THE AA is reducing its Roadwatch operation and making 73 people redundant after losing a vital contract with local radio. Staff at the Stanmore HQ in north London, which has provided updates on traffic jams since 1967, have been told they are likely to lose their jobs.

The organisation was bought by the venture capital firms CVC and Permira from Centrica for a hefty £1.75 billion in July, and job cuts were expected. The last straw came several weeks ago when Roadwatch lost the contract to supply about 170 commercial radio stations. Traffic information will from now on be provided online and by mobile phone.

CAZENOVE and JP Morgan could, as early as this morning, announce details of their long-awaited joint venture. One intriguing question is what it will be called. I understand it will be some variation of their names, but which will come first? My money’s on Caz.

Betting well ahead

MOST of us have had enough of US elections to last until at least 2007. But not one unnamed City client of Cantor Index, the spread betting firm, who rang up yesterday morning demanding odds on Hillary Clinton making it to the White House next time. Too far off, but Cantor is now running a book on who will be the Republican and Democrat nominees.

IT SEEMS the Gherkin at last has a new tenant. According to Property Week, the Swiss Re-owned tower has persuaded another insurer to take space there. Underwriter Creechurch is the lucky party but is only taking half a floor. That’s 18½ floors still to go, then.

Double chequeing

GYLES BRANDRETH amused the Investment Management Association dinner the other night with a tale from the time when he was at the Treasury. One of his jobs was writing cheques for various public spending programmes but, for security reasons, these had to be counter-signed by another party.

He once wrote a cheque for £135 billion, which had also to be signed by the Queen, requiring a trip to Buckingham Palace. On being shown into the royal presence, he wondered which of them, in terms of etiquette, should go first. To break the ice, Brandreth asked the Queen: “Which one of us do you think the Government doesn’t trust, then?” A good story, but I wonder if it’s true.

city.diary@thetimes.co.uk

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