ISSUE XX | XXXXXXX 2016

PERSONAL FINANCE AND INVESTMENT

A MAGAZINE BY CITY A.M.

INSIDE: FGM CAMPAIGNERNICE NAILANTEI LENG’ETE HOW 2019 BECAME THE YEAROF THE YOUTH ACTIVISTJOHN PRENDERGAST ON HIS FIGHT TO END AFRICAN EXPLOITATION

DECEMBER 2019

M ACA RT H U R The record-breaking sailortalks exclusively to Givingabout why we must adopt a circular economy

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FTSE 100 � 7,540.75 +15.47 FTSE 250 � 21,663.13 -27.07 DOW � 28,239.28 -27.88 NASDAQ � 8,827.73 +4.38 £/$ � 1.308 -0.004 £/€ 1.177 unc. €/$ � 1.111 -0.004

OUR ANNUAL XMAS QUIZTEST YOURSELF ON 2019’SECONOMIC HEADLINES P19

THURSDAY 19 DECEMBER 2019 ISSUE 3,525 FREECITYAM.COM

CROSSRAILTRIALS RISKMORE DELAYSTEFAN BOSCIA

@Stefan_BosciaTHE CENTRAL section of Crossrailmay not be open before October 2021,despite claims it could be launched inthe first quarter of that year, due tothe length of time required for testingtrains.

The project has been cursed withendless delays and budgetblowouts, with its price tagnow expected to be£18.25bn — £3.4bn overits original costings.

Crossrail bosses saidin November it wouldnot open before 2021,after the project wasoriginally supposed toopen in December 2018.

Crossrail chief Mark Wildsaid at a London Assemblymeeting earlier this week it was “stillpossible” the central section of the railline could open by March 2021.

But under questioning, Wild admitted the line’s testing periodwould only begin between July andOctober 2020.

Transport committee chair CarolinePidgeon pointed out this timescalemeans that Crossrail may not be openuntil October 2021 as the testing peri-od is expected to take between nineand 12 months. Wild confirmed thatthis would likely be the case.

“From the start of trial running, theconventional wisdom is nine to 12months to shake it down,” he said.

“The reason we might be ableto mitigate that and reduce

that period is if we getgood quality software in

February or March... wecould start shaking the sys-

tem down earlier than thedefined start of the trial run-

ning.”Pidgeon, a former Liberal Democrat

mayoral candidate, told City A.M. the“stark reality” was that Crossrail boss-es still did not know when it wouldopen.

“I hope that Crossrail opens in early

2021, but ultimately there are no clearassurances being provided that it willbe the case,” she said.

“If trial running of the trains doesnot start until October 2020, and it isindustry norm for this to last betweennine and 12 months, we could easilybe looking at the end of 2021 beforethe central section opens to passen-gers. And much later for the full lineto be fully integrated and open.”

The full line, which will be called theElizabeth line, will link up Readingand Heathrow to Shenfield and AbbeyWood. The central section of the linewill operate between Paddington andAbbey Wood.

The Reading to Heathrow andPaddington section of the line is nowopen under the banner of TfL rail.

A spokesperson for mayor of LondonSadiq Khan said: “The Elizabeth linewill open as soon as practically possi-ble in 2021.”

Transport for London and theDepartment for Transport are current-ly under negotiations on how to fundthe most recent cost blowout,announced last month, totalling between £400 and £650m.

ANDY SILVESTER

@silvesterldnTONY Blair told the Labour party itwas “marooned on a fantasy island”yesterday, as the first candidateformally entered the race to replaceleader Jeremy Corbyn.

The former Prime Minister, the onlyLabour leader to have won anelection since 1974, compared hisparty to a football team whose“striker was directionally oblivious,its midfield comatose, the defenceabsent in the stand chatting to asmall portion of the fans and itsgoalkeeper behind the net retweetinga clip of his one save in a 9-0thrashing”.

Blair said the party did not need to

go back to the policies of New Labour,but to reach out beyond their “tribe”.

Shadow foreign secretary EmilyThornberry formally announced thatshe would run for leader yesterday,revealing she had sent a memo to theLabour leadership before last week’selection warning that agreeing to aDecember poll would be “an act ofcatastrophic folly”.

She is expected to be joined in therace by shadow Brexit secretary SirKeir Starmer, who yesterday set outhis vision for a “radical Labourgovernment”, as well as Wigan MPLisa Nandy and bookies’ favouriteRebecca Long-Bailey — currentlyshadow business secretary andbelieved to be Corbyn and JohnMcDonnell’s favoured candidate.

The transport project isbillions over budget and

years behind schedule

BUSINESS WITH PERSONALITY

GHOST OF CHRISTMAS PASTBlair weighs in on Labour fight

CITYAM.COM02 THURSDAY 19 DECEMBER 2019NEWS

CONCERNS OVER UK ARMEDFORCES FUNDING CRISISThe British armed forces face a fundingcrisis that threatens to ground aircraftand restrict deployments of supportvessels, amid increasing concernsabout operational commitments asspending constraints bite. General NickCarter, chief of the defence staff,summoned the heads of the army,Royal Air Force and Royal Navy to anurgent meeting this week to discuss acritical shortfall in next year’s budget.

EU DOUBTS ON DEADLINE TO‘GET BREXIT DONE’Ursula von der Leyen warned yesterdaythat Boris Johnson’s aim to “get Brexitdone” by the end of next year would

leave negotiators “very little time” toagree a trade deal. The EuropeanCommission president said the UKwould suffer more than the EU if a dealwere not agreed by December 2020.

BLACKSTONE PAYS £500MFOR WAREHOUSE OWNERBlackstone has sparked hopes of apost-election dealmaking spree aftersnapping up warehouse ownerHansteen for £500m. The private equitygiant wants Hansteen’s warehouses forits own new logistics company Mileway,which is seeking to cash in on the onlineshopping and food delivery boom,paying 116.5p a share for the business.

LANDLORD TRIES TO DERAILDEBENHAMS RESCUE PLANA Debenhams landlord has rebelledagainst the retailer’s rescue plan,hoping to overthrow a legal win fromtwo months ago. The retailer wonapproval in September to shut stores.

BROADCOM LOOKS TO SELLCHIP UNIT FOR UP TO $1OBNBroadcom is looking to sell one of itswireless-chip units, a move that wouldaccelerate the company’s shift awayfrom its roots as a semiconductormaker. Broadcom is working with CreditSuisse to find a buyer for its radio-frequency unit, part of its wireless-chipbusiness that makes filters used incellphones to clarify signals.

EX-WORLDCOM BOSS GIVENEARLY PRISON RELEASEA federal judge has authorized therelease of former Worlcom chiefexecutive Bernard “Bernie” Ebbers fromprison after more than 13 years becauseof his deteriorating health.

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNALWHAT THEOTHERPAPERS SAYTHISMORNING

HEDGE FUNDS EAVESDROPON VITAL BANK BRIEFINGSHedge funds have been eavesdroppingon the Bank of England’s pressconferences before they are broadcastafter its internal systems were hijacked.The Bank has discovered that one of itssuppliers has been sending an audiofeed of its press conferences to high-speed trackers who hope to profit byacting on the governor’s commentsbefore the rest of the world.

PROFIT ALERTS RAISE FEARSOVER SMALL-CAP HEALTHA flurry of profit warnings rockedLondon’s junior market yesterday,prompting concerns that uncertaintyhas hit smaller British businesses.

ANNA MENIN

@annafmeninTECH giants Google and Facebookdominate Britain’s digital advertisingmarket to such a great extent thatrivals can no longer compete withthem on “equal terms”, the competi-tion watchdog warned yesterday.

The Competition and Markets Authority (CMA) also raised concernsover the pair’s monopoly undermin-ing the ability of newspapers andother providers to produce “valuablecontent” to the “detriment of broadersociety”.

Google retains more than 90 percent market share of the UK’s searchadvertising sector with revenue ofaround £6bn, the CMA found, whileFacebook is responsible for almost halfof the £5bn display advertising mar-ket. The pair are “now so large andhave such extensive access to data that

Tech giants’ dominancesparks regulator concern

IMPEACHMENT Trump poised to become third US President inhistory to be impeached as Democrat-led House lays out its case

DONALD Trump was todayexpected to become only thethird US President in historyto be impeached, paving theway for his potential oustingfrom office. The US House ofRepresentatives was late lastnight expected to pass twoarticles of impeachment overthe President’s alleged abuseof power in dealings withUkraine. If the articles pass,Trump will face a trial in theSenate next year. Politiciansyesterday debated for morethan six hours, during whichtime speaker Nancy Pelosidonned a brooch of the Maceof the Republic, symbolisingthe legislative authority ofthe House.

Labour’s problems runfar deeper than Corbyn There is no choice between being principled and

unelectable, and electable and unprincipled. We havetortured ourselves with this foolishness for too long,”said Tony Blair in his 1994 speech to Labour’s conference,

his first as leader. “If the world changes and we do not, webecome of no use to the world. Our principles cease beingprinciples and just ossify,” he continued. Blair is a man alreadycredited with significant political gifts but it appears we canadd unerring foresight to the list, at least on issues that don’tinvolve the European Union. The speech was delivered 25 yearsago when he told his party that if it didn’t speak to the concernsof ordinary Britons and accept the basic principles of themodern market, it wouldn’t get anywhere near power. Yesterdaymorning, he offered an updated version.He conducted an excoriating post-mortem of his party’sperformance in the election. He described a “path of almostcomic indecision” on Brexit. He labelled the manifesto a “100-page wish list” and said that “any fool can promise everythingfor free — but the people weren’t fooled”. And he also said thatwhat voters want is “someone who is going to govern thecountry with a credible programme,” no matter where they’refrom or what group they represent.The Labour party is currently trying to digest its epic defeat andbegin the process of rebuilding. Jeremy Corbyn called it Labour’s“period of reflection” and so far it is neither edifying norencouraging. As the battle for the party’s soul gets underway,many members are convinced the problem was with themessenger rather than the message. The hard-left seemconvinced that their salvation lies outside London, thatmetropolitan is a dirty word. This rather avoids the fact that aformer mayor of the capital named Alexander Boris de PfeffelJohnson, schooled at Eton and Oxford, just lured so manytraditional Labour voters that he now commands a stinkingmajority. Labour’s obsession with identity politics risks ensuringits irrelevance. They won’t woo back their voters just by dressingtheir Marxist manifesto in a flat cap and having it walk awhippet down to the Rover’s Return.What could make a credible opposition is for the party to elect aleader who understands aspiration, responsibility, patriotismand leadership. Whether they come from London or Llandudnoshould make no difference. However, given the Corbynite-shapeof the membership and party bureaucracy, don’t expect Labourto fall in love with Blair again just yet.

Follow us on Twitter @cityam

THE CITY VIEW

potential rivals can no longer competeon equal terms,” said the watchdog.

This could “lead to reduced innova-tion and choice in the future and toconsumers giving up more data thanthey feel comfortable with”.

The CMA launched an investigationinto tech giants’ tight grip over digitaladvertising in July, and is now consid-ering a range of possible interventionsto improve competition.

These interventions could include acode of conduct governing the behav-iour of platforms with market powerin the sector, as well as rules grantingconsumers greater control over theirpersonal data.

The CMA is also considering inter-ventions to address the sources of themarket power of Google andFacebook, including possible “dataaccess remedies, measures to increaseinteroperability and structural inter-ventions,” it said.

The Financial Times reported thegovernment will create a new techregulator next year to enforce theseinterventions after Brexit, citing sever-al people involved in the process.

Welcoming the idea of a regulator,industry body Tech UK’s AnthonyWalker said: “Digital advertising is thebackbone of the modern internet…and we are pleased to see this recog-nised by the CMA.”

The regulator also noted complaintsabout the so-called gatekeepingprocess, in which users access theirsites via the tech giants.

“Publishers, such as newspapers,who rely on Google and Facebook forabout 40 per cent of their traffic, haveexpressed concerns about unex-plained dramatic changes in the num-ber people visiting their websites dueto changes in Google’s search andFacebook’s news algorithms,” the report said.

03THURSDAY 19 DECEMBER 2019 NEWSCITYAM.COM

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EDWARD THICKNESSE

@edthicknesseTHE UK’s audit industry is in need of“urgent reform”, according to thefindings of a major review that comesafter a torrid year for the sector.

The review, led by City grandee SirDonald Brydon, a former chair of theLondon Stock Exchange Group, calledfor the creation of “a standalone andtransparent audit profession” split offfrom the accounting trade.

The industry has been under fire inrecent years after a series of high-pro-file businesses such as Carillion, BHS,and Thomas Cook collapsed.

The standalone sector should be gov-erned by “a core set of principles”established by new regulator theAudit, Reporting and GovernanceAuthority.

Auditing, the review said, shouldlook beyond financial statements to“reflect the wider interests ofeveryone who depends on the compa-ny’s ongoing viability”.

The report also calls for a “step up onauditor transparency”, with new

Review calls formajor shake-upof audit sector

requirements to publish details ofprofitability from audit work.

The lack of competition in the sectorhas come under scrutiny in a year inwhich the Big Four accounting firmsincreased their UK market share.

In a report in April, the Competitionand Markets Authority called for thesplitting of the Big Four’s audit armsfrom their non-audit arms and theintroduction of joint audits to boostcompetition in the sector.

Brydon said: “The current auditframework is made up of a mosaic oflegislation, statutory and self regula-tion and formal and informal guide-lines developed over a century.”

Bill Michael, chairman and seniorpartner at KPMG UK, said: “We wel-come this comprehensive report fromSir Donald Brydon and the recogni-tion of the important role that auditplays in society.”

Stephen Griggs, deputy chief execu-tive and managing partner for auditat Deloitte, added: “Sir DonaldBrydon’s report sets out a bold visionof a future corporate reporting systemand the very purpose of audit.”

AJ Bell boss cashes in £23m ofshares after bumper profit yearSEBASTIAN MCCARTHY

@SebMcCarthyAJ BELL’s founder and boss has cashedin £23m by selling off shares in thebusiness, it was confirmed yesterday.

Andy Bell has offloaded 5.5mshares in the company at a price of420p per share, bringing his stake asthe top shareholder down from 25per cent to 24 per cent.

The sale comes after a string offellow employees recently scaledback their stakes in the business.

Shares in the investment platform

have soared almost 85 per cent inthe last year, with a recent tradingstatement from the firm showing itsmost profitable year to date afterlisting on the stock exchange.

Numis, which acted as the solebookrunner, said the move wascarried out “to provide additionalliquidity in response to stronginvestor interest in last week’splacing”. Bell’s holding stands at98.3m shares, with these sharessubject to a lock-up which endswhen the firm publishes results forthe six months to the end of March.

JESS CLARK

@jclarkjournoBET365’s billionaire founder DeniseCoates, the highest paid boss inBritain, paid herself more than£320m last year.

Financial filings yesterday showedthe company’s highest paid directorearned £276.6m in the year ended 31March, along with half of a £92.5mdividend. The amount beats the

£265m Coates paid herself in theprevious financial year.

Coates, who owns and runs theStoke-on-Trent-based businesswith her brother John, fatherPeter and finance director WillRoseff, was number 19 on theSunday Times Rich List this year.

Coates identified the future shift

to online betting in 2000,when she founded Bet365.

The firm, which alsoowns Stoke City FootballClub, increased its profitbefore tax to £791.2m,driven by a profit of

£800.1m in its gamblingbusiness. Bet365 narrowed

losses in its footballdivision from £21.8m

last year to £8.7m.Coates establishedBet365 in 2000

Bet365’s billionaire founder DeniseCoates pockets £320m pay packet

CHILANGO executives will today face the firm’s shareholders for the first time sinceCity A.M. revealed its financial troubles last month. The burrito chain is seekingshareholder backing for its rescue proposals at its annual general meeting in centralLondon, but some investors are planning to raise concerns over its governance.

SOUR DREAM Burrito chain Chilango setfor fiery affair at annual investor summit

05THURSDAY 19 DECEMBER 2019 NEWSCITYAM.COM

JESS CLARK

@jclarkjournoCENTRAL London office take-upsurged last month, driven by rapidgrowth in the capital’s successful fin-tech sector.

Take-up increased 31 per cent to900,000 square feet (sq ft) betweenOctober and November, while the year-on-year jump was five per cent.

The banking and finance industryled the increase, and was responsiblefor 31 per cent of take-up in November,due to the booming fintech sector inthe capital.

London has frequently been nameda global fintech hub, and inSeptember this year overtook NewYork to become the world’s numberone city for investments in fintechfirms.

The largest deal of the month sawfintech challenger bank Monzo moveinto a 120,000 sq ft space at BroadwalkHouse in Broadgate.

The second largest deal in Novemberwas payment technology companyCheckout.com taking 63,900 sq ft atWenlock Works in Old Street, followedby The London Transport Museumtaking 57,300 sq ft at Albany House in

London fintechboom ups officespace take-up

Orion House in Covent Garden has sold for £130m

Johnson posed with new Conservative MPs yesterday ahead of today’s set-piece

JESS CLARK

@jclarkjournoHONG Kong’s K&K Property Holdingshas made its first investment in theLondon market with the acquisitionof an office block in Covent Gardenfor £130m.

Tenants in the 90,916 square feettower include co-working firm TheOffice Group and Marathon AssetManagement.

The former owner, central Londonproperty specialist Welput — whichis managed by Bentall Green Oak —

bought Orion House in 2010.K&K Property Holdings chief

executive Kino Law said: “We aredelighted to have secured our firstLondon investment in Orion House.”

Welput previously came close toselling the building to CriterionCapital for more than £130m,however the deal was called off inOctober.

CBRE, Mayer Brown and Deloitteadvised K&K Property Holdings,while Welput was advised by JLL,BNP Paribas and Norton RoseFulbright.

Petty France, according to the latestresearch by commercial property serv-ices and investment firm CBRE.

Meanwhile. the creative industriesrepresented 19 per cent of the totaltake-up of London office space inNovember.

Kevin McCauley, head of UK com-mercial research at CBRE, said:“Consistent growth in the fintech sector has been a notable feature inthe London economy over the past few years, which has converted into a surge of office take-up in the last month.

“Overall demand remains strong,with an evidently healthy appetite forcentral London office space character-ising the end of the year.”

However, a report by CBRE publishedtoday predicted that office-basedemployment, which has grownrapidly over the last two years, willcontinue to expand next year but at aslower pace.

The real estate firm said: “The warfor talent will drive the occupationalmarkets, with increasing demand fornew, high-quality space.”

“Given the supply of such spaceremains low, further rental growth ispredicted in 2020.”

STEFAN BOSCIA

@StefanBosciaIN TODAY’s Queen’s Speech theConservative party will attempt toreinforce its manifesto commitmentto the NHS.

The big ticket item of the stateopening of parliament will be acommitment to enshrine in law amulti-year NHS funding settlement,which would guarantee an extra£33.9bn per year by 2023/24.

The speech is expected to detail

the government’s plans to build orredevelop 40 hospitals over the next10 years and upgrade a further 20.

The extra spending will also beused to recruit 31,000 new nursesthrough a series of maintenancegrants.

The government believes itsspending promises will alsopersuade 19,000 nurses who wouldhave left the NHS to stay.

The new legislation, named theNHS Funding Bill, will be the firstpiece of legislation Johnson’s new

government will put to Westminsterafter parliament, as it is expected todo, passes his Brexit withdrawalagreement.

Johnson’s Brexit deal is set to beintroduced to the Commons thisweek and will be re-written so that itis impossible for MPs to extend phasetwo Brexit talks past December 2020.

