cityam--2020-09-13--Supporting London businesses with new Covid compliant scheme

Without a doubt , food and retail premises in central London have suffered hugely during the Covid-19 pandemic .
Understandably , customer facing businesses like these have been slower to reopen because of reduced footfall and consumer concerns over coronavirus transmission .
Read more : Coronavirus : Fears of second wave mount as R rate rises above one But with positive and supportive initiatives , like the government ’ s Eat Out to Help Out scheme , the capital is starting to come alive once again .
We want to help businesses get back on track and safely bring customers @ @ @ @ @ @ @ want to make sure consumers feel safe to visit these premises again .
And we want to give City workers , residents and visitors a new confidence that precautionary measures are being taken .
That is why today we are launching a new pilot scheme with the London boroughs of Camden and Southwark which will assess the Covid-19 safety measures being taken by food , retail and licensed premises in these areas .
The trial will be the first scheme of its kind launched by local government and will support businesses to reopen @ @ @ @ @ @ @ to visit .
Currently by law , businesses must already carry out an appropriate Covid-19 risk assessment .
Our pilot will bring in a new independent assessment by local government environmental health practitioners .
They will review each businesses ’ Covid-19 risk assessment and carry out a site visit to look at social distancing measures , customer track and trace , and cleanliness .
Firms in the pilot will be given a simple pass or fail by the local authority ’ s environmental health teams .
If a business fails , they can @ @ @ @ @ @ @ given by the officers and be re-assessed .
A Covid-19 compliant sticker will be awarded to successful firms which they can display on their premises , and the result will be listed on each of the local authority websites .
Thirty businesses in each local authority area are being invited to take part in the scheme .
Here in the Square Mile we are working in partnership with the Cheapside Business Alliance , who are helping to get City firms signed up .
This is a hugely exciting initiative and we are confident @ @ @ @ @ @ @ trust in central London ’ s cafes , pubs , restaurants and shops .
These businesses are the beating heart of London and I have seen first-hand how they are working hard to get themselves Covid secure and reopen safely .
Our pilot scheme will run throughout September and October .
And if successful , it could be rolled out across the capital , and potentially further .
Read more : Coronavirus : Contact-tracing app to launch on 24 September After a hugely challenging time for so many firms , large and small @ @ @ @ @ @ @ help them to get back up and running .
This scheme will take us a step close to doing just that .

Supporting London businesses with new Covid compliant scheme
The scheme will be trialled in Southwark and Camden
Without a doubt, food and retail premises in central London have suffered hugely during the Covid-19 pandemic.
Understandably, customer facing businesses like these have been slower to reopen because of reduced footfall and consumer concerns over coronavirus transmission.
But with positive and supportive initiatives, like the government’s Eat Out to Help Out scheme, the capital is starting to come alive once again.
We want to help businesses get back on track and safely bring customers through their doors once more.
We want to make sure consumers feel safe to visit these premises again.
And we want to give City workers, residents and visitors a new confidence that precautionary measures are being taken.
That is why today we are launching a new pilot scheme with the London boroughs of Camden and Southwark which will assess the Covid-19 safety measures being taken by food, retail and licensed premises in these areas.
The trial will be the first scheme of its kind launched by local government and will support businesses to reopen and reassure customers that they are safe to visit.
Currently by law, businesses must already carry out an appropriate Covid-19 risk assessment.
Our pilot will bring in a new independent assessment by local government environmental health practitioners.
They will review each businesses’ Covid-19 risk assessment and carry out a site visit to look at social distancing measures, customer track and trace, and cleanliness.
Firms in the pilot will be given a simple pass or fail by the local authority’s environmental health teams.
If a business fails, they can bring in new remedial measures following advice given by the officers and be re-assessed.
A Covid-19 compliant sticker will be awarded to successful firms which they can display on their premises, and the result will be listed on each of the local authority websites.
Thirty businesses in each local authority area are being invited to take part in the scheme.
Here in the Square Mile we are working in partnership with the Cheapside Business Alliance, who are helping to get City firms signed up.
This is a hugely exciting initiative and we are confident that it will give consumers that extra trust in central London’s cafes, pubs, restaurants and shops.
These businesses are the beating heart of London and I have seen first-hand how they are working hard to get themselves Covid secure and reopen safely.
Our pilot scheme will run throughout September and October. And if successful, it could be rolled out across the capital, and potentially further.
After a hugely challenging time for so many firms, large and small, we are working flat out to help them to get back up and running.
This scheme will take us a step close to doing just that.


cityam--2020-09-13--Plan for flexible UK rail tickets now facing a delay

Plans by train operators to provide flexible season tickets to cater for people returning to the office part-time have been reportedly been stifled by government inactivity .
Rail companies last month submitted plans to the Department for Transport to offer Carnet-style ticketing , which would allow commuters to use up their rail trips over a certain period of time .
Read more : Rail firms cut services by 10 per cent due to coronavirus However , the Sunday Times reports that rail companies have been told by the government that the proposal will not be approved in time for January @ @ @ @ @ @ @ .
Rail companies have proposed the new option as season tickets only make financial sense for commuters if they travel at least three times a week .
Before the Open newsletter : Start your day with the City View podcast and key market data The government effectively nationalised the UK ’ s rail industry this year to cover for lost revenues during Covid-19 .
Read more : Row over train operators ’ finances threatens to hamper back to work plan The Rail Delivery Group , which represents rail companies , said it was @ @ @ @ @ @ @ solutions in the short term , but we also want to work with them to deliver wholsale reforms of fares and ticketing ” .
The Department for Transport said : “ We are working with industry to try to provide commuters with more flexible and better value fares .
”

Plan for flexible UK rail tickets now facing a delay
A sign tells passengers to ‘wear a face covering’ at Waterloo train station
Plans by train operators to provide flexible season tickets to cater for people returning to the office part-time have been reportedly been stifled by government inactivity.
Rail companies last month submitted plans to the Department for Transport to offer Carnet-style ticketing, which would allow commuters to use up their rail trips over a certain period of time.
However, the Sunday Times reports that rail companies have been told by the government that the proposal will not be approved in time for January when ticket prices are set to rise.
Rail companies have proposed the new option as season tickets only make financial sense for commuters if they travel at least three times a week.
Before the Open newsletter: Start your day with the City View podcast and key market data
The government effectively nationalised the UK’s rail industry this year to cover for lost revenues during Covid-19.
The Rail Delivery Group, which represents rail companies, said it was “working with the government to find solutions in the short term, but we also want to work with them to deliver wholsale reforms of fares and ticketing”.
The Department for Transport said: “We are working with industry to try to provide commuters with more flexible and better value fares.”


cityam--2020-09-13--Rishi Sunak eyes fresh tax breaks for UK businesses

Rishi Sunak is mulling over multi-billion pound tax cuts for UK businesses that invest in property , plant and equipment in the wake of the coronavirus crisis .
The plans involve giving companies tax breaks on capital investments , such as machinery , in an attempt to stimulate economic activity and boost the government ’ s “ levelling up ” agenda .
Read more : Rishi Sunak plans to raise taxes now and cut them before next election Companies receive tax breaks on the first £200,000 of capital investment , with a temporary extension to £1m due to end in @ @ @ @ @ @ @ the chancellor is considering waiving the limit entirely for a period of time in what is know as “ full expensing ” .
The policy would aim to spur UK companies , particularly in the Midlands and the North , to ramp up investment and employ more people .
efore the Open newsletter : Start your day with the City View podcast and key market data The right-leaning Centre for Policy Studies think tank earlier this year said such a policy “ would mean businesses investing more , leading to higher incomes and @ @ @ @ @ @ @ would be seen as a part of the government ’ s plan to “ level up ” large parts of the UK that have fallen behind due to de-industrialisation .
Downing Street in particular will want to focus on traditional Labour areas in the North and the Midlands that voted Tory for the first time in 2019 , helping Boris Johnson win a landslide victory .
Speaking to the House of Lords earlier this year Sunak said there had been “ a long-standing issue with investment in this country ” and that “ @ @ @ @ @ @ @ might want to try to encourage more corporate investment , and there is obviously a more timely one now if it might help to fuel a recovery ” .
Read more : Rishi Sunak : UK will not be hit by a ‘ horror show of tax rises ’ The news of potential tax breaks will come as good news for Tory MPs and members who have been concerned about speculation of potential tax rises in Sunak ’ s autumn budget .
The chancellor is said to be considering raising taxes on capital @ @ @ @ @ @ @ a tax grab on the wealthy to help offset the hundreds of billions spent of pounds by the Treasury during the coronavirus crisis .

