Pubblicato in: Banche Centrali, Regno Unito

Regno Unito. Giugno21. Vendite al Dettaglio +9.7% anno su anno.

Giuseppe Sandro Mela.

2021-07-27.

2021-07-24__ Regno Unito 001

In sintesi.

– The volume of sales for the three months to June 2021 was 12.2% higher than in the previous three months

– strong three-month growth was seen in non-food retailers and automotive fuel sales of 35.8% and 23.6% respectively

– the total proportion of sales online decreased to 26.7% in June 2021, down from 28.4% in May 2021

– retail sales volumes …. were 9.5% higher than in February 2020, before the impact of Covid

2021-07-24__ Regno Unito 002

* * * * * * *

L’Office for National Statistics ha rilasciato il Report Retail sales, Great Britain: June 2021

«Main points

Retail sales volumes increased by 0.5% between May and June 2021, and were up 9.5% when compared with their pre-coronavirus (COVID-19) pandemic February 2020 levels.

The largest contribution to the monthly increase in June 2021 came from food stores where sales volumes rose by 4.2%, with anecdotal evidence suggesting these increased sales may be linked with the start of the Euro 2020 football championship.

Non-food stores reported a fall of 1.7% in sales volumes in June 2021 when compared with May 2021, driven by falls in household goods stores, such as furniture stores and clothing stores.

Automotive fuel sales increased by 2.3% over the month, as people continued to increase their amount of travel; however, they remain 2.1% below their pre-coronavirus pandemic February 2020 levels.

The volume of sales for the three months to June 2021 was 12.2% higher than in the previous three months, driven in large part by particularly strong sales in April when non-essential retailing re-opened; strong three-month growth was seen in non-food retailers and automotive fuel sales of 35.8% and 23.6% respectively.

The proportion of retail sales conducted online remains substantially higher than before the pandemic, but in June most retail sectors reported a fall in their proportions of online sales as consumers returned to physical stores; the total proportion of sales online decreased to 26.7% in June 2021, down from 28.4% in May 2021.

In June 2021, retail sales volumes increased by 0.5% when compared with May 2021 and were 9.5% higher than in February 2020, before the impact of Covid.»

* * * * * * *

Retail Sales Index

Dataset | Released 23 July 2021

A series of retail sales data for Great Britain in value and volume terms, seasonally and non-seasonally adjusted.

Retail Sales pounds data

Dataset | Released 23 July 2021

Total sales and average weekly spending estimates for each retail sector in Great Britain in the thousands (British pounds).

Retail Sales Index internet sales

Dataset | Released 23 July 2021

Internet sales in Great Britain by store type, month and year.

Retail Sales Index categories and their percentage weights

Dataset | Released 23 July 2021

Retail sales categories and descriptions and their percentage of all retailing in Great Britain.

Pubblicato in: Persona Umana, Regno Unito

Ricetta per buongustai. Il filetto alla Wellington. Un piatto prelibato.

Giuseppe Sandro Mela.

2021-07-22.

2021-07-22__ Filetto 000

E chi ma ha detto che la cucina inglese sia roba da barbari?

Ripigliamo daIl Cucchiaio di Argentola ricetta del filetto alla Wellington: una vera e propria golosità.

Richiede una ragionevole maestria in cucina ed anche un macellaio di vera fiducia.

* * * * * * *

Per i palati ancora più esigenti consigliamo di fare riferimento alla ricetta di un inglese “doc”, ovvero lo chef Gordon Ramsey, disponibile sul suo sito: https://www.gordonramsay.com/gr/recipes/beef-wellington/. La pasta sfoglia potete farla in casa, molto ben spiegata è la video ricetta dello chef Franco Aliberti disponibile qui: https://www.youtube.com/watch?v=Au971V3luyg. I funghi freschi possono essere sostituiti con un mix di champignon e porcini secchi.

Di somma importanza l’accostamento del vino.

Il Barolo, un buon Barolo, sarebbe a nostro sommesso parere il migliore accostamento.

Suggeriremmo di scegliere dal Barolo Liste 2009, Borgogno, in sù.

«Il “re dei vini, vino dei re” incontra alla perfezione il piatto preferito di colui che ha battuto il primo Re d’Italia dell’epoca moderna (Napoleone si auto incorona re nel 1805), in un abbinamento da importanti ricorrenze. La succulenza della carne, le sensazioni umami dei funghi e la grassezza della pasta sfoglia che avvolge il tutto trovano nel Barolo le corrispondenti note di sottobosco, la struttura e l’acidità necessarie a bilanciare questo matrimonio d’amore a tavola. Senz’altro un vino non proprio da tutti i giorni e una preparazione complessa e dispendiosa di tempo, per questo relegata alle grandi occasioni»

* * * * * * *


Il filetto alla Wellington è un secondo piatto di carne per occasioni importanti. La ricetta richiede una buona dimestichezza in cucina: prevede la doppia cottura della carne, che viene prima scottata in padella, poi ricoperta salsa ai funghi e prosciutto crudo, per poi essere avvolta nella pasta sfoglia e terminare la cottura in forno.

Un secondo piatto di carne per occasioni importanti, il filetto alla Wellington è una ricetta che ha per protagonista il taglio di manzo più noto e pregiato per la sua tenerezza e magrezza. Normalmente in cucina si usa dividere il filetto in tre parti: testa, cuore e coda. La testa del filetto è la parte che viene utilizzata per le bistecche di filetto, adatte alla preparazione in padella. Dal cuore, invece, si ricavano le Chateubriand o i tournedos, destinati a preparazioni alla griglia. Dalla coda, infine, si ottengono i filet mignon, destinati a cotture in padella, spesso accompagnati da salse complesse e raffinate.

Il filetto alla Wellington è noto anche con il nome di filetto in crosta, perché la carne viene avvolta da una croccante pasta sfoglia che, in cottura, assorbe tutti i sughi e i sapori del filetto, imprigionando il gusto e gli aromi al suo interno. Questa ricetta ha origini inglesi e il nome sembra sia dedicato ad Arthur Wellesley, diventato duca di Wellington nel 1815. Secondo la storia, il duca era un uomo di gusti difficili in cucina, finché non provò questo filetto in crosta, che diventò il suo piatto preferito.

La ricetta del filetto alla Wellington richiede una buona dimestichezza in cucina, soprattutto per la doppia cottura della carne: la carne viene prima scottata in padella, poi ricoperta da una gustosa salsa ai funghi e rinchiusa in uno strato di prosciutto crudo, per poi essere avvolta nella pasta sfoglia e terminare la cottura in forno.


2021-07-22__ Filetto 001

2021-07-22__ Filetto 002

2021-07-22__ Filetto 003

Pubblicato in: Brasile, Cina, Devoluzione socialismo, Economia e Produzione Industriale, Fisco e Tasse, India, Materie Prime, Regno Unito, Stati Uniti

Occidente si sta suicidando per motivi ideologici con alti costi dell’energia.

Giuseppe Sandro Mela.

2021-07-01.

2021-06-28__ CostoEnergia per kwh 001

La disponibilità di corrente elettrica anche nei momenti di richieste di picco ed a costi concorrenziali è uno dei presupposti per sostenere un sistema economico produttivo che sia competitivo nel mercato.

Nel mondo, i prezzi per kw/h sono massimi in Germania (0.36 dollari americani), seguita dalla Danimarca (0.33), dal Belgio (0.3), dal Portogallo (0.27), dal Regno Unito (0.26), dall’Italia (0.26), dalla Spagna (0.24), dalla Francia (0.22).

Pur essendo caro, negli Stati Uniti il prezzo per kw/h è 0.15.

Per contro, il prezzo per kw/h è 0.12 in Brasile, 0.1 in Indonesia, 0.08 in India ed in Cina.

* * * * * * *

L’enclave liberal socialista occidentale presenta i costi più elevati, doppi di quelli degli Stati Uniti e quadrupli rispetto a quelli dell’India e della Cina.

Questi oneri strutturali pesano sia sulle popolazioni, sia sul comparto industriale, che di conseguenza è poco o punto concorrenziale a livello mondiale. Essi sostengono inoltre il processo inflattivo in corso.

* * * * * * *

I motivi che sostengono questi prezzi elevati sono da ascriversi sicuramente al costo delle materie prime, ma in misura ben maggiore alle tasse che gli stati hanno imposto per privilegiare l’abbandono del carbone e dei combustibili fossili, coerentemente a quanto prescrive l’ideologia liberal.

Nulla da stupirsi, quindi, che l’occidente stia devolvendo.

2021-05-20__ G7 GDP (Statista) 001

Pubblicato in: Banche Centrali, Regno Unito

U.K. Central Bank potrebbe iniziare per prima il tapering.

Giuseppe Sandro Mela.

2021-06-26.

BOE. Banca di Inghlterra. London. UK.

Il sistema economico del Regno Unito sta dimostrando segni di ripresa, ma anche concreti avvisi di una inflazione crescente e duratura, essendo questa sostenuta da motivazioni strutturali.

Il PPI, Indice dei prezzi di produzione, si è attestato a +10.7.

Il PCI, Indice dei Prezzi al Consumo, non ha ancora risentito degli aumenti dei prezzi alla produzione, e vale +2.1%.

