cityam--2020-09-07--London tech firms return to hiring after lockdown

London has retained its status as Europe ’ s tech hub even after the disruption of the pandemic as companies return to hiring after months of lockdown .
The technology sector is one of the capital ’ s biggest employers with more than a fifth of London ’ s workforce employed in digital tech .
Jobs in the sector have grown 40 per cent in the past two years , now employing 2.93m nationally , accounting for nine per cent of the UK ’ s total workforce .
Read more : UK is world ’ s fifth largest exporter of @ @ @ @ @ @ @ sector was advertising over 150,000 jobs a week in the first quarter , according to jobs website Adzuna .
Vacancies fell as with other sectors on the imposition of lockdown restrictions but have recovered to stand at just over 90,000 by the second week in August .
After healthcare , technology is the sector posting the highest number of vacancies , with advertised roles jumping 36 per cent since June according to Tech Nation .
There is evidence that tech companies are starting to recruit for non-Stem roles and there has been a @ @ @ @ @ @ @ Amazon recently announced 10,000 new permanent technical and non-technical roles in the UK in addition to 20,000 seasonal roles .
Tech Nation chief executive Gerard Grech said : “ With digital adoption accelerating in every area of our lives , it looks likely that the tech sector will continue to be one of the best sources of new jobs this year and can provide the jobs of the future , right across the country.
” Despite the difficult start to 2020 , the sector has proved to be resilient and retains its status @ @ @ @ @ @ @ tech sector by attracting new capital .
Since January over 27 startups have raised more than $ 80m ( X ) , with most of these based in the capital according to Tech Nation ’ s Data Commons .
During this period , two new UK unicorns were created – Gymshark and Cazoo – bringing the total number of UK unicorns to 82 .
This means the UK is now home to more unicorns than any other country in Europe , with as many as Germany , Netherlands and France combined .
Read @ @ @ @ @ @ @ the UK is leading innovation at a crucial time Total venture capital investment in UK startups this year has reached £7.5bn to date , according to Data Commons .
This compares to €4.0bn for Germany , and €3.1bn for French startups in 2020 .
Companies in London have raised £4bn in venture capital so far this year .
Digital minister Caroline Dinenage said : “ We were well placed to get through the pandemic thanks to digital technology .
We now want to build on the UK ’ s strengths in cutting-edge technologies @ @ @ @ @ @ @ and encourage people to turn ideas into new businesses and jobs , while supporting businesses to embrace the benefits new technologies bring .

London tech firms return to hiring after lockdown
The UK-EU Brexit trade deal does not include an EU-wide arrangement for financial services, with UK firms instead having to negotiate a patchwork of individual EU nations’ regulations.
London has retained its status as Europe’s tech hub even after the disruption of the pandemic as companies return to hiring after months of lockdown.
The technology sector is one of the capital’s biggest employers with more than a fifth of London’s workforce employed in digital tech.
Jobs in the sector have grown 40 per cent in the past two years, now employing 2.93m nationally, accounting for nine per cent of the UK’s total workforce.
Ahead of lockdown, the sector was advertising over 150,000 jobs a week in the first quarter, according to jobs website Adzuna. Vacancies fell as with other sectors on the imposition of lockdown restrictions but have recovered to stand at just over 90,000 by the second week in August.
After healthcare, technology is the sector posting the highest number of vacancies, with advertised roles jumping 36 per cent since June according to Tech Nation.
There is evidence that tech companies are starting to recruit for non-Stem roles and there has been a rise in advertising for non-technical roles. Amazon recently announced 10,000 new permanent technical and non-technical roles in the UK in addition to 20,000 seasonal roles.
Tech Nation chief executive Gerard Grech said: “With digital adoption accelerating in every area of our lives, it looks likely that the tech sector will continue to be one of the best sources of new jobs this year and can provide the jobs of the future, right across the country.”
Despite the difficult start to 2020, the sector has proved to be resilient and retains its status as the centre of Europe’s tech sector by attracting new capital.
Since January over 27 startups have raised more than $80m (X), with most of these based in the capital according to Tech Nation’s Data Commons.
During this period, two new UK unicorns were created – Gymshark and Cazoo – bringing the total number of UK unicorns to 82. This means the UK is now home to more unicorns than any other country in Europe, with as many as Germany, Netherlands and France combined.
Total venture capital investment in UK startups this year has reached £7.5bn to date, according to Data Commons. This compares to €4.0bn for Germany, and €3.1bn for French startups in 2020. Companies in London have raised £4bn in venture capital so far this year.
Digital minister Caroline Dinenage said: “We were well placed to get through the pandemic thanks to digital technology. We now want to build on the UK’s strengths in cutting-edge technologies such as artificial intelligence and quantum computing and encourage people to turn ideas into new businesses and jobs, while supporting businesses to embrace the benefits new technologies bring.


cityam--2020-09-07--Muppet money: Savers lose out on billions as they stash the cash

UK savers could be wasting the opportunity to earn extra income on their savings as lockdown and recession fears push investors to save cash at a record pace .
In the first six months of 2020 , investors stashed away a record £77bn , meaning a staggering £1.5 trillion of cash is tucked away in savings accounts , according to Janus Henderson Investment Trusts .
Read more : Exclusive : Investors dash for cash savings despite historically low interest rates This cash pile is roughly equal to the combined value of all UK residential mortgages .
But savers are only @ @ @ @ @ @ @ just £5.7bn this year – as rates reach near record lows .
Yields on equities are near record highs which means that in the past 12 months investors have missed out on around £38bn in income , equivalent to £1,350 for every household .
Personal finance experts tend to recommend households set aside three months of income to help weather any sudden change in circumstances .
But the data shows savers have , this year , put away over four times this amount meaning banks have around £.12 trillion in spare cash that @ @ @ @ @ @ @ Banks and building societies call this “ muppet money ” because they know investors are missing out on other opportunities .
Equities are , at the moment , a more attractive bet even as UK companies slash dividends amid the global uncertainty .
Link Group ’ s recent dividend monitor forecasts companies will pay between £56.3bn and £60.5bn .
Investment trusts like the City of London , which invests primarily in UK equities , managed to ride the storm and maintain its payout through the crisis .
Read more : Global dividends plunge @ @ @ @ @ @ @ , director and head of investment trusts at Janus Henderson said : “ Over the long term , investing in shares has not only provided a healthy income , but also the scope for capital gains too , protecting savings from the ravages of inflation.
” “ In my view , interest rates are set to stay low for a very long time , so there is no light at the end of the tunnel for cash ” , he added .

Muppet money: Savers lose out on billions as they stash the cash
Borrowing cash is at a record high
UK savers could be wasting the opportunity to earn extra income on their savings as lockdown and recession fears push investors to save cash at a record pace.
In the first six months of 2020, investors stashed away a record £77bn, meaning a staggering £1.5 trillion of cash is tucked away in savings accounts, according to Janus Henderson Investment Trusts.
This cash pile is roughly equal to the combined value of all UK residential mortgages. But savers are only earning a small amount of interest – just £5.7bn this year – as rates reach near record lows. Yields on equities are near record highs which means that in the past 12 months investors have missed out on around £38bn in income, equivalent to £1,350 for every household.
Personal finance experts tend to recommend households set aside three months of income to help weather any sudden change in circumstances. But the data shows savers have, this year, put away over four times this amount meaning banks have around £.12 trillion in spare cash that their customers could be investing elsewhere.
Banks and building societies call this “muppet money” because they know investors are missing out on other opportunities.
Equities are, at the moment, a more attractive bet even as UK companies slash dividends amid the global uncertainty. Link Group’s recent dividend monitor forecasts companies will pay between £56.3bn and £60.5bn.
Investment trusts like the City of London, which invests primarily in UK equities, managed to ride the storm and maintain its payout through the crisis.
James de Sausmarez, director and head of investment trusts at Janus Henderson said: “Over the long term, investing in shares has not only provided a healthy income, but also the scope for capital gains too, protecting savings from the ravages of inflation.”
“In my view, interest rates are set to stay low for a very long time, so there is no light at the end of the tunnel for cash”, he added.


cityam--2020-09-07--Amazon beefs up UK team for delivery robot Scout

Amazon has today revealed a boost to its UK research and development arm with the creation of a new team dedicated to Scout , the e-commerce giant ’ s on-street delivery robot .
Amazon said it would be hiring for more engineers to develop its fully-electric and autonomous delivery robot , based at its Cambridge research and development hub .
The new UK team will work closely with the Amazon Scout research lab in Seattle to develop on-system software to help Scout robots navigate around residential neighbourhoods without the need for a human controller .
Read more : Amazon to @ @ @ @ @ @ @ expansion push The move follows on from Amazon ’ s announcement last month that it would create 10,000 more jobs in the UK in 2020 , taking its total workforce in the country up to more than 40,000 .
Scout will pose a rival to UK-based companies such as Starship Technologies , which operates delivery robots that are then licensed by businesses such as Just Eat .
Public trials on UK roads for the robots remain ongoing , with Milton Keynes and Cambridge becoming a popular hubs for testing out new road gadgets @ @ @ @ @ @ @ Electric scooters zoom onto UK roads as government fast-tracks trials Amazon first launched Amazon Scout in January last year .
The service is currently in field test mode , delivering packages to customers in four states in the US .
Customers are able to choose whether they want their Amazon packages delivered by van or by Scout .
During this trial period , the robots follow their route autonomously , but are accompanied by an Amazon employee .

