cityam--2020-11-10--Acast and Patreon team up to launch subscriber-only podcast service

Acast and Patreon have joined forces to launch a new service that will allow podcast creators to make exclusive content available to subscribers across all major platforms .
The tie-up will allow creators on the Patreon membership service to distribute private , patron-only podcast episodes to listeners on apps including Apple and Amazon Music .
Read more : Amazon Music launches podcasts as it puts Spotify in its sights “ At Patreon , we ’ re fostering an ecosystem where creators can connect more deeply with their audiences , and ultimately change the way their creativity is valued , ” @ @ @ @ @ @ @ success at Patreon .
“ Patreon and Acast have a shared mission of helping creators earn a sustainable income for their art .
As podcasting continues to be one of the largest creator categories on Patreon , our work with Acast makes it easier than ever for podcasters to cultivate their communities by delivering exclusive content to their most passionate fans , wherever they like to listen.
” The companies said the tool will allow listeners to access free and subscriber-only podcasts on the majority of apps in a single feed .
Creators @ @ @ @ @ @ @ all their shows — whether free or paywalled — in a single dashboard and drive more sign-ups by linking to their Patreon membership in show descriptions .
Podcasters will also have access to data and insights about their listeners through Acast ’ s analytics technology .
The service will be rolled out to all Patreon podcast subscribers this month .
It follows a successful trial with several high-profile podcasters , including Sleep With Me and 90 Day Gays .
Read more : Spotify dancing on air as premium subscribers revenue beats expectations “ @ @ @ @ @ @ @ the audience their content deserves , and to be fairly compensated for that , ” said Leandro Saucedo , chief business and strategy officer at Acast .
“ Creators thrive in an ecosystem where they can freely create , connect with their audiences , and make a living from their work across any platform — and this collaboration is all about supporting and enabling that .
”

Acast and Patreon team up to launch subscriber-only podcast service
The tie-up between Patreon and Acast will allow subscribers to access exclusive podcast content
Acast and Patreon have joined forces to launch a new service that will allow podcast creators to make exclusive content available to subscribers across all major platforms.
The tie-up will allow creators on the Patreon membership service to distribute private, patron-only podcast episodes to listeners on apps including Apple and Amazon Music.
“At Patreon, we’re fostering an ecosystem where creators can connect more deeply with their audiences, and ultimately change the way their creativity is valued,” said Brian Keller, director of creator success at Patreon.
“Patreon and Acast have a shared mission of helping creators earn a sustainable income for their art. As podcasting continues to be one of the largest creator categories on Patreon, our work with Acast makes it easier than ever for podcasters to cultivate their communities by delivering exclusive content to their most passionate fans, wherever they like to listen.”
The companies said the tool will allow listeners to access free and subscriber-only podcasts on the majority of apps in a single feed.
Creators will be able to manage and upload all their shows — whether free or paywalled — in a single dashboard and drive more sign-ups by linking to their Patreon membership in show descriptions.
Podcasters will also have access to data and insights about their listeners through Acast’s analytics technology.
The service will be rolled out to all Patreon podcast subscribers this month. It follows a successful trial with several high-profile podcasters, including Sleep With Me and 90 Day Gays.
“All creators should be able to reach the audience their content deserves, and to be fairly compensated for that,” said Leandro Saucedo, chief business and strategy officer at Acast.
“Creators thrive in an ecosystem where they can freely create, connect with their audiences, and make a living from their work across any platform — and this collaboration is all about supporting and enabling that.”


cityam--2020-11-10--Premier League confirms plans to scrap controversial pay-per-view model

The Premier League has confirmed it will scrap its controversial pay-per-view model after a fierce backlash from fans .
The new model , which was introduced following the international break in October , means fans have to cough up £14.95 to watch games not selected for regular broadcast .
Read more : Five substitutions and fixture congestion : Won ’ t somebody think of the rich Premier League superclubs ?
The move sparked anger among supporter groups , who raised hundreds of thousands of pounds for charity instead of paying the fee .
But Premier League chief executive Richard Masters @ @ @ @ @ @ @ the controversial payment model .
“ We ’ ve listened to feedback and , while we ’ re not able to announce anything today , we will be changing direction and moving away from it , ” he told a parliamentary committee .
Masters said bosses were “ taking another step ” which was expected to last through lockdown , the Christmas period and into January .
While the Premier League boss declined to offer details of the new system , it is expected to see a return to the model put in @ @ @ @ @ @ @ .
Under this model , all live games would be shown by one of the league ’ s broadcast partners , with Sky and BT Sport taking the lion ’ s share .
The BBC and Amazon Prime would also broadcast some matches .
Masters has previously defended the decision to introduce an additional paywall for top-flight matches at a time when clubs were lobbying for fans to be allowed back into grounds .
But the heated opposition from fans , combined with the introduction of a nationwide lockdown until at least 2 @ @ @ @ @ @ @ been forced to reconsider its decision .
Estimates of viewing figures under the pay-per-view model suggested that the average number of viewers over the first nine games was roughly 39,000 , with some matches attracting fewer than 10,000 viewers .
The model has also sparked concerns about an increase in illegal streaming of matches , while MPs suggested the measures could encourage people to break lockdown rules and visit friends ’ houses to watch games .
Read more : The Week In Sportbiz : Premier League set to axe pay-per-view ( for now @ @ @ @ @ @ @ Extreme E , and Gosper gives US his World Cup vote Following a meeting of Premier League shareholders last week , the Football Supporters Association said : “ Supporters made clear their revulsion at the £15 cost to see their teams on Sky and BT Sport ’ s pay-per-view platforms last month , an emotion running so deep that fan protests across the country even reached the ears of untouchable Premier League club owners .
“ We await to see the detail of what the Premier League and its broadcasters will now offer @ @ @ @ @ @ @ for the foreseeable future – they simply must come up with a solution that is affordable for all .
”

Premier League confirms plans to scrap controversial pay-per-view model
The Premier League’s pay-per-view model requires fans to pay £14.95 to watch some games
The Premier League has confirmed it will scrap its controversial pay-per-view model after a fierce backlash from fans.
The new model, which was introduced following the international break in October, means fans have to cough up £14.95 to watch games not selected for regular broadcast.
The move sparked anger among supporter groups, who raised hundreds of thousands of pounds for charity instead of paying the fee.
But Premier League chief executive Richard Masters today confirmed that the league will scrap the controversial payment model.
“We’ve listened to feedback and, while we’re not able to announce anything today, we will be changing direction and moving away from it,” he told a parliamentary committee.
Masters said bosses were “taking another step” which was expected to last through lockdown, the Christmas period and into January.
While the Premier League boss declined to offer details of the new system, it is expected to see a return to the model put in place at the beginning of the period.
Under this model, all live games would be shown by one of the league’s broadcast partners, with Sky and BT Sport taking the lion’s share. The BBC and Amazon Prime would also broadcast some matches.
Masters has previously defended the decision to introduce an additional paywall for top-flight matches at a time when clubs were lobbying for fans to be allowed back into grounds.
But the heated opposition from fans, combined with the introduction of a nationwide lockdown until at least 2 December, means the Premier League has been forced to reconsider its decision.
Estimates of viewing figures under the pay-per-view model suggested that the average number of viewers over the first nine games was roughly 39,000, with some matches attracting fewer than 10,000 viewers.
The model has also sparked concerns about an increase in illegal streaming of matches, while MPs suggested the measures could encourage people to break lockdown rules and visit friends’ houses to watch games.
Following a meeting of Premier League shareholders last week, the Football Supporters Association said: “Supporters made clear their revulsion at the £15 cost to see their teams on Sky and BT Sport’s pay-per-view platforms last month, an emotion running so deep that fan protests across the country even reached the ears of untouchable Premier League club owners.
“We await to see the detail of what the Premier League and its broadcasters will now offer supporters who remain locked out of grounds for the foreseeable future – they simply must come up with a solution that is affordable for all.”


cityam--2020-11-11--Pandemic leads UK consumers to cut carbon emissions in 2020

Carbon emissions from six key consumer spending categories were 12 % lower at the end of October than they were the year before , according to analysis from Lloyds Banking Group and the Carbon Trust .
Despite the overall fall the analysis found emissions rose 26 % between the second and third quarter of the year as spending increased on commuting and travel .
The analysis considered the impact on carbon emissions resulting from changing consumer behaviour across six spending categories : retail , food and drink , commuting , airlines , electrical shops and clothing stores .
Read more @ @ @ @ @ @ @ takeaways and web services stayed popular Fuel spend was a key factor behind the increase in carbon emissions as people began travelling again .
Between Q2 and Q3 carbon emissions from fuel spend rose 59 % – the equivalent of more than 1.6 million tonnes .
Furthermore , an increase in the amount spent on commuting resulted in carbon emissions increasing by 225 % – almost 500,000 tonnes of CO2 .
As some international borders reopened carbon emissions from airlines increased as Britons headed abroad for the summer .
Emissions rose 118 % @ @ @ @ @ @ @ of an increase of 260,000 tonnes of CO2 .
Despite this increase , emissions from airlines were still down 60 % on 2019 levels .
Fiona Cannon , group sustainable business director at Lloyds Banking Group said : “ Our spending analysis underlines the strong link between economic activity and carbon emissions .
We need to build back better in a way which is both good for the economy and the environment .
”