* * * * * * *

«The U.K. central bank is well placed to seize any first-mover advantage in reducing economic stimulus»

«With global inflation set to accelerate, investors accustomed to stimulus-buoyed asset prices are assessing which major central bank will be first to turn off the taps»

«The U.K. economy is already poised to grow by more than 7% this year, beating both the U.S. and European Union and possibly leading the pack in 2022 as well»

«Key to this momentum is the largest rainy day hoarding of any developed economy. A third of Brits have increased their savings since March 2020, compared with about a fifth of people in the U.S., Germany and France»

«Figures last week showed annual U.K. inflation accelerated to 2.1% in May, faster than the 1.8% predicted by economists and exceeding the BOE’s target for the first time in almost two years»

«Higher prices for fuel, eating out, clothing and recreational goods drove the advance»

«The U.K. central bank expects inflation to peak at about 2.5%, with a return to target by year-end that will hold for the foreseeable future»

«But consumer prices could make further headway, especially if more of those savings get spent once the economy unlocks fully»

«With the economy running hotter than anticipated, the central bank will need to get creative in how it starts to reduce monetary stimulus»

«The simplest route is to stop reinvesting the proceeds when its gilts mature. In March, for example, it will receive about 27 billion pounds when the 4% 2022 bond gets repaid. Rather than plough that cash back into the market, that chunky redemption provides a perfect opportunity to begin reducing the balance sheet»

«→→ This would be proper tapering ←←»

* * * * * * *

L’aumento dei prezzi alla produzione si ripercuote sempre, immancabilmente, sui prezzi al consumo, che crescono di conseguenza. Si genera inflazione, aggravata poi da un aumento delle disponibilità dei consumatori.

Il problema è quindi dapprima economico e dopo finanziario.

In ogni caso, tutto l’enclave liberal occidentale è ben avviato sulla strada di una inflazione duratura e severa.

*


Bank of England May Beat the Fed to Tapering

The U.K. central bank is well placed to seize any first-mover advantage in reducing economic stimulus.

With global inflation set to accelerate, investors accustomed to stimulus-buoyed asset prices are assessing which major central bank will be first to turn off the taps. Although attention has focused on the Federal Reserve, the Bank of England could well initiate stepping off the monetary accelerator.

The U.K. economy is already poised to grow by more than 7% this year, beating both the U.S. and European Union and possibly leading the pack in 2022 as well. And while the four-week delay to reopening the economy until July 19 will trim output this quarter and next, the shortfall will get made up by the end of the year. Bloomberg economist Dan Hanson sees the later reopening curtailing gross domestic product growth by 0.4% to 2.1% in the third quarter, but boosting the final quarter by the same amount to 1.4%.    

Key to this momentum is the largest rainy day hoarding of any developed economy. A third of Brits have increased their savings since March 2020, compared with about a fifth of people in the U.S., Germany and France, according to a recent survey by YouGov Plc. Robust consumer confidence is also stoking the recovery, with figures this Friday expected to show a further rebound in optimism.

Figures last week showed annual U.K. inflation accelerated to 2.1% in May, faster than the 1.8% predicted by economists and exceeding the BOE’s target for the first time in almost two years. Higher prices for fuel, eating out, clothing and recreational goods drove the advance.

                         Rising Prices

The U.K. central bank expects inflation to peak at about 2.5%, with a return to target by year-end that will hold for the foreseeable future. But consumer prices could make further headway, especially if more of those savings get spent once the economy unlocks fully.

One welcome side effect of a resurgent economy is that the Office of Budgetary Responsibility’s March estimate of government borrowing has turned out to be about 20% too high. Its deficit forecast for the fiscal year ending March 2022 of 234 billion pounds ($325 billion) is almost certain to be revised lower — hence there’s less need for the Treasury to borrow as much, or in turn for the Bank of England to buy as many gilts via quantitative easing.

With the economy running hotter than anticipated, the central bank will need to get creative in how it starts to reduce monetary stimulus. The simplest route is to stop reinvesting the proceeds when its gilts mature. In March, for example, it will receive about 27 billion pounds when the 4% 2022 bond gets repaid. Rather than plough that cash back into the market, that chunky redemption provides a perfect opportunity to begin reducing the balance sheet.

This would be proper tapering. Merely halting the flow of purchases, as the BOE did up until last spring, is merely a half-way step. Until the overall stock of bonds held in the monetary system reduces, there is still ongoing stimulus.

Telegraphing such a move well in advance should ameliorate the risk that pulling back support leads to a credit crunch. And avoiding a taper tantrum would set a handy precedent for other central banks grappling with how to unhook financial markets from their addiction to endless QE.

The guardians of financial stability are well aware that this is a tricky juncture. “This is the most dangerous moment for monetary policy since inflation targeting was first introduced into the U.K. in 1992,” Bank of England Chief Economist Andy Haldane said earlier this month.

He’s likely to repeat his vote to reduce the stock of asset purchases on Thursday, at his last meeting as a U.K. central banker. While his colleagues are unlikely to follow suit just yet, in the coming months they need to start wrestling with how to diminish the largess central banks have showered upon the economy and markets. “Better sooner rather than later” might turn out to be their guiding phrase.

Pubblicato in: Regno Unito

Gran Bretagna. Vendite al dettaglio +9.1% su Febbraio20, prima inizio pandemia.

Giuseppe Sandro Mela.

2021-06-24.

British Office for National Statistics 001

L’Office of National Statistics, ha rilasciato il Report Retail sales, Great Britain: May 2021.

Nota Importante.

– Il Report è molto esteso, motivo per cui ne riporteremo solo alcuni brani.

* * * * * * *

«Main points

– Retail sales volumes were 9.1% higher than in February 2020 before the impact of the coronavirus (COVID-19) pandemic.

– Retail sales volumes declined by 1.4% between April and May 2021 following a sharp increase in April when retail restrictions were eased; despite the monthly decline, over April and May combined, average total retail sales volumes were still 7.7% higher than in March 2021, and were 9.1% higher than in February 2020 before the impact of the coronavirus (COVID-19) pandemic.

– The largest contribution to the monthly decline in May 2021 came from food stores where sales volumes fell by 5.7%; anecdotal evidence suggests the easing of hospitality restrictions had had an impact on sales as people returned to eating and drinking at locations such as restaurants and bars.

– Non-food stores reported a 2.3% increase in monthly sales volumes in May 2021 with household goods stores (for example, hardware and furniture stores) and “other” non-food stores reporting the largest growth of 9.0% and 7.7% respectively.

– The large increase in sales volumes in April, followed by a relatively small fall in May, has resulted in the volume of sales for the three months to May 2021 being 8.3% higher than in the previous three months; there was strong growth in automotive fuel sales and non-food retailers of 19.3% and 17.8% respectively.

– The proportion of retail sales conducted online remains substantially higher than before the pandemic, but in May all retail sectors, with the exception of food stores, reported a fall in their proportions of online sales as consumers returned to physical stores; the total proportion of sales online decreased to 28.5% in May 2021, down from 29.8% in April 2021.

– In comparison with February 2020, the value of total online retail sales in May 2021 was 58.8% higher, whereas in-store sales were 1.3% lower.

– Retail sales volumes in May 2021 were 24.6% higher than in May 2020, which was affected by the first national lockdown when the tightest restrictions were in place; however, these growth rates are distorted by base effects and are not a reliable guide.»

* * * * * * *


«Retail sales in the United Kingdom declined by 1.4 percent from a month earlier in May 2021, following a 9.2 percent increase in April when retail coronavirus-induced restrictions were eased and missing market expectations of a 1.6 percent advance. Receipts at food stores fell 5.7 percent, as the easing of hospitality restrictions had an impact on sales as people returned to eating and drinking at locations such as restaurants and bars; and on-line trade dropped by 4.2 percent, following the reopening of non-essential retail. On the other hand, non-food stores reported a 2.3 percent rise, with household goods stores, such as hardware and furniture stores, and “other” non-food stores reporting the largest growth of 9.0 percent and 7.7 percent, respectively. Automotive fuel sales increased by 6.2 percent, as people continued to increase their amount of travel. Still, total retail sales were up 9.1 percent when compared with their pre-pandemic February 2020 levels.»

Pubblicato in: Devoluzione socialismo, Regno Unito, Senza categoria

Bbc. Sembrerebbe essere entrata in una crisi irreversibile. – Bloomberg.

Giuseppe Sandro Mela.

2021-06-08.

Giulio Romano. Palazzo Gonzaga. Sala dei giganti. 004

Bbc. La cloaca delle menzogne. Soffre di essere stata smascherata. – Governo Inglese.

BBC’s reputation highly damaged by Diana interview report, says Patel.

Bbc. Bandita dalla Cina perché propala fake news. – Xinhua e Bbc.

China pulls BBC World News off the air for serious content violation

China bans BBC World News from broadcasting

Ma chiunque si fosse peritato di leggersi con cura BBC controversies non ne sarebbe mai rimasto sorpreso. È un lunghissimo elenco che riporta una miriade di notizie false e tendenziose.

* * * * * * *

«Princess Diana scandal is a genuine crisis for the BBC»

«If this were only a story about one rogue reporter, the BBC would still be hanging its collective head in shame»

«But it’s worse than that»

«It was the most explosive television interview in the history of the British monarchy and the BBC»

«A devastating report published this week by John Dyson, a former judge, found that the journalist secured his interview on the “Panorama” news program by way of forgery»

«He faked the documents»

«Now, in an emotional video, Diana’s son Prince William has condemned the program as “a major contribution to making my parents’ relationship worse and has since hurt countless others.”»

«→A real revolution must follow at the U.K.’s state broadcaster.←»

«But this is a genuine crisis for the corporation, which is paid for by a compulsory license fee on British viewers and given its charter by royal assent»

«Both the BBC’s many friends and its numerous enemies have concluded that the cover-up of Bashir’s actions was worse than the crime»

«BBC news executives — all of whom rose to greater eminence and one of whom, Tony Hall, later became the BBC’s director general — perfunctorily investigated the reporter’s work and exonerated him quickly»

«The documents suggested members of the royal household were paid to keep his sister under surveillance.»

