25/03/2014 The Papers


25/03/2014

No need to wait to see what's in the papers - tune in for a lively and informed conversation about the next day's headlines. Presented by Clive Myrie.


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breezed past Jo`Wilfried Tsonga to set up a quarterfinal with Novak

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Djokovic. All that and more in Sportsday in 15 minutes after the

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Papers. Welcome to our look ahead to what

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the papers will be bringing us tomorrow. With me Beth Rigby of the

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Financial Times and journalist and author John Kampfner. We will start

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with the Daily Telegraph, leading on new NHS guidance that it should be

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easier for teenage girls to get hold of the morning after pill, the

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photograph shows Mick Jagger with his sons and daughter shortly before

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they attended L'Wren Scott's funeral. The Financial Times has

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found that Wall Street banks and some of their foreign rivals have

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had to pay out $100 billion in legal settlement since the financial

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crisis. More news from across the Atlantic with the Guardian reporting

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that plans have been drawn up in Washington to end the systematic

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collecting of Americans' phone records by the National Security

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Agency. The Daily Mail is reporting on the appearance of the

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Metropolitan Police chief commissioner Sir Bernard Hogan`Howe

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before a committee of MPs in which he admitted not knowing how many

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police documents were shredded which may have revealed the extent of

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alleged corruption within his force. Finally, the Daily Express is

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leading with more analysis of what may have happened to that missing

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Malaysian airlines plane. An aviation expert that the paper has

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talked to believe there is evidence that the pilot was involved in a

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suicide plunge. We will start with the Financial

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Times, Beth, very interesting story, as the world, frankly, begins to

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recover from the mess of the last four or five years, we are seeing

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the cost of that mess to some American banks. We will also see a

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political shift in attitudes, and I think that is what this story is

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about, that 100 billion of fines in US legal settlements by Wall Street

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and some foreign banks in the US, half of those penalties extracted in

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the past year as lawmakers and regulators start poring over how

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banks have been behaving and where they have found misconduct, they are

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hitting hard. It says here, the sum reflects a substantial served in the

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political attitudes towards banks as regulators and the Obama

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administration seeks to counter perceptions that bankers have got

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off lightly in their role in the financial crisis. And so this is the

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sort of political fallout. In the US, they are going in hard with

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fines. In the UK, we are going hard on regulation or bonus claw`backs.

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We have had the LIBOR and mis`selling scandal here, but these

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sort of sums, we haven't seen anything like that in the UK. You

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talk about the perception that the bankers have got away lightly,

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certainly America, and that is the perception your plants, and it will

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continue, won't it, when you figure out the fact that not a single

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person has gone to jail? I don't buy this interpretation. The 100 billion

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figure looks startling, and American regulators have always been, for

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many years, tougher on the banks, and they are tougher on

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money`laundering. London is the money`laundering capital of the

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world, and in Britain we seem to have a sense of, let the financial

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services rip, we are a lot more lax in pretty much every area of

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regulation. And yes, as Clive has said, not a single banker either

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side, or in Switzerland or Germany or anywhere, has been convicted of

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anything substantial. Look at any of the mis`selling scandals, any of the

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sub`prime stuff, any of the pension mis`selling, LIBOR, whatever `

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nobody has gone to jail. Meanwhile, the British Government objects when

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the European Union tries to rein in bankers para`bonuses, saying

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somehow... I am trying to say that it is great what the Americans are

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doing, but it is a drop in the Oak shouldn't, and the perception among

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the public is that the financial services as a sector have got away

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scot`free. The point I would make in terms of bonuses is that the

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European Union might want to put forward rules, but for the UK,

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financial services is such a core part... Because we have allowed

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ourselves to be like that. But while you are rebalancing the economy, you

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have to be careful not to choke it. I would say as well that, actually,

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there are signs of things toughening up, people's dismay of these huge

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bonuses that are still being awarded... Still being awarded in

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the last few weeks! They say they are just going to increase core

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salaries to get away with it. The Bank of England have said that they

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will put forward rules to have six`year claw`backs, so that this is

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an effort to try and... What you are saying about no`one going to jail,

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the point is that until people feel they have individual

