cityam--2020-05-25--Hulsman: The world through China's eyes

Hulsman: The world through China's eyes

Modern China begins with Deng Xiaoping , the most important man of the twentieth century westerners know next to nothing about .
Deng ’ s story makes up the final chapter of my most recent book , To Dare More Boldly : The Audacious Story Of Political Risk ; in it I chart his magical act of political alchemy .
Surveying the wreckage inflicted on his country by the lunacy of Mao ’ s Cultural Revolution , Deng transferred the Mandate of Heaven—China ’ s traditional rationale for the political legitimacy—from radical Marxism to nationalism and capitalism , very organic @ @ @ @ @ @ @ sleight of hand worked beyond Deng ’ s wildest dreams , transforming the country from a desperately poor backwater to today ’ s superpower status .
It is still from this vantage point that Beijing views today ’ s coronavirus crisis , a hinge point in history if ever there was one .
This past week China ’ s National People ’ s Congress convened , offering clues as to the country ’ s future direction .
That is because the week-long rubber-stamp parliament unveils what the ruling Politburo is thinking and doing @ @ @ @ @ @ @ First , economically the Chinese Communist Party ( CCP ) has made it crystal clear that these are unprecedented times for its economy .
For the first time since 1990 , given the vast global economic turbulence unleashed by the coronavirus , Premier Li Keqiang announced the party would not be setting an actual growth goal , as to do so was unrealistic .
Indeed , due to it being the first major country to be struck with the virus , Beijing recorded a GDP decline of 6.8 % in the first quarter @ @ @ @ @ @ @ first economic contraction since 1992 .
However , given that it has just about overcome this first wave of the coronavirus—thus giving Beijing the advantage of economically emerging from the global pandemic well ahead of its western competitors—China ’ s economic situation is relatively good .
Paramount Leader Xi Jinping , ensconced in power since 2012 , has certainly lived up to Deng ’ s Mandate of Heaven , as China ’ s economy is in better shape than any other major rival .
Second , and in line with Deng ’ s @ @ @ @ @ @ @ , Xi is significantly tightening the reins .
The key for Deng was that Hong Kong return to Beijing and be firmly under its control , as would be western outliers Tibet and Xinjiang Province .
Brutally , the latter two have remained subjugated—in the case of Xinjiang by the horrific internment of up to 1 million Uighurs .
Hong Kong has proven a tougher nut to crack .
Over this past year popular local protests have broken out , initially centred around a proposed arcane extradition law , which later blossomed into @ @ @ @ @ @ @ s rule itself .
Xi ’ s initial response to the protests failed to placate anyone ; it was too overbearing to satisfy the protestors and not tough enough to silence dissent .
But with the coming of the National People ’ s Conference , it is clear Xi ’ s patience with the semi-rebellious , semi-autonomous city is wearing thin .
On its first day , the conference proposed a leadership-sponsored bill to the rubber-stamp parliament designed to prevent and punish subversion , terrorism , separatism , and foreign interference , ‘ @ @ @ @ @ @ @ security.
’ The bill goes on , saying that central government security organs can be established in the territory for the first time .
When enacted and if implemented , such a draconian law heralds nothing less than the definitive end of the territory ’ s 23 years of constitutional autonomy and legal separation from Beijing .
Convinced that the virus has given him a strategic advantage , Xi is pushing ahead , determined to finally crack down on pesky Hong Kong .
It is in Deng ’ s insight that the Mandate @ @ @ @ @ @ @ on Chinese nationalism and capitalism that the incipient Cold War with the US should be viewed .
From China ’ s eyes , a distracted and discredited America—Donald Trump ’ s erratic ramblings during his endless press conferences have done the country ’ s image no favours—while still a formidable long-term rival , is too preoccupied with the Great Depression to come to do much of anything as he tightens the screws .
In essence , with the sea change in American thinking about China , Xi has for the present given up @ @ @ @ @ @ @ .
Xi clearly believes that following US outrage over Beijing ’ s wilful misinformation about the virus , which allowed its dramatic spread to the rest of the world , ties can not get much worse .
As such , as the People ’ s Congress attests to , for Xi there is little downside in bolstering the CCP ’ s Mandate of Heaven over both economic and territorial issues .
This is a Cold War that could well turn frigid .

Hulsman: The world through China’s eyes
Modern China begins with Deng Xiaoping, the most important man of the twentieth century westerners know next to nothing about. Deng’s story makes up the final chapter of my most recent book, To Dare More Boldly: The Audacious Story Of Political Risk; in it I chart his magical act of political alchemy.
Surveying the wreckage inflicted on his country by the lunacy of Mao’s Cultural Revolution, Deng transferred the Mandate of Heaven—China’s traditional rationale for the political legitimacy—from radical Marxism to nationalism and capitalism, very organic traits in Chinese society. This ideological sleight of hand worked beyond Deng’s wildest dreams, transforming the country from a desperately poor backwater to today’s superpower status. It is still from this vantage point that Beijing views today’s coronavirus crisis, a hinge point in history if ever there was one.
This past week China’s National People’s Congress convened, offering clues as to the country’s future direction. That is because the week-long rubber-stamp parliament unveils what the ruling Politburo is thinking and doing regarding both domestic and foreign issues.
First, economically the Chinese Communist Party (CCP) has made it crystal clear that these are unprecedented times for its economy. For the first time since 1990, given the vast global economic turbulence unleashed by the coronavirus, Premier Li Keqiang announced the party would not be setting an actual growth goal, as to do so was unrealistic. Indeed, due to it being the first major country to be struck with the virus, Beijing recorded a GDP decline of 6.8% in the first quarter of 2020, the country’s first economic contraction since 1992.
However, given that it has just about overcome this first wave of the coronavirus—thus giving Beijing the advantage of economically emerging from the global pandemic well ahead of its western competitors—China’s economic situation is relatively good. Paramount Leader Xi Jinping, ensconced in power since 2012, has certainly lived up to Deng’s Mandate of Heaven, as China’s economy is in better shape than any other major rival.
Second, and in line with Deng’s admonition to ground CCP legitimacy in nationalism, Xi is significantly tightening the reins. The key for Deng was that Hong Kong return to Beijing and be firmly under its control, as would be western outliers Tibet and Xinjiang Province. Brutally, the latter two have remained subjugated—in the case of Xinjiang by the horrific internment of up to 1 million Uighurs.
Hong Kong has proven a tougher nut to crack. Over this past year popular local protests have broken out, initially centred around a proposed arcane extradition law, which later blossomed into a more comprehensive critique of Beijing’s rule itself. Xi’s initial response to the protests failed to placate anyone; it was too overbearing to satisfy the protestors and not tough enough to silence dissent. But with the coming of the National People’s Conference, it is clear Xi’s patience with the semi-rebellious, semi-autonomous city is wearing thin.
On its first day, the conference proposed a leadership-sponsored bill to the rubber-stamp parliament designed to prevent and punish subversion, terrorism, separatism, and foreign interference, ‘or any acts that seriously endanger national security.’ The bill goes on, saying that central government security organs can be established in the territory for the first time.
When enacted and if implemented, such a draconian law heralds nothing less than the definitive end of the territory’s 23 years of constitutional autonomy and legal separation from Beijing. Convinced that the virus has given him a strategic advantage, Xi is pushing ahead, determined to finally crack down on pesky Hong Kong.
It is in Deng’s insight that the Mandate of Heaven for the CCP is founded on Chinese nationalism and capitalism that the incipient Cold War with the US should be viewed. From China’s eyes, a distracted and discredited America—Donald Trump’s erratic ramblings during his endless press conferences have done the country’s image no favours—while still a formidable long-term rival, is too preoccupied with the Great Depression to come to do much of anything as he tightens the screws.
In essence, with the sea change in American thinking about China, Xi has for the present given up on Sino-American relations as a lost cause. Xi clearly believes that following US outrage over Beijing’s wilful misinformation about the virus, which allowed its dramatic spread to the rest of the world, ties cannot get much worse. As such, as the People’s Congress attests to, for Xi there is little downside in bolstering the CCP’s Mandate of Heaven over both economic and territorial issues. This is a Cold War that could well turn frigid.


