cityam--2020-08-30--Labour draws level with the Conservatives in new polling

Labour has clawed back a 26-point poll deficit to draw level with the Conservatives , after a number of policy U-turns and PR disasters for Boris Johnson ’ s government .
New polling from Opinium/The Observer has Labour and the Tories at 40 per cent of the vote , just five months after Johnson had given his party a 26-point lead .
The Liberal Democrats are floundering on just six per cent , just days after electing Sir Ed Davey as its new leader .
It is the first time Labour has drawn level in polling since July last year @ @ @ @ @ @ @ leader of the Conservative party .
It marks a huge turnaround under the leadership of Sir Keir Starmer , who took over from Jeremy Corbyn in February .
Starmer has been lauded in some quarters for his efforts on holding the government to account at Prime Minister ’ s Questions ( PMQs ) and for shifting the party away from the party ’ s hard-left faction .
The government ’ s rating have been in freefall throughout the coronavirus crisis as the UK ’ s total death toll became the highest in Europe @ @ @ @ @ @ @ do 12 policy U-turns , after public outrage has often forced the government to backtrack in quick fashion .
Before the Open newsletter : Start your day with the City View podcast and key market data The latest U-turns have been over the A-level results fiasco and on face masks in schools .
The perceived poor performance by Johnson has created unrest among many Tory MPs , less than a year after the Prime Minister won the party an 80-seat majority .
Twelve senior Conservatives told the Financial Times this week about growing @ @ @ @ @ @ @ and its relationship with the civil service .
Read more : Unrest grows among Tory MPs over series of Boris Johnson U-turns Charles Walker , who is vice-chair of the 1922 committee of Conservative backbenchers told The Observer today : “ Too often it looks like this government licks its finger and sticks it in the air to see which way the wind is blowing .
“ This is not a sustainable way to approach the business of governing and government .
“ It is becoming increasingly difficult for backbenchers now to promote @ @ @ @ @ @ @ that policy is changed or abandoned without notice .
”

Labour draws level with the Conservatives in new polling
Labour leader Keir Starmer arrives at Wakefield College for talks with teachers and parents ahead of schoolchildren receiving their A level results on August 12
Labour has clawed back a 26-point poll deficit to draw level with the Conservatives, after a number of policy U-turns and PR disasters for Boris Johnson’s government.
New polling from Opinium/The Observer has Labour and the Tories at 40 per cent of the vote, just five months after Johnson had given his party a 26-point lead.
The Liberal Democrats are floundering on just six per cent, just days after electing Sir Ed Davey as its new leader.
It is the first time Labour has drawn level in polling since July last year, just before Johnson was elected as leader of the Conservative party.
It marks a huge turnaround under the leadership of Sir Keir Starmer, who took over from Jeremy Corbyn in February.
Starmer has been lauded in some quarters for his efforts on holding the government to account at Prime Minister’s Questions (PMQs) and for shifting the party away from the party’s hard-left faction.
The government’s rating have been in freefall throughout the coronavirus crisis as the UK’s total death toll became the highest in Europe.
It has also been forced to do 12 policy U-turns, after public outrage has often forced the government to backtrack in quick fashion.
Before the Open newsletter: Start your day with the City View podcast and key market data
The latest U-turns have been over the A-level results fiasco and on face masks in schools.
The perceived poor performance by Johnson has created unrest among many Tory MPs, less than a year after the Prime Minister won the party an 80-seat majority.
Twelve senior Conservatives told the Financial Times this week about growing unhappiness about the way the government functions and its relationship with the civil service.
Charles Walker, who is vice-chair of the 1922 committee of Conservative backbenchers told The Observer today: “Too often it looks like this government licks its finger and sticks it in the air to see which way the wind is blowing.
“This is not a sustainable way to approach the business of governing and government.
“It is becoming increasingly difficult for backbenchers now to promote and defend government policy as so often that policy is changed or abandoned without notice.”


cityam--2020-08-30--Rishi Sunak considers £30bn in post-Covid tax hikes

Rishi Sunak is drawing up plans to implement £30bn in tax rises to plug the budget black hole left by the government ’ s coronavirus response .
The measures reportedly under consideration include raising corporation tax and capital gains tax , breaking the pension triple lock guarantee and cutting foreign aid .
Read more : UK tax rises : How will Rishi Sunak pay down the coronavirus deficit ?
The Sunday Times reports that this would include raising corporation tax from 19 per cent to 24 per cent , a measure which would raise £12bn next year and £17bn in @ @ @ @ @ @ @ tax would come after years of corporation tax cuts by former chancellor George Osborne brought it down to 19 per cent – among the lowest among OECD countries .
Chief secretary to the Treasury Steve Barclay refused to rule out an increase in corporation tax , or any other tax rises , when speaking to Times Radio today .
“ There are always a whole range of measures and as soon as one starts to say , well I rule this one out you ’ ll cherry pick as to which ones one @ @ @ @ @ @ @ said .
Changes to capital gains tax on investment properties could see people pay it at the same rate as they pay income tax , instead of at 28 per cent .
The pension triple lock – a part of the Tories ’ election manifesto – sees pensions rise by the highest of inflation , the country ’ s average annual wage increase or 2.5 per cent .
However , this could be scrapped in a bid to save billions of pounds .
The measures will likely be very unpopular among Tory MPs @ @ @ @ @ @ @ squarely aimed at the wealthiest sections of British society .
One Tory ally said the government would have no choice , after this year ’ s emergency coronavirus measures are set to push the budget deficit to a record £350bn .
The ally told the Times : “ The political reality is that the only place you can get the money is from the better-off .
The polling shows this would be popular.
” The proposals have been harpooned by free market think tank the TaxPayers ’ Alliance , with its chief executive @ @ @ @ @ @ @ the “ exact opposite of what Britain needs ” .
Read more : Could AI help Rishi Sunak revive the UK economy ?
“ After the monumental national effort to get the country through the crisis , tax increases would mean brutal taxpayer austerity and only serve to kick the private sector while it is down , ” he said .
“ Instead ministers must look at their own budgets and aim to save before they spend , in order to get the public finances back in shape .
”

Rishi Sunak considers £30bn in post-Covid tax hikes
Britain’s Chancellor of the Exchequer Rishi Sunak visits local businesses in Rothesay on the Isle of Bute, Scotland on August 07, 2020. (Photo by Jeff J Mitchell / POOL / AFP) (Photo by JEFF J MITCHELL/POOL/AFP via Getty Images)
Rishi Sunak is drawing up plans to implement £30bn in tax rises to plug the budget black hole left by the government’s coronavirus response.
The measures reportedly under consideration include raising corporation tax and capital gains tax, breaking the pension triple lock guarantee and cutting foreign aid.
The Sunday Times reports that this would include raising corporation tax from 19 per cent to 24 per cent, a measure which would raise £12bn next year and £17bn in 2023-24.
The potential increase to corporation tax would come after years of corporation tax cuts by former chancellor George Osborne brought it down to 19 per cent – among the lowest among OECD countries.
Chief secretary to the Treasury Steve Barclay refused to rule out an increase in corporation tax, or any other tax rises, when speaking to Times Radio today.
“There are always a whole range of measures and as soon as one starts to say, well I rule this one out you’ll cherry pick as to which ones one hasn’t done,” he said.
Changes to capital gains tax on investment properties could see people pay it at the same rate as they pay income tax, instead of at 28 per cent.
The pension triple lock – a part of the Tories’ election manifesto – sees pensions rise by the highest of inflation, the country’s average annual wage increase or 2.5 per cent.
However, this could be scrapped in a bid to save billions of pounds.
The measures will likely be very unpopular among Tory MPs and grassroots supporters as they are taxes squarely aimed at the wealthiest sections of British society.
One Tory ally said the government would have no choice, after this year’s emergency coronavirus measures are set to push the budget deficit to a record £350bn.
The ally told the Times: “The political reality is that the only place you can get the money is from the better-off. The polling shows this would be popular.”
The proposals have been harpooned by free market think tank the TaxPayers’ Alliance, with its chief executive John O’Connell saying they are the “exact opposite of what Britain needs”.
“After the monumental national effort to get the country through the crisis, tax increases would mean brutal taxpayer austerity and only serve to kick the private sector while it is down,” he said.
“Instead ministers must look at their own budgets and aim to save before they spend, in order to get the public finances back in shape.”


cityam--2020-08-30--Moss Bros calls on KPMG to help with restructuring plans

Menswear retailer Moss Bros is heading towards a restructuring that could result in the closure of some of its stores and rent reductions on others .
Moss Bros has reportedly called in KPMG , according to the Sunday Times , which could pave the way for a company voluntary arrangement ( CVA ) .
Read more : Coronavirus : Moss Bros shares dive as bidder looks for exit A CVA allows companies to settle debts by paying creditors over a fixed period , and it could see the closure of some of Moss Bros ’ 125 UK stores and rent @ @ @ @ @ @ @ over switching to rents linked to turnover have reportedly not been agreed .
Retailer New Look asked landlords last week launched a CVA , which involves resetting 402 stores to turnover rent to align rent payments with future performance .
The turnover percentage will be set at up to 12 per cent .
Under the proposals New Look will not pay rent on its remaining 68 stores .
Earlier this year Brigadier Acquisition Company unsuccessfully tried to pull out of its £22m take-private deal for Moss Bros less than two weeks before all @ @ @ @ @ @ @ Brigadier , which owns Crew Clothing , sought a ruling from the Takeover Panel to cancel its offer the following month .
The coronavirus crisis has put pressure on commercial property companies to link a tenant ’ s rent to their turnover .
London-listed Capco has offered variable leases until the end of the year in a bid to help cash-strapped tenants .
But the crisis has also triggered some property firms to resort to county court claims , exempt from a moratorium on landlord enforcement action due to end next month , @ @ @ @ @ @ @ they have not paid .
Debenhams ’ administrators are reportedly mulling a legal challenge to absolve them of rent payments , while LondonMetric is preparing a challenge against Frasers Group regarding unpaid rent at an Evans Cycles store .
Moss Bros and KPMG did not respond to requests for comment .

