MARK SANDS@MkSandsTHE HUNT is on to find parliament’s nexttop financial watchdog after Andrew Tyrieshocked Westminster with his decision tostand down as an MP.

In a surprise announcement Tyrieyesterday revealed he would not stand forre-election in the upcoming GeneralElection, thus giving up his role as one ofparliament’s most feared interrogators.

Tyrie said he would seek newopportunities in public life, describing histwo decades as an MP as “exhilarating”.

In seven years at the helm of the TreasurySelect Committee, Tyrie led a raft of high-profile inquiries, becoming a critic offormer chancellor George Osborne andBank of England governor Mark Carney.

Tyrie pushed for improvement in banking

and regulatory standards in the aftermathof the financial crisis, and most recentlyclaimed the scalp of Charlotte Hogg whoresigned from the Bank of England afterfailing to disclose a role held by her brotherat Barclays.

His exit will likely see Tory MPs fight forone of the most high-profile positionsoutside of government. Committee chairs

are elected by MPs, and the Treasurywatchdog is chaired by an MP from theruling party.

Bookmakers have made Brexiteers SteveBaker and Jacob Rees-Mogg the favouritesto replace the Chichester MP.

The pair were among the first to paytribute to Tyrie. Baker told City A.M.:“Andrew gave outstanding service to this

country in the aftermath of the financialcrisis, both as chair of the Treasurycommittee and in his exceptional workleading the Parliamentary Commission onBanking Standards. It has been a privilegeand a pleasure to work with Andrew, evenwhen we have not agreed, and I shallcertainly miss his insight.”

Rees-Mogg added that Tyrie had beenboth “an exceptionally good” chair, and“an absolutely fearless scrutineer” of thegovernment.

During his reign at the committee, Tyrieinterrogated both Carney and Carney’spredecessor Sir Mervyn King, while probingpost-financial crisis scandals such as Liborrigging.

He famously slammed former Barclaysboss Bob Diamond’s evidence to thecommittee – surrounding the Liborscandal – as “somewhat implausible”.

A MAGAZINE BY CITY A.M.

ISSUE XX | MONTH 2016

INSIDE: THE UNLIKELYRESURGENCE OF WEDGWOODTHE DEVELOPERS WHO ARE

BUILDING NEW ARTS VENUESTHE LATEST AUDIO SOLUTIONS

THE FABULOUS HIDDENENTRYWAYS OF MILAN

ISSUE 12 | APRIL 2017

Modern lifeis great

Why we can’t get enough of warehouse living

LIVING

THELEAP100

&

THE MOST EXCITING, FAST-GROWING COMPANIES IN THE UK

City A.M. has teamed up with Mishcon de

Reya to identify 100 of the most exciting,

fast-growing companies in the UK today.

These firms operate at a range of scales

and across many sectors. All are in the

process of making the leap to the next

level. This stage of a company’s life is rich in

real-life drama, with risks of setbacks

and sudden lows as well as high rewards

for those who make it to the other side.

Throughout 2016, we will track the

challenges and the hopes of this brave

and economically vital group via regular

polls, round tables and events, sharingTHE LEAP 100THIS YEAR’S LIST OF BRITAIN’SMOST EXCITING FAST-GROWTHCOMPANIES P19-26

INSIDE TOMORROW LOOK OUTFOR OUR LUXURY PROPERTY &INTERIORS MAGAZINE LIVING

An image of what the future might hold

WEDNESDAY 26 APRIL 2017 ISSUE 2,862 CITYAM.COM FREE

BUSINESS WITH PERSONALITY

FTSE 100▲ 7,275.64 +10.96 FTSE 250▼ 19,582.33 -20.50 DOW▲ 20,996.12 +232.23 NASDAQ▲ 6,025.49 +41.67 £/$▲ 1.283 +0.004 £/€▼ 1.174 -0.003 €/$▲ 1.092 +0.004

The sky’s the limit: Uber’s flying taxi plan could take off by 2020LYNSEY BARBER@lynseybarberUBER believes that getting a flyingcar could be as cheap as grabbing ataxi, or even owning your own car,as it plans to bring the technologyto fruition by 2020.

The billion-dollar startupyesterday lifted the veil on itsambitions to bring the futuristic

idea to market, saying it wants tobe “the glue that makes the entireecosystem work”.

It will partner withmanufacturers designingvehicles, real estate companies,tech developers and suppliers aswell as working with authoritiesto understand how to regulatethe fledgling transportation.

