Morning Call: pick of the papers

The ten must-read pieces from this morning's newspapers.

1. How to defuse the bonus bomb in one move (Times) (£)

Simon Wolfson argues that the riskier a bank's business, the less it should be allowed to pay staff. That's fair to shareholders, taxpayers and savers.

2. Don't put venture capital at risk (Financial Times)

John Gapper warns that the industry is on the same threshold that both banking and private equity crossed before, with unintended consequences.

3. The rule of law in Britain is diminished by the furore over efforts to deport Abu Qatada to Jordan (Daily Telegraph)

The British parliament has lost sight of the noble principles that Strasbourg has upheld, says Peter Oborne.

4. Call Strasbourg's bluff: send Qatada home (Times) (£)

Camilla Cavendish argues that Britain must stand up for itself as the European Court of Human Rights interferes in affairs well beyond its remit.

5. Angela Merkel needs all the help she can get (Guardian)

Few had anticipated the leadership dilemmas of a European Germany in a German Europe, says Timothy Garton Ash.

6. Run the NHS better or scrap it -- but give up reforming it (Independent)

"Patient choice" is largely a myth, says Steve Richards -- unless we pay for half-empty hospital wards.

7. Ignore the soporific jargon. Privatisation is a race to the bottom (Guardian)

The outsourcing of state services always leads to workers being paid less, says Zoe Williams. Instead our leaders call it an "efficiency saving".

8. US Presidential campaign: Never has the good news sounded so bad (Daily Telegraph)

Anne Applebaum says that the sudden growth of the US economy spells trouble for Democrats as well as Republicans.

9. Where Wukan has led, Beijing won't follow (Financial Times)

Village protesters in China will not unnerve the state, says David Pilling.

10. Sweetheart tax deals aren't for the little people (Independent)

Andreas Whittam Smith suggests that Harry Redknapp's problem was that he was a private individual and not a large company.

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Lord Sainsbury pulls funding from Progress and other political causes

The longstanding Labour donor will no longer fund party political causes. 

Centrist Labour MPs face a funding gap for their ideas after the longstanding Labour donor Lord Sainsbury announced he will stop financing party political causes.

Sainsbury, who served as a New Labour minister and also donated to the Liberal Democrats, is instead concentrating on charitable causes. 

Lord Sainsbury funded the centrist organisation Progress, dubbed the “original Blairite pressure group”, which was founded in mid Nineties and provided the intellectual underpinnings of New Labour.

The former supermarket boss is understood to still fund Policy Network, an international thinktank headed by New Labour veteran Peter Mandelson.

He has also funded the Remain campaign group Britain Stronger in Europe. The latter reinvented itself as Open Britain after the Leave vote, and has campaigned for a softer Brexit. Its supporters include former Lib Dem leader Nick Clegg and Labour's Chuka Umunna, and it now relies on grassroots funding.

Sainsbury said he wished to “hand the baton on to a new generation of donors” who supported progressive politics. 

Progress director Richard Angell said: “Progress is extremely grateful to Lord Sainsbury for the funding he has provided for over two decades. We always knew it would not last forever.”

The organisation has raised a third of its funding target from other donors, but is now appealing for financial support from Labour supporters. Its aims include “stopping a hard-left take over” of the Labour party and “renewing the ideas of the centre-left”. 

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

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