Rishi Sunak eyes fresh tax breaks for UK businesses
Rishi Sunak has written to the Prime Minister about the damage that the current border rules are doing to the country’s economy, particularly its tourism and hospitality sector.
Rishi Sunak is mulling over multi-billion pound tax cuts for UK businesses that invest in property, plant and equipment in the wake of the coronavirus crisis.
The plans involve giving companies tax breaks on capital investments, such as machinery, in an attempt to stimulate economic activity and boost the government’s “levelling up” agenda.
Companies receive tax breaks on the first £200,000 of capital investment, with a temporary extension to £1m due to end in January.
The Sunday Telegraph reports that the chancellor is considering waiving the limit entirely for a period of time in what is know as “full expensing”.
The policy would aim to spur UK companies, particularly in the Midlands and the North, to ramp up investment and employ more people.
efore the Open newsletter: Start your day with the City View podcast and key market data
The right-leaning Centre for Policy Studies think tank earlier this year said such a policy “would mean businesses investing more, leading to higher incomes and more tax revenue”.
The move would be seen as a part of the government’s plan to “level up” large parts of the UK that have fallen behind due to de-industrialisation.
Downing Street in particular will want to focus on traditional Labour areas in the North and the Midlands that voted Tory for the first time in 2019, helping Boris Johnson win a landslide victory.
Speaking to the House of Lords earlier this year Sunak said there had been “a long-standing issue with investment in this country” and that “there is a general reason why one might want to try to encourage more corporate investment, and there is obviously a more timely one now if it might help to fuel a recovery”.
The news of potential tax breaks will come as good news for Tory MPs and members who have been concerned about speculation of potential tax rises in Sunak’s autumn budget.
The chancellor is said to be considering raising taxes on capital gains and inheritance as a part of a tax grab on the wealthy to help offset the hundreds of billions spent of pounds by the Treasury during the coronavirus crisis.


cityam--2020-09-13--Tory mayoral candidate Shaun Bailey closes gap to Sadiq Khan

Tory mayoral candidate Shaun Bailey is just seven points behind mayor of London Sadiq Khan in shock internal Conservative party polling .
The private polling reportedly shows Khan is leading Bailey by 42 per cent to 35 per cent on first preference voting , according to the Sunday Telegraph .
Read more : ‘ No time for a show of virility ’ : Sadiq Khan on getting London moving again The internal Tory polling has Khan winning on the second round of voting with 55 per cent of the vote , compared to 45 per cent for Bailey .
The @ @ @ @ @ @ @ for City Hall as Khan has consistently had a large lead over Bailey in polling , including in new YouGov figures released on Friday .
The YouGov/The Times poll showed Khan had 40 per cent of first preference votes , compared to 23 per cent for Bailey .
Before the Open newsletter : Start your day with the City View podcast and key market data This was marginally down from YouGov polling earlier this year showing Khan had a 20+ point lead .
The mayor of London election will be held in May @ @ @ @ @ @ @ 12 months due to the coronavirus crisis .
Independent candidate , and former Tory cabinet minister , Rory Stewart and Liberal Democrat Siobhan Benita pulled out of the race shortly after its postponement .
Insiders told the Sunday Telegraph that the polling shows that Bailey is about as popular as Boris Johnson was at the same point prior to his victory in the 2008 mayoral election .
Bailey ’ s campaign has thus far been concentrated mostly on London ’ s increasing violent crime rates , with the London Assembly member often flashing @ @ @ @ @ @ @ in impoverished areas .
Read more : Tory mayor candidate Shaun Bailey shows off his campaign makeover There were rumours earlier this year that major Tory donors wanted Bailey replaced as a candidate due to poor polling , however Conservative headquarters has since put more money and resources into the campaign .
The campaign had a relaunch of sorts last month when Bailey delivered a speech that pitched himself as guardian of the working class , while Khan in contrast had “ forgotten his roots ” and “ betrayed our communities ” .

Tory mayoral candidate Shaun Bailey closes gap to Sadiq Khan
Shaun Bailey, Conservative candidate for the mayor of London delivers a speech at last year’s party conference
Tory mayoral candidate Shaun Bailey is just seven points behind mayor of London Sadiq Khan in shock internal Conservative party polling.
The private polling reportedly shows Khan is leading Bailey by 42 per cent to 35 per cent on first preference voting, according to the Sunday Telegraph.
The internal Tory polling has Khan winning on the second round of voting with 55 per cent of the vote, compared to 45 per cent for Bailey.
The numbers would come as a great surprise for City Hall as Khan has consistently had a large lead over Bailey in polling, including in new YouGov figures released on Friday.
The YouGov/The Times poll showed Khan had 40 per cent of first preference votes, compared to 23 per cent for Bailey.
Before the Open newsletter: Start your day with the City View podcast and key market data
This was marginally down from YouGov polling earlier this year showing Khan had a 20+ point lead.
The mayor of London election will be held in May 2021, after it was postponed for 12 months due to the coronavirus crisis.
Independent candidate, and former Tory cabinet minister, Rory Stewart and Liberal Democrat Siobhan Benita pulled out of the race shortly after its postponement.
Insiders told the Sunday Telegraph that the polling shows that Bailey is about as popular as Boris Johnson was at the same point prior to his victory in the 2008 mayoral election.
Bailey’s campaign has thus far been concentrated mostly on London’s increasing violent crime rates, with the London Assembly member often flashing his credentials as a former youth worker in impoverished areas.
There were rumours earlier this year that major Tory donors wanted Bailey replaced as a candidate due to poor polling, however Conservative headquarters has since put more money and resources into the campaign.
The campaign had a relaunch of sorts last month when Bailey delivered a speech that pitched himself as guardian of the working class, while Khan in contrast had “forgotten his roots” and “betrayed our communities”.


cityam--2020-09-13--Brexit: UK's justice secretary will not quit over international law breach

Justice secretary Robert Buckland has said he will not resign his post after the government introduced controversial Brexit legislation this week that breaks international law .
Buckland said the legislation – which could amount to a breach of the Brexit withdrawal agreement – is only an “ insurance policy ” and that he believed it would not come into place at the end of the year .
Read more : Tony Blair and Sir John Major urge government to drop plans to breach Brexit deal The government ’ s Internal Market Bill seeks to ensure that the EU can not @ @ @ @ @ @ @ Britain in the case that the UK leaves the EU customs union and single market without a deal on 31 December .
However , it is also a breach of the Brexit withdrawal agreement , as negotiated by Johnson , as it overrides clauses pertaining to Northern Ireland .
Cabinet ministers have admitted that it breaks international law , with Northern Ireland secretary Brandon Lewis telling MPs this week that it does so only “ in a specific and limited way ” .
Jonathan Jones , the Treasury ’ s solicitor and permanent @ @ @ @ @ @ @ resigned due to the bill .
Buckland told the BBC he was not resigning at present and refused to answer if he would if quit if the controversial legislation came into place on 1 January .
He said : “ If I see the rule of law being broken in a way I find unacceptable , then of course I will go .
We are not at that stage.
” Buckland added that the government had the right to breach the withdrawal agreement , and international law , if it was in the @ @ @ @ @ @ @ is sovereign , it is free to pass laws in accordance with its own procedures , ” he said .
“ If we get to this stage there will be a conflict between our domestic law position and our international law position , it is the duty of the British government to seek to resolve this conflict as soon as possible.
” It comes as former prime ministers Tony Blair and Sir John Major urged Boris Johnson to U-turn on his plans .
The former adversaries said Johnson ’ s plan “ is @ @ @ @ @ @ @ , and that his actions will “ imperil ” the Northern Ireland Good Friday Agreement .
Writing in the Sunday Times , the pair said : “ If the government succeeds in its plans , what constitutional audacity will be beyond it ?
Read more : No-deal Brexit would hurt UK more than EU , says German finance minister “ If parliament deliberately passes legislation known to undermine international law , what will that do to the reputation of parliament and our nation ?
“ As the world looks on aghast at the @ @ @ @ @ @ @ once accepted as inviolable — this government ’ s action is shaming itself and embarrassing our nation .
”

Brexit: UK’s justice secretary will not quit over international law breach
Justice Secretary Robert Buckland walks through Downing Street on September 8, 2020
Justice secretary Robert Buckland has said he will not resign his post after the government introduced controversial Brexit legislation this week that breaks international law.
Buckland said the legislation – which could amount to a breach of the Brexit withdrawal agreement – is only an “insurance policy” and that he believed it would not come into place at the end of the year.
The government’s Internal Market Bill seeks to ensure that the EU cannot block trade between Northern Ireland and Great Britain in the case that the UK leaves the EU customs union and single market without a deal on 31 December.
However, it is also a breach of the Brexit withdrawal agreement, as negotiated by Johnson, as it overrides clauses pertaining to Northern Ireland.
Cabinet ministers have admitted that it breaks international law, with Northern Ireland secretary Brandon Lewis telling MPs this week that it does so only “in a specific and limited way”.
Jonathan Jones, the Treasury’s solicitor and permanent secretary of the Government Legal Department, resigned due to the bill.
Buckland told the BBC he was not resigning at present and refused to answer if he would if quit if the controversial legislation came into place on 1 January.
He said: “If I see the rule of law being broken in a way I find unacceptable, then of course I will go. We are not at that stage.”
Buckland added that the government had the right to breach the withdrawal agreement, and international law, if it was in the UK’s interests.
“Parliament is sovereign, it is free to pass laws in accordance with its own procedures,” he said.
“If we get to this stage there will be a conflict between our domestic law position and our international law position, it is the duty of the British government to seek to resolve this conflict as soon as possible.”
It comes as former prime ministers Tony Blair and Sir John Major urged Boris Johnson to U-turn on his plans.
The former adversaries said Johnson’s plan “is shaming itself and embarrassing our nation”, and that his actions will “imperil” the Northern Ireland Good Friday Agreement.
Writing in the Sunday Times, the pair said: “If the government succeeds in its plans, what constitutional audacity will be beyond it?
“If parliament deliberately passes legislation known to undermine international law, what will that do to the reputation of parliament and our nation?
“As the world looks on aghast at the UK — the word of which was once accepted as inviolable — this government’s action is shaming itself and embarrassing our nation.”


