cityam--2020-09-29--Lockdown entrepreneurs given chance to secure West End retail space

Entrepreneurs that have established new brands during the UK coronavirus lockdown could secure physical retail space in the West End through a pop-up incubator initiative .
West End landlord Shaftesbury has launched a scheme to offer retailers the chance to operate from a pop-up store in Seven Dials in a bid to support new businesses .
The property developer said that one in 10 small businesses have launched new products or expanded their services from home during the UK coronavirus lockdown .
Shaftesbury retail director Samanta Bain Mollison said : “ We recognise that 2020 has been very tough for @ @ @ @ @ @ @ been a time of creativity with many start-ups harnessing the time in lockdown to evolve their brands and we want to help them take the next steps with a bricks-and-mortar presence and encourage the future entrepreneurs ” .
Firms have two weeks to apply for the Start Up with Seven Dials initiative , with industry experts including Shaftesbury ’ s Bain Millison , Daily Telegraph shopping editor Krissy Turner and retail consultant Tom Bottomley lined up to select the winners .
The chosen brands will receive support from Shaftesbury and Seven Dials , @ @ @ @ @ @ @ independent , designer and entrepreneurial brands including Farah , Diesel and Tatty Devine .
Read more : Entrepreneurship can be taught – so why don ’ t we teach it more ?
Joe Kennedy , co-founder of Unit London , who recently announced the opening of their new permanent exhibition space , Unit-X in Seven Dials following a number of pop-ups in the area added : “ We are fortunate enough to have a seven-year long history of pop-up exhibitions in Seven Dials and have experienced first-hand the opportunities it offers to young @ @ @ @ @ @ @ a fantastic opportunity for any budding business to get a foothold in the heart in one of the greatest cities in the world .
”

Lockdown entrepreneurs given chance to secure West End retail space
KERB’s Seven Dials market
Entrepreneurs that have established new brands during the UK coronavirus lockdown could secure physical retail space in the West End through a pop-up incubator initiative.
West End landlord Shaftesbury has launched a scheme to offer retailers the chance to operate from a pop-up store in Seven Dials in a bid to support new businesses.
The property developer said that one in 10 small businesses have launched new products or expanded their services from home during the UK coronavirus lockdown.
Shaftesbury retail director Samanta Bain Mollison said: “We recognise that 2020 has been very tough for many businesses, but it has also been a time of creativity with many start-ups harnessing the time in lockdown to evolve their brands and we want to help them take the next steps with a bricks-and-mortar presence and encourage the future entrepreneurs”.
Firms have two weeks to apply for the Start Up with Seven Dials initiative, with industry experts including Shaftesbury’s Bain Millison, Daily Telegraph shopping editor Krissy Turner and retail consultant Tom Bottomley lined up to select the winners.
The chosen brands will receive support from Shaftesbury and Seven Dials, and will sit alongside a number of independent, designer and entrepreneurial brands including Farah, Diesel and Tatty Devine.
Joe Kennedy, co-founder of Unit London, who recently announced the opening of their new permanent exhibition space, Unit-X in Seven Dials following a number of pop-ups in the area added: “We are fortunate enough to have a seven-year long history of pop-up exhibitions in Seven Dials and have experienced first-hand the opportunities it offers to young businesses starting out.
“This is a fantastic opportunity for any budding business to get a foothold in the heart in one of the greatest cities in the world.”


cityam--2020-09-29--James Bowater in conversation with Nathan Kaiser, Chairperson of the Cardano Foundation

It ’ s hard to believe that this time last year I was taking part in a tree-planting ceremony in Plovdiv , Bulgaria with the senior teams from the Cardano Foundation , EMURGO , and IOHK to celebrate Cardano ’ s second birthday .
The world was very different , with us all jetting in for the occasion .
Ironically , the COVID crisis has done nothing to slow the advancement of Cardano as it hits milestone after milestone with the successful deployment of Shelley , on a fast-track to the arrival of smart contracts .
So , I caught @ @ @ @ @ @ @ what the next three years look like for Cardano .
JB : Shelley was a resounding success , what will the next milestone be for the protocol ?
NK : The gradual rollout of smart contracts , tokens , and decentralized applications will begin in Q4 2020 .
Once these components are delivered , the Cardano blockchain will become open and accessible to developers , enterprise users , and institutions .
We expect this will be followed by the widespread creation of native tokens , DApps , and smart contracts built on top @ @ @ @ @ @ @ to welcoming thousands of new stakeholders to our ecosystem .
The successful rollout of Shelley made Cardano one of the most decentralized and scalable blockchains to date .
Now , with the vital components of Goguen almost here , we can shift our focus to interoperability with legacy financial systems—creating one of the most accessible and powerful global financial and social operating systems in the world .
JB : The news on everyone ’ s lips is the appointment of CEO Frederik Gregaard , and Head of Growth Eva Oberholzer , two former-PwC @ @ @ @ @ @ @ the Cardano Foundation be ?
NK : It ’ s certainly an exciting development for both the Cardano Foundation and the wider Cardano ecosystem .
Frederik and Eva will help steer the Foundation towards the delivery of its enterprise adoption goals , find alternatives to centralized governance , and create a democratized community where every ecosystem participant is empowered to take part .
They will be working closely with the rest of the Cardano Foundation team to identify and onboard new enterprise partners , explore collaboration opportunities with innovators , and make the @ @ @ @ @ @ @ legacy financial providers and institutions .
JB : Looking even further ahead , what are the most critical milestones after Goguen ?
NK : After Goguen , the rollout of Basho will bring scalability , interoperability , sidechains , and sharding , and the ability to switch between UTXO and account-based models .
This will allow tokens on other blockchains to be used and represented on Cardano , or vice versa , and more critically it will solve the final piece of the blockchain puzzle—the transfer of information between legacy systems , such @ @ @ @ @ @ @ .
We believe that this functionality will make Cardano one of the most attractive permissionless blockchains for financial institutions , governments , and a myriad of business users .

Crypto AM: Conversation with James Bowater

James Bowater in conversation with Nathan Kaiser, Chairperson of the Cardano Foundation
Nathan Kaiser, Chairperson of the Cardano Foundation
It’s hard to believe that this time last year I was taking part in a tree-planting ceremony in Plovdiv, Bulgaria with the senior teams from the Cardano Foundation, EMURGO, and IOHK to celebrate Cardano’s second birthday. The world was very different, with us all jetting in for the occasion.
Charles Hoskinson (centre) with Cardano, IOHK and EMURGO in Plovdiv, Bulgaria Image: James Bowater
Ironically, the COVID crisis has done nothing to slow the advancement of Cardano as it hits milestone after milestone with the successful deployment of Shelley, on a fast-track to the arrival of smart contracts.
So, I caught up with Nathan Kaiser to find out what the next three years look like for Cardano.
JB: Shelley was a resounding success, what will the next milestone be for the protocol?
NK: The gradual rollout of smart contracts, tokens, and decentralized applications will begin in Q4 2020. Once these components are delivered, the Cardano blockchain will become open and accessible to developers, enterprise users, and institutions. We expect this will be followed by the widespread creation of native tokens, DApps, and smart contracts built on top of Cardano, and we look forward to welcoming thousands of new stakeholders to our ecosystem.
The successful rollout of Shelley made Cardano one of the most decentralized and scalable blockchains to date. Now, with the vital components of Goguen almost here, we can shift our focus to interoperability with legacy financial systems—creating one of the most accessible and powerful global financial and social operating systems in the world.
JB: The news on everyone’s lips is the appointment of CEO Frederik Gregaard, and Head of Growth Eva Oberholzer, two former-PwC professionals, what will their goals within the Cardano Foundation be?
NK: It’s certainly an exciting development for both the Cardano Foundation and the wider Cardano ecosystem. Frederik and Eva will help steer the Foundation towards the delivery of its enterprise adoption goals, find alternatives to centralized governance, and create a democratized community where every ecosystem participant is empowered to take part.
They will be working closely with the rest of the Cardano Foundation team to identify and onboard new enterprise partners, explore collaboration opportunities with innovators, and make the Cardano ecosystem and its technology inclusive for legacy financial providers and institutions.
JB: Looking even further ahead, what are the most critical milestones after Goguen?
NK: After Goguen, the rollout of Basho will bring scalability, interoperability, sidechains, and sharding, and the ability to switch between UTXO and account-based models. This will allow tokens on other blockchains to be used and represented on Cardano, or vice versa, and more critically it will solve the final piece of the blockchain puzzle—the transfer of information between legacy systems, such as banking infrastructure, and distributed ledgers.
We believe that this functionality will make Cardano one of the most attractive permissionless blockchains for financial institutions, governments, and a myriad of business users.


cityam--2020-09-30--Ferrero Group in £250m bid to buy British Fox's Biscuits

The owner of brands such as Kinder and Nutella is working on a takeover deal with advisers , according to Sky News .
Read more : Lockdown entrepreneurs given chance to secure West End retail space Demand for biscuits has risen since the coronavirus lockdown , halting a downward trend as consumers opt for healthier snacking options .
Fox ’ s Biscuits has drawn interest from some of the industries biggest names and current owner , 2 Sisters Food Group ( 2SFG ) , has asked for offers to be submitted this week , the report claims .
Among Ferrero @ @ @ @ @ @ @ Jammie Dodgers , Burton ’ s Biscuits , and European manufacturer Biscuit International .
Fox ’ s is expected to command between £250m and £300m at auction before the end of this year , which will be overseen by Rothschild .
Ferrero is reportedly being advised by Houlihan Lokey .
It would be the latest in a number of sales by 2SFG , which has already offloaded assets including pizza brand Goodfellas , and the UK ’ s biggest Christmas pudding supplier , Matthew Walker .
Its parent company , Boparan Holdings , @ @ @ @ @ @ @ in the form of high-interest bonds and the firm ’ s ability to invest has been hit by a bill of £50m in interest payments each year .
In a recent trading update , the company said it was examining its options to refinance the current structure , with an aim to become a “ poultry-focused business ” .
“ To reach this objective , the company continues to explore the disposal of non-core businesses , such as its bakery division , but the group will only dispose of these businesses when the @ @ @ @ @ @ @ confident of realising the best value , ” it said .
A spokesman for 2SFG declined to comment .
Ferrero has yet to respond to request for comment .

