Tag: United Kingdom

  • Year-in-Review: The rejection of Rishi Sunak

    When the history of this Conservative government is written, the year of 2023 will occupy a central place. But not for the reasons Rishi Sunak hoped. 

    As 2023 began, this next chapter in British history appeared to write itself as scribes readied to explain how, after a year of political trauma and tailspin, a new prime minister returned to revive an ailing party. His goal: win an election in 2024; his method: doughty, dogged professionalism. 

    Indeed, when Rishi Sunak was gushed into Downing Street in the psychodramatic dregs of 2022, he could not have been plainer: “Some mistakes were made”, he remarked in reference to at least one failed forebear, “I have been elected as leader of my party, and your prime minister, in part, to fix them”. Fortunately for the new PM, the day before he entered No 10, only 29 per cent of voters said they expected him to be “poor” or “terrible” at the job. After Boris Johnson and Liz Truss, the public were willing Sunak to succeed. 

    And sure, through 2023, budgets have been and gone with no self-inflicted market meltdown; elsewhere, the PM has overseen much-improved relations with Brussels. But as Sunak’s premiership developed, it quickly became apparent that his immediate success in calming a financier class quivered by Trussonomics was the easy bit. 

    Pivoting to the public in January, armed with five fresh “pledges”, Sunak intended to make the case for his Conservative Party. But from here has flowed recurrent relaunches, a series of intra-party dramas and, lo, how our prime minister’s ratings have tumbled. 

    The big picture story of 2023 can be surmised with two related assessments: the first, evinced by recent polling, is Rishi Sunak’s failure to shift the dial for the Conservative Party, and the second is the success of the Conservative Party in shifting the dial for Rishi Sunak. 

    The PM had a net favourability of -9 when he took office in 2022, after the events of 2023 it is now at -49 — the exact same figure as the Conservative Party as a whole, according to YouGov research.

    But it is not just the public that has seemingly rejected Rishi Sunak. His MPs are increasingly unruly, with factions swirled amid the PM’s recent Rwanda plan tumult. The Tory grassroots, as measured by ConservativeHome’s monthly poll of members, are no more convinced. They view the prime minister with a net satisfaction rating of -25.4 — in January, it was a positive 2.9. 

    So why has 2023 proved so dire for the prime minister? Why have recurrent relaunches — with No 10 unveiling a series of “real Rishis” — failed to shift the dial? We begin with those infamous New Year bullet points.

    Rishi Sunak 1.0: The pledges 

    Pledge by pledge, 2023 kicked off with Rishi Sunak and Sir Keir Starmer swearing their respective oaths at the altar of pragmatism. Trust them and the economy would grow, NHS waiting lists would shorten and the “small boats” would stop. 

    It was the prime minister’s emphasis on the latter that drove the greatest wedge between our technocrats-in-chief — and his boat-stopping zeal has proved crippling in the long term. Otherwise, political observers heralded the return of politics by agreed dullness: near total convergence on matters managerial.

    Week-in-Review: Who will win Sunak and Starmer’s five-a-side pledge-off?

    The “five pledges” were at once an audacious and deeply pragmatic statement of intent: Sunak would win the tug-of-war between agency and contingency, boring the public with a record of delivery so undeniable that Britain would collectively soften into a state of political pliability. Swelled with New Year goodwill and denying his colleagues’ nihilistic determinism, it was on these terms — founded on his fiscal virtù — that Sunak would win back voters to the Conservatives.

    The spring budget in March was a case in point. The package’s conscious steadiness bore the mark of a government working at pace to exorcise any excitement from British politics. 

    Still, significant questions remained after Sunak’s New Year speech: could his pledge-making cut through as the memory of Conservative administrations past lingered? Moreover, some of the pledges were made without deadlines — and Sunak remains coy when asked when he will finally make good on his stop the boats vow.

    Nor did the pledge gambit solve one of Sunak’s most significant political problems: the issue of Conservative apathy and disillusion.

    ‘Stop the boats’: Rishi Sunak tells MPs there is no firm date to fulfil pledge

    What is for certain, no commentator — as was common practice in January — can reasonably rubbish the pledges as “unambitious”. The prime minister is on track to miss four out of five of his “priorities” at year’s end: the economy is limp, debt is rising, NHS waiting lists are longer and he has not stopped the boats. As we enter 2024, that doesn’t look set to change. 

    ‘Long 2022’

    In January, therefore, the PM moved quickly to signal a definite break with the past; it was intended to be a uniquely Sunakian stall, matching delivery on the ground with an ascendant rhetoric of renewal.

    But Sunak’s attempt to signal a bold new departure, especially in 2023’s early stages, was immediately impaired by his dire inheritance.

    The ink was barely dry on Sunak’s new pledges before his then-party chair Nadhim Zahawi became the latest in a long line of Conservative parliamentarians to succumb to allegations of “sleaze”. In the end, a report from the government’s independent ethics adviser concluded that Zahawi had “shown insufficient regard for the General Principles of the Ministerial Code” over his tax affairs.

    The drip-drip of the Zahawi scandal, whereby reported wrongdoing was denied, then defended, before being deemed worthy of the sack, cast minds back to the ailing months of Boris Johnson’s administration.

    Upon entering No 10, Sunak had shown steeliness by promising “integrity, professionalism and accountability at every level”, but the relentless focus on inquiries, probes and investigations first on Nadhim Zahawi, and later regarding Dominic Raab‘s conduct, saw him castigated as “weak” by Keir Starmer. 

    As far as the Labour leader was concerned, the of subtext the criticism was that, while he had shown strength in standing up to the perceived misgivings of his ancien régime (Corbyn and his -ism, that is), the PM was still in hock to the Johnsonian sleaze machine.

    But Sunak’s intra-party travails were not merely limited to “sleaze” and probity problems. In fact, the posturing of Liz Truss — unabated in her ideological intent following the mini-budget furore — has been a core theme of 2023.