Pandemic leads UK consumers to cut carbon emissions in 2020
Carbon emissions from six key consumer spending categories were 12% lower at the end of October than they were the year before, according to analysis from Lloyds Banking Group and the Carbon Trust.
Despite the overall fall the analysis found emissions rose 26% between the second and third quarter of the year as spending increased on commuting and travel.
The analysis considered the impact on carbon emissions resulting from changing consumer behaviour across six spending categories: retail, food and drink, commuting, airlines, electrical shops and clothing stores.
Fuel spend was a key factor behind the increase in carbon emissions as people began travelling again.
Between Q2 and Q3 carbon emissions from fuel spend rose 59% – the equivalent of more than 1.6 million tonnes. Furthermore, an increase in the amount spent on commuting resulted in carbon emissions increasing by 225% – almost 500,000 tonnes of CO2.
As some international borders reopened carbon emissions from airlines increased as Britons headed abroad for the summer. Emissions rose 118% from Q2 to Q3, the equivalent of an increase of 260,000 tonnes of CO2. Despite this increase, emissions from airlines were still down 60% on 2019 levels.
Fiona Cannon, group sustainable business director at Lloyds Banking Group said: “Our spending analysis underlines the strong link between economic activity and carbon emissions. We need to build back better in a way which is both good for the economy and the environment.”


cityam--2020-11-11--'A horror story': Brexit and Covid halt international trade for UK SMEs

Already suffering from the impact of a domestic lockdown , the UK ’ s SMEs have also been forced to halt international trade this year .
The dual hit of Brexit and Covid uncertainty has seen 1.5m small businesses pause international imports and exports in 2020 , according to research by fintech Currensea .
Read more : Brexit : EU negotiator Michel Barnier outlines three ways to close trade deal For many SMEs international trade is the lifeblood of their business and any further hit to trading will have a detrimental effect on business owners .
“ International trade is @ @ @ @ @ @ @ , it ’ s hosting a website and paying in dollars… ” James Lynn , co-founder of Currensea told City A.M .
The research reveals 82 per cent of firms have said international trade contributes up to half of their entire annual revenue .
Exports have decreased by around 10 per cent this year , which Currensea predicts could cost the economy up to £20bn .
Pandemic uncertainty has had the starkest impact on trade , with 1.18m reporting they have had to pause activity .
News of an effective vaccine that could @ @ @ @ @ @ @ will go some way in inspiring confidence for many of the UK ’ s smallest firms .
But a lack of detail on a Brexit deal is hammering firms who are concerned about cost and additional bureaucracy .
A further six per cent of SMEs – nearly 300,000 firms – have had to stop trading this year due to Brexit .
This is in large part because of a reliance on trade with the conitnent – three quarters of SMEs said their main trading partner is Europe .
Eight per cent of the @ @ @ @ @ @ @ pause trading internationally once Britain leaves the EU , while a further 11 per cent will have to stop entirely .
“ SMEs are looking for certainty , once we have that trade will start to resume again , ” Lynn said .
“ They are the backbone of the economy and these figures show livelihoods are being hit… It ’ s a horror story , ” Lynn added .
The biggest concern for firms is the increase in cost due to Brexit , while 53 per cent of SMEs are worried about @ @ @ @ @ @ @ “ [ SMEs ] have seen an unprecedented uptick in challenges , from the obvious reduction in business due to lockdown controls to other factors like the accelerating shift to digital and the rise in demand for cashless payments , ” said Edoardo Volta , head of fintechs at Mastercard .
Currensea has not been immune from the Brexit and Covid pressure , having launched its consumer debit card for international transactions at the start of the year .
Tight travel restrictions meant the core of Currensea ’ s business was put on @ @ @ @ @ @ @ : HMRC urges traders to prep for end of Brexit transition period to avoid disruption Last month it launched its open banking debit card for SMEs , which Lynn said is one way of alleviating some of the pressure SMEs face .
“ We ’ ve had a good uptake and I think some of that is born out of the stats we ’ ve seen , ” Lynn said .
“ In normal times one of the biggest challenges is around foreign exchange fees , so for the SMEs still trading it @ @ @ @ @ @ @ a problem .
”

‘A horror story’: Brexit and Covid halt international trade for UK SMEs
Already suffering from the impact of a domestic lockdown, the UK’s SMEs have also been forced to halt international trade this year.
The dual hit of Brexit and Covid uncertainty has seen 1.5m small businesses pause international imports and exports in 2020, according to research by fintech Currensea.
For many SMEs international trade is the lifeblood of their business and any further hit to trading will have a detrimental effect on business owners.
“International trade is not just building supplies or shipping goods, it’s hosting a website and paying in dollars…” James Lynn, co-founder of Currensea told City A.M.
The research reveals 82 per cent of firms have said international trade contributes up to half of their entire annual revenue.
Exports have decreased by around 10 per cent this year, which Currensea predicts could cost the economy up to £20bn.
Pandemic uncertainty has had the starkest impact on trade, with 1.18m reporting they have had to pause activity.
News of an effective vaccine that could be rolled out in the new year will go some way in inspiring confidence for many of the UK’s smallest firms. But a lack of detail on a Brexit deal is hammering firms who are concerned about cost and additional bureaucracy.
A further six per cent of SMEs – nearly 300,000 firms – have had to stop trading this year due to Brexit. This is in large part because of a reliance on trade with the conitnent – three quarters of SMEs said their main trading partner is Europe.
Eight per cent of the firms surveyed said they will have to pause trading internationally once Britain leaves the EU, while a further 11 per cent will have to stop entirely.
“SMEs are looking for certainty, once we have that trade will start to resume again,” Lynn said. “They are the backbone of the economy and these figures show livelihoods are being hit… It’s a horror story,” Lynn added.
The biggest concern for firms is the increase in cost due to Brexit, while 53 per cent of SMEs are worried about delays in receiving and sending goods.
“[SMEs] have seen an unprecedented uptick in challenges, from the obvious reduction in business due to lockdown controls to other factors like the accelerating shift to digital and the rise in demand for cashless payments,” said Edoardo Volta, head of fintechs at Mastercard.
Currensea has not been immune from the Brexit and Covid pressure, having launched its consumer debit card for international transactions at the start of the year. Tight travel restrictions meant the core of Currensea’s business was put on hold until the summer.
Last month it launched its open banking debit card for SMEs, which Lynn said is one way of alleviating some of the pressure SMEs face.
“We’ve had a good uptake and I think some of that is born out of the stats we’ve seen,” Lynn said. “In normal times one of the biggest challenges is around foreign exchange fees, so for the SMEs still trading it can go some way in helping sort a problem.”


cityam--2020-11-11--Waitrose pledges to keep meat and fish counters open as rivals shutter services

Waitrose has this morning pledged to keep its meat , fish and deli counters open , taking on the supermarkets that have shuttered the services to cut costs amid falling demand .
The up-market grocer said it is committed to the long-term future of its food service counters , and is planning to expand its meat and fish range online at the beginning of next year .
The move comes after major UK supermarkets have closed the counters in recent months , as customers stick to shopping online or in the aisles .
Sainsbury ’ s announced last week that @ @ @ @ @ @ @ its fresh food counters to respond to the decline in demand .
Asda axed the food service counters in January and Tesco closed 90 last year .
The latest research by Kantar published yesterday showed that the number of supermarket trips involving a visit to the deli , mean or fish counter has fallen by 33 per cent in the past 12 weeks .
However , the shift does not mean that shoppers are snubbing fresh products altogether , Kantar said .
“ In fact the first national lockdown saw record numbers of @ @ @ @ @ @ @ ” Kantar head of retail and consumer insight Fraser McKevitt said .
“ Over 2m households have visited their local butcher in the past three months , 100,000 more than this time last year.
” Waitrose director of category proposition Jackie Wharton said : “ Waitrose is renowned for its service counters and they remain a key reason why many people shop with us .
“ Having tripled our slot capacity to over 200,000 orders a week and in light of increased demand for online this year , there is now a huge @ @ @ @ @ @ @ rand on Waitrose.com and we ’ re excited to relaunch it at the beginning of next year.
” He added : “ And having taken the decision to keep our counters open broadly throughout this pandemic and thanks to support from our customers , they are also helping to sustain many of our smallest British suppliers , who otherwise would not have had a route to market this year .
”

Waitrose pledges to keep meat and fish counters open as rivals shutter services
Waitrose has this morning pledged to keep its meat, fish and deli counters open, taking on the supermarkets that have shuttered the services to cut costs amid falling demand.
The up-market grocer said it is committed to the long-term future of its food service counters, and is planning to expand its meat and fish range online at the beginning of next year.
The move comes after major UK supermarkets have closed the counters in recent months, as customers stick to shopping online or in the aisles.
Sainsbury’s announced last week that it is planning to close all of its fresh food counters to respond to the decline in demand.
Asda axed the food service counters in January and Tesco closed 90 last year.
The latest research by Kantar published yesterday showed that the number of supermarket trips involving a visit to the deli, mean or fish counter has fallen by 33 per cent in the past 12 weeks.
However, the shift does not mean that shoppers are snubbing fresh products altogether, Kantar said.
“In fact the first national lockdown saw record numbers of people buy meat from other sources,” Kantar head of retail and consumer insight Fraser McKevitt said.
“Over 2m households have visited their local butcher in the past three months, 100,000 more than this time last year.”
Waitrose director of category proposition Jackie Wharton said: “Waitrose is renowned for its service counters and they remain a key reason why many people shop with us.
“Having tripled our slot capacity to over 200,000 orders a week and in light of increased demand for online this year, there is now a huge opportunity for us to offer our counter rand on Waitrose.com and we’re excited to relaunch it at the beginning of next year.”
He added: “And having taken the decision to keep our counters open broadly throughout this pandemic and thanks to support from our customers, they are also helping to sustain many of our smallest British suppliers, who otherwise would not have had a route to market this year.”


cityam--2020-11-11--Ministers to block foreign takeovers of UK firms under new law

