cityam--2020-12-02--Monzo secures additional £60m in funding

Digital bank Monzo has topped up its earlier fundraising round with an additional £60m in funding , bringing its total raised this year to £125m .
The challenger bank had previously closed a £65m top-up in June at a reduced valuation of £1.2bn , down from £2bn .
The latest funding , first reported by TechCrunch , is effectively a top-up of the June round and has been priced at the lower valuation .
Read more : Shakespeare : Monzo ’ s tough year doesn ’ t improve with new card The funding has come from new backers including Deliveroo @ @ @ @ @ @ @ TED Global as well as existing investor Goodwater .
They join existing backers Y Combinator , General Catalyst , Accel , Stripe and Passion Capital who re-invested earlier this year .
It is a positive sign for the bank , which has struggled with the effects of the coronavirus pandemic on its business .
Monzo warned there was “ significant doubt ” about its ability to continue at a going concern earlier this year ahead of a second national lockdown .
The bank was also forced to cut 120 jobs in May and @ @ @ @ @ @ @ weighed on the bank ’ s operating capacity .
As part of plans to expand and increase its revenues beyond interchange fees , Monzo launched a new premium service two months ago in an attempt to convince more customers to pay for its services after reporting losses more than doubled to £113.8m last year .
Read more : Monzo launches Premium account as it expands fee-paying services Figures shared with TechCrunch show Monzo has increased its business users from 25,000 in June to 60,000 , bringing overall customers to nearly 5m .
In @ @ @ @ @ @ @ : “ We ’ ve raised £125m this year , achieved strong organic growth and are now nearing 5m customers , all while becoming the most switched to bank in the UK and the top rated for overall service .
”

Monzo secures additional £60m in funding
DEBATE: Do big banks still need a high-street presence?
Digital bank Monzo has topped up its earlier fundraising round with an additional £60m in funding, bringing its total raised this year to £125m.
The challenger bank had previously closed a £65m top-up in June at a reduced valuation of £1.2bn, down from £2bn.
The latest funding, first reported by TechCrunch, is effectively a top-up of the June round and has been priced at the lower valuation.
The funding has come from new backers including Deliveroo and Stripe investor Novator, Kaiser and TED Global as well as existing investor Goodwater. They join existing backers Y Combinator, General Catalyst, Accel, Stripe and Passion Capital who re-invested earlier this year.
It is a positive sign for the bank, which has struggled with the effects of the coronavirus pandemic on its business. Monzo warned there was “significant doubt” about its ability to continue at a going concern earlier this year ahead of a second national lockdown.
The bank was also forced to cut 120 jobs in May and closed its US office as the pandemic weighed on the bank’s operating capacity.
As part of plans to expand and increase its revenues beyond interchange fees, Monzo launched a new premium service two months ago in an attempt to convince more customers to pay for its services after reporting losses more than doubled to £113.8m last year.
Figures shared with TechCrunch show Monzo has increased its business users from 25,000 in June to 60,000, bringing overall customers to nearly 5m.
In a statement chief executive TS Anil said: “We’ve raised £125m this year, achieved strong organic growth and are now nearing 5m customers, all while becoming the most switched to bank in the UK and the top rated for overall service.”


cityam--2020-12-02--UK ‘through Covid by Spring’ but economic benefits are 'months away'

The UK will be through the coronavirus pandemic by Spring , Matt Hancock said this morning , following news the Pfizer/BioNTech has been approved for distribution in the UK .
Health minister Matt Hancock has said the UK will be ‘ through this by Spring ’ , but despite the optimism , analysts have predicted there will not be an immediate boost to the economy , with the economic benefits of the vaccine still months away .
Read more : Pfizer/BioNTech vaccine approved for use in the UK The Pfizer/BioNTech vaccine was approved for use in the UK this morning @ @ @ @ @ @ @ next week , becoming the first Western country to approve a vaccine .
Speaking on Good Morning Britain this morning Hancock described the news as “ the dawn of the horizon , it ’ s lifting all the gloom once we can get it out.
” Hancock also confirmed he will be having a Covid-19 vaccine when it is made available to him , despite having already had the coronavirus , and that those who have had Covid-19 will be eligible and encouraged to take the vaccine .
GMB presenter Piers Morgan offered @ @ @ @ @ @ @ next week along with Hancock in the hope it persuaded those more sceptical about taking the vaccine to have the jabs .
Hancock said if such a situation was “ approved ” he was happy to join Morgan for the injection .
Although the Pfizer/BioNTech vaccine will be made available to the first cohort of people early next week , social distancing and mask wearing will have to continue for the foreseeable future .
During interviews this morning Hancock insisted the UK must not now weaken its resolve against the virus .
Read @ @ @ @ @ @ @ not be required for the pub , says Michael Gove Despite the positive news the FTSE opened in the red .
London ’ s premier index was down 0.1 per cent as markets opened , with the FTSE 250 of mid-cap firms down 0.5 per cent , though stirling rallied , which was in part because of a Times Radio report yesterday that Brexit negotiations have entered the final and crucial stage .
According to Michael Hewson , chief market analyst at CMC Markets UK , the lack of market reactions suggested the @ @ @ @ @ @ @ the real challenge lies in the production , as well as the speed of any roll out .
“ Ultimately even if a vaccination program was to start this month , the fact that two jabs are required means that it ’ s likely to be several months before we start to see a possible economic benefit in terms of an easing of restrictions , given that medical staff , along with more vulnerable people are likely to be the first to benefit , with the general population at the back of the @ @ @ @ @ @ @ more : City watchdog receives nearly two coronavirus complaints from whistleblowers per week The Pfizer/BioNTech vaccine will require two jabs to be effective , and the UK has ordered 40 million doses – enough for just under a third of the population .
The difficulty with this particular vaccine is that it needs to be stored at minus 70 degrees , making roll out more challenging .
The UK is waiting to hear from the health regulator about the Astrazeneca-Oxford vaccine .
Hancock said this morning the health regulator had been working on @ @ @ @ @ @ @ and that it does not require the minus 70 degree storage , making roll out easier .
Read more : Boris Johnson appoints new minister for UK coronavirus vaccine rollout UBS Global Wealth Management UK CIO Caroline Simmons said the roll out of the virus will inject a “ dose of optimism ” into both domestic and global markets .
“ The news further substantiates our expectation for a wide-scale roll out of a successful vaccine in the first half of 2021 , and we believe global output and corporate earnings are on @ @ @ @ @ @ @ the end of 2021 , ” she added .
Meanwhile PwC chairman Kevin Ellis said said the prospect of a vaccine rollout , combined with Christmas activity , may support consumer spending in the short term , and meant employers could plan for a post-Covid world .
“ The economy will recover , but won ’ t look exactly the same and people will need help with the transition , ” he said .
“ Vaccine progress has given employers the chance to plan what the world after Covid looks like , rather @ @ @ @ @ @ @ , the shape of the workforce – the skills needed and where , and the reality of blended working .
“ There ’ s been a marked shift in gear .
People are talking about staff get-togethers and conferences – things that have been absent from the business lexicon for months .
”

UK ‘through Covid by Spring’ but economic benefits are ‘months away’
The UK will be through the coronavirus pandemic by Spring, Matt Hancock said this morning, following news the Pfizer/BioNTech has been approved for distribution in the UK.
Health minister Matt Hancock has said the UK will be ‘through this by Spring’, but despite the optimism, analysts have predicted there will not be an immediate boost to the economy, with the economic benefits of the vaccine still months away.
The Pfizer/BioNTech vaccine was approved for use in the UK this morning, with roll out planned for early next week, becoming the first Western country to approve a vaccine.
Speaking on Good Morning Britain this morning Hancock described the news as “the dawn of the horizon, it’s lifting all the gloom once we can get it out.”
Hancock also confirmed he will be having a Covid-19 vaccine when it is made available to him, despite having already had the coronavirus, and that those who have had Covid-19 will be eligible and encouraged to take the vaccine.
GMB presenter Piers Morgan offered to take the vaccine on live TV next week along with Hancock in the hope it persuaded those more sceptical about taking the vaccine to have the jabs.
Hancock said if such a situation was “approved” he was happy to join Morgan for the injection.
Economic benefits ‘months away’
Although the Pfizer/BioNTech vaccine will be made available to the first cohort of people early next week, social distancing and mask wearing will have to continue for the foreseeable future.
During interviews this morning Hancock insisted the UK must not now weaken its resolve against the virus.
Despite the positive news the FTSE opened in the red. London’s premier index was down 0.1 per cent as markets opened, with the FTSE 250 of mid-cap firms down 0.5 per cent, though stirling rallied, which was in part because of a Times Radio report yesterday that Brexit negotiations have entered the final and crucial stage.
According to Michael Hewson, chief market analyst at CMC Markets UK, the lack of market reactions suggested the news was widely expected, and that the real challenge lies in the production, as well as the speed of any roll out.
“Ultimately even if a vaccination program was to start this month, the fact that two jabs are required means that it’s likely to be several months before we start to see a possible economic benefit in terms of an easing of restrictions, given that medical staff, along with more vulnerable people are likely to be the first to benefit, with the general population at the back of the queue,” he said.
The Pfizer/BioNTech vaccine will require two jabs to be effective, and the UK has ordered 40 million doses – enough for just under a third of the population.
The difficulty with this particular vaccine is that it needs to be stored at minus 70 degrees, making roll out more challenging.
The UK is waiting to hear from the health regulator about the Astrazeneca-Oxford vaccine. Hancock said this morning the health regulator had been working on that vaccine in parallel to Pfizer/BioNTech, and that it does not require the minus 70 degree storage, making roll out easier.
UBS Global Wealth Management UK CIO Caroline Simmons said the roll out of the virus will inject a “dose of optimism” into both domestic and global markets.
“The news further substantiates our expectation for a wide-scale roll out of a successful vaccine in the first half of 2021, and we believe global output and corporate earnings are on course to return to pre-pandemic highs by the end of 2021,” she added.
Meanwhile PwC chairman Kevin Ellis said said the prospect of a vaccine rollout, combined with Christmas activity, may support consumer spending in the short term, and meant employers could plan for a post-Covid world.
“The economy will recover, but won’t look exactly the same and people will need help with the transition,” he said.
“Vaccine progress has given employers the chance to plan what the world after Covid looks like, rather than simply managing through. For instance, the shape of the workforce – the skills needed and where, and the reality of blended working.
“There’s been a marked shift in gear. People are talking about staff get-togethers and conferences – things that have been absent from the business lexicon for months.”


