cityam--2020-11-12--Barcelona, one of the world’s smartest cities

Barcelona was one of the first European cities to adapt smart city technologies .
About ten years ago , the Catalan capital installed extensive sensor networks that provided government and the private sector with data on transport , energy usage , noise levels , irrigation et cetera .
Its technology-base is solid , with a noteworthy open data portal , a good air quality sensor network , and widespread public wi-fi .
Only cities like New York City , Singapore , and Seoul outperform Barcelona ’ s technological infrastructure .
Like other cities , during the last five years Barcelona @ @ @ @ @ @ @ Technology is entering more direct the lives of residents because of the broad use of smart phones .
They distribute instant information about employment , housing , administration , mobility , health services , security and utilities .
Until recently , city leaders thought of smart technologies primarily as tools for becoming more efficient behind the scenes .
Now technology is being injected more directly into the lives of residents .
Smartphones have become the keys to the city , putting instant information about transit , traffic , health services , safety alerts @ @ @ @ @ @ @ hands .
In March 2014 , the European Commission named Barcelona as the European Capital of Innovation , or “ iCapital , ” .
The prize is awarded for introducing new technologies that help to stay better connected to citizens .
This recognition in turn helped to make Barcelona the “ Mobile World Capital ” through 2023 , that resulted in Barcelona becoming the venue of Mobile World Congress .
Barcelona , as a smart city , has achieved a wide range of benefits through investment in IoT for urban systems .
Some @ @ @ @ @ @ @ LED-based lighting system solution has helped Barcelona to become more energy efficient and reduces the heat produced by the old lamps thus leading to cost savings for the city .
With the help of the sensors , the system also receives information regarding the pollution , humidity , temperature , the presence of people , and noise .
The use of smart bins that use a vacuum and suck the waste into underground storage helps to reduce the smell of trash waiting to be fetched and the noise pollution from collection vehicles .
@ @ @ @ @ @ @ the level of waste that comes from different places and optimize the collection of waste .
Meanwhile , the incineration of waste is used afterwards to produce energy for heating systems .
The bus transit system stands out for sustainable mobility and decreasing emissions with the help of hybrid buses .
This system also has smart bus shelters utilizing solar panels to provide energy for the screens that show waiting times .
After many years of public bicycle sharing it might seem just another service , but back in the day Barcelona was @ @ @ @ @ @ @ to implement the system in early 2007 .
This initiative is aimed at reducing the number of cars circulating in the city .
Various sensors in the ground offer live data on humidity , temperature , wind velocity , sunlight , and atmospheric pressure .
It was estimated that the city will earn back its initial investment in building the first phase of the system in one year when they cut water usage by about one quarter .
Barcelona was the first city in the world to have a public network of fab @ @ @ @ @ @ @ ) digital fabrication .
The premise of this enterprise was simple : “ no smart city without smart citizens ” .
Citizens play a key role in the development of smart cities , therefore it is important that they can participate in the changes at grassroots level .
Since 2010 , the Catalan capital is home to Smart City Expo World Congress , the world ’ s most important showcase of smart cities and urban Technology .
Through promoting social innovation , establishing partnerships and identifying business opportunities , the aim of the @ @ @ @ @ @ @ for cities and their citizens worldwide .
The event consists of a 3-day congress and expo and has become the annual meeting point for corporate leaders , public representatives , entrepreneurs , experts and academics from all around the globe , engaging them to learn from each other , share experiences , talk about best practices , and open new paths for international collaboration .
Last edition saw a record 600 cities participating , 576 exhibitors , 412 speakers and a forecast for 14,000 visitors .
Along with this event , the Gran @ @ @ @ @ @ @ : the Circular Economy Summit , iWater and European Utility Week , which turns Barcelona into the world capital of sustainable development .
Autonomous vehicles ; the Medibus , a hospital on wheels filled with all the necessary healthcare equipment designed by Cisco , a device capable of detecting free parking spaces , charging spaces for mobile phones that take advantage of the structure of the old telephone booths .
These are some of the technological innovations that visitors could see in different editions of Smart City Expo World Congress .
Moreover , @ @ @ @ @ @ @ , seven days filled with seminars , activities and events oriented to turning ideas into action .
Barcelona will host the world ’ s largest event dedicated to urban mobility in 2023Barcelona will be the host city for the UITP Global Public Transport Summit in 2023 , the world ’ s largest event dedicated to urban mobility .
Brussels and Dubai where the other candidate cities for a global event that is organized by The International Association of Public Transport , an entity that gathers more than 1,800 members in 100 countries .
@ @ @ @ @ @ @ based on Barcelona having a fully integrated Public Transport System , including all modes , alongside an integrated approach to boost model shift and sustainability .
The organisation also mentioned Barcelona ’ s investment and management plans in place ( €7.3 billion of investment planned for the next five years ) with ongoing investments on all sustainable modes .

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Barcelona, one of the world’s smartest cities
A woman at a bus stop using an interactive map of Barcelona
Barcelona was one of the first European cities to adapt smart city technologies. About ten years ago, the Catalan capital installed extensive sensor networks that provided government and the private sector with data on transport, energy usage, noise levels, irrigation et cetera. Its technology-base is solid, with a noteworthy open data portal, a good air quality sensor network, and widespread public wi-fi. Only cities like New York City, Singapore, and Seoul outperform Barcelona’s technological infrastructure.
Only New York City, Singapore, and Seoul outperform the Catalan capital’s technological infrastructure
Some of the examples that make Barcelona a smart city
Like other cities, during the last five years Barcelona’s smart city practices changed: Technology is entering more direct the lives of residents because of the broad use of smart phones. They distribute instant information about employment, housing, administration, mobility, health services, security and utilities.
Until recently, city leaders thought of smart technologies primarily as tools for becoming more efficient behind the scenes. Now technology is being injected more directly into the lives of residents. Smartphones have become the keys to the city, putting instant information about transit, traffic, health services, safety alerts, and community news into millions of hands.
What makes a city smart?
In March 2014, the European Commission named Barcelona as the European Capital of Innovation, or “iCapital,”. The prize is awarded for introducing new technologies that help to stay better connected to citizens. This recognition in turn helped to make Barcelona the “Mobile World Capital” through 2023, that resulted in Barcelona becoming the venue of Mobile World Congress.
Technologies that Helped to Transform Barcelona
Barcelona, as a smart city, has achieved a wide range of benefits through investment in IoT for urban systems. Some of them are listed in continuation:
Street light
LED-based lighting system solution has helped Barcelona to become more energy efficient and reduces the heat produced by the old lamps thus leading to cost savings for the city. With the help of the sensors, the system also receives information regarding the pollution, humidity, temperature, the presence of people, and noise.
Waste Disposal
The use of smart bins that use a vacuum and suck the waste into underground storage helps to reduce the smell of trash waiting to be fetched and the noise pollution from collection vehicles.
It also enables the city to detect the level of waste that comes from different places and optimize the collection of waste. Meanwhile, the incineration of waste is used afterwards to produce energy for heating systems.
Bus Transit System
The bus transit system stands out for sustainable mobility and decreasing emissions with the help of hybrid buses. This system also has smart bus shelters utilizing solar panels to provide energy for the screens that show waiting times.
City Bike System
After many years of public bicycle sharing it might seem just another service, but back in the day Barcelona was one of the first and largest cities to implement the system in early 2007. This initiative is aimed at reducing the number of cars circulating in the city.
Irrigation System
Various sensors in the ground offer live data on humidity, temperature, wind velocity, sunlight, and atmospheric pressure. It was estimated that the city will earn back its initial investment in building the first phase of the system in one year when they cut water usage by about one quarter.
Fab Lab
Barcelona was the first city in the world to have a public network of fab labs, small-scale workshop offering (personal) digital fabrication. The premise of this enterprise was simple: “no smart city without smart citizens”. Citizens play a key role in the development of smart cities, therefore it is important that they can participate in the changes at grassroots level.
Barcelona hosts the world’s leading event on smart cities
Since 2010, the Catalan capital is home to Smart City Expo World Congress, the world’s most important showcase of smart cities and urban Technology. Through promoting social innovation, establishing partnerships and identifying business opportunities, the aim of the event is to create a better future for cities and their citizens worldwide.
Professionals sharing their projects Smart City Expo
The event consists of a 3-day congress and expo and has become the annual meeting point for corporate leaders, public representatives, entrepreneurs, experts and academics from all around the globe, engaging them to learn from each other, share experiences, talk about best practices, and open new paths for international collaboration.
Last edition saw a record 600 cities participating, 576 exhibitors, 412 speakers and a forecast for 14,000 visitors. Along with this event, the Gran Via Exhibition Centre is hosting three more: the Circular Economy Summit, iWater and European Utility Week, which turns Barcelona into the world capital of sustainable development.
The Catalan capital has achieved a wide range of benefits through investment in IoT for urban Systems
An autonomous vehicle connected with 5G technology was presented at Smart City Expo
Autonomous vehicles; the Medibus, a hospital on wheels filled with all the necessary healthcare equipment designed by Cisco, a device capable of detecting free parking spaces, charging spaces for mobile phones that take advantage of the structure of the old telephone booths. These are some of the technological innovations that visitors could see in different editions of Smart City Expo World Congress.
Moreover, in 2018 Barcelona introduced Smart City Week, seven days filled with seminars, activities and events oriented to turning ideas into action.
Barcelona is home of Smart City Expo, the world’s leading event on urban Technology
Barcelona will host the world’s largest event dedicated to urban mobility in 2023Barcelona will be the host city for the UITP Global Public Transport Summit in 2023, the world’s largest event dedicated to urban mobility. Brussels and Dubai where the other candidate cities for a global event that is organized by The International Association of Public Transport, an entity that gathers more than 1,800 members in 100 countries.
Barcelona’s tram connects Barcelona with the city outskirts in the north and in the south
According to UITP, the decision was based on Barcelona having a fully integrated Public Transport System, including all modes, alongside an integrated approach to boost model shift and sustainability. The organisation also mentioned Barcelona’s investment and management plans in place (€7.3 billion of investment planned for the next five years) with ongoing investments on all sustainable modes.