The government will today unveil legislation which will enable ministers to intervene and block firms in hostile states from taking over UK companies .
Under the National Security and Investment Bill , it will be mandatory for deals involving firms in 17 sectors deemed of strategic importance to be notified to officials .
Read more : New law to probe foreign takeovers to be unveiled this week In addition , the government will now have the power to scrutinise the acquisition of assets and intellectual property as well as companies themselves .
The new legislation will see investments screened within @ @ @ @ @ @ @ case-by-case system , which will speed up the majority of transactions .
But those deals which ministers feel will damage the UK can have conditions imposed upon them after a full security assessment , or blocked where the risk to national security is too great .
The regime will be similar to new frameworks put in place by allies such as the US , Australia , France and Italy , and will apply to investors from any country .
It comes with the UK caught between ensuring that it can still attract international @ @ @ @ @ @ @ from potential meddling by hostile states .
Business secretary Alok Sharma , who will be the one to decide which transactions threaten the country ’ s security , said : “ The UK remains one of the most attractive investment destinations in the world and we want to keep it that way .
But hostile actors should be in no doubt – there is no back door into the UK .
“ This Bill will mean that we can continue to welcome job-creating investment to our shores , while shutting out those who @ @ @ @ @ @ @ people.
” But Cornelia Andersson , head of M & A at Refinitiv , said that the law could pile even more pressure on the UK .
Read more : PM to launch ‘ Office for Investment ’ in a bid to lure foreign investors “ While this is being positioned as a system of ‘ voluntary ’ notifications , the impact is likely to be far-reaching as there is no minimum deal or asset value threshold ” , she said .
“ In addition , with expected review times of 21 weeks @ @ @ @ @ @ @ in detail annually according to the initial government white paper , this could spell costly delays for M & A activity in the UK and may add more pressure to a challenging post-Brexit outlook next year.
” Long-awaited Bill comes on back of China concerns The legislation , which replaces the national security element of the 2002 Enterprise Act , has been under development since 2017 .
Although announced in last December ’ s Queen ’ s Speech , it has under increased focus this year amid rising concerns about the UK ’ @ @ @ @ @ @ @ July , security concerns led Boris Johnson to ban Chinese firm Huawei from the country ’ s 5G networks , while China ’ s role in the UK ’ s nuclear programme has also come under scrutiny .
Communications and civil nuclear are among the 17 sectors subject to mandatory notification , along with defence , transport , AI , computing , robotics and biological engineering .
Unlike its precedent , which is limited to mergers involving enterprises with a turnover of £70m or combined shares of more than 25 per cent , @ @ @ @ @ @ @ for turnover or shares .
In addition , ministers will have the power to call in deals up to five years old from any part of the economy which raise security concerns .
There will also be sanctions for non-compliance with the regime , which include fines of up to 5 per cent of worldwide turnover or £10m – whichever is the greater – and imprisonment of up to 5 years .
Transactions covered by mandatory notification which take place without clearance will be legally void .
Read more : The government ’ @ @ @ @ @ @ @ close the door on Global Britain A full analysis of the impact of the regime will be released alongside the legislation , but it is expected that about 1,000 deals will be flagged up a year .
Of these , 70 to 95 are expected to be subject to a national security assessment , with around 10 requiring remedy .

Ministers to block foreign takeovers of UK firms under new law
The government will today unveil legislation which will enable ministers to intervene and block firms in hostile states from taking over UK companies.
Under the National Security and Investment Bill, it will be mandatory for deals involving firms in 17 sectors deemed of strategic importance to be notified to officials.
In addition, the government will now have the power to scrutinise the acquisition of assets and intellectual property as well as companies themselves.
The new legislation will see investments screened within 30 days, rather than the current case-by-case system, which will speed up the majority of transactions.
But those deals which ministers feel will damage the UK can have conditions imposed upon them after a full security assessment, or blocked where the risk to national security is too great.
City lawyers described the Bill as the “most significant change” to the UK’s mergers and acquisition regime in several decades.
The regime will be similar to new frameworks put in place by allies such as the US, Australia, France and Italy, and will apply to investors from any country.
It comes with the UK caught between ensuring that it can still attract international firms after Brexit while protecting critical industries from potential meddling by hostile states.
Business secretary Alok Sharma, who will be the one to decide which transactions threaten the country’s security, said:
“The UK remains one of the most attractive investment destinations in the world and we want to keep it that way. But hostile actors should be in no doubt – there is no back door into the UK.
“This Bill will mean that we can continue to welcome job-creating investment to our shores, while shutting out those who could threaten the safety of the British people.”
But Cornelia Andersson, head of M&A at Refinitiv, said that the law could pile even more pressure on the UK.
“While this is being positioned as a system of ‘voluntary’ notifications, the impact is likely to be far-reaching as there is no minimum deal or asset value threshold”, she said.
“In addition, with expected review times of 21 weeks and 100 deals expected to be reviewed in detail annually according to the initial government white paper, this could spell costly delays for M&A activity in the UK and may add more pressure to a challenging post-Brexit outlook next year.”
Long-awaited Bill comes on back of China concerns
The legislation, which replaces the national security element of the 2002 Enterprise Act, has been under development since 2017.
Although announced in last December’s Queen’s Speech, it has under increased focus this year amid rising concerns about the UK’s foreign investment regime.
Back in July, security concerns led Boris Johnson to ban Chinese firm Huawei from the country’s 5G networks, while China’s role in the UK’s nuclear programme has also come under scrutiny.
Communications and civil nuclear are among the 17 sectors subject to mandatory notification, along with defence, transport, AI, computing, robotics and biological engineering.
Unlike its precedent, which is limited to mergers involving enterprises with a turnover of £70m or combined shares of more than 25 per cent, the new Bill has no minimum threshold for turnover or shares.
In addition, ministers will have the power to call in deals up to five years old from any part of the economy which raise security concerns.
Nicole Kar, head of UK competition at Linklaters, said that the retroactive scope of the law would “increase complexity and uncertainty for overseas investors”.
“We anticipate that foreign investment rules, both in the UK and internationally, will be an increasingly onerous consideration for overseas investors planning international transactions”, she added.
There will also be sanctions for non-compliance with the regime, which include fines of up to 5 per cent of worldwide turnover or £10m – whichever is the greater – and imprisonment of up to 5 years.
Transactions covered by mandatory notification which take place without clearance will be legally void.
David Harrison of law firm Mayer Brown said that if the law was passed in its proposed form, companies would require more “detailed guidance” on its operation.
A full analysis of the impact of the regime will be released alongside the legislation, but it is expected that about 1,000 deals will be flagged up a year.
Of these, 70 to 95 are expected to be subject to a national security assessment, with around 10 requiring remedy.


cityam--2020-11-11--Barclays fossil fuel financing increases despite ‘net zero’ pledge

Barclays has increased its financing of fossil fuel firms despite setting a ‘ net zero ’ goal for itself earlier this year following investor pressure , according to a new report .
The bank , which is Europe ’ s largest fossil fuel financer , provided $ 24.58bn ( £18.55bn ) in underwriting and lending to major fossil fuel companies between January and September this year .
Read more : Barclays outlines new climate policy amid mounting pressure from activists HSBC , the second largest financer of fossil fuels , provided $ 19bn of fossil fuel financing during the same @ @ @ @ @ @ @ Rainforest Action Network ( RAN ) showed .
“ HSBC and Barclays ’ climate hypocrisy knows no bounds , ” said Adam McGibbon , campaigner at activist group Market Forces .
“ These banks claim to support climate action , but there is no climate action that involves pumping more money into the fossil fuel industry , ” he continued .
In the first three quarters of 2020 , Barclays ’ financing of fossil fuel firms increased $ 200m compared to the same period last year , the report found .
Before the @ @ @ @ @ @ @ the City View podcast and key market data Barclays has come under sustained pressure from investors and campaigners over its record on climate issues .
Investors launched a campaign in January , coordinated by Shareaction , calling for the lender to phase out fossil fuel lending .
In March the lender set itself a target to reach “ net zero ” for its own carbon emissions and the activities it finances by 2050 , but stopped short of committing to the aim .
HSBC also announced plans to target net zero emissions across @ @ @ @ @ @ @ this year .
While the lender ’ s $ 19bn of fossil fuel financing in the first nine months of 2020 represents a decrease on the $ 21.58bn it provided in the same period last year , RAN said the drop “ does not represent a significant enough curbing of fossil fuel financing for a bank that is committed to becoming net-zero ” .
Read more : HSBC to set aside $ 1 trillion in green financing , targets net zero emissions by 2050 “ Barclays and HSBC ’ s ‘ net zero @ @ @ @ @ @ @ their paper if this has rapid and deep consequences for their ongoing financing of the fossil fuel industry today , ” said Johan Frijns of campaigning organisation Banktrack .
“ You can not expect to be praised for making commitments for 30 years from now while continuing to pour billions into coal , oil and gas companies , ” he continued .
“ HSBC recognises the role of the financial sector in addressing climate change , ” a spokesperson for the bank said .
“ We do not support new thermal coal mines @ @ @ @ @ @ @ fired power plants anywhere since April 2018 , ” they added .
A spokesperson for Barclays said : “ We agree that the end goal for all of us is a zero carbon economy , which is why we set an ambition to be a net zero bank by 2050.
” “ As we move towards that goal , we will finance energy producers providing for our energy needs today and who are actively investing in the transition from fossil fuels , ” they added .