cityam--2020-12-02--Bottoms up: Vodka maker Stock Spirits plans special dividend as lockdown home drinkers boost profit

It said profits rose in 2020 as people staying at home during the Covid-19 pandemic drove demand , while summer staycations also drove sales .
Shares are up more than eight per cent on the announcement .
The maker of 1906 and Vodka No.1 said adjusted ebitda rose to €71m for the year to 30 September .
That ’ s up from €67m in 2019 .
Stock Spirits saw strong volume growth in both Poland and the Czech Republic , which account for three-quarters of the company ’ s revenue .
As with the rest of Europe , people there @ @ @ @ @ @ @ , sales of alcoholic beverages to bars and restaurants have been hit due to virus curbs , with the world ’ s largest spirits makers Diageo and Pernod Ricard warning of a sales hit a few months back .
Stock Spirits proposed a final dividend for the year of 6.78 cents per share with a special dividend of 11 cents , bringing the total dividend for the year to 20.55 cents per share , 130 per cent higher from a year earlier .
“ Our portfolio of brands performed strongly , boosted by @ @ @ @ @ @ @ local brands during times of uncertainty , as well as by the trend towards staycations in our markets , ” boss Mirek Stachowicz said .
Stock Spirits , which has over 45 brands , exports to more than 50 countries worldwide .
It is the second-biggest vodka firm in Poland with a 29.7 per cent market share .

Bottoms up: Vodka maker Stock Spirits plans special dividend as lockdown home drinkers boost profit
Cocktail bars have largely been shut across Europe this year, leading to a rise in Stock Spirits’ vodka for at home drinking (Photo by Kai Schwoerer/Getty Images)
Vodka maker Stock Spirits today posted a higher annual core profit and proposed a special dividend for investors.
It said profits rose in 2020 as people staying at home during the Covid-19 pandemic drove demand, while summer staycations also drove sales.
Shares are up more than eight per cent on the announcement.
The maker of 1906 and Vodka No.1 said adjusted ebitda rose to €71m for the year to 30 September.
That’s up from €67m in 2019.
Stock Spirits saw strong volume growth in both Poland and the Czech Republic, which account for three-quarters of the company’s revenue.
As with the rest of Europe, people there stocked up alcohol during lockdowns.
Cocktail bar sales hit
However, sales of alcoholic beverages to bars and restaurants have been hit due to virus curbs, with the world’s largest spirits makers Diageo and Pernod Ricard warning of a sales hit a few months back.
Stock Spirits proposed a final dividend for the year of 6.78 cents per share with a special dividend of 11 cents, bringing the total dividend for the year to 20.55 cents per share, 130 per cent higher from a year earlier.
“Our portfolio of brands performed strongly, boosted by consumers opting to buy familiar and trusted local brands during times of uncertainty, as well as by the trend towards staycations in our markets,” boss Mirek Stachowicz said.
Stock Spirits, which has over 45 brands, exports to more than 50 countries worldwide.
It is the second-biggest vodka firm in Poland with a 29.7 per cent market share.


cityam--2020-12-02--EU regulator extends repayment holidays amid second wave

The European banking regulator is allowing banks to grant a new round of loan repayment holidays amid a second wave of infections .
The European Banking Authority ( EBA ) has today announced that guidance on legislative and non-legislative moratoria that expired on 30 September is being reactivated until March 31 2021 .
“ The role of banks to ensure the continued flow of lending to clients remains of utmost importance and with the reactivation of these Guidelines , the EBA recognises the exceptional circumstances of the second Covid-19 wave , ” the watchdog said today .
Banks started to @ @ @ @ @ @ @ mortgages and other types of credits as the initial impact of the pandemic hit .
Loans totalling 871bn had benefited from the relief measures by June .
In a report published last month the EBA said the use of payment holidays was “ widely dispersed across countries and banks ” with some banks reporting that up to half of their total loans to non-financial companies and households were subject to a moratoria .
The EBA said that loans which had previously not benefited from the moratoria can now benefit from them , but @ @ @ @ @ @ @ constraints ” to ensure the support is limited to bridging liquidity shortages triggered by new lockdowns .
Europe has been hit hard by the second wave with Germany inching towards even tougher measures in regions that had been spared the worst .
The regulator has said that loans could only benefit from a repayment holiday for a total of nine months in total and banks must set out plans for loans that are likely to default .
Last month the UK regulator outlined plans to bolster support for borrowers struggling in the pandemic @ @ @ @ @ @ @ to extend payment holidays for credit cards , car finance , personal loans and pawnbroking ahead of the second national lockdown .
The Treasury has also extended its emergency business loan scheme and will allow firms to “ top up ” their borrowing until the end of January .

EU regulator extends repayment holidays amid second wave
The EU banking regulator has extended loan repayment holidays for companies struggling during the pandemic.
The European banking regulator is allowing banks to grant a new round of loan repayment holidays amid a second wave of infections.
The European Banking Authority (EBA) has today announced that guidance on legislative and non-legislative moratoria that expired on 30 September is being reactivated until March 31 2021.
“The role of banks to ensure the continued flow of lending to clients remains of utmost importance and with the reactivation of these Guidelines, the EBA recognises the exceptional circumstances of the second Covid-19 wave,” the watchdog said today.
Banks started to grant payment holidays on company loans, mortgages and other types of credits as the initial impact of the pandemic hit. Loans totalling 871bn had benefited from the relief measures by June.
In a report published last month the EBA said the use of payment holidays was “widely dispersed across countries and banks” with some banks reporting that up to half of their total loans to non-financial companies and households were subject to a moratoria.
The EBA said that loans which had previously not benefited from the moratoria can now benefit from them, but added that it had added two “constraints” to ensure the support is limited to bridging liquidity shortages triggered by new lockdowns.
Europe has been hit hard by the second wave with Germany inching towards even tougher measures in regions that had been spared the worst.
The regulator has said that loans could only benefit from a repayment holiday for a total of nine months in total and banks must set out plans for loans that are likely to default.
Last month the UK regulator outlined plans to bolster support for borrowers struggling in the pandemic.
The Financial Conduct Authority announced plans to extend payment holidays for credit cards, car finance, personal loans and pawnbroking ahead of the second national lockdown.
The Treasury has also extended its emergency business loan scheme and will allow firms to “top up” their borrowing until the end of January.


cityam--2020-12-02--Bonmarche hires administrators in further blow to UK high street

Budget fashion retailer Bonmarche has fallen into administration for the second time , putting 1,500 jobs at risk , in a further blow for the UK high street after days of grim announcements .
RSM Restructuring Advisory has been appointed as administrator to BM Retail Limited , which operates the Bonmarche brand from 225 stores in the UK .
No redundancies or store closures have been made immediately while administrators launch a sales process for the business .
RSM said it anticipates there will be “ a number of interested parties ” .
This morning ’ s announcement comes after @ @ @ @ @ @ @ this week , putting a total of 25,000 jobs at risk .
Topshop owner Arcadia filed for administration on Monday , while administrators to department store chain Debenhams announced it would begin winding up its UK operations after failing to find a buyer .
Damian Webb , joint administrator of RSM Restructuring Advisory , said : ‘ Bonmarché remains an attractive brand with a loyal customer base .
“ It is our intention to continue to trade whilst working closely with management to explore the options for the business .
“ We will @ @ @ @ @ @ @ and based on the interest to date we anticipate there will be a number of interested parties .
“ We would like to thank the Bonmarché staff for continuing to support the business during these challenging and uncertain times for those individuals personally .
”

Bonmarche hires administrators in further blow to UK high street
Budget fashion retailer Bonmarche has fallen into administration for the second time, putting 1,500 jobs at risk, in a further blow for the UK high street after days of grim announcements.
RSM Restructuring Advisory has been appointed as administrator to BM Retail Limited, which operates the Bonmarche brand from 225 stores in the UK.
No redundancies or store closures have been made immediately while administrators launch a sales process for the business.
RSM said it anticipates there will be “a number of interested parties”.
This morning’s announcement comes after two major high street retailers collapsed earlier this week, putting a total of 25,000 jobs at risk.
Topshop owner Arcadia filed for administration on Monday, while administrators to department store chain Debenhams announced it would begin winding up its UK operations after failing to find a buyer.
Damian Webb, joint administrator of RSM Restructuring Advisory, said: ‘Bonmarché remains an attractive brand with a loyal customer base.
“It is our intention to continue to trade whilst working closely with management to explore the options for the business.
“We will shortly be marketing the business for sale and based on the interest to date we anticipate there will be a number of interested parties.
“We would like to thank the Bonmarché staff for continuing to support the business during these challenging and uncertain times for those individuals personally.”
More to follow


cityam--2020-12-02--‘No corners have been cut’: UK’s top scientists ward off anti-vaxxers with vaccine rollout plan