Also to be announced today areplans to increase levels of educationfunding per pupil in every schooland a £1bn-a-year social carepackage.

Tories to bring legislation on NHS toguarantee multi-year funding plan

ANNA MENIN

@annafmeninNMC HEALTH has hit back at MuddyWaters after an attack by the shortseller on Tuesday wiped around£1.75bn off the value of the FTSE 100healthcare operator.

Shares in NMC plunged as much as42 per cent on Tuesday — the most onrecord — after the US shortsellerpublished a 34-page report raising

“serious doubts” about the firm’sfinances.

Shares fell a further one per centyesterday after the healthcare firmissued a statement to investors sayingMuddy Waters’ claims “appearprincipally unfounded”.

“NMC will review the assertions,insinuations and accusations madein the report, which appearprincipally unfounded, baseless andmisleading, containing many errors

of fact, and will respond in detail indue course,” it said in a statementissued to the stock exchange.

NMC Health reaffirmed forecastsfor 2019 and 2020 issued in October,and said it would launch a sharebuyback programme of up to $200m(£153m).

Muddy Waters’ research note hadquestioned the value of NMC’s assets,cash balance, and reported profit and debt.

NMC Health hits back at ‘baseless’Muddy Waters shortselling assault

K&K Property Holdings makesLondon debut with £130m deal

Interest in HSBCFrench arm atBanque PostaleSEBASTIAN MCCARTHY

@SebMcCarthyHSBC’s retail business in France issaid to have attracted the attentionof the banking arm of French mailoperator La Poste.

Sources told Reuters that LaBanque Postale is mulling apotential bid for the activities andcarrying out preliminary work onHSBC’s French retail businessbefore an auction process takesplace in 2020.

“La Banque Postale is a strongcandidate,” one source told thenews organisation, saying that itsongoing merger with CNPAssurances was close to thefinishing line and would notprevent the firm from pressingahead with other deals.

Speculation has been mountingin recent weeks over the potentialsale of HSBC’s 270 retail branchesin France, as the banking giantseeks to slash its costs under theleadership of interim boss NoelQuinn.

Quinn, who took charge after theshock departure of predecessorJohn Flint in August, blasted thegroup’s third-quarter performanceas “not acceptable”.

Brexit uncertainty, rising tradewar tensions and continued civilunrest in Hong Kong have allcontributed to a challengingenvironment for banking giantssuch as HSBC this year.

THE HEDGE fund owners of the Co-operative Bank are reportedly on the hunt forpotential buyers. The US investors that took control of the British high street bankhave started holding talks with possible bidders, according to Sky News.

BANKING BUYOUT The Co-operative Bankowners launch hunt for prospective buyers

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JESS CLARK

@jclarkjournoNATIONAL house prices are forecast togrow by two per cent next year, withrents also expected to spike, accordingto the latest research published as thenew government is urged to prioritisehousing policy.

The outlook for sales volumes arebroadly flat for next year, despite adecisive election result, and housingorganisation have called on BorisJohnson to create activity in themarket and encourage developers toaddress the housing crisis.

Rents are set to rise 2.5 per cent, withLondon landlords expected to hikerents by three per cent, as the supplyand demand imbalance intensifies.

Survey data by the Royal Institutionof Chartered Surveyors (Rics) showedthat in 2019 the market was plaguedby a shortage of stock, and acontinued decline in new propertiesbeing listed for sale.

Rics UK head of engagement andcities strategy Hew Edgar said: “In thepast, many government administra-

Calls for housingcrisis to top PM’slist of priorities

tions have implemented a piecemealapproach to housing and tinkeredaround the edge of the main issues.

“This needs to stop in order to makereal and substantive enhancements tothe UK’s housing sector — whetherthat is the pace and quantity of hous-ing delivery, quality standards or ener-gy efficiency.

“Mr Johnson’s parliamentary major-ity provides an ideal opportunity to dothis; but he and his team, must graspthe nettle.”

Rics economist Tarrant Parsonsadded: “Momentum across the UKhousing market has remained rela-tively subdued, with new buyerdemand showing little impetus goinginto the New Year.

“That said, with the Conservativeparty winning a clear majority, thewithdrawal agreement will very likelybe ratified in the coming weeks. Thiscould see some confidence returning,at least for a brief spell, meaning activ-ity may see some uplift.”

London house prices were held backin November, with gauges of demandand sales stuck in negative territory.

Buyers shrug off election jittersas mortgage deals stay strongSEBASTIAN MCCARTHY

@SebMcCarthyTHE VALUE of the average residentialpurchase loan has edged up in thelast month, with property expertssaying that deals have not sloweddown despite fears of a pre-electionslowdown.

Data released this morning by theMortgage Advice Bureau (MAB) hasfound that the average purchaseloan hit £176,228 on 19 November,rising one per cent from a monthearlier.

Brian Murphy, head of lending forMAB, said that November saw the UKproperty market continue in thesame direction of travel seen formost of 2019, with buyerscommitted to their purchase andremortgage levels increased slightlyon the previous month.

“Whilst the majority of newsheadlines were dedicated to theupcoming General Election for mostof the month, we observed thatconsumers were, for the most part,continuing with their plansregardless,” he said.

UK inflation remains steady despiterising cost of chocolate and sweets JOE CURTIS

@joe_r_curtisUK INFLATION remained steady at 1.5per cent in November, marking nochange from October, according toofficial data released yesterday.

While the figure is slightly higherthan expectations of 1.4 per cent, itremains below the Bank of England’starget of two per cent.

The Consumer Price Index saw its

biggest contributions from food,recreational and culture spending,while hotel bills and cigarettespending fell.

The Office for National Statistics(ONS) said: “Prices rose betweenOctober and November 2019 by morethan between the same two months ayear ago, especially for sugar, jam,syrups, chocolate and confectionery.”

Those prices rose 1.8 per cent thisyear, compared with a rise of 0.1 per

cent last year.“Within this group, boxes and

cartons of chocolates, and chocolatecovered ice cream bars drove theupward movement,” the statisticsbody explained.

Spending on women’s clothes rosejust 1.3 per cent between October andNovember, compared to a 2.1 per centjump a year ago. Formal trousers andstrappy tops contributed the biggestrises to UK inflation, the ONS said.

COMMUTERS travelling home from London Victoria faced major delays and cancelledtrains last night, as a signal failure caused severe disruption at one of the country’sbusiest stations. Southern Rail advised people not to travel from Victoria, while partof the station was closed off due to fears of overcrowding.

PANIC STATIONS Standstill at Victoria assignal failure causes significant disruption

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SEBASTIAN MCCARTHY

@SebMcCarthyTHE BANK of England should vote tohold interest rates at their currentlevel until there is more clarity overthe economy’s direction in the NewYear, some of the City’s top economistshave argued.

Ahead of the Bank’s key meetingtoday, City A.M.’s shadow monetarypolicy committee (MPC) has taken await-and-see approach by overwhelm-ingly voting to keep rates as they are.

Seven shadow MPC members callonce again for the Bank to keep rateson hold amid uncertainty over theoutlook in 2020.

However, the mood towards a cutseems to be growing, with two dis-senters arguing for rates to be loweredand others saying that the case for acut is mounting.

The Bank’s nine-member monetarypolicy committee is expected to holdinterest rates at 0.75 per cent, despite

Bank of Englandmust hold rates,economists say

pressure from some quarters for a further quarter-point cut.

Discussion over the future directionof policy has mounted following BorisJohnson’s thumping election victorylast week, with hopes in the City thatthe landslide result will deliver amuch-needed dose of political clarity.

With Johnson back in DowningStreet, the government is now under-stood to be in the final stages of choos-ing a successor to Mark Carney as theBank’s governor.

Among the frontrunners poised totake the top job in central banking areLondon School of Economics directorDame Minouche Shafik and FinancialConduct Authority chief AndrewBailey. Shafik, who would be the firstfemale chief in the Bank’s history, isconsidered a pragmatist who couldwork well with Boris Johnson’s redtape cutting approach.

Deputy governors Sir Jon Cunliffeand Ben Broadbent have also all beentipped as potential contenders.

HOLDWhile the election result has created some near-term clarity, it’s best to wait and see how economic activityreacts and how the new fiscal plans for the new year evolve before changing rates. Business and household confi-dence will have been given a boost, which will unleash some pent up investment and spending activity. This, along-side the additional public spending, could push inflation up, but it is difficult to see just yet how strong these factorswill be, particularly as they come up against the counterveiling pressure of the 2020 Brexit deadline.

LET’S WAIT AND SEE CITY A.M.’S SHADOW MPC VOTES OVERWHELMINGLY IN FAVOUR OFHOLDING INTEREST RATES AHEAD OF THE CRUNCH BANK OF ENGLAND DECISION

OUR PANEL’S GUEST CHAIR: TEJ PARIKH INSTITUTE OF DIRECTORS

FRANCES HAQUESANTANDER

HOLDKeeping powder dry on cutting ratesseems a sensible approach now that thecontinuing risk of a slow puncture to the UKeconomy from Brexit uncertainty is fading.

ERIK NORLANDCME GROUP

CUTWith the economy slowing, inflationcontained, an unfavourable externalenvironment and uncertainty over the UK-EUtrade arrangement, I’d cut rates by 25bps.

PETER DIXONCOMMERZBANK AG

HOLDSluggish activity growth and below-target inflation suggest there is a case for arate cut but there is insufficient evidence foraction now. Better to wait until the New Year.

MIKE BELLJP MORGAN ASSET MANAGEMENT

HOLDFiscal stimulus should support theeconomy in the coming year but withbusiness surveys remaining weak, it makessense to remain on hold for now.

RUTH GREGORYCAPITAL ECONOMICS

HOLDHold for now. But with inflation belowtarget and GDP growth running below trend,signal rates could be cut in the next month ortwo if incoming data doesn’t improve.

SIMON WARDJANUS HENDERSON

CUTThe MPC was understandably reluctantpre-election but the ducks are lined up, withGDP stagnant, inflation below target, wagegrowth cooling and sterling strengthening.

VICKY PRYCECEBR

HOLDWhile political uncertainty is removed,an ultimate EU-UK trade deal is far from clear,UK and Eurozone economies are stagnatingand sterling’s recovery will keep inflation low.

JEAVON LOLAYLLOYDS BANK

HOLDSoftness in UK data has sustained andactivity growth remains below the economy’spotential, but recent political developmentsoffer grounds for cautious optimism.

MICHELLE MARTIN

GERMAN Chancellor Angela Merkelyesterday said she had not been toldabout the Chinese authoritiesmaking any threats of retaliation ifGermany were to exclude Huaweifrom its 5G rollout.

China’s ambassador to Germanyindicated last week that China couldretaliate if Huawei was excludedfrom Germany’s 5G rollout, pointing

to the millions of cars that Germancar makers sell in his country.

“Nothing has been expressed to meabout pressure by the Chineseauthorities,” Merkel told theBundestag parliament.

Merkel reiterated she was againstsingling out an individual companyfor exclusion from the 5G rolloutfrom the outset but stressed that itwas important to factor trust intoconsiderations.

that the company’s UK factories areable to continue to build high qualitycars and vans to meet the challengesof the transition to electric vehicles.”

The companies have previouslyassured workers the combined groupwould have no need to close factoriesto hit savings targets.

That should reassure PSA’s Britishworkforce of 3,000 people, who makeVauxhall cars at the company’sEllesmere Port site on Merseyside andvans at its factory in Luton.

The tie-up, set to close in 12 to 15months, comes as car makers strugglethrough a worldwide downturn indemand due to a variety of factors.

The merged business will chaseannual $4bn cost savings throughshare purchase agreements and bycombining technologies.

The pair will have a board comprisedof 11 members, with five from eachcompany.

11THURSDAY 19 DECEMBER 2019 NEWSCITYAM.COM

EDWARD THICKNESSE

@edthicknesseTHE UK’s largest union is seeking anurgent meeting on the future ofVauxhall after the car company’sowner PSA yesterday agreed to mergewith Fiat Chrysler.

The deal, which is worth $50bn(£38.2bn), will see the unnamed newfirm become the world’s fourthlargest car manufacturer.

Unite national officer Des Quinnsaid: “Unite is seeking guarantees atthe highest level as to the long-termfuture of all PSA’s UK sites and its high-ly skilled world class workforce.

“It is essential that such a meetinghappens as soon as possible in order toalleviate the natural and legitimateconcerns of the workforce at this timeof change and uncertainty.

“Unite will also be seeking guaran-tees about new investment to ensure

PSA-Fiat $50bnmerger promptsunion jobs fears

Centamin saysEndeavour isstalling tie-upEDWARD THICKNESSE

@edthicknesseCANADIAN mining corporationEndeavour is refusing to share vitalinformation regarding its valuewith takeover target Centaminunless it is given an extension to adeadline for making an offer.

A statement from London-listedCentamin said that despite anagreement to exchange duediligence information, “Endeavourhas now indicated that it will notprovide the information thatCentamin has requested unless anduntil Centamin agrees to anextension of the deadline.”

Under English takeover law,Endeavour has until 31 Decemberto make a firm offer for the goldminer’s assets.

Centamin went on to say: “Theunsolicited approach fromEndeavour has created an intenseperiod of uncertainty for all of thecompany’s stakeholders.

“Therefore, the board ofCentamin believes that Endeavourshould, without further delay,enter into substantive reciprocaldue diligence.”

Merkel’s coalition government has delayed a decision on Huawei until next year

EDWARD THICKNESSE

@edthicknesseANGLO American-owned diamondspecialists De Beers said yesterdaythat the value of rough diamond salesrose to $425m (£324.5m) in the tenthcycle of 2019.

The sales marked a $25mimprovement on cycle nine inNovember, which in turn had thehighest levels since June. However,the figures were down roughly 20per cent on the same period in 2018,

when the firm sold $544m of gems.Bruce Cleaver, De Beers’ chief

executive, said: “Followingcontinued polished diamond pricestability in the lead up to the finalsales cycle of the year, we sawfurther signs of steady demand forrough diamonds during sight 10.”

2019 has proved a challengingyear for diamond sales, with acombination of oversupply, ongoingtrade tensions and increased sales oflab-grown diamonds all responsiblefor the fall in sales.

The lower demand for theprecious stones saw De Beers cut itsproduction from 35.3m carats to31m carats for 2019.

De Beers markets diamondproduction at 10 sights throughoutthe year, at which buyers are shownboxes containing a range of stoneswith prices attached.

According to Bloomberg, inAugust the slump in the globalmarket forced the firm into givingbuyers “unprecedented flexibility”in negotiating prices.

De Beers ends hard year with a hintof sparkle as its diamond sales rise

STEFAN BOSCIA

@Stefan_BosciaTHE UK’s top banks and insurers maybe tested together in 2021 for thefinancial impact of climate change,according to a new Bank of England(BoE) paper.

The tests would include threedifferent scenarios and would assesshow firms would deal with morefrequent weather events and masssell-offs of “brown assets” — thoseconsidered detrimental to theenvironment.

In some scenarios companieswould be tested against temperaturerises of four degrees celsius by 2080.

The BoE said in a discussion paper,released yesterday, that there wouldbe no pass or fail mark and that

individual firms would not benamed in the results.

BoE governor Mark Carneydescribed it as a “a pioneeringexercise, which builds on theconsiderable progress in addressingclimate-related risks that has alreadybeen made by firms, central banksand regulators”.

He added: “Climate change willaffect the value of virtually everyfinancial asset… the [test] will helpensure the core of our financialsystem is resilient to those changes.”

The BoE said the results of the testwould be used to assess if firms areprepared for potential disruption asthe UK switches to a low-carboneconomy.

This is particularly important asthe government has set a 2050 date

for the UK to have net-zero CO2emissions.

It is expected that the results ofthe climate change stress tests willbe released in the second half of2021.

This would coincide with the BoE’snormal annual stress testing, whichinvolves Royal Bank of Scotland,Barclays, HSBC, Lloyds, StandardChartered, the UK arm of Santanderand Nationwide building society.

All seven companies will beprobed in the planned climatechange stress tests.

The BoE released the results of itslatest stress tests on Monday, findingthat all seven of the financialinstitutions were strong enough towithstand recessions in the UK andabroad.

Merkel unaware of any pressureexerted by China over Huawei

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De Beers said sales of its diamonds had improved by $25m in the latest cycle

Bank of England lays out plans toset up climate change stress tests

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CITYAM.COM12 THURSDAY 19 DECEMBER 2019NEWS

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JOE CURTIS

@joe_r_curtisPEARSON’s chief executive yesterdayannounced he will step down in 2020,triggering a search for a successor.

John Fallon revealed he will retirefrom the role as the educationpublishing business sold its finalstake in Penguin Random House.

He will not leave the educationpublishing business until chairSidney Taurel finds a replacement,with the business looking at bothexternal and internal candidates.

“There’s a lot still to do but we’remaking good progress in navigatingPearson through a period of hugechange,” Fallon said.

He pointed to Pearson’s transitionfrom print into digital, and said 75per cent of the firm is now growing— outside of its struggling US HigherEducation Courseware division.

“We’re now at the stage where it’stime to transition to a new leader,who can bring a fresh perspective. Asthe board works on my succession, Iwill continue to be completelycommitted to leading the company

Pearson boss todepart as it sellsPenguin stake

through this major transformation.”Taurel added: “In some very

challenging markets, John hasworked tirelessly leading Pearsonthrough a period of significantchange.”

“Under John’s leadership Pearsonhas become a simpler, more digitalfocused business underpinned by astronger balance sheet and betterpositioned to deliver a sustainableand healthy future.”

Analysts said it was time for Fallonto leave Pearson. Shares have halvedin value since he took the helm in2013, falling from a peak of 1,493pin January 2015 to roughly 655p.

Ad watchdog censures BAT as itbans vaping posts on InstagramJAMES WARRINGTON

@j_a_warringtonTHE ADVERTISING watchdog hasbanned tobacco companies frompromoting e-cigarettes on publicInstagram pages, including throughthe use of influencer marketing.

In a landmark ruling, theAdvertising Standards Authority(ASA) yesterday said BritishAmerican Tobacco (BAT) hadbreached regulations on promotingunlicensed, nicotine-containing e-cigarettes.

UK rules state that vape makerscan provide factual productinformation such as the name,content and price of the product ontheir own websites, but may notadvertise them online.

The watchdog upheld complaintsagainst seven Instagram postspromoting Vype — an e-cigarettebrand owned by BAT — includingthree featuring pop star Lily Allen.

Following the ruling, Instagramowner Facebook said it will banbranded content that promotestobacco products from next year.

Wolseley names interim chief aheadof demerger from Ferguson UK armANNA MENIN

@annafmeninFERGUSON yesterday named SimonOakland as interim chief executive ofWolseley to replace current boss MarkHigson, as the group prepares to spinoff the UK division next year.

Higson is stepping down at the endof January to become chief executiveof building services company Algeco,and Ferguson has begun a search for

a permanent successor.Oakland is currently chief

executive of Ferugson’s Canadiandivision and head of corporatedevelopment, but he has also beenproject managing the demerger ofWolseley.

Ferguson announced plans todemerge Wolseley and list itseparately in London in September.

The group changed its name fromWolseley to Ferguson two years ago to

reflect the dominance of its USoperations, which generate most ofits revenue.

In a statement announcingHigson’s departure, Ferguson saidpreparations for the Wolseleydemerger were “well underway”,adding that the company expectedthe process to complete in 2020.

An update on progress and timingsof the transaction will be released inthe first half, it added.

