cityam--2020-06-19--Labour has 'a mountain to climb' to get back into power, review finds

A new review into the Labour party ’ s disastrous performance in the last election has said that the party has a “ mountain to climb to get back into power in the next five years ” .
The review , which was carried out by organisation Labour Together , slammed the party ’ s showing in December , saying : “ The strategy was inadequate , the organisation was muddled and the execution was poor ” .
Read more : Labour calls for emergency ‘ back to work ’ summer Budget December ’ s election was won at a @ @ @ @ @ @ @ , who took an 80 seat majority and made significant gains in Labour ’ s traditional heartlands , the so-called “ red wall ” .
Labour on the other hand lost 59 seats and saw its vote share fall by eight per cent , prompting the resignation of leader Jeremy Corbyn .
The review said that “ negative feelings ” about Corbyn had been a “ key deterrent ” for much of Labour ’ s voting base .
He was replaced by former director of public prosecutions Sir Keir Starmer in April .
@ @ @ @ @ @ @ a new leader alone would not be enough to propel the party back into Downing Street in 2024 .
“ It would be a mistake to believe that a different leader , with Brexit no longer the defining issue , would in itself be sufficient to change Labour ’ s electoral fortunes ” , it said .
Instead , the review argued , Labour ’ s devastating defeat was a long time coming , with “ deeper roots ” to which the party needs to face up .
“ The institutional and cultural @ @ @ @ @ @ @ have become weaker and weaker over time .
Before the Open : Get the jump on the markets with our early morning newsletter “ From the loss of local Labour clubs to declining Trade Union membership , Labour has lost many of the institutional roots it had within communities , resulting in disconnection ” , it argued .
“ This loss is the story of more than one election—indeed it is a story that stretches back two decades ” .
The 2019 defeat , it said , was down to three factors : @ @ @ @ @ @ @ over Brexit , and a manifesto which was “ not seen as credible ” .
The review ’ s commissioners , led by MP Lucy Powell , recommend a wholesale shake-up of the party ’ s electoral strategy .
“ We must not shy away from necessary and tough choices if we are to rebuild our relationship with the country and revolutionise the way we engage and listen to voters ” .
Read more : Conservatives and Labour neck-and-neck in new UK opinion polling By the time of the next election in 2024 @ @ @ @ @ @ @ power for 14 years .
The report was compiled through a combination of a survey of 11,000 members and voters , as well as in-depth interviews with activists , organisers , candidates and party staff .

Labour has ‘a mountain to climb’ to get back into power, review finds
A new review into the Labour party’s disastrous performance in the last election has said that the party has a “mountain to climb to get back into power in the next five years”.
The review, which was carried out by organisation Labour Together, slammed the party’s showing in December, saying: “The strategy was inadequate, the organisation was muddled and the execution was poor”.
December’s election was won at a canter by Boris Johnson’s Conservatives, who took an 80 seat majority and made significant gains in Labour’s traditional heartlands, the so-called “red wall”.
Labour on the other hand lost 59 seats and saw its vote share fall by eight per cent, prompting the resignation of leader Jeremy Corbyn.
The review said that “negative feelings” about Corbyn had been a “key deterrent” for much of Labour’s voting base.
He was replaced by former director of public prosecutions Sir Keir Starmer in April.
However, the new report warned that a new leader alone would not be enough to propel the party back into Downing Street in 2024.
“It would be a mistake to believe that a different leader, with Brexit no longer the defining issue, would in itself be sufficient to change Labour’s electoral fortunes”, it said.
Instead, the review argued, Labour’s devastating defeat was a long time coming, with “deeper roots” to which the party needs to face up.
“The institutional and cultural bonds that linked many voters to Labour have become weaker and weaker over time.
Before the Open: Get the jump on the markets with our early morning newsletter
“From the loss of local Labour clubs to declining Trade Union membership, Labour has lost many of the institutional roots it had within communities, resulting in disconnection”, it argued.
“This loss is the story of more than one election—indeed it is a story that stretches back two decades”.
The 2019 defeat, it said, was down to three factors: the party leadership, lack of clarity over Brexit, and a manifesto which was “not seen as credible”.
The review’s commissioners, led by MP Lucy Powell, recommend a wholesale shake-up of the party’s electoral strategy.
“Our political strategy, organisation and campaigning infrastructure needs major overhaul.
“We must not shy away from necessary and tough choices if we are to rebuild our relationship with the country and revolutionise the way we engage and listen to voters”.
By the time of the next election in 2024, Labour will have been out of power for 14 years.
The report was compiled through a combination of a survey of 11,000 members and voters, as well as in-depth interviews with activists, organisers, candidates and party staff.


cityam--2020-06-19--FTSE 100 opens higher as retail sales start to bounce back

The FTSE 100 climbed higher this morning as figures showed retail sales are beginning to bounce back , with hopes of a swift economic recovery .
London ’ s blue-chip index opened 26 points higher – 0.43 per cent – to 6,250 points , as investors began to digest a fresh round of economic data .
Read more : UK retail sales start to rebound in May following record drop The FTSE 100 edged up to trade up 1.26 per cent by 10.45am .
Data released by the Office for National Statistics ( ONS ) showed that retail sales rose @ @ @ @ @ @ @ expectations .
Record borrowing figures released for April and May ’ s lockdown have done little to dent the FTSE 100 ’ s sentiment .
Focus instead appears to be on signs the economy is starting to open back up .
ONS figures show UK borrowing jumped to £103.7bn over April and May ’ s lockdown .
Debt also rose 20.5 percentage points to £1.95 trillion , exceeding GDP .
As traders digest today ’ s economic data , they will also be looking for any developments in Europe and its response to @ @ @ @ @ @ @ higher ahead of the European Council ’ s meeting to discuss the EU recovery fund .
The pan-European Stoxx 600 rose 0.56 per cent , while Germany ’ s Dax up 0.46 per cent .
German-listed Lufthansa has gained near three per cent on signs of movement in its stalled government bailout .
Before the Open : Get the jump on the markets with our early morning newsletter Read more : UK borrowing surges to a record £103.7bn in lockdown , as debt surpasses GDP in May BP and Royal Dutch Shell were @ @ @ @ @ @ @ as oil prices rose on news that Opec and allies have pledged to meet their supply cut commitments .
BP climbed 0.92 per cent , while Shell edged up 0.59 per cent .
Analysts had anticipated figures to show a 6.3 per cent rise in May after sales tumbled a record 18.1 per cent in April .
Instead , ONS figures showed sales increased 12 per cent last month .
“ The month-on-month increase is worth keeping in perspective given April represented the height of the lockdown and spend remains well down on @ @ @ @ @ @ @ , investment director at AJ Bell .
However , FTSE investors may take some comfort in that the figures only reflect the start of lockdown measures easing .
“ With unemployment low and the labour market supported by the government ’ s furlough scheme , there is a good chance that retail sales could remain buoyed for the coming month , ” said Fiona Cincotta , market analyst at Gain Capital .
The boost in May will likely further improve as lockdown measures ease and non-essential retail opens .
Second wave fears exert @ @ @ @ @ @ @ a second wave of coronavirus have come to the fore this week .
Beijing imposed another lockdown after a cluster of cases originating from a wet food market .
Infections are also rising in the US with California and Florida both registering their biggest one-day rise in cases yesterday .
However the fears are having little effect on the FTSE 100 and global stocks more generally .
Neil Wilson , chief market analyst at Markets.com , suggests the fears are “ not exerting too much pressure as investors start to get used to @ @ @ @ @ @ @ it ’ s not cases that count , it ’ s the lockdown and people ’ s fear of going out that hurts the economy and corporate earnings.
” Get the news as it happens by following City A.M. on Twitter .

FTSE 100 rise as retail sales start to bounce back
The FTSE 100 solidified this week’s gains on hopes of a swift economic recovery, after figures released this morning showed retail sales beginning to bounce back.
London’s blue-chip index opened 26 points higher – 0.43 per cent – to 6,250 points, as investors began to digest a fresh round of economic data.
By the afternoon, the FTSE 100 was trading 1.33 per cent higher.
Data released by the Office for National Statistics (ONS) showed that retail sales rose 12 per cent last month, beating expectations.
Record borrowing figures released for April and May’s lockdown have done little to dent the FTSE 100’s sentiment. Focus instead appears to be on signs the economy is starting to open back up.
ONS figures show UK borrowing jumped to £103.7bn over April and May’s lockdown. Debt also rose 20.5 percentage points to £1.95 trillion, exceeding GDP.
As traders digest today’s economic data, they will also be looking for any developments in Europe and its response to the coronavirus outbreak.
European shares opened higher ahead of the European Council’s meeting to discuss the EU recovery fund. The pan-European Stoxx 600 rose 0.81 per cent, while Germany’s Dax is up 0.95 per cent.
German-listed Lufthansa has gained near three per cent on signs of movement in its stalled government bailout.
Before the Open: Get the jump on the markets with our early morning newsletter
BP and Royal Dutch Shell were among this morning’s biggest risers as oil prices rose on news that Opec and allies have pledged to meet their supply cut commitments.
BP rose 1.72 per cent, while Shell climbed 1.67 per cent.
Retail sales rebound
Analysts had anticipated figures to show a 6.3 per cent rise in May after sales tumbled a record 18.1 per cent in April. Instead, ONS figures showed sales increased 12 per cent last month.
“The month-on-month increase is worth keeping in perspective given April represented the height of the lockdown and spend remains well down on pre-pandemic levels,” said Russ Mould, investment director at AJ Bell.
However, FTSE investors may take some comfort in that the figures only reflect the start of lockdown measures easing.
“With unemployment low and the labour market supported by the government’s furlough scheme, there is a good chance that retail sales could remain buoyed for the coming month,” said Fiona Cincotta, market analyst at Gain Capital.
The boost in May will likely further improve as lockdown measures ease and non-essential retail opens.
Second wave fears exert little pressure on FTSE 100
Concerns about a second wave of coronavirus have come to the fore this week. Beijing imposed another lockdown after a cluster of cases originating from a wet food market.
Infections are also rising in the US with California and Florida both registering their biggest one-day rise in cases yesterday.
However the fears are having little effect on the FTSE 100 and global stocks more generally.
Neil Wilson, chief market analyst at Markets.com, suggests the fears are “not exerting too much pressure as investors start to get used to rising case numbers”.
“Remember it’s not cases that count, it’s the lockdown and people’s fear of going out that hurts the economy and corporate earnings.”
US stocks open higher on hopes of recovery
Wall Street’s main indexes opened higher as investors shrugged off the increase in new cases.
Traders are betting on a swift economic recovery despite jobless claims rising by 1.51m yesterday, a decline on the previous week but more than economists had expected.
The Federal Reserve’s plan for individual bond purchase at the start of this week has helped Wall Street stay afloat after last week’s steep selloff.
The Dow Jones gained 175 points – 0.67 per cent – while the benchmark S&P 500 index is up 0.75 per cent. The tech-focused Nasdaq has climbed 1.02 per cent to reach near record highs.
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-06-19--How do you solve a problem like Wirecard?

