cityam--2020-06-04--Consumer confidence hovers near record low during coronavirus crisis

Consumer confidence continued to teeter on the brink of hitting record lows during the ongoing coronavirus crisis .
Consumer confidence dipped two points to minus 36 , just three points above the record low of minus 39 reported in July 2018 , as house prices fell and unemployment rose .
However , GfK ’ s major purchase index rose six points , showing that the demand from shoppers is strong despite the closure of physical stores .
According to GfK research , consumers are more concerns about their financial performance over the last 12 months .
That measure dropped by @ @ @ @ @ @ @ over the last 12 months also lost five points .
The general economic situation over the next 12 months was down three per cent .
GfK ’ s client strategy director Joe Staton said : “ GfK ’ s third Covid-19 flash report records drops across key measures to minus 36 , just three points shy of the historic low of minus 39 in July 2008 .
“ Against a backdrop of falling house prices , soaring jobless claims , and with no sign of a rapid V-shaped bounce-back on the cards , @ @ @ @ @ @ @ their finances and the wider economic picture for the year to come .
“ The only bright spark in the numbers is for the Major Purchase Index with a six-point fillip , pointing to latent demand among shoppers across the UK despite most outlets remaining shuttered .
“ As the lockdown eases , it will be interesting to see just how the consumer appetite for spending returns in a world of socially-distanced shopping and the seismic shift to online retailing – alongside worries of a fresh spike in COVID-19 cases as relaxations increase @ @

Consumer confidence hovers near record low during coronavirus crisis
Consumer confidence continued to teeter on the brink of hitting record lows during the ongoing coronavirus crisis.
Consumer confidence dipped two points to minus 36, just three points above the record low of minus 39 reported in July 2018, as house prices fell and unemployment rose.
However, GfK’s major purchase index rose six points, showing that the demand from shoppers is strong despite the closure of physical stores.
According to GfK research, consumers are more concerns about their financial performance over the last 12 months. That measure dropped by six points.
The general economic situation over the last 12 months also lost five points. The general economic situation over the next 12 months was down three per cent.
GfK’s client strategy director Joe Staton said: “GfK’s third Covid-19 flash report records drops across key measures to minus 36, just three points shy of the historic low of minus 39 in July 2008.
“Against a backdrop of falling house prices, soaring jobless claims, and with no sign of a rapid V-shaped bounce-back on the cards, consumers remain pessimistic about the state of their finances and the wider economic picture for the year to come.
“The only bright spark in the numbers is for the Major Purchase Index with a six-point fillip, pointing to latent demand among shoppers across the UK despite most outlets remaining shuttered.
“As the lockdown eases, it will be interesting to see just how the consumer appetite for spending returns in a world of socially-distanced shopping and the seismic shift to online retailing – alongside worries of a fresh spike in COVID-19 cases as relaxations increase.”


cityam--2020-06-04--Scrap BoE’s two per cent inflation target, says think tank

The Bank of England ’ s ( BoE ) two per cent inflation target should be scrapped and replaced with a four per cent nominal GDP target , a think tank has said .
A Policy Exchange paper published tomorrow urges the government to consider temporary tax cuts to boost the economy after the pandemic .
Some of the measures proposed include a reduction in the rate of VAT to stimulate demand and in stamp duty on house purchases to aid the housing sector .
The report ’ s authors include Boris Johnson ’ s former chief economist adviser during @ @ @ @ @ @ @ , who is a senior fellow at the think tank .
Lyons says cutting the BoE ’ s inflation target and replacing it with a four per cent nominal GDP target “ would help protect against higher inflation in an upturn , and guard against weaker demand in a downturn.
” The paper – “ A pro-growth Economic Strategy ” – backs higher levels of borrowing , rather than austerity or tax increases which make little sense in the current environment , to fund infrastructure and investment .
The Policy Exchange argues that @ @ @ @ @ @ @ the government should take advantage of low inflation , rates and yields to borrow , particularly through longer-term gilts .
Polling by the think tank shows that just 16 per cent support spending reductions that would impact public services , but three quarters of the public are worried about the increasing levels of borrowing and public debt .
While the authors of the report also strongly oppose a new phase of austerity , they argue the government should aim to reduce the debt to GDP ratio gradually .
The polling also indicates that @ @ @ @ @ @ @ tax rises should be limited while the government deals with the fallout from the pandemic .
Additionally just under half worry more about paying higher taxes , trumping concerns about inflation , cuts to public services or the impact of debt on future generations .
Warwick Lightfoot , head of economics at Policy Exchange , said : “ The combination of very low inflation and a surplus of international savings has resulted in extraordinarily low interest rates and long-term government bond yields .
This is not the time to hold back on borrowing @ @

Scrap BoE’s two per cent inflation target, says think tank
Bank of England governor Andrew Bailey
The Bank of England’s (BoE) two per cent inflation target should be scrapped and replaced with a four per cent nominal GDP target, a think tank has said.
A Policy Exchange paper published tomorrow urges the government to consider temporary tax cuts to boost the economy after the pandemic.
Some of the measures proposed include a reduction in the rate of VAT to stimulate demand and in stamp duty on house purchases to aid the housing sector.
The report’s authors include Boris Johnson’s former chief economist adviser during his London mayoralty, Dr Gerard Lyons, who is a senior fellow at the think tank.
Lyons says cutting the BoE’s inflation target and replacing it with a four per cent nominal GDP target “would help protect against higher inflation in an upturn, and guard against weaker demand in a downturn.”
The paper – “A pro-growth Economic Strategy” – backs higher levels of borrowing, rather than austerity or tax increases which make little sense in the current environment, to fund infrastructure and investment. The Policy Exchange argues that despite public concern about increased debt, the government should take advantage of low inflation, rates and yields to borrow, particularly through longer-term gilts.
Polling by the think tank shows that just 16 per cent support spending reductions that would impact public services, but three quarters of the public are worried about the increasing levels of borrowing and public debt. While the authors of the report also strongly oppose a new phase of austerity, they argue the government should aim to reduce the debt to GDP ratio gradually.
The polling also indicates that 49 per cent of the public say tax rises should be limited while the government deals with the fallout from the pandemic. Additionally just under half worry more about paying higher taxes, trumping concerns about inflation, cuts to public services or the impact of debt on future generations.
Warwick Lightfoot, head of economics at Policy Exchange, said: “The combination of very low inflation and a surplus of international savings has resulted in extraordinarily low interest rates and long-term government bond yields. This is not the time to hold back on borrowing.”


cityam--2020-06-04--Alok Sharma tests negative for coronavirus

Business secretary Alok Sharma has tested negative for coronavirus , after he was seen visibly unwell in the House of Commons yesterday .
Sharma took to Twitter to announce he was Covid-free this evening , after a day of speculation that other cabinet members would have to self-isolate if the business secretary tested positive .
Read more : Boris Johnson and Rishi Sunak could have to self-isolate if minister tests positive for Covid-19 “ Huge thanks to everyone for their really kind messages over the last 24 hours and my grateful thanks also to the parliamentary authorities and speaker for @ @ @ @ @ @ @ .
“ Just had results in and my test for Covid-19 was negative.
” His illness immediately caused concern among some MPs who were already unhappy about the government ’ s scrapping of virtual parliament this week .
Kilometre-long queues were seen this week when MPs were forced to vote in person while socially distancing .
The Prime Minister ’ s official spokesman assured journalists today that Sharma fell ill during a debate in the Commons and not before .
There was also speculation today that Boris Johnson and Rishi Sunak would have @ @ @ @ @ @ @ as the three had recently had an in-person meeting .
Downing Street said Sharma had a meeting with the Prime Minister and chancellor for 45 minutes on the economy , but that they all kept a two-metre distance at all times .
Downing Street said that Sharma would go through the NHS track and trace programme if he had tested positive , which would have seen anyone who had been in close contact with the business secretary forced to self-isolate for 14 days .
Close contact is considered to be made if someone @ @ @ @ @ @ @ else without protective equipment for at least 15 minutes .

Alok Sharma tests negative for coronavirus
Britain’s Business Secretary Alok Sharma arrives in Downing Street in London on June 2, 2020. (Photo by JUSTIN TALLIS / AFP) (Photo by JUSTIN TALLIS/AFP via Getty Images)
Business secretary Alok Sharma has tested negative for coronavirus, after he was seen visibly unwell in the House of Commons yesterday.
Sharma took to Twitter to announce he was Covid-free this evening, after a day of speculation that other cabinet members would have to self-isolate if the business secretary tested positive.
“Huge thanks to everyone for their really kind messages over the last 24 hours and my grateful thanks also to the parliamentary authorities and speaker for their support yesterday,” he said.
“Just had results in and my test for Covid-19 was negative.”
His illness immediately caused concern among some MPs who were already unhappy about the government’s scrapping of virtual parliament this week.
Kilometre-long queues were seen this week when MPs were forced to vote in person while socially distancing.
The Prime Minister’s official spokesman assured journalists today that Sharma fell ill during a debate in the Commons and not before.
There was also speculation today that Boris Johnson and Rishi Sunak would have to self-isolate if Sharma tested positive, as the three had recently had an in-person meeting.
Downing Street said Sharma had a meeting with the Prime Minister and chancellor for 45 minutes on the economy, but that they all kept a two-metre distance at all times.
Downing Street said that Sharma would go through the NHS track and trace programme if he had tested positive, which would have seen anyone who had been in close contact with the business secretary forced to self-isolate for 14 days.
Close contact is considered to be made if someone has been within two metres of someone else without protective equipment for at least 15 minutes.