The ASA banned sponsored Instagram posts that featured singer Lily Allen

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JESS CLARK

@jclarkjournoSTAFFLINE yesterday announced thatits finance chief has stepped down asthe recruitment firm cut its profitforecasts following a dip in consumerdemand.

Shares in the company closed downalmost 25 per cent yesterday as itrevealed that trading performance inthe fourth quarter was below theboard’s expectations following aslump in demand.

As a result of the challenges infourth-quarter trading, Staffline saidthe board expected the group to postfull-year adjusted operating profit ofapproximately £10m to £12m.

In September the firm said it expect-ed to deliver £20m in operating profit.

Customer demand was down 16 percent in November compared to thesame month in 2018, which Stafflineblamed on high levels of uncertaintyacross the UK. The recruiter saidDecember trading was slightly better,but remained below expectations.

Chief financial officer Mike Watts is

Staffline sharesdive after profitexpectations cut

stepping down following a torrid yearfor the recruitment firm that has seenits share price dive.

Daniel Quint, former finance chiefof brewery Young & Co, has beenappointed as Watts’ replacement onan interim basis.

Chris Pullen, chief executive ofStaffline, said: “It has been a mostchallenging year for Staffline. Despitethis we have developed two robustmarket leading businesses which arewell set as platforms for futuregrowth. We remain optimistic aboutthe future potential of the group withthe challenges of 2019 behind us.”

Financial watchdog rolls out newoverdraft rules amid shake-upANNA MENIN

@annafmeninMILLIONS of people faced changes totheir available bank balancesyesterday as new rules determininghow overdrafts are displayed cameinto effect.

The Financial Conduct Authority(FCA) has ordered UK banks to stopincluding overdrafts in funds markedas “available” to customers, in a movedesigned to make it clear thatoverdrafts are a form of debt, ratherthan the customer’s own money.

“Unfortunately too many peoplefall into the trap of believing that’stheir money rather than a debt,” FCAdirector Christopher Woolard toldBBC Radio 4’s Today programme.

The regulator is hoping yesterday’schange will prevent customers fromaccidentally dipping into theiroverdraft, or becoming confusedabout their actual bank balance.

The rule change forms part of awide-ranging shake-up of overdraftsannounced by the FCA in June in abid to “fix a dysfunctional overdraftmarket”.

Sun Life builds infrastructure focuswith £300m Infrared Capital tie-upANNA MENIN

@annafmeninCANADIAN insurance giant Sun Lifeyesterday announced it will buy amajority stake in London-basedinfrastructure and real estateinvestment manager Infrared Capital.

Sun Life will buy an 80 per centstake in Infrared Capital for £300m,with Infrared’s owners retaining theoption to sell their remaining stakes

to Sun Life four years after the dealcompletes.

Sun Life will also have the option topurchase the remainder of thecompany, which manages $12bn(£7.2bn) of equity capital, by 2025.

Under the deal, Infrared willbecome part of SLC Management,Sun Life’s $171bn alternative assetmanagement business.

SLC Management president StevePeacher said the deal would broaden

the firm’s alternative investmentsolutions to include infrastructureequity.

“Infrared is a leader in globalinfrastructure investing in bothgreenfield and brownfield projects,including renewable energy,”Peacher said.

“These investments havehistorically provided the returns andhorizon that institutional clients areseeking.”

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CITYAM.COM 15THURSDAY 19 DECEMBER 2019 NEWS

ARCHIE MITCHELL

BRITISH Airways will feel the pressureas it freefalls to a spot alongside thenation’s worst flyers, above onlyRyanair and American Airlines, accord-ing to a survey by Which.

It is a fast fall from grace for the com-pany that topped the tables in 2015 asstrikes, IT failures and mass cancella-tions have clipped the firm’s wings.

BA was also scolded for its food anddrink, seat comfort and value formoney. It was seen as the third worstshort-haul and second worst long-hauloption in a survey of more than 6,500people.

One Which member surveyed said:“BA is, without doubt, the worst airlinewe’ve ever used.”

BA also came under fire this yearfrom journalist Andrew Neil, who

PRAVEEN PARAMASIVAM

GENERAL Mills’s quarterly profit beatWall Street expectations yesterday asthe Cheerios maker benefited fromhigher demand for its pet foods, send-ing its shares up 1.96 per cent.

The maker of Cocoa Puffs and LuckyCharms acquired Blue Buffalo PetProducts for $8bn (£6.1bn) last year ina push to capitalise on growingdemand for pet food.

Sales at its pet unit rose 16 per centover the quarter, helped by priceincreases and the recent rollout ofBlue Buffalo products in Walmartstores.

accused the firm of trying to “destroywhat little goodwill it has left”.

Just behind BA, Ryanair retained itstitle of worst short-haul airline with acustomer score of 44 per cent, whileAmerican Airways was the worst long-haul airline with 48 per cent.

Ryanair took flack for its endless add-ons and tricky luggage requirements. It was accused of treating customers“like cash cows” and having a “cattleclass mentality”.

Vueling Airlines and Wizz Airhovered around two stars out of five formost aspects of the customer experi-ence. Wizz, however, did pick up threestars for value for money.

With flying colours, Jet2 bagged a 79per cent customer score. One travellereven said: “Jet2 doesn’t feel like a low-cost airline.”

Easyjet cruised to a mediocre score of

STEFAN BOSCIA

@Stefan_BosciaTHE EFFECTS of the high levels ofdust and air pollution throughoutLondon’s Tube system is unknown,according to a new report.

A London Assembly report intoTube dust showed “concentrationsof particulate matter onunderground platforms” are muchhigher than outside. It followsrevelations that air quality on theTube was up to eight times abovethe World Health Organisation’ssafe limit.

However, the report said therewas not enough information into

the effects of the particular type ofmatter found in the Tube system.

King’s College London professorMartin Williams said: “The makeupof the particles is completelydifferent in the underground fromthe ambient. It is virtually allmetals or metal oxides. You getvery little of that stuff in theambient atmosphere.”

TfL has now commissionedstudies to look at the effect Tubedust has had on workers over thepast 50 years. TfL’s Lilli Matsonsaid: “We are funding academics toconduct studies and gain a betterunderstanding of the health risksassociated with air on the Tube.”

BA ranked among worstairlines for British flyers

Question marks over the healtheffects of poor Tube air quality

General Mills topsprofit estimateson pet food boost

MORE than half of Brits have been taken to task over behaviour deemed to be environmentally unfriendly, according to a surveyby green energy firm Pure Planet. Respondents said they had faced so-called climate shaming for eating too much meat, failingto recycle and taking long haul flights. Climate activist Greta Thunberg (above) has campaigned for alternatives to air travel.

CLIMATE SHAME More than half of Brits say they have receivedpublic criticism over their environmentally unfriendly behaviour

FIVE WORST SHORT-HAUL AIRLINESRyanair Vueling Airlines British AirwaysWizz Air Tui Airways

FIVE WORST LONG-HAUL AIRLINESAmerican AirlinesBritish AirwaysEtihad AirwaysAir CanadaUnited Airlines Source: Which

SCHRODERS TALK

CITY TALK PARTNER CONTENT

Johanna Kyrklund, Schroders’ ChiefInvestment Officer, sums up the investmentoutlook for 2020.

relative to those from the US and, as wementioned previously, we think stockmarkets’ most likely direction of travel isupwards, however no forecasts can becertain.

ECONOMIC MUDDLE-THROUGHThe liquidity provided by the centralbanks, particularly the US FederalReserve (Fed), has reduced the risk ofrecession but commercial bank lendingremains subdued.

A more pronounced economicrecovery would require evidence of apickup on this front and in fiscal policy(governments’ use of tax and spendingmeasures). However, if anything, thelatter appears to be waning.

POLITICAL WILDCARDIn a world of rising inequality and aconsequent increase in politicalextremism, politics continues to be thewildcard.

From a global perspective,developments in the US are particularlykey. The outcome of US-China tradenegotiations could affect stockvaluations, and then there’s the 2020 USelection.

For Europe, a no-deal Brexit reallyneeds to be off the table because of themarket uncertainty it could create.Meanwhile, in Asia, the situation in HongKong remains volatile.

£Johanna Kyrklund is Chief InvestmentOfficer and Global Head of Multi-AssetInvestment at Schroders. The value of investments and theincome from them may go down aswell as up and investors may not getback the amounts originally invested. The information contained in thisarticle is not an offer, solicitation orrecommendation to buy or sell anyfinancial instrument or to adopt anyinvestment strategy.

READ MORE ONLINE

Read more at:Schroders.com/insights

As we move into a new decade, wedon’t think it’s time to party likeit’s 1999, but it’s not a time for

pessimism either.For the year ahead, areas more

sensitive to the economic cycle mayreturn to favour as long as we see theeconomic data stabilising.

CENTRAL BANKSMarkets are likely to remain verydependent on liquidity.

They have become reliant on theeffects of quantitative easing (QE), themuch-heralded policy that has seencentral banks buy vast amounts ofgovernment bonds or other financialassets to inject liquidity into theeconomy.

One of its effects has been to keepbond yields suppressed and thusunderpinned higher valuations ofshares. This is because investors areforced to seek returns elsewhere whenbond yields are low.

Despite the unwinding of QE, I believethe path of least resistance is for sharesto move gradually higher.

BONDSIn 2020, any rise in bond yields (and thusany fall in prices) is likely to becontained by the absence of anemphatic economic recovery, lowinflation and pension funds’ demand forbonds.

This provides some support for thevaluations of company shares, althoughfrom here it is hard to get too excitedabout them.

MIXED PICTURE FOR EQUITIESThis brings us on to corporate profits,where we think estimates for 2020 lookhigh, particularly in the US. The US is inthe later stages of its economic cycle, aperiod which precedes recession.

At this stage, companies’ costs such asmaterials and labour rise. We expect thisto erode US companies’ profit margins.

However, profits in Europe, Japan andChina are depressed. This provides thepotential for more significantimprovement in the rest of the world in2020.

We are positive on international shares

WHY INVESTORS MAYNEED TO DIG A LITTLE

DEEPER IN 2020

65 per cent and touched down in themiddle of the short-haul table.Customers called it “fine”, “reliable”,and “no frills”.

By contrast, Singapore Airlineslanded a score of four stars out of fiveacross the board and landed an 88 percent customer score.

Reuters

CITYAM.COM16 THURSDAY 19 DECEMBER 2019NEWS

Lights go out atenergy supplierBreeze EnergyEDWARD THICKNESSE

@edthicknesseBREEZE Energy yesterday became the15th supplier to cease trading sincethe beginning of 2018 with 18,000domestic customers affected.

The challenger brand failed lessthan a week after the firm wasnamed the UK’s best for customerservice in this year’s Citizen’s AdviceStar Rating report.

Ofgem had ordered Breeze to paynearly £500,000 in outstandingrenewables obligations payments, orelse risk having its licence revoked.

Under Ofgem’s safety net, theenergy supply of Breeze’s customerswill continue and customers willhave their balances protected.

Peter Earl, head of energy atcomparethemarket.com, said:“Ofgem urgently need to stem theburst main of supplier failures.Without more stringent checks onsuppliers there will likely be afurther collapse in the near future.”

Shares in debt collectorArrow Global jump as itraises €838m for fund

STEFAN BOSCIA

@Stefan_BosciaBRITISH Airways’ owner has calledon the government to conduct anassessment of the costs of Heathrowairport’s planned expansion.

International Airlines Group (IAG)wrote a letter to Boris Johnson claim-ing the Civil Aviation Authority(CAA) is on the verge of givingHeathrow a green light to startspending money on constructioncosts. This is despite the project nothaving yet gained approval.

IAG chief executive Willie Walshhas asked the government to set upits own independent assessment ofthe costs of the project, which are setto reach at least £3bn.

“We need a fresh look at the envi-ronmental viability and total cost of

expanding Heathrow,” he said.“The airport has a history of spend-

ing recklessly to gold-plate projectsand paying guaranteed dividends toshareholders while minimising theenvironmental significance ofexpansion.”

The highly controversial expansionwould see a third runway added tothe airport and could potentially addcapacity for some airlines.

However, some in the aviationindustry have complained there islittle to stop the costs spiralling outof control, which would then bepassed onto customers.

Walsh himself has complained onmultiple occasions there was noincentive for keeping costs down.

This is due to a quirk which seesHeathrow owners able to earn moremoney by increasing spending.

Investment can be levied throughpassenger charges, with the airport’sowners recently trying to foist£3.3bn of spending onto passengers.

The CAA has put a clause intoHeathrow’s licence that penalisesthe airport if it goes over its budgetin a bid to stop costs spiralling.

A CAA spokesperson said: “Thelicence condition covers the opera-tion of the airport and is also one ofthe tools the CAA is developing sothat Heathrow expansion isdelivered in a way that is affordable,financeable and, critically, in theinterest of consumers.”

Heathrow said: “Willie Walsh maywant to further delay expansion toprotect his dominant position atHeathrow, but his passengers whowill be paying the price in higher air-fares are unlikely to forgive him.”

ANNA MENIN

@annafmeninARROW Global shares rose more than17 per cent yesterday after the debtrecovery specialist said it had raised€838m (£712m) for its first fund.

Of the total capital commitments forthe eight-year closed-end fund,€628.5m was raised from third partyinvestors.

The fund is targeting a total €2bnassets under management by the endof 2020. Arrow itself will invest either24.9 per cent of the final fund or€500m as a co-investor.

The fund will invest in “selectiveEuropean credit opportunities”sourced via its investment manage-ment business, Arrow said.

“This first successful fundraising istransformational for the group,” saidchief executive officer Lee Rochford.

“It shows we are successfully execut-ing our strategy to transform the busi-ness through the build-out of ourfund management capabilities.”

The Manchester-based company is inthe process of shifting to a more capi-tal-light model, with the fund generat-ing new revenue streams frommanagement and performance feespayable to Arrow.

“Growing our fund managementbusiness will allow us to accelerate theachievement of our five-year targetswhile also providing our investorswith access to a specialist and highlyattractive asset class through our lead-ing pan-European platform,” saidRochford.

He added that the market’s medium-term profit expectations for Arrow“remain appropriate”, and the fund’sfinancial impact on the group’s profitin 2020 would be “immaterial”.

TOWN AND COUNTRY PLANNING (DEVELOPMENT MANAGEMENT

PROCEDURE) (ENGLAND) ORDER 2015

PLANNING (LISTED BUILDINGS AND CONSERVATION AREAS)

REGULATIONS 1990

Notice under Article 13 of Application for Planning Permission

Notice under Regulation 6 of Application for Listed Building Consent

Proposed development at: General Market, Poultry Market and Annexe Site, West

Smithfield, London EC1A

We give notice that the Museum of London is applying to the City of London Corporation

for Planning Permission and Listed Building Consent.

Planning Permission is sought for the:

General Market

Partial demolition, repair, refurbishment and extension of the existing building known

as the General Market at 43 Farringdon Street on the basement, ground, first and roof

levels; creation of a new entrance structure on West Poultry Avenue (and associated

refurbishment of the existing canopy over West Poultry Avenue) with new facades to

West Smithfield and Charterhouse Street; new entrances on the corner of Farringdon

Street and Charterhouse Street; Change of use to provide a museum and ancillary uses

and areas, together with a flexible retail, restaurant, drinking establishment and leisure

(gym) use for the perimeter 'houses'.

Poultry Market

Partial demolition, repair, refurbishment and alteration of the existing building known

as the Poultry Market, Charterhouse Street at basement, ground and first levels; change

of use to a museum and ancillary uses and areas.

Annexe Site (Red House, Iron Mountain, Fish Market and Engine House)

Partial demolition, refurbishment and extension of the existing buildings known as the

Annexe Site at 25 Snow Hill and 29 Smithfield Street at basement, ground, first, second

and third levels; creation of a triple height canopy above a public realm space; change

of use to a flexible museum, offices, retail, restaurant, drinking establishment, events

and functions use. Refurbishment of and minor alterations to the existing building

known as the Engine House at West Smithfield at basement and ground levels; Change

of use to a flexible retail and museum use.

Listed Building Consent is sought for the:

Poultry Market

Part demolition, repair, and refurbishment of the building known at the Poultry Market,

Charterhouse Street at ground, first and basement levels, associated with a change of

use of the building to provide a museum and ancillary uses and areas; including: works

associated with an entrance structure on West Poultry Avenue; internal alterations

including creation of a part new first floor; fabric removal and refurbishment on all

floors; replacement glazing; facade cleaning and other façade repair; levelling of ground

floor; works of repair to the roof; installation of new heating and cooling equipment;

new M&E services; repurposing of the south service bay and associated infill structure;

remodelling of the north service bay; internal decoration; replacement balustrade; and

other associated works as shown on the submitted plans and drawings.

Any owner of the land or tenant who wishes to make representations about these applications,

should write to the City of London Corporation at Department of the Built Environment,

PO Box 270, Guildhall, London EC2P 3EJ within 35 days of the date of this notice.

Gerald Eve LLP On behalf of: Museum of London

Date: 19 December 2019

Statement of owners' rights: The grant of planning permission does not affect owners' rights to retain or dispose

of their property, unless there is some provision to the contrary in an agreement or lease.

Statement of agricultural tenants' rights: The grant of planning permission for non-agricultural development may

affect agricultural tenants' security of tenure. 'Owner' means a person having a freehold interest or a leasehold

interest the unexpired term of which is not less than seven years. 'Tenant' means a tenant of an agricultural

holding any part of which is comprised in the land.

BA asks for governmentHeathrow costs review

Nutmeg posted a £18.6m loss last year as it splashed out on winning new customers

Nutmeg chief executive quitsANNA MENIN

@annafmeninNUTMEG chief executive MartinStead is stepping down early nextyear, the digital wealth managerannounced yesterday.

Stead, who joined Nutmeg in 2015and took over as chief executive ayear later, is leaving the company tomove overseas. He will be replaced by

chief financial and operating officerNeil Alexander.

Nutmeg has received the backingof Schroders and Goldman Sachs, andhas around 90,000 customers. Despiteboasting assets under managementof over £1.8bn, the company is yet toturn a profit.

Stead’s departure comes shortlyafter chief investment officer ShaunPort left the firm to join JP Morgan.

EON AND NPOWER QUITINDUSTRY BODY OVER FEES Big Six energy suppliers Eon andNpower have revealed they quit theirmembership of trade associationEnergy UK because they could nolonger afford the membership fees.The decision comes after Npower,which was recently bought by Eon,announced a major restructuring lastmonth as the firm said it expectedlosses for the year to hit €250m(£212.4m). An Eon spokesperson said:“We constantly review our costs inorder to continue to deliver value formoney for our customers. As part ofthis, we have decided being part ofEnergy UK is something we can nolonger afford and we have thereforemade the reluctant decision to leaveEnergy UK.” City A.M. understands thatfees for retail suppliers is calculated bynumber of customers a firm has.

GREECE MULLS MORE IMFREPAYMENTS NEXT YEAR Greece is considering repaying moreIMF loans ahead of time next year tooffload expensive debt and wants toconvince its official lenders to lower itspost-bailout fiscal targets, financeminister Christos Staikouras saidyesterday. Greece emerged frominternational bailouts in 2018 but itsfiscal progress is still being monitoredby the Eurozone and the InternationalMonetary Fund (IMF), which togetherlent Athens more than €250bn(£212.4bn) during its decade-longdebt crisis. Last month, the countryrepaid €2.7bn of IMF loans, reducingthe amount it owes to the IMF to€5.5bn. These loans have an averageinterest rate of 1.9 per cent and expiregradually up to 2024. Staikouras didnot disclose the amount Athens wouldlook to repay in 2020.

