cityam--2020-10-10--Iain Dale reveals his top 10 most powerful figures in UK politics

Radio personality Iain Dale will next week reveal his top 100 most powerful people in UK politics , with City A.M. able to reveal today who made the top 10 .
The list , which will be released in full in next week ’ s edition of The Mace magazine , contains Westminster ’ s most important “ movers , shakers and rule-breakers ” , according to Dale .
Read more : Boris Johnson calls on the private sector to rebuild Britain after Covid Unsurprisingly , Boris Johnson takes the top spot with chancellor Rishi Sunak in second position .
@ @ @ @ @ @ @ 14 months , ” Dale said .
“ Challenges lie ahead , however , with civil service reform high on the government ’ s agenda , pressure to sign trade agreements with the European bloc as well as America , and the threat of another Scottish referendum , on top of the ongoing pandemic .
It doesn ’ t look like the whirlwind is going away any time soon.
” Dale said Sunak was a “ darling of his party ’ s right wing ” and is vying “ to be the Prime @ @ @ @ @ @ @ .
In third place , is the man often seen as the brains behind Johnson ’ s Downing Street operation – his chief adviser Dominic Cummings .
Read more : Rishi Sunak vows to protect UK ’ s entrepreneurs in conference speech Cummings , who was the mastermind behind the Vote Leave campaign , endured intense media scrutiny in May for his trip to Barnard Castle during the country ’ s full lockdown .
“ Such loyalty extended to the Prime Minister defending his lockdown infringement , and several ministers told journalists that @ @ @ @ @ @ @ PM amid their own scandal , ” Dale said .
“ A cerebral thinker with an irascible edge , such is Cummings ’ infuence over the government : they may well be right.
” Coming in fourth place is Scottish First Minister Nicola Sturgeon , with Bank of England Governor Andrew Bailey in fifth .
New Cabinet Secretary Simon Case makes sixth place , after becoming the youngest ever civil service chief last month .
Read more : Ex-Prince William aide Simon Case appointed as new cabinet secretary “ Case is a trusted @ @ @ @ @ @ @ been handpicked from Kensington Palace earlier in the year , and directly encouraged by the prime minister to apply for his current position , ” Dale said .
Dominic Raab takes out seventh place , in front of Downing Street policy boss Munira Mizra .
Read more : Priti Patel promises overhaul of the UK asylum system Cabinet Office minister Michael Gove comes in at ninth place , with home secretary Priti Patel rounding out the top 10 .
Dale said “ Gove has become a government operative with an unparalleled longevity of @ @ @ @ @ @ @ Patel “ remains at the forefront of government policy ” .

Iain Dale reveals his top 10 most powerful figures in UK politics
Unsurprisingly, Boris Johnson takes the top spot with chancellor Rishi Sunak in second position.
Radio personality Iain Dale will next week reveal his top 100 most powerful people in UK politics, with City A.M. able to reveal today who made the top 10.
The list, which will be released in full in next week’s edition of The Mace magazine, contains Westminster’s most important “movers, shakers and rule-breakers”, according to Dale.
Unsurprisingly, Boris Johnson takes the top spot with chancellor Rishi Sunak in second position.
“It really has been a whirlwind 14 months,” Dale said.
“Challenges lie ahead, however, with civil service reform high on the government’s agenda, pressure to sign trade agreements with the European bloc as well as America, and the threat of another Scottish referendum, on top of the ongoing pandemic. It doesn’t look like the whirlwind is going away any time soon.”
Dale said Sunak was a “darling of his party’s right wing” and is vying “to be the Prime Minister’s successor in waiting”.
In third place, is the man often seen as the brains behind Johnson’s Downing Street operation – his chief adviser Dominic Cummings.
Cummings, who was the mastermind behind the Vote Leave campaign, endured intense media scrutiny in May for his trip to Barnard Castle during the country’s full lockdown.
“Such loyalty extended to the Prime Minister defending his lockdown infringement, and several ministers told journalists that they would expect less solidarity from the PM amid their own scandal,” Dale said.
“A cerebral thinker with an irascible edge, such is Cummings’ infuence over the government: they may well be right.”
Iain Dale’s 10 most powerful figures in UK politics
1 Boris Johnson 2 Rishi Sunak 3 Dominic Cummings 4 Nicola Sturgeon 5 Andrew Bailey 6 Simon Case 7 Dominic Raab 8 Munira Mizra 9 Michael Gove 10 Priti Patel
Coming in fourth place is Scottish First Minister Nicola Sturgeon, with Bank of England Governor Andrew Bailey in fifth.
New Cabinet Secretary Simon Case makes sixth place, after becoming the youngest ever civil service chief last month.
“Case is a trusted fgure by the Johnson administration, having been handpicked from Kensington Palace earlier in the year, and directly encouraged by the prime minister to apply for his current position,” Dale said.
Dominic Raab takes out seventh place, in front of Downing Street policy boss Munira Mizra.
Cabinet Office minister Michael Gove comes in at ninth place, with home secretary Priti Patel rounding out the top 10.
Dale said “Gove has become a government operative with an unparalleled longevity of the past ten years”, while Patel “remains at the forefront of government policy”.


cityam--2020-10-10--On World Homelessness Day, can impact investing help us build back better?

There is no debating that we are looking down the barrel of a tough six months .
An increase in the daily cases of Covid-19 means that the gradual loosening of restrictions has ground to a halt , and the threat of a return to a full lockdown ahead of the festive season will be the Sword of Damocles for many of us as we try and strike the balance between maintaining our mental and physical health , supporting the economy , and protecting the NHS .
Will we once again receive the instruction to stay at home to save @ @ @ @ @ @ @ the answer — nobody does — but what I do know is that the security , safety and support of a home and family is invaluable .
Read more : Employers have a crucial role to play in tackling domestic abuse However , we must remember that this too is a privilege , and on World Homelessness Day today , I am reminded that many people across the country do not have this support .
An estimated 320,000 people are homeless in the UK , according to December 2019 research by Shelter , @ @ @ @ @ @ @ causes of homelessness for women and children .
And yet , even before the pandemic , Women ’ s Aid reported that 60 per cent of women being referred to specialist refuges were turned away due to a lack of space .
Covid-19 has had a dramatic impact — and not for the better .
In August , the BBC ’ s Panorama reported that two thirds of women in abusive relationships suffered an increase in violence from partners during the pandemic .
Refuge , the UK ’ s largest domestic abuse charity @ @ @ @ @ @ @ in calls to its helpline in a single day , and there were 4,000 domestic abuse arrests in London alone in the first six weeks of lockdown .
Meanwhile , a Women ’ s Aid survey showed that 38 out of 45 service providers had reduced or suspended at least one service since 6 April this year due to the pandemic , including the provision of shelter , as campaign groups resorted to asking hotel chains to open up rooms to those fleeing abuse .
This is an opportunity for change .
While @ @ @ @ @ @ @ poverty have been exacerbated by the pandemic , so has our awareness and understanding of them .
We all witnessed great generosity in the first half of the year , with the spirit of “ clap for carers ” guiding our behaviour and sense of community .
That feeling of social responsibility and community energy now needs to be channelled into making a long-term difference .
And while charitable giving will always be important , we need to ask ourselves what more we can do .
How can we address the root causes @ @ @ @ @ @ @ a significant part of the answer .
If the pandemic has shone a greater light on these kinds of issues for people reading the news , it has done the same for investors scrambling to understand structural changes and provide realistic valuations in an uncertain market .
As we all endeavour to “ build back better ” , impact investment can play a crucial role .
This is not a new concept .
Last year , we set up the first ever gender lens property fund , the Women in Safe Homes ( @ @ @ @ @ @ @ investors Resonance and Big Society Capital .
The aim was to buy and provide property to address the lack of affordable , safe and secure homes for women experiencing or at risk of homelessness .
We can create a return through rent and capital appreciation using our investment background and network , while helping those who need it the most .
This kind of effort is needed now more than ever — and the appetite for it is there .
It is neither a zero-sum game nor an act of charity .
It @ @ @ @ @ @ @ understanding that the growth and recovery that the UK economy very much needs do not have to come at the cost of society ’ s most vulnerable .
The only thing we have to lose is time .
Read more : Real estate investment trust Home REIT raises £240m through IPO to fund accommodation for homeless

On World Homelessness Day, can impact investing help us build back better?
An estimated 320,000 people are homeless in the UK
There is no debating that we are looking down the barrel of a tough six months.
An increase in the daily cases of Covid-19 means that the gradual loosening of restrictions has ground to a halt, and the threat of a return to a full lockdown ahead of the festive season will be the Sword of Damocles for many of us as we try and strike the balance between maintaining our mental and physical health, supporting the economy, and protecting the NHS.
Will we once again receive the instruction to stay at home to save lives? I don’t know the answer — nobody does — but what I do know is that the security, safety and support of a home and family is invaluable.
However, we must remember that this too is a privilege, and on World Homelessness Day today, I am reminded that many people across the country do not have this support.
An estimated 320,000 people are homeless in the UK, according to December 2019 research by Shelter, with domestic abuse one of the leading causes of homelessness for women and children. And yet, even before the pandemic, Women’s Aid reported that 60 per cent of women being referred to specialist refuges were turned away due to a lack of space.
Covid-19 has had a dramatic impact — and not for the better. In August, the BBC’s Panorama reported that two thirds of women in abusive relationships suffered an increase in violence from partners during the pandemic. Refuge, the UK’s largest domestic abuse charity, reported a 700 per cent rise in calls to its helpline in a single day, and there were 4,000 domestic abuse arrests in London alone in the first six weeks of lockdown.
Meanwhile, a Women’s Aid survey showed that 38 out of 45 service providers had reduced or suspended at least one service since 6 April this year due to the pandemic, including the provision of shelter, as campaign groups resorted to asking hotel chains to open up rooms to those fleeing abuse.
This is an opportunity for change. While issues such as domestic abuse and food poverty have been exacerbated by the pandemic, so has our awareness and understanding of them. We all witnessed great generosity in the first half of the year, with the spirit of “clap for carers” guiding our behaviour and sense of community. That feeling of social responsibility and community energy now needs to be channelled into making a long-term difference.
And while charitable giving will always be important, we need to ask ourselves what more we can do. How can we address the root causes of homelessness?
Impact investment can be a significant part of the answer. If the pandemic has shone a greater light on these kinds of issues for people reading the news, it has done the same for investors scrambling to understand structural changes and provide realistic valuations in an uncertain market. As we all endeavour to “build back better”, impact investment can play a crucial role.
This is not a new concept. Last year, we set up the first ever gender lens property fund, the Women in Safe Homes (WISH) Fund, with fellow impact investors Resonance and Big Society Capital. The aim was to buy and provide property to address the lack of affordable, safe and secure homes for women experiencing or at risk of homelessness. We can create a return through rent and capital appreciation using our investment background and network, while helping those who need it the most.
This kind of effort is needed now more than ever — and the appetite for it is there. It is neither a zero-sum game nor an act of charity. It is about doing the right thing and understanding that the growth and recovery that the UK economy very much needs do not have to come at the cost of society’s most vulnerable.
The only thing we have to lose is time.
Main image credit: Getty


