Show Hide image

Catastrophe averted?

The leaders of the rich countries went to Washington to save the world from sliding into deep recess

Vincent Cable

Shadow chancellor, Liberal Democrats

By the low standards of economic summitry, the G20 meeting rated quite high. There was a predictable, no doubt pre-written, communiqué, full of the usual banalities. And the meeting suffered from the absence of the world's most important politician, who hasn't yet taken up office. But, these necessary caveats aside, there were important achievements.

The first is that the meeting took place at all. The ludicrous pretence of the G8 (or G7) that the old western powers should set the global economic agenda has been punctured for good. On a purchasing power parity basis, China has the second-biggest economy in the world and India the fourth. It has been clear for some time that China is lender of last resort to the global system (by, in effect, underwriting US government paper) and the main source of global incremental demand (and commodity price inflation). The Chinese self-parody as the pupil sitting meekly at the feet of a dominant, but erring, master defies belief. It is obviously right that China, India and the other main non-G7 countries should be at the top table.

The second achievement was the clear realisation that unless governments hang together they will hang separately. Enough has been learned from interwar history for us to understand the follies of beggar-my-neighbour economics. Perhaps a warning shock was being sent across the bows of the incoming Obama administration not to reinvent the protectionist tariffs of the 1930s in a new guise, directed at China or Mexico in particular, or aiming to salvage the US auto industry through public subsidy. But this new-found concern for open markets has not yet communicated itself to EU or Indian or Chinese trade negotiators, who show no enthusiasm for lifting the block on trade liberalisation under the Doha round.

While trade policy is on the back burner, macroeconomic policy co-ordination is not. With a few exceptions - Germany notably - there is recognition of the need for aggressive monetary and fiscal policy and for large-scale intervention to recapitalise banks. These interventions can be and are being undertaken nationally. But governments acting in isolation attract critical attention from capital markets and currency speculators, as Gordon Brown is discovering. Structures like the G20 are the best safeguard against chaotic, unilateral action.

Will Hutton

Economic commentator

It was remarkable to gather so much economic and political power in one room to address a common agenda. That was the good news - along with commitments to co-ordinate fiscal expansion, to expand the lending power of the IMF and World Bank (Japan's $100bn loan to the IMF will increase the Fund's lending capacity by 40 per cent), to boost cross-border supervision, to tackle credit rating agencies, to reassess mad accounting rules and require member countries to attack the bonus culture in the financial services industry. A year ago such an agreement would have been inconceivable.

The bad news is that much of this is shutting the stable door after the horse has bolted. Four things have to be recognised: that the world has profound imbalances between high-saving, high-surplus areas in Asia and the Gulf and low-saving, structural deficit countries in the transatlantic economy (Germany excepted); that a system of floating exchange rates and private banks can no longer take the weight of recycling those savings; that unless the system is de-risked and the burden of adjustment is placed on deficit and surplus countries alike, the global system faces breakdown; and finally, that the business model used by the banks to recycle surpluses - securitisation and hedging in the $360trn global derivatives market - is broken.

In plain English, China must accept that its currency must appreciate; Britain and America, that they cannot run their economies on foreign savings; and all players that there has to be a system of semi-fixed exchange rates between the yen, the euro and the dollar.

One tough reality is that, for all their new economic weight, China, Brazil, Russia and India do not have fully convertible currencies - nor do they want to accept the discipline involved in having convertible currencies.

Ann Pettifor

Fellow, New Economics Foundation

Over the past decade, the Group of Eight leaders turned their exclusive annual meetings into jamborees. Rock concerts, protesters and celebrities added populist glitz. However, the real purpose of the meetings - international co-operation and co-ordination - was ducked. At last year's G8 Summit in Heiligendamm, Germany, George W Bush and Gordon Brown vetoed Angela Merkel's agenda item for co-operation over tighter international regulation and financial oversight of capital markets. That task, they argued then, could safely be delegated to "the invisible hand". Now that the fantastic, self-regulating machinery of free markets has proved grossly malfunctional, it is good to hear talk of enhanced co-operation and regulation.