cityam--2020-09-14--FTSE 100 drifts into the red amid dealmaking frenzy

The FTSE 100 opened higher but drifted into the red in morning trading as investors digested a set of high-profile deals that would change the corporate landscape in the UK , US and China .
London ’ s blue-chip index slipped 0.1 per cent to stand at 6,027 points shortly after midday .
The FTSE 250 of mid-cap stocks rose 0.4 per cent .
Read more : Nvidia to buy UK chip designer Arm for $ 40bn Germany ’ s Dax also fell 0.04 per cent into the red after gaining .
The continent-wide Stoxx 600 climbed 0.1 per cent @ @ @ @ @ @ @ short video app Tiktok has proposed a “ technology partnership ” with US computer firm Oracle .
The deal still needs approval , however , and US President Donald Trump is keen Tiktok sells its entire US business .
Meanwhile , US tech giant Nvidia has sealed the purchase of UK computer chip-maker Arm holdings from Japan ’ s Softbank for $ 40bn ( £31bn ) .
Softbank will become the biggest shareholder of Nvidia .
On top of this , US pharmaceutical firm Gilead is set to buy cancer drug-maker Immunomedics in @ @ @ @ @ @ @ were set to open higher according to futures prices , following two weeks of falls on Wall Street .
The FTSE 100 received an early boost from Astrazeneca and Oxford University restarting their coronavirus vaccine trials .
The trials were stopped last week after someone in the trial fell ill .
But on Saturday Oxford said the trials had been deemed safe to continue .
“ News that the trial is back on track is music to the ears of the market , ” said Fiona Cincotta , market analyst at trading platform @ @ @ @ @ @ @ the surest and quickest , and possibly the only way for the economy to recover to pre-pandemic growth levels.
” Yet there are no guarantees the Oxford trial will deliver .
And investors found things to be gloomy about by mid-morning .
Namely rising coronavirus cases and worries over the M & A deals proposed .
Read more : AstraZeneca given green light to resume Covid-19 vaccine trials The pound recovered some of the ground it lost last week amid Brexit tension .
It was up 0.6 per cent to $ 1.288 , @ @ @ @ @ @ @ it makes the overseas earnings of the indices ’ firms worth relatively less .
David Cameron became the latest high-profile figure to criticise the government ’ s move to override key parts of the Brexit deal agreed last autumn .
Pressure on the government spurred the move higher in the pound .
“ M & A appears to be the main focus as we start a new week , ” said Michael Hewson , chief market analyst at trading platform CMC Markets .
“ Softbank shares have moved sharply higher in Asia trading @ @ @ @ @ @ @ Arm ] sale.
” “ However , this optimism needs to be tempered , ” Hewson added .
“ Not least because the proposed sale has already attracted the attention of the UK government with respect to the thousands of UK jobs based in and around Cambridge.
” Chris Beauchamp , chief market analyst at trading platform IG , said the Tiktok-Oracle deal faces hurdles too .
“ Having fallen short of a full acquisition , it may not even succeed in this limited fashion , ” he said .
Read more : @ @ @ @ @ @ @ after Microsoft bid rejected “ Given President Trump ’ s ever-changing attitude , he may decide that his election prospects might be best served by blocking the deal .
”

US stocks jump but FTSE 100 stalls amid dealmaking frenzy
London’s FTSE 100 index has lagged behind its global competitors
US stocks jumped but the FTSE 100 fell as investors digested a set of high-profile deals that would change the corporate landscape in the UK, US and China.
Wall Street’s tech-heavy Nasdaq index gained 2.1 per cent in early trading. The S&P 500 rose 1.7 per cent and the Dow Jones climbed 1.3 per cent.
London’s blue-chip index slipped 0.1 per cent to stand at 6,027 points in afternoon trading. The FTSE 250 of mid-cap stocks rose 0.5 per cent.
Read more: Nvidia to buy UK chip designer Arm for $40bn
Germany’s Dax fell 0.1 per cent into the red after rising in the morning. The continent-wide Stoxx 600 climbed 0.1 per cent.
Investors were digesting the news that short video app Tiktok has agreed on a “technology partnership” with US computer firm Oracle. The deal still needs approval, however, and US President Donald Trump is keen Tiktok sells its entire US business.
Meanwhile, US tech giant Nvidia has sealed the purchase of UK computer chip-maker Arm holdings from Japan’s Softbank for $40bn (£31bn). Softbank will become the biggest shareholder of Nvidia.
On top of this, US pharmaceutical firm Gilead is set to buy cancer drug-maker Immunomedics in a $21bn tie-up.
FTSE 100 lifted by vaccine trial restart
The FTSE 100 received an early boost from Astrazeneca and Oxford University restarting their coronavirus vaccine trials.
The trials were stopped last week after someone in the trial fell ill. But on Saturday Oxford said the trials had been deemed safe to continue.
“News that the trial is back on track is music to the ears of the market,” said Fiona Cincotta, market analyst at trading platform City Index.
Yet there are no guarantees the Oxford trial will deliver. Astrazeneca’s share price was in fact lower in afternoon trading after the Trump administration moved to lower US drug prices.
And FTSE 100 investors’ worries over rising coronavirus and Brexit saw the index turn lower.
The pound recovered some of the ground it lost last week amid Brexit tension. It was up 0.6 per cent to $1.288, putting pressure on the FTSE 100 as it makes the overseas earnings of the indices’ firms worth relatively less.
Read more: AstraZeneca given green light to resume Covid-19 vaccine trials
Joshua Mahony, senior market analyst at trading platform IG, said: “News that the Astrazeneca vaccine trial has resumed has provided stocks with a lift.
“Yet the Brexit vote should ensure volatility for the pound and FTSE. Meanwhile, a rise in cases globally dents sentiment around domestically-focused UK stocks.”
Wall Street recovers lost ground
Wall Street stocks had a torrid two weeks after investors second-guessed the recent tech rally, bringing the Nasdaq and S&P 500 back down to earth.
Yet both indices rallied strongly in morning trading, boosted by investor optimism about the blizzard of mergers and acquisitions.
Shares in tech giant Nvidia jumped 6.6 per cent after it cemented the Arm deal. Big tech stocks rallied strongly, driving the Nsdaq higher.
“US markets have opened broadly higher, boosted by various M&A announcements that have come out over the weekend,” said Michael Hewson, chief market analyst at trading platform CMC Markets.
“Nvidia shares have moved higher on the back of this morning’s news.” Yet Hewson added: “Given the sway over the global chip market such a deal would give them global regulators may well have something to say about whether this deal goes through in its current form.”


cityam--2020-09-14--London City Airport cuts 239 jobs as passenger numbers remain low due to Covid-19

London City Airport has announced it will cut up to 239 roles due to low passenger numbers during the coronavirus pandemic .
The airport said today that it has launched a consultation with staff over voluntary redundancies as it seeks to reduce costs .
Read more : Bring in airport testing by end of the month or risk ‘ ruin ’ , airline bosses warn London City Airport suspended commercial flights in March due to the sharp drop in international travel .
Flights resumed in June but passenger levels have remained “ well below ” 2019 levels , with the @ @ @ @ @ @ @ Chief executive Robert Sinclair said : “ It is with huge regret that we are announcing this restructuring programme today and our thoughts are with all of our highly valued staff and their families .
“ The aviation sector is in the throes of the biggest downturn it has ever experienced as a result of the pandemic .
We have held off looking at job losses for as long as possible , but sadly we are not immune from the devastating impact of this virus .
“ Our focus in the coming weeks @ @ @ @ @ @ @ exceptionally difficult period .
We are committed to playing our part in rebuilding a stronger local and national economy once the worst of the downturn passes and believe that the difficult decisions we are taking now will enable the airport to bounce back in a better shape when growth returns .
”

London City Airport cuts 239 jobs as pandemic hits passenger numbers
London City Airport h
London City Airport has announced it will cut up to 239 roles due to low passenger numbers during the coronavirus pandemic.
The airport said today that it has launched a consultation with staff over voluntary redundancies as it seeks to reduce costs.
London City Airport suspended commercial flights in March due to the sharp drop in international travel.
Flights resumed in June but passenger levels have remained “well below” 2019 levels, with the trend expected to continue into winter.
Chief executive Robert Sinclair said: “It is with huge regret that we are announcing this restructuring programme today and our thoughts are with all of our highly valued staff and their families.
“The aviation sector is in the throes of the biggest downturn it has ever experienced as a result of the pandemic. We have held off looking at job losses for as long as possible, but sadly we are not immune from the devastating impact of this virus.
“Our focus in the coming weeks is to help all staff through this exceptionally difficult period. We are committed to playing our part in rebuilding a stronger local and national economy once the worst of the downturn passes and believe that the difficult decisions we are taking now will enable the airport to bounce back in a better shape when growth returns.”


cityam--2020-09-14--Crystal ball: Here's what the Oracle deal could mean for Tiktok