cityam--2020-10-10--Opinion: Why net-zero needs a gear change in STEM education

National Grid have announced a major new investment in London – and now they ’ re looking for the right people to fill jobs in the future .
Today Gareth Burden – Project Director , London Power Tunnels – tells City A.M. why they ’ re doing it .
For this country to reach net-zero emissions by 2050 we require the development of cutting-edge technology and new infrastructure built on a transformational scale – a theme the Prime Minister majored on at his Conservative Party Conference speech this week .
What we need to achieve our goals is a Net @ @ @ @ @ @ @ , with softer skills and a passion for climate action .
In fact , one of the biggest obstacles we face in reaching net-zero is the emerging employment and skills gap .
Currently , the UK ’ s energy sector directly employs 144,000 people but to reach net-zero it needs to fill 400,000 roles .
This has the potential to be an opportunity for significant employment in every part of the United Kingdom with huge boosts for London and regional economies .
However , if the uptake of science , technology and engineering @ @ @ @ @ @ @ university and as a career remains at current levels , we won ’ t be able to reach our target and the environment , and economy , will suffer as a result .
To succeed in building a Net Zero Energy Workforce , we need to inspire the next generation to choose STEM .
Research carried out by Development Economics for National Grid found that we need to increase the number of A level candidates for physics by 24 per cent and maths by 19 per cent to maintain the pipeline of qualified @ @ @ @ @ @ @ want to study STEM Simply put , we will only create a Net Zero Energy Workforce if we can attract those who would not normally consider a job within the sector .
That means inspiring the next generation of talent from all walks of life , especially young women and the Black Asian and Minority Ethnic ( BAME ) community , as well as those from disadvantaged backgrounds .
To help build the talent of the future , this month we have launched a pioneering STEM skills and careers outreach programme working with @ @ @ @ @ @ @ schools and young people .
The programme , taking place over the next five years , will reach more than 100,000 secondary school pupils in south London and encourage them to pursue careers in STEM .
Working with our partners from MyKindaFuture , the UK ’ s leading underrepresented talent specialists , we will deliver a programme of webinars , workshops and digital mentoring schemes designed to develop employability skills and encourage careers in STEM .
The programme is taking place at schools which sit along the route of National Grid ’ s @ @ @ @ @ @ @ the new 32.5km underground highway rewiring the capital between Wimbledon and Crayford .
The project is vital to ensure that London has a safe , secure , and efficient electricity transmission network for the future .
I believe there has never been a better time to invest in the next generation of engineers and diversify the profession , to help us achieve net zero by 2050 .
COVID-19 has hit the jobs market terribly but it ’ s young people , specifically disadvantaged young people , bearing the brunt of this .
Research @ @ @ @ @ @ @ likely to become NEET ( not in education , employment or training ) aged 18 than their peers .
I want to help ensure that for young , disadvantaged pupils across South London ( and beyond ) a valuable career in STEM is easily accessible .
We have the people , we have the talent , we just need to harness it for the Net Zero Energy Workforce of the future .

Opinion: Why net-zero needs a gear change in STEM education
National Grid have announced a major new investment in London – and now they’re looking for the right people to fill jobs in the future. Today Gareth Burden – Project Director, London Power Tunnels – tells City A.M. why they’re doing it.
For this country to reach net-zero emissions by 2050 we require the development of cutting-edge technology and new infrastructure built on a transformational scale – a theme the Prime Minister majored on at his Conservative Party Conference speech this week.
What we need to achieve our goals is a Net Zero Energy Workforce which combines technical expertise, with softer skills and a passion for climate action. In fact, one of the biggest obstacles we face in reaching net-zero is the emerging employment and skills gap.
Currently, the UK’s energy sector directly employs 144,000 people but to reach net-zero it needs to fill 400,000 roles. This has the potential to be an opportunity for significant employment in every part of the United Kingdom with huge boosts for London and regional economies.
However, if the uptake of science, technology and engineering (STEM) subjects at school, university and as a career remains at current levels, we won’t be able to reach our target and the environment, and economy, will suffer as a result.
Read more: Boris Johnson announces millions for wind energy revolution
To succeed in building a Net Zero Energy Workforce, we need to inspire the next generation to choose STEM. Research carried out by Development Economics for National Grid found that we need to increase the number of A level candidates for physics by 24 per cent and maths by 19 per cent to maintain the pipeline of qualified talent Britain needs.
Diverse students should want to study STEM
Simply put, we will only create a Net Zero Energy Workforce if we can attract those who would not normally consider a job within the sector. That means inspiring the next generation of talent from all walks of life, especially young women and the Black Asian and Minority Ethnic (BAME) community, as well as those from disadvantaged backgrounds.
To help build the talent of the future, this month we have launched a pioneering STEM skills and careers outreach programme working with some of London’s most disadvantaged schools and young people. The programme, taking place over the next five years, will reach more than 100,000 secondary school pupils in south London and encourage them to pursue careers in STEM. Working with our partners from MyKindaFuture, the UK’s leading underrepresented talent specialists, we will deliver a programme of webinars, workshops and digital mentoring schemes designed to develop employability skills and encourage careers in STEM.
The programme is taking place at schools which sit along the route of National Grid’s London Power Tunnel’s project; the new 32.5km underground highway rewiring the capital between Wimbledon and Crayford. The project is vital to ensure that London has a safe, secure, and efficient electricity transmission network for the future.
I believe there has never been a better time to invest in the next generation of engineers and diversify the profession, to help us achieve net zero by 2050. COVID-19 has hit the jobs market terribly but it’s young people, specifically disadvantaged young people, bearing the brunt of this. Research suggests that disadvantaged students are twice as likely to become NEET (not in education, employment or training) aged 18 than their peers.
I want to help ensure that for young, disadvantaged pupils across South London (and beyond) a valuable career in STEM is easily accessible. We have the people, we have the talent, we just need to harness it for the Net Zero Energy Workforce of the future.


cityam--2020-10-11--Covid: Robert Jenrick does not rule out banning outside mixing

Housing secretary Robert Jenrick would not rule out a potential ban on outside mixing this morning as Covid cases continue to rise .
When asked today if there would be a ban on people meeting outside , Jenrick said “ he couldn ’ t say ” and that people should “ wait to see what the PM says ” on further restrictions .
Read more : London minister hits out at Sadiq Khan for ‘ mixed messages ’ during Covid Daily Covid cases across hit 13,864 yesterday , with cases rising across the whole of England .
There has been @ @ @ @ @ @ @ the government is preparing to implement a three-step “ traffic light ” system for England ’ s Covid restrictions .
This would include having some areas in a near total lockdown on a red status .
Cases are particularly high in North West and North East England , prompting some to speculate that major areas like Liverpool and Manchester will soon be locked down .
Before the Open newsletter : Start your day with the City View podcast and key market data London could also be in line for stricter conditions , such @ @ @ @ @ @ @ was “ inevitable ” .
Jenrick would not rule out anything in a Sky news interview today .
Read more : London coronavirus cases : How many infections are in your London borough ?
“ In addition to the basic simple rules that apply to the whole country , we ’ re designing a framework for those places where the virus is very strong , ” Jenrick said .
“ And there will be some rules which apply consistently but then also we ’ re in very productive conversations with local leaders , @ @ @ @ @ @ @ them if there are any further measures that they would support which will help to control the virus in their local communities .
”

Covid: Robert Jenrick does not rule out banning outside mixing
A board displaying information how to restrict the spread of coronavirus covid-19 is pictured in central Nottingham
Housing secretary Robert Jenrick would not rule out a potential ban on outside mixing this morning as Covid cases continue to rise.
When asked today if there would be a ban on people meeting outside, Jenrick said “he couldn’t say” and that people should “wait to see what the PM says” on further restrictions.
Daily Covid cases across hit 13,864 yesterday, with cases rising across the whole of England.
There has been speculation for the past two weeks that the government is preparing to implement a three-step “traffic light” system for England’s Covid restrictions.
This would include having some areas in a near total lockdown on a red status.
Cases are particularly high in North West and North East England, prompting some to speculate that major areas like Liverpool and Manchester will soon be locked down.
Before the Open newsletter: Start your day with the City View podcast and key market data
London could also be in line for stricter conditions, such as with Sadiq Khan recently saying it was “inevitable”.
Jenrick would not rule out anything in a Sky news interview today.
“In addition to the basic simple rules that apply to the whole country, we’re designing a framework for those places where the virus is very strong,” Jenrick said.
“And there will be some rules which apply consistently but then also we’re in very productive conversations with local leaders, local directors of Public Health to ask them if there are any further measures that they would support which will help to control the virus in their local communities.”