«A graphic designer who tried to blow the whistle on Bashir’s forgeries was barred from working for the BBC»

«When the BBC mounted its own investigation of Bashir in 1996, it already knew that he’d told lies yet decided to accept his testimony. …. Hall concluded that Bashir was “honest and honorable.”»

«Maybe too many careers would have been blighted»

«The Conservative government already suspects the corporation of metropolitan bias against Brexit and the Tory party, and it’s itching to intervene»

«The lust for an exclusive drives many to underhand tactics»

«In the U.S. journalists have been fired for making up stories and faking film footage»

«Rival newspapers exposed tabloid phone-tapping and envious media outlets helped bring the BBC to book this time»

«→→In the meantime Bashir was rehired in 2016 as Religion Correspondent by the BBC after Hall returned to the corporation as director general←→»

«But the BBC prides itself on its high standards, impartiality and transparency»

«But the BBC? It has a self-regulating board of worthies but few have worked at the sharp end of journalism»

«This must change»

« It would be better for Davie and the BBC to impose self-regulation with real teeth than have regulation thrust upon it by hostile external forces»

* * * * * * *

Come tutti i media liberal, la Bbc è un’organizzazione basata sulla pervicace menzogna utilizzata come macchina del fango contro avversari, ritenuti essere nemici mortali.

Tutta la dirigenza, quella passata e quella attuale, era perfettamente a conoscenza di questi fatti. Non solo hanno taciuto, ma hanno anche coperto, insabbiato, negato e protestato vivacemente, come solitamente fatto gli incalliti bugiardi.

«BBC’s reputation highly damaged»

«→A real revolution must follow at the U.K.’s state broadcaster.←»

Siano tutti licenziati e portati a giudizio.

*


Princess Diana Scandal Is a Genuine Crisis for the BBC

If this were only a story about one rogue reporter, the BBC would still be hanging its collective head in shame. But it’s worse than that.

It was the most explosive television interview in the history of the British monarchy and the BBC. In 1995 Princess Diana revealed to millions of viewers around the world that there were “three people” in her marriage to Prince Charles — the third party being the heir to the throne’s mistress, and now wife, Camilla Parker Bowles. Diana’s divorce, departure from the Royal Family and untimely death followed.

But how did the inexperienced BBC reporter Martin Bashir get his scoop of a lifetime? A devastating report published this week by John Dyson, a former judge, found that the journalist secured his interview on the “Panorama” news program by way of forgery. He faked the documents that persuaded Diana’s brother Charles Spencer to introduce him to his sister, and he allegedly lied to Diana to fuel her paranoia about the Royal Family and the British establishment, and so get her to dish the dirt.

There was a huge media scrum in the 1990s to get the Princess’s story. Diana, as I knew from meeting her, liked to brief journalists but was wary of having her fingerprints on stories. Bashir’s deception got her to break cover.

Now, in an emotional video, Diana’s son Prince William has condemned the program as “a major contribution to making my parents’ relationship worse and has since hurt countless others.” He concludes correctly that the BBC “not only let my mother down, and my family down; they let the public down too.” The usual platitudes trotted out on these occasions from handwringing executives about “lessons being learned” won’t do. A real revolution must follow at the U.K.’s state broadcaster.

If this were only a story about one rogue reporter, the BBC would still be hanging its collective head in shame. But this is a genuine crisis for the corporation, which is paid for by a compulsory license fee on British viewers and given its charter by royal assent.

Both the BBC’s many friends and its numerous enemies have concluded that the cover-up of Bashir’s actions was worse than the crime. Newspapers and rival broadcasters smelled a rat from the beginning, but a slew of BBC news executives — all of whom rose to greater eminence and one of whom, Tony Hall, later became the BBC’s director general — perfunctorily investigated the reporter’s work and exonerated him quickly. According to Dyson’s inquiry, Bashir faked bank statements and showed them to Spencer. The documents suggested members of the royal household were paid to keep his sister under surveillance.

A graphic designer who tried to blow the whistle on Bashir’s forgeries was barred from working for the BBC. The shutters at Broadcasting House, the corporation’s headquarters, came down as newspapers continued to investigate the story behind the story. The BBC provided what Dyson described as “evasive answers” to legitimate press inquiries.

When the BBC mounted its own investigation of Bashir in 1996, it already knew that he’d told lies yet decided to accept his testimony. A letter of reprimand to Bashir had been drafted. It was probably never sent because there was no record of it in his employment records. Hall concluded that Bashir was “honest and honorable.” 

Neither Hall nor Anne Sloman, who conducted that investigation, interviewed Spencer. Dyson finds their explanation for this “wholly unconvincing.” Perhaps it was simply too embarrassing to dig beneath “the scoop of the century.” The BBC signaled its intentions from the start in that draft reprimand: “We believe there is no purpose served by making this a matter of public record.” Maybe too many careers would have been blighted.

A quarter of a century later it took the release of the forged documents by Spencer to force the BBC into holding the independent Dyson inquiry. Tim Davie, the new director general, also commissioned a senior reporter from “Panorama” to produce a documentary investigation into the affair. The Conservative government already suspects the corporation of metropolitan bias against Brexit and the Tory party, and it’s itching to intervene. 

A former colleague at my old newspaper, the Sunday Times, once joked that all it took to be a good reporter was “a plausible manner and rat-like cunning.” But this goes much further. Alas, media scandals are not infrequent. The lust for an exclusive drives many to underhand tactics. In the U.S. journalists have been fired for making up stories and faking film footage. Britain’s tabloid newspapers intercepted mobile telephone messages and brought down upon the industry the wrath of the government.

Another former director general, John Birt, wrote in his autobiography: “There are no long-lasting secrets at the BBC.” This affair proves he was wrong. As with the newspaper hacking scandal, the public’s chief protection is the U.K.’s competitive media ecology. Rival newspapers exposed tabloid phone-tapping and envious media outlets helped bring the BBC to book this time.

In the meantime Bashir was rehired in 2016 as Religion Correspondent by the BBC after Hall returned to the corporation as director general. We still don’t know what prompted this decision. Dyson’s judicial remit didn’t extend to this period.

But the BBC prides itself on its high standards, impartiality and transparency. If you don’t like a newspaper, you can always buy another one. If a private television company transgresses, advertisers will boycott it. But the BBC? It has a self-regulating board of worthies but few have worked at the sharp end of journalism. This must change.

As editor of the Sunday Times I mounted some tough investigations that landed me and the newspaper in court. I worked with versatile, hard-bitten journalists, including the Insight investigations team. But in every instance I sat alongside a media lawyer who insisted on a paper trail. Every step had to be tested to see whether the methods employed were justified in the public interest. Complicated inquiries in which we invested time and effort were sometimes aborted. We made mistakes but we had to perform the checks, had to be thorough and had to know the pitfalls.

The BBC now needs to call on the expertise of outside news and current affairs veterans from broadcasting and print media to help police its internal investigations. It should set up a board that’s fit for purpose and not wait for the government to act. It would be better for Davie and the BBC to impose self-regulation with real teeth than have regulation thrust upon it by hostile external forces.

Pubblicato in: Devoluzione socialismo, Propalatori di Odio, Regno Unito

Bbc. La cloaca delle menzogne. Soffre di essere stata smascherata. – Governo Inglese.

Giuseppe Sandro Mela.

2021-05-25.

Biancaneve e la Strega

Questi sarebbero i fatti, per quanto si possa appurare in questo mare di menzogne sistematiche.

«Twenty-five years ago, the BBC’s Panorama programme landed a scoop rivals the world over wanted – an interview with Diana, Princess of Wales.»

«Her son and heir to the throne, Prince William, has now launched an unprecedented attack on the corporation over that interview»

«The programme, which attracted a UK audience of 23m, was a career-defining moment for reporter Martin Bashir»

«But after accusations resurfaced last autumn that Bashir misled the princess to gain her trust, the BBC established an inquiry led by the former Supreme Court judge Lord Dyson. That inquiry has judged Bashir to be “unreliable”, “devious” and “dishonest.”»

«Bashir was investigated by the BBC at the time by Tony Hall, who went on to become the BBC’s director general. Hall found that Bashir was “honest” and an “honourable man”. Dyson has condemned Hall’s inquiry as “flawed” and “woefully ineffective”.»

«Until now, the full story behind the scoop has remained hidden for a quarter of a century»

* * * * * * *

UK journalist at centre of Diana storm denies link to her death

«A former BBC journalist found to have deceived Princess Diana in order to secure an explosive interview with her in 1995 has denied he was responsible for a chain of events that led to her death, a newspaper reported.

Martin Bashir told The Sunday Times he believed his actions did not harm Diana.

An independent investigation published on Thursday found that Bashir lied and deceived Diana that she was being spied upon to persuade her to agree to the interview in which she disclosed details of her failed marriage to Prince Charles.

“I never wanted to harm Diana in any way and I don’t believe we did,” Bashir told The Sunday Times.

Diana’s eldest son William has said the way the interview was secured was “deceitful” and the BBC’s failures contributed significantly to Diana’s “fear, paranoia and isolation.”

His younger brother Prince Harry and Diana’s brother Charles Spencer have said the interview was part of a series of unethical practices that ultimately cost Diana her life in a car crash in Paris in 1997.»

Martin Bashir ha detto al Sunday Times di credere che le sue azioni non abbiano danneggiato Diana.

