The outgoing boss of the Post Office has said its leadership were “part in denial, part in paralysis” about issues with the IT system behind the wrongful prosecution of hundreds of sub-postmasters when he joined in 2019.

Nick Read said bosses were instead focussed on the company’s financial performance, adding he was not made aware of the “scale and enormity” of the Horizon IT scandal.

He told an inquiry that when a High Court judgement was handed down that found serious bugs, errors and defects in the Horizon system, there were “no urgent calls or panicked discussions” among senior leadership.

He agreed with a lawyer’s suggestion that bosses were “living in something of a dream world”.

He said it would be “impossible not to conclude that”, when asked by the inquiry’s lead counsel Jason Beer KC.

Between 1999 and 2015, hundreds of sub-postmasters were wrongly prosecuted when faulty Horizon accounting software made it look as though money was missing from branches.

But in 2017, some 555 sub-postmasters took legal action against the Post Office. In 2019, it agreed to pay them £58m in compensation, but much of the money went on legal fees.

The High Court judgement found the Horizon IT software contained a large number of software defects and was not “remotely robust”

Mr Read told the inquiry that after the High Court judgement was handed down in 2019, he started working with Post Office lawyers so there was “more of a realisation from my perspective” compared with the other members of the leadership team.

Mr Read, who will step down from his role next year, is giving evidence to the inquiry into the scandal for three days.

He said he would be stepping back from front-line duties next year to give his “entire attention” to the final stage of the inquiry, which first started in 2022 and has heard evidence from scores of victims and executives.

When he took over Mr Read was tasked with turning around the loss-making Post Office at a time when the organisation was facing a crisis of faith as the scale of the Horizon scandal came to light.

A NEW King Charles III coin has tripled in value after being crowned the rarest 50p in circulation, beating the Kew Garden design.

The rare coins market has been shaken up by the newcomer, with collectors scrambling to get their hands on the newly crowned rarity.

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The Sun exclusively revealed this week that the Atlantic Salmon has taken the top spot as the rarest 50p coin in UK circulation.

Previously the title was held by the famous Kew Gardens design, which features the site’s iconic Chinese Pagoda and displays the years 1759 and 2009.

The new coin, which is one of the first released featuring King Charles’ face, features an engraving of salmon fish jumping out of Atlantic ocean water on the other side.

The value of the Salmon coin has since skyrocketed after the Royal Mint revealed to The Sun how few of the them have gone in to circulation.

According to Changechecker, the piece, initially worth around £50, has shot up to £150 in the secondary market, with prices expected to rise further.

A Changechecker spokesperson said: “The circulation 2023 Salmon 50p has knocked the legendary Kew Gardens 50p off the top spot, meaning Britain has a new rarest 50p for the first time in 15 years.

“It was announced on October 7, 2024 that just 200,000 2023 Salmon 50ps entered circulation in November 2023.

“Due to it’s incredibly low mintage, just one in 335 people in the UK could have the chance of finding one in their change.

“When the Kew Gardens 50p was first issued in 2009, collectors didn’t initially realise just how rare it would be, and many people who found one in their change parted with it and later kicked themselves.

“Now, 15 years later, the Kew Gardens coin regularly sells for between £150 to £250 on the secondary market, so it’s no surprise that they’re already selling on the secondary market for up to £200.

“For many, snagging a Salmon coin could be a second chance at coin-collecting glory.

“In terms of identifying rare coins, we would urge collectors to check mintage figures as well as keep up to date with our Scarcity Index which is updated quarterly.”

Eager collectors are rushing to secure one before values spiral even higher.

Coins have already fetched high bids on eBay, with one coin selling for £164 on October 7.

Another listing currently sits at £185, and yet another is asking for a staggering £500 as demand surges – though there’s no guarantee that these will sell for that much.

A coin is only ever worth what someone else is willing to pay at the time.

The Royal Mint confirmed that 200,000 Atlantic Salmon coins were distributed to banks and post offices late last year, as part of a commemorative series marking the ascension of King Charles III.

This figure beats the 210,000 Kew Gardens coins minted 15 years ago, making the Atlantic Salmon officially the rarest 50p in circulation.

Rebecca Morgan, director of commemorative coins at The Royal Mint said: “The releasing of mintage figures is an eagerly anticipated event among the coin collecting community.

“This year is particularly exciting as we reveal the Atlantic Salmon as the rarest 50p in circulation.”

As the Atlantic Salmon swims to the top of the rarest 50p list, the Kew Gardens coin drops to second place, followed by other valuable pieces such as the Olympic Football and Olympic Wrestling coins.

Rare coins, especially those with low mintages, can fetch hundreds, even thousands of pounds.

Error coins, produced with manufacturing mistakes, are also highly sought after by collectors.

Some have been known to sell for as much as £1,500 to £2,500.

How to sell a rare coin

There are three ways you can sell rare coins – on eBay, Facebook, or in an auction.

If you’re selling on Facebook, there are risks attached.

Some sellers have previously been targeted by scammers who say they want to buy a rare note or coin and ask for money up front to pay for a courier to pick it up.

But the courier is never actually sent and you’re left out of pocket.

Rather than doing this, it’s always best to meet a Facebook seller in person when buying or selling a rare note or coin.

Ensure it’s a public meeting spot that’s in a well-lit area and if you can, avoid using payment links.

Next, you can sell at auction, which is generally the safest option.