cityam--2020-05-25--Closing the backdoor to EU dumping

Closing the backdoor to EU dumping

Full sovereignty is fundamental to the UK ’ s success in the post-Brexit future .
For it to be achieved a number of loose ends left by the Brexit withdrawal process must be tied up .
This should now be a priority for the future trade deal , so the UK can ensure UK citizens and businesses can compete fairly in the global markets .
In particular , the world ’ s trade law regime recognises that independent states are free to protect their domestic industries from unfair trade dumping and subsidisation from abroad , by levying tariffs to maintain @ @ @ @ @ @ @ attributes of statehood and the intended result of Brexit .
As such , they should be reflected in post-Brexit UK-EU arrangements with little difficulty .
The Withdrawal Agreement commits both parties to using ‘ good faith ’ and ‘ best endeavours ’ to achieve a new , sovereign-to-sovereign relationship by the end of this year .
Yet loose ends arise because there are many aspects of the Withdrawal Agreement that are at odds with a sovereign outcome and need to be appropriately replaced as part of the new relationship .
The most notable @ @ @ @ @ @ @ an apparently obscure , but dangerous , section which puts Northern Ireland under EU sovereignty for goods and agrigoods .
This was inherited from the previous administration and , although its significance was apparent , it was allowed to survive as a stepping stone , meeting EU legalism in the only way the EU would accept , by providing for an invisible , north-south Irish border if no trade deal were reached by the year end .
Crucially , the EU committed to avoid such an outcome and to use every effort to @ @ @ @ @ @ @ terms .
So today we are left with a Protocol that provides for a theoretically inconceivable failure to reach a free trade agreement .
Riddled with EU law it would enable the EU to restrict the UK ’ s competitiveness and encroach on the status of Northern Ireland itself in terms of sovereignty .
It applies the politically charged EU State aid rules to the whole of the UK , giving the European Commission executive authority over important matters of UK economic policy such as tax relief or other incentivisations for UK businesses @ @ @ @ @ @ @ the judgement of the ECJ ) distort trade across the Irish border .
It also creates a border across the Irish Sea .
As such , the end result is unworkable and is not the result the parties committed to achieve .
Importantly , the EU has committed to recognise the UK ’ s ability to protect its single market .
The Protocol would defeat this because it would restrict the UK from charging tariffs , as it entitled to do ( under WTO law ) , to protect its businesses ’ Northern @ @ @ @ @ @ @ subsidisations from EU producers – which already occur and are getting worse because of the economic effects of Covid19 .
First , northern Eurozone exporters are accumulating unparalleled trade surpluses due to the structurally low currency value , caused by the lack of a single Eurozone sovereign backer for the zone and by the indebtedness of the southern states ( for which the north avoids joint fiscal responsibility ) .
Secondly , the Eurozone ’ s TARGET2 arrangements provide unlimited financing to Eurozone buyers from ( predominantly ) northern Eurozone producers , unfairly @ @ @ @ @ @ @ exports into Northern Ireland are subsidised by artificially cheap financing from Eurozone – including Irish – banks since they do not carry the cost of the financial risk inherent in the Eurozone ’ s legal structure , which operates on the false assumption that Eurozone member state debt is riskless , allowing lower bank overheads than would arise were international standards properly applied .
This assumption is false because Eurozone states each borrow in what is essentially a foreign currency they can not control individually and so are constantly at risk of defaulting @ @ @ @ @ @ @ the UK is to ensure these Withdrawal Agreement provisions are replaced under the future UK-EU arrangement .
The nonsense of the EU ’ s insistence on splitting the Withdrawal Agreement discussions from future trade is now all too clear .
We must put in place an invisible North-South ( not East-West ) border , but in a manner that ensures both parties can operate their own single market and fulfil their commitments to a free trade agreement that respects this .
Any tariffs and verifications that are still needed can be kept to @ @ @ @ @ @ @ enforcement , under which each side would collect each other ’ s residual tariffs and enforce ( in whatever way it sees fit ) the remaining checks of the other party against its own exporters across the border .
If either party finds evidence of consistent , material breach , it can claim damages through an independent tribunal system .
Both sides can then do what they want in their legal systems , and apply whatever protective tariffs they are entitled to apply , in the UK ’ s case defending itself from @ @ @ @ @ @ @ .
Now is the time for the UK to use its sovereign power to champion solutions to which the EU too can agree , consistent with its goals and as a matter of good faith .
It is only then that a sovereign-to-sovereign trading relationship can be achieved .
Barnabas Reynolds is at Shearman & Sterling LLP , author of A Template for Enhanced Equivalence and co-author of Managing Euro Risk , published by Politeia .

Closing the backdoor to EU dumping
Full sovereignty is fundamental to the UK’s success in the post-Brexit future. For it to be achieved a number of loose ends left by the Brexit withdrawal process must be tied up.
This should now be a priority for the future trade deal, so the UK can ensure UK citizens and businesses can compete fairly in the global markets. In particular, the world’s trade law regime recognises that independent states are free to protect their domestic industries from unfair trade dumping and subsidisation from abroad, by levying tariffs to maintain fair competition.
These protections are fundamental attributes of statehood and the intended result of Brexit. As such, they should be reflected in post-Brexit UK-EU arrangements with little difficulty.
Read more: Progress lacking in Brexit negotiations
The Withdrawal Agreement commits both parties to using ‘good faith’ and ‘best endeavours’ to achieve a new, sovereign-to-sovereign relationship by the end of this year. Yet loose ends arise because there are many aspects of the Withdrawal Agreement that are at odds with a sovereign outcome and need to be appropriately replaced as part of the new relationship.
The most notable issue relates to Northern Ireland, through an apparently obscure, but dangerous, section which puts Northern Ireland under EU sovereignty for goods and agrigoods. This was inherited from the previous administration and, although its significance was apparent, it was allowed to survive as a stepping stone, meeting EU legalism in the only way the EU would accept, by providing for an invisible, north-south Irish border if no trade deal were reached by the year end.
Crucially, the EU committed to avoid such an outcome and to use every effort to reach a sovereignty-compliant deal on the agreed terms.
So today we are left with a Protocol that provides for a theoretically inconceivable failure to reach a free trade agreement.
Riddled with EU law it would enable the EU to restrict the UK’s competitiveness and encroach on the status of Northern Ireland itself in terms of sovereignty. It applies the politically charged EU State aid rules to the whole of the UK, giving the European Commission executive authority over important matters of UK economic policy such as tax relief or other incentivisations for UK businesses where these could in theory (in the judgement of the ECJ) distort trade across the Irish border. It also creates a border across the Irish Sea. As such, the end result is unworkable and is not the result the parties committed to achieve.
Importantly, the EU has committed to recognise the UK’s ability to protect its single market. The Protocol would defeat this because it would restrict the UK from charging tariffs, as it entitled to do (under WTO law), to protect its businesses’ Northern Ireland operations from trade dumping and unfair subsidisations from EU producers – which already occur and are getting worse because of the economic effects of Covid19.
First, northern Eurozone exporters are accumulating unparalleled trade surpluses due to the structurally low currency value, caused by the lack of a single Eurozone sovereign backer for the zone and by the indebtedness of the southern states (for which the north avoids joint fiscal responsibility).
Secondly, the Eurozone’s TARGET2 arrangements provide unlimited financing to Eurozone buyers from (predominantly) northern Eurozone producers, unfairly subsidising those producers.
Thirdly, EU exports into Northern Ireland are subsidised by artificially cheap financing from Eurozone – including Irish – banks since they do not carry the cost of the financial risk inherent in the Eurozone’s legal structure, which operates on the false assumption that Eurozone member state debt is riskless, allowing lower bank overheads than would arise were international standards properly applied.
This assumption is false because Eurozone states each borrow in what is essentially a foreign currency they cannot control individually and so are constantly at risk of defaulting on their debts.
The task for the UK is to ensure these Withdrawal Agreement provisions are replaced under the future UK-EU arrangement.
The nonsense of the EU’s insistence on splitting the Withdrawal Agreement discussions from future trade is now all too clear. We must put in place an invisible North-South (not East-West) border, but in a manner that ensures both parties can operate their own single market and fulfil their commitments to a free trade agreement that respects this.
Any tariffs and verifications that are still needed can be kept to a minimum and be subject to mutual enforcement, under which each side would collect each other’s residual tariffs and enforce (in whatever way it sees fit) the remaining checks of the other party against its own exporters across the border. If either party finds evidence of consistent, material breach, it can claim damages through an independent tribunal system. Both sides can then do what they want in their legal systems, and apply whatever protective tariffs they are entitled to apply, in the UK’s case defending itself from the unfair trading practices of the Eurozone.
Now is the time for the UK to use its sovereign power to champion solutions to which the EU too can agree, consistent with its goals and as a matter of good faith. It is only then that a sovereign-to-sovereign trading relationship can be achieved.
Barnabas Reynolds is at Shearman & Sterling LLP, author of A Template for Enhanced Equivalence and co-author of Managing Euro Risk, published by Politeia.


cityam--2020-05-25--Boris Johnson sets out plans for shops and markets to reopen

The Prime Minister has set out plans for the second phase of easing lockdown restrictions from next week , which includes opening non-essential shops from 15 June .
Boris Johnson said there will be a formal assessment of easing the coronavirus lockdown restrictions on Thursday as part of the legal review .
However , he has revealed plans to allow outdoor markets and car showrooms to open from 1 June .
He said : “ We know transmission is lower outdoors and it is easier to follow social distancing guidelines in open spaces.
” “ We can also allow open @ @ @ @ @ @ @ that does not risk causing a second wave.
” The PM also said he intends to allow all other non-essential retail , including department stores and independent shops , to reopen from 15 June .
He added : “ This is contingent on progress against the five tests and will only be permitted for premises that are Covid-secure.
” Updated workplace guidance for the retail sector to meet social distancing and hygiene criteria will be published .
A further 121 people in the UK have died with coronavirus , bringing the total to @ @ @ @ @ @ @ the second-lowest 24-hour increase since March , and includes deaths in hospitals , care homes and the wider community .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
It comes just after the PM ’ s adviser Dominic Cummings made a statement in Downing Street .
He said he did not regret breaking lockdown measures to drive to Durham , saying it was an “ exceptional circumstance ” .
Cummings said his wife had fallen ill on 27 March and @ @ @ @ @ @ @ contact with people with coronavirus symptoms as well as safety issues at home due to “ media reports ” , Cummings drove to Durham to his parents ’ property with his wife and young son .
The PM came out in support of Cummings in Sunday ’ s press briefing , saying he had acted “ legally , reasonably and with integrity ” .
However , it emerged on Saturday that Cummings had been spotted on two other occasions in Durham in April .
Cummings clarified today that the drive to Barnard Castle @ @ @ @ @ @ @ was denied by Number 10 on Sunday , was intended to “ test ” his eyesight after suffering with coronavirus symptoms .
Johnson is facing criticism for his handling of the crisis from his own backbenchers as well as from senior Church of England figures and scientists advising ministers on the crisis .
Cummings clarified he had not told the PM after travelling because Johnson had just tested positive for coronavirus and “ had a million things on his plate.
” Today , Johnson said he thinks Cummings mentioned the trip but “ @ @ @ @ @ @ @ his ] plate ” .
He added he “ regrets the confusion , the anger and the pain ” over the situation .
Get the news as it happens by following City A.M. on Twitter .

