cityam--2020-04-24--UK hospital coronavirus deaths rise 684 to 19,506

UK coronavirus deaths recorded in hospitals rose another 684 today to hit 19,506 in total so far .
Department for Health data showed another 5,386 people have tested positive for coronavirus to bring the total to 143,464 .
It would now take 17 days for coronavirus infections to double , compared to just six days over Easter .
Most of the UK coronavirus deaths reported today were people with underlying health conditions , and the youngest was aged 40 .
The 684 figure follows yesterday ’ s death toll of 616 .
It is the second day running that deaths @ @ @ @ @ @ @ is lower than Tuesday ’ s 823 total .
It is just a quarter of the way to reaching its target of 100,000 daily coronavirus tests by the end of the month with under a week to go .
Earlier today the government ’ s site for coronavirus tests for essential workers closed hours after its launch when it ran out of test kits .
Read more : Government ’ s coronavirus website runs out of tests within minutes “ We ’ ve issued today ’ s allocation of home test kits , @ @ @ @ @ @ @ s site read .
“ If you need a home test kit check back here tomorrow , when more will be available .
You can continue if you ’ re able to visit a drive through test centre.
” The home testing kits for coronavirus are meant to be for key workers and their families .

UK hospital coronavirus deaths rise 684 to 19,506
UK hospital coronavirus deaths rise 684 to 19,506
UK coronavirus deaths recorded in hospitals rose another 684 today to hit 19,506 in total so far.
Department for Health data showed another 5,386 people have tested positive for coronavirus to bring the total to 143,464.
It would now take 17 days for coronavirus infections to double, compared to just six days over Easter.
Most of the UK coronavirus deaths reported today were people with underlying health conditions, and the youngest was aged 40.
Earlier NHS England confirmed another 587 UK coronavirus deaths.
The 684 figure follows yesterday’s death toll of 616. It is the second day running that deaths have numbered below 700. And that is lower than Tuesday’s 823 total.
The government tested 18,401 Brits for coronavirus yesterday.
It is just a quarter of the way to reaching its target of 100,000 daily coronavirus tests by the end of the month with under a week to go.
Earlier today the government’s site for coronavirus tests for essential workers closed hours after its launch when it ran out of test kits.
“We’ve issued today’s allocation of home test kits,” a message on the government’s site read. “If you need a home test kit check back here tomorrow, when more will be available. You can continue if you’re able to visit a drive through test centre.”
The home testing kits for coronavirus are meant to be for key workers and their families.


cityam--2020-04-24--UK contact-tracing app launching 'within weeks' as RAF begins trials

The RAF is testing a contact-tracing app which the NHS will launch in the coming weeks , as part of efforts to ease the nationwide lockdown .
The contact-tracing app is part of a wider approach to track and test coronavirus .
The government plans to recruit 18,000 people , including 3,000 health workers and specialists , to build and administer the initiative .
Read more : Government ’ s coronavirus website runs out of tests within minutes Contact tracing is a process that aims to reduce the transmission of the virus by alerting people who may have been exposed @ @ @ @ @ @ @ themselves .
“ The more people who sign up for this new app when it goes live , the better informed our response will be and the better we can therefore protect the NHS , ” health secretary Matt Hancock said this week .
The app will use Bluetooth signals to log when smartphone owners are close to each other .
It sends alert to users if they have come into contact with someone who then develops coronavirus symptoms .
The chief executive of the NHS ’ digital innovation unit NHSX , said @ @ @ @ @ @ @ action to take if you have been in close proximity to someone who has become symptomatic .
Matthew Gould added that in future releases of the app , people can provide the NHS with extra information about themselves to help identify hotspots .
The NHS is currently testing the contact-tracing app at a Royal Air Force base in North Yorkshire .
RAF Leeming set up a scenario designed to simulate people ’ s experience of going shopping , using Bluetooth low energy signals to log when two phones were near each other .
@ @ @ @ @ @ @ coronavirus website ran out of tests for essential workers within minutes .
Get the news as it happens by following City A.M. on Twitter .

UK contact-tracing app launching ‘within weeks’ as RAF begins trials
(Photo by TOLGA AKMEN/AFP via Getty Images)
The RAF is testing a contact-tracing app which the NHS will launch in the coming weeks, as part of efforts to ease the nationwide lockdown.
The contact-tracing app is part of a wider approach to track and test coronavirus. The government plans to recruit 18,000 people, including 3,000 health workers and specialists, to build and administer the initiative.
Contact tracing is a process that aims to reduce the transmission of the virus by alerting people who may have been exposed so they can take action to protect themselves.
“The more people who sign up for this new app when it goes live, the better informed our response will be and the better we can therefore protect the NHS,” health secretary Matt Hancock said this week.
The app will use Bluetooth signals to log when smartphone owners are close to each other. It sends alert to users if they have come into contact with someone who then develops coronavirus symptoms.
The chief executive of the NHS’ digital innovation unit NHSX, said the contact-tracing app will advise people what action to take if you have been in close proximity to someone who has become symptomatic.
Matthew Gould added that in future releases of the app, people can provide the NHS with extra information about themselves to help identify hotspots.
The NHS is currently testing the contact-tracing app at a Royal Air Force base in North Yorkshire. RAF Leeming set up a scenario designed to simulate people’s experience of going shopping, using Bluetooth low energy signals to log when two phones were near each other.
Earlier today, the government’s coronavirus website ran out of tests for essential workers within minutes.
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-04-25--How badly will coronavirus hit UK house prices in 2020?

UK house prices could fall by as much as 10 per cent this year due to the impact of coronavirus , experts predict .
UK house prices had started to recover from uncertainty caused by Brexit at the end of 2019 .
And the so-called Boris bounce from the Tories ’ election victory in December set the market up for a strong start to 2020 .
But then coronavirus came along , sending the UK into lockdown – meaning buyers couldn ’ t visit houses , a fairly crucial step when moving house .
The dramatic economic hit has also @ @ @ @ @ @ @ purchases right now .
While the impact of the coronavirus outbreak on UK house prices is not yet fully understood , analysts believe they will dip in the second and third quarters of 2020 .
The latest Rightmove research published this week showed the average price of property coming to market this month dipped 0.2 per cent to £311,950 .
By contrast , in April last year UK house prices increased 2.1 per cent .
The property platform said there is not a “ functioning [ housing ] market ” due to the @ @ @ @ @ @ @ “ almost impossible ” .
Meanwhile , figures published this week by the Land Registry and the Office for National Statistics showed inflation fell back to 1.1 per cent in February after climbing to an eight-month high of 1.5 per cent in January .
What will happen to house prices in 2020 ?
Analyst predictions on the impact of coronavirus on UK house prices vary due to the uncertainty surrounding the lockdown exit plan and the wider economic impact .
Listen to our daily City View podcast as we chart the economic fallout @ @ @ @ @ @ @ .
“ History tells us that house prices tend to fall when the economy shrinks as a result of falling output , ” says Richard Donnell , research director at property platform Zoopla .
“ [ This ] has a knock on impact for unemployment or higher borrowing costs – all things that can result in more ‘ forced sellers ’ .
” “ Thus the scale of the impact on house prices depends upon the scale of the economic impact from Covid-19.
” Savills : House price fall of up to 10 @ @ @ @ @ @ @ average UK house prices will fall between five per cent and 10 per cent in the short-term while the low transaction market caused by the coronavirus lockdown continues .
EY : House prices could fall five per cent Howard Archer , chief economist at EY Item Club , forecast that UK house prices could drop between three per cent to five per cent in the second and third quarters of 2020 .
Knight Frank : Prices to sink three per cent Meanwhile , Knight Frank predicted that average UK house prices will dip @ @ @ @ @ @ @ property values in London will fall two per cent .
Chesterton ’ s : House price drop of two per cent London estate agent Chesterton ’ s also estimated that house prices in the capital will fall two per cent in 2020 due to coronavirus .
When will UK house prices bounce back from coronavirus ?
Despite the gloomy outlook for house prices this year , most analysts believe the housing market could make a strong recovery by 2021 .
CBRE said that pent up demand in the period after the coronavirus crisis @ @ @ @ @ @ @ in activity ” in the housing market .
Knight Frank : London house prices to jump six per cent in 2021 Knight Frank forecast that London house prices will jump six per cent in 2021 , while Chestertons said it expected to see growth of three to four per cent in central London next year .
Despite forecasting a steep decline in UK house prices this year , Savills was more optimistic about the years ahead .
The estate agent ’ s analysts say mid-term price growth will be an average of 15 @ @ @ @ @ @ @ , with prime central London leading the recovery .
EY : House price recovery of two per cent in 2021 However , EY Item Club ’ s Archer was more cautious , saying UK house prices could grow by two per cent next year .
“ Given the impact on the economy from coronavirus , the likely substantial rise in unemployment and the impact on many people ’ s incomes , the housing market looks unlikely to return to the levels seen at the start of 2020 for some time , ” he @ @ @ @ @ @ @ ’ s Midday Update newsletter , delivered to your inbox every lunchtime