cityam--2020-06-04--A menu of options to keep our restaurants alive

You all know the image : a politician enjoying a pint or a meal at their local restaurant .
There are handshakes all round and a picture is posted on Twitter .
It is — rightly — a scene that shows MPs or councillors backing businesses , particularly the small and medium sized enterprises which make up the lifeblood of the real economy .
It is an image , however , which risks being undermined by the harsh reality of coronavirus — and the government ’ s failing response to the pandemic .
Read more : UK coronavirus loans top @ @ @ @ @ @ @ The SMEs which are in ordinary times championed so heavily by politicians , and are trying desperately to get back on their feet after unprecendented disruption , are now being undermined by the piecemeal and problematic efforts of Boris Johnson , chancellor Rishi Sunak , and business secretary Alok Sharma .
Figures published on Tuesday and reported in City A.M. , show how businesses have been let down .
Companies have now borrowed £8.9bn through the flagship coronavirus business loan interruption scheme ( CBILs ) — but the approval rate is just 51 @ @ @ @ @ @ @ that they still can not access the cash they need .
The crisis is particularly acute in the sector in which I have spent my entire working life : restaurants and takeaways .
These firms have now been staring out at the world , from behind closed doors , for nearly three months .
Of course , the lockdown was the right thing to do to protect the nation ’ s health — and I would argue it should have been initiated earlier in the crisis , as in other neighbouring countries .
@ @ @ @ @ @ @ life has been colossal .
There is now a real risk that thousands of the restaurants and takeaways beloved by Britons in every town may not even be in existence this time next year .
The industry is struggling to get the cash it needs .
But with a few simple changes , ministers can help revive Britain ’ s world-famous and world-beating takeaway industry .
First , reform the CBILs programme , which offers loans of up to £5m to struggling companies with 80 per cent guaranteed by the government .
The @ @ @ @ @ @ @ CBILS scheme as easy to access as “ bounce back ” loans , which have so far lent out £21.3bn .
By contrast , nearly 46,000 firms have borrowed just £8.9bn through CBILS .
The government should also require the major lenders to cut the interest rate , which has been as high as eight per cent .
This is not a sustainable rate for many SMEs which have seen their revenue streams slashed and may already have borrowed to invest in equipment , technology or training .
Second , the rules of @ @ @ @ @ @ @ the government did the right thing by setting up the scheme , which is now paying the wages of around eight million people .
But last week ’ s announcement of summer changes to furlough — including the option of returning to work part-time — was a missed opportunity .
Unless the Prime Minister and chancellor promise targeted help for restaurants , pubs and takeaways , which will be unable to return to business as usual for months , the winding down of the furlough scheme could produce a tidal wave of job @ @ @ @ @ @ @ see support to help SMEs cope with the cost of commercial rents .
This is particularly important in London , where property costs are one of the largest overheads borne by a restaurant , alongside staff wages .
Fourth , the government can and should provide tax breaks to support capital investment for the sectors which are hardest hit .
It is this type of reform , in the depths of a crisis , that will pave the way for recovery across the economy .
For restaurants , for example , it will @ @ @ @ @ @ @ the staff they employ and the supply chains on which they rely .
Finally , why not provide SMEs with a refund for their last three years of corporation tax ?
This would provide a helping hand for businesses which were sustainable and profitable before the onset of the coronavirus crisis , but are struggling now .
We all know the return to any kind normality will take not mere months but potentially years .
It will depend on consumer confidence , which will return gradually .
We must ensure that businesses have @ @ @ @ @ @ @ As a dining entrepreneur , I hope this menu of options will power our pubs , eateries and takeaways to recovery and pave the way for the return of politicians ’ pictures in packed-out restaurants .
Get City A.M. ’ s views on what lockdown means for politics and business delivered straight to your inbox every day .

A menu of options to keep our restaurants alive
The number of employees put on reduced working hours in job protection schemes also saw a sharp drop in May, preliminary figures showed.
You all know the image: a politician enjoying a pint or a meal at their local restaurant.
There are handshakes all round and a picture is posted on Twitter. It is — rightly — a scene that shows MPs or councillors backing businesses, particularly the small and medium sized enterprises which make up the lifeblood of the real economy.
It is an image, however, which risks being undermined by the harsh reality of coronavirus — and the government’s failing response to the pandemic.
The SMEs which are in ordinary times championed so heavily by politicians, and are trying desperately to get back on their feet after unprecendented disruption, are now being undermined by the piecemeal and problematic efforts of Boris Johnson, chancellor Rishi Sunak, and business secretary Alok Sharma.
Figures published on Tuesday and reported in City A.M., show how businesses have been let down. Companies have now borrowed £8.9bn through the flagship coronavirus business loan interruption scheme (CBILs) — but the approval rate is just 51 per cent, with many firms reporting that they still cannot access the cash they need.
The crisis is particularly acute in the sector in which I have spent my entire working life: restaurants and takeaways.
These firms have now been staring out at the world, from behind closed doors, for nearly three months. Of course, the lockdown was the right thing to do to protect the nation’s health — and I would argue it should have been initiated earlier in the crisis, as in other neighbouring countries. But the impact of shutting down normal life has been colossal.
There is now a real risk that thousands of the restaurants and takeaways beloved by Britons in every town may not even be in existence this time next year.
The industry is struggling to get the cash it needs. But with a few simple changes, ministers can help revive Britain’s world-famous and world-beating takeaway industry.
First, reform the CBILs programme, which offers loans of up to £5m to struggling companies with 80 per cent guaranteed by the government. The cabinet should demand that banks make the CBILS scheme as easy to access as “bounce back” loans, which have so far lent out £21.3bn. By contrast, nearly 46,000 firms have borrowed just £8.9bn through CBILS.
The government should also require the major lenders to cut the interest rate, which has been as high as eight per cent. This is not a sustainable rate for many SMEs which have seen their revenue streams slashed and may already have borrowed to invest in equipment, technology or training.
Second, the rules of furlough must be rewritten. Yes, the government did the right thing by setting up the scheme, which is now paying the wages of around eight million people. But last week’s announcement of summer changes to furlough — including the option of returning to work part-time — was a missed opportunity.
Unless the Prime Minister and chancellor promise targeted help for restaurants, pubs and takeaways, which will be unable to return to business as usual for months, the winding down of the furlough scheme could produce a tidal wave of job losses.
Third, I want to see support to help SMEs cope with the cost of commercial rents. This is particularly important in London, where property costs are one of the largest overheads borne by a restaurant, alongside staff wages.
Fourth, the government can and should provide tax breaks to support capital investment for the sectors which are hardest hit. It is this type of reform, in the depths of a crisis, that will pave the way for recovery across the economy. For restaurants, for example, it will not only benefit the businesses themselves but the staff they employ and the supply chains on which they rely.
Finally, why not provide SMEs with a refund for their last three years of corporation tax? This would provide a helping hand for businesses which were sustainable and profitable before the onset of the coronavirus crisis, but are struggling now.
We all know the return to any kind normality will take not mere months but potentially years. It will depend on consumer confidence, which will return gradually. We must ensure that businesses have adequate support to bridge the gap.
As a dining entrepreneur, I hope this menu of options will power our pubs, eateries and takeaways to recovery and pave the way for the return of politicians’ pictures in packed-out restaurants.
Get City A.M.’s views on what lockdown means for politics and business delivered straight to your inbox every day.
Main image credit: Getty


cityam--2020-06-04--Astrazeneca reaches global agreements to produce 2bn coronavirus vaccine doses

Drugs giant Astrazeneca has made deals that will mean it can deliver 2bn doses of Oxford University ’ s potential coronavirus vaccine , double the previous number .
The pharmaceuticals firm today said it had signed agreements with the Coalition for Epidemic Preparedness Innovations ( CEPI ) , Gavi the Vaccine Alliance , and the Serum Institute of India ( SII ) to manufacture the treatment .
In a $ 750m deal with CEPI and Gavi , both of which were founded by Bill and Melinda Gates , Astrazeneca will produce 300m doses of the vaccine .
It has also @ @ @ @ @ @ @ ’ s biggest vaccine producer by volume , to supply 1bn doses for mid and low income countries .
The new agreements come on top of pre-existing deals with the US and British governments to supply 400m doses of the treatment .
Before the Open : Get the jump on the markets with our early morning newsletter Astrazeneca has received more than $ 1bn in funding from the US in order to ramp up its capacity to make the vaccine .
The firm ’ s partnership with Oxford University to manufacture a treatment @ @ @ @ @ @ @ than 80 such programmes worldwide , but has attracted much attention .
The university recently began a 10,000 participant clinical trial of the vaccine .
Read more : Astrazeneca set to supply potential coronavirus vaccine in September Chief executive Pascal Soriot said : “ We are working tirelessly to honour our commitment to ensure broad and equitable access to Oxford ’ s vaccine across the globe and at no profit .
“ Today marks an important step in helping us supply hundreds of millions of people around the world , including to those @ @ @ @ @ @ @ .

Astrazeneca reaches global agreements to produce 2bn coronavirus vaccine doses
Drugs giant Astrazeneca has made deals that will mean it can deliver 2bn doses of Oxford University’s potential coronavirus vaccine, double the previous number.
The pharmaceuticals firm today said it had signed agreements with the Coalition for Epidemic Preparedness Innovations (CEPI), Gavi the Vaccine Alliance, and the Serum Institute of India (SII) to manufacture the treatment.
In a $750m deal with CEPI and Gavi, both of which were founded by Bill and Melinda Gates, Astrazeneca will produce 300m doses of the vaccine.
It has also agreed terms with SII, the world’s biggest vaccine producer by volume, to supply 1bn doses for mid and low income countries.
The new agreements come on top of pre-existing deals with the US and British governments to supply 400m doses of the treatment.
Before the Open: Get the jump on the markets with our early morning newsletter
Astrazeneca has received more than $1bn in funding from the US in order to ramp up its capacity to make the vaccine.
The firm’s partnership with Oxford University to manufacture a treatment for the disease is one of more than 80 such programmes worldwide, but has attracted much attention.
The university recently began a 10,000 participant clinical trial of the vaccine.
Chief executive Pascal Soriot said: “We are working tirelessly to honour our commitment to ensure broad and equitable access to Oxford’s vaccine across the globe and at no profit.
“Today marks an important step in helping us supply hundreds of millions of people around the world, including to those in countries with the lowest means”.