cityam--2020-10-11--Eurostar may need state support as passenger numbers collapse

The government may need to put its hands in its pockets to prop up the cross-Channel Eurostar service , the boss of the HS1 line has warned .
Dyan Crowther , who runs the rail link between London and the Channel Tunnel , said that the operator had slashed the number of services it was running due to the current quarantine regime .
Read more : TfL boss that oversaw Crossrail and Garden Bridge fiascos set for an honour The Sunday Times reported that Crowther told lawmakers last week that Eurostar had not booked any slots for December in an @ @ @ @ @ @ @ it is operating just five services a day to Paris and Brussels , down from 30 a day prior to the pandemic .
HS1 derives its revenues from selling slots to Eurostar and the Southeastern rail franchise .
As a result in the decline in passenger numbers , Eurostar has been forced to cancel all services from Ebbsfleet and Ashford International until 2022 .
Before the Open newsletter : Start your day with the City View podcast and key market data With the government already having taken ownership of the country ’ s @ @ @ @ @ @ @ buy just a fraction of the 17,000 slots it purchases last year , Crowther said that long term funding solutions were required .
Unlike UK rail franchises , Eurostar still makes its money from ticket sales .
The company is 60 per cent owned by French state rail firm SNCF .
The UK government sold its 40 per cent stake in the business to private companies for £757.1m in 2015 .
The Department for Transport said it would “ continue to engage with [ Eurostar ] as part of our efforts to support @ @ @ @ @ @ @ Read more : Railway passenger numbers fall to lowest levels since mid-1800s A spokesperson for Eurostar said : As with all international operators , travel restrictions have impacted demand and we are running a minimal service at the moment to enable customers who need to travel to do so in a safe way .
“ The current environment is very unpredictable which means we have to monitor demand and update our timetable in response .
”

Eurostar may need state support as passenger numbers collapse
Eurostar
The government may need to put its hands in its pockets to prop up the cross-Channel Eurostar service, the boss of the HS1 line has warned.
Dyan Crowther, who runs the rail link between London and the Channel Tunnel, said that the operator had slashed the number of services it was running due to the current quarantine regime.
The Sunday Times reported that Crowther told lawmakers last week that Eurostar had not booked any slots for December in an attempt to conserve cash.
Currently, it is operating just five services a day to Paris and Brussels, down from 30 a day prior to the pandemic.
HS1 derives its revenues from selling slots to Eurostar and the Southeastern rail franchise.
As a result in the decline in passenger numbers, Eurostar has been forced to cancel all services from Ebbsfleet and Ashford International until 2022.
Before the Open newsletter: Start your day with the City View podcast and key market data
With the government already having taken ownership of the country’s train companies, and Eurostar set to buy just a fraction of the 17,000 slots it purchases last year, Crowther said that long term funding solutions were required.
Unlike UK rail franchises, Eurostar still makes its money from ticket sales.
The company is 60 per cent owned by French state rail firm SNCF. The UK government sold its 40 per cent stake in the business to private companies for £757.1m in 2015.
The Department for Transport said it would “continue to engage with [Eurostar] as part of our efforts to support the recovery of international travel”.
A spokesperson for Eurostar said: As with all international operators, travel restrictions have impacted demand and we are running a minimal service at the moment to enable customers who need to travel to do so in a safe way.
“The current environment is very unpredictable which means we have to monitor demand and update our timetable in response.”


cityam--2020-10-11--Boris Johnson tries to court Biden as Number 10 falls off Trump train

Boris Johnson is reportedly trying to woo US Presidential candidate Joe Biden with Downing Street increasingly convinced that Donald Trump will not be re-elected .
Johnson has been shown private polling that shows Biden is on track for a landslide victory , spurring him to try to build ties with the former Vice President .
Read more : FTSE 100 flat after Donald Trump ends US stimulus talks Trump and Johnson spoke earlier this week , with Johnson wishing the President a speedy recovery from his bout of Covid .
The Prime Minister has been seen as trying to have @ @ @ @ @ @ @ has left his aides fearful that he could be shunned by a potential Biden US administration .
The Sunday Times reports that a foreign secretary Dominic Raab and the UK ’ s ambassador to the US Dame Karen Pierce have been conducting backroom talks with close Biden allies .
Before the Open newsletter : Start your day with the City View podcast and key market data Raab has met with House Speaker Nancy Pelosi and Senator Chris Coons , while Pierce met with Biden ’ s foreign policy advisors Tony Blinken and Jake @ @ @ @ @ @ @ to become secretary of state and national security adviser respectively in a potential Biden White House .
A senior Tory source told the Times : “ They ’ re writing off Trump in Number 10 now.
” Downing Street is worried about how Johnson will be received by Biden if he becomes President and about how this relationship could affect UK-US trade negotiations .
One diplomat said Biden is still sour with Johnson , after he talked during the 2016 Brexit referendum campaign of “ the part-Kenyan president ’ s ancestral dislike of @ @ @ @ @ @ @ : UK-US trade deal will not lead to surge in junk food ads , says Liz Truss They told The Times : “ They remember that .
“ Democrats also regard Trump as appalling and disgusting and there will be a penalty for people who sucked up to Trump .
”

Boris Johnson tries to court Biden as Number 10 falls off Trump train
Democratic presidential candidate Joe Biden speaks to the press as he arrives at New Castle Airport in Wilmington, Delaware, on October 10, 2020. – Biden travels to Erie, Pennsylvania, for a campaign stop. (Photo by ROBERTO SCHMIDT / AFP) (Photo by ROBERTO SCHMIDT/AFP via Getty Images)
Boris Johnson is reportedly trying to woo US Presidential candidate Joe Biden with Downing Street increasingly convinced that Donald Trump will not be re-elected.
Johnson has been shown private polling that shows Biden is on track for a landslide victory, spurring him to try to build ties with the former Vice President.
Trump and Johnson spoke earlier this week, with Johnson wishing the President a speedy recovery from his bout of Covid.
The Prime Minister has been seen as trying to have a close relationship with Trump, which has left his aides fearful that he could be shunned by a potential Biden US administration.
The Sunday Times reports that a foreign secretary Dominic Raab and the UK’s ambassador to the US Dame Karen Pierce have been conducting backroom talks with close Biden allies.
Before the Open newsletter: Start your day with the City View podcast and key market data
Raab has met with House Speaker Nancy Pelosi and Senator Chris Coons, while Pierce met with Biden’s foreign policy advisors Tony Blinken and Jake Sullivan.
Blinken and Sullivan are tipped to become secretary of state and national security adviser respectively in a potential Biden White House.
A senior Tory source told the Times: “They’re writing off Trump in Number 10 now.”
Downing Street is worried about how Johnson will be received by Biden if he becomes President and about how this relationship could affect UK-US trade negotiations.
One diplomat said Biden is still sour with Johnson, after he talked during the 2016 Brexit referendum campaign of “the part-Kenyan president’s ancestral dislike of the British Empire”.
They told The Times: “They remember that.
“Democrats also regard Trump as appalling and disgusting and there will be a penalty for people who sucked up to Trump.”


cityam--2020-10-11--The answer to Britain's housing crisis is more houses - not risky mortgages

Housing experts were left scratching their heads this week after Prime Minister Boris Johnson announced his flagship policy to get young people on the housing ladder : bigger mortgages .
Johnson plans to turn “ generation rent ” into “ generation buy ” by offering long-term , fixed-rate mortgages of up to 95 per cent of the value of the home .
He is no doubt concerned by the shocking decline in the rate of homeownership amongst young people , who are becoming increasingly angry about spending much of their adulthood paying for their landlord ’ s mortgage .
Conservatives @ @ @ @ @ @ @ “ property owning democracy ” poses a risk for their electoral future .
So making the saving process easier and boosting homeownership by dropping deposit requirements might seem sensible .
There ’ s just one problem : it ’ s a terrible idea .
Let ’ s look at the economics of why homes are so expensive .
Prices are set by supply and demand .
Supply is very simple : it ’ s the number of homes available to buy or rent .
The oft-misunderstood concept of demand means the extent to @ @ @ @ @ @ @ pay for them .
Read more : Boris Johnson announces plan for 95 per cent mortgages It includes many factors , including the number and size of households , their incomes , and the availability and cost of mortgages .
When demand increases ( for instance interest rates fall , making mortgages cheaper ) , developers have an incentive to build more , because there is more money to be made .
This increases the supply , and prices should remain relatively stable .
But this hasn ’ t happened .
We ’ @ @ @ @ @ @ @ 30 years than we have for most of the last century .
New supply peaked in London in the 1930s at 80,000 homes a year , and easily hit 30,000 for much of the post-war period .
Since the mid-80s we ’ ve struggled to hit 20,000 .
While strong population growth , smaller households , higher incomes , and low interest rates have all fed into greater demand .
Accordingly , prices have skyrocketed .
In 1970s London , an average home cost just £5,000 – or just under £78,000 in today @ @ @ @ @ @ @ now sitting at £486,000 .
That ’ s a 620 per cent increase .
No wonder the kids can ’ t afford it !
Johnson ’ s plan does nothing to address the core problem : the supply of homes is not meeting the demand for them .
It will simply lead to higher prices .
Just as lower interest rates increased prices because the supply of homes didn ’ t rise in response , bigger mortgages will do the same .
Then there ’ s the other problem with 95 per cent @ @ @ @ @ @ @ High loan-to-value mortgages dried up after the financial crisis to prevent riskier customers ( those who can ’ t save a large deposit ) being exposed to falls in prices .
We ’ re facing another recession now .
It is reckless to encourage young people to rush and buy at present high prices when that could leave them trapped in negative equity .
What should Johnson do instead ?
Rather than encouraging young people to further stretch the limits of their finances , he needs to stop letting prices rise .
No @ @ @ @ @ @ @ food , or transport .
But when house prices rise , it ’ s somehow “ growth ” or a “ strong market.
” We need people to recognise it is absolutely not positive news for those who don ’ t already own .
Government should explicitly target 0 per cent house price inflation , and ensure enough homes are delivered every year to meet that target .
The first challenge is boosting housing supply of all types and tenures , especially in high-demand areas like London .
The main barriers to this @ @ @ @ @ @ @ restricts the availability of land and turns every new development into a local political battle .
Government is right to reform it into a simpler , rules-based system .
However , the most urgent need is for social housing .
Current plans to divert funding to First Homes ( discounted market sale homes ) will help a lucky few who would probably buy soon anyway , but do nothing for the 8.4 million people who are in far higher need .
Johnson needs to reverse these plans and invest in a new programme @ @ @ @ @ @ @ period .
Our property tax system is also a problem .
Council tax is horrifically regressive , taking more proportionately from poorer households .
Stamp duty discourages people from moving .
These conspire to make staying cheap and moving expensive , gumming up the market and encouraging people to under-occupy .
Johnson would do well to listen to the Fairer Share campaign and replace these taxes with a proportional property tax .
Finally , many people are going to be renting for much ( or all ! )
of their lives .
Government @ @ @ @ @ @ @ by making this a less horrible experience .
They need to crack on with their promise to abolish unfair evictions , support renters to get redress from landlords and agents who fail to meet their contractual responsibilities , and fund proper enforcement of property standards .
The political stakes are too high not to .