STANCHART EXITS THREEASIA COAL PLANTS AT $7BNStandard Chartered has pulledfinancing for three coal-fired powerplants in south-east Asia amid a globalpush to cut greenhouse gas emissions,throwing into doubt projects worth anestimated $7bn (£5.3bn) and pilingpressure on the coal industry. Banksand investors are facing pressure fromenvironmental groups to stop fundingpower projects fired by the pollutingfossil fuel, seen as a major risk toglobal plans to tackle climate changeunder the Paris Climate Agreementthat demands a virtual end to coalpower by 2050. Just last week, CreditSuisse said it would stop financingnew coal-fired power plants. StandardChartered said in a statement onTuesday it would pull out of three coalpower ventures in south-east Asia.It did not name the projects.

IN BRIEF

�

The shocking truth is that this Christmas 22,000 young

people in England will face homelessness, just like Katie.

After being abused by her mother’s boyfriend, Katie was

forced to leave home.

With no place to call her own, 19-year old Katie is

forced to make desperate choices about where to spend

the night. Doorway or park bench? Bus shelter or a seat

on the night bus?

Wherever Katie ends up she will be at risk of robbery,

abuse, attack or exploitation by predators. Just closing

her eyes puts her in danger. It’s no wonder 68% of

homeless young people feel scared while homeless.*

Yet we call ourselves a civilised society. It’s just wrong.

No place to call home. No place to feel safe.

Will you help us put it right?

Your Christmas gift today can help us give more

homeless young people like Katie a safe place to

stay while they get the help they need to move on to

independence and a better life. Please support our

Safe at Christmas Appeal today.

Send: this form back • Call: 0800 472 5798 • Visit: centrepoint.org.uk/xmas

NA

P1

92

0Z

-02

U

Full Name:

Address:

Postcode: Telephone:

Email:

£18 could go towards training a Helpline worker to answer a call from

a homeless young person, and help them get to safety.

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so that a young person gets the support or treatment they urgently need.

£144 could sponsor a room for a whole year – a place where a young person

can become more independent, look for a job and start their future.

Other £ (your own amount)

I enclose a cheque/PO/KKL voucher/CAF voucher made payable to Centrepoint

I would like to pay by Visa/Mastercard (please circle as appropriate)

Card Number

Valid from / Expiry date /

Signature(s) Date

Increase your donation by 25p for every £1 you donate with Gift Aid

By ticking this box I confirm I am a UK taxpayer and want Centrepoint to Gift Aid all donations I’ve made in the last four years and any donations I make in the future until I notify you otherwise. I understand that if I pay less Income Tax and/or Capital Gains Tax in any tax year than the amount of Gift Aid claimed on all my donations it is my responsibility to pay any difference.

Your name and address are needed to identify you as a current UK taxpayer.

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Here is my gift to give a homeless young person a safe place this Christmas

NO PLACETO SPEND CHRISTMAS

19THURSDAY 19 DECEMBER 2019 NEWSCITYAM.COM

1Four of the following were added to thebasket of goods used to calculate consumer

price inflation in the UK this year, while two wereremoved from the basket. Whichwere added?a) Baking traysb) Smart speakersc) Three-piece suitsd) Dog treatse) Envelopesf) Electrictoothbrushes

2Accordingto the

WorldHappinessReport, which ofthe following is themost powerfulpredictor of an incumbentgovernment’s vote share in an election?a) Life satisfactionb) GDP growthc) Unemployment rated) Inflation rate

3 In which country was theworld’s first negative interest

rate mortgage launched thisyear?a) Germanyb) Switzerlandc) Denmarkd) Japan

Test yourself with the2019 edition of ourChristmas quiz...

4Which country organised anemergency onion airlift this year to

shore up supplies of the vegetable andcurb rapidly rising prices?

a) Indiab) China

c) Bangladeshd) Senegal

5Which country is debating the merits ofmaintaining a national coffee stockpile for

emergencies?a) Australia

b) Colombiac) Italy

d) Switzerland

6Which country has the lowestunemployment rate among

developed nations?a) The Czech Republicb) Germanyc) The Netherlandsd) The UK

7Which one of the following solutions wouldachieve the greatest reduction in carbon

emissions by 2050, according to the climateresearch organisation Project Drawdown?a) Plant-rich dietb) Refrigerant managementc) Solar farmsd) Tropical forest restoration

8In his now famous 1993 AmericanEconomic Review article, “The Deadweight

Loss of Christmas”, Joel Waldfogel claimed thatChristmas gift giving has a negative impact onwelfare as people receive gifts that they wouldnot be willing to pay full price for themselves.Who among the following is likely to give aChristmas gift that has the lowest value to therecipient compared to the price paid for it?a) Significant otherb) Grandparentsc) Aunts and unclesd) Friends

10 Which of the followingChristmas puddings came top

in a Which? magazine blind tastetest this year?

a) Waitrose No 1 (£1.75 per 100g)b) Asda Extra Special (77p per100g)c) Harrods (£3.08 per 100g)

d) Aldi Specially Selected (£1.62per 100g)

CHRISTMAS QUIZ 2019

ANSWERS

11What percentage of recent graduates inthe UK were working in non-graduate

roles last year?a) 12 per centb) 23 per centc) 36 per centd) 45 per cent

12Which of thefollowing

countries has the mostaffordable housing marketrelative to incomes, according to the OECD?a) Singaporeb) The UKc) Germanyd) Japan

9Of those employed in the UK, how manytypically work on Christmas Day?

a) One in 10b) One in 30c) One in 50d) One in 100

In association with

1. Four of the following were added to the basket ofgoods used to calculate consumer price inflation in theUK this year, while two were removed from the basket.Which were added?a) Baking traysb) Smart speakersc) Three-piece suitsd) Dog treatse) Envelopesf) Electric toothbrushes

Answer: a, b, d and f. Baking trays, smart speakers, dogtreats and electric toothbrushes were all added. Three-piece suits and envelopes were among the itemsremoved in the annual reshuffle of the shoppingbasket used by the Office for National Statistics, whichreflects changing spending habits of UK consumers. Smart speakers such as Amazon Alexa and GoogleHome have been added to the index due to a rise intheir popularity. In fact, according to retailer Argos,more UK households now own an Amazon Alexadevice than have a pet rabbit. There is speculation thatthe fall in the number of new baby girls named Alexa,from 380 in 2017 to just 118 last year, is furtherevidence of the country’s uptake of smart speakers.The inclusion of baking trays can be in part put downto the influence of television shows like The GreatBritish Bake Off. UK households have also been buyingmore electric toothbrushes and dog treats. Three-piece suits were dropped from the basket,reflecting the trend of companies adopting morecasual dress codes. Envelopes have also beenremoved due to the increased popularity of digitalcommunication.

2. According to the World Happiness Report which ofthe following is the most powerful predictor of anincumbent government’s vote share in an election? a) Life satisfactionb) GDP growthc) Unemployment rated) Inflation rateAnswer: a. The report cites a study, which examined aset of elections in 15 EU countries since 1973 and foundthat national average life satisfaction has the greatestimpact on the share of votes for the incumbentpolitical party. Nine per cent of the variance in theincumbent party’s vote-share can be explained bynational happiness, whereas economic growth

explains around 6.5 per cent. Unemployment andinflation rates can explain four per cent and

three per cent of the variance respectively.

3. In which country was the world’s first

negative interest rate mortgage launched this year?a) Germanyb) Switzerlandc) Denmarkd) Japan

Answer: c. The first negative interest rate mortgage waslaunched in Denmark this year. Denmark’s third-largestlender, Jyske Bank, has begun offering 10-yearmortgages at minus 0.5 per cent. Every month theoutstanding mortgage balance will be reduced bymore than the repayment amount. The bank’seconomist Mikkel Høegh said the bank was able toborrow from money markets at negative rates and issimply passing that on to customers. However, themortgage does carry significant fees and so it is likelythat the mortgage holder will, over the lifetime of themortgage, pay back more than they borrowed.Each of the countries listed above has negative interestrates set by central banks. The other impact in a worldof negative interest rates is that customers’ depositsmay see no interest paid, and in some cases will becharged. In Switzerland, UBS announced that it wouldlevy a negative interest rate on wealthy clients whodeposit more than SFr 2m.

4. Which country organised an emergency onion airliftthis year to shore up supplies of the vegetable and curbrapidly rising prices?a) Indiab) Chinac) Bangladeshd) SenegalAnswer: c. Bangladesh flew in emergency supplies ofonions amid a national shortage, which saw prices riseby a multiple of 10, to a record high. Bangladesh’sprime minister announced she had stopped eatingonions and its largest opposition party called for anationwide protest. The price rocketed afterneighbouring India banned exports to conserve itsown stocks after drought and heavy monsoon rains hittwo harvests, sending the price soaring in India. Indiaand China dominate the market for onions, accountingfor just under half of global production. A squeeze insupply disproportionately affects South Asia as thehumble onion is a key ingredient in curries and,therefore, a major political flashpoint. In India, IndiraGandhi came to power in 1980 by highlighting risingonion prices as evidence of the government’seconomic mismanagement.    

5. Which country is debating the merits of maintaininga national coffee stockpile for emergencies?a) Australia

b) Colombiac) Italyd) SwitzerlandAnswer: d. Switzerland has maintained large stockpilesof essential goods since the 1920s, having experiencedsevere shortages during both world wars. It stillmaintains these stockpiles in case of natural disaster,epidemics or supply chain disruption. The governmentcovers the costs of storing these goods, which includewater, medicine, animal feed, fuel, cooking oil andeven coffee. In April 2019 the Federal Office for NationalEconomic Supply proposed to reduce the cost of thestockpile by no longer including coffee, which it did notdeem “essential for life”. However, in the face ofpopular and business support for the 15,000 tonnecoffee reserve, the office has said it will reconsider itsplan.

6. Which country had the lowest unemployment rateamong developed nations?a) The Czech Republicb) Germanyc) The Netherlandsd) The UKAnswer: a. According to Eurostat, in October the Czechunemployment rate stood at 2.2 per cent, the lowestamong developed economies. The Czech Republicowes its low unemployment rate to a competitivemanufacturing sector, which accounts for about a thirdof GDP and employment. This is mainly due to theCzech Republic’s integration into Europeanautomotive supply chains, driven by governmentincentives and low labour costs. This trend appears tobe bottoming out, due to the slowdown in Germanyand the global auto sector, and to soaring wage growthas vacancies outnumber unemployed workers. Theunemployment rate is also flattered by a shrinkinglabour force caused by an ageing population and lowbirth rate.          

7. Which one of the following solutions would achievethe greatest reduction in carbon emissions by 2050,according to the climate research organisation ProjectDrawdown?a) Plant-rich dietb) Refrigerant managementc) Solar farmsd) Tropical forest restorationAnswer: b. According to Project Drawdown, managingleaks and disposal of chemical refrigerants (known asHFCs) used in refrigerators and air conditioners havethe highest emissions reduction potential, becauseHFCs warm the atmosphere 1,000-9,000 times morethan carbon dioxide. The Montreal Protocol, ratified by

all UN members, calls for the world to phase out HFCsover the next decade. However, 90 per cent ofrefrigerant emissions happen in the disposal process,so effectively storing the HFCs that would otherwise bereleased over the next 30 years could avoid emissionsequivalent to 89.74 gigatonnes of carbon dioxide. Refrigerant management is ranked first among ProjectDrawdown’s 80 solutions. A plant-rich diet is rankedfourth, as it reduces the carbon emissions from meatproduction and deforestation. Tropical forestrestoration is ranked fifth for the carbon it sequesters insoil and biomass. Solar farms are ranked eighth,assuming solar power grows from four per cent ofglobal electricity generation currently to 10 per cent by 2050.

8. In his now famous 1993 American Economic Reviewarticle, “The Deadweight Loss of Christmas”, JoelWaldfogel claimed that Christmas gift giving has anegative impact on welfare as people receive gifts thatthey would not be willing to pay full price forthemselves. Who among the following is likely to give aChristmas gift that has the lowest value to the recipientcompared to the price paid for it?a) Significant otherb) Grandparentsc) Aunts and unclesd) FriendsAnswer: b. According to Waldfogel’s research, theshortfall in value compared to the price paid, averagedacross all gifts, was approximately 10 per cent to athird. The shortfall increased the greater the agedifference between the giver and receiver withgrandparents giving the least efficient gifts.Grandparents were however found to be the mostlikely to give cash — the universally accepted voucher.It is possible, of course, that Christmas does not relateto economic efficiency.

9. Of those employed in the UK, how many typicallywork on Christmas Day?a) One in 10b) One in 30c) One in 50d) One in 100Answer: b. Approximately one in 30 work on ChristmasDay, according to estimates by the Office for NationalStatistics. Of the roughly 1.1m workers who do so,300,000 worked as carers or nurses. Hospitality, retailand security professions also feature highly. Thosemost likely to be working are the clergy, with over halfthe profession at work on 25 December.

10. Which of the following Christmas puddings came

top in a Which? magazine blind taste testthis year?a) Waitrose No 1 (£1.75 per 100g)b) Asda Extra Special (77p per 100g)c) Harrods (£3.08 per 100g)d) Aldi Specially Selected (£1.62 per 100g)Answer: d. Aldi’s Specially Selected pudding came firstin the test conducted by Which? magazine, scoring 76per cent, well above more expensive offerings fromWaitrose (72 per cent) and Harrods (67 per cent). Thepanellists described the Aldi pudding as “packed full ofrich fruit and nuts with an orangey kick”. The Asdapudding (73 per cent) was also praised for being “apeople pleaser and a bargain” and rated above thosefrom Waitrose and Harrods.

11. What percentage of recent graduates in the UKwere working in non-graduate roles last year?a) 12 per centb) 23 per centc) 36 per centd) 45 per centAnswer: d. Forty-five per cent of recent UK graduateswere working in non-graduate roles last year, up from39 per cent in 2001, according to the latest publiclyavailable data from the ONS. A study by the OECDfound that although graduate unemployment rates inthe UK are among the lowest in the world, too manygraduates were in low-paid, non-graduate jobsbecause they lacked basic numeracy and literacy skills.There has been a modest fall in numbers of graduatesin non-graduate roles in recent years, reflective of thecurrent strength of the labour market.

12. Which of the following countries has the mostaffordable housing market relative to incomes,according to the OECD?a) Singaporeb) The UKc) Germanyd) JapanAnswer: d. Of the countries listed, Japan has the mostaffordable housing relative to incomes according tothe Paris-headquartered organisation. Oneexplanation for Japan’s relatively affordable housingmarket is the high level of housebuilding and relaxedzoning rules which allow developers to respond tolocal demand. In the UK, the house-price-to-incomeratio is about 25 per cent above the long-term averageacross OECD countries. Despite having a population ofless than 5m in a country a similar size to the UK, NewZealand has the least affordable housing of thecountries studied, overvalued by 55 per cent relative to incomes.

CITYDASHBOARDLONDON REPORT BEST OF THEBROKERS NEW YORK

REPORT

UK SHARES more exposed tothe domestic economyeased further yesterday,hurt by renewed worries ofa no-deal Brexit after

Britain set a hard deadline ofDecember 2020 to reach a new tradedeal with the European Union.

The FTSE 250 inched 0.1 per centlower, retreating away from an all-time high hit on Monday afterPrime Minister Boris Johnsonstormed to a victory in ageneral election lastweek.

Though a majority forJohnson’s Conservativeparty was seen as a har-binger of clarity overBrexit, his latest stanceon negotiating a freetrade deal with the EU hasagain cast doubts over howBritain’s departure process willplay out.

The FTSE 100, however, added 0.2 percent on its sixth day of gains, itslongest winning streak since June.

The index outperformed itsEuropean peers thanks to gains inexporter stocks, which benefited froma weaker pound and helped overpowerlosses in housebuilders .

JP Morgan’s basket of listed compa-nies that make their cash abroad

Domestic stockssuffer as Brexitwoes reappear

FTSEP

18 Dec7,540.75

18 Dec13 Dec12 Dec 16 Dec 17 Dec

7,200

7,300

7,500

7,400

7,600

Wall St recordon hold due toFedex tumbleTHE S&P 500 ended a five-day

winning streak yesterday asinvestors’ optimism about global

economic growth was countered by asteep drop in Fedex shares, but thebenchmark index managed to hovernear all-time highs.

Fedex shares tumbled 10 per centafter the US parcel delivery companycut its fiscal 2020 profit forecast onheavy expenses, slowing global tradeand fallout from its breakup withAmazon.

The decline in Fedex shares weighedon the blue-chip Dow industrials.Shares of rival package deliverycompany United Parcel Service(UPS) fell 1.9 per cent. The Fedex andUPS losses sent the Dow JonesTransport Average down 0.9 per cent.

But the Nasdaq notched a recordclosing high for a fifth straight session.

Even with yesterday’s nominallosses on the S&P 500, analysts saidmarket sentiment remained largelyupbeat following last week’sannouncement of an initial US-Chinatrade agreement. Earlier in thesession, the S&P 500 hit its fifthconsecutive record high.

The market largely shrugged off thelikely impeachment of US PresidentDonald Trump as the House ofRepresentatives geared up for ahistoric vote later in the day on twocharges accusing Trump of abusinghis power and obstructing Congress.

Impeachment would have littleeffect on the factors most influentialon US markets, said ShannonSaccocia, chief investment officer atBoston Private.

“It doesn't change what the Feddoes,” she said. “It doesn't changewhat happens from a Chinaperspective.”

The Dow Jones Industrial Averagefell 27.88 points, or 0.1 per cent, to28,239.28, the S&P 500 lost 1.38points, or 0.04 per cent, to 3,191.14,and the Nasdaq Composite added4.38 points, or 0.05 per cent, to8,827.74.

Facebook shares rose 2.1 per cent,providing the biggest boost to the S&P500, as Deutsche Bank raised its pricetarget on the stock.

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Rail platform Trainline is rolling along steadily but its latest update was still slightlydisappointing, according to Barclays analysts. Net ticket sales were belowexpectations, which they attribute this to one-off events including rail strikes in Franceand poor weather in the UK. Analysts view the outcome of the election as favourablefor the company now any threat posed by Labour’s re-nationalisation plans hasdisappeared. They rate the company as “neutral”, with a target price of 490p.

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

YOUR ONE-STOP SHOP FOR BROKER VIEWS AND MARKET REPORTS

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TRAINLINE

12 Dec 13 Dec 16 Dec 17 Dec 18 Dec

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scaled a five-month high.The US investment bank sees an

“uncomfortably high” 25 per centchance of a no-deal Brexit.

Politicians will vote on Johnson’swithdrawal agreement tomorrow.Britain has less than 11 months to ironout a deal with the European bloc.

“I think what the debate going for-ward is whether you have a lengthy

transitional period... or whetheryou have a quicker period,

which isn’t a no-deal butbasically it is where lots ofthe detail is ignored and

maybe things such assome [World Trade

Organization] rules are intro-duced,” Raymond James analyst

Chris Bailey said.Among individual stocks, Pearson

climbed 1.7 per cent after announcingplans to exit the consumer publishingbusiness and the departure of its chiefexecutive. Boeing supplier Meggitt slid2.6 per cent after brokerage PanmureGordon initiated coverage with a“sell” rating following the US planemanufacturer’s decision to suspendproduction of its 737 Max.