Moss Bros calls on KPMG to help with restructuring plans
Moss Bros has been just one of many high street stores that struggled during the pandemic.
Menswear retailer Moss Bros is heading towards a restructuring that could result in the closure of some of its stores and rent reductions on others.
Moss Bros has reportedly called in KPMG, according to the Sunday Times, which could pave the way for a company voluntary arrangement (CVA).
A CVA allows companies to settle debts by paying creditors over a fixed period, and it could see the closure of some of Moss Bros’ 125 UK stores and rent reductions on others.
Talks with landlords over switching to rents linked to turnover have reportedly not been agreed.
Retailer New Look asked landlords last week launched a CVA, which involves resetting 402 stores to turnover rent to align rent payments with future performance.
The turnover percentage will be set at up to 12 per cent. Under the proposals New Look will not pay rent on its remaining 68 stores.
Earlier this year Brigadier Acquisition Company unsuccessfully tried to pull out of its £22m take-private deal for Moss Bros less than two weeks before all non-essential shops were ordered to close.
Brigadier, which owns Crew Clothing, sought a ruling from the Takeover Panel to cancel its offer the following month.
The coronavirus crisis has put pressure on commercial property companies to link a tenant’s rent to their turnover. London-listed Capco has offered variable leases until the end of the year in a bid to help cash-strapped tenants.
But the crisis has also triggered some property firms to resort to county court claims, exempt from a moratorium on landlord enforcement action due to end next month, to force tenants to pay the rent they have not paid.
Debenhams’ administrators are reportedly mulling a legal challenge to absolve them of rent payments, while LondonMetric is preparing a challenge against Frasers Group regarding unpaid rent at an Evans Cycles store.
Moss Bros and KPMG did not respond to requests for comment.


cityam--2020-08-30--Coronavirus: global cases hit 25 million, as new infections grow in Spain and France

Coronavirus cases globally surged past 25 million today , according to a Reuters tally , as India notched up a worldwide record for daily new cases in the pandemic .
India yesterday announced its biggest ever single-day jump in coronavirus infections of any nation in the Covid-19 pandemic – 78,761 cases .
Read more : UK businesses rush to mitigate impact of India lockdown The United States reported 44,258 new Covid-19 cases on Saturday , according to the CDC , evidence that its seven-day rolling average of new transmissions is easing .
Russia reported 4,980 new cases on Saturday , @ @ @ @ @ @ @ the previous 24 hour period .
Meanwhile , France looks to be following neighbouring Spain with a resurgence in higher daily case tallies .
France reported 5,453 new confirmed cases on Saturday , and the health ministry described the situation as “ worrying ” following a spike the previous day when the country registered its highest number of cases since mid-March .
Daily figures for new case in Spain surged in August , hitting more than 9,779 on Friday .
Read more : Spain sees surge in Covid-19 cases with daily post-lockdown record @ @ @ @ @ @ @ COVID-19 now than earlier in the pandemic , neither country has had to again deal with the overburdened hospitals as occured in March .

Coronavirus: global cases hit 25 million, as new infections grow in Spain and France
Cases of Covid-19 are forcast to hit 6m in the US this week
Coronavirus cases globally surged past 25 million today, according to a Reuters tally, as India notched up a worldwide record for daily new cases in the pandemic.
India yesterday announced its biggest ever single-day jump in coronavirus infections of any nation in the Covid-19 pandemic – 78,761 cases.
The United States reported 44,258 new Covid-19 cases on Saturday, according to the CDC, evidence that its seven-day rolling average of new transmissions is easing.
Russia reported 4,980 new cases on Saturday, an increase of around 50 people on the previous 24 hour period.
Meanwhile, France looks to be following neighbouring Spain with a resurgence in higher daily case tallies.
France reported 5,453 new confirmed cases on Saturday, and the health ministry described the situation as “worrying” following a spike the previous day when the country registered its highest number of cases since mid-March.
Daily figures for new case in Spain surged in August, hitting more than 9,779 on Friday.
However, with lower hospitalisation rates for COVID-19 now than earlier in the pandemic, neither country has had to again deal with the overburdened hospitals as occured in March.


cityam--2020-08-30--BP to sell London headquarters as work patterns shift

BP is reportedly planning to sell its headquarters in central London , becoming the latest employer to signal a permanent shift in its working patterns .
The oil giant employs 6,500 staff across its offices in the capital and in Sunbury-on-Thames in Surrey .
It plans to rent back the building from the new owner for up to two years before leaving permanently , according to the Sunday Times .
The outbreak of coronavirus has triggered a permanent shift in the way companies approach working patterns .
BP chief Bernard Looney has said the FTSE 100 company will move to @ @ @ @ @ @ @ , balancing home and office working .
A sale of BP ’ s headquarters , which is expected to be priced at more than £300m , will indicate how attractive prime London office space is .
The pandemic has cast further uncertainty over an already struggling property market , battling retail tenants ’ shift to online .
The government is set to launch a major media campaign encouraging Britons to get back to office working as analysis reveals UK workers are more reluctant to return to the office .
Schroders , KPMG and @ @ @ @ @ @ @ say employees can work from home , all or part of the week , permanently .
Linklaters also signalled a shift in its approach last week , allowing its staff to work from home half the time .
Firms are also looking for ways to cut costs as they struggle with a drop in footfall .
Pret A Manger , which last week announced up to 3,000 job cuts , is planing to sell the lease on its base in Victoria .
John Lewis has left its headquarters at Partnership House and move @ @ @ @ @ @ @ capital .
BP will reportedly take a smaller headquarters when it leaves St James ’ .
It has sold and leased back on a long term basis its offices in Houston , Texas and Sunbury .
“ This was a trend that started before Covid but has been accelerated by Covid , ” a source told the Sunday Times .
BP did not respond to a request for comment .

BP to sell London headquarters as work patterns shift
BP is reportedly planning to sell its headquarters in central London, becoming the latest employer to signal a permanent shift in its working patterns.
The oil giant employs 6,500 staff across its offices in the capital and in Sunbury-on-Thames in Surrey. It plans to rent back the building from the new owner for up to two years before leaving permanently, according to the Sunday Times.
The outbreak of coronavirus has triggered a permanent shift in the way companies approach working patterns. BP chief Bernard Looney has said the FTSE 100 company will move to a more “hybrid work style”, balancing home and office working.
A sale of BP’s headquarters, which is expected to be priced at more than £300m, will indicate how attractive prime London office space is. The pandemic has cast further uncertainty over an already struggling property market, battling retail tenants’ shift to online.
The government is set to launch a major media campaign encouraging Britons to get back to office working as analysis reveals UK workers are more reluctant to return to the office.
Schroders, KPMG and Twitter are among the biggest firms to say employees can work from home, all or part of the week, permanently.
Linklaters also signalled a shift in its approach last week, allowing its staff to work from home half the time.
Firms are also looking for ways to cut costs as they struggle with a drop in footfall. Pret A Manger, which last week announced up to 3,000 job cuts, is planing to sell the lease on its base in Victoria.
John Lewis has left its headquarters at Partnership House and move staff to its other office in the capital.
BP will reportedly take a smaller headquarters when it leaves St James’. It has sold and leased back on a long term basis its offices in Houston, Texas and Sunbury. “This was a trend that started before Covid but has been accelerated by Covid,” a source told the Sunday Times.
BP did not respond to a request for comment.


cityam--2020-08-30--Former Saga chief to return and invest £100m as part of equity raise plans

Saga , the over-50s travel and insurance specialist , will welcome back former chief executive and chairman Roger de Haan as part of plans to raise £150m in fresh capital .
De Haan sold Saga for £1.3bn in 2004 to private equity group Charterhouse .
Read more : Saga refunds £44m to tourists due to coronavirus disruption He will inject up to £100m into the company as part of the equity raise in return for a stake of 20 per cent , and will replace Patrick O ’ Sullivan as the company ’ s chairman .
Saga will seek the @ @ @ @ @ @ @ amount being raised is almost equivalent to Saga ’ s current market cap which has plunged in recent months , as its cruises and package holidays business took a hammering .
The company said it had rejected an “ unsolicited and highly conditional ” 33p indicative approach from a consortium of two US private investors .
Saga revealed the 33p offer had followed several earlier approaches from the same investors at a significantly lower valuation .
“ The Board unanimously considers that the Proposed Equity Raise will support the execution of its reinvigorated @ @ @ @ @ @ @ which it believes will return Saga to sustainable growth and lead to the restoration of significant shareholder value ” , the company said in a statement today .
When the virus first hit Saga had to bring 3,000 customers back to the UK and in June said it had refunded £44m of advance payments to customers whose travel plans were disrupted .
Read more : Coronavirus : Saga seeks debt holiday and warns cruises could be suspended for six months Saga has already completed non-core disposals as part of its plans to bolster @ @ @ @ @ @ @ reduce future run rate costs by £20m per year .
The company said recent trading has been in line with expectations and consistent with the trading statement published in June .
Get the news as it happens by following City A.M. on Twitter .