The answer to Britain’s housing crisis is more houses – not risky mortgages
Housing experts were left scratching their heads this week after Prime Minister Boris Johnson announced his flagship policy to get young people on the housing ladder: bigger mortgages.
Johnson plans to turn “generation rent” into “generation buy” by offering long-term, fixed-rate mortgages of up to 95 per cent of the value of the home.
He is no doubt concerned by the shocking decline in the rate of homeownership amongst young people, who are becoming increasingly angry about spending much of their adulthood paying for their landlord’s mortgage.
Conservatives have already recognised that the decline of “property owning democracy” poses a risk for their electoral future. So making the saving process easier and boosting homeownership by dropping deposit requirements might seem sensible. There’s just one problem: it’s a terrible idea.
Let’s look at the economics of why homes are so expensive. Prices are set by supply and demand. Supply is very simple: it’s the number of homes available to buy or rent. The oft-misunderstood concept of demand means the extent to which people are willing and able to pay for them.
Read more: Boris Johnson announces plan for 95 per cent mortgages
It includes many factors, including the number and size of households, their incomes, and the availability and cost of mortgages.
When demand increases (for instance interest rates fall, making mortgages cheaper), developers have an incentive to build more, because there is more money to be made. This increases the supply, and prices should remain relatively stable.
But this hasn’t happened. We’ve built far less over the last 30 years than we have for most of the last century. New supply peaked in London in the 1930s at 80,000 homes a year, and easily hit 30,000 for much of the post-war period. Since the mid-80s we’ve struggled to hit 20,000. While strong population growth, smaller households, higher incomes, and low interest rates have all fed into greater demand.
Compiled by the Greater London Assembly: Estimated new build homes in London 1871-2019
Compiled by GLA from:
– 1871-1937: Report of the Commissioner of the Metropolitan Police, via Quandl.com
– 1946-1960: GLA estimates based on national data from 1946 to 1960 (MHCLG, live table 244) and London’s share of the national total before World War II (from B. Mitchell, British Historical Statistics, p392) and after the war from the GLA and MHCLG data below
– 1961 to 1969: Annual Abstracts of Greater London Statistics
– 1970 to 2019: MHCLG house building statistics
Prices have skyrocketed
Accordingly, prices have skyrocketed. In 1970s London, an average home cost just £5,000 – or just under £78,000 in today’s prices. It’s now sitting at £486,000. That’s a 620 per cent increase. No wonder the kids can’t afford it!
Johnson’s plan does nothing to address the core problem: the supply of homes is not meeting the demand for them. It will simply lead to higher prices. Just as lower interest rates increased prices because the supply of homes didn’t rise in response, bigger mortgages will do the same.
Then there’s the other problem with 95 per cent mortgages. They’re risky. High loan-to-value mortgages dried up after the financial crisis to prevent riskier customers (those who can’t save a large deposit) being exposed to falls in prices. We’re facing another recession now. It is reckless to encourage young people to rush and buy at present high prices when that could leave them trapped in negative equity.
What should Johnson do instead? Rather than encouraging young people to further stretch the limits of their finances, he needs to stop letting prices rise. No one wants inflation in energy bills, food, or transport.
But when house prices rise, it’s somehow “growth” or a “strong market.” We need people to recognise it is absolutely not positive news for those who don’t already own. Government should explicitly target 0 per cent house price inflation, and ensure enough homes are delivered every year to meet that target.
Our planning system needs reform
The first challenge is boosting housing supply of all types and tenures, especially in high-demand areas like London. The main barriers to this relate to our planning system. It restricts the availability of land and turns every new development into a local political battle. Government is right to reform it into a simpler, rules-based system.
However, the most urgent need is for social housing. Current plans to divert funding to First Homes (discounted market sale homes) will help a lucky few who would probably buy soon anyway, but do nothing for the 8.4 million people who are in far higher need. Johnson needs to reverse these plans and invest in a new programme of social homebuilding to rival the post-war period.
Our property tax system is also a problem. Council tax is horrifically regressive, taking more proportionately from poorer households. Stamp duty discourages people from moving. These conspire to make staying cheap and moving expensive, gumming up the market and encouraging people to under-occupy. Johnson would do well to listen to the Fairer Share campaign and replace these taxes with a proportional property tax.
Finally, many people are going to be renting for much (or all!) of their lives. Government should get in renters’ good books by making this a less horrible experience.
They need to crack on with their promise to abolish unfair evictions, support renters to get redress from landlords and agents who fail to meet their contractual responsibilities, and fund proper enforcement of property standards. The political stakes are too high not to.
Read more: Finance chiefs warn against risky mortgage lending


cityam--2020-10-11--BOXPARK chief: Government must allow hospitality businesses to recover

The past few months have been some of the most difficult for the hospitality industry – and now , just as many of us are getting back on our feet , we have been hit by new restrictions that could last for up to six months .
Six months is an extremely long time for an industry that is already on its knees .
In my view the recent Government measures seem to be a sudden panic move or knee jerk reaction rather than a well devised long-term strategy because there ’ s no real evidence to suggest that the @ @ @ @ @ @ @ rise in Covid-19 cases or hospital admissions .
Read more : London without the hospitality industry isn ’ t the London we know and love Furthermore , it ’ s inconsistent and confusing for everyone .
We spent months encouraging people to ‘ Eat Out to Help Out ’ and now we are telling the public it is unsafe to do so .
At BOXPARK , we welcome any measures that will prevent a second wave and help to stop the spread of the Coronavirus because the wellbeing of our customers and staff @ @ @ @ @ @ @ example , when we reopened our sites we implemented our own digital track and trace system before the government version was ready , we launched a Mobile Ordering service , including Click + Collect and more recently , Table Service .
We have also scaled back our events programme , changed our seating arrangements and enforced face coverings in line with Government guidelines .
In the business , we have already seen a serious negative impact on sales since the 10pm curfew was imposed and I ’ m genuinely concerned for pubs and @ @ @ @ @ @ @ , as well as smaller , independent venues .
This negative impact on business in the hospitality sector is going to result in thousands of venues closing and workers being made redundant .
Instead of the Government targeting young people with the curfew , they should focus the scarce resources into protecting the elderly and vulnerable communities .
Read more : Minister suggests possible change to nighttime curfew if 11pm experiment works in Northern Ireland With that in mind , BOXPARK have made the decision to support the # CancelTheCurfew campaign in the @ @ @ @ @ @ @ Government to make a U-turn on the restrictions .
The potential damage from the curfew could be catastrophic .
Before the curfew came into play , half of the UK ’ s 100,000 hospitality firms feared they wouldn ’ t survive beyond the middle of 2021 .
For those of us that do survive , the big question on all of our minds is rent .
The curfew coupled with the other new measures is resulting in a loss of income for the industry – putting additional pressures on an operator ’ s @ @ @ @ @ @ @ however , have chosen to ignore this fact and are yet to set out how landlords and commercial tenants should share the pain of lost income .
Having a rent solution is more crucial than ever .
As the CEO of BOXPARK , I am in the unique position of being both a commercial landlord and operator , and I believe the extended moratorium is not helping either group .
It ignores the fact that at one point businesses will need to pay their rent and many won ’ t be able to @ @ @ @ @ @ @ who is going to pick up that bill then ?
I truly believe that at BOXPARK we will only succeed if our tenants succeed , which is why when lockdown hit we were one of the first commercial landlords to announce that we would not charge our tenants rent while they remained closed .
Since reopening we have also begun to migrate some of our tenants to turnover rent .
However , we can not ignore the rent crisis any longer , which is why I am calling on the government to address @ @ @ @ @ @ @ industry is not more uncertainty .
We need clear , consistent guidance from the government , as well as a solution for the rental crisis that can help us future-proof our businesses .
Read more : Every drink counts at London Cocktail Week