Un’indagine indipendente pubblicata giovedì ha scoperto che Bashir ha mentito e ingannato Diana sul fatto che fosse spiata per convincerla ad accettare l’intervista in cui ha rivelato i dettagli del suo matrimonio fallito con il principe Carlo.

Il figlio maggiore di Diana, William, ha detto che il modo in cui l’intervista è stata assicurata è stato “ingannevole” e che i fallimenti della BBC hanno contribuito significativamente alla “paura, paranoia e isolamento” di Diana.

* * *

BBC’s reputation highly damaged by Diana interview report, says Patel. – Bbc

«The BBC’s reputation has been “highly damaged” following an inquiry into the Panorama interview with Diana, Princess of Wales, Priti Patel has said.

The home secretary said Lord Dyson’s probe into how Martin Bashir obtained the interview was a “really significant moment” for the BBC.

The independent inquiry found Bashir used deception to get the interview.

Asked whether the corporation would survive, Ms Patel said it would have to “reflect and learn lessons”.

She told The Andrew Marr show on BBC One it had been “utterly heart-breaking” to hear Diana’s sons Prince William and Prince Harry speaking “in very personal terms” about their mother, following the publication of the report last week.

“There is no doubt this world-class institution, its reputation has been highly damaged,” she said. “Lessons will have to be learned – there is no question about that.”

The report by former senior judge Lord Dyson found Bashir was unreliable and dishonest, and that the BBC fell short of its high standards when answering questions about the interview.

The home secretary said next year’s mid-term review of the BBC’s royal charter – focussing on the governance and regulation of the organisation – would be “a very significant and serious moment, at a time when the reputation of the BBC has been compromised”.

The royal charter is an agreement with the government over what the BBC intends to do, including how it is funded and run.

The report will “go down as one of those key moments in the history of the BBC”, she added.»

La reputazione della BBC è stata “altamente danneggiata” a seguito di un’inchiesta sull’intervista di Panorama a Diana, principessa del Galles, ha detto Priti Patel. Il ministro dell’Interno ha detto che l’indagine di Lord Dyson su come Martin Bashir ha ottenuto l’intervista è stato un “momento davvero significativo” per la BBC.

L’inchiesta indipendente ha scoperto che Bashir ha usato l’inganno per ottenere l’intervista.

Alla domanda se la corporazione sarebbe sopravvissuta, la signora Patel ha detto che avrebbe dovuto “riflettere e imparare le lezioni”.

Ha detto allo show di Andrew Marr su BBC One che è stato “assolutamente straziante” sentire i figli di Diana, il principe William e il principe Harry parlare “in termini molto personali” della loro madre, dopo la pubblicazione del rapporto la scorsa settimana.

“Non c’è dubbio che questa istituzione di classe mondiale, la sua reputazione è stata altamente danneggiata”, ha detto. “Le lezioni dovranno essere imparate – non c’è dubbio su questo”.

Il rapporto dell’ex giudice anziano Lord Dyson ha scoperto che Bashir era inaffidabile e disonesto, e che la BBC è venuta meno ai suoi alti standard nel rispondere alle domande sull’intervista.

Il ministro dell’Interno ha detto che la revisione di medio termine del prossimo anno della carta reale della BBC – che si concentra sulla governance e la regolamentazione dell’organizzazione – sarebbe “un momento molto significativo e serio, in un momento in cui la reputazione della BBC è stata compromessa”.

La carta reale è un accordo con il governo su ciò che la BBC intende fare, incluso come è finanziata e gestita.

Il rapporto “passerà come uno di quei momenti chiave nella storia della BBC”, ha aggiunto.”

* * * * * * *

Come tutte le testate liberal occidentali, la Bbc ha da sempre utilizzato artatamente le menzogne per allestire una fabbrica del fango su quanti fossero stati ritenuti essere avversari potenziali o reali, che sono sempre stati trattati da pervicaci nemici, degni solo della morte civile e financo fisica.

Adesso, anche nell’enclave liberal occidentale si sta facendo strada il concetto che questo modo di agire abbia avuto serie conseguenze.

«The BBC’s reputation has been “highly damaged”».

Ma chiunque si fosse peritato di leggersi con cura BBC controversies non ne sarebbe mai rimasto sorpreso. È un lunghissimo elenco che riporta una miriade di notizie false e tendenziose.

*

Orbene.

Come poi dare torto che almeno fuori dall’occidente la gente abbia perso la pazienza?

Bbc. Bandita dalla Cina perché propala fake news. – Xinhua e Bbc.

China pulls BBC World News off the air for serious content violation.

La Bbc è stata cacciata via a pedate.

*

Al momento non si può fare altro che condividere quanto ha detto la Home Secretary, Segretario di Stato per gli affari interni del Regno Unito Mrs Priti Patel.

Dirigenza e giornalisti della Bbc dovrebbero essere tutti sottoposti ad inchiesta e quindi essere licenziati con disonore.

Quella attuale si contrista di essere stata smascherata, mica di quello che ha fatto.

*


Martin Bashir inquiry: Diana, the reporter and the BBC

Twenty-five years ago, the BBC’s Panorama programme landed a scoop rivals the world over wanted – an interview with Diana, Princess of Wales. Her son and heir to the throne, Prince William, has now launched an unprecedented attack on the corporation over that interview.

The programme, which attracted a UK audience of 23m, was a career-defining moment for reporter Martin Bashir.

But after accusations resurfaced last autumn that Bashir misled the princess to gain her trust, the BBC established an inquiry led by the former Supreme Court judge Lord Dyson. That inquiry has judged Bashir to be “unreliable”, “devious” and “dishonest.”

Bashir was investigated by the BBC at the time by Tony Hall, who went on to become the BBC’s director general. Hall found that Bashir was “honest” and an “honourable man”. Dyson has condemned Hall’s inquiry as “flawed” and “woefully ineffective”.

Until now, the full story behind the scoop has remained hidden for a quarter of a century.

The interview became one of the 20th Century’s seminal TV events. As the separated wife of the future king, Princess Diana spoke of adultery, palace plotting, mental and physical illness, and how Prince Charles was unfit for the job.

“Do you really think a campaign was being waged against you?” Martin Bashir asked Princess Diana, having spent the preceding weeks amplifying the alarm bells in her head about just such a campaign. He claimed uniquely placed sources were telling him about dirty tricks by journalists, royal courtiers, the intelligence services, and even her friends.

“Yes, I did,” replied Diana.

I worked on Panorama in 1995, and I had heard the rumours that Bashir had used deception to land his scoop, but nothing more. The details only began to resurface last autumn, on the 25th anniversary of the interview. The BBC released to ITV and Channel 4 some of the information journalists had been seeking for years.

At the same time, Princess Diana’s brother Charles Spencer disclosed that he’d kept contemporaneous notes of his meetings with Bashir, and the claims he made.

Lord Dyson’s report represents the BBC’s formal response to the allegations against Martin Bashir and the failure of Tony Hall’s 1996 inquiry to get to the bottom of this affair.

However, so serious were last autumn’s renewed allegations of misconduct that the current Panorama team decided this needed to be investigated by the programme itself to restore public trust in Panorama’s journalism and independence.

We’ve talked to almost all the witnesses who have given evidence to Lord Dyson and many more besides, including detailed testimony from Earl Spencer.

Like Lord Dyson, we have also seen internal BBC documents that not only show Bashir repeatedly lied, but also acknowledge that there was a serious breach of journalistic ethics and BBC rules. And yet the BBC management board was told by Hall that he was certain Bashir had not set out to deceive, while Hall’s note intended for the corporation’s governing body said he was an “honest and honourable man”.

Lord Dyson says: “What Mr Bashir did was not an impulsive act done in the spur of the moment. It was carefully planned… What he did was devious and dishonest.”

Bashir contacts Earl Spencer

The story begins with Bashir’s plan to persuade Princess Diana’s brother Earl Spencer that among journalists covering the “War of the Waleses”, he had access to high-level sources with the inside story of a broad conspiracy against him and his sister.

On 24 August 1995, Bashir left a telephone message with one of Spencer’s assistants: “Not seeking interview or info”, just “15 minutes of time to talk”. He then sent a BBC headed letter claiming to have spent the “past three months investigating press behaviour”. In fact, Bashir had spent much of that time working on other Panorama programmes. However, his letter intimated that a dogged investigation had unearthed something big about press intrusion into the Spencer family.

“I simply [want] to share some information which I believe, may be of interest,” he wrote, calculating Spencer would bite knowing that he had had his own battles with the media. With no response, Bashir called again on 29 August. Spencer said he could meet him in London at 18:00 for a quick drink.

On the face of it, the suddenness of Spencer’s invitation to a meeting may well have taken Bashir by surprise. In order to ingratiate himself with Earl Spencer to gain access to his sister, the reporter intended to show Spencer – falsely – that his former head of security, ex-soldier, Alan Waller, was being paid regularly by Rupert Murdoch’s News international and the intelligence services to spy on the Spencer family. However, Bashir didn’t show this to Spencer at their first brief meeting – presumably because he hadn’t yet created the “information”.

Lord Dyson said he could not be certain about the precise date when this “information” was created. However, our own investigation suggests this happened immediately after Bashir’s introductory drink with Spencer.

Spencer had agreed to continue their conversation at his country estate, Althorp, two days later at 11:30 on 31 August.

The fake bank statements

To help prepare the “information”, Bashir made an urgent call to a former colleague, Matt Wiessler, begging him to drop everything for a job that couldn’t wait. The graphic designer doesn’t recall the exact date except that it was at the junction of August and September. Wiessler’s business partner at the time told me that Bashir called him first and remembers it being around the time of the Notting Hill Carnival, which in 1995 ended on 28 August. He says that because Bashir wanted a rushed overnight job, he couldn’t do it and suggested he call Wiessler instead.