Ferrero Group in £250m bid to buy British Fox’s Biscuits
Italian confectionary giant Ferrero Group is planning a £250m bid to buy British-based Fox’s Biscuits.
The owner of brands such as Kinder and Nutella is working on a takeover deal with advisers, according to Sky News.
Demand for biscuits has risen since the coronavirus lockdown, halting a downward trend as consumers opt for healthier snacking options.
Fox’s Biscuits has drawn interest from some of the industries biggest names and current owner, 2 Sisters Food Group (2SFG), has asked for offers to be submitted this week, the report claims.
Among Ferrero’s competitors include the owner of Jammie Dodgers, Burton’s Biscuits, and European manufacturer Biscuit International.
Fox’s is expected to command between £250m and £300m at auction before the end of this year, which will be overseen by Rothschild. Ferrero is reportedly being advised by Houlihan Lokey.
It would be the latest in a number of sales by 2SFG, which has already offloaded assets including pizza brand Goodfellas, and the UK’s biggest Christmas pudding supplier, Matthew Walker.
Its parent company, Boparan Holdings, has £630m of debt repayable in 2021 in the form of high-interest bonds and the firm’s ability to invest has been hit by a bill of £50m in interest payments each year.
In a recent trading update, the company said it was examining its options to refinance the current structure, with an aim to become a “poultry-focused business”.
“To reach this objective, the company continues to explore the disposal of non-core businesses, such as its bakery division, but the group will only dispose of these businesses when the time is right and the company is confident of realising the best value,” it said.
A spokesman for 2SFG declined to comment. Ferrero has yet to respond to request for comment.


cityam--2020-09-30--BoE's Andy Haldane warns against ‘Chicken Licken’ economic pessimism

The Bank of England ’ s chief economist said there was a risk that overly pessimistic “ Chicken Licken ” views about the impact of Covid-19 would hold back Britain ’ s economic recovery from the pandemic .
In a speech given today , Andy Haldane said that authorities such as the BoE have a “ public responsibility to avoid economic catastrophizing ” during the coronavirus crisis .
Read more : Evidence on negative rates ‘ encouraging ’ , says Bank of England policymaker “ Encouraging news about the present needs not to be drowned out by fears for the @ @ @ @ @ @ @ for the economics of Chicken Licken , ” he said , citing the tale of a bird who worries the sky is falling in after an acorn lands on his head .
Haldane , who has consistently been the most optimistic voice among the BoE ’ s rate-setters since the lockdown , said none of the conditions that would justify taking interest rates negative had been met .
His comments come after fellow rate-setter Silvana Tenreyro said last week that the Bank had seen “ encouraging ” evidence that negative rates could help @ @ @ @ @ @ @ by the pandemic .
In his speech , delivered online to Cheshire and Warrington Local Economic Partnership body , Haldane acknowledged that Britain faced an “ unholy trinity of risks from Covid , unemployment and Brexit ” , but added it was important that the economy ’ s quicker-than-expected recovery so far was not overlooked .
“ The economy has recovered further and faster , and has shown far-greater robustness and resilience , than anyone expected , ” he continued .
“ This positive news has received less attention than it deserves , @ @ @ @ @ @ @ of what it may tell us about the economy ’ s resilience to future shocks.
” “ My concern at present is that good news on the economy is being crowded-out by fears about the future , ” Haldane said .
“ This is human nature at times of stress .
But it can also make for an overly-pessimistic popular narrative , which fosters fear , fatalism and excess caution .
This is unhealthy in itself but , if left unaddressed , also risks becoming self-fulfilling .
”

BoE’s Andy Haldane warns against ‘Chicken Licken’ economic pessimism
Former BoE MPC member Andy Haldance hs left Threadneedle St
The Bank of England’s chief economist said there was a risk that overly pessimistic “Chicken Licken” views about the impact of Covid-19 would hold back Britain’s economic recovery from the pandemic.
In a speech given today, Andy Haldane said that authorities such as the BoE have a “public responsibility to avoid economic catastrophizing” during the coronavirus crisis.
“Encouraging news about the present needs not to be drowned out by fears for the future. Now is not the time for the economics of Chicken Licken,” he said, citing the tale of a bird who worries the sky is falling in after an acorn lands on his head.
Haldane, who has consistently been the most optimistic voice among the BoE’s rate-setters since the lockdown, said none of the conditions that would justify taking interest rates negative had been met.
His comments come after fellow rate-setter Silvana Tenreyro said last week that the Bank had seen “encouraging” evidence that negative rates could help the British economy weather the downturn caused by the pandemic.
I think we need a #BoE research paper on the “economics of Chicken Licken” so we can understand what Andy Haldane is talking about! https://t.co/gkudlVzWGn — Andrew Sentance (@asentance) September 30, 2020
In his speech, delivered online to Cheshire and Warrington Local Economic Partnership body, Haldane acknowledged that Britain faced an “unholy trinity of risks from Covid, unemployment and Brexit”, but added it was important that the economy’s quicker-than-expected recovery so far was not overlooked.
“The economy has recovered further and faster, and has shown far-greater robustness and resilience, than anyone expected,” he continued. “This positive news has received less attention than it deserves, both on its own terms and because of what it may tell us about the economy’s resilience to future shocks.”
“My concern at present is that good news on the economy is being crowded-out by fears about the future,” Haldane said.
“This is human nature at times of stress. But it can also make for an overly-pessimistic popular narrative, which fosters fear, fatalism and excess caution. This is unhealthy in itself but, if left unaddressed, also risks becoming self-fulfilling.”


cityam--2020-09-30--Tory rebellion amendment will not be voted on by MPs

An amendment by Tory MPs that could have provided Boris Johnson with an embarrassing defeat over the government ’ s power to implement Covid restrictions will not be voted on by MPs .
Sir Graham Brady ’ s amendment , which would have forced the government to consult parliament on all future coronavirus restrictions , was denied by Speaker Sir Lindsay Hoyle this afternoon .
Read more : One-third of London Tory MPs ready to rebel against PM on Covid powers Hoyle said there was not enough time for parliament to debate any of today ’ s tabled amendments to @ @ @ @ @ @ @ seeks to extend emergency powers that allow Johnson to unilaterally implement Covid restrictions .
However , Hoyle also rebuked the government for not giving the House of Commons enough notice about coronavirus-related policy over the past six months .
“ The way in which the government has exercised its powers to make secondary legislation during this crisis has been totally unsatisfactory , ” he said .
“ All too often , important statutory instruments have been published a matter of hours before they come into force , and some explanations why important measures @ @ @ @ @ @ @ be laid before this House have been unconvincing and shows a total disregard for the House.
” Brady ’ s amendment was believed to have the support of up to 80 Conservative MPs if it had been chosen by Speaker Sir Lindsay Hoyle .
Before the Open newsletter : Start your day with the City View podcast and key market data This would have given it enough support to deliver Johnson an embarrassing parliamentary defeat if opposition parties voted for it – a prospect that was considered likely .
The Prime Minister is @ @ @ @ @ @ @ , with many speculating that the original legislation will be changed to appease the rebel Tory MPs and allow some parliamentary oversight on future decisions .
Read more : Government looks to quell Tory rebellion over Covid restrictions The Tory revolt is a sign of growing discontent among the party ’ s backbenches , which has been bubbling under for months now .
Many of the parliamentary party ’ s libertarian and right-wing MPs have been disgruntled at the government ’ s willingness to swiftly apply new coronavirus restrictions , the amount the @ @ @ @ @ @ @ speculation that Rishi Sunak is considering tax rises to pay for the Budget deficit .

Tory rebellion amendment will not be voted on by MPs
Sir Graham Brady’s amendment would have forced the government to consult parliament on all future coronavirus restrictions
An amendment by Tory MPs that could have provided Boris Johnson with an embarrassing defeat over the government’s power to implement Covid restrictions will not be voted on by MPs.
Sir Graham Brady’s amendment, which would have forced the government to consult parliament on all future coronavirus restrictions, was denied by Speaker Sir Lindsay Hoyle this afternoon.
Hoyle said there was not enough time for parliament to debate any of today’s tabled amendments to the government’s bill, which seeks to extend emergency powers that allow Johnson to unilaterally implement Covid restrictions.
However, Hoyle also rebuked the government for not giving the House of Commons enough notice about coronavirus-related policy over the past six months.
“The way in which the government has exercised its powers to
make secondary legislation during this crisis has been totally
unsatisfactory,” he said.
“All too often, important statutory instruments have been published
a matter of hours before they come into force, and some
explanations why important measures have come into effect before
they can be laid before this House have been unconvincing and
shows a total disregard for the House.”
Brady’s amendment was believed to have the support of up to 80 Conservative MPs if it had been chosen by Speaker Sir Lindsay Hoyle.
Before the Open newsletter: Start your day with the City View podcast and key market data
This would have given it enough support to deliver Johnson an embarrassing parliamentary defeat if opposition parties voted for it – a prospect that was considered likely.
The Prime Minister is currently negotiating with Brady over the rebellion, with many speculating that the original legislation will be changed to appease the rebel Tory MPs and allow some parliamentary oversight on future decisions.
The Tory revolt is a sign of growing discontent among the party’s backbenches, which has been bubbling under for months now.
Many of the parliamentary party’s libertarian and right-wing MPs have been disgruntled at the government’s willingness to swiftly apply new coronavirus restrictions, the amount the Treasury has spent during the pandemic and speculation that Rishi Sunak is considering tax rises to pay for the Budget deficit.


cityam--2020-09-30--Is flexible pay set to be the next ‘on-demand’ service?