Amazon beefs up UK team for delivery robot Scout
Amazon has today revealed a boost to its UK research and development arm with the creation of a new team dedicated to Scout, the e-commerce giant’s on-street delivery robot.
Amazon said it would be hiring for more engineers to develop its fully-electric and autonomous delivery robot, based at its Cambridge research and development hub.
The new UK team will work closely with the Amazon Scout research lab in Seattle to develop on-system software to help Scout robots navigate around residential neighbourhoods without the need for a human controller.
The move follows on from Amazon’s announcement last month that it would create 10,000 more jobs in the UK in 2020, taking its total workforce in the country up to more than 40,000.
Scout will pose a rival to UK-based companies such as Starship Technologies, which operates delivery robots that are then licensed by businesses such as Just Eat.
Public trials on UK roads for the robots remain ongoing, with Milton Keynes and Cambridge becoming a popular hubs for testing out new road gadgets such as e-scooters.
Amazon first launched Amazon Scout in January last year.
The service is currently in field test mode, delivering packages to customers in four states in the US.
During this trial period, the robots follow their route autonomously, but are accompanied on the road by an Amazon employee.


cityam--2020-09-07--Tech companies ramp up hiring as London moves past lockdown

Tech companies in the UK ’ s capital have accelerated their hiring plans over the summer as businesses get ready to go back to work , with digital roles jumping by more than a third .
Advertising for vacancies in the digital tech sector rose 36 per cent in the last two months , according to data collated by Tech Nation for the government ’ s Digital Economy Council .
Technology companies now employ around a fifth of all Londoners at almost 3m people , thanks to major expansions in the city by the likes of Apple , Amazon and @ @ @ @ @ @ @ for nine per cent of the UK ’ s overall workforce .
Read more : Central London footfall jumps as office workers start to return “ These new figures demonstrate the strength and depth of our tech sector as an engine of job creation kickstarting our economy as we emerge from the pandemic , ” said digital secretary Oliver Dowden .
Though tech hiring dropped from its January high of 150,000 jobs per week during lockdown , adverts on jobs website Adzuna have now recovered to surpass 90,000 per week by the start @ @ @ @ @ @ @ a digital tech role in London reached £55,000 last year , as 658,275 roles were advertised in total .
This is compared to the median salary for other jobs in the capital at £43,000 .
Meanwhile tech funding in the UK has continued to rise , with the total amount of venture capital invested in 2020 reaching £7.5bn so far — £4bn of which was raised in London .
This compares to €4bn in Germany , and €3.1bn in France .
Read more : Coronavirus will make it harder to raise finance in @ @ @ @ @ @ @ Software developers have remained in the top five most sought-after roles in the UK , alongside key worker roles such as nurses and social care workers .
In London front-end developers were among the top 10 , with hiring for tech roles such as Python developer and DevOps engineer rising 15 per cent and 11 per cent respectively .
There was also an increased growth in opportunities for employees with expertise in data ethics , jumping 31 per cent year-on-year .
“ While the city has had a challenging six months it is @ @ @ @ @ @ @ the tech sector taking an early lead in having the confidence to take on new people , ” said Janet Coyle , managing director of business at London & Partners .
“ It is important that the tech sector continues to drive greater inclusivity and diversity to ensure opportunities are available for everyone .
”

Tech companies ramp up hiring as London moves past lockdown
Cenkos Securities secured a profit in 2020.
Tech companies in the UK’s capital have accelerated their hiring plans over the summer as businesses get ready to go back to work, with digital roles jumping by more than a third.
Advertising for vacancies in the digital tech sector rose 36 per cent in the last two months, according to data collated by Tech Nation for the government’s Digital Economy Council.
Technology companies now employ around a fifth of all Londoners at almost 3m people, thanks to major expansions in the city by the likes of Apple, Amazon and Google. Meanwhile digital tech roles account for nine per cent of the UK’s overall workforce.
“These new figures demonstrate the strength and depth of our tech sector as an engine of job creation kickstarting our economy as we emerge from the pandemic,” said digital secretary Oliver Dowden.
Though tech hiring dropped from its January high of 150,000 jobs per week during lockdown, adverts on jobs website Adzuna have now recovered to surpass 90,000 per week by the start of August.
The average salary for a digital tech role in London reached £55,000 last year, as 658,275 roles were advertised in total. This is compared to the median salary for other jobs in the capital at £43,000.
Meanwhile tech funding in the UK has continued to rise, with the total amount of venture capital invested in 2020 reaching £7.5bn so far — £4bn of which was raised in London.
This compares to €4bn in Germany, and €3.1bn in France.
Software developers have remained in the top five most sought-after roles in the UK, alongside key worker roles such as nurses and social care workers.
In London front-end developers were among the top 10, with hiring for tech roles such as Python developer and DevOps engineer rising 15 per cent and 11 per cent respectively.
There was also an increased growth in opportunities for employees with expertise in data ethics, jumping 31 per cent year-on-year.
“While the city has had a challenging six months it is ready to bounce back strongly, with the tech sector taking an early lead in having the confidence to take on new people,” said Janet Coyle, managing director of business at London & Partners.
“It is important that the tech sector continues to drive greater inclusivity and diversity to ensure opportunities are available for everyone.”


cityam--2020-09-07--Shaun Bailey: London deserves better than the mayor's message of doom

Tube use is down 70 per cent .
High streets are empty .
Only 17 per cent of people are back in offices .
These are unprecedented times for London .
So you ’ d think the mayor of London would have a plan to get people back to their offices safely and securely .
You ’ d think he would be innovative , like the chancellor , and work with the government and businesses on incentives to get people into central London .
You ’ d think that at this time of crisis , the mayor ’ s role @ @ @ @ @ @ @ help every resident in every community .
Read more : Everybody loves a comeback and London ’ s could be glorious Instead , Sadiq Khan has told people worried about their livelihoods to get used to it .
He agrees that any number of businesses need to operate at near-full capacity to survive .
But his message to those businesses is grim : don ’ t expect London to be busy any time soon .
This kind of talk is easy for someone who does not run a small business , or drive @ @ @ @ @ @ @ a shop that depends on customers .
It is the kind of talk that can only come from someone who sees London as a tourist destination , rather than a city where people live and work .
It is the kind of talk that can only come from someone with a salary guaranteed by taxpayers .
Most Londoners do not have the luxury of a guaranteed salary .
Most Londoners understand the central truth of economics : that one person ’ s spending is another person ’ s income .
And it is @ @ @ @ @ @ @ retail industries that depend on customers .
Think about all the businesses that exist only to serve other businesses .
IT companies , office-supply companies , printers , caterers , cleaners , even newspapers — the list goes on and on .
You may not feel much sympathy with the high-powered ad executive who loses their job .
But you may feel some sympathy for the minimum-wage cleaner who can no longer find work .
So if Sadiq Khan thinks that people like this should find other jobs , then he needs to @ @ @ @ @ @ @ that it is time to give up on London , then we need to know .
Because right now , his actions suggest that he does not care all that much about a recovery .
Sadiq Khan increased the congestion charge and extended it to seven days a week , hitting families and businesses .
He is refusing to reopen the Waterloo and City Line , even though workers are calling on him to do so .
He let Hammersmith Bridge close yet again , leaving residents and emergency services without a reliable @ @ @ @ @ @ @ talking about the EU , which he has no control over , rather than doing something about rising crime and struggling businesses , which he has full control over .
And now he appears to have no plan to get London moving again .
Londoners deserve better .
But so does the rest of the country .
London is nearly a quarter of the UK economy .
Every Londoner provides £3,070 more in tax revenues than they get in public spending .
And that surplus helps to pay for vital spending in less @ @ @ @ @ @ @ jobs in London we should be worrying about , but jobs across the country .
So if I were mayor , I would launch a big campaign to get London moving again .
This campaign would be aimed to reach everyone — from top CEOs to workers on the frontlines .
It would not be led by City Hall alone .
I would use the mayor ’ s powers to bring businesses and the public sector together , working on incentives and coordinating messages .
And I would fix the mistakes that Sadiq @ @ @ @ @ @ @ his congestion charge hike .
Reopening the Waterloo and City line .
Binning his plans to defund the police by £110 million .
And focusing relentlessly on the welfare of every resident in every community , not worrying about issues outside of my control .
Read more : Central London footfall jumps as office workers start to return This is what we need .
Because the truth is that mass working from home just isn ’ t a permanent option .
People miss out on too much .
Yes , they miss out @ @ @ @ @ @ @ .
But they also miss out on personal development , on mentors , on making connections .
So for the sake of jobs , businesses , the economy and workers – let ’ s help people get back to their offices .
Let ’ s get London moving again .
Shaun Bailey is the Conservative candidate for the 2021 London mayoral election