Boris Johnson sets out plans for shops and markets to reopen
LONDON, ENGLAND – MAY 03: A bread stall holder wearing a face mask serves a customer at Blackheath Farmers Market on May 3, 2020 in London, England. (Photo by Chris J Ratcliffe/Getty Images)
The Prime Minister has set out plans for the second phase of easing lockdown restrictions from next week, which includes opening non-essential shops from 15 June.
Boris Johnson said there will be a formal assessment of easing the coronavirus lockdown restrictions on Thursday as part of the legal review. However, he has revealed plans to allow outdoor markets and car showrooms to open from 1 June.
He said: “We know transmission is lower outdoors and it is easier to follow social distancing guidelines in open spaces.”
“We can also allow open markets to reopen in a safe way that does not risk causing a second wave.”
The PM also said he intends to allow all other non-essential retail, including department stores and independent shops, to reopen from 15 June. He added: “This is contingent on progress against the five tests and will only be permitted for premises that are Covid-secure.”
Updated workplace guidance for the retail sector to meet social distancing and hygiene criteria will be published.
A further 121 people in the UK have died with coronavirus, bringing the total to 26,914.
The increase in deaths is the second-lowest 24-hour increase since March, and includes deaths in hospitals, care homes and the wider community.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
Boris’ aide doesn’t regret breaking coronavirus lockdown
It comes just after the PM’s adviser Dominic Cummings made a statement in Downing Street. He said he did not regret breaking lockdown measures to drive to Durham, saying it was an “exceptional circumstance”.
Cummings said his wife had fallen ill on 27 March and, worried he had also been in contact with people with coronavirus symptoms as well as safety issues at home due to “media reports”, Cummings drove to Durham to his parents’ property with his wife and young son.
The PM came out in support of Cummings in Sunday’s press briefing, saying he had acted “legally, reasonably and with integrity”.
However, it emerged on Saturday that Cummings had been spotted on two other occasions in Durham in April.
Cummings clarified today that the drive to Barnard Castle with his wife and son, which was denied by Number 10 on Sunday, was intended to “test” his eyesight after suffering with coronavirus symptoms.
Johnson is facing criticism for his handling of the crisis from his own backbenchers as well as from senior Church of England figures and scientists advising ministers on the crisis.
Cummings clarified he had not told the PM after travelling because Johnson had just tested positive for coronavirus and “had a million things on his plate.”
Today, Johnson said he thinks Cummings mentioned the trip but “had a lot of things on [his] plate”. He added he “regrets the confusion, the anger and the pain” over the situation.
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-05-25--UK coronavirus death toll rises by 121 to 36,914

A further 121 people in the UK have died with coronavirus , bringing the total to 36,914 .
The increase @ @ @ @ @ 24-hour increase since March , and includes deaths in hospitals , care homes and the @ @ @ @ @ coronavirus deaths and cases are declining , there is usually a lag in the figures @ @ @ @ @ bank holidays , and often don ’ t offer the full picture .
In the @ @ @ @ @ Monday , 73,726 tests were carried out or dispatched with 1,624 positive results .
However @ @ @ @ @ was unavailable , according to the Department of Health .
Overall , more than 3.5m @ @ @ @ @ 261,184 cases have been confirmed positive .
Fifty-nine of the deaths took place in England @ @ @ @ @ of confirmed reported deaths in hospitals in England to 25,750 .
Get the news as @ @ @ @ @ A.M. on Twitter .

UK coronavirus death toll rises by 121 to 36,914
(Photo by Christopher Furlong/Getty Images)
A further 121 people in the UK have died with coronavirus, bringing the total to 36,914.
The increase in deaths is the second-lowest 24-hour increase since March, and includes deaths in hospitals, care homes and the wider community.
Although UK coronavirus deaths and cases are declining, there is usually a lag in the figures reported at weekends and on bank holidays, and often don’t offer the full picture.
In the 24 hours to 9am on Monday, 73,726 tests were carried out or dispatched with 1,624 positive results. However the number of people tested was unavailable, according to the Department of Health.
Overall, more than 3.5m tests have been carried and 261,184 cases have been confirmed positive.
Fifty-nine of the deaths took place in England, bringing the total number of confirmed reported deaths in hospitals in England to 25,750.
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-05-25--Dominic Cummings: 'I don't regret what I did'

Dominic Cummings has said he does not regret breaking lockdown measures and has defended his trip to his parents ’ house in Durham .
Cummings has been under fire since a joint investigation by the Mirror and the Guardian revealed he , his wife and young son had travelled to his parents ’ house in Durham in late March , when his wife developed coronavirus symptoms .
The PM ’ s aide today said he thought his behaviour was reasonable since dealing with small children was an “ exceptional circumstance.
” Cummings said “ it ’ s not just a @ @ @ @ @ @ @ they describe “ various exceptional circumstances where it may not be possible to follow the rules ” .
However , it emerged on Saturday that Cummings had been spotted on two other occasions in Durham in April .
Cummings clarified today that the drive to Barnard Castle with his wife and son , which was denied by Number 10 on Sunday , was intended to “ test ” his eyesight after suffering with coronavirus symptoms .
He added that the reported walk in the woods was on “ private land ” and he @ @ @ @ @ @ @ it was perfectly reasonable behaviour ” .
He admitted it “ would have been better to make this statement earlier ” but he acted “ reasonably and legally ” .
He said he hadn ’ t offered his resignation to the PM or considered resigning .
Cummings said his wife had fallen ill on 27 March and , worried he had also been in contact with people with coronavirus symptoms as well as safety issues at home due to “ media reports ” , Cummings drove to Durham to his parents ’ property @ @ @ @ @ @ @ Under lockdown rules , anyone developing Covid-19 symptoms must stay at home .
The Prime Minister doubled down on his support for Cummings in Sunday ’ s press briefing .
He said Cummings had acted “ legally , reasonably and with integrity ” when he drove to his parents ’ house in Durham .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
In justifying his actions today , Cummings blamed the media .
“ The media have reported incorrect stories @ @ @ @ @ @ @ been shouted at in the street , ” he said in Downing Street .
Johnson has faced criticism for his handling of the crisis from his own backbenchers as well as from senior Church of England figures and scientists advising ministers on the crisis .
Cummings clarified he had not told the PM after travelling because Johnson had just tested positive for coronavirus and “ had a million things on his plate.
” Earlier today , Durham ’ s acting police and crime commissioner , Steve White , wrote to the chief constable @ @ @ @ @ @ @ the facts concerning any potential breach of the law or regulations in this matter at any juncture.
” Durham Constabulary later confirmed they had spoken to Cummings ’ s father but offered “ no specific advice ” on the lockdown , despite an earlier statement saying they had .
“ We can confirm that our office gave no specific advice on coronavirus to any members of the family and that Durham Constabulary deemed that no further action was required in that regard , ” they said in a statement .
Durham police added @ @ @ @ @ @ @ family .
This is a breaking news story .
More to follow .
Get the news as it happens by following City A.M. on Twitter .

Dominic Cummings: ‘I don’t regret what I did’
Dominic Cummings will resign by the end of the year
Dominic Cummings has said he does not regret breaking lockdown measures and has defended his trip to his parents’ house in Durham.
Cummings has been under fire since a joint investigation by the Mirror and the Guardian revealed he, his wife and young son had travelled to his parents’ house in Durham in late March, when his wife developed coronavirus symptoms.
The PM’s aide today said he thought his behaviour was reasonable since dealing with small children was an “exceptional circumstance.”
Cummings said “it’s not just a simple matter of regulations” and said they describe “various exceptional circumstances where it may not be possible to follow the rules”.
However, it emerged on Saturday that Cummings had been spotted on two other occasions in Durham in April.
Cummings clarified today that the drive to Barnard Castle with his wife and son, which was denied by Number 10 on Sunday, was intended to “test” his eyesight after suffering with coronavirus symptoms.
He added that the reported walk in the woods was on “private land” and he “did not leave the property – it was perfectly reasonable behaviour”.
He admitted it “would have been better to make this statement earlier” but he acted “reasonably and legally”. He said he hadn’t offered his resignation to the PM or considered resigning.
Cummings said his wife had fallen ill on 27 March and, worried he had also been in contact with people with coronavirus symptoms as well as safety issues at home due to “media reports”, Cummings drove to Durham to his parents’ property with his wife and young son.
Under lockdown rules, anyone developing Covid-19 symptoms must stay at home.
The Prime Minister doubled down on his support for Cummings in Sunday’s press briefing. He said Cummings had acted “legally, reasonably and with integrity” when he drove to his parents’ house in Durham.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
In justifying his actions today, Cummings blamed the media. “The media have reported incorrect stories that have caused anger… I’ve been shouted at in the street,” he said in Downing Street.
Johnson has faced criticism for his handling of the crisis from his own backbenchers as well as from senior Church of England figures and scientists advising ministers on the crisis.
Cummings clarified he had not told the PM after travelling because Johnson had just tested positive for coronavirus and “had a million things on his plate.”
Earlier today, Durham’s acting police and crime commissioner, Steve White, wrote to the chief constable Jo Farrell “asking her to establish the facts concerning any potential breach of the law or regulations in this matter at any juncture.”
Durham Constabulary later confirmed they had spoken to Cummings’s father but offered “no specific advice” on the lockdown, despite an earlier statement saying they had.
“We can confirm that our office gave no specific advice on coronavirus to any members of the family and that Durham Constabulary deemed that no further action was required in that regard,” they said in a statement. Durham police added that they offered security advice to the family.
This is a breaking news story. More to follow.
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-05-25--All the Tory MPs who have called for Dominic Cummings to go