Barclays fossil fuel financing increases despite ‘net zero’ pledge
Barclays is Europe’s biggest financer of fossil fuels
Barclays has increased its financing of fossil fuel firms despite setting a ‘net zero’ goal for itself earlier this year following investor pressure, according to a new report.
The bank, which is Europe’s largest fossil fuel financer, provided $24.58bn (£18.55bn) in underwriting and lending to major fossil fuel companies between January and September this year.
HSBC, the second largest financer of fossil fuels, provided $19bn of fossil fuel financing during the same period, a report published today by Rainforest Action Network (RAN) showed.
“HSBC and Barclays’ climate hypocrisy knows no bounds,” said Adam McGibbon, campaigner at activist group Market Forces.
“These banks claim to support climate action, but there is no climate action that involves pumping more money into the fossil fuel industry,” he continued.
In the first three quarters of 2020, Barclays’ financing of fossil fuel firms increased $200m compared to the same period last year, the report found.
Before the Open newsletter: Start your day with the City View podcast and key market data
Barclays has come under sustained pressure from investors and campaigners over its record on climate issues. Investors launched a campaign in January, coordinated by Shareaction, calling for the lender to phase out fossil fuel lending.
In March the lender set itself a target to reach “net zero” for its own carbon emissions and the activities it finances by 2050, but stopped short of committing to the aim.
HSBC also announced plans to target net zero emissions across its entire customer base by 2050 earlier this year.
While the lender’s $19bn of fossil fuel financing in the first nine months of 2020 represents a decrease on the $21.58bn it provided in the same period last year, RAN said the drop “does not represent a significant enough curbing of fossil fuel financing for a bank that is committed to becoming net-zero”.
“Barclays and HSBC’s ‘net zero by 2050’ commitments are only worth their paper if this has rapid and deep consequences for their ongoing financing of the fossil fuel industry today,” said Johan Frijns of campaigning organisation Banktrack.
“You cannot expect to be praised for making commitments for 30 years from now while continuing to pour billions into coal, oil and gas companies,” he continued.
“HSBC recognises the role of the financial sector in addressing climate change,” a spokesperson for the bank said.
“We do not support new thermal coal mines and have not financed any new coal fired power plants anywhere since April 2018,” they added.
A spokesperson for Barclays said: “We agree that the end goal for all of us is a zero carbon economy, which is why we set an ambition to be a net zero bank by 2050.”
“As we move towards that goal, we will finance energy producers providing for our energy needs today and who are actively investing in the transition from fossil fuels. Like most businesses during the pandemic, they needed additional funding this year,” the spokesperson added.


cityam--2020-11-10--Biden dubs Trump’s refusal to concede the election 'an embarrassment'

President-elect Joe Biden has described Donald Trump ’ s refusal to concede the 2020 presidential election as an “ embarrassment ” .
Speaking at an event in Delaware this evening , Biden said nothing is going to stop the US transfer of power after his election victory .
Read more : Joe Biden pledges to unify nation in US election acceptance speech Joe Biden secured some 75 million votes in the race for the presidency – the most votes ever cast for a presidential candidate in United States history .
Biden is widely considered to be the next President of @ @ @ @ @ @ @ and the most electoral college votes , in doing so securing his place in the White House .
Donald Trump has so far refused to concede the election .
Instead he has pedalled falsehoods about wide-scale electoral fraud for which there is no evidence .
Speaking in Delaware Biden said he expects to talk to Senate Republican leader Mitch McConnell in the “ not too distant future ” .
He said his transition team had started work to flesh out details on how to tackle healthcare and prescription drug cost , and that @ @ @ @ @ @ @ by building on the Affordable Care Act .

Biden dubs Trump’s refusal to concede the election ‘an embarrassment’
WILMINGTON, DELAWARE – NOVEMBER 09: U.S. President-elect Joe Biden holds a protective mask as he speaks to the media after receiving a briefing from the transition COVID-19 advisory board on November 09, 2020 at the Queen Theater in Wilmington, Delaware. Mr. Biden spoke about how his administration would respond to the coronavirus pandemic. (Photo by Joe Raedle/Getty Images)
President-elect Joe Biden has described Donald Trump’s refusal to concede the 2020 presidential election as an “embarrassment”.
Speaking at an event in Delaware this evening, Biden said nothing is going to stop the US transfer of power after his election victory.
Joe Biden secured some 75 million votes in the race for the presidency – the most votes ever cast for a presidential candidate in United States history.
Biden is widely considered to be the next President of America, winning both the popular vote and the most electoral college votes, in doing so securing his place in the White House.
Donald Trump has so far refused to concede the election. Instead he has pedalled falsehoods about wide-scale electoral fraud for which there is no evidence.
Speaking in Delaware Biden said he expects to talk to Senate Republican leader Mitch McConnell in the “not too distant future”.
He said his transition team had started work to flesh out details on how to tackle healthcare and prescription drug cost, and that his administration will protect Americans’ healthcare by building on the Affordable Care Act.


cityam--2020-11-10--Andy Haldane: Gap between poor and rich to be 'stretched' in wake of pandemic

The Covid-19 crisis will likely “ stretch ” the income gap between the rich and poor , according to Bank of England chief economist Andy Haldane .
Speaking in a Channel 4 interview , Haldane , who is a member of the Bank ’ s Monetary Policy Committee and chair of the government ’ s Industrial Strategy Council , said the pandemic would likely lead to greater inequality within society .
Read more : Coronavirus : Government to pay low income workers in self-isolation He said the incomes between the rich and poor would be “ stretched ” as well @ @ @ @ @ @ @ younger generations , describing the situation as “ the opposite of levelling up ” .
The economist was also concerned about the affect the pandemic is having on jobs .
There are currently 1.6 million people out of work in the UK , and 174,000 fewer 16- to 24-year-olds were employed in July to September compared to the previous three months .
“ Nothing weighs on me more than the impact this is having on people ’ s jobs , ” he continued .
“ It is priority one to limit damage to @ @ @ @ @ @ @ 2,000 jobs at risk as Edinburgh Woollen Mill collapses into administration Despite his concerns Haldane said the possibility of soon having a vaccine “ could be transformational ” .
Pfizer ’ s experimental vaccine was found to be more than 90 per cent effective in preventing Covid-19 in early trials .
Pfizer and its German partner BioNTech are the first firms to show successful data from a large-scale clinical trial of a coronavirus vaccine .
“ We ’ ve been for so many months through this gloom loop , with the media coverage @ @ @ @ @ @ @ and destruction of jobs… and all of a sudden a subtle stroke of light appeared at the end of the tunnel , ” he added .

Andy Haldane: Gap between poor and rich to be ‘stretched’ in wake of pandemic
The Covid-19 crisis will likely “stretch” the income gaps between the rich and poor, according to Bank of England chief economist Andy Haldane.
The Covid-19 crisis will likely “stretch” the income gap between the rich and poor, according to Bank of England chief economist Andy Haldane.
Speaking in a Channel 4 interview, Haldane, who is a member of the Bank’s Monetary Policy Committee and chair of the government’s Industrial Strategy Council, said the pandemic would likely lead to greater inequality within society.
He said the incomes between the rich and poor would be “stretched” as well as the income gap between older and younger generations, describing the situation as “the opposite of levelling up”.
The economist was also concerned about the affect the pandemic is having on jobs. There are currently 1.6 million people out of work in the UK, and 174,000 fewer 16- to 24-year-olds were employed in July to September compared to the previous three months.
“Nothing weighs on me more than the impact this is having on people’s jobs,” he continued. “It is priority one to limit damage to jobs.”
Despite his concerns Haldane said the possibility of soon having a vaccine “could be transformational”.
Pfizer’s experimental vaccine was found to be more than 90 per cent effective in preventing Covid-19 in early trials. Pfizer and its German partner BioNTech are the first firms to show successful data from a large-scale clinical trial of a coronavirus vaccine.
“We’ve been for so many months through this gloom loop, with the media coverage dominated by news of viruses and deaths and destruction of jobs… and all of a sudden a subtle stroke of light appeared at the end of the tunnel,” he added.


cityam--2020-11-10--London unemployment rate sees largest rise in a generation

The number of people out of work in London soared over the summer , with the largest quarterly increase in the unemployment rate in over 30 years .
Figures from the Office of National Statistics ( ONS ) show the unemployment rate in the three months to September rose 1.2 per cent from the previous quarter to six per cent .
Read more : UK unemployment hits four year high as redundancies reach record levels It is the largest quarterly increase since the ONS started tracking the data in 1992 .
The mayor of London Sadiq Khan today slammed the @ @ @ @ @ @ @ said had created uncertainty for many of the capital ’ s businesses .
“ The Government ’ s eventual extension of the furlough scheme at 80 per cent of wages was the right thing to do , but I ’ m angry that the repeated chopping and changing of the scheme has created huge uncertainty for businesses over recent months and undoubtedly cost many Londoners their jobs , ” he said .
The job retention scheme , which sees the government pay 80 per cent of employees ’ wages , had been propping @ @ @ @ @ @ @ in the early days of the pandemic .
But the recent ONS figures show a labour market in rapid decline before the Chancellor extended the furlough scheme at the final hour .
It is the fourth version of the furlough scheme since Rishi Sunak first announced the support scheme ahead of the first lockdown in March .
After extending the scheme in July to see businesses through the summer , Sunak announced a Job Support Scheme in October insisting an extension of the furlough scheme would be unnecessary .
His sharp U-turn last @ @ @ @ @ @ @ intervention had come too late for thousands of employees who were made redundant ahead of the furlough scheme deadline .
Torsten Bell , the chief executive of the Resolution Foundation said it was “ hard to conclude that the messy process of returning economic policy to full lockdown mode via a two-month , five-stage U-turn is anything other than deeply sub-optimal ” .
The sheer number of retail and businesses in the capital that have been forced to close mean London ’ s average unemployment figure itracks much higher than the UK ’ @ @ @ @ @ @ @ today show the UK ’ s unemployment rate rose 0.3 per cent to 4.8 per cent in the period .
Analysts anticipate the figure rising as the second lockdown sends the economic recovery into reverse .
The Bank of England last week forecast that UK unemployment would reach 6.3 per cent by the end of this year and peak at nearly eight per cent in the second quarter of next year .
“ Businesses in London ’ s retail , hospitality and cultural sectors still require more support until an operational vaccine is @ @ @ @ @ @ @ return to significant levels of international tourism… As I ’ ve been saying since the start of this crisis , with the right support in place further mass unemployment is not inevitable , ” Khan said .