But, in places, the joint statement issued by the 20 world leaders borders on the delusional. The phrase "We must . . . ensure . . . that a global crisis, such as this one, does not happen again" implies that they are avoiding the next war when they are still losing this one.

Even more questionable is the call for continued "economic growth". In a world of finite resources on a planet with limited capacity to absorb toxic emissions, and with bushfires encircling Los Angeles, we would have hoped that world leaders had some awareness of the threat of climate change and of the limits to economic growth. But no. The gravest threat to global security - our rapacious attitude to the earth's resources - is once again whipped up with talk of "market principles, open trade and economic growth".

Jesse Norman

Senior fellow at Policy Exchange

One might have thought the G20 summit a good moment for some straight talk from the Prime Minister. Instead, the political wind machine was cranked up to full blast. The summit would be a second Bretton Woods. Gordon Brown would forge a new global consensus on co-ordinated intervention to stimulate growth (while, of course, leading reforms to prevent the banking crisis from ever recurring). Luckily virtually none of this was true, or the summit would have been a hopeless failure. With fiscal measures already widely adopted, the G20 hardly needed Brown's leadership. No surprise that he returned empty-handed.

Labour has moved from despondency to a manic desperation to remain in office. The result is that the ever-fragile concept of truth in politics has wholly been cast aside. Thus the humiliating bank nationalisation has been dressed up as an act of far-seeing economic statesmanship. And a sensible warning from the shadow chancellor that current economic policy puts sterling at risk has been condemned for breaching an irrelevant semi-convention dating from the time of fixed exchange rates.

Alex Brummer

City editor, Daily Mail

There is a golden rule of international financial meetings. The larger the "G" number, in other words the more countries involved, the less likely it is that any worthwhile or binding decisions will be taken. So while it was wholly encouraging that the G20 summit brought a number of emerging market leaders to the top table of finance, including China, Brazil and Russia, there was never any real prospect of the event becoming the new Bretton Woods.

Furthermore, the summit took place in the final days of the lame duck administration of George Bush. Once it became clear Barack Obama was going nowhere near the confab, the event became even more of an irrelevance.

European leaders may like to blame Wall Street and Anglo-Saxon capitalism for the credit crunch and the recession now spreading through the Group of Seven like wildfire, but there is no hope of concerted international action without the new White House and Federal Reserve on board.

Almost all that was agreed could have been decided before the leaders left home. The commitment to reviving the Doha trade round is pure motherhood and apple pie. The prairie populists on Capitol Hill are unlikely to be enthusiastic.

At the core of the proposals was the commitment to use fiscal measures, tax cuts and public spending to kick-start global economies. But despite Gordon Brown's enthusiastic embrace of a new Keynesian big-spending approach - as advocated by Nobel prize-winner Paul Krugman - he neatly forgot to mention that such big-spending ways were only for those countries with a "policy framework conducive to fiscal sustainability". The UK with its ballooning budget deficit, which could hit £100bn or more next year, is clearly in no such position.

It is hard to fathom in what way the G20 was "historic", as the Prime Minister claimed in the Commons. There is little original in a bunch of old ideas designed to remove risk from the financial system and control executive pay. That is what regulators should have done before the banks ploughed into the iceberg.

James Buchan

Author and financial commentator

What is the Financial Stability Forum? What is "mitigating against pro-cyclicality in regulatory policy"? What, if anything, has the G20 summit in Washington on the weekend of the 15 November achieved?

Nothing very much, is the answer to all three questions. In the twilight of a discredited US administration, and with President-elect Barack Obama absent, the meeting was never likely to achieve a great deal or generate excitement in the US. Yet the final declaration, drafted with suspicious ease by the delegations on Saturday night, has something for everybody but not enough of anything to scare the financial horses.

Nicolas Sarkozy, the French president whose idea the whole thing was, gained some support for more institutional government of trade and finance, but no super-gendarme international of the type that has been directing financial traffic in the French imagination since the 17th century. As Jean-Pierre Robin wrote in the Figaro: "Those with fantasies of supranational supervision will need to change therapist." The US, jealous of its commercial sovereignty even when it is going about without its shirt, put paid to those Gallic dreams and also gained some platitudes about free trade.