Tiktok owner Bytedance is said to have clinched a deal to offload management of the app ’ s US operations to software giant Oracle , after turning down a widely publicised bid from Microsoft .
US President Donald Trump ordered Bytedance to separate itself from its US arm in August , giving the firm a 45-day deadline to find a buyer .
He later extended that deadline to mid-November , with Microsoft pinpointed as top of the bidding pack — which at various points was rumoured to consist of everyone from Apple to Netflix .
Read more : Oracle set @ @ @ @ @ @ @ bid rejected Washington holds concerns that Tiktok could be forced to pass data back to the Chinese government through Beijing-based Bytedance .
Tiktok , known for its viral short-form video format , has more than 100m users in the US alone .
Sources have suggested the app could be valued at around $ 50bn .
What would a deal between Tiktok and Oracle look like ?
Sources close to the talks have told US news outlets that Oracle would assume management of Tiktok ’ s US user data as Bytedance ’ s technology @ @ @ @ @ @ @ acquisition .
However people familiar with the matter told Reuters the two are also in talks about a sale of the US wing , which could reportedly involve minority stakes for Silicon Valley venture capital firms such as General Atlantic and Sequoia .
The data is currently stored in cloud services run by Google parent Alphabet .
Though Tiktok has formally rejected Microsoft ’ s bid , others are still in play .
For example , a Walmart spokesperson told reporters that talks with Bytedance leadership and other parties for its own offer @ @ @ @ @ @ @ said a successful partnership for Tiktok with Oracle may well clear the way for Bytedance to push on with a public listing in the US .
The tech giant ’ s grey-market value is currently hovering around $ 110bn , well below the $ 200bn level seen in June .
Any deal will still need to be approved by US officials before it can go ahead .
The Chinese government may also have to provide a thumbs up .
Trump has previously expressed support for Oracle ’ s bid , labelling its top @ @ @ @ @ @ @ Larry Ellison as a “ great guy ” .
He has also said he thinks Oracle would be a “ great company ” to take on Tiktok ’ s US operations .
However the deal may still face hurdles when discussing exactly what parts of the company will be sold , after Beijing last week updated its export controls to include the transfer of algorithms .
Chinese state media today reported the government has already rejected the idea of allowing a sale to Oracle or Microsoft , and would not permit Bytedance to @ @ @ @ @ @ @ any US firm .
“ It ’ s still unclear how the specifics of this are going to develop , including around what exactly is going to be sold , ” said Nick Marro , global trade lead at The Economist Intelligence Unit .
“ What ’ s a bit more damning is the confirmation that the links between China ’ s tech companies and the Chinese state are much more blurred than elsewhere , based on how involved Beijing has gotten itself in these discussions .
”

Crystal ball: Here’s what the Oracle deal could mean for Tiktok
Tiktok owner Bytedance is said to have clinched a deal to offload management of the app’s US operations to software giant Oracle, after turning down a widely publicised bid from Microsoft.
US President Donald Trump ordered Bytedance to separate itself from its US arm in August, giving the firm a 45-day deadline to find a buyer.
He later extended that deadline to mid-November, with Microsoft pinpointed as top of the bidding pack — which at various points was rumoured to consist of everyone from Apple to Netflix.
Washington holds concerns that Tiktok could be forced to pass data back to the Chinese government through Beijing-based Bytedance.
Tiktok, known for its viral short-form video format, has more than 100m users in the US alone. Sources have suggested the app could be valued at around $50bn.
What would a deal between Tiktok and Oracle look like?
Sources close to the talks have told US news outlets that Oracle would assume management of Tiktok’s US user data as Bytedance’s technology partner, rather than conducting an outright acquisition.
However people familiar with the matter told Reuters the two are also in talks about a sale of the US wing, which could reportedly involve minority stakes for Silicon Valley venture capital firms such as General Atlantic and Sequoia.
The data is currently stored in cloud services run by Google parent Alphabet.
Though Tiktok has formally rejected Microsoft’s bid, others are still in play. For example, a Walmart spokesperson told reporters that talks with Bytedance leadership and other parties for its own offer are still ongoing.
Analysts at IG said a successful partnership for Tiktok with Oracle may well clear the way for Bytedance to push on with a public listing in the US.
The tech giant’s grey-market value is currently hovering around $110bn, well below the $200bn level seen in June.
Any deal will still need to be approved by US officials before it can go ahead. The Chinese government may also have to provide a thumbs up.
Government interventions
Trump has previously expressed support for Oracle’s bid, labelling its top shareholder — and vocal Trump supporter — Larry Ellison as a “great guy”.
He has also said he thinks Oracle would be a “great company” to take on Tiktok’s US operations.
However the deal may still face hurdles when discussing exactly what parts of the company will be sold, after Beijing last week updated its export controls to include the transfer of algorithms.
Chinese state media today reported the government has already rejected the idea of allowing a sale to Oracle or Microsoft, and would not permit Bytedance to give the source code for Tiktok to any US firm.
“It’s still unclear how the specifics of this are going to develop, including around what exactly is going to be sold,” said Nick Marro, global trade lead at The Economist Intelligence Unit.
“What’s a bit more damning is the confirmation that the links between China’s tech companies and the Chinese state are much more blurred than elsewhere, based on how involved Beijing has gotten itself in these discussions.”


cityam--2020-09-14--Thinking about trading? 5 things you should know - How do you become a good trader?

Entering the world of trading can at times seem daunting .
Understanding the language , learning new technical skills , trusting yourself with your hard-earned money .
The considerations one has to make to execute a trade put many off ever bothering .
But with the right guidance , advice , and counsel , making that first trade needn ’ t be a shot in the dark .
By having a strategy and sticking to it , with the right tools , the process of investing is really quite simple .
No doubt you ’ ll make basic mistakes , @ @ @ @ @ @ @ you can mitigate to ensure they are not costly .
Ask any trader when they made their biggest error , and usually it will because they didn ’ t stick to the plan .
Traders require the discipline to do nothing when there are no opportunities present but must still stay alert for potential opportunities .
Then , they need the discipline to act instantaneously when trading opportunities occur .
Learning to only trade when the moment is right , and not just because it feels right in the moment , is the @ @ @ @ @ @ @ .
If you know someone who trades already , they will more than likely be keen to discuss their wins .
Ask them about their losses and learn from them .
It is only by making errors that we learn .
But in trading , mistakes can be costly .
Better to let someone else make them first and factor in theri error to your trading strategy .
If you don ’ t have someone immediate who is a trader , the internet is full of blogs and forums where one can read @ @ @ @ @ @ @ , and mistakes .
There ’ s no such thing as being too-well-prepared .
Jumping into , or out of , trades too early or too late is a rampant problem among new traders .
They simply haven ’ t developed their patience enough to wait for the best entry and exit .
This trait goes hand in hand with discipline , and you need to be patient until there is a call to action , then you need to have enough discipline to act without hesitation .
Traders require patience in waiting @ @ @ @ @ @ @ – based on their strategy – but when the moment calls for it , they need to act swiftly .
You will definitely screw this one up once .
But don ’ t be downtrodden – even professionals have jittery days !
The most successful traders have a plan and stick to it .
Sticking to a trading strategy allows you to remain focused amid the huge inflow of news and economic data that can seriously impede your analysis process .
You might spot an opportunity , but if it doesn ’ t @ @ @ @ @ @ @ t take it .
There are always more trades to be had .
Developing the right habits is a big part of becoming a successful trader .
When you start trading , your focus shouldn ’ t be on finding the easiest way to make a quick buck .
You should be focused on developing a genuine skill that will allow you to profit for years to come .
Know when to stop Small mistakes can turn into bigger disasters .
You might have stuck to the plan , been patient and disciplined @ @ @ @ @ @ @ your way .
It can be tempting , when things turn red , to start piling in money to cover your losses .
This is a common error .
Learning to cut your losses quickly will save you money and pain in the long run .
If the tide is against you , stop .
Go for a walk , clear your head and start again the next day .
The market will still be there .

Sponsored Ad Feature is produced by an advertiser with the specific intent to promote a product and is not produced by the City A.M. team.
Thinking about trading? 5 things you should know – How do you become a good trader?
Entering the world of trading can at times seem daunting. Understanding the language, learning new technical skills, trusting yourself with your hard-earned money. The considerations one has to make to execute a trade put many off ever bothering.
But with the right guidance, advice, and counsel, making that first trade needn’t be a shot in the dark. By having a strategy and sticking to it, with the right tools, the process of investing is really quite simple. No doubt you’ll make basic mistakes, but by knowing these five things, you can mitigate to ensure they are not costly.
Discipline
Ask any trader when they made their biggest error, and usually it will because they didn’t stick to the plan. Traders require the discipline to do nothing when there are no opportunities present but must still stay alert for potential opportunities. Then, they need the discipline to act instantaneously when trading opportunities occur. Learning to only trade when the moment is right, and not just because it feels right in the moment, is the most important asset any trader can learn.
Learning from others
If you know someone who trades already, they will more than likely be keen to discuss their wins. Ask them about their losses and learn from them. It is only by making errors that we learn. But in trading, mistakes can be costly. Better to let someone else make them first and factor in theri error to your trading strategy. If you don’t have someone immediate who is a trader, the internet is full of blogs and forums where one can read about other’s strategies, wins, and mistakes. There’s no such thing as being too-well-prepared.
Patience
Jumping into, or out of, trades too early or too late is a rampant problem among new traders. They simply haven’t developed their patience enough to wait for the best entry and exit. This trait goes hand in hand with discipline, and you need to be patient until there is a call to action, then you need to have enough discipline to act without hesitation.
Traders require patience in waiting for their ideal entry and exit points – based on their strategy – but when the moment calls for it, they need to act swiftly. You will definitely screw this one up once. But don’t be downtrodden – even professionals have jittery days!
Strategy
The most successful traders have a plan and stick to it. Sticking to a trading strategy allows you to remain focused amid the huge inflow of news and economic data that can seriously impede your analysis process. You might spot an opportunity, but if it doesn’t sit within your plan, don’t take it. There are always more trades to be had. Developing the right habits is a big part of becoming a successful trader. When you start trading, your focus shouldn’t be on finding the easiest way to make a quick buck. You should be focused on developing a genuine skill that will allow you to profit for years to come.
Know when to stop
Small mistakes can turn into bigger disasters. You might have stuck to the plan, been patient and disciplined, but things aren’t going your way. It can be tempting, when things turn red, to start piling in money to cover your losses. This is a common error. Learning to cut your losses quickly will save you money and pain in the long run. If the tide is against you, stop. Go for a walk, clear your head and start again the next day. The market will still be there.


cityam--2020-09-14--Brexit: Tory rebellion against withdrawal agreement breach grows