Shaun Bailey: London deserves better than the mayor’s message of doom
Greater flexibility, mobility and virtuality in the workplace could affect individuals who had previously felt compelled to live near their London office – as well as the organisation they work for and the local economy.
Tube use is down 70 per cent. High streets are empty. Only 17 per cent of people are back in offices. These are unprecedented times for London.
So you’d think the mayor of London would have a plan to get people back to their offices safely and securely. You’d think he would be innovative, like the chancellor, and work with the government and businesses on incentives to get people into central London. You’d think that at this time of crisis, the mayor’s role would be used like never before to help every resident in every community.
Instead, Sadiq Khan has told people worried about their livelihoods to get used to it. He agrees that any number of businesses need to operate at near-full capacity to survive. But his message to those businesses is grim: don’t expect London to be busy any time soon.
This kind of talk is easy for someone who does not run a small business, or drive a black cab, or work in a shop that depends on customers. It is the kind of talk that can only come from someone who sees London as a tourist destination, rather than a city where people live and work. It is the kind of talk that can only come from someone with a salary guaranteed by taxpayers.
Most Londoners do not have the luxury of a guaranteed salary. Most Londoners understand the central truth of economics: that one person’s spending is another person’s income. And it is not just the hospitality, leisure and retail industries that depend on customers.
Think about all the businesses that exist only to serve other businesses. IT companies, office-supply companies, printers, caterers, cleaners, even newspapers — the list goes on and on. You may not feel much sympathy with the high-powered ad executive who loses their job. But you may feel some sympathy for the minimum-wage cleaner who can no longer find work.
So if Sadiq Khan thinks that people like this should find other jobs, then he needs to level with us. If he thinks that it is time to give up on London, then we need to know. Because right now, his actions suggest that he does not care all that much about a recovery.
Sadiq Khan increased the congestion charge and extended it to seven days a week, hitting families and businesses. He is refusing to reopen the Waterloo and City Line, even though workers are calling on him to do so. He let Hammersmith Bridge close yet again, leaving residents and emergency services without a reliable river crossing.
He spent the crisis talking about the EU, which he has no control over, rather than doing something about rising crime and struggling businesses, which he has full control over. And now he appears to have no plan to get London moving again.
Londoners deserve better. But so does the rest of the country. London is nearly a quarter of the UK economy. Every Londoner provides £3,070 more in tax revenues than they get in public spending. And that surplus helps to pay for vital spending in less well-off regions. It is not just jobs in London we should be worrying about, but jobs across the country.
So if I were mayor, I would launch a big campaign to get London moving again. This campaign would be aimed to reach everyone — from top CEOs to workers on the frontlines.
It would not be led by City Hall alone. I would use the mayor’s powers to bring businesses and the public sector together, working on incentives and coordinating messages.
And I would fix the mistakes that Sadiq Khan made during this crisis. Reversing his congestion charge hike. Reopening the Waterloo and City line. Binning his plans to defund the police by £110 million. And focusing relentlessly on the welfare of every resident in every community, not worrying about issues outside of my control.
This is what we need. Because the truth is that mass working from home just isn’t a permanent option. People miss out on too much. Yes, they miss out on socialising with colleagues and after-work drinks. But they also miss out on personal development, on mentors, on making connections.
So for the sake of jobs, businesses, the economy and workers – let’s help people get back to their offices. Let’s get London moving again.
Shaun Bailey is the Conservative candidate for the 2021 London mayoral election


cityam--2020-09-07--Brits ignore PM’s diet plea as spending on takeaways surges

Worried about the nation ’ s weight , Prime Minister Boris Johnson launched an anti-obesity drive in July .
But the latest spending data suggests Britons resoundingly ignored his advice .
Spending on takeaways and fast food jumped 20.7 per cent year on year in August , according to Barclaycard data released today .
That was the biggest rise since the measure began in September last year .
Read more : Johnson bans buy one get one free offers amid war on obesity Meanwhile , spending at pubs and bars rose for the first time since lockdown , with an @ @ @ @ @ @ @ a year earlier , Barclaycard said .
The extra spending on curries and beers helped total consumer spending rise 0.2 per cent year on year – the first uplift since February .
“ It seems the final throes of summer have spurred households to get out and about with clothing stores , pubs and bars welcoming growth for the first time since lockdown began , ” said Raheel Ahmed , head of consumer products at Barclaycard .
“ Of course , the restaurant sector also benefited from the boost provided by the ‘ @ @ @ @ @ @ @ ” Yet Ahmed added : “ While some Brits enjoyed getting out and about , it seems lockdown has also increased the shift towards online when it comes to meal times too.
” The rise in consumer spending will cheer policymakers – even if Britons did not choose to spend their money in the healthiest ways .
Separate data out today from the British Retail Consortium and KPMG showed that retail sales increased 4.7 per cent in August year on year .
However , the UK ’ s economic recovery could be derailed @ @ @ @ @ @ @ There were almost 3,000 new coronavirus cases for the second day running yesterday .
Read more : More than 100m meals eaten through Eat Out to Help Out scheme A Treasury spokesperson praised the eat out to help out scheme , saying it “ was designed to help protect the jobs of 1.8 million people who work in hospitality – a sector which has been badly hit by the outbreak ” .
“ There was a wide range of restaurants registered for our scheme which provide a variety of options , helping people @ @ @ @ @ @ @ as part of a balanced diet and healthy lifestyle .
”

Brits ignore PM’s diet plea as spending on takeaways surges
Profit also soared nearly 60 per cent from a year prior to $7.5bn.
Worried about the nation’s weight, Prime Minister Boris Johnson launched an anti-obesity drive in July. But the latest spending data suggests Britons resoundingly ignored his advice.
Spending on takeaways and fast food jumped 20.7 per cent year on year in August, according to Barclaycard data released today. That was the biggest rise since the measure began in September last year.
Meanwhile, spending at pubs and bars rose for the first time since lockdown, with an increase of 9.3 per cent compared to a year earlier, Barclaycard said.
The extra spending on curries and beers helped total consumer spending rise 0.2 per cent year on year – the first uplift since February.
“It seems the final throes of summer have spurred households to get out and about with clothing stores, pubs and bars welcoming growth for the first time since lockdown began,” said Raheel Ahmed, head of consumer products at Barclaycard.
“Of course, the restaurant sector also benefited from the boost provided by the ‘eat out to help out’ scheme.”
Brits move spending online
Yet Ahmed added: “While some Brits enjoyed getting out and about, it seems lockdown has also increased the shift towards online when it comes to meal times too.”
The rise in consumer spending will cheer policymakers – even if Britons did not choose to spend their money in the healthiest ways.
Separate data out today from the British Retail Consortium and KPMG showed that retail sales increased 4.7 per cent in August year on year.
However, the UK’s economic recovery could be derailed by a rise in coronavirus cases. There were almost 3,000 new coronavirus cases for the second day running yesterday.
A Treasury spokesperson praised the eat out to help out scheme, saying it “was designed to help protect the jobs of 1.8 million people who work in hospitality – a sector which has been badly hit by the outbreak”.
“There was a wide range of restaurants registered for our scheme which provide a variety of options, helping people to eat out and enjoy summer safely as part of a balanced diet and healthy lifestyle.”


cityam--2020-09-07--UK retail sector shows 'promising' signs of recovery in August

UK retailers showed “ promising ” signs of recovery last month as sales jumped , the latest research showed .
Retail sales increased 4.7 per cent on a like-for-like basis compared to August last year , when they had decreased 0.8 per cent .
Read more : Debenhams boss insists retailer is not on a cliff edge Total sales were up 3.9 per cent last month , against a decline of 0.4 per cent last year , reaching the strongest growth since May 2018 .
However the British Retail Consortium ( BRC ) warned that “ many retailers are hanging @ @ @ @ @ @ @ rents , the end of the furlough scheme and low city centre footfall .
Chief executive Helen Dickinson said : “ Lockdown appears to have permanently changed some consumers ’ shopping habits , with online sales continuing to boom despite shops reopening in June .
“ Meanwhile , city centre retailers continue to be devastated by low footfall and poor sales , as office workers stayed away for yet another month.
” She added : “ Government will need to act fast or September will see more shops close and more job losses @ @ @ @ @ @ @ of retail at KPMG , said : “ The retail sector continued to show promising signs of recovery in August , with like-for-like retail sales up 4.7 per cent compared to last year .
“ Whilst welcome news , the coming months are far from problem free , with economic uncertainties – including the unwinding of the furlough scheme – likely to leave many consumers thinking carefully about their spending priorities.
” In the three months to August , total in-store sales of non-food items declined 17.8 per cent , which is better @ @ @ @ @ @ @ Meanwhile food sales increased 6.3 per cent on a like-for-like basis and 5.9 per cent on a total basis .
Read more : More retail job losses forecast unless office workers return , industry warns Online non-food sales increased by 42.4 per cent in August , against a growth of 1.6 per cent in August 2019 Non-food online penetration rate increased from 29 per cent last year to 39.3 per cent this August .

