Morning Call: pick of the papers

The ten must-read comment pieces from this morning's papers.

1. Eastleigh by-election is a warning for the Tories (Daily Telegraph)

The withered state of the Conservative Party’s grassroots bodes ill for the general election in 2015, says Paul Goodman.

2. The Lib Dems must not stand for any more lies over the NHS (Guardian)

The Tories have misled their coalition partners – and us – repeatedly over the true extent of their health service vandalism, says Polly Toynbee.

3. Settler policy imperils Israel’s foundations (Financial Times)

The country is losing legitimacy among allies around the world, writes Philip Stephens. Netanyahu bears responsibility.

4. Follow Marco or stay out of the White House (Times)

The smart young Republican has shifted on immigration, writes David Taylor. If his party wants power, it must follow suit.

5. Barely noticed, civil war is raging in Whitehall (Independent)

Government ministers are riding roughshod over the civil service, and that leads to government by cock-up and a loss of morale in Whitehall, writes Andreas Whittam Smith.

6. Juries? It's time they went the way of the ducking stool (Guardian)

The soap opera that is the Vicky Pryce trial shows the archaic rituals of our courts to be little more than legal parlour games, writes Simon Jenkins.

7. Weaker pound is welcome but no panacea (Financial Times)

The challenge is to connect monetary and fiscal policy to promote demand while enhancing supply, says Martin Wolf.

8. A degree of good sense (Daily Telegraph)

With people working for longer, and jobs for life becoming a thing of the past, it makes sense for older people to return to higher education, says a Telegraph leader.

9. The Robin Hood tax takes a step closer (Guardian)

The aim of the financial transaction tax is to make banks and markets contribute more – and it's coming to 11 EU states soon, writes Algirdas Šemet.

10. A poorly disguised raid on Britain's aid budget (Independent)

If David Cameron wants to up military spending he should have the courage to say so, says an Independent editorial.

Getty
Show Hide image

FTSE 100 plunges after Theresa May signals hard Brexit ahead

The Prime Minister is to lay out her Brexit plan later today. 

The FTSE 100 and the FTSE 250 plummeted this morning after the Prime Minister signalled Brexit will mean leaving the single market.

Theresa May is expected to rule out "partial membership" or any other kind of "half-in, half-out" deal with the EU in a speech later today.

The FTSE 100, the index of the UK's 100 biggest companies, and the FTSE 250 both fell more than 0.3 per cent immediately after opening. 

The worst performers included the housebuilder Barratt Developments, consumer goods tester Intertek and the mining company BHP.

Stock markets have been buoyant since Brexit, in part because many of Britain's biggest companies are international and benefit from a devalued pound. 

However, while markets fell, the pound crept up against the dollar, to $1.21. 

Critics of the Prime Minister say she is sacrificing the economy to prioritise immigration controls.

TUC general secretary Frances O'Grady warned: "If we leave the single market, working people will end up paying the price. It'd be bad for jobs, for work rights & for our living standards."

According to the Office for National Statistics, inflation rose from 1.2 per cent in November to 1.6 per cent in December. 

Julia Rampen is the editor of The Staggers, The New Statesman's online rolling politics blog. She was previously deputy editor at Mirror Money Online and has worked as a financial journalist for several trade magazines.