How badly will coronavirus hit UK house prices in 2020?
Property experts hope a stamp duty holiday and relaxed lockdown restrictions will protect UK house prices from a sharp coronavirus fall this year.
At the height of lockdown, experts predicted that UK house prices could fall by as much as 10 per cent this year due to the impact of coronavirus.
However, chancellor Rishi Sunak attempted to breathe new life into the property market by raising the stamp duty threshold from £125,000 to £500,000 until the end of March 2021.
According to the latest research by Rightmove, enquiries to agents for homes priced between £400,000 to £500,000 have surged 49 per cent since the stamp duty holiday announcement.
Only in April Rightmove had warned there was “not a functioning housing market” after buyers could not visit houses during lockdown.
And the dramatic economic hit has also made people more wary of making big purchases.
The coronavirus blow came just as UK house prices began to recover from uncertainty caused by Brexit at the end of 2019.
And property prices posted an annual fall for the first time since 2012 in June. They slipped 0.1 per cent year on year following a 1.8 per cent climb in May.
Nationwide data also showed values dropped 1.4 per cent month to month, with an average price of £216,406. Data published by Halifax showed that UK house prices fell for the fourth month in a row in June.
What will happen to UK house prices in 2020?
So can the stamp duty holiday protect UK house prices from coronavirus?
Here’s what economists predict will happen in 2020:
RICS: Fewer surveyors expect drop
A June survey by the Royal Institution of Chartered Surveyors (RICS) found a net balance of minus 12 per cent of respondents expected prices to fall in the coming three months. That compared to minus 43 per cent when respondents were asked in May.
The survey also found that buyers started to return to the market in June.
A net balance of 61 per cent of RICS members reported a rise in new buyer enquiries in June following a result of minus 94 per cent the previous month.
Halifax: Further falls ‘likely’
UK bank Halifax welcomed the government’s stamp duty cut.
However, most recently it announced that prices fell at their sharpest quarterly rate since 2009. And the property market’s value sank for four consecutive months for the first time since 2010.
Halifax house prices data shows the UK property market has been in decline since March (Credit: Halifax)
The bank expects further UK house price falls in the second half of the year.
“It’s hard to look past the downward risks to prices over the medium-term,” IHS Markit economics director Paul Smith said.
“On balance further price falls seem most likely in the second half of the year.”
EY: UK house prices face -3% fall
EY Item Club predicts UK house prices could fall around three per cent by the end of the year. That’s an improvement to its previous forecast of a five per cent drop.
Chief economist Howard Archer said Sunak’s decision to increase the stamp duty threshold would provide some “near-term support to housing market activity”.
“However, the EY ITEM Club suspects the upside for the housing market will be limited due to challenging fundamentals for consumers,” he added.
UK house prices’ fall could become more pronounced in the final months of the year, Archer predicts. That is when the UK could approach a cliff-edge end to its Brexit negotiations.
“There is likely to be a rise in unemployment,” Archer added. “[This] will not only adversely affect the fundamentals for house buyers, but also lead to caution when people are thinking about buying a house.”
Savills: London could fall -2%
Estate agent Savills predicts prime central London house prices will fall two per cent this year before returning to growth from 2021.
“It is clear that many overseas buyers are yet to return to the market,” Lucian Cook, Savills head of residential research, said.
“The pandemic has chipped away at the wealth of those who buy in these rarified markets and, given the impact on the global economy, weakened the prospects of global wealth generation,” he added.
“So, while we expect London to continue to attract safe haven investment as the market reopens fully, the rate of price growth will be slower than in previous upturns.”
Santander: House prices to fall -6%
Rishi Sunak sought to boost the property market by raising stamp duty to £500,000 in his mini-Budget over summer
Santander’s base case scenario predicts a six per cent drop in UK house prices this year.
The base case scenario would be a “short sharp recession” in the first half of the year. Then the bank predicts a slower recovery over the rest of the year and into 2021.
Brexit negotiations could lead to further uncertainty and dampening growth, the bank warned.
An upside scenario, which would involve a more comprehensive Brexit trade deal being negotiated, an extension to the negotiation process, or a Covid-19 vaccine, house prices would drop by 0.1 per cent.
Knight Frank: Prices to slump -7%
Knight Frank predicts UK house prices will fall seven per cent this year. They will then recover to grow three per cent next year.
It forecast prime central London property prices to drop by five per cent. But they could bounce back in 2021 with growth of eight per cent.
House prices in prime outer London locations are also expected to drop five per cent in 2020. A more modest two per cent growth rate is forecast for 2021, the estate agent said.
Barclays: House prices to rise 0.06%
Barclays’ baseline scenario is house price growth of 0.6 per cent this year, recovering to two per cent growth in 2020.
The bank’s expected worst point is a house price drop of 1.5 per cent, it said in its half-year financial results.


cityam--2020-04-25--Tory MPs to scrutinise UK’s relationship with China amid anger over Covid-19 response

Top Tory MPs have today launched a new research group aimed at reassessing the UK ’ s relationship with China amid concerns over the country ’ s handling of the coronavirus crisis .
The China Research Group will gather and share information on Chinese foreign and industrial policy , as well as its ownership and development of new technologies .
Read more : China says Wuhan coronavirus death toll 50 per cent higher than previously reported MPs said the new body would not be a campaigning group , but rather will aim to promote “ understanding , debate and fresh @ @ @ @ @ @ @ country ’ s growing influence .
Tom Tugendhat , chair of the influential foreign affairs committee , will lead the group while Neil O ’ Brien , a former economic adviser to Theresa May , will serve as secretary .
Tugendhat , in an exclusive column for City A.M. , says we must come to terms with “ vast swathes of the global economy under the control of a Communist Party that prioritises its own political survival above all else.
” Speaking to City A.M. , O ’ Brien said other European countries @ @ @ @ @ @ @ the UK in their discussions about how to approach Beijing .
“ We needed to create the organisation we ’ re setting up in order to spur this thinking , ” he said .
“ Coronavirus has crystallised our thinking that something is needed sooner than later.
” The group ’ s main areas of focus will be China ’ s strategic investments around the world and the dominance of state-backed companies , as well as the country ’ s development and ownership of new technology .
The government has come under fire @ @ @ @ @ @ @ Huawei to help build the UK ’ s 5G networks amid allegations its technology could be used for spying by authorities in Beijing .
MPs have also raised concerns about the transferral of intellectual property from the UK to China , such as an attempt earlier this month to take control of British chipmaker Imagination Technologies .
Further issues such as Beijing ’ s soft power over third countries through its Belt and Road Initiative , as well as alleged corruption , will also be examined .
While the China Research Group ’ @ @ @ @ @ @ @ , O ’ Brien said concerns had been “ crystallised ” by China ’ s handling of the Covid-19 outbreak .
A study by Hong Kong researchers this week revealed coronavirus cases in China may have been four times higher than official figures , with authorities accused of attempting to cover up the scale of the virus outbreak .
Tugendhat said China ’ s “ long pattern of information oppression ” had contributed to the unfolding crisis , as well as its provision of faulty equipment .
The UK reportedly spent £16m on @ @ @ @ @ @ @ found to be ineffective and inaccurate .
“ We know that the Chinese government is not actually looking to help people , otherwise they wouldn ’ t be sending out defective equipment , ” he told City A.M. “ Instead what they ’ re trying to do is create a potemkin medical assistance programme which has the illusion of helping in order to boost propaganda.
” China ’ s ambassador to the UK Liu Xiaoming has denied a cover-up by his country , accusing western politicians of using “ gunboat diplomacy ” to @ @ @ @ @ @ @ after Dr Alan Mendoza , executive director of the Henry Jackson society , warned China could be facing a reckoning for causing “ economic and health carnage around the world ” .
In a report published earlier this month , the foreign policy think tank predicted that lawsuits against China for breaching international health regulations could run up to at least £3.2 trillion from G7 nations alone .
Speaking on City A.M ’ s City View podcast , Mendoza said the crisis was sparking a “ sea change ” in public opinion towards @ @ @ @ @ @ @ chain and disinformation fallout outweighing trade benefits .
Read more : China ‘ using Covid cover ’ to seize control of Imagination Technologies “ Sometimes a crisis like this is the kind of way that you do see a realignment of political positioning , ” he said .
“ Taken in the round , I think that will lead to a long overdue reassessment of how China is viewed.
” Mendoza last night said the launch of the China Research Group was “ timed perfectly to reflect the wave of British public outrage @ @ @ @ @ @ @ there are significant costs , and not just benefits , to deeper ties with China , ” he said .
“ It is right that MPs now debate these with a view to reshaping a new relationship that cast not only in economic terms , but also strategic and values ones .
”

Tory MPs to scrutinise UK’s relationship with China amid anger over Covid-19 response
Top Tory MPs have today launched a new research group aimed at reassessing the UK’s relationship with China amid concerns over the country’s handling of the coronavirus crisis.
The China Research Group will gather and share information on Chinese foreign and industrial policy, as well as its ownership and development of new technologies.
MPs said the new body would not be a campaigning group, but rather will aim to promote “understanding, debate and fresh thinking” on issues related to the country’s growing influence.
Tom Tugendhat, chair of the influential foreign affairs committee, will lead the group while Neil O’Brien, a former economic adviser to Theresa May, will serve as secretary.
Tugendhat, in an exclusive column for City A.M., says we must come to terms with “vast swathes of the global economy under the control of a Communist Party that prioritises its own political survival above all else.”
Speaking to City A.M., O’Brien said other European countries such as Germany were more advanced than the UK in their discussions about how to approach Beijing.
“We needed to create the organisation we’re setting up in order to spur this thinking,” he said. “Coronavirus has crystallised our thinking that something is needed sooner than later.”
The group’s main areas of focus will be China’s strategic investments around the world and the dominance of state-backed companies, as well as the country’s development and ownership of new technology.
The government has come under fire for its decision to allow tech giant Huawei to help build the UK’s 5G networks amid allegations its technology could be used for spying by authorities in Beijing.
MPs have also raised concerns about the transferral of intellectual property from the UK to China, such as an attempt earlier this month to take control of British chipmaker Imagination Technologies.
Further issues such as Beijing’s soft power over third countries through its Belt and Road Initiative, as well as alleged corruption, will also be examined.
While the China Research Group’s focus goes beyond the current pandemic, O’Brien said concerns had been “crystallised” by China’s handling of the Covid-19 outbreak.
A study by Hong Kong researchers this week revealed coronavirus cases in China may have been four times higher than official figures, with authorities accused of attempting to cover up the scale of the virus outbreak.
Tugendhat said China’s “long pattern of information oppression” had contributed to the unfolding crisis, as well as its provision of faulty equipment.
The UK reportedly spent £16m on 2m Covid-19 home testing kits that were found to be ineffective and inaccurate.
“We know that the Chinese government is not actually looking to help people, otherwise they wouldn’t be sending out defective equipment,” he told City A.M.
“Instead what they’re trying to do is create a potemkin medical assistance programme which has the illusion of helping in order to boost propaganda.”
China’s ambassador to the UK Liu Xiaoming has denied a cover-up by his country, accusing western politicians of using “gunboat diplomacy” to “bully” China.
It comes after Dr Alan Mendoza, executive director of the Henry Jackson society, warned China could be facing a reckoning for causing “economic and health carnage around the world”.
In a report published earlier this month, the foreign policy think tank predicted that lawsuits against China for breaching international health regulations could run up to at least £3.2 trillion from G7 nations alone.
Speaking on City A.M’s City View podcast, Mendoza said the crisis was sparking a “sea change” in public opinion towards China, with the security, supply chain and disinformation fallout outweighing trade benefits.
“Sometimes a crisis like this is the kind of way that you do see a realignment of political positioning,” he said. “Taken in the round, I think that will lead to a long overdue reassessment of how China is viewed.”
Mendoza last night said the launch of the China Research Group was “timed perfectly to reflect the wave of British public outrage”.
“Coronavirus has reminded that there are significant costs, and not just benefits, to deeper ties with China,” he said.
“It is right that MPs now debate these with a view to reshaping a new relationship that cast not only in economic terms, but also strategic and values ones.”