The new commercial powers, not only Brazil, Russia, India and mainland China but also rich oil producers such as Saudi Arabia, received diplomatic recognition of their deep pockets. "The world's geopolitical structure has a new dimension," the Brazilian president, Luiz Inácio Lula da Silva, said. "There is no logic to making any political and economic decisions without the G20 members - developing countries must be part of the solution to the global financial crisis."

I suspect the winner is Gordon Brown. The next meeting will be held under his presidency in London in April. The Washington ragbag of proposals to reform or tinker with the current system, such as reminding us about the Financial Stability Form and mitigating against that regrettable pro-cyclicality in regulatory policy, appeals to his technical vanity and plays to his technical strengths.

Paul Mason

Economics editor, Newsnight

There was a sense in Washington, despite the throbbing engines and bulletproof glass, of powerlessness. The communiqué was stronger on the causes of the crisis than on co-ordinated solutions. Policymakers are right to stay focused on the near-term dangers: these are country-level debt default, the rising cost of borrowing for non-financial companies, rapid job losses and - via feedback - further destabilisation of the banking system. We are moving into the phase of fiscal stimulus but there are powerful technical arguments that say without "quantitative easing" - that is, printing money to stimulate demand - it doesn't work. The same people who told me it would come to recapitalisation, that the TARP (troubled assets relief programme) would not work, are now saying: nationalise the banks and print money.

Despite the urgency of the focus on near-term dangers, what was obvious at G20 was the lack of vision as to the future growth model of capitalism. The problem was seen as a failure of regulation; the solution a pretty weak brew of re-regulation that will get diluted even more as the lobbyists begin to have influence. But the problem is more fundamental: the growth model based on high debt instead of high wages has failed and will be hard to revive.

Peter Mandelson

Secretary of State for Business

We have been caught in a global whirlwind of extraordinary force.

It has brought with it a fear that has gripped the world economy and taken hold here at home. We are seeing it every day, with fear among consumers that is depressing demand; fear among banks that is inhibiting them from lending; fear among small- and medium-sized businesses that banks are just about to cut off their credit lines. The choice facing us and governments around the world is this: do we act decisively to counter and overcome this fear, or do we become paralysed by it and fail to act?

The government has already shown its willingness to take the bolder course as the first mover in setting about stabilising the banks. What is needed now is action to stimulate the demand essential for recovery. The UK economy, like economies in the rest of the world, needs a shot of adrenalin.

The Bank of England has already made a significant cut to interest rates. This monetary stimulus now needs to be matched by a fiscal stimulus. And because this is a global crisis this is best done if the benefit of the measures taken nationally is maximised by the same measures being taken around the world. That was the message from the international conference in Washington, as governments recognised the need to take the action necessary to stimulate their economies.

People will say, "But you are resorting to borrowing in order to deliver the stimulus that's needed." My answer to that is, what is the alternative? We certainly haven't heard one from the Conservatives.

David Cameron and George Osborne, trapped by their desire to oppose everything the government does, refuse to accept the scale of the challenge the world's economies now face and the prescribed international action. Their stance appears to be, if the rest of the world disagrees with us, it is because the rest of the world is wrong. The result is incoherence and an Opposition at sixes and sevens. One minute this is "do all it takes" and the next it is - as we heard this week - leave the recession to "take its course".

Sitting on our hands watching houses repossessed and businesses go to the wall is certainly not the approach being urged on me by people I have been speaking to up and down the country. They want their government to act to stimulate demand in the economy here and now. With all due prudence, that is what we are going to do.

Diane Coyle

Author and economist

The G20 meeting confirmed a robust and rapid response (by past standards) to recession, even in the US operating under a rump free-market administration. Policymakers around the world have been shaken to see the financial system at the brink of collapse - on their watch.

Yet it is difficult to predict how severe the recession will be. Bank lending to businesses and individuals is virtually frozen. In many (but not all) areas of the economy, activity has come to a halt. The last financial boom and bust, ending in 2001, had surprisingly little impact on jobs and growth, as the financial bubble had become increasingly untethered from anything real. Today's vicious circle of evaporating liquidity is much more serious, but lower interest rates and bigger government deficits will help. The underlying trends are easier to outline. Some challenges are clearly unaltered, such as climate change and our ageing society.