London unemployment rate sees largest rise in a generation
The number of people out of work in London soared over the summer, with the largest quarterly increase in the unemployment rate in over 30 years.
Figures from the Office of National Statistics (ONS) show the unemployment rate in the three months to September rose 1.2 per cent from the previous quarter to six per cent.
It is the largest quarterly increase since the ONS started tracking the data in 1992.
Mayor slams government’s ‘chopping and changing’
The mayor of London Sadiq Khan today slammed the government for its delayed response which he said had created uncertainty for many of the capital’s businesses.
“The Government’s eventual extension of the furlough scheme at 80 per cent of wages was the right thing to do, but I’m angry that the repeated chopping and changing of the scheme has created huge uncertainty for businesses over recent months and undoubtedly cost many Londoners their jobs,” he said.
The job retention scheme, which sees the government pay 80 per cent of employees’ wages, had been propping up the number of people in employment in the early days of the pandemic.
But the recent ONS figures show a labour market in rapid decline before the Chancellor extended the furlough scheme at the final hour.
It is the fourth version of the furlough scheme since Rishi Sunak first announced the support scheme ahead of the first lockdown in March.
After extending the scheme in July to see businesses through the summer, Sunak announced a Job Support Scheme in October insisting an extension of the furlough scheme would be unnecessary.
His sharp U-turn last week drew criticism with claims that his intervention had come too late for thousands of employees who were made redundant ahead of the furlough scheme deadline.
Torsten Bell, the chief executive of the Resolution Foundation said it was “hard to conclude that the messy process of returning economic policy to full lockdown mode via a two-month, five-stage U-turn is anything other than deeply sub-optimal”.
London unemployment rate higher than UK average
The sheer number of retail and businesses in the capital that have been forced to close mean London’s average unemployment figure itracks much higher than the UK’s average rate.
ONS figures published today show the UK’s unemployment rate rose 0.3 per cent to 4.8 per cent in the period. Analysts anticipate the figure rising as the second lockdown sends the economic recovery into reverse.
The Bank of England last week forecast that UK unemployment would reach 6.3 per cent by the end of this year and peak at nearly eight per cent in the second quarter of next year.
“Businesses in London’s retail, hospitality and cultural sectors still require more support until an operational vaccine is widely available, and we see a return to significant levels of international tourism… As I’ve been saying since the start of this crisis, with the right support in place further mass unemployment is not inevitable,” Khan said.


cityam--2020-11-10--FA chairman Greg Clarke quits after sparking racism row with 'coloured footballers' comment

Football Association chairman Greg Clarke has stepped down after attracting widespread criticism for referring to “ coloured footballers ” .
Clarke made the remarks during a gaffe-laden appearance before MPs at a select committee hearing this morning .
He attracted further derision for suggesting Asians and Afro-Caribbeans had “ different career interests ” and that homosexuality was “ a life choice ” .
Read more : Premier League , EFL and FA chiefs to be grilled by MPs over Project Big Picture and bailout impasse Clarke said : “ My unacceptable words in front of Parliament were a disservice to @ @ @ @ @ @ @ , play , referee and administer it .
This has crystallised my resolve to move on .
“ I am deeply saddened that I have offended those diverse communities in football that I and others worked so hard to include.
” The 63-year-old former chief executive of Cable & Wireless had been FA chairman since 2016 .
He joined from the English Football League , where he was also chairman from 2010 until 2016 .
Last year , he was elected to be a vice-president of world governing body Fifa .
The FA @ @ @ @ @ @ @ Greg Clarke has stepped down from his role as our chairman .
“ Peter McCormick will step into the role as interim FA chairman with immediate effect .
The FA Board will begin the process of identifying and appointing a new chair in due course.
” During the hearing , Clarke was invited to apologise for using the term “ coloured ” by committee member Kevin Brennan .
He responded : “ If I said it I deeply apologise for it.
” An FA spokesperson later added : “ Greg Clarke is deeply @ @ @ @ @ @ @ reference members of the ethnic minority community during the select committee hearing today .
“ He acknowledged that using the term ‘ coloured ’ is not appropriate and wholeheartedly apologised during the hearing.
” Addressing a lack of minorities in some sections of football , Clarke also told the hearing : “ If you look at top level football the Afro-Caribbean community is overrepresented compared to the south Asian community .
If you go to the IT department of the FA there ’ s a lot more south Asians than there are Afro-Caribbeans @ @ @ @ @ @ @ Of challenges facing homosexual footballers , he said : “ Anyone who runs out onto the pitch and on Monday says ‘ I am gay , I am proud of it and I am happy and it ’ s a life choice and I have made it and my life is a better place because I have disclosed it ’ , I do believe they would have the support of their mates in the changing room.
” Sanjay Bhandari , chairman of anti-discrimination group Kick It Out , said he was “ extremely @ @ @ @ @ @ @ outdated language to describe black and Asian people as ‘ coloured ’ is from decades ago and should remain consigned to the dustbin of history , ” Bhandari added .
Stonewall director Maria Munir said : “ The language we use matters , which is why it ’ s a shame that Greg Clarke used such harmful phrases like ‘ life choice to describe being gay.
” Clarke had faced criticism in recent weeks over his involvement in plans to overhaul how English football is run .
Project Big Picture , as the @ @ @ @ @ @ @ delay in a bailout for struggling lower league clubs were among the reasons for the Department of Culture , Media and Sport committee hearing .
His resignation throws English football into further chaos at a time when a number of key issues remain unresolved .
Those also include determining when fans can return to football stadiums and mass participation can resume at grassroots level .
Clarke survived previous appearances in front of MPs , despite also being widely criticised .
Last year he was questioned over why the FA did not intervene in @ @ @ @ @ @ @ .
In 2017 , Clarke was grilled over allegations of racism and bullying in the England Women ’ s team set-up .

FA chairman Greg Clarke quits after sparking racism row with ‘coloured footballers’ comment
Greg Clarke has stepped down after four years as FA chairman
Football Association chairman Greg Clarke has stepped down after attracting widespread criticism for referring to “coloured footballers”.
Clarke made the remarks during a gaffe-laden appearance before MPs at a select committee hearing this morning.
He attracted further derision for suggesting Asians and Afro-Caribbeans had “different career interests” and that homosexuality was “a life choice”.
Clarke said: “My unacceptable words in front of Parliament were a disservice to our game and to those who watch, play, referee and administer it. This has crystallised my resolve to move on.
“I am deeply saddened that I have offended those diverse communities in football that I and others worked so hard to include.”
The 63-year-old former chief executive of Cable & Wireless had been FA chairman since 2016.
He joined from the English Football League, where he was also chairman from 2010 until 2016.
Last year, he was elected to be a vice-president of world governing body Fifa.
The FA said: “We can confirm that Greg Clarke has stepped down from his role as our chairman.
“Peter McCormick will step into the role as interim FA chairman with immediate effect. The FA Board will begin the process of identifying and appointing a new chair in due course.”
During the hearing, Clarke was invited to apologise for using the term “coloured” by committee member Kevin Brennan.
He responded: “If I said it I deeply apologise for it.”
An FA spokesperson later added: “Greg Clarke is deeply apologetic for the language he used to reference members of the ethnic minority community during the select committee hearing today.
“He acknowledged that using the term ‘coloured’ is not appropriate and wholeheartedly apologised during the hearing.”
Clarke criticised for ‘outdated language’
Addressing a lack of minorities in some sections of football, Clarke also told the hearing: “If you look at top level football the Afro-Caribbean community is overrepresented compared to the south Asian community. If you go to the IT department of the FA there’s a lot more south Asians than there are Afro-Caribbeans. They have different career interests.”
Of challenges facing homosexual footballers, he said: “Anyone who runs out onto the pitch and on Monday says ‘I am gay, I am proud of it and I am happy and it’s a life choice and I have made it and my life is a better place because I have disclosed it’, I do believe they would have the support of their mates in the changing room.”
Clarke’s series of comments attracted widespread criticism.
Sanjay Bhandari, chairman of anti-discrimination group Kick It Out, said he was “extremely disappointed”.
“His use of outdated language to describe black and Asian people as ‘coloured’ is from decades ago and should remain consigned to the dustbin of history,” Bhandari added.
Stonewall director Maria Munir said: “The language we use matters, which is why it’s a shame that Greg Clarke used such harmful phrases like ‘life choice to describe being gay.”
Clarke plunges English football into chaos
Clarke had faced criticism in recent weeks over his involvement in plans to overhaul how English football is run.
Project Big Picture, as the proposals have been called, and the delay in a bailout for struggling lower league clubs were among the reasons for the Department of Culture, Media and Sport committee hearing.
His resignation throws English football into further chaos at a time when a number of key issues remain unresolved.
Those also include determining when fans can return to football stadiums and mass participation can resume at grassroots level.
Clarke survived previous appearances in front of MPs, despite also being widely criticised.
Last year he was questioned over why the FA did not intervene in Bury’s slide into financial ruin.
In 2017, Clarke was grilled over allegations of racism and bullying in the England Women’s team set-up.


cityam--2020-11-10--FA chairman Greg Clarke resigns after using racial slur in diversity meeting

Greg Clarke has resigned as Football Association chairman after using the term “ coloured ” to refer to black football players when talking to MPs about diversity .
Clarke described black players as “ coloured footballers ” when talking to members of the Department for Culture , Media and Sport ( DCMS ) select committee via video link this afternoon .
The FA chairman told MPs : “ I ’ ve spent a lot of time talking to people from the LGBT community , people from other sports that have come out , and the views that I ’ ve @ @ @ @ @ @ @ has happened to high-profile female footballers , high-profile coloured footballers , and the abuse they have taken on social media.
” Asked by Labour MP Kevin Brennan whether he would like to withdraw the comment given the committee meeting ’ s topic of discussion , Clarke immediately apologised .
“ If I said it , I deeply apologise for it , ” he said .
“ I am a product of having worked overseas , I worked in the USA for many years where I was required to use the term ‘ people @ @ @ @ @ @ @ product of their diversity legislation and positive discrimination format.
” But following pressure from charities and sports stars around the world , the FA this evening announced his exit , writing on Twitter : “ We can confirm that Greg Clarke has stepped down from his role as our chairman .
“ Peter McCormick will step into the role as interim FA chairman with immediate effect and the FA board will begin the process of identifying and appointing a new chair in due course.
” Clarke was hauled before the committee this afternoon @ @ @ @ @ @ @ Project Big Picture plans , which saw the FA chairman play an integral role in recent proposals to reshape football .
It comes amidst a power battle in the game as leading clubs look at options including a European super league — bitterly resisted by the FA and other domestic bodies .
Clarke had been talking about racist abuse of players by trolls on social media .
The outgoing FA chairman had been talking about racist abuse of players by trolls on social media prior to the blunder .
“ People can see @ @ @ @ @ @ @ they don ’ t like black people because they are filthy racists , they can abuse you anonymously online , ” he said .
But he drew further ire by referring to gay players as making a “ life choice ” , and after he retold an anecdote about a coach telling him young female players did not like having the ball hit hard at them .
DCMS select committee chairman Julian Knight said : “ It ’ s right that Greg Clarke apologised before the committee .
However , this isn ’ @ @ @ @ @ @ @ has come to grief over these issues .
It makes us question their commitment to diversity .
”