It ’ s been a wild ride for Wirecard .
When the German payments firm premiered on the prestigious blue-chip Dax index just two years ago , shares were priced at €200 apiece .
Today , prices hit as low as €20 per share , forcing out chief executive Markus Braun and leaving the future of the digital payments firm in question .
In its relatively short history , Wirecard has received a lot of investor hype .
Its €24bn ( £21.7bn ) valuation in 2018 booted 150-year-old Commerzbank off its long-held position on the main German index , and @ @ @ @ @ @ @ ’ s fintech darling .
Read more : Wirecard chief quits as shares plummet over missing €1.9bn But in the shadows of its stock market success , the digital payments firm has long been riddled with accusations of financial inaccuracy .
For more than a decade , Wirecard remained a favourite of short sellers who affirmed its bloated valuation .
Yesterday ’ s discovery of a €1.9bn accounting black hole proved short sellers ’ inklings , sending shares into a tailspin that marked the worst ever single-day crash on Germany ’ s main @ @ @ @ @ @ @ Der Spiegel today called Wirecard a “ disgrace for Germany ” , and lamented the opportunity the fintech once seemed to present for the auto-heavy nation .
So how did Wirecard , once hailed as Germany ’ s technological prodigy , fall victim to an accounting blunder ?
Founded in 1999 in the Bavarian town of Aschheim , Wirecard was one of Germany ’ s first digital payments firms .
In 2002 , a then-33 year Braun joined as chief technology officer , and oversaw its aggressive expansion across the globe .
The @ @ @ @ @ @ @ noble premise — to “ make payments invisible ” — and rapidly established Wirecard ’ s presence in the Asia Pacific market .
The cogs seemed well-oiled .
In 2008 , Wirecard introduced virtual credit cards for online payments , and swiftly set up a fraud prevention suite to safeguard transactions .
Over the next six years , the company rapidly expanded further afield , starting operations in the US , New Zealand , Australia , South Africa and Turkey .
But alarm bells quietly rang behind the scenes , as reports of @ @ @ @ @ @ @ valuation .
Concerns reached boiling point in January last year , when the Financial Times started to investigate allegations of forged financial accounts in the company ’ s Singapore office .
In October , the FT ran an article claiming that staff at Wirecard ’ s finance team had appeared to conspire to fraudulently inflate profits at the firm ’ s Dubai and Dublin subsidiaries , in a bid to dupe auditors at EY .
KPMG was hired to conduct an independent audit of Wirecard ’ s finances in response to the allegations @ @ @ @ @ @ @ auditor said it had not been able to obtain enough information to fully address the accusations against Wirecard , sending shares down more than a quarter and reassuring short sellers ’ suspicions that the firm was overhyped .
But the big blow for Wirecard came yesterday , when EY delayed the publication of its financial accounts for the fourth time this year , after it discovered that €1.9bn of cash that was meant to be on its balance sheet was “ missing ” .
Shares plunged 62 per cent , triggering a rout @ @ @ @ @ @ @ to €25.82 today .
In his final words before his departure , Braun was quick to blame the accounting hole outside the realms of the fintech , saying Wirecard had become “ the aggrieved party in a case of fraud of considerable proportions.
” The firm is now in emergency talks with banks to secure a financial lifeline , with Wirecard set to lose €2bn worth in loans if it fails to locate the missing cash by the end of today .
Economists have warned that the debacle has caused serious damage to @ @ @ @ @ @ @ “ This will have significant consequences for the image of the German capital market , ” said Caroline Rinker , a German economist specialising in accounting fraud .
But others seem optimistic that Wirecard will recover with fresh leadership .
So what next for the fintech ?
The business world has seen no shortage of accounting scandals in recent years .
Auditing failures have plagued high-profile British businesses such as BHS , Carillion , Patisserie Valerie and Tesco to name a few .
For some , like Carillion , BHS and Patisserie Valerie @ @ @ @ @ @ @ from grace , and mark the end of the horizon .
But for others like Tesco , auditing failures form mere hiccups in a long stock market career .
The future of Wirecard has split experts .
Barry Norris , founder of fund manager Argonaut Capital , said he believes the company could be “ declared insolvent by the weekend.
” Chris Hohn , meanwhile , the short seller at TCI Fund Management , has called for the German banking regulator to remove Wirecard ’ s license to operate as a payments processor @ @ @ @ @ @ @ What isn ’ t going to be totally clear in the case of Wirecard , is how much of its share price drop is going to be an element of correction against an overhyped valuation versus the fact that they don ’ t look like they ’ re in control of some of their trustee accounts , ” says Simon Bittlestone , chief executive of financial analytics firm Metapraxis .
For Bittlestone , the problem is one of ill health in the accounting industry rather than problems within the firm itself — and @ @ @ @ @ @ @ the road for Wirecard .
“ A company that still has several billion in the bank is still a big business — the moment people know that this missing cash isn ’ t going to cause them an existential crisis as an organisation , then that share price will bounce right back up.
” “ The mistake was not having enough checks and balances , ” Bittlestone adds .
“ But that can be remedied.
” How can other companies avoid the same mistake ?
Regulators have long called for a shakeup to @ @ @ @ @ @ @ of the Big Four accounting firms — Deloitte , EY , KPMG and PwC — who come without a hefty price despite their frequent mishaps .
The Financial Reporting Council last year found that more than a quarter of audits fell short of quality thresholds , and critics have warned that increasing accounting blunders seem to pose an industry problem .
“ Wirecard ’ s share price plunge poses a really broad question around how in 2020 we can still have accounting failures that orientate around cash at the bank not being present @ @ @ @ @ @ @ says Bittlestone .
“ I can only imagine what ’ s happened with Wirecard , and its happened in many many other instances , is that the auditor has accepted a printed report or just the confirmation from the trustee ’ s bank accounts that the cash is there.
” “ The solution requires the model to change , and become more technology-based .
Part of the problem is that the audit firms are still relying on people to do the audits .
Until we see that we ’ ll still see fraud @ @ @ @ @ @ @ challenges.
” Wirecard ’ s accounting failures have seen its share price plummet more than 80 per cent since Wednesday ’ s close , and waved goodbye to both its chief executive and chief technology officer .
But its failures might not run to the core of its business .
With a new leadership book on the cards , and with several billion still in the bank , this might not spell end for Wirecard .
But others should take note .
Before the Open : Get the jump on the markets with @ @ @ @