Both Wiessler and his business partner are also clear that the call came after hours. Since Spencer’s diary shows he had his first meeting with Bashir on the evening of the 29th, the evidence points to Bashir having called Wiessler soon after his drink with Spencer.

Wiessler says Bashir came to his flat and dictated from his notebook details of what he said were two of Alan Waller’s bank statements, which he claimed to have seen – £4,000 from News International on 8 March 1994, and £6,500 from a Jersey-based company called “Penfolds Consultants” on 4 June. Bashir didn’t mention the story he was working on was about Princess Diana, only that it “could lead to something big” in relation to “surveillance by MI5 or MI6”.

The designer assumed that Bashir had actually seen Waller’s original bank statements. He told Bashir the job of recreating them would take all night. Wiessler says that since Bashir was due to fly somewhere the following morning, he instructed him to courier the graphics to him at Heathrow at 07:00. Presumably Bashir wanted them ready for his trip to Althorp first thing on the 31st.

Spencer’s note of that meeting shows that Bashir mentioned “payments” to Waller, which he said were regular: “8/3/94 £4K News International £4K quarterly” and “4/6/94 £6.5K Penfolds, 4 payments”. “Penfolds Consultants”, said Bashir, was a Jersey-based front company for the intelligence services.

What had really hooked Spencer, however, was another false claim by Bashir – that the private secretary of Prince Charles, Commander Richard Aylard, was conspiring against Diana. Spencer’s notes show Bashir having claimed that Aylard had been handed secretly recorded conversations and, in an apparent reference to the possibility of divorce, told journalist Jonathan Dimbleby: “We are in the end game. Shit or bust.”

Spencer says this knocked him sideways so he called Panorama editor Steve Hewlett. Although Spencer didn’t list Bashir’s claims to Hewlett, he did ask him if he could be trusted. Hewlett, according to Spencer, assured him that Bashir was “one of my best”.

Bashir is introduced to Diana

On 14 September, Bashir and Spencer met again at Althorp. Bashir now ramped up his allegations: Diana’s own private secretary Commander Patrick Jephson was said to be in cahoots with Aylard. Bashir produced what Spencer describes as a folded A4-sized sheet of paper purporting to show sizeable payments to both Aylard and Jephson from the intelligence services to monitor Princess Diana’s movements.

In evidence to Lord Dyson, Bashir categorically denies he showed any such document to Spencer. However, Spencer noted the following comment from Bashir: “Patrick Jephson was a gd friend of Aylard + had business connections until 1992. Non exec director of company that Aylard was on board of Financial investment co. Jephson cashed in shared +resigned in 1992.”

This echoed Diana’s well-publicised fears of a conspiracy by her estranged husband’s camp at St James’s Palace to discredit her.

Because Spencer could make no sense of such alleged treachery, he thought his sister should hear all this directly from Bashir, so he telephoned her to suggest that she should meet Bashir. “Darling Carlos,” she replied in an affectionate note shown for the first time to Panorama. Using their childhood names for each other, the note said: “I so appreciated the contents of our telephone call this morning – it all makes complete sense to what is going on around me at this present time. ‘They’ underestimate the Spencer strength! Lots of luv from Duch x”

By 1995 Diana, had come to fear she had enemies in high places and was already vulnerable and unsettled. “I think that she was looking for reasons as to why things were as they were,” Spencer told me.

On 19 September, Spencer introduced Bashir to Diana. During this meeting, Spencer noted some 30 claims which he attributes to Bashir, including Jephson’s alleged plots against her: “Jephson – dangerous: money. Left offshore a/c in March 1994”.

By the end of the meeting, Spencer told me he had become highly sceptical. “I warned Diana that his stories didn’t add up and apologised to her… and she said, ‘Oh, don’t worry, Carlos. It’s nice to see you. It doesn’t matter at all.’ And I thought that was the last time I’d hear from or about Martin Bashir.”

Bashir has claimed that most of the comments noted down by Spencer came from Diana, but Lord Dyson finds: “I am satisfied that Mr Bashir said most, if not all, of the things that are recorded in Earl Spencer’s notes.”

The reporter gave a very different account of his dealings with Earl Spencer – and in particular the claims attributed to him – in his evidence to Lord Dyson. He denied he had said many of the things attributed to him by Earl Spencer. Despite the findings of Lord Dyson, he still stands by his account.

For Diana that encounter was just the start of numerous meetings with Bashir. As Lord Dyson says, by late summer 1995, she was “keen on the idea of a television interview”.

However, friends who met her in the run-up to the Panorama interview on 5 November observed a marked change. They were regarded as no longer trustworthy, including Jephson. “From Martin Bashir’s perspective, I was the obstacle that had to be removed,” he told me. “Because there was a fair chance that if I advised against her giving the interview to him that she wouldn’t do it.”

Diana’s friend Rosa Monckton has written that everyone knew something was wrong “but none of us could put a finger on it”.

On 30 October, the day after Diana had secretly confirmed the interview with Bashir, she met her lawyer Lord Mishcon and described to him a series of lurid plots which she said had been hatched against her.

Asked to identify her sources Diana replied only that they were “reliable” and included GCHQ.

Is it a coincidence that among the top-level sources, Bashir would later claim to BBC management that he had met while “investigating” the dirty tricks campaign against Diana, was a member of GCHQ? It was, however, unheard of for a serving intelligence officer to disclose intercepts (even assuming that Diana’s communications were being intercepted, which itself seems highly dubious) to a journalist.

The key question about the BBC for both our inquiry and Lord Dyson’s was: How did Bashir’s machinations elude the corporation’s most senior executives, all of whom had been editors and journalists for whom the first rule is to cast a sceptical eye over anything that doesn’t seem to add up?

Alarm bells at the BBC

The first alarm bell that should have warned BBC management something was wrong rang in December 1995, a month after the sensational interview had been broadcast. Designer Wiessler approached current affairs bosses Tim Gardam and Tim Suter and told them that he had been unwittingly drawn into forging bank statements by Bashir.

Wiessler – who says he only realised a connection between the fake documents and the interview after it was broadcast – told them he had previously approached the then Panorama editor Steve Hewlett, who had assured him there was nothing to worry about. Hewlett died of cancer in 2017, and having worked closely with him, the idea that he might have colluded with Bashir in using fake bank statements is – to me – unthinkable. And nothing I have seen suggests that Hewlett did. Nonetheless, were he alive, Lord Dyson would have sought his answer to some searching questions.

Why, for example, having been first alerted to the fake bank statements shortly after transmission, had Hewlett not reported this to management?

The evidence suggests that Hewlett first learned about the fake bank statements after Wiessler faxed them to Panorama producer Mark Killick with whom he had previously worked. Killick instantly recognised the name “Penfolds Consultants” because the company had featured in two previous Panoramas he and Bashir had made about the business affairs of former England football manager Terry Venables. Why, puzzled Killick, should Penfolds be involved with paying an ex-employee of Earl Spencer?

Killick confronted Bashir with the bank statements in the BBC canteen. The meeting was brief and acrimonious, with Bashir telling Killick it was none of his concern.

Killick, along with two colleagues – former Panorama deputy editor Harry Dean and Panorama reporter Tom Mangold – went to see Hewlett on 4 December. All three also recall the editor saying it was none of their business. Dean asked him if he knew about the bank statements, and Hewlett said he couldn’t remember. But as Killick left, he suggested Hewlett talk to Spencer. Despite Spencer later calling Hewlett, we have seen no evidence that either Hewlett or anyone from BBC management did ever check Bashir’s version of events against Spencer’s. Lord Dyson is especially critical of this failure. He says the investigation carried out by Tony Hall and Anne Sloman, a former radio current affairs producer who later became the BBC’s chief political adviser, was “flawed and woefully ineffective”.

Lord Dyson said it “would have been substantially changed if they had bothered to speak to Earl Spencer”.

Dean recalls that Hewlett later assured him that the information on the bank statements was true. He told Dean that Venables had given up his interest in Penfolds and the name appearing in the fake bank statements was merely coincidental. That assurance seems likely to have come from Bashir himself.

Bashir’s ever-changing story

At the Panorama Christmas party, former producer Peter Molloy recalls Wiessler looking very shaken as he arrived. Wiessler told Molloy his flat had been broken into, and the only thing missing appeared to be two disks containing the bank statements. When Wiessler reported his concerns to BBC management, it became clear that Hewlett had not told his line manager Tim Gardam anything about Bashir having faked bank statements. “Tim was angry but sensible about it,” recalled colleague Tim Suter in 2001. Hewlett told them there’d been “nothing underhand in getting the Diana interview”.

Bashir was then questioned by Gardam, Hewlett and Suter. He assured them the bank statements hadn’t been shown to Diana or anyone else. They couldn’t have been used to persuade the princess to give an interview, he said, because the source of the information in them had been Diana herself.

However, a note by Tim Gardam of this meeting, shows Gardam was still puzzled – why had Bashir gone to the trouble and expense of creating such authentic looking documents? He asked Bashir to seek an assurance from the Princess in writing that she’d not been shown them. The following day, a handwritten letter arrived from Kensington Palace: “I can confirm that I was not (not is underlined twice) put under any undue pressure to give my interview. I was not shown any documents nor given any information by Martin Bashir that I was not already aware of. I was perfectly happy with the interview and I stand by it.”

Diana’s letter put to rest any doubts management had that she’d been tricked or coerced. The BBC’s greatest ever scoop, was safe. For now.

