cityam--2020-09-24--Facebook to launch oversight board just before US election

Facebook is planning to launch its long-delayed oversight board in mid- to late October , just ahead of the US presidential election , following mounting criticism over its handling of hate speech and other divisive content .
The social media giant ’ s independent oversight board will initially have the power to review decisions to remove content from Facebook and Instagram and recommend policy changes , but a board member said he did not know whether it would hear cases related to the US election .
Read more : Facebook backtracks on pulling out of Europe over data laws The @ @ @ @ @ @ @ and chief executive Mark Zuckerberg in 2018 , and the company said last September that it would launch in early 2020 .
Facebook has come under increasing pressure to take more action to tackle problematic content amid warnings of potential increases in hate speech and posts inciting violence in the run up to the vote on 3 November .
However some experts have said the oversight board will not be able to help combat misinformation , because it will have no authority at first to evaluate posts that the company decides to leave @ @ @ @ @ @ @ in an interview that the board was now preparing to launch in October .
Rusbridger , a former editor of the Guardian , told Reuters he did not know whether the board would hear cases related to the US presidential election .
The board ’ s rules allow it up to three months to decide on which cases it will hear , and a further three months to deliver its rulings .
Citing a source familiar with the situation , the Financial Times reported that Facebook has no plans to refer expedited cases @ @ @ @ @ @ @ board .
Read more : Facebook removes network of Chinese accounts over US election influence A spokesperson confirmed the timetable to Reuters , and said the launch had been slowed by the coronavirus pandemic .
City A.M. has contacted Facebook for comment .

Facebook to launch oversight board just before US election
Facebook chief executive Mark Zuckerberg during a Senate committee hearing in Washington in April
Facebook is planning to launch its long-delayed oversight board in mid- to late October, just ahead of the US presidential election, following mounting criticism over its handling of hate speech and other divisive content.
The social media giant’s independent oversight board will initially have the power to review decisions to remove content from Facebook and Instagram and recommend policy changes, but a board member said he did not know whether it would hear cases related to the US election.
The board was first announced by Facebook founder and chief executive Mark Zuckerberg in 2018, and the company said last September that it would launch in early 2020.
Facebook has come under increasing pressure to take more action to tackle problematic content amid warnings of potential increases in hate speech and posts inciting violence in the run up to the vote on 3 November.
However some experts have said the oversight board will not be able to help combat misinformation, because it will have no authority at first to evaluate posts that the company decides to leave up.
Board member Alan Rusbridger said in an interview that the board was now preparing to launch in October.
Rusbridger, a former editor of the Guardian, told Reuters he did not know whether the board would hear cases related to the US presidential election.
The board’s rules allow it up to three months to decide on which cases it will hear, and a further three months to deliver its rulings.
Citing a source familiar with the situation, the Financial Times reported that Facebook has no plans to refer expedited cases related to the election to the oversight board.
A spokesperson confirmed the timetable to Reuters, and said the launch had been slowed by the coronavirus pandemic.
City A.M. has contacted Facebook for comment.