cityam--2020-06-04--Face coverings mandatory on TfL network from 15 June

It will be mandatory for commuters to wear face coverings on all English public transport networks from 15 June , including on Transport for London ( TfL ) .
Transport secretary Grant Shapps made the announcement at today ’ s press briefing , adding that non-compliance would lead to a refusal of travel and fines .
Read more : Transport for London taps former New York transit chief as new boss Shapps said there would be exemptions for very young children , disabled people and those with breathing difficulties .
The transport secretary urged people to wear face coverings , @ @ @ @ @ @ @ and not surgical masks .
“ The evidence suggests that wearing face coverings offers some , albeit limited , protection against the spread of the virus , ” he said .
“ As passenger numbers increase , we need to ensure every precaution is taken on buses , trains , aircrafts and on ferries.
” Before the Open newsletter : Start your day with the City View podcast and key market data The transport secretary said the new rules would be monitored by public transport staff and , if need be , the @ @ @ @ @ @ @ Sadiq Khan welcomed the announcement , saying he had lobbied the government for some time to make the change mandatory .
He said : “ I encourage anyone travelling on public transport , or anywhere you can ’ t keep a safe two-metre distance , to wear a face covering , but from Monday 15 June , everyone must wear a covering over their nose and mouth for the entirety of any journeys made using the public transport network .
“ This will be mandatory and will help everyone be safer.
” The @ @ @ @ @ @ @ to open on 15 June .
The further easing of the lockdown comes as a further 176 people died of Covid-19 yesterday in the UK , bringing the total to 39,904 .
The National Union of Rail , Maritime and Transport Workers ( RMT ) welcomed the news of face coverings being mandatory on public transport , but said more needed to be done to stop the spread of coronavirus .
RMT general secretary Mick Cash said : “ By themselves face masks are nowhere near enough to protect passengers ’ and workers @ @ @ @ @ @ @ more : UK quarantine : Boris Johnson says UK will ‘ certainly develop ’ air bridges “ They need to be combined with preventing non-essential travel and compulsory enforcement of two meter social distancing .
“ But most importantly the government needs to put the brakes on easing lockdown restrictions before there are further catastrophic consequences to peoples lives and livelihoods .
”

Face coverings mandatory on TfL network from 15 June
Passengers wear facemasks as they travel on the tube in central London on May 20, 2020 as lockdown measures were eased during the novel coronavirus COVID-19 outbreak. (Photo by Tolga AKMEN / AFP) (Photo by TOLGA AKMEN/AFP via Getty Images)
It will be mandatory for commuters to wear face coverings on all English public transport networks from 15 June, including on Transport for London (TfL).
Transport secretary Grant Shapps made the announcement at today’s press briefing, adding that non-compliance would lead to a refusal of travel and fines.
Shapps said there would be exemptions for very young children, disabled people and those with breathing difficulties.
The transport secretary urged people to wear face coverings, which can be made at home, and not surgical masks.
“The evidence suggests that wearing face coverings offers some, albeit limited, protection against the spread of the virus,” he said.
“As passenger numbers increase, we need to ensure every precaution is taken on buses, trains, aircrafts and on ferries.”
Before the Open newsletter: Start your day with the City View podcast and key market data
The transport secretary said the new rules would be monitored by public transport staff and, if need be, the British Transport Police.
Mayor of London Sadiq Khan welcomed the announcement, saying he had lobbied the government for some time to make the change mandatory.
He said: “I encourage anyone travelling on public transport, or anywhere you can’t keep a safe two-metre distance, to wear a face covering, but from Monday 15 June, everyone must wear a covering over their nose and mouth for the entirety of any journeys made using the public transport network.
“This will be mandatory and will help everyone be safer.”
The news comes as non-essential retail businesses prepare to open on 15 June.
The further easing of the lockdown comes as a further 176 people died of Covid-19 yesterday in the UK, bringing the total to 39,904.
The National Union of Rail, Maritime and Transport Workers (RMT) welcomed the news of face coverings being mandatory on public transport, but said more needed to be done to stop the spread of coronavirus.
RMT general secretary Mick Cash said: “By themselves face masks are nowhere near enough to protect passengers’ and workers’ safety on public transport.
“They need to be combined with preventing non-essential travel and compulsory enforcement of two meter social distancing.
“But most importantly the government needs to put the brakes on easing lockdown restrictions before there are further catastrophic consequences to peoples lives and livelihoods.”


cityam--2020-06-04--Sir Keir Starmer calls on PM to urge Trump to 'respect human rights'

Sir Keir Starmer has called on the Prime Minister to urge the US and President Donald Trump “ to respect human rights ” following the death of George Floyd .
In a letter to Boris Johnson , the Labour leader said the UK “ must be ready to stand together with those who seek to tackle the injustice and inequality that remains within all our societies ” .
Floyd , an African American man , died after a white policeman held him down with a knee into his neck in Minneapolis .
His death has sparked days of protest across @ @ @ @ @ @ @ as in Paris and London .
Sir Keir wrote : “ In the House of Commons yesterday , I raised my shock and anger at the killing of George Floyd and the response of US authorities to the peaceful protests.
” “ This has shone a spotlight on the racism , discrimination and injustice experienced by those from black and minority ethnic communities in the US and across the world.
” Starmer went on to say : “ I welcome that you shared some of the concerns I raised with you and want @ @ @ @ @ @ @ the British Government is doing to urge the United States and President Trump to respect human rights and the fundamental democratic right to peaceful protest.
” “ I am sure that you share my strongly held belief that the UK has a moral obligation to speak out in defence of these values , no matter where in the world they are challenged.
” Starmer has asked Johnson to confirm what steps the government is taking to “ ensure UK exports are not being used in the suppression of democratic rights ” .
Read @ @ @ @ @ @ @ winging it ’ over coronavirus crisis Earlier this week , the US President came under fire for ordering protestors to be forcibly removed from near the White House in order to have his picture taken holding a Bible in front of a Church .
Protestors had been demonstrating in Lafayette Park near the White House , but they were forcibly removed by police to clear the area for the President .
Get the news as it happens by following City A.M. on Twitter .

Sir Keir Starmer calls on PM to urge Trump to ‘respect human rights’
(Photo by Leon Neal/Getty Images)
Sir Keir Starmer has called on the Prime Minister to urge the US and President Donald Trump “to respect human rights” following the death of George Floyd.
In a letter to Boris Johnson, the Labour leader said the UK “must be ready to stand together with those who seek to tackle the injustice and inequality that remains within all our societies”.
Floyd, an African American man, died after a white policeman held him down with a knee into his neck in Minneapolis. His death has sparked days of protest across cities in the US, as well as in Paris and London.
Sir Keir wrote: “In the House of Commons yesterday, I raised my shock and anger at the killing of George Floyd and the response of US authorities to the peaceful protests.”
“This has shone a spotlight on the racism, discrimination and injustice experienced by those from black and minority ethnic communities in the US and across the world.”
Starmer went on to say: “I welcome that you shared some of the concerns I raised with you and want to use this opportunity to explore what the British Government is doing to urge the United States and President Trump to respect human rights and the fundamental democratic right to peaceful protest.”
“I am sure that you share my strongly held belief that the UK has a moral obligation to speak out in defence of these values, no matter where in the world they are challenged.”
I have written to the Prime Minister calling on him to urge the United States and President Trump to respect human rights and the fundamental democratic right to peaceful protest. pic.twitter.com/skuTHRMgHD — Keir Starmer (@Keir_Starmer) June 4, 2020
Starmer has asked Johnson to confirm what steps the government is taking to “ensure UK exports are not being used in the suppression of democratic rights”.
Earlier this week, the US President came under fire for ordering protestors to be forcibly removed from near the White House in order to have his picture taken holding a Bible in front of a Church.
Protestors had been demonstrating in Lafayette Park near the White House, but they were forcibly removed by police to clear the area for the President.
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-06-04--Aston Martin to cut 500 jobs as business reset continues

Luxury sports car maker Aston Martin has today announced it will cut 500 jobs as the iconic brand continues with its business-wide reset .
The firm said the measures were being taken to bring its cost base in line with expected lower levels of car production .
The cuts , which cover nearly a fifth of Aston Martin ’ s 2,600 strong workforce , come after it was announced chief executive Andy Palmer would be replaced by Mercedes executive Tobias Moers .
“ The measures announced today will right-size the organisational structure and bring the cost base into line with @ @ @ @ @ @ @ with restoring profitability , ” it said .
Aston Martin added that the restructuring is expected to deliver total annual savings of about £38m .
Union Unite urged the car maker to reconsider the number of losses , warning that most of them would fall on Aston Martin ’ s plant at Gaydon in Warwickshire , which employs about 1,600 people .
Before the Open : Get the jump on the markets with our early morning newsletter Regional officer Tim Parker described the plan as “ repugnant ” and blamed it on the @ @ @ @ @ @ @ ” .
He said : “ At the same time as Aston Martin has been making use of the taxpayer-funded job retention scheme to furlough the majority of the workforce , it is now planning to throw a third of the Gaydon workforce onto the scrapheap – we think that is repugnant ” .
He also called on the government to provide financial support for the company in order to avoid the lay-offs .
Since going public in October 2018 , Aston Martin has seen its share price collapse , prompting Canadian billionaire @ @ @ @ @ @ @ cent stake in the firm earlier this year .
After leading the £536m funding round , Stroll has now become the firm ’ s executive chairman .
Read more : Aston Martin ’ s chief executive ousted as part of management shake-up However , in his first set of results since taking charge , Aston Martin fell to a loss of over £100m due to the coronavirus crisis .
Shortly afterwards , finance chief Mark Wilson stepped down as part of a wide-ranging managerial shake-up .