cityam--2020-11-12--Legal & General shares fall after insurer scales back dividend plans due to Covid-19

Shares in Legal & General fell today after the insurance giant kept its final dividend payment for 2020 flat due the impact of the coronavirus pandemic and cut its five-year dividend growth target .
In an update to the stock exchange this morning , Legal & General said it had delivered a “ resilient ” performance so far this year and its balance sheet “ has remained robust ” .
Read more : Legal & General to vote against all-white FTSE 100 boards From 2021 , the board of the company – traditionally one of the larger dividend payers in @ @ @ @ @ @ @ insurer ’ s dividend “ at low to mid-single digits ” , it said .
“ We felt that a pause year was a good balance between rewarding shareholders – where many aren ’ t rewarding at all – versus holding back for potential uncertainty , ” chief financial officer Jeff Davies told reporters .
Shares in Legal & General fell as much as three per cent following the update .
While Legal & General has not suffered a major impact from the pandemic , executives told reporters that UK housing sales dropped @ @ @ @ @ @ @ while US life insurance claims increased due to the virus .
Legal & General is a direct investor in housing and commercial real estate , and is one of the largest investors in the UK stock market .
The company said it will aim to have cash and capital generation and net surplus generation exceed dividends between 2020 and 2024 , and to have earnings per share to grow faster than dividends .
Before the Open newsletter : Start your day with the City View podcast and key market data “ We intend @ @ @ @ @ @ @ both of cash and capital , and to dividend £5.6-5.9bn , ” the group said in its trading update .
“ Legal & General ’ s plans for dividend growth over the next five years have been a slight disappointment for analysts , ” said Nicholas Hyett , analyst at Hargreaves Lansdown .
“ However , ” he continued , “ that ’ s a reflection of the fact spare cash will instead be used to fund expansion in the group ’ s core annuities businesses , and actually we think that ’ @ @ @ @ @ @ @ ” Many of Legal & General ’ s insurance peers have suspended dividend payments for 2020 amid the economic downturn caused by Covid-19 .
Earlier this year , the Bank of England ’ s Prudential Regulation Authority warned insurers to “ pay close attention to the need to protect policyholders and maintain safety and soundness ” when considering whether to issue dividends .
“ Legal & General has a clear and well established strategy , ” said chief executive Nigel Wilson .
“ The markets we operate in are large and growing and @ @ @ @ @ @ @ “ We have announced today a clear set of five year financial ambitions , delivering an attractive combination of income and growth , ” he added .

Legal & General shares fall after insurer scales back dividend plans due to Covid-19
Shares in Legal & General fell today after the insurance giant kept its final dividend payment for 2020 flat due the impact of the coronavirus pandemic and cut its five-year dividend growth target.
In an update to the stock exchange this morning, Legal & General said it had delivered a “resilient” performance so far this year and its balance sheet “has remained robust”.
Read more: Legal & General to vote against all-white FTSE 100 boards
From 2021, the board of the company – traditionally one of the larger dividend payers in the UK – intends to increase the insurer’s dividend “at low to mid-single digits”, it said.
“We felt that a pause year was a good balance between rewarding shareholders – where many aren’t rewarding at all – versus holding back for potential uncertainty,” chief financial officer Jeff Davies told reporters.
Shares in Legal & General fell as much as three per cent following the update.
While Legal & General has not suffered a major impact from the pandemic, executives told reporters that UK housing sales dropped during the first lockdown in March, while US life insurance claims increased due to the virus.
Legal & General is a direct investor in housing and commercial real estate, and is one of the largest investors in the UK stock market.
The company said it will aim to have cash and capital generation and net surplus generation exceed dividends between 2020 and 2024, and to have earnings per share to grow faster than dividends.
Before the Open newsletter: Start your day with the City View podcast and key market data
“We intend, in aggregate, to generate £8-9bn both of cash and capital, and to dividend £5.6-5.9bn,” the group said in its trading update.
“Legal & General’s plans for dividend growth over the next five years have been a slight disappointment for analysts,” said Nicholas Hyett, analyst at Hargreaves Lansdown.
“However,” he continued, “that’s a reflection of the fact spare cash will instead be used to fund expansion in the group’s core annuities businesses, and actually we think that’s a positive in the long term.”
Many of Legal & General’s insurance peers have suspended dividend payments for 2020 amid the economic downturn caused by Covid-19.
Earlier this year, the Bank of England’s Prudential Regulation Authority warned insurers to “pay close attention to the need to protect policyholders and maintain safety and soundness” when considering whether to issue dividends.
Read more: Direct Line premiums stabilise as insurance market climbs back
“Legal & General has a clear and well established strategy,” said chief executive Nigel Wilson. “The markets we operate in are large and growing and we are well placed to capitalise.”
“We have announced today a clear set of five year financial ambitions, delivering an attractive combination of income and growth,” he added.


cityam--2020-11-12--Chancellor sets Budget for March 2021

Chancellor sets Budget for March 2021

The chancellor will announce a new government Budget in March , the Treasury ’ s permanent secretary has announced .
Speaking at a Public Accounts Committee meeting on the government ’ s furlough scheme this morning , Tom Scholar said : “ There will be a Budget in March .
We know a lot will change between now and March we ’ ll know a lot more about the pandemic.
” Read more : Rishi Sunak warns second lockdown will have ‘ significant ’ impact on UK economy Scholar added that there will be a “ new economic forecast ” @ @ @ @ @ @ @ that point , the chancellor will be setting out the economic strategy that will support the economy as it as it moves out of the pandemic ” .
The government in September cancelled the usual autumn Budget , and instead announced a Winter Economy Package to help the UK economy weather the second wave of coronavirus .
The package included a job support scheme , which has now been scrapped in favour of an extension to the furlough scheme .
It comes after chancellor Rishi Sunak this morning dangled the possibility of reintroducing @ @ @ @ @ @ @ Eat Out To Help Out Scheme , in the spring .
Sunak told Sky News : “ I think it ’ s right that when we finally exit this and hopefully next year with testing and maybe with the vaccines as well we ’ ll be able to start looking forward to getting back to normal .
“ I think we ’ ll have to look at the economic situation and then and see what ’ s the best form of our support , and we want to make sure that we get @ @ @ @ @ @ @ this.
” The government ’ s Budget delivery has seen several hiccups in the last year .
Sunak delivered his first Budget as chancellor in March this year , less than two weeks before Prime Minister Boris Johnson announced the first national lockdown .
Read more : Disappointing GDP figures show UK recovery lost momentum ahead of second lockdown That Budget was originally meant to be delivered in November 2019 , but was delayed due to the December General Election .
Sunak unveiled a mini-Budget in the Commons in July , in which @ @ @ @ @ @ @ UK economy over the summer months from its worst recession on record .

Chancellor sets Budget for March 2021
The chancellor will announce a new government Budget in March as part of plans to hike income tax, the Treasury’s permanent secretary has announced.
Speaking at a Public Accounts Committee meeting on the government’s furlough scheme this morning, Tom Scholar said: “There will be a Budget in March. We know a lot will change between now and March we’ll know a lot more about the pandemic.”
Scholar added: “We have to have a Budget before the end of the financial year otherwise the government can’t continue to raise income tax”.
The UK’s Budget deficit is expected to balloon to £400bn this year, amid forecasts that the pandemic will push the country into a double-dip recession. Around 30m people pay income tax each year in the UK, which raises close to £200bn annually.
The government’s tax advisory body yesterday urged the chancellor to roll out a tax raid on buy-to-let properties and other forms of wealth in a bid to shore up more than £14bn to help repair the UK economy.
However, the permanent secretary’s comments today are the first clear signal that significant income tax hikes lie on the horizon.
Scholar added there will be a “new economic forecast” by the spring, “and at that point, the chancellor will be setting out the economic strategy that will support the economy as it as it moves out of the pandemic”.
It comes after the government in September cancelled the usual autumn Budget, and instead announced a Winter Economy Package to help the UK economy weather the second wave of coronavirus.
The financial package included the now-defunct job support scheme, which was scrapped last week in favour of an extension to the furlough scheme.
Chancellor Rishi Sunak this morning dangled the possibility of reintroducing government support programmes such as the Eat Out To Help Out Scheme in the spring.
Sunak told Sky News: “I think it’s right that when we finally exit this and hopefully next year with testing and maybe with the vaccines as well we’ll be able to start looking forward to getting back to normal.
“I think we’ll have to look at the economic situation and then and see what’s the best form of our support, and we want to make sure that we get the economy going strongly coming out of this.”
The government’s Budget delivery has seen several hiccups in the last year, as the pandemic continues to throw the UK economy into turmoil.
Sunak delivered his first Budget as chancellor in March, less than two weeks before Prime Minister Boris Johnson announced the first national lockdown.
That Budget was originally meant to be delivered in November 2019, but was delayed due to the December General Election.
Sunak unveiled a mini-Budget in the Commons in July, in which he laid out plans to revive the UK economy over the summer months from its worst recession on record.
Scholar told the Public Accounts Committee he could not confirm a specific date for the spring Budget, but that there “will certainly be one… there has to be one before the end of the financial year”.


cityam--2020-11-12--Carlyle invests $250m in third-party reseller Pharmapacks

Private equity giant Carlyle has invested $ 250m in US e-commerce firm Pharmapacks , one of Amazon ’ s largest third-party resellers .
Launched initially as a pharmacy shop in 2010 , Pharmapacks has grown into an online retailer focused on health , personal care and beauty products .
Read more : EU accuses Amazon of ‘ distorting ’ competition in ecommerce market The investment , which values Pharmapacks at approximately $ 1.1bn , came from Carlyle Partners VII , a $ 18.5bn buyout fund the firm recently used to acquire a stake in healthtech firm Grand Rounds .
It @ @ @ @ @ @ @ supply chain hub on the West Coast , expand its tech capabilities and add more products in categories such as food and pets , chief executive Andrew Vagenas told Reuters .
Pharmapacks recently closed its $ 40m bridge round financing which was led by consumer goods company Reckitt Benckiser .
It follows a growth financing of $ 150m in July with GPI Capital and JP Morgan Chase .
It generated around $ 250m in revenue last year by selling products through marketplaces such as Amazon , Ebay and Google , and is on @ @ @ @ @ @ @ cent year-on-year growth .
The Pharmapacks investment comes amid an increased interest in e-commerce among private equity investors , as many platforms witness unprecedented traffic during lockdown .
Mid-market investor Livingbridge this week announced its investment into ecommerce platform provider Visualsoft , whose growth has accelerated as retailers optimise their offering .
Additionally some big tech firms are looking at moving into the ecommerce space following the surge in popularity this year .
Last month Tiktok announced it had signed a deal with Shopify to allow brands to sell products through the app @ @ @ @ @ @ @ will be able to run video adverts on the platform , allowing users to click through and buy a product .