cityam--2020-04-26--UK orders 50m coronavirus immunity tests

The UK has reportedly ordered up to 50m new coronavirus immunity tests which would help quickly assess if people could go back to work .
The Mail on Sunday reported that a team of British scientists were developing a test which could mean that by June people could reliably find out if they have developed immunity to coronavirus .
Read more : City grandees call for coronavirus lockdown to be eased The immunity tests have been developed by scientists at Oxford working for the state-backed rapid testing consortium .
Users of the £10 tests provide a pinprick of blood .
@ @ @ @ @ @ @ minutes the user knows they have antibodies .
One line means they are vulnerable to coronavirus or the test has failed .
According to the report , users would then take a picture of the results and submit it to a central unit which would enter their details into a database .
The consortium thinks it could produce up to 1m of the tests a week by the summer , adding up to 50m by next year , the report said .
Separately , the UK government is working on a contract tracing @ @ @ @ @ @ @ have potentially been exposed to coronavirus .
Read more : Coronavirus : UK must prepare for ‘ new normal ’ , says Dominic Raab The Sunday Telegraph reported that a new NHS contact tracing app was undergoing testing .
It works by using Bluetooth signals to test when two phones come close to each other .
Anyone with coronavirus symptoms can notify the app which would inform users if they had come into contact with the virus .
The government also announced 18,000 contract tracers would be used to track the spread of @ @ @

UK orders 50m coronavirus immunity tests
The UK has reportedly ordered up to 50m new coronavirus immunity tests which would help quickly assess if people could go back to work.
The Mail on Sunday reported that a team of British scientists were developing a test which could mean that by June people could reliably find out if they have developed immunity to coronavirus.
The immunity tests have been developed by scientists at Oxford working for the state-backed rapid testing consortium.
Users of the £10 tests provide a pinprick of blood. Then if two lines appear after 20 minutes the user knows they have antibodies. One line means they are vulnerable to coronavirus or the test has failed.
According to the report, users would then take a picture of the results and submit it to a central unit which would enter their details into a database.
The consortium thinks it could produce up to 1m of the tests a week by the summer, adding up to 50m by next year, the report said.
Separately, the UK government is working on a contract tracing app to help tell people if they have potentially been exposed to coronavirus.
The Sunday Telegraph reported that a new NHS contact tracing app was undergoing testing. It works by using Bluetooth signals to test when two phones come close to each other.
Anyone with coronavirus symptoms can notify the app which would inform users if they had come into contact with the virus.
The government also announced 18,000 contract tracers would be used to track the spread of the virus.


cityam--2020-04-26--City grandees call for coronavirus lockdown to be eased

A group of City of London grandees have urged the government to ease the coronavirus lockdown amidst fears a prolonged shutdown would “ do more harm to people ’ s health by putting them out of work ” .
Prime Minister Boris Johnson will return to work tomorrow as Downing Street looks to formulate the next phase of its coronavirus strategy .
Read more : Coronavirus : UK must prepare for ‘ new normal ’ , says Dominic Raab Calls are beginning to grow louder from Conservative backbenchers and supporters for Johnson to take a more hawkish approach and to @ @ @ @ @ @ @ City figures Michael Spencer , Peter Hargreaves and Sir Henry Angest lent their voices to the charge today .
The trio , all major Tory donors , told the Sunday Times that the Prime Minister must act to open up the economy in order to save businesses and jobs .
It comes as the UK ’ s official Covid-19 death toll surpassed 20,000 yesterday .
Spencer , the billionaire founder of inter-dealer broker ICAP , said : “ We should start loosening up [ the lockdown ] as soon as we reasonably can @ @ @ @ @ @ @ forward .
“ We should really begin to offer a narrative of how and when it ’ s going to stop.
” Read more : Pressure grows from backbench Tory MPs to ease coronavirus lockdown Peter Hargreaves , co-founder of Hargreaves and Landsdown , added : “ [ An extended lockdown would ] do more harm to people ’ s health by putting them out of work and ruining their businesses ” .
Writing in the Sunday Telegraph today , Tory backbencher Liam Fox called for a staggered lockdown to start soon to @ @ @ @ @ @ @ .
Fox said that studies of the 1918 Spanish Flu pandemic showed that while countries that enforced lockdown earlier were able to slow the progression of the disease , the overall outcomes “ were relatively similar ” between countries over time .
“ The longer the government is required to open the public coffers to support a ‘ sleep mode ’ economy the bigger the price for future taxpayers will be , ” he said .
Chief medical officer Chris Whitty said at Wednesday ’ s press conference that the government will need @ @ @ @ @ @ @ restrictions until a vaccine or “ highly effective drugs ” are produced .
He said it was very unlikely that this would happen before the end of the year .
Foreign secretary Dominic Raab , speaking to Sky News today , said it was still too early to discuss ending the lockdown and that people will have to adapt to “ a new normal ” Raab said shops and businesses would likely be forced to implement social distancing measures when they re-open .
“ It won ’ t going back , it will @ @ @ @ @ @ @ with social distancing measures adapted to areas which are currently closed off , ” Raab said .
Read more : Coronavirus : UK must prepare for ‘ new normal ’ , says Dominic Raab “ The scientists themselves have said…easing up any of the measures now would be dangerous and irresponsible .
“ The more we get the rate of deaths down and the more we get the rate of infections down , the more flexibility we ’ ll have .
”

City grandees call for coronavirus lockdown to be eased
London will enter tier 2 restrictions from Saturday morning (Photo: Getty)
A group of City of London grandees have urged the government to ease the coronavirus lockdown amidst fears a prolonged shutdown would “do more harm to people’s health by putting them out of work”.
Prime Minister Boris Johnson will return to work tomorrow as Downing Street looks to formulate the next phase of its coronavirus strategy.
Calls are beginning to grow louder from Conservative backbenchers and supporters for Johnson to take a more hawkish approach and to ease social distancing restrictions next month.
City figures Michael Spencer, Peter Hargreaves and Sir Henry Angest lent their voices to the charge today.
The trio, all major Tory donors, told the Sunday Times that the Prime Minister must act to open up the economy in order to save businesses and jobs.
It comes as the UK’s official Covid-19 death toll surpassed 20,000 yesterday.
Spencer, the billionaire founder of inter-dealer broker ICAP, said: “We should start loosening up [the lockdown] as soon as we reasonably can and allow the economy to start moving forward.
“We should really begin to offer a narrative of how and when it’s going to stop.”
Peter Hargreaves, co-founder of Hargreaves and Landsdown, added:“[An extended lockdown would] do more harm to people’s health by putting them out of work and ruining their businesses”.
Writing in the Sunday Telegraph today, Tory backbencher Liam Fox called for a staggered lockdown to start soon to get some parts of the economy running.
Fox said that studies of the 1918 Spanish Flu pandemic showed that while countries that enforced lockdown earlier were able to slow the progression of the disease, the overall outcomes “were relatively similar” between countries over time.
“The longer the government is required to open the public coffers to support a ‘sleep mode’ economy the bigger the price for future taxpayers will be,” he said.
Chief medical officer Chris Whitty said at Wednesday’s press conference that the government will need to enforce some form of social distancing restrictions until a vaccine or “highly effective drugs” are produced.
He said it was very unlikely that this would happen before the end of the year.
Foreign secretary Dominic Raab, speaking to Sky News today, said it was still too early to discuss ending the lockdown and that people will have to adapt to “a new normal”
Raab said shops and businesses would likely be forced to implement social distancing measures when they re-open.
“It won’t going back, it will be a new normal if you like with social distancing measures adapted to areas which are currently closed off,” Raab said.
“The scientists themselves have said…easing up any of the measures now would be dangerous and irresponsible.
“The more we get the rate of deaths down and the more we get the rate of infections down, the more flexibility we’ll have.”


cityam--2020-04-26--Virgin Atlantic says it is still in talks with UK over bailout

Virgin Atlantic today said it was still in talks with the UK government about a state bailout to deal with the travel shutdown caused by the coronavirus pandemic .
The airline said talks were ongoing after the Sunday Telegraph reported that discussions had been “ effectively shelved ” and Virgin ’ s owner Richard Branson was now seeking a buyer for the business .
The report said Virgin Atlantic had set a May deadline to find a buyer , but a spokesperson told Reuters this was incorrect .
Read more : Richard Branson hits out as Virgin Australia goes into @ @ @ @ @ @ @ our business caused by unprecedented market conditions which the COVID-19 crisis has brought with it , we are exploring all available options to obtain additional external funding , ” they said .
The spokesperson said talks with the UK government were “ ongoing and constructive ” .
Virgin Atlantic is based in the UK and is 51 per cent owned by Branson ’ s Virgin group and 49 per cent owned by US airline Delta .
The coronavirus pandemic has hit the aviation sector hard , tanking demand for flights , closing borders @ @ @ @ @ @ @ Holdings , which is part of the Virgin group and Australia ’ s second biggest airlines , has already entered administration and could be sold off .
Sign up to City A.M. ’ s Midday Update newsletter , delivered to your inbox every lunchtime Earlier in the week , Branson said Virgin Atlantic would only survive if it gets a financial lifeline from the UK government .
“ This would be in the form of a commercial loan – it wouldn ’ t be free money and the airline would pay it back @ @ @ @ @ @ @ post last Monday .
The Sunday Telegraph quoted sources as saying that Lansdowne Partners , Singapore sovereign wealth fund Temasek and Northill Capital were among the investors interested in rescuing the airline .
US-based Centerbridge Partners and Cerberus Capital Management were also in discussions , it said .
Read more : Richard Branson warns Virgin Atlantic needs coronavirus loan to survive The report said the companies could inject debt , convertible loans or equity which could leave Branson with no remaining stake in the business .
Options being looked at include putting the @ @ @ @ @ @ @ .