cityam--2020-09-24--2020: The year to start trading volatility

Newton ’ s third law dictates that for every action there is an equal and opposite reaction .
It is a law whose logic can be seen in movements of the market .
Political shocks and scandals , natural disasters and pandemics , and now even incendiary tweets , can set off jitters and tremors across all markets .
Before this summer , the same law traditionally governed the CBOE Volatility Index ( VIX ) - .
As stocks would rise , the volatility index – also known as the ‘ fear index ’ or ‘ fear gauge ’ – @ @ @ @ @ @ @ fell , the VIX would rise .
After all , stock prices increasing generally suggests confidence while falling prices suggest the opposite .
Enter 2020 .
Expert analysts , bankers , and retail investors have all been faced with a flurry of mixed signals coming from the markets during this period of unprecedented volatility .
This year , the U.S. stock market saw the biggest August trading rally since 1986 .
The S & P 500 is closing at record highs at the end of August and the start of September , up @ @ @ @ @ @ @ seen in March .
However , well over half the companies within the S & P have not seen a meaningful recovery or have posted losses during the same period .
Subsequently the VIX is rising simultaneously with the stock index .
As stocks are rising , investors are still incredibly nervous .
So how and where can the average retail trader , enter the market and start trading when they ’ re in such a state , without the fear of potentially being caught in the middle of unprecedented market drops .
@ @ @ @ @ @ @ It ’ s not surprising to see the combination of a global lockdown and record-breaking volatility leading to an increase of first time traders .
There are so many company shares , indices , currencies , and funds to pick from , all with their own pros and cons , risks and opportunities and while a healthy dose of choice is certainly a good thing , it can be overwhelming for new traders in today ’ s market .
With the markets in such a state of flux there is opportunity present and @ @ @ @ @ @ @ – including volatility itself !
Rather than trudging through years of stock market data and company performance profiles to find that one perfect share , traders can speculate on the very volatility that has dominated the markets this year .
Instead of toiling through countless currency charts to find that one perfect pair , traders just need to express a view on the overall future performance of one the world ’ s leading stock indices .
Such is the benefit of trading FXCM ’ s VOLX CFD ( contract-for-difference ) in 2020 .
@ @ @ @ @ @ @ markets , rather than the stock prices themselves , VOLX provides investors with a further means to potentially profit directly from the unprecedented market swings of today without having to speculate on which direction the market is heading .
As we navigate our way through these uncertain times , it is essential that brokers facilitate access into markets for new and existing traders while constantly innovating easier and cheaper methods of investing .
In trading with an instrument like CFDs , and with things as perhaps intangible as ‘ investor risk sentiment ’ @ @ @ @ @ @ @ can be complex instruments for newer traders .
But that is precisely why it is important to trade with a reputable and regulated broker .
While leverage can bring about large gains , it can also catch some unawares with significant losses .
Investors must balance security with opportunity and are best served by brokers who recognise the importance of both , by those providing the latest trending trading instruments while simultaneously offering an appropriate leverage , in line with key regulations and protections .
VOLX has proven itself as an effective way @ @ @ @ @ @ @ making it the ideal trading instrument for 2020 and with a minimum contract at 1/100th of the standard VIX Futures size , traders are given an affordable way to control exposure and trade with precision on an underlying instrument that has soared in popularity recently .
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage .
75.38 per cent of retail investor accounts lose money when trading CFDs with this provider .
You should consider whether you understand how CFDs work and whether you can @ @ @ @ @ @ @ losing your money .
To learn more about FXCM , visit www.fxcm.com/uk FXCM is a leading provider of online foreign exchange ( FX ) trading , CFD trading , and related services .
Founded in 1999 , the company ’ s mission is to provide global traders with access to the world ’ s largest and most liquid market by offering innovative trading tools , hiring excellent trading educators , meeting strict financial standards and striving for the best online trading experience in the market .
Clients have the advantage of mobile trading @ @ @ @ @ @ @ real-time charts .
In addition , FXCM offers educational courses on FX trading and provides trading tools , proprietary data and premium resources .
FXCM Pro provides retail brokers , small hedge funds and emerging market banks access to wholesale execution and liquidity , while providing high and medium frequency funds access to prime brokerage services via FXCM Prime .
FXCM is a Leucadia Company .
Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors .
Leverage can work against you .
The products @ @ @ @ @ @ @ eligible counterparty clients .
Retail clients who maintain account ( s ) with Forex Capital Markets Limited ( “ FXCM LTD ” ) could sustain a total loss of deposited funds but are not subject to subsequent payment obligations beyond the deposited funds but professional clients and eligible counterparty clients could sustain losses in excess of deposits .
Clients who maintain account ( s ) with FXCM Australia Pty .
Limited ( “ FXCM AU ” ) , FXCM South Africa ( PTY ) Ltd ( “ FXCM ZA ” ) or FXCM @ @ @ @ @ @ @ ) could sustain losses in excess of deposits .
Prior to trading any products offered by FXCM LTD , inclusive of all EU branches , FXCM AU , FXCM ZA , any affiliates of aforementioned firms , or other firms within the FXCM group of companies [ collectively the “ FXCM Group ” ] , carefully consider your financial situation and experience level .
If you decide to trade products offered by FXCM AU ( AFSL 309763 ) , you must read and understand the Financial Services Guide , Product Disclosure Statement , @ @ @ @ @ @ @ and CFD prices are set by us , are not made on an Exchange and are not governed under the Financial Advisory and Intermediary Services Act .
The FXCM Group may provide general commentary , which is not intended as investment advice and must not be construed as such .
Seek advice from a separate financial advisor .
The FXCM Group assumes no liability for errors , inaccuracies or omissions ; does not warrant the accuracy , completeness of information , text , graphics , links or other items contained within these materials @ @ @ @ @ @ @ Conditions on the FXCM Group ’ s websites prior to taking further action .

