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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PMQs review: Theresa May shows again that Brexit means hard Brexit

The Prime Minister's promise of "an end to free movement" is incompatible with single market membership. 

Theresa May, it is commonly said, has told us nothing about Brexit. At today's PMQs, Jeremy Corbyn ran with this line, demanding that May offer "some clarity". In response, as she has before, May stated what has become her defining aim: "an end to free movement". This vow makes a "hard Brexit" (or "chaotic Brexit" as Corbyn called it) all but inevitable. The EU regards the "four freedoms" (goods, capital, services and people) as indivisible and will not grant the UK an exemption. The risk of empowering eurosceptics elsewhere is too great. Only at the cost of leaving the single market will the UK regain control of immigration.

May sought to open up a dividing line by declaring that "the Labour Party wants to continue with free movement" (it has refused to rule out its continuation). "I want to deliver on the will of the British people, he is trying to frustrate the British people," she said. The problem is determining what the people's will is. Though polls show voters want control of free movement, they also show they want to maintain single market membership. It is not only Boris Johnson who is pro-having cake and pro-eating it. 

Corbyn later revealed that he had been "consulting the great philosophers" as to the meaning of Brexit (a possible explanation for the non-mention of Heathrow, Zac Goldsmith's resignation and May's Goldman Sachs speech). "All I can come up with is Baldrick, who says our cunning plan is to have no plan," he quipped. Without missing a beat, May replied: "I'm interested that [he] chose Baldrick, of course the actor playing Baldrick was a member of the Labour Party, as I recall." (Tony Robinson, a Corbyn critic ("crap leader"), later tweeted that he still is one). "We're going to deliver the best possible deal in goods and services and we're going to deliver an end to free movement," May continued. The problem for her is that the latter aim means that the "best possible deal" may be a long way from the best. 

George Eaton is political editor of the New Statesman.