A night at the Baftas

Ben Affleck steals a march in the race to the Oscars.

On Sunday evening the British Academy Film and Television Awards (better known as the Baftas) were held at the Royal Opera House in Covent Garden. The red carpet was a soggy scene, and Hollywood’s hottest intoned for many hours on meteorology. It was a happy television audience when Stephen Fry eventually brought his purple prose to the pulpit.

Ben Affleck won for his direction of Argo, which in turn was named best film, gaining it more yardage in its sprint toward Oscar success. Lincoln has been reclining in an armchair on the edge of the finish line for months, and may very way topple over it, with a yawn, by Oscar night. This is very difficult to call, but Argo’s thighs are certainly pumping after a resplendent Sunday in London. Quentin Tarantino’s original screenplay for Django Unchained was honoured. This makes coy amends for Tarantino’s inexplicable exclusion from the director category.
The acting categories went according to expectations – for the most part. As inevitable as Stephen Fry getting a gag about lubricant into his script, Anne Hathaway was awarded best supporting actress for her role as Fantine in Les Miserables, and the sun shone on the nothing new as Daniel Day-Lewis was named best actor. One is in mild emotional limbo as his performance in Lincoln wins another award (and continues its course toward an Oscar); not because it is undeserving, but because Joaquin Phoenix must remain un-lauded, left clawing at his beard at the back of the hall, having delivered such a performance in The Master, so twitching and boggled and brilliant. Christoph Waltz was awarded best supporting actor for Django Unchained, and in his studied and choppy English delivered a charming speech in which he praised Quentin Tarantino – "You silver-penned devil!" – against impending tears. This builds on his victory at the Golden Globes, though it would remain a surprise if he defeats Tommy Lee Jones, Alan Arkin and Philip Seymour Hoffman at the Oscars considering he took the statue for a comparable performance in Inglorious Basterds.
The British Academy’s compliance ceased at the best actress category, however, as they chose Emmanuelle Riva over Jennifer Lawrence and Jessica Chastain. Although one’s money is still safest behind Lawrence for the Oscar, the pluck it took to choose a 85 year old, whose heyday was the French New Wave, might re-conjure the dissident poltergeist which spooked the American Academy into voting for The Artist, and open minds to the possibility of making Riva their unlikely recipient. 
A number of the technical categories this year can be treated with more interest than the shoulder-shrugging they usually receive. Les Miserables was given the award for best sound in recognition of its recording technique, wherein actors perform their pieces live, dictating the tempo of their numbers rather than miming to a pre-recording (reservedly labeled ‘revolutionary’ in the making of musicals). In addition, Life of Pi was given the special visual effects award for a project that included the lavish creation of Richard Parker, the digital tiger, work which has been credited with making a significant contribution to the union of technology and art. 
Below is a complete list of the winners.
BEST FILM: Argo- Grant Heslov, Ben Affleck, George Clooney 
OUTSTANDING BRITISH FILM: Skyfall - Sam Mendes, Michael G.Wilson, Barbara Broccoli, Neal Purvis, Robert Wade, John Logan 
OUTSTANDING DEBUT BY A BRITISH WRITER, DIRECTOR OR PRODUCER: Bart Layton (Director), Dimitri Doganis (Producer) – The Imposter
FILM NOT IN THE ENGLISH LANGUAGE: Amour- Michael Haneke, Margaret Ménégoz 
DOCUMENTARY: Searching for Sugar Man- Malik Bendjelloul, Simon Chinn 
ANIMATED FILM: Brave - Mark Andrews, Brenda Chapman 
DIRECTOR: Argo – Ben Affleck
ORIGINAL SCREENPLAY: Django Unchained - Quentin Tarantino 
LEADING ACTOR: Daniel Day-Lewis - Lincoln
LEADING ACTRESS: Emmanuelle Riva - Amour 
SUPPORTING ACTOR: Christoph Waltz - Django Unchained 
SUPPORTING ACTRESS: Anne Hathaway – Les Miserables
ORIGINAL MUSIC: Skyfall - Thomas Newman 
CINEMATOGRAPHY: Life of Pi – Claudio Miranda 
EDITING: Argo - William Goldenberg 
PRODUCTION DESIGN: Les Miserables - Eve Stewart, Anna Lynch-Robinson 
COSTUME DESIGN: Anna Karenina - Jacqueline Durran 
MAKE UP & HAIR: Les Miserables - Lisa Westcott 
SOUND: Les Miserables - Simon Hayes, Andy Nelson, Mark Paterson, Jonathan Allen, Lee Walpole, John Warhurst 
SPECIAL VISUAL EFFECTS: Life of Pi - Bill Westenhofer, Guillaume Rocheron, Erik-Jan De Boer 
SHORT ANIMATION: The Making of Longbird - Will Anderson, Ainslie Henderson 
SHORT FILM: Swimmer - Lynne Ramsay, Peter Carlton, Diarmid Scrimshaw 
THE EE RISING STAR AWARD (voted for by the public): Juno Temple 
Ben Affleck at the Baftas (Photograph: Getty Images)
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The City of London was never the same after the "Big Bang"

Michael Howard reviews Iain Martin's new book on the legacy of the financial revolution 30 years on.

