30/09/2016 Newsnight


In-depth investigation and analysis of the stories behind the day's headlines with Kirsty Wark. Will the Tory party conference finally show us who Theresa May really is?

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Theresa May is a world leader, the Prime Minister of the fifth


largest economy in the world, but what are her political passions,


This weekend she'll take to the stage at Tory Party Conference.


Will we start to get a clearer picture of what our


What she has not had, I think, is a 100 day plan of the sort


that we had worked out, when we came in, in 1997, when we


She seems to have not had that whole series of policies and


We'll hear from some of those who witnessed the first steps


Deutche Bank has got a market capitalisation of 16.8billion


dollars and faces a US fine of 14 billion for mis-selling.


Is what the IMF calls the riskiest bank in the world too big to fail?


The bloody history of some of the world's earliest and finest


I've never actually licked a manuscript but they have probably


Not only is it her sixtieth birthday tomorrow, on Sunday it's one hundred


days since the Brexit vote and she'll be in Birmingham


addressing party conference for the first time as PM on that


very subject - I wonder which she'll find the more enjoyable -


And then she makes a wider ranging speech on Wednesday.


Theresa May has been a senior figure in conservative politics for almost


two decades but apart from her style choices, ideologically she has been


a closed book to all but a few trusted lieutenants.


Since entering Number Ten there have been a few glimpses -


her determination to pursue "responsible capitalism,"


the return of grammar schools, and of course that moment


of caution, or brinkmanship, over Hinkley.


But will she come up with eye catching policies,


and does political history tell us that early enthusiasms


A clear image of Theresa May has yet to settle on the public retina.


In some cases, the details are sketchy, but in others,


The new Prime Minister was fortunate to have a G20 summit at the UN


General Assembly early in her tenure to help establish foreign policy


credentials, but in truth, one problem dominates


Here we have not yet had an outline, merely a clever sounding phrase


And we are going to make a success of it.


Every time one of her Brexit ministers seems to add a little


clarity to the government's approach, they have been sat down


On Sunday, Mrs May is set to give what has been billed as a big speech


on her approach to Brexit, perhaps then we will find out more beyond...


Jonathan Powell was Tony Blair 's chief of staff and he arrived


He warned Theresa May against wasting any time.


The first 100 days are crucial in setting the mould


for the Prime Ministership, that is when people see you.


There are two things I regret from our first 100 days,


the first was being bold and really difficult policies you want to get


through you should do at the beginning when you have


The second thing you should do is try and focus on those


issues that are going to be really important.


For Theresa May, the issue she will be remembered for is Brexit.


Whether she succeeds or whether it is reversed


If I were her I would focus exclusively on that.


With the dominance of Brexit and the fact that Mrs May has been


so long in the Home Office, you might have thought that


a distinct May domestic agenda would emerge slowly, but we have had


A pause in signing the deal on the new nuclear power


station with the Chinese, citing security concerns


was emblematic of cutting loose from the Cameron Osborne years


and another was announcing the return to grammar schools.


Strangely it was this attempt and focus on her agenda that has


caused most disquiet among Conservative backbenchers.


The grammar school policy was seen as both rushed and vague and indeed


there were so many unanswered questions about how it would work,


that it provided something of a rallying point for disgruntled


There was more uneasy when despite all the previous


signals suggesting cancelling the Hinkley Point power station,


a deal, slightly amended, was agreed anyway.


Questions then about what sort of political operation Mrs May


was running and whether it was up to the job.


Mrs May has a very different relationship with the press


from her predecessor who had no staged visits to schools


or factories and very few informal sources of information.


The only way in is through the front door, guarded by two aides who have


been with her on and off since her time in opposition.


I created the job of chief of staff and I came to work for Tony Blair


having imported that from the United States.


I've noticed that Theresa May has two, there is an inflation going on.


She has a male one and a female one and they seem to have a significant


role, controlling access, they seem to have a major role


in terms of policy, for example around schools and the role of chief


of staff has become more like that of The West Wing.