FinTech disruption in the payments market has come full circle ; from early innovations in ways to pay , some players are now revolutionising how people get paid .
The payments sector has been at the forefront of the FinTech revolution over the past decade reconfiguring supply , demand and purchasing patterns between vendors and consumers across the globe .
Adding efficiency to the way we pay for things was a big part of the first wave of the FinTech revolution and building flexibility into this system featured prominently in the second wave .
The next frontier , arguably , @ @ @ @ @ @ @ way we earn which , in turn , adds flexibility to the way we pay .
Disruption of payments is moving right across the value chain , and on-demand pay could become part of a reshaping of workforce access to earned income .
It works by enabling employees to access a portion of accrued wages in advance of pay day .
Unlike salary-based lending or payday loans , on-demand pay does not involve borrowing on the part of the employee .
This category of solutions offers individuals the ability to consume , spend @ @ @ @ @ @ @ the past 30 years , global employment levels have risen 65 per cent , reaching 3.3bn employed individuals worldwide ( pre- COIVD-19 crisis ) .1 Yet , despite the economic benefits of exponential growth in employment , large swathes of the global workforce continue to find themselves in a precarious financial position .
Increasing part-time employment , diminishing real wage growth , stagnating savings rates and a widespread increase in household debt have all contributed to a gradual erosion of financial security and flexibility for some in society .
Growing debt-to-income ratios , @ @ @ @ @ @ @ fluctuations in household income can sometimes result in financial strain .
New analysis by EY2 reveals that almost three-quarters ( 73 % ) of UK workers find it challenging to meet everyday expenses or worry about not being able to meet them ; half of these have faced a financial shortfall between pay periods in the last twelve months .
The research , which was carried out at the start of the pandemic , also found that over half ( 58 % ) of those surveyed who have experienced financial difficulties have reported @ @ @ @ @ @ @ wellbeing .
In the UK there are a reported 8.3 million adults who find meeting monthly bills a “ heavy burden ” and miss more than two bill payments within a six-month period.3 Even though the approach to pay and benefits by many companies has largely remained unchanged , consumers appear ready for a more flexible way of being paid .
The research shows that 27 % of the people surveyed would welcome more flexibility in the way they are paid through the use of on-demand pay if it were offered by their @ @ @ @ @ @ @ could be useful in helping some individuals deal with causes of financial stress , such as emergencies , no savings , and timing of income .
With emergencies being unforeseeable and savings being a function of income ( which has stagnated in real terms ) , better alignment of earnings and expenses could be a route towards greater financial control .
In the context of the current economic environment , and ever-evolving patterns of work and earning , the demand for greater flexibility is likely to continue across all areas of daily life @ @ @ @ @ @ @ such as on-demand pay could give employers the ability to adapt their remuneration programmes to a world where flexible work – and flexible pay – may soon be the norm .
2 The survey is part of a market study and was conducted in the UK in April 2020 among c 2,000 nationally representative working-age individuals from across the income , wealth and socio-demographic spectrum .
3 Money Advice Service — Are you one of the 8.3 million adults with problem debt ?
2017

What is City Talk? City Talk allows marketers to connect directly with our audience by publishing content on cityam.com
Is flexible pay set to be the next ‘on-demand’ service?
FinTech disruption in the payments market has come full circle; from early innovations in ways to pay, some players are now revolutionising how people get paid.
The payments sector has been at the forefront of the FinTech revolution over the past decade reconfiguring supply, demand and purchasing patterns between vendors and consumers across the globe.
Adding efficiency to the way we pay for things was a big part of the first wave of the FinTech revolution and building flexibility into this system featured prominently in the second wave. The next frontier, arguably, could focus on building flexibility into the way we earn which, in turn, adds flexibility to the way we pay.
Read more: UK banks are yet to maximise the full benefits of the cloud
Disruption of payments is moving right across the value chain, and on-demand pay could become part of a reshaping of workforce access to earned income. It works by enabling employees to access a portion of accrued wages in advance of pay day. Unlike salary-based lending or payday loans, on-demand pay does not involve borrowing on the part of the employee. This category of solutions offers individuals the ability to consume, spend and invest as they earn.
Over the past 30 years, global employment levels have risen 65 per cent, reaching 3.3bn employed individuals worldwide (pre- COIVD-19 crisis).1 Yet, despite the economic benefits of exponential growth in employment, large swathes of the global workforce continue to find themselves in a precarious financial position.
Increasing part-time employment, diminishing real wage growth, stagnating savings rates and a widespread increase in household debt have all contributed to a gradual erosion of financial security and flexibility for some in society. Growing debt-to-income ratios, for example, mean that even minor fluctuations in household income can sometimes result in financial strain.
New analysis by EY2 reveals that almost three-quarters (73%) of UK workers find it challenging to meet everyday expenses or worry about not being able to meet them; half of these have faced a financial shortfall between pay periods in the last twelve months.
The research, which was carried out at the start of the pandemic, also found that over half (58%) of those surveyed who have experienced financial difficulties have reported a material deterioration in their health and wellbeing. In the UK there are a reported 8.3 million adults who find meeting monthly bills a “heavy burden” and miss more than two bill payments within a six-month period.3
Even though the approach to pay and benefits by many companies has largely remained unchanged, consumers appear ready for a more flexible way of being paid.
The research shows that 27% of the people surveyed would welcome more flexibility in the way they are paid through the use of on-demand pay if it were offered by their employer.
This level of additional flexibility could be useful in helping some individuals deal with causes of financial stress, such as emergencies, no savings, and timing of income.
With emergencies being unforeseeable and savings being a function of income (which has stagnated in real terms), better alignment of earnings and expenses could be a route towards greater financial control. In the context of the current economic environment, and ever-evolving patterns of work and earning, the demand for greater flexibility is likely to continue across all areas of daily life, including pay and benefits. Innovations such as on-demand pay could give employers the ability to adapt their remuneration programmes to a world where flexible work – and flexible pay – may soon be the norm.
1 Cited in EY’s flexible pay report, 2020
2 The survey is part of a market study and was conducted in the UK in April 2020 among c 2,000 nationally representative working-age individuals from across the income, wealth and socio-demographic spectrum.
3 Money Advice Service — Are you one of the 8.3 million adults with problem debt? 2017


cityam--2020-09-30--M&C Saatchi prepares for share suspension as it fails to file annual accounts

M & C Saatchi is preparing to see its shares suspended as the advertising giant teeters closer to missing today ’ s deadline to file its 2019 annual results , marking a tumultuous succession to last year ’ s accounting scandal at the firm .
The advertising group said an audit into previously disclosed accounting problems had taken longer than expected , and that it wanted to ensure the results had been properly vetted “ in the context of the company ’ s historical accounting misstatements in 2018 and prior years ” .
Read more : 888 shares rocket 25 @ @ @ @ @ @ @ expectations The company has already received a three-month extension on its earnings deadline from the regulator of London ’ s Alternative Investment Market ( Aim ) .
If M & C does not file its accounts by the end of play today , the company ’ s shares will be frozen from tomorrow until it publishes its annual results .
M & C said in a statement today it expects a fully audited set of results “ within a matter of weeks ” .
It comes after the £64.9m company was last year @ @ @ @ @ @ @ its share price plunge dramatically , and which led to the departure of its founder , Maurice Saatchi , and three independent directors .
The discovery of a £11.6m accounting error in the company ’ s accounts in December rattled investors and prompted an investigation into the firm by the Financial Conduct Authority .
Chief executive David Kershaw today said the past 12 months “ have been hugely challenging for the company and its shareholders ” , and that 2019 was “ the unhappiest year in the company ’ s 25-year history ” @ @ @ @ @ @ @ came to light last year , we have worked tirelessly to ensure we never find ourselves in this position again , ” he added .
In a preliminary financial statement released today in the place of audited results , M & C said deeper investigation of its accounts had revealed a further £2.4m in misstated profit before tax , bumping up its total accounting error to £14m .
Unaudited headline results for the year ending December 2019 showed net revenue growth of 2.4 per cent year-on-year to £256.4m , while losses before tax @ @ @ @ @ @ @ Before the Open : Get the jump on the markets with our early morning newsletter

M&C Saatchi prepares for share suspension as it fails to file annual accounts
M&C Saatchi is preparing to see its shares suspended as the advertising giant teeters closer to missing today’s deadline to file its 2019 annual results, marking a tumultuous succession to last year’s accounting scandal at the firm.
The advertising group said an audit into previously disclosed accounting problems had taken longer than expected, and that it wanted to ensure the results had been properly vetted “in the context of the company’s historical accounting misstatements in 2018 and prior years”.
The company has already received a three-month extension on its earnings deadline from the regulator of London’s Alternative Investment Market (Aim).
If M&C does not file its accounts by the end of play today, the company’s shares will be frozen from tomorrow until it publishes its annual results. M&C said in a statement today it expects a fully audited set of results “within a matter of weeks”.
It comes after the £64.9m company was last year rocked by an accounting scandal that saw its share price plunge dramatically, and which led to the departure of its founder, Maurice Saatchi, and three independent directors.
The discovery of a £11.6m accounting error in the company’s accounts in December rattled investors and prompted an investigation into the firm by the Financial Conduct Authority.
Chief executive David Kershaw today said the past 12 months “have been hugely challenging for the company and its shareholders”, and that 2019 was “the unhappiest year in the company’s 25-year history”.
“Since the accounting misstatements first came to light last year, we have worked tirelessly to ensure we never find ourselves in this position again,” he added.
In a preliminary financial statement released today in the place of audited results, M&C said deeper investigation of its accounts had revealed a further £2.4m in misstated profit before tax, bumping up its total accounting error to £14m.
Unaudited headline results for the year ending December 2019 showed net revenue growth of 2.4 per cent year-on-year to £256.4m, while losses before tax widened 37 per cent to £8.6m.
Before the Open: Get the jump on the markets with our early morning newsletter


cityam--2020-09-30--One-third of London Tory MPs ready to rebel against PM on Covid powers