Former Saga chief to return and invest £100m as part of equity raise plans
Saga, the over-50s travel and insurance specialist, will welcome back former chief executive and chairman Roger de Haan as part of plans to raise £150m in fresh capital.
De Haan sold Saga for £1.3bn in 2004 to private equity group Charterhouse.
He will inject up to £100m into the company as part of the equity raise in return for a stake of 20 per cent, and will replace Patrick O’Sullivan as the company’s chairman.
Saga will seek the remaining £50m from existing shareholders.
The amount being raised is almost equivalent to Saga’s current market cap which has plunged in recent months, as its cruises and package holidays business took a hammering.
The company said it had rejected an “unsolicited and highly conditional” 33p indicative approach from a consortium of two US private investors.
Saga revealed the 33p offer had followed several earlier approaches from the same investors at a significantly lower valuation.
“The Board unanimously considers that the Proposed Equity Raise will support the execution of its reinvigorated strategy under its strengthened management team, which it believes will return Saga to sustainable growth and lead to the restoration of significant shareholder value”, the company said in a statement today.
When the virus first hit Saga had to bring 3,000 customers back to the UK and in June said it had refunded £44m of advance payments to customers whose travel plans were disrupted.
Saga has already completed non-core disposals as part of its plans to bolster its balance sheet and implement initiatives to reduce future run rate costs by £20m per year.
The company said recent trading has been in line with expectations and consistent with the trading statement published in June.
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-08-30--Spirits, telecoms and financial services set to be in UK-Australia trade deal

Trade secretary Liz Truss will next week outline her plan to broker a UK-Australia trade deal that scraps tariffs for cars , clothing and spirits .
Truss will tell MPs that talks are set to intensify between the two countries and that agreements on financial services , telecoms and technology could be in the deal , according to the Sunday Telegraph .
Read more : UK ready to walk away from Brexit trade talks over state aid demands The free trade agreement could also include provisions to make it easier for Britons to live and work in Australia and vice @ @ @ @ @ @ @ groups in both countries – including the free market think tank The Adam Smith Institute – to include freedom of movement between the two countries in any potential deal .
Truss is expected to tell parliament that signing a deal with Australia will help pave the way to joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership ( CPTPP ) .
Before the Open newsletter : Start your day with the City View podcast and key market data The partnership includes 11 countries , including Japan , Canada , Australia and New Zealand @ @ @ @ @ @ @ goods within the bloc traded without tariffs .
“ We want a gold standard deal with Australia that pushes new frontiers in trade and delivers for the whole country , ” Truss told the Telegraph .
“ We are intensifying talks over the next few weeks , and fighting hard for British interests in areas like financial services , telecoms , tech , and food and drink .
“ Together with our great friend Australia , we will stand up for rules-based free trade and help advance it globally.
” Read more : @ @ @ @ @ @ @ top UK trade role The Australia negotiations are a part of the government ’ s post-Brexit “ global Britain ” agenda and talks are being conducted alongside trade negotiations with the EU , US , Japan and New Zealand .
Earlier this week , it was reported widely that former Australian Prime Minister Tony Abbott would be appointed as joint president of the Board of Trade to help drum up support for those trade deals and others .

Spirits, telecoms and financial services set to be in UK-Australia trade deal
LONDON, ENGLAND – OCTOBER 18: Secretary of State for International Trade and President of the Board of Trade, Minister for Women and Equalities, Liz Truss arrives at 10 Downing Street on October 18, 2019 in London, England. After striking an agreement on the United Kingdom’s departure from the European Union yesterday British Prime Minister Boris Johnson is racing to sell the Brexit deal to MPs ahead of a Commons vote on Saturday. (Photo by Leon Neal/Getty Images)
Trade secretary Liz Truss will next week outline her plan to broker a UK-Australia trade deal that scraps tariffs for cars, clothing and spirits.
Truss will tell MPs that talks are set to intensify between the two countries and that agreements on financial services, telecoms and technology could be in the deal, according to the Sunday Telegraph.
The free trade agreement could also include provisions to make it easier for Britons to live and work in Australia and vice versa.
There have been calls from groups in both countries – including the free market think tank The Adam Smith Institute – to include freedom of movement between the two countries in any potential deal.
Truss is expected to tell parliament that signing a deal with Australia will help pave the way to joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Before the Open newsletter: Start your day with the City View podcast and key market data
The partnership includes 11 countries, including Japan, Canada, Australia and New Zealand, and sees 95 per cent of goods within the bloc traded without tariffs.
“We want a gold standard deal with Australia that pushes new frontiers in trade and delivers for the whole country,” Truss told the Telegraph.
“We are intensifying talks over the next few weeks, and fighting hard for British interests in areas like financial services, telecoms, tech, and food and drink.
“Together with our great friend Australia, we will stand up for rules-based free trade and help advance it globally.”
The Australia negotiations are a part of the government’s post-Brexit “global Britain” agenda and talks are being conducted alongside trade negotiations with the EU, US, Japan and New Zealand.
Earlier this week, it was reported widely that former Australian Prime Minister Tony Abbott would be appointed as joint president of the Board of Trade to help drum up support for those trade deals and others.


cityam--2020-08-30--Row over train operators' finances threatens to hamper back to work plan

The government ’ s back to work campaign , due to launch this week , could be derailed amid a row brewing with train operators .
In March the coronavirus outbreak prompted ministers to take the UK ’ s trains under emergency measures for six months to protect them from any losses incurred by the 95 per cent slump in passenger numbers .
Read more : Calls for rail reform rise as cost of bailout revealed Whitehall officials are scrambling to finalise new contracts called Emergency Recovery Measures Agreements ( Ermas ) , according to the Sunday Telegraph .
The @ @ @ @ @ @ @ mid-June propping up operators ’ finances but ministers are desperate to keep the taxpayers ’ bill to a minimum .
The Department for Transport has reportedly earmarked four networks for less favourable terms so as not to have too big an impact on the Treasury .
The Sunday Telegraph reported that South Western Railway , Transpennine Express , Greater Anglia and commuter line C2C will be offered wafer-thin profit margins .
Greater Anglia and C2C are said to be particularly aggrieved by the deal which is underpinned by a “ flawed ” mechanism @ @ @ @ @ @ @ to London employment figures .
Trenitalia , the primary train operator in Italy and owner of C2C , is said to be particularly affronted by officials overlooking the fact its commuter line is the UK ’ s most punctual network .
Industry sources told the Sunday Telegraph the operator may follow through on a previously reported threat to withdraw from the country entirely .
This could have serious repercussions for the HS2 project .
Read more : Railway bailout has cost £3.5bn so far , government reveals There also is growing anger at @ @ @ @ @ @ @ guidance over public transport even as they push for a return to the office .
Last week transport secretary Grant Shapps frustrated the industry after he said a return to using public transport was “ obviously not without its challenges ” .
A spokesperson for DfT said the emergency agreements are “ subject to confidential commercial discussions with train operators ” .

Row over train operators’ finances threatens to hamper back to work plan
The government’s back to work campaign, due to launch this week, could be derailed amid a row brewing with train operators.
In March the coronavirus outbreak prompted ministers to take the UK’s trains under emergency measures for six months to protect them from any losses incurred by the 95 per cent slump in passenger numbers.
Whitehall officials are scrambling to finalise new contracts called Emergency Recovery Measures Agreements (Ermas), according to the Sunday Telegraph.
The government spent around £3.5bn between March and mid-June propping up operators’ finances but ministers are desperate to keep the taxpayers’ bill to a minimum.
The Department for Transport has reportedly earmarked four networks for less favourable terms so as not to have too big an impact on the Treasury. The Sunday Telegraph reported that South Western Railway, Transpennine Express, Greater Anglia and commuter line C2C will be offered wafer-thin profit margins.
Greater Anglia and C2C are said to be particularly aggrieved by the deal which is underpinned by a “flawed” mechanism, linking payments to operate the lines to London employment figures.
Trenitalia, the primary train operator in Italy and owner of C2C, is said to be particularly affronted by officials overlooking the fact its commuter line is the UK’s most punctual network.
Industry sources told the Sunday Telegraph the operator may follow through on a previously reported threat to withdraw from the country entirely. This could have serious repercussions for the HS2 project.
There also is growing anger at the government’s lack of clear guidance over public transport even as they push for a return to the office.
Last week transport secretary Grant Shapps frustrated the industry after he said a return to using public transport was “obviously not without its challenges”.
A spokesperson for DfT said the emergency agreements are “subject to confidential commercial discussions with train operators”.


cityam--2020-08-30--UK ready to walk away from Brexit trade talks over state aid demands

The UK has said it will walk away from post-Brexit trade talks if Brussels does not drop its demand to align with EU state aid rules .
UK Brexit negotiator Lord David Frost has told his counterpart Michel Barnier that the UK is not willing to compromise on this point as the potential of a no-deal exit draws closer .
Read more : Cabinet draws up plans for simultaneous no-deal Brexit and second Covid wave Brussels is demanding that the UK adopts EU rules that prevent the government from subsidising domestic companies at the detriment of Europe ’ s private @ @ @ @ @ @ @ the UK aligns its regulations on other things like labour and environmental standards in what would be known as a “ level playing field ” for businesses on both sides of the channel .
In return the EU would continue to trade with the UK on a no tariff basis .
Before the Open newsletter : Start your day with the City View podcast and key market data Level playing field demands have been the major obstacle to progress in negotiations , along with disagreements over EU fishing access to UK waters .
@ @ @ @ @ @ @ Sunday Times : “ Frost has made clear to Barnier that as things stand he would have to recommend to Boris that we go for no deal .
“ There has been a discussion about whether or not to compromise on state aid , and Boris said no.
” Frost has said recently that it is essential that the UK was not a rule taker on state aid in the aftermath of the Covid pandemic .
Read more : A no-deal Brexit could cause the UK ’ s digital sector to shrink British @ @ @ @ @ @ @ subsidies over the next few years as they deal with the fallout of the crisis .
Informal talks between the UK and EU will start again next week , with a formal negotiating round to follow the week after .

UK ready to walk away from Brexit trade talks over state aid demands
Britain’s chief negotiator David Frost (L) and EU’s Brexit negotiator Michel Barnier arrive for a working breakfast in Brussels on August 21, 2020
The UK has said it will walk away from post-Brexit trade talks if Brussels does not drop its demand to align with EU state aid rules.
UK Brexit negotiator Lord David Frost has told his counterpart Michel Barnier that the UK is not willing to compromise on this point as the potential of a no-deal exit draws closer.
Brussels is demanding that the UK adopts EU rules that prevent the government from subsidising domestic companies at the detriment of Europe’s private sector.
Brussels is also demanding that the UK aligns its regulations on other things like labour and environmental standards in what would be known as a “level playing field” for businesses on both sides of the channel.
In return the EU would continue to trade with the UK on a no tariff basis.
Before the Open newsletter: Start your day with the City View podcast and key market data
Level playing field demands have been the major obstacle to progress in negotiations, along with disagreements over EU fishing access to UK waters.
A source close to Frost told the Sunday Times: “Frost has made clear to Barnier that as things stand he would have to recommend to Boris that we go for no deal.
“There has been a discussion about whether or not to compromise on state aid, and Boris said no.”
Frost has said recently that it is essential that the UK was not a rule taker on state aid in the aftermath of the Covid pandemic.
British businesses will likely need a wave of subsidies over the next few years as they deal with the fallout of the crisis.
Informal talks between the UK and EU will start again next week, with a formal negotiating round to follow the week after.