As someone who arrived on the job unexpectedly and in extraordinary


circumstances, Theresa May has been cut more slack than most


new prime ministers, but that patience is


We will have decision soon on Heathrow, government spending


Either the Prime Minister defines events or they will define her.


Let's grapple now with the May enigma and what history tells us


about the importance of a Prime Minister's honeymoon


with broadcaster Michael Cockerell, who has chronicled the careers


of seven Prime Ministers, Deborah Mattinson, pollster


and former adviser to Gordon Brown as Prime Minister, Polly McKenzie,


who worked in Downing Street for Nick Clegg and the journalist


and author Harry Mount, who's writing a book about Brexit.


Good evening. Michael, you have seen more Prime Minister 's go through


that black door than many, has anything surprised you since Theresa


May went through it? Partly what we were expecting of her, that she was


going to be boring and stayed and unexciting, but I think she has been


much more interesting. When she appointed Boris, everyone was


shocked, not least Michael Gove, he was at a party when it came through


on his mobile phone and he went white, apparently. She has not been


that predictable. She has been amazingly self-confident, at her


leadership launch, someone asked why she should be Prime Minister and she


said she was the best equipped for the job. She has this


self-confidence, she hit the ground running. If you look at Prime


ministers who have come through mid stream, John Major, who have the


poll tax, Gordon Brown, but Theresa May is faced with a policy that she


actively voted against, having to drive it through, does it make it


more difficult? It is incredibly difficult and she has appointed


three different competing voices, David Davis, Liam Fox and Boris


Johnson to fight it out over this policy, which she cannot take too


much leadership on... What is the psychology of that? It must be


difficult for her. She is not known as someone who is a natural


delegator, yet she knows she cannot push too hard because she needs to


give them potentially enough rope to hang themselves. You have been doing


a lot of work on Theresa May, what do people pick of her? Their views


are little hazy. They do not know very much, but what they do know is


quite positive. I could say that voters are cautiously optimistic,


she is making the right noises, the mood music is right. In what way?


She is differentiating herself from the guide before in a good way,


saying I am not an Old Etonian. She is also saying that she is reaching


out, the speech on the steps of Downing Street, I tested that in


focus groups and people loved it. Are you one of the people who are


struggling to get by, she said, and people said yes. 56% of people in


this country define themselves as have nots and it was a direct appeal


to them. On that question of differentiating herself from David


Cameron, she is not posh or one of the boys, she has to drive that


through. He did talk about that, making a more equal society and did


not deliver. You could say that we have a public schoolboy, educated at


Oxford handing over to a public school girl educated at Oxford. She


went to a public school as well. She did a very good job. Cameron said


very similar things on his first time. You remember that famous


speech by Thatcher on her opening day. They all try to set these


messages that she will be defined by this one big issue of Brexit and I


think she has been doing rather well on that and being a reluctant


remain, either by accident or design, is the perfect position to


be in. I have been interviewing, the Brexiteers like hers, they think in


the House of Commons where the Tories are largely pro-Romain,


they're more likely to get them through the divisions -- Remain. She


is not doing the glad handling, she's not going to schools are


factories, is she underestimating things because she is a woman? There


is a weirdo expectation, her chief of staff, must be the person of the


agenda, which is strange, she is somehow ventral uprising for him,


when she clearly has an ideology... To the voters think that? The


problem with voters is they have a very narrow set of role models.