At least one-in-three London Conservative MPs are supportive of a potential parliamentary rebellion led by a group of powerful backbenchers .
City A.M. understands that at least seven out of the capital ’ s 21 Tory MPs support a tabled amendment that would see Boris Johnson ’ s powers to implement new Covid restrictions curbed .
Read more : Government looks to quell Tory rebellion over Covid restrictions Graham Brady , chair of the powerful 1922 committee of Conservative backbenchers , has today tabled an amendment to a government bill that is believed to have the support of up to @ @ @ @ @ @ @ by Speaker Sir Lindsay Hoyle .
This would give it enough support to deliver Johnson an embarrassing parliamentary defeat if opposition parties voted for it – a prospect that is considered likely .
The amendment calls for parliament to have a say over all future coronavirus restrictions in what would be a major blow to Johnson as unrest grows among Tory MPs over the latest swathe of rules .
Before the Open newsletter : Start your day with the City View podcast and key market data The Prime Minister is currently negotiating with @ @ @ @ @ @ @ speculating that the original legislation will be changed to appease the rebel Tory MPs and allow some parliamentary oversight on future decisions .
London Conservative MPs Sir Iain Duncan Smith , Sir Robert Neill , Bob Blackman and David Simmonds have all publicly said they are in the rebel camp .
A further three London Tories told City A.M. that they were sympathetic to Brady ’ s amendment and would likely vote for it if it came before the House of Commons .
One MP said the latest coronavirus restrictions were “ too @ @ @ @ @ @ @ new national lockdown at his 5pm press conference today that there would be an “ open rebellion ” in the party .
“ This is becoming an economic crisis instead of a health crisis , ” they said .
“ More people are likely to die from the sanctions than the virus itself .
We need to shield the most vulnerable , but at the same time we need to treat people like adults.
” The Tory revolt is a sign of growing discontent among the party ’ s backbenches , which has @ @ @ @ @ @ @ Many of the parliamentary party ’ s libertarian and right-wing MPs have been disgruntled at the government ’ s willingness to swiftly apply new coronavirus restrictions , the amount the Treasury has spent during the pandemic and speculation that Rishi Sunak is considering tax rises to pay for the Budget deficit .

One-third of London Tory MPs ready to rebel against PM on Covid powers
Chingford and Woodford Green MP Sir Iain Duncan Smith is one of the most high profile Tory rebels
At least one-in-three London Conservative MPs are supportive of a potential parliamentary rebellion led by a group of powerful backbenchers.
City A.M. understands that at least seven out of the capital’s 21 Tory MPs support a tabled amendment that would see Boris Johnson’s powers to implement new Covid restrictions curbed.
Graham Brady, chair of the powerful 1922 committee of Conservative backbenchers, has today tabled an amendment to a government bill that is believed to have the support of up to 80 Conservative MPs if it is chosen by Speaker Sir Lindsay Hoyle.
This would give it enough support to deliver Johnson an embarrassing parliamentary defeat if opposition parties voted for it – a prospect that is considered likely.
The amendment calls for parliament to have a say over all future coronavirus restrictions in what would be a major blow to Johnson as unrest grows among Tory MPs over the latest swathe of rules.
Before the Open newsletter: Start your day with the City View podcast and key market data
The Prime Minister is currently negotiating with Brady over the rebellion, with many speculating that the original legislation will be changed to appease the rebel Tory MPs and allow some parliamentary oversight on future decisions.
London Conservative MPs Sir Iain Duncan Smith, Sir Robert Neill, Bob Blackman and David Simmonds have all publicly said they are in the rebel camp.
A further three London Tories told City A.M. that they were sympathetic to Brady’s amendment and would likely vote for it if it came before the House of Commons.
One MP said the latest coronavirus restrictions were “too draconian” and if Johnson announced a new national lockdown at his 5pm press conference today that there would be an “open rebellion” in the party.
“This is becoming an economic crisis instead of a health crisis,” they said.
“More people are likely to die from the sanctions than the virus itself. We need to shield the most vulnerable, but at the same time we need to treat people like adults.”
The Tory revolt is a sign of growing discontent among the party’s backbenches, which has been bubbling under for months now.
Many of the parliamentary party’s libertarian and right-wing MPs have been disgruntled at the government’s willingness to swiftly apply new coronavirus restrictions, the amount the Treasury has spent during the pandemic and speculation that Rishi Sunak is considering tax rises to pay for the Budget deficit.


cityam--2020-09-30--Coronavirus: TSB to axe a third of branches and over 900 jobs

TSB has announced plans to close 164 branches and cut over 900 jobs as the British lender grapples with the impact of the coronavirus pandemic .
The lender said the cuts – which represent a 10 per cent reduction in the bank ’ s workforce and the loss of a third of its branches – were part of its three-year plan to reduce costs and remain competitive .
Read more : TSB to phase out branch cashier roles in job cuts “ Closing any of our branches is never an easy decision , but our customers are banking differently – @ @ @ @ @ @ @ , ” said TSB chief executive Debbie Crosbie .
The Unite union said the cuts marked a “ dark day for the finance sector ” and would leave TSB staff “ devastated ” .
“ Unite has argued for some time that the financial services industry has a social responsibility not to walk away from its local customers who continue to need access to banking in bank branches , ” said Unite national officer Dominic Hook .
TSB told its cashiers last month that their jobs would be phased out at the start @ @ @ @ @ @ @ customers banking in branch during the Covid-19 crisis .
The lender ’ s Spanish parent Sabadell said in July that it was looking at accelerating cost-cutting at the bank , after TSB posted a €64m ( £58m ) loss for the first half of 2020 .
Read more : TSB swings to a loss due to rise in impairment charges The UK ’ s banking industry is scrambling to cut costs in the face of an expected spike in impairments from bad debts resulting from the coronavirus pandemic .
Earlier this month Lloyds @ @ @ @ @ @ @ resuming a round of restructuring and cost-cutting measures that had been paused as the pandemic hit .

Coronavirus: TSB to axe a third of branches and over 900 jobs
The boss of Sabadell had to clarify that, although he was open to selling TSB, there’s no deal in the works
TSB has announced plans to close 164 branches and cut over 900 jobs as the British lender grapples with the impact of the coronavirus pandemic.
The lender said the cuts – which represent a 10 per cent reduction in the bank’s workforce and the loss of a third of its branches – were part of its three-year plan to reduce costs and remain competitive.
“Closing any of our branches is never an easy decision, but our customers are banking differently – with a marked shift to digital banking,” said TSB chief executive Debbie Crosbie.
The Unite union said the cuts marked a “dark day for the finance sector” and would leave TSB staff “devastated”.
“Unite has argued for some time that the financial services industry has a social responsibility not to walk away from its local customers who continue to need access to banking in bank branches,” said Unite national officer Dominic Hook.
Of the 164 TSB branches set to close, eight are in London. The branches closing in the capital are: Cockfosters, Acton, London Wall, Sutton, Putney, Eltham, Barnet, and Burnt Oak.
TSB told its cashiers last month that their jobs would be phased out at the start of 2021 following a steep decline in customers banking in branch during the Covid-19 crisis.
The lender’s Spanish parent Sabadell said in July that it was looking at accelerating cost-cutting at the bank, after TSB posted a €64m (£58m) loss for the first half of 2020.
The UK’s banking industry is scrambling to cut costs in the face of an expected spike in impairments from bad debts resulting from the coronavirus pandemic.
Earlier this month Lloyds announced plans to cut 865 jobs, resuming a round of restructuring and cost-cutting measures that had been paused as the pandemic hit.


cityam--2020-09-30--UK housing market continues strong recovery as prices surge

UK house prices rose by five per cent in September compared with a year previous according to the latest data from Nationwide .
The building society said the annual rate of growth was at its highest in four years as the post-lockdown recovery continued .
Its lending data revealed that there had been a 0.9 per cent increase in house prices from August , following a 2.0 per cent rise on the previous month , taking annual growth from 3.7 per cent to 5.0 per cent .
Read more : Official figures confirm jump in UK house prices It cited @ @ @ @ @ @ @ well as the stamp duty holiday as key factors for activity “ recovering strongly ” , with the latter “ adding to momentum ” as purchases were moved forward .
Prices were up 1.7 per cent in the quarter ending in September and the average cost of a house in the UK now stands at £226,129 , the data said .
“ The rebound reflects a number of factors .
Pent-up demand is coming through , with decisions taken to move before lockdown now progressing , ” said Robert Gardner , Nationwide ’ @ @ @ @ @ @ @ may also be boosting activity as people reassess their housing needs and preferences as a result of life in lockdown , ” Gardner added .
Most regions saw growth in the third quarter , although this was highest in the south west at 5.5 per cent .
Growth in London stood at 4.4 per cent for the quarter , with an average house price of £480,857 .
“ Annual house price growth in London continued to edge higher , with prices up 4.4 per cent in Q3 .
Average prices in the capital @ @ @ @ @ @ @ are now 57 per cent above their 2007 levels ( UK prices are 21 per cent higher than their 2007 peak ) , ” Gardner said .
Mortgage approvals for house purchases also rose from around 66,000 in July to almost 85,000 in August – the highest since 2007 .
However , Nationwide suggested young people were putting off moves more than older people due to job uncertainty .
However , some experts have questioned whether this growth can be continued , with concerns for the medium-term outlook .
Garrington Property Finders chief @ @ @ @ @ @ @ are rising fastest among coastal and country properties as buyers aiming for a new work-life balance built around less commuting seek more green space , fresh air and better value .
“ Elsewhere however , we ’ re starting to see local lockdowns apply the brakes , slowing activity and even softening price growth .
Read more : London house prices stabilise as buyers take advantage of stamp duty holiday “ Meanwhile in the hotspots , stiff competition is pushing up prices at a rate which is clearly unsustainable , and the local @ @ @ @ @ @ @ from the wider economy.
” Mark Harris , chief executive of mortgage broker SPF Private Clients , said “ recovery could not be more evident ” but “ whether this momentum can be maintained throughout the winter is another matter ” .
“ The economic outlook is not encouraging with the end of the furlough scheme and mortgage payment holidays potentially exerting some financial pressure on homeowners , ” he added .