Boris Johnson ’ s former attorney general Geoffrey Cox has vowed to not support the government ’ s plan to breach its Brexit withdrawal treaty .
The Torridge and West Devon MP said he would not vote for the Internal Market Bill , when it comes before parliament in a series of votes this week , as it would ruin “ the standing and reputation of Britain in the world ” by breaking international law .
Read more : Tony Blair and Sir John Major urge government to drop plans to breach Brexit deal Cox wrote in the The Times @ @ @ @ @ @ @ duty to interpret and execute both the agreement and the protocol in good faith ” .
Cox ’ s intervention adds to the numbers of Tory MPs that are set to vote against , or abstain , in voting for Johnson ’ s bill this week .
Ten Conservative MPs have now confirmed they will not vote for the bill , while former Tory prime ministers Sir John Major and David Cameron have also hit out against it .
Cox said : “ What ministers should not do , however provoked or frustrated @ @ @ @ @ @ @ or use powers permanently and unilaterally to rewrite portions of an agreement into which this country freely entered just a few months ago .
“ Therefore , if the government does not urgently and effectively dispel the impression that it intends to do so , I shall have no choice but to withhold my support for this bill.
” The Internal Market Bill will be debated in parliament today , before a series of votes over the next week will determine if the UK overrides the Brexit deal Johnson agreed with the EU @ @ @ @ @ @ @ : Start your day with the City View podcast and key market data The bill seeks to ensure that the EU can not block trade between Northern Ireland and Great Britain in the case that the UK leaves the EU customs union and single market without a deal on 31 December .
However , it is also a breach of the Brexit withdrawal agreement , as negotiated by Johnson , as it overrides clauses pertaining to Northern Ireland .
Justice secretary Robert Buckland told the BBC today that it was “ an insurance @ @ @ @ @ @ @ is struck with the EU and that he did not expect that it would come into play .
Read more : Brexit : UK ’ s justice secretary will not quit over international law breach Nevertheless , Brussels is demanding Johnson drops the legislation by the end of the month or else it will break off trade negotiations with the UK .
Opposition leader Sir Keir Starmer told LBC that he would not support the bill and that “ the Labour Party that I lead will not go along with breaking international law @ @

Brexit: Tory rebellion against withdrawal agreement breach grows
Former attorney general Geoffrey Cox wrote in the The Times today that the government had “a duty to interpret and execute both the agreement and the protocol in good faith”.
Boris Johnson’s former attorney general Geoffrey Cox has vowed to not support the government’s plan to breach its Brexit withdrawal treaty.
The Torridge and West Devon MP said he would not vote for the Internal Market Bill, when it comes before parliament in a series of votes this week, as it would ruin “the standing and reputation of Britain in the world” by breaking international law.
Cox wrote in the The Times today that the government had “a duty to interpret and execute both the agreement and the protocol in good faith”.
Cox’s intervention adds to the numbers of Tory MPs that are set to vote against, or abstain, in voting for Johnson’s bill this week.
Ten Conservative MPs have now confirmed they will not vote for the bill, while former Tory prime ministers Sir John Major and David Cameron have also hit out against it.
Cox said: “What ministers should not do, however provoked or frustrated they may feel, is to take or use powers permanently and unilaterally to rewrite portions of an agreement into which this country freely entered just a few months ago.
“Therefore, if the government does not urgently and effectively dispel the impression that it intends to do so, I shall have no choice but to withhold my support for this bill.”
The Internal Market Bill will be debated in parliament today, before a series of votes over the next week will determine if the UK overrides the Brexit deal Johnson agreed with the EU last year.
Before the Open newsletter: Start your day with the City View podcast and key market data
The bill seeks to ensure that the EU cannot block trade between Northern Ireland and Great Britain in the case that the UK leaves the EU customs union and single market without a deal on 31 December.
However, it is also a breach of the Brexit withdrawal agreement, as negotiated by Johnson, as it overrides clauses pertaining to Northern Ireland.
Justice secretary Robert Buckland told the BBC today that it was “an insurance policy” in case no trade deal is struck with the EU and that he did not expect that it would come into play.
Nevertheless, Brussels is demanding Johnson drops the legislation by the end of the month or else it will break off trade negotiations with the UK.
Opposition leader Sir Keir Starmer told LBC that he would not support the bill and that “the Labour Party that I lead will not go along with breaking international law”.


cityam--2020-09-14--Businesses have done a good job as emergency policy makers – but they must not get complacent

Government policy and regulation must at times play catch-up with reality .
In recent times , this has been especially prevalent with the social and digital media giants , who have enjoyed free rein while policy makers struggle to work out how to deal with the potential harms they bring .
Read more : Party poopers : Airbnb to limit UK bookings for under-25s But if we thought that the rise and activities of Amazon , Facebook , Google et al was faster than a speeding legislator , then the lightning quick manner in which coronavirus has changed the world @ @ @ @ @ @ @ across the globe have failed to settle upon clear guidelines and measures to deal with the pandemic – a sluggishness compounded by failures to communicate effectively .
As society moves towards a partial reopening , and away from the clear-cut lockdown measures to subtler , changeable guidelines which require more user discretion , the picture is even more muddled .
And , as such , they are even more dangerous to public health and the economy .
Against this backdrop , some big businesses are filling policy gaps out of pure necessity and @ @ @ @ @ @ @ clarity .
Airbnb decided to ban parties at properties rented through the site , with a maximum occupancy of 16 people .
In many parts of the world , this measure is likely to reiterate existing laws and restrictions imposed at a government level , but Airbnb has recognised that many users will feel comfortable flouting broad brush laws imposed in a distant parliament building , and need a more immediate reminder .
Meanwhile , Airbnb ’ s Silicon Valley neighbours Google and Facebook have recently been joined by enterprise tech firm Salesforce @ @ @ @ @ @ @ forced to return en masse to their offices until summer 2021 at the earliest .
Such decisions may prove frustrating to governments who are trying to encourage economic recovery through a resumption of commuting , shop-bought lunches and after-work drinks .
But these swiftly-made business policies have provided staff with clarity at a time when confusion reigns across much of the world .
These tech giants are fully aware that reassured staff means better productivity and business success .
There are plenty of other examples of businesses going above and beyond legal requirements @ @ @ @ @ @ @ many large tech companies are usually given to skirting around legislature instead of reinforcing it , this must feel like a strange situation for some .
Such businesses are likely to find that behaving in a more responsible way as emergency policymakers will win them support and burnish their reputation over the long-term – that is certainly evidenced by Alva ’ s insights into business reputation .
But there is another side to this : companies whose policies arguably represent a watering down of the rule of law , but nonetheless provide a @ @ @ @ @ @ @ retailers made clear as early as July that they would not enforce face masks in their shops .
These rules from supermarkets in part act to protect their staff – workers at Co-op and others have faced abuse over masks and distancing rules – but they also provide customers with a degree of clarity .
Just like businesses , the public finds uncertainty unsettling .
When businesses provide clarity , through their words and actions , they play an active role as responsible members of society .
Read more : Google to extend @ @ @ @ @ @ @ should also be mindful of the flip side to its new-found policymaking privileges .
As the saying goes , with power comes responsibility .
By stepping in to offer solutions and guidelines , companies risk taking a share of the blame if subsequent waves of pandemic hit .
Alberto Lopez Valenzuela is founder and CEO of Alva , the reputation intelligence company , and author of The Connecting Leader .

Businesses have done a good job as emergency policy makers – but they must not get complacent
Airbnb has banned parties at its properties to help fight the spread of Covid-19
Government policy and regulation must at times play catch-up with reality.
In recent times, this has been especially prevalent with the social and digital media giants, who have enjoyed free rein while policy makers struggle to work out how to deal with the potential harms they bring.
But if we thought that the rise and activities of Amazon, Facebook, Google et al was faster than a speeding legislator, then the lightning quick manner in which coronavirus has changed the world has left policymakers utterly stranded.
Governments across the globe have failed to settle upon clear guidelines and measures to deal with the pandemic – a sluggishness compounded by failures to communicate effectively.
As society moves towards a partial reopening, and away from the clear-cut lockdown measures to subtler, changeable guidelines which require more user discretion, the picture is even more muddled. And, as such, they are even more dangerous to public health and the economy.
Against this backdrop, some big businesses are filling policy gaps out of pure necessity and, perhaps, a desire to create clarity.
Airbnb decided to ban parties at properties rented through the site, with a maximum occupancy of 16 people. In many parts of the world, this measure is likely to reiterate existing laws and restrictions imposed at a government level, but Airbnb has recognised that many users will feel comfortable flouting broad brush laws imposed in a distant parliament building, and need a more immediate reminder.
Meanwhile, Airbnb’s Silicon Valley neighbours Google and Facebook have recently been joined by enterprise tech firm Salesforce in announcing that staff will not be forced to return en masse to their offices until summer 2021 at the earliest.
Such decisions may prove frustrating to governments who are trying to encourage economic recovery through a resumption of commuting, shop-bought lunches and after-work drinks. But these swiftly-made business policies have provided staff with clarity at a time when confusion reigns across much of the world.
These tech giants are fully aware that reassured staff means better productivity and business success.
There are plenty of other examples of businesses going above and beyond legal requirements in their Covid-19 policies. Given that many large tech companies are usually given to skirting around legislature instead of reinforcing it, this must feel like a strange situation for some. Such businesses are likely to find that behaving in a more responsible way as emergency policymakers will win them support and burnish their reputation over the long-term – that is certainly evidenced by Alva’s insights into business reputation.
But there is another side to this: companies whose policies arguably represent a watering down of the rule of law, but nonetheless provide a form of clarity.
Two major UK retailers made clear as early as July that they would not enforce face masks in their shops. These rules from supermarkets in part act to protect their staff – workers at Co-op and others have faced abuse over masks and distancing rules – but they also provide customers with a degree of clarity.
Just like businesses, the public finds uncertainty unsettling. When businesses provide clarity, through their words and actions, they play an active role as responsible members of society.
But business should also be mindful of the flip side to its new-found policymaking privileges.
As the saying goes, with power comes responsibility. By stepping in to offer solutions and guidelines, companies risk taking a share of the blame if subsequent waves of pandemic hit.
Alberto Lopez Valenzuela is founder and CEO of Alva, the reputation intelligence company, and author of The Connecting Leader.