People say she is probably quite like Mrs Thatcher. The thing about


the early Thatcher years, it was Keith Josef, who was supposed to be


her Svengali. Do you think there are certain negative points that people


see, she is quite restrained. Actually what people are feeling is


not that she is restrained, but they are feeling that she is very


measured. They are a little bit impatient already. You are saying


that you think she's doing well on Brexit, I do not think that is quite


whether voters are. Rightly or wrongly, I have heard people saying


what is she doing going on holiday when the country is in crisis? It is


very early days, if you think she will come up with these tremendous


rows over the next five years and Europe is what has killed the last


three Tory prime ministers, this is early days. It is too early. You say


also about being a very measured. Her Cabinet reshuffle within a


couple of days, I was talking to one Cabinet minister, you will have to


work out who it was, he said he was sitting around the Cabinet table and


only four of us were in the same job that they had been in before! More


radical than you think. You get rid of the number of people that you


want to get rid of because they have committed the cardinal sin of being


in with David Cameron, George Osborne or Michael Gove, but you


shovel all the other ministers who have been in the job for long enough


to understand how the ministry 's work, it is a rather odd thing to


do. Let us put it into the context of other prime ministers in their


earliest incarnations, what Jonathan Powell was saying, she does not seem


to have a 100 day plan, but she was in different circumstances, Tony


Blair had been preparing forever, but when Wilson came in, what did he


quit -- did he do quickly and did it survive? He came in and played on


the fact that he was the first grammar school boy after three old


it a row, after a 14th Earl and the huge political star, who Wilson


modelled himself on, just before he became Prime Minister, was JFK. JFK


said we would have 100 days of dynamic action and Wilson said we


would have 100 days of dynamic action. He tried to play himself as


the first Prime Minister born in this century, the youth vote. Coming


on to the Coalition, you were there with Nick Clegg, was he prepared for


what happened? The Conservatives did a lot of preparation in opposition


whereas the Liberal Democrats with no expectation of being in


government... Did that damage them in the long-term? The real challenge


was trying to build a narrative that was about something other than


austerity and I think that that in a way is a mirror of how Brexit will


dominate Theresa May's Premiership. It is the biggest thing and the


Coalition will be known for cutting 80 billion of public spending and it


does not matter how many strategy teams you have, that is the game. On


that question of Brexit, I am sure that as a Prime Minister, should she


will not want to be defined entirely by Brexit, but I she said earlier,


she can hive of the problems to David Davis, Boris and Liam and take


the glory of it goes well. That will be enough to define it, a huge thing


to take a side of Europe successfully.


I'm sure she does not want to be defined by it, she had Patrick


McLoughlin briefing the media that she wants to be defined by other


things. But the huge event is Brexit, so she will try to be


defined by other things. I'm sure her conference speech will be full


of other things. What do you think, Deborah, she has to do, she is doing


the big speech on Brexit on Sunday and on Wednesday she is doing the


wider thing. The public priorities are clear, NHS, immigration and the


economy. All of those things in one way or another relates to Brexit


actually. They are all connected and joined up. The 100 days thing is not


an accident. All the polling research I've done looking at


previous prime ministers suggests that 100 days in is often as good as


it gets. That's the moment where people have made their minds up. If


you have not won them over by then you may be never will. On the


policies, if policies disappear in the first hundred days, you think


what were these policies in the first hundred days. That is often


right. There are often gimmicks as well, as Gordon Brown had worked out


what he was going to do for his first 100 days, and then things got


in the way. There were the floods, the threat of foot and mouth.


Suddenly he took control of these things. But he said to me, I'm


really angry, because my grasp for what I was going to do for 100 days


is not working out like that. Thank you very much indeed.


The chief executive of Deutsche Bank had to come out fighting today


after shares tumbled 9% at the start of trading following a big fall


overnight in the bank's Wall Street listed shares.


John Cryan assured staff at what the IMF calls the world's


riskiest bank that finances were strong, but not only


is there the small matter of a 14 billion dollar fine


in the US for mis-selling mortgage-backed bonds before


the financial crisis of 2008, there's persistent doubt over


whether its 1.8 trillion dollar balance sheet is worth what the bank


Its shares rallied later in the day, but could Deutsche Bank fail,


or would the German government ride to the rescue?


Deutsche Bank, the biggest bank in Europe's biggest economy, 147 years


old, but you might remember it best for the financial crisis, for a two


and a half billion dollar libel penalty, or for another huge fine.