What is City Talk? City Talk allows marketers to connect directly with our audience by publishing content on cityam.com
2020: The year to start trading volatility
CMC Markets said it had a strong Q4, though did not give any specific figures.
Newton’s third law dictates that for every action there is an equal and opposite reaction.
It is a law whose logic can be seen in movements of the market. Political shocks and scandals, natural disasters and pandemics, and now even incendiary tweets, can set off jitters and tremors across all markets.
Before this summer, the same law traditionally governed the CBOE Volatility Index (VIX) -. As stocks would rise, the volatility index – also known as the ‘fear index’ or ‘fear gauge’ – would fall. Likewise, if stocks fell, the VIX would rise. After all, stock prices increasing generally suggests confidence while falling prices suggest the opposite.
Enter 2020. Expert analysts, bankers, and retail investors have all been faced with a flurry of mixed signals coming from the markets during this period of unprecedented volatility.
This year, the U.S. stock market saw the biggest August trading rally since 1986. The S&P 500 is closing at record highs at the end of August and the start of September, up 56 per cent from the COVID-19 lows seen in March. However, well over half the companies within the S&P have not seen a meaningful recovery or have posted losses during the same period.
Subsequently the VIX is rising simultaneously with the stock index. As stocks are rising, investors are still incredibly nervous. So how and where can the average retail trader, enter the market and start trading when they’re in such a state, without the fear of potentially being caught in the middle of unprecedented market drops.
Making the most of volatility with VOLX
It’s not surprising to see the combination of a global lockdown and record-breaking volatility leading to an increase of first time traders.
There are so many company shares, indices, currencies, and funds to pick from, all with their own pros and cons, risks and opportunities and while a healthy dose of choice is certainly a good thing, it can be overwhelming for new traders in today’s market.
With the markets in such a state of flux there is opportunity present and significant price movement on just about anything – including volatility itself!
Rather than trudging through years of stock market data and company performance profiles to find that one perfect share, traders can speculate on the very volatility that has dominated the markets this year. Instead of toiling through countless currency charts to find that one perfect pair, traders just need to express a view on the overall future performance of one the world’s leading stock indices.
Such is the benefit of trading FXCM’s VOLX CFD (contract-for-difference) in 2020. In tracking the future volatility of the markets, rather than the stock prices themselves, VOLX provides investors with a further means to potentially profit directly from the unprecedented market swings of today without having to speculate on which direction the market is heading.
Trading with security with flexibility
As we navigate our way through these uncertain times, it is essential that brokers facilitate access into markets for new and existing traders while constantly innovating easier and cheaper methods of investing.
In trading with an instrument like CFDs, and with things as perhaps intangible as ‘investor risk sentiment’, there is no denying that these can be complex instruments for newer traders. But that is precisely why it is important to trade with a reputable and regulated broker.
While leverage can bring about large gains, it can also catch some unawares with significant losses. Investors must balance security with opportunity and are best served by brokers who recognise the importance of both, by those providing the latest trending trading instruments while simultaneously offering an appropriate leverage, in line with key regulations and protections.
VOLX has proven itself as an effective way to diversify portfolios and manage risk – making it the ideal trading instrument for 2020 and with a minimum contract at 1/100th of the standard VIX Futures size, traders are given an affordable way to control exposure and trade with precision on an underlying instrument that has soared in popularity recently.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
75.38 per cent of retail investor accounts lose money when trading CFDs with this provider.
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
To learn more about FXCM, visit www.fxcm.com/uk
FXCM is a leading provider of online foreign exchange (FX) trading, CFD trading, and related services. Founded in 1999, the company’s mission is to provide global traders with access to the world’s largest and most liquid market by offering innovative trading tools, hiring excellent trading educators, meeting strict financial standards and striving for the best online trading experience in the market. Clients have the advantage of mobile trading, one-click order execution and trading from real-time charts. In addition, FXCM offers educational courses on FX trading and provides trading tools, proprietary data and premium resources. FXCM Pro provides retail brokers, small hedge funds and emerging market banks access to wholesale execution and liquidity, while providing high and medium frequency funds access to prime brokerage services via FXCM Prime. FXCM is a Leucadia Company.
Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you. The products are intended for retail, professional and eligible counterparty clients. Retail clients who maintain account(s) with Forex Capital Markets Limited (“FXCM LTD”) could sustain a total loss of deposited funds but are not subject to subsequent payment obligations beyond the deposited funds but professional clients and eligible counterparty clients could sustain losses in excess of deposits. Clients who maintain account(s) with FXCM Australia Pty. Limited (“FXCM AU”), FXCM South Africa (PTY) Ltd (“FXCM ZA”) or FXCM Markets Limited (“FXCM Markets”) could sustain losses in excess of deposits. Prior to trading any products offered by FXCM LTD, inclusive of all EU branches, FXCM AU, FXCM ZA, any affiliates of aforementioned firms, or other firms within the FXCM group of companies [collectively the “FXCM Group”], carefully consider your financial situation and experience level. If you decide to trade products offered by FXCM AU (AFSL 309763), you must read and understand the Financial Services Guide, Product Disclosure Statement, and Terms of Business. Our FX and CFD prices are set by us, are not made on an Exchange and are not governed under the Financial Advisory and Intermediary Services Act. The FXCM Group may provide general commentary, which is not intended as investment advice and must not be construed as such. Seek advice from a separate financial advisor. The FXCM Group assumes no liability for errors, inaccuracies or omissions; does not warrant the accuracy, completeness of information, text, graphics, links or other items contained within these materials. Read and understand the Terms and Conditions on the FXCM Group’s websites prior to taking further action.


