cityam--2020-04-20--Coronavirus cancellations set to cost global sports industry $62bn

The global sports industry is set to miss out on almost $ 62bn ( £50bn ) of revenue this year as almost half of all sports events are scrapped due to the coronavirus outbreak .
The sector is forecast to generate $ 73.7bn of revenue in 2020 — roughly 45 per cent lower than the $ 135bn projected before the pandemic , according to sports marketing agency Two Circles .
Read more : BBC to reshow London 2012 Olympics as sports schedule collapses The financial hit comes amid predictions that almost half of sports events scheduled for 2020 will not @ @ @ @ @ @ @ originally 49,803 major sports events planned this year , but social distancing measures rolled out to halt the spread of the virus has caused a large proportion to be postponed or cancelled .
As of 20 April , just 26,424 — or 53 per cent — of these events were still set to go ahead by the end of the year .
In March only a third of scheduled events took place .
“ Sports properties are keen to return as soon as possible as the longer the sports calendar is on hiatus @ @ @ @ @ @ @ be , ” said Two Circles chief executive Gareth Balch .
“ However , sport should — and will — only return when it is deemed safe to do so , and with the support of all relevant government and medical authorities .
Even hosting sport without crowds poses a complex challenge.
” All English football fixtures have been called off until further notice , while Euro 2020 has been postponed until next year .
Other major events to be shelved include the 2020 Tokyo Olympics , Wimbledon and Formula 1 .
While @ @ @ @ @ @ @ of lockdown measures in the coming months , bans on large-scale gatherings are likely to remain in place for some time .
In Germany the Bundesliga is set to resume in May with only 240 people involved per game , while the Premier League is reportedly in talks to complete the season with games played behind closed doors .
The research predicted a staggered return of live sport in 2020 with a spike in events in September as leagues look to complete fixtures before the end of the year .
Read more : @ @ @ @ @ @ @ sport shutdown Despite the revenue hit , Balch said sport had proven to be “ recession resilient ” and would experience sustained growth after the pandemic has passed .
“ Whilst live sport is halted , every corner of the sports industry will continue to feel this significant financial pain , but we are certain that it returns , whether that ’ s behind-closed-doors or with full houses , sport ’ s economy will thrive once again , ” he added .

Coronavirus cancellations set to cost global sports industry $62bn
The global sports industry is set to miss out on almost $62bn (£50bn) of revenue this year as almost half of all sports events are scrapped due to the coronavirus outbreak.
The sector is forecast to generate $73.7bn of revenue in 2020 — roughly 45 per cent lower than the $135bn projected before the pandemic, according to sports marketing agency Two Circles.
The financial hit comes amid predictions that almost half of sports events scheduled for 2020 will not take place this year.
There were originally 49,803 major sports events planned this year, but social distancing measures rolled out to halt the spread of the virus has caused a large proportion to be postponed or cancelled.
As of 20 April, just 26,424 — or 53 per cent — of these events were still set to go ahead by the end of the year. In March only a third of scheduled events took place.
“Sports properties are keen to return as soon as possible as the longer the sports calendar is on hiatus, the worse the financial impact will be,” said Two Circles chief executive Gareth Balch.
“However, sport should — and will — only return when it is deemed safe to do so, and with the support of all relevant government and medical authorities. Even hosting sport without crowds poses a complex challenge.”
All English football fixtures have been called off until further notice, while Euro 2020 has been postponed until next year. Other major events to be shelved include the 2020 Tokyo Olympics, Wimbledon and Formula 1.
While European countries are preparing a gradual easing of lockdown measures in the coming months, bans on large-scale gatherings are likely to remain in place for some time.
In Germany the Bundesliga is set to resume in May with only 240 people involved per game, while the Premier League is reportedly in talks to complete the season with games played behind closed doors.
The research predicted a staggered return of live sport in 2020 with a spike in events in September as leagues look to complete fixtures before the end of the year.
Despite the revenue hit, Balch said sport had proven to be “recession resilient” and would experience sustained growth after the pandemic has passed.
“Whilst live sport is halted, every corner of the sports industry will continue to feel this significant financial pain, but we are certain that it returns, whether that’s behind-closed-doors or with full houses, sport’s economy will thrive once again,” he added.


cityam--2020-04-20--UK house prices dip as coronavirus lockdown makes sales 'almost impossible'

UK house prices dipped during the coronavirus lockdown as experts warned the housing market was barely functioning due to the restrictions .
The latest data from Rightmove showed that the average price of property coming to market dipped 0.2 per cent to £311,950 .
In April last year UK house prices increased 2.1 per cent .
Read more : Calls for stamp duty holiday as UK house prices set to fall amid coronavirus crisis However , Rightmove said recent statistics were not “ meaningful ” as there is not currently a “ functioning market ” due to the lockdown .
@ @ @ @ @ @ @ , the company said .
“ You do not have a functioning market when buyers can ’ t buy and sellers can ’ t sell , and so the focus needs to be on what is required to help the market recover once the lockdown can safely be eased , ” Rightmove said .
Read more : UK house prices set to drop as sales plummet during pandemic The research showed that existing sellers have largely remained on the market , with total available stock for sale down 2.6 per cent since lockdown @ @ @ @ @ @ @ Shipside , Rightmove director and housing market analyst , said : “ Agents report that there is good co-operation , with both buyers and sellers keen to hold deals together .
“ While some buyers may express concern over the possibility of short-term dips in house prices , many are taking the longer-term view and living up to their commitments to proceed .
“ This is being helped by mortgage lenders extending the life of existing mortgage offers by three months , and new legal rules on flexible completion dates.
” Former RICS @ @ @ @ @ @ @ confirmed what firms are seeing “ on the ground ” : “ Our offices may be closed but the market is anything but quiet .
Buyers and sellers are pausing , not cancelling sales , or listings , while continuing to access websites readying themselves for when lockdown restrictions are eased .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
“ But the market can not re-start in isolation .
We need surveyors to work with lenders , agents , @ @ @ @ @ @ @ well as continuation of social distancing and safe visiting ” .
There has been an abrupt turnaround from the best start to a year since 2016 .
Pre-lockdown sales agreed in the year to 23 March were up 11 per cent on the same period last year .
However , potential buyers and sellers are still planning for the future .
Visits to Rightmove dropped 40 per cent when the lockdown was announced , however the platform ’ s sold prices section has recovered more quickly since the restrictions were implemented .
Property @ @ @ @ @ @ @ would require urgent government stimulus in order to get it functioning again .
According to new research from the firm , the lockdown will result in 526,000 fewer house sales in 2020 , a reduction of 38 per cent on 2019 .
Read more : UK house prices face unpredictable blow from coronavirus after March rise It also expects lenders to approve 350,000 fewer mortgages as a result of coronavirus , including 150,000 to first time buyers .
In order to get the market moving quickly , Knight Frank said the government should @ @ @ @ @ @ @ extend the Help to Buy scheme to boost consumer confidence .

UK house prices dip as coronavirus lockdown makes sales ‘almost impossible’
The stamp duty holiday helped boost market activity and house prices
UK house prices dipped during the coronavirus lockdown as experts warned the housing market was barely functioning due to the restrictions.
The latest data from Rightmove showed that the average price of property coming to market dipped 0.2 per cent to £311,950. In April last year UK house prices increased 2.1 per cent.
However, Rightmove said recent statistics were not “meaningful” as there is not currently a “functioning market” due to the lockdown. New sales were “almost impossible”, the company said.
“You do not have a functioning market when buyers can’t buy and sellers can’t sell, and so the focus needs to be on what is required to help the market recover once the lockdown can safely be eased,” Rightmove said.
The research showed that existing sellers have largely remained on the market, with total available stock for sale down 2.6 per cent since lockdown was enforced on 23 March.
Miles Shipside, Rightmove director and housing market analyst, said: “Agents report that there is good co-operation, with both buyers and sellers keen to hold deals together.
“While some buyers may express concern over the possibility of short-term dips in house prices, many are taking the longer-term view and living up to their commitments to proceed.
“This is being helped by mortgage lenders extending the life of existing mortgage offers by three months, and new legal rules on flexible completion dates.”
Former RICS residential chairman Jeremy Leaf said the survey confirmed what firms are seeing “on the ground”:
“Our offices may be closed but the market is anything but quiet. Buyers and sellers are pausing, not cancelling sales, or listings, while continuing to access websites readying themselves for when lockdown restrictions are eased.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
“But the market cannot re-start in isolation. We need surveyors to work with lenders, agents, and solicitors to ensure successful transitions as well as continuation of social distancing and safe visiting”.
There has been an abrupt turnaround from the best start to a year since 2016. Pre-lockdown sales agreed in the year to 23 March were up 11 per cent on the same period last year.
However, potential buyers and sellers are still planning for the future. Visits to Rightmove dropped 40 per cent when the lockdown was announced, however the platform’s sold prices section has recovered more quickly since the restrictions were implemented.
Property firm Knight Frank said that the market would require urgent government stimulus in order to get it functioning again.
According to new research from the firm, the lockdown will result in 526,000 fewer house sales in 2020, a reduction of 38 per cent on 2019.
It also expects lenders to approve 350,000 fewer mortgages as a result of coronavirus, including 150,000 to first time buyers.
In order to get the market moving quickly, Knight Frank said the government should introduce a holiday from Stamp Duty and extend the Help to Buy scheme to boost consumer confidence.