FA chairman Greg Clarke resigns after using racial slur in diversity meeting
Greg Clarke has resigned as Football Association chairman after using the term “coloured” to refer to black football players when talking to MPs about diversity.
Clarke described black players as “coloured footballers” when talking to members of the Department for Culture, Media and Sport (DCMS) select committee via video link this afternoon.
The FA chairman told MPs: “I’ve spent a lot of time talking to people from the LGBT community, people from other sports that have come out, and the views that I’ve heard is if I look at what has happened to high-profile female footballers, high-profile coloured footballers, and the abuse they have taken on social media.”
Asked by Labour MP Kevin Brennan whether he would like to withdraw the comment given the committee meeting’s topic of discussion, Clarke immediately apologised.
“If I said it, I deeply apologise for it,” he said. “I am a product of having worked overseas, I worked in the USA for many years where I was required to use the term ‘people of colour’ because that was a product of their diversity legislation and positive discrimination format.”
But following pressure from charities and sports stars around the world, the FA this evening announced his exit, writing on Twitter: “We can confirm that Greg Clarke has stepped down from his role as our chairman.
“Peter McCormick will step into the role as interim FA chairman with immediate effect and the FA board will begin the process of identifying and appointing a new chair in due course.”
Clarke was hauled before the committee this afternoon to explain his role in the failed Project Big Picture plans, which saw the FA chairman play an integral role in recent proposals to reshape football.
It comes amidst a power battle in the game as leading clubs look at options including a European super league — bitterly resisted by the FA and other domestic bodies.
Clarke had been talking about racist abuse of players by trolls on social media.
The outgoing FA chairman had been talking about racist abuse of players by trolls on social media prior to the blunder.
“People can see if you’re black and if they don’t like black people because they are filthy racists, they can abuse you anonymously online,” he said.
But he drew further ire by referring to gay players as making a “life choice”, and after he retold an anecdote about a coach telling him young female players did not like having the ball hit hard at them.
DCMS select committee chairman Julian Knight said: “It’s right that Greg Clarke apologised before the committee. However, this isn’t the first time that the FA has come to grief over these issues. It makes us question their commitment to diversity.”


cityam--2020-11-11--British Business Investments invests in record number of firms

The consumer arm of the government-backed British Business Bank has invested in a record number of firms but its rate of return has more than halved due to the pandemic .
The British Business Investments ( BBI ) annual report shows an additional 15 commitments totalling £547m in the year to 31 March 2020 .
It brings the total portfolio investments to 59 , through 48 different delivery partners .
Read more : British Business Bank increases funding over a fifth to £8bn Cumulative commitments are up 26 per cent year-on-year to over £2.5bn .
On top of this third @ @ @ @ @ @ @ BBI investment , producing total funding of almost £14.4bn .
BBI was set up six years ago to support the development of more diverse debt and equity finance markets and provides funding to finance providers , including peer-to-peer lenders and challenger banks .
This year , the BBI supported more than 37,000 SMEs , an increase of nearly nine per cent year-on-year .
Among investments include a £15m commitment to Manchester-based fintech Assetz Capital , a property-focused marketplace lender .
The BBI has also invested £30m in peer-to-peer lender Funding Circle , which @ @ @ @ @ @ @ tripled due to Covid-19 .
The lender reported an operating loss of £113.5m in the first half of the year , more than three times the £31.3m loss it posted for the same period last year .
The impact of the pandemic on SMEs has had a knock on effect on BBI .
The investment vehicle said it had been on track to achieve its targeted gross return on invested capital of 5.6 per cent this year .
But due to valuation adjustments and additional expected credit loss provisions as a result of @ @ @ @ @ @ @ year was 2.7 per cent .
Read more : How does a vaccine affect investment sentiment in the Square Mile ?
In the year to 31 March 2020 , BBI delivered gross income of £35m , down from £81m in the previous year .
Profit before tax also slumped from £70.8m in 2019 to £22.2m this year due to the impact of the pandemic .
“ Excluding the exceptional impact of Covid-19 on our financial return , British Business Investments has once again delivered on its overall objectives , ” said BBI chair @ @ @ @ @ @ @ has had a devastating impact on many of the UK ’ s small and medium-sized businesses .
We have worked closely with our delivery partners and have increased our commitments to them , as they have continued to provide essential finance to the UK ’ s SMEs .
”

British Business Investments invests in record number of firms
British Business Investments has seen a hit to its return rate due to the impact of the pandemic on SMEs.
The commercial arm of the government-backed British Business Bank has invested in a record number of firms but its rate of return has more than halved due to the pandemic.
The British Business Investments (BBI) annual report shows an additional 15 commitments totalling £547m in the year to 31 March 2020. It brings the total portfolio investments to 59, through 48 different delivery partners.
Cumulative commitments are up 26 per cent year-on-year to over £2.5bn. On top of this third parties invested a further £11.8bn alongside the BBI investment, producing total funding of almost £14.4bn.
BBI was set up six years ago to support the development of more diverse debt and equity finance markets and provides funding to finance providers, including peer-to-peer lenders and challenger banks.
This year, the BBI supported more than 37,000 SMEs, an increase of nearly nine per cent year-on-year. Among investments include a £15m commitment to Manchester-based fintech Assetz Capital, a property-focused marketplace lender.
The BBI has also invested £30m in peer-to-peer lender Funding Circle to lend to small businesses through its platform.
The lender recently reported an operating loss of £113.5m in the first half of the year, more than three times the £31.3m loss it posted for the same period last year.
The impact of the pandemic on SMEs has had a knock on effect on BBI. The investment vehicle said it had been on track to achieve its targeted gross return on invested capital of 5.6 per cent this year. But due to valuation adjustments and additional expected credit loss provisions as a result of the pandemic, the return for the year was 2.7 per cent.
In the year to 31 March 2020, BBI delivered gross income of £35m, down from £81m in the previous year. Profit before tax also slumped from £70.8m in 2019 to £22.2m this year due to the impact of the pandemic.
“Excluding the exceptional impact of Covid-19 on our financial return, British Business Investments has once again delivered on its overall objectives,” said BBI chair Francis Small. “The Covid-19 pandemic has had a devastating impact on many of the UK’s small and medium-sized businesses. We have worked closely with our delivery partners and have increased our commitments to them, as they have continued to provide essential finance to the UK’s SMEs.”


cityam--2020-11-11--Raab condemns ousting of Hong Kong opposition lawmakers as assault on freedoms

British foreign secretary Dominic Raab has condemned the expulsion of four opposition pro-democracy lawmakers in Hong Kong as an assault on the city ’ s autonomy and freedoms .
Hong Kong ousted four opposition politicians from the city ’ s legislature for “ endangering security ” after China passed a resolution allowing the city ’ s executive to expel legislators deemed dangerous to national security .
Read more : Got an HSBC account ?
It ’ s time to show your support for the people of Hong Kong The expulsions came moments after Beijing adopted a resolution allowing the territory @ @ @ @ @ @ @ to support Hong Kong independence , have colluded with foreign forces or threatened national security .
“ China ’ s decision to arbitrarily remove elected pro-democracy Hong Kong legislators from their positions represents a further assault on Hong Kong ’ s high degree of autonomy and freedoms under the UK-China Joint Declaration , ” Raab said in a statement on Wednesday .
“ This campaign to harass , stifle and disqualify democratic opposition tarnishes China ’ s international reputation and undermines Hong Kong ’ s long-term stability , ” he added .
Shadow @ @ @ @ @ @ @ the British government to summon the Chinese ambassador to make its objections to Beijing ’ s new resolution clear .
The resolution adopted by Beijing allows Hong Kong ’ s executive to remove legislators without having to go through the courts , which has been condemned by critics as a bid by China to end political opposition in the city .
The city government said in a statement the four legislators – Kwok Ka-Ki , Alvin Yeung , Dennis Kwok and Kenneth Leung – were expelled from the assembly for endangering national security @ @ @ @ @ @ @ details .
Other pro-democracy politicians are expected to resign en masse in protest .
Before the Open newsletter : Start your day with the City View podcast and key market data While the Hong Kong ’ s Legislative Council is controlled by a pro-Beijing camp , the resignations of its pro-democracy members would effectively turn the body into a rubber stamp .
The executive ’ s opposition members have tried to make a stand against what many in Hong Kong see as Beijing ’ s crackdown on the freedoms afforded to the financial @ @ @ @ @ @ @ two systems ” framework introduced when Britain handed control of the territory to China in 1997 .
“ My mission as a legislator to fight for democracy and freedom can not continue but I would certainly go along if Hong Kong people continue to fight for the core values of Hong Kong , ” Kwok Ka-Ki told reporters .
China has denied curbing rights and freedoms in the city , but authorities in Hong Kong and Beijing have moved swiftly to stifle dissent after anti-government protests flared in June last year , plunging @ @ @ @ @ @ @ completely violates the ‘ one country , two systems ’ proper procedures and ignores basic human rights , ” Dennis Kwok told reporters .
Beijing introduced sweeping national security legislation in Hong Kong , punishing anything China considers subversion , secessionism , terrorism and collusion with foreign forces with up to life in prison .
Read more : Over 1m people from Hong Kong could come to UK under new visa rules Since the introduction of the new security laws , authorities have removed some pro-democracy books from libraries , banned certain songs @ @ @ @ @ @ @ some slogans illegal and raided the newsroom of an anti-government tabloid .
Critics have accused authorities of attempting to stifle Hong Kong ’ s pro-democracy movement , while supporters of the government say the authorities are trying to restore stability to the city following more than a year of unrest .