cityam--2020-08-31--Plastic carrier bag charge to double from April

The price of plastic carrier bags will double from next Spring and extend to all shops in England , as the government ramps up its efforts against plastic pollution .
The charge for single-use carrier bags will increase from 5p to 10p and small retailers – those employing 250 people or fewer – will no longer be exempt , according to the Department for Environment , Food and Rural Affairs .
Read more : Diageo to launch plastic-free Johnnie Walker bottles in 2021 Retailers in Scotland , Wales and Northern Ireland already charge a minimum of 5p for plastic bags @ @ @ @ @ @ @ consultation in England last year saw the vast majority of the public support government plans to raise the charge as part of plans to reduce plastic use .
Environment secretary George Eustice said the original 5p charge had been a “ tremendous success ” .
Since its introduction in October 2015 , an estimated 15bn bags have been taken out of circulation .
Environmental group Greenpeace welcomed the move but urged the government to go further .
A recent Greenpeace report said supermarkets could significantly cut their plastic footprint by zeroing in on @ @ @ @ @ @ @ The analysis shows that by changing the packaging for popular groceries , such as fizzy drinks , fruit and vegetables , and household detergents , retailers could reduce plastic by approximately 35 per cent .
Announcing the hike in the fee , Eustice said : “ We have all seen the devastating impact plastic bags have on the oceans and on precious marine wildlife , which is why we are taking bold and ambitious action to tackle this issue head-on.
” “ The UK is already a world leader in this global effort @ @ @ @ @ @ @ been hugely successful in taking billions of harmful plastic bags out of circulation .
But we want to go further by extending this to all retailers so we can continue to cut unnecessary waste.
” Earlier this month Morrisons implemented a trial offering paper bags instead of reusable plastic ones in eight stores .
The supermarket said if customers were happy they could roll put paper bags at all 494 of its stores .
Get the news as it happens by following City A.M. on Twitter .

Plastic carrier bag charge to double from April
(Photo by TOLGA AKMEN/AFP via Getty Images)
The price of plastic carrier bags will double from next Spring and extend to all shops in England, as the government ramps up its efforts against plastic pollution.
The charge for single-use carrier bags will increase from 5p to 10p and small retailers – those employing 250 people or fewer – will no longer be exempt, according to the Department for Environment, Food and Rural Affairs.
Retailers in Scotland, Wales and Northern Ireland already charge a minimum of 5p for plastic bags, including small retailers.
A public consultation in England last year saw the vast majority of the public support government plans to raise the charge as part of plans to reduce plastic use.
Environment secretary George Eustice said the original 5p charge had been a “tremendous success”. Since its introduction in October 2015, an estimated 15bn bags have been taken out of circulation.
Environmental group Greenpeace welcomed the move but urged the government to go further. A recent Greenpeace report said supermarkets could significantly cut their plastic footprint by zeroing in on a few “problem products”.
The analysis shows that by changing the packaging for popular groceries, such as fizzy drinks, fruit and vegetables, and household detergents, retailers could reduce plastic by approximately 35 per cent.
Announcing the hike in the fee, Eustice said: “We have all seen the devastating impact plastic bags have on the oceans and on precious marine wildlife, which is why we are taking bold and ambitious action to tackle this issue head-on.”
“The UK is already a world leader in this global effort, and our carrier bag charge has been hugely successful in taking billions of harmful plastic bags out of circulation. But we want to go further by extending this to all retailers so we can continue to cut unnecessary waste.”
Earlier this month Morrisons implemented a trial offering paper bags instead of reusable plastic ones in eight stores. The supermarket said if customers were happy they could roll put paper bags at all 494 of its stores.
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-08-31--UK consultants paid £100m to advise government on coronavirus

Some of the UK ’ s largest consulting firms have reportedly been paid more than £100m to advise the government on its response to coronavirus .
Delayed disclosures reveal a total of 106 contracts worth £109m have been agreed between various government departments and consulting firms such as PwC , Deloitte and McKinsey since the pandemic took hold in March .
Read more : McKinsey paid £560,000 to consult on Public Health England axeing The Financial Times reported some of the contracts had remained private for up to three months despite procurement rules stating a contract must be published within @ @ @ @ @ @ @ contracts were chalked up under emergency procurement rules , which allowed consulting firms to be handed contracts directly , without a competitive tender process .
PwC has been the largest supplier of consulting services , having been handed 11 contracts worth almost £21m .
Among its services including advising on the CBILS scheme , which provides financial support to smaller businesses during the crisis .
Meanwhile private-equity backed PA Consulting was reportedly awarded four contracts worth £18.3m , mostly advising on the ventilator challenge .
Marketing agency MullenLowe was handed a six-month contract @ @ @ @ @ @ @ ’ s coronavirus advertising campaigns , including the “ stay home ” message at the start of the pandemic .
PwC , along with the remaining Big Four accountancy firms Deloitte , KPMG and EY have been awarded contracts worth £44m so far .
McKinsey , Bain and Boston Consulting Group have been awarded contracts worth £9.5m , according to the Financial Times .
The government had already faced criticism for paying McKinsey more than £500,000 for six weeks of work .
Read more : Government ’ s coronavirus business interruption loan scheme @ @ @ @ @ @ @ says consultancy A contract from May showed the Department of Health and Social Care had enlisted McKinsey ’ s help to prepare a report on the options for a new body that would run England ’ s test and trace programme .
The firm was reportedly hired for £563,400 to submit a document outlining the “ mission and vision ” of the body replacing Public Health England .

UK consultants paid £100m to advise government on coronavirus
Average partner pay at the PwC surged to a record £868,000 earlier this year.
Some of the UK’s largest consulting firms have reportedly been paid more than £100m to advise the government on its response to coronavirus.
Delayed disclosures reveal a total of 106 contracts worth £109m have been agreed between various government departments and consulting firms such as PwC, Deloitte and McKinsey since the pandemic took hold in March.
The Financial Times reported some of the contracts had remained private for up to three months despite procurement rules stating a contract must be published within 30 days.
The majority of the contracts were chalked up under emergency procurement rules, which allowed consulting firms to be handed contracts directly, without a competitive tender process.
PwC has been the largest supplier of consulting services, having been handed 11 contracts worth almost £21m. Among its services including advising on the CBILS scheme, which provides financial support to smaller businesses during the crisis.
Meanwhile private-equity backed PA Consulting was reportedly awarded four contracts worth £18.3m, mostly advising on the ventilator challenge.
Marketing agency MullenLowe was handed a six-month contract worth £16m for work on the government’s coronavirus advertising campaigns, including the “stay home” message at the start of the pandemic.
PwC, along with the remaining Big Four accountancy firms Deloitte, KPMG and EY have been awarded contracts worth £44m so far. McKinsey, Bain and Boston Consulting Group have been awarded contracts worth £9.5m, according to the Financial Times.
The government had already faced criticism for paying McKinsey more than £500,000 for six weeks of work.
A contract from May showed the Department of Health and Social Care had enlisted McKinsey’s help to prepare a report on the options for a new body that would run England’s test and trace programme.
The firm was reportedly hired for £563,400 to submit a document outlining the “mission and vision” of the body replacing Public Health England.


cityam--2020-08-31--Gas Wars and The Hotgate

Gas Wars and The Hotgate

2-3 months ago , a Defi presale would be 100 Ethereum ( ETH ) at the most .
At that time , ETH was around $ 200 .
The sale lasted for a day or two , and the standard announcement was : “ We are going to launch this project .
We will launch it at this particular time .
Buy it at Uniswap.
” Fast forward to today , we are seeing this model transformed into Presale Dominance because of the Gas Wars .
Previously , we saw 200-300 ETH raises , now we are in the time @ @ @ @ @ @ @ in 2 hours .
You might ask yourself – what is a Gas War ?
The gas war is mainly happening with projects where there is a lot of hype , and you need to send in your ETH to participate in the presale .
Gas determines the speed of a transaction .
The more gas you put in , the more likely you will get in before others , and that is why you would set a high gas fee .
In some cases , we ’ ve seen 1 ETH used @ @ @ @ @ @ @ a private sale .
Unilayer raised $ 1.2M , and the first senders used over 1 ETH in gas fees just to be first in line .
During a presale , the project team shares their ETH address , and participants have to send their ETH to that address .
It ’ s always on a first-come , first-serve basis .
If the hard cap is 100 ETH and is filling fast , you might want to increase Ethereum gas fees ( GWEI ) when you send the amount that you are looking @ @ @ @ @ @ @ are lower than everyone else ’ s , your transaction will stay pending , and you may miss your chance to get into the presale .
If that happens , your ETH will be refunded to you .
Presales are the Hotgate to Defi .
If you get through , that ’ s where you can make the most gains due to acquiring the coins at the lowest price .
Keep in mind that if something is hot , it can quickly burn you .
All of these projects are at their riskiest @ @ @ @ @ @ @ teams do most of the projects that are moonshots ( as well as the rugs ) .
You are giving them your money , and they can do whatever they like , including run away with it .
Groups of projects are initially the biggest liquidity provider as they provide the initial Ethereum and initial tokens for people to trade on Uniswap .
Rugging at the Uniswap stage is merely reversing the process – removing ETH and tokens .
The token price will stay flat , but if the cost of the tokens @ @ @ @ @ @ @ pool is also higher .
So when you are pulling the Rug , you take more ETH .
Sometimes Rug pullers do their magic in the presale stage before your token hits Uniswap .
Let ’ s say they raise 2000 ETH in a private sale , right after they send that same ETH through something often called a “ mixer.
” The ETH is now lost in the network , no one knows where it is , and scammers can cash it out without revealing their identity .
A good recent example @ @ @ @ @ @ @ website , social handles , and even an MVP .
Yet they turned around and ran away with 1000 ETH .
There is undoubtedly a correlation between anonymous teams and pulling the rug .
If you come across a project that is anonymous and/or making grandiose promises , you might want to do some more due diligence just so your ETH stays safe .
Everyone is empowered now as the barriers of entry are removed by the DeFi decentralized exchange ( DEX ) Uniswap .
It allows developers to put their ideas out @ @ @ @ @ @ @ Unigraph , raise funds , and develop their dreams .
Elastic supply tokens are a problematic area because of the complexity of the model itself .
A project worth mentioning is Softlink ( SLINK ) .
It is one of the latest presales to collect funds that raised 216 ETH in the public sale .
Softlink was possibly the launch of the week that outperformed all expectations .
It is a fork of Ampleforth ( AMPL ) – a non-dilutive elastic token .
Its target value is $ 1 , and the purpose @ @ @ @ @ @ @ decrease the supply , so the price of the token navigates towards the target .
Supply adjusts in response to the demand .
Let ’ s just say the AMPL price is below $ 1 .
Instead of airdropping the supply , everyone who is holding the coin loses supply , pushing the price back up towards the target price .
It is also an elastic price coin with rebase functions that allow the token holders to get additional tokens by airdrop for holding previously acquired tokens .
Softlink is different in the @ @ @ @ @ @ @ LINK ( Chain Link ) rather than 1 USD , so Its target price in USD is always increasing or decreasing .
In terms of token value , at the presale stage , the price was $ 2 and peaked at almost $ 38 , which is 20X with rebasing mechanics with an airdrop supply to all the current token holders .
Out of several stages , 1st was at 50 % , 2nd was 50 % , and the 3rd added a 100 % rebase .
Imagine if you have 1000 coins @ @ @ @ @ @ @ to you .
Now , if the rebase was at $ 38 , early birds would yield over 4000 % returns , if not more .
The key here is to get in early , compound airdrops , and manage your risk appropriately .
SLINK and AMPL are similar in the sense of the rebase mechanism ; the supply change happens every day , at the same time .
This periodicity was abandoned by another project , RMPL ( random AMPL ) , where it is conducted randomly and sometimes within 48 hours @ @ @ @ @ @ @ speed , improvements building upon older projects are inevitable and happen quickly .
ROCKET ( RCKT ) is one of those that is set to do exactly that .
There is a lot of talk about it , and within the community , it is gaining momentum as a promising project .
It is being developed by well-known players in the space – a code developer of Unitrade , and a founder of Unitrade .
Unlike AMPL and SLINK that are hard-pegged , ROCKET is different because the price target is set for @ @ @ @ @ @ @ icing on the cake .
It offers a different twist that could turn out to be profitable in the near future .
Monitoring the DeFi space takes a lot of time and effort .
It ’ s all about the community that can spot these scam red flags .
DeFi Insiders MSH work to crowdsource due diligence by referencing developers and analysts who investigate projects , as well as their teams , before making any comments .
DeFi Insiders MSH are a group of experts working in the heart of the movement .
@ @ @ @ @ @ @ is happening on a day to day basis .
Nothing written in this article constitutes financial advice and does not reflect either the views of City AM or those of Crypto AM .