BOXPARK chief: Government must allow hospitality businesses to recover
The past few months have been some of the most difficult for the hospitality industry – and now, just as many of us are getting back on our feet, we have been hit by new restrictions that could last for up to six months.
Six months is an extremely long time for an industry that is already on its knees.
In my view the recent Government measures seem to be a sudden panic move or knee jerk reaction rather than a well devised long-term strategy because there’s no real evidence to suggest that the reopening of hospitality is linked to the rise in Covid-19 cases or hospital admissions.
Read more: London without the hospitality industry isn’t the London we know and love
Furthermore, it’s inconsistent and confusing for everyone. We spent months encouraging people to ‘Eat Out to Help Out’ and now we are telling the public it is unsafe to do so.
At BOXPARK, we welcome any measures that will prevent a second wave and help to stop the spread of the Coronavirus because the wellbeing of our customers and staff is our number one priority.
For example, when we reopened our sites we implemented our own digital track and trace system before the government version was ready, we launched a Mobile Ordering service, including Click + Collect and more recently, Table Service.
We have also scaled back our events programme, changed our seating arrangements and enforced face coverings in line with Government guidelines.
In the business, we have already seen a serious negative impact on sales since the 10pm curfew was imposed and I’m genuinely concerned for pubs and bars which mostly rely on evening trade, as well as smaller, independent venues.
This negative impact on business in the hospitality sector is going to result in thousands of venues closing and workers being made redundant.
Instead of the Government targeting young people with the curfew, they should focus the scarce resources into protecting the elderly and vulnerable communities.
Read more: Minister suggests possible change to nighttime curfew if 11pm experiment works in Northern Ireland
With that in mind, BOXPARK have made the decision to support the #CancelTheCurfew campaign in the hope that the pressure will force the Government to make a U-turn on the restrictions.
The potential damage from the curfew could be catastrophic. Before the curfew came into play, half of the UK’s 100,000 hospitality firms feared they wouldn’t survive beyond the middle of 2021.
For those of us that do survive, the big question on all of our minds is rent. The curfew coupled with the other new measures is resulting in a loss of income for the industry – putting additional pressures on an operator’s ability to pay rent.
The Government however, have chosen to ignore this fact and are yet to set out how landlords and commercial tenants should share the pain of lost income. Having a rent solution is more crucial than ever.
As the CEO of BOXPARK, I am in the unique position of being both a commercial landlord and operator, and I believe the extended moratorium is not helping either group.
It ignores the fact that at one point businesses will need to pay their rent and many won’t be able to. My question to the government is who is going to pick up that bill then?
I truly believe that at BOXPARK we will only succeed if our tenants succeed, which is why when lockdown hit we were one of the first commercial landlords to announce that we would not charge our tenants rent while they remained closed. Since reopening we have also begun to migrate some of our tenants to turnover rent. However, we cannot ignore the rent crisis any longer, which is why I am calling on the government to address this.
What we need as an industry is not more uncertainty. We need clear, consistent guidance from the government, as well as a solution for the rental crisis that can help us future-proof our businesses.
Read more: Every drink counts at London Cocktail Week


cityam--2020-10-11--Business groups urge ministers to back negative emissions push

Business groups have written to the Chancellor and a number of other Cabinet colleagues urging them to support negative emissions technologies to “ build back better ” from the coronavirus pandemic .
In an open letter , industry heavyweights Drax , Heathrow Airport , BA owner IAG and the CBI called on ministers to show a “ clear , unambiguous commitment ” to support the development of the sector .
Read more : Boris Johnson to unveil £160m for offshore wind power “ With COP26 fast approaching , there is a real and compelling opportunity for the UK Government to @ @ @ @ @ @ @ a leadership position on negative emissions .
“ Conversely if the UK does not act quickly , it could jeopardise the delivery of projects in the 2020s that can support innovation , learning by doing and the scale-up of negative emissions in the 2030s ” , it added .
It said that developing such technologies should go hand-in-hand with attempts to decarbonise sectors such as heavy industry and aviation .
The group , called the Coalition for Negative Emissions , pointed to a number of technologies already being developed as examples of the @ @ @ @ @ @ @ support .
These include Drax ’ s plans to develop a negative emission power plant in North Yorkshire using biomass with carbon capture technology , and BA ’ s work with Velocys to develop net zero jet fuel .
Before the Open newsletter : Start your day with the City View podcast and key market data “ It is essential that government works with industry to bring forward early projects in the 2020s that are viable and represent value for money ” , the letter added .
Ministers should also use the COP26 @ @ @ @ @ @ @ a statement ” about the steps the UK has already taken .
“ This statement would be particularly powerful as it can be credibly supported by several pioneering projects already being undertaken by British businesses and research organisations in this space.
” Last week Boris Johnson unveiled £160m in new funding for the UK ’ s offshore wind industry .
The government now plans to develop an extra 10 gigawatts of the renewable energy source by 2030 .
If successful , the UK will have 40 gigawatts of wind power capacity by the @ @ @ @ @ @ @ power the equivalent of every home in the country .
The money is the first step in a 10 point package of measures to decarbonise the UK ’ s economy , which will be laid out later this autumn .
Ministers have also said that they will publish the long-awaited energy white paper in a similar time frame .

Business groups urge ministers to back negative emissions push
Business groups have written to the Chancellor and a number of other Cabinet colleagues urging them to support negative emissions technologies to “build back better” from the coronavirus pandemic.
In an open letter, industry heavyweights Drax, Heathrow Airport, BA owner IAG and the CBI called on ministers to show a “clear, unambiguous commitment” to support the development of the sector.
“With COP26 fast approaching, there is a real and compelling opportunity for the UK Government to demonstrate to the world it is taking a leadership position on negative emissions.
“Conversely if the UK does not act quickly, it could jeopardise the delivery of projects in the 2020s that can support innovation, learning by doing and the scale-up of negative emissions in the 2030s”, it added.
It said that developing such technologies should go hand-in-hand with attempts to decarbonise sectors such as heavy industry and aviation.
The group, called the Coalition for Negative Emissions, pointed to a number of technologies already being developed as examples of the kind of projects the government needs to support.
These include Drax’s plans to develop a negative emission power plant in North Yorkshire using biomass with carbon capture technology, and BA’s work with Velocys to develop net zero jet fuel.
Before the Open newsletter: Start your day with the City View podcast and key market data
“It is essential that government works with industry to bring forward early projects in the 2020s that are viable and represent value for money”, the letter added.
Ministers should also use the COP26 climate summit next year to “make a statement” about the steps the UK has already taken.
“This statement would be particularly powerful as it can be credibly supported by several pioneering projects already being undertaken by British businesses and research organisations in this space.”
Last week Boris Johnson unveiled £160m in new funding for the UK’s offshore wind industry.
The government now plans to develop an extra 10 gigawatts of the renewable energy source by 2030.
If successful, the UK will have 40 gigawatts of wind power capacity by the end of the decade – enough to power the equivalent of every home in the country.
The money is the first step in a 10 point package of measures to decarbonise the UK’s economy, which will be laid out later this autumn.
Ministers have also said that they will publish the long-awaited energy white paper in a similar time frame.


cityam--2020-10-11--Hospitality and manufacturing jobs at risk as coronavirus accelerates rise of the robots

Jobs in hospitality , leisure , and manufacturing are among the most likely to be lost as the coronavirus pandemic accelerates the automation of the economy .
A new survey by the Royal Society of Arts , Manufactures and Commerce ( RSA ) shows that the pandemic has led to rapid digitalisation of swathes of sectors .
Read more : Covid : Robert Jenrick does not rule out banning outside mixing In the hospitality industry , for example , new technologies like Amazon ’ s checkout-free stores and Itsu ’ s robots could drive unemployment in second wave .
The @ @ @ @ @ @ @ wave of the pandemic saw demand for such roles grow , in the long term they could be the most at risk of being digitalised .
The study also finds that those roles that are unlikely to undergo automation – like those in the arts and entertainment – could also be lost despite their long-term viability .
Around 70 per cent of jobs in the creative arts were furloughed but the sector has a low automation risk and the number of jobs increased 35 per cent from 2011 to 2019 , one of @ @ @ @ @ @ @ Before the Open newsletter : Start your day with the City View podcast and key market data The RSA said that these jobs need more support if they are to outlast the current crisis .
In order to do so , the government should modify its Job Support Scheme ( JSS ) and introduce a two-track system based on the French ‘ partial activity ’ scheme , the body said .
Alongside the existing national JSS scheme , this would see an alternative pathway for businesses in the most at-risk sectors , with @ @ @ @ @ @ @ set up a transition sector to move those workers most at risk of losing their jobs through automation to new careers .
Fabian Wallace-Stephens , report author and senior researcher at the RSA , said : Read more : Peacocks and Jaeger owner files for administration , putting 24,000 jobs at risk “ Covid-19 is accelerating the rise of the robots — with some sectors seeing five years of digital transformation in five months alone — but the government ’ s response to the pandemic risks us losing many ‘ automation-proof ’ jobs @ @ @ @ @ @ @ travel and tourism , and the creative industries , are likely to be important areas for jobs growth in the future , but need more support throughout the Covid-19 pandemic .