Raab condemns ousting of Hong Kong opposition lawmakers as assault on freedoms
Raab said the new resolution would stifle democratic opposition in Hong Kong
British foreign secretary Dominic Raab has condemned the expulsion of four opposition pro-democracy lawmakers in Hong Kong as an assault on the city’s autonomy and freedoms.
Hong Kong ousted four opposition politicians from the city’s legislature for “endangering security” after China passed a resolution allowing the city’s executive to expel legislators deemed dangerous to national security.
Read more: Got an HSBC account? It’s time to show your support for the people of Hong Kong
The expulsions came moments after Beijing adopted a resolution allowing the territory’s executive to expel legislators deemed to support Hong Kong independence, have colluded with foreign forces or threatened national security.
“China’s decision to arbitrarily remove elected pro-democracy Hong Kong legislators from their positions represents a further assault on Hong Kong’s high degree of autonomy and freedoms under the UK-China Joint Declaration,” Raab said in a statement on Wednesday.
“This campaign to harass, stifle and disqualify democratic opposition tarnishes China’s international reputation and undermines Hong Kong’s long-term stability,” he added.
Shadow foreign secretary Lisa Nandy has called for the British government to summon the Chinese ambassador to make its objections to Beijing’s new resolution clear.
The resolution adopted by Beijing allows Hong Kong’s executive to remove legislators without having to go through the courts, which has been condemned by critics as a bid by China to end political opposition in the city.
The city government said in a statement the four legislators – Kwok Ka-Ki, Alvin Yeung, Dennis Kwok and Kenneth Leung – were expelled from the assembly for endangering national security, but did not provide any further details. Other pro-democracy politicians are expected to resign en masse in protest.
Before the Open newsletter: Start your day with the City View podcast and key market data
While the Hong Kong’s Legislative Council is controlled by a pro-Beijing camp, the resignations of its pro-democracy members would effectively turn the body into a rubber stamp.
The executive’s opposition members have tried to make a stand against what many in Hong Kong see as Beijing’s crackdown on the freedoms afforded to the financial hub under the “one country, two systems” framework introduced when Britain handed control of the territory to China in 1997.
“My mission as a legislator to fight for democracy and freedom cannot continue but I would certainly go along if Hong Kong people continue to fight for the core values of Hong Kong,” Kwok Ka-Ki told reporters.
China has denied curbing rights and freedoms in the city, but authorities in Hong Kong and Beijing have moved swiftly to stifle dissent after anti-government protests flared in June last year, plunging the city into crisis.
“This completely violates the ‘one country, two systems’ proper procedures and ignores basic human rights,” Dennis Kwok told reporters.
Beijing introduced sweeping national security legislation in Hong Kong, punishing anything China considers subversion, secessionism, terrorism and collusion with foreign forces with up to life in prison.
Read more: Over 1m people from Hong Kong could come to UK under new visa rules
Since the introduction of the new security laws, authorities have removed some pro-democracy books from libraries, banned certain songs and other activities in schools, declared some slogans illegal and raided the newsroom of an anti-government tabloid.
Critics have accused authorities of attempting to stifle Hong Kong’s pro-democracy movement, while supporters of the government say the authorities are trying to restore stability to the city following more than a year of unrest.


cityam--2020-11-11--Six London music venues at risk of ‘imminent’ closure

The music industry has launched a crowdfunding campaign to help secure the future of six grassroots venues in London that are in “ imminent ” danger of permanent closure .
Kings Cross nightclub Egg , Islington favourite The Lexington and Camden ’ s Spiritual Bar have been named among the capital ’ s music hotspots that are most at risk of closure .
Read more : MPs launch inquiry into future of UK music festivals The Post Bar in Tottenham , Windmill Brixton and late-night venue The Waiting Room in Stoke Newington are also on the list .
The venues @ @ @ @ @ @ @ clubs across the UK that were ineligible for or failed to secure a portion of the £257m emergency funding recently distributed as part of the government ’ s £1.57bn Cultural Recovery Fund .
The Music Venue Trust ( MVT ) , which represents hundreds of UK grassroots venues , warned they are now at immediate risk of closure and has launched a crowdfunding campaign to help secure their survival .
“ Thanks to the efforts of music fans , local communities and the wider music sector we have raised over £3m in donations @ @ @ @ @ @ @ assistance to help stave off the imminent closure of over 400 grassroots music venues , ” said Mark Davyd , chief executive of the Music Venue Trust .
“ We are now focusing exclusively on those 30 remaining venues which face immediate permanent closure.
” The lobby group today outlined a new phase of its campaign to save music venues , unveiling a new traffic light system across the country .
The 30 sites at risk of imminent closure have been classed red venues , while 273 at risk of closure before 31 @ @ @ @ @ @ @ Read more : List and Shout : Round Hill Music raises $ 282m in London float A further 353 venues were placed on the green list , meaning they are considering safe until the end of March .
The MVT urged people to write to their local MP , council or local charities to help campaign for additional support for at-risk venues .

Six London music venues at risk of ‘imminent’ closure
The Music Venue Trust has named six venues in London at risk of closure
The music industry has launched a crowdfunding campaign to help secure the future of six grassroots venues in London that are in “imminent” danger of permanent closure.
Kings Cross nightclub Egg, Islington favourite The Lexington and Camden’s Spiritual Bar have been named among the capital’s music hotspots that are most at risk of closure.
The Post Bar in Tottenham, Windmill Brixton and late-night venue The Waiting Room in Stoke Newington are also on the list.
The venues are among 30 pubs, bars and clubs across the UK that were ineligible for or failed to secure a portion of the £257m emergency funding recently distributed as part of the government’s £1.57bn Cultural Recovery Fund.
The Music Venue Trust (MVT), which represents hundreds of UK grassroots venues, warned they are now at immediate risk of closure and has launched a crowdfunding campaign to help secure their survival.
“Thanks to the efforts of music fans, local communities and the wider music sector we have raised over £3m in donations and have unlocked over £80m in government assistance to help stave off the imminent closure of over 400 grassroots music venues,” said Mark Davyd, chief executive of the Music Venue Trust.
“We are now focusing exclusively on those 30 remaining venues which face immediate permanent closure.”
The lobby group today outlined a new phase of its campaign to save music venues, unveiling a new traffic light system across the country.
The 30 sites at risk of imminent closure have been classed red venues, while 273 at risk of closure before 31 March without additional support are amber.
A further 353 venues were placed on the green list, meaning they are considering safe until the end of March.
The MVT urged people to write to their local MP, council or local charities to help campaign for additional support for at-risk venues.


cityam--2020-11-11--Snakes and Ladders: Who is moving jobs in the City this week?

Snakes and Ladders provides a roundup of the most important hires and job moves across the City , every Wednesday afternoon .
Email citymoves @ cityam.com to be featured .
Firms are continuing to adapt to the challenges and opportunities presented by the pandemic as they vie to be in prime position to recover from the economic fallout of the crisis .
Read more : Snakes and Ladders : Who is moving jobs in the City this week ?
This week , challenger bank Aldermore has a new chief executive , Deloitte promoted a partner to head of insurance and @ @ @ @ @ @ @ Asset Management has appointed Robert Marshall-Lee to lead a new global emerging markets team to manage long-only equity funds .
Marshall Lee will join the firm from Newton Investment Management , where he was lead portfolio manager of the BNY Mellon Global Emerging Markets Fund and the BNY Mellon Oriental Fund since 2011 and 2019 respectively .
Odey Asset Management chief executive Timothy Pearey said : “ We are delighted that Robert is joining us at this exciting time in the firm ’ s development .
Read more : Snakes and Ladders : @ @ @ @ @ @ @ this week ?
“ At Odey Asset Management we offer portfolio managers the autonomy to manage their funds and their analyst teams independently – without internal interference or the distraction of business management – ensuring they are free to maximise returns for their clients .
“ This barristers ’ chambers style environment , in conjunction with our significant business infrastructure , has been critical to persuading Robert where best to develop his franchise over the long term.
” Aldermore has hired banking veteran Steven Cooper as its new chief executive , with effect @ @ @ @ @ @ @ currently chief executive of C. Hoare & Co , will replace the challenger bank ’ s founder Philip Monks , after he announced his retirement earlier this year .
Previously , Cooper was chief executive of Barclays ’ personal banking business across the UK and Europe , and chief executive of Barclaycard business solutions .
Read more : Snakes and Ladders : Who is moving jobs in the City this week ?
Aldermore chairman Pat Butler said : “ I am delighted that Steven has decided to join us at Aldermore .
“ @ @ @ @ @ @ @ board is confident that he will build upon Phillip ’ s legacy and grow our business successfully , while embracing and strengthening our culture and values .
With Steven ’ s leadership we will continue to champion those values , to pursue our purpose of backing people to fulfil life ’ s hopes and dreams , and to support our customers , colleagues and communities in these difficult times.
” HSBC Global Asset Management has hired Stuary Kirk to lead a newly created research and insights team .
He will lead a new @ @ @ @ @ @ @ firm ’ s analysts , data and behavioural scientists , quantitative teams as well as external academics and researchers in order to apply the latest developments in investment approaches , techniques and technologies to client portfolios .
Read more : Snakes and Ladders : Who is moving jobs in the City this week ?
Kirk previously ran the research institute at DWS having moved to the buy-side from Deutsche Bank , where he was global head of multi-asset and thematic research .
He was also editor of the Financial Times ’ Lex Column @ @ @ @ @ @ @ of Oliver Wyman .
Before that he spent eight years as a global equity portfolio manager at Deutsche Morgan Grenfell .
New head of insurance at Deloitte Big Four professional services firm Deloitte has promoted strategy consulting partner Andy Masters to UK head of insurance .
Masters , who has 30 years ’ experience working in the insurance sector , was a consulting partner at rival KPMG before joining Deloitte .
The insurance business drives almost 10 per cent of Deloitte ’ s UK revenue by “ delivering the full set of services @ @ @ @ @ @ @ .
Masters said : “ The UK insurance sector has seen significant transformation over a sustained period , driven by regulation , cost and pricing pressures , evolving customer expectations and now of course , from Covid-19 .
“ The pandemic has proved a real test of the sector ’ s reputation and resilience , and is likely to have lasting consequences for years to come .
“ Despite the challenges it undoubtedly faces , I believe the sector will continue to thrive as it embraces technology and new ways of working to @ @ @ @ @ @ @ Royal London Asset Management ( RLAM ) has appointed Mark Evans as head of property and commercial development .
Evans has 25 years ’ experience in the real estate industry , and will join RLAM from CBRE .
In 2009 , he established CBRE ’ s EMEA equity placement business , and has advised on many high profile transactions including the launch of the Royal London UK Real Estate Fund in 2017 .
Read more : Snakes and Ladders : Who is moving jobs in the City this week ?
He will join @ @ @ @ @ @ @ chief investment officer Piers Hillier .
Hillier said : “ Mark ’ s leadership skills and impressive track record in the real estate market are exactly what we need to build on our successes and achieve our ambitions to keep growing property investments on behalf of our members and for third party clients .
“ These are uncertain times , however high quality properties are still in demand and , as one of the largest property investors in the market , we are ready to take advantage of any opportunities that present themselves @ @