This time for busting sanctions. And now it faces of $14 billion fine


from American authorities for selling those dodgy mortgage-backed


securities that led to the 2008 crisis. And when your bank is valued


at 15 billion euros, a $14 billion fine is a pretty terrifying


prospect. Hence the share price tumbling. Also falling world the


price of Deutsche Bank's Coco Bonds and that tells us a lot. So what is


a Coco Bond? A way of raising money by borrowing it but with strings


attached. Based on a normal bond with a bank borrowing and then


paying fixed rate of interest for five, ten or 20 years before getting


to the end of that period and paying back the lump sum. Now for the


strings. The clues are in the name, CoCo is short for contingent


convertible, in other words it can change in certain circumstances. In


theory all sorts of things but for Deutsche Bank it means if it starts


to run short of money the bonds turn into equity, in other words instead


of the bank owing you money, you end up owning a little bit of the bank


instead. That helps the bank because it no longer owes money, and its


balance sheet looks stronger. But the investor is probably not getting


such a good deal, receiving volatile shares instead of a predictable


fixed income. That's why Coco Bonds have to pay a higher rate of


interest than normal ones. Plenty of people simply don't want them. The


more nervous people are about a bank, the less people once it's CoCo


bonds, and the cheaper they become. That's why the cost of CoCo is good


at risking how dodgy a company looks. Today the value of Deutsche


Bank's CoCo bonds slipped to an all-time long. CoCo nominally worth


100 cents now trading for than 70. It does suggest nervousness. If we


see a feud is of stabilisation, if we see a quick resolution. Obviously


we have the US elections coming up and Angela Merkel has enough on her


plate so there will be an appetite to get this resolved as quickly as


possible and you will see an improvement on the CoCo quite apart


from the share price itself. This all matters because the tentacles of


Deutsche Bank stretch far. It manages assets of ?1.5 trillion.


It's got the world's biggest portfolio of derivatives with a


notional value of, wait for it, ?46 trillion. The word is


interconnectivity. If the global bank like this comes and stringed,


the whole world starts worrying. This is the London headquarters of


Deutsche Bank and it employs 9000 people in the UK. Out of a global


workforce of over 100,000. This is one of the big beasts of banking.


Although it's also pretty controversial. The IMF says Deutsche


Bank is one of the biggest contributed to global risk in


banking. It's got a monstrous problem as well from the states,


that $14 billion fine. Deutsche Bank says that fine is preposterous.


Although it set aside about 5.5 billion euros to pay for legal


costs. If they have to find more money they will have to find it on


the capital markets. Tonight a senior figure here has told me that


it is categorically off the table that it would approach the German


government for that money. Deutsche is responding. It's just sold its


Abbey life-insurance business to calm investors. A year ago it sacked


Chief executives and now behind-the-scenes I'm told it


started a major re-shattering problem. But the board is reluctant


to shrink or get rid of its investment banking arm. Some think


it needs a profound shake-up. I don't think it is a viable


institution in its present form fundamentally. This problem has been


waiting to emerge, I was going to say since the global financial


crisis, but actually before that. What we have effectively is a very


large hedge fund associated with a large German retail and commercial


bank. And that doesn't make sense. Tonight sources in both Germany and


America say a deal is being negotiated, and the fine will be


much less than $14 billion. What it will still be large enough to hurt,


and to show that our biggest banks remain vulnerable. Adam Parsons.


One of the cultural highlights of the autumn


is an edge-of-the-seat tale inspired by medieval manuscripts.


No, not the latest Dan Brown thriller 'Inferno," but a true story


written by a librarian at Cambridge University.


Christopher de Hamel has turned a lifelong obsession with ancient


literature into a book that critics are comparing to 'A History


of the World in 100 Objects' and 'The Hare with Amber Eyes'.