cityam--2020-09-24--Rishi Sunak set to pump billions into economy to stave off unemployment

Rishi Sunak will today unveil a multi-billion pound support package for ailing companies as he tries to stave off mass unemployment over winter .
Sunak ’ s “ winter economy plan ” is expected to involve further VAT cuts , more emergency business loans and new wage subsidies for part-time workers to replace the furlough scheme .
Read more : Budget cancelled as Rishi Sunak prepares to unveil new business support package He will also announce that the planned autumn Budget , which would have set out the next phase of the UK economy ’ s recovery , has been @ @ @ @ @ @ @ emerging second Covid-19 wave .
The chancellor ’ s new wage subsidy scheme is based on the German government ’ s Kurzarbeit – short work in English – scheme and will see the government pay some of the wages of people only able to return to part-time work .
The scheme is intended to prevent mass unemployment when the furlough scheme ends on 31 October as many companies still can not operate at full capacity with current Covid restrictions .
Before the Open newsletter : Start your day with the City View podcast @ @ @ @ @ @ @ is not as generous as the furlough scheme , with the Treasury worried that extending it would continue to prop up so-called “ zombie companies ” that only still exist to claim wage payments for staff .
Sunak is also expected to announce an extension to the government ’ s four emergency business loan schemes until the end of November and that the terms of all loans will be extended from six to 10 years to reduce monthly repayments .
The temporary VAT cut for the hospitality and tourism industries will also be @ @ @ @ @ @ @ of until the end of January .
A Treasury spokesperson told The Times : “ We will always be honest with people about the difficult trade-offs that are involved here .
“ Not between health and the economy but between keeping people in jobs and helping them find new ones .
And between help in the here and now and rebuilding in the future .
That ’ s what people deserve.
” The German Kurzarbeit scheme sees employers pay the wages of staff while they are at work and the government pay 80 @ @ @ @ @ @ @ are not .
The Treasury will likely implement similar terms , with speculation that employees will have to work at least 50 per cent of their normal hours to be eligible .
Sunak ’ s scheme appears to be similar to one that Labour shadow chancellor Anneliese Dodds called for in her party conference speech on Monday .
Read more : Daily coronavirus cases hit highest level since 1 May When asked about Sunak ’ s plans , Dodds said : “ It would have been helpful if they could have announced this @ @ @ @ @ @ @ a wave of redundancies .
“ Quite a lot of damage has been done .
”