cityam--2020-04-20--Coronavirus crisis could affect 59m jobs across Europe

The devastating economic effects of the coronavirus lockdown could affect 59m jobs across Europe , according to a reporting published today by consultancy giant McKinsey .
The research said 26 per cent of total jobs across the 27 member state of the European Union plus the UK could be affected by reductions in hours or pay , temporary furloughs or permanent layoffs .
If Europe fails to control the virus within one quarter and is forced to implement lockdown measures throughout the summer the economic consequences could be “ severe , ” the report said .
Read more : UK @ @ @ @ @ @ @ end of June In this scenario the unemployment rate for the EU-27 is projected to peak in 2021—at 11.2 per cent—and is unlikely to recover to 2019 levels by 2024 , McKinsey said .
If the virus is contained within two-to-three months of economic shutdown , the report predicted unemployment peaking at 7.6 per cent in 2020 , before returning to the pre-crisis level of 6.3 per cent by the fourth quarter of 2021 .
Young people are most likely to be affected with 41 per cent of jobs for 15-24 year-olds ( @ @ @ @ @ @ @ 25 per cent and 23 per cent among 25-54 year-olds and 55-64 year-olds respectively .
McKinsey said high-risk occupations include 54.8m workers , most of whom work in close proximity and significant exposure to the general public ; they include retail cashiers , cooks , and actors Medium-risk occupations include 14.7m workers that perform their work in close proximity to others , but not to the general public .
These include machine operators , construction workers , and psychologists .
Read more : Jobs lost as Oasis and Warehouse fall into administration due @ @ @ @ @ @ @ , most of whom work in close proximity and significant exposure to the general public ; they include retail cashiers , cooks , and actors .
Low-risk occupations include 160.5m workers that either do not work in close proximity to others , such as accountants , architects , and journalists , or whose work provide essential health services , such as physicians , ambulance drivers , and health- service managers , or other essential services such as police , food production , education , public transit , water , or utilities .
Separately @ @ @ @ @ @ @ and Dig-In found three-quarters of recent graduates and current students feel that the ongoing situation around covid-19 will heavily impact their future career prospects .
Before the covid-19 outbreak , 60 per cent of Gen Z ( aged 18-22 ) typically secure a graduate position before leaving university .
Read more : Coronavirus : Global airlines warn that up to 25m jobs at risk However , of those graduating this summer , only one fifth ( 18 per cent ) currently have a job lined up .
Even then , three-fifths ( 60 @ @ @ @ @ @ @ their position will be impacted by covid-19 , as several companies retract offers and put recruitment on hold .
Georgina Brazier , jobs expert at Milkround , said : “ Understandably , the situation around covid-19 is having a knock-on effect for student and graduate ’ s confidence in the current jobs market .
“ However , despite many businesses being forced to postpone current recruitment drives , the ISE has revealed only a quarter ( 27 per cent ) of companies will be recruiting less graduates this year , showing there is @ @ @ @ @ @ @ reassured there are still various well-renowned companies looking for ambitious entry-level talent , to join their business and help deliver change .
Most notably , the education , medical , accounting , IT and engineering , as well as the public sector are amongst the industries still continuing to hire .
”

Coronavirus crisis could affect 59m jobs across Europe
The devastating economic effects of the coronavirus lockdown could affect 59m jobs across Europe, according to a reporting published today by consultancy giant McKinsey.
The research said 26 per cent of total jobs across the 27 member state of the European Union plus the UK could be affected by reductions in hours or pay, temporary furloughs or permanent layoffs.
If Europe fails to control the virus within one quarter and is forced to implement lockdown measures throughout the summer the economic consequences could be “severe,” the report said.
In this scenario the unemployment rate for the EU-27 is projected to peak in 2021—at 11.2 per cent—and is unlikely to recover to 2019 levels by 2024, McKinsey said.
If the virus is contained within two-to-three months of economic shutdown, the report predicted unemployment peaking at 7.6 per cent in 2020, before returning to the pre-crisis level of 6.3 per cent by the fourth quarter of 2021.
Young people are most likely to be affected with 41 per cent of jobs for 15-24 year-olds (7m) at risk, compared to 25 per cent and 23 per cent among 25-54 year-olds and 55-64 year-olds respectively.
McKinsey said high-risk occupations include 54.8m workers, most of whom work in close proximity and significant exposure to the general public; they include retail cashiers, cooks, and actors
Medium-risk occupations include 14.7m workers that perform their work in close proximity to others, but not to the general public. These include machine operators, construction workers, and psychologists.
High-risk occupations include 54.8m workers, most of whom work in close proximity and significant exposure to the general public; they include retail cashiers, cooks, and actors.
Low-risk occupations include 160.5m workers that either do not work in close proximity to others, such as accountants, architects, and journalists, or whose work provide essential health services, such as physicians, ambulance drivers, and health- service managers, or other essential services such as police, food production, education,
public transit, water, or utilities.
Separately, research from graduate careers site Milkround and Dig-In found three-quarters of recent graduates and current students feel that the ongoing situation around covid-19 will heavily impact their future career prospects.
Before the covid-19 outbreak, 60 per cent of Gen Z (aged 18-22) typically secure a graduate position before leaving university.
However, of those graduating this summer, only one fifth (18 per cent) currently have a job lined up. Even then, three-fifths (60 per cent) of those are worried their position will be impacted by covid-19, as several companies retract offers and put recruitment on hold.
Georgina Brazier, jobs expert at Milkround, said: “Understandably, the situation around covid-19 is having a knock-on effect for student and graduate’s confidence in the current jobs market.
“However, despite many businesses being forced to postpone current recruitment drives, the ISE has revealed only a quarter (27 per cent) of companies will be recruiting less graduates this year, showing there is still demand.
“Students should be reassured there are still various well-renowned companies looking for ambitious entry-level talent, to join their business and help deliver change. Most notably, the education, medical, accounting, IT and engineering, as well as the public sector are amongst the industries still continuing to hire.”


cityam--2020-04-20--Metro Bank to return £11.4m to customers after breaching unarranged overdraft charge rules

Metro Bank is to return £11.4m to customers after it breached a legal order by failing to send texts warning people about unarranged overdraft charges .
The Competition and Markets Authorty ( CMA ) said the bank breached Part 6 of the Competition and Market Authority ’ s ( CMA ) Retail Banking Market Investigation Order 2017 which requires banks to warn customers by text before levying fees for unarranged overdrafts .
Read more : Nationwide to refund customers £900,000 for overdraft text failures The CMA found Metro Bank failed to warn nearly 130,000 customers that they would be charged @ @ @ @ @ @ @ sent but they did not want customers about charges they would face and some of the texts were sent later than they should have been .
As well as refunding £10.5m in fees , Metro Bank has offered to pay eight per cent interest on the charges bringing the total payout to around £11.4m .
It will also consider reasonable claims for extra costs incurred by affected customers .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
Metro Bank said @ @ @ @ @ @ @ results for the return of cash to customers .
Adam Land , CMA senior director for remedies , business and financial analysis , said : “ The text alerts we ordered banks to send to customers have been crucial in helping people avoid unexpected fees from entering an unarranged overdraft .
“ While it is disappointing to see so many customers being charged wrongly , Metro Bank ’ s commitment to refund those affected – and to cover interest charges and consider claims for extra costs suffered – will put this right.
” @ @ @ @ @ @ @ new depths after challenger bank swings to £131m loss David Thomasson , chief commercial officer at Metro Bank , says : “ We are very sorry that we didn ’ t include all the information we should have done on our overdraft text alerts , and that on certain occasions some customers did not receive these alerts before 10am as they should have done .
“ This isn ’ t the level of service that we pride ourselves on providing and we are now contacting any customers who have been impacted to put @ @ @ @ @ @ @ possible .
”

Metro Bank to return £11.4m to customers after breaching unarranged overdraft charge rules
Metro Bank is to return £11.4m to customers after it breached a legal order by failing to send texts warning people about unarranged overdraft charges.
The Competition and Markets Authorty (CMA) said the bank breached Part 6 of the Competition and Market Authority’s (CMA) Retail Banking Market Investigation Order 2017 which requires banks to warn customers by text before levying fees for unarranged overdrafts.
The CMA found Metro Bank failed to warn nearly 130,000 customers that they would be charged for entering unarranged overdrafts.
Texts were sent but they did not want customers about charges they would face and some of the texts were sent later than they should have been.
As well as refunding £10.5m in fees, Metro Bank has offered to pay eight per cent interest on the charges bringing the total payout to around £11.4m. It will also consider reasonable claims for extra costs incurred by affected customers.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
Metro Bank said it made a provision in its 2019 results for the return of cash to customers.
Adam Land, CMA senior director for remedies, business and financial analysis, said: “The text alerts we ordered banks to send to customers have been crucial in helping people avoid unexpected fees from entering an unarranged overdraft.
“While it is disappointing to see so many customers being charged wrongly, Metro Bank’s commitment to refund those affected – and to cover interest charges and consider claims for extra costs suffered – will put this right.”
David Thomasson, chief commercial officer at Metro Bank, says: “We are very sorry that we didn’t include all the information we should have done on our overdraft text alerts, and that on certain occasions some customers did not receive these alerts before 10am as they should have done.
“This isn’t the level of service that we pride ourselves on providing and we are now contacting any customers who have been impacted to put things right for them as quickly as possible.”


cityam--2020-04-20--Coronavirus: UK household finances in worst state since 2011

UK households said their finances were in the worst position since 2011 in March as coronavirus battered the economy , according to a new survey .
Households also reported that their income from employment plunged at the fastest rate in at least 11 years and fears about job security spiked .
Read more : Coronavirus : Bank of England says 35 per cent GDP drop ‘ not unrealistic ’ The household finance index from data firm IHS Markit – which measures households ’ views of their financial wellbeing – plunged to 34.9 in April from 42.5 in March .
It @ @ @ @ @ @ @ in 2009 and took the gauge to its lowest point in almost nine years , showing the intense strain UK households are under .
With a great deal of uncertainty about how long the coronavirus lockdown will last , households were deeply pessimistic about the future .
The gauge of future financial security hit its lowest level in more than eight years .
The dire survey data came a week after the UK ’ s budget watchdog said the economy could shrink by 35 per cent in the second quarter and 2m people @ @ @ @ @ @ @ signs of severe stress in March despite unprecedented interventions in the economy from the government .
Treasury schemes include a promise to support £330bn of lending and to pay 80 per cent of the wages of workers that would otherwise be laid off .
Despite the job retention scheme , which launched today , households ’ perception of job security fell at the fastest rate since records began , IHS Markit said .
Hundreds of thousands of people are already thought to have lost their jobs , judging by benefits applications .
Households @ @ @ @ @ @ @ and entertainment were the most concerned .
Those working in education , health or social care were the least downbeat .
As companies laid off workers in March , incomes plunged at the fastest rate since 2009 “ by a wide margin , ” IHS Markit said .
“ The latest data were compiled during the first week of April and therefore give an early indication of the severe impact on household finances from the public health emergency , ” said Joe Hayes , economist at IHS Markit .
He said there was @ @ @ @ @ @ @ however .
“ Overall measures of cash available to spend and household debt [ are ] proving much more stable than workplace incomes .
”