We are inundated with books that are, in effect, inquests on episodes of past failure, grievous mistakes in policy decisions and shortcomings of leadership. So it is refreshing to read this lively account of a series of actions that add up to one of the undoubted, if not undisputed, successes of modern ­government action.

Iain Martin has marked the 30th anniversary of the City’s Big Bang, which took place on 27 October 1986, by writing what he bills as the inside story of a financial revolution that changed the world. Yet his book ranges far and wide. He places Big Bang in its proper context in the history of the City of London, explaining, for example, and in some detail, the development of the financial panics of 1857 and 1873, as well as more recent crises with which we are more familiar.

Big Bang is the term commonly applied to the changes in the London Stock Exchange that followed an agreement reached between Cecil Parkinson, the then secretary of state for trade and industry, and Nicholas Goodison, the chairman of the exchange, shortly after the 1983 election. The agreement provided for the dismantling of many of the restrictive practices that had suited the cosy club of those who had made a comfortable living on the exchange for decades. It was undoubtedly one of the most important of the changes made in the early 1980s that equipped the City of London to become the world’s pre-eminent centre of international capital that it is today.

But it was not the only one. There was the decision early in the life of the Thatcher government to dismantle foreign-exchange restrictions, as well as the redevelopment of Docklands, which provided room for the physical expansion of the City (which was so necessary for the influx of foreign banks that followed the other changes).

For the first change, Geoffrey Howe and Nigel Lawson, at the Treasury at the time, deserve full credit, particularly as Margaret Thatcher was rather hesitant about the radical nature of the change. The second was a result of Michael Heseltine setting up the London Docklands Development Corporation, which assumed planning powers that were previously in the hands of the local authorities in the area. Canary Wharf surely would not exist today had that decision not been made – and even though the book gives a great deal of well-deserved credit to the officials and developers who took up the baton, Heseltine’s role is barely mentioned. Rarely is a politician able to see the physical signs of his legacy so clearly. Heseltine would be fully entitled to appropriate Christopher Wren’s epitaph: “Si monumentum requiris, circumspice.”

These changes are often criticised for having opened the gates to unbridled capitalism and greed and Martin, while acknow­ledging the lasting achievements of the new regime, also explores its downside. Arguably, he sometimes goes too far. Are the disparities in pay that we now have a consequence of Big Bang? Can it be blamed for the increase in the pay of footballers? This is doubtful. Surely these effects owe more to market forces, in the case of footballers, and shortcomings in corporate governance, in the case of executive pay. (It will be interesting to see whether the attempts by the current government to address the latter achieve the desired results.)

Martin deals with the allegation that the changes brought in a new world in which moneymaking could be given full rein without the need to abide by any significant regulation. This is far from the truth. My limited part in bringing about these changes was the responsibility I was handed, in my first job in government, for steering through parliament what became the Financial Services Act 1986. This was intended to provide statutory underpinning for a system of self-regulation by the various sectors of the financial industry. It didn’t work out exactly as I had intended but, paradoxically, one of the main criticisms of the regulatory system made in the book is that we now have a system that is too legalistic. Rather dubious comparisons are made with a largely mythical golden age, when higher standards of conduct were the order of the day without any need for legal constraints. The history of insider dealing (and the all-too-recently recognised need to legislate to make this unlawful) gives the lie to this rose-tinted picture of life in the pre-Big Bang City.

As Martin rightly stresses, compliance with the law is not enough. People also need to take into account the moral implications of their conduct. However, there are limits to the extent to which governments can legislate on this basis. The law can provide the basic parameters within which legal behaviour is to be constrained. Anything above and beyond that must be a matter for individual conscience, constrained by generally accepted standards of morality.

The book concludes with an attempt at an even-handed assessment of the likely future for the City in the post-Brexit world. There are risks and uncertainties. Mercifully, Martin largely avoids a detailed discussion of the Markets in Financial Instruments Directive and its effect on “passporting”, which allows UK financial services easy access to the European Economic Area. But surely the City will hold on to its pre-eminence as long as it retains its advantages as a place to conduct business? The European banks and other institutions that do business in London at present don’t do so out of love or affection. They do so because they are able to operate there with maximum efficiency.

The often rehearsed advantages of London – the time zone, the English language, the incomparable professional infrastructure – will not go away. It is not as if there is an abundance of capital available in the banks of the EU: Europe’s business and financial institutions cannot afford to dispense with the services that London has to offer. As Martin puts it in the last sentences of the book, “All one can say is: the City will survive, and prosper. It usually does.”

Crash Bang Wallop is not flawless. (One of its amusing errors is to refer, in the context of a discussion of the difficulties faced by the firm Slater Walker, to one of its founders as Jim Walker, a name that neither Jim Slater nor Peter Walker, the actual founders, would be likely to recognise.) Yet it is a thoroughly readable account of one of the most important and far-reaching decisions of modern government, and a timely reminder of how the City of London got to where it is now.

Michael Howard is a former leader of the Conservative Party

This article first appeared in the 20 October 2016 issue of the New Statesman, Brothers in blood