Gas Wars and The Hotgate
2-3 months ago, a Defi presale would be 100 Ethereum (ETH) at the most. At that time, ETH was around $200. The sale lasted for a day or two, and the standard announcement was: “We are going to launch this project. We will launch it at this particular time. Buy it at Uniswap.” Fast forward to today, we are seeing this model transformed into Presale Dominance because of the Gas Wars. Previously, we saw 200-300 ETH raises, now we are in the time where projects like ROCKET raise 2500 ETH in 2 hours.
You might ask yourself – what is a Gas War? The gas war is mainly happening with projects where there is a lot of hype, and you need to send in your ETH to participate in the presale. Gas determines the speed of a transaction. The more gas you put in, the more likely you will get in before others, and that is why you would set a high gas fee. In some cases, we’ve seen 1 ETH used in gas fees to get in on a private sale. Unilayer raised $1.2M, and the first senders used over 1 ETH in gas fees just to be first in line.
During a presale, the project team shares their ETH address, and participants have to send their ETH to that address. It’s always on a first-come, first-serve basis. If the hard cap is 100 ETH and is filling fast, you might want to increase Ethereum gas fees (GWEI) when you send the amount that you are looking to invest. If your gas fees are lower than everyone else’s, your transaction will stay pending, and you may miss your chance to get into the presale. If that happens, your ETH will be refunded to you.
Presales are the Hotgate to Defi.
If you get through, that’s where you can make the most gains due to acquiring the coins at the lowest price. Keep in mind that if something is hot, it can quickly burn you. All of these projects are at their riskiest during the presale stage, as anonymous teams do most of the projects that are moonshots (as well as the rugs). You are giving them your money, and they can do whatever they like,including run away with it. Groups of projects are initially the biggest liquidity provider as they provide the initial Ethereum and initial tokens for people to trade on Uniswap. Rugging at the Uniswap stage is merely reversing the process – removing ETH and tokens. The token price will stay flat, but if the cost of the tokens goes up, the ETH inside the pool is also higher. So when you are pulling the Rug, you take more ETH.
Sometimes Rug pullers do their magic in the presale stage before your token hits Uniswap. Let’s say they raise 2000 ETH in a private sale, right after they send that same ETH through something often called a “mixer.” The ETH is now lost in the network, no one knows where it is, and scammers can cash it out without revealing their identity.
A good recent example was UniSnipe. Unisnipe had a professional website, social handles, and even an MVP. Yet they turned around and ran away with 1000 ETH. There is undoubtedly a correlation between anonymous teams and pulling the rug. If you come across a project that is anonymous and/or making grandiose promises, you might want to do some more due diligence just so your ETH stays safe.
Future Forecasts
Everyone is empowered now as the barriers of entry are removed by the DeFi decentralized exchange (DEX) Uniswap. It allows developers to put their ideas out, get funding, and similar to Unigraph, raise funds, and develop their dreams.
Elastic supply tokens are a problematic area because of the complexity of the model itself. A project worth mentioning is Softlink (SLINK). It is one of the latest presales to collect funds that raised 216 ETH in the public sale. Softlink was possibly the launch of the week that outperformed all expectations. It is a fork of Ampleforth (AMPL) – a non-dilutive elastic token. Its target value is $1, and the purpose of the coin is to increase or decrease the supply, so the price of the token navigates towards the target. Supply adjusts in response to the demand. Let’s just say the AMPL price is below $1. Instead of airdropping the supply, everyone who is holding the coin loses supply, pushing the price back up towards the target price. It is also an elastic price coin with rebase functions that allow the token holders to get additional tokens by airdrop for holding previously acquired tokens.
Softlink is different in the sense that it is pegged to 0.01 LINK (Chain Link) rather than 1 USD, so Its target price in USD is always increasing or decreasing. In terms of token value, at the presale stage, the price was $2 and peaked at almost $38, which is 20X with rebasing mechanics with an airdrop supply to all the current token holders. Out of several stages, 1st was at 50%, 2nd was 50%, and the 3rd added a 100% rebase. Imagine if you have 1000 coins, you get another 1000 SLINK airdropped to you. Now, if the rebase was at $38, early birds would yield over 4000% returns, if not more. The key here is to get in early, compound airdrops, and manage your risk appropriately.
SLINK and AMPL are similar in the sense of the rebase mechanism; the supply change happens every day, at the same time. This periodicity was abandoned by another project, RMPL (random AMPL), where it is conducted randomly and sometimes within 48 hours.
With this industry moving at such speed, improvements building upon older projects are inevitable and happen quickly. ROCKET (RCKT) is one of those that is set to do exactly that. There is a lot of talk about it, and within the community, it is gaining momentum as a promising project. It is being developed by well-known players in the space – a code developer of Unitrade, and a founder of Unitrade. Unlike AMPL and SLINK that are hard-pegged, ROCKET is different because the price target is set for increasing always, and a rebase is icing on the cake. It offers a different twist that could turn out to be profitable in the near future.
Monitoring the DeFi space takes a lot of time and effort. It’s all about the community that can spot these scam red flags. DeFi Insiders MSH work to crowdsource due diligence by referencing developers and analysts who investigate projects, as well as their teams, before making any comments.
DeFi Insiders MSH are a group of experts working in the heart of the movement. This is a live reflection of what is happening on a day to day basis. Nothing written in this article constitutes financial advice and does not reflect either the views of City AM or those of Crypto AM.
https://t.me/moonhunters


cityam--2020-08-31--Pandemic hysteria is blinding us to the virus’s real risks

I have long held off writing this column , as I well know it will lead to some hysterical responses .
Nevertheless , the credo of any good opinion writer surely must be to be fearless , to fly in the face of received opinion if the cause is just .
And there has rarely been a greater need for a column , outlining how perfectly understandable caution about the Coronavirus—the political risk event of our generation—has morphed into something truly dangerous to the continued wellbeing of the West ’ s long-term economic and social health .
As a historian @ @ @ @ @ @ @ be set an exam question that goes like this : “ In 2020 , following the first peak of the Coronavirus , why did the western world turn its back on statistics , instead continuing to cower down in their homes , even after the huge economic and social dangers to such a course of action became clear ?
” At present , there simply is no rational answer to this fundamental question .
This Covid hysteria is peculiar to our time and place .
Regarding the US , the Asian Flu of @ @ @ @ @ @ @ 1968-69 were roughly equal to Covid-19 in terms of their lethality ; in both cases well over 100,000 Americans died .
However , it is highly unlikely you know much about either incident , as in neither did the US close itself economically for business .
In both cases , the all-too-real economic risk was factored in , and America ’ s leaders responsibly thought in aggregate , all the while knowing that tragic deaths could not be abolished , that risk was an indispensable part of life .
Instead , our present @ @ @ @ @ @ @ health risks of Covid , while entirely underestimating the fearful economic price paid for a lockdown without end .
Lockdown was first rightly proposed at the height of the pandemic , an entirely sensible tactic to lessen the burden on hard pressed health care services : “ To flatten the curve ” .
This has somehow morphed into a crazy , utopian desire to abolish risk and death itself , even as it made the advent of a horrendous economic depression far more likely .
Obsessing about one major problem , policymakers have @ @ @ @ @ @ @ of another , as much of the west has not been working full-time for the past six months .
Indeed , the curve was flattened at great economic cost .
But now , the policy rationale has entirely changed , as the numbers make it clear that lockdown no longer makes a shred of sense .
And , as I learned to my horror over the American intervention in Iraq , when the rationale for any given policy changes , it probably means the policy is no longer a very good idea .
@ @ @ @ @ @ @ and spread out the inevitable infections , not to magically do away with them .
Here are the hard numbers .
The odds of someone my age surviving the Coronavirus assuming I contract it are 997 out of 1000 .
That is not nothing , but as with the real risks from dying from a car crash or slipping in the shower , I ’ ll take my chances and keep traveling and continue to clean myself .
In aggregate , and this is how societies must work , the risk is manageable @ @ @ @ @ @ @ mad notion that all risk can somehow be abolished in life must be shouted down as the lunacy it is .
But the economic calamity this policy madness has caused is irrefutable .
There are still more than 10.6m Americans out of work in August than there were in the golden days of February , ahead of the lockdown .
UK GDP toppled a subterranean 20.4 per cent in the second quarter ; in 2020 , British GDP erased 17 years of UK growth in just two quarters .
During the same quarter @ @ @ @ @ @ @ ’ s GDP fell 18.5 per cent , France 13.8 per cent , Italy 12.4 per cent , Canada 12 per cent , Germany 10.1 per cent , the US 9.5 per cent , and Japan 7.8 per cent .
To blithely think we can all keep sitting on our couches while the economic apocalypse approaches , is the greatest danger of all .
At the same time , does anyone alive buy the nonsense that children have actually been learning anything even as their fragile skill sets erode ?
This unmeasurable cost @ @ @ @ @ @ @ s not believe the panic mongers , as they are the greatest danger of all .
As of the end of August , Covid cases remain high though the number of deaths and serious cases have plummeted , a fact that has been given shockingly little publicity .
For example , patients on ventilators in the UK have declined from 3000 cases at the height of the pandemic , to merely 70 cases now , even as the case numbers have risen .
Facts , as they say , are the facts .
@ @ @ @ @ @ @ as stark as it is vital .
In Vietnam terms , we must not destroy the village in order to save it .
After fruitlessly trying to mitigate risk forever through lockdown , we must now get back to work and save our civilisation .