CITY MOVES WHO’S SWITCHING JOBSTURLEYCatriona Fraser has beenpromoted to director in theLondon team at nationalplanning and developmentconsultancy Turley. Catrionahas been involved in severalhigh-profile projects for Turleyacross London. She hasadvised on a number of keyLondon development sites formixed-use alternativeresidential schemes, such as student accommodation,co-living and retirement. In her new role Catriona willcontinue to focus on delivering schemes within the

specialist residential sector, as well as town centreregeneration projects. Turley also announced thatDavid Murray-Cox has been promoted to director inReading. David is currently involved in major schemesacross the south-east, including the promotion ofaround 5,000 new homes in north Essex and a series oflater living proposals throughout the region. Turley’shead of planning for London Ben Wrighton said: “It’sbeen a fantastic year for us in London and the southeast as we continue to go from strength to strength incomplex market conditions. We’re working onnumerous exciting projects across the region forclients who need both flexibility and certainty from theplanning system. Our people make this possible andthese promotions reflect the talent across the team.”

JOHNS & COJohns & Co, a London estate agency specialising innew homes, has announced the appointment ofMonique Chery to marketing director. Monique hasnearly 15 years of marketing experience in theproperty sector, and most recently ran her ownmarketing consultancy business advising clients in thereal estate, tech, luxury consumer and hospitalitysectors. Prior to running her own business, Moniquewas head of marketing at north London estate agencyGreene & Co, during and after its acquisition byCountrywide. Monique also spent a number of yearsworking in the US real estate sector for both Corcoranand Beechwood Homes, two premier New York realestate firms. In her role as marketing director, Monique

will be responsible for developing and executing themarketing strategy, and positioning the estate agencybusiness for optimum growth.

ASHTEADEquipment rental firm Ashtead has announced theappointment of Jill Easterbrook as a non-executivedirector from 1 January 2020. Jill has also been madea member of the audit, remuneration and nominationcommittees. Jill has been chief executive of Bodensince 2017. Prior to that she held a number of seniorpositions with Tesco, and is a non-executive director ofAuto Trader. Ashtead chair Paul Walker said: “Jill bringsa wealth of retail and digital marketing experiencewhich will add to the strength of the board.”

To appear in CITYMOVES please email your career updates and pictures to citymoves@cityam.com

Investment platform Integrafin reported full-year results slightly ahead ofexpectations yesterday, generating good growth despite challenging conditions. Thecompany also announced the departure of chief executive Ian Taylor, who will bereplaced by chief financial officer Alex Scott. Peel Hunt say the company’s balancesheet remains well capitalised, and retain their “add” recommendation, with anincreased target price of 490p.

Ocado has really delivered this year. The company is on the brink of becoming thelargest listed tech firm in the UK, as the competition watchdog prepares to de-designate the company as a retailer following its joint venture with M&S. Peel Huntanalysts say the company has “huge future potential”, and has the vision tocapitalise on its current success to become the Microsoft of retail. Analysts reiteratetheir “buy” rating for Ocado, with a target price of 1,700p.

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TOP RISERS

1. Hikma Up 4.11 per cent2. Ashtead Group Up 2.49 per cent3. Imperial Brands Up 2.41 per cent

TOP FALLERS

1. Meggitt Down 2.64 per cent2. Berkeley Group Down 2.30 per cent3. Persimmon Down 2.09 per cent

Boeing supplier Meggittsuffered as 737 Max

production was halted

CITYAM.COM20 THURSDAY 19 DECEMBER 2019MARKETS

GILTSTsy 4.750 20 ............... 100.90 -0.01 104.8 100.9Tsy 8.000 21.................110.88 -0.02 117.9 110.8Tsy 2.500 24 ............... 362.23 0.79 377.9 358.8Tsy 5.000 25 ................122.70 -0.04 126.0 122.4Tsy 4.250 27 ................128.15 -0.12 132.8 125.2Tsy 6.000 28 ................146.22 -0.15 152.1 143.1Tsy 4.125 30 ................ 379.82 1.39 404.2 364.2Tsy 4.250 32................. 139.12 -0.18 146.4 132.4Tsy 4.250 36 ................146.79 -0.13 155.7 137.5Tsy 4.750 38.................161.29 -0.08 171.8 150.0Tsy 4.250 46 ................ 167.90 0.09 181.0 151.7

AEROSPACE & DEFENCEBAE Systems ................. 568.8 1.2 588.2 443.9Cobham .............................163.7 0.1 168.3 96.8Meggitt ............................642.4 -17.4 669.8 458.0QinetiQ ............................ 350.8 -0.6 354.0 267.0Rolls-Royce .................... 698.4 8.4 988.4 686.4Senior ................................177.8 12.1 239.2 165.7Ultra Electronics ........2092.0 6.0 2252.0 1232.0

AUTOMOBILES & PARTSAston Martin..................563.2 13.0 1374.4 399.3TI Fluid Systems .......... 246.0 3.0 246.0 155.2

BANKSBarclays ........................... 185.1 -2.2 192.5 136.2BGEO Group .................1600.0 22.0 1755.0 1252.0HSBC Hldgs.....................599.1 5.5 680.6 552.3Lloyds Banking .................63.4 0.1 67.2 48.6Royal Bank of Scot .......248.7 -4.6 270.4 177.7Standard Chartered ..... 733.0 3.6 736.8 575.7TBC Bank Group......... 1304.0 0.0 1706.0 1150.0Virgin Money UK ............191.9 -1.9 220.1 104.4

BEVERAGESBarr (AG) ........................ 568.0 -10.0 975.0 540.0Britvic ..............................898.0 3.0 1068.0 786.0Coca-Cola HBC AG .....2565.0 36.0 3074.0 2299.0Diageo ............................3148.0 -7.0 3625.5 2701.0

CHEMICALSCroda International . 4884.0 -36.0 5375.0 4564.0Elementis..........................171.5 1.9 197.9 129.8Johnson Matt..............3024.0 46.0 3454.0 2665.0Synthomer ......................339.8 3.2 420.8 279.0Victrex ..........................2462.0 2.0 2522.0 1845.0

CONSTRUCTION & MATERIALSBalfour Beatty ................267.2 2.4 295.0 194.2CRH ................................3046.0 17.0 3046.0 1971.5Galliford Try....................833.0 -14.0 856.0 512.0Grafton Group............... 869.0 -16.0 937.0 630.0Ibstock ............................ 296.2 1.2 296.2 193.1Marshalls ........................ 836.5 -29.0 865.5 453.8Polypipe Group ............. 542.0 -3.0 546.5 315.2

DIVERSIFIED INDUSTRIALSSmith (DS) ..................... 394.0 6.1 394.8 292.2Smiths Gp...................... 1697.0 -7.5 1704.5 1342.0Smurfit Kappa Gp......2882.0 26.0 2882.0 2058.0Vesuvius...........................493.2 5.2 642.0 341.0

ELECTRICITYContour Global...............194.0 -4.0 222.5 159.1Drax Gp ............................326.2 4.0 413.8 251.0SSE ..................................1442.5 -8.0 1459.5 1008.0

ELECTRONIC & ELECTRICAL EQUIPMENTHalma ............................ 2120.0 -44.0 2164.0 1308.0Morgan Advanced .........317.0 -1.8 322.6 232.4Oxford Instruments ...1494.0 8.0 1626.0 853.0Renishaw ......................3930.0 4.0 4670.0 3232.0Spectris ........................2894.0 -17.0 2944.0 2188.0

EQUITY INVESTMENT INSTRUMENTS3i Infrastructure .......... 292.5 -0.5 306.5 258.4Aberforth Smlr Cos ...1516.0 2.0 1546.0 1114.0Alliance Trust .................839.0 6.0 839.0 672.0AVI Global Trust............773.0 -2.0 781.0 660.0Baillie Gifford Japan ... 830.0 2.0 840.0 663.0Bankers InvTst ..............987.0 2.0 987.0 766.0BlackRock Smaller .... 1660.0 -4.0 1694.0 1175.0BMO Global Smaller ......143.5 -0.4 146.6 122.0Caledonia Inv .............. 3150.0 -10.0 3160.0 2785.0City of London IT .........440.0 -0.5 441.0 376.0Edin Inv Trust ............... 630.0 -3.0 652.0 535.0European Opp ................ 811.0 -6.0 875.0 666.0F&C Investment ............755.0 1.0 755.0 616.0Fidelity China SPE ....... 228.0 1.0 250.0 183.4Fidelity Euro Values .....255.5 -2.0 257.5 202.0Fidelity Spec Val ...........273.0 -1.5 275.5 220.0Finsbury G&I Tst ...........907.0 0.0 958.0 741.0GCP Infra Inv .................130.6 -0.2 132.4 122.6Genesis Emerging ......... 787.0 7.0 787.0 628.0Greencoat UK ..................149.4 -0.8 151.2 124.4Harbourvest Glb ..........1782.0 18.0 1786.0 1334.0Herald Inv Trust ..........1494.0 -10.0 1514.0 1055.0HICL Infr .........................168.6 -3.0 174.0 156.6JPM American ..............482.0 3.0 494.5 386.5JPM Emerg Mkt .........1040.0 10.0 1066.0 834.0JPM Indian IT ...............752.0 3.0 790.0 633.0JPM Japan IT ................472.0 -1.0 476.0 367.0Jupiter Fund Mngt ....... 415.4 0.0 432.0 290.9Law Debenture ............. 638.0 -2.0 640.0 534.0Mercantile IT .................263.0 -1.0 267.5 168.0Monks Inv Tst ............... 952.0 -4.0 964.0 710.0Murray Intl Tst ........... 1256.0 0.0 1256.0 1084.0NB Glbl Fltg Rate Inc ......91.5 0.0 91.9 87.6Pantheon Intl Partn ..2485.0 15.0 2485.0 1960.0Perpetual Inc & Grth ....337.5 1.5 339.5 284.5Pershing Square ..........1432.0 4.0 1570.0 990.0Personal Assets Tst 42250.0 0.0 43150.0 38900.0Polar Cap Tech Tst ..... 1562.0 4.0 1562.0 1066.0Renewables Infra Gp ....133.2 0.6 133.2 110.6RIT Cap Partners ....... 2140.0 -5.0 2180.0 1892.0Riverstone Energy ....... 409.0 -3.0 1118.0 403.5Schroder Asia ...............468.0 3.0 469.5 389.0Scottish Inv Tst ............ 836.0 1.0 843.0 748.0Scottish Mortgage ...... 548.0 5.0 568.5 441.4Sequoia Econ Infra .......115.4 0.0 117.6 109.5Smithson Inv ............... 1298.0 -6.0 1304.0 1000.2Syncona .......................... 225.0 4.5 294.0 203.0

Temple Bar IT ..............1470.0 -6.0 1482.0 1116.0Templeton Em Mkts .....835.0 9.0 835.0 670.0Vietnam Enterprise ...... 467.5 0.5 509.0 421.5VinaCapital Vietna ........327.5 0.5 357.5 323.0Witan Invest ................. 228.5 -1.0 229.5 189.6Wwide Healthcare .....3110.0 0.0 3110.0 2325.0

FIXED LINE TELECOMMUNICATIONSBT Gp ............................... 202.8 -1.7 250.1 158.9Talktalk Telecom ............112.6 -1.5 126.5 96.5Telecom Plus ................1512.0 0.0 1528.0 1130.0

FOOD & DRUG RETAILERSGreggs ...........................2250.0 -8.0 2476.0 1257.0Morrison (WM) ............. 199.0 -0.2 245.8 176.9Ocado Gp .......................1232.0 -6.0 1435.0 749.8Sainsbury(J) ................... 232.1 2.1 293.9 177.1SSP Group ......................650.0 -14.0 721.0 608.0Tesco .................................251.7 -1.6 258.9 189.6

FOOD PRODUCERSAssoc British Foods...2565.0 -2.0 2631.0 2041.0Bakkavor ......................... 145.0 -1.0 170.0 93.3Cranswick .................... 3342.0 18.0 3408.0 2472.0Greencore Gp .................268.9 -0.5 281.8 176.0Hilton Food Gp ............1050.0 -4.0 1088.0 894.0Tate & Lyle ......................764.8 12.4 800.4 658.4Unilever .........................4278.5 -20.5 5324.0 3941.0

FORESTRY & PAPERMondi ............................. 1723.5 9.5 1898.0 1510.5

GENERAL FINANCIAL3i Group .......................... 1111.5 7.0 1184.5 756.2Ashmore Gp ................... 505.5 4.0 542.5 356.0Brewin Dolphin ............. 368.0 -3.4 375.0 287.6Close Brothers .............1603.0 -12.0 1663.0 1227.0Coats Group .......................73.2 0.2 91.3 68.1Finablr ...............................176.4 -10.9 215.0 140.2Hargreaves Lans.........2023.0 -17.0 2433.0 1633.0IG Gp................................. 697.4 4.8 705.0 474.8Integrafin Holdings ..... 450.0 -6.0 456.0 274.8Intermediate Capital 1596.0 12.0 1601.0 918.5Intl Public Prtnshps ..... 163.6 -3.4 167.0 146.8Investec ...........................455.5 3.3 518.6 395.3IP Group .............................71.2 0.0 122.0 55.7John Laing Gp ............... 368.6 -0.4 402.0 321.4London Stock Exch ....7404.0 -32.0 7514.0 3908.0Man Group ......................158.8 1.9 175.2 130.2Onesavings ......................415.8 -13.6 452.0 313.6Paragon............................539.5 -0.5 553.5 379.2Plus500 ...........................861.8 9.8 1647.0 495.0Provident Fin ................. 455.0 -2.7 658.6 356.0Quilter ...............................161.5 -1.4 164.9 114.5Rathbone Brothers ....2100.0 -5.0 2540.0 2045.0Schroders ......................3376.0 -3.0 3419.0 2395.0TP ICAP ........................... 415.9 1.9 416.0 270.0

GENERAL RETAILERSB&M ...................................411.9 2.4 420.9 278.6Card Factory ................... 169.8 2.8 209.0 150.0Dixons Carphone ...........146.3 1.4 150.0 104.9Dunelm Gp.....................1156.0 -12.0 1173.0 506.5Frasers Group ................449.2 -20.8 472.2 214.0

Hastings Gp Hldgs ........ 176.3 -2.3 231.6 167.9Hiscox ............................ 1400.0 8.0 1777.0 1213.0RSA Ins Gp ....................560.0 -6.4 597.0 496.7

OIL & GAS PRODUCERSBP ......................................479.3 0.5 582.5 462.4Cairn Energy...................201.0 12.0 213.8 140.0Energean Oil & Gas ...... 911.0 -10.0 1082.0 602.1Premier Oil ........................94.9 1.9 106.2 55.6Royal Dutch Shell A...2244.0 11.0 2612.0 2144.5Royal Dutch Shell B ...2248.5 19.5 2622.0 2126.5Tullow Oil ........................... 65.4 1.8 250.0 39.9

OIL EQUIPMENT & SERVICESHunting ............................ 387.8 3.8 657.0 363.8Petrofac ........................... 375.1 0.7 559.0 374.4Wood Gp(J) ....................389.6 8.1 598.6 319.6

PERSONAL GOODSBurberry Gp.................2188.0 30.0 2345.0 1623.5PZ Cussons ...................... 181.8 3.0 227.0 178.6

PHARMACEUTICALS & BIOTECHNOLOGYAstraZeneca ................7480.0 30.0 7580.0 5325.0Dechra Pharma ...........2876.0 56.0 3036.0 2022.0Genus ..............................3162.0 -54.0 3246.0 2146.0GlaxoSmithKline .........1794.4 16.2 1794.4 1436.0Hikma Pharma ............ 1986.5 78.5 2200.0 1510.5

REAL ESTATEAssura .................................76.4 -0.8 79.3 52.5Big Yellow Gp ...............1152.0 0.0 1192.0 858.5BMO Comm Prop ............117.2 -2.2 132.8 106.0British Land ...................602.8 -1.0 638.4 468.3Captl & Count Prop ......251.8 -1.2 270.5 184.8CLS Hldgs ....................... 290.5 -5.0 312.5 209.0Daejan Hldgs ............... 5610.0 -60.0 6160.0 4715.0Derwent London ....... 3806.0 -58.0 3970.0 2779.0Grainger ...........................301.8 3.0 306.2 205.8Grt Portland Est ........... 834.6 -9.8 871.0 649.4Hammerson .................... 297.5 3.3 388.4 203.9Land Securities..............954.4 -11.4 1001.5 735.4LondonMetric Prop ..... 228.0 0.6 241.2 172.7NewRiver Retail ............198.2 3.2 246.0 147.6Primary Hlth Prop ........ 152.2 -1.4 153.6 108.8Safestore Hldgs ............ 780.0 14.0 780.0 506.5Savills ............................ 1085.0 -15.0 1175.0 678.5SEGRO ..............................879.2 5.6 894.0 585.2Shaftesbury ....................914.0 -16.0 979.5 739.5St Modwen Props .........474.0 -10.5 484.5 373.0TR Property IT ..............474.0 -2.5 476.5 353.5Tritax Big Box ................ 144.7 0.7 159.7 130.1UK Commercial Prop ..... 88.1 -2.9 92.7 79.9Unite Group ..................1218.0 2.0 1251.0 797.5Workspace Gp .............1160.0 -14.0 1186.0 789.5

SOFTWARE & COMPUTER SERVICESAvast................................460.6 8.6 460.6 266.4Aveva Gp.......................4622.0 40.0 4622.0 2284.0Computacenter............1758.0 32.0 1758.0 952.0FDM Group................... 1026.0 20.0 1026.0 647.0Kainos Gp ........................726.0 0.0 730.0 430.0Micro Focus Intl ..........1072.6 2.6 2160.0 1004.0Playtech ...........................389.6 3.5 457.7 360.5

Sage Group .....................745.8 -0.6 820.4 567.0Softcat ............................1127.0 -1.0 1176.0 570.0Sophos ............................ 562.8 3.4 577.0 298.2

SUPPORT SERVICESAggreko ...........................841.0 -3.0 855.8 693.2Ashtead Gp ...................2427.0 59.0 2450.0 1586.5Babcock Intl Grp.......... 628.0 2.0 641.0 416.7Bunzl ............................. 2066.0 -7.0 2551.0 1943.0Capita ................................178.1 -3.4 183.0 99.9DCC ................................6544.0 -72.0 7496.0 5750.0Diploma ........................ 2004.0 -10.0 2026.0 1150.0Electrocomp ...................669.2 -4.8 729.8 480.0Equiniti ............................ 209.8 -6.2 236.2 186.2Essentra ...........................434.4 4.0 449.0 325.4Experian .......................2534.0 6.0 2631.0 1843.0Ferguson .......................6874.0 -96.0 7004.0 4800.0G4S ................................... 213.6 0.0 234.3 168.3Hays .................................. 178.0 -5.0 183.0 135.7Homeserve ....................1276.0 -15.0 1291.0 849.0Intertek Gp ................. 5800.0 60.0 5962.0 4608.0IWG................................... 413.4 0.1 421.9 199.8Network Int...................580.0 1.0 628.0 513.0Pagegroup ....................... 513.5 -16.0 539.0 367.8Paypoint........................1008.0 -6.0 1118.0 748.0Rentokil Initial .............. 450.9 3.6 467.8 319.0Sanne Group .................. 696.0 -9.0 752.0 450.0Serco ................................160.9 -0.6 165.0 94.5SIG .................................... 123.5 0.3 153.0 99.3Travis Perkins...............1591.0 -34.0 1692.5 1012.0

TECHNOLOGY HARDWARE & EQUIPMENTSpirent Comms ............. 228.5 12.0 228.5 114.6

TOBACCOBr Am Tob .................... 3239.0 39.5 3239.0 2375.0Imperial Brands ...........1817.0 42.8 2713.5 1668.2