Carlyle invests $250m in third-party reseller Pharmapacks
Carlyle Group has invested $250m in US ecommerce company Pharmapacks.
Private equity giant Carlyle has invested $250m in US e-commerce firm Pharmapacks, one of Amazon’s largest third-party resellers.
Launched initially as a pharmacy shop in 2010, Pharmapacks has grown into an online retailer focused on health, personal care and beauty products.
The investment, which values Pharmapacks at approximately $1.1bn, came from Carlyle Partners VII, a $18.5bn buyout fund the firm recently used to acquire a stake in healthtech firm Grand Rounds.
It will be used to open a new supply chain hub on the West Coast, expand its tech capabilities and add more products in categories such as food and pets, chief executive Andrew Vagenas told Reuters.
Pharmapacks recently closed its $40m bridge round financing which was led by consumer goods company Reckitt Benckiser. It follows a growth financing of $150m in July with GPI Capital and JP Morgan Chase.
It generated around $250m in revenue last year by selling products through marketplaces such as Amazon, Ebay and Google, and is on track to achieve more than 70 per cent year-on-year growth.
The Pharmapacks investment comes amid an increased interest in e-commerce among private equity investors, as many platforms witness unprecedented traffic during lockdown.
Mid-market investor Livingbridge this week announced its investment into ecommerce platform provider Visualsoft, whose growth has accelerated as retailers optimise their offering.
Additionally some big tech firms are looking at moving into the ecommerce space following the surge in popularity this year.
Last month Tiktok announced it had signed a deal with Shopify to allow brands to sell products through the app.
The tie-up would mean Shopify merchants will be able to run video adverts on the platform, allowing users to click through and buy a product.


cityam--2020-11-12--Equality watchdog clears BBC of gender pay discrimination

The BBC has been cleared of unlawful gender pay discrimination but was warned of a breakdown in trust between the broadcaster and its female employees .
The Equality and Human Rights Commission ( EHRC ) last year launched an investigation into the BBC following a string of pay complaints from high-profile presenters such as Carrie Grace and Samira Ahmed .
Read more : BBC licence fee negotiations kick off as ministers ramp up pressure over funding In its findings published today , the equality watchdog found no unlawful acts of pay discrimination .
However , it highlighted a string of @ @ @ @ @ @ @ pay and complaints , including poor record-keeping on how decisions about pay were made .
The probe found that a number of documents were missing or incomplete , which the EHRC warned could leave the organisation unable to justify how decisions were made .
It said the BBC had acknowledged that its historical practices were not fit for purpose and had made significant changes since 2015 .
The EHRC outlined a number of recommendations for the BBC , including reviewing its pay bands , improving record-keeping and being more transparent with employees about @ @ @ @ @ @ @ It is easy to see why trust between some women at the BBC and the organisation has broken down , ” said interim EHRC chair Caroline Waters .
“ Many women felt their voices were not being heard and have been left feeling confused as to how decisions about their pay have been made .
This took a heavy emotional toll on those involved in the process and the strength of feeling of women at the BBC should not be understated .
“ While we have not found any unlawful acts in our @ @ @ @ @ @ @ these issues requires continued leadership and we hope the BBC board takes forward our recommendations.
” The BBC has settled hundreds of cases with female employees in recent years , issuing back pay or salary increases to resolve claims of unfair pay .
Carrie Grace , the corporation ’ s China editor , became a figurehead for the movement when she resigned in 2018 in protest at unequal pay .
In January Front Row and Newswatch presenter Samira Ahmed won a £700,000 employment tribunal case against the BBC after a judge ruled she @ @ @ @ @ @ @ for similar work .
Read more : New BBC drama turns spotlight on City work pressure BBC director general Tim Davie said the corporation had to “ work even harder to be best in class ” .
“ Trust is vitally important and as an organisation that serves the public , the BBC must continue to lead the way on pay transparency and fairness .
We are committed to building a truly inclusive culture .
”

Equality watchdog clears BBC of gender pay discrimination
The BBC has settled hundreds of pay disputes with employees such as Samira Ahmed
The BBC has been cleared of unlawful gender pay discrimination but was warned of a breakdown in trust between the broadcaster and its female employees.
The Equality and Human Rights Commission (EHRC) last year launched an investigation into the BBC following a string of pay complaints from high-profile presenters such as Carrie Grace and Samira Ahmed.
In its findings published today, the equality watchdog found no unlawful acts of pay discrimination.
However, it highlighted a string of shortcomings in the way the BBC handled pay and complaints, including poor record-keeping on how decisions about pay were made.
The probe found that a number of documents were missing or incomplete, which the EHRC warned could leave the organisation unable to justify how decisions were made.
It said the BBC had acknowledged that its historical practices were not fit for purpose and had made significant changes since 2015.
The EHRC outlined a number of recommendations for the BBC, including reviewing its pay bands, improving record-keeping and being more transparent with employees about how their pay is decided.
“It is easy to see why trust between some women at the BBC and the organisation has broken down,” said interim EHRC chair Caroline Waters.
“Many women felt their voices were not being heard and have been left feeling confused as to how decisions about their pay have been made. This took a heavy emotional toll on those involved in the process and the strength of feeling of women at the BBC should not be understated.
“While we have not found any unlawful acts in our investigation, repairing the damage caused by these issues requires continued leadership and we hope the BBC board takes forward our recommendations.”
The BBC has settled hundreds of cases with female employees in recent years, issuing back pay or salary increases to resolve claims of unfair pay.
Carrie Grace, the corporation’s China editor, became a figurehead for the movement when she resigned in 2018 in protest at unequal pay.
In January Front Row and Newswatch presenter Samira Ahmed won a £700,000 employment tribunal case against the BBC after a judge ruled she had been paid less than Jeremy Vine for similar work.
BBC director general Tim Davie said the corporation had to “work even harder to be best in class”.
“Trust is vitally important and as an organisation that serves the public, the BBC must continue to lead the way on pay transparency and fairness. We are committed to building a truly inclusive culture.”


cityam--2020-11-12--FTSE 100 tumbles as global Covid-19 vaccine rally runs out of steam

The FTSE 100 slipped today , ending an eight-day winning streak as the global market rally sparked by news of a breakthrough in the hunt for a Covid-19 vaccine began to lose momentum .
London ’ s blue-chip index tumbled 0.9 per cent in early trading , but had pared back losses to 0.22 per cent at 6,367.94 by 11.15am .
The midcap FTSE 250 rose 0.49 per cent to 19,434.24 .
Read more : UK GDP misses expectations despite record 15.5 per cent rebound in third quarter Disappointing economic figures also hit the FTSE 100 after the UK GDP @ @ @ @ @ @ @ of expectations as the economy struggled to maintain its recovery from the pandemic hit .
The UK economy grew by 15.5 per cent between June and September , ONS data showed .
Economists had predicted a 15.8 per cent quarterly expansion .
“ A swollen summer of economic activity hasn ’ t repaired the damage done in the first half of year though , ” said Laith Khalaf , financial analyst at AJ Bell .
“ The new lockdown means the UK can expect to end 2020 significantly behind where it started.
” @ @ @ @ @ @ @ day with the City View podcast and key market data In company news , Burberry rose 3.66 per cent after the luxury fashion group clung to profitability during the first half , despite the pandemic dealing a substantial blow to its revenues .
Insurer Legal & General slipped 3.3 per cent after announcing plans to keep its dividend flat in 2020 , and outlining a five-year plan to investors .
The FTSE 100 ’ s European peers also slipped as the vaccine rally lost momentum and surging coronavirus infections raised doubts about a @ @ @ @ @ @ @ The pan-continental Stoxx 600 dropped 0.62 per cent in morning trading.In Germany , the Dax fell 0.79 per cent , while France ’ s CAC 40 slipped 0.57 per cent .
Read more : Burberry shares climb as group clings onto profit during pandemic In Hong Kong , the Hang Seng fell 0.45 per cent , while the Shanghai Composite dropped 0.11 per cent .
Japan ’ s Nikkei rose 0.68 per cent .

