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Dispatches from Davos, Prince Harry’s settlement and the City’s unstoppable conquest of the City: catch up on the latest City gossip in this week’s The Capitalist
DISPATCH FROM DAVOS
If the FOMO is too much you could still hop over to Davos and soak up the final day vibes at the World Economic Forum. As of yesterday, a room in a poky flat just off the main drag was available on Airbnb for around £1,500. This is beyond the limits of The Capitalist’s expense account, believe it or not, so we’re relying on our spies on the ground to phone in some reportage. One of the main observations is that while most world leaders jet in and jet out again sharpish, Rachel Reeves and the UK delegation seem to have opted for a mini break. “She’s everywhere,” says one City grandee. Is this commendable, or slightly desperate?
Meanwhile another Davos veteran remarks on the way the conference has changed over the years: “It started out as a political conference then became an economic policy fest, then it became a party for bankers and asset managers and it’s now basically a trade show for tech firms.” Another delegate tells us dryly they can’t shake the feeling that “the party has moved on somewhere else.” Where, Klosters?
ETERNAL SUNSHINE OF THE SPOTLESS MIND
The Capitalist envies the eternal optimism of those who keep getting caught off guard by the slew of bad economic news. Good Morning Britain declared that this week’s jump in unemployment was “unexpected” while the BBC yesterday reported that the massive spike in public borrowing in December was also “unexpected”. Ignorance is bliss.
THE JURY IS OUT
Prince Harry had promised to stiffen his sinews and summon up the blood as the last man standing in the great battle of celebrity phone hacking victims vs The Sun. While other high profile claimants had accepted vast settlements rather than going to court and running the risk of footing the bill for the legal costs of both sides, Harry had promised to let slip the dogs of war. “They have settled because they had to settle,” he told The New York Times last year, “one of the main reasons for seeing this through is accountability, because I’m the last person that can actually achieve that.”
Sources close to the case appeared to regard a public hearing as an end in itself, saying, in language that will be familiar to students of the Sussex idiom: “this will be about witnesses speaking their truth in front of the police and in public”. So supporters of the Duke’s crusade against the press will be disappointed to learn that, at the last minute, he accepted “substantial damages” and an “unequivocal apology” rather than go before a judge.
The Capitalist won’t speculate on whether the benevolent Prince wished to spare our justice system an expensive circus or if the decision had more to do with the collapse of his podcast deal, the flop of his polo documentary and some disobliging press in the states. The affair will also damage the finances and reputation of News Group Newspapers, who have admitted to unlawful activities and extensive intrusion into the private lives of both Harry and his mother, princess Diana. Overall it’s less “cry God for England, Harry and St George” and more just cry.
TREND REPORT: POLITICAL NEUTRALS ARE IN
Everyone knows what a new political administration means – interior makeover! – and Starmer and Trump have grabbed their dungarees with gusto. Over in SW1, the PM has shown a penchant for “political neutrals” in his £80,000 revamp of Downing Street’s briefing room (the walls are now brown rather than blue) unveiled this week, while Trump’s Oval Office makeover has, predictably, favoured more statement pieces. Not least, his Diet Coke button, which summons a butler with a cool glass of the fizzy drink whenever pressed. The ever frugal Rachel Reeves, who last week said she squirrels away leftover Westminster pastries for lunch, will surely be tutting.
SALAD DAYS IN THE CITY
There are two prominent ‘fast casual’ trends pervading the capital’s luncheon scene right now: one celebrates great hulking versions of US junk food done well, such as the hot chicken at Dave’s, but what else are queues forming for? Salad bars. The least hedonistic lunch food of all time has become the dish du jour, with the rise of Farmer J in particular, now ubiquitous on just about every City corner. But new kid on the block PYO Salad (short for ‘Pick Your Own’ and found near Fenchurch Street) reckons they can take those titans on. The founder, a former City worker, boasted to The Capitalist this week that his chicken – indeed, his entire range – is fresher and higher quality than any of the competition. Fighting over the prominence of iceberg lettuce? This is the type of corporate pettiness we can get on board with.