Aston Martin to cut 500 jobs as business reset continues
Luxury sports car maker Aston Martin has today announced it will cut 500 jobs as the iconic brand continues with its business-wide reset.
The firm said the measures were being taken to bring its cost base in line with expected lower levels of car production.
The cuts, which cover nearly a fifth of Aston Martin’s 2,600 strong workforce, come after it was announced chief executive Andy Palmer would be replaced by Mercedes executive Tobias Moers.
“The measures announced today will right-size the organisational structure and bring the cost base into line with reduced sports car production levels, consistent with restoring profitability,” it said.
Aston Martin added that the restructuring is expected to deliver total annual savings of about £38m.
Union Unite urged the car maker to reconsider the number of losses, warning that most of them would fall on Aston Martin’s plant at Gaydon in Warwickshire, which employs about 1,600 people.
Before the Open: Get the jump on the markets with our early morning newsletter
Regional officer Tim Parker described the plan as “repugnant” and blamed it on the company’s “dire financial situation”.
He said: “At the same time as Aston Martin has been making use of the taxpayer-funded job retention scheme to furlough the majority of the workforce, it is now planning to throw a third of the Gaydon workforce onto the scrapheap – we think that is repugnant”.
He also called on the government to provide financial support for the company in order to avoid the lay-offs.
Since going public in October 2018, Aston Martin has seen its share price collapse, prompting Canadian billionaire Lawrence Stroll to take a 25 per cent stake in the firm earlier this year.
After leading the £536m funding round, Stroll has now become the firm’s executive chairman.
However, in his first set of results since taking charge, Aston Martin fell to a loss of over £100m due to the coronavirus crisis.
Shortly afterwards, finance chief Mark Wilson stepped down as part of a wide-ranging managerial shake-up.


cityam--2020-06-04--Pubs say 'time running out' to be ready for 4 July reopening

The UK ’ s pub lobby has warned the government that its members urgently need clarity on how it will reopen the sector if they are going to be ready by the target date of 4 July .
The British Beer and Pub Association ( BPPA ) said today that pubs will need at least three weeks ’ notice for when they can reopen in order to “ ensure equipment and systems are operating and cleaned to necessary standards ” .
The government ’ s roadmap for exiting the coronavirus lockdown targeted 4 July as the earliest date the hospitality @ @ @ @ @ @ @ pubs and restaurants are open for limited takeaway orders , however this has not been possible for many businesses .
The BPPA said if the nation ’ s pubs are told to open by 4 July , then they will need to know this by 13 June – just nine days away – at the absolute latest .
“ Brewers will need the time to scale-up their operations to start re-supplying pubs with fresh beer , ” they said .
The government have set up six taskforces to examine how to safely reopen @ @ @ @ @ @ @ UK eases the Covid-19 lockdown .
The Department of Business , Energy and Industrial Strategy ( BEIS ) is responsible for several of these and will release guidelines on how pubs and bars will be able to open in a “ Covid safe ” manner .
A source from the department said it was “ on track ” to be able to release its guidelines by the 13 June date set by the pub lobby , but that ultimately the decision on when to reopen the sector was up to Downing Street .
@ @ @ @ @ @ @ : “ Most of the people I ’ ve spoken to think that they will be open by 4 July and maybe even a few days earlier .
Before the Open newsletter : Start your day with the City View podcast and key market data “ The government should bring it forward a few days I think , because the 4 July is a Saturday and it would be better if the first day open was a quieter day of the week.
” A Heineken UK spokesperson added : “ Along with the @ @ @ @ @ @ @ ve asked the government to be clear in their guidance and give us at least a three week notice period to restart .
“ This will enable us to start to deliver the millions of kegs of beer and cider to thousands of pubs , help our pubs get the appropriate safety and hygiene measure in place , and it will allow licensees to train staff in safety measures.
” One of the key issues being discussed within the taskforce is the distance that must be kept between patrons .
The government ’ @ @ @ @ @ @ @ a two-metre distance at all times , but the BPPA wants this to be cut to one metre , which would be in line with the World Health Organisation ’ s ( WHO ) advice .
The lobby group said that if the current guidelines are kept then just one-third of pubs could open , but if they are changed in line with WHO recommendations then two-thirds would be able to reopen .
Heath Ball – owner and landlord at Highgate gastropub The Red Lion and Sun – wrote in City A.M. yesterday @ @ @ @ @ @ @ in any case .
“ I don ’ t see how social distancing in a pub is fundamentally possible , particularly as pubs tend to be high turnover and low margin businesses , ” he said .
“ Another key consideration must be whether the public will have the confidence to return in numbers ?
” Read more : Bulmers owner C & C burns through €7m a month while pubs are closed When asked to comment on the reopening of the hospitality sector , Downing Street said : “ As set out @ @ @ @ @ @ @ ambition to reopen pubs , cafes , bars and restaurants from 4 July at the earliest , subject to the scientific advice at the time .
“ We have set up taskforces to work with industry representatives to develop safe ways for industries to reopen at the earliest point at which it is safe to do so .
”

Pubs say ‘time running out’ to be ready for 4 July reopening
Union Jacks hang outside the closed ‘The Two Brewers’ Pub on May 08, 2020 in Windsor
The UK’s pub lobby has warned the government that its members urgently need clarity on how it will reopen the sector if they are going to be ready by the target date of 4 July.
The British Beer and Pub Association (BPPA) said today that pubs will need at least three weeks’ notice for when they can reopen in order to “ensure equipment and systems are operating and cleaned to necessary standards”.
The government’s roadmap for exiting the coronavirus lockdown targeted 4 July as the earliest date the hospitality sector could start to reopen.
Some pubs and restaurants are open for limited takeaway orders, however this has not been possible for many businesses.
The BPPA said if the nation’s pubs are told to open by 4 July, then they will need to know this by 13 June – just nine days away – at the absolute latest.
“Brewers will need the time to scale-up their operations to start re-supplying pubs with fresh beer,” they said.
The government have set up six taskforces to examine how to safely reopen different parts of the economy as the UK eases the Covid-19 lockdown.
The Department of Business, Energy and Industrial Strategy (BEIS) is responsible for several of these and will release guidelines on how pubs and bars will be able to open in a “Covid safe” manner.
A source from the department said it was “on track” to be able to release its guidelines by the 13 June date set by the pub lobby, but that ultimately the decision on when to reopen the sector was up to Downing Street.
Wetherspoons founder Tim Martin told City A.M.: “Most of the people I’ve spoken to think that they will be open by 4 July and maybe even a few days earlier.
Before the Open newsletter: Start your day with the City View podcast and key market data
“The government should bring it forward a few days I think, because the 4 July is a Saturday and it would be better if the first day open was a quieter day of the week.”
A Heineken UK spokesperson added: “Along with the rest of the industry, we’ve asked the government to be clear in their guidance and give us at least a three week notice period to restart.
“This will enable us to start to deliver the millions of kegs of beer and cider to thousands of pubs, help our pubs get the appropriate safety and hygiene measure in place, and it will allow licensees to train staff in safety measures.”
One of the key issues being discussed within the taskforce is the distance that must be kept between patrons.
The government’s general guidelines require everyone to keep a two-metre distance at all times, but the BPPA wants this to be cut to one metre, which would be in line with the World Health Organisation’s (WHO) advice.
The lobby group said that if the current guidelines are kept then just one-third of pubs could open, but if they are changed in line with WHO recommendations then two-thirds would be able to reopen.
Heath Ball – owner and landlord at Highgate gastropub The Red Lion and Sun – wrote in City A.M. yesterday that business owners will find it tough in any case.
“I don’t see how social distancing in a pub is fundamentally possible, particularly as pubs tend to be high turnover and low margin businesses,” he said.
“Another key consideration must be whether the public will have the confidence to return in numbers?”
When asked to comment on the reopening of the hospitality sector, Downing Street said: “As set out in the roadmap, it is our ambition to reopen pubs, cafes, bars and restaurants from 4 July at the earliest, subject to the scientific advice at the time.
“We have set up taskforces to work with industry representatives to develop safe ways for industries to reopen at the earliest point at which it is safe to do so.”


cityam--2020-06-05--US unemployment rate in surprise fall even as Covid hits economy

The US unemployment rate has fallen even as coronavirus ravages the economy , surprising economists who were expecting it to @ @ @ @ @ dropped to 13.3 per cent – still extremely high by historical standards – in May @ @ @ @ @ April .
This confounded analysts who had predicted it would surge to 19.8 per cent @ @ @ @ @ US economy added 2.5m jobs in May , even as it continued to be battered @ @ @ @ @ Bureau of Labor Statistics ( BLS ) .
“ These improvements in the labour market @ @ @ @ @ economic activity that had been curtailed in March and April due to the coronavirus pandemic @ @ @ @ @ , ” the BLS said .

‘Mind-blowing’: US economy adds 2.5m jobs as states reopen
The US unemployment rate has fallen significantly even as coronavirus ravages the economy, shocking economists who were expecting it to surge.
The unemployment rate dropped to 13.3 per cent – still extremely high by historical standards – in May from 14.7 per cent in April. This confounded analysts who had predicted it would surge to 19.8 per cent.
It came as the US economy added 2.5m jobs in May, even as it continued to be battered by coronavirus, according to the nonfarm payroll figures from the US Bureau of Labor Statistics (BLS).
“These improvements in the labour market reflected a limited resumption of economic activity that had been curtailed in March and April due to the coronavirus pandemic and efforts to contain it,” the BLS said.
The figures shocked economists and traders, who were expecting the jobs market to plunge further in May after a dire April. They are likely to lead to a re-appraisal of the US economy’s prospects.
It showed that the moves by states to reopen their economies in May stirred economies significantly. Employment rose sharply in leisure and hospitality, construction, education and health services, and retail trade.
However, the data must be appreciated in context. The unemployment rate has rocketed by 9.8 percentage points since February.
Analysts react to jump in US employment
US President Donald Trump reacted with glee, having long campaigned on the basis of a strong economy. He tweeted: “Really Big Jobs Report. Great going President Trump (kidding but true)!”
Mohamed El-Erian, chief economic adviser at Allianz, said the figures were a “huge upside surprise”. He called them a “head-scratcher”, reflecting the shock of many analysts.
Naeem Aslam, chief market analyst at trading platform Avatrade, said: “This is a mind-blowing number and shows that the economy is improving. Things are not as bad as many thought.”
However, a sharp rebound from coronavirus is far from assured. Unemployment remained at its highest level since the Great Depression in May.
Michael Pearce, senior US economist at Capital Economics, said he does expect a continued surge in hiring in the coming months.
Yet he added: “The need for continued physical distancing well into the future suggests there will still be lingering damage in some industries.”


cityam--2020-06-05--A Machiavellian mastermind or a naïve kid? The story of the Flash Crash Trader