FTSE 100 and US stocks tumble as Covid-19 vaccine rally runs out of steam
Global equities had staged a three-day rally following positive news in the hunt for a coronavirus vaccine
Global markets largely slipped lower today as the three-day equity rally sparked by news of a breakthrough in the hunt for a Covid-19 vaccine began to lose momentum, with the FTSE 100 and US stocks both falling.
London’s blue-chip index ended an eight-day winning streak, falling 1.19 per cent to 6,305.85 by 2.45pm. The midcap FTSE 250 shed 0.48 per cent.
Read more: UK GDP misses expectations despite record 15.5 per cent rebound in third quarter
Surging Covid-19 cases give investors pause
On Wall Street, the S&P 500 and the Dow fell after the open as coronavirus cases in the US continued to surge and investors weighed the timeline for the mass roll-out of an effective vaccine.
The S&P 500 slipped 0.44 per cent in early trading in New York, while the Dow fell 0.72 per cent.
The tech-heavy Nasdaq added 0.32 per cent, with the index boosted by a second session of gains for many major technology stocks.
“With several of the early November catalysts out of the way, the market does appear to be expressing concern with some of the near-term COVID trends,” said Yousef Abbasi, global market strategist at Stonex Group.
GDP miss sends FTSE 100 lower despite record rebound
Disappointing economic figures also hit the FTSE 100 after the UK GDP’s record third-quarter rebound fell short of expectations as the economy struggled to maintain its recovery from the pandemic hit.
Before the Open newsletter: Start your day with the City View podcast and key market data
The UK economy grew by 15.5 per cent between June and September, ONS data showed. Economists had predicted a 15.8 per cent quarterly expansion.
“A swollen summer of economic activity hasn’t repaired the damage done in the first half of year though,” said Laith Khalaf, financial analyst at AJ Bell.
“The new lockdown means the UK can expect to end 2020 significantly behind where it started.”
In company news, Burberry rose 3.66 per cent after the luxury fashion group clung to profitability during the first half, despite the pandemic dealing a substantial blow to its revenues.
Insurer Legal & General slipped 3.3 per cent after announcing plans to keep its dividend flat in 2020, and outlining a five-year plan to investors.
The FTSE 100’s European peers also slipped as the vaccine rally lost momentum and surging coronavirus infections raised doubts about a quicker economic recovery from the pandemic.
The pan-continental Stoxx 600 dropped 0.86 per cent in morning trading .In Germany, the Dax fell 1.3 per cent, while France’s CAC 40 slipped 1.62 per cent.
Read more: Burberry shares climb as group clings onto profit during pandemic
Overnight, Asian markets posted a mixed performance. MSCI’s broadest index of Asian stocks excluding Japan closed broadly flat.
In Hong Kong, the Hang Seng fell 0.45 per cent, while the Shanghai Composite dropped 0.11 per cent. Japan’s Nikkei rose 0.68 per cent.


cityam--2020-11-12--Croydon council goes bust and freezes spending as Covid costs bite

Croydon council has become the first London borough to buckle under the weight of the pandemic , as it today filed a notice declaring it virtually “ bankrupt ” .
In a letter to councillors seen by City A.M , Croydon ’ s finance director Lisa Taylor outlined “ serious issues ” facing the borough , including a potential budget shortfall of around £66m this year .
Read more : Exclusive : Transport for London aware of Croydon tram fatigue problem two years before deadly crash Taylor today filed a section 114 notice for the council , meaning all non-essential @ @ @ @ @ @ @ to core services .
It comes after Croydon council was last month placed under a government review after a damning report by auditors Grant Thornton found there had been “ collective corporate blindness to both the seriousness of the financial position and the urgency with which actions needed to be taken ” .
The budget shortfall included £36m in “ undeliverable ” income from the council ’ s in-house property developer , Brick by Brick .
Croydon South MP Chris Philp told City A.M. that “ the Labour council has led Croydon into @ @ @ @ @ @ @ coronavirus .
They ’ ve run up £1.5bn of debt , which is by far the highest of any London borough , and that ’ s costing £43m a year to service .
It ’ s astonishing , ” he said .
The council has previously acknowledged its worsening financial situation , and said in a statement today it has “ set in train a number of improvement and savings programmes to help put it back on a stable financial footing ” .
Council leaders today said they are in talks with ministers @ @ @ @ @ @ @ budget .
Croydon council leader Hamida Ali , who took up the role last month , said : “ We need to be honest about the fact that , for a number of reasons , the council is on track to spend more than we have .
“ The Covid-19 crisis and a decade of austerity have had a major impact on our finances but it ’ s clear the council has also made mistakes , and I am committed to fixing that.
” The Labour councillor added : “ While we continue @ @ @ @ @ @ @ we must focus our spending on essential services and protecting our vulnerable residents .
“ We ’ re not going to fix these problems overnight and there will be difficult decisions ahead.
” Philp added that London mayor Sadiq Khan was “ as usual hiding when it comes to difficult questions about problems created by the Labour party ” .
“ If you actually if you look at the section 114 notice it actually says explicitly that these financial problems are nothing to do with coronavirus .
The mission now is to try @ @ @ @ @ @ @ mess that Labour has created.
” A spokesperson for the London mayor told City A.M : “ Croydon council recently elected a new Leader and senior team to tackle the council ’ s financial problems head on .
“ The council have now issued a section 114 notice , in part because of the impact of Covid-19 on its finances , and is asking the government for additional financial support .
The mayor hopes a settlement can be achieved as quickly as possible that serves the best interests of Croydon residents.
” The @ @ @ @ @ @ @ in England to file for bankruptcy since Northamptonshire did so in 2018 .
Local authorities file section 114 notices if it appears to their financial officers “ that the expenditure of the authority incurred in a financial year is likely to exceed the resources available to it to meet that expenditure ” .
All non-essential council spending is frozen under the act , with an emergency protocol only allowing spending for a select few reasons , including paying existing staff .
For at least the next 21 days , Croydon council must not @ @ @ @ @ @ @ chief finance officer .
The Taxpayer ’ s Alliance today said that “ news of Croydon Council going bust will sadly be of little surprise to those familiar with the local authorities ” .
The campaign last month warned in a blog post that the council was at serious risk of filing for bankruptcy .
“ Whilst Covid has no doubt hindered Croydon council , it ’ s clear the financial challenges predate the crisis .
Too much money has been squandered on schemes that have not paid off , ” the group @ @ @ @ @ @ @ Institute of Public Finance and Accounting ( CIPFA ) announced that its bankruptcy guidance for local authorities had been temporarily modified .
The move was part of plans to allow councils more time to consider alternative options in attempt to avoid disruption to local communities during the Covid-19 crisis .
The CIPFA instead urged councils ’ financial officers to contact the ministry of housing at the earliest convenience .
But the changes failed to sway cash-strapped local authorities from warning that they were poised to file section 114 notices .
In April , @ @ @ @ @ @ @ city council “ could be declared bankrupt ” due to being “ on the verge of not being able to pay for services ” , projecting a £58m budget shortfall for the year .
Responding to emergency demands during the coronavirus crisis has weighed heavily on councils ’ budgets this year .
Croydon is currently the sixth-worst affected London borough from coronavirus , having reported 4,481 confirmed cases since the start of the pandemic .
Commenting on Croydon councils announcement today , CIPFA chief executive Rob Whiteman said : “ Croydon ’ s @ @ @ @ @ @ @ the right thing because it ’ s better to bring these issues out to be dealt with .
We fully support the decision .
“ There are some councils which would be resilient but for Covid-19 , but that ’ s not the case for Croydon .
The public interest report shows there are far more fundamental underlying problems at Croydon and therefore the section 114 notice is now being issued.
” A spokesman for the Ministry of Housing , Communities and Local Government said it was “ right Croydon Council takes the @ @ @ @ @ @ @ ” .
“ We ’ re aware of serious concerns around the council ’ s governance and risk management and the recent Public Interest Report was damning about the governance within Croydon Council , which has been entirely irresponsible with their spending and investments , ” he said .
“ That is why we have begun a rapid non-statutory review into the council to get the situation under control .
“ The council has decided to issue a section 114 notice and we will consider the findings of the review which concludes later @ @ @ @