UK housing market continues strong recovery as prices surge
UK house prices rose by five per cent in September compared with a year previous according to the latest data from Nationwide.
The building society said the annual rate of growth was at its highest in four years as the post-lockdown recovery continued.
Its lending data revealed that there had been a 0.9 per cent increase in house prices from August, following a 2.0 per cent rise on the previous month, taking annual growth from 3.7 per cent to 5.0 per cent.
It cited the lifting of restrictions on viewings as well as the stamp duty holiday as key factors for activity “recovering strongly”, with the latter “adding to momentum” as purchases were moved forward.
Prices were up 1.7 per cent in the quarter ending in September and the average cost of a house in the UK now stands at £226,129, the data said.
“The rebound reflects a number of factors. Pent-up demand is coming through, with decisions taken to move before lockdown now progressing,” said Robert Gardner, Nationwide’s chief economist.
“Behavioural shifts may also be boosting activity as people reassess their housing needs and preferences as a result of life in lockdown,” Gardner added.
Most regions saw growth in the third quarter, although this was highest in the south west at 5.5 per cent.
Growth in London stood at 4.4 per cent for the quarter, with an average house price of £480,857.
“Annual house price growth in London continued to edge higher, with prices up 4.4 per cent in Q3. Average prices in the capital hit a record high of £480,857 and are now 57 per cent above their 2007 levels (UK prices are 21 per cent higher than their 2007 peak),” Gardner said.
Mortgage approvals for house purchases also rose from around 66,000 in July to almost 85,000 in August – the highest since 2007.
However, Nationwide suggested young people were putting off moves more than older people due to job uncertainty.
Unsustainable growth
However, some experts have questioned whether this growth can be continued, with concerns for the medium-term outlook.
Garrington Property Finders chief executive Jonathan Hopper said: “Prices are rising fastest among coastal and country properties as buyers aiming for a new work-life balance built around less commuting seek more green space, fresh air and better value.
“Elsewhere however, we’re starting to see local lockdowns apply the brakes, slowing activity and even softening price growth.
“Meanwhile in the hotspots, stiff competition is pushing up prices at a rate which is clearly unsustainable, and the local markets there now risk getting further detached from the wider economy.”
Mark Harris, chief executive of mortgage broker SPF Private Clients, said “recovery could not be more evident” but “whether this momentum can be maintained throughout the winter is another matter”.
“The economic outlook is not encouraging with the end of the furlough scheme and mortgage payment holidays potentially exerting some financial pressure on homeowners,” he added.


cityam--2020-09-30--Car industry at risk of tariffs even if Brexit deal agreed

The UK car industry may be hit by tariffs even if a free trade deal is agreed with the EU , the BBC reported today , due to issues over the provenance of certain car parts .
Turkish and Japanese car parts used in cars made in this country will not be classed as British , meaning that some exports could face higher duties .
Read more : Car production plunges as surge in cases slams breaks on sector recovery The problem was revealed in a letter to the car industry from the UK ’ s chief Brexit negotiator David @ @ @ @ @ @ @ the BBC , he said that the negotiators had thus far failed to get the bloc to agree to the car parts deal the UK wants and that he “ obviously can not insist on it ” .
Under the terms of the deal , car parts made in EU countries and used in UK models can count as British , in a process called “ cumulation ” .
However , the demand that the same status be applied to partners from outside of the bloc is being refused .
Before the Open @ @ @ @ @ @ @ City View podcast and key market data The chief executive of trade body the Society for Motor Manufacturers and Traders said that the car industry should not be traded off against other sectors .
“ The UK government has repeatedly expressed support for our automotive industry as the nation ’ s biggest exporter of goods ” , Mike Hawes said .
“ Given its importance to the economy and livelihoods and the damaging consequences of tariffs we need the sector prioritised in negotiations , not traded off against other industries .
“ Any @ @ @ @ @ @ @ need both sides to strike a deal that safeguards the global competitiveness of the sector and consumer choice in the market.
” A separate legal document also showed that negotiators had asked for leniency on electric cars , batteries , and bicycles manufactured in the UK but containing foreign parts .
Under the terms of the deal it is expected that the UK will have to prove that its exports are actually British-made , with a possible parts threshold of 50 per cent .
Last week Europe and Britain ’ s car industries @ @ @ @ @ @ @ €110bn ( £101.5bn ) black hole in trade over the next five years .
In a joint statement , 23 auto associations said that in event of a failure to agree a deal , 3m vehicles could cease to enter manufacture , costing EU production sites €57.7bn and £52.8bn for UK plants .

Car industry at risk of tariffs even if Brexit deal agreed
The UK car industry may be hit by tariffs even if a free trade deal is agreed with the EU, the BBC reported today, due to issues over the provenance of certain car parts.
Turkish and Japanese car parts used in cars made in this country will not be classed as British, meaning that some exports could face higher duties.
The problem was revealed in a letter to the car industry from the UK’s chief Brexit negotiator David Frost.
In the letter seen by the BBC, he said that the negotiators had thus far failed to get the bloc to agree to the car parts deal the UK wants and that he “obviously cannot insist on it”.
Under the terms of the deal, car parts made in EU countries and used in UK models can count as British, in a process called “cumulation”.
However, the demand that the same status be applied to partners from outside of the bloc is being refused.
Before the Open newsletter: Start your day with the City View podcast and key market data
The chief executive of trade body the Society for Motor Manufacturers and Traders said that the car industry should not be traded off against other sectors.
“The UK government has repeatedly expressed support for our automotive industry as the nation’s biggest exporter of goods”, Mike Hawes said.
“Given its importance to the economy and livelihoods and the damaging consequences of tariffs we need the sector prioritised in negotiations, not traded off against other industries.
“Any agreement must work for automotive so we need both sides to strike a deal that safeguards the global competitiveness of the sector and consumer choice in the market.”
A separate legal document also showed that negotiators had asked for leniency on electric cars, batteries, and bicycles manufactured in the UK but containing foreign parts.
Under the terms of the deal it is expected that the UK will have to prove that its exports are actually British-made, with a possible parts threshold of 50 per cent.
Last week Europe and Britain’s car industries warned a no-deal scenario could spark a €110bn (£101.5bn) black hole in trade over the next five years.
In a joint statement, 23 auto associations said that in event of a failure to agree a deal, 3m vehicles could cease to enter manufacture, costing EU production sites €57.7bn and £52.8bn for UK plants.


cityam--2020-09-30--Alok Sharma says questions on Covid restrictions are 'gotcha' journalism

Business secretary Alok Sharma has said questions about new Covid restrictions amount to “ gotcha ” journalism , just one day after Boris Johnson could not explain his own rules at a press conference .
Sharma said this morning that “ there is an element of slightly gotcha about this ” when asked about the latest Covid restrictions and that the BBC programme he was on was resembling “ a quiz show ” .
Read more : Boris Johnson confused about his own rule of six coronavirus rules Boris Johnson yesterday incorrectly said England ’ s rule of six – @ @ @ @ @ @ @ at a time – only counted indoors .
He later apologised for the gaffe and said he “ misspoke ” .
Many have complained that the latest set of coronavirus restrictions are too confusing , and up to 80 Tory MPs are prepared to rebel against the government over Johnson trying to extend his powers to unilaterally create new rules .
The latest restrictions include things like a ban on having music above a certain level in pubs and a mandate that hospitality venues should stop people singing and dancing .
However , @ @ @ @ @ @ @ consult government websites about new restrictions .
Before the Open newsletter : Start your day with the City View podcast and key market data “ There is an element of slightly gotcha about this , about some of this line of questioning and you are a flagship programme when it comes to serious news – it ’ s not a quiz show , ” he said .
When asked if he thought that the Covid restrictions were as trivial as a game show , Sharma said : “ No absolutely not , but @ @ @ @ @ @ @ is what ’ s important is people want to understand the precise restrictions they have .
“ In areas more restricted they should go to the website.
” Read more : Coronavirus : UK economy slumped by a fifth in second quarter Responding to Sharma ’ s comments , deputy Labour leader Angela Rayner tweeted : “ Absolute sheer arrogance and dismissive attitude , of course the PM and his ministers should know what the restrictions are , you brought them in .
“ Nothing ‘ gotcha ’ about asking to clarify what @ @ @ @ @ @ @ own people .
”