How do you solve a problem like Wirecard?
It’s been a wild ride for Wirecard. When the German payments firm premiered on the prestigious blue-chip Dax index just two years ago, shares were priced at €200 apiece. Today, prices hit as low as €20 per share, forcing out chief executive Markus Braun and leaving the future of the digital payments firm in question.
In its relatively short history, Wirecard has received a lot of investor hype. Its €24bn (£21.7bn) valuation in 2018 booted 150-year-old Commerzbank off its long-held position on the main German index, and swiftly earned Wirecard its reputation as Germany’s fintech darling.
But in the shadows of its stock market success, the digital payments firm has long been riddled with accusations of financial inaccuracy. For more than a decade, Wirecard remained a favourite of short sellers who affirmed its bloated valuation.
Yesterday’s discovery of a €1.9bn accounting black hole proved short sellers’ inklings, sending shares into a tailspin that marked the worst ever single-day crash on Germany’s main stock market index.
The Hamburg-based newspaper Der Spiegel today called Wirecard a “disgrace for Germany”, and lamented the opportunity the fintech once seemed to present for the auto-heavy nation.
So how did Wirecard, once hailed as Germany’s technological prodigy, fall victim to an accounting blunder?
What went wrong?
Founded in 1999 in the Bavarian town of Aschheim, Wirecard was one of Germany’s first digital payments firms. In 2002, a then-33 year Braun joined as chief technology officer, and oversaw its aggressive expansion across the globe.
The former KPMG consultant set out with a noble premise — to “make payments invisible” — and rapidly established Wirecard’s presence in the Asia Pacific market.
The cogs seemed well-oiled. In 2008, Wirecard introduced virtual credit cards for online payments, and swiftly set up a fraud prevention suite to safeguard transactions. Over the next six years, the company rapidly expanded further afield, starting operations in the US, New Zealand, Australia, South Africa and Turkey.
But alarm bells quietly rang behind the scenes, as reports of accounting inaccuracies threw suspicion on its steep valuation. Concerns reached boiling point in January last year, when the Financial Times started to investigate allegations of forged financial accounts in the company’s Singapore office.
In October, the FT ran an article claiming that staff at Wirecard’s finance team had appeared to conspire to fraudulently inflate profits at the firm’s Dubai and Dublin subsidiaries, in a bid to dupe auditors at EY.
KPMG was hired to conduct an independent audit of Wirecard’s finances in response to the allegations. But six months later, the auditor said it had not been able to obtain enough information to fully address the accusations against Wirecard, sending shares down more than a quarter and reassuring short sellers’ suspicions that the firm was overhyped.
But the big blow for Wirecard came yesterday, when EY delayed the publication of its financial accounts for the fourth time this year, after it discovered that €1.9bn of cash that was meant to be on its balance sheet was “missing”.
Shares plunged 62 per cent, triggering a rout that slid a further 35.3 per cent to €25.82 today. In his final words before his departure, Braun was quick to blame the accounting hole outside the realms of the fintech, saying Wirecard had become “the aggrieved party in a case of fraud of considerable proportions.”
The firm is now in emergency talks with banks to secure a financial lifeline, with Wirecard set to lose €2bn worth in loans if it fails to locate the missing cash by the end of today.
Economists have warned that the debacle has caused serious damage to the Dax’s international reputation. “This will have significant consequences for the image of the German capital market,” said Caroline Rinker, a German economist specialising in accounting fraud.
But others seem optimistic that Wirecard will recover with fresh leadership. So what next for the fintech?
What next?
The business world has seen no shortage of accounting scandals in recent years. Auditing failures have plagued high-profile British businesses such as BHS, Carillion, Patisserie Valerie and Tesco to name a few.
For some, like Carillion, BHS and Patisserie Valerie, accounting blunders are considered irredeemable falls from grace, and mark the end of the horizon. But for others like Tesco, auditing failures form mere hiccups in a long stock market career.
The future of Wirecard has split experts. Barry Norris, founder of fund manager Argonaut Capital, said he believes the company could be “declared insolvent by the weekend.” Chris Hohn, meanwhile, the short seller at TCI Fund Management, has called for the German banking regulator to remove Wirecard’s license to operate as a payments processor. But others remain optimistic.
“What isn’t going to be totally clear in the case of Wirecard, is how much of its share price drop is going to be an element of correction against an overhyped valuation versus the fact that they don’t look like they’re in control of some of their trustee accounts,” says Simon Bittlestone, chief executive of financial analytics firm Metapraxis.
For Bittlestone, the problem is one of ill health in the accounting industry rather than problems within the firm itself — and it might not spell the end of the road for Wirecard.
“A company that still has several billion in the bank is still a big business — the moment people know that this missing cash isn’t going to cause them an existential crisis as an organisation, then that share price will bounce right back up.”
“The mistake was not having enough checks and balances,” Bittlestone adds. “But that can be remedied.”
How can other companies avoid the same mistake?
Regulators have long called for a shakeup to the auditing industry to end the dominance of the Big Four accounting firms — Deloitte, EY, KPMG and PwC — who come with hefty price tags despite their frequent mishaps.
The Financial Reporting Council last year found that more than a quarter of audits fell short of quality thresholds, and critics have warned that increasing accounting blunders seem to pose an industry problem.
“Wirecard’s share price plunge poses a really broad question around how in 2020 we can still have accounting failures that orientate around cash at the bank not being present. It is just madness,” says Bittlestone.
“I can only imagine what’s happened with Wirecard, and its happened in many many other instances, is that the auditor has accepted a printed report or just the confirmation from the trustee’s bank accounts that the cash is there.”
“The solution requires the model to change, and become more technology-based. Part of the problem is that the audit firms are still relying on people to do the audits. Until we see that we’ll still see fraud and accounting failures causing all sorts of challenges.”
Wirecard’s accounting failures have seen its share price plummet more than 80 per cent since Wednesday’s close, and waved goodbye to both its chief executive and chief technology officer. But its failures might not run to the core of its business.
With a new leadership book on the cards, and with several billion still in the bank, this might not spell end for Wirecard. But others should take note.
Before the Open: Get the jump on the markets with our early morning newsletter


cityam--2020-06-19--Gavin Williamson: All pupils will be back in school in September

Education secretary Gavin Williamson today confirmed that all UK schoolchildren would return to the classroom in September .
Speaking at today ’ s Downing Street press conference , Williamson said schools were vital to the UK ’ s plans to “ rebuild and recover ” after the coronavirus .
Read more : Beijing shuts all schools as second wave fears escalate He said : “ We want to bring every child back , in every year group , in every school .
“ School is vital for everyone of our children .
That is why we will bring every one @ @ @ @ @ @ @ back to school in September .
“ While many children have already returned to school , I do understand there is an anxiety among parents .
I want to assure you that the wellbeing of your children is absolute top priority for every single one of us ” .
Pupils in reception and years one and six have already returned to school on 1 June .
Williamson was speaking after the government overnight unveiled a £1bn “ catch-up ” plan to ensure no pupil is left with education gaps due to the virus @ @ @ @ @ @ @ for primary and secondary state schools , as well as a £350m national tutoring programme .
Before the Open newsletter : Start your day with the City View podcast and key market data Schools will be allowed to tailor the funding to suit the individual needs of their pupils .
When pressed upon the practicalities of how schools would be able to bring back all pupils with current social distancing rules still in place , he said that the government would give further guidance in the next two weeks .
“ This is @ @ @ @ @ @ @ ’ re going to be publishing the further guidance within the next two weeks so that schools have the maximum amount of time to prepare for the next phase of welcoming children back ” , he added .
However , he said he could not give an exact date for when the government would have carried out its review of the current two metre social distancing guidance .
Read more : Government to open England schools on 1 June as lockdown eases further One of the plans that the government is considering is @ @ @ @ @ @ @ to allow more pupils to return .
“ Currently that is at 15 , what we would be looking at doing is expanding those bubbles to include the whole class ” , he said .

Gavin Williamson: All pupils will be back in school in September
Education secretary Gavin Williamson today confirmed that all UK schoolchildren would return to the classroom in September.
Speaking at today’s Downing Street press conference, Williamson said schools were vital to the UK’s plans to “rebuild and recover” after the coronavirus.
He said: “We want to bring every child back, in every year group, in every school.
“School is vital for everyone of our children. That is why we will bring every one of our children in all year groups back to school in September.
“While many children have already returned to school, I do understand there is an anxiety among parents. I want to assure you that the wellbeing of your children is absolute top priority for every single one of us”.
Pupils in reception and years one and six have already returned to school on 1 June.
Williamson was speaking after the government overnight unveiled a £1bn “catch-up” plan to ensure no pupil is left with education gaps due to the virus.
The funding is split into £650m for primary and secondary state schools, as well as a £350m national tutoring programme.
Before the Open newsletter: Start your day with the City View podcast and key market data
Schools will be allowed to tailor the funding to suit the individual needs of their pupils.
When pressed upon the practicalities of how schools would be able to bring back all pupils with current social distancing rules still in place, he said that the government would give further guidance in the next two weeks.
“This is why we’ve said clearly we’re going to be publishing the further guidance within the next two weeks so that schools have the maximum amount of time to prepare for the next phase of welcoming children back”, he added.
However, he said he could not give an exact date for when the government would have carried out its review of the current two metre social distancing guidance.
One of the plans that the government is considering is increasing the size of so-called classroom bubbles to allow more pupils to return.
“Currently that is at 15, what we would be looking at doing is expanding those bubbles to include the whole class”, he said.


cityam--2020-06-19--Exclusive: Elixirr seeks London IPO to end coronavirus drought

Management consultancy firm Elixirr , whose clients have included Barclays , O2 and RBS , is seeking a London IPO , ending a two-month drought in flotations on the London Stock Exchange .
Elixirr will seek a listing on London ’ s junior AIM exchange this summer , City A.M. can reveal .
The company , founded in 2009 , plans to go on an equity-funded buying spree to accelerate its growth as well as to raise its profile , sources close to the discussion said .
A spokesperson for Elixirr confirmed it has appointed advisers to pursue a listing @ @ @ @ @ @ @ The company declined to comment on specifics of any fundraising or valuation .
The consultancy firm has appointed broker Finncap to advise on the IPO .
The planned stock market debut would mark the first new listing on the London Stock Exchange in over two months , since venture capital firm Blackfinch listed in early April .
Stock market chaos and uncertainty brought about by the coronavirus pandemic has led to a lull in public listings in recent months .
European listings up to late April raised just €26.2m compared to €6.4bn in @ @ @ @ @ @ @ Financial Markets in Europe .
Founded in London in 2009 , Elixirr has worked with high-profile firms including TfL , Marks and Spencer , and Asos .
The firm has also worked with a number of banks including UBS , Credit Suisse , Citibank and BNP Paribas , according to its website .
The self-described “ challenger consultancy ” has more than 100 employees bases in nine cities globally , including New York , Sydney , and Cape Town .
Former BT chief executive Gavin Patterson joined Elixirr as its chairman in November @ @ @ @ @ @ @ accounts show the company recorded an operating profit of £7.4m in the year ending April 2019 , on a turnover of £21.2m .
It snapped up rival Medius Consulting in 2018 , and Den Creative a year earlier .
London ’ s IPO market was flagging even before the coronavirus pandemic sent global markets into a tailspin , with the number of flotations hitting a decade-low in 2019 .
But a leading London-based IPO lawyer said firms were “ starting to think about kicking off IPO processes again ” after adjusting to the @ @ @ @ @ @ @ “ People are starting to think that the mere fact that we ’ re in lockdown is no obstacle to holding an IPO , ” the lawyer , who wished to remain anonymous , said .
“ The IPO market could come back at the start of next year , ” they continued , “ but I ’ m not expecting an avalanche of IPOs ” .
Read more : UK M & A falls to lowest monthly total in almost 35 years Christopher Raggett , co-head of corporate finance at Finncap , @ @ @ @ @ @ @ exactly the type of growing and ambitious company that the market should seek to attract ” .
“ The last three months have demonstrated that the public markets are an excellent forum to access capital and we are sure that Elixirr will benefit from entering that arena .
”

