Leveson sketch: Dacre – the sequel

Hugh Grant's "mendacious smear" has got right up the nose of the Daily Mail chief.

It was clear as soon as Paul Dacre came into Court 73 that someone had lit the blue touch paper attached to the editor of the Daily Mail and quickly retired out of harm's way.

To see the boogie man's boogie man in broad daylight once in a week is a rare event but to see him twice was enough to keep the audience in their seats, as the Leveson inquiry meandered through it's 40th day on Fleet Street's malpractices. There had already been some entertainment during the day as Heather Mills-no-longer-McCartney told how the press turned on her post-Macca, and Max Clifford revealed that Simon Cowell and other famous faces pay him £250,000 a year -- first to get them into the papers then to keep them out.

But for the aficionados who had been lucky enough to be present on Monday it was Dacre: the Sequel which got them back early from the pubs which help lubricate the wheels of justice on a daily basis. Those who were there on Monday heard Dacre reveal that the Mail's world view is not his alone but honed by independent thinkers like Simon Heffer and Amanda Platell. He demurred at the suggestion from one of the inquiry advocates (whose particulars will no doubt have been taken down) that the Mail played to the "fears and prejudices" of its readers; preferring the word "anxieties" -- but that was when he was still in what his staff would call a good mood.

All that changed when the name Hugh Grant was mentioned.

Grant, it now appears, has taken the place in the Mail lexicon that used to be occupied in previous decades by Arthur Scargill and Red Robbo. Indeed, he even seems to have supplanted more recent heroes like John Prescott and Bob Crow -- a rare achievement for someone whose road to revolution started with Four Weddings and a Funeral.

But Hugh has done something successfully that the rest never managed by getting right up the nose of the editor-in-chief of the newspaper group
that wants to be closer to the squeezed middle than even Ed Miliband. Dacre's nose is not a place you would want to be. You could see that yesterday as it led his face, still ruddy red from his foreign holidays, glowering into the courtroom.

After 20 years running the Mail, Dacre is not as used to democratic debate as others might be. Indeed, his morning conference is described by attendees as the Vagina Monologues because of his use of certain colourful words to enhance his world view.

But he did his best to keep his temper under check as he tried but failed to submit to questioning from barrister David Shelbourne. Instead he launched into answers to questions he had not been asked, as he took his temper out on a pen he had obviously been given to strangle. His demeanour was not helped by the suave Shelbourne, clearly as keen on Dacre as he was on him.

But back to Grant whose name emerged from between the Mail man's teeth as if drawn by a dentist. The nub of the matter is a claim by the actor on day one of the Leveson inquiry that one of the Mail newspapers Dacre runs may have hacked phone messages between him and friends and used them to run stories.

This led Dacre -- who heard the allegation on another of his bête noires, the BBC -- to fall into a Monologue moment and accuse Grant of a "mendacious smear," thereby suggesting, as Corporal Jones said, that they really don't like it up 'em.

What followed yesterday was one of those courtroom comedy moments when barristers on both sides got up and down, Lord Justice Leveson tried to keep the peace and his temper, and the man with his finger on the nation's fears snorted loud enough to bring traffic to a stop on the Strand. Would Mr Dacre now care to withdraw the "mendacious" charge, said Shelbourne, as he managed to get a word in during one of his rare pauses. No chance, said the editor-in-chief, unless "the poster boy" for the Hacked Off campaign withdrew all allegations of hackery against the group "that I love".

The day had begun with a live link to nighttime Australia where a man with a red and white punk haircut had tried to explain the mysteries of the freelance photo business to "sir," as he described Lord Leveson.

This brought to an end "module one" of the inquiry which seemed to mean something to a courtroom full of people for whom tabloid newspapers were a mystery a month ago and now must be beyond their understanding. A few more people picked up their cheques from Rupert Murdoch for crimes committed by the News of the World and others joined the queue. The hacking, blagging and bribing cases haven't even hit court yet.