On a cold morning in April 2015 , half a dozen FBI agents and police officers pulled up outside a modest semi-detached house in Hounslow to arrest a man they considered to be among the most prolific and dangerous market manipulators in the world .
Their target , Navinder Singh Sarao , had accumulated $ 70m buying and selling futures in his bedroom like he was playing a computer game .
According to the American government , he had also helped spark a trillion-dollar market crash .
After his father shouted at him to come downstairs , Nav ( as @ @ @ @ @ @ @ hallway in tracksuit trousers and a dazed expression .
Officers searching his bedroom found a single bed with a giant stuffed tiger , a games console and football memorabilia on the walls .
The scene of the alleged crime was a home PC with a standard Internet connection .
For the investigators who had been tracing Sarao for more than a year , it was difficult to fathom .
Get City A.M. columnists ’ views delivered straight to your inbox in our daily Midday Update newsletter .
The first time I heard the @ @ @ @ @ @ @ when the US Department of Justice issued a press release announcing the arrest .
I was an investigative journalist for Bloomberg focused on white-collar crime .
In my career I ’ d covered everything from investment bankers nudging interest rates to Russian money launders to playboy scammers on the Cote d ’ Azur .
According to the complaint , Sarao had devised a system to place huge numbers of buy or sell orders into US markets , enticing others to follow suit , then cancel them before they were executed — a brand @ @ @ @ @ @ @ .
By misleading other market participants about supply and demand , he was able to briefly nudge markets higher or lower while simultaneously buying and selling himself to capitalize on the move .
For five years , Sarao had used his makeshift machine , which he christened the “ NAVTrader ” , with remarkable success , raking in sometimes millions of dollars in a day .
Bizarrely , he barely spent any of the money , squirreling it away instead in offshore vehicles which he gave names like the “ NAV Sarao Milking @ @ @ @ @ @ @ t tell his family or friends about his winnings , he would later say , because he was worried they would treat him differently .
Calling around from Bloomberg ’ s London newsroom , I was amazed to discover that an old friend of mine had sat next to Nav when they were starting out as traders , in an unglamorous arcade above a Waitrose in Weybridge , Surrey — a far cry from the City of London and Canary Wharf .
Back then , Sarao had lived on McDonald ’ s meals @ @ @ @ @ @ @ a pair of industrial ear defenders to block out noise .
He was also a trading prodigy who quickly built a bankroll in the millions while those around him could only watch on in awe .
Despite his rising wealth , Sarao , like many independent day traders , became frustrated when a new breed of high-frequency trading firms arrived , using a combination of lighting-fast computers and statistical analysis to jump ahead of market moves .
With his profits dented , Sarao made a decision that would land him in the US @ @ @ @ @ @ @ you can ’ t beat em you may as well join em , eh ?
” he wrote on a forum before sending a developer a blueprint for his spoofing machine .
In the aftermath of his Sarao ’ s arrest , there was an immediate backlash .
For one thing , Nav was a British citizen who had never stepped foot in the US .
For another , spoofing had only just been outlawed — Sarao was only the second ever individual to be charged with the offense , and the first @ @ @ @ @ @ @ aspect of the case , though , was the Americans ’ accusation that Sarao had helped trigger the so-called Flash Crash of 6 May 2010 , when stocks abruptly plummeted five per cent in four minutes .
Sarao traded instruments called S & P 500 “ e-minis ” , which track blue-chip American stocks .
It ’ s a vast market , with somewhere in the region of $ 200bn worth of trades each day .
The idea that a guy in his bedroom could upend it using a home computer stretched credulity @ @ @ @ @ @ @ view Sarao as a kind of Robin Hood figure who took on the high-frequency trading firms at their own game and won .
So , was he a Machiavellian mastermind or just a naïve kid with too much time on his hands ?
Was he responsible for the crash or a convenient scapegoat ?
Was he a common cheat , or David taking on the Goliaths ?
The answer , I learned as I pieced together the story , was all of the above and more .
Flash Crash : A Trading Savant @ @ @ @ @ @ @ Mysterious Market Crash in History ( William Collins ) is available now .

A Machiavellian mastermind or a naïve kid? The story of the Flash Crash Trader
According to the American government, Navinder Singh Sarao had helped spark a trillion-dollar market crash
On a cold morning in April 2015, half a dozen FBI agents and police officers pulled up outside a modest semi-detached house in Hounslow to arrest a man they considered to be among the most prolific and dangerous market manipulators in the world.
Their target, Navinder Singh Sarao, had accumulated $70m buying and selling futures in his bedroom like he was playing a computer game. According to the American government, he had also helped spark a trillion-dollar market crash.
After his father shouted at him to come downstairs, Nav (as everyone called him) arrived in the hallway in tracksuit trousers and a dazed expression. Officers searching his bedroom found a single bed with a giant stuffed tiger, a games console and football memorabilia on the walls. The scene of the alleged crime was a home PC with a standard Internet connection. For the investigators who had been tracing Sarao for more than a year, it was difficult to fathom.
Get City A.M. columnists’ views delivered straight to your inbox in our daily Midday Update newsletter.
The first time I heard the name Navinder Sarao was that afternoon, when the US Department of Justice issued a press release announcing the arrest. I was an investigative journalist for Bloomberg focused on white-collar crime. In my career I’d covered everything from investment bankers nudging interest rates to Russian money launders to playboy scammers on the Cote d’Azur.
But Nav was unique.
According to the complaint, Sarao had devised a system to place huge numbers of buy or sell orders into US markets, enticing others to follow suit, then cancel them before they were executed — a brand new offence known as “spoofing”. By misleading other market participants about supply and demand, he was able to briefly nudge markets higher or lower while simultaneously buying and selling himself to capitalize on the move.
For five years, Sarao had used his makeshift machine, which he christened the “NAVTrader”, with remarkable success, raking in sometimes millions of dollars in a day. Bizarrely, he barely spent any of the money, squirreling it away instead in offshore vehicles which he gave names like the “NAV Sarao Milking Markets Fund”. He didn’t tell his family or friends about his winnings, he would later say, because he was worried they would treat him differently.
Calling around from Bloomberg’s London newsroom, I was amazed to discover that an old friend of mine had sat next to Nav when they were starting out as traders, in an unglamorous arcade above a Waitrose in Weybridge, Surrey — a far cry from the City of London and Canary Wharf.
Back then, Sarao had lived on McDonald’s meals, driven a moped, and worn a pair of industrial ear defenders to block out noise. He was also a trading prodigy who quickly built a bankroll in the millions while those around him could only watch on in awe.
Despite his rising wealth, Sarao, like many independent day traders, became frustrated when a new breed of high-frequency trading firms arrived, using a combination of lighting-fast computers and statistical analysis to jump ahead of market moves. With his profits dented, Sarao made a decision that would land him in the US government’s crosshairs. “If you can’t beat em you may as well join em, eh?” he wrote on a forum before sending a developer a blueprint for his spoofing machine.
In the aftermath of his Sarao’s arrest, there was an immediate backlash. For one thing, Nav was a British citizen who had never stepped foot in the US. For another, spoofing had only just been outlawed — Sarao was only the second ever individual to be charged with the offense, and the first outside the US.
The most contentious aspect of the case, though, was the Americans’ accusation that Sarao had helped trigger the so-called Flash Crash of 6 May 2010, when stocks abruptly plummeted five per cent in four minutes. Sarao traded instruments called S&P 500 “e-minis”, which track blue-chip American stocks. It’s a vast market, with somewhere in the region of $200bn worth of trades each day. The idea that a guy in his bedroom could upend it using a home computer stretched credulity.
Many in the market came to view Sarao as a kind of Robin Hood figure who took on the high-frequency trading firms at their own game and won. So, was he a Machiavellian mastermind or just a naïve kid with too much time on his hands? Was he responsible for the crash or a convenient scapegoat? Was he a common cheat, or David taking on the Goliaths?
The answer, I learned as I pieced together the story, was all of the above and more.
Flash Crash: A Trading Savant, A Global Manhunt and the Most Mysterious Market Crash in History (William Collins) is available now.
Main image credit: Getty


cityam--2020-06-05--'No significant progress' in latest round of UK-EU Brexit trade talks

The latest round of UK-EU trade talks have shown no progress on major areas of contention , according to Brussels ’ chief negotiator .
The fourth round of talks concluded this morning , bringing both sides to a break in negotiations to assess progress .
Prime Minister Boris Johnson and EU Commission President Ursula von der Leyen will meet at an as yet to be confirmed date this month in an attempt to bridge gaps in the two sides ’ mandates .
Read more : Brexit : No breakthroughs expected in fresh round of UK-EU trade talks Chief EU negotiator @ @ @ @ @ @ @ no significant areas of progress ” on key areas , such as fishing policy , business competition regulations and overall governance of the deal .
“ There have not been significant progress on these points since the start of negotiations , ” Barnier said .
“ All we ’ re asking for is the political declaration to be respected and complied with .
“ We don ’ t think we can go on like this forever.
” UK chief negotiator David Frost said that progress was “ limited ” and that there needed @ @ @ @ @ @ @ negotiating rounds were conducted .
The last three rounds have been conducted over video conference during the coronavirus lockdown .
“ We are close to reaching the limits of what we can achieve through the format of remote formal rounds , ” Frost said .
“ If we are to make progress , it is clear that we must intensify and accelerate our work .
We are discussing with the Commission how this can best be done.
” The two biggest areas of contention in trade talks have been EU access to UK @ @ @ @ @ @ @ field for business regulations .
EU member states are asking to retain the same access to UK fishing waters as they had when Britain was a member of the EU .
Frost has ruled this out as a “ non-runner ” , with the UK instead trying to negotiate a “ zonal ” agreement that can be re-negotiated on a regular basis .
Brussels is also asking that the UK mirrors EU regulations on things like labour laws , environmental protection and state aid to the private sector .
In return for this @ @ @ @ @ @ @ to trade with the UK on a zero-tariff basis .
Barnier said that there were still large gaps between both sides on these two areas .
“ On fisheries the UK has not shown any true will to explore other approahces beyond zonal attachment of the sharing of quotas , ” Barnier said .
Read more : BoE ’ s Andrew Bailey tells UK banks to up preparations for no-deal Brexit “ They continue to condition access to waters to an annual negotiation which is not possible for us , not even technically @ @ @ @ @ @ @ trade fair play – no progress there either .
We tried to focus on subjects in particular we thought were closing to reaching agreement on things like the non-regression mechanisms when it comes to social , environmental , tax and fiscal matters and sustainable development .
”