Coronavirus: UK household finances in worst state since 2011
As coronavirus battered the economy, UK households reported the biggest fall in income since 2009 in March
UK households said their finances were in the worst position since 2011 in March as coronavirus battered the economy, according to a new survey.
Households also reported that their income from employment plunged at the fastest rate in at least 11 years and fears about job security spiked.
The household finance index from data firm IHS Markit – which measures households’ views of their financial wellbeing – plunged to 34.9 in April from 42.5 in March.
It was the fastest fall since records began in 2009 and took the gauge to its lowest point in almost nine years, showing the intense strain UK households are under.
With a great deal of uncertainty about how long the coronavirus lockdown will last, households were deeply pessimistic about the future. The gauge of future financial security hit its lowest level in more than eight years.
The dire survey data came a week after the UK’s budget watchdog said the economy could shrink by 35 per cent in the second quarter and 2m people could lose their jobs.
Households showed signs of severe stress in March despite unprecedented interventions in the economy from the government. Treasury schemes include a promise to support £330bn of lending and to pay 80 per cent of the wages of workers that would otherwise be laid off.
Despite the job retention scheme, which launched today, households’ perception of job security fell at the fastest rate since records began, IHS Markit said. Hundreds of thousands of people are already thought to have lost their jobs, judging by benefits applications.
Households with members working in media, culture and entertainment were the most concerned. Those working in education, health or social care were the least downbeat.
As companies laid off workers in March, incomes plunged at the fastest rate since 2009 “by a wide margin,” IHS Markit said.
“The latest data were compiled during the first week of April and therefore give an early indication of the severe impact on household finances from the public health emergency,” said Joe Hayes, economist at IHS Markit.
He said there was some positivity in the survey data, however. “Overall measures of cash available to spend and household debt [are] proving much more stable than workplace incomes.”


cityam--2020-04-20--City grandees demand cash calls accommodate private investors

Senior City figures are calling for listed companies seeking equity capital to accommodate private investors , amid a fundraising rush .
In an open letter to chief executives of UK plc , City stakeholders said they fear rules giving existing stockholders first refusal on new shares will mean private investors will lose out .
Read more : FCA eases rules to speed up company capital raising The letter , first reported in the Times and seen by City A.M. , calls on FTSE and Aim-listed companies to include retail investors in any forthcoming equity raises .
Among signatories were Peter @ @ @ @ @ @ @ Bell and former chairman of Standard Life Aberdeen , Martin Gilbert .
It follows guidance from the Pre-Emption Group and the Financial Conduct Authority ( FCA ) set out temporary measures to help listed companies raise cash quickly during the coronavirus crisis .
Fashion retailer Asos was among a host of listed companies that issued equity raises .
It raised £247m in a bid to shore up its financial position as it warned of a “ prolonged downturn ” .
The letter names Asos among a host of other retailers , including WH @ @ @ @ @ @ @ “ significant ” amounts of shares directly to institutional investors “ typically at discounts to already depressed share prices.
” Asos chief executive Nick Beighton is a signatory of the letter .
The stakeholders say it is “ more than just good governance ” as retail investors have shown “ unprecedented support ” for listed companies .
“ In recent weeks , they represented over 20 per cent of the volume on the FTSE All Share with 60 to 74 per cent of this volume being Buy orders.
” “ UK stockbroking platforms @ @ @ @ @ @ @ account openings .
They can and should represent a powerful source of funds for listed companies.
” Read more : Watchdog eases cash call cap to help firms raise cash amid coronavirus outbreak The letter was coordinated by Primary Bid , a partner of the London Stock Exchange .
Chief executive and co-founder said : “ Retail investors should be afforded the same protections and participation rights as other company shareholders .
The technology now exists to include retail in these fundraising details without compromising on timetable or execution.
” Get the news @ @ @ @ @ @ @ on Twitter .

City grandees demand cash calls accommodate private investors
Senior City figures are calling for listed companies seeking equity capital to accommodate private investors, amid a fundraising rush.
In an open letter to chief executives of UK plc, City stakeholders said they fear rules giving existing stockholders first refusal on new shares will mean private investors will lose out.
The letter, first reported in the Times and seen by City A.M., calls on FTSE and Aim-listed companies to include retail investors in any forthcoming equity raises.
Among signatories were Peter Hargreaves, AJ Bell’s Andy Bell and former chairman of Standard Life Aberdeen, Martin Gilbert.
It follows guidance from the Pre-Emption Group and the Financial Conduct Authority (FCA) set out temporary measures to help listed companies raise cash quickly during the coronavirus crisis.
Fashion retailer Asos was among a host of listed companies that issued equity raises. It raised £247m in a bid to shore up its financial position as it warned of a “prolonged downturn”.
The letter names Asos among a host of other retailers, including WH Smith and Joules, who have issued “significant” amounts of shares directly to institutional investors “typically at discounts to already depressed share prices.”
Asos chief executive Nick Beighton is a signatory of the letter.
The stakeholders say it is “more than just good governance” as retail investors have shown “unprecedented support” for listed companies.
“In recent weeks, they represented over 20 per cent of the volume on the FTSE All Share with 60 to 74 per cent of this volume being Buy orders.”
“UK stockbroking platforms are reporting over three-fold increases in new account openings. They can and should represent a powerful source of funds for listed companies.”
The letter was coordinated by Primary Bid, a partner of the London Stock Exchange.
Chief executive and co-founder said: “Retail investors should be afforded the same protections and participation rights as other company shareholders. The technology now exists to include retail in these fundraising details without compromising on timetable or execution.”
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-04-20--Boris Johnson's cabinet split over coronavirus lockdown period

Boris Johnson is reportedly dealing with a cabinet split between those who want to end the coronavirus lockdown early and those who want to take a more cautious approach .
Various media reports over the weekend said chancellor Rishi Sunak and Cabinet Office minister Michael Gove were pushing for the lockdown to be eased to avoid longterm economic damage , while health secretary Matt Hancock favoured a longer period .
Read more : Michael Gove hits out at reports Boris Johnson skipped coronavirus meetings The three senior ministers are a part of a so-called “ quad ” of ministers , @ @ @ @ @ @ @ who are leading the government ’ s Covid-19 response while Johnson is recovering from coronavirus .
Those that are backing a shorter lockdown among the wider cabinet have been dubbed as hawks , while those wanting a more cautious approach have been dubbed as doves .
The Sunday Times reported yesterday that Gove had told the quad that he believed that “ we need to run this hot ” and lift some restrictions while new infections are at a lower rate .
Johnson ’ s senior adviser Dominic Cummings has reportedly backed Hancock @ @ @ @ @ @ @ aligned himself with the hawks .
The Times reports today that Johnson is more likely to side with the doves and is reticent to ease the lockdown too soon as it could lead to a second peak of infections .
A Downing Street report leaked over the weekend discussed a proposal for a three-stage lockdown plan , with the possibility of schools and some shops opening next month .
However , government sources have poured cold water on the suggestion that social distancing measures could be eased so soon .
Sunak and others @ @ @ @ @ @ @ due to the diabolical economic projections done by the Treasury .
Read more : Coronavirus : Bank of England says 35 per cent GDP drop ‘ not unrealistic ’ The Times reports today that internal Treasury estimates are predicting an economic contraction in the second quarter that is greater than the 35 per cent drop in GDP predicted by the Office for Budget Responsibility ( OBR ) .
The Bank of England today said that a quarterly drop of 35 per cent in GDP was “ not unrealistic ” .

Boris Johnson’s cabinet split over coronavirus lockdown period
Those that are backing a shorter lockdown have been dubbed as hawks, while those wanting a more cautious approach have been dubbed as doves.
Boris Johnson is reportedly dealing with a cabinet split between those who want to end the coronavirus lockdown early and those who want to take a more cautious approach.
Various media reports over the weekend said chancellor Rishi Sunak and Cabinet Office minister Michael Gove were pushing for the lockdown to be eased to avoid longterm economic damage, while health secretary Matt Hancock favoured a longer period.
The three senior ministers are a part of a so-called “quad” of ministers, along with foreign secretary Dominic Raab, who are leading the government’s Covid-19 response while Johnson is recovering from coronavirus.
Those that are backing a shorter lockdown among the wider cabinet have been dubbed as hawks, while those wanting a more cautious approach have been dubbed as doves.
The Sunday Times reported yesterday that Gove had told the quad that he believed that “we need to run this hot” and lift some restrictions while new infections are at a lower rate.
Johnson’s senior adviser Dominic Cummings has reportedly backed Hancock, while cabinet secretary Mark Sedwill has aligned himself with the hawks.
The Times reports today that Johnson is more likely to side with the doves and is reticent to ease the lockdown too soon as it could lead to a second peak of infections.
A Downing Street report leaked over the weekend discussed a proposal for a three-stage lockdown plan, with the possibility of schools and some shops opening next month.
However, government sources have poured cold water on the suggestion that social distancing measures could be eased so soon.
Sunak and others have reportedly taken a more hawkish approach due to the diabolical economic projections done by the Treasury.
The Times reports today that internal Treasury estimates are predicting an economic contraction in the second quarter that is greater than the 35 per cent drop in GDP predicted by the Office for Budget Responsibility (OBR).
The Bank of England today said that a quarterly drop of 35 per cent in GDP was “not unrealistic”.


