The Notebook: Neil Bennett on why Cameron’s comeback is a welcome return of statesmanship
Today, Neil Bennett, global Co-CEO H/Advisors, takes the Notebook pen
A few months ago, when we gathered to celebrate the 20th anniversary of CV&A, our excellent business in Portugal, we were lucky enough to have David Cameron as our guest speaker.
He was a star turn. He arrived on an overnight flight yet appeared on stage fluent in the history of Anglo-Portuguese relations. He controlled 90 minutes of Q&A with senior officials and business leaders with a combination of charm, frankness and insight. Throughout it all he was a powerful advocate for the United Kingdom and our post-Brexit place in the world, despite having fought passionately to keep us in the EU.
Here was a David Cameron Mark II – older (certainly), but also wiser, more considered and reflective than the Mark I version. He was just as self-assured, but better able to understand and accommodate the counter-arguments and so win the point with grace. As a result, he quickly commanded respect and appreciation from a demanding and potential sceptical audience.
“As Prime Minister you never have enough time to think,” he admitted. “Once you stop being Prime Minister you almost have too much time”. I am not sure you ever have too much time to think, but those years of reflection have not been wasted.
I was impressed but also left with a sense of regret of what we had lost and what might have been. At that event Cameron had a stature that is missing in so many of our current generation of politicians – on both sides of the House.
So I was delighted with Monday’s news that he is returning to the Cabinet as foreign secretary. I know he has a legion of doubters and critics, but he is what we need right now – a statesman of stature and experience. His predecessor James Cleverly did his best, but you always got the sense that he had been mugging up on his briefing notes in the toilet five minutes before going on air.
Labour will not like the news at all since apart from his international presence, Cameron is also an election winner. With the Tories 20 points behind in the polls, the presence of someone in the Cabinet – and presumably when the time comes on the campaign team – who has secured two General Election victories will be a significant asset.
Portuguese Palaver
Speaking of Portugal, one person who did NOT attend our event was the Portuguese Prime Minister, Antonio Costa. Just as well since he is now facing serious corruption charges.
He has resigned but rather wonderfully will continue in office all the way to next March – because that’s the way they do things.
The investigation has to undergo due process, but things do look sticky for Mr Costa – not least because when they raided the offices of his chief of staff they allegedly found envelopes stuffed with €75,000 in cash. That is going to take some explaining in court when the time comes.
Bah Humbug
Christmas is coming, but the goose is looking decidedly thin. I don’t need to tell you that it has been a grim time in the financial markets this year. M&A volumes are at their lowest level for a decade and ECM volumes are so low that they don’t register. It is deeply ironic that the bonus cap has been lifted in a year when bonuses are going to be meagre.
I suspect worse is to come. I hear that quite a few firms are looking to reduce numbers before the year end and those conversations are happening right now. I spoke to one friend yesterday, who is one of many being quietly let go by his firm as they struggle to balance the books. Expect a crop of ‘City job loss’ headlines between now and the end of the year.
Quote of the week:
I think I got a little cocky – I mean more than a little bit
A rare moment of self-awareness from Sam Bankman Fried before his conviction for fraud
A West End hit to see this winter
After all the lean Covid years, there is a lot of good theatre around at the moment, but The Motive and the Cue, on at the Noel Coward Theatre from December to March, is one of the top picks.
The play, about the stormy relationship between Sir John Gielgud and Richard Burton over their renowned production of Hamlet in 1964 sounds all a bit luvvie-introverted. But the production, transferring from the National Theatre and directed by Sam Mendes, is said to be gripping, largely due to Mark Gatiss and Johnny Flynn in the key roles. One for the list.