As Dacre packed up his temper to take it back to the office for the night conference, Lord Leveson said he might have him back again. Book early, this one will run and run.

Peter McHugh is the former Director of Programmes at GMTV and Chief Executive Officer of Quiddity Productions.

Peter McHugh is the former Director of Programmes at GMTV and Chief Executive Officer of Quiddity Productions

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Stability is essential to solve the pension problem

The new chancellor must ensure we have a period of stability for pension policymaking in order for everyone to acclimatise to a new era of personal responsibility in retirement, says 

There was a time when retirement seemed to take care of itself. It was normal to work, retire and then receive the state pension plus a company final salary pension, often a fairly generous figure, which also paid out to a spouse or partner on death.

That normality simply doesn’t exist for most people in 2016. There is much less certainty on what retirement looks like. The genesis of these experiences also starts much earlier. As final salary schemes fall out of favour, the UK is reaching a tipping point where savings in ‘defined contribution’ pension schemes become the most prevalent form of traditional retirement saving.

Saving for a ‘pension’ can mean a multitude of different things and the way your savings are organised can make a big difference to whether or not you are able to do what you planned in your later life – and also how your money is treated once you die.

George Osborne established a place for himself in the canon of personal savings policy through the introduction of ‘freedom and choice’ in pensions in 2015. This changed the rules dramatically, and gave pension income a level of public interest it had never seen before. Effectively the policymakers changed the rules, left the ring and took the ropes with them as we entered a new era of personal responsibility in retirement.

But what difference has that made? Have people changed their plans as a result, and what does 'normal' for retirement income look like now?

Old Mutual Wealth has just released. with YouGov, its third detailed survey of how people in the UK are planning their income needs in retirement. What is becoming clear is that 'normal' looks nothing like it did before. People have adjusted and are operating according to a new normal.

In the new normal, people are reliant on multiple sources of income in retirement, including actively using their home, as more people anticipate downsizing to provide some income. 24 per cent of future retirees have said they would consider releasing value from their home in one way or another.

In the new normal, working beyond your state pension age is no longer seen as drudgery. With increasing longevity, the appeal of keeping busy with work has grown. Almost one-third of future retirees are expecting work to provide some of their income in retirement, with just under half suggesting one of the reasons for doing so would be to maintain social interaction.

The new normal means less binary decision-making. Each choice an individual makes along the way becomes critical, and the answers themselves are less obvious. How do you best invest your savings? Where is the best place for a rainy day fund? How do you want to take income in the future and what happens to your assets when you die?

 An abundance of choices to provide answers to the above questions is good, but too much choice can paralyse decision-making. The new normal requires a plan earlier in life.

All the while, policymakers have continued to give people plenty of things to think about. In the past 12 months alone, the previous chancellor deliberated over whether – and how – to cut pension tax relief for higher earners. The ‘pensions-ISA’ system was mooted as the culmination of a project to hand savers complete control over their retirement savings, while also providing a welcome boost to Treasury coffers in the short term.

During her time as pensions minister, Baroness Altmann voiced her support for the current system of taxing pension income, rather than contributions, indicating a split between the DWP and HM Treasury on the matter. Baroness Altmann’s replacement at the DWP is Richard Harrington. It remains to be seen how much influence he will have and on what side of the camp he sits regarding taxing pensions.

Meanwhile, Philip Hammond has entered the Treasury while our new Prime Minister calls for greater unity. Following a tumultuous time for pensions, a change in tone towards greater unity and cross-department collaboration would be very welcome.

In order for everyone to acclimatise properly to the new normal, the new chancellor should commit to a return to a longer-term, strategic approach to pensions policymaking, enabling all parties, from regulators and providers to customers, to make decisions with confidence that the landscape will not continue to shift as fundamentally as it has in recent times.

Steven Levin is CEO of investment platforms at Old Mutual Wealth.

To view all of Old Mutual Wealth’s retirement reports, visit: www.oldmutualwealth.co.uk/ products-and-investments/ pensions/pensions2015/