responds, the way the virus The benefits were seen in all sub- difficult for patients in low and middle-
interacts and so on.” groups of patients, including those re- income countries to access,” Nick
quiring oxygen via a simple facemask Cammack of Wellcome, the medical
The progress was encouraging, he through to those requiring mechanical charity, said.
added, because it suggested that other ventilators in an intensive care unit.
helpful drugs were waiting to be discov- Among patients not on invasive “The pandemic must be the catalyst
ered — “none of which is a miracle cure, mechanical ventilation when entered to finally make these transformative
each of which slice off another piece of into the trial, tocilizumab reduced the treatments affordable and accessible to
the problem”. everyone globally.”

A separate trial, called Remap-Cap,

OFFER continued from page 1 Farrar added that it was “not sensible” doubt on the prime minister’s hope of
for ministers to set a date for lifting re- reopening schools early next month
Save up to 45% with a subscription to Social distancing rules strictions, saying they must be led by after suggesting that there could be a
The Times and The Sunday Times evidence. “I appreciate that businesses delay in releasing the government’s
as the crisis for the travel industry gets have to plan and everything else,” he road map out of lockdown.
THETIMES.CO.UK/SUBSCRIBE worse. said. “But the data has to drive us, and in
6 Cabinet ministers will discuss plans 2020 we lifted restrictions too quickly The plan had been due to be pub-
THE WEATHER © TIMES NEWSPAPERS LIMITED, 2021. today for a global system of vaccine when the data would not really have al- lished on February 22 but Johnson’s
Published in print and all other derivative passports to enable travel once the pan- lowed that and as a result the transmis- spokesman suggested that it could
-1 formats by Times Newspapers Ltd, 1 London demic has been suppressed. sion went back up in this country.” come later in the week.
Bridge St, London, SE1 9GF, telephone 020 7782
40 5000. Printed by: Newsprinters (Broxbourne) Sir Jeremy Farrar, head of the Well- Professor John Edmunds, another Gavin Williamson, the education
-0 28 Ltd, Great Cambridge Rd, Waltham Cross, EN8 come Trust health research body and a member of Sage, warned that some secretary, has said that schools and col-
8DY; Newsprinters (Knowsley) Ltd, Kitling Rd, member of Sage, said studies showed curbs on daily life could be in force until leges will be given at least two weeks’
1 2 Prescot, Merseyside, L34 9HN; Newsprinters there were still about 750,000 cases in the end of this year. He also said that it notice before pupils return.
4 (Eurocentral) Ltd, Byramsmuir Road, Holytown, England. He suggested that this needed would be “touch and go” whether the
Motherwell, ML1 1NP; Johnston Press, Carn to be reduced to below 10,000 before transmission rate, or R value, of corona- The potential delay alarmed Tory
-1 Web, Morton 3 Esky Drive, Carn Industial lockdown could be significantly eased. virus would rise above 1 — meaning in- MPs, who warned the government that
Estate, Portadown, BT63 5YY; Smurfit Kappa fections were rising — if schools re- it must not go back on its commitment.
3 News Press Ltd, Kells Industrial Estate, Virginia “Transmission is still incredibly high opened on March 8. Government sources subsequently
32 Rd, Kells, County Meath, Ireland; KP Services, in the UK,” he told BBC Radio 4. “If made clear that the document would be
La Rue Martel, La Rue des Pres Trading Estate, transmission were still at this level and He told ITV’s Peston: “If we opened published on February 22 and that
Cold but largely dry for most places. St Saviour, Jersey, JE2 7QR. For permission to we were not in lockdown, we would be schools I think the reproduction num- ministers were pushing ahead with the
Cloudier with drizzle in Ireland. copy articles or headlines for internal going into lockdown. We’ve got to get it ber would get close to 1 and possibly March 8 reopening plan.
information purposes contact Newspaper lower, we’ve got to get it, in my view, in- exceed 1. If we opened them up com-
Full forecast, page 58 Licensing Agency at PO Box 101, Tunbridge to the single thousands before we can pletely, if we opened secondary schools Mark Harper, a former chief whip
Wells, TN1 1WX, tel 01892 525274, e-mail possibly think of lifting restrictions.” and primary schools at the same time, I who chairs the Covid Recovery Group
[email protected]. For all other reproduction and suspect we’d be lucky to keep the repro- of lockdown-sceptic Tory MPs, said the
licensing inquiries contact Licensing The number of cases has not been duction number below 1.” prime minister must publish his plan on
Department, 1 London Bridge St, London, SE1 below 10,000 since October, although February 22. “It’s crucial we don’t back-
9GF, telephone 020 7711 7888, there was less testing capacity then so Downing Street appeared to cast slide on this,” he said.
e-mail [email protected] fewer cases would have been picked up.
Coronavirus reports, pages 6-12

the times | Friday February 12 2021 2GM 3

News

ALAMY; MARK KAUFFMAN/THE LIFE PICTURE COLLECTION/GETTY IMAGES

Churchill has been mythologised, Priya Gopal and
Kehinde Andrews said at his namesake college

Churchill versus
Churchill in
racism wrangle

Nicola Woolcock Education Editor from an old to a new version of white University challenges Churchill statue was a cause of parti-
supremacy, he said. cular concern at the college. We have
Winston Churchill was 84 when he 6 In 2016 a campaign Edward Colston in Dawkins, the scientist an additional responsibility given the
planted a tree at the new Cambridge “People get upset when you say that had begun in South Bristol. A commission and author of The God name that the college carries.”
college that would bear his name, say- Churchill is racist because Nazis are Africa reached Oxford set up to consider the Delusion, citing his
ing he hoped this “seed that we have racist, he was fighting a racist so he can’t University, where Rhodes statue’s future views on Islam and Other speakers included Priya Go-
sown” would add to the “knowledge possibly be racist. And this is a really students demanded at Oriel is expected to sexual assault as the pal, a professor at the college. She said
and peaceful progress of the world”. terrible way to understand racism.” that a statue of Cecil report in the spring. reason. He has last year that there was a “huge cult
Rhodes be removed previously argued that around Churchill, in many ways it is a
On the same spot last night, 62 years Andrews said the Nazis were the over his links to 6 The same year Jordan growing up in a personality cult but it is also iconic of
later, Churchill College held a confer- “product of modernity”, and were no imperialism. Propelled Peterson, the self-styled fundamentalist religious how Britain wishes to think of itself”.
ence that heard the British Empire was different from western powers that in- by the Rhodes Must Fall “professor against household might be
worse than the Nazis, Churchill was a vaded other countries. campaign, the Oxford political correctness”, worse than suffering At last night’s event she asked other
racist murderer and that Britain had a Union debating society had an offer of a visiting sexual abuse. speakers whether, in considering his-
“delusional understanding of the The academic claimed that the big- voted to take down the fellowship at Cambridge tory, the war against fascism had been
world”. The conference on the “racial gest genocide in history was caused by sculpture, which sits on rescinded. The 6 Students at Sheffield “privileged” while the question of em-
consequences” of Churchill is part of the arrival of Columbus in the Ameri- a façade at Oriel psychology professor University were warned pire had been “silenced” in Britain.
the college’s year-long review of the cas, which killed 70 million people. He College. It remained from Toronto has that security staff would
statesman’s record. added: “I don’t understand the science after donors threatened caused controversy challenge any culturally Madhusree Mukerjee, an Indian-
of this but apparently there were so to pull funding. Last with his views on insensitive costumes American writer, said Churchill had
The event, a “critical reassessment of many people killed, the temperature of year hundreds transgender rights. worn over Halloween, adopted policies that caused the Bengal
Churchill’s life and legacy in light of his the Earth actually rose.” protested against the including Mexican famine in 1943. On a visit to India he
views on empire and race”, was ad- sculpture as part of the 6 Last September sombreros. One poster, had “commented about the superfluous
dressed by academics and historians, Later he added: “The British Empire Black Lives Matter Trinity College Dublin’s showing a traditional millions who were dispensable” and of
who were united in their criticism of the was far worse than the Nazis, it lasted movement after the Historical Society Arabian female outfit, the “rapid breeding” of Hindus.
myth that had arisen around the leader. longer, it killed far more people. The toppling of the statue of rescinded a speaker states: “My culture is
Nazis were copying large elements of the 17th-century slaver invitation to Richard not your costume.” Onyeka Nubia, a writer and histori-
They included Kehinde Andrews, the British Empire.” an, said that Churchill had seen Britain
professor of black studies at Birming- as an Anglo-Saxon lion and Indians as
ham City University. He told the con- Churchill College’s programme of rabbits that were its prey. He saw the
ference that Churchill “wasn’t even that events is an effort to engage with its people he was in conflict with, such as
popular” in his lifetime but had since namesake’s words and actions on em- eastern Europeans, as “inferior to the
been beatified. “He supposedly single- pire and race. At an opening event last Anglo-Saxon stock”.
handedly led the world against the Na- year the master of the college, Dame
zis. He actually lost the election [after Athene Donald, said: “Churchill, as a
the war].” Churchill had been histori- successful leader in time of war, must
cally placed on a pedestal because he not be mythologised as a man without
was the “perfect embodiment of white significant flaws — on race he was
supremacy”, he said. backward even in his day.

“White supremacy is still the politics “We were horrified by the death of
of the day, it just looks a bit different . . . George Floyd this summer, a truly ap-
Racism and colonialism still rule the palling event which quite rightly re-
world.” The end of the war meant a shift ignited the long-smouldering grievan-
ces surrounding racism. That those
protests in London focused on the

Oxford master apologises to Jews over event with Ken Loach

Fariha Karim Buchanan over the weekend and com- troversy” in the invitation. She added, this week will have space to be aired and Loach has always strongly denied
plained that Loach was antisemitic. however: “We have got it and I under- considered”. accusations of antisemitism. The
The master of an Oxford college has They said that comments he had made stand why.” She was criticised for failing charge arose in 1987 after the Royal
written to Jewish students to apologise fell within the definition of antisemi- to mention the complaints or refer to The college said last night that it Court Theatre in London dropped his
after inviting the film-maker Ken tism by the International Holocaust antisemitism allegations in her expla- would review how invitations were production of Perdition, Jim Allen’s play
Loach to speak. Remembrance Alliance. nation of why the talk went ahead. managed. “The invitation has caused that accused some Zionists of collabo-
significant hurt to many within the rating with the Nazis. Loach said that
Judith Buchanan, of St Peter’s, ac- The college replied that “significant Buchanan later said that she wrote to college, university and beyond, and this was censorship. “The charge of
knowledged that hurt had been caused concerns about the event” had been students “deeply regretting the intense specifically to members of the Jewish antisemitism is the time-honoured way
after Loach, who was a student at the brought to its attention. It said the emotional toll the events of this difficult community,” it said. “It has been a very to deflect anti-Zionist arguments,” he
college, gave a talk about his films and event would go ahead because it did not week will have taken on so many, and painful week for many . . . and college claimed.
career at a virtual event on Monday. believe that “no-platforming is the way on our Jewish students in particular”. has been concerned for its students and
to pursue goals of a free and open broader community. The master of the Of the latest row, he said: “These
The college had said that it would academic community”. She said that the college would college has apologised to our students recycled accusations are false and
continue with the event after receiving commit “to do better in how we com- for the pain that has been generated based on persistent misrepresentation
complaints from the Board of Deputies Buchanan, a professor of literature municate” and “commit to future con- through this difficult week and for the and distortion. I will respond more fully
of British Jews and the Oxford Univers- and film, said at the start of the event versations that create respectful space intense distress caused as a result.” in due course.”
ity Jewish Society. The groups met that organisers had “not foreseen con- in which the important issues raised

4 2GM Friday February 12 2021 | the times

News

PARISA TAGHIZADEH

Quintagram® No 924

Solve all five clues using each
letter underneath once only

1 Pointer (4)

----

2 Cry of discovery (6)

------

3 Ex-pupils (6)

------

4 Obedient, responsible (7)

-------

5 Kirk Douglas film (9)

---------

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Queen of parts Jodie Turner-Smith appearing for the first time in her role as Anne Boleyn, the second wife of Henry VIII, in Channel 5’s forthcoming series about her Maternity leave fight

Highways England could face charge A Labour MP could sue the
over woman’s smart motorway death government as its plan to change
the law to allow ministers to take
Graeme Paton Transport Correspondent hearing was told that 16 minutes off depending on traffic. The system is to 1.5 miles. Lanes are closed with a red paid maternity leave does not
elapsed between the vehicle breaking being expanded throughout England. X on overhead gantries if a vehicle extend to backbench MPs. Stella
Charlotte Wace Northern Correspondent down and the collision. A further six breaks down or an accident is detected. Creasy, the MP for Walthamstow,
minutes passed before warning signs Last month David Urpeth, the Shef- who is pregnant with her second
Highways England may face man- were activated on the motorway, field coroner, said that the lack of a hard Motoring groups have argued that child, said the proposal made the
slaughter charges over the death of a closing the lane to other vehicles. shoulder on the M1 in South Yorkshire the reforms present a danger to drivers rights a reward for rising through
grandmother whose car broke down on had contributed to the deaths of two who break down between lay-bys. the ranks. The law was rushed
a “smart motorway” without a hard Mundy described how “nobody has drivers in 2019, and that the system Particular concerns have been raised through so that Suella Braverman
shoulder. responsibility for monitoring cameras” posed an “ongoing risk of future deaths”. over the length of time taken to switch could take time off without having
relaying video of smart motorways. She on the red X signs. The government has to resign as attorney-general.
A coroner referred the government- referred to the “time that the vehicle Nargis Begum, 62, said that it will install “stopped vehicle Creasy, 43, said she had been told
owned company to the Crown Prose- was stationary in the live running lane, was killed on a detection” radar to ensure that broken that the bill was discriminatory.
cution Service after raising concerns not being detected, no warning signs, stretch with no down cars are automatically identified.
over the length of time that Nargis no lane closure before the collision hard shoulder Charity racism payout
Begum was left stranded on the M1. occurred”. She also spoke of a “number The Times was told last month that
of near misses” before Begum was The system, originally called “man- only 37 miles had been covered by the A black charity worker has been
Begum, 62, was in a Nissan Qashqai killed. The driver of the vehicle that hit aged motorways” and introduced in radar on parts of the M3 and M25. All awarded £2,500 after her boss
driven by her husband that broke down the Nissan has not faced charges. 2006, is intended to increase capacity stretches without a hard shoulder are said that it was difficult to see her
near Woodall services in South York- by removing the permanent hard supposed to be covered by the end of because she was the same colour
shire in 2018. Both had got out and were Edmund King, president of the AA, shoulder to create an extra lane, with 2022 under a plan introduced by Grant as her chair. A tribunal found that
waiting for help when another vehicle said: “This highlights many failings that lay-bys allowing drivers to pull off in an Shapps, the transport secretary. This bosses at the London-based
collided with the Nissan, causing it to should have been spotted before the emergency. The coalition increased the also includes increasing lay-bys and a Straight Talking Peer Education
hit Begum and kill her. first fatalities and need urgent action.” 0.5-mile distance between lay-bys to up campaign to raise awareness of the unfairly targeted Bambii Nzinga
system. Last week Shapps said: “Why after she complained about
At a pre-inquest review hearing at There are 56 stretches of smart mo- these things were ever called smart comments made by Hilary
Doncaster coroner’s court, Nicola torway in England, covering about 500 motorways when they seemed to be Pannack, a senior executive.
Mundy, the senior coroner, said that the miles. At least 350 miles have no hard anything but, I think was a misnomer.”
delay in closing the lane was one of the shoulder or one that is turned on and Asylum barracks row
reasons for her decision. A previous
A government minister has
HS2 secures approval for Birmingham-Crewe stretch responded to criticism by church
leaders after housing asylum
Graeme Paton will comprise a Y-shaped high-speed Manchester Leeds previous estimate. A review from the seekers at a barracks in Kent. A
network between London, Birming- National Infrastructure Commission, letter signed by the Bishop of
The second phase of HS2 received ham, Manchester and Leeds. Wigan Sheffield published in December, suggested that Durham and others said that the
official approval yesterday after Boris the eastern leg could be downgraded in accommodation was “entirely
Johnson promised that the high-speed The approval came despite continu- Crewe favour of upgrades of existing lines. inappropriate”. Chris Philp, an
line would be built in full. ing opposition to HS2, including the oc- immigration minister, said that it
cupation of tunnels in central London HS2 Birmingham However, Johnson appeared to reject was “safe, warm, secure” and that
Royal assent was granted for phase 2a by environmental campaigners. Phase 1 the recommendation. The prime min- residents got three meals a day.
between Birmingham and Crewe, Phase 2a ister told the Commons on Wednesday:
which will eventually allow high-speed The next phase — 2b — will take the Phase 2b “I can certainly confirm that we are State students ratio
rail services to join existing train lines line north from Crewe to Manchester going to develop the eastern leg as well
to Liverpool, Manchester and Glasgow. in one direction and from Birmingham 50 miles London as the whole of HS2.” The proportion of state-educated
to Leeds in the other. The government Euston students differs significantly by
The 36-mile route is scheduled to has already fully committed itself to the Mark Thurston, HS2’s chief execu- university or college, Higher
open between 2029 and 2033, the same short Manchester stretch. tive, said: “HS2 will spur massive eco- Education Statistics Agency
time as the first phase of the line, which nomic growth for our towns and cities, figures for 2019-20 show. At some
is already being built between London The longer 120-mile route to Leeds is help to level up the country, and pro- all students were state-educated
and Birmingham. When it is less certain because of the expense of vide cleaner, greener public transport and at Durham, Edinburgh and
completed, scheduled for 2040, HS2 the overall project, which is expected to for millions.” Exeter, three of the Russell Group
reach £106 billion, almost double the universities, the proportion fell to
below 65 per cent. Overall the
figure rose 0.1 percentage points.

Fine for tipping leaves

A man who swept up leaves from
his driveway and the pavement
outside his home and disposed of
them in the woods has been fined
£150 for fly-tipping. John Smith,
56, who was caught on camera,
said South Staffordshire council
should have used its discretion.
Roger Lees, a local councillor,
said it was still illegal to dump
waste that was biodegradable.

the times | Friday February 12 2021 2GM 5

News

JASON BRYANT/APEX; STEPHEN HUNTLEY/HVC; BIG LADDER

Chill out, T emperatures Kinbrace and temperature at An icicle spectacle in next week, with daytime miles to the UK to
the record plunged to Strathallan in the Strathallan was minus Shepton Mallet, Somerset; temperatures in most escape the harsh
cold spell their lowest Scottish Highlands, had 13.8C, “a difference of skiing at Southend-on-Sea; parts expected to stay Russian winter and
is coming level in 25 their lowest 4.4C”. and it’s snowtime at Great between 0C and 10C. travel back there in
to an end years but temperatures on record Yarmouth’s Britannia Pier early spring to breed.
milder conditions are for February. The low for Mark McCarthy, of A flock of Bewick’s They leave once the days
expected over the England and Wales was the National Climate they’re just not as swans aborted their begin to lengthen and
weekend (Arthi minus 13.1C in Information Centre, regular as they used to migration to the Arctic rarely abort the journey.
Nachiappan writes). Ravensworth, North said: “The UK’s climate be.” Yellow weather tundra owing to the
Yorkshire. record displays a huge warnings remain for conditions. Twenty birds The lowest UK
Minus 23C was range of natural parts of Scotland and set off from Slimbridge temperature was minus
recorded in Braemar, Oli Claydon, of the variation. Even though northern England until Wetland Centre in 27.2C on December 30,
Aberdeenshire, on Met Office, said records our climate has warmed tomorrow. Milder Gloucestershire last 1995 in Altnaharra,
Wednesday night as 15 had been broken by by 1C, there is still the conditions will spread week but 12 reappeared Scotland, and Braemar
weather stations across “quite some way”. He possibility of a severe from the west of England four days later. Each on January 10, 1982.
the UK, including said the previous lowest cold-weather event: year the swans fly 2,500
Forecast, page 58

Palace PR team was prepared to testify

Valentine Low However, that meant that one of the Analysis cases without witnesses being called to
key planks of the newspaper’s defence testify.”
Jonathan Ames Legal Editor — that the duchess wrote the letter Public figures can contents would be
knowing that it would be made public increasingly rely on made public, Mark Stephens, a partner at Howard
A High Court judge ruled in favour of — will not be tested in a full trial. expectation of privacy damaging her claim Kennedy and media law expert, said
the Duchess of Sussex yesterday to have an that he thought the newspaper would
without her having to call witnesses or Earlier the court was told that Jason Publishers and claimants. They will expectation of appeal because the privacy point was
give evidence in person. Knauf, former communications their legal rely with increasing privacy. “in chaos”. He said: “Normally a letter
secretary to the Duke and Duchess of teams will confidence on the between an estranged daughter and
The judgment meant that not only Sussex, was believed by Associated fear that principle that public Palace officials and her estranged father would be without
would there not be a full trial, which Newspapers to have been involved in yesterday’s figures can claim an lawyers were reported doubt a private correspondence. But in
came as a relief to Buckingham Palace, the wording of the letter. victory for the expectation of privacy to have advised this case reportedly she got palace
but also that key palace aides would not Duchess of Sussex is a in their Meghan against officials and apparatchiks to help her
be forced to go into the witness box to He and three other officials — leap towards strict correspondence. pursuing the case but with the drafting. Why would she do
reveal what they know. Samantha Cohen, the Sussexes’ former judge-made privacy she forwent the that unless she thought that it would
private secretary, Sara Latham, their law in the UK Others predict that lawyers normally ultimately be a public-facing letter?”
In his judgment Mr Justice Warby former director of communications, (Jonathan Ames and instructed by the
ruled that The Mail on Sunday’s publica- and Christian Jones, their former Valentine Low write). The Mail on Sunday royal family and Amber Melville-Brown, head of
tion of Meghan’s letter to her father was deputy communications secretary — has potentially strong engaged Schillings, a media at the law firm Withers, said:
“manifestly excessive and hence un- The fact that the grounds for appeal. London firm known “This judgment not only requires the
lawful”. The judge said: “It was . . . a per- were prepared to give evidence. The dispute over the for results in favour of newspaper to eat humble pie for its
sonal and private letter. The majority so-called Palace Four were publication of Warby found that showbusiness clients copyright infringement, it seems set to
of what was published was about the said to be ready to “shed Meghan’s letter to her Meghan’s case against against the media. take Meghan’s private life, for which its
claimant’s own behaviour, her feel- some light” on the writing father could be the newspaper was so The prospect of a case readers have quite a taste, right off the
ings of anguish about her father’s of the letter, and also how decided without being strong that he should that would attract menu.”
behaviour, as she saw it, and the much the duchess had co- aired at a full trial award her “summary wide interest caused
resulting rift between them. operated with the au- adds to concern that a judgment” — in other jitters at Buckingham The judge also granted summary
thors of a biography of free press is being words, rule in her Palace. Officials were judgment in relation to most of the
“These are inherently private her, Finding Freedom. hamstrung by a favour regarding the worried at the duchess’s copyright claim but said the
and personal matters.” An Associated News- judicial elite with privacy claim and the prospect of royalty in issue of whether Meghan was the sole
papers source said: “We little or no public main part of the court but also by the author of the letter, which he described
He ruled: “The claimant are astonished that the debate. copyright case possibility that four of as “a long-form telling-off”, or whether
had a reasonable expec- judge doesn’t want to without a full trial. Meghan’s closest aides Knauf was a co-author should be
tation that the contents hear evidence from the Mr Justice Warby’s would be called on to determined at trial. However, Warby
of the letter would re- Palace Four when ruling has prompted Experts say, give evidence. said that this was an issue “of minor
main private. The Mail they say they are will- some lawyers to argue however, that if it is significance in the overall context” and
articles interfered with ing to give evidence that the decision is a established that royal Media law experts would only affect the level of damages.
that reasonable expec- and can shed light on shot in the arm for courtiers had a hand warn that celebrations
tation.” the creation of the let- high-profile privacy in drafting the letter, on Malibu Beach “There is no room for doubt that the
ter and whether she it could be argued should be put on hold defendant’s conduct involved an
The judge added: anticipated it would that she suspected its as there could still be infringement of copyright,” he added.
“There is no prospect become public. several rounds of the
that a different judg- “It’s a shocking fight left to contest. He said that there would be a further
ment would be reached precedent for judges hearing next month to decide “the next
after a trial.” to be making summa- steps” in the legal action.
ry judgment in privacy
The Duchess of Sussex’s Meghan’s data protection claim was
not considered at the hearing in
letter was inherently January and is still outstanding.

private, the judge said

6 2GM Friday February 12 2021 | the times

NNeewwss Coronavirus

Changing red list could rule out

Matt Dathan Home Affairs Editor red list countries could be prosecuted The national picture
and face ten years in jail, faced a back-
Countries could be added to the UK’s lash from MPs. How many people have Covid-19?
“red list” with just a few hours’ notice
under plans that will make inter- After The Times revealed that mis- There were 13,494 new cases reported
national travel unworkable for months. givings about the policy stretched into yesterday, bringing the total to
the ministerial ranks, the health secre- 3,998,655 or 59.9 for every 1,000 people
From Monday all passengers arriving tary told Times Radio: “I make no
from the list of 33 countries from which apology for taking a tough approach to Daily cases
travel to Britain is banned are required the borders.”
to quarantine in a hotel for 11 nights at 35% decrease from 60,000
a cost of £1,750 each. He added: “After the sacrifices we’ve seven days ago
all made over the last year, of course we 50,000
Ministers will act “at a moment’s have to take tough measures to protect (based on seven-day moving 40,000
notice” if new variants are reported in this country, and making sure that average)
countries not on the list, a government people don’t put misleading or wrong
source said. Another said countries information on the form that tells us if National 30,000
would be added “within a few hours if they’ve been to a country on the so-
necessary”. called red list where there are a lot of R number 20,000
the new variants is obviously very 0.7 to 1.0 10,000
Travel industry leaders warned last important.” 0
night that an ever-changing red list Seven-day average
would effectively shut down the avia- Asked whether countries could be
tion and tourism sectors for as long as added to the red list, Priti Patel, the Aug Sep Oct Nov Dec Jan Feb
the hotel quarantine policy was in home secretary, told The Times earlier
place. this week: “It’s based on the data, the How many people have died?
spread of Covid elsewhere so obviously
It will also raise questions over the the Joint Biodiversity Centre will right- Yesterday there were 678 deaths
government’s ability to secure enough ly look into all of that and they do the reported, bringing the total number of
hotel rooms for passengers arriving analysis and then countries are added.” deaths in the past seven days to 5,279.
from countries added to the travel ban. The rolling seven-day total is 0.8 times
The government has faced criticism for Patel refused to put a date on how that of the peak during wave one in April
waiting 19 days to introduce mandatory long the quarantine hotel policy would
hotel quarantine after it was an- be in place, saying: “I’m not going to Deaths 1,200
nounced by Boris Johnson, but it has speculate on that . . . we continue to put Seven-day average
vowed to act immediately if more coun- all the protective measures in place to
tries need to be added. protect the public while we roll this Wave one 800
vaccine out.” Wave two 400
Ministers have already been urged to
extend the travel ban to at least 35 more Industry leaders said adding coun- 0
countries where cases of the South Af- tries to the list without any warning 20 60 100 140 180 days
rican and Brazilian variants have been would wreak even more havoc on a sec-
detected — including France, Belgium tor already on its knees from the pan- Wave one began Mar 23, wave two began Sep 23
and the United States. demic. Brian Strutton, general secre-
tary of the British Airline Pilots’ Asso- How many people are in hospital?
Government sources pointed to the ciation, said: “We need the government
speed at which they acted to ban travel to simplify rules, provide support, There are 25,621 patients in hospital
from Denmark following the outbreak strengthen confidence and agree an being treated. 3,132 patients are on
of a strain that spread from mink as an exit strategy from this mess to pull avia- ventilators. An additional 1,842 patients
example of how the red list will operate. tion out of the death spiral it’s in. were admitted yesterday, down 22.5 per
Grant Shapps, the transport secretary, cent in seven days to Feb 7 when this
made the announcement less than two “We have 110,000 aviation jobs data was last updated
hours before it was introduced. already being lost. It’s a disaster.”
Hospital admissions 4,000
“It’s continually under review and we Paul Charles, of the PC Agency travel Seven-day average 3,000
won’t hesitate to act quickly,” one source consultants, said: “The government is 2,000
said. “So places could go quickly on the doing its best to destroy confidence in Wave two
list like we acted with Denmark where booking and scar the travel sector
that mutant strain was discovered. longer term. Adding countries to the Wave one 1,000
Flights got cancelled and that was it.” high-risk list at a moment’s notice will
cause as much confusion and heart- 0
The Joint Biosecurity Centre moni- ache as it did last summer.” 20 60 100 140 180 days
tors the spread of variants and will
inform ministers of countries that may A government source said: “The Wave one began Mar 23, wave two began Sep 23
be of concern. bottom line is, people shouldn’t be
going abroad on holiday, full stop.” How does 2021 compare?
Strict border controls announced by
Matt Hancock, under which those who Ten years for lying is silly and There were 18,448 deaths from all
attempted to conceal their arrival from causes recorded in England and Wales in
counterproductive, letters, page 28 the week to January 29, of which
coronavirus accounted for 45.7 per cent.
The number of weekly deaths was 5,688
higher (44.6 per cent) than the five-year
average for the same time of year

Excess deaths England and Wales

2020/21 20,000
15,000

10,000

Five-year average 5,000

J F MAM J J A S O N DJ 0 Passengers arriving from 33 countries must quarantine in a hotel, but questions

Hotel quarantine chaos as systems crash Analysis

Graeme Paton moment.” The Home Office said that required to quarantine for 11 days. For- Matt Hancock says that the most vulnerable groups were
the portal was down while a “minor eign nationals coming from 33 high- he booked a summer covered, this would leave a
Transport Correspondent technical issue” was addressed. risk or “red list” countries with high holiday in Cornwall substantial pool unprotected —
rates of coronavirus variants are “months ago” (Rhys enough, potentially, to fuel a third
The government’s hotel quarantine In a further complication, it emerged banned completely. Blakely writes). wave of the epidemic if restrictions
policy descended into chaos yesterday that people arriving in England from Since then he may well have were loosened too quickly.
as an online booking portal failed to “red list” countries can land at only one British nationals can travel from checked the small print to see
work properly before crashing. of four commercial airports — Heath- these countries but they must transit whether he’s entitled to a refund if And the vaccines must work well.
row, Gatwick, London City and Bir- through other nations because direct coronavirus intervenes. The minimum hope is that they
A booking system was finally mingham. Farnborough can be used flights to the UK have been blocked. dramatically cut levels of serious
launched about 1pm to allow travellers although it caters only for private jets. Yesterday he said that it was too disease and ease the pressure on
from “red list” countries to self-isolate From Monday, travellers arriving in early to know whether summer the NHS, which could then turn to
in a hotel on their arrival in the UK. It means that there are no options for England and Wales — up to 1,000 a day getaways would be possible and the other patients whose treatments
people to use airports in the north of — must quarantine in hotels for ten health secretary’s caution echoes have been delayed.
The policy, to be introduced from England, such as Manchester, from days. Scotland will require hotel quar- that of the government’s scientific
Monday, is seen as the centrepiece of “red list” countries. Manchester is the antine for all international arrivals advisers. It would be better if the vaccines
tough border controls designed to pre- third busiest airport in the UK. including from non-red list countries. also made a significant impact on
vent mutant strains of coronavirus The threat of new variants being transmission.
being imported. It is thought that up to Anyone landing at a non-specified Ministers have been criticised after imported makes exotic holidays a
1,000 people a day will be required to airport from a “red list” country must warning that those who lie about com- long shot. The ultimate aim is to reduce the
quarantine in hotels. rebook. If they land, they may be fined ing in from “red list” countries will be number of cases, ideally to a point
£10,000 and charged for the cost of get- prosecuted and face a ten-year maxi- Long-haul travel for anything where test and trace can keep local
The booking portal administered by ting to Birmingham or London. mum sentence. Those who try to avoid other than essential business is outbreaks under control and
Corporate Travel Management failed quarantine could be fined £10,000. likely to be forbidden for months. concerning new variants can be
to work properly when it went live. At Guidance published by the govern- monitored and kept in check.
first the system said it “cannot find any ment said that other “ports of entry Government guidance confirmed A fortnight somewhere in Britain Government advisers expect that
applicable hotels” for the first two days may be added in the future”. Labour that hotel quarantine would cost £1,750 is far more likely, but several things this will mean measures such as
the policy is supposed to be in force, criticised the glitches as an example of per person, including two Covid-19 will have to go right before the facemasks and the two-metre rule
with availability listed only from “yet more government incompetence”. tests on days two and eight. Anyone country descends on Cornwall or being part of the summer.
Wednesday, February 17. who tests positive faces a further ten the Cotswolds.
Nick Thomas-Symonds, the shadow days in isolation. One ally is likely to be the
About half an hour later, the site home secretary, said: “Over a year into The vaccine campaign must stay weather. Judging from last year, the
vanished, with visitors greeted by a this pandemic and 50 days from the Matt Hancock, the health secretary, in high gear. Uptake has been at coronavirus is a seasonal bug that
message that read: “We’ll be back soon! discovery of the South African strain, said that the government had secured the upper end of expectations and it does less well when people spend
Sorry for the inconvenience but we’re there are no excuses.” 4,600 rooms in 16 hotels. It originally needed to be: government advisers more time outdoors and when the
performing some maintenance at the wanted to set aside 28,000 rooms. worried that even if 90 per cent of
All travellers arriving in the UK are

the times | Friday February 12 2021 2GM 7

NNeewwss

international travel for months

Holiday companies
fear passenger limit

have been raised over the government’s ability to secure enough rooms after its booking site crashed hours after its launch Ben Clatworthy Assistant Travel Editor pandemic. “The CAA remains intransi-
gent in the face of industry requests for
Holiday companies are braced for re- flexibility on the financial require-
strictions on the number of people they ments that need to be met. Should the
can send abroad in the next year as the regulator remain intractable then it is
travel industry crisis deepens. likely that a significant number of tour
operators will go under,” he said.
More than 800 businesses face finan-
cial scrutiny as their operating licences Another senior industry director also
come up for renewal next month. All warned that without a summer season
operators and agents are required to for foreign holidays many medium-
hold a valid permit under the Air Travel sized companies will go to the wall.
Organisers’ Licensing (Atol) scheme in
order to sell holidays. “As a result of the confusion on mes-
saging from the government, the dra-
However, there are growing fears conian lockdown and the threat of im-
that some operators may not be able to position of quarantines in the future,
prove to the Civil Aviation Authority trade during the crucial months of Jan-
(CAA), the regulator, that they are via- uary and February has been dire, even
ble and will lose their licences. with the successful rollout of the vacci-
nation programme. New bookings are
Companies pay a fee for each passen- probably 80 to 90 per cent down,” the
ger they send overseas and issue the source said.
holidaymaker with an Atol certificate.
The scheme is used to refund, repatri- “Without new deposits coming in
ate or reimburse passengers if their and the resultant final balances from
travel company ceases trading. March onwards for summer season
bookings, and having to refund, cancel
The last year has been torrid for the and defer existing bookings to 2022,
sector, with more than 30 companies they will have burnt through more cash
ceasing to trade since the start of the and will have difficulty in surviving
pandemic, falling on the Atol scheme to without a capital injection of funds.”
deal with the aftermath for consumers.
Also looming for operators is the
“It is an awful time for travel compa- September deadline for “refund credit
nies and there are seriously stormy notes” to be converted into new holiday
waters ahead,” a senior industry source bookings — or cash.
said. “The regulator is going to need ab-
solute assurance companies are good to Millions of holidaymakers were is-
trade or action will have to be taken.” sued with such notes in lieu of refunds
during the first wave of the pandemic.
The Times understands the regulator In July, after a long delay, the govern-
has a “variety of levers” it can use to en- ment announced that the notes would
sure that only companies it believes to be Atol protected until September.
be financially sound are issued licences.
Measures include temporary restric- Alice Gully, the co-owner of Aard-
tions on the number of passengers a vark Safaris, said people were frustrat-
company can send abroad. It can also ed. “The message has always been sit
request financial security to cover the tight, the vaccine is coming and we
potential cost of any claims should the need to protect our NHS. Despite the
business collapse. vaccine rollout, the rules are now be-
coming more fascist and draconian,
There are growing calls within the even though the case numbers are
sector for a freeze on licence renewals. dropping. The government’s recent
statements about booking holidays and
Jarrod Kyte, sales director at Steppes not easing restrictions until autumn is
Travel, said companies were being re- taking away our liberty,” she said.
quired to submit annual turnover
figures that had been decimated by the

air is warmer and more humid. Disabled people made up Millions more in financial
While the next few months look 60% of fatalities last year hardship since pandemic

uncertain, ministers are confident Katie Gibbons shows. Among women, the risk of death David Byers, Robert Miller chief economist at the Bank of England,
that by the summer a combination was 3.5 times greater for more-disabled predicted that Britain’s economy would
of vaccinations and hotter weather Disabled people accounted for almost women and twice as great for less-disa- Hannah Mays rebound like a “coiled spring” once re-
will allow breaks within Britain. six in ten deaths involving Covid-19, bled women, compared with non-disa- strictions were eased. Haldane said
However, paradoxically, the more and the risk of dying was three times bled women. The number of people living in finan- people were “desperate to get their lives
successful vaccinations are at higher for severely disabled people. cial crisis has risen by 3.5 million in back” and a “decisive corner has been
home, the less chance there is of The risk of death involving Covid-19 seven months while those categorised turned” with the Covid-19 vaccines.
unfettered travel abroad. Figures from the Office for National for people with learning disabilities was as vulnerable make up more than half
Statistics (ONS) show that, of the lower during the second wave of the the population, according to a “harrow- The FCA’s survey found that the
Scientific advisers have told 50,888 people who died between Janu- pandemic but “not statistically signifi- ing” report. number of adults showing signs of
ministers that tough border ary 24 last year and November 20, cant”. The ONS added that it was plau- wider vulnerability, which means they
controls do not make a huge 30,296 were disabled, 59.5 per cent. sible that the lower proportion of Hardship has risen since March with either have poor health, damaged fi-
amount of difference when cases deaths in the second wave in care younger people and ethnic minorities nances or have experienced negative
are as high as they are now. Disabled people made up 17.2 per cent homes may have been a factor in the suffering the most, according to the Fi- life events such as bereavement or rela-
of the study population, suggesting that difference. nancial Conduct Authority. The Finan- tionship breakdown, went up by 3.7 mil-
As transmission reduces they had been disproportionately af- cial Lives survey said that the number lion to 27.7 million, 53 per cent of all UK
domestically though, the fected by the pandemic. Richard Kramer, chief executive of of people with large debt, low levels of adults.
importance of stopping new Sense, a disability charity, said: “From savings or erratic earnings rose from
variants at the border increases. Disability status was self-reported as the lack of infrastructure to allow those 10.7 million in March to 14.2 million in While three in eight adults overall
collected in the 2011 census, according forced to shield to access food and med- October, equivalent to 27 per cent of the reported their financial situation wor-
Boris Johnson seems to have to the ONS. People who said in the cen- icine during the first lockdown, to the adult population. sening during Covid-19, self-employed
accepted the logic that if vaccines sus that their day-to-day activities were cuts in social care support affecting and black and minority ethnic adults
allow restrictions to be lifted in “limited a little” or “limited a lot” are re- those living independently and families General Sir Nick Carter, head of the were most likely to do so.
Britain, that cannot be put at risk ferred to by the ONS as “less disabled” caring for them at home, [disabled armed forces, told The Daily Telegraph
by allowing vaccine-resistant and “more disabled” respectively. people] have largely been forgotten, left the pandemic had led to an economic However, almost half of adults said
variants to arrive from abroad. without sufficient support, information crisis and “nationalist barriers” that that their finances had not been affect-
Britain would be “relying very Between January and November last and communication.” mirror the lead-up to the Second World ed and 14 per cent were better off.
much on border controls as we get year in England the risk of death in- War. He said that better international
the rates of infection down overall”, volving coronavirus was 3.1 times great- Scope, the disability equality charity, co-operation was needed to tackle the The FCA surveyed more than 16,000
he suggested this week. er for more-disabled men and 1.9 times wants disabled people who are shield- pandemic and the financial fallout. people between August 2019 and Feb-
greater for less-disabled men, com- ing to be prioritised for the vaccine. ruary 2020 and more than 22,000
So perhaps that break in pared with non-disabled men, data However, last night Andy Haldane, people in October.
Cornwall is the safer bet after all.

8 1GM RM Friday February 12 2021 | the times

NNeewwss Coronavirus

New Oxford jab ‘will
be ready to tackle
variants by autumn’

Rhys Blakely Science Correspondent How Britain compares the vaccine and a longer interval ap-
pears to make the jab more effective.
Alex Ralph Business Correspondent Percentage of population who have
received at least one vaccine dose The focus now is on trying to pick the
A modified Oxford-AstraZeneca vac- best format for a new version of the
cine to protect against new coronavirus (total doses administered in brackets) vaccine to protect against the strains
variants will be ready for autumn, the likely to be circulating next winter.
British drugmaker said yesterday. Israel 42.6% (6.0m)
Andrew Pollard, head of the vaccine
Sir Mene Pangalos, head of research UK 20.2% (14.0m) team at Oxford, said recently that the
and development at AstraZeneca, said aim was to have a vaccine authorised
that work on an edited version of the Bahrain 12.9% (219.6k) for use in the autumn.
vaccine began months ago with the
hope to have it ready by next winter. US 10.1% (44.8m) Pangalos said yesterday: “We’re
moving fast and we’ve got a number of
The project has taken on a fresh ur- Serbia 8.7% (640.3k) variant versions in the works that we
gency after the identification of several will be picking from as we move into the
new “variants of concern”, both over- Malta 7.1% (43.3k) People clinic.”
seas and in the UK, which experts fear vaccinated
could reduce the effectiveness of the Chile 5.4% (1.07m) The UK Medicines and Healthcare
first generation of vaccines. in UK Products Regulatory Agency has said
Iceland 3.8% (17.7k) First dose that it is talking with vaccine manufac-
Other companies, including Moder- turers on “potential modifications that
na and Pfizer, which are using an alter- Slovakia 3.7% (242.2k) 13.51m may be needed for current vaccines to
native mRNA technology for their be effective against new variants”. It
vaccines, could create modified doses Denmark 3.5% (355.6k) Second dose added: “We can say at this stage that it
even more quickly than the Oxford- 524,447 is unlikely that a full new approval pro-
AstraZeneca team. The crunch deci- Romania 3.5% (971.0k) cess will be needed.”
sion may be about what strains to guard First dose
against, which may involve trying to Poland 3.4% (1.77m) daily AstraZeneca reported bumper
forecast the evolution of the virus. Feb 10 annual results yesterday with product
Greece 3.4% (459.5k) sales jumping 11 per cent to $25.9 billion
AstraZeneca is confident that its 450,810 last year and profits more than dou-
present vaccine, a workhorse of the Norway 3.3% (229.5k) bling to $3.9 billion. The surge was due
NHS immunisation campaign, is effec- Second to strong sales in the company’s main
tive against the fast-spreading “Kent Source: Our World in Data dose daily drug business, particularly new cancer
variant”, which fuelled a surge of cases (latest figures available) and gov.uk treatments, with minimal impact from
across Britain late last year and is now Feb 10 the vaccine sales. AstraZeneca has
dominant. 4,894 promised to sell the vaccines for no
profit during the pandemic, so it is
There is more uncertainty about how yesterday. “Is it perfect?” he asked “No, expecting little commercial benefit in Firms angry alongside videos claiming that
it fares against variants with a mutation it’s not perfect, but it’s great. Who else is the short term. doctors and nurses were guilty of
known as E484K, which was first seen making 100 million doses in February? 6 The Scottish government warned as YouTube genocide and that vaccines could
in strains of the virus that originated in yesterday that it would have to slow the kill. Big Yellow said it was
Brazil and South Africa and has oc- “One hundred million doses in Feb- progress of its vaccine programme puts ads on suspending advertising on YouTube.
curred independently in the UK. ruary means 100 million vaccinations, amid supply shortages.
which means hundreds of thousands of antivax films The meal service HelloFresh was
The Oxford vaccine was withdrawn severe infections that are avoided. And In recent weeks Scotland has signifi- promoted via videos claiming that
from use this week by the South African it also means thousands of deaths that cantly increased the number of over- YouTube is making money no vaccine had ever worked, despite
officials after disappointing trial data are avoided. 70s being vaccinated each day to just from placing adverts on overwhelming scientific evidence
suggested a minimal effect in prevent- under 50,000 but Jeane Freeman, the anti-vaccination and that vaccines are safe and effective.
ing mild disease in young adults. “We’re going to save thousands of health minister, said that this would fall conspiracy theory videos
lives and that’s why we come to work in the coming weeks because of a re- (Emma Yeomans and Tim Loughton, the Conservative
AstraZeneca says it believes that it every day.” duction in supply of the Pfizer jab. Tom Knowles write). MP for Worthing and Shoreham
will still prevent serious disease and ill- and a member of the home affairs
ness from the South Africa variant. Soriot said that global production “That will reduce our expected sup- Despite the streaming giant select committee, said that people
would reach 200 million doses in April. ply next week and the week after by pledging more than a year ago to were seeing the “misinformed
The company, which is based in “In a year or two we will look back and about somewhere between 120,000 stop adverts appearing next to ramblings of conspiracy theorists”
Cambridge, also found itself sparring everybody will realise we made a big and 190,000 doses a week overall over videos pushing misinformation ahead of reputable health advice.
recently with the European Union after impact,” he said. the two vaccines,” she said. about vaccines, The Times found
manufacturing glitches led to a supply dozens of advertisements placed “We know how slow YouTube
shortfall to the bloc. Several countries On the question of efficacy in older A senior British government source alongside conspiracy videos. and other social media platforms
have also decided not to offer its vac- people, AstraZeneca said it expected said that they did not believe the Eng- have been to take down content
cine to patients older than 65, citing a more data from the US trial of the vac- lish programme would be affected as Adverts for the writing software that thrives on hate speech,” he
lack of decisive data showing that it pro- cine before the end of March — though supply shortages — caused by Pfizer Grammarly and the Big Yellow self said. “Some social media
tects them. that study uses a four-week interval having to temporarily reduce output — storage company appeared companies seem to think that
between the first and second shots of had already been factored in. increasing their revenue should be
Pascal Soriot, the AstraZeneca chief their priority.”
executive, defended the Oxford vaccine
Antivax channels were
Ministers move on vaccine passports demonetised by YouTube in 2019,
denying their creators payment
Henry Zeffman drawn up by the coronavirus unit in the convened by Shapps and Hancock late
Cabinet Office, will be discussed two last year said that the UK would advo- Lateral flow tests are all in
Chief Political Correspondent days after Boris Johnson said that once cate for the development of a global
the coronavirus situation was in a “dif- framework for the validation of tests Chris Smyth Whitehall Editor However, testing chiefs dashed Boris
Senior cabinet ministers will today dis- ferent world”, then “all kinds of apps” and vaccination records”. Johnson’s hopes of using lateral flow
cuss plans for a global system of vaccine may help holidays begin again. More than two million people were tests to give people “freedom passes” to
passports to enable travel once the pan- Both the World Health Organisation given lateral flow tests in a week, with attend concerts, sports events and res-
demic has been suppressed. Grant Shapps, the transport secre- and the International Civil Aviation Test and Trace chiefs saying that rapid taurants. Scientists believe the tests are
tary, said on Wednesday he had held Organisation, a UN agency, are work- Covid checks will become part of helpful in spotting more cases in people
In the latest sign that some form of preliminary talks with his counterparts ing on international standards for vac- routine life as people return to work. without symptoms but are not accurate
vaccination certification will become a in Singapore and the United States. cine certificates. enough for people to take extra risks.
common feature of air travel once lock- Use of the pregnancy test-style kits
down has lifted, the Covid operations Under the plans being put before the A government spokeswoman said: has risen 17-fold since December with Test and Trace has also speeded up its
committee will consider proposals for a committee, which is sometimes chaired “The UK government, like most the extension of mass testing to those contact tracing, reaching 90 per cent of
standardised system. by Johnson and whose core member- nations, wants to open up international without symptoms, and which are now confirmed coronavirus cases’ contacts
ship includes Michael Gove, Rishi Sun- travel in a responsible safe and fair used almost twice as often as PCR tests. within three days, up from under half in
Any introduction of an international ak and Matt Hancock, the Department manner and we continue to be guided
scheme is expected to be at least several for Transport would draw up certifica- by the science.
months off, and a document leaked to tion infrastructure. The NHS would be
Sky News cautioned ministers not to asked to prepare for people wanting to “We want to ensure there is an inter-
set “even speculative timelines” for a re- prove their vaccination status. nationally recognised approach to en-
sumption of travel. able travel and are working closely with
A report by a global travel taskforce international partners to do so.”
Nevertheless, the briefing paper

the times | Friday February 12 2021 1GM RM 9

NNeewwss

Rapid mutations mean the
scientists can never stand still

The surprising speed of How the vaccines fight the virus

Covid-19’s evolution has mRNA vaccine (Pfizer-BioNTech)

forced experts to find 1 The genetic code Human 3 Cells produce spike
inside the coronavirus cell protein, training body to
innovative responses, responsible for its produce antibodies and
spike protein is 2 Vaccine injects other defences
writes Rhys Blakely identified copies of the spike code
into human cells Antibody
The race towards a Covid-19 vaccine Genetic
began with a high-stakes phone call. code Spike
On January 11, 2020, Eddie Holmes, a protein
professor at the University of Sydney,
called Zhang Yongzhen. The Chinese Adenovirus vaccine (Oxford-AstraZeneca) 2 Benign virus is injected into
scientist was holding a critical piece of body and prompts cells to
data: the very first blueprint of the 1 The genetic code, that produces
genetic code of the coronavirus. the "spike protein" of the coronavirus make antibodies
is identified and is added to a different,
“I called Zhang to ask if I could re-
lease the sequence,” Holmes said. “I had benign virus
been trying to release as much data as Benign
possible, but he was facing constraints.” virus