The technological opportunities are still there, too, in communications, the internet and biotechnology. Globalisation will be less driven by finance in future, but it will not be unwound. It would take a generation to turn back the clock on economic linkages, and the cultural impacts are permanent. In fact, the crisis has underlined our interdependence across national borders.

What has changed is the political economy of globalisation. In the triad of efficiency, fairness and freedom which dominates political choice in democracies, fairness will take priority in the years ahead, and the drive for ever greater productivity gains will retreat. The semi-nationalisation of the banks has started to shift the boundary between public and private domains; we will have to think more carefully about how to govern private choices that have big social spillovers. The G20 did not touch on this profound question of governance.

Iain Macwhirter

Political commentator

The G20 was largely a throat-clearing session and was never going to put in place the foundations of a new international financial system. Progress on the stalled Doha trade talks is encouraging but provides no guarantee that protectionism will not raise its head in the coming economic slump.

It is inevitable that countries faced with financial collapse will try to defend their economies by any means possible. Britain is already far down the road of "beggar my neighbour" economics by the "managed" devaluation of the pound, a crude attempt to boost UK industry by lowering the prices of British exports and creating a de facto tariff wall around imports from abroad. It won't work because Britain does not make much of anything any more except debt, and the world has plenty of that already.

But the collapse of the pound will seriously damage what is left of UK financial services. No one in their right minds would put money into the UK economy now, with the property market collapsing, UK banks insolvent and government borrowing likely to reach £100bn in the next 18 months.

Gordon Brown seems to believe that sterling is like the dollar, and that people will buy our dud pounds whatever the likely losses. However, as we are discovering, sterling is not a reserve currency and unlike the US we cannot force other countries to pay our debts. The future for our battered island is likely to be hyperinflation punctuated by appeals to the International Monetary Fund for emergency aid. Forget about spending our way out of recession - the UK government simply lacks the resources to fund the huge borrowing that would be required. Something will have to give. Brown will have cause to regret being so beastly to the Icelanders.

Richard Reeves

Director of Demos

James Carville, the hardened political aide to Bill Clinton, said that if he was reincarnated he'd want to come back as the bond market: "You can intimidate anybody." Right now it seems odd to think of any financial markets threatening anybody. But it is one of the ironies of the current economic situation that the capital markets still have some serious muscle.

Western governments, faced with recession, need to throw a lot of money at their ailing financial institutions - money that can be raised only by selling Treasury debt, mostly to the capital-rich investors of the Far East. For Gordon Brown, this is likely to become a more difficult sell, as Prudence is given the push and the pound takes a nosedive. Even national exchequers invite sceptical scrutiny in this new, nervous world.

The financial crisis is at heart a loss of faith. The word credit derives from the Latin credo - "I believe". When the Titanic of the financial world - in the shape of Lehman Brothers - was allowed to sink, the bonds of trust stretching around the world were snapped. In an instant, everyone stopped believing in each other.

A number of sensible measures should be on the agenda when the G20 reconvenes next year, including legislation to ensure bonuses in financial services are paid on the basis of five-year performance; new "pro-cyclical" provisioning rules requiring finance houses to increase their store of capital in economic upturns; and tougher, independent regulation of the rating agencies whose doe-eyed assessments of banks built on a mountain of paper helped get us in this mess.

There is, however, no quick technical fix for such a dramatic loss of confidence. Trust can be lost in the blink of a market-trader's eye - but it will take years to rebuild.

TEN THINGS THEY ACHIEVED

  • 1 Created a road map aimed at stabilising the world economy and overhauling the banking system with targets for the end of March 2009
  • 2 Advocated Keynesian big-spending
    “fiscal stimulus”
  • 3 Expanded from a small club making world decisions to recognise the importance of the economies of Brazil, Russia, India and China
  • 4 Agreed to reform international finance institutions, including better transparency and supervision of credit ratings agencies
  • 5 Agreed that the Financial Stability Forum should include emerging economies
  • 6 Banks and hedge funds to hold increased levels of capital and cash
  • 7 Recommended “supervisory colleges” for all major cross-border financial institutions
  • 8 Return to the Doha round – trade ministers to meet in Geneva next month
  • 9 Instructed G20 finance ministers to draw up plans and timeline
  • 10 Agreed to meet again, in London next April