The Pfizer/Biontech vaccine has been approved following “ an extremely thorough and scientifically rigorous review ” of safety evidence , the UK ’ s top scientists said this morning as they swooped to ward off anti-vaxxer rhetoric .
“ No corners have been cut — none at all , ” said Dr June Raine , chief executive of the Medical and Healthcare products Regulatory Agency ( MHRA ) , which this morning approved the Pfizer/Biontech vaccine for use in the UK .
Read more : NHS and Armed Forces join up to roll out vaccine this weekend Vaccines usually take @ @ @ @ @ @ @ before they hit the shelves , whereas Pfizer ’ s will start wide-scale rollout within a year of being first developed .
“ Our expert scientists and clinicians have worked round the clock , carefully and methodically poring over tables , analyses and graphs on hundreds of thousands of pages of data , ” Raine added .
“ The safety of the public will always come first ” .
Wide-scale vaccination will start in the next few days as the UK this morning became the first country in the world to approve a @ @ @ @ @ @ @ in to transform around 10 sites into vaccine hubs within a fortnight , including the Nightingale hospital at London ’ s Excel centre .
Professor Wei Shen Lim , chair of the Joint Committee on Vaccines and Immunisation ( JCVI ) , this morning set out the NHS priority list for vaccination .
Lim said the JCVI ’ s current recommendations are that vaccination should go first to those most at risk and to health professionals , with “ age by far the single biggest risk factor ” .
Care home residents will @ @ @ @ @ @ @ , followed by those over 80-years-old and frontline health and social care staff .
Health secretary Matt Hancock said the approval of the Pfizer vaccine means the UK will return to normality by the spring .
Hancock vouched to take the vaccine live on air to prove it was safe for public use , as the government prepares to armour the UK against anti-vaxxer disinformation .
“ If that can help anybody else , persuade anybody else , that they should take the vaccine then I think it ’ s worth it , @ @ @ @ @ @ @ Pfizer ’ s announcement this morning ignited conspiracy theories across social media sites .
“ Thalidomide ” was trending on Twitter just hours after the MHRA announced it had approved the jab from the US drugs firm .
Read more : MPs to grill social media platforms over anti-vax conspiracies The government last week said it has mobilised the army to utilise an elite “ information warfare ” unit to counter online propaganda against vaccines .
Leaked documents revealed that its soldiers are already monitoring cyberspace for Covid-19 content and analysing how British @ @ @ @ @ @

‘No corners have been cut’: UK’s top scientists ward off anti-vaxxers with vaccine rollout plan
The Pfizer/Biontech vaccine has been approved following “an extremely thorough and scientifically rigorous review” of safety evidence, the UK’s top scientists said this morning as they swooped to ward off anti-vaxxer rhetoric.
“No corners have been cut — none at all,” said Dr June Raine, chief executive of the Medical and Healthcare products Regulatory Agency (MHRA), which this morning approved the Pfizer/Biontech vaccine for use in the UK.
Vaccines usually take around a decade from start to finish before they hit the shelves, whereas Pfizer’s will start wide-scale rollout within a year of being first developed.
“Our expert scientists and clinicians have worked round the clock, carefully and methodically poring over tables, analyses and graphs on hundreds of thousands of pages of data,” Raine added. “The safety of the public will always come first”.
Wide-scale vaccination will start in the next few days as the UK this morning became the first country in the world to approve a vaccine.
Military personnel have been called in to transform around 10 sites into vaccine hubs within a fortnight, including the Nightingale hospital at London’s Excel centre.
Professor Wei Shen Lim, chair of the Joint Committee on Vaccines and Immunisation (JCVI), this morning set out the NHS priority list for vaccination.
Lim said the JCVI’s current recommendations are that vaccination should go first to those most at risk and to health professionals, with “age by far the single biggest risk factor”.
Care home residents will likely be first in line for vaccinations, followed by those over 80-years-old and frontline health and social care staff.
Source: gov.uk
Health secretary Matt Hancock said the approval of the Pfizer vaccine means the UK will return to normality by the spring.
Hancock vouched to take the vaccine live on air to prove it was safe for public use, as the government prepares to armour the UK against anti-vaxxer disinformation.
“If that can help anybody else, persuade anybody else, that they should take the vaccine then I think it’s worth it,” he said.
It comes after Pfizer’s announcement this morning ignited conspiracy theories across social media sites.
“Thalidomide” was trending on Twitter just hours after the MHRA announced it had approved the jab from the US drugs firm.
The government last week said it has mobilised the army to utilise an elite “information warfare” unit to counter online propaganda against vaccines.
Leaked documents revealed that its soldiers are already monitoring cyberspace for Covid-19 content and analysing how British citizens are being targeted online.


cityam--2020-12-02--Government seeks site for world's first nuclear fusion plant

The government has today invited communities around the UK to bid for the world ’ s first nuclear fusion plant to be built in their local area .
The successful site will be home to the construction of the plant , which the government hopes to be completed by 2040 .
Read more : Rolls-Royce : Mini nuclear reactors to power 6,000 new jobs by 2025 Building the multi-billion pound project will create thousands of jobs in the chosen area , which the government said would be at the heart of its “ green industrial revolution ” .
The UK @ @ @ @ @ @ @ nuclear fission technology , which splits apart atoms to release energy .
Nuclear fusion , on the other hand , produces energy by the process of binding atoms together .
It is the same process that powers the sun .
Communities will have until the end of March 2021 to become the home of STEP – the Spherical Tokamak for Energy Production .
The government will provide an initial £222m to support the four-year design process for the plant .
Before the Open newsletter : Start your day with the City View podcast @ @ @ @ @ @ @ secretary Alok Sharma said : “ We want the UK to be a trailblazer in developing fusion energy by capitalising on its incredible potential as a limitless clean energy source that could last for generations to come .
“ Communities across the country have an incredible opportunity to secure their place in the history books as the home of STEP , helping the UK to be the first country in the world to commercialise fusion and creating thousands of highly skilled jobs to drive our green industrial revolution.
” The project will be @ @ @ @ @ @ @ which carries out fusion energy research on behalf of the government .
The announcement comes just two weeks after Boris Johnson laid out his 10 point climate change plan , which promised over £500m for nuclear power research .
Read more : US consortium mulls taking on abandoned Wylfa nuclear project Further announcements regarding the sector are expected when the long-awaited energy white paper is released , which is expected to be before the end of the year .

Government seeks site for world’s first nuclear fusion plant
The government has today invited communities around the UK to bid for the world’s first nuclear fusion plant to be built in their local area.
The successful site will be home to the construction of the plant, which the government hopes to be completed by 2040.
Building the multi-billion pound project will create thousands of jobs in the chosen area, which the government said would be at the heart of its “green industrial revolution”.
The UK’s existing nuclear power stations use nuclear fission technology, which splits apart atoms to release energy.
Nuclear fusion, on the other hand, produces energy by the process of binding atoms together. It is the same process that powers the sun.
Communities will have until the end of March 2021 to become the home of STEP – the Spherical Tokamak for Energy Production.
The government will provide an initial £222m to support the four-year design process for the plant.
Before the Open newsletter: Start your day with the City View podcast and key market data
Business and energy secretary Alok Sharma said: “We want the UK to be a trailblazer in developing fusion energy by capitalising on its incredible potential as a limitless clean energy source that could last for generations to come.
“Communities across the country have an incredible opportunity to secure their place in the history books as the home of STEP, helping the UK to be the first country in the world to commercialise fusion and creating thousands of highly skilled jobs to drive our green industrial revolution.”
The project will be delivered by the UK Atomic Energy Authority which carries out fusion energy research on behalf of the government.
The announcement comes just two weeks after Boris Johnson laid out his 10 point climate change plan, which promised over £500m for nuclear power research.
Further announcements regarding the sector are expected when the long-awaited energy white paper is released, which is expected to be before the end of the year.


cityam--2020-12-03--Lockdown batters UK footfall but retailers hope for Christmas boost

Retail footfall plummeted in November amid the closure of non-essential shops , though the decline was less severe than the first lockdown earlier this year .
Visitor numbers were down more than 51 per cent year on year last month as tighter Covid-19 restrictions took their toll on the high street .
The decline was steeper than the drops of 31.5 per cent and 28.2 per cent seen in October and September respectively .
However , it was less severe than the original lockdown in April and May , when footfall declined by an average of almost 77 per cent @ @ @ @ @ @ @ a degree of lockdown fatigue , as Brits chose to make trips to retail destinations despite the closure of hospitality venues .
There was also a nine per cent week-on-week spike in footfall on Black Friday , indicating pent-up demand among shoppers for visits to brick-and-mortar stores .
The pandemic has wreaked devastation on the high street , forcing retailers to shutter stores and costing thousands of jobs .
Roughly 25,000 jobs were put at risk after Debenhams collapsed and Topshop-owner Arcadia fell into administration .
But retailers will be hoping that pent-up @ @ @ @ @ @ @ in the crucial run-up to Christmas .
Visitor numbers were up more than 90 per cent week on week yesterday during Wild Wednesday as non-essential stores , pubs and restaurants reopened .
Read more : Black Friday : Click and collect to boost retail park footfall as high streets suffer “ Whilst destinations and stores will need to woo shoppers back with the prospect of a safe shopping experience , we are anticipating a sudden and pronounced bounce back in footfall following the reopening of non-essential stores in England this week , ” @ @ @ @ @ @ @ director at Springboard .
“ Indeed , this bounce back could reduce the decline in footfall to around a half of its current level , which would be welcome news for retailers who have just three weeks in which to recover nine weeks of sales lost during the most critical trading period of the year .
”