Virgin Atlantic says it is still in talks with UK over bailout
Virgin Atlantic today said it was still in talks with the UK government about a state bailout to deal with the travel shutdown caused by the coronavirus pandemic.
The airline said talks were ongoing after the Sunday Telegraph reported that discussions had been “effectively shelved” and Virgin’s owner Richard Branson was now seeking a buyer for the business.
The report said Virgin Atlantic had set a May deadline to find a buyer, but a spokesperson told Reuters this was incorrect.
“Because of significant costs to our business caused by unprecedented market conditions which the COVID-19 crisis has brought with it, we are exploring all available options to obtain additional external funding,” they said.
The spokesperson said talks with the UK government were “ongoing and constructive”.
Virgin Atlantic is based in the UK and is 51 per cent owned by Branson’s Virgin group and 49 per cent owned by US airline Delta.
The coronavirus pandemic has hit the aviation sector hard, tanking demand for flights, closing borders and grounding many aircraft.
Virgin Australia Holdings, which is part of the Virgin group and Australia’s second biggest airlines, has already entered administration and could be sold off.
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Earlier in the week, Branson said Virgin Atlantic would only survive if it gets a financial lifeline from the UK government.
“This would be in the form of a commercial loan – it wouldn’t be free money and the airline would pay it back,” Branson said in a blog post last Monday.
The Sunday Telegraph quoted sources as saying that Singapore sovereign wealth fund Temasek and Northill Capital were among the investors interested in rescuing the airline. US-based Centerbridge Partners and Cerberus Capital Management were also in discussions, it said.
The report said the companies could inject debt, convertible loans or equity which could leave Branson with no remaining stake in the business.
Options being looked at include putting the company into administration, the report said.


cityam--2020-04-26--Coronavirus: UK must prepare for 'new normal', says Dominic Raab

Dominic Raab has warned that Britons will need to adapt to a “ new normal ” as Boris Johnson prepares to go back to work tomorrow for the first time since being hospitalised .
Raab said today that the UK “ won ’ t be going back ” to how it was before Covid-19 , echoing statements from chief medical officer Chris Whitty this week .
Read more : Chris Whitty : Social distancing measures likely in place until next year Whitty said at Wednesday ’ s press conference that the government will need to enforce some form of social @ @ @ @ @ @ @ highly effective drugs ” are produced .
He said it was very unlikely that this would happen before the end of the year .
Raab , speaking to Sky News today , said shops and businesses would likely be forced to implement social distancing measures when they re-open .
It comes as the UK ’ s official Covid-19 death toll surpassed 20,000 yesterday .
“ It won ’ t going back , it will be a new normal if you like with social distancing measures adapted to areas which are currently closed off @ @ @ @ @ @ @ our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
“ The scientists themselves have said …easing up any of the measures now would be dangerous and irresponsible .
“ The more we get the rate of deaths down and the more we get the rate of infections down , the more flexibility we ’ ll have.
” Johnson will return to Downing Street tomorrow , after spending weeks recovering from coronavirus , as the government begins to plan out the next phase of @ @ @ @ @ @ @ told the Sunday Telegraph that the Prime Minister was “ raring to go ” and that he told Raab and chancellor Rishi Sunak on Friday that he was concerned about the possibility of a second Covid-19 peak if lockdown was lifted too soon .
Other European countries such as Belgium , Italy and Spain have already signalled when they will begin easing social distancing restrictions , while Germany has already moved to re-open some shops and venues .
Shadow Cabinet Office minister Rachel Reeves told the BBC today that the government must “ @ @ @ @ @ @ @ and publish its coronavirus exit strategy .
“ We want the government to publish its plan so we can scrutinise it – we don ’ t want to put forward a rival plan to the government , ” she said .
Read more : How and when will the UK coronavirus lockdown end ?
“ We want to work with the government in bringing forward a plan and then getting that right .
“ People have , by-and-large stuck by the rules that have been put in place and , because they have @ @ @ @ @ @ @ even more important that we communicate with them , treat them like grown-ups on where we are going next .
”

Coronavirus: UK must prepare for ‘new normal’, says Dominic Raab
Dominic Raab said the UK “won’t be going back” to how it was before Covid-19, echoing statements from chief medical officer Chris Whitty this week.
Dominic Raab has warned that Britons will need to adapt to a “new normal” as Boris Johnson prepares to go back to work tomorrow for the first time since being hospitalised.
Raab said today that the UK “won’t be going back” to how it was before Covid-19, echoing statements from chief medical officer Chris Whitty this week.
Whitty said at Wednesday’s press conference that the government will need to enforce some form of social distancing restrictions until a vaccine or “highly effective drugs” are produced.
He said it was very unlikely that this would happen before the end of the year.
Raab, speaking to Sky News today, said shops and businesses would likely be forced to implement social distancing measures when they re-open.
It comes as the UK’s official Covid-19 death toll surpassed 20,000 yesterday.
“It won’t going back, it will be a new normal if you like with social distancing measures adapted to areas which are currently closed off,” Raab said.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
“The scientists themselves have said …easing up any of the measures now would be dangerous and irresponsible.
“The more we get the rate of deaths down and the more we get the rate of infections down, the more flexibility we’ll have.”
Johnson will return to Downing Street tomorrow, after spending weeks recovering from coronavirus, as the government begins to plan out the next phase of its Covid-19 response.
Number 10 sources told the Sunday Telegraph that the Prime Minister was “raring to go” and that he told Raab and chancellor Rishi Sunak on Friday that he was concerned about the possibility of a second Covid-19 peak if lockdown was lifted too soon.
Other European countries such as Belgium, Italy and Spain have already signalled when they will begin easing social distancing restrictions, while Germany has already moved to re-open some shops and venues.
Shadow Cabinet Office minister Rachel Reeves told the BBC today that the government must “treat [people] like grown-ups” and publish its coronavirus exit strategy.
“We want the government to publish its plan so we can scrutinise it – we don’t want to put forward a rival plan to the government,” she said.
“We want to work with the government in bringing forward a plan and then getting that right.
“People have, by-and-large stuck by the rules that have been put in place and, because they have done that, I think it is even more important that we communicate with them, treat them like grown-ups on where we are going next.”


cityam--2020-04-26--Coronavirus: Firms must adapt to survive

As companies slowly transition from shock to survival during what is arguably history ’ s biggest peacetime crisis , it is becoming increasingly clear that the coronavirus pandemic has the potential to completely transform how the world does business .
During an initial ‘ Shock Phase ’ , which started around the middle of March and ended towards the middle of April , we have seen a flurry of initiatives from businesses across many sectors , under the banner of “ we are in this together ” .
Initiatives ranged from employee job reassurance , CEO salary sacrifices , donations @ @ @ @ @ @ @ vulnerable customers , to the manufacturing of PPE and mortgage holidays .
alva , which provides business reputation intelligence , found that actions focused on the production of medical equipment and employee health protection were the most likely to impact positively on a business ’ reputation .
The impact of executive pay reduction schemes and vulnerable customer support was also high .
Emotional touchpoints of solidarity , fairness , responsibility and compassion have resonated .
As has the belief in ideas such as human ingenuity and pulling together in times of crisis .
@ @ @ @ @ @ @ s announcement of ventilator production had a huge impact ; while specific store opening hours for vulnerable customers increasingly resonated , and several companies gained huge support by offering a range of free goods and services to NHS staff .
All of these activities were designed to avoid the immediate damage to those most at risk such as front-line workers , the elderly and the unemployed – almost at any cost .
But as communities began to feel safer , our research shows there has been a shift in corporate attention away from @ @ @ @ @ @ @ Businesses are seeking to gain a better understanding of the impact of the pandemic and are making more pragmatic decisions .
We are calling this the ‘ Existential Phase ’ .
Businesses are beginning to juggle different competing demands on resources and financing , as they seek business survival while preparing for future dynamics .
This is forcing companies to ask themselves some fundamental questions .
In this Existential Phase , we may see businesses moving away from the belief that companies must maximise shareholder returns at all costs .
There are already @ @ @ @ @ @ @ current model of capitalism .
When 93 percent of profits at the typical listed company are devoted to either dividends or stock buybacks to enrich shareholders and executives , questions of fairness will proliferate against a backdrop of government bail outs to minimise unemployment .
Another dominant theme we expect to see more discussion of is the threat of ‘ Big Government ’ to society .
Many voices have already warned that the combination of the emergency Coronavirus Act and existing far-reaching powers to gather data creates the risk that new contact-tracking technologies @ @ @ @ @ @ @ social control .
Earlier this week , for the first time in history , the price of West Texas Intermediate – the benchmark standard for US oil – became negative .
The outbreak has come at a time when globalisation was already under serious threat from trade wars and protectionism .
COVID-19 is being seen by many as an accelerant to many of the paradigm shifts already under way , such as deglobalisation , the rise of populism , and the demise of shareholder capitalism in favour of a stakeholder model .
These @ @ @ @ @ @ @ answered overnight .
In the coming weeks and months , we are likely to see that as businesses are forced to do more with less , many will find better , simpler , less expensive , and more inclusive ways to operate .
We will see new models to tackle what are likely to be the next big themes : global healthcare , global equality and global climate change .
Firms unwilling to adapt are unlikely to make it .

