Alison Carnwarth: “I sometimes... don’t go to sleep at all because I’m anxious”

Why did Alison Carnwarth quit? Her last interview gives a few clues.

Alison Carnwarth has just quit her position on Barclays' board, continuing a series of resignations which has included Marcus Agius, Bob Diamond and Jerry del Missier.

Her statement read: “With regret I have concluded that I am no longer able to devote sufficient time to my role as a director of Barclays given my other commitments.”

She cited no other reasons, and her decision has left people speculating. But her most recent interview, given to economia magazine, gives a few clues. Here's an extract:

“None of us can be proud of how all this [Bob Diamond's renumeration package] was portrayed to the great British public.” She’s keen to point out that she is aware of the mood in the country, and what “people have had to put up with, ordinary people like you and me. When I’m not doing my job I’m an ordinary person. “But, remuneration and risks aside, to sit on the board of somewhere like Barclays, you have a window on how the world is working. You see where the capital flows are around the world, you see where the liquidity is, and you see where the stresses are in the financial system.”

Like any ordinary person, she worries. “I sometimes wake up worried – or don’t go to sleep at all because I’m anxious,” she says. “That’s not so good. Last night I lay awake fretting about something. I then have to stand up and somehow all the worry drains out of my feet, or I write things down."

She said that "a lot of pressures" had come to bear on the remuneration committee.

“It’s not easy, and we don’t always get it right. We clearly didn’t get it right this year. The shareholders were a little upset, although they weren’t upset in the same way as we’ve seen at other companies; our proposals did get through. But, whereas in previous years we would have got perhaps 85% voting in favour of our remuneration report, this year it was just over 70%. So clearly there were some major institutions that were not in agreement with what we did, and we must try to communicate better.”

“I’m very sensitive to the general feeling out there, when people are miserable and unemployed."

The full interview can be read in Friday's economia.

Barclays. Photograph, Getty Images.
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Michael Gove definitely didn't betray anyone, says Michael Gove

What's a disagreement among friends?

Michael Gove is certainly not a traitor and he thinks Theresa May is absolutely the best leader of the Conservative party.

That's according to the cast out Brexiteer, who told the BBC's World At One life on the back benches has given him the opportunity to reflect on his mistakes. 

He described Boris Johnson, his one-time Leave ally before he decided to run against him for leader, as "phenomenally talented". 

Asked whether he had betrayed Johnson with his surprise leadership bid, Gove protested: "I wouldn't say I stabbed him in the back."

Instead, "while I intially thought Boris was the right person to be Prime Minister", he later came to the conclusion "he wasn't the right person to be Prime Minister at that point".

As for campaigning against the then-PM David Cameron, he declared: "I absolutely reject the idea of betrayal." Instead, it was a "disagreement" among friends: "Disagreement among friends is always painful."

Gove, who up to July had been a government minister since 2010, also found time to praise the person in charge of hiring government ministers, Theresa May. 

He said: "With the benefit of hindsight and the opportunity to spend some time on the backbenches reflecting on some of the mistakes I've made and some of the judgements I've made, I actually think that Theresa is the right leader at the right time. 

"I think that someone who took the position she did during the referendum is very well placed both to unite the party and lead these negotiations effectively."

Gove, who told The Times he was shocked when Cameron resigned after the Brexit vote, had backed Johnson for leader.

However, at the last minute he announced his candidacy, and caused an infuriated Johnson to pull his own campaign. Gove received just 14 per cent of the vote in the final contest, compared to 60.5 per cent for May. 


Julia Rampen is the editor of The Staggers, The New Statesman's online rolling politics blog. She was previously deputy editor at Mirror Money Online and has worked as a financial journalist for several trade magazines.