Lockdown batters UK footfall but retailers hope for Christmas boost
Footfall dropped in November due to the closure on non-essential retail stores
Retail footfall plummeted in November amid the closure of non-essential shops, though the decline was less severe than the first lockdown earlier this year.
Visitor numbers were down more than 51 per cent year on year last month as tighter Covid-19 restrictions took their toll on the high street.
The decline was steeper than the drops of 31.5 per cent and 28.2 per cent seen in October and September respectively.
However, it was less severe than the original lockdown in April and May, when footfall declined by an average of almost 77 per cent.
The new figures from Springboard suggest a degree of lockdown fatigue, as Brits chose to make trips to retail destinations despite the closure of hospitality venues.
There was also a nine per cent week-on-week spike in footfall on Black Friday, indicating pent-up demand among shoppers for visits to brick-and-mortar stores.
The pandemic has wreaked devastation on the high street, forcing retailers to shutter stores and costing thousands of jobs.
Roughly 25,000 jobs were put at risk after Debenhams collapsed and Topshop-owner Arcadia fell into administration.
But retailers will be hoping that pent-up demand will fuel a surge in footfall in the crucial run-up to Christmas.
Visitor numbers were up more than 90 per cent week on week yesterday during Wild Wednesday as non-essential stores, pubs and restaurants reopened.
“Whilst destinations and stores will need to woo shoppers back with the prospect of a safe shopping experience, we are anticipating a sudden and pronounced bounce back in footfall following the reopening of non-essential stores in England this week,” said Diane Wehrle, marketing and insights director at Springboard.
“Indeed, this bounce back could reduce the decline in footfall to around a half of its current level, which would be welcome news for retailers who have just three weeks in which to recover nine weeks of sales lost during the most critical trading period of the year.”


cityam--2020-12-02--Only 3,600 households have signed up to Sadiq Khan's energy company

Fewer than 4,000 London households have signed up to Sadiq Khan ’ s green energy company that he set up this year for £3.2m .
City Hall figures shows that London Power has just 3,658 customers , meaning City Hall has spent £875 per customer .
Read more : Tories call for Sadiq Khan to scrap rent control push after policy ‘ failed ’ in Berlin London Power , which is run by Octopus Energy , was set up by City Hall in a bid to save consumers money on their energy bills .
Khan claimed at its launch that @ @ @ @ @ @ @ on bills .
The company ’ s website says that “ all the electricity [ used ] will be matched with power generated from renewable sources like the sun and the wind ” .
“ London Power is merely a disguised taxpayer-funded marketing scheme for Octopus Power in London , ” he said .
Before the Open newsletter : Start your day with the City View podcast and key market data “ It ’ s frankly disgraceful that Sadiq Khan is wasting millions of pounds on this PR stunt which will never deliver @ @ @ @ @ @ @ market that is already home to 64 active suppliers , according to Ofgem .
The energy market watchdog ’ s 2019 report on the energy market found 53 per cent of consumers had never switched energy companies .
However , the figure for London – where energy prices are among the most expensive in the country – is not known .
A spokesperson for the mayor said : “ This is an unfounded attack on a green energy company bringing affordable energy to thousands of Londoners .
“ The Mayor has committed to @ @ @ @ @ @ @ a four year period so the simplistic maths used in this press release simply don ’ t add up after just the first nine months of operation .
Furthermore , the customer numbers mentioned here are from 30 September , just two days after the London Power marketing campaign was reactivated having been paused during the pandemic .
”

Only 3,600 households have signed up to Sadiq Khan’s energy company
Sadiq Khan won’t scrap ULEZ rollout.
Fewer than 4,000 London households have signed up to Sadiq Khan’s green energy company that he set up this year for £3.2m.
City Hall figures shows that London Power has just 3,658 customers, meaning City Hall has spent £875 per customer.
London Power, which is run by Octopus Energy, was set up by City Hall in a bid to save consumers money on their energy bills.
Khan claimed at its launch that it would save the average household £300-a-year on bills.
The company’s website says that “all the electricity [used] will be matched with power generated from renewable sources like the sun and the wind”.
Conservative London Assembly member Tony Arbour called London Power “a tremendous waste of money”.
“London Power is merely a disguised taxpayer-funded marketing scheme for Octopus Power in London,” he said.
Before the Open newsletter: Start your day with the City View podcast and key market data
“It’s frankly disgraceful that Sadiq Khan is wasting millions of pounds on this PR stunt which will never deliver for Londoners.”
London Power entered a market that is already home to 64 active suppliers, according to Ofgem.
The energy market watchdog’s 2019 report on the energy market found 53 per cent of consumers had never switched energy companies.
However, the figure for London – where energy prices are among the most expensive in the country – is not known.
A spokesperson for the mayor said: “This is an unfounded attack on a green energy company bringing affordable energy to thousands of Londoners.
“The Mayor has committed to spending up to £3.2m London Power over a four year period so the simplistic maths used in this press release simply don’t add up after just the first nine months of operation. Furthermore, the customer numbers mentioned here are from 30 September, just two days after the London Power marketing campaign was reactivated having been paused during the pandemic.”


cityam--2020-12-02--Morrisons follows Tesco in returning Covid-19 emergency support

Morrisons has followed rival Tesco in deciding to pay back the business rates relief it received to help weather the coronavirus pandemic .
The supermarket chain will hand back £274m to the government , £230m of which relates to its 2020/2021 financial year .
Read more : Tesco to pay back £585m in emergency support with pandemic risks ‘ behind us ’ In March the government waived all retail business rates for the financial year in an effort to cushion the blow of the pandemic .
But Morrisons said it had decided to pay the tax in full , adding @ @ @ @ @ @ @ government ’ s swift action at the start of the pandemic ” .
The retailer said it expected the total impact of coronavirus to be around £270m .
This is around £40m higher than its previous estimates , due to impact of the second lockdown and tougher tier restrictions .
The move comes after Tesco said it would pay back £585m in business rates relief , ramping up pressure on its rivals to do the same .
In a statement this evening Morrisons said it had planned to make a decision on paying @ @ @ @ @ @ @ and duration of Covid-19 became more clear , but had brought forward that decision .
Morrisons said that while the pandemic had taken its toll on profits , it expected full-year figures to be in line with expectations excluding the £230m rates repayment .
The supermarket said it will also pay a special dividend of 4p per share , which relates to the previously deferred payment for the second half of the last financial year .
“ We are grateful for the government ’ s swift action at the start of the pandemic @ @ @ @ @ @ @ squarely into the challenges and disruption caused by Covid-19 , ” said chief executive Dave Potts .
“ Throughout this difficult period Morrisons has done its best work to look after our colleagues , our customers and key workers , to feed the nation , to protect both the vulnerable and our smaller suppliers and to play a full and leading role in meeting the enormous challenges that the Covid-19 pandemic brought .
”

Morrisons follows Tesco in returning Covid-19 emergency support
Morrisons will pay back £274m in emergency Covid-19 support
Morrisons has followed rival Tesco in deciding to pay back the business rates relief it received to help weather the coronavirus pandemic.
The supermarket chain will hand back £274m to the government, £230m of which relates to its 2020/2021 financial year.
In March the government waived all retail business rates for the financial year in an effort to cushion the blow of the pandemic.
But Morrisons said it had decided to pay the tax in full, adding that it was “grateful for the government’s swift action at the start of the pandemic”.
The retailer said it expected the total impact of coronavirus to be around £270m. This is around £40m higher than its previous estimates, due to impact of the second lockdown and tougher tier restrictions.
The move comes after Tesco said it would pay back £585m in business rates relief, ramping up pressure on its rivals to do the same.
In a statement this evening Morrisons said it had planned to make a decision on paying back business rates once the full cost and duration of Covid-19 became more clear, but had brought forward that decision.
Morrisons said that while the pandemic had taken its toll on profits, it expected full-year figures to be in line with expectations excluding the £230m rates repayment.
The supermarket said it will also pay a special dividend of 4p per share, which relates to the previously deferred payment for the second half of the last financial year.
“We are grateful for the government’s swift action at the start of the pandemic which enabled the whole sector to face squarely into the challenges and disruption caused by Covid-19,” said chief executive Dave Potts.
“Throughout this difficult period Morrisons has done its best work to look after our colleagues, our customers and key workers, to feed the nation, to protect both the vulnerable and our smaller suppliers and to play a full and leading role in meeting the enormous challenges that the Covid-19 pandemic brought.”


cityam--2020-12-02--Pershing Square Holdings to join FTSE 100 in latest reshuffle

Pershing Square Holdings will be promoted to the FTSE 100 following the latest reshuffle of the blue-chip index .
Billionaire fund manager Bill Ackman ’ s portfolio will replace Homeserve , which is being relegated to the FTSE 250 after just two quarters in the big leagues .
Read more : FTSE inches higher after Pfizer vaccine approval but Wall Street slips Other changes include the addition of real estate investment firm Hammerson and chemicals group Elementis to the more domestically-focused FTSE 250 .
They will replace Scottish Investment Trust and engineering firm Fisher ( James ) & Sons .
@ @ @ @ @ @ @ $ 11.4bn fund reported gains of 62.8 per cent for the year so far following growth of 13.4 per cent last month alone .
Ackman recently told investors the firm was having its best year ever , adding that he remained “ bullish ” for 2021 .
However , he warned of possible volatility in the coming months as the Covid-19 pandemic continues to create uncertainty .
The billionaire investor said he had put on a new hedge to protect against swings .
He earned $ 2.6bn from a hedge earlier this year @ @ @ @ @ @ @ more of the stocks he already holds at cheaper prices .