TRAVEL & LEISURECarnival ......................... 3352.0 0.0 4430.0 3056.0Cineworld Group ........... 227.4 4.2 321.0 191.0Compass Gp ..................1875.0 6.0 2138.0 1583.0Dominos Pizza ................ 315.3 3.4 315.3 221.2easyJet ..........................1429.0 2.0 1501.0 854.8EI Group ..........................283.6 -0.2 285.0 176.8FirstGroup ........................121.1 1.1 137.5 79.4Flutter Ent....................8918.0 66.0 8926.0 5525.0Go-Ahead Gp ................2176.0 6.0 2278.0 1480.0GVC Hldgs ...................... 869.2 -9.0 897.4 507.5Intercontl Htls ............5100.0 21.0 5738.0 4230.4Intl Cons Airl.................. 627.8 3.4 667.6 413.5Marstons ..........................127.9 -0.2 131.4 90.5Mitchells & Butlers ......441.5 -4.0 470.5 238.0National Express .......... 468.2 -0.8 473.2 361.4PPHE Hotel Gp ............1900.0 -30.0 1990.0 1630.0Rank Gp ...........................276.0 1.0 276.0 135.0Restaurant Grp ..............152.8 0.9 161.8 111.9Stagecoach Gp...............160.5 3.5 167.0 115.5Wetherspoon (JD) ......1725.0 -9.0 1734.0 1066.0Whitbread .................... 4873.0 -60.0 5152.0 3988.0William Hill .....................180.8 0.2 205.2 132.3Wizz Air Holdings .......3967.0 -27.0 4013.0 2722.0

AIM 50

Abcam ............................1435.0 24.0 1500.0 1017.0

Advanced Medical ........281.5 1.5 354.5 225.0

Alliance Pharma .............. 78.5 0.0 80.4 60.0

ASOS.............................. 3100.0 110.0 4066.0 2107.0

Blue Prism .................... 1038.0 36.0 1472.0 788.0

Camellia ........................8750.0 25.0 11750.0 8600.0

Caretech Holdings ........410.0 4.0 410.0 325.0

Central Asia Metals .....224.5 6.0 266.5 180.0

Clinigen Group ..............905.0 5.0 1069.0 721.0

CVS Group ..................... 1110.0 9.0 1110.0 395.0

Dart Group ................... 1704.0 28.0 1704.0 709.5

Diversified Gas & Oil .....107.0 4.5 116.5 97.0

Draper Esprit ................ 492.0 2.0 548.0 410.0

Eland Oil & Gas .............. 165.8 0.0 165.8 101.0

EMIS Group ...................1112.0 -12.0 1242.0 864.0

Fevertree Drinks .........2139.0 112.0 2475.0 1732.5

First Derivatives .........2730.0 30.0 3555.0 2050.0

Frontier Devs ................ 1192.0 -22.0 1254.0 740.0

Gamma Comms ...........1275.0 -5.0 1295.0 730.0

GB Group .........................756.0 4.0 756.0 420.0

Gooch & Housego .......1345.0 35.0 1527.5 954.0

Hurricane Energy ............30.2 0.7 53.6 29.5

Impax Asset Mgmt ......355.0 5.0 362.5 184.0

Iomart Group ................. 374.5 9.5 398.0 308.0

IQE.......................................46.0 -1.3 98.0 41.8

James Halstead ............ 552.0 2.0 552.0 420.0

Johnson Service Gp ..... 196.6 -4.9 201.5 114.0

Keywords Studios ...... 1413.0 36.0 1838.0 900.0

Learning Tech Gp ..........136.0 0.6 136.0 62.2

M&C Saatchi .................. 123.5 -1.5 394.0 79.0

M.P. Evans ....................... 731.0 -7.0 741.0 612.0

Majestic Wine ................221.0 4.0 318.0 213.0

Midwich Group ..............573.0 -36.0 633.0 474.5

Mortgage Advice B ......740.0 -2.0 754.0 546.0

Next Fifteen Comm ...... 497.0 5.0 658.0 465.0

Nichols........................... 1620.0 27.5 1880.0 1350.0

Numis Corporation .......299.5 -1.5 301.0 212.0

Polar Capital Hdgs ....... 566.0 6.0 604.0 450.0

Purplebricks Gp ...............117.4 0.4 132.0 96.0

Redde................................108.2 0.4 127.6 100.6

Renew Holdings.............518.0 2.0 518.0 333.0

RWS Holdings ............... 622.0 -3.0 670.0 450.0

Scapa Group ...................239.0 12.0 403.0 157.0

Secure Income REIT ...423.0 1.0 454.0 371.0

Serica Energy.................129.0 7.6 143.4 103.6

Smart Metering Sys.... 564.0 -5.5 665.0 310.0

Telford Homes ................349.5 0.0 358.0 267.0

Thorpe (F.W.) ..................334.0 -1.0 340.0 248.5

Watkin Jones .................245.0 -1.0 247.5 199.0

Young’s Brew NV ........ 1255.0 0.0 1260.0 1030.0

Young’s Brew-A............ 1627.5 -2.5 1885.0 1322.5

Howden Joinery Gp...... 667.4 -2.0 685.8 416.4Inchcape..........................679.0 -1.0 688.5 525.5JD Sports Fashion ....... 809.4 -11.6 821.0 318.5Just Eat...........................802.6 2.6 812.0 570.6Kingfisher........................ 215.4 -3.9 266.2 185.9Marks & Spencer ..........218.0 -1.0 303.2 163.9Next ............................... 7150.0 -134.0 7340.0 3991.0Pets at Home Gp ..........280.8 -1.6 283.0 113.3Vivo Energy .....................123.4 -2.4 139.5 111.4Watches of Switz .........320.8 0.8 338.8 270.0WH Smith.....................2566.0 -6.0 2574.0 1697.0

HEALTH CARE EQUIPMENT & SERVICESConvatec .......................... 192.2 0.2 202.8 118.5Mediclinic Intl ..............400.3 4.7 411.6 293.4NMC Health ..................1729.0 -18.5 3000.0 1729.0Smith & Neph...............1810.0 5.0 1990.0 1396.0UDG Hlthcare .................773.0 -3.0 832.5 551.0

HOUSEHOLD GOODSBarratt Devel .................746.8 -13.0 774.2 444.7Bellway ......................... 3779.0 -51.0 3888.0 2456.0Berkeley Grp Hldgs ...4965.0 -117.0 5214.0 3355.0Bovis Homes Gp ..........1373.0 -23.0 1399.0 831.0

Royal Mail ...................... 238.0 -4.5 304.3 188.4Signature Avi .................324.9 0.0 406.0 266.2

LEISURE GOODSGames Workshp .........5965.0 185.0 5965.0 2800.0

LIFE INSURANCEAviva .................................424.5 -1.4 438.8 352.3Lancashire Hldgs ...........753.0 -12.0 768.5 561.5Legal & General ............ 308.2 -6.1 317.7 216.7Phoenix Gp ..................... 750.8 -5.9 756.7 555.4Prudential ..................... 1447.5 2.0 1790.0 1279.5St James Place ............1180.0 -9.5 1199.5 913.6Std Life Aberdeen ........326.6 2.3 326.6 231.1

MEDIA4imprint ........................3070.0 -30.0 3130.0 1800.0Ascential ........................ 368.8 8.0 411.0 319.0Auto Trader Gp ..............592.2 -3.4 606.0 436.2Entertainment One ...... 558.0 0.5 589.0 336.4Euromny Inst Inv....... 1260.0 -4.0 1498.0 1132.0Future ............................ 1392.0 -26.0 1572.0 465.0Informa ............................ 837.0 12.8 892.0 605.8ITV .....................................151.5 -0.6 156.5 103.6Moneysupermkt.com ...332.5 10.6 417.7 269.8

Countryside Prop ......... 465.6 -7.6 474.4 277.6Crest Nicholson .............421.0 0.0 445.0 312.0McCarthy & Stone........ 148.2 -0.6 158.8 123.5Persimmon ...................2664.0 -57.0 2826.0 1836.0Reckitt Benckiser ......6010.0 -11.0 6688.0 5593.0Redrow............................ 728.0 0.0 736.0 471.6Taylor Wimpey ...............193.5 -2.4 201.2 133.1

INDUSTRIAL ENGINEERINGBodycote ........................ 942.0 -14.0 956.0 652.0Hill & Smith ................. 1496.0 1.0 1505.0 1049.0IMI ...................................1193.0 -5.0 1200.5 899.0Melrose Ind ....................235.3 -2.0 240.0 155.7RHI Magnesita ...........3878.0 14.0 5000.0 3420.0Rotork ..............................335.9 1.2 341.2 237.7Spirax-Sarco................8970.0 -60.0 9400.0 5900.0Weir Gp ......................... 1564.5 8.5 1814.0 1240.0

INDUSTRIAL METALSEvraz ................................ 406.4 9.3 709.4 341.4Ferrexpo .......................... 155.3 3.5 301.3 123.0

INDUSTRIAL TRANSPORTATIONClarkson ....................... 2800.0 -25.0 2900.0 1878.0Fisher (James) ........... 2050.0 -15.0 2260.0 1706.0

Pearson ........................... 655.0 11.0 1027.5 628.0RELX .............................. 1894.0 6.5 2011.0 1581.5Rightmove Group ..........635.0 -0.4 649.0 420.9WPP ................................1047.0 10.5 1047.0 800.4

MININGAnglo American ......... 2168.5 -19.0 2266.0 1666.6Antofagasta .................. 938.0 -9.4 1022.5 738.0BHP Group .....................1797.6 1.8 2049.0 1563.0Centamin ..........................118.4 1.1 152.3 79.8Fresnillo .......................... 585.2 1.0 1027.5 539.6Glencore ..........................234.2 2.0 340.3 216.9Hochschild Mining ........158.0 -3.2 227.0 155.0Kaz Minerals ..................542.2 -5.6 738.4 380.3Polymet Int................... 1175.0 1.0 1272.0 772.6Rio Tinto .......................4465.5 9.0 4976.5 3643.0Sirius Minerals....................3.5 0.0 24.3 2.9

MOBILE TELECOMMUNICATIONSVodafone Gp ...................150.5 1.2 165.2 123.3

NONLIFE INSURANCEAdmiral Gp ...................2264.0 -13.0 2300.0 1975.5Beazley .............................543.0 -6.0 628.0 492.6Direct Line Ins ............... 318.7 1.0 366.5 270.5

7540.7515.47

21663.1327.07

4186.146.60

28239.2827.88

8827.734.38

3191.141.38

Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low

FTSE 100

EU SHARES

COMMODITIES

WORLD INDICIES

TOURIST RATES

US SHARES

FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500

MAIN CHANGES UK 350

Senior ....................................... 177.80 7.3Cairn Energy ..........................201.00 6.3Spirent Comms .....................228.50 5.5Hikma Pharma ....................1986.50 4.1Moneysupermkt.com .......... 332.50 3.3Games Workshp ................5965.00 3.2Tullow Oil .................................. 65.38 2.8Ashtead Gp .......................... 2427.00 2.5Imperial Brands ..................1817.00 2.4Aston Martin ......................... 563.20 2.4

Finablr ......................................176.40 -5.8Frasers Group........................449.20 -4.4Trainline ...................................497.50 -4.3Marshalls ................................836.50 -3.4UK Commercial Prop ..............88.10 -3.2Onesavings ............................. 415.80 -3.2Pagegroup ...............................513.50 -3.0Equiniti ....................................209.80 -2.9Hays ......................................... 178.00 -2.7Meggitt ...................................642.40 -2.6

%Risers Fallers %

£ €/$

€/£

€/¥

/€

/$

/¥

1.1765 1.1113

1.3076 0.8500

143.29 121.80

0.0003 0.0035

0.0039 0.0002

0.3300 0.3100

Price Chg High LowPrice Chg High Low

Price Chg %Chg Price Chg %Chg Price Chg %Chg Price Chg %Chg

3M ..................................................................................169.03 -0.90 219.50 150.74ABBOTT LABORATORIES ........................................ 86.93 -0.13 88.74 65.56ADOBE INC .................................................................324.38 1.53 323.80 205.16ALPHABET NON VTG-C ........................................1352.62 -2.50 1361.17 976.22ALPHABET-A .............................................................1351.91 -2.98 1360.70 1116.79AMAZON.COM .........................................................1784.03 -6.63 2020.99 1343.96AMERICAN EXPRESS ............................................. 124.26 -0.69 128.57 89.50APPLE INC ...................................................................279.74 -0.67 280.41 142.19AT&T ...............................................................................38.74 0.24 39.63 27.36BANK OF AMERICA .....................................................35.11 0.07 35.04 22.73BERKSHIRE HATHAWAY........................................ 225.01 -2.04 227.05 187.76BOEING CO .................................................................330.68 3.68 432.69 294.16CATERPILLAR INC .....................................................147.12 0.75 148.16 113.38CHEVRON .....................................................................118.55 -0.05 126.54 100.99CISCO SYSTEMS ........................................................46.64 0.20 58.05 40.28CITIGROUP .................................................................... 77.92 0.18 77.74 49.26COCA-COLA CO ............................................................ 53.91 -0.51 55.77 44.69COMCAST ......................................................................43.19 -0.20 46.97 33.07DOW ................................................................................ 54.25 -0.41 66.65 40.71EBAY INC .......................................................................35.63 -0.27 41.57 26.14EXXON MOBIL ..............................................................69.87 0.19 83.38 65.51FACEBOOK ................................................................. 202.50 4.11 204.87 174.60GOLDMAN SACHS GROUP .....................................230.45 -0.70 231.15 156.35HOME DEPOT INC ....................................................218.00 0.28 238.85 158.14HONEYWELL INTERNATIONAL ............................174.64 -2.06 182.01 124.83IBM ................................................................................134.41 0.19 151.36 107.57INTEL ...............................................................................57.17 -0.13 58.90 43.46JOHNSON & JOHNSON ............................................ 143.19 -0.37 144.24 122.84JPMORGAN CHASE & CO ......................................138.04 -0.14 138.18 92.14MASTERCARD INC ..................................................294.74 -1.26 296.96 174.65MCDONALD’S ..............................................................195.63 -0.89 221.15 170.28MEDTRONIC ................................................................113.80 -0.55 114.54 82.45MERCK & CO ................................................................ 89.62 0.60 89.57 71.15MICROSOFT ............................................................... 154.37 -0.32 155.53 94.13NETFLIX ..................................................................... 320.80 5.32 385.03 233.88NIKE INC ..................................................................... 100.57 0.92 99.65 67.53ORACLE ...........................................................................53.39 0.55 60.15 42.69PAYPAL HOLDINGS ...................................................107.83 -0.63 121.30 96.64PEPSICO .......................................................................135.97 -0.20 140.28 118.61PFIZER INC ..................................................................38.89 -0.01 44.40 34.24PROCTER & GAMBLE ...............................................124.01 -1.30 125.56 87.36TRAVELERS COMPANIES .......................................135.67 -1.32 154.83 112.63TWITTER .......................................................................31.68 0.98 45.42 28.89UNITED HEALTH GROUP ........................................292.90 2.43 292.03 215.26UNITED TECHNOLOGIES ..........................................147.71 -0.91 149.46 102.06VERIZON COMMUNICATIONS ...............................60.86 -0.63 61.49 53.05VISA .............................................................................184.90 -0.62 186.24 168.86WALGREENS BOOTS ALLIANCE.............................57.20 0.11 76.05 49.29WALMART ...................................................................119.86 -1.42 121.28 85.82WALT DISNEY CO .................................................... 146.26 -1.47 151.64 100.35WELLS FARGO & CO ...................................................53.67 -0.67 54.46 43.38

ADIDAS.................................................................................289.65 2.75 296.35 180.10AIR LIQUIDE .......................................................................124.60 0.25 130.80 102.40ALLIANZ AG .......................................................................221.10 -1.50 223.80 172.16AMADEUS IT GROUP ......................................................72.86 -0.28 73.14 42.30ANHEUSER BUSCH INBEV .............................................72.10 0.87 92.71 57.35ASML HOLDING NV .......................................................263.60 0.60 263.00 130.88AXA ...........................................................................................25.09 0.03 25.38 18.54BANCO SANTANDER ......................................................323.45 3.05 402.00 295.05BASF...........................................................................................67.02 -0.23 74.49 56.20BAYER AG...............................................................................70.84 0.78 72.81 52.53BMW ..........................................................................................75.16 0.17 77.75 58.70BNP PARIBAS .......................................................................53.27 0.19 53.20 38.55CRH ..................................................................................... 3046.00 17.00 3046.00 1971.50DAIMLER ................................................................................50.31 -0.74 59.31 40.53DANONE ...................................................................................74.02 0.94 82.00 60.28DEUTSCHE POST AG ........................................................34.38 -0.41 34.91 23.72DEUTSCHE TELEKOM ....................................................... 14.74 -0.12 16.25 14.10ENEL .............................................................................................6.98 -0.03 7.01 5.04ENGIE.........................................................................................14.48 -0.24 15.12 12.02ENI ..............................................................................................13.82 0.12 15.94 13.04ESSILORLUXOTTICA ......................................................128.75 0.00 128.75 128.75FRESENIUS MEDICAL CARE ........................................64.42 -0.34 76.32 56.64IBERDROLA ...............................................................................9.16 0.01 9.54 6.02INDITEX ...................................................................................31.10 0.07 32.37 2.55ING GROEP NV......................................................................10.97 0.08 12.05 8.34INTESA SANPAOLO..............................................................2.37 0.00 2.38 1.83KERING .................................................................................578.50 4.70 578.60 380.70KON KPN NV ............................................................................2.64 0.01 2.96 2.47L’OREAL ................................................................................255.90 -0.10 265.00 195.25LVMH MOET HENNESSY ............................................400.85 -1.80 409.70 243.65MUENCHENER RUECKVE ............................................265.20 -2.10 267.30 186.25NOKIA ......................................................................................21.88 0.00 21.88 21.88ORANGE ...................................................................................13.28 -0.17 15.01 13.15ROYAL PHILIPS ....................................................................43.45 0.20 44.34 29.10SAFRAN .................................................................................139.00 -0.40 149.90 100.70SANOFI ...................................................................................90.00 0.40 90.60 72.24SAP SE ....................................................................................119.58 -0.98 124.72 85.79SCHNEIDER ELECTRIC ....................................................91.80 -0.46 93.74 57.58SIEMENS AG ......................................................................116.88 -1.36 119.90 85.00SOCIETE GENERALE..........................................................30.91 0.15 30.76 21.13TELEFONICA SA ....................................................................6.58 -0.04 9.18 5.94TOTAL ........................................................................................48.61 -0.17 52.27 43.18UNILEVER NV .......................................................................50.95 -0.50 57.56 46.03VINCI .........................................................................................97.58 -1.30 102.40 70.50VIVENDI ..................................................................................25.33 -0.07 26.42 20.97VOLKSWAGEN AG ...........................................................179.68 -1.42 183.46 136.26

FTSE 100......................................................7540.75 +15.47 +0.21FTSE 250 ....................................................21663.13 -27.07 -0.12FTSE All-Share ...........................................4186.14 +6.60 +0.16FTSE AIM All-Share ..................................935.23 +7.24 +0.78

S&P 500..........................................................3191.14 -1.38 -0.04Dow Jones I.A ........................................28239.28 -27.88 -0.10Nasdaq Composite ...................................8827.73 +4.38 +0.05Xetra DAX...................................................13222.16 -65.67 -0.49

CAC 40 ..........................................................5959.60 -8.66 -0.15Swiss Market Index .............................10556.74 +17.85 +0.17ISEQ Overall Index ...................................7138.39 +15.78 +0.22FTSEurofirst 300 ........................................1619.13 -0.56 -0.03

Hang Seng .................................................27884.21 +40.50 +0.15Nikkei ...........................................................23934.43 -131.69 -0.55STI Index .....................................................3209.54 +8.74 +0.27ASX All Ordinaries....................................6957.00 +6.50 +0.09

Canada ..........................................................................................1.6408Croatia ............................................................................................ 7.9072Czech Republic .............................................................................. 27.47Denmark .......................................................................................8.3529Hong Kong ....................................................................................9.6691Iceland ............................................................................................ 142.53India .................................................................................................. 81.98Israel ...............................................................................................4.1203

New Zealand .............................................................................. 1.8566Norway.............................................................................................. 11.27Poland ...............................................................................................4.399Singapore ......................................................................................1.6542Sweden ............................................................................................. 11.78Switzerland ..................................................................................1.2224Turkey .............................................................................................7.3593United States ...............................................................................1.2491

Gold .......................................................................... 1473.87 -1.46Silver (Pence) .....................................................1706.00 +4.00Silver (Cents) ......................................................1292.00 +19.00Krugerrand ........................................................... 1487.56 -3.02Brent Crude ..............................................................66.10 +0.76Platinum .................................................................930.00 -2.00British Sovereign ...................................................347.61 -0.69Lead Cash Official ............................................1872.00 -1.25

Copper Cash Official........................................6174.50 +19.25Aluminium Cash Official ................................1753.50 -9.25Nickel Cash Official . ....................................14085.00 +2.50Aluminium Alloy Cash Official ...................1395.00 -5.00Natural Gas ................................................................37.56 +2.10Tin Cash Official ..............................................17187.50 +12.50Zinc Cash Official .............................................2296.75 +28.25White Sugar ..........................................................352.70 +1.00

21THURSDAY 19 DECEMBER 2019 MARKETSCITYAM.COM

CITYAM.COM22 THURSDAY 19 DECEMBER 2019OPINION

EDITED BY LUKE GRAHAM

[Re: Letters, yesterday]I read Sam Cunningham’s letter inyesterday’s paper with interest. While it’sunsurprising that he would advocateproportional representation, he is alsoendorsing more political stagnation andsupply-and-demand politics — in essencea permanent coalition.