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responsibility, either through going to jail or having money taken back

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of them, then how do you mitigate risk? I think the claw`back, the

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idea of claw`back, you can take people's bonuses six years after

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they have been awarded them, that could go some way to start beginning

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to change the culture. I am not denying that things are not

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toughening up at the margins. All I am saying is that I do not see it as

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a greater seismic change. I think there are bits and pieces. There is

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probably a lot more that needs to be done, and I suspect that is the view

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of a lot of members of the public. The knock`on effect of the mess, the

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financial mess we have all been suffering over the last few years,

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is cuts, and at the bottom of the Guardian, cuts have left 250,000

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older people without state care. We were just discussing this before,

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interesting that there has been so much emphasis in the Budget around

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it being very much focused on older voters and the fascinating new

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flexibility for people to spend their pensions, to cash in their

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pensions in the way that they wish. And in many ways it is very

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appealing, the idea of trusting people, particularly trusting people

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who have been around for a while and who know the way of the world. Let

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them spend their pensions or save the way they wish, and discussions

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now about whether David Cameron will finally make good on his original

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promise to raise the threshold of inheritance tax. That is all the

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good news, and it is a certain type of older voter or older person, but

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obviously the flip side, according to the Guardian, hardly a friend of

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the Conservative coalition, is the idea of the route cuts there is the

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other sector of the elderly vote that is being left behind. ``

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through cuts. Because councils do not have enough money to put into

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services. What is interesting about this story, talking about the older

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people in our country, 250,000 is not a huge number of people, but it

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is symptomatic and symbolic of the kind of cuts beginning to feed

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through. And I thought what was pertinent about this is that Labour

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have been slammed a bit in the past few days because the Tories are

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riding high on, you know, trying to attract the silver vote through

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pension reform, through inheritance tax promises et cetera, or hints.

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But actually people are still feeling, you know, the Labour

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argument would be that people are still feeling the crunch, and in

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lower income groups, in a vulnerable groups, actually the cuts to the

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welfare state, the caps on welfare spending are actually hurting the

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people at the edges. From a political point of view, George

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Osborne doesn't want stories like this coming through, because it

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plays back into the Labour sensed that this recovery is for the few,

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not the many. We are running out of time. We'll go on to the Telegraph.

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Royal consent. The suggestion is we should stop or end the practice,

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which is what, hundreds of years, I would have thought, that the Queen

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signs off on bills and legislation. It is one of those many quirks of

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the British non`constitutional, constitutional system. The idea that

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the Queen physically signs off on bills, although she is supposed to

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be and is apolitical and the Commons constitutional reform committee,

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it's hinting, it is basically saying ` do we, everybody, want to have

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another look at this? Is it right that the monarch should physically

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be signing, because it gives the impression that she has something to

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do with politics and actually, she doesn't. Although lpts Go on. Go on.

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Well, if there is a change monarch in the future and say Prince

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Charles... A bit more interventionist. We get some idea of

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what he is going on about. He might say ` I am not going to sign this, I

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don't agree. Part of me thinks, that's ridiculous, the Queen signing

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off bills fuels speculation that the monarchy has indue influence but

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maybe constitutionally it would be right to properly make sure that

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that... To have that final little check and balance It is a very

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typically British way of dealing with constitutional reform, let it

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wither away. Let's have a committee. She gives it the nod and that part

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of parliamentary practice is dealt with. We can't all be hard`headed

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Americans like you. I'm in the American. I know you are not, but

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you love America. As they do at Chelsea.

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Oh, that reminds me. There was a football result tonight. You could

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be in trouble with Chelsea. We will not discuss that. You will

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be back later. The sport is coming up. You will be a back in an hour

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for another look at the stories behind the headlines. Stay with us

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for that. At the top of the next hour, 11.00pm, we will have the

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latest on the search of that missing Malaysian airlines plane. But now,

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as promised, time for Sportsday. Hello and welcome to Sportsday. Our

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headlines this evening: There's derby delight for City as they brush

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off United to move up to second in the table. Bayern Munich lie in wait

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for Moyes' Men. Today they won the German title in record`breaking

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style. And Andy Murray

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