. . . AND FIVE THEY DIDN’T

  • 1 Agree a future growth model for capitalism. Instead they reconfirmed their “shared belief in market principles”
  • 2 Agree detailed plans for regulatory reforms of banking
  • 3 Establish a plan of action for achieving the already endangered Millennium Development Goals
  • 4 Set up an international supervisory body with sufficient power to control global markets
  • 5 Halt the run on sterling, which fell sharply against the euro and dollar

Alyssa McDonald

This article first appeared in the 24 November 2008 issue of the New Statesman, How to get us out of this mess

Show Hide image

Men who fight

I thought that boxing was a display of pointless violence – but an unheralded prizefighter changed my mind.

Tommy Martin threw the first punch – then a series of hooks and jabs that struck the arms of the Commonwealth super-lightweight champion, John Wayne Hibbert. All eyes strained to follow the boxers as they skipped and shuffled their way around the bright blue ring.

Boxing is controlled chaos. The referee, watchful and sharp in his bow tie, brings the control; the boxers bring the chaos. From the terrace of the Copper Box Arena at the Olympic Park in London, the action seemed remote at first. The men in the spotlight were the size of toy soldiers and their grunts and gasps were inaudible. Only the heaviest blows seemed to make any sound: pop-pop, like rain on an umbrella.

Then the ferocity of Martin’s attacks, of Hibbert’s responses, registered among the crowd. Conversations ended mid-sentence. As the boxers showered each other with their punches, pop-poppop-pop-pop, a shiver of delight ran across the arena. A man to my left started laughing. Another stood up. Just 20 seconds into the fight, Martin was driven against the ropes but broke free, perhaps a little frantically. He raised his gloves. Hibbert, grim-faced, advanced.

Champion from Big Face Art on Vimeo.

Hit someone in a bar, at home, or on the street and you might soon find yourself in jail. Do so in a ring and you could win a belt. For decades, the World Medical Association has called for a total ban on boxing, arguing that a fighter’s “basic intent” is “to produce bodily harm in the opponent”. The New Yorker journalist A J Liebling called it “the sweet science”, but there was nothing sweet in the images of the 25-year-old middleweight Nick Blackwell being carried out of Wembley Arena on a stretcher in March after his defeat to Chris Eubank, Jr; there was nothing sweet about his seven-day coma that followed. The violence of boxing is unapologetic.

Yet a curious thing about the sport is that this bodily harm is inflicted largely without malice. There is little cruelty here, at least in the conventional sense. A boxing match is a test of strength, speed, endurance and strategy. It is not a brawl.

Anomalies are fairly easy to list – such as the 1997 WBA title fight in which Mike Tyson bit off part of Evander Holyfield’s right ear – but much of what we might read as anger or hatred in the ring exists, in reality, outside of it. “There is so much hate among people, so much contempt inside people . .  . that they hire prizefighters to do their hating for them,” the former heavyweight champion Floyd Patterson once said. The fighters perform animosity on our behalf – but do they feel it?

Boxing is ritualised aggression, qualified by the paraphernalia of sport, scored by judges, watched by members of a society in which the state has been granted a monopoly on physical force. Violence, licensed all but exclusively to the police and the army, is enshrined as a civilising instrument: we are appalled when it is wielded by anyone outside of this social covenant and condemn it as barbaric, senseless or criminal. Yet here at the Hibbert-Martin fight, one evening in January, was a carnivalesque exception. We watched men fight for money and we thrilled to it.

I’d first seen Hibbert on TV the previous September. I knew next to nothing about his sport but I was transfixed by the sight of the 30-year-old boxer – his blue eyes sunken in a face grown puffy with bruises – fighting the then Commonwealth super-lightweight champion, Dave “Rocky” Ryan. I initially recoiled from what seemed a pointlessly ­violent spectacle; it all felt oddly wasteful. But something compelled me to keep looking. And the more I looked, the more heroic the men appeared, and the less certain I became of my first impressions.