Exclusive: Elixirr seeks London IPO to end coronavirus drought
Self-styled “challenger consultancy” Elixirr was founded in 2009
Management consultancy firm Elixirr, whose clients have included Barclays, O2 and RBS, is seeking a London IPO, ending a two-month drought in flotations on the London Stock Exchange.
Elixirr will seek a listing on London’s junior AIM exchange this summer, City A.M. can reveal.
The company, founded in 2009, plans to go on an equity-funded buying spree to accelerate its growth as well as to raise its profile, sources close to the discussion said.
A spokesperson for Elixirr confirmed it has appointed advisers to pursue a listing on the AIM market this summer. The company declined to comment on specifics of any fundraising or valuation.
The consultancy firm has appointed broker Finncap to advise on the IPO.
The planned stock market debut would mark the first new listing on the London Stock Exchange in over two months, since venture capital firm Blackfinch listed in early April.
Stock market chaos and uncertainty brought about by the coronavirus pandemic has led to a lull in public listings in recent months.
European listings up to late April raised just €26.2m compared to €6.4bn in 2019, according to the Association for Financial Markets in Europe.
Founded in London in 2009, Elixirr has worked with high-profile firms including TfL, Marks and Spencer, and Asos.
The firm has also worked with a number of banks including UBS, Credit Suisse, Citibank and BNP Paribas, according to its website.
The self-described “challenger consultancy” has more than 100 employees bases in nine cities globally, including New York, Sydney, and Cape Town.
Former BT chief executive Gavin Patterson joined Elixirr as its chairman in November.
Elixirr’s most recent available accounts show the company recorded an operating profit of £7.4m in the year ending April 2019, on a turnover of £21.2m.
It snapped up rival Medius Consulting in 2018, and Den Creative a year earlier.
London’s IPO market was flagging even before the coronavirus pandemic sent global markets into a tailspin, with the number of flotations hitting a decade-low in 2019.
But a leading London-based IPO lawyer said firms were “starting to think about kicking off IPO processes again” after adjusting to the initial shock caused by the pandemic.
“People are starting to think that the mere fact that we’re in lockdown is no obstacle to holding an IPO,” the lawyer, who wished to remain anonymous, said.
“The IPO market could come back at the start of next year,” they continued, “but I’m not expecting an avalanche of IPOs”.
Christopher Raggett, co-head of corporate finance at Finncap, told City A.M.: “Elixirr represents exactly the type of growing and ambitious company that the market should seek to attract”.
“The last three months have demonstrated that the public markets are an excellent forum to access capital and we are sure that Elixirr will benefit from entering that arena.”


cityam--2020-06-19--Katie Hopkins permanently banned from Twitter

Right-wing commentator and media personality has been permanently banned from Twitter , the social media platform confirmed today .
The micro-blogging site had suspended her account , but a spokesperson told the Huffington Post that this time the ban was for good .
Read more : Instagram likely to ‘ overtake Twitter ’ as a source of news “ In this case , the account has been permanently suspended for violations of our hateful conduct policy ” , it said .
“ Keeping Twitter safe is a top priority for us – abuse and hateful conduct have no place on @ @ @ @ @ @ @ take action when our rules are broken ” .
Hopkins , who first came to prominence by starring in the third season of TV show The Apprentice , has regularly courted controversy on the platform due to her far-right views .
Before the Open newsletter : Start your day with the City View podcast and key market data She has regularly used the platform to share pro-Trump and anti-immigration positions .
Hopkins tweeted earlier on Friday that her blue tick had been removed .
Her suspension comes after a petition calling for her @ @ @ @ @ @ @ 70,000 signatures .
It is not the first time that Hopkins , who has over 1m followers on the platform , has been suspended .
Read more : Twitter flags Trump tweet for ‘ glorifying violence ’ as row escalates Recently , she has attracted ire for criticising the Black Lives Matter protests , as well as Manchester United star Marcus Rashford ’ s successful campaign to ensure free school meals for children over the summer .

Katie Hopkins permanently banned from Twitter
Right-wing commentator and media personality has been permanently banned from Twitter, the social media platform confirmed today.
The micro-blogging site had suspended her account, but a spokesperson told the Huffington Post that this time the ban was for good.
“In this case, the account has been permanently suspended for violations of our hateful conduct policy”, it said.
“Keeping Twitter safe is a top priority for us – abuse and hateful conduct have no place on our service and we will continue to take action when our rules are broken”.
Hopkins, who first came to prominence by starring in the third season of TV show The Apprentice, has regularly courted controversy on the platform due to her far-right views.
Before the Open newsletter: Start your day with the City View podcast and key market data
She has regularly used the platform to share pro-Trump and anti-immigration positions.
Hopkins tweeted earlier on Friday that her blue tick had been removed. Her suspension comes after a petition calling for her to be removed from the platform passed 70,000 signatures.
It is not the first time that Hopkins, who has over 1m followers on the platform, has been suspended.
Recently, she has attracted ire for criticising the Black Lives Matter protests, as well as Manchester United star Marcus Rashford’s successful campaign to ensure free school meals for children over the summer.


cityam--2020-06-19--Apple says government had not told it about coronavirus app plans

Apple has said that it was not aware that the UK was developing an NHS contact tracing app using technology the firm built with Google .
Yesterday the government announced that it was dropping its own app in favour of using the Apple/Google technology , which is already in use in countries such as Germany .
Read more : Privacy U-turn : NHS tracing app shifted to Apple and Google model However , speaking to the Times , Apple said : “ We don ’ t know what they mean by this hybrid model .
They haven ’ t spoken @ @ @ @ @ @ @ also questioned comments from health secretary Matt Hancock , who yesterday pointed out issues with the technology ’ s distance measuring capabilities .
Again , Apple challenged the claims , saying : “ It is difficult to understand what these claims are as they haven ’ t spoken to us ” .
Downing Street has said that the government has been working closely with Apple and Google .
Before the Open newsletter : Start your day with the City View podcast and key market data The latter said yesterday that it welcomed the @ @ @ @ @ @ @ NHS app was trialled on the Isle of Wight in May , where it was downloaded 50,000 times .
However , initial results found that it could only detect four per cent of contacts on Apple phones , prompting the technology to be ditched .
“ We knew from the start that we would need to test and learn as we developed this new technology , ” said health secretary Matt Hancock in a statement .
“ As we enter this next phase of research and development we remain determined to continue in @ @ @ @ @ @ @ meets the technical , security and user needs of the public and which can complement the NHS Test and Trace service.
” Read more : Health minister admits NHS coronavirus app might not be ready before winter The decision came just a day after a health minister had said that the app was “ no longer a priority ” for the government .
Apple and Google ’ s software is an actual app , but technology that allows contact tracing apps to work better on their respective operating systems .

Apple says government had not told it about coronavirus app plans
Apple has said that it was not aware that the UK was developing an NHS contact tracing app using technology the firm built with Google.
Yesterday the government announced that it was dropping its own app in favour of using the Apple/Google technology, which is already in use in countries such as Germany.
However, speaking to the Times, Apple said: “We don’t know what they mean by this hybrid model. They haven’t spoken to us about it”.
It also questioned comments from health secretary Matt Hancock, who yesterday pointed out issues with the technology’s distance measuring capabilities.
Again, Apple challenged the claims, saying: “It is difficult to understand what these claims are as they haven’t spoken to us”.
Downing Street has said that the government has been working closely with Apple and Google.
Before the Open newsletter: Start your day with the City View podcast and key market data
The latter said yesterday that it welcomed the government’s announcement.
The now-abandoned NHS app was trialled on the Isle of Wight in May, where it was downloaded 50,000 times.
However, initial results found that it could only detect four per cent of contacts on Apple phones, prompting the technology to be ditched.
“We knew from the start that we would need to test and learn as we developed this new technology,” said health secretary Matt Hancock in a statement.
“As we enter this next phase of research and development we remain determined to continue in our ambition to develop an app which meets the technical, security and user needs of the public and which can complement the NHS Test and Trace service.”
The decision came just a day after a health minister had said that the app was “no longer a priority” for the government.
Apple and Google’s software is an actual app, but technology that allows contact tracing apps to work better on their respective operating systems.


cityam--2020-06-19--Foreign Office chief given the boot by Boris Johnson

The Foreign and Commonwealth Office ’ s top mandarin has announced he will retire early “ at the request ” of Prime Minister Boris Johnson , as the ministry prepares to merge with the Department for International Development ( DfID ) .
Sir Simon McDonald , who has served as the Foreign Office ’ s permanent secretary for five years , will step down in September .
Read more : DEBATE : Was Boris Johnson right to merge DFID and the Foreign Office ?
The PM is understood to want a new leader in charge of the civil service body @ @ @ @ @ @ @ that the Foreign Office would merge with DfID to form a new “ super “ body .
Johnson ’ s decision was met with backlash from politicians , including three former British Prime Ministers , who claimed it would damage the UK ’ s international reputation .
Writing on Twitter , David Cameron said the merger was “ a mistake ” , and that “ it will mean less expertise , less voice for development at the top table and ultimately less respect for the UK overseas ” .
However , McDonald said @ @ @ @ @ @ @ .
In a message to staff , he said the merger was “ the right move for our future overseas effort ” and “ the culmination of my time here ” .
“ A new effort needs new leadership , ” he added .
“ Whoever [ that is ] will take on a simply wonderful job.
” The announcement marks a sharp escalation of his departure , after McDonald told staff earlier this week that he would stay on as permanent secretary at the new Foreign , Commonwealth and Development Office ( @ @ @ @ @ @ @ Johnson thanked the outgoing boss for his “ strong leadership ” and the “ fantastic support ” he had given him while foreign secretary between 2016 and 2018 .
Read more : Foreign Office to bring 3,000 stranded UK nationals back from India McDonald sparked controversy in March when he said the government ’ s refusal to join an EU scheme to bulk buy ventilators during the coronavirus crisis was a “ political decision ” .
In a statement on Twitter today , McDonald said : “ Five years ago I started as @ @ @ @ @ @ @ to be more expert , more agile and better equipped .
We needed to reverse fragmentation of managing foreign policy by a unified effort .
[ The ] creation of the FCDO achieves that .
Job done !
Time to go , as I just told 4,500 colleagues .
”