cityam--2020-04-20--Coronavirus: Bank of England says 35 per cent GDP drop ‘not unrealistic’

A Bank of England deputy governor has said the economy could shrink by 35 per cent in the second quarter if the coronavirus lockdown lasts three months , saying the scenario produced last week by the UK ’ s budget watchdog was not “ unrealistic ” .
The Office for Budget Responsibility ( OBR ) said the UK economy could contract by 35 per cent in the April to June period and 2m people could lose their jobs due to coronavirus restrictions .
Read more : Andrew Bailey : Banks should ‘ put their back into ’ coronavirus lending BoE @ @ @ @ @ @ @ a call with UK businesses that he thought the prediction was “ not an unrealistic number ” .
His statement echoed the Bank ’ s governor Andrew Bailey , who on Friday said he also thought such a fall in output was possible .
“ I don ’ t think there is anything implausible about a second-quarter number of that nature , ” Bailey said on a call with reporters .
Broadbent today said the Bank could not say for sure whether there would be “ scarring ” on the economy or a @ @ @ @ @ @ @ The only thing I ’ ll say about the scarring effects is the entire thrust of public policy as I see it is directed towards minsimsimg those effects.
” Yet he said there could be some longer-term damage to the economy if people ’ s “ natural caution ” meant consumers and workers did not return to their pre-coronavirus habits .
Sign up to City A.M. ’ s Midday Update newsletter , delivered to your inbox every lunchtime “ In certain areas it ’ s hard to say the extent of these effects @ @ @ @ @ @ @ behavioural rather than formally what the government does , ” Broadbent said .
Broadbent added that government policy would be key here .
He said it is important that “ when it is safe for people to go back to work that [ the government ] actually positively encourages people to do so ” .
Bank of England not doing ‘ monetary financing ’ The deputy governor for monetary policy also said the Bank is not engaging in “ monetary financing ” .
This is when a central bank directly funds government spending @ @ @ @ @ @ @ ways and means facility , effectively an overdraft for the government to borrow from .
However , the BoE says this is only temporary .
Some critics say that the bank ’ s huge quantitative easing ( QE ) bond-buying activity in the secondary market is monetary financing and could drive up inflation .
Others have argued that the Bank should start funding the government in these unprecedented times .
Broadbent today said the Bank was not engaged in monetary financing because it was not being forced by the government to support spending @ @ @ @ @ @ @ Economy to take ‘ extremely large ’ hit and inflation to dip “ I don ’ t think it ’ s possible to define monetary finance purely in terms of the nature of the financial transactions involved , ” he said .
He said the difference between monetary financing and what the BoE is doing is that “ we are conducting QE for the purposes of our remit ” , which is to keep prices steady .

Coronavirus: Bank of England says 35 per cent GDP drop ‘not unrealistic’
The Bank of England has slashed interest rates and ramped up bond-buying to support the economy during the coronavirus outbreak
A Bank of England deputy governor has said the economy could shrink by 35 per cent in the second quarter if the coronavirus lockdown lasts three months, saying the scenario produced last week by the UK’s budget watchdog was not “unrealistic”.
The Office for Budget Responsibility (OBR) said the UK economy could contract by 35 per cent in the April to June period and 2m people could lose their jobs due to coronavirus restrictions.
BoE deputy governor Ben Broadbent today said on a call with UK businesses that he thought the prediction was “not an unrealistic number”.
His statement echoed the Bank’s governor Andrew Bailey, who on Friday said he also thought such a fall in output was possible. “I don’t think there is anything implausible about a second-quarter number of that nature,” Bailey said on a call with reporters.
Broadbent today said the Bank could not say for sure whether there would be “scarring” on the economy or a quick rebound.
He said: “The only thing I’ll say about the scarring effects is the entire thrust of public policy as I see it is directed towards minsimsimg those effects.”
Yet he said there could be some longer-term damage to the economy if people’s “natural caution” meant consumers and workers did not return to their pre-coronavirus habits.
Sign up to City A.M.’s Midday Update newsletter, delivered to your inbox every lunchtime
“In certain areas it’s hard to say the extent of these effects, but the binding constraint may be behavioural rather than formally what the government does,” Broadbent said.
Broadbent added that government policy would be key here. He said it is important that “when it is safe for people to go back to work that [the government] actually positively encourages people to do so”.
Bank of England not doing ‘monetary financing’
The deputy governor for monetary policy also said the Bank is not engaging in “monetary financing”. This is when a central bank directly funds government spending.
The Bank has extended the so-called ways and means facility, effectively an overdraft for the government to borrow from. However, the BoE says this is only temporary.
Some critics say that the bank’s huge quantitative easing (QE) bond-buying activity in the secondary market is monetary financing and could drive up inflation.
Others have argued that the Bank should start funding the government in these unprecedented times.
Broadbent today said the Bank was not engaged in monetary financing because it was not being forced by the government to support spending.
“I don’t think it’s possible to define monetary finance purely in terms of the nature of the financial transactions involved,” he said.
He said the difference between monetary financing and what the BoE is doing is that “we are conducting QE for the purposes of our remit”, which is to keep prices steady.


cityam--2020-04-20--Coronavirus: UK government borrowing could top £300bn, says think tank

UK government borrowing could hit £300bn this year as tax receipts collapse and the Treasury pumps money into the economy to tackle the fallout from coronavirus , according to a new report .
The £300bn figure , produced today by the Centre for Policy Studies ( CPS ) think tank , would be by far the biggest budget deficit since World War II and is even higher than an estimate made last week by the Office for Budget Responsibility ( OBR ) .
The CPS ’ s updated forecasts included estimates from other organisations in places where the OBR did @ @ @ @ @ @ @ well as newly announced spending .
Read more : Coronavirus : UK economy could shrink by 35 per cent in second quarter Most of the borrowing will be driven by a £130bn collapse in the government ’ s tax receipts as the economy suffers its worst year since perhaps the 1930s .
Spending programmes such as the job retention scheme and small business grants will also be hugely costly .
They will help drive borrowing up to 15 per cent of UK GDP , according to the CPS , well above the rate @ @ @ @ @ @ @ the coronavirus outbreak began in earnest in Britain in March , the government has rolled out numerous schemes to limit the collapse in the economy .
Its economic approach has won praise , with The International Monetary Fund ( IMF ) saying last week that the UK has done “ all the right things ” economically .
The costs are set to be huge , however .
The OBR , the UK ’ s official budget forecaster , last week said the cost to the exchequer could be £271bn in the 2020-21 financial @ @ @ @ @ @ @ today produced a more up-to-date assessment , saying the total could be £301bn .
It said the cost of the support schemes themselves could add £127bn on to borrowing , with £119bn lost due to lower tax receipts and higher welfare payments .
However , the CPS cautioned that any predictions in the current climate are deeply uncertain .
The CPS ’ s updated forecasts add more detail to the OBR scenario while also accounting for new schemes .
For example , it has included in its figures an estimate that defaults on @ @ @ @ @ @ @ for small and medium-sized businesses will cost the government £6bn .
It said interventions in the railways could cost £3.5bn .
The CPS ’ s figures also reflect new government programmes , such as the support announced last week for rough sleepers and other vital services .
Read more : Job retention scheme receives nearly 70,000 applications in 30 minutes He added that it is “ vital to get the most accurate possible picture of the burden the government is taking on in order to assess the full scale of the rebuilding that @ @ @ @

Coronavirus: UK government borrowing could top £300bn, says think tank
Chancellor Rishi Sunak has unveiled numerous support packages for the coronavirus-ravaged economy at great cost to the exchequer
UK government borrowing could hit £300bn this year as tax receipts collapse and the Treasury pumps money into the economy to tackle the fallout from coronavirus, according to a new report.
The £300bn figure, produced today by the Centre for Policy Studies (CPS) think tank, would be by far the biggest budget deficit since World War II and is even higher than an estimate made last week by the Office for Budget Responsibility (OBR).
The CPS’s updated forecasts included estimates from other organisations in places where the OBR did not attach numbers to schemes, as well as newly announced spending.
Most of the borrowing will be driven by a £130bn collapse in the government’s tax receipts as the economy suffers its worst year since perhaps the 1930s.
Spending programmes such as the job retention scheme and small business grants will also be hugely costly. They will help drive borrowing up to 15 per cent of UK GDP, according to the CPS, well above the rate seen after the financial crisis.
Since the coronavirus outbreak began in earnest in Britain in March, the government has rolled out numerous schemes to limit the collapse in the economy. Its economic approach has won praise, with The International Monetary Fund (IMF) saying last week that the UK has done “all the right things” economically.
The costs are set to be huge, however. The OBR, the UK’s official budget forecaster, last week said the cost to the exchequer could be £271bn in the 2020-21 financial year.
The centre-right CPS think tank today produced a more up-to-date assessment, saying the total could be £301bn.
It said the cost of the support schemes themselves could add £127bn on to borrowing, with £119bn lost due to lower tax receipts and higher welfare payments. However, the CPS cautioned that any predictions in the current climate are deeply uncertain.
Top 10 biggest government programmes
Scheme Cost in 2020-21 Coronavirus job retention scheme £42bn Small business grant schemes £15bn NHS historical debt write-off £13bn Self-employment income support scheme £10bn Welfare £7bn NHS emergency response funding £6.6bn Coronavirus business interruption loan scheme £6bn Rail emergency measures £3.5bn Local authority funding £3.2bn Devolved administration public service funding £2bn Data compiled by CPS from OBR and other sources
The CPS’s updated forecasts add more detail to the OBR scenario while also accounting for new schemes.
For example, it has included in its figures an estimate that defaults on loans made through the coronavirus lending scheme for small and medium-sized businesses will cost the government £6bn. It said interventions in the railways could cost £3.5bn.
The CPS’s figures also reflect new government programmes, such as the support announced last week for rough sleepers and other vital services.
CPS director Robert Colvile praised the government’s moves “to save lives and protect livelihoods”.
He added that it is “vital to get the most accurate possible picture of the burden the government is taking on in order to assess the full scale of the rebuilding that lies ahead”.