    Whether it has been in the United States, within the deregulatory rebel Conservative Growth Group alliance, at Conservative Party Conference or before an audience at the Institute for Government, Truss has consistently attempted to pressure her predecessor with her tax-cutting zeal. 

    What Liz Truss’ speech tells us about the future of the Conservative Party

    Indeed, in the first few months of 2023, Sunak’s immediate predecessors seemed locked in competition as to who could present as the most prominent pretender to the party crown. And whether it has been over their doomed political missions or “partygate” drama, Sunak still refuses to rebuke his predecessors directly — lest he invoke the ire of their respective acolytes. 

    Rishi Sunak’s first reshuffle

    With Zahawi jettisoned, Sunak used the gap in his government as an excuse to undertake a broader Whitehall rejig. After the dust settled on the Rishuffle of 8 February, the appointment of former (and current) trade minister Greg Hands as the new Conservative Party chairman was probably the least interesting aspect. Far more consequential was the fate of BEIS, with the department departed and apportioned among Grant Shapps, Michelle Donelan and Kemi Badenoch. 

    Still, it was a roundly inoffensive reshuffle. Apart from the obvious candidate in Zahawi, there were no real casualties, no individual irked by a demotion. With the vaulting of Lee Anderson as party deputy chair, factions were flattered and antagonists appeased. 

    As far as the politics was concerned, the lack of new blood within cabinet risked creating the image of a tired, fatigued party. It is a criticism Sunak has consciously sought to respond to in more recent reshuffles. 

    ‘Peak Sunak’

    By this point, with Rishi Sunak having been prime minister for a full six months, the “five priorities” had entirely consumed politics. It was government by permanent campaigning — and the prime minister, to his credit, was relentlessly on message.

    Then, not before their time, flowed a steady stream of political victories — beginning with Sunak’s decision to invoke Section 35 of the Scotland Act and block Holyrood’s Gender Recognition Reform Bill. It won plaudits within his own party and may have even hastened Nicola Sturgeon’s political decline. (She resigned on 28 March). Crucially, it showed that in the right context, the PM was willing to be ruthless.

    In the latter stages of February, amid the grand setting of the Windsor Guildhall’s portrait room flanked by his EU commission president Ursula von der Leyen, Sunak informed the assembled press that the relevant parties had negotiated a new “Framework”. After months of feverish speculation and posturing on all sides, Sunak was unveiling his Northern Ireland Protocol fix.

    By breaking the protracted protocol impasse, the prime minister was presented with the opportunity to stare down his rebels. In the end, there was no sweeping rebellion of like those of Brexit yore. Rather, the vote on the “Stormont brake” statutory instrument — passed with only 29 Tory naysayers — highlighted Sunak’s strength within the parliamentary party. His gamble in bringing Eurosceptics like Steve Baker, Chris Heaton-Harris and Suella Braverman into the cabinet had paid off.

    Equally, that both Liz Truss and Boris Johnson had tried and failed to stoke an anti-Sunak ferment underlined their relative weakness. Johnson, of course, had gushed to the “No” lobby from his appearance before the privileges committee over “partygate”. The symbolism, as party and parliament together showed signs of moving on from the drama of the Johnson years, was manifest.

    Week-in-Review: A cornered Boris is a dangerous Boris

    For many, the Windsor Framework vote provided a suitable summation of Sunak’s first six months as prime minister: he had succeeded in restoring relative calm after the collapse of the Johnsonian and Trussite regimes. He was fulfilling, it seemed, his role in the grand story of Conservative governance as a crucial stabilising force. 

    But the boats

    The Windsor Framework succeeded in securing Sunak’s position in his party; Johnson and Truss were quieted and, after months of psychodrama, unsettled MPs were reminded of what policy delivery looked like. With political capital to spare for perhaps the first time in his premiership, Sunak turned to the fifth, and most politically sensitive, of his “five pledges” for government: cue a plan to “stop the boats” once and for all.

    Thus, in March — having traded for nearly a year on the soon-to-be-ripe fruits of the Rwanda deportations policy — a new “small boats”-stopping strategy was inaugurated by way of the Illegal Migration Bill. At a press conference, Sunak declared he was “up for the fight” over the proposed legislation — both in parliament and the judiciary.

    At the time, critics suggested the machismo was misplaced and the expectation-creation — considering the full operation of the bill relied on the still-unimplemented Rwanda deportation scheme — as electorally costly. 

    With the PM confronted with his backbenchers (and home secretary) over amendments during the bill’s committee stage, his “stop the boats” pledge was already emerging as a glaring vulnerability in his pitch as a problem solver. The Conservative Party, even now, stood ready to cry betrayal if success was not forthcoming. 

    Still, the Illegal Migration Act made its way through parliament largely in tact — despite a scathing intervention from the Archbishop of Canterbury during its Lords stages.

    The decline and fall of Sunak 1.0

    Viewed in full, this period might be characterised as “peak Sunak” — a honeymoon-like phase characterised by success on areas squandered by his predecessors — before events, elections and continued economic gloom hollowed out his revival narrative.

    Indeed, the Illegal Migration Bill was still going through parliamentary ping-pong when the local elections in May saw the Conservatives lose 1,063 councillors — a worse outcome than their own deliberately nihilistic expectation management had predicted. 

    These dire local election results set the scene for a panoply of Conservative right conferences, held by the Conservative Democratic Organisation and the US-based National Conservatives. How quickly the momentum had switched. The energy, now, seemed with Sunak’s critics. 

    This Conservative right ferment culminated in July with the formation of the “New Conservatives”, a new factional grouping, co-chaired by Miriam Cates and Danny Kruger. In its first report, the clique called on Sunak to cut net migration from 606,000 in 2022 (later revised up to a record 745,000) to below 226,000 in 2024.

    Where do the ‘New Conservatives’ fit in Rishi Sunak’s crowded factional field?

    The founding of the New Conservatives was also the natural consequence of consistent criticism from within the party ranks that Sunak was being too managerial, too nice and not aggressive enough in his politics. Soon such siren calls would become impossible to ignore for the prime minister — especially, as his “pledge strategy” began to falter under the weight of its ambition.