Speaking on stage at a

conference in Dallas, Uber productchief Jeff Holden, who called flyingcars “a natural next step” for Uber,said talks with Nasa and theFederal Aviation Administrationhad already taken place.

Dallas and Dubai will be thelocations for putting plans intoaction, and in the US it is workingwith a developer to create fourvertaports for the vehicles to land

and take off by the end of the year.The company is working with

aircraft makers Aurora FlightSciences, Pipistrel Aircraft, jetmaker Embraer, Bell Helicopter andMooney as well as ChargePoint tocreate electric charging capacity forthe vehicles.

Uber has set itself the ambitiousgoal of demonstrating a networkfor flying cars by 2020.

Twitter setfor first everdecline inrevenuesLYNSEY BARBER@lynseybarberTWITTER investors are bracedfor another gloomy quarter,with analysts expecting revenues at the beleaguered social network to decline forthe first time ever.

Consensus on Wall Street isfor revenue of around $512m(£399m) in the first quarter, adecline of 14 per cent on thesame time last year.

Revenues grew just one percent year-on-year in theprevious quarter, the slowestquarterly growth since goingpublic in 2013 and fallingshort of estimates whichwiped more than $1bn fromTwitter’s value in February. Itsaid there had been littleeffect from President DonaldTrump’s prolific use of theplatform, and revenue fromadvertising was down slightly.

Shares in the firm havefailed to recover since then,falling under $15 per sharesince start of April.

Twitter is still attempting toturn around its business,which has been beset by afailure to innovate, issuesaround harassment, hatespeech and fake news, and aninability to attract new usersor advertisers in the lavishquantities enjoyed byFacebook. It will release itslatest figures today.

MPS TO HUNT FOR NEXTTREASURY WATCHDOG

RUNNERS AND RIDERS

JACOB REES-MOGG 2/1

STEVE BAKER 3/1

CHRIS PHILP 3/1

STEPHENHAMMOND 4/1

* ODDS BY LADBROKES

CULT WINES TOASTS GROWTH A fine wine firm run by Tom Gearing, aformer runner-up on The Apprentice,expects to generate record sales ofaround £30m this year – a 47 per centincrease on the previous year. The 10-year-old firm was recognised for itsimpressive growth with the Queen’sAward for Enterprise in internationaltrade earlier this month.US PRESIDENT Donald Trump is on a

banning binge. Last month, he signed anexecutive order placing a 90-day ban onpeople from six mainly Muslim nations.

And now the orange-skinned Presi-dent is reportedly consideringbanning laptops on flights fromEuropean airports, includingthe UK.

This would mean that anything larger than a mobilephone, including tablets ande-readers, would not be al-lowed in the cabin on a flight tothe US from the UK.

So in-flight entertainment is probablynow going to be your favourite pastimeon that seven to eight-hour flight acrossthe pond.

“UK and Europe are certainly underconsideration but nothing is imminent,”

Trump mulls banninglaptops on UK flights

one top official from the administra-tion pointed out.

Meanwhile, the Department ofHomeland Security added that it

would “continue to evaluate thethreat environment and make

determinations based on thatassessment”.

The UK too jumped on thebanning bandwagon last

month with the government for-bidding passengers on flights into theUK from seven Middle Eastern coun-tries from taking laptops and tablets intheir hand luggage. The Capitalist has afeeling it will have more banning ban-ter for readers in due course.

Got A Story? Email thecapitalist@cityam.com

A WOMAN who painted her Kensington property with red and white stripes hasfought off an attempt to force her to repaint her house. Zipporah Lisle-Mainwaring has denied the decoration, completed in March 2015, was done toirk neighbours after they objected to her demolishing the property.

EARNING HER STRIPES Court allowswoman to keep red and white decoration

11WEDNESDAY 26 APRIL 2017 NEWSCITYAM.COM

Donald Trump is expected tovisit the UK later this year

QUOTE OF THE DAY

Tory MP StephenHammond says he’snone-the-wiser as tothe future plans ofTreasury watchdogchief Andrew Tyrie, who is standing downas an MP

He could be going off to be a vegetablefarmer in Chichester

THECAPITALIST

ALYS KEY

ADVERTISERS spent £10.3bn on in-ternet ads in the UK last year, almosthalf the total expenditure of £21.4bn.