Zhang was on a plane in China wait- Genetic
ing to take off and the cabin crew were code
urging him to hang up. He asked
Holmes for a moment to think: the pan- Inactivated virus (Valneva)
demic was about to erupt but the Chi-
nese government had forbidden the 1 Coronavirus Inactivated 2 The
publication of information about the cells are coronavirus "dead" virus
virus. And then he said yes. “Within the inactivated is injected,
hour I had it posted online,” Holmes (killed) using a hopefully
told The Times. The code became the chemical that triggering a
backbone of the first Covid vaccines. keeps the broad
whole bug immune
A year later, it’s a historical relic. The intact response
virus has evolved, its genetic code has able to tackle
shifted and new strains have raised Vaccine includes the different
doubts about whether the existing jabs whole, not only the spike variants
will continue to work.
Charlie Ward relaxes in Marbella as his and the alien invasion as a different coronavirus variant into the the virus’s nucleocapsid, a spherical
smokescreen.” People should resist “Mutations are inevitable,” Holmes benign viral vector. container that holds its genes, as well as
video appears with ads for Grammarly, the vaccine, he says. In the first 24 said. “They are a basic fact of viral life, the spike. “The nucleocapsid should
hours that the video was live on but I am genuinely surprised about how A similar editing process would apply continue to give protection even when
Hello Fresh and Big Yellow self storage YouTube it gained more than rapidly the virus has been able to gener- to the nimblest technology developed the spike mutates,” Durrant said.
13,000 views. ate mutations that might evade im- so far: the mRNA jabs designed by Human trials should begin in the
from advertisers. Companies had mune responses.” Moderna and BioNTech, Pfizer’s part- summer.
complained about their products Companies have no control over ner. Manufacturing at scale takes
being promoted next to the videos their advertisements are The biggest concern, for the mo- longer but a little mRNA goes a long An old-fashioned jab might end up
misinformation. The Times found placed next to, although YouTube ment, is the South Africa variant. way. A gram is enough for more than working along the same lines. The gov-
examples of content slipping has a policy not to put advertising 30,000 doses. ernment has ordered 100 million doses
through the net, however, including next to dangerous or derogatory A mutation known as E484K ap- of the vaccine being developed by Val-
videos by Charlie Ward, who lives in content, including antivax and pears to have altered the spike protein It is possible, though, that the task of neva, a French company that will make
Marbella. Ward, a British believer in QAnon material. A spokesman for that the virus uses to break into human tackling new variants will fall to com- it in Livingston, West Lothian. The vac-
the conspiracy theory QAnon, has Big Yellow said: “We have cells. In laboratory tests, antibodies pletely new vaccines. Picture the coro- cine, which is in early stage human test-
more than 40,000 followers. It is suspended our advertising on generated by infections of earlier navirus as a football bristling with ing, contains a “dead” version of the
unclear whether he gets a share of YouTube . . . until this is resolved.” strains work less well against virus par- spikes. So far, the jabs that have been virus. Again, the immune system will be
ad revenue from YouTube. ticles that carry E484K. In the real approved have been designed around exposed to the entire bug. “The whole
A YouTube spokeswoman said: world, vaccines have been less effective these spikes, but this is the part that the virus approach could well have broad
In one video, which carried “We quickly remove flagged where the mutation is widespread. mutations are changing. applicability across variants but it’s a
adverts for Grammarly and Big content that violates our hypothesis that needs to be borne out
Yellow, Ward claims that the community guidelines, including The group behind the Oxford-Astra- The spike is the most enticing target. by data,” Lawrence, Valneva’s chief fi-
vaccine is causing mass deaths and Covid-19 content that explicitly Zeneca jab is now working on a second If antibodies bind to it, you can prevent nancial officer, said.
has been created by Bill Gates, the contradicts expert consensus from generation. According to Andrew Pol- the virus from infiltrating new cells, but
Microsoft co-founder, to reduce the the NHS or the World Health lard, head of the vaccine team at Ox- it isn’t the only part of the virus that the A small number of volunteers have
world’s population. Organisation. We also have strict ford, the aim is to have a modified ver- immune system reacts to and the rest of been injected to check for safety and
policies that govern what kind of sion, better suited to new variants, the “football” may be less prone to mu- how their immune system responds.
“I knew they were going to shut videos we allow ads to appear on, authorised for use well before the win- tations. Work is understood to be under way to
down the world’s economy for a and we enforce these advertising ter. “Designing a new vaccine is very, assess its effect on variants with the
global financial reset,” he says. “I policies vigorously.” very quick,” he said. This, roughly speaking, is the think- E484K mutation.
knew they were going to use the ing behind a vaccine now in its first
virus, the vaccine, the 5G, the riots The UK medical regulator, the Medi- human trials in a special biocontain- The Valneva vaccine, which could be
cines and Healthcare products Regula- ment facility in east London. It has been available before the end of the year, is
a day’s work for millions tory Agency, agrees that modified jabs developed by Codagenix, an American manufactured by growing monkey cells
could be fast-tracked, but questions re- company that is working with the Se- in a bioreactor. These are then deliber-
October. The Scientific Advisory the NHS to other key public services, main. Could repeated boosters of exist- rum Institute of India, the world’s larg- ately infected with a “seed virus” — a
Group for Emergencies (Sage) set the schools and private sector workplaces, ing vaccines protect against the South est producer of vaccines by volume. strain of Covid. After it replicates inside
goal of tracing contacts within 48-72 African strain, or could mixing jabs give the cells, the virus is killed using a
hours of a case becoming known. Half Lord Bethell, the health minister, better results? Will the South African The trial volunteers are being given a chemical and mixed with adjuvants,
of contacts are traced within 78 hours, said: “Around one in three people with strain even be an issue in six months, or nose drop that contains a live but enfee- which enhance the immune response.
and half take longer. However, Test and Covid-19 don’t display symptoms. This will another variant take its place? bled — or “attenuated” — version of The hope is that a million doses can be
Trace says it cannot be a “silver bullet”. means every positive [lateral flow] test the coronavirus. “Other vaccine candi- made each week. If it works, it is likely
helps us break a chain of transmission For influenza, a virus we try to keep in dates only generate an immune re- that Valneva will be able to choose from
In the week to February 3, there were we wouldn’t have identified otherwise.” check with an annual vaccine, we have sponse to the spike,” Dr Robert Cole- a library of seed coronavirus strains.
2,372,358 tests carried out, compared an encyclopaedia of knowledge, says man, Codagenix chief executive, said.
with 1,330,889 PCR tests. Only 9,480 of However, health experts said cases David Lawrence of Valneva, a vaccine He believes that by using a complete It is also possible that future vaccines
the lateral flow tests were positive. would have to be ten to 100 times lower maker, yet still we sometimes struggle version of the pathogen he can will be “multi-valent”, meaning that
before the tests could be used to help to produce one that works. “When it evoke a more robust re- they are designed to protect against
Use of the tests has expanded from people return to stadiums or concerts. comes to Covid, we’re still writing the sponse. several strains of the virus. Eleanor
first chapter,” he said. Riley, professor of immunology at the
A project led by Lindy University of Edinburgh, can imagine
The good news is that high-speed Durrant, professor of this combination strategy being taken a
technologies have come of age. The cancer immunotherapy at
Oxford team uses a harmless virus that the University of Notting- step further — a one-shot, dual-pur-
has been modified to contain a piece of ham, works by injecting pose “flu and corona” jab. The
genetic code from the coronavirus. the genetic code for challenge would be deciding
When this is injected into someone it which variants are most
causes their cells to produce the coro- Zhang Yongzhen likely to be circulating over
navirus spike protein, which the im- the next year or so.
mune system learns to recognise. De- held the first
signing a new vaccine will involve
stitching a piece of genetic code from a genetic blueprint

10 2GM Friday February 12 2021 | the times

NNeewwss Coronavirus

For Generation Covid outdated GCSEs may

With education in two months behind in their learning Infant pupils in schools, analysed assessments more slowly once back at school.
compared with previous cohorts. There most affected taken by almost 1.5 million pupils The growth in pupils aged 7 and
turmoil, the need for was a “large and concerning” attain- by closures since the pandemic started. under working at the expected level
ment gap between disadvantaged after the return to school last
exams at 16 is in doubt. pupils and their wealthier peers, with Nicola Woolcock Although all groups have autumn was much smaller than for 7
poorer children seven months behind. struggled, five and six-year-olds have to 11-year-olds. Year 6 pupils had a
Alice Thomson and A key study into the impact of the experienced the most significant fall. smaller drop in attainment and
Whether you like the tag or not, the pandemic on primary children finds Yet when children returned to school greater rates of recovery.
Rachel Sylvester report Covid generation has not only lost that the youngest have fared the between September and December
months of learning but also earning worst, falling far behind in the three last year, many made up lost ground. Frazer Westmorland, head teacher
Fronted adverbials, subjunctives and power — as much as £40,000 over the Rs. The number performing as of Mundella Primary School in Kent,
relative clauses: lessons are a foreign next few decades, according to the expected fell by a quarter for those Before Covid-19, 82 per cent of said: “A lot of skills such as ‘how do I
country to parents struggling to home- Institute for Fiscal Studies. Their in Year 1, compared with a fifth in Year 1 pupils achieved the expected learn, listen and collaborate’ are
school their children, and for many mental health has become a critical other years. level in reading, 79 per cent in developed at school . . . we need to go
they seem to hold little relevance to issue too. A recent poll by Public Health writing and 83 per cent in maths. By back to basics with younger year
today’s world. While the last year has England found that more than half of Researchers from Juniper summer these figures had dropped groups to build these skills.”
shown us the importance of education, parents said the mental wellbeing of Education, a software company used to 60 per cent for reading, 54 per
it has also exposed huge inadequacies their children was now their biggest cent for writing and 59 per cent in Stephan Nicholls, of Juniper
in the system. concern. We talked to experts across the field maths. Overall, the number of Education, said: “It will be a huge
to ask their opinion about what should children in Years 2 to 6 achieving the comfort to parents to know that
Several of the reforms pushed by The prime minister’s policy unit in happen not only to help children catch standard expected fell by a fifth when children are back in front of
Michael Gove in the early part of the Downing Street has been told to priori- up but to equip them for the next between autumn 2019 and summer. their teachers, they can make up for
past decade have proved problematic tise children. Sir Kevan Collins, former uncertain decade. lost time.”
during the pandemic. The scrapping of head of the Education Endowment Infant children have recovered
continuous assessment in GCSEs and Fund, has been appointed as the gov- Some suggestions are radical but
A-levels was, many argue, a mistake. ernment’s “catch-up tsar”. He is looking fascinating. Take forest schools, which and outings to promote problem-solv- all children now continue in education
at extending the school day and intro- focus on outdoor, child-led lessons. ing and fitness, or can opt to be home until the age of 18. They are a huge cost
Others say that the insistence on a ducing summer schools, including They are backed by the Archbishop of schooled or join their own clubs. Many to schools, no other country in Europe
return to old-fashioned rote learning extracurricular activities including Canterbury, the Most Rev Justin Welby, tech leaders in America send their tests at 16 and too many children are
and complicated grammar lessons is drama, sport and wellbeing support. It who sees them as a way to tackle the children to flexi-schools, where they still failing what are seen as highly
too antiquated, the lack of computers is important to “act quickly”, he said this mental health crisis. Many Scandinavi- spend afternoons building go-karts, do- prescriptive examinations.
and online learning facilities short- week, while stressing that “quality in an schools use these principles and a ing pottery and looking after chickens.
sighted, the focus on competition education does trump quantity”. campaign, Nature Premium, has grown Leading American universities now Their creator, Lord Baker of Dorking,
rather than collaboration misguided. to support them in Britain. demand community engagement and who was education secretary under
Parents home schooling young child- The government has committed hobbies, not just perfect SAT scores. Margaret Thatcher in the 1980s, says
ren are looking in consternation at £1.3 billion for the catch-up cause, Another popular option, now that that GCSEs “are past their sell-by date
what they are actually being taught, including £650 million for tutoring, children have become more accus- GCSEs are the most contentious and must now be scrapped”. He told us:
and learning themselves how hard it is equivalent to about £80 per pupil. tomed to working from home, is flexi- issue. The Department for Education “This pandemic has changed the
to be a teacher. Collins believes more money will be schools, where children have set les- (DfE) has not finalised plans for this nature of education forever. Mr Gove’s
needed, however, if the programme is sons only part of the week and the rest summer’s exams, after last year’s algo- curriculum now feels totally outdated.
Several studies have revealed serious to have a real impact. Analysis by the of the time can join in activities, sports rithm fiasco. Teacher assessment will We need a new focus on skills for the
gaps in the education many pupils have Education Endowment Fund found be used to award grades but the govern- 21st century, coding and computing, de-
received during the lockdowns. The that two hours of tutoring a week for 12 ment has not said whether there will al- sign, drama and creativity activities or
Education Endowment Foundation weeks led children to catch up by five so be externally set papers. There are we are impoverishing children’s minds.”
found that young children’s perform- months. concerns about further grade inflation.
ance in reading and maths dropped Sir Peter Lampl, chairman of the Sut-
significantly after school closures last Nick Gibb, the schools minister, says Some experts say it is debatable whe- ton Trust, which campaigns for social
spring, with six and seven-year-olds that “rounded and wide-reaching solu- ther GCSEs are necessary or fair when mobility at a young age, agrees. He says
tions” will be required.

the times | Friday February 12 2021 2GM 11

OLI SCARFF/AFP; GARETH COPLEY/GETTY IMAGES; NNeewwss

Students coronavirus in brief

told to stay Care homes to
miss jab target
away until
A significant number of care home
September staff have yet to have a Covid-19
jab, making it unlikely the
Among the ideas Nicola Woolcock Education Editor programme will meet its target to
suggested to help vaccinate all frontline care home
pupils to catch up Universities are telling students to stay staff by Monday. Only half of
after the pandemic away from campus until autumn mean- elderly care homes have more
are flexi-schools, ing thousands will spend almost the than 70 per cent of their workforce
with a mix of entire academic year learning online. vaccinated, according to a survey
classroom lessons, by the National Care Forum. It
home learning and St Andrews and Edinburgh universi- looked at vaccination rates among
extracurricular ties and the London School of Econom- staff at 1,180 organisations in
activities, and ics have all shelved plans for re-opening England, which employ 47,568
forest schools, until September. Others contacted by staff and support over 42,000
popular in The Times said they were waiting for residents across a range of social
Scandinavia, government guidance later this month. care services for vulnerable
where children people, including care homes for
learn outside and Most students remain in their home- the elderly and for working-age
are involved in towns, although those studying medi- adults. By February 8 only 53 per
planning lessons cine and other critical subjects have cent of care homes for the elderly
been allowed to return to campus. Uni- had seven out of ten staff or more
no longer make the grade versities are also required to accommo- vaccinated. Five per cent of the
date those with mental health problems homes said fewer than four out of
that there needs to be a “fundamental behind. The Sutton Trust found that ignore what is really taking place and or who are unable to study at home. ten staff had been vaccinated.
change” in the exam system. “There’s every £1 it spent on summer schools find a way of helping those students to
an opportunity after two years of generated £14 worth of benefits for catch up,” he says. They have been told not to open until Vic Rayner, of the National Care
missed GCSEs and A-levels to get into students in terms of future earnings. March 8 at the earliest. Many students Forum, said there was “a huge
a baccalaureate type system so kids are Justine Greening, the former Con- were encouraged to start the academic mountain to climb” to vaccinate all
taking a range of subjects,” he adds. The Harris Federation, a chain of servative education secretary, agrees year last autumn, including renting remaining care home staff within
successful academies in deprived areas, that the pandemic has only widened property. Some have received refunds the next few days.
Peter Hyman’s School 21 in east runs summer schools and Saturday existing inequalities. “Covid has dam- on rent but others are still paying for
London and Thomas’s, a private set of classes, paying teachers extra to work aged the first rungs of the ladder and student housing that they cannot use. Care home deaths have hit the
schools in southwest London attended additional hours on a voluntary basis. that makes it exceedingly hard to climb highest levels since May, with
by Prince George and Princess Char- Sir Dan Moynihan, the chief executive, up the ladder later on in life.” If the They spent the autumn term on 2,505 linked to the virus recorded
lotte, are abolishing GCSEs. Hyman says such programmes can be effective prime minister is serious about “level- campus, with some getting limited face- in the week up to January 29.
suggests a weblink to a portfolio show- but insists more money is needed. “Just ling up”, she says, “Boris has got to put to-face teaching and others learning
ing what children have done at school. as the NHS got lots of volunteers, a his money where his mouth is”. mainly online. After the Christmas holi- Hospitals overstretched
Tobyn Thomas, co-head of the national plan could find retired teach- days, they were told to delay returning.
Thomas’s groups, asks: “The question is ers or really bright graduates who could There are conflicting views in the Almost a third of people treated
how do you change from a 19th-century make a contribution,” he said. government and No 10 is be- Professor Sally Mapstone, vice- for Covid-19 in hospital in England
system to a 21st-century system?” coming increasingly exasper- chancellor of St Andrews, told students were admitted last month.
Moynihan says the learning loss has ated by Gavin Williamson, the in a letter that most must learn online Hospitals treated 242,307 patients
It is not just the exam system that is been “enormous” for disadvan- education secretary. One until the end of May. She said: “There with Covid-19 last year, NHS data
under scrutiny. Robert Halfon, Tory taged children. “Some econo- Whitehall source described will be a small number of exceptions: shows, and 101,956 patients were
chairman of the Commons education mists have talked about a V- or the DfE as being in a “not par- medical students, some science stu- treated in January. Meanwhile, the
committee, argues that the school day W-shaped recovery but I sus- ticularly radical space” with dents, and some research students. number of people waiting more
should be extended by two hours for all pect we are looking at a K. The pressure coming from than a year to start hospital
pupils so that children can make up the upward sloping arm of the K No 10 for more innovative “I know this will be a big disappoint- treatment had grown to 224,205
classes they have missed. “Teachers is the recovery by advan- thinking. ment to many who had hoped to return by December. In December 2019
would not be required to work extra taged students who will Change costs money. in this academic year. This is especially the figure was 1,467.
hours. You could have charities or get back fairly quickly, the The Institute for Fiscal true for many final-year students who
external tutors but you have the school downward sloping arm is Studies, says that if to- will be unable to conclude their studies Playgrounds for all
building and you should use it,” he says. the rest.” day’s pupils do lose in the way we had all hoped.
“There could be mental health support £40,000 “that would All children should use public
and sports activities or music as well as David Laws, the former mean over £100 billion less “We are acting now to provide you playgrounds, Downing Street said,
academic classes. School closures have Lib Dem schools minister tax revenue”. Luke Sibieta, with as much certainty as early as we after official advice suggested that
been a catastrophe. We are damaging who now runs the Educa- from the think tank, says it can, having listened carefully to student those living in homes with private
the life chances of our children.” tion Policy Institute think is worth investing in them leaders and our staff.” gardens should avoid them.
tank, argues that pupils now. “The catch-up fund is ti- Guidance stated that playgrounds
Downing Street has been looking at should be given the “right ny in comparison with the She said that even if restrictions were were “primarily” for children with
the structure of the school year, includ- to repeat” a year if they scale of the problem. Without eased “we do not believe it will be to a no access to private outdoor space.
ing cutting short the six-week summer have fallen too far behind. significant remedial action, degree sufficient to allow us to bring Senior MPs described it as
holiday and introducing a five-term “We’ve got the risk that lost learning will translate into large numbers of students back to St “overzealous” and yesterday No 10
system, with a four-week holiday in the some of the learning loss reduced productivity, lower in- Andrews and provide comprehensive said that it was “reasonable for any
summer and two-week breaks in will be masked because of the comes, lower tax revenues, in-person education”. families” to use playgrounds.
October, December, March and May. shift to teacher grades so we higher inequality and potent-
This would be strongly resisted by the need to make sure we don’t ially expensive social ills.” LSE says on its website: “For the Students want chief out
teaching unions and many parents. remainder of the 2020-21 academic year,
The group of schools that A national catch-up plan all compulsory teaching, learning and Students at Manchester University
A less controversial option would be assessments will be delivered online.” have called for the resignation of
a national programme of summer educates Charlotte and can inspire transformation, Dame Nancy Rothwell, the
schools for those who have fallen An LSE spokesman said: “Following vice-chancellor, over a “complete
George is dropping GCSEs leading article, page 29 careful review of guidance, LSE has failure of management” during the
taken the decision to move all compul- pandemic. A fence was erected
sory teaching and learning online for around halls of residence to keep
the remainder of the year. All assess- students inside, and police entered
ments will also take place online. their flats. If the student union’s
no-confidence vote against her
“We aim to provide non-compulsory next month passes, governors will
in-person education, learning and decide whether to take action.
community-building activities later in
the academic year.” Garden bird count soars

Cardiff, University College London, Twice as many birds have been
Bristol, Durham and Exeter were counted in this year’s annual
among those to say they had not yet birdwatch thanks to the
made a decision, or were awaiting fur- lockdowns. So far this year,
ther government guidance. 15,653,819 have been spotted,
according to the RSPB. Last year
Universities UK, which represents more than 470,000 people
vice-chancellors, said: “Universities are counted 7,833,350 birds, with the
continuing to work with government species most often seen being the
on plans for the return of more students house sparrow. People who took
as soon as the public health situation part in last month’s birdwatch have
allows. Once we know more about until Monday to submit results.
when and how restrictions are being
lifted for the higher education sector,
universities will be able to communi-
cate directly with their students.

“The government supports our view
that face-to-face teaching is important
for the mental, emotional and educa-
tional wellbeing of students, and we
know that students are keen to be able
to access facilities and benefit from the
wider university experience.”

12 2GM Friday February 12 2021 | the times

NNeewwss World Coronavirus

Trump’s Covid illness ‘much more severe than his team let on’

David Charter Washington pneumonia. While his medical team lungs become inflamed and are the day after it was confirmed that he 93 per cent, it had never dropped to the
put a gloss on his condition as he was another sign of acute Covid-19. had contracted the virus. “low 80s”.
President Trump was more sick with being treated with an experimental
Covid-19 than was revealed at the time cocktail of drugs, his blood oxygen Two sources claimed that Trump was Conley played down the seriousness Conley admitted on October 4 that he
with officials fearing that he would percentage fell into the 80s, a level that warned that if he delayed going to of Trump’s condition at press briefings, had emphasised the positives of Trump’s
have to be put on a ventilator. is considered a severe danger with hospital, he might have to be carried however, saying that there were only state, saying: “I was trying to reflect the
Covid-19, according to The New York out to the Marine One helicopter by “expected findings, but nothing of any upbeat attitude that the president, his
Trump, 74, was flown to the Walter Times. Secret Service agents. major clinical concern” when asked course of illness has had. I didn’t want to
Reed National Military Medical whether the president had pneumonia give any information that might steer
Centre from the White House in Oct- The newspaper added that Trump Sean Conley, the White House physi- or evidence of tissue damage in his the course of illness in another direc-
ober with low blood oxygen levels and had lung infiltrates, which are substan- cian at the time, has acknowledged that lungs. Conley also said that while tion, and in doing so it came off that we
a lung condition that is common in ces such as fluids that occur when the the president was twice given oxygen Trump’s oxygen level had dropped to were trying to hide something.”
while at the White House on October 2,

Bear with it A street Japan suffers
performer gets the highest daily
Sputnik V vaccine at a death toll
temporary health centre
in the Shchyolkovsky
shopping centre, Moscow

japan

Japan has reported 121 coronavirus
deaths, its worst one-day death toll,
taking its total to 6,678. Vaccinations for
medical staff are set to begin this
month. A state of emergency urging
people to stay home is in place for
Tokyo and other urban areas. Demands
are growing for the Tokyo Olympics
this summer to be cancelled.

united states

Instagram has removed the antivaxer
Robert F Kennedy Jr for sharing
misinformation. He is chairman of
Children’s Health Defense, which links
childhood conditions to vaccines.

czech republic

The Czech government has imposed a
lockdown on three counties. The meas-
ures will affect two counties in the west,
Cheb and Sokolov, and Trutnov in the
north. They have been facing the high-
est rates of the variant found in Britain
and local hospitals are at capacity.

brazil

Medical teams working to immunise
remote indigenous villages against the
coronavirus have encountered fierce
resistance in some communities where
evangelical missionaries are stoking
fears of the vaccine, tribal leaders said.

Irish extend lockdown Avoid China World update
for another six weeks even if well,
Germans told Global cases Global deaths

106,991,090 2,347,015

Most new cases

1 US 90,930

2 Brazil 51,486

3 France 24,631

Brian Mahon Dublin Stephen Donnelly, the health minis- have died of Covid-19 in Ireland, in- Oliver Moody Berlin 4 Russia 15,038
ter, said the country was on track to vac- cluding 52 deaths registered yesterday,
Ireland will stay in full lockdown until cinate all adults by September, contra- from a total of 206,801 cases. Wendy Tang Beijing 5 UK 13,494
after Easter to try to suppress the Kent dicting remarks made last week by the
variant of the coronavirus that now deputy prime minister, who said that a Martin said it “makes sense” to Germans who have recovered from 6 Italy 12,947
accounts for most of its cases. target of 70-80 per cent was possible. remain “cautious and conservative” in Covid-19 infection have been warned
its approach to reopening society. Leo against travelling to China. 7 India 12,923
The country is in a similar lockdown Up to Sunday 240,487 jabs were Varadkar, the deputy prime minister,
to the UK but people must stay within administered, including 153,654 first told parliament: “We have a long way to The German foreign ministry said 8 Mexico 10,738
three miles of home. The restrictions doses and 86,833 second doses. Ire- go yet before we are in a position to ease that a healthy man was isolated on arriv-
were due to be lifted on March 5 but land’s population is 4.9 million. restrictions substantially. We need to al despite providing two recent negative 9 Germany 10,237
Micheál Martin, the prime minister, get down to much lower numbers than test results, forced to quarantine and
said they would be extended for about The country announced mandatory we have now.” tested in a Chinese hospital for weeks. 10 Czech Rep 9,537
six weeks. He told RTE: “Schools are hotel quarantine for arrivals from The ministry warned of “invasive medi-
the priority and construction, a phased South Africa and Brazil, and 20 more Yesterday up to 4,000 children at cal measures” and daily blood samples. Countries reporting most deaths
return to construction, particularly countries will be added to the list, special needs schools returned to their
housebuilding, because we have a mainly in sub-Saharan Africa but also classrooms for the first time this year. China has banned most Europeans 1 US 464,412
social crisis in terms of the availability Austria and the United Arab Emirates. from entering, with exceptions for
of housing for people across all strata of Vaccination of the over-85s will begin diplomats and people with certain 2 Brazil 233,520
society.” Fines of €500 are in place for people on Monday, and more than 20,000 dos- residency permits. Internal travellers
breaching travel rules, and Martin said es of the Pfizer and Moderna vaccines must provide proof that they are free of 3 Mexico 168,432
The lockdown was introduced after a they could be increased to up to €2,000. will be distributed to GPs next week. the virus with antibody test results.
big increase in cases at Christmas, Checks are also taking place near the 4 India 155,360
which was blamed on the reopening of border with Northern Ireland for non- The health minister said that this The German who flew to China last
the hospitality industry, mixing over essential travel, with people being figure would rise to 50,000 the follow- month had fulfilled these requirements 5 UK 115,529
the festive period and the UK variant, turned back or fined. ing week. “The schedule I have would and had a positive test for antibodies,
which accounts for 75 per cent of cases. suggest that the group [over-70s] will implying a degree of immunity after an 6 Italy 92,338
Paul Reid, chief executive of the have finished their second doses by infection. He had been held in a
Ireland performed well during the health service, said yesterday that there mid-May. But as always these things hospital since the middle of last month, 7 France 80,032
initial wave of the pandemic but record- were “continuing good trends” in rela- are dependent on the supplies arriving,” Süddeutsche Zeitung reported.
ed the most cases of the virus per capita tion to the fall in the number of cases he said. “If we get the supplies that are 8 Russia 78,687
in the world during part of January. but Ireland was still “very high risk”. forecast, and we know these things go Chinese police also allegedly took
Cases are hovering at 1,000 per day, 866 up and down, it would be around mid- away a German woman who tried to 9 Spain 63,704
yesterday, down from a high of 8,248 on He said that 990 people were in hos- May the second dose is complete.” return to her home in Beijing after she
January 8. Ireland’s 14-day incidence pital with Covid-19 on Wednesday, had isolated for two weeks in a hotel in 10 Germany 63,635
rate stands at 312.1 per 100,000 people. which was “100 more than in the peak Martin said that by September a Shanghai.
of the first wave in April, at 880”. The “critical mass” of the population would Deaths per million population*
government says that 3,846 people have been vaccinated. The Chinese government has not
commented. 1 UK 1,702
2 Italy 1,527
3 US 1,403
4 Spain 1,363
5 Mexico 1,306
6 Peru 1,293
7 France 1,226
8 Colombia 1,111
9 Brazil 1,099
10 Argentina 1,096

*Countries with populations greater than 20m
** Portugal (population 10.2m) has the worst death and
infection rate in the world

Figures as of 7pm yesterday Source: WHO

the times | Friday February 12 2021 2GM 13

PETER BYRNE/PA News

Butcher killed Husband who
student while
his family slept led double life

Charlotte Wace been physically taken from us, the Libby Squire, a student in Hull, was raped and thrown in the Humber by Pawel Behind the story
memories we have and the love we Relowicz. Her parents said that they were proud of their “beautiful, caring girl”
Northern Correspondent share will never be taken.” Married with two
tion, said Squire would have been too fingerprints for him. The professional children, there was
John Simpson Crime Correspondent Humberside police were accused last drunk to consent. standards department at the force nothing to suggest
night of having missed opportunities to found that the previous incidents had to neighbours that
A married butcher who used his family catch the killer, who confessed to a se- Relowicz was arrested on suspicion been properly investigated. Detective Pawel Relowicz was
car to stalk the streets for young women ries of sex offences after his arrest. of abduction, at which point his finger- Superintendent Martin Smalley said: anything but a “hard-working”
after dark has been convicted of raping prints and DNA linked him to a string “It is important to remember that while family man (Charlotte Wace
and murdering a student on a night out. One of four victims who reported an of other offences, for which he was sen- taken as a whole, and with the benefit of writes).
unknown peeping Tom subsequently tenced in August 2019. He was charged hindsight, we may be able to point to a
Pawel Relowicz, 26, left his wife and identified as Relowicz spoke out last with Ms Squire’s rape and murder in history of offending by Pawel Relowicz, He had left Warszewice in
two young sons sleeping at home and night, telling Channel 4 News that he October 2019. officers investigating these offences at northern Poland with his wife,
scoured Hull until he saw Libby Squire, was an “evil man who was allowed to the time were doing so with far less in- Jagoda, five years before to earn
21, vulnerable and alone after a night just carry on targeting vulnerable Humberside police said that there formation than we have now.” “good money”. His mother,
drinking with friends in February 2019. women to the point where his actions had been no way of linking his crimes Marzena, told reporters in 2019
had tragic and deadly consequences”. before. Relowicz had no previous con- Relowicz is due to be sentenced today. that her son was a “religious boy”
Relowicz, a voyeuristic and depraved victions so officers had no DNA or who “hates violence”, adding that
sex offender obsessed with porno- Ms Squire’s parents sat through the he “has never hurt a woman”.
graphy, picked up Squire and raped her whole of the four-week trial, which was
in a playing field before dumping her, told that their daughter had been The couple moved to Raglan
dead or dying in the Humber, Sheffield turned away from a nightclub for being Street, Hull, an area popular with
crown court was told. too drunk. Her friends from Hull Uni- students. He worked as a butcher
versity had put her in a taxi home but at Karro Foods bacon factory in
Lisa and Russ Squire, the second- she had staggered around the streets Malton, North Yorkshire, and the
year philosophy student’s parents, cried rather than going inside. couple had two sons.
and held hands in the public gallery
after waiting a week for the jury to Relowicz picked her up as she wan- “I remember when Jagoda
return its verdicts. dered the Beverley Road area in freez- became pregnant with their first
ing conditions. She was upset, confused child how excited he was,” Iwona
Speaking outside court, with her hus- and intoxicated, the court was told. A Reczulska, a hairdresser, said.
band by her side, Mrs Squire said: “As a number of people reported seeing her “To me he was a normal, friendly,
family, today’s verdict changes nothing in a distressed state, at one point lying quite quiet guy.”
for us. There is no closure. We don’t get on the pavement.
to have Libby back. Our lives don’t re- By night, however, he
vert back to normal. Relowicz claimed that they had con- masturbated in public, burgled
sensual sex and denied killing her, but homes for sex toys and patrolled
“Libby will always be with us and we Richard Wright, QC, for the prosecu- the streets to watch women
are all so proud of our beautiful, caring, through windows, all of which
wonderful girl. And although she has emerged when he was held on
suspicion of abducting Libby
Squire and police found sex toys
and underwear in his car boot.

In August 2019 he admitted
nine charges including
voyeurism, outraging public
decency and burglary. He was
jailed for eight and a half years,
cut to five years and eight
months at the Court of Appeal in
March last year.

It was not until October 2019
that Relowicz was charged with
the rape and murder of Ms
Squire. In the month before the
murder he masturbated in front
of two women and then in front
of another woman days later.
Even after he killed Ms Squire he
went home and changed before
he masturbated in the street.

Relowicz would explain his
outings to his wife by claiming he
needed to go for a run, even
during the middle of the night.

Depp drags Elon Musk into libel saga Student shared secret sex
video with his rugby team
David Brown to be the world’s richest person, with a only $100,000 to the hospital. Her law-
worth of more than $185 billion, is also yer said last month that Heard planned Charlotte Wace behaviour on this occasion is he was
Johnny Depp has dragged the Tesla required to provide details of telephone to fulfil her pledge “eventually”, but had heavily involved in the culture.”
billionaire Elon Musk into his $50 mil- calls, emails, letters and text messages been forced to spend millions in fees A student who secretly filmed himself
lion libel action against his ex-wife. exchanged with Heard during various because of Depp’s legal actions. having sex with a woman and shared He read out statements from Heron’s
periods since March 2015. the video in his rugby team’s WhatsApp family, friends and the president of the
The Pirates of the Caribbean star, who Depp unsuccessfully sued The Sun group has been placed on the sex rugby club. One friend called him a
previously accused Musk of having an He has also been asked to hand over for libel last year over an article offenders register. “kind-natured boy” and his aunt said
affair with Amber Heard during their any documents relating to Heard’s describing him as a “wife beat- that he was “a caring young man”.
tumultuous marriage, has demanded $7 million divorce settlement, which er” and questioning why JK Samuel Heron, 21, who was studying
that he be interviewed and hand over she claimed to have donat- Rowling let him appear in the at Liverpool John Moores University, Judge James Clarke, sentencing
details of all his contact with her. ed to the American Civil Fantastic Beasts films. took the 16-second clip without the Heron, said it was a “particularly nasty”
Liberties Union and the The High Court trial woman’s consent and then sent it to his and serious offence. He said it had been
Depp, 57, is suing Heard for $50 mil- Children’s Hospital Los was told that Musk friends. The woman went to the police a breach of trust to film the sex but “to
lion in Virginia over a 2018 op-ed article Angeles. became a regular late- when she discovered what he had done. share it went beyond that”.
she wrote for the Washington Post in night visitor to Heard
which she described herself as a victim Musk has been told to a month after her Tom Hanlon, for the prosecution, The judge said that the impact on the
of domestic violence. provide, in particular, wedding to Depp in told Liverpool magistrates’ court that woman was “huge”, and she was
any information about February 2015. Before Heron accepted he had filmed himself concerned that the video may be
Heard, 34, is countersuing for a letter from the hospi- the trial, Musk issued a and the woman without her knowledge shared further. He added, however: “It
$100 million, claiming that he tried to tal to Heard thanking statement denying an or consent. Heron, of Liverpool, is clear to me two lives have been irrep-
destroy her career, including by trying her for arranging an adulterous love triangle admitted one charge of voyeurism. arably damaged by this.”
to have her removed from the sequel of anonymous donor to with Heard and the Brit-
the Aquaman superhero movie. pay $500,000. ish supermodel Cara Del- Gerald Armstrong, in mitigation, Heron was given a 20-week sentence
evingne, 28. He said that said Heron realised that “the rest of his suspended for 18 months. He must sign
Depp has obtained a court order Depp claims that he had “never been inti- life will be changed” because of the of- the sex offenders register for seven
requiring Musk, 49, to give testimony at Heard has donated mate” with Delevingne and fence. Armstrong said: “I am aware of years. A three-year restraining order
a deposition where he will be ques- only began dating Heard the rugby culture that occurs around a preventing him from contacting or
tioned about his relationship with Elon Musk has been told when her marriage was over. university. My impression of Sam’s speaking about his victim was also im-
Heard and any knowledge he has of her posed.
allegations against her ex-husband. to provide evidence of his

Musk, who was estimated last month contact with Amber Heard

14 2GM Friday February 12 2021 | the times

News

Quentin Letts The former health Weetabix with hot milk and
secretary Jeremy Hunt, brown sugar. This followed a
War on middle-aged who broke his arm in a request from Philip
spreads (including fall while out jogging, Hollobone (C, Kettering) for
Nanny’s marmalade) appeared via video link a Commons debate on
in the Commons with breakfast cereals. An
his arm in plaster economy teetering on ruin, a
government flirting with
Political Sketch were told of a fresh focus by much because we are tired, the Zoom screens wearing a Jacob Rees-Mogg, leader of tyranny, a health secretary
“the NHS family” on our because we have to work sling. If he looked a bit rough the House, may need to turning into Dr Strangelove,
Hancock again. waistlines. Lose weight, long hours to pay our taxes it was understandable. He watch his own step when and tribune Hollobone
Sweet Buddha, fatties. And if we don’t? Will to fund experts who tell us to explained he had just broken Hancock’s diet enforcers get thinks parliament should be
mercy. Not we, too, be locked up for ten eat less. his arm, having slipped while going. During business discussing the relative
another years, like those criminals out for his morning jog. See questions he disclosed that roughage counts of Frosties
parliamentary who fibbed about their Jeremy Hunt (C, South what exercise does to you? he had a weakness for and Grape-Nuts.
statement from that man. holidays? West Surrey) appeared on
Before lunch we had an hour Rees-Mogg (who said he
of him, this time announcing Hancock hung at the was more one for toast with
a restructuring of the health dispatch box with his tyre- Nanny’s marmalade) was also
service. Andrew Lansley’s kicker’s nonchalance, the pressed to restore
was such a success, a grateful gaze world-weary, his Homer Westminster Hall debates.
nation cries “encore”. Simpson mouth lowering on He was perfectly open to the
its hinges to offload idea but had been under the
Even before he arrived the exhortations to “teamwork”. impression opposition MPs
House emptied, MPs The voice is both matey and had wanted parliament to
scrambling from their authoritarian, Blairishly operate on a minimal basis
deckchairs like Biggin Hill glottal-stoppy with a forced during Covid. Indeed they
fighter pilots. Biologists will northern-ness. His “us” did, the indolent shirkers. It
one day study this becomes more “uz” with became evident that the MPs
phenomenon. Chickens stop each week. The “a” vowels did not intend to come back
laying eggs before are now so salted, they sting to Westminster themselves.
earthquakes. Zebrafish your eyeballs. Yet the They merely expected
larvae drift towards light language is managerial parliamentary staff to return
sources. Before a Hancock cabbage, decision-making to allow them to contribute
statement MPs suddenly always “integrated”, virtually. Rees-Mogg argued
remember pressing relationships “collaborative” that parliamentary scrutiny
engagements elsewhere. By or “joined-up”, and would improve if MPs were
the time he started just two bureaucracies “ecosystems”. physically present. He is
stragglers were left on the He intended to “tackle” right. The Commons has
Tory benches. Poor wretches. obesity. Why don’t they, just been hobbled by virtual
for once, try popping obesity proceedings. A real
The restructuring we or melting it? But no, opposition would be
longed to hear was the “tackling” was again the champing for a return to
appointment of a new dead metaphor. The only normality.
secretary of state — one innovation was the phrase
without throbbing “population health”. We will Gateshead’s Ian Mearns
megalomania. Instead we hear this used to destruction began his contribution to
in coming months. It is a business questions with
euphemism for finger- “gong hey fat choy”.
wagging about diet and drink Cantonese? Mandarin? Nope.
and exercise. We eat too Pure Geordie takeaway. If he
said that to my Szechuanese
daughter-in-law she might
check her heels to make sure
she hadn’t stepped in
something. But at the risk of
upsetting that keen critic of
Beijing, Sir Iain Duncan
Smith, happy Chinese new
year to you all.

Hancock: It’s right time for NHS reform Irish PM fears

Chris Smyth Whitehall Editor What’s in the white paper my time as health secretary how dis- damage from
tracting it can be.”
Reform of social care funding will Structural reforms to compete with each front of food packets. trade tensions
happen this year to make an NHS over- The clinical other. Rules requiring Government will also be Danny Kruger, the MP for Devizes,
haul set out yesterday work better, Matt commissioning groups competitive tendering able to order asked for reassurance that Hancock Oliver Wright
Hancock has said. set up to buy care of contracts will be fluoridation of water. “doesn’t want to hear the sound of
under 2012 reforms will ditched, but the NHS dropped bedpans from his office in Bruno Waterfield Brussels
The health secretary told MPs there be replaced by internal market will Safety Whitehall as Nye Bevan did”, one of
was “no better time than now” to reor- integrated care systems, remain, with a clear The Healthcare Safety several largely supportive interven- The Irish prime minister has urged the
ganise the NHS in England. “The pan- to bring together division between Investigation Branch tions from Tory backbenchers. “big beasts” of the European Union to
demic has made the changes in this different parts of the commissioning and gets a legal basis and defuse tensions with Britain over the
white paper more, not less, urgent,” he health system to work providing bodies such ministers will be able to Jonathan Ashworth, the shadow application of the Brexit trade deal and
said as he published an 80-page plan for together to plan care. as hospitals. Patients overhaul professional health secretary, welcomed the goal of warned that Ireland could become “col-
the biggest shake-up for a decade. Hospitals, GPs and will get more rights to regulation. Medical integrated care but said: “The test of the lateral damage”.
councils will sit on their choose private examiners to scrutinise reorganisation will be whether it brings
It is a partial reversal of 2012 reforms boards, and social care providers for NHS care. deaths will be set up. down waiting lists and times.” In an interview with the BBC before
and Hancock said that the changes and housing agencies talks between Michael Gove and Maros
would make it easier for health bodies will be consulted. Public health Social care He contrasted the success of the vac- Sefcovic, his EU counterpart, to resolve
to work together in the interests of A ban on advertising Funding reform cination programme, run by the NHS, tensions over the Northern Ireland
patients by getting rid of bureaucratic Collaboration not unhealthy foods will be promised; ministers get with that of Test and Trace, run by protocol, Micheál Martin urged both
rules requiring competition. competition made law, and ministers powers to demand data ministers, to warn against centralising sides to “cool it”. However, he said that
NHS bodies will have a will get powers to from social care power. To make plans work “we need a the EU was unlikely to agree to British
The NHS internal market has been duty to collaborate, impose mandatory providers and give sustainable social care plan; we were demands for long-term exemptions
retained however, with last-minute ad- rather than be expected health warnings on the emergency bailouts. promised one on the steps of Downing from customs checks on parcels as well
ditions to the white paper specifying Street and we still do not have one”. as food safety checks on supermarket
that the divide between buyers and sell- 2012 law. He will gain powers to issue when the quality of our healthcare supplies to the province.
ers of care would not be scrapped. direct orders to NHS England, adjust matters to every single citizen and Munira Wilson, the Liberal Demo-
his strategic instructions more often every one of our constituents, the NHS crat health spokeswoman, said that Gove, the Cabinet Office minister,
“Our proposals preserve the division and intervene directly to block changes must be accountable to ministers.” after 25,000 care home deaths, the has asked for these not to be enforced
between funding decisions and provi- to local hospitals. prime minister had to “make good on for two years but the EU indicated it will
sion of care, which has been the corner- Jeremy Hunt, Hancock’s predecessor his promise to fix social care”. only agree to an extension of months.
stone of efforts to ensure the best value He said that while clinical decisions who now chairs the Commons health Sefcovic also rejected the government’s
for taxpayers for more than 30 years,” should be independent, “when the committee, backed the “brave” decision Mike Padgham, of the Independent call for the easing or scrapping of checks
he said. “However, we are setting out a NHS is the public’s top domestic priori- to change structures but said: “It is a Care Group, an industry body, said: on pets crossing the Irish Sea.
more joined-up approach built on ty — over £140 billion of taxpayers’ very big deal to do a structural reorga- “Reforming NHS care without reform-
collaborative relationships, so that money is spent on it each year — and nisation of the NHS, and I know from ing social care is like rebuilding a house Ian Wright, of the Food and Drink
more strategic decisions can be taken.” without mending the roof.” Federation, told MPs that food exports
had been cut by at least half since the
Hancock is using the new laws to im- Ruth Driscoll, of Marie Curie, the start of January and that Brexit was an
pose greater ministerial control over charity, accused Hancock of “silence on “unmitigated disaster” for the sector.
the health service, which was handed the underfunding of social care” urging
day-to-day independence under the him to “finally grasp the nettle and de-
liver a sustainable solution”.

the times | Friday February 12 2021 1GM 15

TMS News

[email protected] | @timesdiary Quality food won’t put
cat among the pigeons

Cable’s wife When is a hefty rise not a hefty rise? Yesterday’s item about confusing Rhys Blakely Science Correspondent their pets’ quality of life. “Our study
When it is a modernisation. Netflix breastfeeding and press freedom led shows that by using entirely non-inva-
tells it straight subscribers were bewildered to be to an email from Peter Hayes who There is a fable, first recorded in the sive, non-restrictive methods, owners
told that the company was “updating once manned the switchboard at a Middle Ages, in which an enterprising can change what the cats themselves
Inspired by the success of Sasha our prices”, which actually means a local authority. One day he had to mischief of mice saved themselves from want to do,” Professor Robbie McDo-
Swire’s diaries of a Tory wife, Sir 16 per cent price increase. I wonder if deal with a caller demanding to a cat by stringing a bell around its neck. nald, of Exeter University, said.
Vince Cable says that his wife hopes Netflix will let people run an earlier speak to a Sir Michael Spears. He
to find a publisher for her own version of the service, for less money, assured her that no one of that name For all their ingenuity, they would In the study, published in the journal
memories of the coalition years. so long as they only watch repeats. was employed by the council but it still have ended up as cat food, a study Current Biology, playtime involved dan-
“My wife is more generous in her took a long and increasingly angry suggests. Cats, scientists now claim, can gling a toy that consists of a feather on
judgments [than Swire] but it will comeback for currie conversation before he realised that learn to hunt while wearing a bell. The a string, attached to a wand. This was
have the flavour of that,” the former she actually wanted to talk to secret to making them less deadly to done daily, for five to ten minutes. Own-
Lib Dem leader says. Rachel Smith After 24 years in the reality show someone about “cervical smears”. wildlife involves playing with them and ers also gave cats a toy mouse to play
is Cable’s second wife. The old wilderness, Edwina Currie, above, is feeding them a meaty diet. with after each “hunt”, which the
smoothie has said he first noticed seeking a return to the political blair’s sporting guile researchers said mimicked “a real kill”.
her “elegant legs” during a talk he stage. The former Tory health The study observed 355 cats in 219
gave in the New Forest. In 2013, she minister is standing for Derbyshire A pair of letters discussing Tony households in southwest England over It is not clear what it was about the
told an interviewer that Cable was council at the May local elections Blair’s school days have just been three months. They were split into meaty food that led to the reduction in
“not interested in trappings” and against Ruth George, a former sold by the cricket memorabilia groups and strategies to curb their hunting, the researchers said. “Some
disliked MPs who sought honours. Labour MP, in Whaley Bridge. sellers Boundary Books. They were hunting were tested. Feeding the cats a cat foods contain protein from plant
He was knighted two years later. “Sometimes we’ve got to stand up written in 1998, by masters who had high-quality commercial food in which sources such as soy, and it is possible
and be counted,” Currie says. She taught Blair at Fettes, to the cricket protein came from meat reduced the that despite forming a ‘complete diet’
old national trusty was inspired by the success of Joe writer EW Swanton, who had hoped number of prey animals cats brought these foods leave some cats deficient in
Biden, who at 78 is four years older. to learn about the prime minister’s home by 36 per cent. one or more micronutrients, prompting
Interviewing Sathnam Sanghera “A seven-million vote margin would forward defensive. One described
about his new book, Empireland, do nicely,” she says, though she only Blair as “bumptious but amusing Playing with a cat for between five them to hunt,” Martina Cec-
James O’Brien mentioned a caller has to overturn a majority of 803. and knew just how far he could go and ten minutes a day resulted in a 25 chetti, the PhD student who
to his LBC show who had worked as with an ex-navy master” but not per cent reduction. By contrast, cat conducted the trial, said.
a National Trust guide and been memorable at sport. The other said bells had no discernible overall effect.
cheekily asked by some children Blair preferred basketball to cricket The researchers did say, though, that Lisa George, from Helston,
how the house was paid for. As she “presumably because it was quickly the impact on individual cats Cornwall, whose cat Minnie
fudged it, a patrician gentlemen over, leaving him free to disappear”. varied widely, suggesting that took part, said: “We’ve had
appeared and said: “Tell them it was This master had clearly been chased some learn to hunt despite a birds in the bedroom, rats in the
slavery and state-sponsored piracy.” by the non-cricketing press already; bell. waste paper bin, which took us
The guide replied that if she did he added that to calls from “panting three days to catch, rabbits in
that she’d get fired. “I live here,” the journalists” his standard reply was While keeping cats in- the utility room. On changing
man replied, “so they can’t sack me.” to say: “ACL Blair was a good actor.” doors is the only sure way Minnie’s food . . . she hardly hunt-
to prevent hunting, some ed at all. This continued the whole
patrick kidd owners worry that this cuts time she was on this food. I couldn’t
believe the difference.”
Minnie’s diet has put her
My catatonic cat, Ann Treneman,
hunting days behind her
page 26



the times | Friday February 12 2021 2GM 17

News

PARKER PEARSON ET AL/ANTIQUITY PUBLICATIONS LTD; BARNEY ROWE/BBC/PA

WALES

Waun Mawn
St Davids

Cardiff

Bristol Stonehenge
Channel Salisbury

20 miles ENGLAND

Ancient Welsh circle is stones left are similar in has an unusual Professor Alice Roberts at had formed a “venerated their ancestral identities
brother of Stonehenge size and dimensions to cross-section that stone circle” which was — with them,” Parker
the 43 bluestones matches a stone hole, or Stonehenge. She details transported to Wiltshire Pearson said. His
A dismantled analysis of the site at remaining at socket, at Waun Mawn, with a migration of the research suggests that
stone circle Waun Mawn in the Stonehenge, and they suggesting it may have the discovery of a possible local community. bluestones from Wales
in west Wales Preseli hills reveal that exactly match three of originally stood there. were first erected at
is likely to it may be the oldest them in stone type: precursor, far left, in a BBC According to the study Stonehenge around
have been a known stone circle in unspotted dolerite. The Professor Mike Parker by Parker Pearson and 3000BC.
“proto-Stonehenge”, Britain, dating from Welsh-origin bluestones Pearson, of University documentary tonight his team, published in
parts of which were about 3400BC, and was are the smaller stones at College London, said Antiquity, the findings Recent isotopic
transported to Wiltshire also one of the largest, Stonehenge and were that there were other Dating evidence confirm that the Preseli analysis of people buried
for the monument there, with 30-50 standing brought to the site findings that connected suggested the Waun region was densely at Stonehenge revealed
archaeologists say stones. before the giant sarsen the two sites. Mawn circle was settled in Neolithic that about 15 per cent
(Mark Bridge writes). stones, which are Stonehenge was dismantled shortly Britain. Evidence of came from western
According to thought to have enclosed by a circular before the erection of activity in the thousand Britain, possibly Wales.
Excavations and archaeologists, the four originated from near ditch with a diameter of Stonehenge. years after 3000BC was
Marlborough. 110m. Waun Mawn was “almost non-existent”, The Waun Mawn
the only known British The geologist Herbert however. “Maybe most research is featured in
One of the Neolithic monument of Thomas established a of the people migrated,
Stonehenge bluestones the same diameter. century ago that the taking their stones — Stonehenge: the Lost
bluestones at Circle Revealed, on
Stonehenge were BBC2 tonight at 9pm.
quarried in the Preseli
hills. He suspected they

Salmond may give evidence about Raab and US
botched sex claims investigation attack China
for BBC ban

Kieran Andrews Scottish Political Editor day argued at the High Court in Edin- lishes her reasoning for her judgment said she was unable to tell the commit- Matthew Moore Media Correspondent
burgh that the anonymity order was next week. They would seek an “early tee what it could or could not publish
James Mulholland loosely worded and prevented journal- oral evidence session” if the inquiry and that its members would have to Dominic Raab, the foreign secretary,
ists and the Holyrood inquiry from publishes the evidence. “Our client is take that decision based on their own has accused China of “an unacceptable
A court ruling could clear the way for doing their work properly. Lady Dorri- keen to attend,” the letter added. judgment. curtailing of media freedom” after the
Alex Salmond to give evidence to a an, Scotland’s second most senior BBC was barred from broadcasting
Holyrood inquiry into the Scottish gov- judge, agreed to vary the order. The inquiry was set up after Salmond She added: “This court isn’t imposing there.
ernment’s handling of sexual harass- won a judicial review case against the any reporting restriction in relation to
ment complaints against him. Salmond has volunteered to appear government he used to lead. The Court proceedings of the committee and it The BBC World News channel has
before the committee if it agrees to pub- of Session said the investigation into his would be for the committee to deter- been removed in apparent retaliation
Salmond’s planned appearance at the lish one of his submissions, which is alleged behaviour was unfair and taint- mine whether the material is so rele- for the banning of China’s state-con-
committee this week was cancelled already largely in the public domain. It ed by apparent bias and awarded him vant to what they were examining.” trolled network in Britain last week.
after SNP committee members and accuses Nicola Sturgeon of breaking £512,250 in costs. The court order re- The response represents an escalation
Andy Wightman, an independent MSP, the ministerial code on multiple occa- garding the complainants was imposed An emergency meeting of the com- in tensions during scrutiny of China’s
voted against publishing his submission sions and misleading parliament. The during Salmond’s criminal trial last mittee will be held today to set a new infiltration of British institutions.
or a redacted version of it, citing legal first minister has repeatedly denied the year, which resulted in him being ac- schedule. The first minister is due to be
concerns over an order protecting the accusation and accused Salmond of quitted of 13 charges of sexual assault. the final witness so her appearance may China said that the BBC channel had
identities of complainants in the former pushing “conspiracy theories”. be moved if Salmond is questioned “seriously violated” regulations includ-
Scottish first minister’s trial. Ronnie Clancy, QC, for The Specta- ing that news should be “truthful and
In a letter to the committee, Sal- tor, told yesterday’s hearing that the The Scottish Conservatives said that fair” and accused it of harming national
Lawyers for The Spectator, which mond’s lawyers said that they would committee was paying attention to the Salmond must now appear before the interests. In recent weeks the BBC has
published a redacted version of Sal- resubmit evidence once Dorrian pub- outcome of the proceedings. The judge inquiry and that they would be willing conducted investigations revealing the
mond’s evidence on its website, yester- for him to be compelled to attend. systematic rape of Uighur women in
Chinese internment camps.
Support for independence slips amid SNP divisions
BBC executives had feared the
Kieran Andrews people would vote “yes” if there were a MP, has hit out after she was “sacked” although Yes still lead by six points.” corporation would be targeted after Of-
second referendum, 42 per cent would from the party’s Westminster front Support for the SNP is at 54 per cent com revoked CGTN’s licence in the UK.
Support for Scottish independence has vote “no”, with 10 per cent undecided. bench in a reshuffle, and the party is The regulator acted after establishing
fallen for the first time in three months beset by divisions over its approach to a in the constituency ballot for the elect- that CGTN was ultimately controlled
as voters increasingly see the SNP as a It also found a drop of eight points — second referendum and trans rights. ion, with 43 per cent planning to back by the Chinese Communist Party.
divided party. to 42 per cent from 50 per cent last the nationalists on regional list votes.
month — in the number of Scots who Chris Hopkins, associate director at Raab said: “This will only damage
When undecided voters were exclud- thought the SNP was “united”. Savanta ComRes, said: “These figures The Tories remain in second place China’s reputation in the eyes of the
ed, the number of Scots backing separa- naturally have coincided with the on- with 23 per cent planning to vote for world.” The BBC said that it was
tion was 53 per cent, a fall of four points The party’s vote appears to be hold- going Salmond inquiry and while there them in their constituency and 21 per disappointed by China’s decision and
from January, with 47 per cent support- ing up before May’s Holyrood election appears to be very little direct impact cent backing them in regional ballot. that it reported fairly and impartially.
ing remaining in the Union. despite the row between Nicola Stur- on the SNP in terms of the Holyrood
geon, the first minister and SNP leader, voting intention, we do see a four-point If the results were to be mirrored in Last night a spokesman for the US
The research by Savanta ComRes for and her predecessor Alex Salmond. drop in the indyref2 voting intention, May the SNP would return a majority State Department said that it “abso-
The Scotsman found that 47 per cent of and increase pressure on Boris Johnson lutely condemns” the decision to ban
Joanna Cherry, the prominent SNP to agree to a second referendum. BBC World News and urged Beijing to
allow free access to media.