    By July, it was clear that the prime minister had yet to make progress on any of his key priorities. Debt was recorded as standing at 100.1 per cent of GDP; Britain was teetering on the brink of technical recession; price rises were defying forecasts; NHS waiting lists were still bearish; and the small boats had not “stopped”. 

    No longer could Sunak appeal to his pledges to wriggle out of an uncomfortable line of questioning — now, the uncomfortable questions dissected his commitments. The core tenets of Sunakism, defined deliberately on strict managerial lines, were in the process of being upended.

    It had been speculated that Sunak’s plan in January was to meet his five pledges this year, and then run for election next year promising to satisfy five more. But with YouGov polling finding in June that over 90 per cent of people considered the PM to be failing on four of his five pledges (0.2 per cent growth saving Sunak’s blushes in the single instance), there were already rumours Sunak could undertake a broader strategic reset.

    Rishi Sunak 2.0

    As the House of Commons rose for summer recess on 20 July, voters in Uxbridge and South Ruislip, Selby and Ainsty, and Somerton and Frome headed to the polls for a triplet of by-elections. 

    In the story of Sunakian rule, the result in Uxbridge might reasonably be viewed as a watershed moment. The Conservative party narrowly won the seat by 495 votes, following a campaign that capitalised on opposition to plans by London’s Labour mayor Sadiq Khan to extend the ultra-low emission zone (ULEZ). 

    On this axis of Uxbridge, therefore — with routings in Somerton and Selby sidelined — in swung a whole new mode of governance, with ULEZ-like wedges weaponised. Sunak, far from a zealous convert to the “green agenda” in any case, quickly opted to water down net zero-chasing policies. The underlying message was that, while Labour takes an ideological view of climate change, the government was refusing to privilege politics over practicality during a cost of living crisis. 

    Rishi Sunak’s by-election triple threat — results and analysis as it happened

    With the “Uxbridge strategy” taking shape, the summer recess was subsequently “gridded” up and apportioned to areas where Sunak felt he could strike fear into Starmerite hearts. The public bore witness consecutively to “energy week”, “small boats week” and “health week” as Sunak, with little nuance but imperious intent, sought to coarsen political debate by laying “traps” for Labour. 

    But soon, there were signs that the cycle of new dividing line, turn new policy, turn media blitz, turn political punishment for Keir Starmer was having rather more dire consequences for the prime minister’s own operation.

    “Small boats week”, stretching from 7 August to 13 August, is a case in point. 

    In this week, as the government touted its crackdown on “lefty lawyers” and a new agreement with Turkey, the Bibby Stockholm asylum barge sat steadfast in Dorset, deliberately conspicuous — as a profound signal of the government’s small boats-stopping- intent. 

    The message, mirroring the new net zero strategy, was clear: Labour fails to back the barge, fails to talk tough on illegal migration and simply does not have a plan. With controversy successfully stoked, Lee Anderson argued that those persons unhappy with their stay on the Bibby Stockholm should “f*** off back to France”. 

    Then, on day four of “small boats week”, it was announced that the number of arrivals across the Channel hit 100,000 since 2018. The outspoken deputy Conservative chairman responded by saying Channel crossings were “out of control”, as ministers adopted defensive positions. 

    Next, on day five, asylum seekers on the Bibby Stockholm had to be moved off the barge following the discovery of Legionella.

    In the end, it was roundly acknowledged that the PM had lost rather more than he had gained during his long summer. So, with Rishi Sunak’s closest advisers and election aides collecting for a strategy “awayday” in the aftermath — as plans were readied for party conference, SW1 collectively sighed: what would come next? 

    Rishi Sunak 2.0, cont.

    Conservative Party conference, held between 1st to 4th October, was styled as the chrysalis chamber from which the prime minister would emerge reenergised and election-ready. 

    In Manchester, as Conservative factions competed for media attention and rumours of a HS2 u-turn festered, Sunak resolved to steal the show with a carefully choreographed peroration on “change”.

    The centre of Sunak’s audacious conference argument was that he, in his first year as prime minister, had located a “30-year political status quo” ripe for renewal. “Politics doesn’t work the way it should”, he explained to the Conservative Party faithful: “We’ve had thirty years of a political system that incentivises the easy decision, not the right one”.

    Having watered down net zero targets the previous month, HS2, as expected, became the latest policy area to feel the force of the prime minister’s “long-termism”. 

    But the political contortions underpinning Sunak’s “change” pitch begged a series of difficult questions. It was noted that Sunak would probably be able to pass legislation on smoking and A-level reform long before any general election campaign began. So how long can the PM maintain this image as a “change candidate” through 2024? 

    Week-in-Review: Rishi Sunak’s ‘reinvention’ shows the limits of his power

    Nor was Sunak’s vision of “change” derived from some grand new philosophy of state action (Keir Starmer thinks he has these with his “missions”). The prime minister had, seemingly, plucked some policy areas out of the air and declared his ambition to act on them — was this Sunaksignalling how government will be conducted until an election is called?

    The decline and fall of Rishi Sunak 2.0

    But these questions would remain answerless; for Sunak’s strategies only last as long as some obscure electorate somewhere deems it. 

    Of course, it is customary to begin with caveats when it comes to analysing what by-elections mean for an incumbent government. But, as we learnt in the aftermath of the Uxbridge poll, one individual who enjoys extrapolating by-elections into a picture of the national mood is the prime minister himself. What, then, did polls in Tamworth and Mid Bedfordshire indicate?

    In Tamworth, the Conservatives had a majority of 19,634 overturned; in Mid Bedfordshire, where the party had hoped to benefit from a three-way race, it saw a majority of 24,664 tumble. The brave faces and glib spin from Conservative Party apparatchiks on the morning following the results seemed some distance detached from the seriousness of the situation.