cityam--2020-04-20--Polling shows three-in-four people want post-coronavirus tax cuts

Almost three-in-four people want to see tax cuts to reboot the economy after the coronavirus crisis , according to new polling .
A poll by Survation/Adam Smith Institute showed there was overwhelming support , 72 per cent of people , for a reduction in taxes to “ try and increase economic growth and jobs ” , particularly among younger adults .
Read more : Coronavirus : Bank of England says 35 per cent GDP drop ‘ not unrealistic ’ Of those aged between 18-34 , 44 per cent said they “ strongly supported ” lower taxes after the coronavirus compared @ @ @ @ @ @ @ over the age of 65 .
Meanwhile , 89 per cent of people said they were concerned about the economic impact of the pandemic and 86 per cent supported the development of an economic recovery and exit plan .
It comes as Bank of England deputy governor Ben Broadbent said today that it was “ not unrealistic ” to expect the UK economy to shrink by 35 per cent in the second quarter .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus @ @ @ @ @ @ @ ( OBR ) last week predicted a 35 per cent GDP contraction between March and June , with an estimated 2m people to lose their jobs .
However , the fiscal watchdog also said a swift correction could happen in line with some predictions of a so-called “ v-shaped recovery ” .
Organisation for Economic Co-operation and Development ( OECD ) boss Angel Gurria also told the BBC yesterday that the coronavirus economic downturn will be “ very bad ” , but will not be as bad as the Great Depression .
Adam @ @ @ @ @ @ @ the UK ’ s economic recovery should be aided by lower taxation and a clear exit strategy .
“ People know that our lockdown is having a huge impact on our economy , ” he said .
Read more : OECD boss : Coronavirus crash will not be as bad as Great Depression “ They are facing increasing financial hardship , with the young particularly feeling the brunt .
And they want an economic recovery and exit plan that includes tax cuts .
“ We need to reduce the cost of business face @ @ @ @ @ @ @

Polling shows three-in-four people want post-coronavirus tax cuts
A poll by Survation/Adam Smith Institute showed that there was overwhelming support for a reduction in taxes to “try and increase economic growth and jobs”.
Almost three-in-four people want to see tax cuts to reboot the economy after the coronavirus crisis, according to new polling.
A poll by Survation/Adam Smith Institute showed there was overwhelming support, 72 per cent of people, for a reduction in taxes to “try and increase economic growth and jobs”, particularly among younger adults.
Of those aged between 18-34, 44 per cent said they “strongly supported” lower taxes after the coronavirus compared to 33 per cent of those aged over the age of 65.
Meanwhile, 89 per cent of people said they were concerned about the economic impact of the pandemic and 86 per cent supported the development of an economic recovery and exit plan.
It comes as Bank of England deputy governor Ben Broadbent said today that it was “not unrealistic” to expect the UK economy to shrink by 35 per cent in the second quarter.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
The Office for Budget Responsibility (OBR) last week predicted a 35 per cent GDP contraction between March and June, with an estimated 2m people to lose their jobs.
However, the fiscal watchdog also said a swift correction could happen in line with some predictions of a so-called “v-shaped recovery”.
Organisation for Economic Co-operation and Development (OECD) boss Angel Gurria also told the BBC yesterday that the coronavirus economic downturn will be “very bad”, but will not be as bad as the Great Depression.
Adam Smith Institute deputy director Matt Kilcoyne said the UK’s economic recovery should be aided by lower taxation and a clear exit strategy.
“People know that our lockdown is having a huge impact on our economy,” he said.
“They are facing increasing financial hardship, with the young particularly feeling the brunt. And they want an economic recovery and exit plan that includes tax cuts.
“We need to reduce the cost of business face and the burden of taxation.”


cityam--2020-04-20--Ex-chancellor Philip Hammond warns business must be prepared for coronavirus lockdown exit plan

Former chancellor Philip Hammond has warned that the government must make sure businesses are well prepared for a coronavirus lockdown exit plan .
Hammond said it is “ vital that business is ready for the green light ” when restrictions are lifted in order to mitigate the risk of corporate collapses and job losses .
Read more : Rishi Sunak ‘ not persuaded ’ to underwrite 100 per cent of coronavirus loans “ We don ’ t know whether there ’ s going to be a vaccine or a cure .
We don ’ t know whether we ’ re @ @ @ @ @ @ @ virus still in place , ” Hammond said , during an online Chatham House discussion .
“ But how we manage that gradual reopening and how prepared business is for it will determine how quickly we can respond .
So we need that route map.
” He added : “ This is a £2 trillion economy .
You can ’ t spin it up overnight from nothing.
” Hammond also said that the public will begin to focus on the economy and what it means for their jobs and living standards once the @ @ @ @ @ @ @ “ And they will expect their governments to be ready to respond to that phase of the crisis as effectively as they responded to the acute health phase of the crisis , ” he said .
The government has so far refused to outline any details of its coronavirus lockdown exit plan , although the cabinet is reportedly divided over how soon restrictions can be lifted .
Various media reports over the weekend said chancellor Rishi Sunak and Cabinet Office minister Michael Gove were pushing for the lockdown to be eased to avoid @ @ @ @ @ @ @ secretary Matt Hancock favoured a longer period .

Ex-chancellor Philip Hammond warns business must be prepared for coronavirus lockdown exit plan
Former chancellor Philip Hammond has warned that the government must make sure businesses are well prepared for a coronavirus lockdown exit plan.
Hammond said it is “vital that business is ready for the green light” when restrictions are lifted in order to mitigate the risk of corporate collapses and job losses.
“We don’t know whether there’s going to be a vaccine or a cure. We don’t know whether we’re going to have to reopen with the virus still in place,” Hammond said, during an online Chatham House discussion.
“But how we manage that gradual reopening and how prepared business is for it will determine how quickly we can respond. So we need that route map.”
He added: “This is a £2 trillion economy. You can’t spin it up overnight from nothing.”
Hammond also said that the public will begin to focus on the economy and what it means for their jobs and living standards once the immediate health crisis is under control.
“And they will expect their governments to be ready to respond to that phase of the crisis as effectively as they responded to the acute health phase of the crisis,” he said.
The government has so far refused to outline any details of its coronavirus lockdown exit plan, although the cabinet is reportedly divided over how soon restrictions can be lifted.
Various media reports over the weekend said chancellor Rishi Sunak and Cabinet Office minister Michael Gove were pushing for the lockdown to be eased to avoid long term economic damage, while health secretary Matt Hancock favoured a longer period.


cityam--2020-04-20--UK pubs face permanent closure without extra support, industry warns

Thousands of UK pubs could struggle to survive the coronavirus lockdown without additional financial support , the industry has warned after the government indicated that the sector could be among the last to see restrictions lifted .
The British Beer & Pub Association ( BBPA ) has called on the government to announce extra support for the industry amid concerns that venues could be closed until Christmas .
Read more : Coronavirus hits hospitality : London without the pubs , bars and restaurants would be so much poorer The organisation has urged the chancellor to extend its grant scheme to @ @ @ @ @ @ @ than £51,000 .
Currently 10,000 UK pubs are not eligible for the scheme , which offers an emergency cash grant of up to £25,000 .
Pubs in London could be hit especially hard without extra support , as half of the capital ’ s 2,652 pubs have a rateable value above the £51,000 threshold .
The BBPA also said the government ’ s job retention scheme , which currently pays 80 per cent of the wages of staff that have been temporarily laid off , should be extended for the sector if venues @ @ @ @ @ @ @ .
Cabinet Office minister Michael Gove warned yesterday that pubs would be “ among the last ” to see restrictions relaxed .
“ If pubs are going to be the last to re-open , then it ’ s only right the Government gives extra support to them to help ensure their survival , ” Emma McClarkin , chief executive of the British Beer & Pub Association , said .
Read more : Coronavirus : UK pubs and restaurants suffer 60 per cent sales dive in March “ We are clear that unless the @ @ @ @ @ @ @ , thousands of them in communities across the UK could be lost for good .
And with them hundreds of thousands of jobs too .
“ As the heart of the community and social hub that binds people together , losing pubs would be a tragedy .
When this crisis is over we will all want to go to the pub , so it ’ s vital the Government does everything it can to help them right now .
”

UK pubs face permanent closure without extra support, industry warns
Thousands of UK pubs could struggle to survive the coronavirus lockdown without additional financial support, the industry has warned after the government indicated that the sector could be among the last to see restrictions lifted.
The British Beer & Pub Association (BBPA) has called on the government to announce extra support for the industry amid concerns that venues could be closed until Christmas.
The organisation has urged the chancellor to extend its grant scheme to pubs with a rateable value of more than £51,000.
Currently 10,000 UK pubs are not eligible for the scheme, which offers an emergency cash grant of up to £25,000. Pubs in London could be hit especially hard without extra support, as half of the capital’s 2,652 pubs have a rateable value above the £51,000 threshold.
The BBPA also said the government’s job retention scheme, which currently pays 80 per cent of the wages of staff that have been temporarily laid off, should be extended for the sector if venues are forced to stay closed for longer.
Cabinet Office minister Michael Gove warned yesterday that pubs would be “among the last” to see restrictions relaxed.
“If pubs are going to be the last to re-open, then it’s only right the Government gives extra support to them to help ensure their survival,” Emma McClarkin, chief executive of the British Beer & Pub Association, said.
“We are clear that unless the Government gives specific support to pubs now, thousands of them in communities across the UK could be lost for good. And with them hundreds of thousands of jobs too.
“As the heart of the community and social hub that binds people together, losing pubs would be a tragedy. When this crisis is over we will all want to go to the pub, so it’s vital the Government does everything it can to help them right now.”