18 1GM Friday February 12 2021 | the times

News JONATHAN JACOB

Schools lose out What they are owed
on millions after
lettings firm fails Ark Walworth Academy £124,073

Paul Morgan-Bentley also borrowed hundreds of thousands Scott Warrington and Paul Andrews managed the rental of school sports facilities Harris Academy Bermondsey
of pounds from the company to help to £81,504
Head of Investigations buy a family house and a holiday home Andrews and Warrington are prepar- equally by Andrews, Warrington and
and leased cars including two Porsches. ing a proposal for repaying their loans. their wives, also owed staff more than Haggerston School £73,773
State schools have lost millions of £160,000 in wages and holiday pay
pounds that would have benefited dis- SLS, founded in 2012 by Paul An- An administrator’s report also in- when it shut, although they are being Ark Elvin Academy, north London
advantaged children after the collapse drews, 39, and Scott Warrington, 38, cludes in the company’s assets four cars repaid in full. At the time of the admin- £64,813
of a company that managed lettings. managed bookings at about 300 En- that were leased in 2018: two Porsche istrator’s report it owed HM Revenue &
glish schools and reported income Cayennes, a VW Transporter and an Customs at least £700,000, mostly in Ark Burlington Danes Academy,
School Letting Solutions (SLS), above £13 million in 2019. With schools Audi Q7. Andrews and Warrington said unpaid tax and national insurance. west London £61,097
which arranged for school facilities closed and team sports banned for long the leases were for company use in 2018
such as football pitches to be hired dur- periods over the past year, the company and did not affect the company’s ability Schools are expected to get some Pensby High School, Merseyside
ing evenings and weekends, has closed could not generate enough to keep run- to pay back money owed during the money eventually, but it may be between £55,066
because of the pandemic. Hundreds of ning. It owes schools £4.16 million. Nine pandemic. SLS, which was owned 3.3 and 8.8 per cent of what each is owed.
schools are owed money including the are owed more than £50,000 each. Kettering Science Academy £54,874
Ark chain of 37 academies, which has
lost almost half a million pounds. Harris Academy Bermondsey, in Stoke Newington School £54,777
southeast London, is owed £81,500. A
Some of the worst-hit schools said spokeswoman for the Harris Federa- Derrick Wood School, Kent £50,929
that children who had already lost out tion said: “Income from lettings is used
on learning during lockdowns were to provide the kind of opportunities Christ’s College Finchley £49,545
likely to go without books, trips and that would be standard issue for
supplies for music, art and science that wealthier children.” Ark All Saints Academy, London
the income would have funded. £48,066
Andrews and Warrington took
The Harris Federation, an academy £455,000 in loans from SLS between Amersham School £46,887
trust with 50 schools in London and 2013 and 2019 in lieu of salary. Warring-
Essex, has lost £176,000. It is fund- ton also borrowed £274,000 from the John Henry Newman Catholic
raising to try to make up the shortfall company in August 2019 to help him College, West Midlands £46,669
but said: “This loss of income will di- and his wife Laura, 38, to buy a five-bed-
rectly impact disadvantaged children.” room detached house in Lancashire. In Blessed Robert Sutton Catholic
May 2019 the firm lent £267,506 to a Sports College, Staffordshire £46,182
SLS took payments for events and company owned by Andrews and his
matches and kept the money until wife, Jackie, 37, to help them to buy and Ark King Solomon Academy,
schools invoiced for their share. Typi- refurbish a holiday lodge in the Lake London £45,926
cally schools received payments annu- District. Creditors have been told that
ally so, in some cases, money from 2019 Ormiston Chadwick Academy,
has not been passed on. The owners Cheshire £42,471
Barnwell School, Stevenage £41,994

Andrews and Warrington said that
they “always acted in good faith” and
had decided to take loans from the
company on professional advice more
than a year before it failed, when it was
“financially robust”.

They said they were “heartbroken”
about the impact the losses would have
on disadvantaged children. Since SLS
was founded it enabled millions to be
generated for schools through lettings.

the times | Friday February 12 2021 1GM 19

News

Police scan 13,000 faces to catch one suspect

Fiona Hamilton offenders and then set up the cameras alerts, seven were wrong and only one concerned about issues of bias as stud- sioner, has said that the technology
in a specific area to scan faces. The tech- was a match that resulted in an arrest. It ies have shown that some technology is used by the Met was proven not to have
Crime and Security Editor nology alerts officers to a potential involved a 35-year-old woman who had more likely to send alerts on black an ethnic bias.
match. They then have the opportunity failed to appear in court in connection people. There is also an issue of the pro-
The country’s biggest police force made to intercept the suspect and, if appro- with a serious assault on a member of portionality of scanning thousands of Susan Hall, who leads the Conserva-
only one arrest after scanning more priate, make an arrest. the emergency services. faces to identify one criminal. tives on the Greater London Assembly,
than 13,000 people with facial recogni- said: “Facial recognition is a promising
tion technology. Last year the Met used it three times. Forces use different technology but Silkie Carlo, director of Big Brother tool which can get dangerous individu-
When about 4,600 faces were scanned generally the cameras measure the Watch, said: “The police’s own data als off our streets. However, by only
The biometric surveillance was last February against a list of nearly structure of a face, including the dis- shows facial recognition surveillance is uploading a fraction of its wanted list,
wrong on seven of the eight occasions it 6,000 wanted people in Stratford, east tance between the eyes, nose, mouth dangerously inaccurate and a waste of the Met is severely limiting the number
picked out a face in the crowd to Metro- London, the cameras did not identify a and jaw. When they find a match they public money, let alone a serious assault of criminals this technology can ident-
politan Police officers. single suspect. The cameras were used alert the phones of officers, who decide on our civil liberties.” ify. Around the world police forces are
nine days later in Oxford Circus but the whether to speak to the person or not. linking facial recognition to CCTV net-
The Met and other forces have her- operation stopped after a fault. Last year the Court of Appeal ruled works and extensive databases of
alded facial recognition as a fantastic Human rights and privacy cam- that South Wales police’s use of live wanted criminals. If we want to see
crime-fighting tool but privacy cam- A week later at Oxford Circus 8,600 paigners say that false alerts could lead facial recognition technology was results, the Met must fully embrace this
paigners say that the intrusion is too faces were scanned against a list of to innocent people being stopped and unlawful and breached human rights. technology too.”
great given the low success rate. more than 7,200 suspects. Of the eight in some cases arrested. They are also
Dame Cressida Dick, the commis-
Police compile a list of wanted

Drink-drive KATIELEE ARROWSMITH/SWNS
road deaths
at highest
in a decade

Graeme Paton Transport Correspondent From the heart Catherine Malcolm and her fiancé, Murray Harrison, spent £250 decorating their house in Edinburgh for Valentine’s Day to cheer up their neighbours

The number of road deaths involving Officers have little confidence in stop-and-search
alcohol has risen to its highest level in a
decade, putting pressure on the govern- Fiona Hamilton for white people and 51 per cent overall. power. It’s very interesting to see that number of scenarios before they use
ment to cut the drink-driving limit. Officers carried out more than 17,000 the number of black people being stop-and-search. The force says that
Police confidence in exercising stop- searches of black people in May, which searched reduced over the summer issues concerning disparity are dis-
Figures published by the Depart- and-search powers is “fragile”, a senior dropped steadily to 7,201 in September. considerably. Was that a result of Black cussed and officers are well versed in
ment for Transport showed that an officer said yesterday as it emerged that They rose slightly again but fell to 7,085 Lives Matter? I don’t know. Officers live the use of the tactic before they go out
estimated 280 people were killed in the number of searches had declined last month. in London, they’re aware of [the issues].” on the beat.
drink-driving crashes in 2019. This was sharply since the Black Lives Matter
up from 240 a year earlier and was the protests. The news came after footage of a Asked about the use of stop-and- Dame Cressida Dick, commissioner
highest annual total since 2009. number of controversial stops went search he said: “I can’t answer for every- of the Met, has repeatedly said that
Some officers at Scotland Yard be- viral on social media, prompting allega- one but . . . we have officers that say, intelligence-led stop-and-search was
The figures also showed a rise in the lieve that the tactic is “more trouble tions of racism. They included a vehicle ‘It’s not happening, unless I see the vital for the prevention of violence. Last
number of people killed or seriously than it’s worth” after police were ac- stop of the Team GB athlete Bianca knife sticking out their back pocket’.” week Sir Stephen House, her deputy,
injured in crashes where at least one cused of abusing their power and racial- Williams, who accused the Met of racial said officers would continue to carry
driver was over the limit, with 2,110 ly profiling the black community. profiling after she and her partner were Other officers, he said, remained out “disproportionate” searches of
recorded in 2019. This was up by 11 per separated from their baby son when confident about their use of the power. young black men because they were
cent in 12 months and was the highest New figures show that the use of they were dragged from their car and more likely to be stabbed and killed.
number since 2011. Drink-driving stop-and-search against black people handcuffed. The police watchdog is still A report last year by the Independent
accounted for 16 per cent of road more than halved after Black Lives investigating. Office for Police Conduct concluded Last night Nusrit Mehtab, a former
deaths, the figures indicated. Matter rallies during the summer. The that the legitimacy of such searches in Met superintendent, called on Dick to
protests followed the death last May of Superintendent Simon Rotherham, London was undermined by a lack of resign. Speaking to Channel 4 News,
The department said that the figures George Floyd at the hands of police in from the Met’s stop-and-search central understanding about the impact of she accused Dick of “wilful blindness”.
were provisional estimates based on Minneapolis, Minnesota. team, said: “The thing that has been disproportional use of the tactic, poor Mehtab is suing the force for con-
investigations by the police and evident over the last few years is just communication and consistent use of structive dismissal, race, sex and reli-
coroners into road collisions. Final Between May and January searches how fragile officer confidence is around force over seeking co-operation. gious discrimination, harassment, and
figures for 2019 are due to be published of black people in London fell by nearly stop-and-search. It’s a discretionary victimisation.
this year. 60 per cent compared with 47 per cent The Met has developed a training
exercise in which officers undergo a
The disclosure angered road safety
campaigners, who have repeatedly crit-
icised the government’s refusal to cut
the drink-driving limit.

The limit in England and Wales —
80 milligrams per 100ml of blood — has
been unchanged since 1967 and is the
highest in Europe. The Scottish gov-
ernment reduced it to 50mg in Decem-
ber 2014 and Northern Ireland has leg-
islated to follow suit.

A report last month from the Parlia-
mentary Advisory Council for Trans-
port Safety (Pacts), which advises MPs,
said that progress on drink-driving had
“ground to a halt” over the past decade
and urged the government to cut the
limit in England and Wales to match
that in Scotland. It also called for a “zero
limit” for drivers such as those who had
just passed their test, young motorists
and people who drive for a living.

The report said that it would have a
“positive, totemic impact”.

David Davies, executive director of
Pacts, said that the 2019 figures “high-
light the need for a new and more deter-
mined approach to drink driving”.

Joshua Harris, director of campaigns
for Brake, the road safety charity, said:
“Despite a supposedly proud road
safety record, improvement on UK
roads is stagnating and in need of a
jump start. The government must
urgently review and reduce the drink-
drive limit in England and Wales, which
now has the dubious honour of being
the highest in Europe, to help stop the
rot on drink-driving.”



the times | Friday February 12 2021 2GM 21

Toy museum ALAMY; SAM MELLISH; MICHAEL OCHS ARCHIVES/GETTY IMAGES; News
that inspired
Bowie fights Scan hope
for survival for prostate
tumours
It was beloved by
Robert Louis Pollock’s has thrilled children would “come back with all Its owners said that the Hannah Mays
Stevenson and inspired and adults, including David sorts of things and pin them immediate danger of
David Bowie and Bowie, since Victorian times on the wall”, according to closure had been averted by A “prostagram” scan developed by
Angelina Jolie, but but the pandemic has left it his manager. However, the more than £16,000 in British scientists could catch 40,000
Britain’s oldest toy museum desperately short of funds pandemic and lockdowns donations, replacing the more cases of prostate cancer a year and
now needs help to stave off have left the museum on amount it would have taken pave the way for national screening.
closure (Kaya Burgess has also found a home. the brink of financial ruin, in from visitors and its
writes). Bowie is thought to have according to an online shop. The target has been Mammograms have enabled a
fundraising appeal. reset to £25,000. national breast cancer screening pro-
Pollock’s Toy Museum in been a regular visitor, and gramme but there has been nothing as
London houses a collection effective for prostate cancer.
of mainly Victorian toys in
a shop founded by Every year about 12,000 men die of
Benjamin Pollock, a the cancer, and many put off checks
printer, in the 1850s. that involve a rectal examination. The
new scan avoids the need for intrusive
The shop is said to have tests and is the first time that any scan
enchanted the author of has been accurate enough to be consid-
Treasure Island, who ered for a screening test.
apparently said: “If you love
art, folly or the bright eyes Scientists at Imperial College
of children, speed to London developed the technology and
Pollock’s.” the results of a trial involving 408 men
were published yesterday in Jama
It was turned into a Oncology.
museum in the 1950s by
Marguerite Fawdry, The short, non-invasive procedure
whose grandson Eddy uses MRI techniques and is modelled
and great-grandson on breast cancer screening. Professor
Jack run the business Hashim Ahmed, senior author and
today. Toy theatres, chair of urology at Imperial College
puppets and Eric, who at London, said: “Prostagram also has the
115 is one of the world’s potential to detect more aggressive
oldest teddy bears, crowd cancers earlier and pass over the many
the shelves. A toy mouse cancers which don’t need to be diag-
made of clay from the nosed.”
banks of the Nile which is
more than 4,000 years old Researchers found that Prostagram
picked up twice as many prostate
cancers as the standard prostate
specific antigen blood test. The cancer
affects one in eight men and is the most
common in Britain.

Simple urine test may take pain out Alarm over
of invasive cancer check for women new death in
Baby P area

Katie Gibbons invasive test. The research team, who need for unpleasant, invasive, anxiety- 15 per cent. Professor Crosbie said: Jonathan Ames Legal Editor
published their analysis in the journal provoking and expensive procedures. “New strategies to facilitate early dia-
A urine test to detect womb cancer Nature Communications, say that the Our test could offer a simple, accept- gnosis of womb cancer are urgently The local authority at the heart of the
accurately could put an end to invasive tool could be incorporated into clinical able and easy-to-administer solution needed to enable curative hysterecto- Baby P scandal took a “bewildering”
and painful hysteroscopies for thou- practice once large-scale trials have that could be used in primary care for my for women who present with bio- decision over another child who went
sands of women, research suggests. been carried out. women with suspected womb cancer.” logically aggressive disease. on to die of horrific injuries, a coroner
has said.
Scientists at Manchester University They tested the device on 103 women The disease is the sixth most com- “However, though postmenopausal
have developed a cancer test that uses a known to have cancer and 113 with mon cancer affecting women, with bleeding is a recognisable symptom, Haringey council’s actions were
microscope to view samples collected unexplained postmenopausal bleeding. only 5 to 10 per cent of women with it highlighted after Lily-Mai Saint Ge-
at a patient’s home. The proportion of women with womb Emma Crosbie have sinister underlying pathology. So orge was taken by ambulance from her
cancer identified by the new tool was says the test will this test, if adopted, will put these home in north London in 2018 and died
At present women are diagnosed by 91.7 per cent. The proportion of women put minds at rest patients’ minds at rest.” two days later at Great Ormond Street
using a narrow telescope, called a without womb cancer who tested nega- Hospital. St Pancras coroner’s court
hysteroscope, to examine the inside of tive with the method was 88.9 per cent. about 382,000 new diagnoses and Womb cancer is known to shed was told the ten-week-old had suffered
the womb, where a biopsy is taken. 89,900 deaths worldwide in 2018. Most malignant cells through the cervix into 19 fractured ribs, a serious head injury,
Emma Crosbie, who led the univers- women who present early after the the lower genital tract. These cells can an eye injury, spinal injury and bruises.
A third of women who endure the ity research team in collaboration with onset of postmenopausal bleeding have be collected from the vagina by a gentle
procedure must have it repeated, how- Manchester University NHS Founda- a good prognosis. washing out with water or from self- Lily-Mai had been born prematurely
ever, because of technical difficulties or tion Trust, said: “Our results show that collected urine samples. and her parents, Lauren Saint George
intolerable pain, research has found. womb cancer cells can be detected in However, 20 per cent of women and Darren Hurrell, had only looked
urine and vaginal samples using a present with advanced disease and The team is testing a cohort of after her for six days after her discharge
Thousands of women who do not microscope. have a five-year survival rate of just 2,000 women with suspected from hospital. Yesterday a coroner
have womb cancer also undergo the endometrial cancer to show how well ruled that her death was unlawful.
procedure as a precaution, with huge “Women who test positive with this the test works. However, the inquest was told that the
costs covered by the NHS. test could be referred for diagnostic police said there was insufficient evi-
investigations while women who test If this trial is a success they say that dence to charge either of her parents.
The new method can detect the negative are reassured without the the device could be rolled out across the
cancer by looking at a urine or vaginal NHS in three to five years. Mary Hassell, the senior coroner,
sample, with the same accuracy as the questioned why Haringey council in
London agreed that Lily-Mai could be
Fire brigade advice still not updated after Grenfell discharged into her parents’ care de-
spite concerns expressed by doctors.
Fariha Karim 72 people died, found that the “stay put” The watchdog carried out an inspec- because of the pandemic, Parr added She said that “Haringey children’s ser-
advice had contributed to loss of life. tion into the LFB to assess its progress that the LFB had explained it was also vices did facilitate that discharge and
The London Fire Brigade may be no on recommendations made in October because of “the need for consultation that is ultimately bewildering to me”.
better prepared to face a fire like that at Matt Parr, HM Inspector of Constab- 2019 by the first stage of the inquiry led on the revised and new policies”.
Grenfell Tower than it was four years ulary and Fire & Rescue Services, said by Sir Martin Moore-Bick. It said that Both parents denied assault and say
ago, the fire services watchdog has said. that the LFB had failed to fully address of 29 recommendations it had exam- Richard Mills, deputy commissioner that her injuries could have happened
all its failings in its response to the fire. ined, only four had been completed. of LFB, said: “We know there is more we after a pram toppled over on a bus.
Advice to “stay put”, a directive re- can do and must do to keep Londoners
quiring tower block residents to remain In particular, a new policy on when “The brigade still is not in a position safe and we will continue to work hard, Hassell said she will make a preven-
where they are in the event of a fire, had and how to transition from “stay put” to to assure itself that if something similar to not only complete all of the recom- tion of future deaths report to Haringey
still not been updated as part of policy, “get out” had not yet been implement- to Grenfell happened again, its re- mendations but to continue our learn- council, whose children’s services were
the watchdog revealed. An inquiry into ed, though “the fire brigade has encour- sponses would be vastly improved,” ing so that we can adapt and reduce the criticised over their handling of Peter
the 2017 fire in west London, in which aged the use of operational discretion Parr said. While some of the delay was number and impact of fires.” Connelly, known as Baby P, who died in
to a greater extent than it did”, he said. 2007 aged 17 months, and Victoria
Climbié, who died in 2000 aged eight.



the times | Friday February 12 2021 2GM 23

Judge’s death in News

STEPHEN LOVEKIN/REX/SHUTTERSTOCK; KEVIN MAZUR/MTV1415

paradise leaves

six-year bribery

trial on brink Taylor Swift has re-recorded
her 2008 album Fearless,
Sean O’Neill Chief Reporter islands, led since 2016 by Sharlene above, after Scooter Braun,
Cartwright-Robinson. Britain provided below with Ariana Grande,
Thirteen years and £75 million after financial support to kickstart the legal bought her back catalogue
Britain began an inquiry into political process but the bulk of the £75 million
corruption in paradise the man at the cost has been met by local taxpayers. Look what you made rights in Fearless are understood
centre of the allegations is on the cusp me do: Swift re-records her to sound the same as the
of walking free. The British prosecution team led by tracks 2008 versions, and she
Andrew Mitchell, QC, a respected Taylor Swift has albums were bought by “stripped has added six songs that
Michael Misick resigned as premier fraud barrister, would also lose some remade her Scooter Braun, an me of my did not make the first cut
of the Turks & Caicos Islands in 2009 face. In his opening statement in 2015 2008 album American music mogul, life’s work”. because she did not want
after a UK government commission Mitchell said that he hoped the case Fearless in the in 2019, without her too many break-up tracks
found a “high probability of systemic would last six months. first step of a knowledge or consent. Yesterday or down-tempo ballads on
corruption or serious dishonesty” in plan to regain control of Swift said that the original album.
the British overseas territory. Reginald Armour, QC, for the de- her back catalogue Swift, 31, has previously she was in the process
fence, said that the judge’s death should (Matthew Moore writes). accused Braun, 39, of of re-recording all six Her new version of
Misick, 55, accused Britain of mount- lead to the case being stopped. “The case “incessant, manipulative records — allowing fans Love Story, the first single
ing a coup and fled to Brazil but was has run its course,” he told The Times. The master recordings bullying” and claimed to stream and buy from the album, was
extradited to the islands in 2014. “The prosecutor said it would take six to the singer’s first six that his ownership of versions of the tracks that released last night, with
months and we are now in the sixth she controls, rather than the extended album
Since December 2015 he and several year. It has been an interminable length the originals owned by
political associates have been on trial of time and at vast public expense. Now Braun. The tracks on Fearless (Taylor’s Version)
on corruption charges centred on the judge has died the public interest re- expected to be available
alleged bribery over the sale of Crown quires there should be no further trial.” in April. Swift said on
land. The future of that trial is now un- Instagram: “Artists
certain after the death this week of the Observers argue that it would be a should own their work for
monumental and expensive task for a so many reasons, but the
Michael Misick new judge to get to grips with the case. most screamingly obvious
allegedly spent one is that the artist is
public funds on his Misick, once married to LisaRaye the only one who really
wife at the time, McCoy, an American actress, faces knows that body of
LisaRaye McCoy charges including conspiracy to receive work.”
bribes, conspiracy to defraud the gov-
veteran judge who had been presiding ernment and money laundering. Prose- She added: “This
over the case without a jury. cutors claim that he and others benefit- process has been more
ed from illegal sales of Crown land.
Mr Justice Paul Harrison, 84, died at fulfilling and
his home in Jamaica from where he had Misick, who denies all the charges, is emotional than
been presiding remotely because of accused of misusing public funds by I could’ve
Covid-19 rules. spending $23,000 on a wardrobe stylist, imagined
$110,000 on a boat charter for McCoy and has
The Turks and Caicos’ director of and $150,000 on furniture for his home. made me
public prosecutions is expected to make even
a decision on the future of the case next The trial has sat for 490 days but has more
week. There is pressure for it to be often appeared mired in paperwork deter-
halted and public concern at the cost. with 200,000 pages of documents and mined to
more than 2,000 witness statements. re-record
Abandonment of the case would be The prosecution case lasted two and a all of my
embarrassing for Britain, which im- half years, concluding in September music.”
posed direct rule on the islands from 2018. Proceedings were then severely Braun got
2009 to 2012 to try to restore good gov- curtailed by Covid-19 restrictions.
ernance. Governors appointed by the master rights
Westminster still supervise the admin- This year one defendant, the former — separate from the
istration and have responsibility for health minister Lillian Boyce, pleaded composition copyright —
foreign affairs and defence. Nigel Da- guilty to misconduct in public office to six albums including
kin, the present governor, is a specialist and was ordered to repay $1 million. Red and 1989 by buying
in security and counterterrorism. her former record label
A spokesman for the prosecution Big Machine. Swift
A failure to secure verdicts will also authorities said: “It is for the DPP moved to Universal Music
be a blow for the government of the [director of public prosecutions], Group in 2018.
having considered all the appropriate
and relevant factors, to make the
decision as to what happens next.”

Big polluters pick up £17bn in tax breaks Fortnum & Mason finally
delivers coup de foie gras
Oliver Wright Policy Editor This includes examining plans for new waste to landfill over the period,” the
carbon taxes and charges across all in- NAO said. “However, HM Revenue & Andrew Ellson Ethical Treatment of Animals to picket
Ben Webster Environment Editor dustries. The NAO said: “While the ex- Customs estimates that the misclassifi- the shop.
chequer works with the departments cation of waste at authorised landfill Consumer Affairs Correspondent
Ministers are giving tax breaks worth who lead on environmental strategies, sites and waste disposed at unauthor- Yesterday a spokesman for the store
nearly £17 billion a year that subsidise they do not plot the role of the tax ised sites reduced landfill tax revenue Fortnum & Mason has decided to phase said: “This decision was made last year
carbon-polluting industries, according system in helping government achieve by around £275 million in 2018-19.” out the sale of foie gras. as part of an ongoing focus on the way
to the National Audit Office. each of its environmental objectives.” we do business.”
Meg Hillier, the Labour MP who The department store in Piccadilly,
The watchdog said that the Treasury The report highlighted tax on landfill chairs the Commons public accounts central London, will no longer restock Moore’s widow, Kristina Tholstrup,
knew too little about the impact of the waste that had led to more fly-tipping committee, said: “The fact that neither the controversial product when its sup- said yesterday that her husband would
government’s tax and spending priori- and organised crime and which costs the Treasury nor HMRC can say what plies sell out. The last few tins are still have been delighted at the news and
ties on its ambition to reduce emissions. taxpayers at least £275 million a year in impact environmental taxes are having being sold on its website. that he had urged Fortnum & Mason
lost revenue alone. The tax has reduced on the environment speaks volumes.” “to stop selling this product of horrific
It pointed out that the government the amount of waste being dumped in 6 The government has announced For more than a decade Fortnum & cruelty”.
had given £70 million in tax relief for landfill sites but has “also increased in- plans to fit millions more homes with Mason has resisted pressure from
projects with environmental goals, but centives for organised criminals to es- water meters, designating parts of En- campaigners to stop selling what they Selfridges stopped selling foie gras in
this was dwarfed by subsidies to tablish illegal sites and for the illegal ex- gland served by companies including describe as “torture in a tin”. The rich 2009 although in 2012 a butcher at the
carbon-intensive industries. These in- porting of waste as well as fly-tipping”. Severn Trent Water, South Stafford- pâté is made from the liver of duck or store was sacked after being found sell-
cluded £5 billion supporting lower gas shire Water, Wessex Water, Ports- geese that have been force fed. ing the product “under the counter”.
prices by zero rating VAT on fuel, and “Between 1998 and 2014 HM Trea- mouth Water and Cambridge Water as
subsidising aviation fuel by £4.8 billion. sury increased the standard rate of under “serious water stress” because of Joanna Lumley, Ricky Gervais and The government is considering a ban
landfill tax by 700 per cent in real terms, climate change and population growth. the late Sir Roger Moore were for years on the sale of foie gras in Britain. Farm-
Ministers claimed to be making plans contributing to a 65 per cent fall in total part of a campaign by People for the ing the product is already banned.
to “better incorporate environmental
considerations into the fiscal system”.



the times | Friday February 12 2021 1GM 25

Trump’s trial is a bear trap Comment
for the Republicans
Gerard Baker
Page 27

Britain and US at odds over Saudi arms sales

Relations could be strained by the UK’s reluctance to go along with Biden’s ban on selling weapons for Yemen conflict

James before Biden took office. She did so highlight the risks to power-sharing ALAMY the Yemen conflict. But if one was
Forsyth in defiance of the very public arrangements created by the Good made it would put the UK in a very
concerns of his national security Friday agreement if solutions can’t British-built Tornados have played a difficult position. Manufacturing jobs
@jgforsyth team. She is also determined to be found. leading role in the Saudi air force in this country would be pitted
continue with the Nord Stream 2 United Arab Emirates, which is also against the importance of
Joe Biden’s speech at the State pipeline despite US opposition; it will Biden’s speech did, though, involved in the conflict, are likely to maintaining ties with the new
Department last week was full increase Europe’s dependence contain a policy that could put strain grow. Some Tories take a very brass administration.
of the old religion you’d expect on Russian gas and undermine on the Anglo-American relationship. tacks view of this. They argue that
from a veteran of his country’s Poland and Ukraine. Such trends in He committed himself to ending these sales will bolster our defence Ultimately, given the links
postwar heyday. He preached German foreign policy may become American support for offensive industry, leading to the creation between American and British
that “American leadership must meet more pronounced under Armin operations in Yemen, where a Saudi- of high-quality manufacturing jobs defence industries and the
this new moment of advancing Laschet, Merkel’s likely successor this led coalition has been embroiled and bolstering Britain’s technology importance of the relationship,
authoritarianism” by stopping China autumn. with Iranian-backed Houthi rebels in base. The oldest arms sale argument London would probably have to
from rivalling the US and preventing a civil war since 2015. of all applies too: if we don’t sell accede to such a request. As one
Russia from disrupting its For reasons of history and culture, them, the French will. They are foreign policy veteran puts it: “The
democracy. He says he wants to Britain has always been happier with This has caused some surprise on Saudi Arabia’s third biggest supplier UK’s most important relationship in
rebuild the muscle of democratic American leadership. This is why the British side. One diplomatic and haven’t imposed an export ban. the Middle East is with the US.”
alliances that “atrophied” during the despite Biden having once dismissed source describes Biden’s move,
Trump administration. But is the Boris Johnson as a “physical and which includes a freeze on US arms There is also a particular But the move has left many in the
world, and Europe specifically, ready emotional clone” of Trump, the sales to the Saudis that could be used sensitivity about ending arms sales to British security establishment
for the return of US leadership? British government has found the in the conflict, as a “domestically the Saudi-led coalition at a time wondering what this means for the
transition to the new administration driven policy”. Britain is, for the when Britain’s straitened public broader US-Saudi alliance. Opinion
The Trump years gave the West a easy. London is comfortable with moment, clear that it won’t follow finances make Gulf investment is divided between those who see this
taste of what life would be like Washington’s new positions on the US down this path. One minister particularly attractive. as Biden merely seeking to address
without American leadership. Russia and China in a way that who takes a particular interest in the the humanitarian crisis in Yemen
Emmanuel Macron’s talk of neither Paris nor Berlin is. issue says there is “no indication we I understand that there has been and others who think that the
European strategic autonomy made are going to fall in line behind them”. no request from Washington for murder in 2018 of the Washington
sense in a world in which the US It has also helped that the London to follow its lead and halt Post columnist Jamal Khashoggi at
president was clearly ambiguous British arms sales to Saudi Arabia the sale of arms that could be used in the hands of people close to the
about America’s commitment to The old argument are significant. A court ruling that Saudi crown prince has helped to
Nato. But what happens now that applies: if we don’t sell ministers had not properly assessed shift American attitudes against the
Biden wants to lead again? them, the French will the risk of civilian casualties in the kingdom and hasten the end of a
Yemen conflict led to a temporary relationship that did so much to
Angela Merkel spent the Trump government has looked like a halt in 2019. Britain started to grant shape the postwar world.
years being hailed as the real leader dependable defender of the rules- export licences again last summer.
of the free world. She was his based international order since Biden Between July and September the But the US-Saudi alliance, and the
opposite in many ways: her calls for was sworn in. It was the EU that UK sold more than £1.3 billion of Middle East generally, is less
dialogue contrasted with his bombast invoked, albeit briefly, Article 16 of weaponry to the Saudis. important strategically than it once
on Twitter. But we now have a the Northern Ireland protocol. It is was. The focus is shifting to Asia,
president who makes an articulate the EU which is flirting with both Riyadh has long been an where London and Washington are
case for why the democratic world vaccine nationalism and the Russian important customer for British arms, in alignment on how to handle
must take on China and Russia. jab, which has raised eyebrows in as shown by the Thatcher Beijing and the threat that it poses.
This causes problems for Germany Washington. As the arguments over government’s aggressive pursuit of
which seeks warmer relations with the Northern Ireland protocol the Al-Yamama deal in 1985. Over James Forsyth is political editor of
both countries. intensify, the government should the last decade Saudi Arabia has
take care to remain on the moral accounted for roughly 40 per cent of The Spectator
Merkel used Germany’s presidency high ground. Unilaterally disapplying UK arms exports, making it the
of the EU Council to push through parts of the protocol would biggest purchaser of our weaponry. red box
an EU-China investment treaty undermine Britain’s international People familiar with the financing of
position. It would be far better to the Typhoon aircraft programme For the best analysis
think it would be unviable if the and commentary on
Saudis lost interest in it. the political landscape

The Biden ban means that British thetimes.co.uk
arms sales to both Saudi and the

26 1GM Friday February 12 2021 | the times

Comment

We need to care more about what we eat

Industrial farming has given way to innovation combining care of the soil with much better food

Ed Farming is usually ignored by look at the use of chemicals. And far ago, the next big thing these days is It shouldn’t be taboo
Conway economists who tend to sniff at from spraying ever more pesticide, it something called regenerative for a corporate boss
anything that accounts for less than turns out that since 1990 farmers in farming. to speak his mind
@edconwaysky a percentage point of gross domestic the UK have reduced their use of Jawad Iqbal
product (agriculture is 0.7 per cent). everything from fungicides to The principle is broadly similar to
Have you heard about the It is a peculiar business, seasonal and herbicides by more than a half. Far organic: to farm in a way that better The next time the
nitrate time bomb? It’s a erratic, where output from one year from covering their crops with ever safeguards the environment and accounting giant KPMG
kind of slow-motion to the next is affected by things that more fertiliser, they are using far less: produces better food. But while the advertises for someone to
hangover from our statisticians can’t easily adjust for. So the quantity of phosphates and organic rules prohibit chemicals and take charge of the
agricultural past. The when agriculture hits the headlines nitrogen per hectare has fallen by allow ploughing, regenerative farms company it should make
story starts in the middle of the 20th nuance goes out of the window and 50 and 40 per cent respectively. discourage ploughing and allow clear that only those who have no
century when farmers doused their instead we get stories of ecological chemicals. They argue that their strong beliefs about how to run a
fields with fertilisers containing catastrophe, such as the nitrate time Even as farmers have reduced method might actually be better for business should apply.
nitrate chemicals. Crop yields went bomb, or tales of astronomical farm their reliance on these chemicals the long-term health of the soil,
through the roof but many of the payments given by the government. they have increased the amount they locking more carbon into it. Which That’s the only conclusion to draw
chemicals sank into the bedrock have been able to grow. The system is better? The jury is still out. from the sorry tale of Bill Michael,
beneath the soil and over the This is depressing both for farmers per-hectare yield of wheat, the the UK chairman of KPMG, who has
following decades have been and readers, and nor is it the whole biggest of all British cereal crops, has In practice, the two models been forced to climb down for daring
leaching into the water-bearing story. When you delve beneath the risen persistently since comparable overlap. Some farmers are organic, to speak his mind during an online
aquifers from which we drink. The surface there is something far more numbers began in the 1980s, hitting some regenerative and some both. staff meeting about pay and
result is that many of Britain’s water a record of nine tonnes per hectare But they are evidence of something conditions. His fate is to step aside
sources contain toxic blooms caused Brexit means that the each year on average in the five exciting: the era of industrial farming while a company investigation into
by fertilisers sprayed by farmers who government has fresh years to 2019. Something similar is has given way to a new generation of his conduct takes place. It speaks
died decades ago. levers it can pull here true of most crops: barley, oats, farmers who are doing things in a volumes about a corporate culture
linseed, sugar beet, potatoes. Yields more sustainable way. Britain’s that prioritises political correctness
There are plenty of these parables interesting going on, a tale of a have grown even as reliance on departure from the EU also means over plain speaking.
in farming. Because of the drugs fed sector becoming leaner and greener. chemicals has fallen. the government has fresh levers to
to cattle, new breeds of bacteria This is frequently ignored by pull here: why not replace those farm What exactly did Michael do
will emerge that are resistant to armchair environmentalists, many of The upshot of this is that when payments with ones that focus on wrong? He allegedly told employees
today’s antibiotics. There are the whom will only be satisfied when the you compare the overall productivity soil quality? Why not incentivise to stop moaning about working
super-weeds that have become so entire sector is either certified of the agriculture, forestry and farmers who put carbon back into conditions during the pandemic and
used to being sprayed with organic or rewilded. And on that fishing sector with the rest of the the soil rather than adding to told consultants asking about pay,
glyphosate, a common herbicide, that yardstick, things are not going economy, it turns out that it’s one of greenhouse gas emissions? pension and bonus cuts to stop
they are no longer vulnerable to it. especially well. As of 2019 only 2.6 the strongest performers. Farming “playing the victim card”. Hardly
per cent of farmland in this country productivity has risen by a whopping Of course, none of this counts for terrible given that hundreds of the
Many sectors suffer fallout from was organic, compared with an EU 69 per cent since 1997, which is more much if consumers don’t notice. Up firm’s partners still earned an average
unfortunate decisions like these. average of 8.5 per cent and more than legal services or the retail until now, Britons have typically of £572,000 each in 2020, despite the
What’s unique about farming is that than 20 per cent in countries such as sector and only slightly less than the spent less on food than our
the people now trying to set things Austria and Sweden. And while the computer manufacturing sector. European counterparts. As the He was merely voicing
right tend to be the sons and direction of travel in most of Europe quality of homegrown produce what others are too
daughters of those who took those is up, in Britain the share of organic None of this answers the question diminished, we simply didn’t seem to scared to say publicly
decisions a few decades ago. So how farmland has actually been falling. of why so few farms are organic but care. This week the Soil Association
are they doing? there is another intriguing said that sales of organic vegetables
But organic certification isn’t explanation, which is that many rose by more than 15 per cent in
everything; an alternative prism is to farmers might simply be following an 2019. But organic or not, if farming
alternative path. While organic in this country is to thrive, we all
badges were all the rage among have to start caring a bit more about
progressive farmers a decade or so what we eat.

Ann Treneman Notebook pandemic. In fact KPMG has
prioritised protecting its workforce:
Lockdown Thanksgiving, Christmas and New particular, the awe-inspiring watching the news when the Texas it did not furlough any of its 15,600
Year. Then I read that some families, California sequoia which is not so lawyer who became a cat was being employees in the UK and has
birthday gets emboldened by vaccines and rapid much a tree as a state of being. featured. She looked disgusted and not taken up any government
Covid testing, have started having then, of course, bored. But I think Covid-19 loans.
a sprinkling get-togethers again. And, you know Language of trees Mr I Am Not a Cat is on to
what, I hated them for it. Then I something. Surely all lawyers (and Even so, there was a tsunami of
of Superstar immediately felt guilty for being such S peaking of sequoias, can I note it specifically Donald Trump’s in the angry staff responses, accusing
a grump. is one of only a few English Senate hearing) would benefit from Michael of “lacking empathy” and
It was my birthday this week and, words of seven or fewer growing a few whiskers: furmidable, demanding he “check his privilege”.
as you ask, it was FINE. I mean God’s own garden letters that includes all as they say. This came after he is alleged to have
that in the English sense of the five vowels. Indeed, I dismissed unconscious bias training as
word which means, of course, For my birthday we drove the would go so far as to Thinnest island “complete crap”. Unconscious bias is
that it was possibly not fine. four miles from Bakewell to say it is the only seven- the fashionable idea that people hold
There was a small treat that involved Chatsworth and went for a letter word with five Asister sends a thank-you card stereotypes of others which lead to
leaving the house and getting into a walk in what may indeed be God’s vowels that is in (required in my family) for a discrimination in the workplace. Yet
car. (Did I used to do that every day? own garden. I am not sure if this frequent use. The calendar with scenes of Iona even those who support it question its
Was I mad?) broke any rules but it felt a only five-letter all- and Mull that we sent. “It was one of actual effectiveness: the government’s
delicious break from the usual vowel word is Iouea, the most ‘thin’ places I have ever own equalities office found there was
There were many cards and walking from home. a genus of sea been,” she writes. “This term ‘thin’ “no evidence” that the training
presents. Some, such as my new oven sponges. (Try was used by a nun we befriended on improved workplace equality. Michael
thermometer, veered into overly We have ambled working that into a our plane flight to Scotland in 2018. is guilty merely of openly voicing a
practical territory but, then, there are round countless times sentence today.) She said Iona was a thin place, where scepticism that’s shared by others too
no shops open. There was a Zoom but always find Other options the barrier between the spiritual frightened to say so publicly.
quiz involving my favourite music something new. This include eunoia world and the physical one was
and, no, I will not apologise for time it was the (beautiful thinking), thin.” Doesn’t that sound like the More broadly, too many firms are
believing Jesus Christ Superstar to be pinetum: a eulogia (blessing) and start of a novel? running scared of challenging
one of the finest musical soundtracks wondrous green miaoued, an alternative prevailing orthodoxies about
of all time. Thank you Andrew Lloyd cathedral of spelling of miaowed. Shelter from the storm workplace culture, to the point where
Webber (but not for Cats). soaring trees, Sequoia stands above voicing almost any view about staff
most of which them all. M y word of the week is performance has become a no-go
The family was chipper and were planted quinzhee which is a area. Strong leaders, unafraid to argue
healthy and, really, what more could almost 200 Catatonic feline Canadian snow shelter for their beliefs and values, have been
I want? But one daughter did point years hollowed out from a large pile of replaced by bland managers who
out that we hadn’t seen each other in ago by Our cat Lily B loose snow. Don’t confuse it with an climb the corporate ladder by keeping
the flesh for months. We have done Joseph doesn’t miaow igloo (built from blocks) or a snow quiet and staying on message.
three virtual birthdays and virtual Paxton with seeds/plants but squeaks. cave (made by digging). Could be
brought from abroad Apparently cats, useful this week. KPMG should have backed its
and specifically the USA. left to their own chairman instead of joining the witch-
How glorious to see the firs and devices, hardly miaow at all @anntreneman hunt. Michael has already apologised
pines of the Pacific northwest and, in anyway. Lily B happened to be to those who took offence at his
words. It should have been left at that.