    Week-in-Review: Rishi Sunak is running out of time

    In the wake of a by-election routing, the newly dispossessed party leader is typically asked whether they will double down on their agreed strategy or set course for some new departure. But Sunak, who found himself in an awkward mid-reinvention phase — post-party conference but pre-King’s Speech — was, in the immediate aftermath, stuck. 

    The curse of Suella Braverman 

    And it soon transpired that not even the regal opulence of a Speech from the Throne — the first delivered by a male monarch for more than 70 years — could stem the PM’s political travails. 

    The event, like Conservative Party conference, was subject to wall-to-wall coverage in the media. It is the epitome of incumbency advantage in British politics. But for Rishi Sunak, such set-pieces have served merely to highlight his political woes.

    Ahead of the King’s Speech, home secretary Suella Braverman had sent a tweet appearing to confirm a Financial Times scoop that a measure to curb charities handing out tents to rough sleepers was being cooked up in the Home Office. The home secretary’s thread suggested that using tents is a “lifestyle choice” for some rough sleepers, many of whom come “from abroad”.

    Braverman, used to freelancing following speeches at the National Conservative conference in May and in Washington in September, had once more stolen the spotlight from her boss.

    The game Suella Braverman is playing

    Rishi Sunak and the Rwanda plan

    Braverman’s homelessness comments, and a further Times article in November lumping criticism on pro-Palestine protests, would set the scene for the most significant week of Sunak’s premiership. 

    For the week beginning 13th of November featured a far-reaching cabinet reshuffle, with Suella Braverman ditched and David Cameron vaulted, and a reckoning for — followed by a restatement of intent on — the government’s flagship Rwanda deportation plan. 

    By appointing Lord Cameron as foreign secretary, Sunak appeared to be doing a few things: (1) he was ending his ephemeral association with his 30-year consensus/“change” strategy; and, (2), at last, gambling on an ideological programme — vaulting an old liberal Tory bastion alongside some of his political disciples at the expense of the Conservative right. The mystery about what motivates Sunak seemed no longer moot: the “real Rishi”, it turned out, was in fact “Cameron 2.0”. The days of the PM pandering to populists, with no obvious electoral benefit, was over.

    The populists, unsurprisingly, were not happy. The New Conservatives accused Sunak of “walking away from the coalition of voters who brought us into power with a large majority in 2019”. Suella Braverman, in her post-sacking broadside, then stepped ahead of the forthcoming Supreme Court ruling on the Rwanda scheme to accuse Sunak of having no “Plan B”. 

    Braverman’s comments meant that by the time Lord Reed read the court’s Rwanda ruling, Conservative right bastions were already limbering up for a factional throw-down.

    Why David Cameron is back

    Rishi Sunak’s reaction to the court ruling was twofold. First, new home secretary James Cleverly was sent to Rwanda to pen a new revised treaty with the African nation. Second, Cleverly unveiled new emergency legislation to the commons in a ministerial statement, explaining it would decree to the courts that Rwanda is “safe” for all relevant purposes.

    But it was not lost on many that while Cleverly delivered his commons statement, immigration minister Robert Jenrick was nowhere to seen. He would make his presence known in a post-resignation missive, which labelled the new Safety of Rwanda (Asylum and Immigration) Bill “a triumph of hope over experience”.

    In days, Jenrick and Braverman lined up alongside the newly conjoined “five families” — a constellation of the dispossessed, the never-possessed and the otherwise perennially discontented in the party — to abstain over the bill.  

    Still, two star chambers, innumerable pool clips and 29 abstentions later, Sunak’s Rwanda bill successfully passed its commons second reading. It sets up a heated showdown in the New Year, with the “five families” set to spend the festive period penning their hostile amendments.

    The rejections(s) of Rishi Sunak(s)

    Rishi Sunak’s 2023 has been defined by his failure to shift the dial of British politics — despite, or in part because of, his myriad strategies and political modes. 

    But contextualising Sunak’s political problems poses a classic analytical dilemma: how do we account for the PM’s agency to make bad decisions against a structural backdrop defined by a dire inheritance and insatiable factions, composed of individuals who have long-dismissed him as an antagonist?

    It is a question that can be more neatly surmised like this: has Rishi Sunak been an unlucky prime minister? 

    Indeed, as far as the PM’s misfortune goes, it seems that for every competently managed reshuffle, there is a Supreme Court Rwanda ruling. For every autumn statement, a new round of record migration statistics. 

    Still, Sunak has undertaken to weave the warp of fortune’s caprice at every turn: first with his pledges and then with his net zero tilt — later informing a quickly reneged on “change” strategy. But the tug-of-war between agency and contingency, a sympathetic reading might suggest, has stretched Sunak thin — leaving him unable to make a mark either on his party or the polls. 

    One year in, the Conservative Party has a problem: Sunak isn’t working

    However you frame Sunak’s year, the result seems clear: the public has refused to embrace each and every version of the PM No 10 aides have concocted. The Tory membership, as ConservativeHome’s surveying suggests, is no more contented. And, crucially, the loudest quarter of the Conservative Party seems increasingly insatiable — as it peers over the horizon and to a post-Sunak future.

    All the while, Keir Starmer has become more effective in his attempts to stoke Conservative infighting — and the Labour electoral machine is kicking into gear. With more by-elections and commons showdowns on the horizon in 2024, Sunak finally shifting the dial for the Conservative Party has never seemed less likely.

    PMQs verdict: Brexit didn’t save ‘reverse Midas’ Sunak from Starmer’s brutal dressing-down

    Josh Self is Editor of Politics.co.uk, follow him on Twitter here.

    Politics.co.uk is the UK’s leading digital-only political website, providing comprehensive coverage of UK politics. Subscribe to our daily newsletter here.



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  • If law modules were Christmas dinner foods…

    They have more in common than you think


    Have you ever sat down for a tasty Christmas dinner, looked across your plate at the various foods, and seen the resemblance of your favourite, or least favourite, law modules? No? Well, we have…

    Turkey = contract


    The centrepiece of any Christmas/legal dinner. Really, it’s difficult to imagine a festive feast without it, the other components just don’t work on their own. However, there is the potential for it to be dry in parts, so caution is advised.