Foreign Office chief given the boot by Boris Johnson
(via Getty Images)
The Foreign and Commonwealth Office’s top mandarin has announced he will retire early “at the request” of Prime Minister Boris Johnson, as the ministry prepares to merge with the Department for International Development (DfID).
Sir Simon McDonald, who has served as the Foreign Office’s permanent secretary for five years, will step down in September.
The PM is understood to want a new leader in charge of the civil service body, following his announcement earlier this week that the Foreign Office would merge with DfID to form a new “super“ body.
Johnson’s decision was met with backlash from politicians, including three former British Prime Ministers, who claimed it would damage the UK’s international reputation.
Writing on Twitter, David Cameron said the merger was “a mistake”, and that “it will mean less expertise, less voice for development at the top table and ultimately less respect for the UK overseas”.
However, McDonald said he “fully” respected the decision. In a message to staff, he said the merger was “the right move for our future overseas effort” and “the culmination of my time here”.
“A new effort needs new leadership,” he added. “Whoever [that is] will take on a simply wonderful job.”
The announcement marks a sharp escalation of his departure, after McDonald told staff earlier this week that he would stay on as permanent secretary at the new Foreign, Commonwealth and Development Office (FCOD) until early next year.
Johnson thanked the outgoing boss for his “strong leadership” and the “fantastic support” he had given him while foreign secretary between 2016 and 2018.
McDonald sparked controversy in March when he said the government’s refusal to join an EU scheme to bulk buy ventilators during the coronavirus crisis was a “political decision”.
In a statement on Twitter today, McDonald said: “Five years ago I started as permanent under secretary wanting the Foreign Office to be more expert, more agile and better equipped. We needed to reverse fragmentation of managing foreign policy by a unified effort. [The] creation of the FCDO achieves that. Job done! Time to go, as I just told 4,500 colleagues.”


cityam--2020-06-19--UK coronavirus death toll rises by 173 to 42,461

The death toll from confirmed cases of coronavirus in the UK rose by 173 to 42,461 , health officials said on Friday .
reproduction number for England fell to 0.7-0.9 , bringing it into line with the rest of the UK , the government said on Friday , as it also published details of how quickly the disease was shrinking for the first time .
Prime Minister Boris Johnson said on Friday he hoped the time of national lockdowns was over after the United Kingdom ’ s chief medical officers agreed that the COVID-19 threat level should be lowered .
@ @ @ @ @ @ @ the growth rate , which captures the size and speed of change , was minus 4 per cent to minus 2 per cent in the UK as a whole , and minus four per cent to minus one per cent in England alone .
Those figures indicate the disease is shrinking across the country .
The R number , which gives only information about the direction of change , fell in England to between 0.7 and 0.9 , from 0.8-1 last week .
The R number for the UK as a whole remained @ @ @ @ @ @ @ represents the average number of people that one infected person will pass the virus on to .
An R number above 1 can lead very rapidly to exponential growth .
The only English region where the estimated growth rate included the possibility it could be growing was London , where the growth rate was estimated at between minus five per cent and one per cent and the R number was 0.7-1 .
Read more : Coronavirus present in Italy in December , sewage study confirms Government scientists said the likely estimates were to @ @ @ @ @ @ @ so the disease was likely to be shrinking in all English regions for which data was published .
They also cautioned that as the number of cases decreases , the metrics would become less helpful , and measures of incidence and prevalence of the disease would need to be considered .

UK coronavirus death toll rises by 173 to 42,461
The death toll from confirmed cases of coronavirus in the UK rose by 173 to 42,461, health officials said on Friday.
The death toll from confirmed cases of coronavirus in the UK rose by 173 to 42,461, health officials said on Friday.
reproduction number for England fell to 0.7-0.9, bringing it into line with the rest of the UK, the government said on Friday, as it also published details of how quickly the disease was shrinking for the first time.
Prime Minister Boris Johnson said on Friday he hoped the time of national lockdowns was over after the United Kingdom’s chief medical officers agreed that the COVID-19 threat level should be lowered.
The Government Office for Science said that the growth rate, which captures the size and speed of change, was minus 4 per cent to minus 2 per cent in the UK as a whole, and minus four per cent to minus one per cent in England alone.
Those figures indicate the disease is shrinking across the country.
The R number, which gives only information about the direction of change, fell in England to between 0.7 and 0.9, from 0.8-1 last week. The R number for the UK as a whole remained steady at 0.7-0.9.
The R number represents the average number of people that one infected person will pass the virus on to. An R number above 1 can lead very rapidly to exponential growth.
The only English region where the estimated growth rate included the possibility it could be growing was London, where the growth rate was estimated at between minus five per cent and one per cent and the R number was 0.7-1.
Government scientists said the likely estimates were to the middle of the range, and so the disease was likely to be shrinking in all English regions for which data was published.
They also cautioned that as the number of cases decreases, the metrics would become less helpful, and measures of incidence and prevalence of the disease would need to be considered.


cityam--2020-06-19--FTSE 100 rise as retail sales start to bounce back

The FTSE 100 solidified this week ’ s gains on hopes of a swift economic recovery , after figures released this morning showed retail sales beginning to bounce back .
London ’ s blue-chip index opened 26 points higher – 0.43 per cent – to 6,250 points , as investors began to digest a fresh round of economic data .
Read more : UK retail sales start to rebound in May following record drop By the afternoon , the FTSE 100 was trading 1.33 per cent higher .
Data released by the Office for National Statistics ( ONS ) showed @ @ @ @ @ @ @ last month , beating expectations .
Record borrowing figures released for April and May ’ s lockdown have done little to dent the FTSE 100 ’ s sentiment .
Focus instead appears to be on signs the economy is starting to open back up .
ONS figures show UK borrowing jumped to £103.7bn over April and May ’ s lockdown .
Debt also rose 20.5 percentage points to £1.95 trillion , exceeding GDP .
As traders digest today ’ s economic data , they will also be looking for any developments in Europe @ @ @ @ @ @ @ .
European shares opened higher ahead of the European Council ’ s meeting to discuss the EU recovery fund .
The pan-European Stoxx 600 rose 0.81 per cent , while Germany ’ s Dax is up 0.95 per cent .
German-listed Lufthansa has gained near three per cent on signs of movement in its stalled government bailout .
Before the Open : Get the jump on the markets with our early morning newsletter Read more : UK borrowing surges to a record £103.7bn in lockdown , as debt surpasses GDP in May BP @ @ @ @ @ @ @ morning ’ s biggest risers as oil prices rose on news that Opec and allies have pledged to meet their supply cut commitments .
BP rose 1.72 per cent , while Shell climbed 1.67 per cent .
Analysts had anticipated figures to show a 6.3 per cent rise in May after sales tumbled a record 18.1 per cent in April .
Instead , ONS figures showed sales increased 12 per cent last month .
“ The month-on-month increase is worth keeping in perspective given April represented the height of the lockdown and spend @ @ @ @ @ @ @ ” said Russ Mould , investment director at AJ Bell .
However , FTSE investors may take some comfort in that the figures only reflect the start of lockdown measures easing .
“ With unemployment low and the labour market supported by the government ’ s furlough scheme , there is a good chance that retail sales could remain buoyed for the coming month , ” said Fiona Cincotta , market analyst at Gain Capital .
The boost in May will likely further improve as lockdown measures ease and non-essential retail opens .
@ @ @ @ @ @ @ FTSE 100 Concerns about a second wave of coronavirus have come to the fore this week .
Beijing imposed another lockdown after a cluster of cases originating from a wet food market .
Infections are also rising in the US with California and Florida both registering their biggest one-day rise in cases yesterday .
However the fears are having little effect on the FTSE 100 and global stocks more generally .
Neil Wilson , chief market analyst at Markets.com , suggests the fears are “ not exerting too much pressure as investors start @ @ @ @ @ @ @ ” .
“ Remember it ’ s not cases that count , it ’ s the lockdown and people ’ s fear of going out that hurts the economy and corporate earnings.
” US stocks open higher on hopes of recovery Wall Street ’ s main indexes opened higher as investors shrugged off the increase in new cases .
Traders are betting on a swift economic recovery despite jobless claims rising by 1.51m yesterday , a decline on the previous week but more than economists had expected .
The Federal Reserve ’ s @ @ @ @ @ @ @ start of this week has helped Wall Street stay afloat after last week ’ s steep selloff .
The Dow Jones gained 175 points – 0.67 per cent – while the benchmark S & P 500 index is up 0.75 per cent .
The tech-focused Nasdaq has climbed 1.02 per cent to reach near record highs .
Get the news as it happens by following City A.M. on Twitter .


cityam--2020-06-19--JD Sports appeals CMA block on £90m Footasylum buyout

JD Sports is to appeal a decision by the competition regulator to block its £90m buyout of Footasylum .
The Competition and Markets Authority ( CMA ) decided to put a halt to the deal last month , ruling that it would lead to a “ substantially ” lessening of competition nationally .
Read more : Competition watchdog cranks up pressure on Viagogo ’ s $ 4bn takeover of Stubhub However , JD Sports said the probe had relied on “ an inaccurate and outdated analysis of the UK sports retail competitive landscape ” .
The Competition Appeals Tribunal has @ @ @ @ @ @ @ , which illustrates what grounds the retailer is contesting the decision on .
But lawyers anticipate that this will reiterate the criticisms that were raised during the inquiry .
The CMA ’ s investigation found that shoppers would be left with “ fewer discounts or receiving lower quality customer service ” .
It said it had analysed a broad range of evidence looking at how closely JD Sports and Footasylum firms compete .
The CMA said evidence included more than 2000 of the companies ’ own internal strategy and decision-making documents .
As @ @ @ @ @ @ @ month that it would require the company to sell Footasylum to an independent bidder .
The company said the watchdog had failed to take account of the impact of Covid-19 on Footasylum sufficiently , which was already in financial difficulties last year .