Hibbert won that fight and took the title. When he announced that he would soon be defending it against an up-and-coming fighter called Tommy Martin, I googled the promoter’s website and bought a ticket.

***

Martin, a boyish, sandy-haired 21-year-old from St Neots in Cambridgeshire, had speed and much of the crowd on his side. Maybe God, too. “I believe everything happens for a reason,” he told a local newspaper shortly before the fight. “I just believe it’s my time . . . It’s just about putting my faith and trust in the Lord.”

Between rounds, he would cross himself. Hibbert sought no such protection – not visibly, at any rate.

Although Hibbert was now the Commonwealth champion in his weight cate­gory (with a maximum of ten stone), the odds were against him. The title fight I’d seen on television in September had ended in unusual circumstances: Ryan had suffered a sudden, unexplained back injury in the tenth round. He froze, no longer able to dodge Hibbert’s punches. Hibbert took his chance and trapped Ryan in a corner, stunning him with a right hook to the head. The referee ended the bout.

Sceptical of Hibbert’s ability to hold on to the belt, the bookies listed Martin, a decade younger and still unbeaten after 13 fights, as the clear favourite to win. “They will be losing a few quid,” Hibbert countered, in a statement to the press. When I visited him at his “spit-and-sawdust” gym in Corringham, Essex, four weeks before the big night, he told me that Martin was a “stepping stone”.

“He’s in my way. He’s there [to let me] get to where I want to get to.” His voice was calm and steady, empty of bravado. This was a statement of fact.

In the weeks that followed, Hibbert declared repeatedly that victory would be his. “Whatever he brings to the table, I have the answer for,” he said. “It will be a short night.” He seemed to believe it.

He had to believe it. Since his professional debut in the summer of 2009, Hibbert had fought 19 bouts, many of them bloody and bruising, and had come out on top in most. Martin entered the ring as a pro three years later at the age of 18, and had six fewer matches’ worth of experience.

“I’ve been involved in much harder fights,” Hibbert said. “I can’t wait to get in there now and do the business.” Yet ­boxing is a risky business, even for old hands. As Joyce Carol Oates once observed of the sport: “Loss, humiliation, shame are only part of the risk – physical injury, even death, awaits as well.”

***

When Hibbert was first marched into a gym as a teenager by his father, he wasn’t quite prepared for what he would find. “I was a young lad in a little village, Horndon-on-the-Hill, and causing a bit of mischief,” he told me. “My dad sort of thought that boxing would be the right thing for me to do. You know? Give me a bit of discipline.”

What he felt, he said, was fear. “Going into a gym was quite intimidating – the trainers in there, everything, the smells. There were some lads, the lads around town, and they would dig you out a bit. It weren’t the nicest thing.”

Soon, however, Hibbert was able to get “the hang of it” and learned to “love training, love boxing”. He smiled at the memory and seemed to nod in agreement with himself. He was right to have persevered. But I was struck by his ability to work through his initial fear – a rational fear of violence and pain – and then to turn it into something he loved.

Outside the glare of ring lights, Hibbert was no-nonsense but not brusque; he was thoughtful and gave little impression of aggression. His movements were controlled, as those of sportsmen often are, and he answered my inexpert questions with patience. In short, he was dignified. Sitting at ease in his gym, with photographs of Mike Tyson and other champions glaring down from their frames on the cold, concrete walls, he projected none of the aggression that he had spent nearly two decades of his life training for. I asked him if he enjoyed boxing. “Yeah, I do like getting in there and having a bit of a fight,” he answered, with what looked like a guilty grin. “It’s in you, you know?”

But the will to keep fighting when confronted with physical danger is not entirely innate. Endurance of this kind is honed – it can’t just be dared or forced into existence. Before winning the Commonwealth title last September, Hibbert had twice been beaten by Ryan. Their second fight in May 2015 was furious, with relentless combinations of punches hitting their targets on both sides. Hibbert was felled after half an hour or so in the ring. A similar stoppage seemed likely in their third encounter: halfway through the match, Ryan dug his fist into Hibbert’s solar plexus and brought him to his knees. But the challenger collected himself. He got to his feet and kept pacing, parrying and lunging at his ­opponent until the bell rang.