Rishi Sunak set to pump billions into economy to stave off unemployment
Rishi Sunak is expected to announce further VAT cuts, more emergency business loans and a new wage subsidies for part-time workers to replace the furlough scheme.
Rishi Sunak will today unveil a multi-billion pound support package for ailing companies as he tries to stave off mass unemployment over winter.
Sunak’s “winter economy plan” is expected to involve further VAT cuts, more emergency business loans and new wage subsidies for part-time workers to replace the furlough scheme.
He will also announce that the planned autumn Budget, which would have set out the next phase of the UK economy’s recovery, has been scrapped due to the country’s emerging second Covid-19 wave.
The chancellor’s new wage subsidy scheme is based on the German government’s Kurzarbeit – short work in English – scheme and will see the government pay some of the wages of people only able to return to part-time work.
The scheme is intended to prevent mass unemployment when the furlough scheme ends on 31 October as many companies still cannot operate at full capacity with current Covid restrictions.
Before the Open newsletter: Start your day with the City View podcast and key market data
However, it is not as generous as the furlough scheme, with the Treasury worried that extending it would continue to prop up so-called “zombie companies” that only still exist to claim wage payments for staff.
Sunak is also expected to announce an extension to the government’s four emergency business loan schemes until the end of November and that the terms of all loans will be extended from six to 10 years to reduce monthly repayments.
The temporary VAT cut for the hospitality and tourism industries will also be extended until the end of March instead of until the end of January.
A Treasury spokesperson told The Times: “We will always be honest with people about the difficult trade-offs that are involved here.
“Not between health and the economy but between keeping people in jobs and helping them find new ones. And between help in the here and now and rebuilding in the future. That’s what people deserve.”
The German Kurzarbeit scheme sees employers pay the wages of staff while they are at work and the government pay 80 per cent of their wage when they are not.
The Treasury will likely implement similar terms, with speculation that employees will have to work at least 50 per cent of their normal hours to be eligible.
Sunak’s scheme appears to be similar to one that Labour shadow chancellor Anneliese Dodds called for in her party conference speech on Monday.
When asked about Sunak’s plans, Dodds said: “It would have been helpful if they could have announced this sooner because we’ve already seen a wave of redundancies.
“Quite a lot of damage has been done.”


cityam--2020-09-24--Crypto AM shines its Spotlight on Tatum

Crypto AM shines its Spotlight on Tatum

Tatum is a unique platform that tackles blockchain developers ’ biggest problems today : speed , accessibility and interoperability .
It reduces development time to mere hours and is extremely easy to use .
Anyone with little to zero coding knowledge can benefit from its features at no cost – Tatum has made its platform open source for everyone .
As an emerging technology , blockchain gained the attention of many professionals and tech aficionados who soon became advocates , including Tatum ’ s founders , Jiri Kobelka and Samuel Sramko .
Despite having backgrounds primarily in banking , they @ @ @ @ @ @ @ penetrate and improve almost any industry , from banking to supply chain , smart cities to gaming .
“ I ’ m a blockchain enthusiast who ’ s passionate about making enterprise blockchain easy .
I dream that any company can build a blockchain app in hours , just as they use other conventional technologies .
That is why I started Tatum – now any developer can be a blockchain developer !
” Tatum ’ s platform currently supports all FIAT currencies and over 20 different blockchains , including BTC and ETH , @ @ @ @ @ @ @ makes Tatum a unique and versatile solution for anyone who doesn ’ t want to restrict themselves to one blockchain and needs cross-chain functionality .
The company ’ s main goal is to popularize blockchain development and reach out to as many developers as possible with their ambitious plans for user base expansion in the next few years .
“ We have refined our market approach for over a year , and during this time we realized that Tatum ’ s ultimate philosophy is enabling every developer to harness the power of blockchain @ @ @ @ @ @ @ to offer the Tatum platform for free – we believe that everyone should benefit from access to cutting edge technology.
” Companies aren ’ t always afraid to dive into blockchain projects , and according to a recent survey by Deloitte , many consider it vital to their future .
However , statistics show that over 80 % of these projects fail due to budget constraints , timeliness or lack of knowledge .
Development can take years and is very costly , with little guarantee of the outcome .
Often by the time @ @ @ @ @ @ @ is already obsolete – while blockchain methodology remains the same , the tech within is constantly evolving .
Companies often find themselves left with a product that doesn ’ t meet the latest technological , market or business standards .
This scenario eventually renders the product useless .
Tatum enables companies to deliver projects in a fraction of the time , reducing years to days and months to hours .
“ Perhaps the best example of what we can bring to the table is our project for GoPay .
We were able to @ @ @ @ @ @ @ teams in just three hours , all independently and without any previous knowledge of blockchain whatsoever , ” adds Samuel .
Thanks to an initial investment from VC funds , Tatum is experiencing significant growth in 2020 .
The company has grown from four people to 20 in just six months , with further plans on the way .
It certainly offered some spatial and managerial challenges that they were able to navigate effectively .
“ The great thing about our growth is that while we ’ re driving our revenue at approximately @ @ @ @ @ @ @ also making a profit .
It ’ s amazing at this stage , and we aim to pump the numbers even higher , ” said Jiri .
Tatum has already participated in projects for Erste Bank , Deloitte and Platon Finance .
They ’ ve also been involved in the CO2IN project to turn European businesses , communities and individuals into active participants in the fight against global warming .
The goal is to reduce the complicated bureaucratic system of emission control to a simple app .
Hand-in-hand with their astonishing growth , @ @ @ @ @ @ @ help them reach an even wider audience .
They have been shortlisted for UC Berkeley ’ s SkyDeck Accelerator , where they hope to get alongside alumni such as Lime , Chirp , and others .
To the Top of the Industry All this makes Tatum an ambitious young company ready to take on the world .
Unlike many other blockchain startups , it is backed by robust and proven technology , and the governance to ensure its solutions are flexible , scalable , and ready to deliver top performance .
At the @ @ @ @ @ @ @ speed up blockchain ’ s adoption by making the technology available to as many people as possible .
Follow Tatum on LinkedIn to see all news !

