How Cameron is misleading over prosecutions for price fixing

The real obstacle is not an absence of applicable law, but the woeful underfunding of fraud investigation and prosecution.

Downing Street is trying to persuade us that if oil traders deliberately distort the price of petrol they cannot be prosecuted under existing criminal laws. This assertion is deeply misleading. If there is substance to the allegations against the oil companies said to be involved, there is now a very real danger that perpetrators will escape justice.

It has been reported that the government is in the process of drafting a new law targeting the manipulation of energy prices. However, because laws don't work retrospectively, wrongdoing prior to the law getting royal assent will not be captured. A Number 10 spokesman has said as much: "The law is the law so it will apply at the point it comes in. A change in the law that makes something illegal takes effect from the moment it takes effect."

If you accept the government's line that passing a new law is necessary, the resulting legislation will not bring anyone to justice or get to the bottom of what has been going on. It will do the opposite. It will draw a line under it and allow the sector to move on quickly and largely unruffled. That Number 10 is so quick to give up on the prospect of prosecuting under current law once again reflects the desire of Cameron, Osborne and company to let the City off the hook.

If people have been deliberately fixing prices to benefit themselves then it is already against the law. This has always has been the case. A scam is a scam. A fraud is a fraud. Different rules don't apply in the City than they do for you and me. There are some very plain, very simple offences in the Fraud Act 2006 that can be applied to price manipulation. For example, there's fraud by false representation. This is aimed at people who say something misleading to line their pockets or cause financial harm to someone else. There is also fraud by abuse of position for those who scheme against those whose interests they are not supposed to harm. And then there is good old fashioned common law conspiracy to defraud.

These are very broad offences and that is deliberate. The principles that underpin these offences are supposed to be applicable whoever is perpetrating the fraud, whoever they are defrauding and by whatever means they are doing it. The law must be interpreted this way otherwise criminals will always be ahead of the game. What a nightmare it would be if we individually had to criminalise every single abuse of every single commodity, market or financial product. There are thousands of these and new ones being invented every day. Such an approach would have disastrous implications for regulation and policy-making. Any slide towards it must be resisted.

The reason why City criminals are not in jail is not an absence of applicable law. The law is there for prosecutors who are front-footed and creative enough to apply it when the opportunity arises.

The real obstacle here is that fraud investigation and prosecution is woefully underfunded. The budget of the Serious Fraud Office is being slashed by 25 per cent. It has already had to ask for extra money to investigate the Libor scandal. If the director of the SFO does decide to investigate the energy market allegations, he is unlikely to be able to do so within the agency's current budget. A system has been established whereby he has to go to the Treasury and ask for the funds, giving that department an effective veto on high-value investigations. He will almost certainly have to go cap-in-hand to George Osborne and ask his permission. He has already had to do this for the Libor investigation.

In the US, the government easily recoups the money it spends on serious fraud investigations because its laws make it easier to fix liability on to companies and imposes much higher penalties. If reform is needed, surely that's where we should look.

So, in the event that there is something to these allegations, if there is no criminal investigation it will be down to two things: a lack of will and a lack of resources. It will not be down to a lack of applicable criminal law. The financial elite do not need special laws for themselves. This is one nation and there is one criminal law.

Emily Thornberry is MP for Islington South & Finsbury and shadow attorney general

Shell is among oil companies being investigated by European competition authorities. Photograph: Getty Images.

Emily Thornberry is MP for Islington South & Finsbury and shadow secretary of state for foreign and commonwealth affairs.

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What David Hockney has to tell us about football

Why the sudden glut of blond footballers? A conversation I had with the artist back in 1966 gave me a clue. . .

In 1966, I went to interview David Hockney at a rather run-down flat in Bayswater, central London. He was 28 and had just won a gold medal at the Royal College of Art.

In his lavatory, I noticed a cut-out photograph from a newspaper of Denis Law scoring a goal. I asked if he was a football fan. He said no, he just liked Denis Law’s thighs.

The sub-editors cut that remark out of the story, to save any gossip or legal problems. In 1966 homosexual activity could still be an offence.

Hockney and a friend had recently been in the United States and had been watching an advert on TV that said “Blondes have more fun”. At two o’clock in the morning, slightly drunk, they both went out, bought some hair dye and became blond. Hockney decided to remain blond from then on, though he has naturally dark hair.

Is it true that blonds have more fun? Lionel Messi presumably thinks so, otherwise why has he greeted this brand-new season with that weird blond hair? We look at his face, his figure, his posture and we know it’s him – then we blink, thinking what the heck, does he realise some joker has been pouring stuff on his head?

He has always been such a staid, old-fashioned-looking lad, never messing around with his hair till now. Neymar, beside him, has gone even blonder, but somehow we expect it of him. He had foony hair even before he left Brazil.

Over here, blonds are popping up all over the shop. Most teams now have a born-again blondie. It must take a fortune for Marouane Fellaini of Man United to brighten up his hair, as he has so much. But it’s already fading. Cheapskate.

Mesut Özil of Arsenal held back, not going the full head, just bits of it, which I suspect is a clue to his wavering, hesitant personality. His colleague Aaron Ramsey has almost the full blond monty. Paul Pogba of Man United has a sort of blond streak, more like a marker pen than a makeover. His colleague Phil Jones has appeared blond, but he seems to have disappeared from the team sheet. Samir Nasri of Man City went startlingly blond, but is on loan to Seville, so we’re not able to enjoy his locks. And Didier Ndong of Sunderland is a striking blond, thanks to gallons of bleach.

Remember the Romanians in the 1998 World Cup? They suddenly appeared blond, every one of them. God, that was brilliant. One of my all-time best World Cup moments, and I was at Wembley in 1966.

So, why do they do it? Well, Hockney was right, in a sense. Not to have more fun – meaning more sex – because top footballers are more than well supplied, but because their normal working lives are on the whole devoid of fun.

They can’t stuff their faces with fast food, drink themselves stupid, stay up all night, take a few silly pills – which is what many of our healthy 25-year-old lads consider a reasonably fun evening. Nor can they spend all their millions on fun hols, such as skiing in the winter, a safari in the spring, or hang-gliding at the weekend. Prem players have to be so boringly sensible these days, or their foreign managers will be screaming at them in their funny foreign accents.

While not on the pitch, or training, which takes up only a few hours a day, the boredom is appalling, endlessly on planes or coaches or in some hotel that could be anywhere.

The only bright spot in the long days is to look in the mirror and think: “Hmm, I wonder what highlights would look like? I’ve done the beard and the tattoos. Now let’s go for blond. Wow, gorgeous.”

They influence each other, being simple souls, so when one dyes his hair, depending on where he is in the macho pecking order, others follow. They put in the day by looking at themselves. Harmless fun. Bless ’em.

But I expect all the faux blonds to have gone by Christmas. Along with Mourinho. I said that to myself the moment he arrived in Manchester, smirking away. Pep will see him off. OK then, let’s say Easter at the latest . . . 

Hunter Davies is a journalist, broadcaster and profilic author perhaps best known for writing about the Beatles. He is an ardent Tottenham fan and writes a regular column on football for the New Statesman.

This article first appeared in the 22 September 2016 issue of the New Statesman, The New Times