    Brussels sprouts = EU


    Strongly divides opinion – loved by some, hated by others. It’s in the name…

    Roast potatoes = constitutional


    A classic, something that everyone can and will have an opinion on, regardless of their culinary or legal knowledge. At their best, crispy and solid looking on the outside, however, the centre is typically very fluffy and falls apart easily.

    Carrots = criminal


    Something that you know you can’t get away from in order to make it through your dinner. Some really enjoy it, others find it a little too heavy and hard to deal with. Not everyone’s cup of tea, but not too bad either.

    Parsnips = jurisprudence


    An odd mix of carrots and roast potatoes. Slightly confused as to what it is, and nobody else really understands either. Nevertheless, can add something different and new to the mix, or just leave you questioning why you bothered in the first place.

    Peas = tax


    Impossible to tackle all at once. If you have any hope of success here, you have to take it piece by piece and slowly work your way through. Even then, there’s no guarantee of success.

    Stuffing = land


    Potential for exceptional levels of dryness and a texture more akin to sand than sausage. If executed well, can be an excellent addition to the meal, but high risk, high reward.

    Bread sauce = trusts


    To most people a foreign concept and appears unwelcoming, and tastes even worse. Some would disagree and slather their dinner with the concoction – but we’ll never understand them.

    Chocolate yule log = family


    One for all the family to enjoy – plain and simple. If you try and eat too much at once, you could end up feeling a little queasy, but pace yourself, and (almost) nothing can go wrong.

    Chocolate selection box = tort


    It’s the bit that everyone is actually looking forward to. No stress, no mess, just pure, sweet enjoyment. There’s something in here for everyone, even if you like bountys!

    The post If law modules were Christmas dinner foods… appeared first on Legal Cheek.

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  • Siobhain McDonagh: ‘Why the regulatory framework for short selling must be reformed’

    In the intricate realm of finance, short selling has been a subject of ongoing debate. Advocates assert that it contributes to market efficiency and price discovery, while critics argue that it can be subject to manipulation, causing harm to retail investors, pension funds, and overall market stability.

    As a Labour member of the UK parliament, I firmly believe that the time has come to revisit and reform short selling regulations, particularly in light of the recent news from the US that the Securities and Exchange Commission (SEC) has adopted a new short selling rule in attempt to increase transparency. Our mission is clear: protect the interests of pensioners and retail investors and ensure the integrity of our financial markets – in short, the exact opposite of the proposed regulatory changes the chancellor announced in the Edinburgh Reforms.

    South Korea’s recent actions in imposing record fines against two global banks serve as a stark reminder of the urgency of this issue. These fines were levied in response to “naked shorting” a highly questionable practice that had the potential to harm the integrity of South Korea’s financial markets and the economy writ large.

    While short selling can serve as a legitimate financial tool, it must be conducted responsibly and ethically. South Korea’s actions should serve as a wake-up call to other countries, including the UK and the US, to further improve their own regulatory frameworks and collaborate on an international level.

    Predatory short selling practices are not confined to a single region and are often targeted against critical components of the public realm, including housing companies, or retail stores on our high streets. While individually these may seem like just the ups and downs of financial markets, collectively they are fast becoming a cause of global concern with the potential to destabilise sectors that are integral to our societies and economies.

    One of the most significant concerns associated with short selling is the potential harm it can inflict on pension funds. These funds, responsible for safeguarding the financial security of retirees, are often invested in a diverse portfolio of assets, including equities. When short sellers strategically target a particular stock, they can swiftly drive its price down, resulting in substantial losses for these funds. These losses, in turn, have a direct and severe impact on the retirement income of individuals who have diligently contributed to their pension plans throughout their careers.

    The current regulatory framework often falls short of protecting pension funds from aggressive short selling tactics – which can drive down share value at speed and before institutional investors can react.

    Retail investors, another vital component of the financial market, are also at risk when it comes to unchecked short selling. Retail investors often lack the resources and expertise to navigate the complexities of short selling, making them particularly vulnerable to market manipulation. This vulnerability may discourage retail investors from participating in the market, ultimately undermining the democratisation of finance, which is a goal that we should all be striving to achieve.

    It is crucial to reconsider and enhance the rules governing short selling to mitigate the potential damage to pensions and safeguard retail investors. Implementing transparency mechanisms, daily reporting and much greater investigatory powers for regulators to ensure short selling is conducted ethically and within the law. We should also explore rules such as circuit breakers or uptick rules, which temporarily halt or slow down short selling of a stock experiencing rapid declines and can help protect the long-term interests of pension investors.

    Additionally, implementing stricter penalties for market manipulation and unethical practices in short selling can deter bad actors from exploiting retail investors for their gain.

    Given the international nature of financial markets, addressing the issues associated with short selling requires a coordinated effort on a global scale. The UK and the US, as two of the world’s largest financial markets, must take the lead in shaping international agreements that promote responsible short selling practices. A collaborative approach will prevent regulatory arbitrage and create a level playing field for market participants, benefiting investors worldwide.

    Historical precedents emphasize the need for international cooperation in financial regulation. The 2008 global financial crisis underscored the importance of cross-border coordination to prevent and manage systemic risks. This crisis, which had far-reaching consequences on the global economy, was a stark reminder that isolated regulatory approaches are inadequate in our interconnected financial world.

    The recent actions of South Korea and the predatory behaviour targeting critical sectors should serve as a global wake-up call. It is time for the UK and the US to lead the way in shaping a global agreement that ensures responsible short selling practices, benefiting investors and market stability across borders.

    Our collective responsibility is to protect the interests of pensioners and retail investors and to ensure the integrity of our financial markets in a rapidly evolving global context. As we move forward, we must heed the lessons of history and remember that collaboration in financial regulation is essential for the stability and security of the world economy.