Alok Sharma says questions on Covid restrictions are ‘gotcha’ journalism
Business secretary Alok Sharma arrives in Downing Street on September 1
Business secretary Alok Sharma has said questions about new Covid restrictions amount to “gotcha” journalism, just one day after Boris Johnson could not explain his own rules at a press conference.
Sharma said this morning that “there is an element of slightly gotcha about this” when asked about the latest Covid restrictions and that the BBC programme he was on was resembling “a quiz show”.
Boris Johnson yesterday incorrectly said England’s rule of six – mandating that only six people can meet at a time – only counted indoors.
He later apologised for the gaffe and said he “misspoke”.
Many have complained that the latest set of coronavirus restrictions are too confusing, and up to 80 Tory MPs are prepared to rebel against the government over Johnson trying to extend his powers to unilaterally create new rules.
The latest restrictions include things like a ban on having music above a certain level in pubs and a mandate that hospitality venues should stop people singing and dancing.
However, Sharma told the BBC that people should consult government websites about new restrictions.
Before the Open newsletter: Start your day with the City View podcast and key market data
“There is an element of slightly gotcha about this, about some of this line of questioning and you are a flagship programme when it comes to serious news – it’s not a quiz show,” he said.
When asked if he thought that the Covid restrictions were as trivial as a game show, Sharma said: “No absolutely not, but what I’m saying to you is what’s important is people want to understand the precise restrictions they have.
“In areas more restricted they should go to the website.”
Responding to Sharma’s comments, deputy Labour leader Angela Rayner tweeted: “Absolute sheer arrogance and dismissive attitude, of course the PM and his ministers should know what the restrictions are, you brought them in.
“Nothing ‘gotcha’ about asking to clarify what the government coronavirus restrictions are on its own people.”


cityam--2020-09-30--Racing League set for Newcastle opener in July 2021

The team-based horse racing initiative known as the Racing League will kick off at Newcastle Racecourse on Thursday 29 July 2021 , the British Horseracing Authority ( BHA ) has confirmed .
The ground-breaking league format , which has a guaranteed £1.8m in prize money , is aiming to bring new innovation to horse racing as well as increasing engagement and making it more accessible to fans .
The Racing League is also set to provide a major financial boost to racehorse owners during a time of uncertainty .
Newcastle will also host the final of the six races as @ @ @ @ @ @ @ Doncaster and Royal Windsor holding one meeting each , while Lingfield will host the other two .
Each meeting will take place on consecutive Thursday ’ s from 29 July through until 2 September .
The format will see 12 teams compete across 36 handicap races , each of which will be worth £50,000 .
Each team will consist of three jockeys , two to four trainers , stable staff and a squad of 30 horses .
The races will be rated 0-90 and run over distances between five furlongs and one and @ @ @ @ @ @ @ will be broadcast live on Sky Sports .
Jockey Martin Dwyer , said : “ The Racing League has done a great job securing fixtures at Doncaster , Lingfield , Newcastle and Royal Windsor .
The team element of the competition really excites me and I can ’ t wait to be part of it.
” Trainer Brian Meehan , added : “ At a time of extraordinary uncertainty in the sporting world , it ’ s fantastic news for British horse racing that the Racing League is able to unveil the dates @ @ @ @ @ @ @ prize money alone is great news for owners and I ’ m looking forward to competing in the Racing League and hopefully being part of the winning team .
”

Racing League set for Newcastle opener in July 2021
The team-based horse racing initiative known as the Racing League will kick off at Newcastle Racecourse on Thursday 29 July 2021, the British Horseracing Authority (BHA) has confirmed.
The ground-breaking league format, which has a guaranteed £1.8m in prize money, is aiming to bring new innovation to horse racing as well as increasing engagement and making it more accessible to fans.
The Racing League is also set to provide a major financial boost to racehorse owners during a time of uncertainty.
Newcastle will also host the final of the six races as well as the opening event, with Doncaster and Royal Windsor holding one meeting each, while Lingfield will host the other two.
Each meeting will take place on consecutive Thursday’s from 29 July through until 2 September.
The format will see 12 teams compete across 36 handicap races, each of which will be worth £50,000.
Each team will consist of three jockeys, two to four trainers, stable staff and a squad of 30 horses.
The races will be rated 0-90 and run over distances between five furlongs and one and a half miles and all six meetings will be broadcast live on Sky Sports.
Jockey Martin Dwyer, said: “The Racing League has done a great job securing fixtures at Doncaster, Lingfield, Newcastle and Royal Windsor. The team element of the competition really excites me and I can’t wait to be part of it.”
Trainer Brian Meehan, added: “At a time of extraordinary uncertainty in the sporting world, it’s fantastic news for British horse racing that the Racing League is able to unveil the dates and venues for 2021.
“The prize money alone is great news for owners and I’m looking forward to competing in the Racing League and hopefully being part of the winning team.”
The 2021 Racing League Fixture List


cityam--2020-09-30--Delays to 5G rollout to cost country tens of billions, report finds

Delays to the rollout of 5G could cost the country tens of billions of pounds in lost economic output , a new report has found .
According to the Centre for Policy Studies ( CPS ) , steps to speed up the rollout could provide the UK GDP with an extra £41bn over the next seven years .
Read more : BT taps Nokia to replace Huawei in 5G networks However , if delays continue at their current rate over 11m households and businesses could be missing out on vital digital connectivity in the same timeframe .
Improving the UK @ @ @ @ @ @ @ tenet of the government ’ s “ levelling up ” agenda , which seeks to eradicate regional inequality by investing heavily in poorer parts of the country .
However , the attempt to do so suffered a knock back in July when the government decided to ban Chinese firm Huawei ’ s products from its 5G networks from next year .
In addition , all its existing Huawei infrastructure will be removed by 2027 in a major U-turn .
The move meant the rollout of the 5G network has been moved estimated two @ @ @ @ @ @ @ target of 2025 , and will cost taxpayers an extra £2bn .
But earlier this week BT boss Philip Jansen said the UK would only hit the new 2027 target with sweeping reforms to the system to the tune of £9bn worth of tax and red tape cuts .
Otherwise , he added , full coverage might not be in place until 2033 .
Before the Open newsletter : Start your day with the City View podcast and key market data Using analysis by the independent consultancy Policy Points , the new paper @ @ @ @ @ @ @ quarter more of the population than the Government ’ s current target of 51 per cent , the UK could be in line for the windfall .
But according to the Future Communications Challenge Group , if the UK can speed up its adoption of the new network , it could be worth as much as £173bn over the next decade .
In order to do so , the report calls for urgent reforms to the Electronic Communications Code and national planning rules .
Report author Alex Jackman , a former digital adviser @ @ @ @ @ @ @ ” his is no time for the government to be passive on the deployment environment – the difference between the UK as a 5G pioneer and ceding leadership to others is as much as £173bn .
“ Productivity gains to business , equality gains for regions and economic gains for the country are only as achievable as the networks we can access.
” Labour MP Patricia Hewitt , chair of the Speed up Britain campaign , said : “ There aren ’ t many low-cost ways to unlock serious economic growth , but @ @ @ @ @ @ @ could unlock billions of pounds in our economy , drive the UK ’ s Covid-19 recovery , and deliver significant regional growth.
” Read more : Boris Johnson ’ s gigabit broadband target will be ‘ missed by years ’ , warns BT boss In response , the minister for digital infrastructure , Matt Warman said : “ Alongside record amounts of funding , we are exploring how to bust any barriers holding back industry from speeding up rollout .
“ We ’ ve committed to reforming planning law and to consult on @ @ @ @ @ @ @ Code are needed and will consider the points raised in this report carefully .
”

Delays to 5G rollout to cost country tens of billions, report finds
5G roll out could cause huge disruption to the aviation industry, US airlines have warned.
Delays to the rollout of 5G could cost the country tens of billions of pounds in lost economic output, a new report has found.
According to the Centre for Policy Studies (CPS), steps to speed up the rollout could provide the UK GDP with an extra £41bn over the next seven years.
However, if delays continue at their current rate over 11m households and businesses could be missing out on vital digital connectivity in the same timeframe.
Improving the UK’s digital infrastructure is a key tenet of the government’s “levelling up” agenda, which seeks to eradicate regional inequality by investing heavily in poorer parts of the country.
However, the attempt to do so suffered a knock back in July when the government decided to ban Chinese firm Huawei’s products from its 5G networks from next year.
In addition, all its existing Huawei infrastructure will be removed by 2027 in a major U-turn.
The move meant the rollout of the 5G network has been moved estimated two to three years, from an original target of 2025, and will cost taxpayers an extra £2bn.
But earlier this week BT boss Philip Jansen said the UK would only hit the new 2027 target with sweeping reforms to the system to the tune of £9bn worth of tax and red tape cuts.
Otherwise, he added, full coverage might not be in place until 2033.
Before the Open newsletter: Start your day with the City View podcast and key market data
Using analysis by the independent consultancy Policy Points, the new paper argues that if 5G coverage reaches a quarter more of the population than the Government’s current target of 51 per cent, the UK could be in line for the windfall.
But according to the Future Communications Challenge Group, if the UK can speed up its adoption of the new network, it could be worth as much as £173bn over the next decade.
In order to do so, the report calls for urgent reforms to the Electronic Communications Code and national planning rules.
Report author Alex Jackman, a former digital adviser to the government, said: T”his is no time for the government to be passive on the deployment environment – the difference between the UK as a 5G pioneer and ceding leadership to others is as much as £173bn.
“Productivity gains to business, equality gains for regions and economic gains for the country are only as achievable as the networks we can access.”
Former Labour MP Patricia Hewitt, chair of the Speed up Britain campaign, said:
“There aren’t many low-cost ways to unlock serious economic growth, but small changes to the Electronic Communication Code could unlock billions of pounds in our economy, drive the UK’s Covid-19 recovery, and deliver significant regional growth.”
In response, the minister for digital infrastructure, Matt Warman said: “Alongside record amounts of funding, we are exploring how to bust any barriers holding back industry from speeding up rollout.
“We’ve committed to reforming planning law and to consult on whether further reforms to the Electronic Communications Code are needed and will consider the points raised in this report carefully.”