UK retail sector shows ‘promising’ signs of recovery in August
UK retailers showed “promising” signs of recovery last month as sales jumped, the latest research showed.
Retail sales increased 4.7 per cent on a like-for-like basis compared to August last year, when they had decreased 0.8 per cent.
Total sales were up 3.9 per cent last month, against a decline of 0.4 per cent last year, reaching the strongest growth since May 2018.
However the British Retail Consortium (BRC) warned that “many retailers are hanging by a thread” due to high rents, the end of the furlough scheme and low city centre footfall.
Chief executive Helen Dickinson said: “Lockdown appears to have permanently changed some consumers’ shopping habits, with online sales continuing to boom despite shops reopening in June.
“Meanwhile, city centre retailers continue to be devastated by low footfall and poor sales, as office workers stayed away for yet another month.”
She added: “Government will need to act fast or September will see more shops close and more job losses realised.”
Paul Martin, UK head of retail at KPMG, said: “The retail sector continued to show promising signs of recovery in August, with like-for-like retail sales up 4.7 per cent compared to last year.
“Whilst welcome news, the coming months are far from problem free, with economic uncertainties – including the unwinding of the furlough scheme – likely to leave many consumers thinking carefully about their spending priorities.”
In the three months to August, total in-store sales of non-food items declined 17.8 per cent, which is better than the 12-month total average decline.
Meanwhile food sales increased 6.3 per cent on a like-for-like basis and 5.9 per cent on a total basis.
Online non-food sales increased by 42.4 per cent in August, against a growth of 1.6 per cent in August 2019
Non-food online penetration rate increased from 29 per cent last year to 39.3 per cent this August.


cityam--2020-09-07--Exclusive: BoE's chief economist Andy Haldane warns against furlough extension

The Bank of England ’ s chief economist has warned against extending the government ’ s job retention scheme , saying that such a move would prevent a “ necessary process of adjustment ” taking place .
Amid growing calls from industry groups to keep the furlough scheme in place for certain sectors , Andy Haldane told the City A.M. podcast that the Coronavirus pandemic “ has already delivered lasting structural change to the economy which does mean , regrettably , some businesses will probably not make it through and some jobs may well not be coming back.
” Read @ @ @ @ @ @ @ Haldane , Bank of England chief economist , on the risk of contagious pessimism and the prospects for economic recovery He added that “ keeping all those jobs on life support is in some ways prolonging the inevitable in a way that probably doesn ’ t help either the individual or the business.
” Haldane said “ the most painless thing that can be done is to recognise that and then put in place a process of adapting…to that new world , re-equipping [ employees and businesses ] to the new world of @ @ @ @ @ @ @ Our job as policy makers is to make that process of adjustment as seamless and as painless as possible for everyone concerned.
” Some industry bodies have warned that the end of the job retention scheme – which saw the government pay up to 80 per cent of the wages of furloughed staff – next month risks a second wave of job cuts .
A recent survey by accountancy firm BDO found that 97 per cent of companies have already made redundancies .
While 60 per cent of medium-sized companies intend to further @ @ @ @ @ @ @ As an alternative Haldane suggested that businesses should look to wage restraint and even reduced hours before making job cuts .
Read more : Manufacturers warn of ‘ second wave ’ of job cuts without furlough extension “ For me that would be a less painful way of businesses adapting now , if the burden was shared across the workforce for those companies for which demand hadn ’ t fully returned , and shared through..somewhat lower pay rises or somewhat shorter hours rather than all the burden being taken in job losses for @ @ @ @ @ @ @ said adopting a more flexible approach might be “ one of the things that protects us from too many more job losses.
” In a wide-ranging interview with City A.M. editor Christian May , Haldane also suggested that firms which have taken on debt in order to survive the crisis may need additional help .
He raised the prospect of some kind of debt forgiveness or restructuring in order to keep businesses investing and retaining jobs as the recovery takes hold .
If a company is unable to pay back the debt Haldane @ @ @ @ @ @ @ by which that debt burden might be alleviated ” in a ways that benefit both the company and the wider economy .
Haldane also offered a more upbeat assessment of the economy , acknowledging people ’ s anxiety as the UK enters its first recession in 11 years , saying : “ It ’ s understandable right now why people are concerned , they ’ re worried , they ’ re anxious…there are plenty of things to be concerned , worried and anxious about.
” However , pessimism surrounding the economy and job @ @ @ @ @ @ @ and you ’ re then sucked down into some expectational vortex ” .
Read more : Thousands of job losses expected as furlough scheme ends It contrasts with a more gloomy outlook offered by the BoE ’ s interest rate-setter Michael Saunders last week , who said it was “ quite likely ” that further monetary easing will be appropriate .
He added that there could also be scope to expand the Bank ’ s bond-buying plan .
Haldane said that the “ recovery isn ’ t being given enough credit ” and @ @ @ @ @ @ @ in large part because “ the consumer has shown themselves to be incredibly resilient and adaptive and so too have businesses .
”

Exclusive: BoE’s chief economist Andy Haldane warns against furlough extension
Former BoE MPC member Andy Haldance hs left Threadneedle St
The Bank of England’s chief economist has warned against extending the government’s job retention scheme, saying that such a move would prevent a “necessary process of adjustment” taking place.
Amid growing calls from industry groups to keep the furlough scheme in place for certain sectors, Andy Haldane told the City A.M. podcast that the Coronavirus pandemic “has already delivered lasting structural change to the economy which does mean, regrettably, some businesses will probably not make it through and some jobs may well not be coming back.”
He added that “keeping all those jobs on life support is in some ways prolonging the inevitable in a way that probably doesn’t help either the individual or the business.”
Haldane said “the most painless thing that can be done is to recognise that and then put in place a process of adapting…to that new world, re-equipping [employees and businesses] to the new world of business new world of work.
“Our job as policy makers is to make that process of adjustment as seamless and as painless as possible for everyone concerned.”
Some industry bodies have warned that the end of the job retention scheme – which saw the government pay up to 80 per cent of the wages of furloughed staff – next month risks a second wave of job cuts.
A recent survey by accountancy firm BDO found that 97 per cent of companies have already made redundancies. While 60 per cent of medium-sized companies intend to further cut jobs once the scheme ends.
As an alternative Haldane suggested that businesses should look to wage restraint and even reduced hours before making job cuts.
Read more: Manufacturers warn of ‘second wave’ of job cuts without furlough extension
“For me that would be a less painful way of businesses adapting now, if the burden was shared across the workforce for those companies for which demand hadn’t fully returned, and shared through..somewhat lower pay rises or somewhat shorter hours rather than all the burden being taken in job losses for a smaller number of people.”
He said adopting a more flexible approach might be “one of the things that protects us from too many more job losses.”
In a wide-ranging interview with City A.M. editor Christian May, Haldane also suggested that firms which have taken on debt in order to survive the crisis may need additional help. He raised the prospect of some kind of debt forgiveness or restructuring in order to keep businesses investing and retaining jobs as the recovery takes hold.
If a company is unable to pay back the debt Haldane asks whether there “there are means by which that debt burden might be alleviated” in a ways that benefit both the company and the wider economy.
Haldane also offered a more upbeat assessment of the economy, acknowledging people’s anxiety as the UK enters its first recession in 11 years, saying: “It’s understandable right now why people are concerned, they’re worried, they’re anxious…there are plenty of things to be concerned, worried and anxious about.”
However, pessimism surrounding the economy and job losses could “risk becoming self-fulfilling, and you’re then sucked down into some expectational vortex”.
It contrasts with a more gloomy outlook offered by the BoE’s interest rate-setter Michael Saunders last week, who said it was “quite likely” that further monetary easing will be appropriate. He added that there could also be scope to expand the Bank’s bond-buying plan.
Haldane said that the “recovery isn’t being given enough credit” and the economy “has bounced back” in large part because “the consumer has shown themselves to be incredibly resilient and adaptive and so too have businesses.”


cityam--2020-09-07--The City View: Andy Haldane, Bank of England chief economist, on the risk of contagious pessimism an

In this extended episode of the City View , Christian talks to Bank of England chief economist and Monetary Policy Committee member Andy Haldane , about the economic lessons learnt from the past five months and the prospects for our economy recovery .
Haldane strikes an upbeat tone and warns against letting pessimism shape “ the narrative we tell ourselves about our economy and our society.
” In a wide-ranging conversation , Haldane talks about how the Bank of England has adapted the way in which it identifies and measures economic activity ; why the furlough scheme shouldn ’ t @ @ @ @ @ @ @ helped to manage their newly-acquired debt burden ; and why he thinks people won ’ t go back to the old ways of working .
This is the final episode of the City View podcast for this series , marking the end of a run that has seen more than 100 episodes recorded since April .
The podcast will return in a new format this Autumn .
Read more : The City View : Rational markets and innovative central banks ?
An investor ’ s guide to the crisis , with Phil Smeaton @ @ @ @ @ @ @ ’ s leading spread betting and CFD trading providers , offering services to retail , institutional , professional and high net worth customers via an award-winning trading platform .
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ETX Capital provides an execution-only service and therefore any market analysis , opinion , commentary or other information provided during this @ @ @ @ @ @ @ is not intended to be a personal recommendation or construed as advice .
ETX Capital and the presenter are not financial or investment advisors and do not recommend any instrument of any kind .
Any instruments that are mentioned throughout are cited only for illustrative and educational purposes .

The City View: Andy Haldane, Bank of England chief economist, on the risk of contagious pessimism and the prospects for economic recovery
In this extended episode of the City View, Christian talks to Bank of England chief economist and Monetary Policy Committee member Andy Haldane, about the economic lessons learnt from the past five months and the prospects for our economy recovery.
Subscribe to The City View Podcast: Apple / Google / Spotify / RSS
Haldane strikes an upbeat tone and warns against letting pessimism shape “the narrative we tell ourselves about our economy and our society.”
In a wide-ranging conversation, Haldane talks about how the Bank of England has adapted the way in which it identifies and measures economic activity; why the furlough scheme shouldn’t be extended; how businesses could be helped to manage their newly-acquired debt burden; and why he thinks people won’t go back to the old ways of working.
This is the final episode of the City View podcast for this series, marking the end of a run that has seen more than 100 episodes recorded since April. The podcast will return in a new format this Autumn.
In association with ETX Capital
ETX Capital is one of the UK’s leading spread betting and CFD trading providers, offering services to retail, institutional, professional and high net worth customers via an award-winning trading platform. With over 50 years of experience in the financial markets, customers and service are always put first at ETX, and the company prides itself in offering a tailor-made trading experience to every customer. The multi-device TraderPro platform delivers a fully customisable, award-winning trading technology with customisable charts, instant execution and over 5,000 markets to trade.
Disclaimer: Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when spread betting or trading CFDs with ETX. You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing your money. Authorised and regulated by the Financial Conduct Authority with Financial Services register number 124721. ETX Capital provides an execution-only service and therefore any market analysis, opinion, commentary or other information provided during this webinar is for educational purposes only and is not intended to be a personal recommendation or construed as advice. ETX Capital and the presenter are not financial or investment advisors and do not recommend any instrument of any kind. Any instruments that are mentioned throughout are cited only for illustrative and educational purposes.