Pandemic hysteria is blinding us to the virus’s real risks
Spain recorded more than 3,700 new cases of coronavirus on Wednesday
I have long held off writing this column, as I well know it will lead to some hysterical responses. Nevertheless, the credo of any good opinion writer surely must be to be fearless, to fly in the face of received opinion if the cause is just.
And there has rarely been a greater need for a column, outlining how perfectly understandable caution about the Coronavirus—the political risk event of our generation—has morphed into something truly dangerous to the continued wellbeing of the West’s long-term economic and social health.
As a historian, I guarantee you our grandchildren will be set an exam question that goes like this: “In 2020, following the first peak of the Coronavirus, why did the western world turn its back on statistics, instead continuing to cower down in their homes, even after the huge economic and social dangers to such a course of action became clear?” At present, there simply is no rational answer to this fundamental question.
This Covid hysteria is peculiar to our time and place. Regarding the US, the Asian Flu of 1957 and the Hong Kong flu of 1968-69 were roughly equal to Covid-19 in terms of their lethality; in both cases well over 100,000 Americans died. However, it is highly unlikely you know much about either incident, as in neither did the US close itself economically for business. In both cases, the all-too-real economic risk was factored in, and America’s leaders responsibly thought in aggregate, all the while knowing that tragic deaths could not be abolished, that risk was an indispensable part of life.
Instead, our present western governments have now exaggerated the long-term health risks of Covid, while entirely underestimating the fearful economic price paid for a lockdown without end.
Lockdown was first rightly proposed at the height of the pandemic, an entirely sensible tactic to lessen the burden on hard pressed health care services: “To flatten the curve”. This has somehow morphed into a crazy, utopian desire to abolish risk and death itself, even as it made the advent of a horrendous economic depression far more likely.
Obsessing about one major problem, policymakers have criminally failed to foresee the predictable coming of another, as much of the west has not been working full-time for the past six months.
Indeed, the curve was flattened at great economic cost. But now, the policy rationale has entirely changed, as the numbers make it clear that lockdown no longer makes a shred of sense. And, as I learned to my horror over the American intervention in Iraq, when the rationale for any given policy changes, it probably means the policy is no longer a very good idea. Lockdowns were put in place to delay and spread out the inevitable infections, not to magically do away with them.
Here are the hard numbers. The odds of someone my age surviving the Coronavirus assuming I contract it are 997 out of 1000. That is not nothing, but as with the real risks from dying from a car crash or slipping in the shower, I’ll take my chances and keep traveling and continue to clean myself.
In aggregate, and this is how societies must work, the risk is manageable, statistics must be understood and the mad notion that all risk can somehow be abolished in life must be shouted down as the lunacy it is.
But the economic calamity this policy madness has caused is irrefutable. There are still more than 10.6m Americans out of work in August than there were in the golden days of February, ahead of the lockdown.
UK GDP toppled a subterranean 20.4 per cent in the second quarter; in 2020, British GDP erased 17 years of UK growth in just two quarters. During the same quarter, according to the Economist, Spain’s GDP fell 18.5 per cent, France 13.8 per cent, Italy 12.4 per cent, Canada 12 per cent, Germany 10.1 per cent, the US 9.5 per cent, and Japan 7.8 per cent. To blithely think we can all keep sitting on our couches while the economic apocalypse approaches, is the greatest danger of all.
At the same time, does anyone alive buy the nonsense that children have actually been learning anything even as their fragile skill sets erode? This unmeasurable cost will cripple generations.
So let’s not believe the panic mongers, as they are the greatest danger of all. As of the end of August, Covid cases remain high though the number of deaths and serious cases have plummeted, a fact that has been given shockingly little publicity. For example, patients on ventilators in the UK have declined from 3000 cases at the height of the pandemic, to merely 70 cases now, even as the case numbers have risen. Facts, as they say, are the facts.
The bottom line about the virus is as stark as it is vital. In Vietnam terms, we must not destroy the village in order to save it. After fruitlessly trying to mitigate risk forever through lockdown, we must now get back to work and save our civilisation.
Main image credit: Getty


cityam--2020-08-31--Supporting young people's education will create lasting value for London and the UK

You ’ d have to be on a desert island to miss the fact that in recent weeks pupils across the capital have received their A-Level and GCSE exam results .
This has been a year like no other .
Not only has every school had to adapt and find new ways of working following closures forced by the Covid-19 pandemic , but the way in which results have been awarded in the absence of exams has changed and changed again , with huge stress for all concerned — most particularly the pupils .
We know though that a lot @ @ @ @ @ @ @ preparing for exams and coursework , not only from the pupils themselves , but also from teachers , support staff and parents , and this deserves celebrating .
Read more : Top Department for Education civil servant to leave position And I ’ m proud that pupils in the City of London Academies Trust , which runs eight academies sponsored by the City of London Corporation in Hackney , Newham , Islington and Southwark , have some real success stories to tell .
Jessica Kappy , a student at the City of London @ @ @ @ @ @ @ with three As and will be studying Medicine at the University of Oxford .
And at Newham Collegiate Sixth Form Centre , four pupils were awarded a total of £1m in scholarships from top American universities .
Read more : University is still the safest bet to a good life The school , based in East Ham , runs a US university preparation programme which includes a paid tour of the Ivy League universities , mentoring advice and guidance for those looking to study overseas .
But as we look across society , @ @ @ @ @ @ @ best paid jobs in the corporate world are secured by people from privileged backgrounds who have had an elite education .
This situation creates huge hurdles for people from less advantaged backgrounds , who can struggle to find a place or make progress within the workforce .
There are many bright and talented young people from across society who are hungry for the opportunity to progress and do well .
I strongly believe that as a business community we must do more to ensure they receive the guidance , support and — most @ @ @ @ @ @ @ career that they are passionate about .
The City of London Academies Trust has twice been named by social mobility charity Sutton Trust as the UK ’ s best academy sponsor for empowering pupils from disadvantaged backgrounds to perform above the national average .
Many of our academies are located in some of the most underprivileged areas of the capital — and their links with London ’ s firms have served them well .
As a leading academy sponsor , we are working hard to help develop young Londoners into successful adults who @ @ @ @ @ @ @ , national and global communities .
That ’ s why we invited over 850 youngsters from six academies to attend summer catch-up programmes to bridge learning gaps caused by lockdown school closures .
And it ’ s why this September we will give more than 1,500 young Londoners in 10 schools extra support to bridge learning gaps caused by the Covid-19 lockdown .
This year ’ s results just go to show that through hard work , dedication and the right support and guidance , the next generation can flourish and create lasting @ @ @ @ @ @ @

Supporting young people’s education will create lasting value for London and the UK
You’d have to be on a desert island to miss the fact that in recent weeks pupils across the capital have received their A-Level and GCSE exam results.
This has been a year like no other. Not only has every school had to adapt and find new ways of working following closures forced by the Covid-19 pandemic, but the way in which results have been awarded in the absence of exams has changed and changed again, with huge stress for all concerned — most particularly the pupils.
We know though that a lot of hard work and dedication went into preparing for exams and coursework, not only from the pupils themselves, but also from teachers, support staff and parents, and this deserves celebrating.
Read more: Top Department for Education civil servant to leave position
And I’m proud that pupils in the City of London Academies Trust, which runs eight academies sponsored by the City of London Corporation in Hackney, Newham, Islington and Southwark, have some real success stories to tell.
Jessica Kappy, a student at the City of London Academy Highbury Grove, passed her A-Levels with three As and will be studying Medicine at the University of Oxford.
And at Newham Collegiate Sixth Form Centre, four pupils were awarded a total of £1m in scholarships from top American universities.
Read more: University is still the safest bet to a good life
The school, based in East Ham, runs a US university preparation programme which includes a paid tour of the Ivy League universities, mentoring advice and guidance for those looking to study overseas.
But as we look across society, we still see that many of the best paid jobs in the corporate world are secured by people from privileged backgrounds who have had an elite education.
This situation creates huge hurdles for people from less advantaged backgrounds, who can struggle to find a place or make progress within the workforce.
There are many bright and talented young people from across society who are hungry for the opportunity to progress and do well.
Read more: Record number of students receive highest GCSE grades
I strongly believe that as a business community we must do more to ensure they receive the guidance, support and — most importantly — the opportunity to find a career that they are passionate about.
The City of London Academies Trust has twice been named by social mobility charity Sutton Trust as the UK’s best academy sponsor for empowering pupils from disadvantaged backgrounds to perform above the national average.
Many of our academies are located in some of the most underprivileged areas of the capital — and their links with London’s firms have served them well.
As a leading academy sponsor, we are working hard to help develop young Londoners into successful adults who make a positive contribution to their local, national and global communities.
That’s why we invited over 850 youngsters from six academies to attend summer catch-up programmes to bridge learning gaps caused by lockdown school closures.
And it’s why this September we will give more than 1,500 young Londoners in 10 schools extra support to bridge learning gaps caused by the Covid-19 lockdown.
This year’s results just go to show that through hard work, dedication and the right support and guidance, the next generation can flourish and create lasting value for London and the UK.
Main image credit: Getty