cityam--2020-04-20--US oil price turns negative for first time ever

US crude oil futures turned negative for the first time in history today as storage space filled up and demand fell to coronavirus lockdowns across the world .
The May US WTI contract CLc1 fell $ 19.06 , or 104.3 per cent , to a discount of 79 cents a barrel , after touching an all-time low of minus $ 1.43 a barrel .
Read more : Analysis : Can oil prices recover from the coronavirus crash ?
Meanwhile , Brent LCOc1 was down $ 1.85 , or 6.6 per cent , at $ 26.23 a barrel .
The June @ @ @ @ @ @ @ at a much higher level of $ 21.6 a barrel .
The spread between May and June was more than $ 23 , the widest in history for the two nearest monthly contracts , Reuters reported .
Sign up to City A.M. ’ s Midday Update newsletter , delivered to your inbox every lunchtime The oil market has come under mounting pressure during the coronavirus pandemic as demand slumps due to lockdown measures .
US storage facilities have also started to struggle with the surplus suppliers , weakening prices further .
Read more @ @ @ @ @ @ @ low as demand dries up Earlier this month , Opec agreed to slash global oil output by approximately 10 per cent , a deal that represented the largest cut in oil production ever .
However , both analysts and investors have expressed concerns over whether the cuts go far enough to offset the sharp fall in demand amid a coronavirus-induced recession .
Oil and Gas UK chief executive Deirdre Michie said : “ While we have anticipated continued pressures on oil markets , there ’ s no getting away from the fact that @ @ @ @ @ @ @ an industry already creaking under the strains of the impact of COVID-19 and sustained low commodity prices .
“ The dynamics of this US market are different from those directly driving UK produced Brent , but we will not escape the impact .
“ Ours is not just a trading market ; every penny lost spells more uncertainty over jobs , our contribution to public services and to the just transition we all want to see .
OGUK will be pressing the case for a COVID-19 resilience package to governments in the coming @ @ @ @ @ @ @ supply chain , jobs and our ability to continue to reposition ourselves for the future .
”

US oil price turns negative for first time ever
US crude oil futures turned negative for the first time in history today as storage space filled up and demand fell to coronavirus lockdowns across the world.
The May US WTI contract CLc1 fell $19.06, or 104.3 per cent, to a discount of 79 cents a barrel, after touching an all-time low of minus $1.43 a barrel.
Meanwhile, Brent LCOc1 was down $1.85, or 6.6 per cent, at $26.23 a barrel.
The June WTI contract CLc2 is trading more actively at a much higher level of $21.6 a barrel. The spread between May and June was more than $23, the widest in history for the two nearest monthly contracts, Reuters reported.
Sign up to City A.M.’s Midday Update newsletter, delivered to your inbox every lunchtime
The oil market has come under mounting pressure during the coronavirus pandemic as demand slumps due to lockdown measures.
US storage facilities have also started to struggle with the surplus suppliers, weakening prices further.
Earlier this month, Opec agreed to slash global oil output by approximately 10 per cent, a deal that represented the largest cut in oil production ever.
However, both analysts and investors have expressed concerns over whether the cuts go far enough to offset the sharp fall in demand amid a coronavirus-induced recession.
Oil and Gas UK chief executive Deirdre Michie said: “While we have anticipated continued pressures on oil markets, there’s no getting away from the fact that this situation is a body blow for an industry already creaking under the strains of the impact of COVID-19 and sustained low commodity prices.
“The dynamics of this US market are different from those directly driving UK produced Brent, but we will not escape the impact.
“Ours is not just a trading market; every penny lost spells more uncertainty over jobs, our contribution to public services and to the just transition we all want to see. OGUK will be pressing the case for a COVID-19 resilience package to governments in the coming days which will focus on protecting the supply chain, jobs and our ability to continue to reposition ourselves for the future.”


cityam--2020-04-20--London property: Number of new homes on the market drops across all boroughs

The London property market has been hit by the UK ’ s coronavirus lockdown , with all boroughs suffering a sharp decline in the number of new homes on the market .
Outer boroughs such as Hillingdon and Bromley have seen the steepest drop , with the number of new homes for sale falling 91 per cent since restrictions were implemented last month .
Read more : Housing market ‘ in limbo ’ as London house prices drop 1.4 per cent Merton and Redbridge both saw new listings decline 90 per per cent and Sutton suffered an 89 per cent @ @ @ @ @ @ @ on the market dropped across the whole of the capital .
However inner London boroughs fared better than more far-flung areas .
The City of London and Westminster saw the number of new listings fall 67 per cent and 74 per cent respectively , according to research by property platform Get Agent .
The coronavirus lockdown had the least impact on the housing market in Greenwich , where new homes fell 29 per cent , followed by the 64 per cent drop seen in Tower Hamlets .
Across the UK , Woking suffered @ @ @ @ @ @ @ cent – and West Lancashire came out on top with a drop of 25.8 per cent .
“ In some areas , such as Woking , the market has pretty much dropped off a cliff since the lockdown was implemented , whereas other areas have seen a decline but continue to register more robust levels of new listings , ” said Get Agent chief executive Colby Short .
“ This is certainly due to influences such as a high concentration of new-builds , with many developers having to keep selling due to the @ @ @ @ @ @ @ developments and interest repayments to make .
“ Many new build developers also have the benefit of selling empty properties which makes social distancing measures easier , while many new build buyers , particularly those from overseas are happier to transact based on a virtual viewing .
”

London property: Number of new homes on the market drops across all boroughs
The London property market has been hit by the UK’s coronavirus lockdown, with all boroughs suffering a sharp decline in the number of new homes on the market.
Outer boroughs such as Hillingdon and Bromley have seen the steepest drop, with the number of new homes for sale falling 91 per cent since restrictions were implemented last month.
Merton and Redbridge both saw new listings decline 90 per per cent and Sutton suffered an 89 per cent drop.
The number of new homes on the market dropped across the whole of the capital. However inner London boroughs fared better than more far-flung areas.
The City of London and Westminster saw the number of new listings fall 67 per cent and 74 per cent respectively, according to research by property platform Get Agent.
The coronavirus lockdown had the least impact on the housing market in Greenwich, where new homes fell 29 per cent, followed by the 64 per cent drop seen in Tower Hamlets.
Across the UK, Woking suffered the biggest decline – of 94 per cent – and West Lancashire came out on top with a drop of 25.8 per cent.
“In some areas, such as Woking, the market has pretty much dropped off a cliff since the lockdown was implemented, whereas other areas have seen a decline but continue to register more robust levels of new listings,” said Get Agent chief executive Colby Short.
“This is certainly due to influences such as a high concentration of new-builds, with many developers having to keep selling due to the fact that they have money tied into developments and interest repayments to make.
“Many new build developers also have the benefit of selling empty properties which makes social distancing measures easier, while many new build buyers, particularly those from overseas are happier to transact based on a virtual viewing.”


cityam--2020-04-20--Increasing numbers of EU citizens wrongly denied Universal Credit, says lobby group

Some EU nationals living in the UK are being wrongly denied access to benefits during the coronavirus crisis , according to an advocacy group for EU citizens .
Lobby group the3million , created to protect the rights of EU citizens living in the UK , has said that EU citizens eligible for Universal Credit have been turned down and are facing “ destitution ” .
Read more : Coronavirus : Sadiq Khan asks for more immigrants to be eligible for Universal Credit Under the UK ’ s Brexit withdrawal agreement , any EU citizen living in the UK is eligible @ @ @ @ @ @ @ pre-settled or settled status .
Pre-settled status is given to anyone that has lived in the country for less than five years , which is an estimated one million people .
Both groups of citizens are eligible to receive Universal Credit .
However , the3million co-founder Maike Bohn said that EU citizens had told the group that they had been wrongly denied benefits because they had pre-settled status .
Bohn told City A.M. that they knew of dozens of cases and that it could be a “ very , very big problem ” @ @ @ @ @ @ @ widespread .
She added : “ The UK ’ s incorrect implementation of the withdrawal agreement potentially leaves thousands of EU citizens destitute , without a safety net .
We urge the government to remove all bureaucratic hurdles for EU citizens.
” When asked about the claims , a spokesperson for the Department of Work and Pensions said : “ The government is protecting the rights of EU citizens resident in the UK .
Read more : UK immigration no longer ‘ top of mind ’ issue , says new report “ By @ @ @ @ @ @ @ EU citizens living in the UK will be able to work , study and access benefits and services in the UK on at least the same basis as they do now .
“ Whether someone has pre-settled status or settled status , this means they have been accepted through the Scheme and have secured their rights in UK law .
”

Increasing numbers of EU citizens wrongly denied Universal Credit, says lobby group
Lobby group the3million, created to protect the rights of EU citizens living in the UK, has said that EU citizens eligible for Universal Credit have been turned down.
Some EU nationals living in the UK are being wrongly denied access to benefits during the coronavirus crisis, according to an advocacy group for EU citizens.
Lobby group the3million, created to protect the rights of EU citizens living in the UK, has said that EU citizens eligible for Universal Credit have been turned down and are facing “destitution”.
Under the UK’s Brexit withdrawal agreement, any EU citizen living in the UK is eligible to stay in the country with either pre-settled or settled status.
Pre-settled status is given to anyone that has lived in the country for less than five years, which is an estimated one million people.
Both groups of citizens are eligible to receive Universal Credit.
However, the3million co-founder Maike Bohn said that EU citizens had told the group that they had been wrongly denied benefits because they had pre-settled status.
Bohn told City A.M. that they knew of dozens of cases and that it could be a “very, very big problem” and is concerned it could already be widespread.
She added: “The UK’s incorrect implementation of the withdrawal agreement potentially leaves thousands of EU citizens destitute, without a safety net. We urge the government to remove all bureaucratic hurdles for EU citizens.”
When asked about the claims, a spokesperson for the Department of Work and Pensions said: “The government is protecting the rights of EU citizens resident in the UK.
“By applying to the EU Settlement Scheme, EU citizens living in the UK will be able to work, study and access benefits and services in the UK on at least the same basis as they do now.
“Whether someone has pre-settled status or settled status, this means they have been accepted through the Scheme and have secured their rights in UK law.”