Being the old-fashioned soul that I am,I’m an advocate of our first-past-the-post(FPTP) voting system. It delivers definitivegovernments which actually get policiesthrough. Having studied all thealternatives over a decade ago as a pluckypolitics student, I still find myself returningto this system.

I briefly worked for an MP during thecoalition government. Little of much notewas achieved. There was so much tit-for-tat bickering and political intrigue behindthe scenes. That was just on thebackbenches. The 2012 Lords Reform and2013 Boundary Reform debacles were justthe tip of the iceberg, but perfectlyillustrate the disadvantages of coalition. Atleast it kept the government whips busy.

The policies of the Conservatives and theLib Dems then, as now, were markedlydifferent. Each one had a distinct,divergent end — not an ideal situation ifyou’re looking for decisive leadership.

Whatever your political hue, it’s clearthat the only way for governments to getthings done — and have an effectiveopposition holding them to account — isthrough an FPTP system.John Martyn

LETTERSTO THE EDITOR

Hey Labour people — Here’s one foryour “period of reflection”. If you want to be taken seriously, stopcalling each other Comrade. Yousound like teenagers cosplaying thePolitburo. I cannot begin to expresshow off-putting it is.@barnyskinner

So why didn’t you vote Labour?Remainers — “Corbyn”Leavers — “Corbyn”Swing voters — “Corbyn”Traditional Labour voters — “Corbyn”Men — “Corbyn”Women — “Corbyn”AB,C1,C2,DE,ABC1,C2DE — “Corbyn”Corbynites — “I GUESS WE’LL NEVERTRULY KNOW WHY THEY DIDNT”#CorbynWasRight@DavidB45212563

Further signs of an upswing inGermany’s economic prospects for Q4with decent @ifo_Institut indicatorsfor Dec — follows v steep decline in18/19. Add in +ve #industrialproduction data out of China & US &near-term economic risks for globaleconomy have diminished.@shjfrench

We’ve never had a fireplace so when Iwas 6 I asked my parents how Santagot into the house and they said“through the plumbing”. I spent thenext few years:1) scared to flush the toilet onChristmas Eve in case I scared him off2) wondering if Santa was related tothe Basilisk@roobeekeane

Hands off ourvoting system

BEST OFTWITTER

ONE WEEK on, post-electioncommentary continues tobe dominated by analysisof Labour’s woes. In plum-meting to its worst defeat

since the Second World War, theparty now faces an identity crisis,and the fear is that things can onlyget worse.

This focus on Labour’s existentialspiral, however, ignores one side ofhow the election was won: the bril-liance of the Conservative campaign.

Whether a supporter or an oppo-nent, one must admit that the To-ries waged the most successfulGeneral Election campaign of a gen-eration. They managed to controlthe narrative, sidestepped the blun-ders of 2017, and outside of Londonrode a wave of enthusiasm into his-toric Labour heartlands.

If any party wants to challengethem next time around, they woulddo well to emulate the elements oftheir victory.

The Conservatives had a clearstrategy that was to be pursued to aruthless degree. They sought tobuild a Brexit consensus, punishingLabour in pro-Leave areas where To-ries once feared to tread.

If this meant ceding ground else-where, so be it. Even allies of thePrime Minster, such as Zac Gold-smith, were sacrificed for this pu-rity of purpose (a blow softenedsomewhat in Goldsmith’s case bythe reward of a seat in Lords).

The Tory messaging coalescedaround this goal. If you rememberanything from the 2019 election, itwill surely be “Get Brexit Done”. NoTory ad was complete without thismessage — and for good reason. It

They burst out of the bubble, talkingand listening to the voters whomattered most

How the Tories pulled off thebest campaign in a generation

John Oxley

spoke both to those who believed inBrexit and to those who begrudg-ingly accepted it. Three wordswhich dominated the airspace —seldom has an election messagebeen so simple. It also dragged thedebate onto ground where the Con-servatives felt strongest.

Beyond this, the Conservativesbuilt a message which resonatedwith those they sought to win over.They largely ignored think tankwonkery, instead relying on deliver-ing what their target voterswanted. More police, tougher sen-tences, more hospitals — it was acommon sense message designedto hit what ordinary people feltstrongest about.

In delivering this message, theConservatives excelled. They un-derstood that TV debates and interviews were sideshows for ob-sessives, offering far more chanceof a pitfall than a boost — so theyignored them in favour of internetvideos where the party could con-trol the narrative.

They combined this with concen-trated use of paid online contentand a concerted attempt to go viral.While much of the Tories’ onlineoffering was cringeworthy, that en-couraged the sharing of the party’smessage. In the new world of polit-ical advertising, “sh*tposting” getsyou further than subtlety.

The Prime Minister himselfformed a key part of the narrative.To win areas where “Thatcher” isusually combined with an unprint-able epithet, voters needed to beshown that it was okay to vote Tory.

Boris Johnson took on this rolewith relish. He barely appeared in

public this election without a high-viz jacket or a helmet. From pullingpints to selling donuts, his joyfulclass cosplay might have lookedcorny, but it showed an enthusiasmand empathy for the working classexperience that few on the leftcould ever muster.

Perhaps more genuine but equallyeffective were the Tories’ choice ofcandidates for these target seats.Labour strongholds were once usedby Conservatives as a trainingground for PPE graduates eyeing upsafe seats later in their careers.

The Conservative campaignditched this, instead finding localcandidates with convincing and un-conventional stories — a good swatheof whom were women, LGBTQ, orfrom ethnic minority backgrounds.This was another key step in break-ing down the aversion that somewould have to stereotypical Tories.

This success in the air war also fedan improved performance on theground. Tory activists were en-thused by the same things as Toryvoters. Mostly, they believed inBoris, believed in Brexit, and hadconstituency candidates they couldget excited about. Despite the windand rain of a winter election, Con-servative campaign sessions had anupbeat feel that they have lacked inmany recent elections.

Overall, the Conservative machinemoved with an effectiveness thatdelivered an unprecedented major-ity. The party identified where itneeded to win seats, and which vot-ers it needed to get there. Then itcrafted a message designed forthem, and delivered it.

The party may have taken flackfor dodging Andrew Neil, or for theveracity of some of its claims aboutspending. But it showed that noneof that mattered. It created a clearsignal that cut through the noise,bypassed the Twitterati, and hit thepeople whose votes it needed.

The Conservatives managed topresent themselves as a new entity,freed from the legacy of bothThatcher and more recent austerity.They connected with voters’ con-cerns, carefully calibrating boththeir message and its media. Theyburst out of the bubble, talking andlistening to the voters who mat-tered most.

While it is right for the unsuccess-ful parties to ask why they lost, theywould be wise to also study why theTories won.

£ John Oxley is a Conservativecommentator.

WHAT is the best thing about Christ-mas? Presents arenice. Spending timewith friends and fam-

ily is obviously a highlight. But formany of us what truly makes theseason is the food.

Mince pies, pigs in blankets,Christmas pudding, a snifter ofsherry — the festive period is allabout indulging. But will we trulybe able to relax and enjoy our sea-sonal treats?

This year saw the EAT-Lancet Com-mission outline a dietary prescrip-tion for the world: a roadmap forhow we can eat healthily and savethe planet. Say goodbye to thegoose-fat roasties, apparently weshould be eating no more than onequarter of a potato per day. And therecommended seven grams per dayof pork won’t stretch to a napkin,never mind enough blanket towrap up a pig or two.

The Commission was slightlymore generous with white meat,

but 29 grams of turkey isn’t goingto make anyone’s eyes light up overthe festive dinner table.

But that was just the tip of the ice-berg. 2019 has been a bumper yearfor the nanny state: Wimbledon’siconic strawberries and cream fellfoul of a Transport for London banon “junk food” advertising; the gov-ernment announced plans to banthe sale of energy drinks to under-16s; Public Health England pushedahead with an incomprehensiblenumber of food reformulation tar-gets; and the IPPR think tank sug-gested that plain packaging beextended to “unhealthy” foods.

There was a change at the top asDame Sally Davies — the self-pro-claimed “nanny in chief” — steppedaside as the UK’s chief medical offi-cer, but not before endorsing afinal report which suggested ban-ning eating on public transport, incase a child is tempted into a life ofobesity by seeing someone tuckinginto a sandwich on the Central line.

It seems that Christmas is a time

of year that kicks the nannying intooverdrive. It isn’t just the killjoy pub-lic health organisations putting outthe same press release year afteryear telling us that festive overindul-gence isn’t good for us — as if theneed to go for a three-hour nap aftertucking into a second helping offiggy pudding wasn’t enough of aclue — but you also always seem tofind a local council or two whichhas banned the Coca-Cola truckfrom visiting its area because, ofcourse, sugar is bad.

Yet as we approach the new year,is there a chance that we could seea little less nannying in 2020? Therehave been promising signs.

During the summer’s Conservativeleadership campaign, Boris Johnsonannounced that he would carry outa wide-ranging review of existingstealth sin taxes and place a hold onany new ones coming into force.

Meanwhile, consumers foughtback against manufacturers whichbowed to Public Health England’sreformulation targets, brandishingnew Coco Pops “stale” and causingAG Barr to issue a profit warningafter its “healthier” Irn-Bru failed tosell as well as expected.

With a sceptic public and an open-minded Prime Minister, it is possiblethat 2020 might bring us somerespite from nanny — or maybe not,with sin tax fan Matt Hancock stillrunning the Department for Health.

It’s impossible to predict the fu-ture, so enjoy Christmas in the tra-ditional manner — eat, drink, andbe merry. Just don’t tell nanny.

£Emma Revell is head ofcommunications at the Institute ofEconomic Affairs.

This Christmas, let’s eat, drink, and bemerry — just don’t tell the nanny state

Emma Revell

FORUM

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23THURSDAY 19 DECEMBER 2019 OPINIONCITYAM.COM

WE WANT TO HEAR YOUR VIEWS › E: theforum@cityam.com COMMENT AT:cityam.com/forum :@cityam

IT IS with relief that I have beenwitnessing climate issues rise upthe agenda for consumers, busi-nesses, and politicians alike in2019. In the General Election, the

main parties all put forward theirmost ambitious, forward-thinking en-vironmental policies ever.

However, a big part of the solutionmay lie in past practices. I’m talkingabout industrial hemp: the near-forgot-ten strain of the cannabis plant, whoseonly recent foray into public conscious-ness was because Boris Johnson be-rated climate protesters, labellingthem “hemp-smelling crusties”.

This wasn’t always the case. In 1533,Henry VIII made it mandatory for allfarmers to set aside land to growhemp, which would be used to pro-duce rope, sails, and other navalequipment essential to the protectionof an island nation. This was contin-ued by Elizabeth I, who 30 years laterordered that farmers use at least oneacre of land in every 60 to grow hemp.

Unfortunately, the hysteria sur-rounding the effects of hemp’s intox-icating cousin marijuana thatdeveloped in the twentieth centurybecame the excuse by which all formsof cannabis were outlawed by theBritish government. We are socially,environmentally, and economicallyworse off as a result.

Hemp fibre, with a supplement ofbiodegradables, can be used to reducethe use of polymers in plastic. Youname it, and a hemp version can beproduced: from clothing to paper,tableware to automotive and scooterparts, yoga mats to furniture, andeven building materials.

The possibilities are endless. Hempfibres are many times stronger, pound

for pound, than glass fibres, which iswhy they can be found in machinesthat require high-performance com-ponents, such as the Bugatti Veyronsports car.

Industrial hemp thrives in virtuallyany climate and requires minimalmaintenance; it is naturally resistantto pests and diseases, removing theneed for chemicals; and it grows in-credibly quickly, making it availablein ample quantities.

Hemp requires a fifth of the waterthat cotton does to produce the sameamount of fabric. It could actuallyhelp us to decarbonise the planet, asit absorbs and stores CO2 and detoxi-fies the land as it grows, making itsomething of a wonder crop.

Importantly, hemp is not marijuana.Industrial hemp contains less than 0.2per cent THC, the psychoactive chem-ical found in marijuana. Much as non-

alcoholic beer might smell and tastelike ordinary beer but it won’t get youdrunk, hemp won’t get you high, nomatter how much is consumed.

While THC is not found in hemp,cannabidiol (CBD) is. Advances inmedical research have seen a huge in-crease in demand for CBD. The CBDindustry has undergone lightninggrowth in the last three years, withthe Centre for Medicinal Cannabisvaluing the UK market at £300m ayear. By 2025, this is expected to reach£1bn. Already, 11 per cent of the UKpopulation have consumed a CBDproduct in the last year.

Current rules prohibit UK farmersfrom harvesting hemp’s flowers andleaves, which typically contain the vastmajority of industrial hemp’s CBD.

The hemp sector is now the fastestgrowing industrial market segmentworldwide, and its growth could solvemany of the environmental, eco-nomic, and medical problems we facetoday. But while the UK restored theright to cultivate industrial hemp in1993, the rules are still overly restric-tive and put UK farmers at a markedcompetitive disadvantage to farmersin mainland Europe and beyond.

Change is needed, or somewhereelse will reap the benefits of satiatingthe growing appetite for hemp-derived products. Decarbonisationwill be the biggest trend of the nextdecade. Those countries (and compa-nies) that act on this first will reap thefinancial rewards of ushering in moreefficient and sustainable ways of liv-ing — as well as saving the planet.

£Mark Reinders is chief executive ofHempFlax and board member of theEuropean Industrial Hemp Association.

Mark Reinders

DEBATE

Dominic Cummings is a force of nature.He was ridiculed when appointed, butthe crushing election win hasvindicated his strategy. Now he wantsto turn his iconoclasm on the civilservice. It’s unlikely to end well.

The civil service is a delicatestructure, which serves several mastersand customers. It’s a product ofevolution, and the threads which bindit together are fine. Departments,arm’s-length bodies, quangos, deliveryauthorities — staffed by fast streamers,consultants, and fixed-termers.

Of course, it isn’t perfect. Here’s whatit needs: more and better-plannedinnovation; integration of externalexpertise; more dynamic leadership;and better comms operations.

But Cummings’ sledgehammer is notthe way forward. He’s talked aboutabolishing a permanent civil service —in favour of what? Political appointeeslike the US? Fixed-term contractors?Chief executives to replace perm secs?

It’s eye catching but shallow. Perfectfor an election campaign, but unsuitedto thoughtful bureaucratic reform.

£Eliot Wilson is head of research at Right Angles.

Is it time for a full restructuring of the civil service, as DominicCummings intends?The “Rolls Royce” reputation of the civilservice has long been in question. Fromhugely overpriced procurements indefence and transport, to overly-anxious advice on EU exit negotiations,the supposed brilliance andimpartiality of our permanent civilservice is under challenge.

Cummings’ previous ideas ofslimming down cabinet and imbuingthe civil service with genuine projectmanagement expertise can only meanbetter public services and taxpayers’cash being used more effectively.

Removing whole departments —particularly those that haveoverlapping responsibilities — makessense, as long as the change is genuinerather than a game of musical chairs.

Civil servants will resist thesechanges. But mergers and acquisitionsin the corporate world show us howeasily synergies can be realised.

We should go one step further andallow ministers to fire senior civilservants more easily. This would serveas a reminder that the taxpayers whopay their salaries are the real bosses.

£Duncan Simpson is research directorat the TaxPayers’ Alliance.

High stakes: Introducing hemp,the UK’s secret green gold mine

It could actually helpus to decarbonise theplanet, as it absorbsand stores CO2 anddetoxifies the land

DUNCAN SIMPSON

YES

ELIOT WILSON

NO

Certified Distribution from 28/10/2019 till24/11/2019 is 85,760

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CITYAM.COM24 THURSDAY 19 DECEMBER 2019LIFE&STYLE

EDITED BY STEVE HOGARTY

TECHNOLOGY

Microsoft’s Surface range ofhardware has beenaround for seven years,but still manages to im-press with each new de-

vice launched. Laptops that appear tohave been sculpted out of single blocksof brushed metal. Tablets housed inalacantra keyboard cases. Two-in-onehybrids with skeletal, alien hinges, andgravity-defying desktop machinespoised on silent hinges. Noise-can-celling headphones with striking sil-houettes and even a mouse that foldscompletely flat. Whatever somebodyput in Microsoft’s water in 2012, it has-n’t stopped working.

The newest addition to the SurfaceLaptop series – Microsoft’s answer tothe Macbook Air – is the Surface Lap-top 3. Available in a 13.5” and a mon-strous 15” version, it’s as beautifullyengineered as anything Microsoft hasyet produced. It’s constructed fromtough but light aluminium, with noseams or visible screws spoiling theview (though unlike Apple’s machinesthis device can be opened for upgradesand repairs). The smaller version meas-ures 14.5mm thin and weighs a barely-there 1.3kg, going toe-to-toe with thevanishing dimensions of the MacbookAir. In fact, if it weren’t for the Win-dows logo on the back, you’d be easilymistaken.

Smart, small details make all the dif-ference here, such as the imperceptiblyconcave keyboard keys. They have a

How do you make keyboards cool?Trick question, you can’t. If anybodyever describes a keyboard as cool, orshows any interest in keyboards atall, you should turn around andwalk away because they’re clearlydangerously unhinged.

