logo
Inside the Lords battle on foreign media ownership

Inside the Lords battle on foreign media ownership

Spectator5 hours ago
After a two-year impasse, the future of the Daily Telegraph could be resolved shortly. A £500m deal has been struck for US firm Redbird Capital to take control of the Telegraph Media Group, with state-backed Abu Dhabi investment vehicle IMI among investors. But a fresh challenge has arisen in the House of Lords. Peers are threatening to block minister's efforts to change the law to give foreign companies a greater stake in British media outfits – up from the existing five per cent to 15 cent. This is a necessary legal change to allow the Telegraph sale to go ahead.
A 'fatal motion' will be held in the Lords on Tuesday; if passed, it would kill the government's plans. It is a device seldom wielded by peers, having been last used in 2012. But opponents are growing increasingly confident that the 'fatal motion' could succeed. Two separate fronts have opened up in the Lords. The first is led by Liberal Democrat peer Lord Fox, who tabled the motion. Lib Dem whips are understood to be pulling out all the stops to maximise turnout, including facilitating the attendance of their older peers who do not vote regularly. Their argument is simple: the power of the free press should not be sold to overseas companies susceptible to foreign government influence.
The hope is that a sufficient number of Tory and Crossbench peers will vote it down.
The second front is led by the cross-party Inter Parliamentary Alliance on China (Ipac) and its supporters like Lord Alton. Their focus is more directly on the Telegraph sale. Sir Iain Duncan Smith has written to Lisa Nandy, the Culture Secretary, arguing that a Foreign State Intervention Notice (FSNI) be issued in this case. A legal opinion by Tom Cross KC details alleged links between Redbird Capital's chairman John Thornton and the Chinese state, including his advisory roles on Beijing's sovereign wealth fund. Sir Iain argues that this is compelling evidence for Nandy to 'adhere to your statutory duty and issue a FSIN without delay.'
Both groups are seeking to influence their colleagues across the House. Given the government's lack of a majority, the hope is that a sufficient number of Tory and Crossbench peers will vote it down. Tory whips are expected to vote against the fatal motion, though their colleagues will not be whipped to follow suit. Lord Forsyth, the respected chair of the Association of Conservative Peers, is expected to vote for the motion; others will likely follow his lead. One opponent notes that the Conservatives voted for fatal motions that successfully halted government legislation when they were last in opposition before 2010.
A separate 'motion of regret' has been put down by Baroness Stowell, the former Leader of the House. Some supporters of the fatal motion fear it could frustrate their efforts, with wavering peers potentially voting for Stowell's amendment rather than Fox's. The government will argue that a statutory instrument can close the loophole whereby multiple states can each own 15 per cent of any publication. But their critics will counter that this is insufficient and will not stop the Telegraph deal from going ahead.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

British Gas boss warns Miliband against ‘outrageous' energy bill divide
British Gas boss warns Miliband against ‘outrageous' energy bill divide