The Prime Minister is facing renewed pressure from Tory MPs to sack Dominic Cummings .
Boris Johnson has stood by his adviser Dominic Cummings despite growing calls for his resignation after breaking lockdown rules .
Number 10 initially batted off the Guardian and Mirror investigation into Cummings ’ movements during lockdown as activities of “ campaigning newspapers ” .
Read more : Dominic Cummings timeline : What we know of adviser ’ s lockdown movements However , Tory backbenchers have started to openly call for Cummings to resign or be sacked .
These are some of the MPs calling for @ @ @ @ @ @ @ and an executive of the 1922 Committee , Steve Baker is a powerful enemy to have on the backbenches .
He told Sky News ’ Sophy Ridge on Sunday : “ We are now in a nonsense position , a pantomime position where it seems if you wish to apply a wide common-sense interpretation to the rules you can do , at least if you work in Number 10.
” “ It ’ s ridiculous it ’ s got to stop and Dominic should go .
If he doesn ’ t resign , @ @ @ @ @ @ @ ’ political capital at a rate that we can ill-afford in the midst of the crisis.
” Another prominent Brexiteer , Peter Bone told Sky News there can not be a “ rule that applies to everyone except the government elite .
[ Cummings ] should have come out and apologised and said this was a bad mistake and I ’ m sorry about it and I shouldn ’ t have done it… But to try and pretend he didn ’ t break the rules just doesn ’ t stand up to scrutiny.
@ @ @ @ @ @ @ of Conservative MPs think Cummings should go .
After Boris Johnson spoke at the Downing Street briefing , the North Dorset MP , Simon Hoare , told the Daily Mail : “ The PM ’ s performance posed more questions than it answered .
Any residual hope that this might die away in the next 24 hours is lost.
” He also tweeted that Cummings ’ attitude is “ wounding the PM/government ” .
Read more : Durham Police formally asked to investigate if Dominic Cummings broke the law during lockdown Damian Collins @ @ @ @ @ @ @ situation and said the government would be better off without him .
Collins previously found Cummings in contempt of parliament for refusing to appear before the culture select committee , which he chaired .
Tim Loughton has been an outspoken critic of Cummings and said he should never have been appointed as an adviser in the first place .
Later on Sunday , Loughton issued a statement on Facebook in which he said : “ I have been concerned at the considerable damage that this story is doing to the Government and most @ @ @ @ @ @ @ the important work it needs to continue to do to keep us all safe.
” “ It is with regret therefore that I have come to the conclusion that the position of Dominic Cummings is untenable as the chief adviser to the Government and he must resign or be removed .
That is a great pity for someone who has contributed so much to Government in various forms and whose intellect and strategic thinking are truly impressive.
” “ But his continuing in the role any longer can only undermine the authority of @ @ @ @ @ @ @ a time when both need to be completely focussed on getting the nation through the next stage of the Coronavirus crisis.
” Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
Jason McCartney issued a similar statement on Facebook : “ We must have confidence that we are doing the right things for the right reasons and that we are all truly in it together .
For that reason I believe Mr Cummings ’ position is now untenable.
” After the @ @ @ @ @ @ @ Sir Roger Gale tweeted he was “ disappointed ” by the response ” .
The Calder Valley MP said Cummings ’ position as adviser to the PM was “ untenable ” .
He tweeted : “ I ’ m sure he took the decision in the best interests of his family but like every decision we take we also have to take responsibility for those decisions .
You can not advise the nation one thing then do the opposite.
” Read more : Watch : Islington neighbours heckle Dominic Cummings on way home @ @ @ @ @ @ @ was no longer tenable .
In a statement posted on Twitter , the York Outer MP said : “ Over the last 24 hours I have been contacted by a number of constitutents regarding Dominic Cummings.
” “ As more information is revealed , I believe it is becoming clearer that Dominic Cummings ’ position is no longer tenable and the government need to urgently refocus on our national priorities , namely our efforts to manage the Covid-19 outbreak.
” “ Ultimately this is a decision for the Prime Minister and I believe @ @ @ @ @ @ @ situation without delay .
Continued speculation only serves to exasperate the understandable anger felt by many of the public.
” Former Cabinet minister , Caroline Nokes , said : “ There can not be one rule for most of us and wriggle room for others.
” Syms tweeted : “ Whatever the merits of a government adviser they should never be the story or it detracts from central message which is to get us out of this crisis .
The adviser should go.
” Former minister Paul Maynard said : “ It is @ @ @ @ @ @ @ I say , not as I do ’ … It seems to me to be utterly indefensible and his position wholly untenable.
” Cummings ’ actions “ undermine the message , which was very clear that people should stay at home , ” Martin Vickers told SKy News .
“ I ’ m afraid Mr Cummings has let the government and Mr Johnson down in that respect .
He should have done the decent thing and stood down.
” Peter Aldous said he had previously been sympathetic to Cummings but this morning said @ @ @ @ @ @ @ families have gone through and what people are thinking and saying .
It is thus important that Dominic Cummings should now stand down.
” David Warbuton told the BBC his own father died alone as a result of the lockdown measures , and the Cummings story gives an impression of “ double standards ” .
“ Enough is really enough , I think he ’ s damaging the government and the country.
” Bob Stewart said Cummings had “ certainly destroyed the spirit of the rules by what he did .
It will @ @ @ @ @ @ @ the rest of the population , to accept the largely voluntary restraints we have lived under for 9 weeks.
” He went on to say his position is “ untenable ” .
The MP for Carlisle said the country had sacrificed “ a lot over the last few weeks .
People in positions of power have added responsibility.
” “ Therefore in my view in the interests of the country Mr Cummings should resign.
” Get the news as it happens by following City A.M. on Twitter .

All the Tory MPs who have called for Dominic Cummings to go
Photo by ISABEL INFANTES/AFP
The Prime Minister is facing renewed pressure from Tory MPs to sack Dominic Cummings.
Boris Johnson has stood by his adviser Dominic Cummings despite growing calls for his resignation after breaking lockdown rules.
Number 10 initially batted off the Guardian and Mirror investigation into Cummings’ movements during lockdown as activities of “campaigning newspapers”.
However, Tory backbenchers have started to openly call for Cummings to resign or be sacked.
These are some of the MPs calling for Cummings to go:
Steve Baker
A prominent Brexiteer and an executive of the 1922 Committee, Steve Baker is a powerful enemy to have on the backbenches. He told Sky News’ Sophy Ridge on Sunday: “We are now in a nonsense position, a pantomime position where it seems if you wish to apply a wide common-sense interpretation to the rules you can do, at least if you work in Number 10.”
“It’s ridiculous it’s got to stop and Dominic should go. If he doesn’t resign, he will just be burning through Boris’ political capital at a rate that we can ill-afford in the midst of the crisis.”
Peter Bone
Another prominent Brexiteer, Peter Bone told Sky News there cannot be a “rule that applies to everyone except the government elite. [Cummings] should have come out and apologised and said this was a bad mistake and I’m sorry about it and I shouldn’t have done it… But to try and pretend he didn’t break the rules just doesn’t stand up to scrutiny.”
He later said the vast majority of Conservative MPs think Cummings should go.
Simon Hoare
After Boris Johnson spoke at the Downing Street briefing, the North Dorset MP, Simon Hoare, told the Daily Mail: “The PM’s performance posed more questions than it answered. Any residual hope that this might die away in the next 24 hours is lost.”
He also tweeted that Cummings’ attitude is “wounding the PM/government”.
With the damage Mr Cummings is doing to the Government’s reputation he must consider his position. Lockdown has had its challenges for everyone. It’s his cavalier “I don’t care; I’m cleverer than you” tone that infuriates people. He is now wounding the PM/Govt & I don’t like that — Simon Hoare MP (@Simon4NDorset) May 24, 2020
Damian Collins
Damian Collins was scathing in his assessment of the situation and said the government would be better off without him. Collins previously found Cummings in contempt of parliament for refusing to appear before the culture select committee, which he chaired.
Dominic Cummings has a track record of believing that the rules don’t apply to him and treating the scrutiny that should come to anyone in a position of authority with contempt. The government would be better without him. — Damian Collins (@DamianCollins) May 24, 2020
Tim Loughton
Tim Loughton has been an outspoken critic of Cummings and said he should never have been appointed as an adviser in the first place.
Later on Sunday, Loughton issued a statement on Facebook in which he said: “I have been concerned at the considerable damage that this story is doing to the Government and most crucially to its authority to carry on the important work it needs to continue to do to keep us all safe.”
“It is with regret therefore that I have come to the conclusion that the position of Dominic Cummings is untenable as the chief adviser to the Government and he must resign or be removed. That is a great pity for someone who has contributed so much to Government in various forms and whose intellect and strategic thinking are truly impressive.”
“But his continuing in the role any longer can only undermine the authority of the Prime Minister and the Government at a time when both need to be completely focussed on getting the nation through the next stage of the Coronavirus crisis.”
I have said no such thing and it is a matter of public record that I am no fan of Cummings and would prefer that he had never been appointed in the first place. I prefer to base my views on the facts and you have clearly invented one so withdraw this at once. https://t.co/hYCLOsSzeh — Tim Loughton MP (@timloughton) May 24, 2020
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
Jason McCartney
Jason McCartney issued a similar statement on Facebook: “We must have confidence that we are doing the right things for the right reasons and that we are all truly in it together. For that reason I believe Mr Cummings’ position is now untenable.”
Sir Roger Gale
After the PM’s address on Sunday, Sir Roger Gale tweeted he was “disappointed” by the response”.
I am disappointed by the PMs response, this is a bad decision for the country & the administration. Due to the actions taken by Mr Cummings, I think people will now take more chances. The last thing we want is to see a resurgence in the disease. pic.twitter.com/1frYBH4ME9 — Sir Roger Gale MP (@SirRogerGale) May 24, 2020
Craig Whittaker
The Calder Valley MP said Cummings’ position as adviser to the PM was “untenable”.
He tweeted: “I’m sure he took the decision in the best interests of his family but like every decision we take we also have to take responsibility for those decisions. You cannot advise the nation one thing then do the opposite.”
Julian Sturdy
Julian Sturdy also said Cummings’ position was no longer tenable. In a statement posted on Twitter, the York Outer MP said: “Over the last 24 hours I have been contacted by a number of constitutents regarding Dominic Cummings.”
“As more information is revealed, I believe it is becoming clearer that Dominic Cummings’ position is no longer tenable and the government need to urgently refocus on our national priorities, namely our efforts to manage the Covid-19 outbreak.”
“Ultimately this is a decision for the Prime Minister and I believe that he needs to publicly address this situation without delay. Continued speculation only serves to exasperate the understandable anger felt by many of the public.”
Caroline Nokes
Former Cabinet minister, Caroline Nokes, said: “There cannot be one rule for most of us and wriggle room for others.”
I made my views clear to my whip yesterday. There cannot be one rule for most of us and wriggle room for others. My inbox is rammed with very angry constituents and I do not blame them. They have made difficult sacrifices over the course of the last 9 weeks. — Caroline Nokes MP (@carolinenokes) May 24, 2020
Robert Syms
Syms tweeted: “Whatever the merits of a government adviser they should never be the story or it detracts from central message which is to get us out of this crisis. The adviser should go.”
Paul Maynard
Former minister Paul Maynard said: “It is a classic case of ‘do as I say, not as I do’… It seems to me to be utterly indefensible and his position wholly untenable.”
It is a classic case of 'do as I say, not as I do' – and it is not as if he was unfamiliar with guidance he himself helped draw up.
It seems to me to be utterly indefensible and his position wholly untenable. 2/2 — Paul Maynard MP (@PaulMaynardUK) May 24, 2020
Martin Vickers
Cummings’ actions “undermine the message, which was very clear that people should stay at home,” Martin Vickers told SKy News.
“I’m afraid Mr Cummings has let the government and Mr Johnson down in that respect. He should have done the decent thing and stood down.”
Peter Aldous
Peter Aldous said he had previously been sympathetic to Cummings but this morning said: “The Government should recognise what families have gone through and what people are thinking and saying. It is thus important that Dominic Cummings should now stand down.”
At a time when the Country must move on to the next stage of defeating Covid-19, of getting back to work whilst ensuring that there is not a second peak, there must be no distraction from this challenge. (4/5) — Peter Aldous (@peter_aldous) May 25, 2020
David Warbuton
David Warbuton told the BBC his own father died alone as a result of the lockdown measures, and the Cummings story gives an impression of “double standards”.
“Enough is really enough, I think he’s damaging the government and the country.”
Bob Stewart
Bob Stewart said Cummings had “certainly destroyed the spirit of the rules by what he did. It will make it very difficult for us, the rest of the population, to accept the largely voluntary restraints we have lived under for 9 weeks.”
He went on to say his position is “untenable”.
John Stevenson
The MP for Carlisle said the country had sacrificed “a lot over the last few weeks. People in positions of power have added responsibility.”
“Therefore in my view in the interests of the country Mr Cummings should resign.”
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-05-25--Dominic Cummings timeline: What we know of adviser’s lockdown movements

