Morning Call: pick of the papers

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

1. Margaret Thatcher's biggest debt was to Argentina's navy (Guardian)

If not for Alfredo Astiz, 30 years ago Britain would have lost the Falkland Islands and Thatcher her political career, says Simon Jenkins.

2. Those hard Tory heads and hearts are back (Times) (£)

Not only is the 50p tax cut indefensible, but the Chancellor's cuts are grossly unfair in their effect on the poor, argues Philip Collins.

3. France is a deeply racist country, and Toulouse will only make that worse (Independent)

The French have transferred their resentments from Jews to Arabs, says Adrian Hamilton.

4. Chancellors cross the elderly at their peril (Daily Mail)

Osborne is blithely ignorant of the pain the elderly have suffered in the past few years, says a Daily Mail editorial.

5. Osborne gets bolder with each Budget - but it's still not enough (Daily Telegraph)

The Chancellor's slow-motion cuts are dragging out the austerity process, says Fraser Nelson.

6. A budget for Tory blowhards and Redwood dreamers (Guardian)

Forget mugging grannies, George Osborne's 50p rate gamble reveals a naked yearning for the glory days of Thatcher, writes Polly Toynbee.

7. Osborne's 'granny tax' does not go far enough (Financial Times)

Pensioners have had an easy recession so far, writes Tim Leunig.

8. Hague could learn from Operation Babylon (Daily Telegraph)

Israel's 1981 bombing raid on Iraq's nuclear reactor has echoes for the Middle East today, says Azriel Bermant.

9. Obama gets the conservative vote (Financial Times)

The Republicans are trailing in places where they have traditionally had a strong edge - both home and abroad, writes Philip Stephens

10. The British high street is dead - let's celebrate (Guardian)

Most town centres are boring clones, and the closure of large retailers will open up creative space for quirky start-ups, writes Wayne Hemingway.

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Emmanuel Macron offers Theresa May no comfort on Brexit

The French presidential candidate warned that he would not accept "any caveat or any waver" at a press briefing in London.

Emmanuel Macron, the new wunderkind of French politics, has brought his presidential campaign to London. The current favourite to succeed François Hollande has a natural electoral incentive to do so. London is home to 300,000 French voters, making it by France's sixth largest city by one count (Macron will address 3,000 people at a Westminster rally tonight). But the telegenic centrist also took the time to meet Theresa May and Philip Hammond and to hold a press briefing.

If May hoped that her invitation would help soften Macron's Brexit stance (the Prime Minister has refused to engage with his rival Marine Le Pen), she will have been left disappointed. Outside No.10, Macron declared that he hoped to attract "banks, talents, researchers, academics" away from the UK to France (a remark reminiscent of David Cameron's vow to "roll out the red carpet" for those fleeing Hollande). 

At the briefing at Westminster's Central Hall, Macron quipped: "The best trade agreement for Britain ... is called membership of the EU". With May determined to deliver Brexit, he suggested that the UK would have to settle for a Canadian-style deal, an outcome that would radically reduce the UK's market access. Macron emphasised that he took a a "classical, orthodox" view of the EU, regarding the "four freedoms" (of people, capital, goods and services) as indivisible. Were Britain to seek continued financial passporting, the former banker said, it would have to make a significant budget "contribution" and accept continued immigration. "The execution of Brexit has to be compliant with our interests and the European interest".

The 39-year-old avoided a nationalistic tone ("my perspective is not to say France, France, France") in favour of a "coordinated European approach" but was unambiguous: "I don't want to accept any caveat or any waver to what makes the single market and the EU." Were the UK, as expected, to seek a transitional arrangement, it would have to accept the continued jurisdiction of the European Court of Justice.

Elsewhere, Macron insisted that his liberal economic stance was not an obstacle to his election. It would be fitting, he said, if the traditionally "contrarian" France embraced globalisation just as its counterparts were rejecting it. "In the current environment, if you're shy, you're dead," he declared. With his emotional, straight-talking approach (one derided by some as intellectually threadbare), Macron is seeking to beat the populists at their own game.

But his views on Brexit may yet prove academic. A poll published today showed him trailing centre-right candidate François Fillon (by 20-17) having fallen five points since his denunciation of French colonialism. Macron's novelty is both a strength and a weakness. With no established base (he founded his own party En Marche!), he is vulnerable to small swings in the public mood. If Macron does lose, it will not be for want of confidence. But there are unmistakable signs that his forward march has been halted. 

George Eaton is political editor of the New Statesman.