Morning Call: pick of the papers

The must-read comment and analysis from today's papers.

  1. Downgrade is Osborne's punishment for deficit-first policy (Guardian)
    "Without a tangible increase in the nation's annual income until after the next election, George Osborne's hopes of finding the money to cut the UK's £1tn of debt are in shreds", reads the Guardian's leader.
  2. The AAA downgrade may benefit Britain (Telegraph)
    If what we get is realism, then the price will be worth paying, says Thomas Pascoe.
  3. The UK is very European – in its mistakes (Financial Times)
    The delay in addressing economic problems is deepening them, writes Adam Posen.
  4. With this tax dodger list the Revenue shames only itself (Guardian)
    By singling out barbers and pipe fitters, HMRC shows it takes care of the little people, while Amazon looks after itself, writes Marina Hyde
  5. The politicians are losing in Eastleigh (Telegraph)
    Some in the press are calling this the most important by-election for 30 years. But important to whom?
  6. Weaker pound is welcome but no panacea (Financial Times)
    The challenge is to connect monetary and fiscal policy to promote demand while enhancing supply, writes Martin Wolf.
  7. Long live shopping. But the shop is dead (Times)
    Retail parks are already the past, doomed like high streets and markets. The internet changes how we buy and think, writes Matthew Parris
  8. Is downgrade bad news for Osborne? (Financial Times)
    "After the US was downgraded in 2011, US bond yields tumbled", says the Short View column.
  9. Sorry to harp on, but the horrors of Mid Staffs just won’t go away (Telegraph)
    The Prime Minister acknowledges the shame of the Amritsar massacre in India, but many more died on the NHS’s filthy wards, writes Charles Moore.
  10. Downgrade: good news for UK (Financial Times)
    All of the country’s problems are well documented, says Lex.

Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter.

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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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