What had been missed, however, was a big clue that Bashir was lying.

Bashir had already told Gardam in November that his first contact with Princess Diana had been in late September. This was mentioned in a “record of events” note by Gardam for Tony Hall. However, Gardam had also been told by Matt Wiessler that he had created the bank statements in late August/early September, some three weeks earlier.

Although both Hewlett and BBC management had been made aware of both dates, neither appear to have spotted the obvious conflict that Diana couldn’t have been Bashir’s source because she and Bashir were yet to be in contact. When we highlighted this discrepancy over dates to Gardam, he acknowledged he hadn’t spotted it: “Had I done so, I would have questioned Martin Bashir about it.” His focus, he explained, had been on Wiessler’s allegation that “the documents had been shown to the Princess of Wales in order to persuade her to give an interview”.

Bashir may have calculated that by naming Diana as his confidential source, BBC management would feel inhibited about checking this with her. And they never did.

He also deflected suspicion by admitting that he falsely inserted the name “Penfolds Consultants” as one of the two companies supposedly paying Spencer’s ex-employee Alan Waller. His excuse? Although Diana had supposedly told him Waller was being paid by an intelligence services front company to spy on the Spencers, she hadn’t known the name. All she had known, said Bashir, was that the company was based in Jersey. So he’d just inserted a dummy name because he knew Penfolds was based in Jersey.

In truth, Bashir must have realised he would never get away with passing off Penfolds as real because it had featured in his previous Panoramas. What Hewlett made of Bashir’s volte-face over Penfolds given the former editor’s earlier assurances to a sceptical Harry Dean is unclear. In Gardam’s note of his interview with Bashir, he makes no reference to having been told about this contradiction which suggests Hewlett never told him.

Asked by Gardam why he had compiled the graphics in the first place, Bashir said it was simply to record and file the information – an implausible reason for getting a graphic designer to work all night, paying him £250 of licence fee payers’ money and getting the documents couriered to Heathrow, when jotting down the details in his notebook would have sufficed.

Nonetheless, however improbable this may seem today, Diana’s letter appears to have reassured management. “All could now relax for Christmas,” said Suter at the time. “We had had a scare, but we had got through it.” But for Earl Spencer, the letter doesn’t exonerate the BBC. “Diana is dealing from a position of having been lied to. She didn’t know that the whole obtaining of the interview was based on a series of falsehoods that led to her being vulnerable to this,” he told me.

However, if management thought that was the end of it, they were mistaken. On 21 March, the Mail on Sunday told Spencer they were investigating how Martin Bashir had been introduced to his sister and secured his scoop interview. In order to convince Spencer of his credentials, the newspaper alleged that Bashir had shown him bogus security service documents about bugging phones at Kensington Palace. Clearly the Mail were on to something, but were wrong about the content of the documents.

Distrustful of the tabloid press, Spencer called the BBC to find out more. Spencer was put on to Hewlett and told him he had introduced Bashir to Diana “on 19 September on the back of extremely serious allegations he had made, against various newspapers, named journalists, named senior figures at St James’s Palace, and unnamed figures in the secret service”.

Hewlett now had a golden opportunity to question the Earl about Bashir’s allegations and crucially whether he’d been shown bank statements since, unlike Spencer, Hewlett knew they were fake. It’s not clear that Hewlett did ask Spencer about either point. Nonetheless, since the Mail on Sunday had mentioned forgeries, Gardam instructed Hewlett to question Bashir about this again.

Again, Bashir insisted he had not shown his forgeries to anyone, including Spencer.

On 23 March, Gardam was telephoned and doorstepped by the Mail on Sunday, so he telephoned Bashir: Had he shown the documents to Spencer? Again, Bashir denied this to both Gardam and Hewlett. Unconvinced, that afternoon, Gardam sought another assurance. Fearing imminent publication, Bashir caved in, finally admitting that he had. It had taken four attempts since December to get the truth out of Bashir.

A furious Gardam warned Bashir the BBC would have to consider its position.

The BBC investigates

Gardam was days away from leaving the BBC. He wrote a handover note setting out all of Bashir’s lies. It also records Tony Hall as having agreed with Gardam that since Bashir had “misled us and… appeared to have acted unethically and in breach of the guidelines” the corporation should conduct a “full inquiry”.

But what transpired could hardly be described as a “full inquiry” and was compounded by misleading statements.

The Mail on Sunday had withheld publication, but by April 1996 had firmed up their story and published Bashir’s fake documents. Approved by both Hall and Hewlett, the BBC issued a statement saying the documents were “never connected in any way to the Panorama on Princess Diana”. Yet by now both knew that Bashir had admitted showing the statements to Spencer. They also knew that in a written statement, Bashir had admitted showing the documents to Spencer in order to “foster” his relationship with him. Therefore the documents manifestly were “connected to the Panorama on Princess Diana”.

In fact, Lord Dyson finds that the way the BBC handled its public statements as a whole in this matter “fell short of its high standards of integrity and transparency which are its hallmark”.

As Anne Sloman, who had taken over as Gardam’s temporary replacement, and Hall carried out their “full inquiry”, they never appear to have worked out that Bashir’s central claim – Diana was Bashir’s source for the information in the fake graphics – was a lie.

Like Gardam in December, neither Hall nor Sloman appear to have spotted that Diana couldn’t have been Bashir’s source because they hadn’t met when Bashir commissioned Wiessler to do the graphics. But no such comparison appears to have been made. Lord Dyson does not hold BBC management culpable for not spotting the discrepancy in dates. He does, however, find that ahead of Bashir’s first meeting with Diana on 19 September, it is “inconceivable” that he was “locked in a relationship” such that she would have been his source for the information in the graphics.

The Hall-Sloman investigation did draw up a chronology of events, which we’ve seen, but its focus was more about leaks from Panorama to newspapers than Bashir. Its chosen starting point was late October shortly before transmission, not late August/early September which is when management had already been told that Bashir had commissioned the graphics. Nor at any point did it say Bashir had lied.

The chronology reflected what Sloman appears to have thought about Panorama – “a viper’s nest” seething with jealous rivalries was how she later described the atmosphere to the late Richard Lindley, himself a former Panorama reporter, for his book “Panorama: Fifty Years of Pride and Paranoia” published in 2002. “All felt they had a God given right to leak to the press” said Sloman.

Had Earl Spencer spoken out, his notes would have blown apart Bashir’s story – and the BBC would have been confronted with one of its biggest crises. However, Spencer told me the reason he didn’t was because he didn’t know the BBC had launched an inquiry and Princess Diana’s Panorama interview was “seen as very controversial. And if I had gone against it while she was alive, then I didn’t want to be seen to be undermining her in any way.”

Moreover, at the time, Spencer didn’t know the information in the bank accounts was entirely fake, or that Bashir had told the BBC his sister was the source.

Also, the Mail on Sunday revelation quite quickly ceased to have traction. BBC press briefings that “jealous colleagues” were behind the paper’s story had distracted from its allegation about Bashir’s subterfuge, Spencer wasn’t talking, and management hoped he never would. “The Diana story is now dead, unless Spencer talks. There’s no indication that he will,” wrote Anne Sloman in an internal BBC management document a fortnight after the Mail on Sunday story.

Bashir had already put Diana off limits for questioning by claiming her as his source for the “exact” payment sums to her brother’s former head of security Alan Waller. Now in conversations with management, Bashir did the same to her brother claiming it was Earl Spencer himself who was his source for Waller’s bank account details – something he’d not previously mentioned.

Bashir had changed his story again but it seems not to have rung any alarm bells. Spencer only learned last autumn that Bashir had accused him of misusing private information and categorically denies there is any truth to it. In anger he contacted the BBC urging they hold an independent inquiry – hence Lord Dyson.

“In a credibility contest between Earl Spencer and Mr Bashir, Earl Spencer wins convincingly,” says the former Supreme Court judge.

In Lindley’s history of Panorama, Anne Sloman is quoted as saying Bashir was interviewed by Hall “at length”, with Hall at one end of her “grand desk” in Broadcasting House, Bashir at the other. “Certainly, Bashir had forged these documents. It was a stupid thing to do – it didn’t get him the interview. Why he did it, God only knows.”

To those of a more curious disposition, the circumstantial evidence pointed in only one direction: that these documents were Bashir’s way of getting his foot in the door of the Spencer family. That is also the finding of Lord Dyson, who says: “I conclude that Mr Bashir showed the fake statements to Earl Spencer before there was any contact between Princess Diana and himself.”

On 25 April 1996, Hall reported the results of his “personal investigation” into Bashir to the BBC’s governors, at the time the body appointed to regulate the corporation. A statement written by Hall for the governors’ meeting quotes him as saying that Bashir’s explanation for having commissioned the graphics was simply because “he wasn’t thinking”. Then came Hall’s exoneration: “I believe he is, even with this lapse, an honest and honourable man. He is contrite.”

Hall’s statement made no mention of what he already knew by that point, that Bashir had shown the fake documents to Spencer and had repeatedly lied to his editor and to senior management. At the same time, Hall refers to “TRUST” (which Hall spelled out in capital letters) and “straight dealing” as “paramount” BBC values.

While Hall’s statement to the governors criticised Bashir for having been “incautious and unwise”, he assured his fellow managers he was “certain there had been no question of Bashir trying to mislead or do anything improper with the document” – implying nothing improper had taken place.

Lord Dyson comments: “To dismiss his actions as no more than a mistake, unwise and foolish did not do justice to the seriousness of what he had done.”