Pershing Square Holdings to join FTSE 100 in latest reshuffle
Pershing Square boss Bill Ackman told investors the firm was having its best year ever
Pershing Square Holdings will be promoted to the FTSE 100 following the latest reshuffle of the blue-chip index.
Billionaire fund manager Bill Ackman’s portfolio will replace Homeserve, which is being relegated to the FTSE 250 after just two quarters in the big leagues.
Other changes include the addition of real estate investment firm Hammerson and chemicals group Elementis to the more domestically-focused FTSE 250.
They will replace Scottish Investment Trust and engineering firm Fisher (James) & Sons.
Pershing’s promotion comes after the $11.4bn fund reported gains of 62.8 per cent for the year so far following growth of 13.4 per cent last month alone.
Ackman recently told investors the firm was having its best year ever, adding that he remained “bullish” for 2021.
However, he warned of possible volatility in the coming months as the Covid-19 pandemic continues to create uncertainty.
The billionaire investor said he had put on a new hedge to protect against swings. He earned $2.6bn from a hedge earlier this year, using the profits to buy up more of the stocks he already holds at cheaper prices.


cityam--2020-12-02--Lynette Yiadom-Boakye at Tate Britain review: A playful enigma

In an ideal world , you could write about the excellent Lynette Yiadom-Boakye exhibition at Tate Britain without mentioning race .
Her enigmatic portraits , which have a Hockney-esque knack of capturing not just an expression , but an entire personality , don ’ t seem particularly concerned with race , beyond the fact they feature black people – something that ’ s still sadly unusual in major galleries .
In fact , Yiadom-Boakye is the first black British woman to have a retrospective at the Tate Britain .
This , at least , is a great start .
Read @ @ @ @ @ @ @ newest member of staff : Marion the robot The curation comes from the “ chuck ‘ em in at the deep end ” school of thought , with no captions or artist biography to contextualise the dozens of portraits .
Further adding to the sense of playful mystery , the pieces themselves are titled things like “ Pale For the Rapture ” , “ Mystic Edifice ” , and , my personal favourite , “ Fiscal Playsuit ” .
They vary hugely in style , from ‘ all-hanging-out ’ portraits that skirt close @ @ @ @ @ @ @ candid and quietly touching moments .
It would be fascinating to see this exhibition without knowing the premise behind it : that none of these people are real .
Rather than paint from sitters , which the portraits suggest , Yiadom-Boakye draws from classical paintings , memories , pure imagination .
They are characters in a drama that plays out in a single rectangle .
It ’ s a strange sensation , then , to study these paintings , which draw you in despite yourself .
I found myself speculating on these people @ @ @ @ @ @ @ that man wearing a pink glove ?
” , “ What are these people taking a cigarette break from ?
” , “ Why are these lads standing around in their undies ?
” I get the impression Yiadom-Boakye has a wicked sense of humour , although that ’ s not to undermine the fact there ’ s a serious artist at work : to capture the essence of someone in front of you is one thing – to conjure it from thin air is another .
There ’ s a freshness to @ @ @ @ @ @ @ driving you from room to room , which may have been aided by the fact some of the works were made during lockdown , with the exhibition itself twice delayed .
What a strange time to be a working artist .
This show , at least , hints at an artistic landscape beyond the gloom of 2020 that might include representations of all kinds of faces – even if those faces never existed .

Lynette Yiadom-Boakye at Tate Britain review: A playful enigma
Lynette Yiadom-Boakye
In an ideal world, you could write about the excellent Lynette Yiadom-Boakye exhibition at Tate Britain without mentioning race. Her enigmatic portraits, which have a Hockney-esque knack of capturing not just an expression, but an entire personality, don’t seem particularly concerned with race, beyond the fact they feature black people – something that’s still sadly unusual in major galleries. In fact, Yiadom-Boakye is the first black British woman to have a retrospective at the Tate Britain. This, at least, is a great start.
The curation comes from the “chuck ‘em in at the deep end” school of thought, with no captions or artist biography to contextualise the dozens of portraits. Further adding to the sense of playful mystery, the pieces themselves are titled things like “Pale For the Rapture”, “Mystic Edifice”, and, my personal favourite, “Fiscal Playsuit”.
They vary hugely in style, from ‘all-hanging-out’ portraits that skirt close to abstraction to what appear to be candid and quietly touching moments.
It would be fascinating to see this exhibition without knowing the premise behind it: that none of these people are real. Rather than paint from sitters, which the portraits suggest, Yiadom-Boakye draws from classical paintings, memories, pure imagination. They are characters in a drama that plays out in a single rectangle.
It’s a strange sensation, then, to study these paintings, which draw you in despite yourself. I found myself speculating on these people’s lives: “Why is that man wearing a pink glove?”, “What are these people taking a cigarette break from?”, “Why are these lads standing around in their undies?”
I get the impression Yiadom-Boakye has a wicked sense of humour, although that’s not to undermine the fact there’s a serious artist at work: to capture the essence of someone in front of you is one thing – to conjure it from thin air is another.
There’s a freshness to the show, a sense of momentum driving you from room to room, which may have been aided by the fact some of the works were made during lockdown, with the exhibition itself twice delayed. What a strange time to be a working artist. This show, at least, hints at an artistic landscape beyond the gloom of 2020 that might include representations of all kinds of faces – even if those faces never existed.


cityam--2020-12-02--Snakes and Ladders: Who is moving jobs in the City this week?

Snakes and Ladders provides a roundup of the most important hires and job moves across the City , every Wednesday afternoon .
Email citymoves @ cityam.com to be featured .
Firms are continuing to adapt to the challenges and opportunities presented by the pandemic as they vie to be in prime position to recover from the economic fallout of the crisis .
This week , the capital ’ s business campaign group London First has bolstered its board to aid the city ’ s recovery from Covid-19 and London-listed mining firm Petropavlovsk has a new chief executive .
Pearson hires @ @ @ @ @ @ @ push Education publishing group Pearson has hired a former British diplomat as its chief strategy officer as it pushes ahead with a new strategy of targeting consumers directly .
The FTSE 100 firm said Mike Howells will be tasked with strengthening its relationships with learning institutions .
The appointment is the latest move by new boss Andy Bird , who has pledged to overhaul Pearson ’ s business model to adapt to the digital age .
Read more : Pearson launches new consumer division in bid to harness Netflix model Bird , a @ @ @ @ @ @ @ plans for a new direct-to-consumer division that will look to channel the model used by streaming giants .
Pearson today said the appointment of Howell reflected its new strategy and the need to continue building partnerships with global educational institutions .
London-listed mining firm Petropavlovsk has hired Denis Alexandrov as its new chief executive .
Alexandrov joined the FTSE 250 company , which has its operations in Russia , yesterday .
He was previously chief executive at Highland Gold Mining , a Russian gold producer , and prior to that was chief executive @ @ @ @ @ @ @ has also held a managing director position at A1 Investment Company and was finance chief of Arlan Investments , which both had substantial holdings in the mining industry .
Maxim Meshcheryakov , who was interim chief executive of Petropavlovsk , will remain with the company in a senior position to work with Alexandrov .
Wealth management firm Kingswood has hired financial services veteran David Lawrence to lead its UK business .
Lawrence has more than 30 years ’ experiece in financial services with Lloyds Banking Group , including as commercial director and chief @ @ @ @ @ @ @ wealth businesses .
Read more : Snakes and Ladders : Who is moving jobs in the City this week ?
Most recently , Lawrence played a lead role in establishing Schroders Personal Wealth where he became COO in March last year , with responsibility for client proposition and experience , and business development .
London First bolsters board to aid with city ’ s Covid-19 recovery London First , the capital ’ s business campaign group , has appointed former European director-general Dame Nicola Brewer to its board .
Brewer previously had a @ @ @ @ @ @ @ Commonwealth Office , and in 2006 was appointed as the first chief executive of the Equality and Human Rights Commission .
Read more : London First taps former Today programme editor to join board She was British high commissioner to South Africa , Swaziland and Lesotho .
From 2014 to 2020 she was vice provost of University College London .
Other board members who have recently joined include Sarah Sands , former Today programme editor , Dame Inga Beale , former chief executive of Lloyd ’ s of London , Tanuja Randery , @ @ @ @ @ @ @ Belfield , chairman of Arup Group .

Snakes and Ladders: Who is moving jobs in the City this week?
Snakes and Ladders provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured.
Firms are continuing to adapt to the challenges and opportunities presented by the pandemic as they vie to be in prime position to recover from the economic fallout of the crisis.
This week, the capital’s business campaign group London First has bolstered its board to aid the city’s recovery from Covid-19 and London-listed mining firm Petropavlovsk has a new chief executive.
Pearson hires former diplomat as strategy chief in D2C push
Mike Howells
Education publishing group Pearson has hired a former British diplomat as its chief strategy officer as it pushes ahead with a new strategy of targeting consumers directly.
The FTSE 100 firm said Mike Howells will be tasked with strengthening its relationships with learning institutions.
The appointment is the latest move by new boss Andy Bird, who has pledged to overhaul Pearson’s business model to adapt to the digital age.
Bird, a former Disney executive, last month announced plans for a new direct-to-consumer division that will look to channel the model used by streaming giants.
Pearson today said the appointment of Howell reflected its new strategy and the need to continue building partnerships with global educational institutions.
New CEO at London-listed mining firm Petropavlovsk
London-listed mining firm Petropavlovsk has hired Denis Alexandrov as its new chief executive.
Alexandrov joined the FTSE 250 company, which has its operations in Russia, yesterday.
He was previously chief executive at Highland Gold Mining, a Russian gold producer, and prior to that was chief executive of Swedish firm Auriant Mining.
Alexandrov has also held a managing director position at A1 Investment Company and was finance chief of Arlan Investments, which both had substantial holdings in the mining industry.
Maxim Meshcheryakov, who was interim chief executive of Petropavlovsk, will remain with the company in a senior position to work with Alexandrov.
Financial services veteran joins Kingswood
Wealth management firm Kingswood has hired financial services veteran David Lawrence to lead its UK business.
Lawrence has more than 30 years’ experiece in financial services with Lloyds Banking Group, including as commercial director and chief operating officer of its private banking and wealth businesses.
Most recently, Lawrence played a lead role in establishing Schroders Personal Wealth where he became COO in March last year, with responsibility for client proposition and experience, and business development.
London First bolsters board to aid with city’s Covid-19 recovery
London First, the capital’s business campaign group, has appointed former European director-general Dame Nicola Brewer to its board.
Brewer previously had a 30 year career in the Foreign and Commonwealth Office, and in 2006 was appointed as the first chief executive of the Equality and Human Rights Commission.
She was British high commissioner to South Africa, Swaziland and Lesotho.
From 2014 to 2020 she was vice provost of University College London.
Other board members who have recently joined include Sarah Sands, former Today programme editor, Dame Inga Beale, former chief executive of Lloyd’s of London, Tanuja Randery, a partner at McKinsey and Dr Alan Belfield, chairman of Arup Group.