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  • BCLP braces for low trainee retention rate 

    Exclusive: Firm stresses final figures still to be finalised


    Bryan Cave Leighton Paisner (BCLP) looks set to record an uncharacteristically low spring trainee retention rate.

    Legal Cheek understands the firm’s spring 2024 score was feared to be as low as 21% (3 out of 14) at one stage, but is now more likely to be 36% (5 out of 14) — or higher — as the firm opens opportunities for additional newly qualified (NQ) roles.

    Those to secure NQ roles so far will qualify into the firm’s real estate finance and mergers and acquisitions teams.

    A firm spokesperson stressed the process is still ongoing and the exact number of positions and offers has yet to be finalised. They also said the firm hoped to extend further offers and will continue to support its qualifiers throughout their last seat.

    Historically, BCLP is a relatively solid performer when it comes to retention rates. The firm chalked up a spring 2022 score of 72% with 13 of its 18 trainees staying put on that occasion, while in spring 2021 the firm kept 14 out of 16, or 88%.

    The Legal Cheek Firms Most List 2024 shows the firm recruits around 35 trainees each year, split across two intakes.

    Commenting on the forthcoming spring score, the firm spokesperson told Legal Cheek:

    “Our focus is to provide all our trainees with the assistance and the support they need to succeed in their legal careers. The number of NQ positions we offer varies from year to year, subject to the needs of the business and market conditions. This year, the number of offered seats is unfortunately lower than the number of trainees. To mitigate this, we have implemented several layers of support to the qualifying intake. We have offered early access to outplacement support, one-to-one interviewing assessments, coaching through our learning & development team, and introductions to our recommended recruitment agencies, as well as ongoing wellbeing support.”

    The 2024 Legal Cheek Firms Most List

    They added: “Our qualification process remains in progress as we work to find as many roles as possible for our people. While the exact number of positions and offers has not been finalised, we do expect a notably lower retention rate than we’ve seen historically at this point in time, under 40%. Looking ahead, we hope to extend further offers and will continue to support our qualifiers throughout their last seat and beyond.”

    News of the impending score comes in the same month that newly-published accounts revealed that the firm’s UK arm saw its profit before tax fall from £78 million to £29 million. The figures — which cover the year to 31 December 2022 — also show revenue dropped by 11% to £204 million.

    The firm attributed much of the revenue loss to its withdrawal from Russia in April 2022, as well as wage inflation and firm investments.

    “Globally, in 2022 we delivered a resilient performance thanks to the balance of our global platform, strong sector mandates along with our strength in litigation, and strategic counsel for long-time clients,” a firm spokesperson said. “Excluding the closure of Moscow and adjusting revenue on a constant currency basis, BCLP’s business grew by 2% in 2022 and the firm had its second-best year for profitability.”

    The commercial real estate sector — one of BCLP’s key specialisms — has come under particular pressure as a result of the current economic headwinds.

    Last week it emerged that City outfit Fladgate had asked associates with its real estate team to work a four day week for four days’ pay. It has been reported that lawyers have until 22 December to confirm whether they will accept the new set-up. Fladgate has been approached for comment.

    Last month, meanwhile, Legal Cheek reported Trowers & Hamlins had launched a second redundancy consultation within its UK real estate team amid what it described as a “continued slowdown in market conditions”.

    The post BCLP braces for low trainee retention rate  appeared first on Legal Cheek.

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  • Christmas gifts for law lovers

    ’Tis the season for Christmas rizz


    Unsure of how to delight your favourite law student this festive season? Panicking with Christmas just around the corner? Fear not, here are a selection of Christmas gifts ideas for the law student or lawyer in your life.

    But first, cawfee

    No law student can survive without their caffeine fix. How else will they be able to stay up until midnight, make their early-morning lecture, and still have the energy to tell everyone they study law? Any law student would save a ton of money if they had their own coffee machine or Moka pot, making it the perfect gift for Christmas. If you don’t want to splash out on a machine, a law-themed reusable cup or mug is a thoughtful alternative. For the Suits fan in your life, why not try this:


    Available on Etsy for £11.11

    Or, for the true legal fanatic:


    A worthwhile purchase at £11.99 on Etsy

    Be techy

    Studies prove that high noise levels make it harder to concentrate. Think like a law student and consider what tech gifts would enhance their study sessions and block out distracting background noise. Noise-cancelling earphones? Yes please! A high-quality laptop stand? On my list. A portable charger? How could I say no? Or, if you’re looking for something sweet and simple, why not just take care of their precious phone:


    Under the tree and ready for you law bestie for only £15.33 on Etsy

    Diffuse the stress away

    Law school is like a triple-decker stress sandwich—physically, mentally, and emotionally exhausting! And hey, sometimes, that regular caffeine fix just won’t cut it when stress is on the rise.

    I used a diffuser during my law degree, and it was the perfect pick-me-up when I was feeling sluggish or tired of land law. To go the extra mile, why not throw in an essential oil to help keep your law buddy relaxed? Besides, who wouldn’t want to fill their room with the smell of… a library book?


    “Library Book Fragrance Oil” is a bargain at any price, although especially worthwhile at £3.25 from Scent Perfique

    Booklight

    The average law student reads hundreds of texts every day. All the reading and writing can lead to eye strain or worse. With a small portable light, they can read anywhere, be it in a poorly lit law library, or in bed at night without disturbing others. And to go with it, what could a law student love more than a legal bookmark?


    Yours for just £5.89 on Etsy

    Legal attire

    We all know at least one law student that spends the majority of their time telling other people about their degree, rather than actually studying. To help this friend, why not get them something that can tell others about their degree for them, saving valuable time to crack on with some actual work. Perhaps this would work?


    Available in eight colours on Etsy for £12.31

    Or, for the romantic:


    Available in a bumper 16 colours for £12.46+ on Etsy

    And finally…

    As you wrap up your Christmas shopping for your favourite law student, consider these thoughtful gifts that cater to their unique needs. From the caffeine boost to tech-savvy study aids, stress-relieving aromatherapy and convenient reads; these prezzies are sure to make this holiday season a special one.