Hospitality and manufacturing jobs at risk as coronavirus accelerates rise of the robots
Job vacancies are finally above pre-pandemic levels as of this week, according to the Office for National Statistics.
Jobs in hospitality, leisure, and manufacturing are among the most likely to be lost as the coronavirus pandemic accelerates the automation of the economy.
A new survey by the Royal Society of Arts, Manufactures and Commerce (RSA) shows that the pandemic has led to rapid digitalisation of swathes of sectors.
In the hospitality industry, for example, new technologies like Amazon’s checkout-free stores and Itsu’s robots could drive unemployment in second wave.
The RSA warned that even though the first wave of the pandemic saw demand for such roles grow, in the long term they could be the most at risk of being digitalised.
The study also finds that those roles that are unlikely to undergo automation – like those in the arts and entertainment – could also be lost despite their long-term viability.
Around 70 per cent of jobs in the creative arts were furloughed but the sector has a low automation risk and the number of jobs increased 35 per cent from 2011 to 2019, one of the fastest in the last decade.
Before the Open newsletter: Start your day with the City View podcast and key market data
The RSA said that these jobs need more support if they are to outlast the current crisis.
In order to do so, the government should modify its Job Support Scheme (JSS) and introduce a two-track system based on the French ‘partial activity’ scheme, the body said.
Alongside the existing national JSS scheme, this would see an alternative pathway for businesses in the most at-risk sectors, with reduced employer contributions.
It should also set up a transition sector to move those workers most at risk of losing their jobs through automation to new careers.
Fabian Wallace-Stephens, report author and senior researcher at the RSA, said:
“Covid-19 is accelerating the rise of the robots — with some sectors seeing five years of digital transformation in five months alone — but the government’s response to the pandemic risks us losing many ‘automation-proof’ jobs.
“The arts and entertainment, travel and tourism, and the creative industries, are likely to be important areas for jobs growth in the future, but need more support throughout the Covid-19 pandemic.


cityam--2020-10-11--UK considers plan to 'disable' Channel migrant boats with nets

The government is considering plans to “ disable ” boats carrying migrants across the Channel by using nets to stop them from reaching the UK , according to the new man in charge of stopping illegal crossings .
The UK has seen a marked increase in illegal Channel crossings this year , with more than 1,500 people crossing by boat last month – a new high .
Read more : UK and France working ‘ at pace ’ to block Channel asylum seekers The total figure for 2020 is around 7,0000 .
Dan O ’ Mahoney , the new Clandestine @ @ @ @ @ @ @ Telegraph that the UK was close to deploying a “ safe return tactic ” that would immobilise incoming boats , before escorting the occupants back to France .
Asked if the method being considered would see nets disable the propellors of boats , he said : “ It ’ s that type of thing , yes .
“ So , safely disabling the engine and then taking the migrants on board our vessel.
” Before the Open newsletter : Start your day with the City View podcast and key market data However , @ @ @ @ @ @ @ authorities are currently refusing to accept turned back vessels .
“ But given that we ’ re not using them yet I ’ m not at liberty to go into detail about them.
” The new border supremo also said he was drawing up a social media campaign to tell immigrants in Africa and the Middle East to seek aslyum in the first safe European country they reach as per international law .
The Home Office has been looking at different ways of stopping illegal boats , mostly dinghies , making the dangerous @ @ @ @ @ @ @ of the options home secretary Priti Patel has considered includes sending asylum seekers to an offshore island in the Atlantic Ocean and using a so-called wave machine to turn back boats .
Patel said in her Tory party conference speech last week that she would deliver the largest overhaul of the UK ’ s asylum system in decades .
Read more : Priti Patel promises overhaul of the UK asylum system “ After decades of inaction by successive governments we will address the moral , legal and practical problems with the asylum system @ @ @ @ @ @ @ firm nor fair , ” she said .
Patel added : “ Right now , the most vulnerable are stuck in this broken system , with over forty thousand other people .
“ Almost half of these claims take a year or more to reach a decision .
”

UK considers plan to ‘disable’ Channel migrant boats with nets
UK Border Force officials travel in a RIB with migrants picked up at sea whilst Crossing the English Channel
The government is considering plans to “disable” boats carrying migrants across the Channel by using nets to stop them from reaching the UK, according to the new man in charge of stopping illegal crossings.
The UK has seen a marked increase in illegal Channel crossings this year, with more than 1,500 people crossing by boat last month – a new high.
The total figure for 2020 is around 7,0000.
Dan O’Mahoney, the new Clandestine Channel Threat Commander, told the Sunday Telegraph that the UK was close to deploying a “safe return tactic” that would immobilise incoming boats, before escorting the occupants back to France.
Asked if the method being considered would see nets disable the propellors of boats, he said: “It’s that type of thing, yes.
“So, safely disabling the engine and then taking the migrants on board our vessel.”
Before the Open newsletter: Start your day with the City View podcast and key market data
However, O’Mahoney said that the French authorities are currently refusing to accept turned back vessels.
“But given that we’re not using them yet I’m not at liberty to go into detail about them.”
The new border supremo also said he was drawing up a social media campaign to tell immigrants in Africa and the Middle East to seek aslyum in the first safe European country they reach as per international law.
The Home Office has been looking at different ways of stopping illegal boats, mostly dinghies, making the dangerous voyage across the English Channel.
Some of the options home secretary Priti Patel has considered includes sending asylum seekers to an offshore island in the Atlantic Ocean and using a so-called wave machine to turn back boats.
Patel said in her Tory party conference speech last week that she would deliver the largest overhaul of the UK’s asylum system in decades.
“After decades of inaction by successive governments we will address the moral, legal and practical problems with the asylum system, because what exists now is neither firm nor fair,” she said.
Patel added: “Right now, the most vulnerable are stuck in this broken system, with over forty thousand other people.
“Almost half of these claims take a year or more to reach a decision.”


cityam--2020-10-11--Retail body accuses government on inaction on garment worker abuse

The trade body for the UK retail sector has said that the government has carried out no “ significant action ” to protect textile workers from exploitaiton .
In a letter to home secretary Priti Patel , the British Retail Consortium ( BRC ) said : “ Despite numerous reports in the media , and a previous letter to the home secretary signed by over 50 MPs and peers and more than 40 retailers , investors and NGOs , we have not seen any significant action from government to bring this injustice to an end.
” The letter , seen @ @ @ @ @ @ @ makers had lost a combined £27m in wages since July .
Retailers such as Marks & Spencer and Asos , as well as human rights groups and MPs , first wrote to the government back in July after a Sunday Times investigation into working practices in garment factories in Leicester .
Employees at fast fashion giant Boohoo were found to be being paid below the minimum wage and were being made to work without coronavirus precautions in place .
At the time , the group urged ministers to implement a “ fit to @ @ @ @ @ @ @ abuses .
Before the Open newsletter : Start your day with the City View podcast and key market data However , although it said it had discussed the problems with officials , the BRC is yet to receive an official response to its letter .
The second letter was co-signed by Dr Lisa Cameron , the chair of the All-Party Parliamentary Group for Textiles & Fashion .
She said : “ It is vital the home secretary takes action to introduce a licensing scheme for UK garment manufacturers and puts the rights of @ @ @ @ @ @ @ ” In response , the Home Office said : “ Exploiting vulnerable workers for commercial gain is despicable and we expect businesses to do all they can to tackle abuse and exploitation in their supply chains .
Read more : Fast fashion firms Asos and Missguided call for action on UK worker exploitation “ We are deeply concerned by the appalling reports of illegal and unsafe working conditions for garment workers in Leicester , and will ensure perpetrators face the full force of the law if evidence comes to light through the work @ @ @ @ @ @ @ by the Gangmasters and Labour Abuse Authority.
” The Environmental Audit Committee ( EAC ) last week launched a follow-up inquiry into sustainability and working conditions within the fashion industry .

Retail body accuses government on inaction on garment worker abuse
The trade body for the UK retail sector has said that the government has carried out no “significant action” to protect textile workers from exploitaiton.
In a letter to home secretary Priti Patel, the British Retail Consortium (BRC) said: “Despite numerous reports in the media, and a previous letter to the home secretary signed by over 50 MPs and peers and more than 40 retailers, investors and NGOs, we have not seen any significant action from government to bring this injustice to an end.”
The letter, seen by City A.M., said that garment makers had lost a combined £27m in wages since July.
Retailers such as Marks & Spencer and Asos, as well as human rights groups and MPs, first wrote to the government back in July after a Sunday Times investigation into working practices in garment factories in Leicester.
Employees at fast fashion giant Boohoo were found to be being paid below the minimum wage and were being made to work without coronavirus precautions in place.
At the time, the group urged ministers to implement a “fit to trade” scheme to iron out such abuses.
Before the Open newsletter: Start your day with the City View podcast and key market data
However, although it said it had discussed the problems with officials, the BRC is yet to receive an official response to its letter.
The second letter was co-signed by Dr Lisa Cameron, the chair of the All-Party Parliamentary Group for Textiles & Fashion.
She said: “It is vital the home secretary takes action to introduce a licensing scheme for UK garment manufacturers and puts the rights of workers at the heart of the industry.”
In response, the Home Office said: “Exploiting vulnerable workers for commercial gain is despicable and we expect businesses to do all they can to tackle abuse and exploitation in their supply chains.
“We are deeply concerned by the appalling reports of illegal and unsafe working conditions for garment workers in Leicester, and will ensure perpetrators face the full force of the law if evidence comes to light through the work of our new specialist Taskforce, led by the Gangmasters and Labour Abuse Authority.”
The Environmental Audit Committee (EAC) last week launched a follow-up inquiry into sustainability and working conditions within the fashion industry.


cityam--2020-10-11--Brexit: Boris Johnson warns of 'significant gaps' to bridge in EU trade talks

Boris Johnson has told French President Emmanuel Macron that there are still “ significant gaps ” to be bridged to seal a post-Brexit UK-EU trade deal .
A statement released by Downing Street said the Prime Minister told Macron on a phone call yesterday that he needed to see progress in the coming days , “ notably in the areas of fisheries and the level playing field ” .
Read more : Brexit : UK and EU edging closer on state aid talks , says David Frost Chief UK negotiator Lord David Frost and his EU counterpart Michel Barnier are @ @ @ @ @ @ @ , with time running out to secure a deal .
Johnson and EU Commission President Ursula von der Leyen set the deadline for talks as the end of October .
Before the Open newsletter : Start your day with the City View podcast and key market data However , Johnson has told Frost that he needs to be able to see a deal is possible by 15 October or else he will walk away from negotiations .
The two largest barriers to a deal have been disagreements over state subsidy regulations – as @ @ @ @ @ @ @ field talks – and EU access to UK fishing waters .
Frost said at a parliamentary committee meeting on Wednesday that some progress was being made on level playing field talks , but that fisheries policy was still the biggest area of disagreement .
Conservative sources told the Sunday Telegraph that it was up to Macron to make a “ political decision ” and compromise on fisheries to secure a trade deal .
The EU ’ s starting position in talks was to demand that the EU retains the same access it had @ @ @ @ @ @ @ was still a member state – a position that Frost has repeatedly said is unacceptable .
The UK is looking to completely renegotiate and give the EU a far smaller quota of fish in its waters .
Read more : Boris Johnson tries to court Biden as Number 10 falls off Trump train Speaking about yesterday ’ s Johnson-Macron call yesterday , a Downing Street spokesman said : “ [ Johnson ] underlined that a deal was better for both sides , but also that the UK was prepared to end the transition @ @ @ @ @ @ @ could not be found .
“ The Prime Minister emphasised that progress must be made in the coming days to bridge the significant gaps , notably in the areas of fisheries and the level playing field , through the process of intensive talks between chief negotiators agreed with the President of the European Commission .
”