cityam--2020-08-31--Schools across England welcome pupils back for autumn term

Hundreds of thousands of pupils in England will return to classrooms today , as schools across the country start to reopen for full-time education .
Pupils will be welcomed back for the autumn term with a “ system of controls ” in place to keep pupils , teachers and staff safe by minimising direct contacts and maintaining social distancing where possible , the Department of Education said .
Read more : Boris Johnson U-turns on face mask rules in schools Over the weekend education secretary , Gavin Williamson , penned an open letter to parents insisting schools are safe for @ @ @ @ @ @ @ a child is not in school , they stand to lose far more than just a few months of learning .
It could well put a huge dent in their future life chances , ” he said .
“ Education is a birthright , so let ’ s make sure we get all children back – back to learning , back to playing and back to being kids again.
” It followed backlash from teachers after the government published last-minute guidance on Friday evening on what to do during virus outbreaks and local @ @ @ @ @ @ @ home every other fortnight in the event of a local lockdown .
And in areas where additional restrictions have been introduced following a spike in cases , secondary schools have been warned they might have to limit the number of students .
The NAHT school leaders ’ union said the timing was “ reprehensible ” .
Today Williamson reiterated : “ I do not underestimate how challenging the last few months have been but I do know how important it is for children to be back in school , not only for their @ @ @ @ @ @ @ too.
” The Welsh government has also said schools can start to welcome pupils back from 1 September .
However they have said a “ period of flexibility ” will be allowed as schools adjust to the new arrangements .
The UK ’ s chief medical officers have insisted that the health risk posed by coronavirus to children is extremely low .

Schools across England welcome pupils back for autumn term
UK schools welcome pupils back to classrooms
Hundreds of thousands of pupils in England will return to classrooms today, as schools across the country start to reopen for full-time education.
Pupils will be welcomed back for the autumn term with a “system of controls” in place to keep pupils, teachers and staff safe by minimising direct contacts and maintaining social distancing where possible, the Department of Education said.
Over the weekend education secretary, Gavin Williamson, penned an open letter to parents insisting schools are safe for pupils to return to.
“If a child is not in school, they stand to lose far more than just a few months of learning. It could well put a huge dent in their future life chances,” he said.
“Education is a birthright, so let’s make sure we get all children back – back to learning, back to playing and back to being kids again.”
It followed backlash from teachers after the government published last-minute guidance on Friday evening on what to do during virus outbreaks and local lockdowns.
Secondary pupils could be kept home every other fortnight in the event of a local lockdown. And in areas where additional restrictions have been introduced following a spike in cases, secondary schools have been warned they might have to limit the number of students.
The NAHT school leaders’ union said the timing was “reprehensible”.
Today Williamson reiterated: “I do not underestimate how challenging the last few months have been but I do know how important it is for children to be back in school, not only for their education but for their development and wellbeing too.”
The Welsh government has also said schools can start to welcome pupils back from 1 September. However they have said a “period of flexibility” will be allowed as schools adjust to the new arrangements.
The UK’s chief medical officers have insisted that the health risk posed by coronavirus to children is extremely low.


cityam--2020-08-31--City View: WeWork's Mathieu Proust on the future of the office

Today Andy Silvester steps in for Christian May , and talks to WeWork ’ s UK boss Mathieu Proust .
The property firm ’ s chief offers his opinions on the value of office space and flexibility , the future of London as a global hub and the outfit ’ s plans to rebound from a dire 2019 .
Andy also looks at the latest in the ongoing saga over the future ownership of TikTok , the backlash to plans for tax rises in the UK and the upcoming hike in the price of a humble plastic bag .
Read @ @ @ @ @ @ @ Holt of Oxford Economics on the future of cities ETX Capital is one of the UK ’ s leading spread betting and CFD trading providers , offering services to retail , institutional , professional and high net worth customers via an award-winning trading platform .
With over 50 years of experience in the financial markets , customers and service are always put first at ETX , and the company prides itself in offering a tailor-made trading experience to every customer .
The multi-device TraderPro platform delivers a fully customisable , award-winning trading technology @ @ @ @ @ @ @ over 5,000 markets to trade .
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage .
76 % of retail investor accounts lose money when spread betting or trading CFDs with ETX .
You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing your money.Authorised and regulated by the Financial Conduct Authority with Financial Services register number 124721.ETX Capital provides an execution-only service and therefore any market analysis @ @ @ @ @ @ @ provided during this webinar is for educational purposes only and is not intended to be a personal recommendation or construed as advice .
ETX Capital and the presenter are not financial or investment advisors and do not recommend any instrument of any kind .
Any instruments that are mentioned throughout are cited only for illustrative and educational purposes .

The City View: Wework’s Mathieu Proust on the future of the office
Subscribe to The City View Podcast: Apple / Google / Spotify / RSS
Today Andy Silvester steps in for Christian May, and talks to Wework’s UK boss Mathieu Proust.
The property firm’s chief offers his opinions on the value of office space and flexibility, the future of London as a global hub and the outfit’s plans to rebound from a dire 2019.
Andy also looks at the latest in the ongoing saga over the future ownership of Tiktok, the backlash to plans for tax rises in the UK and the upcoming hike in the price of a humble plastic bag.
In association with ETX Capital
ETX Capital is one of the UK’s leading spread betting and CFD trading providers, offering services to retail, institutional, professional and high net worth customers via an award-winning trading platform. With over 50 years of experience in the financial markets, customers and service are always put first at ETX, and the company prides itself in offering a tailor-made trading experience to every customer. The multi-device TraderPro platform delivers a fully customisable, award-winning trading technology with customisable charts, instant execution and over 5,000 markets to trade.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when spread betting or trading CFDs with ETX. You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing your money.Authorised and regulated by the Financial Conduct Authority with Financial Services register number 124721.ETX Capital provides an execution-only service and therefore any market analysis, opinion, commentary or other information provided during this webinar is for educational purposes only and is not intended to be a personal recommendation or construed as advice. ETX Capital and the presenter are not financial or investment advisors and do not recommend any instrument of any kind. Any instruments that are mentioned throughout are cited only for illustrative and educational purposes.


cityam--2020-08-31--UK economy unlikely to recover until 2023, KPMG says

The UK economy is unlikely to reach its pre-Covid level until early 2023 , according to new forecasts .
KPMG ’ s latest quarterly economic outlook forecasts UK GDP will plunge 10.3 per cent for the year , downgraded from the 7.2 per cent predicted in June .
However , a second lockdown of even just four weeks could leave GDP dropping 12.6 per cent .
Positive advancements in the development of a coronavirus vaccine suggest the pandemic could be overcome by the middle of next year .
If that is the case , KPMG expects growth to pick up @ @ @ @ @ @ @ rolled out by April , with the economy reaching pre-Covid levels by early 2023 .
The base scenario assumes approval of a vaccine in January which will be rolled out by the end of April , allowing social distancing measures to be approved .
But even just a three-month delay in rolling out the vaccine could see GDP growth fall to 7.1 per cent next year , instead of 8.4 per cent , according to KPMG ’ s report .
Yael Selfin , KPMG ’ s chief economist said : “ While it @ @ @ @ @ @ @ economic crisis is behind us , there are still many challenges.
” “ There could be a second wave of infection this year , although we expect any future lockdown to be less severe – and the timing and speed of the economic recovery will be impacted both by vaccine developments and Brexit outcomes.
” The report also emphasises concerns that the end of the job retention scheme in autumn will trigger mass unemployment .
Read more : UK firms must return to the office to revive the economy , says CBI boss @ @ @ @ @ @ @ nine per cent in the fourth quarter , averaging 5.9 per cent this year and 8.2 per cent in 2021 .
“ The government has an important role to play .
Not just in continuing to provide short-term support to the economy but in readying the UK for a more productive future , including upskilling a significant part of the workforce and upgrading the UK ’ s telecommunications network ” , Selfin adds .
“ If we get this right , we could come out of this crisis with a better economy.
” @ @ @ @ @ @ @ following City A.M. on Twitter .

UK economy unlikely to recover until 2023, KPMG says
The UK economy is unlikely to reach its pre-Covid level until early 2023, according to new forecasts.
KPMG’s latest quarterly economic outlook forecasts UK GDP will plunge 10.3 per cent for the year, downgraded from the 7.2 per cent predicted in June.
However, a second lockdown of even just four weeks could leave GDP dropping 12.6 per cent.
Positive advancements in the development of a coronavirus vaccine suggest the pandemic could be overcome by the middle of next year.
If that is the case, KPMG expects growth to pick up 8.4 per cent if a vaccine is rolled out by April, with the economy reaching pre-Covid levels by early 2023.
The base scenario assumes approval of a vaccine in January which will be rolled out by the end of April, allowing social distancing measures to be approved.
But even just a three-month delay in rolling out the vaccine could see GDP growth fall to 7.1 per cent next year, instead of 8.4 per cent, according to KPMG’s report.
Yael Selfin, KPMG’s chief economist said: “While it feels like the worst of the Covid-induced economic crisis is behind us, there are still many challenges.”
“There could be a second wave of infection this year, although we expect any future lockdown to be less severe – and the timing and speed of the economic recovery will be impacted both by vaccine developments and Brexit outcomes.”
The report also emphasises concerns that the end of the job retention scheme in autumn will trigger mass unemployment.
KPMG forecasts the unemployment rate rising to nine per cent in the fourth quarter, averaging 5.9 per cent this year and 8.2 per cent in 2021.
“The government has an important role to play. Not just in continuing to provide short-term support to the economy but in readying the UK for a more productive future, including upskilling a significant part of the workforce and upgrading the UK’s telecommunications network”, Selfin adds. “If we get this right, we could come out of this crisis with a better economy.”
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-08-31--Bank of Mum and Dad will drive housing market recovery