Croydon council goes bust and freezes spending as Covid costs bite
(Getty Images)
Croydon council has become the first London borough to buckle under the weight of the pandemic, as it today filed a notice declaring it virtually “bankrupt”.
In a letter to councillors seen by City A.M, Croydon’s finance director Lisa Taylor outlined “serious issues” facing the borough, including a potential budget shortfall of around £66m this year.
Taylor today filed a section 114 notice for the council, meaning all non-essential spending is immediately frozen and expenditure limited to core services.
It comes after Croydon council was last month placed under government review after a damning report by auditors Grant Thornton found there had been “collective corporate blindness to both the seriousness of the financial position and the urgency with which actions needed to be taken”.
The budget shortfall included £36m in “undeliverable” income from the council’s in-house property developer, Brick by Brick.
Croydon South MP Chris Philp told City A.M. that “the Labour council has led Croydon into bankruptcy”.
“This long predates coronavirus. They’ve run up £1.5bn of debt, which is by far the highest of any London borough, and that’s costing £43m a year to service. It’s astonishing,” he said.
The council has previously acknowledged its worsening financial situation, and said in a statement today it has “set in train a number of improvement and savings programmes to help put it back on a stable financial footing”.
Council leaders said they are in talks with ministers about securing financial support to balance its budget.
Croydon council leader Hamida Ali, who took up the role last month, said: “We need to be honest about the fact that, for a number of reasons, the council is on track to spend more than we have.
“The Covid-19 crisis and a decade of austerity have had a major impact on our finances but it’s clear the council has also made mistakes, and I am committed to fixing that.”
The Labour councillor added: “While we continue to work hard to find savings, we must focus our spending on essential services and protecting our vulnerable residents.
“We’re not going to fix these problems overnight and there will be difficult decisions ahead.”
Philp added that London mayor Sadiq Khan was “as usual hiding when it comes to difficult questions about problems created by the Labour party”.
“If you actually if you look at the section 114 notice it actually says explicitly that these financial problems are nothing to do with coronavirus. The mission now is to try to figure out how to solve the mess that Labour has created.”
A spokesperson for the London mayor told City A.M: “Croydon council recently elected a new Leader and senior team to tackle the council’s financial problems head on.
“The council have now issued a section 114 notice, in part because of the impact of Covid-19 on its finances, and is asking the government for additional financial support. The mayor hopes a settlement can be achieved as quickly as possible that serves the best interests of Croydon residents.”
Section 114
The move makes Croydon the first local authority in England to file for bankruptcy since Northamptonshire did so in 2018.
Local authorities file section 114 notices if it appears to their financial officers “that the expenditure of the authority incurred in a financial year is likely to exceed the resources available to it to meet that expenditure”.
All non-essential council spending is frozen under the act, with an emergency protocol only allowing spending for a select few reasons, including paying existing staff.
For at least the next 21 days, Croydon council must not spend any money without authorisation from the chief finance officer.
The Taxpayer’s Alliance today said that “news of Croydon Council going bust will sadly be of little surprise to those familiar with the local authorities”.
The campaign last month warned in a blog post that the council was at serious risk of filing for bankruptcy.
“Whilst Covid has no doubt hindered Croydon council, it’s clear the financial challenges predate the crisis. Too much money has been squandered on schemes that have not paid off,” the group said.
Warning lights
In June, the Chartered Institute of Public Finance and Accounting (CIPFA) announced that its bankruptcy guidance for local authorities had been temporarily modified.
The move was part of plans to allow councils more time to consider alternative options in attempt to avoid disruption to local communities during the Covid-19 crisis.
The CIPFA instead urged councils’ financial officers to contact the ministry of housing at the earliest convenience.
But the changes failed to sway cash-strapped local authorities from warning that they were poised to file section 114 notices.
In April, Liverpool mayor Joe Anderson warned that the city council “could be declared bankrupt” due to being “on the verge of not being able to pay for services”, projecting a £58m budget shortfall for the year.
Responding to emergency demands during the coronavirus crisis has weighed heavily on councils’ budgets this year.
Croydon is currently the sixth-worst affected London borough from coronavirus, having reported 4,481 confirmed cases since the start of the pandemic.
Commenting on Croydon councils announcement today, CIPFA chief executive Rob Whiteman said: “Croydon’s [financial] officer has done entirely the right thing because it’s better to bring these issues out to be dealt with. We fully support the decision.
“There are some councils which would be resilient but for Covid-19, but that’s not the case for Croydon. The public interest report shows there are far more fundamental underlying problems at Croydon and therefore the section 114 notice is now being issued.”
A spokesman for the Ministry of Housing, Communities and Local Government said it was “right Croydon Council takes the necessary decisions to manage its own finances”.
“We’re aware of serious concerns around the council’s governance and risk management and the recent Public Interest Report was damning about the governance within Croydon Council, which has been entirely irresponsible with their spending and investments,” he said. “That is why we have begun a rapid non-statutory review into the council to get the situation under control.
“The council has decided to issue a section 114 notice and we will consider the findings of the review which concludes later this month.”


cityam--2020-11-12--Disappointing GDP figures show UK recovery lost momentum ahead of second lockdown

UK GDP grew by a record quarterly amount in the three months to September , but failed to make up for its historic slump the previous quarter as Covid-19 brought large swathes of the economy to a halt .
The UK economy grew by a record 15.5 per cent in the third quarter , the Office for National Statistics said , but the rebound fell short of expectations as the economy struggled to maintain its recovery .
Read more : IMF : UK economy to shrink more than 10 per cent amid second wave The record-breaking third-quarter growth in UK @ @ @ @ @ @ @ expansion forecast by economists , but is the largest quarterly growth ever recorded in the UK economy .
The growth in the three months to September follows a record-breaking slump of 19.8 per cent in June , as the coronavirus pandemic and subsequent lockdown measures brought large swathes of the UK economy to a halt .
UK GDP grew by a slower-than-expected 1.1 per cent in September even before the latest restrictions on businesses were introduced , ONS data showed .
Economists polled by Reuters had forecast a 1.5 per cent expansion for @ @ @ @ @ @ @ ’ t return to September ’ s level until the spring , ” said Samuel Tombs of Pantheon Macroeconomics .
“ GDP still was 8.6 per cent below its January 2020 peak in September , even though virtually all businesses had resumed trading and Covid-19 restrictions were light touch back then , ” he continued .
Tombs added that he expects the introduction of a second national lockdown in England to lead to a contraction in GDP in the final quarter of 2020 .
Before the Open newsletter : Start your day with @ @ @ @ @ @ @ data “ On a monthly basis , ” he continued , “ it probably won ’ t recover to September ’ s level until the spring , when it should be possible for Covid-19 restrictions to be sustainably relaxed.
” Responding to the GDP figures , Bank of England governor Andrew Bailey said there was still a “ huge gap ” in the economy , but added that news of a potential effective Covid-19 vaccine would help lift economic uncertainty .
Last week , the Bank said the world ’ s sixth-biggest economy @ @ @ @ @ @ @ 11 per cent in 2020 before growing by just over seven per cent in 2021 .
The International Monetary Fund has forecast a 10.4 per cent slump in UK GDP for 2020 and growth of 5.7 per cent the following year .
However , news of a potentially effective Covid-19 vaccine has since emerged , raising hopes that next year ’ s recovery could be stronger than the BoE ’ s or IMF ’ s forecasts .
Chancellor Rishi Sunak said the figures “ show that our economy was recovering over the Summer @ @ @ @ @ @ @ Autumn ” .
Sunak added that the measures the government has since taken to curb the spread of Covid-19 “ mean growth has likely slowed further since then ” .
Read more : Goldman Sachs and Citi slash UK GDP forecasts on news of second lockdown “ While there was confirmation that the UK exited recession , the historically strong headline figure masks a loss of momentum through the quarter , as the temporary boost from the release of pent-up demand as the economy reopened gradually faded , ” said Suren Thiru , @ @ @ @ @ @ @ of Commerce .
“ With output still well short of pre-crisis levels there was little sign of a ‘ V ’ -shaped recovery even before the latest lockdown , ” he added .

Disappointing GDP figures show UK recovery lost momentum ahead of second lockdown
Customers eating outside a restaurant in Soho’s Chinatown in August
UK GDP grew by a record quarterly amount in the three months to September, but failed to make up for its historic slump the previous quarter as Covid-19 brought large swathes of the economy to a halt.
The UK economy grew by a record 15.5 per cent in the third quarter, the Office for National Statistics said, but the rebound fell short of expectations as the economy struggled to maintain its recovery.
Read more: IMF: UK economy to shrink more than 10 per cent amid second wave
The record-breaking third-quarter growth in UK GDP is below the 15.8 per cent expansion forecast by economists, but is the largest quarterly growth ever recorded in the UK economy.
The growth in the three months to September follows a record-breaking slump of 19.8 per cent in June, as the coronavirus pandemic and subsequent lockdown measures brought large swathes of the UK economy to a halt.
UK GDP grew by a slower-than-expected 1.1 per cent in September even before the latest restrictions on businesses were introduced, ONS data showed. Economists polled by Reuters had forecast a 1.5 per cent expansion for the month.
“GDP probably won’t return to September’s level until the spring,” said Samuel Tombs of Pantheon Macroeconomics.
“GDP still was 8.6 per cent below its January 2020 peak in September, even though virtually all businesses had resumed trading and Covid-19 restrictions were light touch back then,” he continued.
Tombs added that he expects the introduction of a second national lockdown in England to lead to a contraction in GDP in the final quarter of 2020.
Before the Open newsletter: Start your day with the City View podcast and key market data
“On a monthly basis,” he continued, “it probably won’t recover to September’s level until the spring, when it should be possible for Covid-19 restrictions to be sustainably relaxed.”
Responding to the GDP figures, Bank of England governor Andrew Bailey said there was still a “huge gap” in the economy, but added that news of a potential effective Covid-19 vaccine would help lift economic uncertainty.
Last week, the Bank said the world’s sixth-biggest economy was likely to shrink by a record 11 per cent in 2020 before growing by just over seven per cent in 2021.
The International Monetary Fund has forecast a 10.4 per cent slump in UK GDP for 2020 and growth of 5.7 per cent the following year.
However, news of a potentially effective Covid-19 vaccine has since emerged, raising hopes that next year’s recovery could be stronger than the BoE’s or IMF’s forecasts.
Chancellor Rishi Sunak said the figures “show that our economy was recovering over the Summer, but started to slow going into Autumn”.
Sunak added that the measures the government has since taken to curb the spread of Covid-19 “mean growth has likely slowed further since then”.
Read more: Goldman Sachs and Citi slash UK GDP forecasts on news of second lockdown
“While there was confirmation that the UK exited recession, the historically strong headline figure masks a loss of momentum through the quarter, as the temporary boost from the release of pent-up demand as the economy reopened gradually faded,” said Suren Thiru, head of economics at the British Chambers of Commerce.
“With output still well short of pre-crisis levels there was little sign of a ‘V’-shaped recovery even before the latest lockdown,” he added.


cityam--2020-11-12--Housebuilder Vistry to reinstate dividend due to strong sales

Vistry Group is planning to resume shareholder payouts next year as the housebuilder said demand for new homes had remained strong despite the second England-wide lockdown .
Vistry , which was previously known as Bovis Homes , said it is on track to report full-year profit before tax at the top end of its expected range of £130m to £140m .
It said the company is “ well positioned ” to increase profit before tax to £310m in 2021 , “ assuming stable market conditions ” .
The developer will reinstate its dividend next year , including paying out an @ @ @ @ @ @ @ “ robust sales ” despite the second lockdown announcement .
Since 1 July , demand for new homes has remained strong , with the company reporting a private sales rate per outlet per week of 0.67 , up from 0.58 in 2019 .
Meanwhile , net debt for the year is expected to be “ significantly ” lower than previously forecast .
Vistry chief executive Greg Fitzgerald said : “ “ Demand for our new homes has remained strong and we are on track to deliver profit for 2020 at the top end @ @ @ @ @ @ @ well positioned for 2021 with a record forward sales position and assuming stable market conditions , expect to see a step-up in completions delivering group profits of £310m .
“ Our priority is reducing the group ’ s leverage while delivering on our medium-term targets .
“ Cash generation has been strong , and we now expect our 2020 year-end net debt to be significantly lower than our previous expectations .
“ Given this robust business performance and outlook , the board is pleased to confirm its intention to resume dividends in 2021 @ @ @ @ @ @ @ earlier than previously anticipated .
”