Jawad Iqbal is a freelance writer

the times | Friday February 12 2021 1GM 27

Comment

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Trump’s trial is a bear trap for Republicans

Former president won’t be convicted but his party’s senators are damned if they support him and damned if they don’t

Gerard legal team he had originally hired to it’s reported, was not impressed. Wyoming, and Ben Sasse, a senator deploying much inflammatory
Baker defend him against the charge of Fortunately for Castor and the from Nebraska — have both been oratory, Trump called on his
incitement to insurrection. His wrath censured by their state Republican supporters in that speech to
@gerardtbaker had been fired, it seems, by president, unlike typical courtroom parties for daring to suggest Trump “peacefully and patriotically” protest
disagreements over the strategy they dramas, the outcome of this one isn’t committed impeachable offences. against the certification of the
In Jonathan Lynn’s 1992 comedy planned to pursue, as well as by the in any doubt. Conviction requires a election in Congress that day. It’s
My Cousin Vinny, Joe Pesci plays personal tensions that attend almost two-thirds majority in the Senate: 67 But vote to acquit Trump and they also true that the legal standard for
a small-claims personal injury any interactions with the notoriously votes. Given that it is split 50-50 risk forever being tied to the events incitement to violence is an
lawyer from Brooklyn with no prickly former president. between Democrats and Republicans of January 6, which a large majority exceptionally difficult one to meet
trial experience suddenly thrust it would take 17 members of the of Americans view as a violent effort and he probably didn’t meet it.
into an Alabama courtroom to The man chosen at short notice to president’s own party to vote for to overthrow constitutional
defend a young family member play the lead role of a lawyer conviction and that is as likely to government. But it’s also unavoidably true, as the
and his friend wrongly charged defending Trump on the Senate floor happen as an Alabama jury siding Democratic prosecutors have argued
with murder. was Bruce Castor, a 59-year-old with a defence attorney from While a handful of Republicans effectively this week, that Trump’s
former prosecutor from New York. seem set to vote to convict, the rest insistence since election day that his
The hapless and garrulous Pennsylvania who had apparently supporters had been cheated created
attorney has no clue about court never met Trump but who, like Democrats know this too. While They want him gone the conditions for the attempt to
procedures, legal dress or anything Vinny in the movie, gamely stepped the case against Trump is strong his but they don’t want to overturn the results.
else for that matter and the accused up when summoned. opponents are mostly hoping for be held responsible
seem doomed. But Vinny is nothing political opportunity from the This is the deeper reality that
if not persistent and his unorthodox It didn’t go well. impeachment exercise. Their refusal hope to navigate their dilemma by Republicans can’t avoid by their
courtroom manner eventually After Democrats from the House to call a single witness and their walking a fine procedural and narrowly drawn legal strategy:
produces crucial evidentiary imposition of a rushed timetable legalistic line. Trump and a large proportion of
breakthroughs that lead to the family The aim is to drive over just two weeks make a mockery their own supporters continue to
members’ acquittal. deeper the wedge that of any notion that this is a genuine Rather than defend Trump’s insist the election was illegitimate.
cleaves Republicans trial. behaviour directly, they argue the Their larger problem is that a
Donald Trump is a well-known trial itself is unconstitutional because significant proportion of their own
aficionado of popular culture and no of Representatives had presented an Their aim is not the explicit one of the former president has already left voters subscribe to a position that in
stranger to unorthodox legal emotionally taut indictment of the Trump’s conviction and his office and therefore can’t be important ways rejects the
strategies so it’s possible that in former president for his role in disqualification from office. It is to impeached. But this rests on dubious constitutional order.
mounting his defence this week in instigating the January 6 riot that drive deeper the wedge that cleaves legal grounds and so Republicans are
his second impeachment trial, he was engulfed Capitol Hill, Castor baffled the Republican Party. falling back on a narrow and precise Republicans in Congress are
invoking the spirit of Vinny Gambini. the assembled senators with a folksy defence against the impeachment playing a dangerous game. They want
disquisition at great length that Republicans are on the horns of an charge: that what Trump did in his Trump gone but they don’t want to be
Just days before the trial began in ranged from childhood recollections especially gnarly dilemma. Vote to speech on January 6 was not held responsible. In voting to acquit
the US Senate, Trump abruptly of listening to vinyl recordings of convict Trump and they will face the incitement but no more than the and free him to run for office again,
parted company with much of the famous senators to musings about the wrath of a party base that still usual sort of hyperbolic rhetoric that they are hoping fervently he will
internal politics of Nebraska. Trump, passionately supports the former all politicians use. never exercise that freedom. But
president. Two members of Congress there’s nothing in Trump’s record to
who have already expressed their It’s true that, in addition to suggest he will view an acquittal as
support for Trump’s conviction — anything other than a vindication.
Liz Cheney, a congresswoman from

28 2GM Friday February 12 2021 | the times

Letters to the Editor Letters to the Editor should be sent to
[email protected] or by post to
1 London Bridge Street, London SE1 9GF

Single-sex schools and the rush to co-ed Fossil hunter film

Ten years for lying Sir, Schools are set in distinctive local, Sir, Libby Purves’s article struck a for both sexes. Boys and girls need to Sir, Further to your report “Director
national and cultural contexts and chord with me, a head with long be prepared to play any role, bringing makes no bones about lesbian plot in
Sir, Sentencing law is complicated cannot be separated from these experience of teaching in both co-ed different attributes to the table, so fossil biopic” (Feb 11), why can’t we tell
and its practice is difficult. I know: I (“Don’t let girls’ schools vanish in the and all girls’ schools. Many studies that in the workplace they will be able Mary Anning’s story, which is truly
was a crown court recorder for 17 rush to co-ed”, Thunderer, Dec 10, and show that students at single-sex to sit comfortably beside each other, remarkable, without a focus on her
years. But one of the many reasons letter, Dec 11). Single-sex schools schools have more confidence than whatever their chosen path. sexuality? Her place in history is
that we do not shackle defendants in typically have extremely strong links their co-ed peers and perform better surely as a pioneer in palaeontology, a
the dock or have armed guards in with other schools in their area, with academically. At our school pupils can Our role as educators is to prepare discipline dominated by men, as most
court is because even those accused joint activities and in some cases concentrate on work and play in a young people for life. Exam results were then. Her gender, poverty and
of crimes that could lead to very long shared teaching of minority subjects. relaxed environment where there is may be the price of entry. Life skills lack of education are the key points, as
custodial sentences accept that our Children are hugely influenced by no need to impress; it’s fine for our are the ticket to success. And the idea is her treatment by the establishment,
laws command general respect and their home lives and extended families: sixth-formers to turn up for school of girls being “among the wolves to be not a made-up love story. Anning does
that the trial process is fair. their education is not restricted to looking like they’ve been dragged harassed or given scores out of ten” not need a relationship to “elevate”
their time in school. Hence, any through a hedge backwards — a rare misjudges the modern young man. her. Men rarely (if ever) seem to need
Announcing a maximum sentence assertion that children thrive simply freedom in today’s world. I think there Mark Semmence a love story to enhance their
of ten years for lying about where one because they attend either single-sex is less gender stereotyping in lessons, Headmaster, Repton School achievements. It’s depressing that in
has travelled from (report and letters, or co-ed schools is deeply problematic too. Teachers at girls’ schools are this day and age there is still a desire
Feb 11), even to stem the spread of and potentially flawed. specialists in getting the best out of Sir, I am unsure if maintaining all to define people according to whom
Covid-19, is not only disproportionate girls. They have a full understanding girls’ schools is a good thing. Like they find attractive. It just seems
but, worse, both silly and Many independent schools for boys of the particular issues pupils face and Libby Purves I attended a convent rather reductive.
counterproductive on so many levels. turned co-ed in the 1980s and 1990s will provide the support that helps school. During those formative years Helen Simms
Lord Garnier, QC for financial reasons, but some did so them most, increasing their the opposite sex was unknown Bristol
Solicitor-general 2010-12, London SW1 because of the perceived civilising confidence and building their territory and only those girls with
influence of girls. Few if any appear resilience. brothers had any idea about Fashion dilemma
Sir, The naive belief that threatening to have done so primarily for the Heather Hanbury masculinity, and that was fairly
the public with draconian benefit of the girls, even if Head mistress, Lady Eleanor Holles subjective. We then spent too much Sir, I am in heartfelt agreement with
punishments deters crime has long subsequently many girls benefited School, Hampton, Middx time learning about the other sex, to Hilary Rose (“You won’t catch me with
been discredited. In the 18th and 19th from the change. Parental choice may the detriment of pursuing other more no underwire”, Times2, Feb 10). An
centuries, most (and sometimes all) be a deciding factor for some, as Sir, Libby Purves is out of touch. If timely occupations such as getting underwired bra should be the worst of
felonies were punishable by death or Purves notes, but the child’s view is education is provided with girls in degrees and jobs. Some never quite my problems, but how on earth does
transportation for life. Crime just as (if not more) important. one space and boys in another, then got it right. The results are plain to one buy clothes to fit a 34GG cup with
flourished notwithstanding. This Dr Christopher Ray life beyond school will almost see — just look around. a 10/12 bottom — why is there always
remained the position until the Former high master, Manchester certainly prove difficult to navigate Catherine Harden the assumption that a big bust equals
abolition of capital punishment, and Grammar School; Oxenhope, W Yorks Reigate, Surrey fat? I’m 70 and am exasperated by the
the position has not changed with difficulty I have finding tops long
contemporary sentencing policy. The Obesity problem importance of the Treasury, construction. In any such case there enough to reach even my waist: the
deterrence of crime is dependent education, environmental planning, is a strong moral argument for the short look doesn’t do anything for me,
more on the likelihood of detection Sir, Alice Thomson’s reasoning is sports, culture, as well as health rectification costs to be paid by it just makes my bust look bigger.
than on sentencing practice. timely, sensible and pertinent (“After (indeed every central and local outright grants from public funds. Trying to find a coat that fits across
Peter Murphy battling Covid we need to fight flab”, government department). And an Philip Freedman, QC (Hon) my bust and isn’t big enough for two
Ret’d circuit judge; founding editor in Feb 10, and letter, Feb 11). I estimate understanding that strategies and London NW11 people on the bottom would be
chief, Blackstone’s Criminal Practice that there have been 15 government policies need to be sustained over comical if it weren’t so exasperating.
reports on obesity in the past 30 years rather than an electoral term. Sir, Some may wonder why a height of Ditto shirts with buttons that actually
Sir, Lord Sumption argues that a years, starting with “Health of the Peter Kopelman 18 metres is the trigger point for close across the bust and aren’t huge
maximum ten-year sentence for lying Nation” in 1992 and ending with Professor of medicine, UCL cladding relief. When originally drawn at the neck and cuffs. Need I go on?
about visiting a “Covid red list” “Tackling Obesity” last year. Health up, the building regulations established Mrs Ronnie Williams
country is disproportionate and of the Nation set out an objective of Cladding relief that 18 metres was the maximum Guildford
would never be imposed by a court. achieving prevalence rates of obesity reach of a firefighter’s turntable ladder.
Surely then it provides the best of seen in 1980 (8 per cent of adult Sir, The government’s proposal to It now seems to be the criteria for Eton expulsion
both worlds: a disincentive on the women and 6 per cent of adult men instigate a loan scheme for the cost of resolving claims and assistance, hardly
part of the risk-averse majority to by the year 2000); the targets were replacing cladding is not appropriate a robust methodology. Sir, Professor Sir Bryan Thwaites
endanger the life of others in a public quietly dropped one year later, which where the cladding was permitted Norman McLean states (letter, Feb 10) that, in the case
health emergency, yet individuals was just as well given that obesity under building regulations or was Ayr of a recently dismissed teacher, Eton
who court risk and are caught would rates were about a quarter of the approved for installation by building is “seeking to deprive the teacher of
not receive such a sentence. adult population at the start of the control staff on behalf of local Sir, Loans to fix cladding are indeed a his professional status”. This is not so.
Calum Paton millennium. Each report displays councils (“Loans to fix cladding are a betrayal. The safety of a building is All schools are under an obligation to
Emeritus professor of public policy, good intentions but have failed either betrayal, say Tory MPs”, Feb 11). achieved by an appropriate design refer teachers to the Teaching
Keele University because policy plans have been Homebuyers should not bear the cost and management system. Flat owners Regulation Agency (TRA) when the
changed by successive governments at all in these cases but they cannot do not have building design or threshold for referral is met, as it was
Sir, In response to the Rev Jonathan or only partially implemented. An sue the government for passing management responsibilities, so how in this case. Eton has made it clear to
Aitken (letter, Feb 11), the nearest example is healthy school dinners, regulations that were unfit for can they be accountable? If a motor the TRA that Eton has no wish for
parallel to the new legislation is not which were inspired by Jamie Oliver purpose, cannot claim under new car has a design fault with a potential the teacher in question to be barred
perjury but terrorism. If someone during the last Labour administration home guarantees for work that safety risk, it is recalled and rectified from teaching. The decision, however,
were to “smuggle in” a new strain of but were marginalised by the complied with building regulation at the designer’s/manufacturer’s cost. is for the TRA.
Covid-19, it could have the potential succeeding coalition government. approvals, and cannot sue councils or Why the difference here? Lord Waldegrave of North Hill
to kill thousands of people. their building control officers for Derek Moorfield Provost of Eton College
Robert Dewbery What is required is a cross-party negligently approving dangerous Fellow, International Institute of Risk
Moreton in Marsh, Glos strategy that acknowledges the & Safety Management Noble passenger

Letters to The Times must be exclusive 10,000 MILES has received a good deal of notice in wishes to live a free and natural Sir, The letter (Feb 10) commenting
and may be edited. Please include a full TO ESCAPE recent months. There are men, existence and escape the oppressive on the memorial at Liverpool Street
address and daytime telephone number. TAXATION women, and children in the party, taxation brought on by the world station reminds me of the excellent
their ages ranging from two and a war. But for certain eccentricities of sculpture of Sir Nicholas Winton, who
Corrections and from the times february 12, 1921 half to 55 years. The group is dress he might be termed a typical was responsible for the organising the
clarifications captained by a Mr T F Rhodes young Englishman. He does not Czech Kindertransport, at
A correspondent in Honolulu sends Disher, who started the exodus to smoke or drink, but has no particular Maidenhead railway station. He is
The Times takes this account of a movement in the South Seas by inserting a notice fads or notions about living. “All that depicted sitting on a platform bench
complaints search of “the simple life”, which in The Times, inviting “those anyone will be expected to do will be reading a book containing images of
about editorial arose out of a notice inserted in our interested in the formation of a to obey the law of the land, which is the 669 children he saved and the
content seriously. We are committed to advertisement columns some simple life colony on a tropical French. We have people from all trains used to evacuate them.
abiding by the Independent Press months ago. The invitation to found island” to write to him. He received walks of life coming, chemists, David Horton
Standards Organisation (“IPSO”) rules a Back to Nature Colony in the answers from all over the world. physicians, dentists, mechanics, Slough
and regulations and the Editors’ Code of Pacific was replied to by several Disher, who is 33 years old, is merchants. Army officers.” The
Practice that IPSO enforces. hundred people, 13 of whom were accompanied by his wife and their emigrants believe it possible for a Lemon fresh
Requests for corrections or passengers on the liner Tahiti, which two children. He has just retired number of white people to apply
clarifications should be sent by email to touched at Honolulu two days ago. from business in London, where he themselves to the cultivation of the Sir, Thanks to Matthew Parris
[email protected] or by post to They are bound for the Marquesas was a manufacturer, one of his fertile soil of a tropical island, and (Notebook, Dec 10, and letter, Dec 11)
Feedback, The Times, 1 London Bridge Islands and there propose to secure principal lines being pickles. He market their products at ports where I am now drying orange peel to use as
Street, London SE1 9GF land and found a colony. They are all proposes to buy sufficient land for they would find a real demand. They fragrant firelighters. However, I shall
from England, and are devotees of a the founding of a colony in the have only their personal effects, and continue to use discarded lemon
“Back to Nature” movement, which Marquesas, and has established expect to secure whatever supplies halves in the dishwasher to add
connexions with the Banque de and equipment they need at Papeete. sparkle to the glasses.
l’lndo-Chine at Papeete. There Jane Whiter
seems to be no element of financial thetimes.co.uk/archive Old Basing, Hants
speculation in his plan; he simply

the times | Friday February 12 2021 1GM 29

Leading articles

Daily Universal Register Trading Places

UK: Rishi Sunak, the chancellor, and Andrew Bailey was right to call out Brussels for its attempts to use regulation
Andrew Bailey, Bank of England governor, to lure business from the City. But London’s fortunes lie in its own hands
host a meeting of the G7 finance ministers
and central bank governors online. Bank of England governors don’t usually publicly exchanges equivalent status, thereby forcing should be the largely technical exercise of grant-
accuse their international counterparts, with European banks to take their business elsewhere. ing equivalence to UK regulations is highly ag-
Nature notes whom they are expected to work closely, of acting A similar decision led to a collapse in London’s gressive. Britain and the EU start from a position
in bad faith. So the fact that Andrew Bailey chose share of trading in euro-denominated interest rate of having the same regulations. Brussels’ demand
Mistle thrushes are to launch a broadside at the European Union over swaps to below 10 per cent in January from almost that Britain set out in advance how it plans to
singing again. its approach to regulatory co-operation with 40 per cent in July, IHS Markit reckons. change its own rules in future is not a condition
Perched high up in Britain on financial services is clearly a mark of that it has imposed on any other country with
a tall ash tree, their how badly he believes Brussels is behaving. Mr Nonetheless, these moves, dramatic as they which it has agreed equivalence deals, including
song skirls out over Bailey in effect accused EU regulators of making might appear, need to be seen in perspective. The the US. As Mr Bailey suggested, it looks like a ruse
the snowy unreasonable demands, employing double markets themselves are tiny in the context of the to compel Britain to align with its rules. That
landscape. Mistle standards and seeking to impose conditions on overall activities of the City of London. There has makes no sense given the size and systemic im-
thrushes are larger than song thrushes. The Britain that it would never accept itself. The gover- so far been no Brexit impact on trading in markets portance of the British financial services sector.
songs of both species are superficially nor warned that the EU’s refusal so far to recog- such as derivatives and foreign exchange which
similar, but the mistle song is choppy and nise British rules as equivalent, thereby prevent- are far larger and where London’s share remains Yet while Mr Bailey is right to be angry, it would
staccato, unlike the highly ornamented, ing EU firms from accessing certain UK-based more than five times that of the EU. And while the be a mistake to overstate the importance of these
legato flow of its smaller cousin — a little markets, would lead to the fragmentation of finan- European shares themselves may have been equivalence decisions to the City. It may be in Brit-
like the difference between a rousing Scots cial markets. This is likely to push up financial traded elsewhere, the people that did the trading, ain and the EU’s mutual interest to maintain open
strathspey and a lilting Irish reel. A mistle costs for everyone, including its own citizens. including the brokers and asset managers, and markets, ensuring capital continues to flow freely.
thrush can be heard a mile away, and sings importantly the tax revenues associated with But while failure to reach a deal would create new
even in filthy weather, like a doughty lone His attack on Brussels rang added alarm bells, them, won’t have gone anywhere. Indeed the tax frictions and might lead to some activity drifting
piper. For this reason another word for the coming as it emerged that Amsterdam had over- revenue foregone on £6.5 billion of trades is offshore, the impact on jobs and profits is likely to
bird is stormcock. One of the earliest taken London as the primary venue for trading in unlikely to be more than £5 million. be small. Nor need it undermine London’s status as
nesters, some mistle thrushes will have eggs European shares, heightening concerns about the a global financial centre. Indeed, as Jes Staley, the
in the nest already. jonathan tulloch impact of Brexit on the City. This was a market However, Britain cannot afford to be compla- chief executive of Barclays, noted, Brexit could yet
that used to be dominated by London. But about cent. Brussels has never made any secret of its be positive for London if it defines its own agenda
Birthdays today £6.5 billion of trade, equivalent to roughly half of determination to seize business from the City, and focuses on remaining competitive with New
London’s usual volume, evaporated in January whether for economic motives or out of a desire to York and Singapore. The City’s fate lies in Britain’s
Sir Nicholas Soames, after Brussels refused to grant London’s create an onshore financial centre under its own own hands, not those of Brussels.
pictured, Conservative control. But its apparent decision to politicise what
MP for Mid Sussex
(1997-2019), shadow School’s In
defence secretary
(2003-05), 73; Darren A national catch-up plan can inspire an educational transformation
Aronofsky, film director,
Black Swan (2010), 52; “Build back better” has become Downing Street’s on rote learning and formal grammar. Sir Peter catch-up effort, mobilising volunteers just as
David Aukin, theatre and film producer, ugly mantra for how the economy should recover Lampl, chairman of the Sutton Trust, an educa- hundreds of thousands came forward to offer
Endgame (2009), 79; Steve Backley, athlete, from the pandemic. The same idea, first coined by tional charity, goes further, calling for a transfor- support for the NHS last year.
world record holder for javelin (1990, 1992), disaster relief management gurus, could equally mation of sixth-form education from A-levels to a
52; Joe Don Baker, actor, the James Bond be applied to the effort to rescue a generation from baccalaureate system that teaches a broader range One promising proposal is to lengthen the
film series (1987, 1995, 1997), 85; Judy Blume, the learning loss inflicted by lockdown. Parents of subjects to better prepare pupils for life in the school day by two hours while diversifying how
writer, Are You There God? It’s Me, Margaret struggling with homeschooling have had their modern world. Indeed many leading private pupils spend it, maximising their time on the
(1970), 83; Josh Brolin, actor, No Country For closest encounter yet with the modern curriculum schools offer these options already. They should premises where they can benefit from missed
Old Men (2007), Milk (2008), 53; Sharon and many have found it lacking. At the same time not be the only ones to do so. social interaction. Hard-pressed teachers need
Campbell, UK ambassador to Haiti they have appreciated the challenges of teaching. not be required to work additional hours, unless
(2015-20), Costa Rica (2011-15), 59; Lord Educational experts tell The Times that the lock- Similarly creative thinking outside traditional they want to. A broader programme of volunteer-
(Alex) Carlile of Berriew, Freedom of down has demonstrated not only the need for a boundaries is needed to prevent the lockdown dis- ing could supplement their hours, keep schools
Information commissioner, deputy High national effort to make up for lost learning but also advantages endured by the most deprived from open for clubs, sports, activities or as a place to do
Court judge (1998-2014), 73; Lord (Stephen) wider education reforms to close attainment gaps becoming permanent. The attainment gap homework with resources and quiet that are often
Carter of Barnes, chief executive of events and reflect the needs of modern society. between the poor and the wealthy has widened missing at home. Extending the school year is
and publishing company Informa, principal dramatically, exacerbated by a multitude of another option, though not one without valid
adviser to the prime minister (2008), 57; Now, for example, would be the right time to factors from the quality and quantity of teaching, objections from many parents and teachers.
Andy Cowell, engineer, managing director, scrap GCSEs permanently. Teachers have long access to digital technology and broadband inter- Summer schools, focusing on catching up when
Mercedes AMG High Performance complained of the hours wasted in exam prepara- net and the educational level, skills and spare time children are falling behind, could provide a less
Powertrains, 52; Annette Crosbie, actress, tion for GCSEs, whose original purpose has all but of parents at home. The online support that exists controversial option. Either way, there must be
One Foot in the Grave (1990-2000), 87; Sir evaporated now pupils stay in education or for the most disadvantaged, through educational adequate funding. The pandemic has not affected
Howard Davies, chairman, Natwest Group training until the age of 18. Their creator, Lord charities such as Action Tutoring, can be excellent all children equally and the allocation of catch-up
(formerly Royal Bank of Scotland), Airports Baker, says they are past their sell-by date and but does not come close to meeting the need. With money to schools on a per-pupil basis, as hap-
Commission (2012-15), 70; Matthew Elliott, should be scrapped, along with Michael Gove’s schools in England hopeful of reopening next pened last year, only perpetuates the difference.
chief executive, Vote Leave (2015-16), “outdated” traditional curriculum with its focus month, there is an opportunity for a national The cost of failing to level up will be felt by all.
co-founder (2004), TaxPayers’ Alliance, 43;
Costa-Gavras, film director, Z (1969), 88; Kick It Off
Steve Hackett, musician, lead guitarist of
Genesis (1970-77), 71; “Prince” Naseem Social media giants can and must do more to stamp out racist abuse online
Hamed, boxer, world featherweight
champion (1995-2000), 47; Michael Facebook, which also owns Instagram, has rightly platforms were required by law to store the ident- Platform providers argue that the transactional
McDonald, musician, Doobie Brothers, succumbed to pressure and announced it will shut ity of users when they register. Racists, and indeed friction caused by logging customer identities
What a Fool Believes (1979), 69; Dame down, rather than merely suspend, accounts used the misogynists and antisemites who seek to make would increase costs. So be it. Facebook’s profits
Norma Major, writer, Chequers: The Prime to send racist abuse via direct messages. Such life miserable for women and Jews in the public can withstand the hit. Social media may still be a
Minister’s Country House and its History abuse, particularly that directed at black foot- eye, would still be able to shelter behind the young industry, but it is no longer an infant, and
(1996), 79; Jon Prichard, chief executive, ballers, has been highlighted in recent weeks. anonymity of a false name, but their real name should stop behaving in an infantile manner.
Institution of Chemical Engineers Marcus Rashford may be the most high-profile would be on record and available to the police. Facebook, Twitter and the like need to grow up
(IChemE), 57; Jim Renwick, rugby player, target, yet many other less prominent players have This would serve both as a deterrent to those who and accept they are not mere facilitators of a
Scotland (1972-84), 69; Christina Ricci, also suffered. This week Swansea City’s Yan get their kicks from telling young black footballers value-free virtual space, but rather publishers,
actress, The Addams Family (1991), Sleepy Dhanda, who comes from a British-Asian back- they missed a penalty because of their skin with the responsibilities regarding content that
Hollow (1999), Z: The Beginning of Everything ground, became the latest victim. pigmentation, and as an aid in prosecuting these being a publisher entails. Chief among those
(2015-17), 41; Bill Russell, basketball player, individuals should they fail to keep their ghastly responsibilities is not giving safe haven to racists,
12-time All-Star, 87; Gundappa Viswanath, While South Wales police are investigating, prejudices to themselves. misanthropes, misogynists and other low life.
cricketer, India (1969-83), 72. their task would be much easier if social media

On this day

In 1818 Chile proclaimed its independence
from the Spanish empire, after a struggle
that began on September 18, 1810.

The last word

“I’ve had marvellous and incredible luck, and
devoted parents, sisters, friends and teachers.
What more can one ask?” Yehudi Menuhin,
violinist, Reflections on Success (1997)

30 2GM Friday February 12 2021 | the times

World

Trump incited violence before,

United States a rally and at a 2016 campaign speech Democrats argued that Trump supporters were “following his marching orders” in the attack on the Capitol, showing videos
told the crowd: “If you see someone
David Charter Washington getting ready with a tomato, knock the cracy on that? If he gets back into office Previously unseen footage showed Only six Republicans agreed in a vote
crap out of them. I will pay for the legal and it happens again we will have no Mike Pence, then vice-president, being at the outset that it was constitutional
President Trump had a pattern of en- fees,” Jamie Raskin, the lead impeach- one to blame but ourselves.” hurried down a flight of stairs to escape to put a former president on trial, indi-
couraging violence and rioters at the ment manager, said. a mob chanting it would hang him and cating that the Senate would not reach
Capitol were “following his marching President Biden said he thought that set up a noose outside. “My guess is the two-thirds majority to convict.
orders” to stop the confirmation of his Trump’s pressure last year on some Republican senators could some minds may have been changed
election defeat, Democrats said as they Gretchen Whitmer, the governor of change their view and vote to convict but I don’t know,” Biden said. Some Republican senators who said
used his supporters’ words against him. Michigan, which led to an armed siege Trump after watching videos of the riot. that they were angered or moved by the
of her state capitol by a mob that he
Trump was cited as the reason for the described as “very good people”, was a
mob attack by his followers in social “dress rehearsal”, Raskin said.
media postings and court documents
shown to the 100 senators acting as the “He knew that egged on by his
jury in his second impeachment trial. tweets, lies and his promise of a ‘wild’
time in Washington, to guarantee his
Democrats argued that Trump knew grip on power, his most extreme follow-
his call for supporters to come to Wash- ers would show up bright and early
ington on January 6 would end in chaos ready to attack, ready to engage in
after a long history of fomenting violence, ready to ‘fight like hell’ for
violence including a “dress rehearsal” their hero, just like they answered his
when he urged his fans to descend on call in Michigan,” Raskin said. “He
the state capitol in Michigan last year. knew they would be ready to answer his
They said his lack of remorse showed call to ‘stop the steal’ by using violence.”
that he would return to violence if the
Senate failed to convict him. Raskin said that the main defence
argument, that Trump’s words were
Trump, 74, denies the charge of incit- protected under Article 1 of the consti-
ing insurrection. He has reportedly tution, did not apply to incitement to
urged his defence team to gather more insurrection and especially not by a US
film to match the Democrats’ effective president. He claimed that senators
use of footage of the attack which has had “put to bed” the constitutional
earned millions of views online. question of whether a former president
could be tried in the chamber.
Trump’s lawyers aim to demonstrate
this alleged hypocrisy today. They are “The view pressed by President
also expected to use the words in his Trump’s counsel would leave the nation
January 6 speech telling supporters to powerless to respond to a president
act “peacefully and patriotically” at the who uses the unmatched power, privi-
Capitol. They may wrap up their case lege and prestige of his or her office in
today leading to a vote by senators as ways that risk the ruin of the republic,
soon as tomorrow. all for his or her own ambition and cor-
ruption and lust for power.”
David Schoen, a lawyer for Trump,
told Fox News: “It should be as short as The Democrats set out Trump’s fail-
possible given the complete lack of evi- ure to condemn the rioters on January
dence and the harm that this is causing 6, instead telling them in a video: “We
to the American people.” love you.”

In one of many clips played by Raskin said: “When it comes to the
Democrats, Jenna Ryan, a Texas estate peaceful transfer of power or the rule of
agent charged with invading the Capi- law our president, whoever he or she is,
tol, said: “I thought I was following my must choose the side of the constitution
president . . . He asked us to be there. So and not the side of the insurrection.”
I was doing what he asked us to do.”
Raskin ended with a plea for senators
In another, a supporter shouted: “We to convict Trump and disqualify him
were invited here. We were invited by from returning to the presidency.
the president of the United States!” “January 6 was the culmination of the
president’s tactics, not an aberration,”
Diana DeGette, a House impeach- he said. “Is there any political leader in
ment manager, said: “The insurrection- this room who believes if he is ever
ists didn’t just make this up. He lit the allowed by the Senate to get back into
fuse . . . they came because he told them the Oval Office, Donald Trump would
to.” References to “civil war” quadru- stop inciting violence to get his way?
pled on Parler, an app used by many of
his supporters, in the moments after “Would you bet the lives of more
Trump told the crowd in Washington to police officers on that? Would you bet
“show strength”, she added. the safety of your family on that?
Would you bet the future of your demo-
In 2018 Trump praised a Republican
who body-slammed a journalist during

How would you like your steak . . . 3D printed? Cuba puts
the kibosh
Israel adding that he had ordered officials to demic, which brought international have so far not followed suit. “This has on freelance
establish a body overseeing and en- trade crashing to a halt last year, has transformed the cultivated meat embalmers
Richard Spencer couraging the development of movement from being a long-term vi-
food using biotechnology. also made some countries sion into becoming a realised practical Cuba
Middle East Correspondent re-address the security of solution that addresses some of the
“Israel will become a their food supplies. world’s most pressing challenges of our Stephen Gibbs Caracas
An Israeli company has unveiled what powerhouse for alter- According to Aleph, times,” Aleph said.
it claims to be the first 3D-printed, non- native meat and 85 per cent of the Entrepreneurs hoping to get a foothold
slaughtered rib-eye steak, and says it is alternative protein,” beef consumed in The company has rivals in the culti- in the Cuban funeral market have had
now moving on to other cuts. he said. Israel is imported. vated-meat market across the United their dreams dashed by the state.
Singapore has States and Europe but these have so far
The steak, pictured, was grown from The quest for al- created the first mainly focused on creating meat-like As the communist government ten-
cow cells that were then cultivated on a ternatives to tradi- regulatory body products such as mince, rather than a tatively opens up to private enterprise,
plant-based web to resemble real meat, tional meat sup- to license artifi- cut that would be “centre of the plate”. the job was included in a list of those un-
including a normal steak’s fat and plies has become cial meat for gen- suited to self-employment. Under the
muscle texture. an international eral consumption, The company said that the key
race because of and has allowed the breakthrough was developing a process
The company, Aleph Farms, released concerns about the sale of an American to build imitation blood vessels that
a photograph of the meat being tested effect of farming on company’s cultivated allowed it to build a thick steak. Its first
by Binyamin Netanyahu, the prime global warming, in parti- chicken. Western countries attempts were no more than 5mm thick
minister. cular beef farming. The pan- and would have cost £36.

“It’s delicious and guilt-free, I can’t
taste the difference,” Netanyahu said,

the times | Friday February 12 2021 2GM 31

The World at Five
Did a bomb or collision
sink the Estonia?

In depth and online today at 5pm

thetimes.co.uk

Democrats claim Elite French university
caught up in deluge of
JIM LO SCALZO/EPA; SENATE TELEVISION/AP

sex abuse allegations

Protester Based on footage France Macron pledge to poor pupils
movements from Senate trial
Charles Bremner Paris President Macron moved to open
Senate Great Rotunda House the upper echelons of France’s
chamber chamber Hundreds of students at the Sciences powerful civil service to immigrant
Po university and the network of ten communities as he promised to
of them chanting his name and of politicians including Chuck Schumer, the leading Senate Democrat, being led to safety affiliated schools have unleashed a tor- repair a “broken” social ladder
rent of rape and sexual abuse allega- (Adam Sage writes).
videos added that they had not changed said. “That’s what’s on trial.” Rick Scott whether to launch a new centre-right tions against France’s top educational
their mind about Trump’s responsi- of Florida said that the trial was a “com- party, Reuters reported. Evan McMul- establishment. He pledged to reserve 1,000 extra
bility. Kevin Cramer of North Dakota plete waste of time”. After watching the lin, former chief policy director for the places for school-leavers from
said the presentation was “well done” videos he said that Trump “never said House Republican conference, said: The Institute of Political Studies, its “modest” social classes in the five
but did not mean Trump was guilty. “It when somebody should break in”. “They think the GOP is irredeemable.” official name, has for decades trained higher education colleges that train
doesn’t affect me in terms of how I feel the cream of politicians, mandarins and the senior public sector employees
about the president’s culpability,” he More than 100 former Republican Trump’s trial is a bear trap for the media elite. It was already caught who form the French elite.
officials held a Zoom call last week on up in a storm after abuse allegations
Republicans, Gerard Baker, page 27 against Olivier Duhamel, head of its The most emblematic is the École
governing board. Nationale d’Administration, which
Macron himself attended, like three
Under the #sciencesporcs — science of his predecessors.
pigs — hashtag started by Anna Toum-
azou, a feminist campaigner, the stu- The president was seeking to
dents allege that abuse is endemic and boost his standing on the left by
colleagues and staff are unwilling to promoting equal opportunities. With
take their complaints seriously. positive discrimination politically
unacceptable in France, Macron
The directors of several of the pro- chose instead to increase from 700
vincial establishments, including those to 1,700 the places reserved in elite
in Strasbourg, Toulouse and Bordeaux, public sector colleges for students
said this week that they had forwarded from low-income families.
complaints to local prosecutors.
institute knew of the claims as did the
Juliette, a second-year student in tightknit world of Paris intellectuals,
Toulouse, said: “These words are hard artists and politicians whom Kouchner
to say, almost impossible to write . . . I accused in her book of covering up her
was raped.” She said that no one had lis- stepfather’s alleged crimes.
tened to her in 2018 but she reported
the matter to police last week. The inspectors’ report, leaked yester-
day, has turned up the pressure on Marc
In Aix-en-Provence, Louise, a stu- Guillaume, the prefect, or state gover-
dent, said that she reported being raped nor, of Paris and its region. Guillaume
by a student in 2019 but a university in- resigned as a member of the Sciences-
quiry rejected her claims and told her to Po board after acknowledging he had
attend classes on the nature of consent. also been aware of the Duhamel affair.

In Bordeaux, the Sciences-Po school The government called in the heads
has set up a unit to receive complaints and demanded action after the latest
from women students who say they disclosures. “It is time that this omerta
were victims of sexual assault and rape. is lifted,” Élisabeth Moreno, minister
for equality, said after the meeting.
Duhamel, 70, a powerful intellectual Police have opened inquiries in Tou-
and informal adviser to President louse, Bordeaux and other campuses.
Macron, resigned all his posts last
month after Camille Kouchner, his Prosecutors yesterday charged
step-daughter, accused him in a book of another Sciences-Po graduate, Domin-
sexually abusing her twin brother when ique Boutonnat, 50, head of the
he was a teenager. National Centre for the Cinema, with
the attempted rape of his godson, 22.
Duhamel has made no denial and is
under investigation by prosecutors. Macron and four of the six French
presidents who preceded him have
Frédéric Mion, 51, the Sciences-Po been graduates of Sciences-Po.
director since 2013, resigned this week
after admitting that he was aware of the
allegations against Duhamel since 2018
but failed to act. A report by state inves-
tigators found senior figures at the

new system, the state will no longer list “cultural programming” and gallery Paris airport terminal plans scrapped
which freelance jobs it permits, instead ownership staying in state hands. In
setting out those it prohibits. The publi- recent months artists have led protests Adam Sage Paris of French transport policy, and brings vise a project that would allay environ-
cation of the 18-page “banned list”, the outside the ministry of culture after an President Macron into line with Boris mental concerns. It wants any new ter-
National Economic Activities Classifi- outspoken rapper was arrested. Plans for a fourth terminal at Paris’s Johnson, who opposes Heathrow’s minal to connect to the railway so trav-
cation, has caused disappointment. main airport have been scrapped after plans for a third runway. ellers arriving in France can continue
About 600,000 Cubans work in the the French government criticised them on trains rather than short-haul flights.
“The state maintains its monopoly private sector. Most work independent- as incompatible with commitments to Groupe ADP, Paris’s airport opera-
on the life and death of Cubans,” Yoani ly as tradespeople, waiters or bar staff. reduce greenhouse gas emissions. tor, planned to spend between €7 bil- Ministers also ordered the operator
Sánchez, a journalist whose blog is now The government has resisted allowing lion and €9 billion on a fourth terminal to modify its proposals to take into ac-
illegal employment, said. Running a medium-size businesses to develop. It Barbara Pompili, the environment that could handle between 35 million count the zero-emission aircraft they
funeral home, a zoo, a cinema, a trade maintains a monopoly on most imports minister, said the expansion at Charles and 40 million passengers a year by said would be flying within 15 years.
union or even an art gallery is also pro- and regulates where small-scale farm- de Gaulle had to be rethought to take 2037. It aimed to ensure that Charles de
hibited. So is self-employment in most ers can sell their produce. account of what she hoped would be the Gaulle airport, which handled 76.2 mil- Manufacturers are working on plans
professions including journalism, law, imminent arrival of hydrogen-pow- lion passengers in 2019, kept pace with for hybrid electric and hydrogen-pow-
medicine and architecture. The island’s economy has been hit ered, and biofuels produced from sub- Heathrow and other big international ered planes, and developing sustain-
hard in recent months by US sanctions stances including seaweed and rubbish. travel hubs. It would have created able fuels from substances such as al-
Some architects said that the ban on and a collapse in international tourism. 50,000 jobs, ADP said. gae, cooking oils and household waste.
their trade was “inexplicable”, given Pompili added that the expansion
that builders face few restrictions. “We It has put pressure on President had been based on air traffic growth With the state possessing a majority Legislation that went before
architects will just have to pretend we Díaz-Canel, who took office in 2018 but forecasts that had now been rendered stake in ADP, it had no choice but to ac- Macron’s cabinet on Wednesday will
are builders,” one told The Times. whose power remains overseen by Raúl meaningless by the pandemic. cept ministers’ demands to drop the ban airports from expanding by expro-
Castro, brother of the late Fidel. The plan. The government told ADP to de- priating land if the plans “lead to a net
The freedom of many professional president has been urged to make some The announcement marks a reversal increase in greenhouse gas emissions”.
artists to operate independently has cautious changes, including reforming
also been limited, with film production, the dual currency system.

32 2GM Friday February 12 2021 | the times
BRENDON THORNE/GETTY IMAGES
World Minister’s home raided
over corruption claims
Dutch judges in
unprecedented Austria Prosecutors have raided
extradition snub the home of Gernot Blümel, the
with Warsaw finance minister, as part of an
investigation into bribery
Netherlands Poland said the Dutch court’s deci- Swim a rainbow The Bondi Icebergs pool on the beach in Sydney has been made involving a gambling company
sion undermined the ECJ ruling. Se- over for Valentine’s Day by Havaianas shoes to honour the LGBTQIA+ community seeking help with foreign taxes.
Bruno Waterfield Brussels bastian Kaleta, Poland’s deputy minis- Blümel, a close ally of Sebastian
ter of justice, told The Times: “The court Kurz, the chancellor, issued a
Maria Wilczek Warsaw in Amsterdam has clearly breached the statement saying that his
ECJ judgment in this case. The ECJ rul- conservative People’s Party had
A Dutch court has rejected a Polish ing banned a general refusal to execute not accepted donations from the
extradition request on the basis that the European arrest warrants. It cannot go slot-machine maker Novomatic,
alleged drug smuggler would not get a by unnoticed that the Netherlands is which is being investigated over
fair trial because judicial independence refusing Poland a surrender of persons other corruption allegations.
has been undermined by the govern- suspected of serious crimes.” Prosecutors said that Blümel was
ment there. suspected of corruption offences,
A statement from the Dutch court along with two other people, and
The move is almost unprecedented noted “the wide interest of politics and that raids had been carried out at
between two EU countries who signed media in Poland” in L’s case and fears other homes and company
the European arrest warrant agree- that Polish courts would have to con- premises. (Reuters)
ment in 2001. vict him because of new government
powers to discipline judges. India and China to pull
The Polish suspect, named only as troops from Himalayas
Maciej L, 33, was released from prison “There is a danger that the judges in
yesterday and will be free from any at- Poland, who have to rule on the criminal India The government says it has
tempts to bring him to justice in Poland case of the accused person, will not be reached an agreement with
while he is the Netherlands, a fellow able to do so freely,” the court said. “This China for both countries to pull
member of the European Union. is evidenced by, among other things, a forces back from part of their
memo from the prosecutor-general to border in the Himalayas, in the
The decision to release him after a all prosecutors, which discusses this biggest effort to ease tensions
year in detention and to turn down the case. There is a danger the systemic defi- since last June, when Indian
European arrest warrant will escalate a ciencies will actually affect the proceed- soldiers were killed in a fight in
row with Poland’s populist and nation- ings of the accused person.” the Galwan valley, high in the
alist government, which has been ac- mountains. Both nuclear powers
cused by the Netherlands and EU of Maciej Taborowski, Poland’s deputy had sent tens of thousands of
undermining judicial independence. commissioner for human rights, said: troops to the border. (AFP)
“My opinion is that this is not a breach
L’s case has assumed notoriety in his of the ECJ ruling. The ECJ left the deci- Lukashenko boasts of
native country since the Amsterdam sion to national courts, and so it has de- victory over ‘blitzkreig’
court first questioned Polish judicial in- cided. This is a tragic situation. Firstly,
dependence when hearing his case last this points to a dramatic situation in an Belarus President Lukashenko
autumn. The court asked EU judges EU member country when it comes to has declared victory against a
whether extraditions to Poland should trust in the legal system and the inde- foreign “blitzkrieg”, likening
be suspended over concerns of political pendence of the judiciary. Second, months of protests to the Nazi
interference in the judicial system. through the actions of justice ministry invasion in a speech to loyalists at
and the prosecutor-general’s office . . . an assembly in Minsk.
The European Court of Justice (ECJ), Poland is depriving itself of the tool to Opposition leaders, most in jail or
the bloc’s supreme court, ruled last De- bring criminals to Poland to be judged.” exile, dismissed the meeting as
cember that suspects should be extra- political theatre. Lukashenko
dited on European warrants unless The Law and Justice party came to promised to consider “issues of
there were substantial individual power in Poland in 2015. Last social development”, prompting a
grounds for believing that the accused November Mateusz Morawiecki, the call for more protests. (AFP)
would not receive a fair trial. prime minister, told MPs that the EU
was run by a “eurocrat” oligarchy and Denmark set to bolster
On that basis, the Dutch judge ruled likened it to the communist regime. its defences in Arctic
yesterday that L would not get a fair
trial in Poland because of the publicity Denmark MPs voted to increase
and controversy over the initial deci- defence capabilities in the Arctic
sion last September not to deport him. as shrinking sea ice has caused
global powers to attempt to
Historians told to apologise Burma junta seeks law to control its resources. Politicians
for Nazi collaboration claim unmask opponents online in Denmark agreed to spend up
to 1.5 billion krone (£176 million),
Poland cooling effect on academic research”. Burma was critically injured by gunfire, have including on surveillance for
The academics and a number of Jew- been organised on social media. In the Greenland, a semi-autonomous
Maria Wilczek Richard Lloyd Parry Asia Editor first few hours after the coup, and for 24 part of Denmark. The country
ish organisations said the ruling would hours last weekend, internet access was wants to keep the region a “low
A Polish court has ordered two Holo- stifle Holocaust researchers. Matthew Camilleri Rangoon almost completely blocked. It has since tension” area. (Reuters)
caust historians to apologise to the been restored. The law would allow the
niece of a dead mayor for stating that he Yad Vashem, the World Holocaust Burma’s military leaders are preparing military to pursue individuals, rather Berlusconi, 84, treated
collaborated with the Nazis. Remembrance Centre, said it was “un- a cybersecurity law that would restrict than shutting down an entire network. in hospital after fall
acceptable” to “set the bounds of aca- opposition activity online.
The court in Warsaw said the aca- demic and public discourse through “The military’s proposed bill grants Italy Silvio Berlusconi spent a
demics “damaged the good name” of political or judicial pressure”, and called The legislation would ban online its leaders unprecedented power to night in hospital after a fall at his
Edward Malinowski by quoting a Holo- the judgment an “attack on free and content regarded as false or disruptive censor citizens and violate their priva- house in Rome, a spokesman said.
caust survivor in their book as stating open research”. by the government and require internet cy, contravening democratic norms The former prime minister, who
he betrayed the hiding place of 22 Jews, providers to hand over user data. and fundamental rights guaranteed is 84, was taken to his home city
without mentioning the postwar Grabowski said the ruling threaten- under international law,” said the Asia of Milan for a check-up but was
acquittal. ed his discipline by “imposing legal lim- A draft has been shared with techno- Internet Coalition, whose members in- discharged yesterday. He was in
its on the value of certain kinds of his- logy companies and emerged on the clude Apple, Facebook and Google. Rome to support Mario Draghi,
The civil libel case was launched in torical evidence”, in reference to the sixth day of street protests against the “This would significantly undermine the economist in line to become
2019 by Malinowski’s 81-year-old niece, testimony of a Jewish woman who ac- seizure of power last week by Senior freedom of expression.” prime minister. Berlusconi was
Filomena Leszczynska, against Barbara cused Malinowski of collaboration in General Min Aung Hlaing, the armed admitted to hospital in September
Engelking, director of the Polish Centre the book. forces commander, and the detention of Protesters gathered at the Chinese with coronavirus. (AFP)
for Holocaust Research in Warsaw, and Aung San Suu Kyi, the country’s leader. embassy in Rangoon yesterday after
Jan Grabowski, a historian at the Uni- Grabowski told The Times that the unconfirmed claims that the country is Janet Jackson to sell
versity of Ottawa. Future editions of defamation case, which was backed by The general gave a television address helping the junta in its online curbs. 1,000 stage costumes
their 1,600-page book Dalej jest noc the Polish League Against Defamation, yesterday in which he blamed “unscru-
(Night Without End), which traces the an organisation with links to Poland’s pulous persons” for a strike by medical Late on Wednesday the military, United States Janet Jackson is to
fates of Jews in Poland under German conservative government, was “seen as staff, teachers, railway workers, police which claims the election in November auction her wedding dress and
occupation, will be amended. an attempt by the state to regulate his- and civil servants. “Those who are away was fraudulent, arrested more senior more than 1,000 costumes she
torians through litigation”. from their duties are requested to return members of Suu Kyi’s victorious wore on stage, on red carpets and
The court ordered a formal apology to their duties immediately for the in- National League for Democracy and in music videos. One of the most
but rejected Leszczynska’s request for He said he and Engelking would terests of the country and people with- members of the election commission. sought-after items, the floor-
about £20,000 in damages to avoid “a lodge an appeal as soon the court justi- out focusing on the emotion,” he said. length silver coat which appeared
fied the verdict. in her 1995 music video for
The protests, in which one woman Scream that featured her brother
Michael, is expected to sell for up
to $8,000 at Julien’s Auctions in
Los Angeles in May. (Reuters)

the times | Friday February 12 2021 2GM 33

World

Navalny’s wife flies to Germany after Kremlin pressure intensifies

Russia liberal radio station in Moscow, found Yulia Navalnaya at gatherings by calling for protests. ident, have called for Navalny to be re-
yesterday that four out of five people has been detained They are under house arrest without leased. The government has been re-
Marc Bennetts Moscow said she should stay in Germany for her twice in Moscow access to the internet and could face up luctant, however, to threaten further
safety. She has not commented. to two years in prison. economic sanctions against Moscow.
Oliver Moody Berlin twice in Moscow at protests calling for
Navalny, also 44, was arrested on her husband’s release. Police raided the Suggestions have emerged that Na- A Russian attempt to extradite Leon-
Alexei Navalny’s wife has flown from January 17 as he flew with Yulia into family home last month. valnaya could run for parliament this id Volkov, 40, Navalny’s chief aide, has
Russia to Germany as his allies in Moscow from Berlin, where he had autumn. Kira Yarmysh, her husband’s been rejected by Lithuania. The Krem-
Moscow come under pressure from the spent five months recovering from a Several of Navalny’s allies, including press secretary, said officials were en- lin issued an arrest warrant through In-
security services. nerve agent poisoning that he alleged his brother, Oleg, 37, have been charged couraging the speculation to distract terpol, claiming that Volkov was urging
was ordered by President Putin. He was with violating coronavirus restrictions from attempts to free Navalny. children to join protests.
Russian and German media reported sentenced this month to two years and
that Yulia Navalnaya, 44, arrived at eight months behind bars on fraud Her arrival in Germany will compli- Last night police searched Navalny’s
Frankfurt airport on Wednesday. Her charges that he says are politically mo- cate efforts there to avoid antagonising Moscow headquarters and took away
trip was described as private. It was un- tivated. Navalnaya has been detained Russia. Angela Merkel, the chancellor, items as potential evidence, including a
clear how long she planned to stay. and Frank-Walter Steinmeier, the pres- coffee mug.

An opinion poll by Ekho Moskvy, a

Israel ‘smuggled How Mohsen Fakhrizadeh Tehran IRAN
a robotic gun was assassinated IRAN Pardis
into Iran for hit’
Remote- TEHRAN Area of
controlled attack
machinegun
Nissan Absard
Navara
pick-up 1 20 miles

2.30pm, Nov 27 Lead
A convoy carrying security
Fakhrizadeh
approached his car
country home in
Absard

Israel woke up with him, slept with him, trav-
elled with him. They would have smelt
Richard Spencer his aftershave every morning, if he had
Middle East Correspondent used aftershave. They knew his daily
route, speed and timing, and they knew
Mossad smuggled a one-tonne “robot” exactly which doors they would use to
get out.”
machinegun into Iran piece by piece
Fakhrizadeh, below, was travelling to
before using it to kill the head of the the town of Absard with his wife and a The Nissan pick-up
dozen bodyguards when he was assassi- is blown up by a
country’s nuclear programme, nated. Neither his wife, who was sitting remote-controlled
ten inches to his side, nor any of his bomb, destroying
according to new claims about the security team were harmed. A 20-man team the evidence
built and operated
assassination. In December the Iranian authorities an automated 34
attributed the hit to an automated “ro- machinegun inside
A 20-member Mossad squad was in- bot” gun controlled by satellite, but a Nissan truck. The
weapons experts said that was not the gun was controlled
volved in the killing of Mohsen Fak- remotely
most efficient or accurate way to
hrizadeh, 59, according to an account carry out an assassination. 2
The new account disput-
given to the Jewish Chronicle. Israel has ed that. “There were Approx 150
several ways to operate m
never commented publicly on claims but this one was the etres
most accurate,” the
that Mossad was responsible for the hit source said. “It was the
most elegant way to
but anonymous briefings have not de- make sure that the target
will be hit, and only him.
nied them and it would fit previ- The objective was to avoid

ous assassinations of Iranian harming anyone else.”
The killing was a blow to Iran’s nu-
nuclear scientists. clear programme, which has been reac- Thirteen rounds
tivated since President Trump pulled were fired at the car
According to the ac- out of the 2015 nuclear deal and reim- he was travelling in.
posed harsh sanctions. The role of Fak- He was killed, but
count, attributed to hrizadeh, a brigadier general in the Lead security his wife who was
Islamic Revolutionary Guard Corps, car could have ten inches from him
Israeli intelligence was to oversee it. Israeli intelligence of- driven ahead survived
ficials believe it would now take two
sources, the squad con-

sisted of Israeli and Iran-

ian citizens and it con-

ducted eight months of Source: Jewish Chronicle

surveillance beforehand.