cityam--2020-09-14--Coronavirus: UK job losses could reach 700,000 by end of the year

Britain must prepare for a huge wave of job losses that could reach 700,000 by the end of the year , according to new analysis from a research group .
In the third quarter of 2020 , as many as 450,000 jobs are expected to be lost — a huge increase on the same quarterly figures during the last recession of slightly more than 300,000 .
Read more : British companies planned 300,000 redundancies in June and July A further 200,000 redundancies are then forecast before the end of the year .
The alarming figures come from the Institute for @ @ @ @ @ @ @ obtained data from employers planning 20 or more redundancies amid the Covid-19 crisis .
The research group warned that actual job losses could be as high as 700,000 , as companies cutting fewer than 20 jobs did not have to notify the Insolvency Service , while some firms under-reported or failed to report redundancies .
The IES said redundancy notifications issued by employers have risen to more than double the rate seen during the 2008/9 financial recession .
Reports show 240,000 people have been made redundant in the first six months of this @ @ @ @ @ @ @ Labour Force Survey .
The latest figures are set to be released on 15 September , with IES figures predicting 445,000 job losses in the three months between July and September .
The research group also noted that the current end to the furlough scheme on 31 October could produce a backlog of redundancies for the final three months of the year between October and December .
But it stressed that current projections do not point towards any job cuts directly due to the end of furlough .
Read more : DEBATE : @ @ @ @ @ @ @ the furlough scheme at the end of October ?
Tony Wilson , the IES ’ director , said : “ Sadly many of these job losses are now inevitable , but it ’ s not inevitable that this leads to mass unemployment .
“ We can do more to help those facing job loss , support new hiring , minimise lay-offs where we can and protect worker rights.
” One of the IES ’ recommendations in its new report is to boost employment through greater investment in infrastructure .
This mirrors Sajid Javid @ @ @ @ @ @ @ from the economic recession .
Read more : Sajid Javid backs plan to end furlough scheme in October Speaking at the Centre for Policy Studies think tank on Friday , the former chancellor said the UK has been “ pretty lousy in delivering on infrastructure commitments ” .
“ There are lots of ways we can deliver it on time and on budget , ” he said .
“ Infrastructure investment is critical to our growth and is key for our recovery in next decade .
”

Coronavirus: UK job losses could reach 700,000 by end of the year
Britain must prepare for a huge wave of job losses that could reach 700,000 by the end of the year, according to new analysis from a research group.
In the third quarter of 2020, as many as 450,000 jobs are expected to be lost — a huge increase on the same quarterly figures during the last recession of slightly more than 300,000.
A further 200,000 redundancies are then forecast before the end of the year.
The alarming figures come from the Institute for Employment Studies (IES), which obtained data from employers planning 20 or more redundancies amid the Covid-19 crisis.
The research group warned that actual job losses could be as high as 700,000, as companies cutting fewer than 20 jobs did not have to notify the Insolvency Service, while some firms under-reported or failed to report redundancies.
The IES said redundancy notifications issued by employers have risen to more than double the rate seen during the 2008/9 financial recession.
Reports show 240,000 people have been made redundant in the first six months of this year, according to data from the Labour Force Survey.
The latest figures are set to be released on 15 September, with IES figures predicting 445,000 job losses in the three months between July and September.
The research group also noted that the current end to the furlough scheme on 31 October could produce a backlog of redundancies for the final three months of the year between October and December.
But it stressed that current projections do not point towards any job cuts directly due to the end of furlough.
Tony Wilson, the IES’ director, said: “Sadly many of these job losses are now inevitable, but it’s not inevitable that this leads to mass unemployment.
“We can do more to help those facing job loss, support new hiring, minimise lay-offs where we can and protect worker rights.”
One of the IES’ recommendations in its new report is to boost employment through greater investment in infrastructure.
This mirrors Sajid Javid’s views on how to emerge from the economic recession.
Speaking at the Centre for Policy Studies think tank on Friday, the former chancellor said the UK has been “pretty lousy in delivering on infrastructure commitments”.
“There are lots of ways we can deliver it on time and on budget,” he said. “Infrastructure investment is critical to our growth and is key for our recovery in next decade.”


cityam--2020-09-14--JD Wetherspoon reveals 66 staff test positive for coronavirus after pubs reopen

JD Wetherspoon has revealed that 66 employees have tested positive for coronavirus since it reopened its pubs in July but insisted that its venues are safe .
The pub chain said many of the cases were mild or asymptomatic , and that 28 members of staff have returned to work after self-isolating .
Read more : JD Wetherspoon expects sales to fall once Eat Out to Help Out scheme ends The company , which employs 41,564 people , announced the levels of coronavirus among its workers as it sought to reassure the public that pubs are safe places to visit @ @ @ @ @ @ @ pubs and other hospitality businesses should not be closed in a second lockdown .
Martin said : “ If pubs are closed , or restricted so much that they become unprofitable , a great deal of the strenuous effort of the hospitality industry ’ s 3.2m employees , currently engaged on upholding hygiene and social distancing standards , will be lost – leaving the public to socialise at home or elsewhere , in unsupervised circumstances.
” The pub chain has invested £15m on installing social distancing and hygiene measures , with Martin insisting @ @ @ @ @ @ @ at home .
He dismissed claims by Aberdeen University professor Hugh Pennington , who said that reopening pubs was more risky than sending children back to school .
It comes as the number of coronavirus cases in the UK continues to rise , with a further 3,330 cases confirmed yesterday .
Read more : Pub chain JD Wetherspoon to cut up to 130 head office jobs “ The data we have shows that the infection rate has risen , mainly due to social interactions , particularly private household gatherings , ” Martin said @ @ @ @ @ @ @ there are strict measures in place to ensure they are Covid-free , whereas it is much easier to inadvertently pass on the virus in someone ’ s house , where people are more relaxed and less vigilant .
”

JD Wetherspoon reveals 66 staff test positive for coronavirus after pubs reopen
JD Wetherspoon has revealed that 66 employees have tested positive for coronavirus since it reopened its pubs in July but insisted that its venues are safe.
The pub chain said many of the cases were mild or asymptomatic, and that 28 members of staff have returned to work after self-isolating.
The company, which employs 41,564 people, announced the levels of coronavirus among its workers as it sought to reassure the public that pubs are safe places to visit.
Wetherspoon chairman Tim Martin said that pubs and other hospitality businesses should not be closed in a second lockdown.
Martin said: “If pubs are closed, or restricted so much that they become unprofitable, a great deal of the strenuous effort of the hospitality industry’s 3.2m employees, currently engaged on upholding hygiene and social distancing standards, will be lost – leaving the public to socialise at home or elsewhere, in unsupervised circumstances.”
The pub chain has invested £15m on installing social distancing and hygiene measures, with Martin insisting that socialising in pubs is safer than at home.
He dismissed claims by Aberdeen University professor Hugh Pennington, who said that reopening pubs was more risky than sending children back to school.
It comes as the number of coronavirus cases in the UK continues to rise, with a further 3,330 cases confirmed yesterday.
“The data we have shows that the infection rate has risen, mainly due to social interactions, particularly private household gatherings,” Martin said.
“In shops and hospitality venues there are strict measures in place to ensure they are Covid-free, whereas it is much easier to inadvertently pass on the virus in someone’s house, where people are more relaxed and less vigilant.”


cityam--2020-09-14--Uber's second London legal challenge gets underway

Today Uber will appear in a Westminster court for a second time , appealing a previous ruling which banned it from operating in London over safety concerns .
Transport for London ( TfL ) stripped Uber of its licence again last year , alleging a failure to protect its customers when using the service .
Uber has been allowed to continue to operate while the appeal is ongoing .
TfL said it had discovered more than 14,000 trips were made on the app between 2018 and 2019 by drivers using fake identities , at least one of which had previously @ @ @ @ @ @ @ : Uber ’ s food delivery business doubles but demand for rides falters The two sides will spend the next four days in court , where Uber will seek to prove it has made a number of changes to its systems and leadership .
It implemented a new facial recognition system in April to help prevent drivers from sharing their accounts and cars by changing their photos , and installed an in-app button to allow users to call emergency services .
Uber first lost its licence in London in 2017 , and had @ @ @ @ @ @ @ licence .
It then received a two-month licence in September last year , before failing to convince authorities it should have a future in the capital .
Uber has more than 45,000 drivers in London , while also operating separate businesses in food delivery and dockless bikes .
Over 3.5m Londoners use the app ’ s car services , while it faces rising competition from rivals such as Ola , Bolt and Freenow .
Globally the company has said pandemic-related costs are at around $ 1.8bn , as use of its ride-hailing services @ @ @ @ @ @ @ quarter fell to 737m worldwide , down from 1.6bn in the same period last year .
It is not known when a ruling will be handed down after this week ’ s appeal .
Should it not be successful , Uber will be given 21 days to make another appeal to a higher court .