cityam--2020-09-08--Ten Entertainment appoints COO as new chief executive

Bowling alley chain Ten Entertainment announced that chief executive Duncan Garrood has stepped down today , earlier than expected , to be replaced by the firm ’ s chief operating officer .
Graham Blackwell has been appointed interim chief executive with immediate effect while Garrood , who took on the role in November 2018 , will leave the business today .
Blackwell , who has sat on the Ten Entertainment board since it floated in 2017 , has more than 30 years of experience within the industry .
It was announced in June that Garrood , who previously led pub @ @ @ @ @ @ @ as chief executive of Empiric Student Property .
Ten Entertainment has reopened 42 of its sites , with three venues in local lockdown .
The firm said initial trading has been “ very encouraging ” and is building week-on-week .
Ten Entertainment interim executive chairman Nick Basing said : “ The board were unanimous that Graham is the stand out candidate to lead the group .
“ He has been instrumental in the business transformation over recent years .
His track record has been outstanding and I look forward to continuing to work @ @ @ @ @ @ @ Bowling alley operator Ten Entertainment prepares for coronavirus lockdown to lift “ I ’ m delighted that trading has begun so encouragingly .
“ This is a function of the widespread consumer appeal of our offer , the quality of our operating estate and our strong leadership team .
Under Graham ’ s direction I am confident that we will return to our trajectory of growth in sales and profitability .
”

Ten Entertainment appoints COO as new chief executive
Bowling alley chain Ten Entertainment announced that chief executive Duncan Garrood has stepped down today, earlier than expected, to be replaced by the firm’s chief operating officer.
Graham Blackwell has been appointed interim chief executive with immediate effect while Garrood, who took on the role in November 2018, will leave the business today.
Blackwell, who has sat on the Ten Entertainment board since it floated in 2017, has more than 30 years of experience within the industry.
It was announced in June that Garrood, who previously led pub chain Punch Taverns, had been appointed as chief executive of Empiric Student Property.
Ten Entertainment has reopened 42 of its sites, with three venues in local lockdown. The firm said initial trading has been “very encouraging” and is building week-on-week.
Ten Entertainment interim executive chairman Nick Basing said: “The board were unanimous that Graham is the stand out candidate to lead the group.
“He has been instrumental in the business transformation over recent years. His track record has been outstanding and I look forward to continuing to work closely with him.
“I’m delighted that trading has begun so encouragingly.
“This is a function of the widespread consumer appeal of our offer, the quality of our operating estate and our strong leadership team. Under Graham’s direction I am confident that we will return to our trajectory of growth in sales and profitability.”


cityam--2020-09-08--Halfords warns of profit fall despite cycling boom

Halfords today said booming demand for cycling products had boosted revenue during the coronavirus outbreak but warned of a fall in profit for the second half of the year .
The car parts retailer reported a five per cent rise in like-for-like revenue in the 20-weeks to 21 August .
This was driven by a sharp rise in cycling sales , which jumped nearly 60 per cent over the period as Brits turned to alternative forms of transport during the lockdown .
Halfords forecast pre-tax profit of between £35m and £40m in the first half of the year based on @ @ @ @ @ @ @ retailer warned that sales in the second half of the year could be “ significantly lower ” due to the impact of Covid-19 alongside the standard dip in sales during the winter months .
The company also saw a sharp decline in its motoring retail sales , falling 28.6 per cent in the same period .
Shares in Halfords were down almost 3.5 per cent this morning , before recovering to a drop of just over two per cent shortly after midday .
Despite the Covid hit , Halfords said it was “ @ @ @ @ @ @ @ performance during the period ” , citing a rise of 160 per cent in overall online sales .
Chief executive Graham Stapleton said : “ Looking further ahead , we are confident in the long-term strategy of our business and in the growth prospects of the cycling and motoring markets in which we operate.
” Halfords said it was pressing on with plans to close 80 stores this year — equivalent to roughly 10 per cent of its store portfolio — in a bid to cut costs .
Read more : YouGov : @ @ @ @ @ @ @ wheels Sophie Lund-Yates , equity analyst at Hargreaves Lansdown , said : “ While the airlines have been desperate for UK holidaymakers to get back in the sky , Halfords has been reaping the rewards of a nation taking to the roads in search of a getaway .
But she warned cycling was not as profitable for the company as other parts of the business .
“ So while it ’ s great to see the group capitalising on new consumer trends , it ’ s not immediately going to be perfect news @ @ @ @ @ @

Halfords warns of profit fall despite cycling boom
Halfords today said booming demand for cycling products had boosted revenue during the coronavirus outbreak but warned of a fall in profit for the second half of the year.
The car parts retailer reported a five per cent rise in like-for-like revenue in the 20-weeks to 21 August.
This was driven by a sharp rise in cycling sales, which jumped nearly 60 per cent over the period as Brits turned to alternative forms of transport during the lockdown.
Halfords forecast pre-tax profit of between £35m and £40m in the first half of the year based on expected demand in September.
But the retailer warned that sales in the second half of the year could be “significantly lower” due to the impact of Covid-19 alongside the standard dip in sales during the winter months.
The company also saw a sharp decline in its motoring retail sales, falling 28.6 per cent in the same period.
Shares in Halfords were down almost 3.5 per cent this morning, before recovering to a drop of just over two per cent shortly after midday.
Despite the Covid hit, Halfords said it was “pleased to have delivered a strong trading performance during the period”, citing a rise of 160 per cent in overall online sales.
Chief executive Graham Stapleton said: “Looking further ahead, we are confident in the long-term strategy of our business and in the growth prospects of the cycling and motoring markets in which we operate.”
Halfords said it was pressing on with plans to close 80 stores this year — equivalent to roughly 10 per cent of its store portfolio — in a bid to cut costs.
Sophie Lund-Yates, equity analyst at Hargreaves Lansdown, said: “While the airlines have been desperate for UK holidaymakers to get back in the sky, Halfords has been reaping the rewards of a nation taking to the roads in search of a getaway.
But she warned cycling was not as profitable for the company as other parts of the business.
“So while it’s great to see the group capitalising on new consumer trends, it’s not immediately going to be perfect news for the bottom line.”


cityam--2020-09-08--The creative sector is vital to London – we must save it before it is too late

Save our arts .
That is the rallying call .
It is a worthy one .
The UK ’ s creative sector is a dynamic part of the economy , but it has been among the areas hit hardest by the coronavirus crisis and looks likely to recover last .
While areas like retail and housing are rebounding solidly , the arts are prevented from returning to business as usual because of the vaccine gap and the necessary social distancing that entails .
Read more : Struggling to adapt ?
Look to the creative industries for inspiration This is threatening @ @ @ @ @ @ @ live music venues to orchestras .
The jobs of many creatives are at risk .
Worse may be to come .
Many local theatres , heavily dependent upon the financial windfall from a successful pantomime season , may not survive the winter .
The government has provided support , including an initial £1.57bn rescue plan .
As welcome as this is , it is insufficient and more help needs to be provided , as it has been in countries like Germany and France .
This is not like bailing out an ailing industry @ @ @ @ @ @ @ a thriving sector through an external shock and a vaccine gap phase , thus preventing lasting damage .
Ahead of the virus , the creative sector was one of the fastest growing parts of the economy in recent decades , generating jobs at twice the pace of the whole country .
In 2017 the independent Balzagette Review of the creative sector foresaw it adding an additional 1m net new jobs by 2030 .
As things currently stand those jobs are a distant hope .
The creative sector accounts for 5.8 per cent of @ @ @ @ @ @ @ in 2018 it added £111.7bn of gross value added .
This is made up of nine sub-sectors , from IT , software and computer services ( £45bn ) , to film , TV and radio ( £21bn ) , music and the performing and visual arts ( £9.2bn ) to crafts ( £300m ) .
From gaming in Dundee , festivals in Edinburgh to symphony orchestras in Birmingham and musicals in the West End it is a vibrant national industry .
The lockdown has also created an opportunity , as virtual content has @ @ @ @ @ @ @ has been exercised through the immediate reaction of online audiences .
The biggest horror movie success of the summer was Host , depicting an online zoom call that becomes possessed .
The challenge is not only to bring back physical venues but to monetise online content across the arts from concerts to comedy .
In this respect , The Creative Industries Federation recently produced an ideas packed report , Plan to Reimagine , including how to learn from video games , music , film and TV that already stream content via digital platforms @ @ @ @ @ @ @ creative sector ’ s economic might is not only in terms of the direct impact of income generated and jobs created .
One of many lessons from this crisis has been to highlight the significant indirect role that creative industries perform .
Although evident nationwide , this is perhaps recognised most in London .
It is the vital ecosystem of clubs , bars and theatres that make urban areas an exciting and desirable place to work and visit , as well as to live .
London without its workers , as we are @ @ @ @ @ @ @ .
But London ’ s uniqueness also owes much to its creative and cultural venues .
Without them it would be a soulless place to work .
It would start to lose its appeal .
This matters for London ’ s future post-Brexit , as its magnetism has helped support the City ’ s growth , cementing it as a great place to work for financiers from across the globe .
Relocations to London rarely meet with resistance .
The creative sector helps promote London globally , and in terms of soft power @ @ @ @ @ @ @ ranks second only to the US .
Read more : London theatres call for ticket discount scheme to revive West End Thus , the vaccine gap is not the only challenge facing the creative sector .
Another is the absence of workers who might decide to go out after work to bars , clubs and comedy venues .
Returning to the office will help the arts just as its survival will help the City ’ s future .
The virus has highlighted the strong symbiotic relationship between the creative sector and the City @ @ @ @ @ @ @ .