Coronavirus: Firms must adapt to survive
As companies slowly transition from shock to survival during what is arguably history’s biggest peacetime crisis, it is becoming increasingly clear that the coronavirus pandemic has the potential to completely transform how the world does business.
During an initial ‘Shock Phase’, which started around the middle of March and ended towards the middle of April, we have seen a flurry of initiatives from businesses across many sectors, under the banner of “we are in this together”.
Initiatives ranged from employee job reassurance, CEO salary sacrifices, donations, and support for healthcare professionals and vulnerable customers, to the manufacturing of PPE and mortgage holidays.
alva, which provides business reputation intelligence, found that actions focused on the production of medical equipment and employee health protection were the most likely to impact positively on a business’ reputation. The impact of executive pay reduction schemes and vulnerable customer support was also high.
Emotional touchpoints of solidarity, fairness, responsibility and compassion have resonated. As has the belief in ideas such as human ingenuity and pulling together in times of crisis.
Indeed, electric car giant Tesla’s announcement of ventilator production had a huge impact; while specific store opening hours for vulnerable customers increasingly resonated, and several companies gained huge support by offering a range of free goods and services to NHS staff.
All of these activities were designed to avoid the immediate damage to those most at risk such as front-line workers, the elderly and the unemployed – almost at any cost.
But as communities began to feel safer, our research shows there has been a shift in corporate attention away from philanthropic announcements and support for communities. Businesses are seeking to gain a better understanding of the impact of the pandemic and are making more pragmatic decisions. We are calling this the ‘Existential Phase’.
Businesses are beginning to juggle different competing demands on resources and financing, as they seek business survival while preparing for future dynamics. This is forcing companies to ask themselves some fundamental questions.
In this Existential Phase, we may see businesses moving away from the belief that companies must maximise shareholder returns at all costs. There are already loud voices acknowledging the flaws in our current model of capitalism.
When 93 percent of profits at the typical listed company are devoted to either dividends or stock buybacks to enrich shareholders and executives, questions of fairness will proliferate against a backdrop of government bail outs to minimise unemployment.
Another dominant theme we expect to see more discussion of is the threat of ‘Big Government’ to society. Many voices have already warned that the combination of the emergency Coronavirus Act and existing far-reaching powers to gather data creates the risk that new contact-tracking technologies could be used as a means of social control.
Earlier this week, for the first time in history, the price of West Texas Intermediate – the benchmark standard for US oil – became negative. The outbreak has come at a time when globalisation was already under serious threat from trade wars and protectionism.
COVID-19 is being seen by many as an accelerant to many of the paradigm shifts already under way, such as deglobalisation, the rise of populism, and the demise of shareholder capitalism in favour of a stakeholder model.
These are big themes that will not be answered overnight. In the coming weeks and months, we are likely to see that as businesses are forced to do more with less, many will find better, simpler, less expensive, and more inclusive ways to operate.
We will see new models to tackle what are likely to be the next big themes: global healthcare, global equality and global climate change.
Firms unwilling to adapt are unlikely to make it.


cityam--2020-04-26--UK coronavirus business loan scheme approval rate half of Germany’s

The UK ’ s coronavirus business loan scheme has half the approval rate of its German equivalent , data has shown , as chancellor Rishi Sunak mulls the creation of a new programme targeted at the country ’ s smallest businesses .
The latest figures from banking body UK Finance showed on Thursday that 16,600 firms had received loans worth a total of £2.8bn through the coronavirus business interruption loan scheme ( CBILS ) .
There was an acceptance rate of 46 per cent .
Read more : Exclusive : Businesses call for bank-by-bank breakdown of coronavirus lending Through CBILS @ @ @ @ @ @ @ £5m to firms with turnover of up to £45m .
They are 80 per cent guaranteed by the Treasury .
The approvals rate pales in comparison to the equivalent German scheme , which also released numbers last week .
It has lent €8.5bn ( £7.4bn ) through state bank KfW to 13,000 firms , with an approval rate of 98 per cent .
The UK ’ s CBILS scheme has faced criticism for including a 100 per cent loan guarantee like similar schemes in other countries .
Yet the UK Treasury has said @ @ @ @ @ @ @ because countries ’ package of measures vary .
For example , the UK is also paying 80 per cent of furloughed workers ’ wages .
Sunak said last week : “ When you look at the totality of what we ’ re doing , it ’ s more significant in scope and in scale of most of those other countries [ offering 100 per cent loan guarantees ] .
” However , Sunak is reportedly preparing to launch a new coronavirus support scheme that offers 100 per cent guarantees on loans for roughly @ @ @ @ @ @ @ UK , which typically have only a handful of workers .
Read more : Chancellor Rishi Sunak preparing 100 per cent coronavirus loan guarantees for smallest firms It could launch as soon as this week , the Financial Times reported .
A Treasury source said no decision had been taken but underlined that the chancellor will not make changes to the CBILS scheme .
The Taxpayers ’ Alliance , a conservative pressure group , today said the UK ’ s scheme was being held back by an overly complex application process that is @ @ @ @ @ @ @ .
Taxpayers ’ Alliance research director Duncan Simpson said : “ The scheme needs to be streamlined .
”

UK coronavirus business loan scheme approval rate half of Germany’s
The UK’s small businesses have been hit hard by coronavirus
The UK’s coronavirus business loan scheme has half the approval rate of its German equivalent, data has shown, as chancellor Rishi Sunak mulls the creation of a new programme targeted at the country’s smallest businesses.
The latest figures from banking body UK Finance showed on Thursday that 16,600 firms had received loans worth a total of £2.8bn through the coronavirus business interruption loan scheme (CBILS). There was an acceptance rate of 46 per cent.
Through CBILS, lenders offer loans worth up to £5m to firms with turnover of up to £45m. They are 80 per cent guaranteed by the Treasury.
The approvals rate pales in comparison to the equivalent German scheme, which also released numbers last week. It has lent €8.5bn (£7.4bn) through state bank KfW to 13,000 firms, with an approval rate of 98 per cent.
The UK’s CBILS scheme has faced criticism for including a 100 per cent loan guarantee like similar schemes in other countries.
Yet the UK Treasury has said it is difficult to make direct comparisons because countries’ package of measures vary. For example, the UK is also paying 80 per cent of furloughed workers’ wages.
Sunak said last week: “When you look at the totality of what we’re doing, it’s more significant in scope and in scale of most of those other countries [offering 100 per cent loan guarantees].”
However, Sunak is reportedly preparing to launch a new coronavirus support scheme that offers 100 per cent guarantees on loans for roughly 1m of the smallest businesses in the UK, which typically have only a handful of workers.
It could launch as soon as this week, the Financial Times reported. A Treasury source said no decision had been taken but underlined that the chancellor will not make changes to the CBILS scheme.
The Taxpayers’ Alliance, a conservative pressure group, today said the UK’s scheme was being held back by an overly complex application process that is seeing due diligence rule out many firms. Taxpayers’ Alliance research director Duncan Simpson said: “The scheme needs to be streamlined.”


cityam--2020-04-26--Businesses call for clarity on lockdown as fears grow for firms and jobs

Business leaders ’ group the Institute of Directors ( IoD ) has called on the government to provide more information about reopening the economy as bosses grow fearful about their firms ’ prospects after the coronavirus outbreak .
It comes as a report shows that one in three jobs are at risk in some parts of the country , including the constituency of chancellor Rishi Sunak .
Prime Minister Boris Johnson is set to return to work today after his illness with coronavirus with the cabinet divided about easing lockdown restrictions .
Johnson is thought to prefer caution , fearing @ @ @ @ @ @ @ Hawks ” such as cabinet secretary Michael Gove are thought to want some measures to be lifted to take the strain off the economy .
The IoD today said businesses need some clarity as they struggle to stay afloat amid plunging demand .
The business group ’ s poll of members showed bosses were at their most pessimistic about their firms ’ prospects since the survey began in 2016. Business leaders ’ confidence in the economy plunged to its lowest since the IoD ’ s polling started .
IoD director general Jon Geldart @ @ @ @ @ @ @ days the clamour from our members for information on how , and when , coronavirus-related restrictions will begin to lift has increased substantially.
” He called for information from the government about what stages of reopening businesses might expect .
“ It ’ s in everyone ’ s interests to get the economy off life support when it ’ s safe to do so , ” Geldart said .
“ Business leaders know this will not happen all in one go , but that ’ s why it ’ s even more important @ @ @ @ @ @ @ prepare for.
” The IoD ’ s call came as a separate report from the Royal Society of Arts ( RSA ) showed that a third of jobs are at risk of being lost during the coronavirus lockdown in some areas of the country .
Head of the RSA ’ s future of work centre Alan Lockey said those areas “ most dependent on hospitality and tourism will be particularly badly hit , especially rural areas ” .
He said this includes “ many Tory shires ” .
Topping the RSA ’ s @ @ @ @ @ @ @ the bulk of chancellor Rishi Sunak ’ s Richmond constituency .
The society said 35 per cent or 6,000 jobs are at risk in the area .
Eden in Cumbria , which falls in the Tory Penrith and the Border constituency is at risk of losing 8,000 or 34 per cent of its jobs , the RSA said .
Areas with strong service sectors such as Oxford , Cambridge and London are the least at risk .
Yet the RSA said that even in these places 20 per cent of jobs are at @ @ @ @ @ @ @ EY Item Club said unemployment could hit 6.8 per cent in the UK in 2020 .
Read more : City grandees call for coronavirus lockdown to be eased The IoD ’ s call for clarity over the reopening of the economy echoes calls made by concerned Tory grandees over the weekend .
City figures Michael Spencer , Peter Hargreaves and Sir Henry Angest , all major Tory donors , told the Sunday Times that the Prime Minister must act to open up the economy in order to save businesses and jobs .