The PM ’ s chief adviser Dominic Cummings is facing calls to resign after he allegedly broke lockdown rules to travel to his parents ’ home in Durham .
Boris Johnson has backed his aide saying he acted “ responsibly , legally and with integrity ” following a “ father ’ s instinct ” .
Cummings has said he made the journey to his parents ’ property for childcare reasons , but there are additional sightings that raise questions over his whereabouts .
Read more : Durham Police formally asked to investigate if Dominic Cummings broke the law during lockdown @ @ @ @ @ @ @ his trip so far : The government has said Cummings travelled to Durham before developing symptoms of coronavirus , which is said to have struck him before the weekend of the 28th-29th March .
Number 10 said Cummings and his wife had travelled north for help with childcare from Cummings ’ family .
But he and his wife did not need the childcare , according to Number 10 , instead relying on the family to deliver food .
Downing Street confirmed Dominic Cummings was suffering from coronavirus symptoms and was self-isolating .
Durham @ @ @ @ @ @ @ they were “ made aware of reports ” of Dominic Cummings ’ presence in the area .
Durham Constabulary told the Mirror and the Guardian that they had contacted the family to “ reiterate the appropriate advice around essential travel ” .
Downing Street insisted that at no stage were Cummings and his family spoken to by the police about the matter .
However an additional statement by Durham police released on Saturday , which stood by the claim , suggested Cummings ’ father had alerted the police to his presence .
On @ @ @ @ @ @ @ the BBC ’ s Andrew Marr that security was the “ key thing ” in the conversation between the police and his father .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
A witness told the Guardian and the Mirror that they had spotted Dominic Cummings standing outside the family home with his son , in a “ dar coat and thick tartan scarf , ” while Abba was playing loudly .
The Guardian reportedly asked Downing Street that same @ @ @ @ @ @ @ no comment .
Read more : Dominic Cummings to make statement as resignation calls grow Cummings allegedly made a trip to Barnard Castle , 30 miles from the family property , on 12 April .
It emerged after retired chemistry teacher , Robin Lees , told the Guardian and the Mirror that he had seen Cummings there .
Lees , who says he has a photographic memory , said he had a made a note of Dominic Cummings ’ numberplate and checked it online .
Over the weekend Shapps said the trip would @ @ @ @ @ @ @ quarantine period but the trip was not essential and is alleged to have been on his wife ’ s birthday .
That Easter weekend the government had emphasised the need for people to adhere to the lockdown rules .
The government has called the Guardian and Mirror ’ s investigation “ fake news ” and allegations from “ campaigning newspapers ” but have not disrupted Lees ’ account .
Dominic Cummings was photographed back in Downing Street on 14 April .
Read more : Watch : Islington neighbours heckle Dominic Cummings on way @ @ @ @ @ @ @ seen Dominic Cummings and his wife on a walk in Houghall Woods , near his parents ’ house in Durham .
According to the account , Cummings said : “ Aren ’ t the bluebells lovely ?
” Downing Street has claimed this is inaccurate and that Cummings did not return to Durham after returning to work on 14 April .
Shapps also said he understood the allegation to be false but the Guardian has said the witness is sticking by their story .
Get the news as it happens by following City @ @ @ @

Dominic Cummings timeline: What we know of adviser’s lockdown movements
(Photo by Chris J Ratcliffe/Getty Images)
The PM’s chief adviser Dominic Cummings is facing calls to resign after he allegedly broke lockdown rules to travel to his parents’ home in Durham.
Boris Johnson has backed his aide saying he acted “responsibly, legally and with integrity” following a “father’s instinct”. Cummings has said he made the journey to his parents’ property for childcare reasons, but there are additional sightings that raise questions over his whereabouts.
This is the timeline of events around his trip so far:
27 March
The government has said Cummings travelled to Durham before developing symptoms of coronavirus, which is said to have struck him before the weekend of the 28th-29th March.
Number 10 said Cummings and his wife had travelled north for help with childcare from Cummings’ family. But he and his wife did not need the childcare, according to Number 10, instead relying on the family to deliver food.
30 March
Downing Street confirmed Dominic Cummings was suffering from coronavirus symptoms and was self-isolating.
31 March
Durham police have confirmed that on 31 March they were “made aware of reports” of Dominic Cummings’ presence in the area. Durham Constabulary told the Mirror and the Guardian that they had contacted the family to “reiterate the appropriate advice around essential travel”.
Downing Street insisted that at no stage were Cummings and his family spoken to by the police about the matter. However an additional statement by Durham police released on Saturday, which stood by the claim, suggested Cummings’ father had alerted the police to his presence.
On Sunday, transport secretary Grant Shapps told the BBC’s Andrew Marr that security was the “key thing” in the conversation between the police and his father.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
5 April
A witness told the Guardian and the Mirror that they had spotted Dominic Cummings standing outside the family home with his son, in a “dar coat and thick tartan scarf,” while Abba was playing loudly.
The Guardian reportedly asked Downing Street that same day about the allegation who responded with no comment.
12 April
Cummings allegedly made a trip to Barnard Castle, 30 miles from the family property, on 12 April. It emerged after retired chemistry teacher, Robin Lees, told the Guardian and the Mirror that he had seen Cummings there.
Lees, who says he has a photographic memory, said he had a made a note of Dominic Cummings’ numberplate and checked it online.
Over the weekend Shapps said the trip would have come at the end of the quarantine period but the trip was not essential and is alleged to have been on his wife’s birthday. That Easter weekend the government had emphasised the need for people to adhere to the lockdown rules.
The government has called the Guardian and Mirror’s investigation “fake news” and allegations from “campaigning newspapers” but have not disrupted Lees’ account.
14 April
Dominic Cummings was photographed back in Downing Street on 14 April.
19 April
An anonymous witness said they had seen Dominic Cummings and his wife on a walk in Houghall Woods, near his parents’ house in Durham. According to the account, Cummings said: “Aren’t the bluebells lovely?”
Downing Street has claimed this is inaccurate and that Cummings did not return to Durham after returning to work on 14 April. Shapps also said he understood the allegation to be false but the Guardian has said the witness is sticking by their story.
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-05-26--O2 Arena stood down as NHS Nightingale training facility

The O2 Arena has been officially stood down more than 40 days after it was transformed into a training ground for frontline NHS workers fighting the coronavirus outbreak .
Owner AEG last month handed over the iconic London venue to serve as an educational training hub for staff required at the new NHS Nightingale hospital at the Excel centre .
Read more : Coronavirus : London ’ s NHS Nightingale to be placed ‘ on standby ’ The arena was initially put up for use until the end of June , but is no longer needed .
Downing Street earlier @ @ @ @ @ @ @ Nightingale had been put on standby and will no longer be admitting patients .
The NHS ’ 44-day stint at the concert hall means it has now secured the record for the longest residency at the O2 Arena — a title previously held by Prince , Michael McIntyre and Take That .
“ We ’ ve hosted some real heroes during these past few weeks and it has been a privilege for AEG , along with our partner O2 , to have been able to play our part during these challenging times , @ @ @ @ @ @ @ manager of the O2 .
“ This has been our most important residency to date and we ’ re grateful to the team for this special piece of artwork to remind us of such a poignant time.
” Read more : Boris Johnson sets out plans for shops and markets to reopen While the O2 currently remains closed , plans are underway to launch a phased reopening this summer , with the venue ’ s retail centre and Up at the O2 climbing activity set to reopen first .
All 120 members of @ @ @ @ @ @ @ facility have been invited back to Up at the O2 to climb over the landmark when it reopen in July .