Telegraph

timean hour ago

  • Telegraph

British Gas boss warns Miliband against ‘outrageous' energy bill divide

Forcing households with gas boilers to pay higher green taxes than those with heat pumps would be an 'abomination', the boss of British Gas has warned. In a stark warning to Ed Miliband, Chris O'Shea said that removing net zero levies from electricity bills would punish the poor and amount to a 'terrible distortion of the market'. It comes amid reports that the Energy Secretary is considering stripping green levies from electricity in a bid to encourage the adoption of heat pumps. Instead, the costs would be moved on to gas, making a boiler more expensive to run. Mr O'Shea, the chief executive of British Gas owner Centrica, warned Mr Miliband to resist such an 'outrageous' overhaul and instead focus on protecting billpayers from the soaring cost of net zero. 'It's a preposterous idea,' Mr O'Shea told The Telegraph. 'The idea you'd put the levies on gas bills will mean those better-off people with heat pumps will be subsidised by those poorer people with gas boilers. That's nonsense. 'I think those of us with the broadest shoulders should help those of us who have the most need. 'To put them on gas bills would be an abomination, outrageous and a terrible distortion of the market. It would also be unfair because the people [who have] gas boilers the longest will also be those who can least afford to pay higher bills. 'I have heard the argument that it will encourage more people to use electricity. But encouraging people to use subsidised electricity by forcing gas users to pay just doesn't make any sense.' Mr O'Shea said the Government should shift the cost of green levies on to general taxation rather than creating an energy bill divide between households. 'Hostage to fortune' The Climate Change Committee, a Government quango, has urged Mr Miliband to remove the taxes from electricity bills to encourage more people to buy heat pumps and electric cars. However, experts have warned such a move risks increasing the average gas bill by £120 a year. Mr Miliband is considering the reforms as part of a radical rethink on clean power, as he fights to defend Britain's goal of reaching net zero by 2050. An announcement is expected this autumn. Mr O'Shea's plea to protect households with gas boilers came as he warned that Mr Miliband's net zero targets would be challenging. 'I don't think they are a work of fiction, and it's good that we have stretching targets,' he said. 'But even if you were to speak to those who helped to set them, then even they would say it will be difficult. But I don't think it's impossible.' The Centrica boss also cast doubt over Mr Miliband's pledge to cut household energy bills by 2030, supposedly aided by Britain's move to a greener economy. Mr O'Shea said he was sceptical that the Energy Secretary's promise to lower bills by £300 this parliament was 'achievable'. 'The energy transition is not cheap and it is not simple,' said Mr O'Shea. 'If it were, then we would have done it already. He urged the Government to take a more honest approach when it came to net zero. 'What renewables will do is give you more price stability,' he said. 'You will get fewer highs and fewer lows. Home-grown renewables give you more security than imported gas. 'But I wouldn't have made the £300 statement because it makes you a hostage to fortune.' As Britain's second-largest energy supplier behind rival Octopus, Centrica takes an 'agnostic' view when it comes to net zero, according to Mr O'Shea. That means the company is as comfortable building gas-fired power stations as it is investing in heat pumps. However, he said the business has abandoned wind and solar investments in the UK because they do not make enough money. Instead, Centrica is exploring wind investments in Ireland. Mr O'Shea was also critical of Mr Miliband's pledge to ban all new drilling in the North Sea, even though Centrica no longer conducts any exploration activity in the basin. 'I don't agree with the decision,' he said. 'If you take it from an environmental point of view, we import LNG [liquefied natural gas]. 'If you produce gas domestically, then it will have a lower carbon content than the LNG that we import. And the reason is the cost of shipping and the cost of turning the gas into a liquid.' Zonal pricing row By taking a less fiercely aggressive approach on net zero, Mr O'Shea has set himself apart from Greg Jackson, his counterpart at Octopus, who has made a virtue of being a clean-energy champion. This distinction came to the fore in recent months amid the fierce debate over zonal pricing. Unlike British Gas, Mr Jackson was a vocal supporter of plans to divide up the country into different energy pricing zones in an effort to incentivise developers to build wind and solar farms where demand – and prices – are highest. However, the proposals were highly controversial because they would have in practice meant higher bills in the South for electricity than in the North. 'It has been a very divisive debate,' said Mr O'Shea. 'We did not want a postcode lottery.' Mr Miliband recently abandoned the proposal, which British Gas believes was the right decision. Octopus disagrees and claims the Energy Secretary missed a vital opportunity to lower bills by billions of pounds. Mr O'Shea said: 'There was one very, very vocal proponent of it, and I think the benefits were all quite theoretical. 'For a company that purports to put the customer first, I don't know why they would want a system that would be more complex. I think they missed the point. 'I don't know why they went so hard on it and why they were so vicious about the Government's decision. One of their guys made a post on social media saying 'good game, well played'. This is not a game. People are struggling to pay their energy bills. 'I think that a lot of things have become too polarised. And energy is no different.' Rough decisions Now that the battle over zonal pricing is over, Centrica is turning its attention to Rough, the gas storage facility it runs 18 miles off the coast of East Yorkshire. It accounts for about half of the capacity the UK has to store gas. However, Mr O'Shea has warned that Rough risks closure by the end of the year unless ministers agree to help fund the site's redevelopment. 'Rough is going to lose about £100m this year and we can't sustain that,' he said. 'I think we have probably got to see something by the end of this year. 'If we get towards the end of the year and we've got a situation whereby we've got no prospect of making a profit, then we're just throwing good money after bad. It would be like a charitable donation, and that's not our business.' Rather than securing a handout, Centrica has asked ministers for a so-called cap and floor mechanism to help transform the 40-year-old site to store hydrogen as well as natural gas. This would provide a guaranteed minimum revenue level for the project - the floor – as well as limited excessive profits – the cap. Centrica has already stopped filling the facility amid mounting losses. Mr O'Shea said a full closure would involve the loss of hundreds of jobs. As well as impacting the local community, such a move threatens to deal a hammer blow to Britain's energy security, just years after the country recovered from one of its worst-ever energy crises following Russia's invasion of Ukraine, Worse still, it also sends the wrong message to our allies in Europe, according to Mr O'Shea. 'If Rough closes, then the UK has just six days of gas storage available, compared to 100 in France, Netherlands and Germany. 'If we get into a crisis and the UK hasn't invested in gas storage, then I am not sure it will flow from the Continent. 'Politically, if you're the prime minister of France or Germany and you look at a country that hasn't invested in gas storage, then I am not sure that will work. There is a need for us to recognise the risk that no one likes a freeloader.'