That being said, Logitech’s new wireless MX Keys keyboard is incredibly nice to use, and almostcertainly an upgrade to whateverslab of letters you currently placeunder your fingertips for sevenhours a day. It can connect to threedevices at once and switch betweenthem at the press of a button: animmeasurably useful feature foranyone who works between their

laptop and desktopcomputers, orwants to usetheir keyboardwith theirsmart TV. Usedin conjuctionwith the MXMaster 3 mouse,you can even copyand paste filesbetween twoscreens – even ifthey’re runningtwo differentoperating systems.

It is – and I don’t wish to alarm anyone with such an absolutist verdict – thebest keyboard I have ever had the pleasure to use. Notcool in the slightest, but thepinnacle of moden peripheraldesign philosophy.

hair’s breadth more travel than therival’s board, but that amounts to atyping experience that’s noticeablymore pleasant to work with overlonger periods of time. The screenis flush with the base whenclosed, but can be easily liftedopen with a single digit.Both laptops feel reassur-ingly sturdy, but the 15”especially feels like atank. Throw it inyour bag and it’sthe rest of yourstuff youshould be wor-ried about.

Much improvedmicrophones and de-cent sounding speakersare useful for video confer-encing and entertainment onthe go, as is the sharp, high-resolu-tion display. The screen is taller thanusual, nearer to A4 paper thanwidescreen, leaving movies with let-terboxing but granting tracts of realestate for doing actual work. In termsof resolution the screen falls just shyof the MacBook’s class-leading RetinaDisplay.

Inside, however, the Laptop 3 leavesits closest rivals eating dust. Every con-figuration uses Intel’s 10th gen proces-sor, two generations ahead of Apple,and it shows in performance. The lap-top didn’t break a sweat when editingvideo and audio, and while the inte-grated GPU will start to chug if askedto deal with high-end games, this pow-erful little machine could more thanhandle mid-range titles.

For those in need of Windows soft-ware running on Apple-grade hard-ware, the Laptop 3 is your best option.

From a keyboard, tothe keyboard’s bestfriend: the mouse. TheLogitech MX Master 3

launched in tandemwith the MX Keys and pursues

the same design mission. It issleek, and looks about aspretty as a mouse is legallyallowed to. The weightedscroll wheels are like noother in existence, forgedfrom machined steel andelectromagneticallycharged to enable them to

scroll at a blinding 1,000lines a second, while still

remaining precise enough to stop

on a single spreadsheet cell. Flickthe wheel and it continues turningfor ages, like a fidget spinner. Itbecomes an obsession – this is amouse you’ll think about wheneverit’s not in your hand. This is a mouse that makes you wonder iftouchscreens were a mistake.

Like the keyboard, it can switchbetween devices on the fly or moveseamlessly between a MacBook and a Windows screen. USB-C charginggives you 70 days of power percharge. That’s longer than thegestation period of a dog. Your dogcould become pregnant and givebirth in the time it takes for thismouse to need recharging. 4000dpitracking uses “darkfield” laser techto work on any surface, even glass.

Like trying glasses for the firsttime, it’s only when you use the MXMaster 3 do you realise just howinadequate most mice are.

GADGETMICROSOFT SURFACE LAPTOP 3FROM £899 FOR THE 13.5” VERSION

hhhhh | BY STEVE HOGARTY

Peripheral vision: Is it time to upgrade your keys?GADGETLOGITECH MX KEYS£99, LOGITECH.COM

BY STEVE HOGARTY

GADGETLOGITECH MX MASTER 3£99, LOGITECH.COM

BY STEVE HOGARTY

MICROSOFT’SMACBOOKKILLER

25THURSDAY 19 DECEMBER 2019 FEATURECITYAM.COM

OFFICE POLITICS

AFTER a Christmas electionwhere all the main partiesclaimed that they wouldboost social spending, theseason of giving this year has

become unusually politically charged.Yet with an estimated 14m people

living in poverty in Britain, regard-less of which party is currently inpower, there will remain a signifi-cant role for private philanthropy in2020 and beyond.

The last time there was a DecemberGeneral Election was 1923. Britainwas still recovering from the FirstWorld War. There were high levels ofsocial deprivation, and two millionpeople were left permanently dis-abled. Many were suffering fromshellshock, which we now recogniseas post-traumatic stress disorder.

Although on a much smaller scale,these issues still affect the UK today.

Last month, we launched theWomen In Safe Homes fund, collabo-rating with Resonance to create a so-cial impact fund aiming to provideaffordable, safe, and secure homes forwomen who are experiencing home-lessness, are ex-offenders, survivors ofdomestic abuse, or have other com-plex needs. And in order to supportthe invaluable work of the Royal

’Tis the season to be giving generously

Charity is notjust aboutraising funds —businesses arein a uniqueposition to helpthose lessfortunate inother ways

Marines Charity in rebuilding thelives of today’s generation of injuredveterans, we were also the main spon-sor of its annual London dinner, rais-ing close to £1m.

But charity is not just about raisingfunds. Businesses are in a unique po-sition to help those less fortunate inother ways.

For instance, work placements in-ject new talent into the workforce,while assisting those who might oth-erwise struggle to find work or moveinto a new field. We work with severalcharities that help people of all agesto get into or back into the workplace.

This month, we began a partnershipwith Career Ready, which provides ca-reer-related workshops, work experi-ence, and mentors to school-agechildren from disadvantaged back-grounds. We also work with YoungEnterprise, which promotes entrepre-

neurship among young people. Andlast month, we organised an eventwith Work Avenue to provide guid-ance to support older people gettingback into the workplace.

Also, many businesses have access toassets that can be used by charities,with property being particularly in-valuable. Providing meeting rooms orareas for events can put otherwiseempty office space to good use.

People and their expertise can alsohelp. On a direct level, mentoring cansupport people trying to rebuild theirlives after adversity. We can also offer

administrative expertise to charities,such as IT, organisational support,and accountancy. Then there is ourbook of contacts — our business net-works can provide a vast range of serv-ices and advice to assist charities intheir important work.

But why do any of this? It is impor-tant to remember the benefits of giv-ing in the workplace. Everyone feels aboost through helping others, and itis great for bringing people togetherand improving morale. Our work withthe Royal Marines Charity has seenme undertake a sponsored kayakacross the English Channel, scale thevertical “Nose” route of Yosemite Na-tional Park’s El Capitan mountain,and recreate the Cockleshell Endeav-our alongside eight Royal Marines.

But supporting charities can takethe form of much smaller scale activ-ities. From taking part in Save theChildren’s Christmas Jumper Day tocollecting food and clothing for char-ities supporting the homeless, theholiday season provides ample oppor-tunity for charitable endeavours.

So don’t let politics steal the holidayspirit. Demand for charities’ servicesare higher than almost ever before, sonow is the time to get involved andensure that the business world con-tinues to give charitable organisationsthe support they need.

£Keith Breslauer is managing director ofPatron Capital.

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Christmas is atime for rest,relaxation, andreflection. Whatwere youpleased with thisyear? What doyou want toachieve in 2020?Pinterest helpsyou get inspiredand find creativeideas for yournext project. Youcan save yourfavourite ideasand suggestions,organise themby topic, andeven share themwith others.

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Demand for charities’ services are higherthan ever, so how can your business help?

CITYAM.COM26 THURSDAY 19 DECEMBER 2019SPORT

SPORT

ROYALS BIDFOR ENGLISHAPPROVAL

LIKE every other Indian Pre-mier League side, RajasthanRoyals will take part in anauction today. The day ofchaotic, intense and exciting

player recruitment, which starts at15:30IST in Kolkata (10am UK time),will shape the season for all of theeight franchises, but looking at thewider picture, Rajasthan already havethree key assets on board.

In November the franchise, based inthe north-west of India, announcedthat they had retained the services ofBen Stokes, Jos Buttler and JofraArcher for the 2020 campaign, whichtakes place in April and May.

The three England stars, who werefirst recruited in 2018, will thereforenot be up for grabs in today’s auction,which is just as well, because Ra-jasthan’s grand plan to build theirbrand is built around them.

“In 2018 there was never a plan to al-most become the English team,” Ra-jasthan Royals’ chief operatingofficer, Jake Lush McCrum, tells CityA.M.

“We looked at who could add valueto our team. But you never know whatyou’re going to come out of the auc-tion with.

“Coming out with those three play-ers we had an English core, but wedidn’t look at them from a marketingperspective – it was purely about thetechnical ability of those three.

“Once we had those three playersand we had to expand in differentways to other franchises and be inno-vative so we looked to the UK andthought ‘how can we tap into thismarket?’”

OUTWARD-LOOKING ETHOSAlthough Jaipur has a population ofover three million people, that makesit just the 10th largest city in India.Rajasthan’s home is thereforedwarfed in size by the likes of rivalsMumbai Indians and Delhi Daredev-ils. Their smaller domestic followingmeans Rajasthan have to be more out-ward-looking in their ethos.

The fact that their co-owner, ManojBadale, is the co-founder of UK ven-ture builder company Blenheim Chal-cot, McCrum himself is English andthey had three star England playerson their roster meant all roadspointed to England.

In practice that means establishingacademies in the country. Earlier thisyear the Star Cricket Academy atReed’s School in Surrey was re-branded as the Rajasthan Royals Acad-emy and McCrum says the franchiseplan to add five more across the coun-try in the next six to ninemonths, as well as runningonline education courses.

Meanwhile, Rajasthan arealso aiming to send “five orsix of our younger Indianplayers” over to England nextsummer, with counties keento try and engage the Indianpopulation, both domesticallyand abroad.

Riyan Parag, an 18-year-old batsman whohelped India win theUnder-19 World Cup in2018 and who this year

became the youngest player to makea half-century in the IPL, is a primecandidate for a summer placement.

“We want to become the UK’s No1IPL team, then expand into Aus-tralia and the US,” McCrum says.

“The fact we had those three play-ers, the timing and the fact they’re

playing so well is why we’re pushingso quickly and so heavily into the

UK. We would always havelooked to expand globally,

but if we hadn’t hadthose three players

then it may have been in Australiathat we looked to expand into as afirst base before moving onto others.”

UNPREDICTABLEAlthough Rajasthan have already se-cured three of England’s key WorldCup winners for next year’s IPL,today’s auction is still an importantprocess.

The franchise are “looking for fourinternational players and seven oreight Indians” to fill up their 25-player squad, according to McCrum,who has been involved in two auc-tions previously.

“This is the third of a three-year

cycle, so you’re basically looking tobuy players who you think can step upand win you matches in the IPL,” heexplains.

“In year one you’ll always have oneor two picks who you think you candevelop over a year or two and you’lltake a bit more of a risk on, whereasnow you’ll still taking a risk on anyunknown player you sign, but youhave to believe they can step up andwin you matches in the IPL this sea-son.”

Considering the high stakes and theunpredictability of the process, whichguarantees nothing and involves 338players but just 73 vacant slots alto-gether, it is understandable that a lotof work has gone into the auction.

TRIALS AND TRIBULATIONSRajasthan had 42 players – 35 Indianand seven international – at their tri-als at their ground in Nagpur earlierthis month, where they can take alook at the talent away from the pry-ing eyes of other franchises, who usedto spy when they were conducted onpublic property previously in Mum-bai.

But most of the young hopefuls willhave visited the trials of Rajasthan’srivals as well, and with franchiseslooking for different attributes, it ishard to know what to expect. Mc-Crum and his team will have to thinkof their feet and be flexible with theirplans.

“The mood varies from moment tomoment – it can be very intense andquite a lot of fun,” says the 26-year-old.

“In the build-up to the auction, basi-cally from the end of the last IPL, we

have been reviewing video footagealong with our analytics team, of play-ers performing all around the world.

“We then have the trials to look atthe young Indian talent, and hope-fully discover some spectacular stars,like Riyan Prarag or Shreyas Gopal.Then we have a week in Chennai withour analytics team where we run sim-ulations on the opposition teams tobuild our decision tree, which wethen take into the auction. It’s thepiece I manage in the auction.

“We will have options of A, B, C, andD for every step of the auction.

“I noticed with The Hundred draft[in October] that teams didn’t havesuch a deep back-up ready, whereaswe always have a long list of playerswe’re happy to sign if another getsstretched out of reach, or you missyour player, so you have extra fundselsewhere.”

With the planning and preparationdone, Rajasthan Royals are braced toride out the organised chaos of the IPLauction.

Rajasthan aimingto become theUK’s No1 IndianPremier Leagueside this season,writes Felix Keith

The franchiseplan to add five

more academiesin England over

the next six to ninemonths

Rajasthan Royals have a strong English core, with bowler Jofra Archer (top) and all-rounder Ben Stokes (above) helping England win the World Cup this summer

McCrum is involved inhis third auction today

27THURSDAY 19 DECEMBER 2019 SPORTCITYAM.COM

MANCHESTER RIVALS TOFACE OFF IN EFL CUP SEMIS£Raheem Sterling scored twice asManchester City saw off League Oneside Oxford United 3-1 last night to setup an EFL Cup semi-final against rivalsManchester United. City full-back JoaoCancelo opened the scoring butOxford hit back through Matty Taylorstraight after the restart. Sterling thentapped in from close range on twooccasions to send Pep Guardiola’s sidethrough to face United. Ole GunnarSolskjaer’s side scored three second-half goals to ease past ColchesterUnited 3-0 at Old Trafford. MarcusRashford smashed in the openeragainst the lowest-ranked team in thecompetition, before a Ryan Jacksonown goal and a final strike fromAnthony Martial sealed progression.

FOXES BEAT EVERTON ONPENALTIES TO PROGRESS£Leicester will face Aston Villa in thesemi-finals of the EFL Cup afterBrendan Rodgers’ side beat Evertonon penalties last night. Goals fromJames Maddison and Jonny Evanshad the Foxes 2-0 ahead, but Evertonfought back through Tom Davies andLeighton Baines to force spot-kicks at2-2. Kasper Schmeichel made twosaves before Jamie Vardy convertedthe decisive penalty to send Leicesterthrough at Goodison Park.

ANDERSON RETURNS INSOUTH AFRICA WARM-UP £Jimmy Anderson returned frominjury as England drew their two-daywarm-up match against a CricketSouth Africa Invitation XI in Benoniyesterday. It was the fast bowler’s firstaction since injuring his calf on dayone of the first Ashes Test in August.Anderson took 1-37 as Englanddismissed the hosts for 289 in reply totheir 309-4 declared. Bowlers Stuart

Broad, Jofra Archer and Jack Leach allmissed the match with illness.England will play a second warm-upmatch against South Africa A, startingon Friday ahead of the four-Test series,which begins on Boxing Day.

MERCEDES F1 TO JOINFORCES WITH TEAM INEOS£Mercedes Formula One team hasagreed a partnership with Team Ineos’cycling and sailing divisions to develop“engineering, human science,simulation and data analysis”. Ineos isowned by billionaire Sir Jim Ratcliffe,who is the richest man in Britain. Hiscompany began sponsoring Team Skycycling in March 2019 and also ownsFrench football club Nice. Mercedesboss Toto Wolff said: “When Sir JimRatcliffe approached us with theconcept of bringing together the threeorganisations, all with proven trackrecords of excellence and highambitions for the future, weimmediately saw the opportunity togrow and diversify our business.”

WENGER BACKS ARTETA TOTAKE TOP JOB AT ARSENAL£Arsene Wenger has backed MikelArteta to have a “great future” afterreports he will become Arsenal’spermanent head coach this week. Theformer Gunners boss believes Arteta isa good choice to replace Unai Emery,but added that he will need the rightsupport. “He’s intelligent, he haspassion and knowledge, but so does[Freddie] Ljungberg,” said Wenger,who managed both at Arsenal. “MikelArteta has a great future. He learned alot in his position as assistant coach.He will have to deal with the fact thathe has no experience at that level. Hewill have to be surrounded by a goodenvironment at the club.”

LATE SHOW Firmino Liverpool’s saviour in last-gasp Monterrey win

Substitute Roberto Firmino scored a late winner as Liverpool beat Mexican side Monterrey 2-1 to reach the final of the Club World Cup inQatar yesterday. Firmino came off the bench in the 85th minute and turned in fellow substitute Trent Alexander-Arnold’s cross in the 91stminute to send Jurgen Klopp’s side through to face Flamengo of Brazil in Saturday’s final. Earlier, Naby Keita had opened the scoring fromMohamed Salah’s through-ball, but Rogelio Funes Mori levelled after Liverpool failed to clear a set piece. Monterrey threatened throughout,but could not add another goal and Firmino (pictured) struck late to win it for the depleted Reds in Doha’s Khalifa International Stadium.

THIS year has been a memo-rable one for Englishcricket, with the World Cupand the Ashes getting peo-ple talking about the sport.

My end-of-year review could not over-look that impact.

PLAYER OF THE YEARI can’t pick anyone other than BenStokes, who became the first crick-eter since Andrew Flintoff in 2005 towin the BBC’s Sports Personality ofthe Year award on Sunday.

Stokes was at the forefront of every-thing good England did in 2019. As asenior player, he stood up just whenhis team needed him to help win theCricket World Cup and tie the Ashes.

Quite simply, without his influenceEngland wouldn’t have achievedsuch highs. He made an unbeaten 84in the World Cup final to level thescores and force a super over, whilehis 135 not out in the third AshesTest at Headingley was one of thebest Test innings ever and, for me,the best by an Englishman.

BREAKTHROUGH PLAYERIt may feel like Jofra Archer has beenaround for quite a long time, but heonly made his international debut in

May. His breakthrough in interna-tional cricket came straight away ashe quickly became one of the firstnames on the teamsheet.

Archer took 20 wickets at theWorld Cup and although his superover wasn’t the best, he still em-braced the pressure and got Englandover the line in the final.

The way he shook up Steve Smith

in the second Ashes Test at Lord’swas so impressive and I think he willonly get better.

TEAM OF THE YEAREngland’s World Cup win had fouryears of planning behind it and Ithink people don’t appreciate thataspect of it enough. They had theright people in every position, with

Eoin Morgan and Trevor Bayliss lead-ing from the front to deservedly gettheir hands on the trophy.

I also think Essex should receivecredit for winning the County Cham-pionship and T20 Blast in one cam-paign. They are only a small club,but Anthony McGrath has continuedwhere Chris Silverwood left off tobring a brilliant season.

MOMENT OF THE YEARThis is a tricky one to decide on. Iwatched both of Stokes’ miraculousinnings and both brought out thesame anxiety and emotion in me.

His efforts in winning the WorldCup will have the greater legacy andthe topsy turvy moments made it allthe more special: Trent Boult stand-ing on the boundary rope and athrow going off the back of his batfor a boundary. Jason Roy’s run-outthat won it was amazing.

The Headingley innings, and thepartnership with Jack Leach in par-ticular, was something never seenbefore – pure drama and a sports-man at his absolute prime. Theboundary off Pat Cummins to sealthe comeback was incredible.

For me they are both equal, buthad England won the Ashes Heading-ley might just have edged it.

PREDICTION FOR 2020There is a T20 World Cup next yearand I can see England’s white-ballside carrying momentum from 2019and going from strength to strength.

I’m sure they will have a good sum-mer at home in Tests. As always, it’sabout performing away and I hopethey can capitalise on the internal is-sues South Africa are currently fac-ing to get 2020 off to a flying start.Jimmy Anderson and Stuart Broadcan’t play on forever, so the youngerplayers will have to step up next yearto ensure a smooth transition.

Chris Tremlett is a former England andSurrey fast bowler and a director at SourceProperty Investments. @ChrisTremlett33

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Chris Tremlett

Stokes was England’s inspiration in 2019

Stokes hit an unbeaten 135 in a remarkable last-wicket partnership with Leach to win the third Ashes Test at Headingley