cityam--2020-12-02--Central London footfall surges in Wild Wednesday shopping spree

Footfall levels in central London surged today as shoppers and office workers returned to the capital after England ’ s second coronavirus lockdown came to an end .
Central London reported a 91.1 per cent jump in visitors by 5pm , compared with the same day last week as the city entered Tier 2 coronavirus restrictions .
Read more : What counts as a substantial meal under new Tier 2 rules for pubs ?
Footfall remains down 62 per cent on last year , but the lifting of lockdown has sparked a return to the streets of the capital .
@ @ @ @ @ @ @ today in what has been dubbed Wild Wednesday .
In the West End , footfall soared 110 per cent on last week ’ s levels as shoppers returned to London ’ s main shopping district in the run up to Christmas .
However , West End footfall is still down 60 per cent on last year ’ s levels , according to Springboard .
New data also showed that the retail reopening failed to push spend above levels seen on Black Friday .
Transaction volumes fell 13.8 per cent by 4pm compared to @ @ @ @ @ @ @ last week , according to Barclaycard , which processes nearly £1 in every £3 spent in the UK .
“ The gap between Wild Wednesday and Black Friday has continued to narrow , falling from 25 per cent at the beginning of the day to just 13.8 per cent , ” said Rob Cameron , chief executive of Barclaycard Payments .
Read more : From today London is in Tier 2 : Do you know all the new rules ?
“ However , even with some stores staying open until much later this @ @ @ @ @ @ @ that today will overtake Black Friday .
Instead , retailers will probably have to wait until Saturday – the first non-working day following stores reopening this week – to hit that milestone.
” Across all UK retail destinations , footfall increased 63.8 per cent today , and is now just 28.1 per cent down on 2019 .
Shopping centres enjoyed a 96.5 per cent jump , high street footfall was up 65 per cent and retail parks – which have fared better throughout the pandemic – were up 26 per cent .
Shopper @ @ @ @ @ @ @ a higher number of food stores and click and collect services , are down just six per cent on last year .
Meanwhile , separate footfall data from Hoxton Analytics showed that this Wednesday so far footfall is up 9.2 per cent on the whole of last Wednesday , with hours to go .
Seb Ellson , head of enterprise solutions at Hoxton Analytics , said : “ It was clear from the trends over the last four weeks and the general public mood that there was going to be a big spike @ @ @ @ @ @ @ Business bodies warn that three-quarters of pubs , bars and casinos could go bust under new tier system “ We reported last week that public patience was wearing thin and the data over the last few days has continued to support this .
“ We will monitor what happens over the coming days and weeks , with particular focus on what the extended opening hours shows us .
”

Central London footfall surges in Wild Wednesday shopping spree
Shoppers return to Selfridges department store in central London after the capital exits lockdown and enters Tier 2 restrictions (Photo: Getty)
Footfall levels in central London surged today as shoppers and office workers returned to the capital after England’s second coronavirus lockdown came to an end.
Central London reported a 91.1 per cent jump in visitors by 5pm, compared with the same day last week as the city entered Tier 2 coronavirus restrictions.
Footfall remains down 62 per cent on last year, but the lifting of lockdown has sparked a return to the streets of the capital.
Non-essential shops, pubs and restaurants reopened today in what has been dubbed Wild Wednesday.
In the West End, footfall soared 110 per cent on last week’s levels as shoppers returned to London’s main shopping district in the run up to Christmas.
However, West End footfall is still down 60 per cent on last year’s levels, according to Springboard.
New data also showed that the retail reopening failed to push spend above levels seen on Black Friday.
Transaction volumes fell 13.8 per cent by 4pm compared to the same period during the shopping bonanaza last week, according to Barclaycard, which processes nearly £1 in every £3 spent in the UK.
“The gap between Wild Wednesday and Black Friday has continued to narrow, falling from 25 per cent at the beginning of the day to just 13.8 per cent,” said Rob Cameron, chief executive of Barclaycard Payments.
“However, even with some stores staying open until much later this evening, it’s looking unlikely that today will overtake Black Friday. Instead, retailers will probably have to wait until Saturday – the first non-working day following stores reopening this week – to hit that milestone.”
Across all UK retail destinations, footfall increased 63.8 per cent today, and is now just 28.1 per cent down on 2019.
Shopping centres enjoyed a 96.5 per cent jump, high street footfall was up 65 per cent and retail parks – which have fared better throughout the pandemic – were up 26 per cent.
Shopper numbers at retail parks, which have a higher number of food stores and click and collect services, are down just six per cent on last year.
Meanwhile, separate footfall data from Hoxton Analytics showed that this Wednesday so far footfall is up 9.2 per cent on the whole of last Wednesday, with hours to go.
Seb Ellson, head of enterprise solutions at Hoxton Analytics, said: “It was clear from the trends over the last four weeks and the general public mood that there was going to be a big spike in footfall today.
“We reported last week that public patience was wearing thin and the data over the last few days has continued to support this.
“We will monitor what happens over the coming days and weeks, with particular focus on what the extended opening hours shows us.”


cityam--2020-12-02--France pushes EU to go for no-deal Brexit if UK does not make late concessions

France is reportedly pushing the EU to go for a no-deal Brexit , before restarting trade talks next year , if the UK does not make significant concessions in the coming days .
EU chief negotiator Michel Barnier is in London today for in-person negotiations with UK Brexit negotiator Lord David Frost and his team .
Barnier also held a virtual meeting with ambassadors this morning before talks commenced for the day .
Read more : Exclusive : Capital gains tax on French properties to soar for UK residents post-Brexit France , and a group of other hardline EU nations @ @ @ @ @ @ @ make any more concessions in trade talks , according to the Times .
An EU diplomat told The Times : “ As we are entering the endgame of the Brexit negotiations , some member states are becoming a bit jittery .
“ So this was mostly an exercise to calm nerves in Paris and elsewhere , and to reassure member states that team Barnier will continue to defend core EU interests , including on fisheries.
” Before the Open newsletter : Start your day with the City View podcast and key market data @ @ @ @ @ @ @ UK remained committed to getting a free trade deal with the European Union , but the bloc knew what their “ bottom line ” was .
“ We remain absolutely committed to trying to get a deal if we can , ” he told a media conference .
“ I think our friends and know what the UK bottom line is .
“ It ’ s about making sure that the UK is able to run its own laws , its own fisheries , and so on , and that ’ s fundamentally @ @ @ @ @ @ @ s all about.
” The largest barrier to a deal is future fisheries arrangements in UK waters .
Barnier is asking for EU countries to maintain access to 80 per cent of the value of fish in British waters that they had pre-Brexit .
The Times reports that the UK ’ s latest offer to Brussels is for them keep 40 per cent – a figure turned down by Barnier .
France , in particular , has pushed Brussels hard for a good deal on fisheries as it has many fishermen that operate @ @ @ @ @ @ @ Macron said yesterday : “ France won ’ t accept a deal that doesn ’ t that doesn ’ t respect our interests in the future.
” Read more : Gove ‘ doesn ’ t know ’ how many customs agents UK has ready for Brexit , says lorry group Time is running out for the UK to strike a trade deal , with the end of the Brexit transition period less than 30 days away .

France pushes EU to go for no-deal Brexit if UK does not make late concessions
EU chief negotiator Michel Barnie
France is reportedly pushing the EU to go for a no-deal Brexit, before restarting trade talks next year, if the UK does not make significant concessions in the coming days.
EU chief negotiator Michel Barnier is in London today for in-person negotiations with UK Brexit negotiator Lord David Frost and his team.
Barnier also held a virtual meeting with ambassadors this morning before talks commenced for the day.
France, and a group of other hardline EU nations, told Barnier that he should not make any more concessions in trade talks, according to the Times.
An EU diplomat told The Times: “As we are entering the endgame of the Brexit negotiations, some member states are becoming a bit jittery.
“So this was mostly an exercise to calm nerves in Paris and elsewhere, and to reassure member states that team Barnier will continue to defend core EU interests, including on fisheries.”
Before the Open newsletter: Start your day with the City View podcast and key market data
Prime Minister Boris Johnson tonight said the UK remained committed to getting a free trade deal with the European Union, but the bloc knew what their “bottom line” was.
“We remain absolutely committed to trying to get a deal if we can,” he told a media conference. “I think our friends and know what the UK bottom line is.
“It’s about making sure that the UK is able to run its own laws, its own fisheries, and so on, and that’s fundamentally what it’s what it’s all about.”
The largest barrier to a deal is future fisheries arrangements in UK waters.
Barnier is asking for EU countries to maintain access to 80 per cent of the value of fish in British waters that they had pre-Brexit.
The Times reports that the UK’s latest offer to Brussels is for them keep 40 per cent – a figure turned down by Barnier.
France, in particular, has pushed Brussels hard for a good deal on fisheries as it has many fishermen that operate in British waters.
French President Emmanuel Macron said yesterday: “France won’t accept a deal that doesn’t that doesn’t respect our interests in the future.”
Time is running out for the UK to strike a trade deal, with the end of the Brexit transition period less than 30 days away.


cityam--2020-12-02--Biden names top economic advisers as Arizona, Wisconsin certify vote results