It tells the dramatic and often bloody story of a dozen impossibly


rare early manuscripts, with a cast list including saints,


Casting his eye over these precious pages is our own tabula


It's made of animal skin and it's got words, it can talk.


As you turn the page, the light catches the burnished


Come with us into the Parker Library, Cambridge.


And the capital world of Christopher de Hamel.


Everything is illuminated, or will be, presently.


No elephant had been to England since Roman times.


This is the earliest picture of an elephant drawn


It was brought over here in 1255, sent over by Louis IX, Saint Louis,


and Matthew Parris came down and drew on site.


They fed it on meat and wine and it died two years later.


De Hamel has been fascinated by ancient manuscripts


He spent his entire working life surrounded by them.


Now he's told the colourful and often blood stained story


I want to know everything about the manuscript.


First the text, what it actually says, that is one thing.


What I want to know who made the book and when and where and how


and why, how long it took and what it cost.


Where the paints come from and why they painted or why they didn't


Why they copied it, what they copied it from.


How it survived, where it's been since the Middle Ages.


There is no limit to what I want to know about a book.


I've never actually licked a manuscript but I bet they've got


a wonderful, they probably have a wonderful taste.


In a mountain cave, Goering's secret treasure trove was located


One of the treasures that Goering plundered


was a medieval book of hours, or prayer book, which had once


But it seems it was separated from other Nazi loot


A French soldier stood on it and handed it into a monastery where


You can turn the pages, you turn them, you are face-to-face


with something that a thousand years old.


They are a combination of art and literature and history


The most prized possessions of the Parker Library include the 1400


year old Saint Augustin Gospels, which de Hamel takes


to Canterbury Cathedral under strict security when a new Archbishop


This kind of parchment on these very, very early manuscript


And I can explain this entirely in terms of physics,


but walking into the cathedral, holding the book open with this


very, very tissue fine parchment, and 5000 people.


Singing with those deep organs, the pages vibrated.


It was as if the book was humming in time with the music.


And it was, if I was open to a miraculous experience, I would


In Inferno, Dan Brown and team spin a modern tale of text


Something not entirely dissimilar happened in the early days


Created by Archbishop Parker, he was appointed by Elisabeth


the first to sell the Protestant Reformation to the country.


He has to convince all of middle England about this


It was not new, but was just the English way of doing things.


And with all the things, the Bible in English,


married priests and all those things, very controversial


He believed, had existed in Anglo-Saxon England,


therefore he gets licence from the Privy Council Office


effectively, to help himself, just to take into his own possession


So it was a kind of dodgy dossier to some extent,


could we call it that, the fruit of his labour?


Every historian, whatever you are writing you will go


through the historical material and pick out what seems to tell


the narrative that you want, or tells the story that you want.


Manuscripts are enchanting and full of interest,


Because everything has been copied pretty much,


And in any case the ordinary person can't have access to them


We all know what the Taj Mahal or pyramids look like,


And the thrill of standing in front of the pyramids of the Taj Mahal,


where incidentally I've never been, but would love to, there is that


sense of, there is one of the great icons of our civilisation.


You have wonderful fun in some library peering at the


manuscript and discovering things no one knew.


It was the most technologically advanced space adventure yet.


A mission almost beyond imagination, to survey and land a probe


on an asteroid moving at 84,000 miles per hour.


The prize - clues to the origins of the universe and a haul of data


which will take scientists years to process.


Today the Rosetta probe descended to its final resting


place on that asteroid, a monument to human endeavour


which may even outlive life on our own planet.


Here's a look back on 12 years of the project.


# That you wake one day in your own world.


# They don't hear cries in your own world.


# Only time will tell, if you can break the spell.


Good evening. The weekend looking a little mixed on the weather front,


Saturday will bring showers, everyone's across southern Britain,


perhaps Hale and thunder. The north


Will the Tory party conference finally show us who Theresa May really is? Deutsche Bank runs into difficulty, and Newsnight meets the ultimate master of manuscripts.

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