    Happy holidays!

    The post Christmas gifts for law lovers appeared first on Legal Cheek.

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  • Inflation falls by more than expected to 2-year low of 3.9 per cent

    UK inflation eased back to its lowest level for more than two years last month, official figures show.

    Inflation stood at 3.9 per cent last month, according to the Office for National Statistics (ONS).

    It is a dramatic fall from the 4.6 per cent recorded a month earlier.

    Most economists had been expecting inflation to fall to 4.3 per cent last month. Transport, recreation and culture, and food and non-alcoholic beverages were the biggest drivers of the drop.

    But the decrease is less steep than the drop from September when the consumer price index (CPI) measure of inflation tumbled from 6.7 per cent.

    It is also just under double the 2 per cent target aimed for by the Bank of England.

    Office for National Statistics chief economist Grant Fitzner said: “Inflation eased again to its lowest annual rate for over two years, but prices remain substantially above what they were before the invasion of Ukraine”.

    “The biggest driver for this month’s fall was a decrease in fuel prices after an increase at the same time last year.

    “Food prices also pulled down inflation, as they rose much more slowly than this time last year.

    “There was also a price drop for a range of household goods and the cost of second-hand cars.

    “Factory gate prices remain little changed over the past year, while on an annual basis the change in costs that producers pay for raw materials and fuel was negative for the sixth consecutive month”

    Chancellor Jeremy Hunt reacted to the news this morning by saying the only way the government can “make life better for families who are working very hard and feeling that they are in a cost of living crisis” is to “get the economy growing sustainably”.

    Hunt added: “That means you have to bring down inflation.”

    “That’s why the prime minister’s main pledge at the start of this year was to halve inflation, he has more than delivered that”, he said.

    “Once you do the hard work to squeeze inflation out of the system you can look forward to the kind of growth that will see people’s wages going up.”

    Hunt added: “When we can, we want to bring down the tax burden.”

    Rachel Reeves, the shadow chancellor, said the fall will likely come as “a relief to families”.

    “However, after 13 years of economic failure under the Conservatives working people are still worse off,” she said.

    “Prices are still going up in the shops, household bills are rising and more than a million people face higher mortgage payments next year after the Conservatives crashed the economy.

    “Only the Labour Party under Keir Starmer’s leadership has a long-term plan to make working people better off.”

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  • A round-up of the best legal Xmas trees

    Who has the best baubles and top tinsel?


    Once more, it’s that festive time of the year! As the holidays approach, certain sections of the legal profession have revealed their more festive side by setting up Christmas trees to celebrate the imminent arrival of old Saint Nick.

    In typical Christmas custom, the team at Legal Cheek has once again scoured the internet’s vast spaces to gather a collection of the legal profession’s most exceptional festive trees.

    Have we missed one? Drop a link in the comments and we will be sure to add it to our list!

    Freshfields

    Credit: Lloyd Rees/LinkedIn

    TLT (Bristol)

    Credit:Alice Pollington/LinkedIn

    Slaughter and May

    Credit: Alison Peyton/LinkedIn

    Gowling WLG (Birmingham)

    Credit: Jess Swingler/LinkedIn

    RPC

    Credit: Life in a law firm/Instagram

    1 Crown Office Row

    Credit: 1 Crown Office Row/X

    Trowers & Hamlins

    Credit: Scott Dorling/LinkedIn

    CMS (London)

    Credit: CMS/TikTok

    Gray’s Inn

    Credit: Gray’s Inn/X

    HFW

    Credit: HFW/Instagram

    Mishcon de Reya

    Credit: >Mishcon de Reya/Instagram

    Russell-Cooke

    Credit: Russell Cooke/Instagram

    The post A round-up of the best legal Xmas trees appeared first on Legal Cheek.

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  • Wellingborough by-election: Minister insists ‘all to play for’ in Peter Bone’s former seat

    Peter Bone has lost his seat in a recall petition, it was revealed yesterday, leaving another by-election for Rishi Sunak to contend with.

    North Northamptonshire Council confirmed last night that 13.2 per cent of constituents signed the recall petition, which means the constituency is now vacant.

    A recall petition is triggered when an MP is suspended from the House of Commons for at least 10 days.

    It comes after Peter Bone, the MP for Wellingborough since 2005, was found by parliament to have subjected a staff member to bullying and sexual misconduct.

    Conservatives accused of ‘endless sleaze and scandal’ as Peter Bone faces suspension after bullying probe

    Bone denies the allegations. 

    Speaking this morning, cabinet minister Mel Stride has said the Conservatives will have to “fight for every single vote” in the upcoming Wellingborough by-election.

    Asked if his party should be worried about losing the seat, Stride told Sky News: “He has a 19,000 majority but we still have to fight for every single vote, which is what we will do.

    “The one thing I will say is that my colleagues on my side of the House feel this and experience it week in, week out.

    “When you knock on doors and you talk to people about the next general election and the tough choice that people are going to have to make, what they don’t say is ‘I’ve got a burning passion to see Keir Starmer in Number 10’.

    “One of the reasons they are concerned about Keir Starmer is on the spending side.”

    He said that the by-election is “all to play for”, adding: “We will fight for Peter’s seat in Wellingborough.”

    Stride went on to stress that Labour’s poll lead is “That lead they have I think is wafer thin. It’s not deep”.

    Analysis of recent opinion polls by politics.co.uk shows Labour’s lead to be just under 19 per cent.

    Latest UK Opinion Polls

    Bone has been the MP for Wellingborough in Northamptonshire since 2005, and was re-elected with a majority of 18,540 at the last election in 2019.

    It comes after the Conservatives have lost a series of by-elections in recent months, including in Selby and Ainsty, Mid Bedfordshire, and Somerton and Frome.

    These constituencies, like Wellingborough, were previously won by Conservative candidates with five-figure majorities.