I asked him what had given him the resolve to continue after that sixth-round blow. “It did hurt,” he said, recalling the shaky moment – the way he had staggered and struggled for breath, sweat gathering on his brow. Then he shifted in his seat and told me a story that was clearly important to him; he would return to it repeatedly during our conversations. “Dave Ryan was winning the fight but I’d promised my two children, especially my little girl, that I’d bring [the Commonwealth belt] home for her,” he said. “She loves that rainbow belt. She ain’t got a clue what it’s about. She just wanted it ’cause it looked nice.”

Hibbert is a family man and I believed him each time he resurrected this theme: that he drew strength to fight from the thought of his children, Lexie and Connor, aged six and three. (I wondered about his interests outside boxing. “Family!” he informed me.) It pained him to spend so much time apart from them. “They go through a lot,” he said, “because you spend your life in the gym. Sometimes, you get home – say, if you’re training three times a day – and you know you’ve got it going again the next day . . . but your kids just want to play with you.”

He visibly softened. “My little girl wants me to help her do her homework. Not that I’m very good at that – she’s cleverer than me already. But you’re tired and you need your rest . . . There’s a lot of things that go on that people don’t see.” His wife, Kerrie, who he met at a local pub a decade ago, comes to each of his fights.

Hibbert’s first name is actually Wayne. John was his grandfather’s name. He adopted it when he registered for his pro licence, to honour the man who had pushed him, who had shouted, “Come on, boy, let’s get it going!” whenever he was “a bit wayward . . . knocking about round the streets”. The original John would sit ringside at the gym, smoking away at his pipe, proud of his grandson. He died eight years ago, without witnessing Hibbert’s rise up the ranks of the sport. Later, I noticed on his shiny, blue-black shorts the word “Granddad”, above a picture of a golden crucifix and a pair of angel wings. On the front and back were “Lexie” and “Connor”.

Yet the love of family alone could not explain Hibbert’s resilience: his “heart”, in boxing parlance. There must have been something else, something harder. Hunter S Thompson once wrote of pursuing “the edge” – the liminal space between deadening security and the danger of a literal
death – and I thought I could sense something of this impulse in fighters. To walk habitually on such a precipice, surely some deep, evolutionary instinct for self-preservation must be negotiated, if not negated altogether. How was this possible? Few fighters win every bout and even a victory can prove damaging in the long run. Injury is part of the job description.

When I pressed Hibbert on this, his look of focus returned. “That’s what a lot of people say: ‘How can you just get punched?’” He seemed almost bemused by the question. “You just don’t think of it. It is what it is. I’ve done it for so long now. It’s what I know. I don’t know anything else.”

***

By the ninth round of the Copper Box fight, the judges’ scorecards were even. Hibbert had dominated the first five, walking through Martin’s attempts at combinations and forcing him against the ropes time and again. Yet a solid right to Hibbert’s side had emboldened the younger boxer, who made the most of the champion’s defensive lapses in the seventh round. Martin threw a hook. He drove back his opponent. Hibbert began to squint. His left eye was swelling badly and his nose was bleeding.

With just three of the 12 rounds left, the pace slackened for the first time. Both boxers were exhausted and they stared at each other, hesitating. As the eleventh began, Martin’s comparative inexperience was showing. He was now throwing single punches, which Hibbert countered with swarms. One of Martin’s attacks connected. Hibbert pounded back, pop-pop-pop.

In their corners, the trainers looked on. Their heads moved with those of their charges. They shouted and waved their hands. In the minute-long intervals between the action, they applied Vaseline to cuts and delivered bullet-point lectures on strategy. Mark “Sach” Bates, Hibbert’s lead trainer, gave advice on how to exploit Martin’s habit of falling back and standing with his gloves covering his face. Then the bell announced the fight’s final three minutes.

Instead of marching straight into combat, Hibbert gave his opponent a brief hug. It was a surprising, touching gesture. Then he raised his fists and charged into Martin, all merciless determination.