Uber’s second London legal challenge gets underway
Uber will bring its subscription service Uber One to the UK later this month.
Today Uber will appear in a Westminster court for a second time, appealing a previous ruling which banned it from operating in London over safety concerns.
Transport for London (TfL) stripped Uber of its licence again last year, alleging a failure to protect its customers when using the service. Uber has been allowed to continue to operate while the appeal is ongoing.
TfL said it had discovered more than 14,000 trips were made on the app between 2018 and 2019 by drivers using fake identities, at least one of which had previously had their licence suspended.
The two sides will spend the next four days in court, where Uber will seek to prove it has made a number of changes to its systems and leadership.
It implemented a new facial recognition system in April to help prevent drivers from sharing their accounts and cars by changing their photos, and installed an in-app button to allow users to call emergency services.
Uber first lost its licence in London in 2017, and had since been operating on a 15-month probationary licence. It then received a two-month licence in September last year, before failing to convince authorities it should have a future in the capital.
Uber has more than 45,000 drivers in London, while also operating separate businesses in food delivery and dockless bikes.
Over 3.5m Londoners use the app’s car services, while it faces rising competition from rivals such as Ola, Bolt and Freenow.
Globally the company has said pandemic-related costs are at around $1.8bn, as use of its ride-hailing services plummeted. Rides in the most recent quarter fell to 737m worldwide, down from 1.6bn in the same period last year.
It is not known when a ruling will be handed down after this week’s appeal. Should it not be successful, Uber will be given 21 days to make another appeal to a higher court.


cityam--2020-09-14--Coronavirus: Rule of six comes into effect as UK tightens lockdown

New laws banning social gatherings of more than six people came into effect this morning as the government tightens lockdown measures amid a rise in coronavirus cases .
The regulations — dubbed the rule of six — apply to indoors and outdoors gatherings in England and Scotland , but only indoors in Wales .
In England the restrictions affect everyone , but children under 11 in Wales and under 12 in Scotland are exempt .
Police have been given powers to disperse any gathering of more than six people and fine individuals involved £100 , doubling for repeat offenders up @ @ @ @ @ @ @ minister Kit Malthouse today said Brits should use the non-emergency police number to report neighbours they suspect of breaking the rules .
The tightening of restrictions follows a recent spike in new Covid-19 cases in the UK that has fuelled fears of a second wave of the virus .
The latest figures showed the number of people who have tested positive for the virus in the UK increased by 3,330 , with a further five deaths .
Read more : Boris Johnson faces Tory revolt over new lockdown restrictions But the government is @ @ @ @ @ @ @ rules , which have reportedly sparked a rift in Prime Minister Boris Johnson ’ s Cabinet .
The rules do not apply to gatherings for work or education purposes or other events including weddings , funerals and team sports .

Coronavirus: Rule of six comes into effect as UK tightens lockdown
New laws banning social gatherings of more than six people came into effect this morning as the government tightens lockdown measures amid a rise in coronavirus cases.
The regulations — dubbed the rule of six — apply to indoors and outdoors gatherings in England and Scotland, but only indoors in Wales.
In England the restrictions affect everyone, but children under 11 in Wales and under 12 in Scotland are exempt.
Police have been given powers to disperse any gathering of more than six people and fine individuals involved £100, doubling for repeat offenders up to a maximum of £3,200.
Policing minister Kit Malthouse today said Brits should use the non-emergency police number to report neighbours they suspect of breaking the rules.
The tightening of restrictions follows a recent spike in new Covid-19 cases in the UK that has fuelled fears of a second wave of the virus.
The latest figures showed the number of people who have tested positive for the virus in the UK increased by 3,330, with a further five deaths.
But the government is facing a backlash over the tougher new rules, which have reportedly sparked a rift in Prime Minister Boris Johnson’s Cabinet.
The rules do not apply to gatherings for work or education purposes or other events including weddings, funerals and team sports.


cityam--2020-09-14--BCC President warns Boris Johnson of 'difficult winter ahead'

The president of the British Chambers of Commerce has warned the Prime Minister that businesses face the most difficult trading conditions in post-war history .
In a letter to Boris Johnson , BCC president Baroness Ruby McGregor-Smith set out a series of measures to help government take a “ sharper approach ” to restarting the UK economy .
Read more : Cut National Insurance tax after furlough scheme ends , says BCC boss “ Prime Minister , a successful restart of the economy demands bolder and more ambitious action ” , she writes .
“ We face a difficult winter @ @ @ @ @ @ @ of the virus itself .
If the Government wishes to avoid mass unemployment , significant levels of business failure , and long-term economic scarring in our communities , we urge you and your colleagues to act now.
” The letter notes that local restrictions are a “ single largest blockage ” to restarting the economy .
Baroness McGregor-Smith calls for “ support for businesses shuttered by local restrictions ” , in the form of additional grant funding and wage support , rather than saddling firms with further debt .
“ Businesses are not @ @ @ @ @ @ @ further lockdowns , an end to government support schemes and the end of the Brexit transition period ” , she added .
In the letter , McGregor-Smith calls for “ far more ambitious ” fiscal stimulus as the job retention scheme and various loan schemes , such as CBILS , wind down in October .
It follows recent research from BCC which revealed almost a third of firms will cut the size of their workforce in the next three months .
Director-general Adam Marshall previously told City A.M. ’ s podcast called on @ @ @ @ @ @ @ once the furlough scheme unwinds in the autumn .
McGregor-Smith is now calling for an 18-month expansion of the Employment Allowance from £4,000 to £20,000 and an increase to the threshold for National Insurance contributions from £8,788 to £12,500 , which could go some way in helping companies with prolonged cashflow issues .
The letter also suggests 100 per cent business rates relief for the hardest hit sectors and their staff , as well as an extension of CBILS for new entrants beyond the autumn .

BCC president warns Boris Johnson of ‘difficult winter ahead’
The president of the British Chambers of Commerce has warned the Prime Minister that businesses face the most difficult trading conditions in post-war history.
In a letter to Boris Johnson, BCC president Baroness Ruby McGregor-Smith set out a series of measures to help government take a “sharper approach” to restarting the UK economy.
“Prime Minister, a successful restart of the economy demands bolder and more ambitious action”, she writes.
“We face a difficult winter ahead – even without a significant resurgence of the virus itself. If the Government wishes to avoid mass unemployment, significant levels of business failure, and long-term economic scarring in our communities, we urge you and your colleagues to act now.”
The letter notes that local restrictions are a “single largest blockage” to restarting the economy. Baroness McGregor-Smith calls for “support for businesses shuttered by local restrictions”, in the form of additional grant funding and wage support, rather than saddling firms with further debt.
“Businesses are not ready to face the triple threat of further lockdowns, an end to government support schemes and the end of the Brexit transition period”, she added.
In the letter, McGregor-Smith calls for “far more ambitious” fiscal stimulus as the job retention scheme and various loan schemes, such as CBILS, wind down in October.
It follows recent research from BCC which revealed almost a third of firms will cut the size of their workforce in the next three months.
Director-general Adam Marshall previously told City A.M.’s podcast called on the government to cut National Insurance tax once the furlough scheme unwinds in the autumn.
McGregor-Smith is now calling for an 18-month expansion of the Employment Allowance from £4,000 to £20,000 and an increase to the threshold for National Insurance contributions from £8,788 to £12,500, which could go some way in helping companies with prolonged cashflow issues.
The letter also suggests 100 per cent business rates relief for the hardest hit sectors and their staff, as well as an extension of CBILS for new entrants beyond the autumn.


cityam--2020-09-14--Domino's to create 6,000 new jobs

Domino's to create 6,000 new jobs

Pizza takeaway chain Domino ’ s has announced it is creating 6,000 new roles ahead of the crucial Christmas trading period .
The fast food firm is hiring 5,000 new employees as well as 1,000 placements under the government ’ s Kickstart scheme to help young people get jobs after the coronavirus pandemic .
Read more : Domino ’ s appoints permanent finance chief as boardroom shake-up goes on Among the 5,000 new roles , Domino ’ s will hire pizza chefs , customer service colleagues and delivery drivers .
The positions are on top of the 6,000 new jobs @ @ @ @ @ @ @ pandemic this year .
The Kickstarter scheme , which is paid in line with current store pay levels , will offer young people on the job training with the opportunity to apply for a permanent role at the end of the six-month placement .
The move comes amid a huge job losses for retailers and hospitality firms , and will help Domino ’ s gear up for the busy festive period .
The company , which was able to keep its stores open during the coronavirus lockdown , reinstated its dividend payment last @ @ @ @ @ @ @ during the pandemic .
Domino ’ s chief executive Dominic Paul said : “ It was a privilege to keep our stores open during Covid-19 and to now be in a position to offer thousands more people the opportunity to become a Domino ’ s team member .
“ We ’ re also delighted to have applied to support the Government ’ s Kickstart scheme , offering young people the chance to get back into work and to build lifelong skills through our training programmes .
“ Together , these over 6,000 new @ @ @ @ @ @ @ to safely serve our local communities as we head towards the busy festive period .
”

Domino’s to create 6,000 new jobs
Domino’s is preparing to open 200 new stores in the UK and Ireland
Pizza takeaway chain Domino’s has announced it is creating 6,000 new roles ahead of the crucial Christmas trading period.
The fast food firm is hiring 5,000 new employees as well as 1,000 placements under the government’s Kickstart scheme to help young people get jobs after the coronavirus pandemic.
Among the 5,000 new roles, Domino’s will hire pizza chefs, customer service colleagues and delivery drivers.
The positions are on top of the 6,000 new jobs created since the beginning of the Covid-19 pandemic this year.
The Kickstarter scheme, which is paid in line with current store pay levels, will offer young people on-the-job training with the opportunity to apply for a permanent role at the end of the six-month placement.
The move comes amid a huge job losses for retailers and hospitality firms, and will help Domino’s gear up for the busy festive period.
The company, which was able to keep its stores open during the coronavirus lockdown, reinstated its dividend payment last month, hailing “resilient” trading during the pandemic.
Domino’s chief executive Dominic Paul said: “It was a privilege to keep our stores open during Covid-19 and to now be in a position to offer thousands more people the opportunity to become a Domino’s team member.
“We’re also delighted to have applied to support the Government’s Kickstart scheme, offering young people the chance to get back into work and to build lifelong skills through our training programmes.
“Together, these over 6,000 new roles will help Domino’s continue to safely serve our local communities as we head towards the busy festive period.”