An internal document faxed three days before the board of governors meeting shows that management seem to have privately acknowledged Bashir had been in breach of journalistic ethics and BBC rules: “Management will have to decide what action if any to take privately or publicly about Bashir, what to do about his contract and how long he should stay on Panorama.”

Lord Hall told Panorama Bashir was given a “severe reprimand” and was placed under “close supervision”. It is true on 4 April 1996, Tim Suter wrote a letter addressed to Bashir saying the creation of the graphics “was in breach of BBC’s guidelines on straight dealing… compounded by your failure to inform the head of department of the use made of this material when directly questioned by him. You should be in no doubt of the seriousness with which we view this nor of the reprimand that this letter represents.”

However, Lord Dyson finds that the letter was probably not sent to Bashir and further, that there is no record of a reprimand on his employment records. Panorama’s then deputy editor Clive Edwards told me he was “unaware of any supervisory order on Martin”.

“It is difficult to imagine how any such order could have been in force but not known to me as deputy editor, since I would have been the person to supervise such an order.”

Bashir remained with the BBC until 1998, when he left to join ITV.

The ‘entire truth’

The most senior managers responsible for BBC journalism appear to have swallowed a whale of a story, and in a 2005 interview for the BBC’s Arena documentary series to celebrate the scoop’s 10-year anniversary, Tony Hall unwittingly explained why: “Martin is the sort of interviewer who works very hard at getting into your confidence.”

It seems to have worked on everyone – despite Tim Gardam’s parting note to his management colleagues emphasising the need for the BBC to get to “the entire” truth of what Bashir had been up to.

For the anonymous BBC leakers without whom we would never have known about Bashir’s dishonesty there was only excoriation – briefed against by the BBC to the newspapers as “jealous colleagues” and referred to in an internal management document as “troublemakers.” Because of “this sordid saga”, says the document “we can either go the formal disciplinary route, which needs proof and may be messy or pick off the troublemakers one by one with a stiff warning and ensure they are found work elsewhere as speedily as is practicable”.

The only named whistleblower Matt Wiessler would never again get any BBC work, Hall assured the governors. Wiessler paid a heavy price – his freelance graphics business eventually collapsed so he left London and in his own words became “a bit of a drifter… I tried lots of other things, but at heart I was always a television current affairs guy. Hall called Martin, a ‘good and honourable man’. I want him to reverse that because I’m the good and honourable man in this.”

In response to Dyson, the BBC offered a “full and unconditional apology” and said it would be writing to “a number of individuals involved”.

Wiessler says the least the BBC could do is include him in that list.

In overall charge of the BBC at the time was director general John Birt. He says the revelation that the BBC “harboured a rogue reporter on Panorama who fabricated an elaborate, detailed but wholly false account of his dealings with Earl Spencer and Princess Diana” is a “shocking blot on the BBC’s enduring commitment to honest journalism; and it is a matter of the greatest regret that it has taken 25 years for the full truth to emerge. As the director general at the time, I offer my deep apologies to Earl Spencer and to all others affected.”

Lord Dyson has little to say about how BBC governance was undermined by Hall’s “woefully ineffective” investigation.

Our own investigation sheds some light on this, however.

Lindley’s book on 50 years of Panorama quotes Sloman as saying that she, Hall and Birt had a 90-minute meeting about Bashir but it doesn’t go into detail as to what transpired. Lindley’s widow let me search her attic for his original notes. I found that Sloman told Lindley: “We concluded that faking documents had been going on as a general practice” and that “our business creates monsters… never did Birt express interest in covering his own back… Birt wanted to get to the bottom of the matter.”

I understand Birt has no recollection of any such meeting, but that he thinks his reference to wanting to “get to the bottom of the matter” refers to a meeting immediately after the Mail on Sunday revelations. What briefing Birt may have been given on the results of Hall’s investigation before the boards of governors and boards of management is unclear, except that Birt is said not to have been told that Bashir had repeatedly lied. In fact, no evidence of Bashir having lied is mentioned in any of the documents written by Hall or Sloman that have surfaced.

However, Lord Hall told Panorama that he was “open and transparent with the director general and with colleagues on the board of management and I believe I gave them all the key facts… throughout I discharged my responsibilities in good faith”. For his part, Lord Dyson finds that Hall “presented these facts to both the board of management and the board of governors as if they were uncontroversial”.

Lord Dyson continues: “And yet he knew (but did not tell the board) that they derived from Mr Bashir’s uncorroborated version of the facts and that Mr Bashir had lied on three occasions on a matter of considerable importance.”

In a statement, Lord Hall said: “I accept that our investigation 25 years ago into how Panorama secured the interview with Princess Diana fell well short of what was required. In hindsight, there were further steps we could and should have taken following complaints about Martin Bashir’s conduct.”

He said he was “wrong” to give Martin Bashir the “benefit of doubt, basing that judgement as I did on what appeared to be deep remorse on his part”.

Martin Bashir said in a statement that he had apologised then, and did so again now for asking for bank statements to be “mocked up”.

But he reiterated that “the bank statements had no bearing whatsoever on the personal choice by Princess Diana to take part in the interview”.

He said Lord Dyson had accepted that the princess would “probably have agreed to be interviewed without what he describes as my ‘intervention'”.

And he said he was “immensely proud” of the interview, in which Princess Diana “courageously” talked through the difficulties she faced. He said in it, she “helped address the silence and stigma that surrounded mental health issues all those years ago. She led the way in addressing so many of these issues.”

The least that can be said is that Bashir tried to con everyone. Others may say Bashir told management what they too readily wanted to hear – to spare the corporation the ignominy of undermining a truly global scoop. In 2016, Bashir was rehired by the BBC as religious affairs correspondent. The announcement referred to his “track record in enterprising journalism” and previous experience on “BBC religion and ethics programmes.”

He resigned as the BBC’s editor of religion before the publication of the Dyson report.

Managing relationships ‘cleverly’

The last word must go to Panorama’s editor at the time, Steve Hewlett. He too was interviewed for the BBC Arena documentary marking the 10th anniversary of Bashir’s scoop. I understand Hewlett agreed to be interviewed provided he wasn’t asked specifically about the forged bank statements. Instead, he was asked how Bashir met Diana.

Arena didn’t broadcast his answer and the BBC refused to release it to us. However, we obtained a transcript which shows the normally sure-footed Hewlett seeming to stumble: “I’m sure he told me he was going to see her… look, he’s a journalist, he does his business, I don’t follow him around all day, so you know, I’ve got a show to run… what, precisely… how he did it, to be honest I don’t know.”

If this was Hewlett’s way of saying he hadn’t known all the strokes Bashir had pulled before transmission, that is very likely to be true. I and others knew Hewlett to be an ethical journalist.

He continued: “You know… he’s an operator, so he manages relationships very cleverly. I don’t mean…dishonestly, but he manages them cleverly.”

Was Hewlett really still convinced by 2005 that Bashir had “managed” his relationship with Diana “very cleverly” but not “dishonestly”?

The idea that Hewlett hadn’t yet suspected that Bashir got to Diana by deceiving Spencer sits uneasily with his careful editorial eye.

Yet, however Bashir got his scoop, it was undeniably real and Princess Diana was, by several accounts, intent on telling her side in the War of the Waleses. At the same time, the reporter to whom Hewlett had entrusted this assignment turned out to be “rogue” confronting him with an acute dilemma. Did Hewlett reconcile this by deciding the authenticity of the scoop trumped an otherwise tainted process? I pose this as a question, not an allegation, because Hewlett is no longer here to answer for himself. Yet it seems he was troubled by something.

It is 2004, a late-night bar in Sydney. By chance Hewlett has bumped into a colleague Phil Craig, who had just produced a documentary about Princess Diana. They talk and they drink. Having previously worked on Panorama, Craig knew a little of the rumours. “We were coming at this from different sides,” he recalls “so with Steve there was a sense of ‘let’s talk it all through’. I came away that night with the very strong impression that he thought there was a chance that one day the Bashir story would cause everybody a lot more trouble, that there was more to come out about the background to the interview, that there was something that hadn’t gone away and was still lurking in the shadows.”

That “something” turns out to be a timebomb about public trust that the BBC tried to defuse 25 years ago, but left it ticking. That bomb has now detonated.

Pubblicato in: Banche Centrali, Devoluzione socialismo, Regno Unito, Unione Europea

Inflazione. Sorella miseria si fa precedere dalla comare inflazione. Adesso anche l’UK.

Giuseppe Sandro Mela.

2021-05-19.

2021-05-19__ Inflazione 001

I governi dell’enclave liberal socialista occidentale ostentano una serena e pacata calma.

Ma i mercati non hanno mica digerito gli ultimi macrodati in arrivo.

Le parole sono parole, ma i numeri sono numeri.

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Gran Bretagna – Indice dei principali prezzi di produzione (Annuale)

Office for National Statistics: +2.5%

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Gran Bretagna – Indice dei prezzi al dettaglio (Annuale)

Office for National Statistics: +2.9%

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Tutto questo dopo che negli Stati Uniti l’inflazione era scattata al +4.2%.

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«Inflation fears are weighing ever more heavily on markets»

«On Wednesday (May 19) the UK became the latest country to report numbers that worried traders. Inflation there more than doubled in April, rising by 1.5%»

«That was higher than analysts expected, and up from 0.7% the month before»

«Clothing and footwear prices surged as shops reopened. A jump in electricity and gas charges also added to the rise»

«The Bank of England hopes it’s just a temporary blip, but says price rises will go above its 2% target»

«But some investors are taking money out of riskier assets, just in case that’s not right»

«Markets were braced for a hot consumer inflation report, but nowhere near the 4.2% headline increase reported for April»

«U.K. inflation more than doubled in April, the Office for National Statistics said Wednesday. Consumer prices rose by 1.5% after a 0.7% climb in March»

* * * * * * *

Gli investitori non hanno la benché minima intenzione di ritrovarsi con in mano un pugno di mosche.