The creative sector is vital to London – we must save it before it is too late
From West End theatres to live music venues, London’s arts scene has been shut down due to coronavirus
Save our arts. That is the rallying call. It is a worthy one. The UK’s creative sector is a dynamic part of the economy, but it has been among the areas hit hardest by the coronavirus crisis and looks likely to recover last.
While areas like retail and housing are rebounding solidly, the arts are prevented from returning to business as usual because of the vaccine gap and the necessary social distancing that entails.
This is threatening a broad range of cultural treasures from live music venues to orchestras. The jobs of many creatives are at risk. Worse may be to come. Many local theatres, heavily dependent upon the financial windfall from a successful pantomime season, may not survive the winter.
The government has provided support, including an initial £1.57bn rescue plan. As welcome as this is, it is insufficient and more help needs to be provided, as it has been in countries like Germany and France.
This is not like bailing out an ailing industry. Further government finance would be supporting a thriving sector through an external shock and a vaccine gap phase, thus preventing lasting damage.
Ahead of the virus, the creative sector was one of the fastest growing parts of the economy in recent decades, generating jobs at twice the pace of the whole country.
In 2017 the independent Bazalgette Review of the creative sector foresaw it adding an additional 1m net new jobs by 2030. As things currently stand those jobs are a distant hope.
The creative sector accounts for 5.8 per cent of the economy. Latest data shows that in 2018 it added £111.7bn of gross value added. This is made up of nine sub-sectors, from IT, software and computer services (£45bn), to film, TV and radio (£21bn), music and the performing and visual arts (£9.2bn) to crafts (£300m).
From gaming in Dundee, festivals in Edinburgh to symphony orchestras in Birmingham and musicals in the West End it is a vibrant national industry.
The lockdown has also created an opportunity, as virtual content has removed barriers to entry while quality control has been exercised through the immediate reaction of online audiences. The biggest horror movie success of the summer was Host, depicting an online zoom call that becomes possessed.
The challenge is not only to bring back physical venues but to monetise online content across the arts from concerts to comedy. In this respect, The Creative Industries Federation recently produced an ideas packed report, Plan to Reimagine, including how to learn from video games, music, film and TV that already stream content via digital platforms or via aggregators.
Importantly, the creative sector’s economic might is not only in terms of the direct impact of income generated and jobs created. One of many lessons from this crisis has been to highlight the significant indirect role that creative industries perform.
Although evident nationwide, this is perhaps recognised most in London.
It is the vital ecosystem of clubs, bars and theatres that make urban areas an exciting and desirable place to work and visit, as well as to live. London without its workers, as we are seeing, is like a ghost town. But London’s uniqueness also owes much to its creative and cultural venues. Without them it would be a soulless place to work. It would start to lose its appeal.
This matters for London’s future post-Brexit, as its magnetism has helped support the City’s growth, cementing it as a great place to work for financiers from across the globe. Relocations to London rarely meet with resistance.
The creative sector helps promote London globally, and in terms of soft power, the UK’s cultural influence ranks second only to the US.
Thus, the vaccine gap is not the only challenge facing the creative sector. Another is the absence of workers who might decide to go out after work to bars, clubs and comedy venues. Returning to the office will help the arts just as its survival will help the City’s future.
The virus has highlighted the strong symbiotic relationship between the creative sector and the City. We must ensure both rebound intact.
Dr Gerard Lyons is chief economic strategist at Netwealth


cityam--2020-09-08--Easyjet to reduce flying capacity amid quarantine chaos

Budget carrier Easyjet today said that it would reduce flying capacity for the fourth quarter due to changes to the UK ’ s quarantine regime .
In a statement , the airline said that the “ constantly evolving ” restrictions , including yesterday ’ s decision to add seven Greek islands to the “ red list ” , was “ negatively affecting ” customer confidence .
Read more : Ryanair passenger numbers down 50 per cent amid quarantine chaos As a result , Easyjet said it would fly at slightly less than the 40 per cent capacity that it had @ @ @ @ @ @ @ the result of continued schedule thinning as we continue to focus on profitable flying ” , it said .
It also added that it would not provide any forward looking guidance due to the constant changes to the quarantine policy .
Shares in Easyjet fell 6.1 per cent on the back of the announcement .
Susannah Streeter , senior investment and markets analyst , Hargreaves Lansdown : “ Just a month ago sunseekers appeared to be providing an unexpected boost to the firm ’ s performance , and the firm ’ s forecast @ @ @ @ @ @ @ 30 per cent to around 40 per cent , but now easyJet says with such an uncertain outlook it can ’ t provide any further financial guidance .
“ The move shows what a desperate position airlines are in at the moment , as they grapple with the continued fear of virus contagion and shifting government policies.
” Chief executive Johan Lundgren said : “ We know our customers are as frustrated as we are with the unpredictable travel and quarantine restrictions .
“ We called on the government to opt for a @ @ @ @ @ @ @ structured system of quarantine many weeks ago so customers could make travel plans with confidence.
” The UK ’ s airlines have been up in arms over the government ’ s quarantine policy , which has seen the list of countries to which travellers can go without needing to self-isolate for 14 days be gradually whittled away since “ travel corridors ” were introduced in July .
Before the Open newsletter : Start your day with the City View podcast and key market data The majority of the most popular European holiday destinations @ @ @ @ @ @ @ and now Greek islands such as Mykonos and Zante , have all had restrictions reimposed , as well as several Caribbean islands .
With the airlines industry now about to enter the unprofitable winter period , Lundgren called on the government to provide sector-specific support to keep airlines afloat over the coming months .
“ We again call on the Government to provide sector specific support for aviation which needs to take the form of a broad package of measures including the removal of Air Passenger Duty for at least 12 months , @ @ @ @ @ @ @ along with continuation of the slot rule waiver ” , he said .
“ These steps will support the retention of skills in the sector – all of which would support jobs and promote connectivity.
” Yesterday it was revealed that ministers would unveil a plan to speed the recovery of the sector over the autumn , but MPs warned that it “ could not come soon enough ” for the troubled industry .
Read more : UK working on reducing quarantine restrictions , says Matt Hancock Lawmakers will debate the issue on @ @ @ @ @ @ @ with backbench Tory MPs widely expected to voice their concerns over the speed with which such help has been rolled out .
Back in March , chancellor Rishi Sunak said that the aviation industry would be in line for specific support , but details of any such help have as yet been few and far between .

Easyjet to reduce flying capacity amid quarantine chaos
Budget carrier Easyjet today said that it would reduce flying capacity for the fourth quarter due to changes to the UK’s quarantine regime.
In a statement, the airline said that the “constantly evolving” restrictions, including yesterday’s decision to add seven Greek islands to the “red list”, was “negatively affecting” customer confidence.
As a result, Easyjet said it would fly at slightly less than the 40 per cent capacity that it had previously been targeting.
“This is the result of continued schedule thinning as we continue to focus on profitable flying”, it said.
It also added that it would not provide any forward looking guidance due to the constant changes to the quarantine policy. Shares in Easyjet fell 6.1 per cent on the back of the announcement.
Susannah Streeter, senior investment and markets analyst, Hargreaves Lansdown: “Just a month ago sunseekers appeared to be providing an unexpected boost to the firm’s performance, and the firm’s forecast was for an upgrade in capacity from 30 per cent to around 40 per cent, but now easyJet says with such an uncertain outlook it can’t provide any further financial guidance.
“The move shows what a desperate position airlines are in at the moment, as they grapple with the continued fear of virus contagion and shifting government policies.”
Chief executive Johan Lundgren said: “We know our customers are as frustrated as we are with the unpredictable travel and quarantine restrictions.
“We called on the government to opt for a targeted, regionalised and more predictable and structured system of quarantine many weeks ago so customers could make travel plans with confidence.”
The UK’s airlines have been up in arms over the government’s quarantine policy, which has seen the list of countries to which travellers can go without needing to self-isolate for 14 days be gradually whittled away since “travel corridors” were introduced in July.
Before the Open newsletter: Start your day with the City View podcast and key market data
The majority of the most popular European holiday destinations, including Spain, France, Croatia and now Greek islands such as Mykonos and Zante, have all had restrictions reimposed, as well as several Caribbean islands.
Easyjet repeats calls for state support
With the airlines industry now about to enter the unprofitable winter period, Lundgren called on the government to provide sector-specific support to keep airlines afloat over the coming months.
“We again call on the Government to provide sector specific support for aviation which needs to take the form of a broad package of measures including the removal of Air Passenger Duty for at least 12 months, the alleviation of Air Traffic Control charges along with continuation of the slot rule waiver”, he said.
“These steps will support the retention of skills in the sector – all of which would support jobs and promote connectivity.”
Yesterday it was revealed that ministers would unveil a plan to speed the recovery of the sector over the autumn, but MPs warned that it “could not come soon enough” for the troubled industry.
Lawmakers will debate the issue on Thursday in the House of Commons, with backbench Tory MPs widely expected to voice their concerns over the speed with which such help has been rolled out.
Back in March, chancellor Rishi Sunak said that the aviation industry would be in line for specific support, but details of any such help have as yet been few and far between.


cityam--2020-09-08--Oil prices fall to lowest levels since July amid signs of stalling demand