‘No significant progress’ in latest round of UK-EU Brexit trade talks
European Union chief Brexit negotiator Michel Barnier (R) and the British Prime Minister’s Europe adviser David Frost pose for a photograph at start of the first round of post-Brexit trade deal talks between the EU and the United Kingdom, in Brussels on March 2, 2020. (Photo by Olivier HOSLET / POOL / AFP) (Photo by OLIVIER HOSLET/POOL/AFP via Getty Images)
The latest round of UK-EU trade talks have shown no progress on major areas of contention, according to Brussels’ chief negotiator.
The fourth round of talks concluded this morning, bringing both sides to a break in negotiations to assess progress.
Prime Minister Boris Johnson and EU Commission President Ursula von der Leyen will meet at an as yet to be confirmed date this month in an attempt to bridge gaps in the two sides’ mandates.
Chief EU negotiator Michel Barnier said there was “no significant areas of progress” on key areas, such as fishing policy, business competition regulations and overall governance of the deal.
“There have not been significant progress on these points since the start of negotiations,” Barnier said.
“All we’re asking for is the political declaration to be respected and complied with.
“We don’t think we can go on like this forever.”
UK chief negotiator David Frost said that progress was “limited” and that there needed to be fundamental change in how the negotiating rounds were conducted.
The last three rounds have been conducted over video conference during the coronavirus lockdown.
“We are close to reaching the limits of what we can achieve through the format of remote formal rounds,” Frost said.
“If we are to make progress, it is clear that we must intensify and accelerate our work. We are discussing with the Commission how this can best be done.”
Barnier also hit out at Johnson and the UK government for allegedly breaking the political declaration, which set the parameters of a future trade deal.
However, a source close to the UK negotiating team said that Barnier and his team were misinterpreting the role of the political declaration.
“We’re committed to the political declaration, but we see it as guiding parameters – it is not a treaty,” they said.
“In my dictionary means parameters means limits, it doesn’t require us to agree to everything in it.”
The two biggest areas of contention in trade talks have been EU access to UK fishing waters and the so-called level playing field for business regulations.
EU member states are asking to retain the same access to UK fishing waters as they had when Britain was a member of the EU.
Frost has ruled this out as a “non-runner”, with the UK instead trying to negotiate a “zonal” agreement that can be re-negotiated on a regular basis.
Brussels is also asking that the UK mirrors EU regulations on things like labour laws, environmental protection and state aid to the private sector.
In return for this level playing field, Brussels will continue to trade with the UK on a zero-tariff basis.
The UK is fundamentally against a broad-ranging matching of regulations, with the government saying on many occasions that it will not be a rule-taker now Britain is out of the EU.
Barnier said that there were still large gaps between both sides on these two areas.
If a trade deal is not ratified by 31 December, then trade barriers and tariffs will automatically be implemented between the UK and EU.
“On fisheries the UK has not shown any true will to explore other approahces beyond zonal attachment of the sharing of quotas,” Barnier said.
“They continue to condition access to waters to an annual negotiation which is not possible for us, not even technically possible.
“Economic fair play, trade fair play – no progress there either. We tried to focus on subjects in particular we thought were closing to reaching agreement on things like the non-regression mechanisms when it comes to social, environmental, tax and fiscal matters and sustainable development.”
A source close to Frost said the UK’s negotiating team need to see more progress on talks before autumn or else they will walk away and prepare for no-deal.
The source said that EU negotiators need to be more flexible in their approach if a deal is to be struck.
“At the moment, one option is the treaty the EU propose – zero tariffs, zero quotas and a massive level playing field commitment,” they said.
“The other alternative is no agreement at all. There are different possibilities between those two extremes and we need to find them.”


cityam--2020-06-05--BoE governor Andrew Bailey: Fiscal stimulus should keep climate change in mind

Bank of England governor Andrew Bailey has said stimulus packages from governments to tackle the coronavirus fallout should improve sustainability so as to help tackle climate change .
In an opinion article with former governor Mark Carney and other central bankers , Bailey said countries should “ build back better ” after coronavirus , with green goals in mind .
Yet campaign group Positive Money criticised the Bank , which has been supporting airlines , chemicals firms and other polluters throughout the crisis .
Figures released yesterday showed it had handed out £1.8bn to airlines and £750m to oil firms @ @ @ @ @ @ @ corporate financing facility .
Writing in the Guardian , Bailey and Carney urged said financial decisions made now must take climate change into account .
That includes decisions by “ businesses , investors , banks and governments ” .
“ The economic recovery plans being developed today offer the chance to build a sustainable , competitive new economy , ” they wrote .
The other writers of the opinion article were Francois Villeroy de Galhau , governor of the Bank of France and Frank Elderson , chair of the Network for Greening the @ @ @ @ @ @ @ member of the Netherlands ’ central bank .
“ Following the global financial crisis , only a fraction of fiscal spending improved sustainability , ” they wrote .
“ This time , governments ’ stimulus packages can be more ambitious.
” They pointed to some governments and firms which for “ are already accelerating the transition to clean energy , retrofitting homes and buildings , and linking financial support to climate-related conditions ” .
They said the Network for Greening the Financial System , a group of central banks and supervisors , will @ @ @ @ @ @ @ scenarios .
They are likely to lay bare the catastrophic effect climate change could have on the financial system .
Yet Positive Money chair said the Bank of England must live up to the climate change values it espouses .
Read more : Bank of England asks banks for pandemic loan loss estimates “ As a start the Bank of England must exclude fossil fuel companies from its corporate QE programme , ” she said .
She added that it should “ consider what climate conditions could be attached to its corporate bailout @ @ @

BoE governor Andrew Bailey: Fiscal stimulus should keep climate change in mind
Bank of England governor Andrew Bailey
Bank of England governor Andrew Bailey has said stimulus packages from governments to tackle the coronavirus fallout should improve sustainability so as to help tackle climate change.
In an opinion article with former governor Mark Carney and other central bankers, Bailey said countries should “build back better” after coronavirus, with green goals in mind.
Yet campaign group Positive Money criticised the Bank, which has been supporting airlines, chemicals firms and other polluters throughout the crisis.
Figures released yesterday showed it had handed out £1.8bn to airlines and £750m to oil firms with no green strings attached through its corporate financing facility.
Writing in the Guardian, Bailey and Carney urged said financial decisions made now must take climate change into account. That includes decisions by “businesses, investors, banks and governments”.
“The economic recovery plans being developed today offer the chance to build a sustainable, competitive new economy,” they wrote.
The other writers of the opinion article were Francois Villeroy de Galhau, governor of the Bank of France and Frank Elderson, chair of the Network for Greening the Financial System (NFGS) and board member of the Netherlands’ central bank.
Calls for Bank to exclude fossil fuel firms
“Following the global financial crisis, only a fraction of fiscal spending improved sustainability,” they wrote.
“This time, governments’ stimulus packages can be more ambitious.” They pointed to some governments and firms which for “are already accelerating the transition to clean energy, retrofitting homes and buildings, and linking financial support to climate-related conditions”.
They said the Network for Greening the Financial System, a group of central banks and supervisors, will soon publish a set of climate reference scenarios. They are likely to lay bare the catastrophic effect climate change could have on the financial system.
Yet Positive Money chair said the Bank of England must live up to the climate change values it espouses.
“As a start the Bank of England must exclude fossil fuel companies from its corporate QE programme,” she said.
She added that it should “consider what climate conditions could be attached to its corporate bailout scheme”.


cityam--2020-06-05--UK house prices drop for third month running as coronavirus bites

UK house prices fell for the third month in a row in May as coronavirus continued to plague the property market , according to a closely watched gauge .
However , the drop slowed compared to April .
Prices fell 0.2 per cent month on month in May , the Halifax house price index showed .
This compared with a 0.6 per cent drop in April .
Read more : UK house prices tumble at fastest rate since 2009 amid coronavirus A gauge from Nationwide this week said that house prices plunged by 1.7 per cent in May , however @ @ @ @ @ @ @ still be noted that with a limited number of transactions available , calculating average house prices remains challenging and increased volatility is to be expected.
” The Halifax measure said that house prices had fallen 0.5 per cent quarter-on-quarter .
This will please first-time buyers but is bad news for owners , property firms and speculators .
Halifax said the average UK house price was £237,808 in May .
Halifax said that activity showed signs of picking up in May , however .
The market was completely frozen in April by the coronavirus @ @ @ @ @ @ @ adviser to the EY Item Club , said : “ The housing market was essentially at a standstill from late-March through to mid-May.
” The government had advised homebuyers and renters to delay moving as much as they could .
Archer said : “ The lockdown introduced on 23 March meant that no visitors were allowed to visit properties.
” He noted that this included “ estate agents and surveys as well as potential buyers ” .
The government relaxed some of the coronavirus restrictions in England in the middle of May .
@ @ @ @ @ @ @ resume , as well as construction work .
“ The mid-month relaxation of restrictions in England… brought much-needed positive news , ” said Russell Galley , managing director at Halifax .
Property website Zoopla reported an 88 per cent rise in online demand after the restrictions were eased .
It said this was likely because of a large build-up while the property market was suspended .
Zoopla said it will probably lessen in the coming weeks .
Despite this , many analysts have said they expect UK house prices to tumble further this @ @ @ @ @ @ @ or lost their jobs and have lost their appetite for big-ticket purchases .
Samuel Tombs , chief UK economist at Pantheon Macroeconomics , said : “ We look for a five per cent decline in prices.
” Before the Open : Get the jump on the markets with our early morning newsletter Yet Galley said : “ We expect market activity to increase progressively as restrictions are eased further across the whole of the UK.
” He added : “ We continue to have confidence in the underlying health of the housing market @ @ @ @ @ @ @ medium term , things are set to deteriorate further for UK house prices .
That is according to Jonathan Hopper , chief executive of Garrington Property Finders .
He said the Halifax figure “ provides an early hint of the sharp price correction to come ” .
“ At this stage both buyers and sellers are feeling their way on price , and caution will be the watchword for both.
” Read more : How badly will coronavirus hit UK house prices in 2020 ?
Archer of the EY Item Club agreed with @ @ @ @ @ @ @ be a five per cent drop in house prices .
“ Despite the easing of restrictions on the housing market , we suspect that the upside to activity may be limited for some to come , ” he said .