Why Reeves should sell her bitcoin hoards
Why Reeves should sell her bitcoin hoards

Spectator

time3 hours ago

  • Spectator

Why Reeves should sell her bitcoin hoards

Deep fried prawn balls, chicken chow mein, crispy shredded beef and a Ponzi scheme could be about to win the Chancellor a decent chunk of her headroom back. As Rachel Reeves starts sketching out her autumn Budget, most of the focus has been on the tax hikes she'll need if she's serious about sticking to the 'ironclad' fiscal rules she recommitted to just last week. Economists reckon the wafer-thin £9.9 billion margin she left herself at the Spring Statement has already been wiped out and that she's now staring down a black hole of over £20 billion. So it was a relief to read this morning that the Treasury isn't relying solely on tax rises and has discovered a rather large stash of money down the back of the government sofa. According to The Telegraph, the government is developing a system to allow police forces and the National Crime Agency to sell more than £5 billion crypto assets seized in recent years We don't know the total amount of confiscated crypto the state is sitting on but one seizure in 2018 took in 61,000 bitcoin. If sold today, it would bring in some £5.4 billion – more than triple the culture budget and twenty times its value on the day the police got their hands on it. Jian Wen, who worked in a chinese takeaway, was convicted of laundering money – and her bitcoin seized – from a crypto scam carried out in China when she went from a life living in 'shabby Chinese restaurants' to putting cash offers on £24 million pound houses in Hampstead and villas in Tuscany. Victims of that Wen's ponzi scheme will be entitled to any proceeds of the sell off but experts are confident that enough of them will be untraceable that the Treasury can scoop up the rest and use it to start plugging the black hole. Of course, if Reeves does press 'sell', she will be accused of 'pulling a Gordon Brown', and selling the gold. Bitcoin is already up nearly 20 per cent this year and on current trajectories the Wen haul could be worth over £200 billion in 20 years. But she'd be wise to ignore those voices. Sure, crypto probably will rise. But given it has no fundamental value it might nosedive too. And the state simply can't afford to gamble on highly volatile assets when the public finances are in the mess they are in. So if this really is the plan, the Chancellor should act fast, take the money, and resist the temptation to hold. If all goes well she can treat herself to a Chinese.

Amazon slashes 'brilliant' video doorbell to £28.99 in limited-time deal
Amazon slashes 'brilliant' video doorbell to £28.99 in limited-time deal

Daily Record

time4 hours ago

  • Daily Record

Amazon slashes 'brilliant' video doorbell to £28.99 in limited-time deal

The Blink Doorbell camera is currently £28.99 - down from £49.99 for a limited time Video doorbells have become more affordable and highly efficient, serving as a security camera for the home while Brits are not around. For those seeking a bargain without wanting to commit fully, Amazon has an offer that might pique interest. The Blink Doorbell camera is currently priced at £28.99, reduced from £49.99 for a limited period - a deal well worth considering at this price point. The device enables shoppers to answer their door from anywhere using their smartphone, thanks to its 1080p HD day and infrared night video capabilities, along with two-way audio. Blink boasts of long-lasting battery life, customised alerts, and privacy settings. For those concerned about installation, it can be set up within minutes using the two included AA lithium batteries and then connected to Wi-Fi via the app. The newly designed internal battery seal also offers an IP54 weather resistance rating to withstand the unpredictable British weather. Unlike Ring, Blink allows users to store clips and videos on a separate device without a subscription, although a subscription option is available for purchase. Grab the Blink video doorbell for £28.99 £49.99 £28.99 Amazon GET DEAL Product Description For those wanting some alternatives, there's the Ring Battery Video Doorbell for £79.99. It comes with extremely quick set-up within five minutes and high-definition video recording. There's also the Arlo video doorbell that comes in for a slightly more expensive £95.99 - and it comes with 2K cameras and person/package detection. Customers are singing the praises of the Blink doorbell in their reviews. One buyer commented: "Now, I'm all for keeping an eye on the doorstep, especially with the little ones running about. This Blink Video Doorbell does just the trick, and it doesn't need any wires, which is a bonus for those of us who aren't keen on DIY. "Setting it up was fairly straightforward, though it took a few tries to get the hang of it. First, you pop in the batteries and connect the Sync Module 2 to your Wi-Fi. Then, you download the Blink app, create an account, and add the doorbell and module. The app guides you through the rest, which is basically scanning QR codes and following on-screen instructions. "The picture quality is decent, even in the evenings. I can clearly see who's at the door, even if they're lurking in the shadows. The two-way talk feature is handy too – I can tell the postie where to leave a parcel, or have a quick chat with the neighbours without having to open the door." Nevertheless, some customers have raised concerns about battery longevity. One purchaser noted: "Great piece of kit that works really well with the other blink products I have, as well as Alexa. "My issue is battery life. I have had it for two months and four days, and I am about to change the batteries for the second time. I'm not sure if this is just mine, but it is slightly annoying. The listing says long battery life, but it really isn't."

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store