The machinegun was assem- years for Iran to build a nuclear weapon metal at a manufacturing facility in the Iran hawks say that he needs to do
if Ayatollah Ali Khamenei, the supreme city of Isfahan. The development is a more than simply re-enter. Critics were
bled and then used to shoot Fak- leader, gave the go-ahead, longer than breach of the 2015 deal, which banned unhappy about its time limits and its
previous estimates. production of uranium or plutonium failure to address Iran’s broader policies
hrizadeh 13 times after his car was metals and alloys for 15 years. Iran has of supporting Shia militias across the
However, the UN’s atomic energy gone beyond the terms in other areas Middle East, targeting American allies
stopped on a road near his holiday watchdog confirmed yesterday that the but this is seen as an important step such as Israel and Saudi Arabia.
programme had produced its first because it represents a development
home east of Tehran in November. uranium metal, a key component of a not made before the deal was signed. Israel has also hinted that it will take
nuclear warhead. The International matters into its own hands if it believes
Explosives packed inside the gun Atomic Energy Agency said it had veri- President Biden has committed him- Iran is nearing the ability to build a
fied the production of 3.6g of uranium self to restoring the deal. Washington’s nuclear device.
then detonated to destroy the evidence.

“The team built up an extremely de-

tailed, minute-by-minute plan,” a

source was quoted as saying. “For eight

months, they breathed with the guy,

German defences ill equipped for threats Tie rule undone as Maori MP
wins battle of ‘colonial noose’
Germany had increased its threats and partners and called for an expanded
“knowingly violated international and longer-term budget. New Zealand which he said was the Maori equivalent
Oliver Moody treaties”. It described China as a and part of his cultural identity.
“powerful actor that is visibly demon- The future profile of the Bundeswehr Bernard Lagan Sydney
Germany’s armed forces are under- strating its reach ever more often” on will be determined in a review over the Mallard had said that the rule was
funded, out of date and poorly prepared the world stage. coming months. Germany is expected A Maori MP has won his battle with the outdated but was supported
to meet a “strategic rivalry” with Russia to buy a new fleet of transport helicop- New Zealand parliament over a long- by most MPs. He changed
and China, according to a paper from The Bundeswehr has been criticised ters, several dozen nuclear-capable standing rule that all men must course after the standing
the defence ministry. frequently for erratic procurement pro- Tornado jets and air defence systems. wear a tie in the chamber. orders committee
grammes, shortfalls in recruitment and The government is also debating whe- decided that ties
It said the military had focused too the parlous state of its hardware. ther to acquire a number of armed Rawiri Waititi, co-leader of were unnecessary.
much on peacekeeping missions and drones. the Maori Party, clashed with Waititi, who had
not enough on securing Europe’s Since 2013 its budget has risen by Trevor Mallard, the Speaker, who referred to the tie as
borders and supporting smaller allies. nearly 50 per cent to €47 billion this The Bundeswehr has been “config- ejected him on Tuesday for refusing a “colonial noose”, hailed
year, about 1.5 per cent of GDP, still ured one-sidedly for overseas deploy- to wear “appropriate business attire”, the change as
The strategy proposal by Annegret short of the 2 per cent target expected ments and international crisis manage- namely a tie. He was wearing a victory for
Kramp-Karrenbauer, the defence min- of Nato members. It is not enough to ment” projects such as its longstanding instead a traditional pen- Maori and
ister, and Eberhard Zorn, the inspector- meet Germany’s security commit- presence in Afghanistan, according to dant called a hei tiki, indigenous
general of the German military, the ments, according to a copy of the paper the paper. people all
Bundeswehr, said that the army was circulated to the Bundestag and seen by Rawiri Waititi was over the
not equal to the challenges it faced. the newspaper. The pandemic had also exposed ejected for wearing a world.
significant weak spots in Germany’s hei tiki instead of a tie
The document, seen by the Frank- The report stressed the need to capacity to defend its own territory and
furter Allgemeine Zeitung, warned that concentrate on bolstering Germany’s in the country’s military leadership, the
Moscow was casting itself as a role as a “logistics hub” for its Nato document added.
“countervailing power to the West” and

34 2GM Friday February 12 2021 | the times

World VISION REALTY BROKERAGE

Schitt’s Creek fans take a

peek at palace before sale

In the opening boasting 12 bedrooms The Roses’ mansion from family home” in St and its own cinema.
scenes of Schitt’s and 16 bathrooms, has Schitt’s Creek is inspired Andrews-Windfields, Fans of the show,
Creek, the now gone on the market by the Palace of Versailles Toronto, combines old
acclaimed for £8.5 million. Since artisanship with state- which won nine Emmys
Canadian sitcom the show’s global Johnny Rose had of-the-art luxury, last year, have flocked to
about the wealthy Rose fanbase caught wind of previously gifted to his including a marble the tiny town of
family’s fall from grace, it, the listing has been son David as a joke. staircase and ceiling Goodwood, Ontario,
the subjects sob as viewed more than motifs reminiscent of where it was filmed. Last
revenue agents seize 33,500 times. According to the 17th-century France. It November the Schitt’s
their belongings and mansion’s listing, the has two swimming pools Creek Motel was listed
evict them from their After their financial 24,000 sq ft “single- for £1.14 million.
palatial home (Charlie manager embezzles
Mitchell writes). their money the Roses
are forced to swap their
That property, opulent mansion for a
modelled on the Palace motel in the rural town
of Versailles and of Schitt’s Creek, which

Epstein’s executors sued for
complicity in sex trafficking

United States Southern Trust Company from 2013 abhorrent misconduct that came to
to 2017. light in late 2018” and “did not engage
Will Pavia New York in any wrongdoing”.
The figure matches payments
Payments made by a Wall Street made to Epstein by Leon Black, a Indyke and Kahn issued a state-
tycoon to Jeffrey Epstein in the last founder of Apollo Global Manage- ment denying the allegations “made
years of his life may have been used to ment. A report by Dechert, a law firm, for the first time” by George. “The
fund the financier’s sex trafficking, concluded that Black had paid facts are clear: neither Mr Indyke nor
papers filed with a court suggest. Epstein $158 million between 2012 Mr Kahn had any involvement in any
and 2017 for advice on his personal misconduct by Mr Epstein of any
A claim filed by Denise George, the finances. It found no evidence that kind, at any time,” said a spokesman.
attorney-general of the US Virgin Black was “involved in any way with
Islands, alleges that Darren Indyke Epstein’s criminal activities” and “no He said it was “enormously regret-
and Richard Kahn, the executors of table that the attorney-general had
Epstein’s estate “approved, enabled Jeffrey Epstein chosen to level false allegations and
and justified millions of dollars in died in jail while to unfairly malign the co-executors’
payments that fuelled the Epstein awaiting trial reputation without any proof or fac-
Enterprise’s sex trafficking”. tual basis”.
evidence that Epstein ever intro-
Epstein was found hanged in his duced Black, or offered to introduce In George’s complaint, which was
jail cell in 2019 while awaiting trial on Black, to any under-age women”. amended due to “newly obtained in-
child sex-trafficking charges. formation”, she alleges that from
Nor is there any suggestion that about 2011 Epstein, after he had
The prosecutor, whose allegations Black knew Epstein might still be in- served time in prison for a sexual of-
have been “categorically rejected” by volved in illegal activities at the time fence involving a child, “began to
Indyke and Kahn, alleges that the the payments were made. A repre- focus on procuring and abusing
“main source of funds for the Epstein sentative for the financier reiterated a women from eastern Europe” and
Enterprise” came from a company statement from Black saying that the bringing them to his properties in-
called Southern Trust that Epstein Dechert report confirmed that “I was cluding his island in the Virgin Is-
started in 2012 and which the execu- completely unaware of Mr Epstein’s lands. It alleges that Indyke and Kahn
tors helped to manage. helped to arrange sham marriages so
his victims would not be deported. It
“Bank records show that virtually says the women were coerced into
all of Southern Trust Company’s marriage and one was threatened
income came from a single source,” when she sought a divorce.
George’s complaint says. “In all, the
single source paid $158 million to . . .

50 years on, wallet comes in from the cold

Will Pavia 91 years old. “I did about 40 different about what to do in the event of a nu-
site searches,” he said. “I had to check clear or chemical attack but no cash.
A wallet lost in Antarctica more than obituary pages because I knew he
half a century ago has been returned would be in his nineties.” Grisham enlisted in the navy in
to its owner after it was found by a 1948, becoming a weather forecaster.
crew working on a research station. He eventually came across a blog
post by Paul Grisham, a naval mete- In 1967, in his thirties and married
A wallet belonging to Paul Grish- orologist, and obtained details from with two daughters, he was shipped
am, containing his driving licence the site’s owner. “I called Mr Grisham to Antarctica to support civilian
and US navy ID, had fallen behind on the phone,” he said yesterday. “I scientists. “I went down there kicking
some lockers on the McMurdo said I think you lost your wallet. He and screaming,” he told the San Diego
Station on Ross Island. It was event- just burst out laughing. He had for- Union-Tribune. He spoke to his wife,
ually passed on to Bruce McKee, gotten he had lost it.” Wilma, weekly through shortwave
director of Indiana Spirit of ’45, an or- radio operators.
ganisation dedicated to war veterans. Beside the identification cards there
was a beer ration punch card, receipts Grisham retired from the navy in
McKee said that he had to delve for money orders sent to his wife for 1977 and lived in Monterey, Califor-
deep to find Grisham, who was now poker winnings, a reference card nia, where Wilma died in 2000. He
remarried in 2003.

the times | Friday February 12 2021 2GM 35

Business

world markets (Change on the day) commodities currencies

FTSE 100 Dow Jones Gold $ Brent crude (6pm) £/$ $ £/€ ¤
6,528.72 (+4.36) 31,430.70 (-7.10) $1,824.51 (-16.49) 2,000 $61.19 (-0.30) $ $1.3818 (-0.0031) 1.400 €1.1395 (-0.0021) 1.150
1.350
7,000 32,000 65 1.300 1.125
1.250
6,500 30,000 1,800 60 1.100

6,000 28,000 1,600 55 1.075
Feb 8
5,500 26,000 1,400 50
29 Feb 8
Jan 13 21 29 Feb 8 Jan 13 21 29 Feb 8 Jan 13 21 Jan 13 21 29 Feb 8 Jan 13 21 29 Feb 8 Jan 13 21 29

PIXAR/WALT DISNEY STUDIOS Paperchase

Big plus buyer turned

for Disney down review

streaming of pre-pack

D isney’s James Hurley, Alex Ralph
streaming
platform has The new owners of Paperchase chose
attracted not to refer their acquisition to a
94.9 million subscribers scheme that reviews the sale of failed
in just 13 months companies’ assets to connected parties.
(Callum Jones writes)
Permira Debt Managers, the credit
The Disney+ service arm of the eponymous private equity
was launched in firm and a secured creditor to
November 2019 and Paperchase, the stationer that
has grown rapidly as collapsed last month, acquired the key
heavy investment in assets of the business via a pre-pack
original series and administration.
films has caught the
attention of viewers. Joint administrators from PwC, the
accounting and consulting giant, ad-
Soul, the latest Pixar vised Permira that it “could consider”
animation, right, referring the purchase to the “pre-pack
bypassed cinemas to pool”, an independent body set up to
be released on the provide oversight of pre-packs where
platform in December. assets are sold to connected parties,
documents at Companies House show.
Shares in Disney rose
by almost 1 per cent, or Permira said it “chose not to”
$1.41, to $190.91 during approach the pre-pack pool because it
after-hours trading does not qualify as a connected party
after it posted a smaller under industry rules.
than expected drop in
quarterly sales. Total Pre-packs are a contentious fast-
revenues fell 22 per track insolvency process whereby a
cent to $16.25 billion as company arranges to sell some or all of
Covid-19 continued to its assets to a predetermined buyer
knock its theme parks prior to entering administration.
and resorts in the three
months to January 2. Via an entity called Aspen Phoenix
Newco, Permira paid £40 million for
Bitcoin hits new high after certain Paperchase assets by way of a
support from BNY Mellon “credit bid” which reduced the £55.2
million it was owed at the point of the
America’s oldest bank responds to growing client demand company’s failure.

Callum Jones $48,481, a record, after the announce- and institutional investors seeking a ing a vast investment just days after While the insolvency process is ex-
ment, before paring some of the gain to potential hedge against inflation. Elon Musk, its chief executive, suggest- pected to see secured and preferential
US Business Correspondent trade up 4.7 per cent at $46,952.18 in ed that it was “on the verge” of wide- creditors recover all, or the vast major-
New York last night. Regelman said: “Growing client spread acceptance. ity, of their debts, unsecured creditors
The price of bitcoin surged to a record demand for digital assets, maturity of such as landlords and suppliers are un-
high after it emerged that Bank of New BNY Mellon dates back to 1784, advanced solutions, and improving Twitter has suggested it could pay its likely to get back more than 4p for every
York Mellon is to start storing and when Alexander Hamilton, who would regulatory clarity present a tremen- suppliers and employees in bitcoin, £1 they are owed. Debts to unsecured
issuing cryptocurrencies for clients. become America’s first Treasury secre- dous opportunity for us to extend our while Dara Khosrowshahi, chief execu- creditors stand at £15 million.
tary, set up the Bank of New York. service offerings to this emerging field.” tive of Uber, told CNBC yesterday that
America’s oldest bank said that it was Today it is the world’s largest custodian the group had “quickly dismissed” the The government is planning to make
launching a new digital assets division, bank and has $2.2 trillion of assets Mike Demissie, who will lead the new idea of buying bitcoin but would referrals to the pool mandatory and is
bringing bitcoin further into the main- under management. division, said it would “deliver a secure consider accepting it as payment for considering tightening up the
stream after Tesla’s announcement this infrastructure for transferring, safe- rides and takeaway orders in future. definition of a connected party amid
week that it had spent $1.5 billion on the Bitcoin exists as strings of computer keeping and issuing digital assets” and concerns about low referral rates.
cryptocurrency. code, with no physical form. It dates allow the bank’s clients to “tap into the Mastercard also announced plans to
back to 2008 and was developed by a best available solutions in the market”. open up its network to some cryptocur- Paperchase had previously been
The bank will start storing, transfer- secretive software developer using rencies later this year. owned by Primary Capital, a private
ring and issuing cryptocurrencies later the name Satoshi Nakamoto. While Bitcoin’s value has risen by almost equity firm. It went into administration
this year in response to rising demand intended to be used as an alternative two thirds since the turn of the year. Early scepticism among some of at the end of January after its bankers,
from clients. Roman Regelman, head of currency to pay for goods and services, Trading of the currency has been vola- America’s most senior financial leaders Lloyds, declined to provide an emer-
digital at the bank, said: “BNY Mellon is its main use so far has been speculative tile over recent years, however, and has significantly weakened in the face gency state-backed loan.
proud to be the first global bank to an- trading. Its value almost quadrupled such sharp increases have previously of growing enthusiasm for cryptocur-
nounce plans to provide an integrated last year, chased higher by retail inves- been followed by heavy declines. rencies among investors. In 2017 Larry The pre-pack saves 761 jobs out of
service for digital assets.” tors enticed by its exponential rise Fink, the founder of Blackrock, dubbed 1,278. A further 200 are preserved
On Monday Tesla intensified the during administration.
Bitcoin rose more than 8 per cent to focus on the cryptocurrency by disclos- Continued on page 37, col 1
According to R3, the insolvency
trade body, connected parties are de-
fined as those parties who are in control
of the day-to-day affairs of a company
immediately before administration.

Permira was approached for com-
ment. Zelf Hussain, joint administrator
and PwC partner, said the deal saved
jobs and “allowed the business to con-
tinue with a sustainable high street
presence alongside an online focus”.

36 2GM Friday February 12 2021 | the times

Business KPMG boss fights to surv

Need to know Louisa Clarence-Smith I think unconscious After every single piece
bias training is of unconscious bias
1 Holiday companies are braced KPMG is facing a deepening crisis after complete crap
for restrictions on the number a video of its UK chairman’s outburst training that’s ever been
of people they can send about “moaning” staff “playing the done, nothing’s improved.
abroad in the next year as the victim” emerged yesterday.
pandemic driven crisis in the So unless you care, you
travel industry deepens. There are The firm has hired Linklaters, the law actually won’t change
growing fears that some operators firm, to carry out an investigation into
may not be able to prove to the comments made by Bill Michael to the Bill Michael made the comments in a talk he gave to 1,500 employees at the consultanc
Civil Aviation Authority, the firm’s 1,500-strong financial services
regulator, that they are viable and team that were recorded on Monday. with our clear commitment to consult- Maja Korica, a professor at Warwick and fell 2 per cent last year during the
will lose their licences when they ing excellence principles on diversity Business School, said: “Lack of empa- pandemic.
come up for renewal in March. Michael, 52, is fighting to keep his job and welfare. thy, dismissal of legitimate concerns
but has stepped aside while the review and focusing only on results may have Annual partner profits in 2020 were
Page 7 is under way. “I understand a huge amount of work gotten Michael to the top, but staying lower than those of the rival Big Four
has taken place to support wellbeing there effectively necessitates the very firms, falling 11 per cent to an average of
2 The price of bitcoin surged to The straight-talking Australian told and diversity programmes at KPMG in opposite. Such behaviour is incredibly £572,000. Michael’s pay fell by 14 per
a record high after it emerged staff who have been working remotely recent months and years and the firm disappointing to see, in a pandemic to cent to £1.7 million. Staff are expecting
that Bank of New York not to “sit there and moan” about more broadly is very committed to de- reduced bonuses. It comes after com-
Mellon, America’s oldest bank, is to Covid-19 and that “there is no such livering training on unconscious bias.” boot. It indicates a lack of connection plaints about a “forced distribution
store and issue cryptocurrencies thing as unconscious bias”. and perspective beyond your own curve” appraisal system which ranked
for its clients. Page 35 inevitably privileged and sheltered real- team members from best to worst and
Michael also told consultants wor- ity as a leader.” forced managers to give a minimum
3 Permira Debt Managers, the ried about their pay that they were “in Michael, who grew up in a working- number of staff the lowest rankng . The
credit division of the a very lucky sector” and “you can’t play class suburb of Melbourne, took over firm has decided to abandon the model
eponymous private equity the victim unless you’re sick”. from Simon Collins, a former merchant to “allow much greater flexibility”.
firm and a secured creditor to banker, after the firm had suffered five
Paperchase, chose not to refer “I have spoken to a lot of partners and years of decline. He has worked to im- KPMG employs 15,600 people in
their acquisition of the stationer to people of different levels, and it almost prove KPMG’s brand and finances. Britain, where it is the fourth largest ac-
a scheme that reviews the sale of feels like this is being done to them. Revenue growth improved to 8 per cent countancy firm by revenue, after PwC,
failed companies’ assets to Well, you can’t play the victim unless in 2018 but slowed to 3 per cent in 2019 Deloitte and EY. It recently disclosed
connected parties. Page 35 you’re sick . . . I hope you’re not sick, and an ethnicity pay gap of 38.2 per cent and
you’re not ill, and if you’re not, take
4 KPMG is facing a deepening control of your life. Don’t sit there and
crisis after a video of its UK moan about it, quite frankly.”
chairman’s outburst about
“moaning” staff “playing the Frontrunners for his replacement in-
victim” emerged. The financial clude the board members Bina Mehta,
services firm has hired Linklaters, who leads growth consulting, and Mary
the law firm, to carry out an O’Connor, head of clients and markets.
investigation into comments made They have been appointed respectively
by Bill Michael to the firm’s 1,500- as acting chairman and acting senior
strong financial services team that partner during the investigation.
were recorded on Monday.
Michael, who spent time in hospital
5 Chris Woolard, the former last spring with Covid-19, subsequently
head of the City regulator, apologised to staff in an email. He said:
announced he is joining EY, “I know that words
the professional services firm that matter and I regret the
audits Klarna, a week after ones I chose to use. I
completing a review of the “buy think lockdown is prov-
now, pay later” sector. ing difficult for all of us.
I am very sorry for what
6The European Union is I said and the way that I
keeping a close eye on City of said it. Covid has hugely
London firms using so-called impacted the way we all
“letterbox structures” to bypass live and work — many of
post-Brexit rules limiting the us very deeply.”
access of British financial services
to Europe’s single market, Michel His comments were
Barnier, the EU’s former Brexit first reported in the Fi-
negotiator who is a special adviser nancial Times, as were
to the European Commission on claims that he had met
relations with the UK, has warned. clients for coffee, potent-
ially breaching lockdown
Page 38 rules. A video of the meet-
ing, first published by Mail
7AstraZeneca, the Anglo- Online yesterday, has led
Swedish group, is set to deliver to further criticism.
double-digit revenue growth
for a third successive year as sales Tamzen Isacsson, chief executive of
of new medicines continued to the Management Consultancies Asso-
lead the recovery of one of ciation, said: “If these comments are ac-
Britain’s two big pharmaceuticals curate then they are clearly unaccept-
companies. Page 40 able and I don’t believe these comments
are representative of the views of
8 Royal Mail, the privatised leaders in our industry or are in line
postal group, has raised its
profits forecast for the year Ex-City watchdog chief joins auditor of Klarna
from £400 million to “well in
excess of £500 million” for the year Patrick Hosking Financial Editor of the FCA in March last year after other roles, which has been applied in interest . . . As such, once in role, Chris
to the end of March after a surge Andrew Bailey moved to be governor of this case,” she said. will not work on client engagements
in parcel deliveries in the run-up The former head of the City regulator the Bank of England. He stepped down that could give rise to any conflict.”
to Christmas. Page 41 has announced he is joining the profes- on October 1 but continued to work for While accounting firms are generally
sional services firm that audits Klarna, the regulator in his role leading the barred from offering non-audit ser- Woolard looks set to gain a pay rise
9 Royal Dutch Shell, the Anglo- a week after completing a review of the review. vices to audit clients in the UK, it was from the move. Average EY partner pay
Dutch oil giant, plans to booming “buy now, pay later” sector. in the UK was £667,000 last year and he
operate as many as 2.5 million Senior officials at the watchdog have £667k has a very senior role, also chairing EY’s
electric vehicle charging points Chris Woolard is joining EY as a to go into a six-month paid purdah Global Financial Services Regulatory
globally by 2030 under a new partner and will lead its financial ser- period before joining private firms to Average pay for partners at EY Network.
emissions-reduction strategy that vices regulatory division across Europe, address potential conflicts of interest.
will see its oil output fall. Page 42 which seeks to advise banks and other The regulator said that Woolard would not clear whether Woolard would be He was paid £413,000 by the watch-
financial services businesses on how to have met this rule by April, when he able to solicit business from, or offer dog in the year to March 31, but will
10It was a case of three navigate regulation. joins EY. While he is still on the advice to, Klarna. have received a pay rise since then for
strikes and out for watchdog’s payroll, he left the board on his interim chief executive role.
Platinum Equity Advisors, EY audits Klarna, the Swedish firm October 1 and stopped any regulatory EY said it could not comment on
the private equity firm stalking that is thought to be the biggest opera- decision-making at that time. clients, adding: “We work in a highly Moves to the private sector from the
Marston’s, after it announced that tor in the buy-now-pay-later business regulated industry and take our FCA have raised eyebrows in the past.
it would not be sweetening its in Britain. In a Financial Conduct An FCA spokeswoman said that the responsibilities extremely seriously. EY Tracey McDermott, an acting chief ex-
£690 million bid proposal for the Authority report last week, Woolard move had been approved by the has strict independence policies and a ecutive, moved to Standard Chartered
pub company. Page 43 recommended that the new form of chairman, Charles Randell. “We have a code of conduct to avoid conflicts of a year after axing an investigation into
credit should be regulated in the UK. robust process for managing conflicts banker bonuses. Sir Hector Sants left
of interest when staff leave to take up the FCA’s predecessor, the Financial
Woolard, 48, was made acting head Services Authority, to join Barclays.

the times | Friday February 12 2021 2GM 37

ive ‘moaning’ gaffe Business

TOM STOCKILL/TIMES NEWSPAPERS LTD Video nasty shows
poor judgment
Profile

If you’re not [ill] You can’t play the Bill Michael was dubbed business commentary Alistair Osborne
take control of your role of victim unless the “Donald Trump
life. Don’t sit there candidate” by KPMG Strewth! What is the world HBOS, the Co-op Bank, Quindell,
and moan about it you’re sick insiders before he got coming to? Since when can’t Conviviality and, notably, Carillion.
the top job due to his a straight-talking Aussie boss Indeed, its efforts landed the firm in
quite frankly swaggering style. The former tell the staff to “stop special measures with the Financial
global head of banking and moaning”? Not least when Reporting Council. It’s the job of the
capital markets was better he’s talking to a bunch of boss to raise standards, restore
known for his commercial nous accountants. morale and bring the staff with him.
than as a political operator, After Michael’s video nasty, he may
leading to questions about If that was all Bill Michael had struggle to do that.
whether he was the right man to said, there really would be no case
steer KPMG through a period of for forcing the chairman of KPMG Junk bond rush
increased scrutiny. UK to step aside while he gets
investigated over his little pep talk. Another victory for
However, Michael told The His video address was to the quantitative easing. It’s
Sunday Times in 2018 that he financial services consultancy team created a booming British
would like to be seen as less at a firm whose 582 partners shared junk bond market. The main
Trump and more Sir Ronald a profit pool that paid an average beneficiaries so far? The Issa
Leach, the KPMG chairman who £572,000 each last year, with the 52- brothers and TDR Capital, the duo
declared that Robert Maxwell year old boss pocketing £1.7 million. that bought Asda for £6.8 billion. A
was unfit to run a company years And while most of the 15,600 glance at their latest debt markets
before the Mirror Group pension employees get nothing like that, triumph and you can see why they
scandal was uncovered. they still have decent jobs — unlike write every night to Bank of
many who’ve lost theirs in the England guv’nor Andrew Bailey and
The son of Greek and Cypriot pandemic — with none of the trials his predecessor Mark Carney in
immigrants, Michael grew up in of frontline staff, not least in the praise of their £895 billion money-
Melbourne before moving to NHS or social care. printing prowess.
London as a newly qualified
accountant in 1993 and joined So you can see why people may Like other central bankers,
KPMG, working with banking think it’s snowflake wokery gone they’ve created oodles of cheap
clients including JP Morgan and mad to kick up a fuss about a money. So much so that Mohsin
HSBC. He then led KPMG’s work business leader who tells the and Zuber Issa and their private
relating to the financial crisis. workers not to “sit there and moan” equity partner can now carry off the
about the Covid crisis and “take supermarket chain after sticking in
Michael has worked to improve control of your life”. As he put it: just £800 million of equity —
KPMG’s finances and brand. He “You can’t play the role of victim topped up by £500 million from
told staff last spring: “We have all unless you’re sick.” True, it lacked a Walmart, which is retaining a
worked very hard over the past bit of sensitivity after a staff poll minority stake. Where’s the rest of
few years to transform our firm showing many struggling to cope. the funding coming from? Mainly
from the top down with high But a potential sacking offence? the biggest ever sterling junk bond
quality people, a focus on issue: a £2.75 billion whopper
culture, and fundamentally Unfortunately, though, Michael (report, page 45).
improved governance.” didn’t stop there. The white, wealthy
man, in charge since 2017, fatefully To boot, they were overrun in the
He is married with three declared that “unconscious bias is rush: £8 billion of investor demand.
children and lives in Richmond, complete crap”. Really? Who is he to It allowed them to sell £2.25 billion
southwest London. tell a black or female worker that? It of bonds with a mere 3.25 per cent
was a point he laboured, too, even if coupon: the sort of thing you can
y. Leaked footage was published and he subsequently apologised to staff in an email he might have been crassly trying to get away with when the deal’s
say something more nuanced. He backed by £9 billion of property. But
a 36.2 per cent gender pay gap. yet to find anyone to take over its lease, really important but needs some bal- held his view, he said, “because after even the £500 million portion with
A series of audit scandals, including a which costs about £4.6 million a year. ance somewhere.” every single unconscious bias little asset backing sold at just 4 per
training that’s ever been done, cent. On top, there’s €845 million of
continuing investigation into its role in Saddles are already being put on Younger staff may have an additional nothing’s ever improved. So unless “covenant-lite” debt and a £1 billion
the collapse of Carillion, the govern- horses that could replace Michael as reason to feel some resentment against you care, you actually won’t change” warehouse sale and leaseback.
ment outsourcer, have led to questions chairman. A partner at a rival firm said: their bosses. One consultant at a rival — a different emphasis. Some
about the firm’s culture and values. “A lot of people agree with him on a firm said: “There’s an obvious percep- people say he’s also done good work As long as Asda can fund the
number of things . . . I think the one tion that life has probably got a lot better on diversity within the firm. interest bill — and off £1.2 billion
A senior partner at the firm was sent thing that’s going to do for him is having for these big execs during the pan- annual ebitda it should — the new
for leadership coaching in 2019 after client drinks in lockdown.” demic . . . particularly men, who might Yet the reaction was entirely owners could make a pretty penny.
complaints over bullying. KPMG said now be getting to spend more time with predictable. On an app used by staff Which begs two questions. Why was
that Sanjay Thakkar, head of deal Michael’s comments have found their kids, less travel, probably live out to post anonymous comments, a Walmart so keen to sell? And what
advisory in Britain, had been subject to some supporters in the industry, who of London in nice Surrey mansions. typical one said: “There’s no such other companies with freehold
an internal investigation. Two senior have criticised millennials. That perception, whether it’s true or thing as unconscious bias?! Are you property — Whitbread, say — are
female employees resigned over not, probably angers a lot of more junior joking? Please do your research vulnerable to junk bond-fuelled
KPMG’s handling of the complaints. A former senior manager at KPMG staff who are working in tiny flats.” before just making such statements. private equity takeovers? They look
said: “I think these organisations have Check your privilege.” Yes, Michael almost as easy as printing money.
Michael’s plans to shut down the become so politically correct. A lot of it A KPMG spokeswoman said: ‘We will is known for shooting from the hip.
firm’s Mayfair members’ club two years is rightly so, but there needs to be a not comment further while the investi- But, if nothing else, it’s a failure of Three and out
ago angered some of its partners who balance — from white men, old school gation is ongoing.” both judgment and leadership to
preferred entertaining well-heeled ties, all the way through to an extreme make that sort of boorish remark in T hree pints and they’re off
clients in the West End as opposed to on the other side . . . the MeToo move- It shouldn’t be taboo for a boss to a people business: an issue his later already. Who’d go drinking
Canary Wharf. However, KPMG has ment and Black Lives Matter are clearly apology acknowledged. with Platinum Equity
speak his mind, Thunderer, page 26 Advisors? The US outfit managed
That wasn’t all, either. He also just a trio of rounds with pub group
continued from page 35 Microsoft takeover talk sends suggested he may have broken Marston’s, at 88p, 95p and 105p a
Pinterest climbing by $3bn lockdown rules, telling employees share, before calling it a night and
Bank’s boost to bitcoin he had been meeting clients for going home (report, page 43). What
Callum Jones said the two companies’ discussions coffee: something that also riled was it, the lure of returning to its
bitcoin an “index of money laundering” were no longer active. staff told to work from home. So, exciting portfolio of portable bogs,
and Jamie Dimon of JP Morgan Chase US Business Correspondent quite a lot in a short video from a construction fasteners and aerosol
described investing in it as “stupid”. Pinterest, based in San Francisco, man himself treated in hospital with cans? True, with the shares falling 13
More than $3 billion was added to the and founded in 2009, is popular among Covid earlier in the crisis. per cent to 86.8p, Marston’s boss
In December Fink appeared to have market value of Pinterest yesterday creative professionals, families search- Ralph Findlay now has to prove it
had a change of heart, describing after reports that Microsoft had ing for interior design inspiration and Can he keep his job? Well, it’s was right to reject a £690 million
bitcoin as “something that’s real” that approached the image-sharing net- couples preparing for weddings. Its never a good sign when a firm hires proposed bid. But there’s plenty of
could evolve into a “global market”. work regarding a potential takeover. platform allows users to “pin” pictures external lawyers to investigate, even froth yet to come from his Carlsberg
While Dimon maintains that it is not on public and private notice boards and if it’s unclear what investigating a and Brains deals. Assuming Boris
his “cup of tea,” he has observed that Pinterest shares rose 7.3 per cent, or has 450 million monthly active users. video entails. Yet the partners could lets him open up again.
some “very smart people” are investing. $5.90, to close at a record high of $87.02. rally round and back him, facing
At Wednesday’s close Pinterest had a down opposition from junior staff. [email protected]
Cannabis-linked stocks fell back Microsoft already owns LinkedIn, market value of $51 billion but its sharp
sharply yesterday after attention on the professional social network, and rise yesterday carried its market capi- But there’s a bigger question: does
social media triggered a sharp rise in the video game Minecraft, Last sum- talisation to $54.7 billion. he now look the right leader for
their values. Shares in Tilray, a Canadi- mer it bidding for the US operations of KPMG, a firm keen to big up its
an producer identified as undervalued the video-sharing app TikTok. Pinterest did not respond to requests “inclusive culture”? It’s still reeling
by users on the Reddit forum Wall- for comment. from a string of audit failures:
streetbets, more than doubled in value It approached Pinterest in recent
in the first three days of trading this months over a possible acquisition, Microsoft declined to comment. Its
week. Yesterday the shares closed down according to the Financial Times, which shares rose 0.7 per cent to $244.49
by 0.2 per cent, or 10 cents, at $32.60.

Saddling up for a wild ride with the

bitcoin bulls, James Dean, page 39

38 1GM Friday February 12 2021 | the times

Business

EU is watching you, City firms warned

Bruno Waterfield Brussels ities of the EU, in each and every coun- spite of the current pandemic travel re- for advice and services from providers ment of existing regulations in order to
try ,and the EU authorities themselves strictions, if most of their European outside the EU. gain a competitive advantage over the
The European Union is keeping a close will be very, very vigilant in the next few business is still handled in London. UK.
eye on City of London firms using so- weeks and months. I recommend Some regulators are regularly inspect- Barnier, a former EU financial ser-
called “letter-box structures” to bypass everyone to be careful.” ing whether entities set up on mainland vices commissioner, ruled out any “Despite the fact that we’ve supplied
post-Brexit rules limiting the access of Europe and on EU territory are opera- quick Brussels decision to grant “equiv- all of the necessary paperwork and are
British financial services to Europe’s The EU’s decision at the end of last tional and adequately staffed. alence” allowing eased access to Euro- one of the world’s most pre-eminent
single market. year not to give “equivalence” rulings to pean financial markets. financial centres, with a strong regula-
most sectors of Britain’s financial Last month, the European Securities tory system, the EU still hasn’t granted
Michel Barnier, the EU’s former services industry has created new bar- and Markets Authority warned that “Equivalence decisions are, and will us full equivalence,” the prime minis-
Brexit negotiator who is a special advis- riers to trading and split markets into some banks and fund managers, both remain, unilateral of each party and ter’s spokesman said. “This has meant a
er to the European Commission on UK and EU entities. British and European, were using aren’t subject to negotiation,” he said. number of EU shares that were previ-
relations with the UK, issued the warn- “questionable practices” to bypass post- “We will take no risk about financial ously traded on UK venues, have
ing to the City as Brussels steps up sur- To avoid the barriers some financial Brexit restrictions on trade. stability.” moved to the EU venues on advice of
veillance. “We know there are attempts service companies have set up subsidi- the European regulator, but our posi-
to circumvent the new rules through ary companies which are largely based There are widespread suspicions that The EU is demanding that the UK tion is that fragmentation of share trad-
what we call letterbox structures,” he on little more than a postal address or some financial services are using a guarantee that it will remain aligned to ing across financial centres is in no
told the European business summit. brass plate on a shared office. loophole known as “reverse solicita- European regulations before a decision. one’s interests.”
tion” with automatic tick-box struc-
“Needless to say the national author- EU regulators expect British compa- tures for institutional investors to ask Downing Street accused the EU Leading article, page 29
nies to post people to subsidiaries, in yesterday of politicising what is usually
London loses a technical decision based on an assess- Analysis

out as share DAN BOWEN/GETTY IMAGES Does it matter that the
UK has lost its status
trading crown Amsterdam has become the largest European share trading hub, following the loss of the City of London’s EU “passport” as the capital of
European Union
goes Dutch from a few dozen jobs at the exchanges, market, supporting a £130 billion Brit- the City is 75 times larger than Amster- equities trading?
the traders haven’t moved, the hedge ish industry that pays about £75 billion dam and four times larger than the Symbolically, yes. But the real
Philip Aldrick Economics Editor funds and asset managers giving them in tax a year. Although there will be a whole of the EU combined, Wright impact is minimal: a dozen jobs
orders haven’t moved.” gradual drift of jobs and capital to the said. It is also the home of 40 per cent of and less than £50 million in lost
Amsterdam has overtaken the City as EU, that is not expected to change. assets under management across the taxes (Philip Aldrick writes).
the largest European share trading hub He estimated that it might translate EU and the UK, and is Europe’s foreign
in the most visible sign yet of the impact into “maximum £5 million a year in lost Neil Shearing, chief economist at exchange trading hub. The City will remain Europe’s
on financial services of Brexit. tax”, adding: “If these exchanges had Capital Economics, said: “It is a tangible financial centre as long as the
moved their servers to Macclesfield a outcome of Brexit and makes a good About 7,000 jobs have shifted due to deep pools of capital and the
An average of €9.2 billion shares few years ago, I’m not sure we would headline but it does not really amount Brexit but banks are moving the bare people who manage them are in
were traded daily in the Netherlands have been getting excited about Chesh- to much. These are largely electronic minimum of their business out of Brit- London, which they are.
last month compared with €8.6 billion ire’s future as a global financial centre.” transactions processed in Amsterdam.” ain. “It is in their interest to keep as
in the UK after trading in European much of it in one place,” Wright said. The City’s future may be
Union equities was banned in London The City remains Europe’s capital In the far bigger derivatives markets, secure but the EU will chip away
with the loss of the City’s “passport”. at its edges, using rules to divert
business to the Continent. Nearly
It was a largely symbolic blow, with nine tenths of the derivatives
very little impact in terms of sales and trading market is denominated
jobs, but means that the UK has lost in non-euro currencies, which
its historic status as the capital for EU means that the bulk of it is going
equities. The story was first reported by nowhere. But the EU can cancel
the Financial Times. UK equivalence on clearing
when the temporary regime ends
The loss was inevitable after Brussels in 18 months’ time, and take a
declined to grant the City “equivalence” small bite into those derivatives.
to trade in EU shares after Brexit in Similar actions, some already
what the Bank of England governor has taken, will mean London’s capital
argued is effectively an attempted land pools get a little shallower.
grab by the EU.
The City’s business is being
On Wednesday Andrew Bailey shared out between Amsterdam,
accused the EU of holding the City to Paris, Frankfurt and Dublin. This
standards on equivalence that it does fracturing, however, doesn’t work
not even demand of itself and urged for the banks and fund managers.
Brussels not to pick a fight by refusing
the UK a status that it has awarded the Three quarters of UK financial
United States, Canada, Hong Kong and services have nothing to do with
Brazil. the EU and only some EU
business will migrate. Brussels
Talks are under way to try to secure can hardly prevent euro trading
equivalence in key areas for the City but on non-EU foreign exchange
it does not appear that the EU will back markets if it wants the euro to be
down before a decision in the spring. a global reserve currency. New
Financial, a think tank, estimates
William Wright, founder of New that 10 per cent of the City may
Financial, a think tank, said: “The num- be lost over time. But it will take
bers look big but the economic impact time. The real symbolism of
is limited. The location of where the Amsterdam’s new pre-eminence
trading is conducted has moved. Aside is that it marks the start of a
slow, attritional land grab.

Firms get vouchers for Brexit advice Manipulation investigation

James Hurley Enterprise Editor companies temporarily suspended minister, said the grants would also Callum Jones companies, according to The Wall Street
deliveries last month to clear a backlog help companies prepare for Britain’s in- Journal.
Small and medium-sized companies of goods that had come with incorrect troduction of new import controls in American prosecutors and regulators
struggling to negotiate Brexit red tape customs forms. April and July. are reportedly investigating whether The Commodity Futures Trading
are to be offered vouchers worth up to market manipulation helped to drive Commission (CFTC) is also said to have
£2,000 to help them cope. There has been anger from business- Allie Renison, head of trade policy at the recent wild gyrations in assets of launched an preliminary investigation-
es at Boris Johnson’s description of such the IoD, said: “Smaller firms simply companies such as Gamestop. into whether misconduct occurred as
The £20 million SME Brexit Support issues as “teething problems”. cannot manage many of the processes traders lifted silver to an eight-year
Fund is intended to help businesses ad- themselves and require experts across a The video games retailer’s stock high this month.
just to new customs, VAT and tariff rules The support fund is aimed at small range of areas to assist with trade conti- surged by as much 3,000 per cent in less
when trading with the European Union. companies that trade only with the EU nuity, and we commend this govern- than three months in an online-fuelled Vlad Tenev of Robinhood and Steve
and are therefore “new to importing ment for responding to our call.” trading frenzy, but has since fallen rap- Huffman of Reddit are among a num-
Bewilderment and frustration over and exporting processes” outside the idly. Retail investors also piled into sil- ber of executives expected to appear at
import duties, licences, VAT, documen- single market, the government said. According to the British Chambers of ver following activity on the Wallstreet- a congressional hearing next week.
tation and tariffs have caused disrup- Commerce, half of UK exporters are bets forum on Reddit.
tion as businesses, governments and The grants, which had been called for reporting problems with adapting to the The CFTC did not respond to re-
consumers adapt to the new regime. by the Federation of Small Businesses new regime, with common issues in- The US Justice Department’s fraud quests for comment last night. The Jus-
and the Institute of Directors, can pay cluding increased administration, costs, division has sought information from tice Department declined to comment.
Fishing businesses are struggling to for “practical support including training delays, and confusion about what rules brokers including Robinhood, the
survive as they battle to get their goods and professional advice”. to follow. popular trading app, and social-media By mid-afternoon in New York yes-
to their normal markets while freight terday Gamestop shares were 4.5 per
Michael Gove, the Cabinet Office cent, or $2.30, lower at $48.90.

the times | Friday February 12 2021 1GM 39

Sathnam Sanghera Comment Business

We would all be much better off if James Dean
more of us told the truth . . . honest
Silicon Valley chiefs
saddle up for wild ride
with the bitcoin bulls

‘‘Aboutamonthago the academics Ryan Buell and pressure from consumers and The bitcoin bulls are excited themselves to the increasingly
I wrote a column MoonSoo Choi concluding that the shareholders, has done OK. At least, again, and not just the ones popular theory that the bitcoin of
about high salaries conventional approach of highlighting the corporate apology has a long and who bet their life savings today is less a means of payment
in banking and did only the positives of a product, and colourful recent history, whether it is on the world’s favourite and more a safe haven asset, a kind
not make it clear glossing over downsides, might not the Toshiba chief executive digital currency. The crush- of digital gold. At the same time,
that I was talking specifically about always be the best way. Their research to varying degrees, the companies
investment banking. I thought it was included an experiment involving apologising and resigning after it was the-establishment types are just as have tied their share prices to a
obvious given that the peg for the 389,611 consumers considering a notoriously volatile digital asset —
column was the BBC show Industry credit card with the Commonwealth revealed that the company had happy to hear that Elon Musk’s Tesla something that gold is not.
but I should have been more specific. Bank of Australia. Over five months
When my new book was recently the bank offered website visitors two overstated its profits for six years; Neil has invested $1.5 billion in the stuff. Tesla investors don’t seem to
serialised one of the extracts was sales pitches: one that emphasised the have bought into it. It could be that
heavily edited and it did not make card’s benefits, as is conventional, and Woodford expressing deep regret for It is not only that one of the some read the small print in the
clear that I was quoting a 19th- another highlighting potential company’s annual report on Monday
century dictionary when stating the downsides. After customers had the demise of Woodford Investment world’s most valuable companies has in which the bitcoin investment was
(disputed) etymology of a particular signed up, the researchers tracked disclosed. “Highly volatile”,
word. I should have checked the text. spending for nine months. Those told Management; Peter Fankhauser, made such a sizeable investment. “adoption unpredictable”, “threat of
And while I am here beating myself the downsides spent 10 per cent more technological obsolescence”,
up, I should probably tweet less, ring each month, on average, than others. Thomas Cook’s chief executive, being Tesla says that, in time, it wants its “security breaches, cyberattacks or
my sister more and floss more often. Their cancellation rate was 21 per other malicious activities”,
What, you may ask, is behind this cent lower and they were 11 per cent visibly devastated after the travel customers to be able to buy its “application of securities laws” and
sudden bout of introspection and self- less likely to make late payments. “human errors or computer
loathing? Well, I wondered whether group’s collapse; Stuart Gulliver, chief snazzy electric cars with bitcoin malfunctions that may result in the
readers might think better of me if I The journal reports that “the loss or destruction of private keys
was brutally honest, after happening researchers can’t definitively explain executive of HSBC, taking rather than pounds, euros or dollars. needed to access such assets” were
upon research written up in Harvard their findings”, but it looks pretty the choice quotes. Furthermore,
Business Review that suggests that the straightforward to me. In a world of responsibility when a leak revealed That bitcoin can be used to actually under American accounting rules,
marketing world is waking up to the infinite fake five-star reviews, and in a Tesla is unable to report paper
surprising benefits of full disclosure. universe where everyone is trying to that its Swiss private bank had helped buy things is the raison d’être for a profits from its bitcoin investment
The first investigation focused on put their best foot forward, frankness but must report impairment charges
what businesses are doing to deal is rare and appreciated. It gives you the ultra-rich to dodge taxes; and a hardcore of fans who want it to if its value slumps.
with fake product reviews on the something real to hold on to and I
internet. This is such a big problem think this rising desire for frankness host of companies apologising for not replace old-world currencies. Tesla shares fell by 5.6 per cent
that in 2019 Amazon spent more than extends well beyond business. between Monday and Wednesday
$500 million and employed more doing enough about racism after the So this, the fans say, is a giant leap this week, even though its bitcoin
than 8,000 people to delete fake A number of online personalities investment was worth more than the
reviews. Indeed, inane five-star from Matt Haig to Bryony Gordon Black Lives Matter protests last year. forward on the path to mainstream $1.5 billion it put in. Meanwhile,
reviews are so prevalent that have built up large followings on MicroStrategy’s shares went on a
separate studies have found that Instagram by rebelling against the In contrast, politicians have a adoption. Mike Novogratz, a former wild ride, jumping 29 per cent on
(a) moderately positive reviews can pressure to paint themselves as Monday and a further 22 per cent
actually be more persuasive than perfect, instead doing popular work terrible recent history. Estelle Morris hedge fund boss turned bitcoin on Tuesday, then crashing by 23 per
extremely positive reviews and highlighting their vulnerabilities and cent on Wednesday.
(b) viciously negative unfair reviews flaws. One of the most successful set a noble example when she
can, paradoxically, make consumers podcasts of recent times has been Given that MicroStrategy has a
think better of a product or service. Elizabeth Day’s How To Fail, on resigned as a minister in 2002, Value of bitcoin holding $9 billion market capitalisation and
Researchers found that, in an echo which public figures line up to talk explaining that she did not feel up to is sitting on bitcoin worth about
of what happens in real life when you about their failures (I was on an early $3 billion, this is no surprise. Tesla
see someone being criticised unfairly, episode, talking about things beyond the job, but such dignity has been MicroStrategy is about 86 times the size of
negative one-star reviews often elicit my flossing habits). MicroStrategy and its bitcoin
sympathy. Indeed, some savvy hard to spot since. Donald Trump has Tesla holding is a relatively small part of a
companies have not only cottoned on I think, though, that this is one area cash pile that stood at $19.4 billion
to this but have incorporated such where business, forever under apologised for nothing whatsoever, up at the end of last year.
reviews into their marketing: the
Snowbird ski resort in Utah to and including egging on a violent But Musk and Saylor are not so
highlights, for instance, a review that different. They run their companies
declared, “There are NO easy runs, insurrection; Robert Jenrick, the $3.1bn $1.5bn like founder-chief executives, with
one-star”, and the Vienna tourism all the power that gives them to play
board ran an advertising campaign housing secretary embroiled in hard and fast with the company
that incorporated a one-star review coffers. Indeed, in December last
declaring “Boooring!” on a poster of a endless troubles, has not come close year, the two men exchanged a
couple on a boat on the Danube. series of tweets on the theme of
Meanwhile, the latest edition of to an apology; Gavin Williams has Source: company filings converting cash to bitcoin. What
Harvard Business Review brings us the we are seeing here is billionaire
news that something similar might be not faced up to his own serial eccentricity, not a fundamental shift
true for conventional marketing, with in corporate cash management.
incompetence. investor, predicts that more Not that the bitcoin bulls will care.

Meanwhile, Jeremy Corbyn has American companies will follow suit James Dean is Chief Business
Correspondent of The Times
taken no responsibility for the hurt he and park some of their cash in

caused Britain’s Jewish community or bitcoin, pushing the price beyond

the damage he inflicted upon his $100,000 before the year is out.

party’s reputation. And then there is It is not as if Tesla is the first to

Boris Johnson, who as the UK death do so or even to own the most.

toll from Covid-19 passed 100,000 MicroStrategy, an American

said he “was deeply sorry” for every software developer, began buying

life lost and took “full responsibility” bitcoin in August last year and by

for the government’s handling of the Tuesday last week had amassed

pandemic, but then did not do so by 71,079 bitcoins at an average price of

claiming that during the first wave of $16,109 each. In an interview with

deaths he had taken the “right Bloomberg, Michael Saylor, the

decisions at the right time”. I suspect co-founder of MicroStrategy, said:

lots of us would have felt less awful “Once people start thinking

about having the highest Covid death about what they want, which is a

rate in the world if he had chosen the non-sovereign, safe-haven store of

moment to confess to fallibility. value, they’re going to realise that

Unfortunately politics has become bitcoin does the job of gold better.