Ninety seconds was all it took. The 21-year-old challenger dropped to his knees after Hibbert’s machine-like pounding had pushed him on to the ropes once again. As the referee started the count, Martin’s eyes drifted to his corner. His trainers stared back. Then he tilted his head in Hibbert’s direction, but the champion just hopped on the spot, readying himself for another push. “Seven, eight . . .” the referee bellowed. Martin didn’t hear it. When he finally stood up, it was too late. The fight was over.

“You just don’t think of it,” Hibbert had told me: he was able to face the punches because he could banish the thought of the pain they would cause and the consequences they could have. “You just don’t think of it”: he was able to fight Martin and make an enemy of him for this one night by banishing the knowledge that they are, in his own words, “pretty close”. Shortly before the match, Tommy had called Wayne his “best friend in boxing”.

They had been sparring partners as ­Hibbert trained for the Dave Ryan fights last year. Martin was ringside to watch his friend win the Commonwealth title; he was “over the moon” when Hibbert’s victory was declared. But all of that was irrelevant in the run-up to their own fight. “Boxing gives you discipline and respect [for your opponents]. They’re in the ring to do their job and I’m in there to do mine,” Hibbert explained. “But losing would set me back financially and ruin things for my kids. You’ve got no friends when you go in there. They’re your enemies.”

So: “You just don’t think of it.” But Hibbert did think of it. He couldn’t help it. From early on in the fight, the two boxers would fist-bump each other in the intervals between their 180-second battles: an expression of “hang in there” that was at odds with the jabs and hooks that followed. Their embrace in the final round was only the most open gesture of a friendship that couldn’t quite be denied, even in the midst of physical conflict.

The chime of the final bell faded. Hibbert jumped up in joy – or maybe it was relief – and acknowledged his fans. Then he walked over to Martin and consoled him. The younger man looked up at him, almost in tears. In the post-match interview, Hibbert insisted that, although he had won, Martin had hurt him badly, a strange compliment in any other circumstances but a generous one here. Martin leaned over and kissed him on the side of his head before thanking the referee and Jesus Christ for keeping them safe.

***

“You discipline your mind. That’s the art of training,” Hibbert told me as we sat in his Essex gym. “It keeps your mind active.” Yet boxing, to him, was ultimately “a business”. “You’ve got to do what you’ve got to do to provide for your family,” he said. I asked him how much he makes. “I don’t really wanna say,” he replied, but added: “Hopefully, my next few fights might get me a house paid for, or most of it, anyway.” (While world heavyweight champions such as Tyson Fury can earn purses of over £3.5m, Commonwealth title fights in Hibbert’s category are far less lucrative. Other boxers have received about £30,000 for comparable bouts.)

He did not romanticise the sport, something that writers find oddly difficult to resist – Ernest Hemingway even took it up as an amateur and built a ring in the backyard of his house in Key West, Florida. Hibbert spoke of his years as a manual labourer, laying floors, with almost as much fondness as he described his boxing career. It was
work, that’s all.

But work of this sort, which takes for granted the risk of severe injury, seems to confer on its practitioner an aura of strength that goes beyond the merely physical. Talking to Hibbert as he trained at his gym and as he rested at his London hotel on the morning of the fight, I was reminded of Ruskin’s thoughts on mountain climbing. In a letter to his father in 1863, he wrote:

“. . . if you come to a dangerous place, and turn back from it, though it may have been perfectly right and wise to do so, still your character has suffered some slight deterioration . . . whereas if you go through with the danger, though it may have been apparently rash and foolish to encounter it, you come out of the encounter a stronger and better man, fitter for every sort of work or trial, and nothing but danger produces this effect.”

***

My impression of John Wayne Hibbert was one of solidity of character. I suspect that he is not alone among boxers to have this trait, forged, perhaps, by the tempering of the will that is necessary for such an extreme occupation.

The morality of the sport has been much debated but, in the same spirit as we can condemn wars but honour the soldiers who fight them, I think the bravery and the glory of boxers are beyond dispute. And there I go – romanticising it, when it’s strictly a matter of business. It’s work, that’s all.

Yo Zushi’s latest album, “It Never Entered My Mind”, is released by Eidola Records

Yo Zushi is a sub-editor of the New Statesman. His work as a musician is released by Eidola Records.

This article first appeared in the 28 July 2016 issue of the New Statesman, Summer Double Issue