Global oil prices fell to their lowest levels since the start of July this morning amid fears that demand is stalling as coronavirus infections surge around the world .
Worldwide standard Brent crude fell over two per cent to trade at $ 41.13 , the lowest it has changed hands in two months .
US benchmark West Texas Intermediate fell even more , shedding 4.2 per cent to trade around the $ 38 mark .
The declines marked the fifth straight session in which oil prices have fallen , with the steady increase since May ’ s historic lows now @ @ @ @ @ @ @ rate of new infections continues to grow are behind the falls , with rising numbers of cases reported in the UK , US and India yesterday .
According to Rystad Energy oil markets analyst Paola Rodriguez-Masiu , “ today ’ s oil price move is a clear sign that the market now seriously worries about the future of oil demand and not just plays a bearish-bullish daily trading game that sends prices swinging ” .
Before the Open newsletter : Start your day with the City View podcast and key market data “ @ @ @ @ @ @ @ a stalling crude demand outlook for the rest of the year , with rising cases of Covid-19 and the end of the summer driving season in the US , as well as , Asian refineries putting on breaks ” , she added .
“ Further deterioration of relations between the world ’ s first and second economies send additional chills to the market , with President Trump stating that he intends to “ decouple ” US economy from China.
” Yesterday Saudi Arabia ’ s state oil company Aramco cut October ’ s @ @ @ @ @ @ @ analysts said was a sign that demand was stuttering .
Read more : Oil prices fall on oversupply and US jobless data Producer cartel Opec will meet next week to discuss the state of the market , which it is currently propping up through record production curbs .
It reduced the caps from 9.7m barrels per day to 8.5m barrels per day in August on hopes that demand would continue to rise as global economies came out of lockdown .

Oil prices fall to lowest levels since July amid signs of stalling demand
Global oil prices fell to their lowest levels since the start of July this morning amid fears that demand is stalling as coronavirus infections surge around the world.
Worldwide standard Brent crude fell over two per cent to trade at $41.13, the lowest it has changed hands in two months.
US benchmark West Texas Intermediate fell even more, shedding 4.2 per cent to trade around the $38 mark.
The declines marked the fifth straight session in which oil prices have fallen, with the steady increase since May’s historic lows now being gradually eroded.
Concerns that the rate of new infections continues to grow are behind the falls, with rising numbers of cases reported in the UK, US and India yesterday.
According to Rystad Energy oil markets analyst Paola Rodriguez-Masiu, “today’s oil price move is a clear sign that the market now seriously worries about the future of oil demand and not just plays a bearish-bullish daily trading game that sends prices swinging”.
Before the Open newsletter: Start your day with the City View podcast and key market data
“The streak of losses is driven by a stalling crude demand outlook for the rest of the year, with rising cases of Covid-19 and the end of the summer driving season in the US, as well as, Asian refineries putting on breaks”, she added.
“Further deterioration of relations between the world’s first and second economies send additional chills to the market, with President Trump stating that he intends to “decouple” US economy from China.”
Yesterday Saudi Arabia’s state oil company Aramco cut October’s selling prices for light oil, which analysts said was a sign that demand was stuttering.
Producer cartel Opec will meet next week to discuss the state of the market, which it is currently propping up through record production curbs.
It reduced the caps from 9.7m barrels per day to 8.5m barrels per day in August on hopes that demand would continue to rise as global economies came out of lockdown.


cityam--2020-09-08--Tiktok joins EU conduct code on hate speech as graphic video continues to circulate

Tiktok has this morning signed up to the EU ’ s code of conduct on hate speech , as it struggles to contain the spread of a graphic video on its platform .
The video , which shows a person committing suicide , has been circulating on the app since Sunday night .
Tiktok said it is working to remove all posts featuring graphic footage , and is banning any user account that uploads the content .
Read more : Tiktok ‘ nears deal ’ for sale of US operations after chief exec quits The code of conduct , which @ @ @ @ @ @ @ disinformation and illegal hate speech online , is also signed by Facebook , Microsoft , Twitter , Google ’ s Youtube and Snapchat .
“ It ’ s good that Tiktok joined the code — a company favoured by young users who are particularly vulnerable to online abuse and illegal hate speech , ” said European Commission vice president for values and transparency Vera Jourova .
“ Of course , I expect Tiktok to adhere not only to the code ’ s principles , but also fully respect European law when operating on @ @ @ @ @ @ @ question was first livestreamed on Facebook , before being uploaded elsewhere .
Read more : Tiktok removed more than 49m videos for content violations in six months Facebook said it removed the original video from its platform on 31 August , and has been using automated bots to remove copies since that time .
Tiktok updated its own content moderation systems late last year , labelling videos that are removed by the company with the policy category they violated .

Tiktok joins EU conduct code on hate speech as graphic video continues to circulate
Tiktok has this morning signed up to the EU’s code of conduct on hate speech, as it struggles to contain the spread of a graphic video on its platform.
The video, which shows a person committing suicide, has been circulating on the app since Sunday night.
Tiktok said it is working to remove all posts featuring graphic footage, and is banning any user account that uploads the content.
The code of conduct, which was set up in 2016 to combat disinformation and illegal hate speech online, is also signed by Facebook, Microsoft, Twitter, Google’s Youtube and Snapchat.
“It’s good that Tiktok joined the code — a company favoured by young users who are particularly vulnerable to online abuse and illegal hate speech,” said European Commission vice president for values and transparency Vera Jourova.
“Of course, I expect Tiktok to adhere not only to the code’s principles, but also fully respect European law when operating on European soil.”
The graphic clip in question was first livestreamed on Facebook, before being uploaded elsewhere.
Facebook said it removed the original video from its platform on 31 August, and has been using automated bots to remove copies since that time.
Tiktok updated its own content moderation systems late last year, labelling videos that are removed by the company with the policy category they violated.


cityam--2020-09-08--Earthquake measuring 3.3 magnitude felt in southern England

A small earthquake hit south-east England this morning , the British Geological Survey has confirmed .
Reports suggest a 3.3 magnitude earthquake at a depth of 10km occurred in Leighton Buzzard , Bedfordshire around 8.45am .
Read more : Cuadrilla : More fracking this year in Lancashire unlikely after earthquake “ We are getting reports of an earthquake in the Bedfordshire area , ” the British Geological Survey wrote in a tweet .
“ We are currently investigating this event and will post again shortly with an update.
” Bedfordshire Police also provided an update , tweeting : “ We @ @ @ @ @ @ @ injuries or major structural damage.
” One person in Aston Clinton , Buckinghamshire , said : “ Just felt a huge shockwave through my house and the walls shook.
” Meanwhile in Milton Keynes , one eyewitness reported that the earthquake lasted “ about 2 seconds , felt like something very heavy striking the house .
“ Sitting upstairs , desk shook and moved side to side , work chair moved side to side.
” Another Twitter user wrote : “ Started with a bang .
The whole house jumped .
Very short-lived @ @ @ @ @ @ @ feeling the effects of the tremor came from Luton , Aylesbury and Hertfordshire .
The British Geological Survey tweeted a link to its so-called felt report questionnaire , asking for more information on the earthquake .

Earthquake measuring 3.3 magnitude felt in southern England
A small earthquake hit south-east England this morning, the British Geological Survey has confirmed.
Reports suggest a 3.3 magnitude earthquake at a depth of 10km occurred in Leighton Buzzard, Bedfordshire around 8.45am.
“We are getting reports of an earthquake in the Bedfordshire area,” the British Geological Survey wrote in a tweet. “We are currently investigating this event and will post again shortly with an update.”
Bedfordshire Police also provided an update, tweeting: “We have currently received no reports of any injuries or major structural damage.”
Numerous social media users across southeast England shared their experiences.
One person in Aston Clinton, Buckinghamshire, said: “Just felt a huge shockwave through my house and the walls shook.”
Meanwhile in Milton Keynes, one eyewitness reported that the earthquake lasted “about 2 seconds, felt like something very heavy striking the house.
“Sitting upstairs, desk shook and moved side to side, work chair moved side to side.”
Another Twitter user wrote: “Started with a bang. The whole house jumped. Very short-lived, though.”
Other reports from locals feeling the effects of the tremor came from Luton, Aylesbury and Hertfordshire.
The British Geological Survey tweeted a link to its so-called felt report questionnaire, asking for more information on the earthquake.


cityam--2020-09-08--Two City professional bodies to share Walkie Talkie office space in home working drive

Two of the City ’ s biggest financial services professional bodies will share an office in the Walkie Talkie as they seek to downsize their property footprints as part of a home working drive following the coronavirus lockdown .
The Chartered Institute for Securities & Investment ( CISI ) and the Chartered Insurance Institute ( CII ) will share a floor at 20 Fenchurch Street from early next year .
The professional bodies said they had reviewed their property footprints during the coronavirus pandemic after deciding the option to work from home boosts “ productivity and well-being ” .
The @ @ @ @ @ @ @ working and office working for its London-based staff .
Meanwhile the CII had already launched an “ Anytime Anywhere ” approach to working .
The organisation will vacate its offices in Lombard Street and South Woodford by the end of the year .
The coronavirus pandemic has accelerated a shift towards remote working after all employees were told to work from home during the pandemic .
However concerns have been raised that the move away from office working could have a negative impact on city centre businesses that rely on the daily influx @ @ @ @ @ @ @ week said home working could cost the UK economy up to £15.3bn a year due to the knock-on effect on office cleaners and security guards as well as nearby cafes and coffee shops .
CISI chief executive Simon Culhane said : “ This is collaboration and cooperation in action and a great opportunity for both organisations .
During 2020 we have learnt the benefits of our staff being able to work remotely and how this positively contributes to productivity and well-being .
“ Therefore we have taken a decision to remodel our existing @ @ @ @ @ @ @ on our floor .
We are delighted that this has offered us this positive new opportunity.
” The CISI will remodel its existing space in the Walkie Talkie to create a new physically separate office for the CII , with a five year lease .
The skyscraper will be the headquarters for both organisations , which will remain legally separate .
Read more : Pret a Manger boss says shift to home working will become permanent “ The Walkie Talkie will be a modern and dynamic business hub for us , which meets @ @ @ @ @ @ @ community space for staff and visitors , both on our floor and from other features of the building like the Mezzanine and Sky Garden , ” Sian Fisher , CII chief executive , added .
“ We look forward to being neighbours of our sister professional body CISI from 2021 .
”