The Bank of Mum and Dad will be a key driving force behind the post-coronavirus recovery within the UK housing market , according to new analysis .
Nearly one in four housing transactions – 23 per cent – will be supported by the Bank of Mum and Dad ( BoMaD ) , a four per cent rise since 2019 , according to new research by Legal and General .
Read more : UK housing market surges in busiest month in 10 years And 24 per cent of borrowers are now more reliant on financial support from family due to the @ @ @ @ @ @ @ lend this year is almost half of the total of 2019 as the housing market effectively locked down during the peak of the pandemic .
Families will lend £3.5bn to loved ones this year , compared to £6.3bn a year earlier , which will fund 85,000 fewer home purchases .
Of those who have recently bought a house and received support from loved ones , 65 per cent said it would have been “ unlikely ” without the BoMaD .
L & G ’ s analysis shows the BoMaD will be even more @ @ @ @ @ @ @ on average £20,000 towards deposits .
Homebuyers in London are set to receive the most , with the average BoMaD “ loan ” standing at £25,800 .
“ While the Bank of Mum and Dad is leaning in to help those lucky enough to have its backing , a generation of hopeful buyers without the support of BoMaD could find themselves locked out of the housing market ” , said Nigel Wilson , L & G chief executive .
The government reopened the UK housing market on 13 May after lockdown , and @ @ @ @ @ @ @ to reignite the housing market .
While there was a collapse in purchases in the first half of the year , L & G ’ s analysis shows the BoMaD will be involved in 175,000 housing transactions with an estimated transaction value of £50.3bn .
Read more : More than 3m older people can ’ t downsize due to lack of suitable housing Wilson added : “ Whilst the generosity of the Bank of Mum and Dad is undoubtedly helping hundreds of thousands of loved ones to realise their homeownership goals every year @ @ @ @ @ @ @ broken housing market.
” “ Our reliance on BoMaD is unfair and unsustainable , and it ’ s putting retirements at risk as parents and grandparents try to help their kids to have a similar standard of living as they enjoyed .
”

Bank of Mum and Dad will drive housing market recovery
The Bank of Mum and Dad will be a key driving force behind the post-coronavirus recovery within the UK housing market, according to new analysis.
Nearly one in four housing transactions – 23 per cent – will be supported by the Bank of Mum and Dad (BoMaD), a four per cent rise since 2019, according to new research by Legal and General.
And 24 per cent of borrowers are now more reliant on financial support from family due to the pandemic.
The amount the BoMaD will lend this year is almost half of the total of 2019 as the housing market effectively locked down during the peak of the pandemic.
Families will lend £3.5bn to loved ones this year, compared to £6.3bn a year earlier, which will fund 85,000 fewer home purchases.
Of those who have recently bought a house and received support from loved ones, 65 per cent said it would have been “unlikely” without the BoMaD. L&G’s analysis shows the BoMaD will be even more generous than usual this year, lending on average £20,000 towards deposits.
Homebuyers in London are set to receive the most, with the average BoMaD “loan” standing at £25,800.
“While the Bank of Mum and Dad is leaning in to help those lucky enough to have its backing, a generation of hopeful buyers without the support of BoMaD could find themselves locked out of the housing market”, said Nigel Wilson, L&G chief executive.
The government reopened the UK housing market on 13 May after lockdown, and has since announced a stamp duty holiday to reignite the housing market.
While there was a collapse in purchases in the first half of the year, L&G’s analysis shows the BoMaD will be involved in 175,000 housing transactions with an estimated transaction value of £50.3bn.
Wilson added: “Whilst the generosity of the Bank of Mum and Dad is undoubtedly helping hundreds of thousands of loved ones to realise their homeownership goals every year, it remains a symptom of our broken housing market.”
“Our reliance on BoMaD is unfair and unsustainable, and it’s putting retirements at risk as parents and grandparents try to help their kids to have a similar standard of living as they enjoyed.”


cityam--2020-08-31--Black Lives Matter: City of London Corporation to review 'problematic' landmarks

The City of London Corporation is today launching a review into landmarks and street names that have “ historic links to slavery and racism ” in the wake of this year ’ s Black Lives Matter protests .
The three-month review will see the local authority ask people which landmarks “ they think are a problem and what action they would like to see taken ” .
Read more : Boris Johnson urges public to avoid ‘ hijacked ’ London protests and defends Churchill statue The review will be chaired by Guildhall ’ s Tackling Racism Taskforce and comes after @ @ @ @ @ @ @ of London Sadiq Khan earlier this year .
Several statues of slave owners were removed across the UK during the Black Lives Matter protests that were sparked by the murder of George Floyd in the US .
Before the Open newsletter : Start your day with the City View podcast and key market data Caroline Addy , co-chair of the Corporation ’ s Tackling Racism Taskforce , said the Square Mile had “ a number of statues and other landmarks with links to the slave trade and historic racism ” .
“ It @ @ @ @ @ @ @ address this legacy with openness and honesty , and carefully consider what should be done , ” she said .
Fellow co-chair of the taskforce Andrien Meyers added : “ We know that historical symbols continue to have an impact today and we want to understand how people feel about this aspect of our cultural history and whether such landmarks should be re-sited , reinterpreted or retained as they stand.
” Read more : Sadiq Khan pleads with PM to save struggling West End Among the first landmarks to potentially go after the @ @ @ @ @ @ @ William Beckford and Sir John Cass that reside in the City of London ’ s Guildhall base .
City University has said it will remove Cass ’ name from its Business School and the City of London may do likewise with a primary school that is named in his honour .

Black Lives Matter: City of London Corporation to review ‘problematic’ landmarks
The three-month review will see the City of London Corporation asking people which landmarks “they think are a problem and what action they would like to see taken”.
The City of London Corporation is today launching a review into landmarks and street names that have “historic links to slavery and racism” in the wake of this year’s Black Lives Matter protests.
The three-month review will see the local authority ask people which landmarks “they think are a problem and what action they would like to see taken”.
The review will be chaired by Guildhall’s Tackling Racism Taskforce and comes after a similar review was announced by mayor of London Sadiq Khan earlier this year.
Several statues of slave owners were removed across the UK during the Black Lives Matter protests that were sparked by the murder of George Floyd in the US.
Before the Open newsletter: Start your day with the City View podcast and key market data
Caroline Addy, co-chair of the Corporation’s Tackling Racism Taskforce, said the Square Mile had “a number of statues and other landmarks with links to the slave trade and historic racism”.
“It’s important that we acknowledge and address this legacy with openness and honesty, and carefully consider what should be done,” she said.
Fellow co-chair of the taskforce Andrien Meyers added: “We know that historical symbols continue to have an impact today and we want to understand how people feel about this aspect of our cultural history and whether such landmarks should be re-sited, reinterpreted or retained as they stand.”
Among the first landmarks to potentially go after the review could be statues of slave owners William Beckford and Sir John Cass that reside in the City of London’s Guildhall base.
City University has said it will remove Cass’ name from its Business School and the City of London may do likewise with a primary school that is named in his honour.


cityam--2020-08-31--Boris Johnson picks Number 10 official as top civil servant

Boris Johnson has reportedly chosen a Number 10 official as the head of the civil service , indicating the Prime Minister is pressing on with wide-sweeping reforms .
Johnson will appoint Simon Case to head up the civil service on Tuesday , according to the Financial Times .
Case was appointed as the PM ’ s temporary permanent secretary in Number 10 in May , as part of efforts to steady the ship amid the pandemic .
But few considered him a serious contender given his lack of experience and a reported desire to return to his old job as @ @ @ @ @ @ @ June Case ’ s predecessor Sir Mark Sedwill was effectively sacked by Number 10 and will now take a seat in the House of Lords .
His other role as national security adviser has been taken by Johnson ’ s chief Brexit adviser , David Frost .
In June , the PM ’ s adviser Dominic Cummings , who had a frosty relationship with Sedwill , told aides a “ hard rain is coming ” and said he would overhaul an “ incoherent ” Cabinet Office to create a smaller centre of government @ @ @ @ @ @ @ very much a ‘ hard rain ’ appointment .
It ’ s a sign they want to do things quickly .
But if the other permanent secretaries don ’ t recognise that person as “ the boss ” there will be trouble .
Will he find that the levers aren ’ t attached to anything ?
” , one official told the FT .
The coronavirus pandemic has exposed weaknesses across the government , with the civil service taking a lot of the flak for these failings .
Jonathan Slater , the top @ @ @ @ @ @ @ , was sacked last week over the A Level exams chaos .
He is the fifth permanent secretary to leave their post in the last six months .

Boris Johnson picks Number 10 official as top civil servant
Boris Johnson has reportedly chosen a Number 10 official as the head of the civil service, indicating the Prime Minister is pressing on with wide-sweeping reforms.
Johnson will appoint Simon Case to head up the civil service on Tuesday, according to the Financial Times.
Case was appointed as the PM’s temporary permanent secretary in Number 10 in May, as part of efforts to steady the ship amid the pandemic.
But few considered him a serious contender given his lack of experience and a reported desire to return to his old job as private secretary to Prince William.
In June Case’s predecessor Sir Mark Sedwill was effectively sacked by Number 10 and will now take a seat in the House of Lords.
His other role as national security adviser has been taken by Johnson’s chief Brexit adviser, David Frost.
In June, the PM’s adviser Dominic Cummings, who had a frosty relationship with Sedwill, told aides a “hard rain is coming” and said he would overhaul an “incoherent” Cabinet Office to create a smaller centre of government.
“Simon’s appointment is very much a ‘hard rain’ appointment. It’s a sign they want to do things quickly. But if the other permanent secretaries don’t recognise that person as “the boss” there will be trouble. Will he find that the levers aren’t attached to anything?”, one official told the FT.
The coronavirus pandemic has exposed weaknesses across the government, with the civil service taking a lot of the flak for these failings.
Jonathan Slater, the top civil servant at the Department of Education, was sacked last week over the A Level exams chaos. He is the fifth permanent secretary to leave their post in the last six months.
More to follow