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| Philip Hammond to give Mansion House speech after PM's reprieve | |
| (about 2 hours later) | |
| Despite everything that has happened over the past few days, the Mansion House speeches are still scheduled to take place this week – with the difference this year being that guests had been preparing for the showpiece by speculating who might be the star mystery guest. | Despite everything that has happened over the past few days, the Mansion House speeches are still scheduled to take place this week – with the difference this year being that guests had been preparing for the showpiece by speculating who might be the star mystery guest. |
| It was always going to be the chancellor, of course, but the mystery was who might be holding that great office of state come Thursday, when the City’s finest minds (plus the usual load of bankers and fund managers) gather to hear what the second lord of the Treasury and the governor of the Bank of England have to say about the state of the UK economy. | It was always going to be the chancellor, of course, but the mystery was who might be holding that great office of state come Thursday, when the City’s finest minds (plus the usual load of bankers and fund managers) gather to hear what the second lord of the Treasury and the governor of the Bank of England have to say about the state of the UK economy. |
| You may recall that the current occupant of No 11 is one Philip Hammond, who hasn’t been allowed out in public much of late – presumably after getting stuck behind a door secured with the triple lock that was going spare following the drafting of the Tory manifesto. | You may recall that the current occupant of No 11 is one Philip Hammond, who hasn’t been allowed out in public much of late – presumably after getting stuck behind a door secured with the triple lock that was going spare following the drafting of the Tory manifesto. |
| Even governor Mark Carney – who was in purdah for the election – seemed about as vocal as Hammond, who was thought to be in line for the sack straight after last Thursday’s poll. | Even governor Mark Carney – who was in purdah for the election – seemed about as vocal as Hammond, who was thought to be in line for the sack straight after last Thursday’s poll. |
| Not now. Strong leadership in the national interest has meant Hammond has been retained and will now have to knock out a speech for Thursday. Not that anybody thinks our leaders make it up as they go along, or anything. | Not now. Strong leadership in the national interest has meant Hammond has been retained and will now have to knock out a speech for Thursday. Not that anybody thinks our leaders make it up as they go along, or anything. |
| Spain gears up for some plain talking | Spain gears up for some plain talking |
| Here’s just what you need this week: a chance to vote. | Here’s just what you need this week: a chance to vote. |
| Admittedly, you need to be a shareholder in International Airlines Group (IAG) – and you will have to go to Spain to cast your ballot in person, as that is where the owner of British Airways is holding its annual meeting. | Admittedly, you need to be a shareholder in International Airlines Group (IAG) – and you will have to go to Spain to cast your ballot in person, as that is where the owner of British Airways is holding its annual meeting. |
| This is the firm’s usual location for this set-piece, but it sounds rather convenient this year, what with IAG suffering the worst month of any British institution (apart from the Tory party) following the May bank holiday weekend meltdown of BA’s computer systems, which left thousands of passengers’ holiday plans in tatters. | This is the firm’s usual location for this set-piece, but it sounds rather convenient this year, what with IAG suffering the worst month of any British institution (apart from the Tory party) following the May bank holiday weekend meltdown of BA’s computer systems, which left thousands of passengers’ holiday plans in tatters. |
| So, if you’re a UK-based investor wanting to ask IAG boss Willie Walsh about the farce, then please take your chances on a BA flight. | So, if you’re a UK-based investor wanting to ask IAG boss Willie Walsh about the farce, then please take your chances on a BA flight. |
| Still, if IAG thinks the meeting’s location might soften any questions about inconveniencing passengers, the company may be mistaken; a more local issue might preoccupy IAG’s Spanish investors just as much. | Still, if IAG thinks the meeting’s location might soften any questions about inconveniencing passengers, the company may be mistaken; a more local issue might preoccupy IAG’s Spanish investors just as much. |
| Soon after the last AGM, the group’s budget airline Vueling also cancelled flights after “operational difficulties”. Vueling’s boss then? Alex Cruz – now in the line of fire as BA’s chief exec. | Soon after the last AGM, the group’s budget airline Vueling also cancelled flights after “operational difficulties”. Vueling’s boss then? Alex Cruz – now in the line of fire as BA’s chief exec. |
| City experts get full marks for consistency | City experts get full marks for consistency |
| One of the reasons that the City appears able to adapt to all sorts of crises is that its inhabitants follow the teachings of Marx – Groucho Marx. | One of the reasons that the City appears able to adapt to all sorts of crises is that its inhabitants follow the teachings of Marx – Groucho Marx. |
| As the great man (almost) said: Those are my opinions, and if you don’t like them I have some more. And this just about sums up how the Square Mile will advise clients this week. | As the great man (almost) said: Those are my opinions, and if you don’t like them I have some more. And this just about sums up how the Square Mile will advise clients this week. |
| The financial sector has been enjoying a nobly consistent hit rate with its predictions, collectively failing to foresee a Tory majority in 2015, the Trump and Brexit votes of 2016 and now a hung parliament. | The financial sector has been enjoying a nobly consistent hit rate with its predictions, collectively failing to foresee a Tory majority in 2015, the Trump and Brexit votes of 2016 and now a hung parliament. |
| But no matter. Like people who trip in the street only to pretend they are really breaking into a run for the bus, the City will continue to advise clients on the future with an astonishing self-confidence this week. | But no matter. Like people who trip in the street only to pretend they are really breaking into a run for the bus, the City will continue to advise clients on the future with an astonishing self-confidence this week. |
| As Chris Leyland, deputy chief investment officer at financial firm True Potential, said on Friday (after polling “investment partners” UBS, Goldman Sachs, Allianz and Schroders): “Investors in a well-balanced and well-diversified portfolio remain best positioned to achieve their goals. Our portfolios are one of the most diversified, agile investment products available right now and are designed for precisely this type of volatile environment. We see no reason to shift our position.” Shameless. | As Chris Leyland, deputy chief investment officer at financial firm True Potential, said on Friday (after polling “investment partners” UBS, Goldman Sachs, Allianz and Schroders): “Investors in a well-balanced and well-diversified portfolio remain best positioned to achieve their goals. Our portfolios are one of the most diversified, agile investment products available right now and are designed for precisely this type of volatile environment. We see no reason to shift our position.” Shameless. |