WILMINGTON , Del .
( Reuters ) -U.S. President-elect Joe Biden named several women to his top economic policy team on Monday , including former Federal Reserve Chair Janet Yellen as Treasury secretary nominee , setting the stage for diversity and a focus on recovery from the pandemic .
The advisers , several of whom would need to be approved by the U.S. Senate , come from liberal research organizations and worked in previous Democratic administrations .
Their aim will be to set policies that can help people and businesses recover from the coronavirus pandemic , which has killed nearly @ @ @ @ @ @ @ cost millions of jobs .
“ This team looks like America and brings seriousness of purpose , the highest degree of competency , and unwavering belief in the promise of America , ” Biden said in a statement .
“ They will be ready on day one to get to work for all Americans.
” Biden is expected to formally introduce the new economic team members on Tuesday , the transition team said .
Arizona and Wisconsin on Monday certified Biden as the winner in each state , further undermining President Donald Trump @ @ @ @ @ @ @ to Biden in the Nov. 3 election by making unsubstantiated claims of fraud .
The confirmation of vote counts is usually a mere formality but has taken on added significance this year in the face of Trump ’ s baseless allegations that the election was “ rigged ” in Biden ’ s favor .
Most of the battleground states that Biden won , including Pennsylvania and Georgia , previously certified their results .
Together with the results from states where the outcome is not in dispute , Biden has secured enough votes in @ @ @ @ @ @ @ presidency .
The Trump campaign is pursuing long-shot legal cases that seek to overturn Biden ’ s victories in Georgia , Michigan and Nevada , while others have been dismissed or withdrawn in Pennsylvania , Michigan , Wisconsin and Arizona .
None has scored significant gains for Trump .
Yellen , 74 , was head of the U.S. central bank from 2014 to 2018 and served as the chair of President Bill Clinton ’ s Council of Economic Advisers .
On Twitter , she underscored the challenges facing the United States : “ @ @ @ @ @ @ @ American dream — a society where each person can rise to their potential and dream even bigger for their children .
As Treasury Secretary , I will work every day towards rebuilding that dream for all.
” Ron Wyden , the top Democrat on the Senate Finance Committee , said Yellen ’ s confirmation hearing should occur before Biden ’ s Jan. 20 inauguration , as it did for Steven Mnuchin , the current Treasury secretary .
“ When millions of workers are unemployed through no fault of their own and sectors of @ @ @ @ @ @ @ is no excuse for delay , ” Wyden said in a statement .
Senate Majority Leader Mitch McConnell , who like many top Republicans in that chamber has not yet acknowledged Biden as president-elect , did not respond to questions about pre-inauguration hearings .
His colleagues have signaled that Biden ’ s appointees may face a rough road to confirmation .
Control of the Senate – and the power to confirm or block Biden ’ s Cabinet appointees – will be determined by a pair of runoff elections in Georgia on Jan. 5 @ @ @ @ @ @ @ 14 .
Biden has 306 electors , far more than the required 270 , to Trump ’ s 232 .
Biden said he would nominate Wally Adeyemo as Yellen ’ s deputy at Treasury .
Adeyemo was a deputy national security adviser under President Barack Obama , and was later president of the Obama Foundation , which is overseeing planning for the Democratic former president ’ s library .
Neera Tanden , chief executive of the Center for American Progress think tank , would head the Office of Management and Budget .
Tanden @ @ @ @ @ @ @ Care Act , the healthcare overhaul popularly known as Obamacare , which Republicans have tried to dismantle .
Republican senators voiced few concerns about Yellen , with Senator John Cornyn telling reporters he did not “ have any problem with her.
” He was more concerned about Tanden , calling her the “ worst nominee so far.
” Cornyn ’ s communications director cited her “ endless stream of disparaging comments about the Republican senators whose votes she ’ ll need.
” The Biden transition team had no immediate comment on the criticism @ @ @ @ @ @ @ experienced , and qualified for the position of OMB Director .
The American people decisively voted for change – Mitch McConnell shouldn ’ t block us from having a functioning government that gets to work for the people we serve , ” tweeted Democratic Senator Sherrod Brown , a close Biden ally .
Tanden would be the first woman of color to lead the OMB if she is confirmed .
Biden selected Cecilia Rouse , an economist who is dean of the Princeton School of Public and International Affairs , to chair the @ @ @ @ @ @ @ a member of the council under Obama from 2009 to 2011 .
Heather Boushey , an economist who is co-founder of the Washington Center for Equitable Growth and is focused on economic inequality , will serve on the council .

Biden names top economic advisers as Arizona, Wisconsin certify vote results
By Jarrett Renshaw
WILMINGTON, Del. (Reuters) -U.S. President-elect Joe Biden named several women to his top economic policy team on Monday, including former Federal Reserve Chair Janet Yellen as Treasury secretary nominee, setting the stage for diversity and a focus on recovery from the pandemic.
The advisers, several of whom would need to be approved by the U.S. Senate, come from liberal research organizations and worked in previous Democratic administrations. Their aim will be to set policies that can help people and businesses recover from the coronavirus pandemic, which has killed nearly 267,000 people in the United States and cost millions of jobs.
“This team looks like America and brings seriousness of purpose, the highest degree of competency, and unwavering belief in the promise of America,” Biden said in a statement. “They will be ready on day one to get to work for all Americans.”
Biden is expected to formally introduce the new economic team members on Tuesday, the transition team said.
Arizona and Wisconsin on Monday certified Biden as the winner in each state, further undermining President Donald Trump’s attempts to dispute his loss to Biden in the Nov. 3 election by making unsubstantiated claims of fraud.
The confirmation of vote counts is usually a mere formality but has taken on added significance this year in the face of Trump’s baseless allegations that the election was “rigged” in Biden’s favor.
Most of the battleground states that Biden won, including Pennsylvania and Georgia, previously certified their results. Together with the results from states where the outcome is not in dispute, Biden has secured enough votes in the state-by-state Electoral College to win the presidency.
The Trump campaign is pursuing long-shot legal cases that seek to overturn Biden’s victories in Georgia, Michigan and Nevada, while others have been dismissed or withdrawn in Pennsylvania, Michigan, Wisconsin and Arizona. None has scored significant gains for Trump.
PUSH FOR EARLY YELLEN HEARING
Yellen, 74, was head of the U.S. central bank from 2014 to 2018 and served as the chair of President Bill Clinton’s Council of Economic Advisers.
On Twitter, she underscored the challenges facing the United States: “To recover, we must restore the American dream — a society where each person can rise to their potential and dream even bigger for their children. As Treasury Secretary, I will work every day towards rebuilding that dream for all.”
Ron Wyden, the top Democrat on the Senate Finance Committee, said Yellen’s confirmation hearing should occur before Biden’s Jan. 20 inauguration, as it did for Steven Mnuchin, the current Treasury secretary.
“When millions of workers are unemployed through no fault of their own and sectors of the economy are struggling mightily, there is no excuse for delay,” Wyden said in a statement.
Senate Majority Leader Mitch McConnell, who like many top Republicans in that chamber has not yet acknowledged Biden as president-elect, did not respond to questions about pre-inauguration hearings. His colleagues have signaled that Biden’s appointees may face a rough road to confirmation.
Control of the Senate – and the power to confirm or block Biden’s Cabinet appointees – will be determined by a pair of runoff elections in Georgia on Jan. 5.
The Electoral College meets on Dec. 14. Biden has 306 electors, far more than the required 270, to Trump’s 232.
ECONOMY PICKS
Biden said he would nominate Wally Adeyemo as Yellen’s deputy at Treasury. Adeyemo was a deputy national security adviser under President Barack Obama, and was later president of the Obama Foundation, which is overseeing planning for the Democratic former president’s library.
Neera Tanden, chief executive of the Center for American Progress think tank, would head the Office of Management and Budget. Tanden helped the Obama administration create the Affordable Care Act, the healthcare overhaul popularly known as Obamacare, which Republicans have tried to dismantle.
Republican senators voiced few concerns about Yellen, with Senator John Cornyn telling reporters he did not “have any problem with her.”
He was more concerned about Tanden, calling her the “worst nominee so far.” Cornyn’s communications director cited her “endless stream of disparaging comments about the Republican senators whose votes she’ll need.” The Biden transition team had no immediate comment on the criticism.
“Neera Tanden is smart, experienced, and qualified for the position of OMB Director. The American people decisively voted for change – Mitch McConnell shouldn’t block us from having a functioning government that gets to work for the people we serve,” tweeted Democratic Senator Sherrod Brown, a close Biden ally.
Tanden would be the first woman of color to lead the OMB if she is confirmed.
Biden selected Cecilia Rouse, an economist who is dean of the Princeton School of Public and International Affairs, to chair the Council of Economic Advisers. She was a member of the council under Obama from 2009 to 2011.
Heather Boushey, an economist who is co-founder of the Washington Center for Equitable Growth and is focused on economic inequality, will serve on the council.
(Reporting by Jarrett Renshaw in Wilmington, Delaware; Additional reporting by Brad Heath, Trevor Hunnicutt, Simon Lewis, Patricia Zengerle, Doina Chiacu and Andrea Shalal; Writing by Grant McCool and Joseph Ax; Editing by Scott Malone, Rosalba O’Brien and Peter Cooney)


cityam--2020-12-03--Asda joins ranks of supermarkets set to return business rates relief

Asda has joined the growing number of UK supermarkets to hand back business rates relief given by the government to help it through the coronavirus crisis .
This afternoon the grocer confirmed that it would repay £340m in emergency support – the fifth supermarket to make such a pledge .
Read more : Aldi becomes fourth supermarket to return business rate relief Since Tesco first announced it would give back the money yesterday , Morrisons , Sainsbury ’ s , and Aldi have also followed suit .
Between them , the five supermarkets will hand back almost £2bn in taxpayer-backed @ @ @ @ @ @ @ Roger Burnley said : “ Throughout the pandemic we have always sought to do the right thing – fulfilling our role in feeding the nation , protecting our colleagues and supporting our communities .
Before the Open newsletter : Start your day with the City View podcast and key market data “ But , as the hope of a vaccine and a more ‘ normal ’ life returning in 2021 grows , we have confidence that we are in a strong position to again do the right thing for the communities we serve @ @ @ @ @ @ @ telling us they expect their financial position to worsen in the next 12 months and we recognise that there are other industries and businesses for whom the effects of Covid-19 will be much more long lasting and whose survival is essential to thousands of jobs.
” Supermarkets have won plaudits for the decision , though some analysts questioned the move .
The Co Op is understood to be considering whether to follow suit , while Sky News reported that Waitrose would not do so .
In March the government waived all retail business @ @ @ @ @ @ @ effort to cushion the blow of the pandemic .