O2 Arena stood down as NHS Nightingale training facility
The O2 Arena has been officially stood down more than 40 days after it was transformed into a training ground for frontline NHS workers fighting the coronavirus outbreak.
Owner AEG last month handed over the iconic London venue to serve as an educational training hub for staff required at the new NHS Nightingale hospital at the Excel centre.
The arena was initially put up for use until the end of June, but is no longer needed. Downing Street earlier this month said London’s NHS Nightingale had been put on standby and will no longer be admitting patients.
The NHS’ 44-day stint at the concert hall means it has now secured the record for the longest residency at the O2 Arena — a title previously held by Prince, Michael McIntyre and Take That.
“We’ve hosted some real heroes during these past few weeks and it has been a privilege for AEG, along with our partner O2, to have been able to play our part during these challenging times,” said Danielle Kennedy-Clark, deputy general manager of the O2.
“This has been our most important residency to date and we’re grateful to the team for this special piece of artwork to remind us of such a poignant time.”
While the O2 currently remains closed, plans are underway to launch a phased reopening this summer, with the venue’s retail centre and Up at the O2 climbing activity set to reopen first.
All 120 members of the NHS team who ran the training facility have been invited back to Up at the O2 to climb over the landmark when it reopen in July.


cityam--2020-05-26--McLaren to cut 1,200 jobs as coronavirus forces supercar firm to restructure

Supercar giant McLaren today announced it would cut 1,200 jobs across all of its operations due to the combination of the coronavirus pandemic and the new F1 price cap .
The redundancies , which were first reported by Sky , will account for about a quarter of the Surrey-based firm ’ s workforce of 4,000 .
Jobs will be cut across the group ’ s applied , automotive and racing businesses , as well as its support and back office functions .
The company is the latest car giant to be forced into making mass redundancies by the pandemic , @ @ @ @ @ @ @ the world .
Last week it was reported that McLaren was contemplating borrowing £275m against its collection of classic cars and its iconic Woking headquarters .
In a statement , the firm said that the cancellation of motorsport , the suspension of manufacturing and retail operations and the reduced need for technological solutions .
Group chairman Paul Walsh said : “ We now have no other choice but to reduce the size of our workforce ” .
He added : ‘ We deeply regret the impact the restructure will have on all our @ @ @ @ @ @ @ jobs may be affected .
“ It is a course of action we have worked hard to avoid , having already undertaken dramatic cost-saving measures across all areas of the business ” .
Read more : Jaguar Land Rover in talks over government loan Boris Johnson ’ s decision to allow two Grand Prixs to take place at Silverstone race course in July has provided a little respite for the firm , although the decision to cut the price cap for F1 teams from $ 175m to $ 145m was always likely to @ @ @ @ @ @ @ after a dire weekend for UK car manufacturers , with Jaguar Land Rover reported to be in talks with the government over a rescue package and Aston Martin announcing the departure of its chief executive .

McLaren to cut 1,200 jobs as coronavirus forces group restructuring
Supercar giant McLaren today announced it would cut 1,200 jobs across all of its operations due to the combination of the coronavirus pandemic and the new F1 price cap.
The redundancies, which were first reported by Sky, will account for about a quarter of the Surrey-based firm’s workforce of 4,000.
Jobs will be cut across the group’s applied, automotive and racing businesses, as well as its support and back office functions.
The company is the latest car giant to be forced into making mass redundancies by the pandemic, which has shuttered factories and showrooms around the world.
Last week it was reported that McLaren was contemplating borrowing £275m against its collection of classic cars and its iconic Woking headquarters.
In a statement, the firm said that the cancellation of motorsport, the suspension of manufacturing and retail operations and the reduced need for technological solutions.
Group chairman Paul Walsh said: “We now have no other choice but to reduce the size of our workforce”.
He added: ‘We deeply regret the impact the restructure will have on all our of people, but especially those whose jobs may be affected.
“It is a course of action we have worked hard to avoid, having already undertaken dramatic cost-saving measures across all areas of the business”.
Boris Johnson’s decision to allow two Grand Prixs to take place at Silverstone race course in July has provided a little respite for the firm, although the decision to cut the price cap for F1 teams from $175m to $145m was always likely to require restructuring the firm.
The news after a dire weekend for UK car manufacturers, with Jaguar Land Rover reported to be in talks with the government over a rescue package and Aston Martin announcing the departure of its chief executive.


cityam--2020-05-26--When will Bitcoin be taken seriously by the masses?

There are three types of people in the world today : People who have heard of Bitcoin , people who haven ’ t and the last group who acknowledges it ’ s existence , but refuse to accept it ’ s potential .
Bitcoin ’ s rocky past and uncertain future has yet to win over the majority audience on the world ’ s financial and global stage .
When the average Joe on the street hears about Bitcoin or cryptocurrency , the first thing that comes to mind is the thought of losing money , scams or illicit activities @ @ @ @ @ @ @ information about Bitcoin , what it is ?
What can it do ?
Where does it come from ?
Many people new to space face an uphill battle for legitimate information from any number of sources .
If you start to google through the most significant events of Bitcoin ’ s history a slightly immature picture is painted which is holding the crypto-asset industry back .
Without a true evolution of technology , community support and regulation to bridge the gap between crypto and traditional financial services , Bitcoin ’ s “ hay @ @ @ @ @ @ @ gone .
Some of the most important key dates in Bitcoin ’ s history are few and far between when you look at how the space has developed and evolved over its first eleven years of life .
If you go searching for answers about bitcoin ’ s history you ’ ll most likely come across articles , meme ’ s , forums posts and videos with irrelevant information that would likely put off would-be investors .
One of these “ historic ” events is Bitcoin Pizza day , May 22 , 2010 @ @ @ @ @ @ @ bitcoin miner from the earliest bitcoin forum days historically purchased two large Papa Johns pizza ’ s for the cool price of 10,000 BTC ( worth roughly $ 25 at the time but worth over $ 93 million at time of writing ) since Bitcoin had no real exchange rate .
Laszlo was mining 1,000 ’ s of coins per day from his machines and had nothing to do with them .
Lazlo wanted to put the P2P currency to the test and It worked .
Lazlo ’ s pizzas were on there @ @ @ @ @ @ @ the Bitcoin blockchain .
This was most probably one of the first commercial exchanges of Bitcoin for a good or service .
But the transaction with the pizza shop was still conducted in Fiat USD .
The order was made over the internet as a promise by another Bitcoin forum member .
Another so-called event in Bitcoin ’ s history that is still heavily referred to as gospel is the “ HODL ” meme .
One might assume that the term might refer to “ Hold On for Dear Life ” while drawing @ @ @ @ @ @ @ aggressive market movements .
But no , the term was coined by a Bitcoin forum member in December 2013 whilst complaining about losing a large sum of his portfolio to Bitcoin trading .
When out at dinner with his girlfriend and group of friends he drunkenly posted on a bitcoin forum “ I ’ m Hodling ” .. referring to his now simplified investment strategy of “ holding ” by buying and then doing nothing .
This term of phrase “ HODL ” is now a key need to know the term in @ @ @ @ @ @ @ major proponents and outspoken twitter personalities putting their spin on the term .
Why is there such a key focus on a few specific dates and events that have no real relationship to the true origins of Bitcoin and cryptocurrency ?
The current use case for crypto has devolved rather than evolving in recent years .
Between 2011 and 2015 many online retailers , eCommerce stores and gaming brands were heavily invested in implementing Bitcoin transactions into their offerings to access a global market of users and partners .
By leveraging a global @ @ @ @ @ @ @ and offer new products and services without having issues and costs with international banking restrictions .
Now , price speculation is Bitcoin ’ s main appeal with many investors not knowing what they are buying or the technological significance of what Bitcoin represents .
As a community , as an eco-system , as the pioneers of our industry , we should all be laser-focused on adoption , accessibility and most importantly , education .
These facets are key onboarding the next group of users to Bitcoin and the crypto-asset space .
Without a @ @ @ @ @ @ @ work that was originally put into making Bitcoin , blockchain and crypto-assets a living breathing eco-system with unlimited potential , will end up becoming a never-ending pipe dream .
Some quotes from Satoshi Nakamoto from the whitepaper and Bitcoin forum posts sum up these points : All or nothing Bitcoin was just the start of the blockchain ecosystem .
In eleven years billions of dollars of wealth have been created , thousands of different blockchains and tokens developed in a community with no borders , no central authority or regulation to hamper innovation @ @ @ @ @ @ @ ’ s inception has stayed the same , Peer-2-Peer , decentralized digital cash .
Being able to transact between two or more people without the use of a central government or bank anywhere in the world , nearly instantly .
What we are taught in school and home about money is to work hard , earn money , pay taxes and put your savings in the bank .
Until we are all thoroughly educated about how and why fiat currencies and banking works , the general public is unable to learn about know @ @ @ @ @ @ @ has started .
The sooner the cryptocurrency space can bring a more mature , adoption and education-focused message to the forefront , new participants in the space will grow exponentially .
This statement applies to retail investors as well as professional and institutional firms who are still on the fence about the cryptocurrency spaces ’ legitimacy and long term potential .
Bitcoin has already started an evolution of money and has the potential to be so much more .
Citizens in hyper-inflation countries like Venezuela are relying on decentralized digital currencies to establish @ @ @ @ @ @ @ 10,000,000 % inflation of the Bolivar .
Charities and relief efforts are using blockchain-based platforms to facilitate immediate collaborative responses to crisis and set up systems of commerce and identification for thousands of people to deliver aid where it ’ s needed .
These types of systems used to be inherently expensive , complex and insecure to roll out to a live environment , blockchain solves this problem .
The road ahead for Bitcoin , blockchain and crypto will still be a long and hard one for the entrepreneurs , visionaries and businesses @ @ @ @ @ @ @ One thing is for sure , blockchain and crypto is here to stay .
We are the individuals responsible for how the world views the eco-system and what happens next .
If we can all band together as one and focus on clear and concise messaging to bring the masses on board , the future is bright for Bitcoin and crypto .