JD Sports appeals CMA block on £90m Footasylum buyout
JD Sports is to appeal a decision by the competition regulator to block its £90m buyout of Footasylum.
The Competition and Markets Authority (CMA) decided to put a halt to the deal last month, ruling that it would lead to a “substantially” lessening of competition nationally.
However, JD Sports said the probe had relied on “an inaccurate and outdated analysis of the UK sports retail competitive landscape”.
The Competition Appeals Tribunal has not yet published the summary of notice, which illustrates what grounds the retailer is contesting the decision on.
But lawyers anticipate that this will reiterate the criticisms that were raised during the inquiry.
The CMA’s investigation found that shoppers would be left with “fewer discounts or receiving lower quality customer service”.
It said it had analysed a broad range of evidence looking at how closely JD Sports and Footasylum firms compete.
The CMA said evidence included more than 2000 of the companies’ own internal strategy and decision-making documents.
As a result, the CMA said last month that it would require the company to sell Footasylum to an independent bidder.
The company said the watchdog had failed to take account of the impact of Covid-19 on Footasylum sufficiently, which was already in financial difficulties last year.


cityam--2020-06-21--Sunak mulls VAT cut to boost economy after lockdown

Rishi Sunak is reportedly considering cutting VAT rates to provide a much-needed boost to the economy after months of lockdown .
The chancellor has ordered Treasury officials to draw up plans to reduce the sales tax , including a cut in the headline rate , the Sunday Times reported .
Read more : Pubs and restaurants may be forced to keep register of all guests Other proposals being considered include cutting employers ’ national insurance , extending business rate relief and prolonging the VAT payment deferral scheme until 2021 .
Similar strategies were adopted by former chancellor Alistair Darling , @ @ @ @ @ @ @ per cent to 15 per cent for 13 months following the 2008 financial crash .
Ex-chancellor Sajid Javid said he would support a one-year cut in the top rate of VAT to 17 per cent to revitalise the economy post-lockdown , but warned that the plan would cost the exchequer upwards of £21bn .
It comes amid mounting fears over the long-term economic impact of the pandemic , after Sunak last month warned that the UK faces “ a severe recession like no other ” .
Official figures estimated that UK GDP slumped @ @ @ @ @ @ @ lockdown , and the number of people claiming work-related benefits more than doubled to 2.8m .
Economists have now predicted that the UK will see a slow U-shaped recovery , rather than the faster V-shaped recovery predicted by the Bank of England .
The chancellor yesterday took to the streets of North Yorkshire to urge the public to go out and shop , in a bid to revive the economy after months of business closures .
Sunak said ministers will announce in the coming week whether the two-metre social distancing rule in England @ @ @ @ @ @ @ so would “ make an enormous difference ” to businesses “ keen to see a change ” .
The government has said it hopes to reopen pubs , restaurants and hotels from the beginning of July , if safe , but has yet to give a definitive date .
Prime Minister Boris Johnson has faced widespread pressure from Tory backbenchers and leaders of the hospitality sector to provide clarity on the issue , who have warned that business will be unsustainable if the two-metre rule is not eased .
Former Conservative Party leader @ @ @ @ @ @ @ dire economic consequences of maintaining the two-metre rule , which he described as “ the critical component around which everything coming out of lockdown hinges ” .
“ Our economy is facing a complete crash : the debts we ’ re racking up on how we ’ re supporting people , the fact no work or very little work is taking place , ” he said .
Read more : Coronavirus safety measures risk ‘ immeasurable damage ’ to economy , says travel boss It comes as the government is considering introducing a @ @ @ @ @ @ @ once the lockdown is eased .
Pubs could be patrolled and cafes and restaurants will be automatically allowed to serve takeaway alcohol to encourage an “ al fresco revolution ” , according to the Times .

Sunak mulls VAT cut to boost economy after lockdown
Rishi Sunak is reportedly considering cutting VAT rates to provide a much-needed boost to the economy after months of lockdown.
The chancellor has ordered Treasury officials to draw up plans to reduce the sales tax, including a cut in the headline rate, the Sunday Times reported.
Other proposals being considered include cutting employers’ national insurance, extending business rate relief and prolonging the VAT payment deferral scheme until 2021.
Similar strategies were adopted by former chancellor Alistair Darling, who introduced a VAT cut from 17.5 per cent to 15 per cent for 13 months following the 2008 financial crash.
Ex-chancellor Sajid Javid today said he would support a one-year cut in the top rate of VAT to 17 per cent to revitalise the economy post-lockdown, but warned that the plan would cost the exchequer upwards of £21bn.
It comes amid mounting fears over the long-term economic impact of the pandemic, after Sunak last month warned that the UK faces “a severe recession like no other”.
Official figures estimated that UK GDP slumped 25 per cent since the beginning of lockdown, and the number of people claiming work-related benefits more than doubled to 2.8m.
Economists have now predicted that the UK will see a slow U-shaped recovery, rather than the faster V-shaped recovery predicted by the Bank of England.
The chancellor yesterday took to the streets of North Yorkshire to urge the public to go out and shop, in a bid to revive the economy after months of business closures.
Sunak said ministers will announce in the coming week whether the two-metre social distancing rule in England will be relaxed. He said doing so would “make an enormous difference” to businesses “keen to see a change”.
The government has said it hopes to reopen pubs, restaurants and hotels from the beginning of July if safe, but has yet to give a definitive date.
Prime Minister Boris Johnson has faced widespread pressure from Tory backbenchers and leaders of the hospitality sector to provide clarity on the issue, amid warnings that many businesses will be unsustainable if the two-metre rule is not eased.
Former Conservative Party leader Sir Iain Duncan Smith warned of the dire economic consequences of maintaining the two-metre rule, which he described as “the critical component around which everything coming out of lockdown hinges”.
“Our economy is facing a complete crash: the debts we’re racking up on how we’re supporting people, the fact no work or very little work is taking place,” he said.
A new report released today by scientific body Independent Sage warned that it is still “not safe to reduce social distancing to one metre indoors”.
Sir David King, former chief scientific adviser and chair of the report, said: ‘It is extremely concerning that the government appears to have decided to ignore the scientific advice of its own Sage committee.”
“‘The rate of infection is still far too high to consider this even with mitigating measures. There are more 1,000 new cases a day and still no functioning tracing system. It is vital that the government releases the evidence it has used to make this decision.”
It comes as the government is considering introducing a raft of measures to support the hospitality once the lockdown is eased.
Pubs could be patrolled and cafes and restaurants will be automatically allowed to serve takeaway alcohol to encourage an “al fresco revolution”, according to the Times.


cityam--2020-06-21--BBC’s first ever Premier League broadcast scores 4m viewers

The first ever Premier League match to be broadcast on the BBC attracted a peak audience of almost 4m viewers yesterday , as Last night ’ s match between Bournemouth and Crystal palace on BBC One pulled in 3.9m viewers , making up almost a quarter of the UK ’ s TV audience yesterday .
The figure inched close to breaking the Premier League viewing record , currently held by the “ Aguerooooo !
” Manchester derby in 2012 which was watched by just over 4m people .
Yesterday ’ s match , which finished 2-0 to Crystal Palace , @ @ @ @ @ @ @ football had been shown on the BBC in the Premier League ’ s 32-year history .
The free-to-air broadcast on the BBC came after pressure from culture minister Oliver Dowden to “ widen access for fans to view live coverage ” , as the Premier League returns to UK screens following a three-month long hiatus during the coronavirus crisis .
A large bulk of the 90 remaining Premier League matches will be available to watch either on free-to-air TV or non-paywalled version of subscription channels .
The next match to be shown for @ @ @ @ @ @ @ v Everton on Wednesday 24 June , when Manchester United v Sheffield United will play at the same time on Sky ’ s free-to-air Pick channel .
The return of Match of the Day to its usual BBC One slot last night drew in more than 2.7m viewers , as punters tuned in for their slice of commentary after football teams played to empty stadiums around the country .
Teams showed their support for recent anti-racism protests , with players and officials taking a knee before kicking off , and Black Lives Matter @ @ @ @ @ @ @ .
Before the Open : Get the jump on the markets with our early morning newsletter

BBC’s first ever Premier League broadcast scores 4m viewers
The first ever Premier League match to be broadcast on the BBC attracted a peak audience of almost 4m viewers yesterday, as the top-flight football competition returns to TV after months of lockdown.
Last night’s match between Bournemouth and Crystal palace on BBC One pulled in 3.9m viewers, making up almost a quarter of the UK’s TV audience yesterday.
The figure inched close to breaking the Premier League viewing record, currently held by the “Aguerooooo!” Manchester derby in 2012 which was watched by just over 4m people.
Yesterday’s match, which finished 2-0 to Crystal Palace, marked the first time top-flight English league football had been shown on the BBC in the Premier League’s 32-year history.
In addition to its live TV audience, more than 660,000 people watched the game across the BBC iPlayer and BBC Sport digital platforms.
The free-to-air broadcast on the BBC came after pressure from culture minister Oliver Dowden to “widen access for fans to view live coverage”, as the Premier League returns to UK screens following a three-month long hiatus during the coronavirus crisis.
A large bulk of the 90 remaining Premier League matches will be available to watch either on free-to-air TV or non-paywalled version of subscription channels. The next match to be shown for free on the BBC will be Norwich v Everton on Wednesday 24 June, when Manchester United v Sheffield United will play at the same time on Sky’s free-to-air Pick channel.
The return of Match of the Day to its usual BBC One slot last night drew in more than 2.7m viewers, as punters tuned in for their slice of commentary after football teams played to empty stadiums around the country.
Teams showed their support for recent anti-racism protests, with players and officials taking a knee before kicking off, and Black Lives Matter replacing names on the backs of shirts.
Before the Open: Get the jump on the markets with our early morning newsletter


cityam--2020-06-21--Saudi Arabian sovereign wealth fund 'builds stake in BT'

Saudia Arabia is thought to be buying up a stake in BT , as the kingdom looks to take positions in blue chip companies at a knock-down price during the pandemic .
The $ 325bn ( £263bn ) Saudi sovereign wealth fund , has reportedly been building a stake in BT on the open markets in recent weeks , with the company currently trading at its lowest price in more than a decade .
BT ’ s closing price on Friday was 118.55p , down from a price of more than 200p in just December 2019 .
Its market value @ @ @ @ @ @ @ to acquire its mobile arm EE in 2016 .
The FTSE 100 company has seen significant devaluation as part of a broader coronavirus-driven market slump , but has also struggled with deteriorating investor confidence of late .
The combination has made the company a target of the Saudi Public Investment Fund ( PIF ) , three sources told the Sunday Telegraph , as the kingdom pursues a wider strategy of investing in some of the world ’ s biggest companies at bargain prices .
Since the pandemic struck , the PIF has disclosed @ @ @ @ @ @ @ , Live Nation , Disney , Facebook , and Indian telecoms giant Jio Platforms .
The plan is part of Saudi Arabia ’ s effort to diversify its revenues away from oil , which it is currently dependent on .
Senior executives at BT are said to be convinced that the PIF is building up a stake , albeit at less than the five per cent threshold at which it would be obliged to tell the stock market .
Read more : Saudi Aramco profit falls 25 per cent on oil price implosion @ @ @ @ @ @ @ held discussions about the potential issue of new shares to help pay for BT ’ s multi billion pound rollout of full fibre broadband across the UK .
The telecoms giant did not eventually go down this route , but is thought to be hoping to attract investors such as PIF , whose investments tend to be less driven by dividend payouts than BT ’ s traditional base of City pension funds .