’’a sphere, alongside boxing and If we bought gold instead of bitcoin,
we would be down $2 billion. It
wrestling, where you would have been a disaster.”
can never admit to
fallibility or Bitcoin closed at nearly $35,500
weakness. And we on Tuesday last week, meaning that
are all poorer for it. MicroStrategy had more than
doubled its investment of $1.1 billion
Sathnam Sanghera is a journalist at that point. Yesterday bitcoin hit
and author. Follow him on Twitter an all-time high of $48,364.
@Sathnam
MicroStrategy and Tesla have tied

40 1GM Friday February 12 2021 | the times

Business Astra turns spotlight on

Business Alex Ralph driven by oncology revenue which pany’s previous guidance and it raised In good health
jumped 24 per cent to $11.5 billion, in- forecasts for this year, predicting total
Email briefing AstraZeneca is set to deliver double- cluding sales of its new cancer treat- revenue up by a low-teens percentage
digit revenue growth for a third ment Tagrisso, and cardiovascular and core earnings per share, its
Get up to speed in five minutes successive year as sales of new revenue, up 9 per cent to $4.7 billion, preferred measure of profitability, to
medicines continued to lead the recov- which include sales of Farxiga, its improve to between $4.75 to $5.
Get the best of the morning’s results, ery of one of Britain’s two big pharma- diabetes and heart failure medicine.
deals, profit warnings and sackings ceuticals companies. AstraZeneca cautioned, though, that
and the latest from the markets by Revenue from new drugs rose by a the “heightened risks and uncertain-
8am. Also get lunchtime analysis of The Anglo-Swedish group yesterday third and contributed more than half of ties” from the impact of the coronavirus
the breaking news and what’s moving said that its sales were up 11 per cent to total revenue. AstraZeneca also enjoyed crisis meant that variations in its per-
markets, currencies and commodities $25.9 billion for the year to the end of growth across all its regions, led by the formance was set to continue.
at 12.30pm. Direct by email from the December. US, up 13 per cent to $8.8 billion.
Business Editor, Richard Fletcher The shares were broadly flat yester-
Total revenue, which includes in- The sales growth helped lift pre-tax day after the results at £72.46.
Subscribers only come from collaborations, rose 10 per profits to $3.9 billion from $1.5 billion.
cent to $26.6 billion. The growth was The results were in line with the com- The company is based in Cambridge,
Sign up at a growing life sciences hub, and has
home.thetimes.co.uk/myNews been revived under the leadership of
Pascal Soriot, below, its chief executive
since 2012. Share price

The successful development and 2013 2014 2015 2016
launch of new medicines, particularly in
oncology, has helped return the Analysis
company to growth after old blockbust-
ers, such as its statin Crestor, faced After AstraZeneca was
generic competition. Investors have caught in an
since been focused on turning sales into extraordinary diplomatic
improved cashflows. row with the European
Union over delays to its
Soriot, 61, said: “Our company Covid-19 vaccine supplies, and
growth stands out in the sector and following intense scrutiny
continued despite the many challenges over the effectiveness of the
of the pandemic. We have not only jab, the drugs company was
delivered as a business but we have determined to use yesterday’s
stood out to serve the public good with results to shift the focus back
the pandemic response.” to its core business (Alex Ralph
writes).
The pandemic has hit new cancer Since the pharmaceuticals
diagnoses and testing rates, and also
hindered sales.

The company, despite not being a
vaccines specialist, has become central
to global efforts to combat the
coronavirus through its partnership
with the University of Oxford. Astra-
Zeneca has pledged to sell the vaccine
on a non-profit basis during the pan-
demic, and beyond in the developing
world. The company disclosed sales of
the vaccine for the first time, of $2 mil-
lion, and plans to report the sales
performance separately from
the next quarter. The com-
pany’s guidance for 2021
does not include any reve-
nue or profit impact from
sales of the vaccine.

It also excludes the
planned takeover of
Alexion, the US rare
diseases company that
AstraZeneca moved to
acquire in December
for $39 billion, its larg-
est acquisition. Astra
said it expected the
deal to close in the third
quarter of this year.

Airline in £460m fundraiser
to help it navigate the storm

Robert Lea £3 during the initial lockdown last
spring.
Jet2 is to raise up to £460 million to
shore up its finances during the lock- The company has cash of £479 mil-
down and travel restrictions. lion at present and potentially has
access to Bank of England pandemic
The fundraiser is mainly through a relief loans of £300 million.
placing with institutional investors but
it is also inviting the public to subscribe It said that if it was not allowed to
via a retail private investor share offer. start flying properly again until the end
The airline and package holiday com- of May its cash will have dwindled to
pany also raised £172 million last spring about £190 million. If travel restrictions
because of the pandemic. continue longer than expected it indi-
cated that it will have run out of cash by
Jet2, whose business is focused on the end of the summer.
airports in the north of England, said it
issued new shares representing up to Jet2 said that tapping shareholders
20 per cent of its current stock in issue. would mean that lending agreements
The shares have enjoyed a strong run in with its banks would be relaxed.
recent weeks and the business is valued
at £2.3 billion. Canaccord Genuity and Jefferies,
Jet2’s brokers, were due to be running a
The stock closed last night — prior to “bookbuilding” exercise through the
the after-hours announcement of the night to determine how much investors
fundraiser — down 16p, or 1.2 per cent are prepared to put in and at what price.
at £12.98, compared with a low of nearly The details of the retail offer will be
determined by its outcome.

the times | Friday February 12 2021 1GM 41

Business

team of all talents Bumper results
are Royal Mail’s
Growth across therapy areas Growth across geographies Christmas gift

2020 revenue Growth Ratio 2020 revenue Growth Ratio
Oncology 43% 13% 33%
18% US 10% 33%
$11,455m 24% 20% $8,833m 9% 21%
19% 5% 13%
New cardiovascular, renal and metabolism Emerging markets
Excluding China China
$4,702m 9% $8,711m

Respiratory & immunology Europe
$5,375m
(0%) 5,540m Robert Lea Industrial Editor

Other medicines (2%) Rest of world Royal Mail has raised its profits forecast
$5,085m $3,533m for the year after a surge in parcel
deliveries in the run-up to Christmas.
Total $26,617m 10% 100% Total $26,617m 10% 100%
The privatised postal group said
Profit breakdown 2020 yesterday that a strong performance
from GLS, its overseas business, also
Operating Change helped lift the expectation for operat-
expenses ing profits to be “well in excess of £500
$17,684m (2%) million” for the year to the end of
March. The City had been expecting
Research & development (1%) profits of about £400 million.
$5,991m
The update sent Royal Mail shares to
General expenses a two-and-a-half year high of 450¾p, up
$11,294m (3%) 4.9 per cent, or 21p. They floated at 330p
in 2013 and after rising to more than
Other operating income (1%) 600p, fell as low as 124p last year.
$1,528m
The upbeat forecast comes only
Total $26,617m 10% three months after the postal operator On December 17, the year’s busiest day,
posted £129 million of half-year losses
Operating profit 81% in the UK and demanded that the Royal Mail delivered 11.2 million parcels
$5,162m government relax its costly universal
service obligation, which demands that nue growth for the full year 2020-21 will
Total revenue growth 25% Royal Mail deliver to every address in be significantly beyond the top end of
the country six days a week. the scenario presented in November of
$10 £380 million to £580 million.”
Royal Mail reported a 20 per cent
20 year-on-year rise in group revenues for It said that the increase in parcel vol-
the final three months of 2020. UK rev- umes meant it kept on 10,000 of the
8 15 enue rose 16.5 per cent, with parcels up seasonal workers it took on for Christ-
43.3 per cent and letters down 8.5 per mas into the new year. However, lock-
6 10 cent. GLS revenues rose 29.4 per cent. down restrictions were increasing costs
because of self-isolating staff and work-
5 Revenues from parcel deliveries place social distancing. The increase in
came in £1.03 billion higher at £3.82 bil- parcel volumes meant “additional
4 0 lion in the nine months to December 31. handling and sortation costs”.
On its busiest day, December 17, it
-5 delivered 11.2 million parcels. Even so, it forecast: “We expect that
group adjusted operating profit for the
2 -10 That was offset by a fall in the Christ- full year 2020-21 will be well in excess of
mas card season with letter volumes £500 million.” In 2019-20 it reported
Source: Refinitiv 0 -15 down 9 per cent in December and 14 per adjusted operating profits of £325 mil-
cent in the trading quarter, sending rev- lion on revenues of £10.8 billion.
2018 2019 2020 2021 2015 16 17 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 enues for the nine months down by
nearly £500 million at £2.56 billion. David Kerstens, an analyst at Jeffer-
2018 2019 2020 ies who thinks Royal Mail shares are
GLS made up for that, though, with a overvalued, said that despite the strong
company stepped in last spring to excluding sales from the vaccine, three months of 2020 of more than near-£600 million increase in revenues sales the company will come up against
support Oxford University on the helped reassure investors that the $7 billion — for the first time since in the nine months to £2.96 million. increasingly challenging comparisons
development, manufacturing and progress under Pascal Soriot over 2012, the year Soriot took charge. as the coming April-June quarter will
distribution of its vaccine, it has the past nine years in turning In a three-month trading update the be the first anniversary of the initial
become central to the desperate around its drugs pipeline meant that Success tripled the shares between company said: “Royal Mail trading over lockdowns and boom in ecommerce.
global race among governments to the company remained in rude 2012 and last July but the stock has the third quarter and into January was
combat the pandemic. health. weakened by a fifth since, as noise stronger than anticipated, primarily He said he believes that parcel
around the vaccine and digestion of driven by the reintroduction of nation- volumes will contract by 10 per cent
The not-for-profit venture has “2020 was a remarkable and the $39 billion purchase of Alexion, wide Covid-19 restrictions, which was this year and, rating the company
risked distracting Astra, which was historic year for AstraZeneca,” said the US rare diseases specialist, have not built into our scenario from against its continental European peers,
not a vaccines specialist before the Soriot, 61. “But at every step of the weighed on the stock. November, and more robust letter vol- he offered a valuation of 300p a share
crisis, from its main business of way our focus and commitment to umes. We now believe Royal Mail reve- for the company.
developing and commercialising its our core therapy areas never The Alexion deal underlined the
pipeline of oncological, wavered.” board’s determination to not to be
cardiovascular and respiratory drugs. put off course by the pandemic.
The growth in Astra’s core Soriot yesterday called it “perhaps
Bumper full-year results yesterday business was impressive, with the most significant deal in the
and upgraded forecasts for 2021, quarterly product sales in the last sector last year”.

Relx eases pain of trade fair slump Ted Baker expects stores
to stay closed until May
Robert Lea ploys more than 30,000 people around said: “Electronic revenue, representing
the world. 87 per cent of the [2020] total, grew well Ali Mitib ly closed an unspecified number of
Reed Exhibitions, the world’s leading across all divisions, in line with recent stores where lease agreements could
trade fair producer, plunged to a Reed was a sprawling conglomerates years. Print revenue, which represented Store closures and a fall in demand for not be reached with landlords.
£164 million loss last year amid closed in the 20th century but was best known 8 per cent of the total, declined more party outfits has driven down sales at
venues and restricted physical business as a trade press publisher. It merged steeply than in recent years.” Ted Baker by almost half. Ted Baker was founded in Glasgow in
gatherings. with the Dutch specialist and technical 1988 by Ray Kelvin. The company has
publisher Elsevier in 1992. Erik Engstrom, chief executive, said: The fashion chain also warned of a struggled in the past few years; it was
However its parent company Relx, “Early in the year we decided that it was £5 million hit from the impact of Brexit caught up in an accounting scandal
the blue-chip stock formerly known as Prior to the pandemic, its exhibitions, yesterday. This, it said, reflected “the and, separately, Kelvin stood down as
Reed Elsevier, managed to improve conferences and trade fairs, which important not to curtail in- extra duty and shipping costs partially chief executive amid allegations of per-
revenues and profits in the rest of its include the London Book Fair, vestment in our three offset by a new customs warehouse sonal misconduct, which he denies.
science, legal and business information accounted for a fifth of the largest business areas capability”.
operations, including its Lexis Nexis group, making £330 mil- to offset any potent- The retailer, which cut 953 jobs last
databases accelerating its move to lion of operating profits ial shortfall in fi- The company said that group year, said that its transformation plan,
digital. a year on revenues of nancial perform- revenues in the 13 weeks to January 30 focused on digital growth, cost savings
£1.2 billion. It ance from exhi- were down 47 per cent compared with a and re-energising the brand, was mak-
Outside of exhibitions, Relx posted a slumped into deep bitions. year ago, mostly because of lockdown ing “strong progress”. It has achieved
4 per cent rise in operating profits to losses in 2020 as “Through the restrictions over the festive season. cost savings of about £34 million.
£2.2 billion on revenues up by 2 per cent revenues collapsed disruption
at £6.7 billion. by more than 70 per caused by venue Rachel Osborne, the chief executive, The shares fell by 4p, or 3.9 per cent,
cent. closures, [we are] said: “We are taking a cautious plan- to 100p yesterday.
That prompted it to join the rising taking appropri- ning approach and now assume that
wave of increased dividend payers, with Of the rest of the ate steps for the UK stores will remain closed until the On the back of the update, Liberum
the shareholder payout up 3 per cent to group, the company future of the end of May followed by a gradual lowered its a pre-tax profit forecast for
47p a share. That helped lift the shares, business, accelerating recovery over the rest of the first half.” the financial year by £10 million to
which have been flatlining for much of International Jewellery the development of £69.9 million. Ted Baker will announce
the pandemic, by 2.9 per cent to £18.25, The company said it had permanent- its full-year results on May 27.
valuing the group at £35 billion. It em- London was one of the digital tools.”

shows Relx had to cancel

42 2GM Friday February 12 2021 | the times

Business

Shell puts electric charge
into green energy future

Emily Gosden Energy Editor goal with a plan to focus on customer- based solutions” such as tree-planting, Shell is Europe’s biggest oil company,
facing business such as electricity sales, biofuels and hydrogen. employing about 80,000 people. Last
Royal Dutch Shell plans to operate as rather than power generation like its year it fell to a record $19.9 billion loss
many as 2.5 million electric vehicle peers. It intends to operate half a mil- It confirmed that its oil output had after the pandemic triggered a collapse
charging points globally by 2030 under lion charging points by 2025, up from peaked in 2019, at 1.9 million barrels per in oil demand and prices.
a new emissions-reduction strategy 60,000 today, and could increase this to day, and said it expected production to
that will see its oil output decline. 2.5 million by the end of the decade. fall by 1 per cent to 2 per cent each year. Shell has committed to eliminate the
carbon footprint associated with all the
The Anglo-Dutch oil giant sought to Shell also plans to grow its businesses The strategy appeared to under- energy products it sells by 2050. It said
flesh out its 2050 net zero emissions in carbon capture and storage, “nature- whelm investors and the “B” shares fell it planned to double the volume of elec-
2.1 per cent to close at £12.79 yesterday. tricity it sells by 2030, supplying more
than 15 million homes and businesses
worldwide, up from a million today. Two different
paths lead
However, it eschewed the kind of to net zero
bold power generation targets adopted for oil giants
by many of its peers and said its invest-
ment in “renewables and energy solu- Analysis
tions” would be between $2-3 billion a
year, or as little as 9 per cent of its total Britain’s two biggest oil
spending. “Renewable power will be companies are both
central to achieving our net carbon aiming for net zero
footprint targets [but] in order to emissions by 2050, but
sell this product, you don’t neces- Shell and BP have very
sarily need to own the generation
capacity,” Jessica Uhl, the chief
financial officer, said.

Shell set its net zero emissions
goal in April last year but confused
matters by saying this would re-
quire only a 65 per cent drop in the
“carbon intensity” of the products it
sells and that it would rely on its
customers offsetting the emissions
from its remaining oil and gas sales
to achieve net zero.

Yesterday it said it was “clarifying
the concept” by making it a 100 per
cent intensity reduction target, al-
though this will still rely on custom-
ers’ actions. “There is in a way no
change, but there is some change,” Ben
van Beurden, the chief executive, said.

Shell also set interim intensity goals
and said that it would submit an
“energy transition plan” to its share-
holders this year for an advisory vote.

It has come under fire from Green-
peace for failing to commit to a clear cut
in oil output. Van Beurden claimed this
“doesn’t really matter too much
because in the end, the impact that we
have on society is through the carbon
that we sell to our customers”.

He said it would “do no service to the
planet” to simply sell oil and gas pro-
duced by others and that Shell’s efforts
were better focused on helping its cus-
tomers to stop using such products,
which would ultimately render the sup-
ply of oil and gas “an irrelevancy”.

MGM boss hints at making
another play for Entain deal

Dominic Walsh intentions, the MGM boss said:
“There’s a lot I can’t say under UK
MGM Resorts International walked takeover rules on my thoughts around
away from an £8.1 billion bid for the that. Obviously we had an interest.
owner of Ladbrokes and Sportingbet We’re in a quiet period now. We’ll have
last month but the odds of the US group to see what happens. But I will say this:
renewing its interest have shortened. MGM intends to play in this space on a
substantive and significant level on a
In a full-year earnings presentation global basis.
Bill Hornbuckle, MGM chief executive,
gave the strongest indication yet that “Whether this is the avenue or the
the Las Vegas casino operator remains route to do it, time will tell, but we do
keen on acquiring the FTSE 100 group want to diversify our revenues.”
Entain. The two companies already
have a US sports betting joint venture, Entain, formerly GVC Holdings, is
BetMGM, set up to cash in on the mainly online, operating the Bwin and
opening up of the American market Sportingbet brands, although it
state by state, and Hornbuckle empha- operates 3,000 Ladbrokes and Coral
sised how well it was performing. betting shops. MGM indicated that the
main sticking point on a deal was price
Under Britain’s takeover code MGM when it announced that it was walking
is prevented from coming back for away last month.
another tilt at Entain for six months
but, asked by an analyst about his Shares in Entain added 22p, or 1.7 per
cent, to £13.42.

the times | Friday February 12 2021 2GM 43

Business

J. ASHLEY NIXON/AP

Marston’s suitor
walks away after
having its third
proposal rejected

Shell’s drive for green Dominic Walsh count to its share price at the start of last
energy will mean it year, before the Carlsberg and Brains
sells more electricity It was a case of three strikes and out for deals were announced and before the
but it has a different the private equity firm stalking Mars- coronavirus pandemic took a grip. In-
strategy from rivals ton’s after it announced that it would cluding debt, the 105p bid valued the
not be sweetening its £690 million bid pub company at more than £1.8 billion.
different interpretations of what carbon footprint from selling oil 2050. Shell has set no such targets proposal for the pub company.
that means and how best to and gas produced by others, for capital-intensive power plant Marston’s has about 1,500 managed,
achieve it (Emily Gosden writes). instead only halving the carbon construction and instead wants to Platinum Equity Advisors said it was franchised and leased pubs and 13,500
intensity of this by 2050. focus on opportunities further walking away after the Marston’s board employees. It opted not to bring 2,150
Shell’s goal requires eliminating down the energy supply chain, unanimously dismissed the 105p-a- pub-based staff back from furlough.
all emissions associated with all the However, BP has won praise trading and selling power to share offer — made after two earlier The group was known as Wolverhamp-
oil and gas products it sells — not from Greenpeace for committing customers. That will entail a big proposals in December worth 88p and ton & Dudley Breweries, but changed
just the one-third that it pumps out to cut the total emissions focus on electric vehicle charging, 95p a share — arguing that it “very sig- its name to its biggest beer brand in
of the ground itself. The Church of associated with its production, by with a target of 2.5 million charge nificantly” undervalued the business. 2007 after acquiring Marston, Thomp-
England Pensions Board says this is 35 to 40 per cent by 2030, rather points globally by 2030, compared son & Evershed, the Burton-upon-
“industry-leading and than just setting interim intensity with BP’s goal of 70,000. Marston’s shares fell by 12½p, or 12.6
comprehensive”. Shell has set targets like Shell. To do so, BP has per cent, to close at 86¾p after Plati- Trent brewer, in 1999.
interim targets for reducing the committed to pump 40 per cent Despite the differences, Shell num said that “after careful Platinum, based in Bever-
“carbon intensity”, or emissions per less oil by 2030, a much steeper cut and BP still face a fundamentally consideration it does not ly Hills, was founded in
unit, of products it sells up to 2050. than Shell’s expectation of a 1 to 2 similar challenge: after a brutal intend to submit a re- 1995 by Tom Gores, a
per cent annual decline. 2020 in which they posted record vised proposal and it billionaire investor
BP’s 2050 goal is, in one sense, losses and cut their dividends as oil will not make a firm and owner of the
more narrow: eliminating the BP has also set bold goals for prices fell, both still need to offer for Marston’s”. Detroit Pistons
emissions associated with the oil green energy deployment: it wants convince investors that their basketball team.
and gas it actually produces (and to invest billions of dollars chosen strategies can thrive in the Under Takeover Some analysts
excluding its stake in Rosneft). It developing 50 gigawatts of energy transition. Panel rules, Plati- suggested that
will not eliminate the much larger renewable power generation by num’s withdrawal other bidders
precludes it from might come for-
coming back with a ward but Ralph
fresh proposal Findlay, 60, the
within six months, Marston’s chief exec-
although it reserved utive, played down the
the right to do so with idea. He said that he was
the agreement of Mars-
ton’s or if another suitor en- “not expecting” another ap-
tered the fray. proach for the company, although
he acknowledged there was “definitely
Marston’s responded that it re- more interest from private equity” in
mained “well placed to benefit from the the pub sector.
opportunities in a post-Covid 19 trad- He said that Platinum’s approach for
ing environment” after the completion Marston’s and the raising of funds for
last week of the takeover of 156 pubs in acquisitions by the likes of Rooney An-
Wales from SA Brain & Co, the Cardiff and, the former Greene King chief ex-
brewer. It said that the fall in the num- ecutive, showed there was an appetite
ber of pubs and restaurants during the for pubs and had helped to “focus
pandemic and the rise in home working people’s minds on value in the sector”.
would benefit its suburban pubs. Marston’s is the fourth of the big pub
companies to receive a bid in recent
It said the £780 million brewing joint times. Greene King fell to the Hong
venture formed last year with Carls- Kong-based billionaire Li Ka-shing, Ei
berg, the Danish brewer, had given it Group, formerly Enterprise Inns, was
“significant cash headroom, enabling it swallowed up by Stonegate Pub Com-
to continue to absorb the impact of the pany and Punch Taverns was broken up
temporary government restrictions”. by Heineken and two private equity
firms, Patron Capital and May Capital.
When it rebuffed the final Platinum
proposal last week, Marston’s pointed
out that it represented a 19 per cent dis-

Store sales give Pepsi home comfort Glaxo antibiotics are on
prescription for Novartis
Callum Jones Coca-Cola bottler bubbles up Yesterday its shares closed down 2 per
cent, or $2.73, at $134.97 in New York. Robert Miller are part of yesterday’s deal had com-
US Business Correspondent Shares of Coca-Cola HBC rose 4.65 bined sales of about $140 million in
per cent, adding 105p to £23.65, as The company told investors to ex- The generics division of Novartis, the “relevant” markets last year and are out
Lockdown restrictions prompted con- the soft drinks group reported an pect “mid-single digit” growth in Swiss drugmaker, is buying a Glaxo- of patent protection, GSK said.
sumers to restock their cupboards with improvement in the second half. The organic revenues in 2021 as vaccine SmithKline antibiotics business for up
snacks and drinks in the latest quarter, Coca-Cola bottler, which operates in programmes lead restrictions to be to $500 million. Novartis was created in 1996 through
enabling PepsiCo to beat expectations. 28 countries, reported a 4.6 per cent loosened and lifted later this year. a merger of Ciba-Geigy and Sandoz.
fall in like-for-like volumes last year Novartis’s Sandoz unit will pay the Novartis and its predecessors can trace
The company, which owns brands in- as the pandemic closed bars, but in “We expect changes in consumer British multinational $350 million for their roots back more than 250 years.
cluding Walkers and Doritos crisps, the fourth quarter volumes were behaviour driven by the Covid-19 pan- the cephalosporin antibiotics business,
Quaker Oats, 7Up and Tropicana fruit down by only 0.7 per cent. Net demic to continue to vary across differ- which owns the Zinnat, Zinacef and Glaxo, a constituent of the FTSE 100,
juice, posted an 8.8 per cent rise in reve- revenues for the year fell by 12.7 per ent markets and channels around the Fortum brands, at the closing of the is one of the world’s big vaccines players.
nues to $22.46 billion in the three cent to €6.1 billion. Operating profit world,” Laguarta said. deal, which is expected in the second It also operates a consumer healthcare
months to December 26. declined by 11.4 per cent to €672.3 half of this year, plus a further $150 mil- business, whose brands include Senso-
million on a comparable basis. “Broadly speaking, we assume that lion upon hitting set targets. dyne toothpaste, and a pharmaceuticals
Strong demand in shops helped Pep- vaccination efforts will accelerate and division, its core business.
siCo to offset struggles in other divi- York, was created in 1965 via the merg- that population mobility trends will Glaxo is splitting itself into two
sions hit by the Covid-19 crisis. Its food er of the Pepsi-Cola Company and Fri- gradually improve as consumers return companies, one focusing on over-the- Other GSK antibiotic brands are not
service unit, which includes vending to-Lay. Its core cola drink, which gives to certain pre-pandemic behaviours by counter products and the other on part of the sale and the company said it
machines and restaurants, declined at a the company its name, traces its origins the second half of this year. prescription drugs and vaccines, seek- would close its cephalosporin manu-
“double-digit rate” in the last quarter. back to 1893. The company has a ing a leaner structure as it invests in facturing operations once it finished
market value of almost $190 billion. “We are also assuming that certain newer medicines. transferring production to Sandoz, ex-
Ramon Laguarta, the chairman and pandemic-related behavioural shifts pected in 2025.
chief executive, pointed to “elevated at- will sustain, such as greater online The cephalosporin class of antibiot-
home consumption” in a presentation adoption and penetration, more ics is widely used. The three brands that It said all 170 roles in the Zinnat
after the company reported a 4.6 per remote work arrangements and con- supply chain would be affected.
cent rise in net income, to $1.86 billion. tinued strength in household penetra-
tion for large, trusted brands.”
PepsiCo, based in Harrison, New

44 1GM Friday February 12 2021 | the times

Business Markets

Miles Costello Tempus news in brief
Buy, sell or hold: today’s best share tips
Polypipe flows nicely
Moonshot begins to lose momentum
Shares in Polypipe, the heating,
moonpig Marked card punchy one and is based on growth, ventilation and drainage products
of which there’s been plenty, along group, rose 10 per cent after a
Market value share 60% Moonpig Revenue Pre-tax profit with the ability to generate cash. successful placing to help fund a
£1.98bn UK mkt Net debt £30.9m 2020 £173.1m Revenues grew by 36.7 per cent in £210 million acquisition of Adey,
426p 2019 and by 44 per cent last year, a company based in Gloucester
Acynic might conclude that 424 £120.1m before rocketing by 135 per cent to whose kit helps to prevent pipes
Moonpig’s core business nearly £156 million over the six and boilers getting blocked or
model is built on a trend 422 £31.8m months to the end of October. corroded. The placing of new
that’s on the wane. Surely shares, which will account for
ever fewer of us are 420 The chances are high that the 8 per cent of the enlarged group,
sending birthday, Christmas and 2019 momentum will continue while raised £95 million. They were
greetings cards to our friends and lockdowns remain in place, spurred taken up at 515p a share, just
relatives; isn’t that all a little passé? 418 along by the enforced closure of high above the previous session’s close
street retailers such as Card Factory. of 514p. Polypipe stock closed at
Well, it turns out perhaps not. That 416 £13.9m Competitors can operate online, of 570p, a gain of 56p, valuing the
we are still sending cards, course, and might see this time as an group at £1.2 billion.
increasingly online, and doing so Source: Refinitiv 414 2018 £87.9m opportunity to raise their game.
with gifts attached, helped Moonpig £15.9m Job ads in a slump
to complete a multibillion-pound 412 *Year to April 30 Once the pandemic passes,
listing at the beginning of the month Moonpig’s stellar growth spurt will The number of job postings
and join Dr Martens, the boots and 410 slow down, though some investors online last week fell to its lowest
shoes retailer, as one of the year’s 02 03 04 05 06 07 08 09 10 11 may well be happy if the company level since June, according to the
early big IPO blowouts. Feb merely repeats its performance of Recruitment and Employment
previous pre-Covid years. Confederation. There were a total
It came to market flushed with the ADVICE Avoid The group, part-owned by the of 1.3 million advertisements in
success of runaway sales during the private equity investor Exponent It seems clear that the prevailing the first week of February, down
months of lockdown, as customers WHY High quality business since 2016, priced its shares at 350p, trend, certainly in the UK, is that the 3.1 per cent from the week before.
flocked to its site as a way of at the top end of its earlier indicated volume of cards being sent is slowing This was because posts expired
reaching out to loved ones. with strong offering and good range of 310p-350p and giving it an over time but the value of each and were removed. However, the
initial value of £1.2 billion. Existing purchase is rising. Moonpig is well body noted that there were
But the company has made clear customer loyalty but the investors, including management, placed because of all the additional 132,000 new job adverts posted
that it does not expect its stellar sold shares at the listing, but items that it sells to go with cards, in this period, significantly more
Covid-driven growth to continue at valuation looks rather high Moonpig also raised proceeds of extending from prosecco to balloons. than the 92,000 new job posts in
the same pace, with the level of £20 million by issuing new shares. the last week of June last year.
individual spending set to drop next online cards, it expanded into gifts Nevertheless, online retailing is a
year. And the shares, which roared such as flower and chocolates. Having risen to a peak last week wildly competitive market, Offering for Tribune
ahead after the flotation, have begun of 426p, the shares were trading up particularly with groups such as
to fade. Could it be that the cynic For those of us prone to forget 2½p or 0.6 per cent at 422½p Amazon on such strong form. A hedge fund that owns a large
ends up having a point? important dates, it usually promises yesterday, a little lower but still stake in Tribune Publishing is in
next-day delivery, although the assigning a worth to the retailer of Moonpig does not pay a dividend talks to buy the newspaper chain,
Moonpig was founded in 2000 by disruptions caused by coronavirus just under £2 billion. and has no intention of doing so which is behind titles including
Nick Jenkins, 53, a commodities and the recent bad weather have while it is in growth mode, which is the Chicago Tribune and New
trader who named the business after extended that by up to two days. As The valuation, equivalent to 11.4 likely to be for at least the next few York Daily News. Alden Global
the nickname, which he hated, that well as the UK, it also operates in the times last year’s revenues and 62.2 years. With short-term growth Capital, Tribune’s largest
he was given at school. Having Netherlands, as Greetz. times last year’s profits, is clearly a tempering, and likely to be shareholder with a 32 per cent
initially specialised in personalised increasingly hard fought for, the holding, is in talks with the
shares do not look attractive. publishing company to buy the
shares it does not already own,
pz cussons profit £36.3m simplifying the group’s structure. The Nutricima, to a Dutch trade buyer cent to £312.9 million and pre-tax according to The Wall Street
Int divi 2.67p last time this column looked at PZ for an undisclosed sum. While profits and operating profits were 13 Journal. A deal for Tribune could
H1 revenue Cussons, in August 2019, it avoided Nigeria has been a big revenue per cent higher at £36.4 million. be reached this month although
£312.9m Pre-tax the shares. Has he made it more generator for PZ Cussons, it has negotiations could still stall.
attractive? made minimal profits so cutting its Since Myers took charge, the
I t’s been all change at PZ Cussons, exposure seems like a good idea. shares have gained just over 40 per Insider trading charges
the consumer goods company PZ Cussons was founded in Sierra cent so shareholders are clearly
behind brands such as Imperial Leone in 1884 to facilitate the trading Impressively, investing in the liking what he’s been doing. The The Financial Conduct Authority
Leather and Carex. of goods between west Africa and undernourished brand names has stock, flat yesterday at 265p, changes has begun a criminal prosecution
Britain. As well as operating across already started to pay off for Mr hands for 21.7 times Investec’s over alleged insider trading
Caroline Silver, 57, the chairwoman, Europe and in Asia it trades in Myers. He was able to report last forecast earnings for a dividend yield relating to the takeover of the
has overseen a full management Africa, mainly in Nigeria, which has month that revenues at its four core of 2.2 per cent. It’s much more packaging firm British Polythene
overhaul with a new finance director been politically volatile and in a products — Carex, Morning Fresh, attractive and well worth holding. Industries by its rival RPC in
and company secretary — and a new prolonged economic downturn. Cussons Baby and St Tropez — had 2016. Stuart Bayes, 55, a former
chief executive in the form of risen by 21.9 per cent over the six ADVICE Hold employee of RPC, and Jonathan
Jonathan Myers, who joined in May. The new boss seems to have months to the end of November, Swann, 49, a tenancy support
accelerated a pre-existing spurred by strong Covid-induced WHY Business is improving officer, were charged with insider
Myers, 51, hasn’t messed about, retrenchment in Nigeria, which has sales of sanitisers and hand washes. dealing. Bayes was also charged
cutting the dividend and diverting been behind a string of profit but the shares aren’t cheap with improperly disclosing inside
capital into investing in the brands, warnings at the company, most Over the same time frame, group information. Bayes did not enter a
selling off unwanted arms and notably selling off its milk business, revenues grew by just over 10 per plea. Swann denied the charges at
Westminster magristrates’ court.

PRICES

Major indices London Financial Futures Commodities

New York Zurich Long Gilt Period Open High Low Sett Vol Open Int ICIS pricing (London 7.30pm) Brent (9.00pm)
Dow Jones SMI Index 3-Mth Sterling MAR 21 132.45 132.67 132.41 132.48 199892 522835
Nasdaq Composite 31430.70 (-7.10) DJ EURO Stoxx 50 10852.91 (+27.16) 131.66 131.66 131.66 131.52 1877 Apr 60.89-60.88 Jul 60.10-59.27
S&P 500 14025.77 (+53.24) 3671.68 (+23.31) 3-Mth Euribor Jun 21 99.945 99.950 99.945 99.945 4 543317
Mar 21 99.960 99.965 99.955 99.960 9508 711808 May 60.48-60.46 Aug 59.10-58.84
3916.38 (+6.50) 3-Mth Euroswiss Jun 21 99.980 99.985 99.975 99.980 46744 530505
FTSE100 Sep 21 99.980 99.990 99.980 99.985 50495 533820 Crude Oils ($/barrel FOB) Jun 60.02-59.99 Volume: 1637281
FTSEurofirst 80 Dec 21 99.890 99.905 99.885 99.900 35575 649696
Tokyo 29562.93 n/a London Mar 22 100.55 100.55 100.54 100.54 30760 331652 Brent Physical 61.14 -0.22 LIFFE
Nikkei 225 Mar 21 100.55 100.55 100.55 100.55 28210 351665 BFOE(Apr) 61.23 -0.34
FTSE 100 6528.72 (+4.36) Jun 21 100.55 100.55 100.55 100.55 26396 315010 BFOE(May) 60.85 -0.36 Cocoa
Sep 21 100.56 100.56 100.56 100.56 20656 422023 WTI(Apr) 58.14 -0.43
Hong Kong FTSE 250 21017.85 (+21.41) DEC 21 100.55 100.56 100.55 100.55 23229 304523 WTI(May) 57.08 -0.43 Mar
Hang Seng March 22 100.76 100.77 100.75 100.76 39739 35539 May
30173.57 (+134.85) FTSE 350 3746.98 (+2.74) Mar 21 100.76 100.76 100.75 100.76 3626 37717 Jul 1742-1741 May 1662-1668
Jun 21 100.76 100.76 100.75 100.76 2716 33332 Sep 1655-1654 Jul 1675-1673
Amsterdam FTSE Eurotop 100 2967.37 (+8.85) Sep 21 100.77 100.77 100.76 100.77 1744 33854 Dec 1641-1639 Sep 1664-1659
AEX Index DEC 21 6457.0 6504.0 6453.0 6476.0 3625 685230 Mar 1644-1630
664.34 (+7.11) FTSE All-Shares 3726.46 (+2.63) MAR 21 6425.5 6426.0 6413.0 6417.5 61164 162 Products ($/MT) 1652-1647 Volume: 76416
Jun 21 5025.5 1054 1655-1650
FTSE Non Financials 4432.19 (+4.41) MAR 21 5009.5
Jun 21
Sydney techMARK 100 6425.94 (+16.41) Spot CIF NW Europe (prompt delivery)
AO
7122.10 (-11.70) Bargains n/a Premium Unld 518.00 518.00 +1.00 RobustaCoffee
Gasoil EEC 497.75 499.75 +1.50
Frankfurt US$ 1.3812 (-0.0017) 3.5 Fuel Oil 338.00 338.50 +0.50 Mar 1338-1335 Nov
DAX Naphtha 533.00 535.00 +0.00 May 1363-1361 Jan
14040.91 (+107.94) Euro 1.1383 (-0.0026) Jul 1388-1372 1430-1361
Sep 1415-1380 1445-1350
£:SDR 0.98 (+0.00)
Volume: 12802
Singapore Exchange Index 80.36 (+0.17)
Straits
2925.48 (-0.36) Bank of England official close (4pm) ICE Futures

Brussels CPI 109.17 Dec (2015 = 100) © 2019 Tradeweb Markets LLC. All rights reserved. White Sugar (FOB)
BEL20 The Tradeweb FTSE Gilt Closing Prices information contained
3798.17 (-22.46) RPI 295.40 Dec (Jan 1987 = 100) herein is proprietary to Tradeweb; may not be copied or Gas Oil Reuters Oct 422.70-420.60
re-distributed; is not warranted to be accurate, complete or timely; and does not constitute Dec 419.50-415.20
RPIX 290.10 Jun (Jan 1987 = 100) investment advice. Tradeweb is not responsible for any loss or damage that might result Feb 498.00-447.75 May 499.25-499.00 Mar 469.20-466.50 Mar 417.70-413.70
from the use of this information. Mar 497.75-497.50 June unq May 454.60-454.30 May 409.70-392.50
Paris Morningstar Long Commodity 607.48 (-2.98) Apr 499.00-498.75 Aug 435.60-433.80 Volume: 54713
CAC-40 Volume: 633121
5669.82 (-0.98) Morningstar Long/Short Commod 4218.43 (-27.34)

the times | Friday February 12 2021 2GM 45

Markets Business

JEROD HARRIS/GETTY IMAGES

Ill wind blows in from
Germany to chill banks

Tom Howard Market report

Those with a vested interest RETAILING
in the upcoming results of
Britain’s big banks were left Asda buyers’ record junk bond
understandably shaken after
Investors are market with a the norm,” she told a stinker from one of their The billionaire Mohsin and Zuber Issa a 4 per cent coupon
feeling the $14 billion valuation as Bloomberg. “It’s the European rivals, Commerzbank. Issa brothers have heavily leveraged each year.
Bumble buzz its shares traded at $76, right thing to do, it’s a have tapped the their purchase of Asda
way above their initial priority for us and it Germany’s second-largest lender debt markets for the Credit ratings
Was it love at public offering (IPO) should be a priority for slumped to a record fourth-quarter biggest ever junk be investors was a agencies rank Asda at
first sight? price of $43, and everyone else.” loss of €2.7 billion, capping off its bond priced in coupon of 3.25 per a double-B rating,
One of the closed up 64 per cent worst year since the 2008 financial sterling to help fund cent for the putting it at the top
world’s most popular at $70.31 on the day. Bumble was founded crisis. The group was battered by the their money-spinning £2.25 billion secured end of the junk bond
dating platforms rose in 2014 by Wolfe Herd, pandemic, as it set aside nearly — and highly- tranche which is market but still below
76 per cent in early The Texas-based who was formerly at €2 billion in provisions for bad loans leveraged — backed by Asda’s investment grade.
trading as it went company’s quick rise Tinder, the market and booked close to €1 billion in acquisition of Asda. assets. For the other
public in New York meant a stake held by leader. Bumble owns restructuring costs. As part of that £500 million The Issas and TDR
yesterday, turning its Whitney Wolfe Herd, its eponymous app — restructuring, its new chief executive The Blackburn- unsecured bond, Capital, their private
31-year-old founder above, its chief which differentiates Manfred Knof is planning to slash based brothers, investors will receive equity backers, will
into a billionaire executive, was worth itself by letting female staff numbers and has canned the Mohsin and Zuber, use the money to fund
(Callum Jones writes). about $1.5 billion. users make the first dividend until at least 2023. managed to get away their £6.8 billion
move — and Badoo, their £2.75 billion acquisition of Asda.
Bumble started Wolfe Herd another dating service. Commerzbank’s woes weighed on bond offering pretty After saddling the
trading on the stock expressed hope that Its platforms serve London’s big banking stocks, which comfortably, with the supermarket with
the successful IPO of a 42 million monthly sale drawing in more billions of debt and
female-led company active users in more Wall Street report than £8 billion of selling bits of the
will not be rare. than 150 countries. orders from investors, business, it is
“Hopefully this will be It was a broadly positive session for according to the estimated that the
indices with the S&P up 0.2 per cent Financial Times. buyers will only have
to 3,916.38 and the Nasdaq up 0.4 to stump up about
per cent at 14,025.77, both new Remarkably, all it £800 million of their
record closes. But the Dow Jones took to entice would- own money.
industrial average dipped 7.10 points,
Results in brief or 0.02 per cent, to 31,430.70. prices of the black stuff fell for the restaurants. “But will those meetings
first time this month. Royal Dutch take place in a Wetherspoon pub?
Name Pre-tax figure Dividend are due to report their results for Shell was the biggest blue-chip faller Probably not.”
Profit (+) loss (-) 2020 in the coming days. NatWest as its “B” shares slipped 27½p, or 2.1
and Barclays are due up next week, per cent, to £12.79. Pub stocks more generally were
AstraZeneca (health FY) $3.9bn ($1.6bn) 207p f 137.4p p Mar 29 with Lloyds the week after. Bad loan under the cosh as some of the bid
charges and dividends will be With its big banks and oilers pulling excitement surrounding the sector
Coca-Cola HBC (consumer FY) €426.7m (€400.4m) €0.64 p TBC immediately eyed and investors will at its ankles and most of Asia on started to unwind after Platinum, the
be hoping things aren’t anywhere holiday, the FTSE 100, London’s top private equity group, ditched its
MJ Gleeson (property HY) £20.3m (£13.3m) 5p p Apr 6 near as bad as at Commerzbank. tier, struggled for traction as it inched interest in Marston’s. Marston’s shares
4.36 points, or 0.1 per cent, higher to tumbled 12½p, or 12.6 per cent, to
Relx (media FY) £1.5bn (£1.9bn) 47p p TBC Having been effectively banned close at 6,528.72. The more UK-biased 86¾p and Mitchells & Butlers, which
from paying dividends last year, the FTSE 250 didn’t do much either, owns the All Bar One and Harvester
6 Results in brief are given for all companies valued at more than £30 million. f = final p = payable expectation in the square mile is that nudging 21.41 points, or 0.1 per cent, bar and restaurant chains, slid 20½p,
the trio will all re payments this time up to 21,017.85. or 5.8 per cent, to 336p.
The day’s biggest movers Change around. Bad loan provisions dropped
sharply in the last round of quarterly JD Wetherspoon stumbled 33p, or One of the bosses at Kainos, the
Company 10.9% updates but fresh lockdowns in 2.6 per cent, down to close at £12.18 Irish IT business, will certainly be
6.1% November and January might have after analysts at Peel Hunt, the City raising a glass, though, as he netted a
Polypipe Market approved latest acquisition 4.9% thrown a spanner in the works. brokerage, urged its clients to tidy sum after dumping a chunk of his
Spirent Comms Analysts at Numis said to “buy” ahead of upcoming results 4.7% “reduce” their holdings. Among the shares. With the share price close to
Royal Mail Full-year profits to come in well ahead of consensus 4.1% NatWest, formerly known as RBS, reasons given was their belief that, its highest on record, Paul Gannon,
Coca Cola HBC Investors impressed by margin resilience -4.2% dipped 3p, or 1.7 per cent, to 172¼p. once Covid is finally behind us, the Kainos sales chief, took the
St Modwen Properties Snapped three-day losing streak -5.5% Barclays shed 1¾p, or 1.2 per cent, to workers will only be commuting into opportunity to offload £2.7 million
TBC Bank Down 8 per cent this week -5.6% 146p and Lloyds Banking Group the office two or three times a week, worth of shares. He still owns 6 per
Hammerson Bleak outlook from Unibail, its European peer -5.8% edged ½p, or 1.1 per cent, lower to 37p. during which they will cram their cent of the company though, enough
National Express Equalled its worst run since October; down four days in a row -11.7% Even with their post-vaccine winter diaries with client meetings. They to retain his position as Kainos’ fifth-
Mitchells & Butlers Bid excitement in pub sector started to unwind rallies, all three are still worth about a expect some of those, naturally, will largest shareholder. The stock inched
SSP Group Confirmed it is looking at tapping investors for more money fifth less than they were this time a end up taking place in pubs and 6p, or 0.4 per cent, up to £13.64.
year ago.