cityam--2020-04-20--Rishi Sunak 'not persuaded' to underwrite 100 per cent of coronavirus loans

Rishi Sunak has said he is “ not persuaded ” that the government should underwrite 100 per cent of all loans in the coronavirus business loan schemes .
Speaking at today ’ s daily press conference , Sunak said : “ I ’ m not persuaded moving to a 100 per cent guarantee is the right thing to do.
” Read more : City fitness studio fears insolvency after being rejected for CBILS coronavirus loan The coronavirus business interruption loan scheme ( CBILS ) and coronavirus large business interruption loan scheme ( CLBILS ) offers government-backed loans to viable companies @ @ @ @ @ @ @ .
The government underwrites 80 per cent of each bank loan , taking on most of the default risk .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
However , calls have grown from business bodies and Labour shadow business secretary Ed Miliband that the government should underwrite 100 per cent of each loan to increase the speed of loan approvals .
As of Wednesday last week , the country ’ s banks had approved 6,020 business loans worth £1.1bn @ @ @ @ @ @ @ gaining approval .
Swiss banks managed to hand out £12.4bn of loans , that are 100 per cent guaranteed by the Swiss government , to more than 75,000 businesses in the first week of its coronavirus loan scheme alone .
Sunak said today that other governments which have offered 100 per cent guarantees on coronavirus loans did have not as many economic relief measures as the UK does .
Read more : Richard Branson warns Virgin Atlantic needs coronavirus loan to survive “ When you look at the totality of what we ’ @ @ @ @ @ @ @ significant in scope and in scale of most of those other countries [ offering 100 per cent loan guarantees ] , ” he said .
“ Where they have used loan guarantees that are different to ours , they have done it because they ’ re not doing things that we ’ re doing for example the furlough scheme or indeed the direct cash grants .
”

Rishi Sunak ‘not persuaded’ to underwrite 100 per cent of coronavirus loans
Britain’s Chancellor of the Exchequer Rishi Sunak takes part in a national “clap for carers”
Rishi Sunak has said he is “not persuaded” that the government should underwrite 100 per cent of all loans in the coronavirus business loan schemes.
Speaking at today’s daily press conference, Sunak said: “I’m not persuaded moving to a 100 per cent guarantee is the right thing to do.”
The coronavirus business interruption loan scheme (CBILS) and coronavirus large business interruption loan scheme (CLBILS) offers government-backed loans to viable companies struggling because of the impact of Covid-19.
The government underwrites 80 per cent of each bank loan, taking on most of the default risk.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
However, calls have grown from business bodies and Labour shadow business secretary Ed Miliband that the government should underwrite 100 per cent of each loan to increase the speed of loan approvals.
As of Wednesday last week, the country’s banks had approved 6,020 business loans worth £1.1bn through CBILS, with just one-in-five applications gaining approval.
Swiss banks managed to hand out £12.4bn of loans, that are 100 per cent guaranteed by the Swiss government, to more than 75,000 businesses in the first week of its coronavirus loan scheme alone.
Sunak said today that other governments which have offered 100 per cent guarantees on coronavirus loans did have not as many economic relief measures as the UK does.
“When you look at the totality of what we’re doing, it’s more significant in scope and in scale of most of those other countries [offering 100 per cent loan guarantees],” he said.
“Where they have used loan guarantees that are different to ours, they have done it because they’re not doing things that we’re doing for example the furlough scheme or indeed the direct cash grants.”


cityam--2020-04-20--One million employees already registered for job retention scheme

More than 140,000 firms counting for one million furloughed employees have registered to the government ’ s coronavirus wage subsidy scheme in its first day .
The scheme opened this morning at 8am and received almost 70,000 applications in just half an hour .
Read more : Job retention scheme receives nearly 70,000 applications in 30 minutes The job retention scheme sees the government pay 80 per cent of wages , up to £2,500 a month , for furloughed employees unable to work due to the coronavirus crisis .
Companies will be first paid within six weeks of registering for @ @ @ @ @ @ @ City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
The Resolution Foundation , a left-leaning think tank , estimates that eight million people will be paid out through the scheme and that it will cost up to £40bn for every three months it runs .
At the press conference , Sunak said those already registered for the scheme were “ a million people who if they had not of been furloughed would be at risk of losing their job ” .
He added : “ @ @ @ @ @ @ @ to its most immediate purpose – the protection and support of its people.
” Sunak also discussed the government ’ s new £1.25bn package to support startups through the coronavirus period .
This will involve a new £500 million loan scheme for “ high-growth firms ” and £750 million of support for small and medium sized businesses focusing on research and development .
“ As we look ahead and plan for recovery , it ’ s critical we don ’ t just maintain jobs and companies that already exist , but we also @ @ @ @ @ @ @ the future , ” he said .

One million employees already registered for job retention scheme
Rishi Sunak is expected to introduce a windfall tax today
More than 140,000 firms counting for one million furloughed employees have registered to the government’s coronavirus wage subsidy scheme in its first day.
The scheme opened this morning at 8am and received almost 70,000 applications in just half an hour.
The job retention scheme sees the government pay 80 per cent of wages, up to £2,500 a month, for furloughed employees unable to work due to the coronavirus crisis.
Companies will be first paid within six working days of registering for the programme.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
The Resolution Foundation, a left-leaning think tank, estimates that eight million people will be paid out through the scheme and that it will cost up to £40bn for every three months it runs.
At the press conference, Sunak said those already registered for the scheme were “a million people who if they had not of been furloughed would be at risk of losing their job”.
He added: “Times like this demand the sate turns to its most immediate purpose – the protection and support of its people.”
Sunak also discussed the government’s new £1.25bn package to support startups through the coronavirus period.
This will involve a new £500 million loan scheme for “high-growth firms” and £750 million of support for small and medium sized businesses focusing on research and development.
“As we look ahead and plan for recovery, it’s critical we don’t just maintain jobs and companies that already exist, but we also encourage businesses, jobs and technology of the future,” he said.


cityam--2020-04-20--UK coronavirus death toll rises to 16,509

The UK coronavirus death toll has hit 16,509 after a further 449 people were confirmed to have died in hospital @ @ @ @ @ .
The figure , which includes deaths as of 5pm yesterday , is the lowest @ @ @ @ @ two weeks .
Read more : Lifting coronavirus restrictions could lead to second peak , @ @ @ @ @ number of reported hospital fatalities is often lower on Sundays and Mondays due to delays @ @ @ @ @ weekend .
The Department of Health and Social Care announced today that as of 9am @ @ @ @ @ in the UK had tested positive for coronavirus .
In total , 386,044 people have @ @ @ @ @ , 501,379 tests have been carried out , with 19,316 completed yesterday .
“ Due @ @ @ @ @ Northern Ireland report the number of individuals tested , the cumulative total for people tested @ @ @ @ @ than would be expected , ” the government said as it announced the daily figures @

UK coronavirus death toll rises to 16,509
The UK coronavirus death toll has hit 16,509 after a further 449 people were confirmed to have died in hospital after testing positive for Covid-19.
The figure, which includes deaths as of 5pm yesterday, is the lowest daily increase in deaths for two weeks.
However the number of reported hospital fatalities is often lower on Sundays and Mondays due to delays in registering deaths over the weekend.
The Department of Health and Social Care announced today that as of 9am this morning, 124,743 people in the UK had tested positive for coronavirus. In total, 386,044 people have been tested.
So far, 501,379 tests have been carried out, with 19,316 completed yesterday.
“Due to changes in the way Northern Ireland report the number of individuals tested, the cumulative total for people tested in the UK is lower than would be expected,” the government said as it announced the daily figures.
More to follow


cityam--2020-04-21--Applications worth £1.5bn now made to coronavirus job retention scheme

A further 45,000 businesses and 300,000 employees have registered for the government ’ s wage subsidy scheme , according to the Treasury .
A Treasury spokesman said today that 185,000 businesses with 1.3m employees had applied for the job retention scheme as of midnight last night .
Read more : One million employees already registered for job retention scheme The total amount this covers would be £1.5bn , however the spokesman said that none of the applications had been approved yet .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the @ @ @ @ @ @ @ June , but so far the scheme is only paying out wages for March and April .
“ The applications will be checked in the coming day or so , ” the spokesman said .
“ We ’ ve said money should be in bank accounts within six days.
” The job retention scheme sees the government pay 80 per cent of wages , up to £2,500 a month , for furloughed employees unable to work due to the coronavirus crisis .
The Resolution Foundation , a left-leaning think tank , estimates that @ @ @ @ @ @ @ through the scheme and that it will cost up to £40bn for every three months it runs .
Read more : Rishi Sunak ‘ not persuaded ’ to underwrite 100 per cent of coronavirus loans At yesterday ’ s press conference , chancellor Rishi Sunak said those already registered for the scheme were “ a million people who if they had not of been furloughed would be at risk of losing their job ” .
He added : “ Times like this demand the sate turns to its most immediate purpose – the @ @ @ @ @ @ @ ”

Applications worth £1.5bn now made to coronavirus job retention scheme
A Treasury spokesman said today that 185,000 businesses with 1.3m employees had applied for the job retention scheme as of midnight last night.
A further 45,000 businesses and 300,000 employees have registered for the government’s wage subsidy scheme, according to the Treasury.
A Treasury spokesman said today that 185,000 businesses with 1.3m employees had applied for the job retention scheme as of midnight last night.
The total amount this covers would be £1.5bn, however the spokesman said that none of the applications had been approved yet.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
The scheme runs until June, but so far the scheme is only paying out wages for March and April.
“The applications will be checked in the coming day or so,” the spokesman said.
“We’ve said money should be in bank accounts within six days.”
The job retention scheme sees the government pay 80 per cent of wages, up to £2,500 a month, for furloughed employees unable to work due to the coronavirus crisis.
The Resolution Foundation, a left-leaning think tank, estimates that eight million people will be paid out through the scheme and that it will cost up to £40bn for every three months it runs.
At yesterday’s press conference, chancellor Rishi Sunak said those already registered for the scheme were “a million people who if they had not of been furloughed would be at risk of losing their job”.
He added: “Times like this demand the sate turns to its most immediate purpose – the protection and support of its people.”