Saudi Arabian sovereign wealth fund ‘builds stake in BT’
Saudia Arabia is thought to be buying up a stake in BT, as the kingdom looks to take positions in blue chip companies at a knock-down price during the pandemic.
The $325bn (£263bn) Saudi sovereign wealth fund, has reportedly been building a stake in BT on the open markets in recent weeks, with the company currently trading at its lowest price in more than a decade.
BT’s closing price on Friday was 118.55p, down from a price of more than 200p in just December 2019. Its market value of £11.7bn is less than it paid to acquire its mobile arm EE in 2016.
The FTSE 100 company has seen significant devaluation as part of a broader coronavirus-driven market slump, but has also struggled with deteriorating investor confidence of late.
The combination has made the company a target of the Saudi Public Investment Fund (PIF), three sources told the Sunday Telegraph, as the kingdom pursues a wider strategy of investing in some of the world’s biggest companies at bargain prices.
Since the pandemic struck, the PIF has disclosed stakes in BP, Shell, Boeing, Live Nation, Disney, Facebook, and Indian telecoms giant Jio Platforms.
The plan is part of Saudi Arabia’s effort to diversify its revenues away from oil, which it is currently dependent on.
Senior executives at BT are said to be convinced that the PIF is building up a stake, albeit at less than the five per cent threshold at which it would be obliged to tell the stock market.
It comes after the two sides reportedly held discussions about the potential issue of new shares to help pay for BT’s multi billion pound rollout of full fibre broadband across the UK.
The telecoms giant did not eventually go down this route, but is thought to be hoping to attract investors such as PIF, whose investments tend to be less driven by dividend payouts than BT’s traditional base of City pension funds.
BT declined to comment.


cityam--2020-06-21--Reading stabbings: Police declare incident as terrorist attack

The killing of three people in a park in Reading yesterday is being treated as a terrorist attack , police have said .
Six people were stabbed in Forbury Gardens in Reading last night by a lone attacker .
Three people were declared dead and a further three people are currently in a critical condition in the Royal Berkshire Hospital .
The investigation has now been taken over by Counter Terror Policing South East , a Thames Valley Police spokesperson said .
A 25-year old Libyan man is being held by the police over the incident , after being tackled @ @ @ @ @ @ @ at the scene .
More than a dozen armed police were seen searching a block of flats in the town late last night .
Thames Valley Police chief constable John Campbell said : “ This was a truly tragic incident and the thoughts of Thames Valley Police are with all those who have been affected.
” He urged the public to avoid the area while the police investigation is underway , and added that Thames Valley Police “ would like to hear from anyone who has video footage ” .
Prime Minister Boris @ @ @ @ @ @ @ this morning with security officials , police and senior ministers including Home Secretary Priti Patel , Downing Street has said .
The Prime Minister ’ s official spokesman said : “ The PM was updated on the ongoing investigation into the fatal stabbings in Reading yesterday.
” Johnson was one of many senior public figures to express their condolences to victims ’ families .
The PM tweeted : “ My thoughts are with all of those affected by the appalling incident in Reading and my thanks to the emergency services on the scene.
@ @ @ @ @ @ @ statement : “ This evening we saw a senseless attack on people simply enjoying a Saturday evening with family and friends .
My heart , prayers and thoughts are with all of those affected and to the people of Reading who will be deeply shocked and concerned by this terrible incident .
Detective chief inspector Ian Hunter said : “ We have made one arrest and at this stage we are not looking for any other people in connection with this incident .
“ There is no intelligence to suggest that there is @ @ @ @ @ @ @ However , we urge people to remain vigilant and report anything suspicious by calling police.
” Read more : The new counter-terror bill threatens our civil liberties and our justice system Thames Valley Police said the incident was not related to a Black Lives Matter protest that took place in Reading earlier in the day yesterday .
Neil Basu , head of the National Police Chiefs Council ’ s counter terrorism policing unit is expected to make a statement shortly .

Reading stabbings: Police declare incident as terrorist attack
The killing of three people in a park in Reading yesterday is being treated as a terrorist attack, police have said.
Six people were stabbed in Forbury Gardens in Reading last night by a lone attacker. Three people were declared dead and a further three people are currently in a critical condition in the Royal Berkshire Hospital.
The investigation has now been taken over by Counter Terror Policing South East, a Thames Valley Police spokesperson said.
Police this evening named Khairi Saadallah as the only suspect in the incident. The 25-year old man, thought to be from Libya originally, was brought to the attention of MI5 in 2019, the BBC reported. He was arrested after being tackled to the ground by a police officer at the scene yesterday.
James Furlong, head of history at Holt School in Wokingham, was today named as one of three people killed in the incident, In a letter to parents co-heads Anne Kennedy and Katie Pearce wrote that “he truly inspired everyone he taught”.
More than a dozen armed police were seen searching a block of flats in the town late last night.
Thames Valley Police chief constable John Campbell said: “This was a truly tragic incident and the thoughts of Thames Valley Police are with all those who have been affected.”
He urged the public to avoid the area while the police investigation is underway, and added that Thames Valley Police “would like to hear from anyone who has video footage”.
Prime Minister Boris Johnson chaired a meeting in Number 10 this morning with security officials, police and senior ministers including Home Secretary Priti Patel, Downing Street has said.
The Prime Minister’s official spokesman said: “The PM was updated on the ongoing investigation into the fatal stabbings in Reading yesterday.”
Johnson was one of many senior public figures to express their condolences to victims’ families. The PM tweeted: “My thoughts are with all of those affected by the appalling incident in Reading and my thanks to the emergency services on the scene.”
The home secretary said in a statement: “This evening we saw a senseless attack on people simply enjoying a Saturday evening with family and friends. My heart, prayers and thoughts are with all of those affected and to the people of Reading who will be deeply shocked and concerned by this terrible incident.
Detective chief inspector Ian Hunter said: “We have made one arrest and at this stage we are not looking for any other people in connection with this incident.
“There is no intelligence to suggest that there is any further danger to the public. However, we urge people to remain vigilant and report anything suspicious by calling police.”
Thames Valley Police said the incident was not related to a Black Lives Matter protest that took place in Reading earlier in the day yesterday.
Neil Basu, head of the National Police Chiefs Council’s counter terrorism policing unit is expected to make a statement shortly.


cityam--2020-06-21--Pubs and restaurants may be forced to keep register of all guests

Bars , pubs and restaurants in the UK may be forced to keep a record of all visitors under new plans to reopen the hospitality industry , the health secretary said this morning .
Matt Hancock told Nick Robinson on the BBC ’ s Andrew Marr Show that forcing venues to record customers ’ personal details to assist track and trace measures was “ one option ” .
Read more : Boris Johnson confirms pubs and restaurants will not open before 4 July The model is currently being used in New Zealand , where pubs and restaurants must record a @ @ @ @ @ @ @ counts to trace potential outbreaks of coronavirus .
“ I certainly wouldn ’ t rule that out , ” said Hancock .
“ It isn ’ t a decision that we ’ ve taken yet but there are other countries in the world that take that approach and there ’ s a reason for it.
” He added : “ What would happen is you would ensure that when you take bookings , you take down contact details so that if someone tests positive and has been in that venue… you ’ ll @ @ @ @ @ @ @ might be at risk.
” It comes as hospitality lobbies have demanded clarity from the government on plans to reopen bars and restaurants in the UK .
The British Beer and Pub Association has repeatedly criticised the government ’ s indecision over whether to lift the lockdown measures for the hospitality industry on 4 July — which is now only 13 days away — saying members need at least three weeks ’ notice for venues to be ready to open on time .
Pubs have said they need time to un-furlough staff , @ @ @ @ @ @ @ bookings in order to make business viable when the lockdown measures are lifted .
Hancock today said the government would provide further clarity on a reopening date over the next few days .
“ This week we will announce some of the measures we can take to relieve some of the national lockdown measures at the start of July ” , he said .
Read more : Covid hits hospitality : London will change , but there is light at the end of the tunnel The Department for Business , Energy and Industrial @ @ @ @ @ @ @ members of its hospitality taskforce – which includes prominent figures in the industry – that it would announce early this week that the lockdown would be eased for the sector on 4 July But multiple members of the business body last week told City A.M. that the announcement had been delayed as the government deliberates over whether to ease the two-metre social distancing rule .
Before the Open : Get the jump on the markets with our early morning newsletter