cityam--2020-09-14--Exclusive: David Blunkett becomes adviser to financial firm Elementary B

Former Labour home secretary Lord David Blunkett has become a strategic adviser to financial services start-up Elementary B , City A.M. can reveal .
Elementary B is a new financial services company that seeks to help medium-sized firms better manage their businesses by providing new technology and advice .
Read more : Labour peer David Blunkett calls for workers to return to office Blunkett – also a former education and work and pensions secretary and now a Labour peer – will advise the firm ’ s senior management team on “ all aspects ” of regulation , Elementary B said @ @ @ @ @ @ @ will come free for the time being .
But Elementary B chief executive Karen Rudich said she expected to “ reward all our members of staff and chief advisers ” further down the line .
Blunkett told City A.M. that he liked Elementary B ’ s focus on making life easier for mid-sized businesses .
He said that during the coronavirus pandemic they “ need all the help they can get ” .
He said his role will focus on how best to implement regulations and that he will be “ asking the @ @ @ @ @ @ @ Covid meant “ new ways of doing things must be the way forward ” .
Rudich founded Elementary B last year .
It is currently in its early stages but intends to provide products to medium-sized firms that help them improve their use of data , better comply with regulations and choose which products are right for them .
Somewhere between a fintech firm and a consultancy , it will provide both software and advice to companies that it says will help with managing accounting , taxes and banking .
Rudich said : @ @ @ @ @ @ @ Lord Blunkett to Elementary B as strategic advisor .
As a former government minister he will support the creation of the regulatory framework that will underpin our offering.
” Blunkett ’ s path from New Labour bigwig to financial services adviser is a well-trodden one – although his new job is not as high-profile or well-paid as Tony Blair ’ s plum move to become a JP Morgan adviser in 2008 .
Read more : JPMorgan appoints former Chancellor Sajid Javid to advisory role More recently and on the other side of the @ @ @ @ @ @ @ chancellor Sajid Javid as a senior adviser .
Critics questioned how Javid can serve his constituents while being paid handsomely by a bank .
Campaign group Positive Money said : “ It ’ s time to close the door and break the link between politics and the financial sector for good .
”

Exclusive: David Blunkett becomes adviser to financial firm Elementary B
Lord David Blunkett was home secretary from 2001 to 2004
Former Labour home secretary Lord David Blunkett has become a strategic adviser to financial services start-up Elementary B, City A.M. can reveal.
Elementary B is a new financial services company that seeks to help medium-sized firms better manage their businesses by providing new technology and advice.
Blunkett – also a former education and work and pensions secretary and now a Labour peer – will advise the firm’s senior management team on “all aspects” of regulation, Elementary B said.
The Labour grandee’s advice will come free for the time being. But Elementary B chief executive Karen Rudich said she expected to “reward all our members of staff and chief advisers” further down the line.
Blunkett told City A.M. that he liked Elementary B’s focus on making life easier for mid-sized businesses. He said that during the coronavirus pandemic they “need all the help they can get”.
He said his role will focus on how best to implement regulations and that he will be “asking the awkward questions”. Blunkett added that Covid meant “new ways of doing things must be the way forward”.
Rudich founded Elementary B last year. It is currently in its early stages but intends to provide products to medium-sized firms that help them improve their use of data, better comply with regulations and choose which products are right for them.
The firm intends to bring together software providers, banks and advisors through its technology to help companies manage accounting, taxes and banking.
Rudich said: “I am very excited to welcome Lord Blunkett to Elementary B as strategic advisor. As a former government minister he will support the creation of the regulatory framework that will underpin our offering.”
Blunkett’s path from New Labour bigwig to financial services adviser is a well-trodden one – although his new job is not as high-profile or well-paid as Tony Blair’s plum move to become a JP Morgan adviser in 2008.
More recently and on the other side of the house, JP Morgan hired former Tory chancellor Sajid Javid as a senior adviser.
Critics questioned how Javid can serve his constituents while being paid handsomely by a bank. Campaign group Positive Money said: “It’s time to close the door and break the link between politics and the financial sector for good.”


cityam--2020-09-14--Boris Johnson says Brexit deal breach will save UK from being 'carved up'

Boris Johnson has said the UK must prepare to breach the Brexit withdrawal agreement in its new bill to stop Brussels from “ dividing ” the country as another senior Tory has decided to vote against the controversial legislation .
Johnson told MPs today that Brussels was attempting to “ blockade ” goods travelling between Great Britain and Northern Ireland in trade negotiations and that the EU was refusing to “ take this revolver off the table ” .
Northern Ireland will remain in the EU ’ s customs union from next year , while the rest of the UK @ @ @ @ @ @ @ said that if we fail to reach an agreement to their satisfaction they might very well refuse to list the UK ’ s food and agricultural products for sale anywhere in the EU , ” he said .
“ That would mean Mr Speaker , tariffs that could get as high as 90 per cent by value on Scottish beef going to Northern Ireland moving not from Stranraer to Dublin but from Stranraer to Belfast , within our United Kingdom.
” MPs will have a series of votes over the next week on @ @ @ @ @ @ @ to override parts of the UK ’ s Brexit withdrawal agreement and therefore break international law .
The bill seeks to ensure that the EU can not block trade between Northern Ireland and Great Britain in the case that the UK leaves the EU customs union and single market without a deal on 31 December .
Before the Open newsletter : Start your day with the City View podcast and key market data Former chancellor Sajid Javid has today said he would not support the bill as it was “ not clear to @ @ @ @ @ @ @ UK to break international law ” .
He joins former attorney general Geoffrey Cox and at least nine other Conservative MPs who have said they will not back the bill .
The Prime Minister said the legislation was only an “ insurance policy ” in case there was no trade deal reached between the UK and EU , while also promising to give MPs another vote if the measures are needed at the end of the year .
“ This bill includes our first step to protect our country against such a contingency @ @ @ @ @ @ @ powers in reserve whereby Ministers can act to guarantee the integrity of our United Kingdom , ” he said .
“ They are an insurance policy and if we reach agreement with our European friends , which I still believe is possible , they will never be invoked .
“ If they were ever needed , ministers would return to this House with a statutory instrument on which a vote would be held.
” Labour shadow business secretary Ed Miliband chastised the government for its bill , saying “ I never thought respecting @ @ @ @ @ @ @ a matter of disagreement ” in parliament .
Read more : Brexit : David Cameron becomes latest former PM to hit out at Brexit bill “ A competent government would never have entered into a binding agreement with provisions it could not live with , ” he said .
“ And if such a government somehow missed the point but woke up later it would have done what any competent business would do after it realised it can ’ t live with the terms of a contract , it would negotiate a way @ @ @ @ @ @

Boris Johnson says Brexit deal breach will save UK from being ‘carved up’
Boris Johnson leaves 10 Downing Street on September 9
Boris Johnson has said the UK must prepare to breach the Brexit withdrawal agreement in its new bill to stop Brussels from “dividing” the country as another senior Tory has decided to vote against the controversial legislation.
Johnson told MPs today that Brussels was attempting to “blockade” goods travelling between Great Britain and Northern Ireland in trade negotiations and that the EU was refusing to “take this revolver off the table”.
Northern Ireland will remain in the EU’s customs union from next year, while the rest of the UK will not.
“The EU has said that if we fail to reach an agreement to their satisfaction they might very well refuse to list the UK’s food and agricultural products for sale anywhere in the EU,” he said.
“That would mean Mr Speaker, tariffs that could get as high as 90 per cent by value on Scottish beef going to Northern Ireland moving not from Stranraer to Dublin but from Stranraer to Belfast, within our United Kingdom.”
MPs will have a series of votes over the next week on the Internal Market Bill, which seeks to override parts of the UK’s Brexit withdrawal agreement and therefore break international law.
The bill seeks to ensure that the EU cannot block trade between Northern Ireland and Great Britain in the case that the UK leaves the EU customs union and single market without a deal on 31 December.
Before the Open newsletter: Start your day with the City View podcast and key market data
Former chancellor Sajid Javid has today said he would not support the bill as it was “not clear to me why it is necessary for the UK to break international law”.
He joins former attorney general Geoffrey Cox and at least nine other Conservative MPs who have said they will not back the bill.
The Prime Minister said the legislation was only an “insurance policy” in case there was no trade deal reached between the UK and EU, while also promising to give MPs another vote if the measures are needed at the end of the year.
“This bill includes our first step to protect our country against such a contingency by creating a legal safety net taking powers in reserve whereby Ministers can act to guarantee the integrity of our United Kingdom,” he said.
“They are an insurance policy and if we reach agreement with our European friends, which I still believe is possible, they will never be invoked.
“If they were ever needed, ministers would return to this House with a statutory instrument on which a vote would be held.”
Labour shadow business secretary Ed Miliband chastised the government for its bill, saying “I never thought respecting international law would in my lifetime be a matter of disagreement” in parliament.
“A competent government would never have entered into a binding agreement with provisions it could not live with,” he said.
“And if such a government somehow missed the point but woke up later it would have done what any competent business would do after it realised it can’t live with the terms of a contract, it would negotiate a way out in good faith.”