The Financial Times has just announced a year-on-year circulation fall of more than 14% in the UK. The paper now sells more copies overseas than in the UK – which may explain its fanatically europhile stance. Whereas the core UK readership is from the eurosceptic City and business community, the overseas readership is euo-establishment. Increasingly commuters to the Square Mile are turning to City AM if they are casual consumers of financial news or, if they are need-to-know types, the revamped and strengthened Wall Street Journal.
Allister Heath, the editor of City AM, is a free-marketeer and the paper reflects the values of the readership which toils in the capitalist heart of the economy. The paper is prospering.
Two refugees from the Labourgraph, Patience Wheatcroft and Iain Martin,* have been drafted into the Wall Street Journal in London to strengthen the European edition. They don’t insult their readers, decry their investment banking and hedge fund employers or call for socialist solutions to our economic problems. Murdoch has consequently propelled the WSJ into becoming what is now the single biggest selling newspaper in America and also the only growing newspaper in America. As the FT’s circulation shrinks further perhaps it will decide not to support the Labour Party for a fifth general election in a row. Yes, the Pink ‘Un even backed Neil Kinnock to the huge annoyance of the readership.
*Iain Martin has started mocking the lefties at the FT.