cityam--2020-09-30--Sadiq Khan calls for review of England's 10pm curfew

Sadiq Khan has called for an immediate review of the government ’ s 10pm curfew in England as he claims it may be driving coronavirus rates up .
Scenes emerged on social media over the weekend of packed Tube stations and people congregating on central London pavements just after 10pm as the government ’ s new curfew came into place .
Read more : Boris Johnson ‘ will not hesitate ’ to impose further coronavirus restrictions Some have speculated that the measure will have the opposite effect of bringing down the cases as it forces people to leave venues en @ @ @ @ @ @ @ at “ a very serious tipping point in the spread of this virus ” .
He added : “ Given the scenes we ’ ve seen across the UK of people gathering and drinking on the streets once licensed premises close , the government should carry out an immediate review of the effectiveness of this measure , including assessing any unintended consequences of increased social mixing in other settings after 10pm .
Before the Open newsletter : Start your day with the City View podcast and key market data “ It is also @ @ @ @ @ @ @ and other venues get access to extra emergency financial aid as long as the restrictions remain in place .
“ With many venues still unable to open , Londoners ’ livelihoods are dependent on it.
” Boris Johnson today said he was willing to impose harsher measures if coronavirus cases continued to rise as another 7,108 Covid cases and 71 deaths were recorded today .
The daily death count was the highest since 1 July .
The Prime Minister also made it clear that he was not willing to take a more laissez @ @ @ @ @ @ @ apparent rebuke to rebels in his own party that are concerned about the economy .
“ I know some people think we should give up and let the virus take its course despite the huge loss of life that may entail , ” he said .
“ I profoundly disagree .
I don ’ t think the British people want to throw in the sponge , they want to fight and defeat this virus.
” Rumours have swirled this week that more restrictions are on the way for London , with ministers set @ @ @ @ @ @ @ to introduce sweeping lockdown measures .
Read more : London prepares for further lockdown restrictions as coronavirus cases escalate Just six of London ’ s 32 boroughs currently have infection rates below the threshold of 20 cases per 100,000 used by the government to introduce quarantine measures on other countries .
Two London boroughs now have infection rates higher than the England average , according to the latest official data .

Sadiq Khan calls for review of England’s 10pm curfew
Sadiq Khan has called for an immediate review of the government’s 10pm curfew in England as he claims it may be driving coronavirus rates up.
Scenes emerged on social media over the weekend of packed Tube stations and people congregating on central London pavements just after 10pm as the government’s new curfew came into place.
Some have speculated that the measure will have the opposite effect of bringing down the cases as it forces people to leave venues en masse.
Khan said the capital was at “a very serious tipping point in the spread of this virus”.
He added: “Given the scenes we’ve seen across the UK of people gathering and drinking on the streets once licensed premises close, the government should carry out an immediate review of the effectiveness of this measure, including assessing any unintended consequences of increased social mixing in other settings after 10pm.
Before the Open newsletter: Start your day with the City View podcast and key market data
“It is also absolutely essential that our clubs, theatres and other venues get access to extra emergency financial aid as long as the restrictions remain in place.
“With many venues still unable to open, Londoners’ livelihoods are dependent on it.”
Boris Johnson today said he was willing to impose harsher measures if coronavirus cases continued to rise as another 7,108 Covid cases and 71 deaths were recorded today.
The daily death count was the highest since 1 July.
The Prime Minister also made it clear that he was not willing to take a more laissez faire approach to Covid restrictions in an apparent rebuke to rebels in his own party that are concerned about the economy.
“I know some people think we should give up and let the virus take its course despite the huge loss of life that may entail,” he said.
“I profoundly disagree. I don’t think the British people want to throw in the sponge, they want to fight and defeat this virus.”
Rumours have swirled this week that more restrictions are on the way for London, with ministers set to hold talks next week over plans to introduce sweeping lockdown measures.
Just six of London’s 32 boroughs currently have infection rates below the threshold of 20 cases per 100,000 used by the government to introduce quarantine measures on other countries.
Two London boroughs now have infection rates higher than the England average, according to the latest official data.


cityam--2020-09-30--Boris Johnson 'will not hesitate' to impose further coronavirus restrictions

Boris Johnson has warned the nation that he “ will not hesitate ” to impose harsher coronavirus restrictions as cases rapidly rise in England .
Johnson said at a press conference today that it was too early to know whether the recently taken measures – including a country-wide ban on meeting more than six people – had yielded results , however he said that he “ doesn ’ t want to go back to a national lockdown ” .
Read more : Government gives parliament say over future Covid restrictions The UK saw a further 7,108 Covid cases and 71 @ @ @ @ @ @ @ large daily increase from just weeks ago .
The Prime Minister also made it clear that he was not willing to take a more laissez faire approach to Covid restrictions in an apparent rebuke to rebels in his own party that are concerned about the economy .
“ I know some people think we should give up and let the virus take its course despite the huge loss of life that may entail , ” he said .
Before the Open newsletter : Start your day with the City View podcast and key @ @ @ @ @ @ @ I don ’ t think the British people want to throw in the sponge , they want to fight and defeat this virus .
“ No matter how impatient we may be , no matter how fed up we may become , there is only one way of doing this .
“ If the evidence requires it , we will not hesitate to take further measures that I ’ m afraid would be more costly than the ones we ’ ve put in place now.
” Professor Chris Whitty said coronavirus rates were @ @ @ @ @ @ @ , with the North East , North West and parts of the Midlands the worst affected areas .
This has led to increased hospital admissions and intensive care admissions over the past few weeks , according to Whitty .
Read more : Boris Johnson confused about his own rule of six coronavirus rules “ The NHS data show that the rates of hospitalisation are now climbing steadily , ” he said .
“ They ’ re at a much lower level than at the beginning of April – I want to stress that @ @ @ @ @ @ @ at a steady and rapid pace .
”

Boris Johnson ‘will not hesitate’ to impose further coronavirus restrictions
The PM has fended off claims the government is running a “chumocracy”
Boris Johnson has warned the nation that he “will not hesitate” to impose harsher coronavirus restrictions as cases rapidly rise in England.
Johnson said at a press conference today that it was too early to know whether the recently taken measures – including a country-wide ban on meeting more than six people – had yielded results, however he said that he “doesn’t want to go back to a national lockdown”.
The UK saw a further 7,108 Covid cases and 71 deaths recorded today alone, marking a large daily increase from just weeks ago.
The Prime Minister also made it clear that he was not willing to take a more laissez faire approach to Covid restrictions in an apparent rebuke to rebels in his own party that are concerned about the economy.
“I know some people think we should give up and let the virus take its course despite the huge loss of life that may entail,” he said.
Before the Open newsletter: Start your day with the City View podcast and key market data
“I profoundly disagree. I don’t think the British people want to throw in the sponge, they want to fight and defeat this virus.
“No matter how impatient we may be, no matter how fed up we may become, there is only one way of doing this.
“If the evidence requires it, we will not hesitate to take further measures that I’m afraid would be more costly than the ones we’ve put in place now.”
Professor Chris Whitty said coronavirus rates were rising in all parts of the country, with the North East, North West and parts of the Midlands the worst affected areas.
This has led to increased hospital admissions and intensive care admissions over the past few weeks, according to Whitty.
“The NHS data show that the rates of hospitalisation are now climbing steadily,” he said.
“They’re at a much lower level than at the beginning of April – I want to stress that quickly – but they are heading upward at a steady and rapid pace.”


cityam--2020-09-30--Working from home u-turn falls on deaf ears as more staff head back to offices

Employees are heading back to their workplaces in greater numbers around the UK despite Boris Johnson ’ s working from home u-turn last week , new data has shown .
According to data specialists Huq Industries , the rate at which workers are returning to their offices since the PM ’ s announcement has actually picked up in four of the six cities analysed , including in London .
Read more : Cycling debutants in London more-than-double as the capital ’ s commuters switch to two wheels With pre-pandemic levels of workplace attendance set at 100 on the index , @ @ @ @ @ @ @ 22.62 to 27.51 in the week ending 27 September .
In addition , new data from Transport for London ( TfL ) showed that the number of people using the Tube was flat week-on-week .
Up to last week the government had been urging people to get back into their offices , until an increase in coronavirus infections saw minister switch tack .
However , Johnson ’ s announcement appears to have fallen on deaf ears thus far .
Huq ’ s data showed a much more dramatic jump in Manchester , which @ @ @ @ @ @ @ In the same week the rate climbed from 35.91 to 46.70 .
Edinburgh and Sheffield also saw a slight increase in people returning to work this week , up from 40.29 to 41.36 and from 51.57 to 52.09 respectively .
In Birmingham and Bristol , there were small declines in workplace attendance after , from 56.51 to 53.35 and from 42.31 to 32.44 , after the PM ’ s announcement .
Despite the steady climb , the rate of return in London remains considerably lower than in the rest of the UK .
@ @ @ @ @ @ @ day with the City View podcast and key market data Conrad Poulson , Huq Industries ’ chief executive , said that this was likely because of the city ’ s dependence on public transport systems .
As of 25 September , the level of passengers using the Tube stood at 36 per cent of pre-pandemic levels , in line with the previous week , according to Department for Transport figures .
Around 1.52m journeys were made , down from 4m on a typical day in February .
However , the number of people @ @ @ @ @ @ @ , with TfL urging as many people as possible to use “ active ” methods of getting to work , such as walking and cycling .
Yesterday the transport operator opened a major new cycleway between Tower Bridge Road and Rotherhithe , the first such project in southeast London .
The route is the latest in a number of projects which have sought to make the capital more accessible to cyclists and pedestrians .
Read more : Boris Johnson to tell Brits to work from home in lockdown U-turn Data last week from @ @ @ @ @ @ @ newly taking up cycling in the capital has jumped in the last few months in response to the scheme .
New cyclist numbers doubled in May , with 119 per cent year-on-year growth , while in June , the total number of cycling trips made across the capital had increased 60 per cent..