Asda joins ranks of supermarkets set to return business rates relief
Asda is the fifth supermarket to announce that it will give back hundreds of millions in business rates relief.
Asda has joined the growing number of UK supermarkets to hand back business rates relief given by the government to help it through the coronavirus crisis.
This afternoon the grocer confirmed that it would repay £340m in emergency support – the fifth supermarket to make such a pledge.
Since Tesco first announced it would give back the money yesterday, Morrisons, Sainsbury’s, and Aldi have also followed suit.
Between them, the five supermarkets will hand back almost £2bn in taxpayer-backed funding.
Asda president and chief executive Roger Burnley said: “Throughout the pandemic we have always sought to do the right thing – fulfilling our role in feeding the nation, protecting our colleagues and supporting our communities.
Before the Open newsletter: Start your day with the City View podcast and key market data
“But, as the hope of a vaccine and a more ‘normal’ life returning in 2021 grows, we have confidence that we are in a strong position to again do the right thing for the communities we serve.
“Almost half our customers are telling us they expect their financial position to worsen in the next 12 months and we recognise that there are other industries and businesses for whom the effects of Covid-19 will be much more long lasting and whose survival is essential to thousands of jobs.”
Supermarkets have won plaudits for the decision, though some analysts questioned the move.
The Co Op is understood to be considering whether to follow suit, while Sky News reported that Waitrose would not do so.
In March the government waived all retail business rates for the financial year in an effort to cushion the blow of the pandemic.


cityam--2020-12-03--Exclusive: Investors prioritise security as they flock to low risk assets

UK investors are shifting their attention to low risk assets as they prioritise security over returns in their investment strategies for the next year .
A survey of almost 900 UK investors by Butterfield Mortgages reveals that nearly half have lost money due to the volatility caused by the pandemic .
In times of uncertainty , investors will naturally favour a safer investment route as they look to protect their current investments .
Read more : Alex Crooke : Why investors should remain optimistic As a result 35 per cent of investors with portfolios worth over £10,000 have already shifted @ @ @ @ @ @ @ this year .
And this trend is set to continue into 2021 as they grapple with the fallout from the pandemic and Brexit .
Some 59 per cent of investors are prioritising safer assets next year , which rises to 63 per cent for investors with a portfolio valued over £50,000 .
As well as caution over market volatility , investors are holding back on making investments until there is a return to some semblance of normality .
Butterfield ’ s survey found that 47 per cent of respondents do not plan to @ @ @ @ @ @ @ physically meet with financial service providers and advisers .
Read more : COVID-19 has changed investors ’ priorities but UK attractiveness remains resilient Previous research suggests many investors are flocking to cash even with interest rates at historic lows and the Bank of England mulling negative interest rates , in large part because economic and job uncertainty is pushing people towards savings .
“ With the government ’ s recent Spending Review highlighting the vast economic repercussions of COVID-19 , it is clear why investors are hesitant and not planning to make major @ @ @ @ @ @ @ ” said Alpa Bhakta , chief executive of Butterfield Mortgages .

Exclusive: Investors prioritise security as they flock to low risk assets
Investors are shifting to low-risk assets, like cash, due to the pandemic.
UK investors are shifting their attention to low risk assets as they prioritise security over returns in their investment strategies for the next year.
A survey of almost 900 UK investors by Butterfield Mortgages reveals that nearly half have lost money due to the volatility caused by the pandemic. In times of uncertainty, investors will naturally favour a safer investment route as they look to protect their current investments.
As a result 35 per cent of investors with portfolios worth over £10,000 have already shifted from high risk to low risk assets this year. And this trend is set to continue into 2021 as they grapple with the fallout from the pandemic and Brexit. Some 59 per cent of investors are prioritising safer assets next year, which rises to 63 per cent for investors with a portfolio valued over £50,000.
As well as caution over market volatility, investors are holding back on making investments until there is a return to some semblance of normality. Butterfield’s survey found that 47 per cent of respondents do not plan to make any investment decisions until they can physically meet with financial service providers and advisers.
Previous research suggests many investors are flocking to cash even with interest rates at historic lows and the Bank of England mulling negative interest rates, in large part because economic and job uncertainty is pushing people towards savings.
“With the government’s recent Spending Review highlighting the vast economic repercussions of COVID-19, it is clear why investors are hesitant and not planning to make major decisions until there is greater certainty,” said Alpa Bhakta, chief executive of Butterfield Mortgages.


cityam--2020-12-03--Positive coronavirus tests fall 28 per cent as England's lockdown makes its mark

Positive Covid cases dropped more than a quarter in England last week , according to the latest Test and Trace figures , as the country begins to feel the effects of the nationwide lockdown .
Figures from the Department for Health and Social Care ( DHSC ) found that just over 110,000 people in England tested positive for coronavirus in England in the week to 25 November , marking a 28 per cent slump on the previous week .
Read more : From today London is in Tier 2 : Do you know all the new rules ?
For the @ @ @ @ @ @ @ and Trace boosted the number of contacts traced over the 70 per cent mark , after chief executive Baroness Dido Harding faced a grilling over the app ’ s performance .
The latest figures showed that 72.5 per cent of the 246,604 people identified as a close contact of someone who tested positive for Covid-19 in the week to 25 November were asked to self-isolate .
It marks a significant improvement on the 60 per cent success rate seen in recent weeks , which last week meant Test and Trace failed to reach @ @ @ @ @ @ @ recent tweaks to the system mean the overall number of contacts now being traced by Harding ’ s scheme has dropped significantly .
“ Under-18s in a household will no longer be contact traced individually , providing the parent or guardian in the household confirms they have completed their legal duty to inform their child to self-isolate , ” DHSC announced today .
“ This operational improvement has resulted in an increase in the proportion of contacts reached , and the proportion reached within 24 hours.
” Harding ’ s Test and Trace @ @ @ @ @ @ @ inception six months ago .
A spreadsheet error last month meant almost 16,000 positive cases were missed and added to the nation ’ s coronavirus tally weeks later .
Documents leaked to Sky News last week unveiled plans from Test and Trace bosses to “ rebuild public trust ” among local councils , as the app repeatedly fails to meet targets .
It comes after the UK reported a further 16,170 coronavirus cases and 648 deaths yesterday .
Read more : Pfizer vaccine to be rolled out across 50 hospital hubs from next @ @ @ @ @ @ @ “ help is on the way ” , as Britain ’ s drug regulatory body yesterday gave the green light for the Pfizer/Biontech vaccine to be rolled out to the public .
The government has ordered 40m doses of the vaccine , with the first 800,000 — enough to vaccinate 400,000 people — set to be distributed to hospital hubs across the UK over the next few days .

Positive coronavirus tests fall 28 per cent as England’s lockdown makes its mark
Positive Covid cases dropped more than a quarter in England last week, according to the latest Test and Trace figures, as the country begins to feel the effects of the nationwide lockdown.
Figures from the Department for Health and Social Care (DHSC) found that just over 110,000 people in England tested positive for coronavirus in England in the week to 25 November, marking a 28 per cent slump on the previous week.
For the first time in months, NHS Test and Trace boosted the number of contacts traced over the 70 per cent mark, after chief executive Baroness Dido Harding faced a grilling over the app’s performance.
The latest figures showed that 72.5 per cent of the 246,604 people identified as a close contact of someone who tested positive for Covid-19 in the week to 25 November were asked to self-isolate.
It marks a significant improvement on the 60 per cent success rate seen in recent weeks, which last week meant Test and Trace failed to reach almost 138,000 Covid contacts.
However, recent tweaks to the system mean the overall number of contacts now being traced by Harding’s scheme has dropped significantly.
“Under-18s in a household will no longer be contact traced individually, providing the parent or guardian in the household confirms they have completed their legal duty to inform their child to self-isolate,” DHSC announced today.
“This operational improvement has resulted in an increase in the proportion of contacts reached, and the proportion reached within 24 hours.”
Harding’s Test and Trace has been beleaguered with hiccups since its inception six months ago. A spreadsheet error last month meant almost 16,000 positive cases were missed and added to the nation’s coronavirus tally weeks later.
Documents leaked to Sky News last week unveiled plans from Test and Trace bosses to “rebuild public trust” among local councils, as the app repeatedly fails to meet targets.
Pascale Robinson, campaign officer at We Own It said: “Another week has gone by, and we’re seeing yet more abject failure from the privatised national test, track and trace system.
“Changing the way the data is measured might paper over the cracks, but it doesn’t change the fact that the system is failing.”
It comes after the UK reported a further 16,170 coronavirus cases and 648 deaths yesterday.
Health secretary Matt Hancock assured that “help is on the way”, as Britain’s drug regulatory body yesterday gave the green light for the Pfizer/Biontech vaccine to be rolled out to the public.
The government has ordered 40m doses of the vaccine, with the first 800,000 — enough to vaccinate 400,000 people — set to be distributed to hospital hubs across the UK over the next few days.