Oil stocks also came off the boil as

Gold/Precious Money rates % Dollar rates Exchange rates
metals (US dollars per ounce)
London Grain Futures Base Rates Clearing Banks 0.10 ECB Refi -0.50 US Fed Fd 0.00-0.25 Australia 1.2900-1.2907 Bank sells Bank buys
LIFFE Wheat (close £/t) Canada 1.2699-1.2701
Bullion: Open $1841.84 Halifax Mortgage Rate 3.74 Denmark 6.1323-6.1328 Australia $ 1.952 1.698
Close $1824.26-1824.76 High $1846.99 Euro 0.8246-0.8246 Canada $ 2.026 1.663
Mar 203.00 May 200.65 Jul 208.00 Low $1824.04 Treasury Bills (Dis) Buy: 1 mth 0.008; 3 mth 0.018. Sell: 1 mth -0.010; 3 mth -0.020 Hong Kong 7.7526-7.7527 Denmark Kr 8.000 9.125
AM $1840.70 PM $1842.76 Japan 104.79-104.79 Euro ¤ 1.090 1.246
Nov 167.00 Jan unq Volume: 891 Krugerrand $1805.00-1903.00 (£1307.45- Malaysia 4.0420-4.0460 Hong Kong $ 10.144 11.534
1378.44) Norway 8.4793-8.4843 Hungary 367.982 447.271
London Metal Exchange Platinum $1244.00 (£901.09) 1 mth 2 mth 3 mth 6 mth 12 mth Singapore 1.3254-1.3256 Indonesia 17,771.40 22,279.50
Silver $26.95 (£19.52) 0.0318 0.0454 0.0508 0.0716 0.1221 Sweden 8.3256-8.3286 Israel Shk 4.219 4.945
(Official) Palladium $2367.00 (£1714.53) Interbank Rates Switzerland 0.8907-0.8908 Japan Yen 135.778 156.778
Eurodollar Deps 0.07-0.27 0.08-0.28 0.09-0.29 0.12-0.32 0.18-0.38 New Zealand $ 1.815 2.145
Cash 3mth Dec 21 European money Other Sterling 122.10-122.11 Norway Kr 10.960 12.680
deposits % 1.7816-1.7819 Poland 4.627 5.647
Copper Gde A ($/tonne) 8053.5-8053.5 Sterling spot and forward rates Argentina peso 0.5171-0.5239 Russia 91.676 110.092
8292.0-8292.0 8289.5-8289.5 Australia dollar 7.4395-7.4437 S Africa Rd 19.077 22.527
Bahrain dinar 1.1383-1.1384 Sweden Kr 10.920 12.282
Lead ($/tonne) 2130.0-2130.0 Mkt Rates for Range Close 1 month 3 month Brazil real 10.702-10.703 Switzerland Fr 1.168 1.356
2080.0-2080.0 2091.5-2091.5 Copenhagen 8.4637-8.4963 8.4637-8.4687 36ds 109ds Euro 100.39-100.41 Turkey Lira 9.379 10.962
Euro 1.1426-1.1383 1.1384-1.1383 4pr 14pr Hong Kong dollar 19029-19553 USA $ 1.325 1.510
Zinc Spec Hi Gde ($/tonne) 2769.0-2769.0 Montreal 1.7511-1.7579 1.7531-1.7534 0pr 3pr India rupee 0.4163-0.4186
2726.0-2726.0 2746.5-2746.5 New York 1.3801-1.3856 1.3805-1.3806 1pr 4pr Indonesia rupiah 5.5892-5.5947
Oslo 11.670-11.721 11.707-11.711 12pr 68pr Kuwait dinar KD 1.9105-1.9109
Alum Hi Gde ($/tonne) 2139.5-2139.5 Currency 3mth 6mth 12mth Stockholm 11.482-11.519 11.494-11.498 20ds 63ds Malaysia ringgit 1.8289-1.8309 Rates for banknotes as traded by
2075.5-2075.5 2080.5-2080.5 1mth 0.20 0.29 0.55 Tokyo 144.54-144.89 144.66-144.68 3ds 9ds New Zealand dollar 20.226-20.239 Royal Bank of Scotland plc yesterday
0.05 0.07 0.12 Zurich 1.2296-1.2327 1.2296-1.2298 8ds 26ds Singapore dollar 5.0749-5.0751
Nickel ($/tonne) Dollar 0.15 0.20 0.50 S Africa rand Data as shown is
18599.0-18599.0 18651.0-18651.0 18766.0-18766.0 0.13 Premium = pr Discount = ds U A E dirham for information
purposes only. No offer is made by
Tin ($/tonne) 15mth Sterling Morningstar or this publication
0.03
25568.0-25568.0 23317.0-23317.0 21967.0-21967.0
Euro
0.10



the times | Friday February 12 2021 1GM 47

Business

The Times unit trust information service

Sell Buy Yld Sell Buy Yld Sell Yld Sell Yld Sell Buy Yld Sell Buy Yld
European Assets Trust 123.00 124.00 +/- % +/- % Buy +/- % Buy +/- % +/- % +/- %
Diversified Income A Acc ‡@335.74
-0.79 5.48 European ‡@ 2838.00 … -5.00 … Diversified Income A Inc ‡@77.31 … -0.21 … UK Act 350 A Acc ‡@ 199.00 … -2.20 … High Income Acc 289.70 289.70 +1.50 … THREADNEEDLE INVESTMENTS
Extra Income ‡@ 28.60 … +0.04 … Emerging Mkts Blended Debt A Acc ‡@130.17 … -0.05 … … -0.70 … 364.00 -0.40 … Client Serv: 0800 0683000
Glob Spec Sits ‡@ … +8.00 … Emerging Mkts Blended Debt A Acc Gross ‡@125.82 … +0.32 … UK Dynamic Acc ‡@ 182.60 … -0.60 … UK 100 Comp Acc @ 364.00 192.10 -0.20 … Intermediary Serv: 0800 0684000
Global Focus ‡@ 5340.00 … +14.00 … Emerging Mkts Blended Debt A Inc ‡@84.80 … +0.20 … … +0.60 3.45 294.70 +0.20 … Institutional Shares (Class 2) (163500,000 min)
International ‡@ 3285.00 … +0.20 0.08 Emerging Mkts Equity A Acc ‡@192.96 … +0.21 … UK Dynamic Inc ‡@ 134.60 … +0.07 … UK 100 Cos @ 192.10 575.60 +0.60 …
Japan ‡@ 149.50 … +0.60 … Emrg Mkts Local Curr Debt A Acc ‡@194.18 … +0.11 … … -0.20 … 905.90 -0.10 …
Moneybldr Bal ‡@ 526.80 … -0.09 … Emrg Mkts Local Curr Debt A Inc ‡@86.32 … +0.62 … UK Equity A Acc ‡@ 401.90 … -0.48 … UK Select Pflo @ 294.70 541.40 -0.10 …
Moneybldr Glob 327.60 -0.10 0.21 Emrg Mkts Local Curr Debt Gross I Acc ‡@220.49 … +0.28 … … +7.00 …
For Abbey National see Santander Moneybldr Gwth ‡@ 45.20 … -0.95 … Enhanced Natural Resources A Acc ‡@136.07 … -0.05 … UK Equity A Inc ‡@ 46.44 … +2.00 … UK Selection Port Acc @ 575.60 UK Oseas Earns ‡@ 111.04 … -0.43 …
For Allchurches see Ecclesiastical Moneybldr Inc ‡@ 327.60 … +0.05 … Global Bond A Acc ‡@ 139.30 … +0.30 1.26 … +0.80 …
ALLIANZ GLOBAL INVESTORS Moneybldr UK Ind ‡@ 76.12 … -0.23 … Global Bond A Inc ‡@ 109.33 … +4.03 0.82 UK Eqy & Bd Inc Acc ‡@ 167.10 … -0.20 … Worldwide Mgd Acc @ 905.90
Inv Serv: 020 7065 1400 Helpline: 0800 317 573 Special Sits ‡@ 38.65 … -13.00 … Global Bond I Gross Inc ‡@1167.00 … +3.00 0.82 … -0.13 …
Wealthbuilder 107.48 72.18 +0.53 0.44 Global Dynamic A Acc ‡@ 200.45 … +29.78 1.25 UK Eqy & Bd Inc Inc ‡@ 90.29 … +25.00 … Wwide Mgd @ 541.40
3690.00 Global Energy A Acc ‡@ 171.49 … -0.25 … … -10.00 …
69.75 Global Equity A Acc ‡@ 208.95 … +0.98 … UK Higher Inc A Acc ‡@ 1132.00
Global Franchise A Acc ‡@276.94 … -0.09 …
Gilt Yield A ‡@ 206.01 … +0.27 … Global Free Enterprise A Acc ‡@1177.77 … +0.73 … UK Higher Inc A Inc ‡@ 531.30 MORGAN STANLEY INVESTMENT MGMT LTD
… +0.24 … Global Gold A Acc ‡@ 199.58 … +1.80 … Enquires: 0800 0961 962
Strategic Bond Fund ‡@ 209.64 … -0.78 3.87 Global Special Situations A Acc ‡@267.45 … +0.73 … UK Sm Cos A Acc ‡@ 637.10 The Morgan Stanley Funds (UK)
… -14.91 … Global Special Situations A Inc ‡@206.87 … +2.10 … Class A Shares
UK Corp Bond C ‡@ 104.79 … -1.06 … Managed Growth A Acc ‡@283.27 … +1.62 … UK Str Eq Inc A Acc ‡@ 171.90 Equity Managed Funds
… -42.90 … Monthly High Income A Acc ‡@243.62 … -0.03 …
UK Eqty C ‡@ 6317.26 … -5.83 … Monthly High Income A Inc ‡@65.93 … +0.20 … UK Str Eq Inc A Inc ‡@ 91.24 Def Eqty & Bd Acc @
… -16.66 … Multi-Asset Protector A Acc ‡@174.76 … +0.05 … Eqty & Bd Acc @
UK Eqty Inc A ‡@ 282.48 Strategic Bond A Acc ‡@ 244.54 … -0.06 … US A Acc ‡@ 1036.00 Mgd Income @ 128.80 128.80 +0.10 …
Strategic Bond A Inc ‡@ 119.47 … +0.19 1.96 178.20 178.20 +0.10 …
UK Gwth A ‡@ 6435.85 Target Return A Acc ‡@ 102.03 … +0.09 3.32 US Sm Cos A Acc ‡@ 1272.00 74.25 74.25 -0.09 …
Target Return A Inc ‡@ 87.63 … +0.44 0.82
UK Index A Inc ‡@ 1423.81 UK Alpha A Acc ‡@ 2529.56 … +0.01 0.87 Eur (Ex UK) Eq A Acc ‡@1310.92 … +4.24 1.25
UK Blue Chip A Acc ‡@ 770.11 … -6.48 … … -21.06 …
UK Mid Cap A ‡@ 5608.91 HALIFAX INVESTMENT FUND MGRS LTD UK Smaller Companies A Acc ‡@6399.32 … +3.15 … Glob Brands A Acc ‡@ 11447.01 … -0.02 1.66
01296 386 386 UK Smaller Companies A Inc ‡@5739.88 … -1.24 …
Authorised Inv Funds UK Special Situations A Acc ‡@1185.03 … -1.11 … UK Eq A Acc ‡@ 1184.53
Share Class `C UK Special Situations A Inc ‡@434.96 … -6.78 …
… -2.49 … JUPITER UT MGRS LTD Fixed Income
Corporate Bond ‡@ 40.80 … +0.03 … 020 7581 3020 2618.35 … -3.81 2.00
Ethical ‡@ 105.90 … +0.30 … Stg Corp Bd A Acc ‡@ 1350.60 … -3.80 …
ARTEMIS FUND MGRS LTD European ‡@ 98.40 … +0.18 … Absolute Return ‡@ 41.75 … +0.11 … UK Ind Lnkd A Acc ‡@ 1288.90 … …… Retail Shares (Class 1)
0800 092 2051 Far Eastern ‡ 131.50 … +0.20 … … +0.16 … UK Long Bd A Acc ‡@
Authorised Inv Funds Fund of Inv Tst ‡@ 144.60 … -0.20 … Distribution and Growth ‡@99.04 … -0.20 … Stg Bd Ret Inc ‡@ 61.90 … +0.10 0.75
Intl Gwth ‡ 107.00 … +0.10 … … +0.95 0.16 … +0.02 …
Japanese ‡ 70.20 … +0.23 … Emg Euro Opps ‡@ 223.00 … +7.77 … Strat Bd Ret ‡@ 48.56 … +0.05 …
North Amer ‡ 121.60 …… … … +2.44 … … +0.06 …
Capital R Acc ‡@ 1637.16 … +1.39 … Smaller Cos ‡@ 116.00 … +1.50 … Euro Special Sits ‡@ 464.87 … -0.93 … UK Corp Bond ‡@ 67.13 … -0.23 3.05
… -0.48 1.29 Special Sits ‡@ 46.81 … -0.33 … … -0.04 … … -0.10 …
Euro Opps R Acc ‡@ 91.26 … -0.46 1.30 UK Equity Inc ‡@ 78.05 … -0.15 3.42 European ‡@ 2773.81 … +0.37 … SANTANDER UNIT TST MGRS UK Corp Ret ‡@ 67.01 … +0.02 …
… +0.87 … UK FTSE 100 IT ‡@ 56.52 … -0.14 … … -1.62 … 08457 413002 … -0.27 …
Euro Opps R Inc ‡@ 85.36 … +0.13 … UK FTSE All-S IT ‡@ 66.89 … -0.16 … Financial Opps ‡@ 869.59 … +0.16 … UK Eqty Inc Ret ‡@ 88.98 … -0.01 …
… +0.17 … UK Growth ‡@ 73.28 … -0.12 … … +0.47 … … -0.15 3.62
European Growth R Acc ‡@325.82 … +0.73 … Income Trust ‡@ 428.45 … -0.40 … Bal Pfolio Inc ‡@ 110.50 … +0.40 2.41 UK Gwth & Inc Ret ‡@ 85.53 … -0.41 …
… +0.50 … Bal Port Gwth Acc ‡@ 230.80 … +0.30 … … -0.32 …
Global Energy R Acc ‡@ 22.22 … +0.25 … Merlin Bal (Acc) ‡@ 209.68 Equity Inc Inc ‡@ 211.80 … -0.30 … UK Hi Yld Bd 1 ‡@ 42.78 … -0.83 …
… +0.04 … N&P UK Gwth Inc ‡@ 182.80 … +0.10 …
Global Growth R Acc ‡@ 303.39 … -1.79 3.56 Merlin Gwth (Acc) ‡@ 485.40 Stkmkt 100 Tkr @ 210.00 210.00 -0.50 … UK Inst Acc ‡@ 156.55
… -0.86 3.67 UK Growth Acc ‡@ 449.10 … -0.70 …
Global Income R Acc ‡@ 135.24 … +0.07 3.48 Merlin Inc (Acc) ‡@ 331.21 UK Growth Inc ‡@ 255.80 … -0.40 … UK Mnthly Extra Inc ‡@ 77.89
… -0.21 …
Global Income R Inc ‡@ 91.16 … +0.07 … Merlin Wwide (Inc) ‡@ 359.89 UK Mnthly Inc Ret ‡@ 63.82
… +0.04 …
Global Select R Acc ‡@ 148.14 … +0.07 … UK Growth ‡@ 228.46 UK Retail ‡@ 128.74
… +0.04 …
High Income R Inc ‡@ 72.84 … -3.22 … UK Special Sits (Inc) ‡@ 167.97 UK Sel Retail ‡@ 116.80
… -3.50 …
Income R Acc ‡@ 435.96 … -2.31 … UK Smaller Cos ‡@ 423.98

Income R Inc ‡@ 206.72

Monthly Dist R Inc ‡@ 67.65 HSBC GLOBAL ASSET MGMT (UK) LTD SCOTTISH MUTUAL INV MNGRS LTD
Enq: 0845 745 6123 Dlg: 0845 745 6126 Mon-Fri 8-6 0141 248 6100
Strategic Assets R Acc ‡ 74.97 HSBC Index Tracker Investment Funds (OEIC)

Strategic Bond R M Acc ‡@106.04 LEGAL & GENERAL (UT MGRS) LTD European Inc 1550.91 1635.47 +2.67 …
Enquiries: 0870 050 0955 Dealing: 0870 050 0956 Far Eastern Inc 584.69 617.09 -0.73 …
Strategic Bond R M Inc ‡@ 58.77 Amer Ind Acc ‡@ 762.47 … -0.23 … Intl Growth Inc 380.56 400.59 +0.02 …
Amer Ind Inc ‡@ 625.23 … -0.19 … Japanese Inc 41.85 41.85 +0.43 0.56
Strategic Bond R Q Acc ‡@105.85 Euro Ind Acc ‡@ 1044.92 … +2.96 … Equity Acc @ 2616.00 2639.00 -8.00 2.12 Mutual European 2480.84 2615.40 +4.25 … For Resolution see Ignis
Euro Ind Inc ‡@ 696.08 … +1.97 … Equity Dist @ 893.80 902.00 -2.70 2.15 Mutual Far Eastern 1176.82 1242.03 +1.85 … TU FUND MANAGERS LIMITED
Strategic Bond R Q Inc ‡@ 58.75 FTSE 100 Ind Acc ‡@ 220.18 … -0.66 … Euro Ind Acc ‡@ 463.60 +0.50 Mutual North Am 1983.00 2092.88 +6.23 0.24
FTSE 100 Ind Inc ‡@ 106.17 … -0.32 … Euro Ind Inc ‡@ 315.40 … +0.30 … Mutual UK Eq 1179.26 1244.60 -1.82 …
UK Growth R Acc ‡@ 627.74 FTSE 250 Ind Acc ‡@ 298.26 … -0.49 2.21 For ISIS Asset Mgmt see F&C Fd Mgmt Ltd (OEICS) Fixed Int Acc ‡@ 161.60 … +0.10 … Nth American Inc 1227.65 1295.67 -7.28 …
FTSE 250 Ind Inc ‡@ 189.39 … -0.31 2.57 JANUS HENDERSON INVESTORS Fixed Int Dist ‡@ 78.64 … +0.07 … UK Equity Inc 516.63 545.26 -0.79 …
UK Smaller Cos R Acc ‡@1638.23 FTSE All-S Acc ‡@ 586.20 … -1.27 … Investors Serv: 0800 832 832 Dlng: 0845 946 4646 Glob Gwth Acc @ 243.90 … -1.30 … British 904.80 904.80 +0.10 …
FTSE All-S Inc ‡@ 315.51 … -0.68 … Glob Health Acc ‡@ 91.32 243.90 +0.05 1.15 European 210.70 219.40 +1.00 …
UK Special Sits R Acc ‡@ 641.89 Jap Ind Acc ‡@ 149.37 … +0.20 … Glob Tech Acc ‡@ 86.46 … +0.03 …
Jap Ind Inc ‡@ 120.65 … +0.17 … … …
AXA FRAMLINGTON UNIT MGMT LTD Pac Ind Acc ‡@ 510.15 … +0.93 … All Stks Credit A Inc ‡@ 145.20 … +0.10 1.50 * Yield expressed as CAR (Compound Annual Return);
Dling: 0845 602 1952 Priv Clients: 0845 777 5511 Pac Ind Inc ‡@ 331.09 … +0.60 … Asian Div Inc U Trst Inc ‡@96.21 … +0.21 … † Ex dividend; ‡Middle price; . . . No significant data. #
Periodic charge deducted from capital; @ Exit charge

Equity Inc ‡@ 572.40 … -2.70 4.43 SCOTTISH WIDOWS UNIT TRUST MGRS British funds
Gilt Acc @ 201.30 211.80 +0.10 … 0845 300 2244
Gilt Inc @ 74.35 78.24 -0.39 … Authorised Inv Funds (OEICs) 12 month Price Int Yld Grs rd
Health Acc ‡@ 2633.00 -7.00 … OEIC A Class High Low Stock (£) +/– % yld
Jap Smlr Co Ac @ 62.56 … -0.19 … Managed Investment Funds
Managed Inc ‡@ 138.30 66.09 …
Monthly Inc Inc ‡@ 228.60 … HSBC Investment Funds (OEIC) - Retail Share Class Bal Port A Acc ‡@ 230.40 …… … Index-linked
UK Growth Inc ‡@ 233.30 … +0.60 4.65 Caut Port A Acc ‡@ 206.60 … +0.10 …
UK Select Opps Inc ‡@ 1966.00 … +0.10 … Balanced Acc ‡@ 231.09 … +0.15 … Caut Port A Inc ‡@ 151.70 …… …
UK Sml Cos Inc ‡@ 361.60 … -1.00 … … -0.14 … Opps Port A Acc ‡@ 263.00 … -0.30 …
… +0.20 … Balanced Inc ‡@ 151.95 … -1.02 … Prog Port A Acc ‡@ 253.10 … -0.20 … 112.77 109.40 Tr IL 1Y% 2022 109.64 – .03 1.76 –3.36
… … -0.42 … 364.55 352.66 Tr IL 2K% 24 * 356.14 + .02 1.52 –2.88
Corp Bd Acc ‡@ 321.11 … +0.50 1.18 112.37 108.34 Tr IL 0V% 24 110.24 – .01 … –3.00
… +0.07 1.21 120.25 113.18 Tr IL 0V% 26 116.88 + .04 … –2.92
Corp Bd Inc ‡@ 131.84 … -3.32 3.12 136.38 127.25 Tr IL 1N% 2027 131.42 + .06 1.04 –2.91
… -1.48 3.19 129.83 119.40 Tr IL 0V% 28 125.08 + .08 … –2.85
Gilt & Fd Int Acc ‡@ 509.41 … -1.11 … Overseas Growth Investment Funds 131.98 120.50 Tr IL 0V% 29 126.79 + .09 … –2.80
… -0.49 3.19 136.78 134.61 0 1/8% IL Trs 2031134.76 + .15 … –2.72
Gilt & Fd Int Inc ‡@ 76.14 … -0.65 … Eur Sel Gth A Acc ‡@ 3210.00 … -22.00 … 393.65 360.53 Tr IL 4V% 30 * 374.78 + .25 1.72 –2.71
… -0.31 … 187.20 157.14 Tr IL 1V% 2037 175.64 + .06 0.67 –2.48
Income Acc ‡@ 579.72 … -0.65 … 183.12 148.88 Tr IL 0X% 40 171.66 + .12 … –2.33
… -0.31 … 175.05 139.06 Tr IL 0V% 41 163.17 + .14 … –2.28
AXA FUND MANAGERS LTD Income Inc ‡@ 257.84 190.64 144.18 Tr IL 0V% 46 174.73 + .08 … –2.12
Admin & Enq 0117 989 0808 195.05 154.83 Tr IL 0X% 42 180.92 + .17 0.35 –2.24
AXA Trusts Monthly Inc Acc ‡@ 286.37 Tracker and Specialist Investment Funds 183.33 142.10 Tr IL 0V% 44 169.20 + .17 … –2.17
222.83 168.17 Tr IL 0O% 2047 203.92 + .05 0.38 –2.12
Monthly Inc Inc ‡@ 126.54 UK Trkr A Acc ‡@ 307.10 … -0.40 … 200.53 147.47 Tr IL 0V% 48 182.60 + .03 … –2.08
UK Trkr A Inc ‡@ 163.90 … -0.10 … 223.34 163.69 Tr IL 0K% 50 202.87 + .07 … –2.06
Gen Acc ‡@ 2101.00 … +6.00 2.64 UK Grth & Inc Ret B Acc ‡@120.64 221.88 158.49 Tr IL 0N% 52 199.94 + .07 … –2.04
Gen Inc ‡@ 1079.00 … -2.00 2.70 296.98 211.39 Tr IL 1N% 2055 264.71 + .04 0.52 –2.00
UK Grth & Inc Ret B Inc ‡@57.56 239.65 161.25 Tr IL 0V% 56 210.94 + .02 … –1.99
245.15 162.44 Tr IL 0V% 58 215.35 + .18 … –1.97
UK Gth & Inc Acc ‡@ 120.64 282.43 182.62 Tr IL 0W% 62 246.03 + .26 … –1.93
291.55 176.73 Tr IL 0V% 65 250.19 + .27 … –1.96
UK Gth & Inc Inc ‡@ 57.56 UK and Income Investment Funds 313.02 183.95 Tr IL 0V% 68 269.47 + .19 … –2.01
136.78 134.61 0 1/8% IL Trs 2031134.76 + .15 … –2.72
Corp Bond A Acc ‡@ 356.00 … -0.20 … 163.88 144.89 Tr IL 1N% 2032 155.07 + .13 0.81 –2.69
… -0.10 … 161.19 140.01 Tr IL 0O% 34 152.13 + .08 … –2.57
UK/Global Investment Companies HSBC Specialist Investment Funds (OEIC) Corp Bond A Inc ‡@ 136.50 … -3.00 … 310.44 269.24 Tr IL 2% 35 * 294.92 + .16 0.83 –2.52
… -1.00 4.07 159.59 134.20 Tr IL 0V% 36 150.59 + .06 … –2.48
Euro Acc A ‡@ 234.70 … … 1.18 Envir Invtr A Acc ‡@ 363.00 … -0.55 4.17
Extra Inc Inc B ‡@ 86.74 … +0.24 1.16 … -0.10 …
Global Gwth Acc R ‡@ 265.00 … American Index Retail Acc ‡@762.47 … -0.23 … Hi Inc Bond A Ac ‡@ 253.50 … -0.10 …
Japan Acc A ‡@ 180.70 … … … … -0.19 … … …
Pac Gwth Acc A ‡@ 593.40 … +0.20 … American Index Retail Inc ‡@625.23 … -0.07 … Hi Inc Bond A Inc ‡@ 82.58 … … …
+1.40 … … -0.06 … … +0.80 …
Asian Gth Acc ‡@ 147.77 … +0.27 0.40 Hi Res A Acc ‡@ 353.50 … +0.40 …
… +0.22 0.34 … …
Asian Gth Inc ‡@ 130.99 … -0.70 … Hi Res A Inc ‡@ 118.80 …
… -0.59 … -3.00
Chinese Eq Acc ‡@ 513.81 Safety Plus A Acc ‡@ 40.49

Chinese Eq Inc ‡@ 434.76 Strat Inc A Acc ‡@ 228.10

Euro Gth Acc ‡@ 858.64 Strat Inc A Inc ‡@ 105.70

CIS UNIT MANAGERS LTD Euro Gth Inc ‡@ 720.23 UK Gwth A Acc ‡@ 173.30
08457 46 46 46
UK Sel Gwth A Acc ‡@ 2177.00 Longs (Over 15 years)

European Gwth ‡@ 183.90 … +0.10 … IGNIS ASSET MGMT OEIC B Class 115.15 98.58 Tr 1N% 41 104.92 + .27 … 0.99
Sus Leaders ‡@ 704.80 … -0.80 … Dlg: 0141 222 8282 Tracker and Specialist Investment Funds 186.37 162.65 Tr 4K% 42 169.17 + .39 2.66 0.97
UK Growth ‡@ 578.60 … -0.90 … 161.41 138.89 Tr 3N% 44 145.80 + .37 … 1.01
UK Income ‡@ 201.90 … -0.20 … American Gth Inc @ 322.55 340.42 -3.34 … UK Trkr B Acc ‡@ 337.90 … -0.40 … 169.66 145.59 Tr 3K% 45 152.61 + .39 … 1.02
276.69 -0.93 1.52 UK Trkr B Inc ‡@ 163.10 … -0.20 … 193.38 165.46 Tr 4N% 46 172.93 + .45 2.46 1.03
Balanced Growth @ 262.17 414.92 -1.40 1.49 101.07 95.71 Tr (7/8) 2046 96.25 + .32 … 1.05
-0.89 125.21 103.95 Tr 1K% 47 110.64 + .35 … 1.04
Balanced Growth Acc @ 393.13 … -3.57 … 133.12 109.94 Tr 1O% 49 117.30 + .38 … 1.04
426.26 -4.21 2.18 203.44 171.89 Tr 4N% 49 180.18 + .51 2.36 1.03
Corporate Bond ‡@ 99.69 502.07 -3.09 2.24 101.54 88.57 Tr 0X% 50 89.20 + .33 … 1.05
349.90 -0.29 0.12 198.36 165.69 Tr 3O% 52 173.13 + .46 … 1.02
European Growth @ 403.88 88.64 -0.92 4.43 UK and Income Investment Funds 137.00 110.13 Tr 1X% 54 116.84 + .37 … 1.03
290.28 -0.03 225.53 187.25 Tr 4N% 55 194.80 + .51 2.18 1.01
CLOSE FUND MANAGEMENT LTD European Growth Acc @ 475.71 51.78 -0.06 … Corp Bond B Acc ‡@ 369.30 … -0.30 … 145.53 116.08 Tr 1O% 57 122.83 + .37 … 1.00
0870 606 6402 138.15 +0.17 0.94 … -0.10 … 231.12 188.65 Tr 4% 60 197.42 + .52 … 0.98
Glob Gwth @ 331.53 76.96 -0.11 0.66 Corp Bond B Inc ‡@ 136.40 … …… 102.03 83.48 Tr 0K% 61 84.09 + .31 … 0.97
100.84 -2.81 … -3.00 … 186.29 145.70 Tr 2K% 65 155.07 + .53 … 0.97
Beacon Inv ‡ 84.88 … +0.35 0.01 Higher Yield @ 83.98 526.34 +1.64 … UK Gwth B Acc ‡@ 187.70 236.70 185.13 Tr 3K% 68 196.78 + .67 … 0.96
798.14 +1.36 … 161.53 119.26 Tr 1X% 71 129.95 + .53 … 0.89
Higher Yield Acc @ 275.04 663.79 1.34 UK Sel Gwth B Acc ‡@ 2284.00 160.46 145.56 Tr 4N% 36 149.24 + .23 2.85 0.78
0.15 122.20 108.40 Tr 1O% 37 113.51 + .23 … 0.87
Japan @ 49.06 0.21 Cautious Man Fd A Acc ‡@277.20 … -0.70 … Gwth Tst Acc @ 106.00 106.50 -1.00 … 178.53 159.53 Tr 4O% 38 164.31 + .30 2.89 0.85
Cautious Man Fd A Inc ‡@144.60 … -0.40 … High Inc Acc ‡@ 142.40 … +0.20 … 171.40 151.98 Tr 4N% 39 157.29 + .31 2.70 0.89
Managed @ 130.89 China Opp Fund A Acc ‡@2118.00 … +6.00 … Japan Ind Acc ‡@ 73.56 … +0.09 … 174.76 153.93 Tr 4N% 40 159.85 + .34 … 0.93
Emg Mkts Opps Fd A Acc ‡@262.70 … +1.10 … Pacific Ind Acc ‡@ 205.80 … +0.30 …
Dealing: 020 7426 6232 Managed Trust @ 71.96 Erpn Grth Fund A Acc ‡@ 261.40 … +0.10 … UK 100 Ind Acc @ 180.90 +0.90 3.19 OEIC C Class
Erpn Sel Opps Fd A Acc ‡@1992.00 … … UK Active Opps Acc @ 249.90 180.90 -0.10 … UK and Income Investment Funds
Mngd Pfolio Inc @ 95.54 Fix Int Mnthly Inc Fd Acc ‡@34.33 … … … UK Index Acc ‡@ 289.60 252.90 -0.60 …
Global Equity Fund Acc ‡@4327.00 … +0.03 … UK Index Dist ‡@ 148.40 -0.40 …
Winchester ‡ 3539.77 … +51.81 0.83 Pacific Grth @ 498.71 Global Equity Income A Inc ‡@61.12 … +2.00 … US Ind Acc ‡@ 695.80 … +0.70 … UK Gth C Inc ‡@ 121.60 … ……
Global Tech A Acc ‡@ 3195.00 … -0.04 … Worldwide Acc ‡@ 348.10 … +0.60 0.57 … -3.00 …
Smaller Comp @ 756.24 Instl UK Idx Opps A Acc ‡@96.49 … +13.00 … … UK Sel Gwth C Acc ‡@ 2389.00
M-Asset Abs Ret A Acc ‡@149.40 … -0.21 1.77 …
Smaller Cos @ 628.94 M-Man Active Fd A Acc ‡@252.80 … …
M-Man Inc Grth A Inc ‡@ 156.30 … … …
EDENTREE INV MGMT LTD INSIGHT INVESTMENT FDS MANAGEMENT LTD M-Man Inc Grth Fd A Acc ‡@191.30 … +0.40 … STANDARD LIFE INVESTMENTS Mediums (5-15 years)
0800 358 3010 Client Servs: 0207 163 4000 Sterling Bond U Trst Acc ‡@254.30 … … 0845 279 3003
Insight Investment Multi-Manager Funds Sterling Bond U Trst Inc ‡@71.35 … … … Investment Funds (OEIC) - Retail Shares
Strategic Bond A Inc ‡@ 133.10 … +0.10 3.40 102.69 100.85 Tr 0O% 23 101.87 + .03 … –0.02
Amity European A ‡ 280.00 … +0.40 … UK Abs Ret Fd A Acc ‡@ 162.60 … +1.10 … AAA Inc CAT Acc ‡@ 102.30 …… … 107.57 105.74 Tr 2N% 23 105.80 + .03 … –0.01
… +0.50 … UK Alpha Fund A Acc ‡@ 153.50 … +0.30 … AAA Inc CAT Inc ‡@ 58.85 … +0.02 … 100.64 100.15 Tr 0V% 24 100.23 + .04 … 0.05
Amity International A ‡ 334.60 … +0.10 … UK Irsh Sm Co Fd A Acc ‡@725.10 … +0.20 … M & G SECURITIES AAA Income Acc ‡@ 110.50 …… … 104.35 101.89 Tr 1% 24 103.18 + .04 … …
… -0.60 … UK Property A Acc @ 229.59 239.13 -0.20 … Enq: 0800 390 390 Dealing Line: 0800 328 3196 Amer Eq Gth Acc ‡@ 189.80 … -0.30 … 112.01 109.67 Tr 2O% 24 109.74 + .05 … 0.02
Amity Sterling Bond A ‡ 107.00 … -0.10 … Well Bldr Bal Acc ‡@ 96.05 … -0.32 … UK Property A Inc @ 94.90 98.84 -0.30 … Authorised Inv Funds Corp Bond Acc ‡@ 190.30 … +1.00 … 124.55 120.07 Tr 5% 25 120.13 + .05 4.16 0.04
… -1.00 … Well Bldr Gwth Acc ‡@ 93.79 … -0.36 … US Growth Fund A Acc ‡@1720.00 … -1.20 … Corp Bond Inc ‡@ 67.30 … +0.39 … 103.71 100.19 Tr 0X% 25 102.44 + .07 … 0.06
Amity UK A Inc ‡ 243.50 -0.02 Euro Eq Gth Acc ‡@ 242.80 … +0.20 … 111.08 108.03 Tr 2% 25 108.81 + .07 … 0.07
-0.01 Glb Advtg CAT Acc ‡@ 155.20 … +0.20 … 101.14 99.85 Tr 0V% 26 99.99 + .08 … 0.13
Higher Income A ‡ 123.60 +7.00 Charifund Inc ‡ 1409.74 … -3.04 4.80 Glob Advtg Acc ‡@ 205.10 … +0.30 … 109.72 105.76 Tr 1K% 26 107.42 + .07 … 0.13
Glob Eq Uncstrd Acc ‡@ 166.20 … -0.10 … 109.23 104.27 Tr 1N% 27 106.62 + .12 … 0.21
UK Equity Growth A ‡ 300.40 Higher Inc Acc ‡@ 150.10 … +0.10 … 132.20 127.00 Tr 4N% 27 127.26 + .12 3.34 0.22
Higher Inc Inc ‡@ 50.83 … +0.04 … 100.95 98.75 Tr 0V% 28 98.97 + .11 … 0.27
INVESCO FUND MGRS LTD Sterling Class A Investment Funds 1 Japan Eq Gth Acc ‡@ 130.30 … +0.10 … 113.61 107.67 Tr 1X% 28 110.10 + .13 … 0.30
Dling: 0800 085 8571 Inv Serv: 0800 085 8677 Managed Acc ‡@ 320.00 …… … 151.42 143.55 Tr 6% 28 143.73 + .14 4.17 0.33
F & C FUND MANAGEMENT LTD (OEICS) Brkr Serv: 0800 028 2121 Euro Smlr Cos Acc ‡ 475.19 … +2.43 … Select Inc Acc ‡@ 96.89 … +0.17 2.15 107.70 100.82 Tr 0Y% 29 104.02 + .14 … 0.40
Enqs: 0870 601 6183 Dealing: 0870 601 6083 INVESCO Funds Euro Smlr Cos Inc ‡ 421.03 … +2.15 … Select Inc Inc ‡@ 56.37 … +0.10 2.18 102.60 98.78 Tr 0W% 30 98.97 + .14 … 0.48
Share Class 1 - Retail UK Eq Gth Acc ‡@ 330.00 …… … 148.82 140.25 Tr 4O% 30 141.07 + .18 3.37 0.46
UK Str Inc N/Trl ‡@ 323.57 … -0.12 … Sterling Class A Investment Funds 2 UK Eq Hi Alpha ‡@ 205.80 …… … 99.94 96.74 Tr 0 % 31 96.95 + .16 … 0.55
UK Eq Hi Inc Acc ‡@ 223.10 … +0.10 3.99 148.26 137.91 Tr 4N% 32 140.22 + .20 3.03 0.57
Corporate Bd ‡@ 61.51 … +0.01 … Extra Income Inc ‡ 691.66 … -1.18 … UK Eq Hi Inc Inc ‡@ 66.66 … +0.03 4.13 159.28 146.18 Tr 4K% 34 149.22 + .22 3.02 0.69
… … +0.16 0.99 UK Ethical Acc ‡@ 215.10 … +0.40 … 101.77 97.17 Tr 0X% 35 97.46 + .18 … 0.81
Emerging Mkts ‡@ 141.00 … +0.50 … INVESCO PERPETUAL Funds Gilt & Fxd Int Inc ‡ 103.41 … +0.03 UK Opps Acc ‡@ 293.40 … +1.00 …
… … +0.30 … UK Opps Inc ‡@ 266.70 … +0.90 …
Euro Gwth & Inc 1 ‡@ 1229.00 … -7.00 … Childrens Acc ‡@ 411.73 … -0.63 … Gl Hi Yd Bd Inc ‡ 48.11 … -0.16 … UK Smlr Cos Acc ‡@ 961.00 … -1.40 …
… … +0.15 … … +0.01 …
Extra Inc Bond ‡@ 50.39 … … … Corp Bond Acc ‡@ 227.73 … -0.56 … Index Linked Bd Inc ‡ 156.53 … +5.60 1.61
… … -0.96 1.23 …
FTSE All-Shr Track ‡@ 380.10 … +0.60 3.18 High Income Inc ‡@ 296.01 … -1.54 … JP MORGAN ASSET MGMT Index Trckr Inc ‡ 68.14
3.37 … … OEIC
Global Gwth SC1 ‡@ 314.70 … -0.70 … Income & Grth Inc ‡@ 380.17 … … … Short Dated Corp Bd Inc ‡ 26.06
… … +0.04 3.15
High Inc Trst @ 12.49 13.15 +0.01 … Income Inc ‡@ 1166.49 … -0.24 … UK Select A Inc ‡ 3117.42 Shorts (under 5 years)
… … -2.24 …
Max Inc Bond ‡@ 50.01 … +0.01 … Money Acc ‡@ 91.13 … -0.50 … Asia A Acc ‡@ 360.90 … +1.50 …
… +0.04 … +1.10 …
Multi Man Caut ‡@ 70.41 … … … Monthly Inc Plus Inc ‡@ 106.46 Emerging Mkts ‡@ 372.30 … +0.40 … Sterling Class A Investment Funds 3 105.46 102.15 Tr 3O% 21 102.15 – .01 … –0.07
… +2.10 … 109.79 102.55 Tr 8% 21 102.55 – .02 7.80 –0.07
Multi Man Distr ‡@ 60.44 … … UK Aggressive Inc ‡@ 154.28 Eur Dyn (ex-UK) A Acc ‡@251.20 … +2.00 … Corp Bd A Inc ‡ 41.86 … +0.03 … 101.25 100.03 Tr 0K% 22 100.79 + .01 … –0.04
… -0.30 4.93 Dividend Inc ‡ 50.79 … -0.11 … 104.19 102.80 Tr 1O% 22 102.81 + .01 … –0.05
North Amer ‡@ 686.70 … -3.10 UK Growth Acc ‡@ 637.28 Euro Smllr Cos ‡@ 985.40 … -0.10 5.10 Recovery A Inc ‡ 114.97 … -0.29 … 107.79 104.31 Tr 4% 22 104.31 – .01 3.83 –0.05
… +0.30 … Sml Cos Inc ‡ 385.71 … +0.56 … 100.60 100.23 + .03 … 0.01
Pacific Gwth ‡@ 568.40 … +1.50 UK Sml Cos Eqty Acc ‡@ 1510.51 Europe A Acc ‡@ 1636.00 … +0.20 … … Tr 0V% 23
… +1.00 1.03
Strategic Bd ‡@ 210.70 … +0.10 UK Sml Cos Gwth ‡@ 82.54 Gbl Hi Yld Bd A Acc ‡@ 126.10 … +17.00 …
… -3.00 …
UK Equity ‡@ 3095.00 … … Gbl Hi Yld Bd A Inc ‡@ 35.67 … …… SVS BROWN SHIPLEY FUNDS * maturities having an eight-month indexation lag.
… …… Enquiries: 0141 222 1151
UK Gwth & Inc Acc 1 ‡@ 658.50 … … Gl ex-UK Bd A Acc ‡@ 292.20 … +2.70 … Sterling Class A Investment Funds 4
… -0.10 …
UK Gwth & Inc Dist ‡@ 234.70 … … INVESTEC FUND MGRS Gl ex-UK Bd A Inc ‡@ 223.80 … +0.30 …
Broker Support and Dealing: 020 7597 1900 … +0.10 …
UK Smaller Cos ‡@ 1072.00 … -1.00 OEIC Series i,ii,iii, & iv Glb Fins A Acc ‡@ 1077.00 … +0.04 … Episode Allocation A Inc ‡@140.29 … +0.29 … Balanced A Acc ‡@ 148.69 … +0.12 … This is a paid for information service. For
Balanced A Inc ‡@ 135.19 … +0.11 … further details on a particular fund, readers
Global A Acc ‡@ 2207.00 Cautious A Acc ‡@ 122.32 … +0.02 … should contact their fund manager.
Cautious A Inc ‡@ 108.88 … +0.01 …
Japan A Acc ‡@ 688.70 MANEK INVESTMENT MGMT LTD Dynamic A Acc ‡@ 349.86 … +0.31 …
0844 800 9401 Dynamic A Inc ‡@ 319.81 … +0.28 …
American A Acc ‡@ 575.76 … +0.95 … Multi-Man Tst A Acc ‡@ 1429.00 Growth A Acc ‡@ 366.33 … +0.27 …
Asia ex Japan A Acc ‡@ 988.59 … +8.71 … Income A Acc ‡@ 267.15 … +0.12 …
FIDELITY INTERNATIONAL Capital Accumulator A Acc ‡@223.30 … -1.47 0.01 Multi-Man Tst A Inc ‡@ 1276.00 Growth Fd Acc @ 41.47 43.54 -0.01 … Sterling Bond Acc ‡@ 242.37 … -0.28 …
Private Clnts 0800 414161 Broker Dlgs 0800 414181 Cautious Managed A Acc ‡@410.00 … -0.05 … Sterling Bond Inc ‡@ 97.00 … -0.11 …
Cautious Managed A Inc ‡@268.07 … -0.03 … Nat Resources ‡@ 654.60 Data as shown is
Diversified Growth A Acc ‡@139.72 … -0.11 … for information
Diversified Growth A Inc ‡@149.58 … -0.11 … New Europe A ‡@ 226.50 MARKS & SPENCER UNIT TRUST LTD purposes only. No offer is made by
0808 005 5555 Morningstar or this publication
Amer Spec Sits ‡@ 1751.00 … +1.00 … Portfolio ‡@ 309.20
American ‡@ 5368.00 … +18.00 …
Euro Opps ‡@ 550.90 … +1.90 … Stg Corp Bd A Acc ‡@ 106.30

Stg Corp Bd A Inc ‡@ 60.90 High Income 112.40 112.40 +0.50 …

48 1GM Friday February 12 2021 | the times

Business Equity prices

Dividend yields Please note dividend yields are 12 month Price 12 month Price 12 month Price 12 month Price
supplied by Morningstar. The yield is the sum of a High Low Company (p) +/- Yld% P/E High Low Company (p) +/- Yld% P/E High Low Company (p) +/- Yld% P/E High Low Company (p) +/- Yld% P/E
company’s trailing 12-month dividend payments
divided by the last month’s ending share price 45X 33X Livermore Invsv 45X – 1N 6.0 -3.2 4310 1879 Bellway 2912 – 18 3.4 18.6 136 82 Raven Property Gr 115 + 3 … … 440 281 Castings 390 + 20 3.8 47.1
5474 3131 Berkeley 4236 + 43 4.8 14.6
58 23Y Lloyds Bkg Gp 37 – W … 21.8 1240 697K Big Yellow Group 1135 – 13 2.9 34.9 105 65 Raven R CNV Pref‡ 85K … … … 29K 7 Chamberlinv# 7 … ……
445 242 Billington Hldgsv 302 … … 11.5
38O 22X LMS Capital 33 + O … -2.8 338 185 Boot (Henry) 275 + 6 1.8 15.1 134 46 RDI REIT 88K + X 6.7 -3.8 58 24 Checkitv 58 + 6 … -5.1

12 month Price 12 month Price 1O N Location Sciencesv K … … -1.3 99Y 63 Breedon Groupv 84K – W … 44.2 56K 27 Real Estate Invsv 33K … 10.0 … 693 432K Cohortv 615 – 18 1.6 27.3
High Low Company (p) +/- Yld% P/E High Low Company (p) +/- Yld% P/E 587O 313O Br Land‡ 461O – 6N 1.7 -3.1
9650 5806 Lond Stk Ex Gp 9650 + 72 0.7 85.8 195 110 Caledonian Tstv 130 … … … 848 313V Redrow 561K + 11K 3.6 17.1 94 58 Croma Securityv 71K … 1.5 …
248N 99 Cap & Count Prop 160 – 1N 0.9 -2.7
251W 93X M&G 187K + 3X 6.3 4.4 235 34Y Cap & Regnl 58 – 1 36.2 -0.2 867 501K Safestore 786 – 1 2.2 8.8 1875 775 Dewhurstv‡ 1875 + 25 0.6 36.2
1775 1700 Cardiff Prop 1750 … 0.9 11.8
Automobiles & parts 71 52 Downing ONE VCT‡ 54K + 2 7.3 -3.4 47K 21 Carecapitalv 43K … … -5.3 1258 651 Savills 1183 + 4 0.4 23.6
132 73 Clarke T 97K + 2 4.5 14.7
1 W Drumzv X … … -1.8 162W 96W Man 150Y + V 5.2 12.2 280 160 CLS Hldgs 218K – 1K 3.3 10.0 340 160 Dialight 249 + 2 … -5.0
540K 269 Countryside Prop 446K – 4V 2.3 …
149W 90 EFG-Hermes Hldg 144X … … 9.5 10N 6N Manx Finv 8N … … 5.3 392 38Y Countrywide 390 – 1K … -3.4 8V 5O Secure Propertyv 6 … … -4.0 1983 909N Electrolux 'B' 1850O + 25V 1.9 24.7
388 30 Craven Housev 68X – 7V … -0.1
3017X 614 Aston Martin Lagonda2140 – 23 … -4.5 275 127K EPE Special Oppsv 270 … … 4.5 5N X Marechale Capv 5N … … … 3504 1574 CRH 3205 + 51 2.3 19.0 988V 659W Segro 962 + 1V 2.1 15.6 1K N Feedbackv 1 … … -5.0
4282 2360 Derwent London 3156 – 20 2.3 24.8
Banking & finance 813 512V FBD 654 … … 4.5 8746W 5615W Marsh McLn 8186X + 29X 1.7 26.5 89 16O SIG 32X – 1W 3.6 -0.7 1425 670 Gooch Hsegov 1230 – 10 0.5 82.0
4 2 Dolphin Capitalv 3W … … 4.2
68 60 Fiskev 65 … … … 2O V EQTECv 2V … … … 70K 23K SigmaRocv 70K + 2K … 57.3 3580 1810 Goodwin 2950 – 25 2.7 33.1
44 22K First Propv 33K … 4.9 12.5
50K 20 Frenkel Toppingv 48K – 1K 4.1 47.5 857K 550 Mattioli Woodsv 750 … 2.8 20.0 45 25 Fletcher Kingv 36 – 1 4.1 -7.2 124K 108K Smart (J) 122K … 2.6 14.4
95 31K Foxtons Group 73K + 3O … …
3029 1887 Admiral 2982 + 42 3.2 17.7 820 345 Georgia Capital 515 – 23 … 5.8 28 7O Metal Tigerv 21O – 1K … -0.3 190W 70 Galliford Try 126Y – X 27.5 -4.3 2612 1667 Halma 2523 + 58 0.6 54.1
35K 11 ADVFNv 31K … …… 984 518 Gleeson (MJ) 780 + 44 2.9 91.2
475 246 AJ Bell 458 + 14 1.0 54.9 990 371 Grafton Gp Uts‡ 952K + 1K 0.6 25.1 530 300 St Modwen Prp 396K + 15K 0.9 -8.2 1478 901 Hill & Smith 1318 – 16 0.8 28.1
218 90 Amryt Pharmav 215 + 4 … -5.1 338 207W Grainger‡ 268K + 2V 1.9 18.9
0.8 27.6 4O 1O GLI Financev 3K … … -1.0 217W 58 Metro Bank 137 – 4O … -0.5 966 543 Gr Portland 650 – 2 1.9 … 37 19 Steppe Cementv 37 – 1 … 9.3
17385N 10652W Aon Corpn 16570Y + 178 … 51.2 282 15 Hammerson 21X – 1N 23.4 -0.2
64K 24 Appreciate Groupv 41K … 1.8 33.9 148 102 Greencoat UK Wind‡ 133O – 2K 5.2 33.9 1525 772N Nat Aust Bk 1406O + 3Y 4.4 22.9 151 86O Harworth Gp 116 – 1 0.2 72.5 45 31K Holders Techv 42K … 1.1 42.5
865 – 2K … -7.6 385 200 Heath (Samuel)v 355 … 1.5 15.1
1145 607K Arbuthnot Bkgv 5K … … -1.2 830 470 Gresham Housev 830 – 2K 0.5 … 526 243 Helical Bar 359K + 3K 2.4 32.1 236V 99V Taylor Wimpey 159O + O 2.4 13.0
6X 1N Arc Mineralsv 11 … …… 945 610 Highcroft Invs 695 … 6.9 …
15 2K Arden Partnersv 21K … 3.5 18.5 228X 93N NWG 172V – 3 … 26.9 403W 255K HK Land 332V + 1W 5.3 -4.6 232 81K Town Centre 119 … 9.8 -2.6 3 1V Image Scanv 2Y … … 29.5
24K 15 Argo Groupv 475W + 2O 4.1 20.8
2.7 6.3 1390 865 Gresh Hse Stratv 1325 … 1.7 … 358 167 Numisv‡ 355 + 5 3.3 13.3 1309 674O IMI 1286 – 4 1.1 22.7
570 307V Ashmore Gp 1397O + 2O 3.5 -6.8
1515K 784K Aus New Z 350 + 1Y … 6.9 109W 66N Gulf Invest‡ 101X – 1 2.3 … 1720 650 Travis Perkins 1443 – 4K 1.0 …
412O 211 Aviva 244Y – 2N … 12.9
332X 138O Banco Santander 1132 – 30 3.5 27.6 441O 190 Onesavings Bank 427O + 9W 1.1 10.0 186K 85Y Tritax Big Box REIT 184 + X 3.6 17.8 V … Inspirit Energyv … … … -8.1
1818 735 Bank of Georgia 145Y – 1X … 3.5
181N 80V Barclays 353O – 6O 0.8 7.2 383 198 H&T Groupv 294 + 3 1.6 7.5 6580 3400 Judges Scientificv 6520 + 20 0.7 44.1
606K 293W Beazley ……
V… 5.6 18.4 48 23X Hansard Global 45K … 9.7 14.2 V … Origo Partnersv V … 59.3 … 364K 134 Tyman 343 – 2 1.1 30.1
N … Blue Star Capitalv 272 … ……
279 142K BP Marsh&Ptnrsv 40 … 4.5 37.3 1865 1158 Hargreaves L‡ 1647K + 2K 2.1 25.0 1000 446K PayPoint‡ 595 – 8 6.5 9.7 1339 634K Unite Group 975K – 2K 1.0 -9.2 116 59 LPAv 81K … 1.3 29.3
66 7 Braveheart Invv 293 – 6 2.9 14.3
364O 138W Brewin Dolphin 59 – 2K 7.7 22.8 205 82O Helios Underv 187 … 0.8 9.3 37 13K PCF Groupv 26 … 1.5 11.3 1478 510 Vistry Group 875 – 3 2.2 16.1 671O 217 Meggitt 410X – 11K 1.3 …
61K 20K Catena Groupv# 66K + K … -3.4
66K 31K Cenkos Secsv 307 + 3 5.3 17.6 1347 666W Hiscox 949V – 9V 1.1 … 803 467W Phoenix Gp 711 + 2O 6.5 9.6 127 70V Warehouse REITv 127 … 4.9 6.1 248K 74N Melrose 171V – N 0.9 …
345 203 Charles Stanley 273K + K … -4.5
338K 215 Chesnara 77 … 2.8 21.3 595W 283N HSBC 397N – 1N 1.9 … … … Plutus PowerGenv … … … -0.1 1307 482W Workspace Grp 713K – 15K 5.0 -9.3 320 178O Morgan Advanced 312 – 2K 1.2 …
132K 64 City of Lon Gpv 520 + 11 3.6 7.0
520 275 City Lon Inv Gp …… 904 563W IG Group‡ 776 + 1K 5.5 11.9 515 175 Mpac PLCv 508 + 13 … 22.2
1N + K ……
1N … Clear Leisurev 1545 – 5 2.3 10.9 878 191 Impaxv 824 + 4 0.7 78.4 491K 144V Provident 267V – 5O 3.3 18.6 625 565 Wynnstay Propsv 565 … 2.6 …
1545 926K Close Bros 415K + 3K
437 135 CMC Markets 448W – 28W 1877 559K Intermed Cap 1847 + 36 2.7 34.0 1506 710O Prudential 1290 – 5K 2.8 31.7 174K 107K MS Intlv 159K … 2.1 -8.3
592 252O Commerzbk 773X + 3X
894Y 427V Deutsche Bk 305X – 1W 179O 32K IPF 82V – 1O 5.6 -7.2 3O 1V Quadrise Fuels Intlv 3N – W … -6.7 Consumer goods 156 64K Northbrdg Indv 102K … … -3.6
348 227N Direct Line Ins
176K 128V Intl Public Pntshp 169V – W 4.2 29.4 174 97K Quilter PLC 155Y – O 3.3 51.9 2085 955 Oxford Inst 1994 – 11 … 35.0

351X 127 Investec 203V + 3 5.4 22.4 190K 107K Randall & Quilterv 190K + 7K 1.9 76.6 8 3O Agriterrav 4Y – X … -0.4 4143W 2592X Philips El nv 4143W + 30N … 41.7

355 252 Investment Co‡ 295 + 3 4.1 … 43 19K Aireav 30 + 2 2.6 18.7 9W 3O PipeHawkv 9V … … 9.8

111 43 IP Group 105 + V … … 1996 1230 Rathbone Brs 1568 – 24 4.4 26.8

680 326Y RSA Ins 676W + W 1.1 22.0 670 336 Anglo-Eastern 608 – 1 … 10.6 143K 58 Pressure Techv 108 + K … …

222 89O Jarvis Securitiesv 216 + 2 3.6 19.3 6225 2276 Renishaw 6205 + 20 0.7 …

411V 164X Jupiter Fund Mgmt 297V + K 5.7 16.1 2500 1430 S & U 2280 + 80 5.2 13.8 206 150 Animalcarev 206 + 2 0.9 …

84O 41X Just Group 83N – 1X … 2.0 55O 28X Schroder REIT 39O … 4.5 -4.4 2708 1607K AB Foods 2230 – 10 1.5 38.7 15 4K Renoldv 14K … … 10.4

850 528 Lancashire Hdgs 698K + 3 1.7 33.2 3561 2098 Schroders 3527 – 4 3.2 21.7 140 48K Bakkavor Group 86 … 2.3 20.4 239Y 38Y Rolls-Royce 92K – V 1.7 -0.9

25K 9K Leeds Groupv 22K … … -3.0 604 372K Barr (AG) 493K – 6K 0.8 26.4 1K 1 Ross Gp 1K + V … 2.2

318W 138K Legal & Gen 259X + O 6.7 12.6 2635 1478 Schroders N/V 2330 – 60 4.8 14.3 13 3 Bidstack Groupv 7 – W … -2.6

1600 562 Secure Trust Bk 908 + 8 2.2 8.3 347W 191N Rotork 347W + 6K 0.6 32.7

52848X 355X Liberty Group 355X + 5V 9.3 … 3481K 2382 Brit Amer Tob 2693K – 14K 5.7 9.7 158 36N SDI Groupv 158 – 2 … 49.5