Brexit: Boris Johnson warns of ‘significant gaps’ to bridge in EU trade talks
Prime minister, Boris Johnson and French President Emmanuel Macron watch the red arrows and La Patrouille de France fly over Horseguards parade ground
Boris Johnson has told French President Emmanuel Macron that there are still “significant gaps” to be bridged to seal a post-Brexit UK-EU trade deal.
A statement released by Downing Street said the Prime Minister told Macron on a phone call yesterday that he needed to see progress in the coming days, “notably in the areas of fisheries and the level playing field”.
Chief UK negotiator Lord David Frost and his EU counterpart Michel Barnier are now holding crunch Brexit trade deal talks, with time running out to secure a deal.
Johnson and EU Commission President Ursula von der Leyen set the deadline for talks as the end of October.
Before the Open newsletter: Start your day with the City View podcast and key market data
However, Johnson has told Frost that he needs to be able to see a deal is possible by 15 October or else he will walk away from negotiations.
The two largest barriers to a deal have been disagreements over state subsidy regulations – as a part of the wider level playing field talks – and EU access to UK fishing waters.
Frost said at a parliamentary committee meeting on Wednesday that some progress was being made on level playing field talks, but that fisheries policy was still the biggest area of disagreement.
Conservative sources told the Sunday Telegraph that it was up to Macron to make a “political decision” and compromise on fisheries to secure a trade deal.
The EU’s starting position in talks was to demand that the EU retains the same access it had to UK fishing waters as when Britain was still a member state – a position that Frost has repeatedly said is unacceptable.
The UK is looking to completely renegotiate and give the EU a far smaller quota of fish in its waters.
Speaking about yesterday’s Johnson-Macron call yesterday, a Downing Street spokesman said: “[Johnson] underlined that a deal was better for both sides, but also that the UK was prepared to end the transition period on Australia-style terms if an agreement could not be found.
“The Prime Minister emphasised that progress must be made in the coming days to bridge the significant gaps, notably in the areas of fisheries and the level playing field, through the process of intensive talks between chief negotiators agreed with the President of the European Commission.”


cityam--2020-10-11--England's mayors to gain more control over NHS Test and Trace

Mayors across England are set to gain more control over the NHS Test and Trace system as the government prepares to implement tougher Covid restrictions .
The government will give local authorities access to the Test and Trace data and urge them to deploy volunteers to knock on people ’ s homes and tell them to self-isolate if necessary .
Read more : Covid : Robert Jenrick does not rule out banning outside mixing The Sunday Times reports that the changes are intended to get more people to self-isolate after testing positive by generating “ community spirit ” .
Housing @ @ @ @ @ @ @ : “ We are going to be making sure that the national testing infrastructure…works in harmony with what ’ s happening locally because local councils and local communities are very good at contact tracing , understandably because they know their communities , they can mobilise council officers particularly for harder to reach communities .
“ We are going to be helping the local councils to complement the national tracing infrastructure and also to have a greater say in Track and Trace as well.
” Covid rates are particularly high in the North of @ @ @ @ @ @ @ Manchester and Bolton among the worst affected .
Birmingham and Leicester in the Midlands also have surging rates of Covid .
Boris Johnson is expected to announce a “ three-tier ” Covid rating next week , which will classify areas as “ medium risk ” , “ high risk ” and “ very high risk ” .
Before the Open newsletter : Start your day with the City View podcast and key market data The lowest tier will likely see the current national restrictions – bans of more than six people meeting and @ @ @ @ @ @ @ risk category could mean a ban on household mixing altogether .
Any areas that are in the very high risk category could be plunged back into lockdown , with hospitality venues almost certain to be closed .
Ministers are currently dealing with local authorities and the country ’ s metro mayors in creating the three-tier system and setting out the terms of the new NHS Test and Trace protocols .
Leader of Manchester City Council Sir Richard Leese told Times Radio this morning that he had not yet agreed with the government to @ @ @ @ @ @ @ think there is probably a large gulf at the moment between us and the government , ” he said .
“ Our officers are working , meeting actually , as we speak and are developing a set of proposals that we think are appropriate for Greater Manchester on the basis of that knowledge and data that we ’ ve got.
” When asked if he would support Manchester being put into the tier three category , he said : “ Absolutely not .
It wouldn ’ t do anything to tackle covid-19 as @ @ @ @ @ @ @ would be absolutely disastrous for our economy .
”

England’s mayors to gain more control over NHS Test and Trace
Mayors across England are set to gain more control over the NHS Test and Trace system as the government prepares to implement tougher Covid restrictions.
The government will give local authorities access to the Test and Trace data and urge them to deploy volunteers to knock on people’s homes and tell them to self-isolate if necessary.
The Sunday Times reports that the changes are intended to get more people to self-isolate after testing positive by generating “community spirit”.
Housing secretary Robert Jenrick told Sky News today: “We are going to be making sure that the national testing infrastructure…works in harmony with what’s happening locally because local councils and local communities are very good at contact tracing, understandably because they know their communities, they can mobilise council officers particularly for harder to reach communities.
“We are going to be helping the local councils to complement the national tracing infrastructure and also to have a greater say in Track and Trace as well.”
Covid rates are particularly high in the North of England, with Liverpool, Newcastle, Manchester and Bolton among the worst affected.
Birmingham and Leicester in the Midlands also have surging rates of Covid.
Boris Johnson is expected to announce a “three-tier” Covid rating next week, which will classify areas as “medium risk”, “high risk” and “very high risk”.
Before the Open newsletter: Start your day with the City View podcast and key market data
The lowest tier will likely see the current national restrictions – bans of more than six people meeting and a 10pm curfew – while the high risk category could mean a ban on household mixing altogether.
Any areas that are in the very high risk category could be plunged back into lockdown, with hospitality venues almost certain to be closed.
Ministers are currently dealing with local authorities and the country’s metro mayors in creating the three-tier system and setting out the terms of the new NHS Test and Trace protocols.
Leader of Manchester City Council Sir Richard Leese told Times Radio this morning that he had not yet agreed with the government to any new Covid restrictions.
“I think there is probably a large gulf at the moment between us and the government,” he said.
“Our officers are working, meeting actually, as we speak and are developing a set of proposals that we think are appropriate for Greater Manchester on the basis of that knowledge and data that we’ve got.”
When asked if he would support Manchester being put into the tier three category, he said: “Absolutely not. It wouldn’t do anything to tackle covid-19 as far as I can see and it would be absolutely disastrous for our economy.”


cityam--2020-10-12--UK house prices stage rapid recovery in third quarter

House prices enjoyed their strongest quarterly increase since before the financial crisis in the third quarter as lockdown restrictions eased .
Prices rebounded quickly in the third quarter after the broadbased closure of the market during the previous quarter .
Read more : UK house prices to rise 20 per cent by 2024 Prices rose 3.3 per cent in the three months to September , according to the Halifax Property Index , the strongest increase recorded since the end of 2006 .
On an annual basis prices were 5.5 per cent higher , the sharpest rate of inflation since the @ @ @ @ @ @ @ market has been buoyed by government interventions such as the stamp duty holiday introduced over the summer .
And last week Boris Johnson announced plans to turn “ generation rent ” into “ generation buy ” by allowing people to purchase homes with a five per cent deposit .
Paul Smith , economics director at IHS suggested the resurgence in prices was also due to “ strong demand driven by a desire for more space – either as a reaction of the lockdown or the structural economic effects of increasing home working ” @ @ @ @ @ @ @ standardised house price edged close to the £250,000 mark during the third quarter .
Price inflation has picked up across all buyer and property types , with existing property inflation – 5.8 per cent – outstripping that of new houses – +4.1 per cent .
Properties in greater London remain comfortably the most expensive , with the typical house now costing more than £500,000 and around 1.5 times higher than in the South East .
Wider economic issues , particularly the rise in unemployment due to coronavirus , suggest activity and the rapidly @ @ @ @ @ @ @ .
The recent rise in prices has led to a tightening of affordability constraints , with the house price-to-earnings ratio reaching a record high level of 6.5 by the end of the third quarter .
Read more : UK house prices jump again in September as market defies gravity It surpassed the previous records of 6.4 set prior to the financial crisis .
Unsurprisingly London has the highest ratio of close to 9 , and the immediate regions surrounding the capital , with ratios all above 7 , where affordability remains a key @ @

UK house prices stage rapid recovery in third quarter
House prices enjoyed their strongest quarterly increase since before the financial crisis in the third quarter as lockdown restrictions eased.
Prices rebounded quickly in the third quarter after the broadbased closure of the market during the previous quarter.
Prices rose 3.3 per cent in the three months to September, according to the Halifax Property Index, the strongest increase recorded since the end of 2006. On an annual basis prices were 5.5 per cent higher, the sharpest rate of inflation since the final quarter of 2016.
The housing market has been buoyed by government interventions such as the stamp duty holiday introduced over the summer.
And last week Boris Johnson announced plans to turn “generation rent” into “generation buy” by allowing people to purchase homes with a five per cent deposit.
Paul Smith, economics director at IHS suggested the resurgence in prices was also due to “strong demand driven by a desire for more space – either as a reaction of the lockdown or the structural economic effects of increasing home working”.
The upturn in prices meant the standardised house price edged close to the £250,000 mark during the third quarter. Price inflation has picked up across all buyer and property types, with existing property inflation – 5.8 per cent – outstripping that of new houses – +4.1 per cent.
Properties in greater London remain comfortably the most expensive, with the typical house now costing more than £500,000 and around 1.5 times higher than in the South East.
Wider economic issues, particularly the rise in unemployment due to coronavirus, suggest activity and the rapidly rising prices are unlikely to be sustained.
The recent rise in prices has led to a tightening of affordability constraints, with the house price-to-earnings ratio reaching a record high level of 6.5 by the end of the third quarter.
It surpassed the previous records of 6.4 set prior to the financial crisis.
Unsurprisingly London has the highest ratio of close to 9, and the immediate regions surrounding the capital, with ratios all above 7, where affordability remains a key issue.