Working from home u-turn falls on deaf ears as more staff head back to offices
Employees are heading back to their workplaces in greater numbers around the UK despite Boris Johnson’s working from home u-turn last week, new data has shown.
According to data specialists Huq Industries, the rate at which workers are returning to their offices since the PM’s announcement has actually picked up in four of the six cities analysed, including in London.
With pre-pandemic levels of workplace attendance set at 100 on the index, the capital saw its score jump from 22.62 to 27.51 in the week ending 27 September.
In addition, new data from Transport for London (TfL) showed that the number of people using the Tube was flat week-on-week.
Up to last week the government had been urging people to get back into their offices, until an increase in coronavirus infections saw minister switch tack.
However, Johnson’s announcement appears to have fallen on deaf ears thus far.
Huq’s data showed a much more dramatic jump in Manchester, which is currently under local lockdown restrictions. In the same week the rate climbed from 35.91 to 46.70.
Edinburgh and Sheffield also saw a slight increase in people returning to work this week, up from 40.29 to 41.36 and from 51.57 to 52.09 respectively.
In Birmingham and Bristol, there were small declines in workplace attendance after, from 56.51 to 53.35 and from 42.31 to 32.44, after the PM’s announcement.
Despite the steady climb, the rate of return in London remains considerably lower than in the rest of the UK.
Before the Open newsletter: Start your day with the City View podcast and key market data
Conrad Poulson, Huq Industries’ chief executive, said that this was likely because of the city’s dependence on public transport systems.
As of 25 September, the level of passengers using the Tube stood at 36 per cent of pre-pandemic levels, in line with the previous week, according to Department for Transport figures.
Around 1.52m journeys were made, down from 4m on a typical day in February.
However, the number of people heading to work could well be higher, with TfL urging as many people as possible to use “active” methods of getting to work, such as walking and cycling.
Yesterday the transport operator opened a major new cycleway between Tower Bridge Road and Rotherhithe, the first such project in southeast London.
The route is the latest in a number of projects which have sought to make the capital more accessible to cyclists and pedestrians.
Data last week from Strava Metro showed the number of people newly taking up cycling in the capital has jumped in the last few months in response to the scheme.
New cyclist numbers doubled in May, with 119 per cent year-on-year growth, while in June, the total number of cycling trips made across the capital had increased 60 per cent..


cityam--2020-09-30--Pub chain Fuller's to axe one in 10 jobs with London facing biggest cuts

The head of pub chain Fuller ’ s has revealed at least 10 per cent of his around 5,000 staff are facing redundancy .
Simon Emeny said the government ’ s decision to encourage people to work from home where possible will hit Fuller ’ s city-centre pubs hardest and result in job losses .
“ We are doing everything possible to minimise that , but sadly it is inevitable , ” Emeny told BBC .
Read more : More than 100 pubs and restaurants warn PM of ‘ bleakest of winters ’ without urgent support It comes after similar @ @ @ @ @ @ @ Wetherspoon and Whitbread and Greggs .
Emeny also criticised the introduction of a 10pm curfew as “ illogical ” and “ ill-conceived ” as the government try to reduce Covid-19 transmission .
A significant number of Fuller ’ s 400 pubs and hotels in the UK are based in London , where job cuts are likely to occur .
The chain employs around 5,000 staff , meaning at least 500 people are likely to be let go .
“ The biggest challenge we have around job losses is in central London , because @ @ @ @ @ @ @ last week to discourage people from going back to the office is having a big impact on city centres and in particular Central London , ” Emeny said .
Although the exact number of staff set to be laid off is not yet decided , he said “ it will be at least 10 per cent ” .
When questioned on the performance of Prime Minister Boris Johnson , the Fuller ’ s boss said : “ I don ’ t think he ’ s had a good few months.
” “ There @ @ @ @ @ @ @ s job that I don ’ t envy him but I also think there are significant elements where he has made continual mistakes and we have seen the government do u-turns on five or six key decisions , ” he added .
Fuller ’ s sold its brewing business to the Japanese brewer Asahi last year in a £250m deal .
The beer is still brewed at the Griffin Brewery in west London as it has been since 1654 as part of the agreement .
The sale allowed the the company to focus @ @ @ @ @ @ @ where it had been most profitable .
Read more : JD Wetherspoon to cut 450 jobs at airport pubs Last week Whitbread , the owner of Premier Inn and Beefeater , warned that up to 6,000 jobs could be axed .
It cited a reduction in hotel guests as the major driving force behind it .
Wetherspoon has also warned that half of 1,000 staff who work at airport venues could lose their jobs due to the dramatic fall in travel .

Pub chain Fuller’s to axe one in 10 jobs with London facing biggest cuts
The SRA has said it will intervene in cases that happen outside of the workplace, in settings including pubs, restaurants, and hotel rooms
The head of pub chain Fuller’s has revealed at least 10 per cent of his around 5,000 staff are facing redundancy.
Simon Emeny said the government’s decision to encourage people to work from home where possible will hit Fuller’s city-centre pubs hardest and result in job losses.
“We are doing everything possible to minimise that, but sadly it is inevitable,” Emeny told BBC.
It comes after similar warnings from fellow hospitality chains, JD Wetherspoon and Whitbread and Greggs.
Emeny also criticised the introduction of a 10pm curfew as “illogical” and “ill-conceived” as the government try to reduce Covid-19 transmission.
A significant number of Fuller’s 400 pubs and hotels in the UK are based in London, where job cuts are likely to occur. The chain employs around 5,000 staff, meaning at least 500 people are likely to be let go.
“The biggest challenge we have around job losses is in central London, because the current Prime Minister’s announcement last week to discourage people from going back to the office is having a big impact on city centres and in particular Central London,” Emeny said.
Although the exact number of staff set to be laid off is not yet decided, he said “it will be at least 10 per cent”.
When questioned on the performance of Prime Minister Boris Johnson, the Fuller’s boss said: “I don’t think he’s had a good few months.”
“There are elements of the Prime Minister’s job that I don’t envy him but I also think there are significant elements where he has made continual mistakes and we have seen the government do u-turns on five or six key decisions,” he added.
“In a business environment, his style of leadership wouldn’t work.”
Fuller’s sold its brewing business to the Japanese brewer Asahi last year in a £250m deal. The beer is still brewed at the Griffin Brewery in west London as it has been since 1654 as part of the agreement.
The sale allowed the the company to focus on its hotel and pub business, where it had been most profitable.
Last week Whitbread, the owner of Premier Inn and Beefeater, warned that up to 6,000 jobs could be axed.
It cited a reduction in hotel guests as the major driving force behind it.
Wetherspoon has also warned that half of 1,000 staff who work at airport venues could lose their jobs due to the dramatic fall in travel.


cityam--2020-09-30--Investors stuck in Woodford fund face further repayment delays

Investors stuck in Neil Woodford ’ s collapsed flagship fund have been dealt a further blow as administrator Link was today unable to reveal when the wind-up will be completed .
Today Link warned that some of the remaining assets , which are currently worth £288m , will not be released until mid to late next year .
So far £2.45bn has been returned to investors since the fund was suspended in June last year .
Read more : Shuttered Woodford fund to pay out £183m to investors next week “ This means that we are unable at this time @ @ @ @ @ @ @ the fund ’ s wind up will be complete and all cash returned to investors , ” Link said in a letter to investors .
Ryan Hughes , head of active portfolios at AJ Bell , said : “ The latest update from Link does little to ease the pain for embattled investors stuck in the Woodford Equity Income fund with the news that the winding up of the fund could still be happening in another 12 months , meaning that over two years would have passed since the fund originally suspended .
@ @ @ @ @ @ @ Link being able to offload the remaining £288m that they have confirmed is left in the fund which may be challenging given market conditions are being severely impacted by coronavirus.
” The letter also revealed that investors will have to pay a £15.5m fee to BlackRock , Park Hill and lawyer Debevoise & Plimpton .
“ While these fees would have been due regardless of who was selling the assets , seeing such sums will make for painful reading for investors , ” Hughes added .
Last June the fund was suspended after @ @ @ @ @ @ @ leading to the investment industry ’ s biggest crisis in years .
The suspension eventually led to Woodford shuttering the business in October .
Link Fund Solutions , which has been responsible for overseeing the suspension and liquidation of Woodford ’ s fund , announced in October it would sack Woodford , wind up the fund and help investors recover some of their losses .
Payouts started in January with £2.1bn being returned to investors with fees and costs of $ 43m also being paid out .
Another payment of £143m was made @ @ @

Investors stuck in Woodford fund face further repayment delays
Investors stuck in Neil Woodford’s collapsed flagship fund have been dealt a further blow as administrator Link was today unable to reveal when the wind-up will be completed.
Today Link warned that some of the remaining assets, which are currently worth £288m, will not be released until mid to late next year. So far £2.45bn has been returned to investors since the fund was suspended in June last year.
“This means that we are unable at this time to provide a specific date by which the fund’s wind up will be complete and all cash returned to investors,” Link said in a letter to investors.
Ryan Hughes, head of active portfolios at AJ Bell, said: “The latest update from Link does little to ease the pain for embattled investors stuck in the Woodford Equity Income fund with the news that the winding up of the fund could still be happening in another 12 months, meaning that over two years would have passed since the fund originally suspended.
“This is of course dependent on Link being able to offload the remaining £288m that they have confirmed is left in the fund which may be challenging given market conditions are being severely impacted by coronavirus.”
The letter also revealed that investors will have to pay a £15.5m fee to BlackRock, Park Hill and lawyer Debevoise & Plimpton.
“While these fees would have been due regardless of who was selling the assets, seeing such sums will make for painful reading for investors,” Hughes added.
Last June the fund was suspended after becoming overwhelmed by investor withdrawal requests, leading to the investment industry’s biggest crisis in years. The suspension eventually led to Woodford shuttering the business in October.
Link Fund Solutions, which has been responsible for overseeing the suspension and liquidation of Woodford’s fund, announced in October it would sack Woodford, wind up the fund and help investors recover some of their losses.
Payouts started in January with £2.1bn being returned to investors with fees and costs of $43m also being paid out. Another payment of £143m was made in March.