Total ad spend was up 3.7 per cent,with digital formats continuing todrive growth at a year-on-year rise of13.4 per cent. The figures, releasedtoday by the Advertising Associationand WARC, also showed that mobileadvertising accounted for 99 per centof digital advertising growth.

Spending on other media alsogrew, with TV advertising at a newhigh of £5.3bn, boosted by a 12.6 percent rise in video-on-demand rev-enue. Cinema and radio also grew byeight per cent and 5.4 per centapiece.

WILLIAM TURVILL@wturvillBT’S TAKEOVER of Belgian tradingfloor communications company IPTrade was yesterday cleared by theUK’s Competition and MarketsAuthority (CMA).

The body said that it would notbe referring the deal to an in-depth,phase two investigation.

A BT spokesman yesterday said:“BT voluntarily submittednotification of the IP Tradeacquisition to the CMA for itsreview and consideration and weare pleased that the deal has beenapproved.”

There was good news for newspa-pers as well, as revenues from onlineads were up 4.9 per cent for nationalnews brands to £230m for the fifthyear running.

James McDonald, senior data ana-lyst at WARC, said the shift to digitalmarked the biggest change to the in-dustry since records began in 1982.

He said: “The trend will continue asad tech improves and consumersspend more time with their internet-connected devices.”

The year marked the seventh con-secutive one of growth in advertisingspend. Expenditure appeared to beunaffected by any political uncer-tainty after the EU referendum, asthe third quarter showed steadygrowth.

Christmas advertising helped set arecord in the fourth quarter, asspending grew 3.9 per cent on theyear to £5.8bn.

Stephen Woodford, chief executiveat the Advertising Association said:

“Advertising has proved resilient touncertainty and behind these num-bers is a cutting edge, digital busi-ness in which Britain is aworld-beater.

“As we work towards Brexit, we’reurging government to support UKadvertising and do more to unlockits potential to grow UK plc.”

Expenditure in the sector looks setto continue rising, as forecasts forthe next two years indicate contin-ued growth of 2.5 per cent in 2017and 3.3 per cent in 2018.

NEWS

REBECCA SMITH@BexKSmithWIKIPEDIA co-founder JimmyWales is taking action to combat“fake news”.

He is planning a “new kind ofnews platform” that combines thework of both journalists andvolunteers.

He is in the process of raisingmoney for the site, calledWikitribune. It will be funded bydonations from supporters whowill be asked to pay £10 or £15 amonth to pay for a team of full-time journalists to write stories,with the aid of online

community contributors.Wales wants to avoid using

advertisers, saying the contentwill be free and the businessmodel based on monthlysubscriptions by communitiescommissioning the journalists.

In a statement, Wales said:“Wikitribune is news by thepeople and for the people. Thiswill be the first time thatprofessional journalists andcitizen journalists work side-by-side as equals writing stories asthey happen, editing them as theydevelop and at all times backed bya community checking and re-checking all facts.”

Digital still dominatesUK’s advertising spend

Wikipedia co-founder plansnew site to tackle fake news

UK competition bodygives approval to BTfor IP Trade takeover

PAIRS CHAMPIONSHIPS1. Willis Towers Watson Ian Smith / Rudi Hare

2. Vizion Private Clients George Seatter / Andrew Wolton

3. Deydun Partners Ashwani Mathur / Rahul Ahuja

4. Anderson Harris Adrian Anderson / Simon Tollit

5. Heritage Education Jim Hewer / Mike Ford

CITY CHAMPIONSHIPS WILL BE SUPPORTING

THE 2017 CITY GOLF CHAMPIONSHIPSTHE GROVEAs all the uncertainty of the general election starts to cross the minds of the financialsector, a number of forecasters took the view yesterday that the best place to be wason the golf course at the magnificent Grove, home of last year’s British Masters. In lastyear’s championships, Chris Andrews [Ralph Trustees, owners of The Grove]embarrassed himself by winning the championships on his own course. Happily, thisyear he held back as a good host should and came in last. The individual scratchcompetition was won by Andrew Wolton, a City property agent, with an impressive 5over par on what was a very challenging set-up of a course. The team winners camefrom insurance giants Willis Towers Watson, with Ian Smith and Rudi Hare representingthe firm. The day was run for the benefit of the charities that City Championships andCity A.M. support: Maggie’s, Future for Heroes and 21st Century Legacy.

IN PARTNERSHIP WITH CITY A.M.CITY CHAMPIONSHIPS

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