Housebuilder Vistry to reinstate dividend due to strong sales
Vistry Group is planning to resume shareholder payouts next year as the housebuilder said demand for new homes had remained strong despite the second England-wide lockdown.
Vistry, which was previously known as Bovis Homes, said it is on track to report full-year profit before tax at the top end of its expected range of £130m to £140m.
It said the company is “well positioned” to increase profit before tax to £310m in 2021, “assuming stable market conditions”.
The developer will reinstate its dividend next year, including paying out an interim dividend in November 2021, following “robust sales” despite the second lockdown announcement.
Since 1 July, demand for new homes has remained strong, with the company reporting a private sales rate per outlet per week of 0.67, up from 0.58 in 2019.
Meanwhile, net debt for the year is expected to be “significantly” lower than previously forecast.
Vistry chief executive Greg Fitzgerald said: ““Demand for our new homes has remained strong and we are on track to deliver profit for 2020 at the top end of our expectations.
“We are well positioned for 2021 with a record forward sales position and assuming stable market conditions, expect to see a step-up in completions delivering group profits of £310m.
“Our priority is reducing the group’s leverage while delivering on our medium-term targets.
“Cash generation has been strong, and we now expect our 2020 year-end net debt to be significantly lower than our previous expectations.
“Given this robust business performance and outlook, the board is pleased to confirm its intention to resume dividends in 2021 including an interim dividend next November, earlier than previously anticipated.”


cityam--2020-11-13--Full-fibre broadband firm Hyperoptic opens new London headquarters

Challenger broadband firm Hyperoptic is set to move into new headquarters in London amid growing demand for next-generation internet services .
The company will make the short hop from its current offices into two floors in Kings House in Hammersmith .
It also has offices in Manchester , Reading and Belgrade in Serbia .
Read more : Virgin Media switches on gigabit broadband across London Hyperoptic has grown steadily since its inception in 2011 , and now provides superfast broadband to homes in 43 towns and cities across the UK .
Last year global investment firm KRR took a majority @ @ @ @ @ @ @ understood to be worth £500m .
Hyperoptic said its new office space had been designed to cater for new working practices during and after the pandemic .
“ Throughout the pandemic we have seamlessly adjusted to new working practices that have changed what the notion of a traditional office should be , ” said Naleena Gururani , chief people officer at Hyperoptic .
“ We believe that the new office should be a showcase of what ’ s best in our culture and a reliable resource , which employees can use when they @ @ @ @ @ @ @ create amazing things .
We are confident that we have created this at Kings House and we look forward to welcoming our colleagues over the coming months.
” Hyperoptic is one of a number of challenger firms looking to cash in on growing demand for fibre broadband services in the UK .
The government has pledged to bring the new network to all homes across the country by 2025 , but the industry has warned this target is likely to be missed without additional support .

Full-fibre broadband firm Hyperoptic opens new London headquarters
Hyperoptic is opening new headquarters in Hammersmith, west London
Challenger broadband firm Hyperoptic is set to move into new headquarters in London amid growing demand for next-generation internet services.
The company will make the short hop from its current offices into two floors in Kings House in Hammersmith. It also has offices in Manchester, Reading and Belgrade in Serbia.
Hyperoptic has grown steadily since its inception in 2011, and now provides superfast broadband to homes in 43 towns and cities across the UK.
Last year global investment firm KRR took a majority stake in the company in a deal understood to be worth £500m.
Hyperoptic said its new office space had been designed to cater for new working practices during and after the pandemic.
“Throughout the pandemic we have seamlessly adjusted to new working practices that have changed what the notion of a traditional office should be,” said Naleena Gururani, chief people officer at Hyperoptic.
“We believe that the new office should be a showcase of what’s best in our culture and a reliable resource, which employees can use when they want to come together to collaborate and create amazing things. We are confident that we have created this at Kings House and we look forward to welcoming our colleagues over the coming months.”
Hyperoptic is one of a number of challenger firms looking to cash in on growing demand for fibre broadband services in the UK.
The government has pledged to bring the new network to all homes across the country by 2025, but the industry has warned this target is likely to be missed without additional support.


cityam--2020-11-12--Exclusive: Meet the 50 highest-growth startups in the UK

A total 50 of the most promising high-growth tech firms in the UK have been named as the country ’ s top scaleup companies by tech group Silicon Valley Comes to the UK ( SVC2UK ) .
Global medical network Air Doctor , social enterprise Beam , which helps the homeless secure employment , and business and finance marketplace Funding Options were among the firms that have been selected for SVC2UK ’ s 2020 Scale Up Club .
Read more : Tech earnings : What to look out for in a bumper day of Silicon Valley results With a total @ @ @ @ @ @ @ a combined revenue of £185 million in 2019 , this year ’ s Scale Up Club cohort spans some of the Europe ’ s most innovative and competitive sectors , including urban ( 26 % ) , life sciences ( 17 % ) , and technology ( 17 % ) .
Now in its 14th year , SVC2UK selects a group of the fastest growing companies to join the Scale Up Club each year .
Members are invited to attend the flagship CEO Summit on 11 November , accessing knowledge , insight and @ @ @ @ @ @ @ from the US and UK .
“ These companies are testament to the resilience and creativity of tech companies in the UK and we celebrate them for all that they have achieved in the face of adversity this year , ” said Janet Coyle , managing director for business , London & Partners at SVC2UK .
The 2020 recruits join previous Scale Up Club alumni such as currency transfer service TransferWise and flight finder SkyScanner .

Exclusive: Meet the 50 highest-growth startups in the UK
A man moves his finger toward SVH (Servo Electric 5 Finger Gripping Hand) automated hand made by Schunk during the 2014 IEEE-RAS International Conference on Humanoid Robots in Madrid on November 19, 2014. The conference theme “Humans and Robots Face-to-Face” confirms the growing interest in the field of human-humanoid interaction and cooperation, especially during daily life activities in real environments. AFP PHOTO/ GERARD JULIEN (Photo credit should read GERARD JULIEN/AFP/Getty Images)
A total 50 of the most promising high-growth tech firms in the UK have been named as the country’s top scaleup companies by tech group Silicon Valley Comes to the UK (SVC2UK).
Global medical network Air Doctor, social enterprise Beam, which helps the homeless secure employment, and business and finance marketplace Funding Options were among the firms that have been selected for SVC2UK’s 2020 Scale Up Club.
With a total of over 3,300 combined employees worldwide and a combined revenue of £185 million in 2019, this year’s Scale Up Club cohort spans some of the Europe’s most innovative and competitive sectors, including urban (26%), life sciences (17%), and technology (17%).
Now in its 14th year, SVC2UK selects a group of the fastest growing companies to join the Scale Up Club each year. Members are invited to attend the flagship CEO Summit on 11 November, accessing knowledge, insight and mentoring from top innovators and business leaders from the US and UK.
“These companies are testament to the resilience and creativity of tech companies in the UK and we celebrate them for all that they have achieved in the face of adversity this year,” said Janet Coyle, managing director for business, London & Partners at SVC2UK.
The 2020 recruits join previous Scale Up Club alumni such as currency transfer service TransferWise and flight finder SkyScanner.
In full: 2020’s Scale Up Club members
Air Doctor
APARITO
Arctic Shores
Beam
Biorbyt
BlockDox
Cambridge Spark
Circulor
ClearPeople
Concert Live
Debate Mate
DIGISEQ
District Technologies
Divido
Education Shed
envoPAP
Eventopedia
Everledger
FilmChain
FISCAL Technologies
Fiskl
Fixter
FroHub
Funding Options
Geo
Green City Solutions GmbH
HANX
Incube Space
Kheiron Medical Technologies
Koru Kids
LandTech
MeeTwo Education
Moixa Energy Holdings
NX3 Technologies
Ocean Bottle
Ometria
One Team Logic
Personify XP
Reengen
Relative Insight
SATAVIA
Sceenic
Second Nature
Speechmatics
Teknobuilt
TIER
Tiney
Townbase
Transaction Focus
Tyk
Uncapped
Veego
Voi Technology
WeWALK
xSellco
Zeelo


cityam--2020-11-12--Trump bans US investments in firms controlled by Chinese military

Donald Trump has signed an executive order banning U.S. investments in Chinese firms that Washington says are owned or controlled by its military .
The order could impact some of China ’ s biggest companies , including telecoms firms China Telecom Corp Ltd , China Mobile Ltd and surveillance equipment maker Hikvision .
Read more : Begone Trumpist protectionism !
How Biden will boost prospects for global trade The move is designed to deter U.S. investment firms , pension funds and others from buying and selling shares of 31 Chinese companies that were considered by the defense department as backed @ @ @ @ @ @ @ .
Starting 11 January , the order will prohibit any transaction by U.S. investors in their securities .
In his executive order , Donald Trump said he found China was “ increasingly exploiting United States capital to resource and to enable the development and modernization of its military , intelligence , and other security apparatuses , which continues to allow the PRC to directly threaten the United States homeland and United States forces overseas , including by developing and deploying weapons of mass destruction , advanced conventional weapons , and malicious cyber-enabled actions @ @ @ @ @ @ @ ” Trump later added : “ Key to the development of the PRC ’ s military , intelligence , and other security apparatuses is the country ’ s large , ostensibly private economy .
Through the national strategy of Military-Civil Fusion , the PRC increases the size of the country ’ s military-industrial complex by compelling civilian Chinese companies to support its military and intelligence activities .
Read more : Trump issues executive order against Tiktok and Wechat over China links “ Those companies , though remaining ostensibly private and civilian , directly @ @ @ @ @ @ @ intelligence , and security apparatuses and aid in their development and modernization.
” The move indicates Trump , who was defeated by the Democratic challenger Joe Biden in the Nov. 3 election , is seeking to take advantage of the waning months of his administration to ramp up pressure on Beijing .
The President has signed numerous executive orders in the past , including an order that was designed to weaken the legal protections around social media companies .