1450 700 Liontrust 1220 + 25 2.7 66.4 157K 67 Sigma Capv 157K + 10 1.2 19.2 943K 601 Britvic 814 + 21 2.6 22.9

169O 42O Senior 98K – 3V 2.3 -4.0

2041 1085 Burberry Grp 1772K + 52 0.6 … 93 51O Severfield 69K … 4.1 11.4

Investment companies 378K 145 C&C Grp 235 – 4 2.0 … 14N 7N Six Hundredv 9V … 2.7 -8.8

24 5K Capital Metalsv 20V + 1X … … 2062X 999X SKF B 1942V + 6Y 1.3 26.9

12 month Price Yld Dis(-) 12 month Price Yld Dis(-) 157 88 Carr's Grp 138 + 3 3.4 13.5 300 65 Slingsby (HC)v 250 … … 0.9
High Low Company (p) +/- % or Pm High Low Company (p) +/- % or Pm

437K 190 Character Grpv 437K … 3.4 24.2 1769K 814K Smiths 1466 + 4K 2.1 89.9

1215 529O 3I Group 1145K + 19K 3.7 20.3 215 140 IPST Gbl Eq 213 … 3.3 -2.6 2000 722K Churchill Chinav 1345 – 5 0.7 28.0 738 245 Solid Statev‡ 725 + 10 1.7 18.6

320 184Y 3i Infrastructure 286 – 8 3.7 15.5 102O 100K IPST Managed 101K – K 0.7 -3.9 2883 1494 Coca Cola HBC 2365 + 105 2.3 22.8

115Y 66V Abrdn Div I&G 98W – X 4.7 -14.0 184 104 IPST UK Eq 164 … 4.0 -1.6 385 152 Somero Enterv 360 … 1.2 13.4

1449 608N Aberforth Smlr 1232 – 30 2.8 -9.5 77Y 38K IP Enhanced Inc 71O – K 6.6 -4.3 475 315 Colefaxv 450 … 0.6 21.0 3139 2132 Spectris 3139 + 11 0.7 16.8

932 536 Alliance 920 + 7 1.5 -6.0 634 285V IP UKSmallerCos 513 … 1.7 -13.4 4076 2922 Cranswick 3510 + 6 1.7 21.0

589X 302K Asia Dragon Tr 582 + 4 0.8 -9.8 608 328K JPM American 598 + 3 1.0 -5.5 11915 7710 Spirax-Sarco 11550 + 125 0.9 50.8

247 141 Athelney Trust 210 … 4.2 -18.2 544 272 JPM Asia 542 + 6 3.3 1.2 185V 126V Devro 176 + 1K 1.5 -7.1 71K 13Y Surface Trsfmsv 69 … … …

924 493 AVI Global Trust 916 + 4 1.7 -9.3 846 284K JPM Chinese 846 + 18 2.6 2.7 3202 2200 Diageo 3027 + 46K 2.3 50.5

646 250X Baillie Gifford Chi Gr Tr640 + 36 1.4 10.2 786 446 JPM Claverhs 640 + 4 6.0 -3.3 2K O Distil PLCv 2 … … 23.3 347 231 Thorpe FWv 330 … 1.6 28.9

149 59W Baillie Gifford Euro Gr 146K + K 0.2 3.5 105 99 JPM Elect Mg C 102K … 0.3 -1.0 8X 4 TP Groupv 6N … … …

1124 514 Baillie Gifford Jpn Tr 1110 + 14 0.4 1.6 973V 565V JPM Elect Mg G 942K – 2K 1.7 -6.0 104 51V Finsbury Foodv 73K – 1 3.1 …

274K 105 Baillie Gifford SN 249 + 2K … 1.7 112 64 JPM Elect Mg I 91 – 1 5.0 -4.4 11730 3590 Games Workshop 10500 + 310 1.1 35.3 80 42K Transense Techv 53K – 1 … -8.0

240 111 Baillie Gifford UK Gr 233 + 1K 1.4 2.7 149K 72X JPM Em Mkts 149N + 1 1.0 -1.2 11 5N Tricornv 6O … 2.8 -4.2

1146 689 Bankers 1116 + 6 2.0 0.1 330 170Y JPM Eur IT Gth 323 – 1K 1.5 -8.0 1004N 673K Glanbia 863N – 3Y 2.8 18.4

2040 1490 BH Global 1915 – 15 … -2.2 164K 78O JPM Eur IT Inc 135 … 4.3 -10.4 251Y 89V Greencore 128K – 1W 2.9 … 2490 1515 Ultra Electrncs 1907 – 21 0.7 19.9

3730 2550 BH Macro 3360 + 30 … -2.0 492 209 JPM Euro Smlr 481 – 4 1.3 -10.2 549 237 Headlam 397 … 1.9 … 553 302V Vesuvius 506K + 4K 1.2 27.2

1750 680 Biotech Growth 1716 + 20 … … 162 82 JPM GEMI 155K + 1K 3.3 -4.1

91O 36V BlckRck Com Inc 88 – 1 4.7 -2.0 404 218 JPM GG&I 399K + 4K 3.5 2.5 50 10 Hidong Estate 50 … … 9.3 1060 524 Vitec 1005 + 35 1.2 …

125Y 77W BlckRck Fro Inv 120K – N 4.4 -2.0 770 398 JPM Indian 747 + 9 … -13.9 1332 780 Hilton Food 1068 + 14 2.0 23.7 354 80 Volexv 342 – 3 0.8 31.8

550 271V BlckRck Grt Euro 546 + 2 1.2 2.2 616 275 JPM Jap Sml Co 544 – 6 3.5 -6.1

207X 117 BlckRck Inc & Gwth 175 – 3 3.9 -6.6 744 323 JPM Japan# 714 + 2 0.7 -1.5 71K 26 Hornbyv 56K … … … 2107 666V Weir 2003 + 55 0.8 …

496K 250 BlckRck Latin Am 387K + 2 4.4 -8.7 1430 598 JPM Mid Cap 1122K + 5 2.4 -11.0 1878O 1219 Imperial Brands 1489K – 1K 12.4 9.4 5360 2130 XP Power 5100 + 40 0.7 54.6

194K 106K BlckRck N Amer Inc 173 + 2N 4.6 -5.5 107 63 JPM Mlti-Ass 90 … 4.0 -13.1

1806 770 BlckRck Smlr 1702 – 4 1.8 -5.3 760 404 JPM Russian 644 + 4 5.0 -12.7 X N J Lewis Hfordv X … … -3.5 182K 82K Zytronicv 142K + 1K 10.6 …

806 315K BlckRck Throgmorton 800 … 1.3 1.7 376 126 JPM Smllr Co 362 + 5 1.6 -1.6 11016W 8113V Kerry Gp 9480O – 465N 0.7 34.2

601X 208K BlckRck Wld Min 575 … 4.2 1.0 436 191N JPM US Sml 432 + 3K 0.6 0.2 Health

38O 19 Blue Plan Int Fn# 27K … 6.3 -38.1 308K 148 Jupiter UK Gro Inv 217 – 1 2.2 -5.8 87 55V McBride 80 … … 21.6

358 181K BMO Cap&Inc 287K – 2 4.0 -2.1 1315 644 Jupiter US Smlr 1280 + 5 … -10.8 312K 125K Mulberry Groupv 252 – 8 1.9 -4.0

110 43K BMO Comm Prop 73N – 1W 2.3 -36.2 358 161 Keystone IT 339 – 1 3.3 -1.5

149O 76X BMO Glbl Smaller 149W + 1V 1.1 -9.6 771 366 Law Debenture 688 + 4 5.7 1.7 1430 910 Nicholsv 1220 – 30 1.0 25.5 1719 1016 Abcamv 1690 + 26 0.7 …

415N 219 BMO Priv Eq Ord 311 … 4.1 -18.3 1489X 696 Lowland 1160 + 2K 4.9 -7.6 299 120 Norcros 209 – 3 1.4 52.2 285 192 AdvancedMedicalv 234K – 7 0.6 36.9

87O 38X BMO Real Estate 74 + 1 3.4 -25.5 239K 134 Majedie 229 … 4.3 -19.1 342 185V Origin Entsv 294 … 6.5 21.0

102 57 BMO UK HIT 88K … 5.4 -9.4 396X 232 M Currie Port 392 + 1 1.1 3.6 21O 7W Allergy Therapv 18W … … 17.5

101O 56 BMO UK HIT B 88K … … -9.4 119O 71 Marwyn Val In 106K … … -33.4 70K 37 Pittardsv 53K … … -3.4 89 57V Allnce Pharmav 87 + K 0.6 41.6

402Y 224 BMO UK HIT UNIT 352 … 3.0 -10.0 279 116X Mercantile IT 250 – 3 2.6 -0.1 1201 660 St James Place 1179 + 6K 3.2 22.6 322V 143 Ibstock 220W + 3K 1.4 … 763X 239K Portmeirionv 552K … 1.4 17.5

926 550 Brunner 876 + 4 2.0 -14.0 548 293 Merchants 444K – 1K 4.5 -0.1 94 39O Anglev 94 + 1W … …

754 420 Mid Wynd 736 – 6 0.8 2.0 642O 336O Stand Chart 460K – 2O … 22.9 568 365 James Halsteadv 522 + 6 2.3 31.6 1 W Provexisv O … …… 607K 225 Anpariov 545 … 1.3 30.6

3163 1920 Caledonia Inv 2755 + 10 1.7 -22.8 1459Y 618 Monks Inv Tst 1458 + 22 0.1 2.6 330V 174 Strd Life Aber 317V – K 6.8 -7.9

203 118 City Merch Hi Yld 187 – 1O 5.2 -2.4 1715 645 Montanaro Eur Sml 1695 + 10 0.5 1.2 373V 273K John Laing Group 317 + 1V 1.7 … 265 161 PZ Cussons‡ 265 – 2 3.1 47.4 … … Aqua Bounty … … ……

438K 269 City of Lon IT 355 – 1K 5.4 2.8 32K 3N Starvestv 21K + K … 5.3 166 45W REA 58O … … -5.3

116 50O Crystal Amber Fd 100 + K 1.9 -21.3 940 552 Murray Income Trust 834 – 2 4.5 -2.5 41 19 STM Groupv 30V … 4.9 18.6 871 445K Keller 763 + 16 1.6 19.7 9320 6221 AstraZeneca 7246 – 1 3.0 49.3

384O 200 Dunedin Entp 327 + 1 1.2 -21.1 1230 760 Murray Int 1114 – 8 4.8 -2.0 7262W 3422W Kingspan Group 4696K + 48N 0.2 27.3 5K 2N Real Gd Fdv 3K … … -0.1

84O 75O Nb Global Floating 83O + 1V 4.4 -12.7 3789X 2028N Sun Life Can 3544Y + 22O 3.5 15.1 190 97K Brand Architektsv 142K + 2K 3.0 -5.6

612 335K Edinburgh IT 546 … 4.8 -9.2 351 198 Pacific Assets 347K + K 0.8 -3.9 1378 635 TBC Bank Group 1196 – 52 … 7.1 995O 489 Land Sec 610K – 13W 1.9 -2.9 1N … RiverFort Global Oppsv 1N … … 43.1

419K 124K Edin Wwide 415 + 5K … 2.4 2555 1268K Pantheon Int 2485 + 20 … -18.1 32 12Y Circassia Groupv 25N – V … -1.8

380N 121O Electra Pte Eq 308 + 1K … -13.2 O V Tiger Royal and Investv K … … -2.9 20K 7K Lon & Assoc 8K … 2.1 -1.2 290 132K Stock Spirits‡ 290 – K 2.8 32.8 220W 147 Convatec Group 200 – 1O 2.2 …

308 214 EP Global Opp 280 + 3 2.4 -11.1 1122 … Pershing Square 2615 + 70 … 585 115 Tandemv 520 – 5 0.8 8.8

47000 37650 Personal Assets 45450 … 1.2 1.3 29K 12K Time Financev 22N – Y 2.5 12.8 242O 137 London Metric Prop 226W – 1 3.7 22.3 70 30 Creighton 70 … 0.2 12.5

126 62W European Assets 124N + O 5.4 -8.7 2553 1134N Polar Cap Tech 2405 + 25 … -7.5 404N 188 TP ICAP PLC 196 – 3 8.6 20.0 801V 530V Tate & Lyle 724O – 9V 4.0 13.7

925K 510 European Opp Trust PLC741 + 2 0.4 -10.2 888 840 Alternative Credit Invt PLC870 … 5.1 -5.2 111K 52K Macau Prop Op 68 – K … -1.6 3716 2168 Dechra Pharma 3700 – 12 0.8 …

822X 463 F&C Investment Tr 796 + 1 1.4 -7.2 206 138 Prem Glb & Inf 190 – 1K 5.7 1.2 191V 54V Virgin Money UK 162V – 2W … … 13O 3O Ternv 9Y + N … 99.0

462 243 Fidlty Asian Val 444 + 6K 1.9 -4.9 167 95O Renewables Inf 128K – 1V 6.0 18.4 1560 1060 Volverev 1500 + 30 … … 854K 519K Marshalls 652K – 3K 0.7 95.6 996 310 Treatt‡ 996 – 29 0.5 55.4 2X Y Deltex Medicalv 2N … … …

487K 180V Fidelity China Sp 484K + 4 0.9 -0.1 2215 1252 RIT Cap Ptnr 2155 – 20 … -5.1 57 35 WH Irelandv 46 – K … … 276 153 McKay Secs 194K + K 3.7 … 23X 3O e-Therapeuticsv 23X – O … …

291K 177W Fidlty Euro Val 280 – 1 2.2 -5.3 423 108 Riverstone 301 + 3 … -33.1 6W 2W Ukrproduct Gpv 5K … … 2.5

238 104N Fidlty Jap Tru 232K + 1 … -6.7 546 244 Schroder TotRt 546 + 14 1.3 0.3 29 19 Walker Crips Grp 25K … 2.3 … 142K 84 Michelmershv 142K + 5 0.8 18.7 5505 4029 Unilever (NV) 4449K – 41 … 21.7 332K 135 Eco Animal Hlthv 332K … 4.5 24.9

277K 128V Fidlty Spec Val 246K – K 2.5 1.7 684Y 345 Schrd Asia Pac 674 + 8 1.2 -6.0 3537W 1547Y Wells Fargo 2375V – 27V 5.3 78.7 1970 1030 Morgan Sindall 1462 – 16 1.4 12.6 4892 3726 Unilever 3903 – 35 3.7 19.0 77K 16Y EKF Diagnosticsv 77 + 2 … 55.8

927 595 Fins Gwth & Inc 864 – 1 1.9 … 315 171V Schrod Inc Gwth 276K – K 4.6 … 1436 784K Westpac 1251O + 3N 3.5 35.4 22N 7O Futura Medicalv 14K … … -5.5

155K 76K GCP Infrastructure 103O – K 7.4 3.4 216 126 Schrod Jap Gwth 211 – 2 2.2 -9.7 1X W Mountfield Gpv K … … 8.3 734 150 Victoriav 700 – 8 … …

212K 90 GCP Student Living 146W + V 2.8 -14.6 694 271Y Schrod UKMid 614 + 9 2.0 -8.9 31 21X Worsley Investors Ltd 26K … … … 5330 2650 Genus 5330 – 20 0.5 86.1

945 540 Gen Emer Mkts 945 + 10 1.3 -9.2 39Y 18Y Schroder UK PP Tr 37 – W … -14.4 58 16K Zoltav Resourcev 34K … … -1.5 12750 8750 Mountview 11450 – 100 3.4 17.7

75 20 Gldn Prosp Prc Mtl 57 – 1K … -3.6 193V 44K NewRiver REIT 77O – 1N 13.8 -1.2 Engineering 1742V 1255V GlaxoSmKline 1255V – 19O 6.3 9.9

480 243O Scot American 473 + 4 2.7 2.4 35661 21636K Zurich Fincl 30502W – 349W 5.5 17.1

150 99Y Greencoat UK 133O – 2K 5.9 14.6 806 550 Scot IT 700 + 2 2.8 -10.8 2K W Gunsyndv 1Y … … -1.4

222 123O Hansa Investment 207 – 1 1.0 -32.4 1400 451O Scot Mtge 1396 + 23 0.2 0.9 545 180 NMCN 207 + 1 4.3 5.7 2695 1701K Hikma Pharms 2295 + 2 1.6 13.4

220 125 Hansa Inv Co 'A' 211 – 1 0.5 -30.7 216 140K Secs Tst Scot 197 + K 3.2 -0.3 Construction & 339 170K Palace Capital 194 – 1 5.0 -5.9 260 190W Amiad Water Systv 245 – 5 … …
property
2030 857 Hbrvest Glbl Pt Eq 1954 + 10 … -15.5 115V 74K Sequoia Eco 110V – 1V 6.1 11.3 … … Ass Br Eng# 15 … … -0.2 528 258 Hutchison CMv 520 + 8 … …

1488 860X Hend Euro Foc 1435 + 2K 2.0 -8.0 1394 563 Temple Bar 964 – 8 4.8 -6.1 350 175 Panther Securitiesv 185 … 6.4 -2.5 305 170 Immunodiag Sysv 215 … 0.8 …

186K 100 Hend High Inc 150O + 1 6.1 -6.1 1062 570 Tplton Emg Mkt 1054 + 2 2.6 -9.7 Y W Pathfinder Minsv W … … -2.6 4625 2050 Avon Rubber‡ 3180 – 5 0.7 …

1142X 470 Hend Smlr 1098 – 12 2.1 -3.3 497O 217K TR Property 388 – 7 3.3 -5.8 585V 199 Babcock 245 + 4V 2.9 -4.5 18 7N ImmuPharmav 9W – K … -3.2

2420 877 Herald 2365 + 15 … -7.2 1N X Tritax EuroBox EUR 1V … 3.4 -9.2 1600 1120 Abbeyv 1600 … … 12.3 3298 1534K Persimmon 2730 + 26 … 12.9 669 397 BAE Sys 479N – X 1.9 12.6 144X 35 Indivior 139Y – 3N … -6.9
158 60 Alumascv 158 – 1 2.7 29.2
345 148W HgCapital Trust 340 – 1K 1.6 14.0 86W 58X Troy Inc&Gth 70K – X 3.6 -0.5 33X 23V Aseana Props 23V … … -1.9 16V 1K Pires Investmentsv 13K + N … …
84K 65V Assura Grp 73 … 3.8 20.8
183 133O HICL Infra 168W – K 5.4 11.2 87N 47N UK Comm Prop REIT 66X – W 2.6 -22.6 … … 3.4 900 433 Bodycote‡ 726K + 5 0.8 31.3 123K 43 IXICOv 89 … … 44.5
2Y 1V Aukett Fitz Robv 1K 2V 0.7 17.8
243 154 Highbridge Tactical 243 + 2 … -6.4 243V 109O Utilico Ord 242 + 3 2.3 -32.0 293W 189K Balfour Beatty 271 + O 2.8 17.4 40 27K Plaza Cent 32K … … -0.1 1950 1320 Braime A N/Vv 1950 + 175 0.5 32.9 397N 238V Mediclinic Int 297W – 5 1.0 -5.2
878W 364X Barratt Devs 679V –
1005 460 ICG Ent Tr 998 + 2 2.0 -10.8 235N 135 Utilico Emerging Mkt 204 + K 3.5 -11.6 619 395K Polypipe Group 570 + 56 0.7 45.2

490 226 Impax Env Mkts 490 + 8 1.0 9.3 137 92 UtilFin RdZDP 2022 135 … … 1.9 2150 1150 Braime Groupv 2050 + 100 0.5 34.6 12X 2V N4 Pharmav 12K + 4K … …

425 198 Invesco Asia Tr 413K + 2 2.5 -6.9 625 288 Vietnam Ent Inv 600 … … -4.1 165K 126V Primary Hlth‡ 146W – O 4.9 19.7 425 260 Caffyns 385 … 1.9 9.1 96.38 65.09 Novartis CHF 81.76 + 0.07 3.5 27.8

306Y 180K Invesco Inc&Gr 272 – 1 4.1 -5.7 236 130 Witan 233K + 1 2.4 -5.6

154 124 IPST Bal 154K … … -5.9 3950 2159K Ww Health 3930 + 5 0.6 1.8 48 23O Raven Property 28K + Y … -9.5 13O 1O Cap XX Ldv 11N … … … 107 6X Omega Diagsv 89 – 4 … …

the times | Friday February 12 2021 1GM 49

Equity prices Business

12 month Price 12 month Price 12 month Price 12 month Price 12 month Price 12 month Price
High Low Company (p) +/- Yld% P/E High Low Company (p) +/- Yld% P/E High Low Company (p) +/- Yld% P/E High Low Company (p) +/- Yld% P/E High Low Company (p) +/- Yld% P/E High Low Company (p) +/- Yld% P/E

1050 400 Oxford Biomedica 1050 + 24 … … 401 176K Ascential 367V + 3V 0.4 … 7X 3 Empyrean Energyv 4V … … … N … Vast Resv … … … -1.8 3702 1944 Smurfit Kappa 3648 + 50 0.7 22.7 67K 51K Northamberv‡ 64 – K 0.6 2.1
6W 2 Victoria Oil&Gasv 4K – V … -0.1
10N 1N Physiomicsv 8N … … … 609O 364X Auto Trader 581V + 7W 0.4 35.1 26O 7W EnQuest 13K … … -0.2 30 18K Volga Gasv 24 – 1 … -1.5 72O 16K Staffline Gpv 52K + 1N … -0.4 100 7 Online Blockchainv 42 + 1 … …
N … W Resourcesv … … … -1.6
4O 2X Proteome Sciesv 3O … … … 306 178O Bloomsbury Pub 293 – 7 0.4 19.4 42K 6W Eurasia Miningv 26 + K … … 22 7K Westmount Engyv 19K … … … 388 200 SThree 326K + 8K 1.5 13.3 125K 71 Oxford Metricsv‡ 90K … 1.9 71.8
421X 135W Wood Grp (J) 297 – 2X 3.1 58.2
7960 5150 Reckitt Benck 6214 + 10 2.8 … 28K 5N Bonhill Groupv 8O … 3.2 -0.4 1Y X Europa Oil&Gasv 1N – N … -1.1 5O 2 Woodboisv 5V … … -9.7 161 90 Synecticsv 135 … 0.9 … 12 4O Parityv 11O … … …
8K K Xtract Resourcesv 5K + V … …
176K 57V RUA Life Sciencesv 164 – 3K … … 65K 39K Catalyst Mediav 44K + 1 11.2 -8.4 525 203W Evraz 507O – 6 11.8 17.4 2Y W Zephyr Energyv 2W + V … -3.4 4O 1W Tanfieldv 2K … … -7.3 80K 31K Pennant Intlv 48K … … -6.0

2K N Sareum Hldgsv 1O … … … 7 N Catenaev 1Y … … -0.5 28Y 14 Thruvision Groupv 24V … … … 490W 140N Playtech 478 + 3 1.1 …

600 339 Silence Therapv 600 + 14 … … 344 101X Ferrexpo 312 – 6V 4.2 5.9

830 557 Daily Mail 786 + 4 3.0 34.3 1357K 527 Fresnillo 1030K – 3 1.1 47.1 94 43K Tribalv 93 – 7 … … 51K 14 Proactis Hldgsv 48 – K … -2.4

1979 1152K Smith & Neph 1560K + 9K 1.9 43.2 6K 2K Universe Grpv 3N … … -3.4 387O 236W QinetiQ 306V + 2K 0.7 14.8

164 52K Spire Hcare 157O + O 0.8 -2.7 275 220 DCD Mediav 250 … … … 28 … G3 Exploration# 28 … … -2.6

4 2W Dods Gpv 3 … … -4.9 156 60 Vianetv 63K + K 2.6 … 292 110 RM 207K – K 0.9 12.5

247K 10K Synairgenv 179 + 4 … … 21K O Galantas Goldv 17K – N … -2.7 1032K 510 Vp 770 – 10 1.1 …

1V N Tissue Regenixv X … … -1.7 39 19 Ebiquityv 19 + N … -3.6 21O 7N GCM Resourcesv 9O … … -6.7 794K 534O Sage Gp‡ 590 + 2 2.8 20.9

57K 23K Edenville Energyv 29 … … -1.4 Professional & 13 3Y Westminsterv 4 … …… 12V 1W Seeing Machinesv 10V … … …
support services
268 24K Tiziana Life 132 – 6K … … 68K 23 Gem Diamonds 50W + 1 … …

34N 9N Totallyv‡ 30 – 1Y 1.6 … 1222 697 Euromoney In Inv‡ 983 – 2 2.2 34.1 292K 129 Shearwater Grpv 144 + K … …

43K 8N Getechv 30K … … -3.6 Retailing 7K 5 SimiGonv 6N … … -1.9

675 302K Tristelv 675 + 5 0.8 62.0 2075 600 Future‡ 1860 + 32 … 40.9 285 112K Glencore 269K – 1 2.9 …

839 464 UDG Healthcare 814K – 3K 1.6 28.5 1690 875 GlobalDatav 1190 … 1.2 … 3420 1320 4imprint Grp 2440 – 20 0.8 30.9 152 14K Smartspace S'warev 146 + 5 … …

59K 3 ValiRxv 24K – 1 … -1.0 1Y X Global Petrolv 1 … … -1.6 433K 50 AO World 300 – 4 … 62.5 1595 905K Softcat 1565 + 14 0.6 41.1

131 42O Gocompare.com 131 + 1W 0.6 50.3 48X 15 AA 34O … 1.7 3.0

128K 60N Vectura Grp 112V – 1V … … 120722X 700 Gold Fields 700 – 11V 1.1 29.8 5438 1050 Asosv 5062 + 146 … 40.3 304 151K Spirent Comms 260K + 15 1.6 21.2

288 35K Hyve Group 116K + 1K 13.7 -0.6 869 314N Aggreko 869 + 16 1.0 …

768 305 IG Design Grpv 518 – 2 1.6 50.3 8O 3 Goldplatv 7O … … 6.2 560O 266K B&M European 559 – 4 1.4 18.7 48K 23N SRT Marinev 32O – O … -6.9

Industrials 11N 1X Goldstone Resv 10W – N … … 640 399 Andrews Sykesv 567K + 5 3.9 15.3 79Y 9Y Brown (N)v 59Y – K 4.6 6.7

39 8 Immedia Grpv 36 – K … -5.0 3903 1300 Ashtead 3903 + 67 1.0 28.2 2N 1N Tavistockv 1Y … … -1.8

37N 3V Greatld Gldv 24 + O … … 70 33 Cambria Autov 63 + 1 1.3 7.7 989N 527O Tele. Ericsson 989N + 5X 1.3 26.3

820 354W Informa 508W + 3W 1.4 -9.5 70 20K Asimilar Groupv 34 … … … 93V 28K Card Factory 31 – 1 9.3 7.4

163K 65 Accsys Techv 144N + K … 39.7 136Y 54W ITV 112K + 2W 2.3 15.0 142K 32K Griffin Miningv 142K + 2 … … 800 310 AssetCov 800 … … … 208 80 Telit Commsv 204K – 2 … 33.2

6015V 3423O BASF 5887O – 7 5.0 … 197K 51Y Gulf Keystone 157 – W 7.3 … 498 239 CPPGroupv 478 … … … 72K 22K Touchstarv 66K + 2K … 34.8

6O 1O Jaywingv 6N … … -0.6 32 13K Avisenv 30 … … … 1750 706K CVS Groupv 1750 + 43 0.3 …

6866O 3539Y Bayer DM50 4740W – 8O 5.3 -3.2 19O 3O Live Company Gpv 4V + W … -0.5 317W 92K Hochschild 221 – 2 0.7 … 115 62 Begbies Traynorv 109 + 6K 2.5 … 830 455 Tracsisv 646 + 16 0.1 66.8

270 130 Biome Techv 200 … … -4.5 9O 1X Horizonte Minrlsv 9+ V … … 404V 270Y Dairy Farm Intl 318W + 2Y 5.3 20.3 24 10 Trakm8v 15 … … …

… … Mediazestv … … … -3.5 265 138K Blancco Techv 265 – 3 … … 281 110 DFS Furn 217 + 2 3.4 -6.9

9O 2 Byotrolv 6K – N … 14.5 135 65 Miradav 67K – 2 … -9.4 41K 18K Hummingbird Resv 23Y – K … 3.7 2603 1277 Bunzl 2316 + 32 0.6 20.3 126 24 Triad Grp 75 – 2K 1.3 …

261 111 Calisen 260K + K … … 1561 659K Dunelm 1335 – 4 1.5 31.1 X V UK Oil & Gasv V … … -2.2

108 36 Mission Groupv‡ 86K … 2.5 26.9 331 122 Hunting 217 – 3 2.9 -2.2 153Y 23X Capita 39V + 1 … -7.5 503 182K Frasers Group 454 + 4 … 20.1

10N 5 Camb Gbl Timberv 6W … … -8.0 10N 2N Hydrodecv# 3N … … -0.1 7X 2N Wamejav 6X … … …

115 67K Cloudcall Groupv 90K … … -9.1 367X 227V Moneysupermarket 264W + 4 4.4 16.6 … … Carillion# 14V … 129.9 … 25 3N French Conn 25 + 3W … -1.5

1656N 598Y News Corp A 1656N + 19K 0.9 … 270 25K Ilikav 240 – 12 … … 32K 22K CEPSv 29 … … -1.8 820 390 Wandiscov 458K – 16K … …

73K 36K Coats Grp 64N – 1 0.6 30.3 2442 1119 Greggs 2044 + 4 0.5 … 530 255 Water Intelv 505 + 5 … 46.5

6660 4070 Croda 6490 + 62 1.3 40.2 1651V 596 News Corp B 1651V + 15V 0.9 … 2V N Independ Resv X … … -0.8 124K 57K Christie Groupv 96K … 1.3 … 299K 51O Halfords 261 + 2 2.3 13.0

662 218 Next 15 Commsv 662 + 12 0.3 … 280 100 Indus Gasv 189K … … 9.8 1990 1002 Compass 1403 + 5 1.9 … 178K 18X Xaar 140 – 7 … -8.4

1400 685 Cropper (James)v 1200 … 0.2 35.9 732K 400 Howden Join 715K + O 0.5 31.3 21O 7O Yourgenev 13O … … …

3V 1K DeepMatter Gpv 2V … … -6.4 867O 423K Pearson 748K + 8K 2.6 21.8 51W 19V Infrastratav 39 – V … -2.1 7204 3878 DCC 5708 + 30 2.5 19.6 688K 420 Inchcape 688K + 1K 1.2 …

180O 37N De La Rue 163 + 1V … 3.9 117 32 Zoo Digitalv 117 + 6K … …

130X 18N Elementis 123V + X 1.7 … 90 35N Photo-Me 46K – 1K 18.1 5.2 1N N Ironveldv O … … -4.9 14Y 1Y IQ-AI 8O – K … …

700 400 Evans (M.P.)v 630 – 10 2.8 38.5 4X 1X Primorus Invv 4N – V … 2.0 717 96Y ITM Powerv 637 + 7 … … 736 216 Dignity 560 + 7 … … 883V 293V JD Sports 812V + 14V … 41.7 Telecoms

63K 16N Hardidev 30K … … … 75 46 Quarto 73K … … 4.4 37K 13O JKX Oil & Gas 30N – O … 3.2 2454 1296 Diploma 2454 + 54 0.8 56.4 321W 124 Kingfisher 277 + 3V 1.2 37.9

109 57Y Inspiration Healthv 109 + 8 … 40.7 O V Reabold Resourcesv K … … -8.0 13W 1Y Jubilee Metalsv 13 … … 14.0 748 378 Discoverie PLC 688 – 10 0.4 52.1 56X 11 Lookers 34V … 11.9 -3.2

4371W 2779K Jardine Math 3921O – 14W 3.5 … 235 49 Reach 235 + 4 1.0 16.4 71 37 Driver Groupv 49K + K 1.5 19.8 186N 85 Marks Spencer 129W – 1Y 3.0 … 360 167 AdEPT Technologyv 255 – 6 … …

6N 2V Karel Diamd Resv 5K – N … -5.5 158N 97O BT Group 122O – K 3.7 8.0

2340V 1318 Jardine Strat 1829Y + 40K 1.5 … 1O X REACT Grpv 1X … … … 142W 46V DWF‡ 84V – W 3.8 … 199N 161O Morrison (W) 171 – 1 3.9 15.7

3010 1683K Johnson Math 2959 + 60 1.8 56.0 807 269 Kaz Minerals 807 – 4 1.1 9.0 141V 60 Dixons Carphone 108O – 1V … 5.1

2099 1482K Relx 1825 + 52 2.5 27.8 2K K KEFI Gold and Copperv 2 … … -3.4 995K 449K Electrocompnts 995K + 22K 0.5 34.4 16 3Y Mothercare 11K – N … -1.5

1886K 1183 Mondi 1814K + 30 1.3 13.8 220 99V Equiniti Group 145 … 1.3 23.8 773 204K Naked Winesv 773 + 43 … … 1755 970 Gamma Commsv 1635 – 15 0.6 42.1

165 43K Robinsonv 162K + 7K 1.5 14.6 701V 400 Rightmove 611O + 9K 0.4 39.7 415 169 Kenmare Res 382 – 1 1.7 15.2 205 97K Helios Towers 172 + 2K … -9.6

13 4 SpaceandPeoplev 10N – V … -1.0 437V 206O Essentra 295O + 1V 2.1 55.8 8158 3390 Next 7634 – 50 0.7 29.7

272 83V Scapav 223 + 3 … -7.0 77W 7 Lamprell 77W + 1W … -2.0 3171 1882 Experian 2580 + 47 1.4 46.2 2895 1064 Ocado Gp 2559 + 48 … … 9980 5505 Just Eat T'away 7736 + 116 … …

409N 252X Smith (DS) 381Y + 11W … 26.3 442W 207O STV Group 338 + 8 1.8 27.3 39N 9V Landore Resv 37K – 2N … -9.3 5N 2K MelodyVR Grp PLCv 3 … … -2.4

290 87K System1 Groupv 168K … 0.6 … 9458 4086 Ferguson 8906 + 118 1.2 27.8 15Y 5 Pendragon 14N – N … -3.7

708O 333W Swire Pacific 460 + 1O 6.8 … 2K N Lansdowne O&Gv 1N … … … 442 195 Pets at Home 414K + 8V 1.8 29.2 W V Mobile Streamsv N … … -0.6

33 7O Symph Environv 16N – K … … 2831K 1479 21st Cent Fox Inc A 2319O + 20N 1.5 11.3 350 192K FIH Groupv 220 … 0.8 -4.6

3O 2K Lexington Goldv 3V … … … 264X 69Y G4S 264X + 1K 1.3 … 2131V 120K Saga 265V – 13K 6.7 -0.5 6K 2 Mobile Tornadov 4K … … …

464 193 Synthomer 464 + 10W 0.8 85.9 2777N 1450K 21st Cent Fox Inc B 2231K + 23Y 1.5 10.8 27K 5O MC Miningv 8 … … -1.1 120 69K TalkTalk 96X + N 2.5 7.5

3124V 2014N Takeda Pharm 2563X + 14W 5.1 98.5 V … Vela Techv … … … -1.1 104 28Y Gattacav 104 + 2 … 57.7 252Y 174Y Sainsbury J 230N – 2K 1.4 …

3 X Metals Explornv 1X … … 2.1 8K 3O Grafeniav 6O … … -2.1 2468 700K Smith WH 1575 – 58 2.6 -7.9 1550 981 Telecom Plus 1244 – 12 4.5 26.4

14K 1X Velocysv 7N … … -5.9 252 108K Wilmington 173K … 2.8 32.9 155O 98 Vodafone Gp 133K + K 6.1 17.2

2452 1786 Victrex‡ 2270 + 4 2.0 36.3 O V Nostra Terrav X … … -1.3 308 195 Hargeaves Servv 308 + 8 1.4 23.4 20N 4K Sosandarv 14N … … -3.9

984V 483X WPP 824W + 13V 2.7 -4.4

442K 200 Wynnstay Groupv 442K … 3.1 14.0 15 3 Nostrum O&G 8N – N … … 1365 768 Homeserve 1057 + 19 2.2 37.0 4V 1K Stanley Gbbnsv 3 … … -3.2

1110 400 YouGov PLCv 1110 … 0.3 … 299 143K Studio Retail Group 284 – 2 … 16.4 Transport

500 155 Zotefoams 417K + 1K 0.4 32.5 90 42K Zinc Mediav 61K … … -0.9 … … Nu-Oil and Gasv# … … … -0.7 330 220 Impellam Grpv 254 … … -4.5

350O 101Y Oil Search 233 … 3.2 … 56K 18 Ince Gv 56K – 3K … 3.0 262K 65Y Ted Baker 94Y – 9N 6.6 -0.6

Leisure Natural resources V … Oilexv … … … -1.2 6440 4164 Intertek 5794 + 204 1.8 35.5 257W 203 Tesco 244K – 2N 3.7 23.1 100 17 Air Partner 69Y – 2K 2.5 10.5

1K V Oriole Resourcesv 1K … … … 455K 114 IWG 352O + 7 0.6 … 81 25 Topps Tiles 65W + 2 3.5 … 195 94K Braemar Ship 194K + 6 2.5 7.6

315 70X 888 Hldgs 312K – 3K 1.5 21.3 2Y W Ormonde Miningv 2 … …… 223 80 Johnson Srvcev 140 + 2 0.8 … 131 75 Total Producev 131 … 2.4 15.3 3105 1958 Clarkson 2640 – 65 0.9 …

6K 1Y ADM Energyv 4N – K … -1.0 1552 470X easyJet 762K – W 5.7 -2.8

604V 141V Accesso Techv 470 – 6 … -2.6 N … Advance Energyv# N … … -2.9 39 1X Orosur Miningv 27 – K … … 90 43K Journeov 90 – 4 … 3.7 Technology

2500 350 Best of the Bestv 2400 + 50 … 64.1 18 6O Ovoca Biov 9O … … -2.8 149K 43W Kier Gp 76O – 1V … -0.7 … … Esken Limited 36 … … -0.6

85 11X AFC Energyv 72 – 1 … … 133X 28N FirstGroup 77O – O … -3.7

3214 605 Carnival 1300K – 22 5.7 -1.6 27 9 Pan African Resv 22Y – X 0.5 12.3 970 517 Latham (J)v 905 … 1.7 16.5

147K 90 Celticv 97 … … … K … Alba Mineral Resv N … …… 103 48K Access Intellv 102 + K … … 1996 737 Fisher (James) 1116 + 16 1.0 22.7

45K 7V Pantheon Resv 36K + K … 4.5 733 352K Lok'n Storev 645 … 1.9 63.9

189K 21W Cineworld 73X – 2K 8.1 -0.8 2Y … Alien Metalsv 1 … …… 143W 52O Alfa Financial 135 + 5V … 28.9 2214 473K Go-Ahead 1040 – 49 6.9 …

43K 19X Parkmead Grpv 36Y – K … … 2350 1950 Lon Securityv 2300 … 2.6 19.5

372W 268W Domino's Pizza 341K – 1 1.2 24.2 123K 73X Alumina 94 – O 7.1 36.1 345 149K LSL Prop Services 235 – 7 1.7 13.9 44O 20O Allied Minds 29V + O … 3.2 258X 66 Intl Cons Air 148Y – 1 8.8 -0.5

1475 1055 Entain 1342 + 22 1.3 … 1K W Aminex W … … -1.5 9W 1 Petra Diamonds 1X … … … 152 110 Amino Techsv 128K + K 1.2 82.3 394N 2N Irish Cont Uts 371O – 6K 1.0 32.4

10K 2K Petrel Resourcesv 2K … … -1.8 112K 63K Macfarlane 87 – 1Y 0.7 14.5

16030 5421V Flutter Ent 14025 + 40 0.4 … 2Y Y Amur Mins Corpv 1K … … -6.6 410 148K Maintel Hldgsv 330 – 15 4.5 61.1 636 256 Aptitude Software 636 – 10 0.8 54.3 1943 305O Jet2v 1298 – 16 0.2 -7.7

949 500 Fullr Sm A 852 + 24 0.9 … 788387W 8242K Anglo Amer Plat 8242K – 42X 1.5 26.2 4N 1Y Petro Matadv 3N … … -1.8 600 270K Avast 507 + 15O 2.2 29.8 447O 90W Natl Express 279V – 16W 1.8 …

K … Malvern Intlv V … … -0.1

37N 4W Gaming Realmsv 36V + 2V … … 2823 1091O Ang Am 2663K – 49K 3.3 19.5 371N 103 Petrofac 119Y – 1O 8.4 -3.4 306 105K Mears Group 150 + 2 2.4 … 4263X 2283 Aveva Gp 3819 + 56 0.9 … 1000 620 Ocean Wilson 825 … 2.9 …

450 310 Heavitreev 400 … 0.9 17.2 177 77K Anglo Asian Mngv‡ 154 – 6 4.1 10.2 1K K Petroneft Resv 1V … … -1.6 426K 74 Menzies (John) 213K – 7K 2.8 -2.4 220 62 Bangov 220 + 14 … … 1495Y 713K Ryanair 1313X – 3 … …

305 125 Heavitree Av 267 … 1.3 11.5 1588K 612 Antofagasta 1540 + 5 0.9 56.1 39O 15V Petropavlovsk 27Y – K … … 146K 31W BATM Adv Coms 98 + 1O … … 435K 142 Signature Aviation 408 + 1 1.0 …

120 60 Hermes Pacificv 105 … …… 74N 27N Mitie Gp 54X + 1 1.2 13.9

6N 2 Ariana Resv 4O … … 7.7 15 4O Phoenix Globalv 5X … … -1.4 15K 3 MobilityOnev 12N … … 16.0 53K 6O Berkeley Res 38O + 3N … -7.2 141K 35O Stagecoach 80 … 4.7 …

5121 2385K Intercont Htls 4925 + 33 0.6 … 1Y K Arkle Resourcesv Y … … -4.4 26K 8K Plexus Holdingsv 17K … … -4.4 23K 7N Blackbirdv 20 … … … 24K 14K Sutton Harbourv 19K … … …

143K 80K Mandarin Orntl 125V + 2V 0.9 … 1K 1 Newmark Secv 1V … … 4.9

5V 1O Armadale Capv 3Y – V … … 2050 1039K Polymetal Intl 1606 – K 3.1 13.4 120 57K Norishv 110 … 1.4 19.8 40 21N BSD Crown 31 + K … 7.3 315 155 Wincanton 306 … 1.2 12.7

107K 22V Marston's 86O – 12K 5.5 -1.5 6 O Asiamet Rsrcsv 2N … … -3.8 1W K CloudCoCo Groupv 1 … … -0.5 4884 2006 Wizz Air Hldgs 4680 – 18 … …

1Y X Minoan Gpv Y … … -2.4 770 395 Porvair 544 + 4 0.9 22.3 8 4 Norm Broadbentv 4Y … … …

317 81K Atalaya Minev 317 + 1 … 17.4 107O 11N Premier Oil 20X – N … -0.3 75 47 Northern Bearv 51K + 2 … -4.8 430 190 CML Micro 375 – 7 1.0 48.7

421 100O Mitch & Butlers 336 – 20K … … 2538 935 Computacenter 2300 – 12 0.4 22.7 Utilities

433K 140 On The Beach 302K – 10 0.6 … W … Baron Oilv … … … -0.8 125 23 Proton Motor Power Sv 93K – K … -9.2 210 120 NWF Grpv 205 … 3.2 11.3

6X 2O Beowulf Miningv 4X … … … 124 62 Concurrent Techv 98K + K 2.5 26.0

2140 805 PPHE Hotels 1350 + 20 1.2 … 8W 1 Providence Resv 6N … … -1.4 482O 279O PageGroup 480 + 9 0.9 32.2 16 3K Corerov 14N + O … …

3Y 1K Prospexv 1Y … … … W … Bezant Resv V … … -2.5 2N V Rambler Met&Minv N … … -0.4 76K 28K PCI-PALv 76K … … -8.6 85V 30V Centrica 53N – O 2.8 -4.6
219 136K ContourGlobal 209 + 2 5.8 19.8
326 85 Rank Grp 126K – 3W 6.5 50.6 2221K 939O BHP Group 2105K – 2 3.9 16.5 2400 1300 Cranewarev 2240 + 40 1.2 44.7 402 126W Drax Group 402 + O 3.9 …
39K 7Y IGas Energyv 26V – 1N … -0.4
1N V Red Rock Resv 1N … … 1.9 18N 4V Petardsv 13 – K … … 3Y 1K Crimson Tidev 3N … … 27.9 540 413 Jersey Electricity 530 … 2.9 13.0
1067W 799X Natl Grid 853O – 1V 5.6 20.1
133V 23 Restaurant Gp 88 – 4V 2.3 -2.8 2K K Border & Sthn Petv 1X … … -7.8 6991K 4306W Rio Tinto Ltd 6667W + 72W 4.5 18.6 14 8 PHSCv‡ 14 … 7.1 … 18K 9K OPG Powerv 18K – V … 5.4
1202K 921W Pennon‡ 921W + O 4.7 48.4
55 18K Rotalav 29K … 3.2 -5.5 33X 8Y Bougainville 25O + 3 … … 8Y 1W CyanConn Hldgsv 8N … … -3.3
1X W Rurelecv 1 … … -1.7
6310 2968 Rio Tinto 5912 – 10 5.1 16.5 10N X PowerHouse Egyv 8W + Y … … 315 121K D4t4 Solutionsv 310 + 2K 0.8 46.4 2696 2034 Severn Trent 2300 + 3 4.3 48.6
1686K 1072K SSE‡ 1449 + 9 5.5 14.2
31O 11 Sportech 31V + X … -2.5 8N 1Y BowLevenv 7 … … -8.7 105K 41K Prime Peoplev 54K … 9.5 -2.8 1061 763K Utd Utilities 930 + 9V 4.5 57.7

685 150O SSP Group 280 – 37 4.2 20.4 2024K 900 Ryl Dtch Sh A 1332 – 31V 7.2 -8.0 34 15 Dillistone Groupv 22 … … -7.1

484N 193W BP 257O – 1N 10.9 -3.1 58 26N Record 58 + W 3.9 18.8

67K 15 St James Housev# 40 + 5 … … 2021 866W Ryl Dtch Sh B 1278K – 27W 7.5 -7.6 103K 46K Elecov 100 … 0.3 28.5

20K 3 Cadence Minv 20W + 1 … -5.7 287K 112 Redde Northgate 271K … 4.8 …

6W 1N Tastyv 6W – W … -0.9 35 11 San Leon Energyv 35 + 2 … -3.7 1146 485 FDM Group‡ 1032 + 2 1.5 30.0

4O 2N Cadogan Petrol 3K … … -1.7 576 335 Renew Hldgsv‡ 540 – 2 1.4 16.0 11K 5W Filtronicv 8+ V … …

607 159N TUI 322X + 5X 15.1 -1.0 251X 71X Cairn Energy 181X – 2N … -4.6 2W W Scirocco Energyv 1 … … -2.2

3N O Webis Holdingsv 2 … … … 117 46K Serabi Goldv 88 … … 8.1 45 18 Renewi 40X … 1.1 -9.3 3520 1752 First Derivtsv 3280 + 5 0.2 63.3

1890 607 Caledonia Miningv 1160 + 15 2.0 8.7 571 340 Rentokil Itl 512K + 3W 0.2 39.3 954 474 GB Groupv 883 + 13 … 74.8

1558 559K Wetherspoon JD 1218 – 33 0.6 … 7O 1K Caspian Sunrisev 1O … … … 131W 61K Serica Energyv 118 – K 2.5 6.9

4140Y 1808W Whitbread 3245 + 61 0.8 -9.4 496 286 Restorev 335 … 0.7 … 153K 103K GreshamTech 152 … 0.4 …

232 94W Centamin 109O – 1N 7.3 11.0 20N 6O Shanta Goldv 15X – V … … 786 310 Ricardo 430 + 12 5.0 …

312V 36X William Hill 270 … 0.9 15.7 4V Y Sound Energyv 1N … … -2.7 87K 40K Ingentav 79K … … …

1680 778 Young & Co - Av 1380 – 10 0.7 … 273 114 Cent Asia Metalsv 237K – 2K 2.7 12.4 3K Y Ridgecrest Plcv# 2V – N … … 92K 40K Intercedev 85K … … 35.6

40K 21V Chaarat Goldv 28 + W … -5.1 12X 7N Sterling Energyv 11V … … … 614 237 Robert Walters 530 + 2 0.8 18.4 uAIM company; # Price at suspension;
† Ex dividend; ‡ Ex scrip; s Ex rights issue;
1255 496 Young & Co - N/Vv 940 … 1.1 … 405 229 Iomartv 322 + 4 2.0 31.5 t Ex all; § Ex capital distribution; * figures
or report awaited; . . . No significant data.
11K 1W Chariot Oil & Gasv 6Y – V … -0.4 W … Sunrise Resourcesv N … …… 450O 124N Royal Mail 450O + 21 1.6 … 88N 20 IQEv 78O + 1O … … Companies in bold are constituents of the
FTSE 100 Index. Investment Cos sector Nav
Media 15N 7V China Nonferr Goldv 9V … … -2.2 O V Tertiary Mineralsv K … … -1.4 180 30V RPS Group 84V – 2K 2.8 -4.4 144K 64 K3 Business Tchv 117 … … -3.1 Dis or Prm supplied by Morningstar.

1 N Clontarf Energyv W … …… 1N V Thor Miningv Y … …… 75K 34 RTC Groupv 40K + 1K 3.4 6.5 2841 380O LG Electronics‡ 2532K + 57Y 0.9 16.5 Data as shown is
for information
3N V 7digital Gpv 1K … … 6.0 61 20K Condor Gldv 48 – 2 … … 4090O 1890V Total SA 3012V + 4K 7.7 … 747 413 RWS Hldgsv‡ 630 + 15 1.3 39.5 820K 211O Micro Focus Intl 467N – 9Y 9.6 -2.0 purposes only. No offer is made by
38K 16 Aeorema Commsv 24 … 4.1 … Morningstar or this publication
48K 11N Altitude Groupv 28 – 1 … -6.4 3 X Corcelv 1N … … -0.6 K V Tower Resourcesv W … … -4.2 340 170 Science Groupv 320 … … … 91K 26 MTI Wirelessv 78K + 6 1.9 28.5
234 111 Arcontech Grpv 193 … 1.0 21.3
13875K 77O DRD Gold 77O – 1N 4.1 20.6 51 7K Tullow Oil 30W – K 6.1 -0.1 169W 102K Serco Gp 120N + Y … 12.0 29 6K Nanoco Gp 16 … … -9.0

4N W ECR Mineralsv 3W … … -6.6 307 82K URU Metalsv 275 – 5 … -1.8 31N 24K Smiths News 29N + V 3.4 5.9 59K 21O Netcallv 59K + K 0.3 …