Crypto AM shines its Spotlight on Tatum
Getty Images
Tatum is a unique platform that tackles blockchain developers’ biggest problems today: speed, accessibility and interoperability. It reduces development time to mere hours and is extremely easy to use. Anyone with little to zero coding knowledge can benefit from its features at no cost – Tatum has made its platform open source for everyone.
As an emerging technology, blockchain gained the attention of many professionals and tech aficionados who soon became advocates, including Tatum’s founders, Jiri Kobelka and Samuel Sramko.
Despite having backgrounds primarily in banking, they soon realized blockchain’s potential to penetrate and improve almost any industry, from banking to supply chain, smart cities to gaming.
Jiri Kobelka, Tatum Founder & CEO:
“I’m a blockchain enthusiast who’s passionate about making enterprise blockchain easy. I dream that any company can build a blockchain app in hours, just as they use other conventional technologies. That is why I started Tatum – now any developer can be a blockchain developer!”
Tatum’s platform currently supports all FIAT currencies and over 20 different blockchains, including BTC and ETH, with many others under implementation. That makes Tatum a unique and versatile solution for anyone who doesn’t want to restrict themselves to one blockchain and needs cross-chain functionality.
The company’s main goal is to popularize blockchain development and reach out to as many developers as possible with their ambitious plans for user base expansion in the next few years.
Samuel Sramko, Founder & CTO:
“We have refined our market approach for over a year, and during this time we realized that Tatum’s ultimate philosophy is enabling every developer to harness the power of blockchain. That’s why we decided to offer the Tatum platform for free – we believe that everyone should benefit from access to cutting edge technology.”
Speed is the Key
Companies aren’t always afraid to dive into blockchain projects, and according to a recent survey by Deloitte, many consider it vital to their future. However, statistics show that over 80% of these projects fail due to budget constraints, timeliness or lack of knowledge. Development can take years and is very costly, with little guarantee of the outcome.
Often by the time a project is complete the technology used is already obsolete – while blockchain methodology remains the same, the tech within is constantly evolving. Companies often find themselves left with a product that doesn’t meet the latest technological, market or business standards. This scenario eventually renders the product useless.
Tatum enables companies to deliver projects in a fraction of the time, reducing years to days and months to hours. “Perhaps the best example of what we can bring to the table is our project for GoPay. We were able to build a blockchain app with three developer teams in just three hours, all independently and without any previous knowledge of blockchain whatsoever,” adds Samuel.
Managing the Growth
Thanks to an initial investment from VC funds, Tatum is experiencing significant growth in 2020. The company has grown from four people to 20 in just six months, with further plans on the way. It certainly offered some spatial and managerial challenges that they were able to navigate effectively.
“The great thing about our growth is that while we’re driving our revenue at approximately +26% per month, we are also making a profit. It’s amazing at this stage, and we aim to pump the numbers even higher,” said Jiri.
Interesting Projects
Tatum has already participated in projects for Erste Bank, Deloitte and Platon Finance. They’ve also been involved in the CO2IN project to turn European businesses, communities and individuals into active participants in the fight against global warming. The goal is to reduce the complicated bureaucratic system of emission control to a simple app.
Hand-in-hand with their astonishing growth, Tatum participates in competitions and accelerators that help them reach an even wider audience. They have been shortlisted for UC Berkeley’s SkyDeck Accelerator, where they hope to get alongside alumni such as Lime, Chirp, and others.
To the Top of the Industry
All this makes Tatum an ambitious young company ready to take on the world. Unlike many other blockchain startups, it is backed by robust and proven technology, and the governance to ensure its solutions are flexible, scalable, and ready to deliver top performance.At the same time, Tatum is ready to speed up blockchain’s adoption by making the technology available to as many people as possible. Follow Tatum on LinkedIn to see all news!