Snakes and Ladders: Who is moving jobs in the City this week?
Snakes and Ladders provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured.
Firms are continuing to adapt to the challenges and opportunities presented by the pandemic as they vie to be in prime position to recover from the economic fallout of the crisis.
Read more: Snakes and Ladders: Who is moving jobs in the City this week?
This week, challenger bank Aldermore has a new chief executive, Deloitte promoted a partner to head of insurance and HSBC bolstered its research team.
Odey Asset Management creates new global emerging markets team
Odey Asset Management has appointed Robert Marshall-Lee to lead a new global emerging markets team to manage long-only equity funds.
Marshall Lee will join the firm from Newton Investment Management, where he was lead portfolio manager of the BNY Mellon Global Emerging Markets Fund and the BNY Mellon Oriental Fund since 2011 and 2019 respectively.
Odey Asset Management chief executive Timothy Pearey said: “We are delighted that Robert is joining us at this exciting time in the firm’s development.
“At Odey Asset Management we offer portfolio managers the autonomy to manage their funds and their analyst teams independently – without internal interference or the distraction of business management – ensuring they are free to maximise returns for their clients.
“This barristers’ chambers style environment, in conjunction with our significant business infrastructure, has been critical to persuading Robert where best to develop his franchise over the long term.”
Challenger bank Aldermore hires new CEO
Aldermore has hired banking veteran Steven Cooper as its new chief executive, with effect from May 2021.
Cooper, who is currently chief executive of C. Hoare & Co, will replace the challenger bank’s founder Philip Monks, after he announced his retirement earlier this year.
Previously, Cooper was chief executive of Barclays’ personal banking business across the UK and Europe, and chief executive of Barclaycard business solutions.
Aldermore chairman Pat Butler said: “I am delighted that Steven has decided to join us at Aldermore.
“His pedigree speaks for itself and our board is confident that he will build upon Phillip’s legacy and grow our business successfully, while embracing and strengthening our culture and values.
With Steven’s leadership we will continue to champion those values, to pursue our purpose of backing people to fulfil life’s hopes and dreams, and to support our customers, colleagues and communities in these difficult times.”
HSBC bolsters asset management research team
HSBC Global Asset Management has hired Stuary Kirk to lead a newly created research and insights team. He will lead a new initiative called Alphalabs, bringing together the firm’s analysts, data and behavioural scientists, quantitative teams as well as external academics and researchers in order to apply the latest developments in investment approaches, techniques and technologies to client portfolios.
Kirk previously ran the research institute at DWS having moved to the buy-side from Deutsche Bank, where he was global head of multi-asset and thematic research.
He was also editor of the Financial Times’ Lex Column and worked in the asset management practice of Oliver Wyman.
Before that he spent eight years as a global equity portfolio manager at Deutsche Morgan Grenfell.
New head of insurance at Deloitte
Big Four professional services firm Deloitte has promoted strategy consulting partner Andy Masters to UK head of insurance.
Masters, who has 30 years’ experience working in the insurance sector, was a consulting partner at rival KPMG before joining Deloitte.
The insurance business drives almost 10 per cent of Deloitte’s UK revenue by “delivering the full set of services to a wide variety of clients”.
Masters said: “The UK insurance sector has seen significant transformation over a sustained period, driven by regulation, cost and pricing pressures, evolving customer expectations and now of course, from Covid-19.
“The pandemic has proved a real test of the sector’s reputation and resilience, and is likely to have lasting consequences for years to come.
“Despite the challenges it undoubtedly faces, I believe the sector will continue to thrive as it embraces technology and new ways of working to ultimately deliver better outcomes for customers.”
Real estate veteran joins Royal London Asset Management
Royal London Asset Management (RLAM) has appointed Mark Evans as head of property and commercial development.
Evans has 25 years’ experience in the real estate industry, and will join RLAM from CBRE.
In 2009, he established CBRE’s EMEA equity placement business, and has advised on many high profile transactions including the launch of the Royal London UK Real Estate Fund in 2017.
He will join RLAM this month and will report to chief investment officer Piers Hillier.
Hillier said: “Mark’s leadership skills and impressive track record in the real estate market are exactly what we need to build on our successes and achieve our ambitions to keep growing property investments on behalf of our members and for third party clients.
“These are uncertain times, however high quality properties are still in demand and, as one of the largest property investors in the market, we are ready to take advantage of any opportunities that present themselves.”


cityam--2020-11-11--‘Positive evidence’ on negative interest rates, says BoE policymaker Tenreyro

Bank of England policymaker Silvana Tenreyro said there was “ positive evidence ” that negative interest rates could help banks and the wider economy amid the downturn caused by Covid-19 .
“ The positive evidence related to negative interest rate policy comes from Europe , where it has worked fairly well , ” Tenreyro said in an interview with the Yorkshire Post .
Read more : BoE deputy says the ‘ time is not right ’ for negative interest rates “ It led to lower lending rates and increases in lending ; and banks ’ profitability actually increased , ” @ @ @ @ @ @ @ is currently reviewing the feasibility of introducing sub-zero interest rates , and recently asked banks about their readiness for such a change .
However BoE governor Andrew Bailey said last month that the Bank was not yet in a position to decide whether to take rates negative .
Before the Open newsletter : Start your day with the City View podcast and key market data Bailey told the House of Lords the BoE would not be able to move on negative rates until it had received answers from banks on their readiness for @ @ @ @ @ @ @ through these questions , ” he said , “ will we be in a position to say if it is a tool we would use .
We are not there at the moment , ” the central banker said .
Tenreyro has previously indicated her support for taking rates below zero .
In September , she said the BoE had seen “ encouraging ” evidence that negative interest rates could help the British economy during the coronavirus-induced downturn .
Read more : Bank of England goes big with £150bn stimulus amid second lockdown @ @ @ @ @ @ @ Broadbent said last week that policymakers had to consider whether sub-zero interest rates might have counterproductive effects on banks ’ balance sheets during times of stress .
Broadbent warned that , in such a scenario , there could be a risk that banks would cut lending to make up for costs and lower margins due to negative interest rates .
“ Then the question is : are those pressures enough to mean that these mitigating effects – the downside risks of cutting rates below zero – outweigh the benefits ?
” Broadbent said @

‘Positive evidence’ on negative interest rates, says BoE policymaker Tenreyro
The Bank of England is currently assessing the feasibility of introducing negative interest rates
Bank of England policymaker Silvana Tenreyro said there was “positive evidence” that negative interest rates could help banks and the wider economy amid the downturn caused by Covid-19.
“The positive evidence related to negative interest rate policy comes from Europe, where it has worked fairly well,” Tenreyro said in an interview with the Yorkshire Post.
“It led to lower lending rates and increases in lending; and banks’ profitability actually increased,” she added.
The Bank of England is currently reviewing the feasibility of introducing sub-zero interest rates, and recently asked banks about their readiness for such a change.
However BoE governor Andrew Bailey said last month that the Bank was not yet in a position to decide whether to take rates negative.
Before the Open newsletter: Start your day with the City View podcast and key market data
Bailey told the House of Lords the BoE would not be able to move on negative rates until it had received answers from banks on their readiness for them.
“Only when we get through these questions,” he said, “will we be in a position to say if it is a tool we would use. We are not there at the moment,” the central banker said.
Tenreyro has previously indicated her support for taking rates below zero. In September, she said the BoE had seen “encouraging” evidence that negative interest rates could help the British economy during the coronavirus-induced downturn.
However Bank of England deputy governor Ben Broadbent said last week that policymakers had to consider whether sub-zero interest rates might have counterproductive effects on banks’ balance sheets during times of stress.
Broadbent warned that, in such a scenario, there could be a risk that banks would cut lending to make up for costs and lower margins due to negative interest rates.
“Then the question is: are those pressures enough to mean that these mitigating effects – the downside risks of cutting rates below zero – outweigh the benefits?” Broadbent said.