    Sunak faces prospect of fresh by-election as MPs approve six week suspension for Peter Bone

    Anneliese Dodds, chair of the Labour Party, said: “Wellingborough is ready for change”.

    “The Conservative Party has presided over 13 years of failure, not least in the ‘professionalism, integrity and accountability at all levels’ that Rishi Sunak promised.

    “Despite serious allegations made against him, Peter Bone has dragged his constituents through a lengthy recall petition rather than doing the right thing and offering his resignation.”

    Responding to the recall petition result yesterday, former MP for Wellingborough Peter Bone said: “The result of the Wellingborough Parliamentary Recall Petition has been announced 10,505 people signed the petition which is equivalent to 13.2% of the electorate.

    “68,897 people chose not to sign the petition which represents 86.8% of the electorate. 

    “As the number of people signing the petition exceeds 10% of the electorate, there will be a parliamentary by-election early next year. This seems bizarre as 86.8% of the electorate did not want to remove me from office, nor for there to be a by-election, and yet we are still to have one. 

    “I would like to thank all those people who have contacted me to offer their support from across the political spectrum. It has been most kind of so many people to have taken the time to contact me. 

    “The recall petition came about as a result of an inquiry into alleged bullying and misconduct towards an ex-employee which was alleged to have occurred more than 10 years ago. These allegations are totally untrue and without foundation. 

    “I will have more to say on these matters in the new year. May I wish you and your family a Merry Christmas and a peaceful New Year”.

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  • Super regulator probes ‘regulatory events’ leading up to SRA’s closure of Axiom Ince

    Important for public confidence, says LSB


    The Legal Services Board (LSB) has confirmed it will undertake an independent review into the regulatory events leading up to the Solicitors Regulation Authority’s (SRA) intervention into Axiom Ince.

    In a statement yesterday, the super regulator revealed it has drafted in Northern Irish law firm Carson McDowell to carry out the review. Carson McDowell isn’t regulated by the SRA, given its geographical location.

    “This was a significant case with considerable consumer detriment,” the LSB said. “In the Board’s view, it will be important for public and professional confidence that any learning can be identified with independence, and that any conclusions that may be drawn are based on an objective assessment of the facts.”

    The 2024 Legal Cheek Firms Most List

    Legal Cheek previously reported that the Axiom Ince was shut down in October by the SRA, not long after it emerged that over £60 million had gone missing from the firm’s client account. It has been widely reported that the client money had been used to acquire law firms Ince and Plexus as well as a number of properties.

    The LSB said it aimed to publish the outcome of the review in spring 2024 and thanked the SRA “for making clear its intention to co-operate fully with this review”.

    The review has been welcomed by Law Society chief executive Ian Jeffery. “As the oversight body responsible for assessing and monitoring effective and transparent regulatory performance, the LSB has the necessary investigation and enforcement powers to ensure that the events and actions relating to this very serious incident are fully brought to light,” he said.

    The post Super regulator probes ‘regulatory events’ leading up to SRA’s closure of Axiom Ince appeared first on Legal Cheek.

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  • Michael Gove threatens to strip councils of powers if they ‘delay or deny’ house building

    Michael Gove has said there will be “no excuse” for not dealing with planning applications promptly under reforms set to be announced in a major speech today.

    The levelling up, housing and communities secretary is expect to pledge that councils that “delay or deny” legitimate house building in their local areas will be stripped of powers over planning.

    The Times newspaper reports that Gove will give local authorities three months to put in place plans to meet the housing need in their area. And if a council fails to follow the new rules, they could be stripped of their planning powers entirely.

    Gove also told The Times that he will give the go-ahead to build “northwards” of 150,000 new homes around Cambridge as part of a major new expansion of the city. 

    He also pledged to set up a review of London’s current housing plan to increase the supply of new homes in the capital with a threat to remove Sadiq Khan’s powers over planning if he does not agree to the changes.

    Then, in a third commitment, he plans to force local councils to set aside land to be developed by small builders in an attempt to increase competition in the sector and reduce the dominance of large developers.

    Speaking to The Times, Gove also recommitted to the government’s 300,000 annual housing target.

    He said: “There is now no excuse for not having a [housing] plan in place and no excuse for not making sure that planning applications are dealt with in a timely fashion.” 

    “There is no excuse for the arbitrary refusal of planning permissions. Delay, no. Denial, no.”

    He added: “We’re going to be robust and rigorous in making sure that you deliver.”

    “The argument that’s been made is we’re saying to local authorities, you can pluck any number [of new houses] out of the air and just use that? Absolutely not,” he said.

    “What we will do is to give people an opportunity to protect that which is reasonable but strip away all of the unreasonable techniques that are used [by councils] to evade responsibility [for building new homes].”

    Speaking this morning to Sky News, housing minister Lee Rowley admitted the government still has a “way to go” before it will hit its own housebuilding target.

    He said: “We still have a way to go in terms of hitting the 300,000, but we have made substantial progress towards it.

    “We have built the best part of 2.5 million houses over the past 13 years.”

    A source at the Department for Levelling Up, Housing and Communities (DLUHC) said: “We have been clear that the government is on the side of the builders and not the blockers – councils must play their part and deliver the homes this country needs, without concreting over the countryside.

    “The housing secretary has already told councils that they need to step up, and we are providing a lot of support to help them do so — so those that continue to drag their feet can expect to face government intervention.”

    Deputy Labour leader and shadow housing secretary Angela Rayner said: “Michael Gove’s latest announcement is truly through the looking glass.

    “Despite all this tough talk, he and Rishi Sunak have stripped away every measure that would get shovels in the ground and houses built to appease their backbenchers.

    “We simply can’t be expected to believe that the government will take the steps necessary to get the homes built that Britain desperately needs.

    “The Conservative government has sent housebuilding into crisis, with rock-bottom rates of planning permission decisions, spiking interest rates and housebuilding set to plummet.

    “The devastating impact of this government’s reckless decision to abolish local housing targets will have real consequences for housebuilding rates across England, threatening to lock a generation out of getting a secure home of their own.”

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