You can organise this with The Royal Mint’s Collectors Service.

It has a team of experts who can help you authenticate and value your coin.

You can get in touch via email and a member of the valuation team will get back to you.

You will be charged for the service though – the cost varies depending on the size of your collection.

You can also sell rare coins on eBay.

But always bear in mind, you will only make what the buyer is willing to pay at that time.

You can search for the same note or coin as you have to see how much the same one has sold for on the website previously.

This can help give you an indication of how much you should sell it for.

Meanwhile, it’s not just 50ps that could land you a small fortune.

A coin expert has revealed the tiny clue on the edge of a £1 coin could make it worth 2500 times its face value.

Elsewhere, one lucky collector scored a hefty £30,000 on his coin because of an unusual design.

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I went to Lisboeta to try chef Nuno Mendes’s white-bean feijoada, a vegetarian version of the Portuguese staple. But I was sidetracked by the bread porridge. Now there’s a sentence I never thought I’d write. This was thanks in equal part to the surprise factor of stale bread being transformed into something so rich and comforting, and also the effortless (and easily replicated) glamour of any plate crowned with an egg yolk.

This recipe is the result of some back and forth, testing and retesting, to create a version of the dish that is simple enough to cook at home, without losing any of its sophistication.

Nuno Mendes’s Mushroom Açorda

To serve four

For the stock and mushrooms

For the açorda

The night before cooking, soak the bread in 300ml of water and leave it in the fridge. Turn the bread occasionally so that the water penetrates evenly. (If you need to use more water, that’s fine, but make sure to drain well afterwards so it’s not waterlogged.)

To make the stock

1. Start by peeling and cutting the onion in half, and cutting the mushrooms into 1cm-thick slices.

2. Add the olive oil, halved onion and mushrooms to the pan, and cook on a low heat, then a higher heat once they have released their water. Get the mushrooms to the point where they are golden-brown — this will take about half an hour.

3. Add half the Madeira and let it cook off, so there is no liquid in the pan.

4. Add the water, bring to the boil and simmer for 20 minutes.

5. Set aside for 10 minutes to cool and then strain, discarding the onion but making sure to retain the mushrooms in a bowl. Add the rest of the Madeira to the stock and season to taste.

To make the açorda

1. Finely dice the white onion and garlic.

2. Add the olive oil and garlic to a medium pan on a low heat then, after two minutes, add the onion, coriander stems, spices and half the mushrooms from the strained stock and fry everything until golden brown.

3. Add the port, soaked bread and 50ml of the stock, cooking on a low heat until everything comes together into a pastelike texture. Check for seasoning and keep adding more stock if you need to loosen the mix.

4. Fry the remaining cooked mushrooms separately in a touch of olive oil until they are crispy again.

To serve

Place the açorda in the middle of a plate. Distribute the just-fried mushrooms on top of the dish, then add a raw egg yolk to the middle. Before serving, top with two tbs of mushroom stock.

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Aviva has completed a £1.5bn bulk purchase annuity full-scheme buy-in with the Michelin Pension and Life Assurance Plan.

The transaction, completed in September 2024, includes an in-specie transfer of assets. It secures the benefits for c15,000 members of the Michelin Pension scheme.

CEO of insurance, wealth, and retirement at Aviva, Doug Brown, said: “This is a significant deal showing the strength of our bulk purchase annuity business in securing good outcomes for pension scheme members.

“We are well positioned to carry out large-scale transactions in addition to our capability in the small and medium scheme market.”

Vincent Dormieux, chair of trustees for Michelin Pension and Life Assurance plan added: “The Trustee is delighted to have improved the long-term security of members’ benefits by completing this buy-in transaction with Aviva.

“I’d like to place on record our sincere thanks to our full advisory team and to the Michelin Group for its support through the process.”

The Michelin Pension and Life Assurance Plan Trustee was advised by XPS Group and legal advice was provided by Pinsent Masons LLP.

Head of risk settlement at XPS Group, Stephen Purves, said: “We’re really pleased to have led on this important transaction and to have helped the Trustee secure its members’ benefits with Aviva.”

Aviva operates in the UK, Ireland and Canada and also has international investments in India and China.

The insurance giant has 19.5 million customers and its total assets under management were £398bn as of 30 June 2024.

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To score over 65 per cent on a deal should be satisfying but, on today’s hand, it left a sour taste in the mouth . . . 

Bidding
Dealer: North
Love All

Most players open the bidding on the North hand (invoking the blunt instrument of some rule or other) but the problem will come later when they are unable to bid the diamond suit, since this would involve a reverse. To pass, and then to enter the auction with an unusual NT Overcall describes this hand much more accurately, and got our partnership into the correct contract. Trumps are drawn and then clubs are broached. Once East’s Q♣ falls, 11 tricks are home.

At many other tables, the contract was 3NT, after the dire auction of North opening 1C, East overcalling 1S, and South bidding 3NT. With a singleton club, poor intermediates and only 12 points, South is optimistic — to say the least — in thinking nine tricks will be available.

A negative double, initially, showing the four-card heart suit, seems so much better. However, when West leads Q♠, whatever East and the declarer chose to do, once South wins he must decide how to play clubs. Many declarers opted to play East for a singleton or doubleton Q♣ and, if that had failed, to fall back on the diamond finesse. This usually led to 10 tricks and a fortunate top result.

Find more of Paul Mendelson’s columns at ft.com/bridge