cityam--2020-10-12--Petropavlovsk deputy chief out as Hambro era comes to an end

Petropavlovsk ’ s deputy chief executive has today left the firm as the Russia-focused gold miner shakes off the last traces of the Peter Hambro era .
Alya Samokhvalova , who had been with the company for nearly two decades , was a key member of the mining group ’ s old guard .
She took on the role of temporary chief exec during the summer ’ s boardroom battle , which culminated in Samokhvalova , as well as former chief Pavel Mavlovskiy and founder Hambro being voted out of the company .
Her departure means that the FTSE 250 @ @ @ @ @ @ @ of interim chief Maksim Meshcheriakov , who was appointed in the aftermath of August ’ s meeting .
Meshcheriakov , a mining industry veteran of 17 years , is part of a new-look top team along with James W Cameron – Petropavlovsk ’ s new chairman – and senior independent director Charlotte Philipps .
However , a video that emerged on Russian social media earlier this month suggests that loyalty to the old regime remained strong .
Before the Open newsletter : Start your day with the City View podcast and key market @ @ @ @ @ @ @ reported by the FT , Meshcheriakov is shown forcing his way into Petropavlovsk ’ s Moscow office after a stand-off with staff .
The summer ’ s battle saw rival investor groups Prosperity accused fellow shareholders UGC and Everest Alliance of conspiring to take over the business .
But August ’ s meeting saw the latter two , who between them control over 30 per cent of voting rights , victorious .
The twists and turns did little to affect Petropavlovsk ’ s share price , which is currently trading around 200 per @ @ @ @ @ @ @ as investors rushed to gold amid the coronavirus pandemic .
Read more : PwC resigns as auditor of gold miner Petropavlovsk on governance concerns However , shares dipped a further 2.5 per cent today on the announcement , which followed on from the firm slashing its production forecasts at the end of last week .
In a trading update , the Russia-focused gold miner said that production volumes would now come in between 560,000 to 600,000 ounces , down from previous estimates of up to 720,000 ounces .

Petropavlovsk deputy chief out as Hambro era comes to an end
Anglo said the sale marked the final stage of its shift away from thermal coal
Petropavlovsk’s deputy chief executive has today left the firm as the Russia-focused gold miner shakes off the last traces of the Peter Hambro era.
Alya Samokhvalova, who had been with the company for nearly two decades, was a key member of the mining group’s old guard.
She took on the role of temporary chief exec during the summer’s boardroom battle, which culminated in Samokhvalova, as well as former chief Pavel Mavlovskiy and founder Hambro being voted out of the company.
Her departure means that the FTSE 250 firm is now firmly in the hands of interim chief Maksim Meshcheriakov, who was appointed in the aftermath of August’s meeting.
Meshcheriakov, a mining industry veteran of 17 years, is part of a new-look top team along with James W Cameron – Petropavlovsk’s new chairman – and senior independent director Charlotte Philipps.
However, a video that emerged on Russian social media earlier this month suggests that loyalty to the old regime remained strong.
Before the Open newsletter: Start your day with the City View podcast and key market data
In the clip, which was reported by the FT, Meshcheriakov is shown forcing his way into Petropavlovsk’s Moscow office after a stand-off with staff.
The summer’s battle saw rival investor groups Prosperity accused fellow shareholders UGC and Everest Alliance of conspiring to take over the business.
But August’s meeting saw the latter two, who between them control over 30 per cent of voting rights, victorious.
The twists and turns did little to affect Petropavlovsk’s share price, which is currently trading around 200 per cent higher for the year to date as investors rushed to gold amid the coronavirus pandemic.
However, shares dipped a further 2.5 per cent today on the announcement, which followed on from the firm slashing its production forecasts at the end of last week.
In a trading update, the Russia-focused gold miner said that production volumes would now come in between 560,000 to 600,000 ounces, down from previous estimates of up to 720,000 ounces.


cityam--2020-10-12--FTSE 100 flat as threat of fresh coronavirus lockdowns looms

The FTSE 100 started the week on a shaky footing , with investors remaining cautious amid growing fears over the introduction of new local coronavirus lockdown measures .
The blue-chip index fell as much as 0.2 per cent shortly after the open , but had regained some ground to stand flat at 6,016.58 just before noon .
The mid-cap FTSE 250 rose 0.62 per cent to 18,186.16 .
Read more : Government set to unveil new UK coronavirus restrictions Prime Minister Boris Johnson will hold a meeting of the government ’ s emergency Cobra committee today .
He is expected @ @ @ @ @ @ @ “ local Covid alert levels ” of medium , high or very high , aimed at helping tailor restrictions for different parts of England .
“ Our primary focus has always been to protect lives and livelihoods while controlling the spread of the virus , and these measures will help achieve that aim , ” a Downing Street spokesperson said .
Oil majors weighed on the FTSE 100 in early trading , but a jump in mining and financial stocks helped offset the decline in energy share prices .
Energy giants BT and @ @ @ @ @ @ @ oil prices , falling 1.33 per cent and 1.45 per cent respectively .
Minter Antofagasta gained 1.38 per cent , while gold and silver specialist Fresnillo added 1.86 per cent .
Hargreaves Lansdown and Standard Life Aberdeen both rose over 1.5 per cent .
“ Stock markets are in buy-the-dip mode as there ’ s not really much driving sentiment at the moment , ” said Michael Hewson , chief market analyst at CMC Markets .
Hewson added that markets “ have been surprisingly resilient over the last week or so , despite @ @ @ @ @ @ @ a US stimulus deal , against a backdrop of rising infection rates across Europe , and the rising likelihood of further restrictions.
” The FTSE 100 lagged behind its European peers as investor concerns over the impact of fresh lockdowns weighed on sentiment .
In Germany , the Dax rose 0.33 per cent , while France ’ s CAC 40 climbed 0.53 per cent .
Before the Open newsletter : Start your day with the City View podcast and key market data Axi analyst Milan Cutkovic said European investors “ have not lost @ @ @ @ @ @ @ , and that an effective Covid-19 vaccine will soon be placed on the market , bringing the pandemic somewhat more under control ” .
“ Additionally , in the current market environment , market participants hungry for yield have almost nowhere else to go than to the stock market , ” he continued.
” “ Nevertheless , investors are walking on thin ice , ” Cutkovic cautioned .
“ Further lockdowns would jeopardise the already fragile economic recovery and have lasting , negative effects on consumer confidence.
” Chinese equities led Asian markets @ @ @ @ @ @ @ steady recovery for the world ’ s second largest economy .
MSCI ’ s broadest index of Asia-Pacific shares outside Japan rose one per cent to hit a two-year high .
Read more : Bank of England asks UK banks about readiness for negative rates The index was boosted by a 2.64 per cent rise in the Shanghai Composite , while stocks in Shenzhen added 3.15 per cent .
Hong Kong ’ s Hang Seng index rose 2.15 per cent .

FTSE 100 closes lower amid new restrictions but US stocks rise
Further localised restrictions are expected to be announced for North West England
The FTSE 100 closed lower after Prime Minister Boris Johnson introduced a new three-tier Covid alert system but US stocks rose as investors hoped for more stimulus.
London’s blue-chip index ended the day 0.3 per cent lower at 6,001 points. The mid-cap FTSE 250 rose 0.5 per cent, however.
Read more: Government set to unveil new UK coronavirus restrictions
Wall Street shares rose sharply, however. The tech-heavy Nasdaq was up 2.8 per cent while the S&P 500 climbed 1.8 per cent.
In Europe, Germany’s Dax and France’s CAC 40 both finished 0.7 per cent higher. The continent-wide Stoxx 600 rose 0.8 per cent.
Energy shares weigh on FTSE 100
Oil majors weighed on the FTSE 100, with energy prices falling in response to expected lower demand amid rising coronavirus cases.
Brent crude oil fell 2.9 per cent to $41.50 per barrel. WTI crude slid 3.2 per cent to $39.20 a barrel.
Shell’s A shares fell 2.6 per cent, while its B shares fell 2.3 per cent. BP slipped two per cent.
“The FTSE 100 is underperforming because of the fall in oil and mining stocks. BP, Royal Dutch Shell, Rio Tinto and Glencore are offside,” said David Madden, market analyst at CMC Markets.
Tech stocks boost Wall Street
The Nasdaq surged after the open in New York, quickly gaining as optimism over the possibility of a stimulus package grew.
Apple’s share price rose over six per cent ahead of a special event on Tuesday. Most analysts believe it will be used to unveil the new iPhone with 5G capabilities.
Over the weekend, the Trump administration called on Congress to pass a stripped-down coronavirus relief bill as negotiations on a broader package ran into resistance.
Growing expectations of a Democratic victory in next month’s presidential election as well as bets of fresh federal aid have sent Wall Street’s main indices to one-month highs.
Rupert Thompson, chief investment officer at Kingswood, said: “A decisive victory, particularly if it includes the Democrats gaining control of the Senate, would… mean it would be easier for Biden to implement his plans for a sizeable fiscal stimulus package early next year.”