Trump bans US investments in firms controlled by Chinese military
Donald Trump has signed an executive order banning U.S. investments in Chinese firms that Washington says are owned or controlled by the Chinese military.
Donald Trump has signed an executive order banning U.S. investments in Chinese firms that Washington says are owned or controlled by its military.
The order could impact some of China’s biggest companies, including telecoms firms China Telecom Corp Ltd, China Mobile Ltd and surveillance equipment maker Hikvision.
The move is designed to deter U.S. investment firms, pension funds and others from buying and selling shares of 31 Chinese companies that were considered by the defense department as backed by the Chinese military earlier this year. Starting 11 January, the order will prohibit any transaction by U.S. investors in their securities.
In his executive order, Donald Trump said he found China was “increasingly exploiting United States capital to resource and to enable the development and modernization of its military, intelligence, and other security apparatuses, which continues to allow the PRC to directly threaten the United States homeland and United States forces overseas, including by developing and deploying weapons of mass destruction, advanced conventional weapons, and malicious cyber-enabled actions against the United States and its people.”
Trump later added: “Key to the development of the PRC’s military, intelligence, and other security apparatuses is the country’s large, ostensibly private economy. Through the national strategy of Military-Civil Fusion, the PRC increases the size of the country’s military-industrial complex by compelling civilian Chinese companies to support its military and intelligence activities.
“Those companies, though remaining ostensibly private and civilian, directly support the PRC’s military, intelligence, and security apparatuses and aid in their development and modernization.”
The move indicates Trump, who was defeated by the Democratic challenger Joe Biden in the Nov. 3 election, is seeking to take advantage of the waning months of his administration to ramp up pressure on Beijing.
The President has signed numerous executive orders in the past, including an order that was designed to weaken the legal protections around social media companies.


cityam--2020-11-12--U.N chief to push G20 to further expand debt service suspension

United Nations secretary-general António Guterres will push G20 leaders to expand debt service suspension to help developing and middle-income economies recover from the coronavirus pandemic .
Addressing a virtual annual ministerial meeting attended by the Group of 77 – a collection of 134 developing countries – plus China , Guterres said : “ Many developing countries are suffering from severe liquidity crises related to skyrocketing debt ” and the scope of the G20 Debt Service Suspension Initiative “ must be expanded to all developing and middle-income countries that are in need.
” The Debt Service Suspension was approved in April @ @ @ @ @ @ @ government-to-government debt payments to 73 developing countries , although only 43 have signed up so far .
The UN chief said he would advocate for such a policies at the virtual G20 summit next week .
He also said he would continue to advocate for more resources to be given to the International Monetary Fund “ to be put at the disposal of developing countries , through the allocation of Special Drawing Rights ( SDR ) .
” IMF chief Kristalina Georgieva first proposed a general allocation of new SDRs at the start @ @ @ @ @ @ @ an international reserve asset created to supplement IMF member countries ’ official reserves .
The change could boost members ’ currency reserves by hundreds of billions of dollars , but Washington has blocked the move .
The IMF last made use of SDRs during the 2009 financial crisis .
Speaking today Guterres said : “ This has not been a good year for multilateralism and international cooperation .
So far , the world has not seen the unity and solidarity needed to tackle the pandemic , beat the climate crisis , end the @ @ @ @ @ @ @ cooperation around digital technology .
“ I hope 2021 will be the year in which we reverse these trends and the year we are able to forge a global alliance for carbon neutrality .
”

U.N chief to push G20 to further expand debt service suspension
Guterres: “Many developing countries are suffering from severe liquidity crises related to skyrocketing debt.”
United Nations secretary-general António Guterres will push G20 leaders to expand debt service suspension to help developing and middle-income economies recover from the coronavirus pandemic.
Addressing a virtual annual ministerial meeting attended by the Group of 77 – a collection of 134 developing countries – plus China, Guterres said: “Many developing countries are suffering from severe liquidity crises related to skyrocketing debt” and the scope of the G20 Debt Service Suspension Initiative “must be expanded to all developing and middle-income countries that are in need.”
The Debt Service Suspension was approved in April. It offers a temporary suspension of government-to-government debt payments to 73 developing countries, although only 43 have signed up so far.
The UN chief said he would advocate for such a policies at the virtual G20 summit next week.
He also said he would continue to advocate for more resources to be given to the International Monetary Fund “to be put at the disposal of developing countries, through the allocation of Special Drawing Rights (SDR).”
IMF chief Kristalina Georgieva first proposed a general allocation of new SDRs at the start of the pandemic. An SDR is an international reserve asset created to supplement IMF member countries’ official reserves.
The change could boost members’ currency reserves by hundreds of billions of dollars, but Washington has blocked the move. The IMF last made use of SDRs during the 2009 financial crisis.
Speaking today Guterres said: “This has not been a good year for multilateralism and international cooperation. So far, the world has not seen the unity and solidarity needed to tackle the pandemic, beat the climate crisis, end the weakening of nuclear safeguards, and strengthen cooperation around digital technology.
“I hope 2021 will be the year in which we reverse these trends and the year we are able to forge a global alliance for carbon neutrality.”


cityam--2020-11-12--ECB turns to emergency bonds and ultra-cheap loans to control financial costs

The ECB will use its emergency bond-buying and ultra-cheap loans to banks as the primary instruments to control financing costs , European Central Bank president Christine Lagarde told the ECB ’ s annual forum on central banking this evening .
Read more : ECB to focus on bond buying and bank liquidity to keep eurozone afloat , says Lagarde The EU heavyweight said financing costs for governments , households and businesses in the eurozone will stay “ exceptionally favourable ” until the economy recovers from the pandemic .
Lagarde welcomed the “ encouraging ” news of a potential Covid-19 vaccine @ @ @ @ @ @ @ week , but said the second wave of the pandemic still presented “ new challenges and risks ” for the eurozone economy .
“ The key challenge for policymakers will be to bridge the gap until vaccination is well advanced and the recovery can build its own momentum , ” she continued .
“ The ECB was there for the first wave and the ECB will be there for the second wave.
” Meanwhile Jerome Powell , who is Chair of the Federal Reserve pointed out that while banks have done well so @ @ @ @ @ @ @ to be done .
He said this is not the time for “ complacency.
” Elsewhere Lagarde said she had a “ hunch ” that there will eventually be a central bank digital currency .
She has previously told reporters : “ Europeans are increasingly turning to digital in the ways they spend , save and invest .
We should be prepared to issue a digital euro ” .
One of the ECB ’ s main objections to a digital version of the euro is the risk it may displace traditional deposits , @ @ @ @ @ @ @ out private solutions .
The ECB said in its report that deposits in digital euros would probably be capped and subject , at least in part , to the ECB ’ s interest rate on deposits , which currently stands at -0.5 % .
The banking authority has given itself until mid-2021 to make a final decision whether to move ahead with the project , which is now open for public consultation .
Read more : ECB leaves interest rates on hold as it monitors recovery Finally , when asked what frightened her @ @ @ @ @ @ @ heavyweight said the outbreak of coronavirus among minks in Denmark was especially worrisome .
She said the transmission from human to animal could be “ devastating ” .
Adding it could put into jeopardy vaccine hopes .

ECB turns to emergency bonds and ultra-cheap loans to control financial costs
The ECB will use its emergency bond-buying and ultra-cheap loans to banks as the main way of controlling financing costs.
The ECB will use its emergency bond-buying and ultra-cheap loans to banks as the primary instruments to control financing costs, European Central Bank president Christine Lagarde told the ECB’s annual forum on central banking this evening.
The EU heavyweight said financing costs for governments, households and businesses in the eurozone will stay “exceptionally favourable” until the economy recovers from the pandemic.
Lagarde welcomed the “encouraging” news of a potential Covid-19 vaccine breakthrough that fuelled a market rally this week, but said the second wave of the pandemic still presented “new challenges and risks” for the eurozone economy.
“The key challenge for policymakers will be to bridge the gap until vaccination is well advanced and the recovery can build its own momentum,” she continued. “The ECB was there for the first wave and the ECB will be there for the second wave.”
Meanwhile Jerome Powell, who is Chair of the Federal Reserve pointed out that while banks have done well so far throughout the crisis, more needs to be done. He said this is not the time for “complacency.”
Losing sleep
Elsewhere Lagarde said she had a “hunch” that there will eventually be a central bank digital currency.
She has previously told reporters: “Europeans are increasingly turning to digital in the ways they spend, save and invest. We should be prepared to issue a digital euro”.
One of the ECB’s main objections to a digital version of the euro is the risk it may displace traditional deposits, thereby hollowing out commercial banks and crowding out private solutions.
The ECB said in its report that deposits in digital euros would probably be capped and subject, at least in part, to the ECB’s interest rate on deposits, which currently stands at -0.5%.
The banking authority has given itself until mid-2021 to make a final decision whether to move ahead with the project, which is now open for public consultation.
Finally, when asked what frightened her in the current climate, the EU heavyweight said the outbreak of coronavirus among minks in Denmark was especially worrisome.
She said the transmission from human to animal could be “devastating”. Adding it could put into jeopardy vaccine hopes.


cityam--2020-11-12--New FCA chief tells City: ‘We are committed to open markets’ post-Brexit