When will Bitcoin be taken seriously by the masses?
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There are three types of people in the world today: People who have heard of Bitcoin, people who haven’t and the last group who acknowledges it’s existence, but refuse to accept it’s potential. Bitcoin’s rocky past and uncertain future has yet to win over the majority audience on the world’s financial and global stage.
When the average Joe on the street hears about Bitcoin or cryptocurrency, the first thing that comes to mind is the thought of losing money, scams or illicit activities. For any investors looking for more information about Bitcoin, what it is? What can it do? Where does it come from? Many people new to space face an uphill battle for legitimate information from any number of sources.
If you start to google through the most significant events of Bitcoin’s history a slightly immature picture is painted which is holding the crypto-asset industry back. Without a true evolution of technology, community support and regulation to bridge the gap between crypto and traditional financial services, Bitcoin’s “hay day” could have already come and gone.
Some of the most important key dates in Bitcoin’s history are few and far between when you look at how the space has developed and evolved over its first eleven years of life. If you go searching for answers about bitcoin’s history you’ll most likely come across articles, meme’s, forums posts and videos with irrelevant information that would likely put off would-be investors.
One of these “historic” events is Bitcoin Pizza day, May 22, 2010. Laszlo Hanyecz, a developer and bitcoin miner from the earliest bitcoin forum days historically purchased two large Papa Johns pizza’s for the cool price of 10,000 BTC (worth roughly $25 at the time but worth over $93 million at time of writing) since Bitcoin had no real exchange rate. Laszlo was mining 1,000’s of coins per day from his machines and had nothing to do with them. Lazlo wanted to put the P2P currency to the test and It worked. Lazlo’s pizzas were on there way after the transaction was confirmed on the Bitcoin blockchain. This was most probably one of the first commercial exchanges of Bitcoin for a good or service. But the transaction with the pizza shop was still conducted in Fiat USD. The order was made over the internet as a promise by another Bitcoin forum member.
Another so-called event in Bitcoin’s history that is still heavily referred to as gospel is the “HODL” meme. One might assume that the term might refer to “Hold On for Dear Life” while drawing attention to Bitcoin’s volatility and aggressive market movements. But no, the term was coined by a Bitcoin forum member in December 2013 whilst complaining about losing a large sum of his portfolio to Bitcoin trading. When out at dinner with his girlfriend and group of friends he drunkenly posted on a bitcoin forum “I’m Hodling” .. referring to his now simplified investment strategy of “holding” by buying and then doing nothing. This term of phrase “HODL” is now a key need to know the term in the Bitcoin and cryptocurrency space which several major proponents and outspoken twitter personalities putting their spin on the term.
Why is there such a key focus on a few specific dates and events that have no real relationship to the true origins of Bitcoin and cryptocurrency? The current use case for crypto has devolved rather than evolving in recent years. Between 2011 and 2015 many online retailers, eCommerce stores and gaming brands were heavily invested in implementing Bitcoin transactions into their offerings to access a global market of users and partners. By leveraging a global decentralized payment network these businesses could pivot and offer new products and services without having issues and costs with international banking restrictions. Now, price speculation is Bitcoin’s main appeal with many investors not knowing what they are buying or the technological significance of what Bitcoin represents.
As a community, as an eco-system, as the pioneers of our industry, we should all be laser-focused on adoption, accessibility and most importantly, education. These facets are key onboarding the next group of users to Bitcoin and the crypto-asset space. Without a more mature brand image, all the work that was originally put into making Bitcoin, blockchain and crypto-assets a living breathing eco-system with unlimited potential, will end up becoming a never-ending pipe dream.
Some quotes from Satoshi Nakamoto from the whitepaper and Bitcoin forum posts sum up these points:
All or nothing
In a few decades when the reward gets too small, the transaction fee will become the main compensation for [mining] nodes. I’m sure that in 20 years there will either be very large transaction volume or no volume. Satoshi Nakamoto
Bitcoin was just the start of the blockchain ecosystem. In eleven years billions of dollars of wealth have been created, thousands of different blockchains and tokens developed in a community with no borders, no central authority or regulation to hamper innovation.
Bloody hard
Sorry to be a wet blanket. Writing a description for this thing for general audiences is bloody hard. There’s nothing to relate it to. Satoshi Nakamoto
The narrative for Bitcoin since it’s inception has stayed the same, Peer-2-Peer, decentralized digital cash. Being able to transact between two or more people without the use of a central government or bank anywhere in the world, nearly instantly. What we are taught in school and home about money is to work hard, earn money, pay taxes and put your savings in the bank. Until we are all thoroughly educated about how and why fiat currencies and banking works, the general public is unable to learn about know about the evolution of money that bitcoin has started.
The sooner the cryptocurrency space can bring a more mature, adoption and education-focused message to the forefront, new participants in the space will grow exponentially. This statement applies to retail investors as well as professional and institutional firms who are still on the fence about the cryptocurrency spaces’ legitimacy and long term potential. Bitcoin has already started an evolution of money and has the potential to be so much more.
Citizens in hyper-inflation countries like Venezuela are relying on decentralized digital currencies to establish a form of stable trade to avoid 10,000,000% inflation of the Bolivar.
Charities and relief efforts are using blockchain-based platforms to facilitate immediate collaborative responses to crisis and set up systems of commerce and identification for thousands of people to deliver aid where it’s needed. These types of systems used to be inherently expensive, complex and insecure to roll out to a live environment, blockchain solves this problem.
The road ahead for Bitcoin, blockchain and crypto will still be a long and hard one for the entrepreneurs, visionaries and businesses who dare to do something different. One thing is for sure, blockchain and crypto is here to stay. We are the individuals responsible for how the world views the eco-system and what happens next. If we can all band together as one and focus on clear and concise messaging to bring the masses on board, the future is bright for Bitcoin and crypto.
Jeff Hancock, CEO of coinpass.com
LinkedIn linkedin.com/in/jeffreyrthancock
Twitter @jeff_coinpass


cityam--2020-05-26--CBILs failings are leading us to catastrophe

Ranald Macdonald is a restaurateur and Managing Director of Boisdale Group The UK is sleepwalking into a financial disaster of biblical proportions that will exacerbate the economic effects of Covid many times over .
Other leading nations , like Germany , the US and France , will avoid this calamity as they have been far more successful in ensuring that the private sector receives urgently required liquidity .
First of all we all need to understand the context .
There are , by at least one count , 5.9 million SMEs ( small to medium sized businesses ) in the @ @ @ @ @ @ @ the UK economy and provide 60 % of total UK employment at 16.6 million people .
The tax contribution from SMEs pays for a big slice of the entire public sector from the National Health and defence to education .
Status for Government backed loans in the UK for SMEs employing from 0 to 250 staff on 17th May : The Government has been praised for the speed with which the BBL were distributed .
Capped at £50k they were aimed at sole operators , but were open to all businesses .
In @ @ @ @ @ @ @ worth £14.18 Billion were approved .
This is because these loans were simply self-certified online and 100 % Government guaranteed .
Meanwhile the CBILS , triumphantly launched in late March with £330 billion as the principal Covid crisis recourse for SMEs with 1-250 staff , have only had approval for 40,564 loans worth £7.2 billion .
Why has this vital sector representing approximately a third of the economy received 50 % less state support than the smallest SMEs , which employ 60 % less staff and contribute 83 % less to the economy @ @ @ @ @ @ @ Save our SMEs campaign This is economic ineptitude and grossly unfair .
The fact is most SMEs with 1-250 staff have been unable to obtain government backed loan support .
The reason is that the CBILS as devised by the British Business Bank is fundamentally flawed .
Approval for a CBILS loan is based upon strict commercial lending criteria and is not an effective scheme to provide liquidity for the most serious global financial crisis in our lifetime .
The core and basically simple objection to CBILS is that they fail to address @ @ @ @ @ @ @ leveraged and can not comply with the set CBILS lending criteria for more debt .
The majority of SMEs who require funding are more than able to make the necessary cuts to ensure that they would survive and service the urgently required borrowing .
But they are unable to obtain loan approval or even get to the point at which their applications are accepted .
In France with relatively few questions asked 150,000 Covid loans were approved by mid-April for a total of 22 Billion Euros .
The Germans have injected over 1 @ @ @ @ @ @ @ There is some serious nonsense going on about how the numbers of applications are being reported .
It is claimed that only 71,000 of SMEs employing 1-250 staff have applied for CBILs .
Yet at the beginning of April a figure of 300,000 applications was generally reported .
It sounds as if an enquiry or request for a loan is no longer necessarily registered as an official application .
Who is trying to fool who ?
With no interest for 12 months and no capital payments for at least 6 months , in @ @ @ @ @ @ @ it is impossible to believe that out of 1.4 million businesses employing 1-250 staff that only 5.8 % of businesses would apply for a CBILS .
There are 89,000 restaurant businesses alone in the UK and one would have thought that at least 75 % i.e .
67,000 would apply if it was indicated that they had the remotest chance of approval .
Given that 70 % of businesses are using the furlough Job Retention Scheme , the number of businesses reported as approved for a CBILS is worryingly low at 2.9 % @ @ @ @ @ @ @ May that 30,000 restaurants and bars may not reopen after lockdown .
The furlough scheme has been praised to high heaven .
But let ’ s analyse this great achievement .
Yes it provides a living wage for 8 million people and valuable breathing space for business .
BUT it does not solve the issues of zero/dramatically reduced sales or provide an answer to the capital investment required to start up again after lock down .
The Government ’ s investment into the Furlough Scheme seems generous , but is mitigated by the @ @ @ @ @ @ @ furloughed would have been laid off/made redundant anyway and would have cost on Universal Credit around 75 % of the cost of furlough .
Also considering that the furlough payments are taxed at normal PAYE rates , the real net cost to the Exchequer in terms of an investment into the economy is massively lower than the figure of £14 billion per month that is so freely banded around .
Where then has the government gone wrong .
The cost of Furlough is coming out of the Government current account , albeit based @ @ @ @ @ @ @ CBILS uses the lending bank ’ s reserves , and apart from interest being payable for the first year , does not impact the Government ’ s cash flow .
The real funding liability is 3-5 years from now and a significant proportion of the loans will be repaid .
In any case more debt at negligible interest rates , though far from ideal , is preferable to destroying the economy .
Japan hobbles along quite well with gross national debt at 235 % of GDP while the UK ’ s national debt @ @ @ @ @ @ @ .
The answer is that CBILS should be distributed with speed in a similar way as the BBL with a 100 % Government guarantee and significantly softer lending terms to get Britain ’ s economy back on its feet .
The alternative is the UK poverty stricken with a dramatic decline in public services .
Besides the severity of the economic issues there is also the question of social justice , all businesses have pro rata contributed their requisite taxes and should be defended in this time of war .