Nessuno intende fare allarmismi, ma solo dopo aver portato il peculio in luogo sicuro.

Cina. Aprile21. Investimenti Diretti Esteri +38.60%.

L’inflazione è democratica: colpisce tutti, anche quelli che ritenevano di essere intoccabili.

Ma siamo solo agli inizi: nessuno si illuda.

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Inflation fears weigh on stocks, oil

Inflation fears are weighing ever more heavily on markets.

On Wednesday (May 19) the UK became the latest country to report numbers that worried traders.

Inflation there more than doubled in April, rising by 1.5%.

That was higher than analysts expected, and up from 0.7% the month before.

Clothing and footwear prices surged as shops reopened.

A jump in electricity and gas charges also added to the rise.

The Bank of England hopes it’s just a temporary blip, but says price rises will go above its 2% target.

There’s a similar story in the euro zone, where numbers Wednesday showed annual inflation hitting 1.6%.

It all mirrors signs of rising prices in the U.S., and comes as a recovering global economy stokes demand.

That has markets worried that central banks will soon have to start tightening policy.

Europe’s benchmark Stoxx 600 fell more than one percent from the open as a result.

The worries showed up on commodity markets too, with copper and oil prices falling.

International benchmark Brent crude was down around 1.5% early Wednesday.

Traders said monetary tightening could crimp growth, and thus demand for commodities.

For now, most central bankers still bet that the rise in inflation will prove short lived.

But some investors are taking money out of riskier assets, just in case that’s not right.

*

European markets fall sharply, following global stocks lower as inflation fears persist; John Laing jumps after KKR buyout

– U.K. inflation more than doubled in April, the Office for National Statistics said Wednesday, with consumer prices rising by 1.5% after a 0.7% climb in March.

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London — European stocks fell on Wednesday, following a global dip in markets as fears about rising inflation continue to weigh on sentiment.

The pan-European Stoxx 600 slid 1.6% by afternoon deals, with basic resources dropping 3.4% to lead losses as all sectors and major bourses traded firmly in negative territory.

European markets are following dour sentiment elsewhere; U.S. stock futures were lower in early premarket trading on Wednesday ahead of more retail earnings, while stocks in Asia-Pacific slipped on Wednesday, with some markets in the region closed for holidays.

Investors concerned about rising inflation will be keeping a close eye on the Federal Open Market Committee as it publishes the minutes from its April meeting on Wednesday.

Minutes of the meeting could provide more clues on when the central bank could consider tapering bond purchases, a move that is expected to come before it increases interest rates.

U.K. inflation more than doubled in April, the Office for National Statistics said Wednesday. Consumer prices rose by 1.5% after a 0.7% climb in March.

“CPI inflation has finally broken out of the 0.2% to 1.0% year-on-year range that it has been in since the pandemic took hold. However, even with core CPI higher, this doesn’t yet reflect rising underlying domestic inflationary pressure,” said Melanie Baker, senior economist at Royal London Asset Management.

“The U.K. economy is still operating below pre-crisis levels and inflation expectations look reasonably well anchored. However, as the economy reopens, it seems likely that we will see some further price increases and inflation is likely to end the year higher.”

European earnings came from E.On, which also holds an annual general meeting. Deutsche Boerse, Uniper, Experian and Premier Foods will also publish their latest results.

Shares of British infrastructure investment group John Laing jumped more than 11% to a 52-week high after private equity firm KKR announced that it had agreed to buy the company for £2 billion ($2.84 billion).

On the Stoxx 600, Swedish engineering company Sandvik and gambling group Evolution Gaming both fell 5%, while Swiss hearing aid manufacturer Sonova gained 2.8% after JPMorgan and Goldman Sachs upgraded the stock.

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Inflation spooks stocks and raises fear the Fed is wrong that the price spike is temporary

– Markets were braced for a hot consumer inflation report, but nowhere near the 4.2% headline increase reported for April.

– The report raised concerns that the Fed’s view that higher inflation will be transitory is wrong, even though Fed Vice Chairman Richard Clarida reiterated that view after the report.

– Stocks sold off, yields jumped and the futures market signaled that some investors believe the Fed could hike interest rates earlier than expected.

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Red-hot consumer inflation data for April spooked markets and raised concerns that the Fed is wrong about rising prices being just temporary.

If the Fed is incorrect, that means that it could begin to unwind its easy policies quicker than expected and ultimately raise interest rates.

The Consumer Price Index for April rose 4.2% from a year ago, the briskest pace since September 2008. Economists had expected a big number, of 3.6%, because of base effects accounting for last year’s weakness. But the CPI’s surge took markets by surprise, sending Treasury yields higher and stocks lower.

Pubblicato in: Commercio, Regno Unito

Regno Unito. Marzo21. Vendite al Dettaglio +7.2% anno su anno. – ONS.

Giuseppe Sandro Mela.

2021-04-30.

2021-04-23__ Gran Bretagna - Vendite al dettaglio (Annuale) 001

L’Office for National Statistics ha rilasciato il Report Retail sales, Great Britain: March 2021.

2021-04-23__ Gran Bretagna - Vendite al dettaglio (Annuale) 002

                         Main points.

– Retail sales volumes continued to recover in March 2021, with an increase of 5.4% when compared with the previous month reflecting the effect of the easing of coronavirus (COVID-19) restrictions on consumer spending; sales were 1.6% higher than February 2020 before the impact of the coronavirus pandemic.

– Non-food stores provided the largest positive contribution to the monthly growth in March 2021 sales volumes, aided by strong increases of 17.5% and 13.4% in clothing stores and other non-food stores respectively.

– Food stores reported monthly growth of 2.5% in March 2021, with strong growth in specialist food stores (butchers and bakers) likely reflecting the continued closure of the hospitality sector during the Easter period.

– Automotive fuel retailers also reported strong monthly growth of 11.1% as travel restrictions were eased towards the end of the reporting period.

– Despite strong March figures, retail sales for the quarter have been subdued overall; in the three months to March 2021, retail sales volume fell by 5.8% when compared with the previous three months, with strong declines in both clothing stores and other non-food stores as a result of the tighter lockdown restrictions in place.

-The proportion spent online decreased to 34.7% in March 2021, down from 36.2% in February 2021 but still above the 23.1% reported in March 2020; the value of online spending did increase in March, but spending in-store increased at a faster rate.

2021-04-23__ Gran Bretagna - Vendite al dettaglio (Annuale) 003

….

                         A closer look at automotive fuel

The volume of sales increased by 11.1% in March 2021 when compared with February 2021 in this sector. This was the first monthly growth in the volume of sales since October 2020 as travel restrictions once again had a strong negative effect on the sector, which has seen sales levels remain below those witnessed before the pandemic began.

….

                         Online retail

Table 2 shows the month-on-month and year-on-year growth rates for the amount spent online by value, in addition to the proportion of online sales. The percentage weights indicate where money is spent online.

Online spending increased in March 2021, up 0.6% when compared with February 2021, with strong growth in textile, clothing and footwear stores of 10.9%. This was the largest monthly growth in the sector since June 2020 with feedback from retailers suggesting that the upcoming easing of coronavirus restrictions had prompted consumers to update their wardrobes in preparation for being able to meet friends and family outdoors again.

The proportion of online retail decreased in March 2021 to 34.7%, down from 36.2% in February 2021 but still remains far higher than the 23.1% reported in March 2020. ….

Pubblicato in: Banche Centrali, Regno Unito

Regno Unito. 2020. Pil -9.8% anno su anno. – Office for National Statistics.

Giuseppe Sandro Mela.

2021-04-14.

2021-04-13__ UK Pil 001

In sintesi.

– UK gross domestic product (GDP) for 2020 as whole, which is now estimated to have contracted by 9.8%

– GDP is estimated to have increased by 1.3% in Quarter 4 (Oct to Dec) 2020

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Office for National Statistics

GDP quarterly national accounts, UK: October to December 2020

Revised quarterly estimate of gross domestic product (GDP) for the UK. Uses additional data to provide a more precise indication of economic growth than the first estimate.

Table of contents

Main points

Headline GDP figures

Output

Expenditure

Income

Revisions to GDP

Quarterly sector accounts

GDP quarterly national accounts data

Glossary

Measuring the data

Strengths and limitations

Related links

* * * * * * *

Main points

– There is little change to our earlier estimate of UK gross domestic product (GDP) for 2020 as whole, which is now estimated to have contracted by 9.8%, slightly revised from the first estimate of a 9.9% decline; there are, though, revisions to the quarterly path through the year.

– GDP is estimated to have increased by 1.3% in Quarter 4 (Oct to Dec) 2020, an upwards revision of 0.3 percentage points.

– GDP in Quarter 2 (Apr to June 2020) is estimated to have fallen 19.5%, a downwards revision of 0.5 percentage points, and in Quarter 3 (July to Sept) is estimated to have grown by 16.9%, an upwards revision of 0.8 percentage points.

– The household saving ratio increased to 16.1% in Quarter 4 2020, an increase from a revised 14.3% in Quarter 3 2020; over the year 2020, the household saving ratio rose sharply, reaching a record high of 16.3%, compared with 6.8% in 2019.

– Non-financial corporations switched from a net lending position in Quarter 3 to a net borrowing position in Quarter 4; general government saw a decrease in their net borrowing position to 11.0% of GDP compared with 12.9% in Quarter 3.