The Financial Conduct Authority ( FCA ) is committed to maintaining open financial markets following the end of the Brexit transition period , warning that not doing so will disrupt the city .
Speaking today at Mansion House in an address to city regulators , new chief executive Nikhil Rathi said the watchdog had been keeping its focus on readiness for the end of the Brexit transition period .
Rathi said the FCA was “ committed ” to upholding international standards and maintain open markets in a move to minimise disruption to the city .
He said : “ We @ @ @ @ @ @ @ co-operative way , providing technical support to the government in negotiations and deepening our relationships with international regulators , and adapting to our new relationship with EU counterparts .
“ We remain committed to upholding high international standards and to maintaining open markets .
Fragmentation will affect liquidity , reduce the ability to net transactions , make risk management more difficult and feed through into a higher cost of capital.
” Rathi said any additional costs thrown up by fragmentation would hit savers and pensioners in the UK and the EU and , @ @ @ @ @ @ @ to avoid this.
” Read more : FCA amps up crackdown on coronavirus-related fraud Last week the ( FCA ) said it would allow firms to continue from January trading all shares on trading venues from the EU where they choose to do so , rather than limiting themselves to platforms headquartered in the UK .
This flies in the face of what has been said at the EU ’ s end – the EU ’ s securities watchdog ESMA has already said that investors from the bloc can only trade sterling-denominated shares @ @ @ @ @ @ @ Stock Exchange ’ s Turquoise , Cboe , and Aquis Exchange .
Elsewhere Rathi told listeners the FCA was transforming into a more data-focused regulator .
He said doing so would allow the watchdog to intervene sooner in problems , reducing consumer and market harm in the process .
The chief also admitted the FCA had “ much work to do on diversity and inclusion at the FCA.
” He continued : “ Delivering on the Women in Finance Charter and recognising the immense importance of an organisation like ours reflecting the communities @ @ @ @ @ @ @ UK with genuine diversity of thought brought to bear on the complex problems we are trying to solve .
“ We will also be looking to the industry to work hard with us on these issues to tackle some deep-rooted issues and ensure the cultural change we all would like to see.
” Rathi was appointed chief executive of the FCA on 1 October 2020 .

New FCA chief tells City: ‘We are committed to open markets’ post-Brexit
Ministers are seeking powers to intervene in financial regulation despite calls from
The Financial Conduct Authority (FCA) is committed to maintaining open financial markets following the end of the Brexit transition period, warning that not doing so will disrupt the city.
Speaking today at Mansion House in an address to city regulators, new chief executive Nikhil Rathi said the watchdog had been keeping its focus on readiness for the end of the Brexit transition period.
Rathi said the FCA was “committed” to upholding international standards and maintain open markets in a move to minimise disruption to the city.
He said: “We continue to operate in an open, co-operative way, providing technical support to the government in negotiations and deepening our relationships with international regulators, and adapting to our new relationship with EU counterparts.
“We remain committed to upholding high international standards and to maintaining open markets. Fragmentation will affect liquidity, reduce the ability to net transactions, make risk management more difficult and feed through into a higher cost of capital.”
Rathi said any additional costs thrown up by fragmentation would hit savers and pensioners in the UK and the EU and, “we are doing what we can to avoid this.”
Last week the (FCA) said it would allow firms to continue from January trading all shares on trading venues from the EU where they choose to do so, rather than limiting themselves to platforms headquartered in the UK.
This flies in the face of what has been said at the EU’s end – the EU’s securities watchdog ESMA has already said that investors from the bloc can only trade sterling-denominated shares in London on platforms like the London Stock Exchange’s Turquoise, Cboe, and Aquis Exchange.
Diversity drive
Elsewhere Rathi told listeners the FCA was transforming into a more data-focused regulator. He said doing so would allow the watchdog to intervene sooner in problems, reducing consumer and market harm in the process.
The chief also admitted the FCA had “much work to do on diversity and inclusion at the FCA.”
He continued: “Delivering on the Women in Finance Charter and recognising the immense importance of an organisation like ours reflecting the communities we serve in all parts of the UK with genuine diversity of thought brought to bear on the complex problems we are trying to solve.
“We will also be looking to the industry to work hard with us on these issues to tackle some deep-rooted issues and ensure the cultural change we all would like to see.”
Rathi was appointed chief executive of the FCA on 1 October 2020.


cityam--2020-11-12--Exclusive: Government's  widely-mocked careers quiz cost UK taxpayer £1.7m

The government ’ s much-mocked jobs quiz that suggested people retrain as boxers , cinema projectionists and lock keepers cost the UK taxpayer almost £1.7m , City A.M. can reveal .
The Discover Your Skills and Careers tool launched last year , but saw renewed interest last month after chancellor Rishi Sunak warned that Britain ’ s jobs market needed to “ adapt and adjust to the new reality ” posed by the Covid economy .
Read more : DEBATE : Is the government right to be encouraging artists and dancers to retrain in tech ?
The website ’ s @ @ @ @ @ @ @ to 50 questions , caused widespread mockery as it urged people to take up jobs in industries ravaged by the pandemic .
Suggestions included people retrain as football referees , hotel porters , cabaret performers and DJs , despite the sports , hospitality and arts sectors seeing widespread redundancies during the coronavirus crisis .
Others were told to retrain as cinema projectionists and film directors just days after Cineworld announced it would close all of its 128 UK branches indefinitely .
A Freedom of Information request has revealed the beta site cost the @ @ @ @ @ @ @ design consultancy Hippo Digital was paid £1.2m to build the website through a government contract with the Department for Education .
The quiz dished out career suggestions based on a series of questions such as : “ Are you able to control your emotions even in difficult situations ?
” Participants were also asked if they agreed or disagreed with statements such as : “ I set myself goals in life ” .
Criticism of the website came hot on the heels of a widely-circulated UK government advert , which suggested that a @ @ @ @ @ @ @ .
The advert , which read : “ Fatima ’ s next job could be in cyber ( she just doesn ’ t know it yet ) ” , was produced for a CyberFirst campaign that predated the pandemic .
It was swiftly pulled from circulation after culture secretary Oliver Dowden described it as “ crass ” .
Read more : Cain unable to carry on : Downing St director of comms resigns Shadow mental health minister Rosena Allin-Khan joined fervent criticism of the advert , tweeting : “ Fatima , you be @ @ @ @ @ @ @ else tell you that you aren ’ t good enough because you don ’ t conform to their preconceived social norms.
” The government ’ s Skills Health Check assessment tool , which saw a similar spike in traffic in the wake of the Fatima advert , cost the UK taxpayer a further £1.54m through a contract with management consultancy SHL , City A.M. can reveal .
A Department for Education spokesperson said : “ The discover your skills and careers tool was developed as part of the suite of free to access @ @ @ @ @ @ @ Careers Service .
“ The tool was designed to help people to take the first steps in reviewing their strengths and interests , and suggests possible future career options .
Our National Careers Service advisers are also on hand to provide personalised advice informed by local labour market intelligence .
”

Exclusive: Government’s widely-mocked careers quiz cost UK taxpayer £1.7m
The government’s much-mocked jobs quiz that suggested people retrain as boxers, cinema projectionists and lock keepers cost the UK taxpayer almost £1.7m, City A.M. can reveal.
The Discover Your Skills and Careers tool launched last year, but saw renewed interest last month after chancellor Rishi Sunak warned that Britain’s jobs market needed to “adapt and adjust to the new reality” posed by the Covid economy.
The website’s results, based on users’ answers to 50 questions, caused widespread mockery as it urged people to take up jobs in industries ravaged by the pandemic.
Suggestions included people retrain as football referees, hotel porters, cabaret performers and DJs, despite the sports, hospitality and arts sectors seeing widespread redundancies during the coronavirus crisis.
Others were told to retrain as cinema projectionists and film directors just days after Cineworld announced it would close all of its 128 UK branches indefinitely.
So the governments career assessment tool thinks I should become a cinema projectionist. Not convinced that’s the best career advice at this point in time 😬 pic.twitter.com/hruVzKqElJ — Martin Eastwood (@penaltyblog) October 8, 2020
A Freedom of Information request has revealed the beta site cost the UK taxpayer more than £1.66m. Leeds-based design consultancy Hippo Digital was paid £1.2m to build the website through a government contract with the Department for Education.
The quiz dished out career suggestions based on a series of questions such as: “Are you able to control your emotions even in difficult situations?” Participants were also asked if they agreed or disagreed with statements such as: “I set myself goals in life”.
I can be an airline pilot🤷♀ so in demand right now! Or a lock keeper😂 pic.twitter.com/5ld82jUKnz — Lara Platman (@Photofeature) October 8, 2020
Criticism of the website came hot on the heels of a widely-circulated UK government advert, which suggested that a ballerina retrain for a job in cybersecurity.
The advert, which read: “Fatima’s next job could be in cyber (she just doesn’t know it yet)”, was produced for a CyberFirst campaign that predated the pandemic. It was swiftly pulled from circulation after culture secretary Oliver Dowden described it as “crass”.
Shadow mental health minister Rosena Allin-Khan joined fervent criticism of the advert, tweeting: “Fatima, you be you. Don’t let anyone else tell you that you aren’t good enough because you don’t conform to their preconceived social norms.”
The government’s Skills Health Check assessment tool, which saw a similar spike in traffic in the wake of the Fatima advert, cost the UK taxpayer a further £1.54m through a contract with management consultancy SHL, City A.M. can reveal.
A Department for Education spokesperson said: “The Discover Your Skills and Careers tool was developed as part of the suite of free to access advice and guidance on offer from National Careers Service.
“The tool was designed to help people to take the first steps in reviewing their strengths and interests, and suggests possible future career options. Our National Careers Service advisers are also on hand to provide personalised advice informed by local labour market intelligence.”