Goodbye, Melanie! Mehdi Hasan on the Spectator's departing blogger

Phillips leaves the Spectator as the complaints pile up.

Poor ol' Melanie Phillips. In today's Guardian, the Conservative Party chair Sayeeda Warsi goes on the offensive:

"I don't read her, actually. I call her Mad Mel," Lady Warsi says of Daily Mail columnist Melanie Phillips, who has denounced her as "stupid".

Last week, Phillips announced her departure from the Spectator, where she has been blogging for the past few years.

On 16 June, under the headline, '"My blog's new home", she wrote:

This is my last blog post for the Spectator. I have decided to expand and develop my own website over the coming months and so if you would like to continue to read my blog you can find it at Melaniephillips.com.

But was this a voluntary or enforced departure? The blogger Guido Staines beat me to it but I can't help but notice how the Spectator has had to apologise to Alastair Crooke, director of Conflicts Forum, on its website this week, after a blog post by Phillips made "false" allegations about Crooke's past. Phillips's decision to move on might just be a coincidence but a well-connected source tells me that the payout to Crooke cost the Spectator "tens of thousands of pounds" and left Fraser Nelson and Andrew Neil "furious" with her.

Here's the full text of the apology on the front page of the Spectator website:

An apology to Alastair Crooke

A blog by Melanie Phillips posted on 28 January 2011 reported an allegation that Alastair Crooke, director of Conflicts Forum, had been expelled from Israel and dismissed for misconduct from Government service or the EU after threatening a journalist whose email he had unlawfully intercepted. We accept that this allegation is completely false and we apologise to Mr Crooke.

Crooke is a former member of MI6 who has long been the subject of vitriolic attacks from the UK's neocon brigade for having the temerity to suggest that a) we should consider talking to, and negotiating with, Islamists, and (b) all Islamists aren't the same.

He wasn't, however, the first person to be smeared by Phillips. Remember this apology to Mohammed Sawalha, of the British Muslim Initiative (BMI) group, on the Spectator website in November 2010?

Mohammad Sawalha: Apology

On 2 July 2008 we published an article entitled "Just look what came crawling out" which alleged that at a protest at the celebration in London of the 60th anniversary of the founding of the state of Israel, Mohammad Sawalha had referred to Jews in Britian as "evil/noxious". We now accept that Mr Sawalha made no such anti-Semitic statement and that the article was based on a mistranslation elsewhere of an earlier report. We and Melanie Phillips apologise for the error.

To lose one legal case to the "Islamist lobby" may be regarded as a misfortune; to lose two looks like carelessness -- especially since Phillips's husband, according to his own website, "is Britain's best-known commentator on the law". Perhaps, in future, she should run her blog posts past him before she hits "publish".

But "Mad Mel" shouldn't feel that bad. She isn't alone on this. Blinded by their monomaniacal obsession with Islamists under every British bed, members of the UK media's neoconservative faction have been the subject of other (successful) legal complaints and libel actions in recent years.

Stephen Pollard -- the current editor of the Jewish Chronicle who has, in the past, tried to portray me as an anti-western extremist on Twitter -- had to apologise to the London-based Muslim organisation, IslamExpo, after he described it as a racist group that promotes genocide in a Spectator blogpost in 2008.

From the Spectator website, August 2010:

Islam Expo: Apology

Stephen Pollard and the Spectator apologise for the unintended and false suggestion in a blog published on 15 July 2008 that Islam Expo Limited is a fascist party dedicated to genocide which organised a conference with a racist and genocidal programme. We accept that Islam Expo's purpose is to provide a neutral and broad-based platform for debate on issues relating to Muslims and Islam.

Pollard and Phillips have now both moved on from the Spectator, leaving its editor, Fraser Nelson, free to spend his cash on his editorial budget rather than on the magazine's legal budget. I'm sure he'll be delighted.

Mehdi Hasan is a contributing writer for the New Statesman and the co-author of Ed: The Milibands and the Making of a Labour Leader. He was the New Statesman's senior editor (politics) from 2009-12.

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Promoted by Janus Henderson

Europe: as the politics subside

How long can a resurgence of investor interest in Europe last?

Might Europe be the place to be?

I think European equities tick a lot of the right boxes right now. Economies are recovering – indeed the first quarter of 2017 saw Europe once more grow faster than the US, having outpaced the world’s largest economy in 2016. Valuations are not excessive, either relative to the region’s history or the US equity market. Like almost anything, I believe European equities also look compelling relative to bonds. The final part of the jigsaw puzzle might have been earnings growth, but here too Europe is, at last, getting close to achieving a gold star.

Most of this has been known for quite a few months now and is part of the explanation for the better performance of Europe year to date. Even the euro has strengthened against the US dollar, from about $1.05 at the start of 2017 to $1.12 at the time of writing. Politics looks more settled, after the surprises of the Brexit vote last year in the UK and the election of Donald Trump in the US Presidential election. Perhaps a comment I made at the beginning of 2017, that “by the end of 2017 the UK and the US might look to have been the exceptions” when it comes to successful populist votes, seems more prescient.

Now that the political backdrop is perhaps more settled, with the UK’s potentially tragic Brexit decision an exception, how long can a resurgence of interest in Europe last? One threat is the gradual move towards ‘tapering’ by the European Central Bank (ECB) of its unprecedented quantitative easing program, and the support this provides economies by injecting cash to drive down the cost of borrowing and increase consumer and business spending. But it is already clear that this will be a very slow process. The economic recovery in Europe remains quite slow and inflation, outside the UK, is well below the ECB’s target of ‘below or close to’ 2%. At the same time, the damaging effect of negative interest rates needs to be avoided.

 

What could derail this market?

The one exception to what looks to be a relatively rosy scenario, in my view, remains the UK. The Brexit ball is rolling onwards, following the invocation of the now infamous Article 50, but the calling of a General Election was another distraction. The UK is still no closer to knowing what sort of Brexit is desirable, or more likely, economically feasible. Once the reality of debt, demographics and a weak currency become clear, I suspect that the UK market will continue to struggle against other European peers.

Elsewhere in Europe, economies look well set, and I suspect that more capital spending and investment are likely to be incentivised with tax cuts in Europe, again outside the UK. In this scenario, those capital investment-related names such as Siemens, Legrand and Atlas Copco should continue to do well. Luxury names, and auto makers, many of which have rallied hard so far in 2017, are likely to struggle due to subdued consumer demand. Financials have also seen mixed performance so far, with insurance underperforming banks. This seems an anomaly given the paramount importance of long-term savings to cater for retirement.

It would be entirely healthy for European markets to drift through what will hopefully be a quiet summer, without shocks such as Brexit to contend with. I think all seems well set though for European markets to trade higher than current levels by the end of 2017.

Before investing in an investment trust referred to in this document, you should satisfy yourself as to its suitability and the risks involved, you may wish to consult a financial adviser. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested. Nothing in this document is intended to or should be construed as advice. This document is not a recommendation to sell or purchase any investment. It does not form part of any contract for the sale or purchase of any investment. Issued in the UK by Henderson Investment Funds Limited (reg. no. 2678531), incorporated and registered in England and Wales with registered office at 201 Bishopsgate, London EC2M 3AE, is authorised and regulated by the Financial Conduct Authority to provide investment products and services.

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