UK house prices drop for third month running as coronavirus bites
UK house prices fell for the third month in a row in May as coronavirus continued to plague the property market, according to a closely watched gauge.
However, the drop slowed compared to April. Prices fell 0.2 per cent month on month in May, the Halifax house price index showed. This compared with a 0.6 per cent drop in April.
A gauge from Nationwide this week said that house prices plunged by 1.7 per cent in May, however.
Halifax said: “It should still be noted that with a limited number of transactions available, calculating average house prices remains challenging and increased volatility is to be expected.”
The Halifax measure said that house prices had fallen 0.5 per cent quarter-on-quarter. This will please first-time buyers but is bad news for owners, property firms and speculators. Halifax said the average UK house price was £237,808 in May.
Halifax said that activity showed signs of picking up in May, however. The market was completely frozen in April by the coronavirus lockdown.
Howard Archer, chief economic adviser to the EY Item Club, said: “The housing market was essentially at a standstill from late-March through to mid-May.” The government had advised homebuyers and renters to delay moving as much as they could.
Archer said: “The lockdown introduced on 23 March meant that no visitors were allowed to visit properties.” He noted that this included “estate agents and surveys as well as potential buyers”.
Will UK house prices fall further?
The government relaxed some of the coronavirus restrictions in England in the middle of May. This included allowing viewings of houses to resume, as well as construction work.
“The mid-month relaxation of restrictions in England… brought much-needed positive news,” said Russell Galley, managing director at Halifax.
Property website Zoopla reported an 88 per cent rise in online demand after the restrictions were eased. It said this was likely because of a large build-up while the property market was suspended. Zoopla said it will probably lessen in the coming weeks.
Despite this, many analysts have said they expect UK house prices to tumble further this year. Millions have had pay cuts or lost their jobs and have lost their appetite for big-ticket purchases.
Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said: “We look for a five per cent decline in prices.”
Before the Open: Get the jump on the markets with our early morning newsletter
Yet Galley said: “We expect market activity to increase progressively as restrictions are eased further across the whole of the UK.”
He added: “We continue to have confidence in the underlying health of the housing market over the long-term.”
Market may remain subdued
Yet in the medium term, things are set to deteriorate further for UK house prices. That is according to Jonathan Hopper, chief executive of Garrington Property Finders.
He said the Halifax figure “provides an early hint of the sharp price correction to come”.
“At this stage both buyers and sellers are feeling their way on price, and caution will be the watchword for both.”
Archer of the EY Item Club agreed with Tombs. He said there would likely be a five per cent drop in house prices.
“Despite the easing of restrictions on the housing market, we suspect that the upside to activity may be limited for some to come,” he said.


cityam--2020-06-05--Number of new coronavirus cases in the UK  has halved

The number of new coronavirus cases in the UK has halved , new data published today said .
The survey by the Office for National Statistics ( ONS ) , IQVIA , the University of Oxford and UK Biocentre tested individuals from 9,906 households for Covid-19 with swab tests between 17 May and 30 May .
They study estimated that ( 0.1 per cent ) of the British population was estimated to have had Covid-19 at any given time during the period , equating to an average of 53,000 people That total is down from 133,000 in the last round @ @ @ @ @ @ @ : How safe is it to order takeaway food in lockdown ?
The ONS said modelling of the trend over time shows evidence that the number of people in England testing positive has decreased in recent weeks .
There were an estimated 39,000 new Covid-19 infections per week in England between 26 April and 30 May 2020 , equating to an incidence rate per week of 0.07 new cases per 100 people , the survey said .
Individuals working outside the home show higher rates of positive tests than those who work from @ @ @ @ @ @ @ social care workers show higher rates of positive tests than people not working in these roles .
The ONS said 29 per cent of people in the study who tested positive for Covid-19 did not report symptoms at the time of the visit or earlier .
The report said : “ There is some evidence that the number of people in England testing positive has decreased in recent weeks.
” The ONS said that when analysing data for the two most recent non-overlapping 14 day periods , there is some evidence of a @ @ @ @ @ @ @ the community testing positive .
The ONS says there is now a downward trend – from more than 0.4 per cent of British people being infected at the end of April down to 0.1 per cent at the end of May .

Number of new coronavirus cases in the UK has halved
The number of new coronavirus cases in the UK has halved, new data published today said.
The survey by the Office for National Statistics (ONS), IQVIA, the University of Oxford and UK Biocentre tested individuals from 9,906 households for Covid-19 with swab tests between 17 May and 30 May.
They study estimated that (0.1 per cent) of the British population was estimated to have had Covid-19 at any given time during the period, equating to an average of 53,000 people
That total is down from 133,000 in the last round of figures.
The ONS said modelling of the trend over time shows evidence that the number of people in England testing positive has decreased in recent weeks.
There were an estimated 39,000 new Covid-19 infections per week in England between 26 April and 30 May 2020, equating to an incidence rate per week of 0.07 new cases per 100 people, the survey said.
Individuals working outside the home show higher rates of positive tests than those who work from home.
Patient-facing healthcare workers and resident-facing social care workers show higher rates of positive tests than people not working in these roles.
The ONS said 29 per cent of people in the study who tested positive for Covid-19 did not report symptoms at the time of the visit or earlier.
The report said: “There is some evidence that the number of people in England testing positive has decreased in recent weeks.”
The ONS said that when analysing data for the two most recent non-overlapping 14 day periods, there is some evidence of a decrease in the proportion of people in the community testing positive.
The ONS says there is now a downward trend – from more than 0.4 per cent of British people being infected at the end of April down to 0.1 per cent at the end of May.


cityam--2020-06-05--Greggs reveals plans to open 800 stores this month

High street bakery chain Greggs has revealed plans to open 800 stores across the UK later this month .
Chief executive Roger Whiteside announced this morning that the company is preparing to open more branches from 18 June following successful delivery , collection and walk-in trials in North East England .
Read more : Greggs shares sink as it cancels plan to reopen stores amid lockdown Greggs is in the process of selecting around 800 stores , including 150 franchise branches , to open in two weeks time with social distancing measures in place .
It plans to open all @ @ @ @ @ @ @ by 1 July .
Greggs ’ share price jumped 1.87 per cent following this morning ’ s announcement .
“ All shops will open with our new tested operational measures in place , ” Whiteside said in a statement .
“ And although they will open with a reduced range , this will be a significant step in us helping the nation get back up and running and serving the communities that we operate in .
“ We ’ ll continue to look for the best ways to serve customers whilst keeping everyone @ @ @ @ @ @ @ can continue to do this , the final phase in our plan is to open all shops with our new operational measures in place by 1 July.
” Greggs was forced to conduct intitial reopening trials in Newcastle behind closed doors last month to avoid attracting big crowds during the coronavirus lockdown .
Read more : Coronavirus : Greggs to start reopening branches for takeaway and delivery Analysts said this morning that Greggs is well placed to steal market share from cafe chain rivals that rely on sit-in customers .
“ We believe @ @ @ @ @ @ @ from competitors that are forced to permanently close shops , or that do not have the firepower to match Greggs ’ growth investments , ” Jefferies said in a note to investors .

Greggs reveals plans to open 800 stores this month
High street bakery chain Greggs has revealed plans to open 800 stores across the UK later this month.
Chief executive Roger Whiteside announced this morning that the company is preparing to open more branches from 18 June following successful delivery, collection and walk-in trials in North East England.
Greggs is in the process of selecting around 800 stores, including 150 franchise branches, to open in two weeks time with social distancing measures in place.
It plans to open all stores with new safety measures in place by 1 July.
Greggs’ share price jumped 1.87 per cent following this morning’s announcement.
“All shops will open with our new tested operational measures in place,” Whiteside said in a statement.
“And although they will open with a reduced range, this will be a significant step in us helping the nation get back up and running and serving the communities that we operate in.
“We’ll continue to look for the best ways to serve customers whilst keeping everyone safe, and as long as we can continue to do this, the final phase in our plan is to open all shops with our new operational measures in place by 1 July.”
Greggs was forced to conduct intitial reopening trials in Newcastle behind closed doors last month to avoid attracting big crowds during the coronavirus lockdown.
Analysts said this morning that Greggs is well placed to steal market share from cafe chain rivals that rely on sit-in customers.
“We believe Greggs is well positioned to take share from competitors that are forced to permanently close shops, or that do not have the firepower to match Greggs’ growth investments,” Jefferies said in a note to investors.


cityam--2020-06-05--Survive and thrive: Spencer Matthews' low-alcohol brand is Clean-ing up

London ’ s businesses have been forced to weather a storm they never saw coming , but many have pivoted to new ways of doing business .
Today , City A.M. talks to the reality TV star-turned-entrepreneur Spencer Matthews about his Clean Liquor Company , selling low-alcohol spirits on Instagram and global ambitions For any business , at any time , consistently increasing your month to month sales by almost 400 per cent is nothing to be sniffed at .
When it ’ s during lockdown , and you ’ re not selling face masks or hand sanitiser , it @ @ @ @ @ @ @ that ’ s exactly what ’ s happened at the Clean Liquor Co , the low-alcohol spirits brand set up by once-upon-a-time reality star and entrepreneur Spencer Matthews , whose CleanGin has been flying off the physical , and virtual , shelves .
Given that news , as City A.M. meets Spencer ( via zoom , naturally ) in his firm ’ s offices in Putney , it ’ s no surprise he ’ s a bundle of energy .
Perhaps it ’ s that energy that allowed his brand to pivot so @ @ @ @ @ @ @ : How London coffee chain GRIND has reinvented its business during lockdown Their first product , CleanGin , came to market at the turn of the year , with plans to spend 2020 – as Matthews put it – “ throwing the kitchen sink ” at marketing to consumers that are still far from fully conscious of the low-and-no booze offering .
“ Luckily we hadn ’ t committed to any of the £500K we were going to spend on marketing , ” he says , with more than a touch of relief @ @ @ @ @ @ @ stage VC firm which had backed Clean with more than £1m , were no doubt pleased too .
In partnership with Lightspeed , Matthews drew up four plans – scenario A , in which life continued as normal , all the way to a radical costcutting plan in scenario D. In the end , he decided to ride out the first month of lockdown and work on communicating with consumers .
“ My initial reaction was that it would be quite difficult to keep the foot on the gas with marketing , when @ @ @ @ @ @ @ But the silver lining is that people tend to drink a bit more , and they also realise there needs to be a drop-off from that level of consumption.
” “ It ’ s unsustainable .
It ’ s my 20s in a nutshell , ” he says , with a knowing grin .
The former Made in Chelsea star certainly took advantage of being young and famous , and made many a tabloid double-page spread .
But now sober , he ’ s known more as an entrepreneur .
Aside from Clean @ @ @ @ @ @ @ Rocks , a jewellery brand which has already been seen adorning Frank Lampard and Serena Williams among others .
He ’ s also got royal connections – Spencer ’ s brother James married Pippa Middleton – and a celebrity wife , Vogue Williams .
The couple are expecting their second child in July .
Matthews is not , then , your average entrepreneur .
But he ’ s used his connections for the good of his business .
Matthews and Williams have regularly appeared together on Instagram , hosting live cocktail sessions and @ @ @ @ @ @ @ reaching out to consumers stuck at home looking for something a little different for an evening tipple .
“ I ’ ve really enjoyed the Insta Lives .
I ’ m not a huge fan of social media myself and don ’ t use it as much as I probably should , as it ’ s so saturated with nonsense .
But this has been fun , and using lives to create cocktails and engage consumers has been a massive part of our growth .
“ It ’ s rare you get live @ @ @ @ @ @ @ want and how we can impact their lives.
” Three new Clean branded products are on the way – rhubarb , elderflower and raspberry flavoured gins – and Matthews says they came straight from those social media interactions .
“ Our distillery didn ’ t need to close , luckily .
We ’ ve been able to move quickly and that ’ s the fun of start-ups.
” Matthews tells us that IRI data shows that if the current monthly sales of Clean just in Sainsbury ’ s were to continue over a @ @ @ @ @ @ @ than £1m in retail sales .
He ’ s impossibly enthusiastic .
“ We ’ ve only been trading since January , and is growing each month , so it ’ s likely to increase throughout the year.
” He ’ s got worldwide ambitions , too .
When we speak he ’ s just off the phone with an Australian contact , and he ’ s hoping to do direct to consumer operations in California .
Not every start-up founder can jump on instagram or launch a podcast on the BBC during @ @ @ @ @ @ @ And while there will be some who might look upon his reinvention as a businessman with cocked eyebrows , you can ’ t argue with the numbers in the most trying of circumstances .
“ Our growth is unsustainable , but it ’ s great to unlock new audiences and territories .
It ’ s daunting .
“ But I ’ ve surrounded myself with an experienced team , who know way more than me about business and the sector , and I ’ m learning on the job and trying to harness @ @ @ @ @ @ @ businessman.
” One thing ’ s for sure : he won ’ t be quiet whilst he does it .