Two City professional bodies to share Walkie Talkie office space in home working drive
Two of the City’s biggest financial services professional bodies will share an office in the Walkie Talkie as they seek to downsize their property footprints as part of a home working drive following the coronavirus lockdown.
The Chartered Institute for Securities & Investment (CISI) and the Chartered Insurance Institute (CII) will share a floor at 20 Fenchurch Street from early next year.
The professional bodies said they had reviewed their property footprints during the coronavirus pandemic after deciding the option to work from home boosts “productivity and well-being”.
The CISI will offer a split between remote working and office working for its London-based staff.
Meanwhile the CII had already launched an “Anytime Anywhere” approach to working. The organisation will vacate its offices in Lombard Street and South Woodford by the end of the year.
The coronavirus pandemic has accelerated a shift towards remote working after all employees were told to work from home during the pandemic.
However concerns have been raised that the move away from office working could have a negative impact on city centre businesses that rely on the daily influx of commuters.
Accountancy firm PwC last week said home working could cost the UK economy up to £15.3bn a year due to the knock-on effect on office cleaners and security guards as well as nearby cafes and coffee shops.
CISI chief executive Simon Culhane said: “This is collaboration and cooperation in action and a great opportunity for both organisations. During 2020 we have learnt the benefits of our staff being able to work remotely and how this positively contributes to productivity and well-being.
“Therefore we have taken a decision to remodel our existing property footprint by creating two separate offices on our floor. We are delighted that this has offered us this positive new opportunity.”
The CISI will remodel its existing space in the Walkie Talkie to create a new physically separate office for the CII, with a five year lease.
The skyscraper will be the headquarters for both organisations, which will remain legally separate.
“The Walkie Talkie will be a modern and dynamic business hub for us, which meets the evolving needs of our organisation with community space for staff and visitors, both on our floor and from other features of the building like the Mezzanine and Sky Garden,” Sian Fisher, CII chief executive, added.
“We look forward to being neighbours of our sister professional body CISI from 2021.”


cityam--2020-09-08--Fortnite rival PUBG cuts ties with China's Tencent in India

The owner of Playerunknown Battlegrounds , also known as PUBG , is to sever a publishing deal with Chinese giant Tencent for its game in India , in an effort to get around the government ’ s ban of its app in the country .
South Korean firm PUBG Corporation said today it will no longer give Tencent Games the rights to publish its popular mobile game in India .
PUBG is an online multiplayer game using a so-called battle royale format , popularised by rival Fortnite .
Read more : Bytedance weighs selling stake in Tiktok ’ s Indian @ @ @ @ @ @ @ The announcement follows after India banned the game along with 117 other Chinese apps last week , as tensions between the two countries mount over border tensions in the Himalayas .
Other apps currently banned in India include short-form video app Tiktok , which is in negotiations with the Indian government about a return to local app stores .
“ Moving forward , PUBG Corporation will take on all publishing responsibilities within the country , ” the company said , as it explores ways to bring the game back to Indian users .
@ @ @ @ @ @ @ App Store after challenge to payment rules India was PUBG ’ s biggest market , with more than 175m downloads and representing approximately a quarter of its global user base , according to data from Sensortower .
Tencent did not immediately respond to a request for comment .

Fortnite rival PUBG cuts ties with China’s Tencent in India
The owner of Playerunknown Battlegrounds, also known as PUBG, is to sever a publishing deal with Chinese giant Tencent for its game in India, in an effort to get around the government’s ban of its app in the country.
South Korean firm PUBG Corporation said today it will no longer give Tencent Games the rights to publish its popular mobile game in India.
PUBG is an online multiplayer game using a so-called battle royale format, popularised by rival Fortnite.
The announcement follows after India banned the game along with 117 other Chinese apps last week, as tensions between the two countries mount over border tensions in the Himalayas.
Other apps currently banned in India include short-form video app Tiktok, which is in negotiations with the Indian government about a return to local app stores.
“Moving forward, PUBG Corporation will take on all publishing responsibilities within the country,” the company said, as it explores ways to bring the game back to Indian users.
India was PUBG’s biggest market, with more than 175m downloads and representing approximately a quarter of its global user base, according to data from Sensortower.
Tencent did not immediately respond to a request for comment.


cityam--2020-09-08--Brexit: Top UK civil service lawyer quits over Downing Street row

The chief of the government ’ s legal department has resigned over Boris Johnson ’ s plans to alter some of the terms of the Brexit withdrawal agreement .
Jonathan Jones , the Treasury ’ s solicitor and permanent secretary of the Government Legal Department , reportedly resigned his position after a row with Downing Street over suggestions that Johnson was preparing to breach the withdrawal agreement .
Downing Street yesterday said it was only making some “ clarifications ” to the deal around rules concerning the classification of goods shipped between Great Britain and Northern Ireland .
EU chief @ @ @ @ @ @ @ potential row back on the deal would see trade talks between Brussels and the UK break down .
Two Whitehall officials told the Financial Times today that Jones was “ very unhappy ” about Downing Street ’ s plan to override parts of the withdrawal agreement .
His departure makes him the sixth leading civil servant to quit this year as Johnson ’ s war against Whitehall continues .
The Prime Minister ’ s official spokesman yesterday denied that the “ clarifications ” of the withdrawal agreement amounted to tearing up the treaty @ @ @ @ @ @ @ was still committed to the agreement with the EU .
Northern Ireland will remain in a customs union with the EU after the end of the post-Brexit transition period on 31 December , while Great Britain will not .
This means that some goods will require checks and customs declaration forms when going between Great Britain and Northern Ireland .
The proposed clarifications revolve around goods that are deemed to be “ at risk ” of entering the EU ’ s single market , after they are sent from Great Britain to Northern @ @ @ @ @ @ @ the EU chooses which goods are deemd to be “ at risk ” , but the UK government is seeking to amend this so it can unilaterally decide what goods are “ at risk ” .
The changes would only come into place if the UK left the EU on a no-deal basis at the end of the year .
Johnson yesterday set a new deadline of 15 October for a trade deal to be completed between the two sides , adding that a no-deal exit would be “ a good outcome ” @ @ @ @ @ @ @ market and customs union on 31 December .
Read more : Brexit : UK ‘ won ’ t blink ’ in EU trade talks , says chief negotiator If it leaves without a deal then trade barriers , like tariffs and quotas , will immediately be erected between the EU and UK .
This would lead to more expensive prices for European goods in the UK and an inevitable decrease in British exports sent to EU countries .

Brexit: Top UK civil service lawyer quits over Downing Street row
The chief of the government’s legal department has resigned over Boris Johnson’s plans to alter some of the terms of the Brexit withdrawal agreement.
Jonathan Jones, the Treasury’s solicitor and permanent secretary of the Government Legal Department, reportedly resigned his position after a row with Downing Street over suggestions that Johnson was preparing to breach the withdrawal agreement.
Downing Street yesterday said it was only making some “clarifications” to the deal around rules concerning the classification of goods shipped between Great Britain and Northern Ireland.
EU chief negotiator Michel Barnier warned Johnson that any potential row back on the deal would see trade talks between Brussels and the UK break down.
Two Whitehall officials told the Financial Times today that Jones was “very unhappy” about Downing Street’s plan to override parts of the withdrawal agreement.
His departure makes him the sixth leading civil servant to quit this year as Johnson’s war against Whitehall continues.
The Prime Minister’s official spokesman yesterday denied that the “clarifications” of the withdrawal agreement amounted to tearing up the treaty.
He also said the Prime Minister was still committed to the agreement with the EU.
Northern Ireland will remain in a customs union with the EU after the end of the post-Brexit transition period on 31 December, while Great Britain will not.
This means that some goods will require checks and customs declaration forms when going between Great Britain and Northern Ireland.
The proposed clarifications revolve around goods that are deemed to be “at risk” of entering the EU’s single market, after they are sent from Great Britain to Northern Ireland.
The withdrawal agreement says that the EU chooses which goods are deemd to be “at risk”, but the UK government is seeking to amend this so it can unilaterally decide what goods are “at risk”.
The changes would only come into place if the UK left the EU on a no-deal basis at the end of the year.
Johnson yesterday set a new deadline of 15 October for a trade deal to be completed between the two sides, adding that a no-deal exit would be “a good outcome”.
The UK leaves the EU single market and customs union on 31 December.
Read more: Brexit: UK ‘won’t blink’ in EU trade talks, says chief negotiator
If it leaves without a deal then trade barriers, like tariffs and quotas, will immediately be erected between the EU and UK.
This would lead to more expensive prices for European goods in the UK and an inevitable decrease in British exports sent to EU countries.