cityam--2020-04-21--Italy to relax lockdown restrictions from early May

Italy will this week outline plans to lift its coronavirus lockdown , with some restrictions expected to be eased from 4 May .
The country , which has been one of the worst affected by the coronavirus pandemic , has been under lockdown since 9 March .
Italy ’ s lockdown has seen most businesses close and people only allowed out of their homes for essential needs such as food shopping .
Prime minister Giuseppe Conte announced today that Italy ’ s lockdown rules will be partially lifted in two weeks .
“ I wish I could say : let @ @ @ @ @ @ @ We start tomorrow morning … But such a decision would be irresponsible , ” Conte wrote in a Facebook post .
“ It would make the contagion curve go up in an uncontrolled way and would nullify all the efforts we have made so far .
“ We must act on the basis of a national ( reopening ) plan , which however takes into account the territorial peculiarities.
” Conte said the gradual reopening would be decided based on scientific data and not to “ satisfy a part of public opinion or @ @ @ @ @ @ @ categories , individual companies or specific regions ” .
Read more : Italy set to extend coronavirus lockdown measures into May “ The easing brings with it the real risk of a decided increase in the contagion curve and we must be prepared to contain this ascent to the minimum levels , so that the risk of contagion is ‘ tolerable ’ , ” he said .
Italy ’ s Treasury expects the economy to contract by around 8 per cent this year , Reuters reported , citing two sources close to the @ @

Italy to relax lockdown restrictions from early May
Italy will this week outline plans to lift its coronavirus lockdown, with some restrictions expected to be eased from 4 May.
The country, which has been one of the worst affected by the coronavirus pandemic, has been under lockdown since 9 March.
Italy’s lockdown has seen most businesses close and people only allowed out of their homes for essential needs such as food shopping.
Prime minister Giuseppe Conte announced today that Italy’s lockdown rules will be partially lifted in two weeks.
“I wish I could say: let’s reopen everything. Immediately. We start tomorrow morning … But such a decision would be irresponsible,” Conte wrote in a Facebook post.
“It would make the contagion curve go up in an uncontrolled way and would nullify all the efforts we have made so far.
“We must act on the basis of a national (reopening) plan, which however takes into account the territorial peculiarities.”
Conte said the gradual reopening would be decided based on scientific data and not to “satisfy a part of public opinion or to satisfy the requests of some production categories, individual companies or specific regions”.
“The easing brings with it the real risk of a decided increase in the contagion curve and we must be prepared to contain this ascent to the minimum levels, so that the risk of contagion is ‘tolerable’,” he said.
Italy’s Treasury expects the economy to contract by around 8 per cent this year, Reuters reported, citing two sources close to the matter.


cityam--2020-04-21--Downing Street stands by 100,000 daily coronavirus tests target

Downing Street has stood by its target of administering 100,000 coronavirus tests per day by the end of the month , despite having capacity to carry out less than half of that .
With just nine days left in the month , there is testing capacity to carry out just 39,250 tests a day .
Read more : UK needs coronavirus testing and tracing ‘ command centre ’ to beat virus Just 19,316 tests were actually carried out in the 24 hours to 9am yesterday , showing that there is lots of testing capacity not being used .
The Prime @ @ @ @ @ @ @ today that the government has full confidence in health secretary Matt Hancock , despite reports in the Telegraph today to the contrary .
An “ insider close to Number 10 ” told the Telegraph that Hancock ’ s pledge to reach 100,000 tests would “ come back and bite him ” and that it was an “ arbitrary target ” .
The Prime Minister ’ s spokesman told a group of journalists today that the story “ was wrong ” .
“ We are absolutely standing by the target , ” he said @ @ @ @ @ @ @ increasing capacity , we need to make sure that capacity is being used and that ’ s what we ’ re working on .
“ We ’ ve said throughout that is the govt target and we ’ re working hard to hit it.
” Covid-19 testing has increased since Hancock announced a five-point plan at the start of the month to increase testing levels in line with the World Health Organisation ’ s ( WHO advice to to testing and track the virus .
The plan included setting up private laboratories with @ @ @ @ @ @ @ There are now 27 testing centres around the UK , including drive-through facilities for NHS workers .
The Number 10 spokesman said the government was looking at increasing the amount of people eligible to use the drive-through testing facilities .
“ As capacity increases we will be able to widen the number of eligible groups , ” he said .

Downing Street stands by 100,000 daily coronavirus tests target
Workers prepare a drive-through coronavirus testing centre for NHS staff at Twickenham stadium in southwest London on April 20, 2020. (Photo by Will EDWARDS / AFP) (Photo by WILL EDWARDS/AFP via Getty Images)
Downing Street has stood by its target of administering 100,000 coronavirus tests per day by the end of the month, despite having capacity to carry out less than half of that.
With just nine days left in the month, there is testing capacity to carry out just 39,250 tests a day.
Just 19,316 tests were actually carried out in the 24 hours to 9am yesterday, showing that there is lots of testing capacity not being used.
The Prime Minister’s official spokesman also said today that the government has full confidence in health secretary Matt Hancock, despite reports in the Telegraph today to the contrary.
An “insider close to Number 10” told the Telegraph that Hancock’s pledge to reach 100,000 tests would “come back and bite him” and that it was an “arbitrary target”.
The Prime Minister’s spokesman told a group of journalists today that the story “was wrong”.
“We are absolutely standing by the target,” he said.
“You can see we are increasing capacity, we need to make sure that capacity is being used and that’s what we’re working on.
“We’ve said throughout that is the govt target and we’re working hard to hit it.”
Covid-19 testing has increased since Hancock announced a five-point plan at the start of the month to increase testing levels in line with the World Health Organisation’s (WHO advice to to testing and track the virus.
The plan included setting up private laboratories with the help of the private sector.
There are now 27 testing centres around the UK, including drive-through facilities for NHS workers.
The Number 10 spokesman said the government was looking at increasing the amount of people eligible to use the drive-through testing facilities.
“As capacity increases we will be able to widen the number of eligible groups,” he said.


cityam--2020-04-21--WHO: Coronavirus likely came from animals, not China lab

The World Health Organization ( WHO ) said on Tuesday that all available evidence suggests the novel coronavirus originated in animals in China late last year and was not manipulated or produced in a laboratory .
US President Donald Trump said last week that his government was trying to determine whether the coronavirus emanated from a lab in the central Chinese city of Wuhan .
That is where the coronavirus pandemic emerged in December .
“ All available evidence suggests the virus has an animal origin and is not manipulated or constructed in a lab or somewhere else , ” @ @ @ @ @ @ @ news briefing .
“ It is probable , likely , that the virus is of animal origin.
” Bats thought to have carried coronavirus , not a lab It was not clear , Chaib added , how the virus had jumped the species barrier to humans but there had “ certainly ” been an intermediate animal host .
“ It most likely has its ecological reservoir in bats but how the virus came from bats to humans is still to be seen and discovered.
” Sign up to City A.M. ’ s Midday @ @ @ @ @ @ @ every lunchtime She did not respond to a request to elaborate on whether it was possible the coronavirus may have inadvertently escaped from a lab .
The Wuhan Institute of Virology has dismissed rumours both that it synthesised the virus or allowed it to escape .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
WHO to fill gaps left by Trump funding cut Chaib , asked about the impact of Trump ’ s decision last week to suspend funding to @ @ @ @ @ @ @ the coronavirus pandemic , said : “ We are still assessing the situation about the announcement by President Trump… and we will assess the situation and we will work with our partners to fill any gaps.
” “ It is very important to continue what we are doing not only for Covid-19 but for many , many , many , many other health programmes , ” she added , referring to action against polio , HIV and malaria among other diseases .
She said that the WHO was 81 percent funded for the @ @ @ @ @ @ @ of March .
It has a $ 4.8bn biennial budget .
The United States is the Geneva-based agency ’ s biggest donor .
Other big contributors are the Gates Foundation and Britain .

WHO: Coronavirus likely came from animals, not China lab
The WHO has said coronavirus likely came from bats and was not made in a lab in China
The World Health Organization (WHO) said on Tuesday that all available evidence suggests the novel coronavirus originated in animals in China late last year and was not manipulated or produced in a laboratory.
US President Donald Trump said last week that his government was trying to determine whether the coronavirus emanated from a lab in the central Chinese city of Wuhan. That is where the coronavirus pandemic emerged in December.
“All available evidence suggests the virus has an animal origin and is not manipulated or constructed in a lab or somewhere else,” WHO spokeswoman Fadela Chaib told a Geneva news briefing. “It is probable, likely, that the virus is of animal origin.”
Bats thought to have carried coronavirus, not a lab
It was not clear, Chaib added, how the virus had jumped the species barrier to humans but there had “certainly” been an intermediate animal host. “It most likely has its ecological reservoir in bats but how the virus came from bats to humans is still to be seen and discovered.”
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She did not respond to a request to elaborate on whether it was possible the coronavirus may have inadvertently escaped from a lab. The Wuhan Institute of Virology has dismissed rumours both that it synthesised the virus or allowed it to escape.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
WHO to fill gaps left by Trump funding cut
Chaib, asked about the impact of Trump’s decision last week to suspend funding to the UN agency over its handling of the coronavirus pandemic, said: “We are still assessing the situation about the announcement by President Trump… and we will assess the situation and we will work with our partners to fill any gaps.”
“It is very important to continue what we are doing not only for Covid-19 but for many, many, many, many other health programmes,” she added, referring to action against polio, HIV and malaria among other diseases.
She said that the WHO was 81 percent funded for the next two years as of the end of March. It has a $4.8bn biennial budget. The United States is the Geneva-based agency’s biggest donor. Other big contributors are the Gates Foundation and Britain.