Businesses call for clarity on lockdown as fears grow for firms and jobs
The UK’s firms have been badly hit by coronavirus lockdown measures
Business leaders’ group the Institute of Directors (IoD) has called on the government to provide more information about reopening the economy as bosses grow fearful about their firms’ prospects after the coronavirus outbreak.
It comes as a report shows that one in three jobs are at risk in some parts of the country, including the constituency of chancellor Rishi Sunak.
Prime Minister Boris Johnson is set to return to work today after his illness with coronavirus with the cabinet divided about easing lockdown restrictions.
Johnson is thought to prefer caution, fearing a second wave of infection. “Hawks” such as cabinet secretary Michael Gove are thought to want some measures to be lifted to take the strain off the economy.
The IoD today said businesses need some clarity as they struggle to stay afloat amid plunging demand.
The business group’s poll of members showed bosses were at their most pessimistic about their firms’ prospects since the survey began in 2016. Business leaders’ confidence in the economy plunged to its lowest since the IoD’s polling started.
IoD director general Jon Geldart said: “Over the last few days the clamour from our members for information on how, and when, coronavirus-related restrictions will begin to lift has increased substantially.”
He called for information from the government about what stages of reopening businesses might expect.
“It’s in everyone’s interests to get the economy off life support when it’s safe to do so,” Geldart said.
“Business leaders know this will not happen all in one go, but that’s why it’s even more important to tell them what they need to prepare for.”
The IoD’s call came as a separate report from the Royal Society of Arts (RSA) showed that a third of jobs are at risk of being lost during the coronavirus lockdown in some areas of the country.
Head of the RSA’s future of work centre Alan Lockey said those areas “most dependent on hospitality and tourism will be particularly badly hit, especially rural areas”. He said this includes “many Tory shires”.
Topping the RSA’s list was Richmondshire, which makes up the bulk of chancellor Rishi Sunak’s Richmond constituency. The society said 35 per cent or 6,000 jobs are at risk in the area.
Eden in Cumbria, which falls in the Tory Penrith and the Border constituency is at risk of losing 8,000 or 34 per cent of its jobs, the RSA said.
Areas with strong service sectors such as Oxford, Cambridge and London are the least at risk. Yet the RSA said that even in these places 20 per cent of jobs are at risk.
A separate report from forecaster EY Item Club said unemployment could hit 6.8 per cent in the UK in 2020.
The IoD’s call for clarity over the reopening of the economy echoes calls made by concerned Tory grandees over the weekend.
City figures Michael Spencer, Peter Hargreaves and Sir Henry Angest, all major Tory donors, told the Sunday Times that the Prime Minister must act to open up the economy in order to save businesses and jobs.


cityam--2020-04-26--Housebuilding set to drop 35 per cent in 2020, says report

Coronavirus lockdown measures will mean 35 per cent fewer houses will be built in the UK in 2020 than originally planned , according to a new report , a fall likely to add to the stresses in the British housing market over the coming years .
Property consultant Knight Frank predicted in a new report that around 104,000 houses will be privately built in 2020 , 35 per cent or 56,000 fewer than an official prediction made in March .
Read more : How badly will coronavirus hit UK house prices in 2020 ?
The report comes as some housebuilders @ @ @ @ @ @ @ , albeit while still observing social distancing measures .
However , Knight Frank said social distancing measures will mean the return to work will be slow and gradual .
“ This is not simply a case of flicking a switch back on , ” the report said .
New housing completion in London is set to hit its lowest level in 2014 despite a much bigger population , with 8,000 fewer homes set to be built compared to the five-year average .
Although private housing is just one part of the marking , @ @ @ @ @ @ @ setback to the Mayor of London ’ s yearly target of 55,000 new homes , ” Knight Frank said .
The plunge in house completions has been driven by the UK ’ s coronavirus containment efforts .
Although housebuilders are allowed to keep sites open , the majority have shut them due to social distancing rules and fears over spreading the illness .
Knight Frank ’ s report suggested that as of 17 April work had been suspended on residential schemes capable of delivering nearly 250,000 new homes across the UK .
Justin @ @ @ @ @ @ @ at Knight Frank , said the industry is “ also coping with an ever dwindling availability of skilled workers ” .
He said the government should step in to help the industry , beyond its coronavirus support packages .
Gaze suggested extending the “ help to buy ” scheme that gives government support to first-time buyers and relaxing planning applications .
Oliver Knight , research associate at Knight Frank , said : “ Of course , the key question which will determine the impact is ‘ how long ’ .
” “ The @ @ @ @ @ @ @ on the market and longer the recovery .
”

Housebuilding set to drop 35 per cent in 2020, says report
Some housebuilders are set to reopen sites in the coming weeks, albeit while still observing coronavirus social distancing rules
Coronavirus lockdown measures will mean 35 per cent fewer houses will be built in the UK in 2020 than originally planned, according to a new report, a fall likely to add to the stresses in the British housing market over the coming years.
Property consultant Knight Frank predicted in a new report that around 104,000 houses will be privately built in 2020, 35 per cent or 56,000 fewer than an official prediction made in March.
The report comes as some housebuilders such as Persimmon prepare to restart work, albeit while still observing social distancing measures.
However, Knight Frank said social distancing measures will mean the return to work will be slow and gradual. “This is not simply a case of flicking a switch back on,” the report said.
New housing completion in London is set to hit its lowest level in 2014 despite a much bigger population, with 8,000 fewer homes set to be built compared to the five-year average.
Although private housing is just one part of the marking, “the drop will prove a significant setback to the Mayor of London’s yearly target of 55,000 new homes,” Knight Frank said.
The plunge in house completions has been driven by the UK’s coronavirus containment efforts. Although housebuilders are allowed to keep sites open, the majority have shut them due to social distancing rules and fears over spreading the illness.
Knight Frank’s report suggested that as of 17 April work had been suspended on residential schemes capable of delivering nearly 250,000 new homes across the UK.
Justin Gaze, head of residential development land at Knight Frank, said the industry is “also coping with an ever dwindling availability of skilled workers”.
He said the government should step in to help the industry, beyond its coronavirus support packages. Gaze suggested extending the “help to buy” scheme that gives government support to first-time buyers and relaxing planning applications.
Oliver Knight, research associate at Knight Frank, said: “Of course, the key question which will determine the impact is ‘how long’.”
“The longer the disruption the greater the pressure on the market and longer the recovery.”


cityam--2020-04-26--Retailers call on government to withdraw ‘disastrous’ business rates bill

A coalition of retail organisations today called on the government to ditch a business rates bill they say would be “ disastrous ” for the high street .
The Non-Domestic Rating ( Lists ) Bill brings forwards the next revelation of business rates for 2.08m non-domestic properties in England and Wales to 1 April 2021 .
If the bill receives asset , it will allow the government to set future business rates for a minimum of the next three financial years by reference to rents that were being paid on 1 April 2019 .
The group of retailers argue that @ @ @ @ @ @ @ to 2022 as previously planned James Lowman , the chief executive of the association of convenience stores , said : “ With such profound changes in the retail industry and property market , we need to make sure that business rates reflect the present and the future , not the past.
” Andrew Goodacre , chief executive at the British Independent Retailers Association , said : “ The current proposal would be disastrous for all businesses that pay non-domestic rates.
” adding : “ We must have the reference point for determining future @ @ @ @ @ @ @ so they are an accurate assessment taking into account the full impact once this crisis has passed.
” Read more : Chancellor Rishi Sunak preparing 100 per cent coronavirus loan guarantees for smallest firms Alex Probyn , UK president at Altus Group , Britain ’ s largest ratings advisory , said : “ A revaluation in 2022 , based upon open market rents in 2021 , would provide a complete reset of rateable values taking into account the state of the market after the crisis has passed.
” A government spokesperson said : @ @ @ @ @ @ @ takes to support businesses during this national emergency , including an unprecedented nearly £10bn in business rates relief .
“ We are carefully considering the future revaluation of business rates and will provide further information in due course .
”

Retailers call on government to withdraw ‘disastrous’ business rates bill
The growth in bank lending has been accelerated by the government’s Covid loan schemes, which have supplied over £70bn in credit to businesses since March.
A coalition of retail organisations today called on the government to ditch a business rates bill they say would be “disastrous”for the high street.
The Non-Domestic Rating (Lists) Bill brings forwards the next revelation of business rates for 2.08m non-domestic properties in England and Wales to 1 April 2021.
If the bill receives asset, it will allow the government to set future business rates for a minimum of the next three financial years by reference to rents that were being paid on 1 April 2019.
The group of retailers argue that the government should leave the next revaluation to 2022 as previously planned
James Lowman, the chief executive of the association of convenience stores, said: “With such profound changes in the retail industry and property market, we need to make sure that business rates reflect the present and the future, not the past.”
Andrew Goodacre, chief executive at the British Independent Retailers Association,said: “The current proposal would be disastrous for all businesses that pay non-domestic rates.” adding: “We must have the reference point for determining future rates bills at a time post coronavirus so they are an accurate assessment taking into account the full impact once this crisis has passed.”
Alex Probyn, UK president at Altus Group, Britain’s largest ratings advisory, said: “A revaluation in 2022, based upon open market rents in 2021, would provide a complete reset of rateable values taking into account the state of the market after the crisis has passed.”
A government spokesperson said: “The government is doing whatever it takes to support businesses during this national emergency, including an unprecedented nearly £10bn in business rates relief.
“We are carefully considering the future revaluation of business rates and will provide further information in due course.”


cityam--2020-04-26--Exclusive: Liberal Democrats push government to set clear coronavirus loan scheme guidelines

The Liberal Democrats have a led a group of 25 cross-party MPs in demanding the government sets uniform lending requirements for its coronavirus business loan scheme in order to increase the speed at which banks approve loans .
Liberal Democrat MP Wera Hobhouse wrote to business secretary Alok Sharma to urge him to “ specify a minimum level of underwriting required for the business interruption loan scheme ” to ensure that “ all financial institutions working to provide loans would be clear about the minimum level of due diligence ” .
Read more : Chancellor Rishi Sunak preparing 100 per @ @ @ @ @ @ @ It comes as a group of eight Devon Tory MPs , including former attorney general Geoffrey Cox , wrote to the UK ’ s major banks this weekend to say they were “ not fully living up to the government or the public ’ s expectations of them in this emergency ” .
“ We have received many communications from our constituents detailing examples of an apparent unwillingness or tardiness of the banks to lend to established businesses in this unprecedented public health emergency , ” they wrote .
The government ’ s @ @ @ @ @ @ @ business loan scheme ( CBILS ) and the coronavirus large business loan scheme ( CLBILS ) – have been widely panned since their roll out .
The banking sector has been criticised for the loan approval process taking too long and for it being too restrictive for struggling businesses .
As of Thursday , just 16,624 loans worth £2.8bn had been approved in the scheme ’ s first month .
The government has advised banks to only lend to businesses that were financially viable before the coronavirus outbreak , however there is not @ @ @ @ @ @ @ Hobhouse ’ s letter , seen by City A.M. , was signed by all 11 Liberal Democrat MPs , along with MPs from five other opposition parties , including former Labour frontbencher Clive Lewis .
Read more : Exclusive : Businesses call for bank-by-bank breakdown of coronavirus lending “ An example of the guidance we are looking for would be the government telling loan providers to approve loans on the basis of averaged profits for the last two years of trading , ” Hobhouse wrote .
“ This would enable banks to process @ @ @ @ @ @ @ leaving more time for the more complex cases , that require a full review.
” In response to the letter , a government spokesperson said : “ The government is making sure that businesses have access to the support they need as quickly as possible , with almost £3 billion of loans already made available .
“ We are working with banks , lenders and the British Business Bank to ensure loans are processed as smoothly as possible , including restricting personal guarantees and adding new lenders to the scheme.
” The chief @ @ @ @ @ @ @ bank lobby , said at a recent Treasury Select Committee hearing that the government ’ s pledge to underwrite 80 per cent of each loan and not 100 per cent was slowing down the lending approval process .
The Swiss government is underwriting 100 per cent of each coronavirus emergency loan , leading to £12.5bn of loans being approved in the scheme ’ s first week alone .
The Financial Times reported on Friday that chancellor Rishi Sunak was considering underwriting 100 per cent of every loan under £25,000 to speed up the @ @ @ @ @ @ @ would see the government take on all of the default risk for these loans .
The change in policy would be a quick turnaround , after Sunak said last week that he was “ not persuaded ” by the argument that the government should guarantee 100 per cent of every loan .
Read more : Rishi Sunak ‘ not persuaded ’ to underwrite 100 per cent of coronavirus loans Shadow business secretary Ed Miliband and business groups such as the CBI have called for the government to take all the default risk for @ @ @ @