cityam--2020-09-24--London gains ground on New York in ranking of global financial centres

London has held on to the second spot in a respected ranking of global financial centres , closing the gap on New York as investors sought out the relative safety of leading finance hubs amid the coronavirus pandemic .
The British capital gained 24 points in the latest Global Financial Centres Index ( GFCI ) , which measures the competitiveness of 111 financial hubs , leaving it just four points behind leader New York .
Read more : HSBC , Citi , Goldman and Deutsche Bank pause plans to return to office Shanghai overtook Tokyo to claim third place in @ @ @ @ @ @ @ and Singapore taking fifth and sixth place respectively .
The latest edition of index , which is compiled by consultancy firm Z/Yen and the China Development Institute , indicated that high levels of volatility remain as investors tackle the fallout from the Covid-19 crisis .
“ Uncertainty about trade , political stability , and the economic impact of the Covid-19 pandemic has injected more volatility into the index results , ” said Z/Yen executive chairman Michael Mainelli .
The average rating for financial centres ranked in the index slipped over six per cent @ @ @ @ @ @ @ was published in March .
The GFCI ’ s authors said the drop could indicate “ a more general lack of confidence in finance during a time of continuing uncertainty around international trade , the impact of the Covid-19 pandemic on individual economies , and geopolitical and local unrest ” .
This volatility appeared to benefit the top 10 centres , which all increased their ratings , while the majority of remaining hubs in the top 50 saw their rating fall .
This could indicate increased confidence in the most established financial centres @ @ @ @ @ @ @ safety of the more established hubs during the crisis , the report said .
Read more : Government to subsidise wages of part-time workers in new scheme But as well as increasing volatility across financial centres , new ways of working being adopted during the pandemic are also “ challenging the concept of a traditional financial centre , ” Mainelli said .
“ For example , the physical City of London has had an economically torrid Covid-19 , while financial services in South East England have had a bumper year .
”

London gains ground on New York in ranking of global financial centres
London retained the second spot in the ranking of financial hubs, gaining ground on winner New York
London has held on to the second spot in a respected ranking of global financial centres, closing the gap on New York as investors sought out the relative safety of leading finance hubs amid the coronavirus pandemic.
The British capital gained 24 points in the latest Global Financial Centres Index (GFCI), which measures the competitiveness of 111 financial hubs, leaving it just four points behind leader New York.
Shanghai overtook Tokyo to claim third place in the latest index, with Hong Kong and Singapore taking fifth and sixth place respectively.
The latest edition of index, which is compiled by consultancy firm Z/Yen and the China Development Institute, indicated that high levels of volatility remain as investors tackle the fallout from the Covid-19 crisis.
“Uncertainty about trade, political stability, and the economic impact of the Covid-19 pandemic has injected more volatility into the index results,” said Z/Yen executive chairman Michael Mainelli.
The average rating for financial centres ranked in the index slipped over six per cent compared to the previous edition, which was published in March.
The top 20 global financial centres ranked in the 28th’s Global Financial Centres Index (image: GFCI)
The GFCI’s authors said the drop could indicate “a more general lack of confidence in finance during a time of continuing uncertainty around international trade, the impact of the Covid-19 pandemic on individual economies, and geopolitical and local unrest”.
This volatility appeared to benefit the top 10 centres, which all increased their ratings, while the majority of remaining hubs in the top 50 saw their rating fall.
This could indicate increased confidence in the most established financial centres as investors sought shelter in the perceived safety of the more established hubs during the crisis, the report said.
But as well as increasing volatility across financial centres, new ways of working being adopted during the pandemic are also “challenging the concept of a traditional financial centre,” Mainelli said.
“For example, the physical City of London has had an economically torrid Covid-19, while financial services in South East England have had a bumper year.”


cityam--2020-09-24--Car production plunges as surge in cases slams breaks on sector recovery