Pubs and restaurants may be forced to keep register of all guests
Listed firms have tapped investors for cash to take advantage of cheap prices during the pandemic
Bars, pubs and restaurants in the UK may be forced to keep a record of all visitors under new plans to reopen the hospitality industry, the health secretary said this morning.
Matt Hancock told Nick Robinson on the BBC’s Andrew Marr Show that forcing venues to record customers’ personal details to assist track and trace measures was “one option”.
The model is currently being used in New Zealand, where pubs and restaurants must record a guest register and carry out regular head counts to trace potential outbreaks of coronavirus.
“I certainly wouldn’t rule that out,” said Hancock. “It isn’t a decision that we’ve taken yet but there are other countries in the world that take that approach and there’s a reason for it.”
He added: “What would happen is you would ensure that when you take bookings, you take down contact details so that if someone tests positive and has been in that venue… you’ll be able to contact the people who might be at risk.”
But leading figures in the hospitality industry have expressed concern that plans to record visitors’ personal details might be easier said than done.
Kate Nicholls, chief executive of UK Hospitality told City A.M: “Clearly there is an urgent need to discuss with government the mechanics of how this will best work but of course as an industry we stand ready to help our government to deliver an effective test, track and trace programme.”
“There are a few key considerations, not least how we can together encourage guests to voluntarily provide their data,” she added. ““As an industry, above anything, we are in urgent need of clarity and certainty for the reopening of hospitality.”
“What I am certain of is that the nation’s restaurants, pubs, cafes and hotels will gladly welcome and embrace any opportunity to help support the wider health needs of their communities and the objectives of government, and to open their doors to welcome people back to their local bars and restaurants.”
Michael Kill, chief executive of the Night Time Industries Association (NTIA), told City A.M: “Many of the Night Time Economy and Events sector businesses already have technology in place which records customer attendance through ID check systems and ticket sales.
“The challenge is for those who don’t use these systems at present and the cost implications during such a financially difficult period.”
The British Beer and Pub Association has repeatedly criticised the government’s indecision over whether to lift the lockdown measures for the hospitality industry on 4 July — which is now only 13 days away — saying members need at least three weeks’ notice for venues to be ready to open on time.
Pubs have said they need time to un-furlough staff, procure freshly brewed beer and start taking bookings in order to make business viable when the lockdown measures are lifted.
Hancock today said the government would provide further clarity on a reopening date over the next few days.
“This week we will announce some of the measures we can take to relieve some of the national lockdown measures at the start of July”, he said.
The Department for Business, Energy and Industrial Strategy (BEIS) last week told members of its hospitality taskforce – which includes prominent figures in the industry – that it would announce early this week that the lockdown would be eased for the sector on 4 July
But multiple members of the business body last week told City A.M. that the announcement had been delayed as the government deliberates over whether to ease the two-metre social distancing rule.
A recent survey by the NTIA found that the two-metre rule would limit business capacity to less than 30 per cent of normal trading. It added that 93 per cent of businesses were concerned that physical distancing measures would make their business unviable.
“If this new [register] system helps businesses increase capacity while also protecting customers then this may incentivise many operators to adopt the system,” Kill told City A.M. “But the government needs to consult further with the industry to ensure it’s a workable model.”
Before the Open: Get the jump on the markets with our early morning newsletter


cityam--2020-06-21--Britain still top dog in Europe for financial services investment

Britain remains by far and away the most attractive country in Europe for financial services investment , despite foreign direct investment ( FDI ) projects falling by more than 10 per cent in 2019 .
According to EY research , the UK recorded more than double the number of projects of any other European country , with 99 recorded last year .
That was a drop of 11 per cent on the 112 recorded the year before , a slightly softer drop than the Europe-wide 13 per cent fall in activity .
The slide comes after Europe saw a record @ @ @ @ @ @ @ 2018 , driven by firms opening new offices or restructuring in preparation for Brexit .
London alone recorded 67 FDI projects last year , more than any one European country as a whole .
Germany came in second place , with 43 projects .
Looking ahead , an EY survey of investors suggested that the UK is expected to continue outperforming the rest of Europe in financial services investment after the Covid-19 pandemic .
Opinions were mixed , but forty per cent of investors said they thought the UK would be more attractive @ @ @ @ @ @ @ compared to just eight per cent who believed that Europe as a whole would be more attractive after the crisis .
Omar Ali , UK financial services managing partner at EY , said : “ The UK has again performed strongly on Financial Services FDI and , crucially , should remain in a good position to continue attracting investment this year , despite the challenges posed by Covid-19 and a weaker economy .
“ 2018 saw record Financial Services FDI activity in Europe driven by the industry preparing for Brexit , so it @ @ @ @ @ @ @ in Europe and the UK dropped last year .
Read more : Exclusive : Financial services firms unlikely to return to the ‘ old normal ’ “ However , 2019 levels were still the third strongest this decade and the UK has extended its lead over the rest of Europe despite Brexit , which is impressive .
“ Financial Services remains one of the most important sectors supporting and driving economic growth in the UK , and it ’ s good to see that , thanks to the depth and breadth of our @ @ @ @ @ @ @ in our regulatory system , investors have confidence in the sector ’ s ongoing strength and resiliency .
”

Britain still top dog in Europe for financial services investment
Britain remains by far and away the most attractive country in Europe for financial services investment, despite foreign direct investment (FDI) projects falling by more than 10 per cent in 2019.
According to EY research, the UK recorded more than double the number of projects of any other European country, with 99 recorded last year.
That was a drop of 11 per cent on the 112 recorded the year before, a slightly softer drop than the Europe-wide 13 per cent fall in activity.
The slide comes after Europe saw a record number of Financial Services FDI projects in 2018, driven by firms opening new offices or restructuring in preparation for Brexit.
London alone recorded 67 FDI projects last year, more than any one European country as a whole. Germany came in second place, with 43 projects.
Looking ahead, an EY survey of investors suggested that the UK is expected to continue outperforming the rest of Europe in financial services investment after the Covid-19 pandemic.
Opinions were mixed, but forty per cent of investors said they thought the UK would be more attractive for Financial Services FDI after Covid-19, compared to just eight per cent who believed that Europe as a whole would be more attractive after the crisis.
Omar Ali, UK financial services managing partner at EY, said: “The UK has again performed strongly on Financial Services FDI and, crucially, should remain in a good position to continue attracting investment this year, despite the challenges posed by Covid-19 and a weaker economy.
“2018 saw record Financial Services FDI activity in Europe driven by the industry preparing for Brexit, so it was perhaps unsurprising that overall FDI projects in Europe and the UK dropped last year.
“However, 2019 levels were still the third strongest this decade and the UK has extended its lead over the rest of Europe despite Brexit, which is impressive.
“Financial Services remains one of the most important sectors supporting and driving economic growth in the UK, and it’s good to see that, thanks to the depth and breadth of our capital markets and the faith people have in our regulatory system, investors have confidence in the sector’s ongoing strength and resiliency.”


cityam--2020-06-21--Government trials new ‘no-swab’ saliva test for coronavirus

A new “ no-swab ” coronavirus test using patients ’ saliva is set to be piloted in Southampton starting this week , the government has announced .
More than 14,000 GP staff , essential workers and university staff will participate in the first phase of the trial , which they will be able to complete at home using their own saliva , the Department for Health and Social Care announced today .
Read more : England ’ s Test and Trace system misses one in four people with coronavirus The tests will then be collected from homes by University of @ @ @ @ @ @ @ location on a weekly basis , and participants will receive test results telling them whether they have coronavirus within 48 hours .
“ Saliva testing could potentially make it even easier for people to take coronavirus tests at home , without having to use swabs , ” said Health secretary Matt Hancock .
“ This trial will also help us learn if routine , at-home testing could pick up cases of the virus earlier.
” Details of those who test positive will be shared with the NHS Test and Trace programme , the @ @ @ @ @ @ @ will run for up to four weeks testing people on a weekly basis .
Government officials said the Department for Health was currently exploring the potential of other no-swab saliva based coronavirus tests with companies including Chronomics , Avacta , MAP Science and Oxford Nanoimaging ( ONI ) .
“ We are also working with a number of suppliers… to develop bespoke saliva collection kits and scale up manufacturing for products that can be used with existing tests , ” a spokesperson added .
Keith Godfrey , professor of medicine at University of @ @ @ @ @ @ @ , social and economic impacts of lockdown can not be underestimated .
Through this initiative we believe we can contribute to safely restoring economic activity within the city and region during national relaxation measures , whilst enabling people to regain their lives , work and education.
” It comes as the government faces mounting criticism over its test and trace measures , after Hancock was forced to U-turn on plans to roll out a contact tracing app this week following months of delays .
On Thursday , the government announced that it was @ @ @ @ @ @ @ using Apple/Google technology , which is already in use in countries such as Germany .
Read more : Pubs and restaurants may be forced to keep register of all guests But in a further blow to the government ’ s efforts to launch a coronavirus-tracing app , Apple on Friday told the Times : “ We don ’ t know what they mean by this hybrid model .
They haven ’ t spoken to us about it.
” More than 304,000 people in the UK have now tested positive for coronavirus .
The @ @ @ @ @ @ @ 43 people died in the UK after contracting Covid-19 , taking the total number of deaths to 42,632 .
Before the Open : Get the jump on the markets with our early morning newsletter

Government trials new ‘no-swab’ saliva test for coronavirus
A new “no-swab” coronavirus test using patients’ saliva is set to be piloted in Southampton starting this week, the government has announced.
More than 14,000 GP staff, essential workers and university staff will participate in the first phase of the trial, which they will be able to complete at home using their own saliva, the Department for Health and Social Care announced today.
The tests will then be collected from homes by University of Southampton staff or returned to an agreed location on a weekly basis, and participants will receive test results telling them whether they have coronavirus within 48 hours.
“Saliva testing could potentially make it even easier for people to take coronavirus tests at home, without having to use swabs,” said Health secretary Matt Hancock. “This trial will also help us learn if routine, at-home testing could pick up cases of the virus earlier.”
Details of those who test positive will be shared with the NHS Test and Trace programme, the health department added, and the pilot will run for up to four weeks testing people on a weekly basis.
Government officials said the Department for Health was currently exploring the potential of other no-swab saliva based coronavirus tests with companies including Chronomics, Avacta, MAP Science and Oxford Nanoimaging (ONI).
“We are also working with a number of suppliers… to develop bespoke saliva collection kits and scale up manufacturing for products that can be used with existing tests,” a spokesperson added.
Keith Godfrey, professor of medicine at University of Southampton, said: “The health, social and economic impacts of lockdown cannot be underestimated. Through this initiative we believe we can contribute to safely restoring economic activity within the city and region during national relaxation measures, whilst enabling people to regain their lives, work and education.”
It comes as the government faces mounting criticism over its test and trace measures, after Hancock was forced to U-turn on plans to roll out a contact tracing app this week following months of delays.
On Thursday, the government announced that it was dropping its own app in favour of using Apple/Google technology, which is already in use in countries such as Germany.
But in a further blow to the government’s efforts to launch a coronavirus-tracing app, Apple on Friday told the Times: “We don’t know what they mean by this hybrid model. They haven’t spoken to us about it.”
More than 304,000 people in the UK have now tested positive for coronavirus. The Department of Health yesterday announced a further 43 people died in the UK after contracting Covid-19, taking the total number of deaths to 42,632.
Before the Open: Get the jump on the markets with our early morning newsletter