Exclusive: Liberal Democrats push government to set clear coronavirus loan scheme guidelines
The banking sector has been criticised for the loan approval process taking too long and for it being too restrictive.
The Liberal Democrats have led a group of 25 cross-party MPs in demanding the government sets uniform lending requirements for its coronavirus business loan scheme in order to increase the speed at which banks approve loans.
Liberal Democrat MP Wera Hobhouse wrote to business secretary Alok Sharma to urge him to “specify a minimum level of underwriting required for the business interruption loan scheme” to ensure that “all financial institutions working to provide loans would be clear about the minimum level of due diligence”.
It comes as a group of eight Devon Tory MPs, including former attorney general Geoffrey Cox, wrote to the UK’s major banks this weekend to say they were “not fully living up to the government or the public’s expectations of them in this emergency”.
“We have received many communications from our constituents detailing examples of an apparent unwillingness or tardiness of the banks to lend to established businesses in this unprecedented public health emergency,” they wrote.
The government’s £330bn coronavirus loan schemes – the coronavirus business loan scheme (CBILS) and the coronavirus large business loan scheme (CLBILS) – have been widely panned since their roll out.
The banking sector has been criticised for the loan approval process taking too long and for it being too restrictive for struggling businesses.
As of Thursday, just 16,624 loans worth £2.8bn had been approved in the scheme’s first month.
The government has advised banks to only lend to businesses that were financially viable before the coronavirus outbreak, however there is not a definition of what this entails.
Hobhouse’s letter, seen by City A.M., was signed by all 11 Liberal Democrat MPs, along with MPs from five other opposition parties, including former Labour frontbencher Clive Lewis.
“An example of the guidance we are looking for would be the government telling loan providers to approve loans on the basis of averaged profits for the last two years of trading,” Hobhouse wrote.
“This would enable banks to process a significant proportion of loans quickly, leaving more time for the more complex cases, that require a full review.”
In response to the letter, a government spokesperson said: “The government is making sure that businesses have access to the support they need as quickly as possible, with almost £3 billion of loans already made available.
“We are working with banks, lenders and the British Business Bank to ensure loans are processed as smoothly as possible, including restricting personal guarantees and adding new lenders to the scheme.”
The chief of UK Finance, Britain’s bank lobby, said at a recent Treasury Select Committee hearing that the government’s pledge to underwrite 80 per cent of each loan and not 100 per cent was slowing down the lending approval process.
The Swiss government is underwriting 100 per cent of each coronavirus emergency loan, leading to £12.5bn of loans being approved in the scheme’s first week alone.
The Financial Times reported on Friday that chancellor Rishi Sunak was considering underwriting 100 per cent of every loan under £25,000 to speed up the UK’s approvals process.
This would see the government take on all of the default risk for these loans.
The change in policy would be a quick turnaround, after Sunak said last week that he was “not persuaded” by the argument that the government should guarantee 100 per cent of every loan.
Shadow business secretary Ed Miliband and business groups such as the CBI have called for the government to take all the default risk for the emergency loans.


cityam--2020-04-26--Support for government's coronavirus response falls for second straight week

Public support for how the government is handling the coronavirus crisis has fallen for the second week in a row , according to a new poll .
An Opinium poll out tonight showed that public approval for the government and its handling of the crisis was down to +21 , after it was +31 two weeks ago .
Read more : Coronavirus : UK has lowest single day death toll since March However , with 51 per cent approval and 31 per cent disapproval , Opinium said “ overall , approval of the government ’ s handling of the crisis @ @ @ @ @ @ @ faced criticism over the past two weeks for its coronavirus testing regime and for shortages of personal protective equipment in some hospitals and care homes .
The UK has yet to have one day where coronavirus tests have hit 30,000 , despite the government having just five days to hit health secretary Matt Hancock ’ s testing target of 100,000 per day by the end of April .
Meanwhile , Dominic Raab told the BBC today that the country was “ not in the place we ’ d want it to be ” @ @ @ @ @ @ @ personal protective equipment .
Boris Johnson is set to return to Downing Street tomorrow and resume full prime ministerial duties , after recovering from his coronavirus infection at Chequers for the past two weeks .
There has also been some unrest among sections of the business community and the Conservative party about the length of the UK ’ s Covid-19 lockdown .
Opinium ’ s poll showed that 53 per cent of people wanted “ restaurants , offices , shopping centres and schools to reopen as soon as new infections decrease ” .
@ @ @ @ @ @ @ in favour of a staggered approach to lifting the lockdown and “ are open to periodic closures in response to new outbreaks ” .
Adam Drummond , head of political polling at Opinium said : “ While some are no doubt chafing at being stuck at home and mindful of the ongoing economic impact , there is no sign that voters are eager to rush into releasing the lockdown .
“ People are most keen for schools to reopen , no doubt to ease the pressure on millions of parents who have had @ @ @ @ @ @ @ for most types of business voters want clear conditions to be met before restrictions are eased and are happy for this easing to be conditional and restrictions re-imposed in response to changes in the situation .
”

Support for government’s coronavirus response falls for second straight week
An Opinium poll out tonight showed that public approval for the government and its handling of the virus was down to +21, after it was +31 two weeks ago.
Public support for how the government is handling the coronavirus crisis has fallen for the second week in a row, according to a new poll.
An Opinium poll out tonight showed that public approval for the government and its handling of the crisis was down to +21, after it was +31 two weeks ago.
However, with 51 per cent approval and 31 per cent disapproval, Opinium said “overall, approval of the government’s handling of the crisis remains high”.
The government has faced criticism over the past two weeks for its coronavirus testing regime and for shortages of personal protective equipment in some hospitals and care homes.
The UK has yet to have one day where coronavirus tests have hit 30,000, despite the government having just five days to hit health secretary Matt Hancock’s testing target of 100,000 per day by the end of April.
Meanwhile, Dominic Raab told the BBC today that the country was “not in the place we’d want it to be” when it came to the distribution of personal protective equipment.
Boris Johnson is set to return to Downing Street tomorrow and resume full prime ministerial duties, after recovering from his coronavirus infection at Chequers for the past two weeks.
There has also been some unrest among sections of the business community and the Conservative party about the length of the UK’s Covid-19 lockdown.
Opinium’s poll showed that 53 per cent of people wanted “restaurants, offices, shopping centres and schools to reopen as soon as new infections decrease”.
The poll also showed that Britons were in favour of a staggered approach to lifting the lockdown and “are open to periodic closures in response to new outbreaks”.
Adam Drummond, head of political polling at Opinium said: “While some are no doubt chafing at being stuck at home and mindful of the ongoing economic impact, there is no sign that voters are eager to rush into releasing the lockdown.
“People are most keen for schools to reopen, no doubt to ease the pressure on millions of parents who have had to suddenly double-up as teachers, but for most types of business voters want clear conditions to be met before restrictions are eased and are happy for this easing to be conditional and restrictions re-imposed in response to changes in the situation.”


cityam--2020-04-26--Angela Merkel seeks to impose financial transactions tax on EU countries

Germany will seek to impose a financial transactions tax , minimum tax rates and an EU-wide healthcare system on member nations during its upcoming six-month presidency of the bloc .
The revolving presidency of the Council of the European Union allows individual countries to set the EU ’ s agenda during the six months of their stint .
Read more : Brexit trade talks : Will the deadline be extended over coronavirus ?
German chancellor Angela Merkel said today her country ’ s presidency , which begins in July , will be “ clearly dominated by the issue of combating @ @ @ @ @ @ @ She said this would include promoting a European health care system for all member states , a financial transaction tax , minimum tax rates and a joint carbon emissions trading scheme for planes and ships .
Several think tanks told City A.M. that the UK was fortunate to have avoided Germany ’ s policy agenda by leaving the EU in January .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
Head of business at the Centre for Policy Studies Nick @ @ @ @ @ @ @ for UK businesses that they won ’ t apply here ” .
Adam Smith Institute head of research Matthew Lesh said : “ We have rightly thrown our economy into the ICU to protect lives — the last thing we should do is strangle the patient before they have time to recover .
“ These proposals would actively discourage everything we now need – a thriving economy in which companies employ and transact .
“ A financial transaction tax that undermines the business activity we now need would be disastrous.
” Victoria Hewson @ @ @ @ @ @ @ Institute for Economic Affairs , said the proposals underline the importance for the UK to have “ regulatory autonomy ” from the EU .
“ A financial transaction tax has been on the EU agenda for a while , ” she said .
Read more : Exclusive : Growing divide in Boris Johnson ’ s Brexit unit over trade deal extension “ The UK and some other member states strongly resisted it but there was always a risk that the UK could be outvoted under qualified majority voting and be forced to implement @ @ @ @ @ @ @ to transactions in the City of London it is unclear how much revenue such a tax would raise in the EU , especially if it encourages more business to move out of the EU , which would clearly be seriously counterproductive to any post-coronavirus recovery .
”