CBILs failings are leading us to catastrophe
Ranald Macdonald is a restaurateur and Managing Director of Boisdale Group
The UK is sleepwalking into a financial disaster of biblical proportions that will exacerbate the economic effects of Covid many times over. Other leading nations, like Germany, the US and France, will avoid this calamity as they have been far more successful in ensuring that the private sector receives urgently required liquidity.
First of all we all need to understand the context. There are, by at least one count, 5.9 million SMEs (small to medium sized businesses) in the UK which account for 47% of the UK economy and provide 60% of total UK employment at 16.6 million people. The tax contribution from SMEs pays for a big slice of the entire public sector from the National Health and defence to education.
Status for Government backed loans in the UK for SMEs employing from 0 to 250 staff on 17th May:
The Government has been praised for the speed with which the BBL were distributed. Capped at £50k they were aimed at sole operators, but were open to all businesses.
In a matter of three weeks 464,393 loans worth £14.18 Billion were approved. This is because these loans were simply self-certified online and 100% Government guaranteed. Meanwhile the CBILS, triumphantly launched in late March with £330 billion as the principal Covid crisis recourse for SMEs with 1-250 staff, have only had approval for 40,564 loans worth £7.2 billion. Why has this vital sector representing approximately a third of the economy received 50% less state support than the smallest SMEs, which employ 60% less staff and contribute 83% less to the economy?
Read more: City A.M. launches Save our SMEs campaign
This is economic ineptitude and grossly unfair. The fact is most SMEs with 1-250 staff have been unable to obtain government backed loan support.
The reason is that the CBILS as devised by the British Business Bank is fundamentally flawed. Approval for a CBILS loan is based upon strict commercial lending criteria and is not an effective scheme to provide liquidity for the most serious global financial crisis in our lifetime. The core and basically simple objection to CBILS is that they fail to address the fact that most SMEs are already leveraged and cannot comply with the set CBILS lending criteria for more debt.
The majority of SMEs who require funding are more than able to make the necessary cuts to ensure that they would survive and service the urgently required borrowing. But they are unable to obtain loan approval or even get to the point at which their applications are accepted. In France with relatively few questions asked 150,000 Covid loans were approved by mid-April for a total of 22 Billion Euros. The Germans have injected over 1 trillion Euros into the private sector.
There is some serious nonsense going on about how the numbers of applications are being reported. It is claimed that only 71,000 of SMEs employing 1-250 staff have applied for CBILs. Yet at the beginning of April a figure of 300,000 applications was generally reported. It sounds as if an enquiry or request for a loan is no longer necessarily registered as an official application. Who is trying to fool who? With no interest for 12 months and no capital payments for at least 6 months, in the context of all this uncertainty, it is impossible to believe that out of 1.4 million businesses employing 1-250 staff that only 5.8% of businesses would apply for a CBILS. There are 89,000 restaurant businesses alone in the UK and one would have thought that at least 75% i.e. 67,000 would apply if it was indicated that they had the remotest chance of approval. Given that 70% of businesses are using the furlough Job Retention Scheme, the number of businesses reported as approved for a CBILS is worryingly low at 2.9%. The Guardian reported on Friday 22nd May that 30,000 restaurants and bars may not reopen after lockdown.
The furlough scheme has been praised to high heaven. But let’s analyse this great achievement. Yes it provides a living wage for 8 million people and valuable breathing space for business. BUT it does not solve the issues of zero/dramatically reduced sales or provide an answer to the capital investment required to start up again after lock down.
The Government’s investment into the Furlough Scheme seems generous, but is mitigated by the fact that a large proportion of those furloughed would have been laid off/made redundant anyway and would have cost on Universal Credit around 75% of the cost of furlough. Also considering that the furlough payments are taxed at normal PAYE rates, the real net cost to the Exchequer in terms of an investment into the economy is massively lower than the figure of £14 billion per month that is so freely banded around.
Where then has the government gone wrong. The cost of Furlough is coming out of the Government current account, albeit based on debt at virtually no interest. CBILS uses the lending bank’s reserves, and apart from interest being payable for the first year, does not impact the Government’s cash flow. The real funding liability is 3-5 years from now and a significant proportion of the loans will be repaid. In any case more debt at negligible interest rates, though far from ideal, is preferable to destroying the economy. Japan hobbles along quite well with gross national debt at 235% of GDP while the UK’s national debt is still only 85% of GDP.
The answer is that CBILS should be distributed with speed in a similar way as the BBL with a 100% Government guarantee and significantly softer lending terms to get Britain’s economy back on its feet. The alternative is the UK poverty stricken with a dramatic decline in public services. Besides the severity of the economic issues there is also the question of social justice, all businesses have pro rata contributed their requisite taxes and should be defended in this time of war.


cityam--2020-05-26--Retail footfall soars over bank holiday weekend

Retail footfall soared over the weekend compared to the Easter bank holiday as shoppers made the most of the relaxation of lockdown restrictions in England .
High street footfall surged 49 per cent yesterday compared to Easter Monday , while coastal towns saw visitor numbers jump 62 per cent .
Read more : High street suffers biggest ever decline in footfall as Brits obey lockdown Footfall at retail parks was up 42 per cent on Saturday compared to the Easter weekend , prompting hopes that there is pent-up shopping demand ahead of non-essential stores reopening next month .
Boris Johnson @ @ @ @ @ @ @ allowed to reopen from 15 June , provided they follow government guidelines on safety measures .
The prime minister also announced that car showrooms and outdoor markets can reopen from 1 June .
Meanwhile , the latest research from the CBI showed that retail sales declined in May at a slower rate than the previous month .
According to the research published this morning , 65 per cent of retailers said coronavirus has had a “ significantly negative ” impact on sales .
In total 47 per cent of retailers were in a @ @ @ @ @ @ @ to 39 per cent in April .
64 per cent reported increased cost pressures , up from 47 per cent .
However , the number of retailers experiencing cash flow difficulties fell from 96 per cent to 80 per cent .
Read more : UK retail footfall dives to lowest level on record after coronavirus lockdown Springboard insights director Diane Wehrle said : “ We anticipate that once stores open on 15 June – despite the rise in online shopping that has been recorded – the evident pent up demand to go out @ @ @ @ @ @ @ .
“ However an anticipated spending spike could possibly be short lived , as consumers will be cautious and looking at reigning in their spend due to ongoing financial uncertainty in many UK households .
”

Retail footfall soars over bank holiday weekend
Retail footfall soared over the weekend compared to the Easter bank holiday as shoppers made the most of the relaxation of lockdown restrictions in England.
High street footfall surged 49 per cent yesterday compared to Easter Monday, while coastal towns saw visitor numbers jump 62 per cent.
Footfall at retail parks was up 42 per cent on Saturday compared to the Easter weekend, prompting hopes that there is pent-up shopping demand ahead of non-essential stores reopening next month.
Boris Johnson announced yesterday that non-essential retailers will be allowed to reopen from 15 June, provided they follow government guidelines on safety measures.
The prime minister also announced that car showrooms and outdoor markets can reopen from 1 June.
Meanwhile, the latest research from the CBI showed that retail sales declined in May at a slower rate than the previous month.
According to the research published this morning, 65 per cent of retailers said coronavirus has had a “significantly negative” impact on sales.
In total 47 per cent of retailers were in a state of complete shutdown in May compared to 39 per cent in April. 64 per cent reported increased cost pressures, up from 47 per cent. However, the number of retailers experiencing cash flow difficulties fell from 96 per cent to 80 per cent.
Springboard insights director Diane Wehrle said: “We anticipate that once stores open on 15 June – despite the rise in online shopping that has been recorded – the evident pent up demand to go out amongst consumers will absolutely translate into footfall.
“However an anticipated spending spike could possibly be short lived, as consumers will be cautious and looking at reigning in their spend due to ongoing financial uncertainty in many UK households.”


cityam--2020-05-26--EU ‘willing to ease’ fishing demands in Brexit talks

The EU is said to be willing to ease its stance on fisheries in talks with the UK next week in what would mark a significant breakthrough in post-Brexit trade negotiations .
Fishing has proved a major stumbling block in Brexit talks , with the UK pushing back against Brussels ’ demands for access to British waters to be maintained .
Read more : City calls for financial services not to be overlooked in Brexit trade deal The bloc has argued that fishing is a sensitive issue for France , stating it would not sign a new trade deal without @ @ @ @ @ @ @ the EU is now prepared to soften its approach ahead of upcoming talks , Reuters reported , citing sources .
One EU official said the bloc had set out with a “ maximalist ” initial position in negotiations .
“ There have been hints of a possible reconciliation of approaches , ” the official told the news wire .
“ We would be looking to shift on demands to keep everything as is now , a somewhat maximalist opening position , if the UK also moved from its position of coastal attachment .
@ @ @ @ @ @ @ compromise lies.
” An EU diplomat also told Reuters that the bloc was seeking a potential compromise .
“ Our opening line of keeping the current terms is impossible to uphold , ” the source said .
“ That is clearly unattainable so we ’ d be looking to some narrowing of the positions.
” Read more : Brexit : Government confirms there will be checks on some goods between Great Britain and Northern Ireland It would mark significant progress for what have so far been strained trade talks , with the two @ @ @ @ @ @ @ are forced to hold negotiations over video conference due to the Covid-19 crisis .
The EU has warned that Brexit talks risk reaching a stalemate if progress is not made in the next round of negotiations next week .

EU ‘willing to ease’ fishing demands in Brexit talks
The EU is said to be willing to ease its stance on fisheries in talks with the UK next week in what would mark a significant breakthrough in post-Brexit trade negotiations.
Fishing has proved a major stumbling block in Brexit talks, with the UK pushing back against Brussels’ demands for access to British waters to be maintained.
The bloc has argued that fishing is a sensitive issue for France, stating it would not sign a new trade deal without a stable agreement in place.
But the EU is now prepared to soften its approach ahead of upcoming talks, Reuters reported, citing sources.
One EU official said the bloc had set out with a “maximalist” initial position in negotiations.
“There have been hints of a possible reconciliation of approaches,” the official told the news wire.
“We would be looking to shift on demands to keep everything as is now, a somewhat maximalist opening position, if the UK also moved from its position of coastal attachment. That’s where the room for compromise lies.”
An EU diplomat also told Reuters that the bloc was seeking a potential compromise.
“Our opening line of keeping the current terms is impossible to uphold,” the source said. “That is clearly unattainable so we’d be looking to some narrowing of the positions.”
It would mark significant progress for what have so far been strained trade talks, with the two sides failing to make headway as they are forced to hold negotiations over video conference due to the Covid-19 crisis.
The EU has warned that Brexit talks risk reaching a stalemate if progress is not made in the next round of negotiations next week.