Survive and thrive: Spencer Matthews’ low-alcohol brand is Clean-ing up
London’s businesses have been forced to weather a storm they never saw coming, but many have pivoted to new ways of doing business. Today, City A.M. talks to the reality TV star-turned-entrepreneur Spencer Matthews about his Clean Liquor Company, selling low-alcohol spirits on Instagram and global ambitions
For any business, at any time, consistently increasing your month to month sales by almost 400 per cent is nothing to be sniffed at.
When it’s during lockdown, and you’re not selling face masks or hand sanitiser, it’s even more impressive. But that’s exactly what’s happened at the Clean Liquor Co, the low-alcohol spirits brand set up by once-upon-a-time reality star and entrepreneur Spencer Matthews, whose CleanGin has been flying off the physical, and virtual, shelves.
Given that news, as City A.M. meets Spencer (via zoom, naturally) in his firm’s offices in Putney, it’s no surprise he’s a bundle of energy. Perhaps it’s that energy that allowed his brand to pivot so quickly when lockdown struck.
Read more: How London coffee chain GRIND has reinvented its business during lockdown
Their first product, CleanGin, came to market at the turn of the year, with plans to spend 2020 – as Matthews put it – “throwing the kitchen sink” at marketing to consumers that are still far from fully conscious of the low-and-no booze offering.
“Luckily we hadn’t committed to any of the £500K we were going to spend on marketing,” he says, with more than a touch of relief. Lightspeed Venture Partners, the early stage VC firm which had backed Clean with more than £1m, were no doubt pleased too.
Matthews and his wife Vogue Williams during lockdown
In partnership with Lightspeed, Matthews drew up four plans – scenario A, in which life continued as normal, all the way to a radical costcutting plan in scenario D. In the end, he decided to ride out the first month of lockdown and work on communicating with consumers.
“My initial reaction was that it would be quite difficult to keep the foot on the gas with marketing, when people are fearing for their health. But the silver lining is that people tend to drink a bit more, and they also realise there needs to be a drop-off from that level of consumption.”
“It’s unsustainable. It’s my 20s in a nutshell,” he says, with a knowing grin.
The former Made in Chelsea star certainly took advantage of being young and famous, and made many a tabloid double-page spread. But now sober, he’s known more as an entrepreneur. Aside from Clean, he’s also behind Eden Rocks, a jewellery brand which has already been seen adorning Frank Lampard and Serena Williams among others.
He’s also got royal connections – Spencer’s brother James married Pippa Middleton – and a celebrity wife, Vogue Williams. The couple are expecting their second child in July.
Matthews is not, then, your average entrepreneur. But he’s used his connections for the good of his business.
Matthews and Williams have regularly appeared together on Instagram, hosting live cocktail sessions and, by hook or by crook, reaching out to consumers stuck at home looking for something a little different for an evening tipple.
“I’ve really enjoyed the Insta Lives. I’m not a huge fan of social media myself and don’t use it as much as I probably should, as it’s so saturated with nonsense. But this has been fun, and using lives to create cocktails and engage consumers has been a massive part of our growth.
“It’s rare you get live, real-time feedback and ask what they want and how we can impact their lives.”
Three new Clean branded products are on the way – rhubarb, elderflower and raspberry flavoured gins – and Matthews says they came straight from those social media interactions. “Our distillery didn’t need to close, luckily. We’ve been able to move quickly and that’s the fun of start-ups.”
Matthews tells us that IRI data shows that if the current monthly sales of Clean just in Sainsbury’s were to continue over a year, CleanGin would be generating more than £1m in retail sales.
He’s impossibly enthusiastic. “We’ve only been trading since January, and is growing each month, so it’s likely to increase throughout the year.”
He’s got worldwide ambitions, too. When we speak he’s just off the phone with an Australian contact, and he’s hoping to do direct to consumer operations in California.
Not every start-up founder can jump on instagram or launch a podcast on the BBC during lockdown. Matthews is certainly unique. And while there will be some who might look upon his reinvention as a businessman with cocked eyebrows, you can’t argue with the numbers in the most trying of circumstances.
“Our growth is unsustainable, but it’s great to unlock new audiences and territories. It’s daunting.
“But I’ve surrounded myself with an experienced team, who know way more than me about business and the sector, and I’m learning on the job and trying to harness my enthusiasm and become a more rounded businessman.”
One thing’s for sure: he won’t be quiet whilst he does it.


cityam--2020-06-05--Sadiq Khan calls for compulsory face coverings in all stores

Sadiq Khan has called for the government to make face coverings mandatory in all stores , after they were made compulsory on all English public transport networks yesterday .
The mayor of London said he welcomed the “ U-turn from the government ” on making coverings compulsory on public transport , but said it should go further .
Read more : Face coverings mandatory on TfL network from 15 June Non-essential retail shops are set to re-open on 15 June , after the government moved to ease the coronavirus lockdown further two weeks ago .
Outdoor car showrooms and outdoor @ @ @ @ @ @ @ to BBC today , Khan said : “ Why not also make [ face coverings ] mandatory particularly in those confined spaces – public transport is one , shops are another – where you may inadvertently pass the virus on or inadvertently catch it ?
“ Why not err on the side of caution ?
” Before the Open newsletter : Start your day with the City View podcast and key market data Transport secretary Grant Shapps said at yesterday ’ s press briefing that people will not be able to use English @ @ @ @ @ @ @ and that fines would be given for non-compliance .
He stressed that people should not wear surgical face masks , but instead should use coverings made out of cloth and other materials .
Transport workers and British Transport Police will monitor the new law , according to the transport secretary .
When asked about expanding the rule to other public spaces , Shapps said it would not be necessary .
Speaking to Sky News today , he said : “ If you are in shop , you are unlikely to be stood next @ @ @ @ @ @ @ .
“ The big difference is that on public transport you are likely to be there for a long period of time…10 minutes , 20 minutes , even half an hour.
” “ There is quite a big difference between the two.
” The government has been criticised by some , including Khan , for not making face coverings mandatory earlier on public transport .
Read more : Transport for London taps former New York transit chief as new boss Shapps said today that public transport had not been busy enough to warrant @ @ @ @ @ @ @ “ marginal and perhaps incremental assistance ” “ Certainly , it is not a silver bullet thing to do… but you ’ re protecting those around you , so it is quite a public spirited , altruistic thing to do , ” he said .

Sadiq Khan calls for compulsory face coverings in all stores
Sadiq Khan has called for the government to make face coverings mandatory in all stores, after they were made compulsory on all English public transport networks yesterday.
The mayor of London said he welcomed the “U-turn from the government” on making coverings compulsory on public transport, but said it should go further.
Non-essential retail shops are set to re-open on 15 June, after the government moved to ease the coronavirus lockdown further two weeks ago.
Outdoor car showrooms and outdoor markets were opened last week.
Speaking to BBC today, Khan said: “Why not also make [face coverings] mandatory particularly in those confined spaces – public transport is one, shops are another – where you may inadvertently pass the virus on or inadvertently catch it?
“Why not err on the side of caution?”
Before the Open newsletter: Start your day with the City View podcast and key market data
Transport secretary Grant Shapps said at yesterday’s press briefing that people will not be able to use English public transport networks without a face covering and that fines would be given for non-compliance.
He stressed that people should not wear surgical face masks, but instead should use coverings made out of cloth and other materials.
Transport workers and British Transport Police will monitor the new law, according to the transport secretary.
When asked about expanding the rule to other public spaces, Shapps said it would not be necessary.
Speaking to Sky News today, he said: “If you are in shop, you are unlikely to be stood next to somebody for 10 minutes or longer.
“The big difference is that on public transport you are likely to be there for a long period of time…10 minutes, 20 minutes, even half an hour.”
“There is quite a big difference between the two.”
The government has been criticised by some, including Khan, for not making face coverings mandatory earlier on public transport.
Shapps said today that public transport had not been busy enough to warrant the change and that they only provided “marginal and perhaps incremental assistance”
“Certainly, it is not a silver bullet thing to do… but you’re protecting those around you, so it is quite a public spirited, altruistic thing to do,” he said.