Angela Merkel seeks to impose financial transactions tax on EU countries
German Chancellor Angela Merkel arrives to address a press conference at the Chancellery in Berlin on April 23, 2020
Germany will seek to impose a financial transactions tax, minimum tax rates and an EU-wide healthcare system on member nations during its upcoming six-month presidency of the bloc.
The revolving presidency of the Council of the European Union allows individual countries to set the EU’s agenda during the six months of their stint.
German chancellor Angela Merkel said today her country’s presidency, which begins in July, will be “clearly dominated by the issue of combating the pandemic and its consequences”.
She said this would include promoting a European health care system for all member states, a financial transaction tax, minimum tax rates and a joint carbon emissions trading scheme for planes and ships.
Several think tanks told City A.M. that the UK was fortunate to have avoided Germany’s policy agenda by leaving the EU in January.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
Head of business at the Centre for Policy Studies Nick King said it was “a relief for UK businesses that they won’t apply here”.
Adam Smith Institute head of research Matthew Lesh said: “We have rightly thrown our economy into the ICU to protect lives — the last thing we should do is strangle the patient before they have time to recover.
“These proposals would actively discourage everything we now need – a thriving economy in which companies employ and transact.
“A financial transaction tax that undermines the business activity we now need would be disastrous.”
Victoria Hewson, head of regulatory affairs at the Institute for Economic Affairs, said the proposals underline the importance for the UK to have “regulatory autonomy” from the EU.
“A financial transaction tax has been on the EU agenda for a while,” she said.
“Without the tax applying to transactions in the City of London it is unclear how much revenue such a tax would raise in the EU, especially if it encourages more business to move out of the EU, which would clearly be seriously counterproductive to any post-coronavirus recovery.”


cityam--2020-04-26--Brazil’s Embraer blasts Boeing after $4.2bn deal scrapped

Brazilian aircraft company Embraer today attacked Boeing after the US company yesterday pulled the plug on a $ 4.2bn ( £3.4bn ) deal to buy its commercial jets division .
In a statement , Embraer said : “ Embraer believes strongly that Boeing has wrongfully terminated the MTA [ master transaction agreement ] , that it has manufactured false claims as a pretext to seek to avoid its commitments to close the transaction and pay Embraer the $ 4.2bn purchase price .
Read more : Boeing shares jump after it says it will restart aircraft production “ We believe Boeing @ @ @ @ @ @ @ delay and repeated violations of the MTA , because of its unwillingness to complete the transaction in light of its own financial condition and 737 Max and other business and reputational problems.
” Embraer said it would “ pursue all remedies against Boeing for the damages incurred by Embraer as a result of Boeing ’ s wrongful termination and violation of the MTA.
” The deal collapsed after a midnight deadline on how to implement the 2018 deal expired .
Boeing accused Embraer of failing to meet conditions for closing the transaction .
@ @ @ @ @ @ @ cut jet production by a third “ Over the past several months , we had productive but ultimately unsuccessful negotiations … We all aimed to resolve those by the initial termination date , but it didn ’ t happen , ” Boeing senior vice-president Marc Allen said in a statement .
Boeing has been beset by problems recently following two fatal crashes which grounded its 737 Max programme .
On top of that , the coronavirus pandemic has hit airlines hard , grounding many aircraft and sending the sector into a deep financial @ @ @ @ @ @ @ shut down production at some of its US plants , but is now moving to get manufacturing up and running again .
The company has said it will need a bailout from the US government .

Brazil’s Embraer blasts Boeing after $4.2bn deal scrapped
The aircraft was not a Boeing 737 Max, which has been involved in two fatal crashes in recent years
Brazilian aircraft company Embraer today attacked Boeing after the US company yesterday pulled the plug on a $4.2bn (£3.4bn) deal to buy its commercial jets division.
In a statement, Embraer said: “Embraer believes strongly that Boeing has wrongfully terminated the MTA [master transaction agreement], that it has manufactured false claims as a pretext to seek to avoid its commitments to close the transaction and pay Embraer the $4.2bn purchase price.
“We believe Boeing has engaged in a systematic pattern of delay and repeated violations of the MTA, because of its unwillingness to complete the transaction in light of its own financial condition and 737 Max and other business and reputational problems.”
Embraer said it would “pursue all remedies against Boeing for the damages incurred by Embraer as a result of Boeing’s wrongful termination and violation of the MTA.”
The deal collapsed after a midnight deadline on how to implement the 2018 deal expired.
Boeing accused Embraer of failing to meet conditions for closing the transaction.
“Over the past several months, we had productive but ultimately unsuccessful negotiations … We all aimed to resolve those by the initial termination date, but it didn’t happen,” Boeing senior vice-president Marc Allen said in a statement.
Boeing has been beset by problems recently following two fatal crashes which grounded its 737 Max programme.
On top of that, the coronavirus pandemic has hit airlines hard, grounding many aircraft and sending the sector into a deep financial crisis.
Boeing was also forced to shut down production at some of its US plants, but is now moving to get manufacturing up and running again.
The company has said it will need a bailout from the US government.


cityam--2020-04-26--Coronavirus: UK has lowest single day death toll since March

The UK has recorded another 413 deaths from coronavirus today – the lowest single day figure this month .
The latest figure brings the country ’ s Covid-19 death toll , from hospital patients , to 20,732 .
National medical director of NHS England Stephen Powis said at today ’ s press briefing that the country was beginning to see drops in the numbers of Covid-19 infections , hospital admissions and deaths .
“ From a couple weeks ago , those charts all showed that infections and hospital admissions and people in critical care were on the increase , ” @ @ @ @ @ @ @ few weeks we have seen , because those social distancing measures have been adhered to , that those curves have started to change .
“ We are now beginning to see declines particularly in London , and deaths are now plateauing around the country or beginning to decline.
” However , Powis added that it was important for people to continue to follow the government ’ s social distancing rules in order to avoid a second peak of infections .
“ Those benefits have only occurred… because people have complied with the instructions @ @ @ @ @ @ @ he said .
“ All our efforts , hard as they may be , have begun to pay off .
Read more : Coronavirus : UK must prepare for ‘ new normal ’ , says Dominic Raab “ My fear is that those curves won ’ t continue at a downward trend , but will start an upward trend .
“ We want to avoid a second peak .
”

Coronavirus: UK has lowest single day death toll since March
The latest figure brings the total death toll, from hospital patients, to 20,732.
The UK has recorded another 413 deaths from coronavirus today – the lowest single day figure this month.
The latest figure brings the country’s Covid-19 death toll, from hospital patients, to 20,732.
National medical director of NHS England Stephen Powis said at today’s press briefing that the country was beginning to see drops in the numbers of Covid-19 infections, hospital admissions and deaths.
“From a couple weeks ago, those charts all showed that infections and hospital admissions and people in critical care were on the increase,” he said.
“Over the last few weeks we have seen, because those social distancing measures have been adhered to, that those curves have started to change.
“We are now beginning to see declines particularly in London, and deaths are now plateauing around the country or beginning to decline.”
However, Powis added that it was important for people to continue to follow the government’s social distancing rules in order to avoid a second peak of infections.
“Those benefits have only occurred… because people have complied with the instructions they have all been given,” he said.
“All our efforts, hard as they may be, have begun to pay off.
“My fear is that those curves won’t continue at a downward trend, but will start an upward trend.
“We want to avoid a second peak.”


cityam--2020-04-26--Tata Steel seeks £500m in government cash for Port Talbot plant

Tata Steel needs £500m from the government to survive the coronavirus economic slowdown , MP for Aberavon Stephen Kinnock said .
Kinnock asked first secretary Dominic Raab in parliament last week to lift the amount lent to businesses under the coronavirus large business interruption loan scheme ( CLBILS ) from £50m to £500m to help Tata Steel with lost cashflow .
“ The £50m cap on loans that are now available under the government support scheme is only about 10 per cent of what Tata Steel actually needs , ” he said .
“ Tata Steel estimates that it will @ @ @ @ @ @ @ to business as usual , or as close as possible to it and the challenge they have is cashflow over that six month period .
“ And the estimation is in the region of £500m.
” Raab said : “ I know that the chancellor is looking carefully at the steel sector in the hon .
gentleman ’ s constituency , and at all those who are not directly benefitting from this particular scheme to ensure that in the round we are providing the measures that we need in a targeted way to @ @ @ @ @ @ @ the economy.
” Sky News reported that Tata Steel was seeking £500m in funding for its Port Talbot steelworks .
Read more : Virgin Atlantic says it is still in talks with UK over bailout The request follows a slowdown in steel orders across Europe with customers such as car plants shutting their doors because of the risk of coronavirus and a crash in customer demand .

Tata Steel seeks £500m in government cash for Port Talbot plant
The Tata Steel plant is pictured in Port Talbot, south Wales. (BEN STANSALL/AFP via Getty Images)
Tata Steel needs £500m from the government to survive the coronavirus economic slowdown, MP for Aberavon Stephen Kinnock said.
Kinnock asked first secretary Dominic Raab in parliament last week to lift the amount lent to businesses under the coronavirus large business interruption loan scheme (CLBILS) from £50m to £500m to help Tata Steel with lost cashflow.
“The £50m cap on loans that are now available under the government support scheme is only about 10 per cent of what Tata Steel actually needs,” he said.
“Tata Steel estimates that it will take around six months to get back to business as usual, or as close as possible to it and the challenge they have is cashflow over that six month period.
“And the estimation is in the region of £500m.”
Raab said: “I know that the chancellor is looking carefully at the steel sector in the hon. gentleman’s constituency, and at all those who are not directly benefitting from this particular scheme to ensure that in the round we are providing the measures that we need in a targeted way to support all the different crucial elements of the economy.”
Sky News reported that Tata Steel was seeking £500m in funding for its Port Talbot steelworks.
The request follows a slowdown in steel orders across Europe with customers such as car plants shutting their doors because of the risk of coronavirus and a crash in customer demand.
Tata Steel was contacted for comment.