James Harding resigns as editor of The Times

His departure was "at the request of News Corp".

James Harding, the youngest ever editor of the Times, has resigned after five years.

His departure was announced in an address to staff at 3.30pm, and was "at the request of News Corp". He is due to appear on BBC's Question Time tomorrow.

Lech Mintowt-Czyz, the paper's news editor, tweeted: "His staff, me included, just gave him a long standing ovation." His colleague Patrick Kidd added: "Feel immensely saddened by James Harding's enforced resignation, like when Andrew Strauss went. Universally admired, a real positive force."

In a statement to staff, Harding said: "It has been made clear to me that News Corporation would like to appoint a new editor of the Times. I have therefore agreed to stand down. I called Rupert this morning to offer my resignation and he accepted." 

He referenced the paper's campaigns on cycling deaths, its coverage of child sex abuse rings and the work of his foreign and deputy editors as being memories of which he was particularly proud. 

The BBC's Robert Peston has tweeted that John Witherow will move from the Sunday Times to replace Harding, but this has not been confirmed by the company.

There are currently wider changes at News Corporation under way. Robert Thomson, the current managing editor of the Wall Street Journal, was recently named as the head of News Corporation’s new separate publishing arm. His appointment prompted the resignation of News International chief executive and Murdoch veteran Tom Mockridge, who had hoped to take on the role. News Corp has yet to announce a replacement for Mockridge. Gerard Baker, the deputy editor of the Wall Street Journal, will succeed Thomson as head of the News Corp-owned paper.

Harding was known as a cerebral and calm editor. His paper's coverage of the hacking scandal - which affected his sister paper, the News of the World - was praised for its fairness and objectivity. It appears likely that his departure heralds more integration between the daily and Sunday operations.

In the November ABC figures, the Times's circulation was measured at 399,321 copies, a year-on-year fall of 3.37 per cent.

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James Harding. Photo: Getty

Helen Lewis is deputy editor of the New Statesman. She has presented BBC Radio 4’s Week in Westminster and is a regular panellist on BBC1’s Sunday Politics.

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Leader: The unresolved Eurozone crisis

The continent that once aspired to be a rival superpower to the US is now a byword for decline, and ethnic nationalism and right-wing populism are thriving.

The eurozone crisis was never resolved. It was merely conveniently forgotten. The vote for Brexit, the terrible war in Syria and Donald Trump’s election as US president all distracted from the single currency’s woes. Yet its contradictions endure, a permanent threat to continental European stability and the future cohesion of the European Union.

The resignation of the Italian prime minister Matteo Renzi, following defeat in a constitutional referendum on 4 December, was the moment at which some believed that Europe would be overwhelmed. Among the champions of the No campaign were the anti-euro Five Star Movement (which has led in some recent opinion polls) and the separatist Lega Nord. Opponents of the EU, such as Nigel Farage, hailed the result as a rejection of the single currency.

An Italian exit, if not unthinkable, is far from inevitable, however. The No campaign comprised not only Eurosceptics but pro-Europeans such as the former prime minister Mario Monti and members of Mr Renzi’s liberal-centrist Democratic Party. Few voters treated the referendum as a judgement on the monetary union.

To achieve withdrawal from the euro, the populist Five Star Movement would need first to form a government (no easy task under Italy’s complex multiparty system), then amend the constitution to allow a public vote on Italy’s membership of the currency. Opinion polls continue to show a majority opposed to the return of the lira.

But Europe faces far more immediate dangers. Italy’s fragile banking system has been imperilled by the referendum result and the accompanying fall in investor confidence. In the absence of state aid, the Banca Monte dei Paschi di Siena, the world’s oldest bank, could soon face ruin. Italy’s national debt stands at 132 per cent of GDP, severely limiting its firepower, and its financial sector has amassed $360bn of bad loans. The risk is of a new financial crisis that spreads across the eurozone.

EU leaders’ record to date does not encourage optimism. Seven years after the Greek crisis began, the German government is continuing to advocate the failed path of austerity. On 4 December, Germany’s finance minister, Wolfgang Schäuble, declared that Greece must choose between unpopular “structural reforms” (a euphemism for austerity) or withdrawal from the euro. He insisted that debt relief “would not help” the immiserated country.

Yet the argument that austerity is unsustainable is now heard far beyond the Syriza government. The International Monetary Fund is among those that have demanded “unconditional” debt relief. Under the current bailout terms, Greece’s interest payments on its debt (roughly €330bn) will continually rise, consuming 60 per cent of its budget by 2060. The IMF has rightly proposed an extended repayment period and a fixed interest rate of 1.5 per cent. Faced with German intransigence, it is refusing to provide further funding.

Ever since the European Central Bank president, Mario Draghi, declared in 2012 that he was prepared to do “whatever it takes” to preserve the single currency, EU member states have relied on monetary policy to contain the crisis. This complacent approach could unravel. From the euro’s inception, economists have warned of the dangers of a monetary union that is unmatched by fiscal and political union. The UK, partly for these reasons, wisely rejected membership, but other states have been condemned to stagnation. As Felix Martin writes on page 15, “Italy today is worse off than it was not just in 2007, but in 1997. National output per head has stagnated for 20 years – an astonishing . . . statistic.”

Germany’s refusal to support demand (having benefited from a fixed exchange rate) undermined the principles of European solidarity and shared prosperity. German unemployment has fallen to 4.1 per cent, the lowest level since 1981, but joblessness is at 23.4 per cent in Greece, 19 per cent in Spain and 11.6 per cent in Italy. The youngest have suffered most. Youth unemployment is 46.5 per cent in Greece, 42.6 per cent in Spain and 36.4 per cent in Italy. No social model should tolerate such waste.

“If the euro fails, then Europe fails,” the German chancellor, Angela Merkel, has often asserted. Yet it does not follow that Europe will succeed if the euro survives. The continent that once aspired to be a rival superpower to the US is now a byword for decline, and ethnic nationalism and right-wing populism are thriving. In these circumstances, the surprise has been not voters’ intemperance, but their patience.

This article first appeared in the 08 December 2016 issue of the New Statesman, Brexit to Trump