Car production plunged again in August , falling 44.6 per cent year on year as factory output stalled amid ongoing disruption caused by the coronavirus crisis .
Just 51,039 models were built last month , down from 85,000 in July , according to figures from the Society of Motor Manufacturers and Traders ( SMMT ) .
Weaker demand for British-built cars in overseas vehicles compounded the fall , with exports declining 41.1 per cent .
For the year as a whole , output is down 40.2 per cent , a loss of 348,821 units .
In total , the industry @ @ @ @ @ @ @ while at least 13,500 jobs in the automotive sector have already been lost .
A recent study by the SMMT found that without additional sector support one in every six auto jobs could be lost when the new job support scheme ends .
Before the Open newsletter : Start your day with the City View podcast and key market data Mike Hawes , the body ’ s chief exec , said : “ These are increasingly disturbing times for UK car makers and suppliers with the coronavirus crisis weighing heavily on the sector @ @ @ @ @ @ @ second wave with tighter social and business restrictions making the industry ’ s attempts to restart even more challenging.
” He welcomed today ’ s new measures , but said that the sector would await further details of how they would work for large manufacturers .
Read more : New car sales fall in ‘ disappointing ’ August for market With the UK ’ s departure from the EU now just months away , Hawes also reiterated the importance of a free trade for the battered sector .
Last week 23 auto industry @ @ @ @ @ @ @ European Automobile Manufacturers ’ Association ( ACEA ) joined forces to warn that warned a no-deal scenario could spark a €110bn ( £101.5bn ) black hole in trade over the next five years .

Car production plunges as surge in cases slams breaks on sector recovery
Car production plunged again in August, falling 44.6 per cent year on year as factory output stalled amid ongoing disruption caused by the coronavirus crisis.
Just 51,039 models were built last month, down from 85,000 in July, according to figures from the Society of Motor Manufacturers and Traders (SMMT).
Weaker demand for British-built cars in overseas vehicles compounded the fall, with exports declining 41.1 per cent.
For the year as a whole, output is down 40.2 per cent, a loss of 348,821 units.
In total, the industry has lost £9.5bn in lost production, while at least 13,500 jobs in the automotive sector have already been lost.
A recent study by the SMMT found that without additional sector support one in every six auto jobs could be lost when the new job support scheme ends.
Before the Open newsletter: Start your day with the City View podcast and key market data
Mike Hawes, the body’s chief exec, said: “These are increasingly disturbing times for UK car makers and suppliers with the coronavirus crisis weighing heavily on the sector.
“Companies are bracing for a second wave with tighter social and business restrictions making the industry’s attempts to restart even more challenging.”
He welcomed today’s new measures, but said that the sector would await further details of how they would work for large manufacturers.
With the UK’s departure from the EU now just months away, Hawes also reiterated the importance of a free trade for the battered sector.
Last week 23 auto industry associations, including the SMMT and the European Automobile Manufacturers’ Association (ACEA) joined forces to warn that warned a no-deal scenario could spark a €110bn (£101.5bn) black hole in trade over the next five years.


cityam--2020-09-24--Boris Johnson: UK can be 'launchpad' for green industrial revolution

Boris Johnson has said that the UK will lead the world in the world in the transition to a net zero economy , saying that climate action can not be “ another victim of coronavirus ” .
Speaking to a United Nations roundtable on climate change this afternoon , the PM said that the UK will serve “ as a launch pad for a global green industrial revolution ” .
Read more : Green Britannia can rule the waves — with the right support Appearing by video link at the panel , Johnson said : “ As the world continues @ @ @ @ @ @ @ ahead to how we will rebuild , and how we can seize the opportunity to build back better .
“ The UK will lead by example , keeping the environment on the global agenda and serving as a launch pad for a global green industrial revolution .
But no one country can turn the tide – it would be akin to bailing out a liner with a single bucket .
“ We can not let climate action become another victim of coronavirus .
Let us be the leaders who secure the very health @ @ @ @ @ @ @ grandchildren and generations to come.
” He said that the UK would co-host an event in December to mark the five-year anniversary of the landmark Paris climate accords , which committed the world to reducing emissions .
Before the Open newsletter : Start your day with the City View podcast and key market data The conference , which will replace the postponed COP26 summit – due to be held in Glasgow next November – will be an opportunity for countries to announce new climate targets .
He said that the UK could be @ @ @ @ @ @ @ ” , praising the country ’ s “ enormous potential ” for the technology .
At the moment , renewables provide nearly a third of UK power in the UK and half of this is generated by from wind energy .
According to industry body Renewables UK , to meet growing electricity demand and the net zero emissions target by 2050 , the UK ’ s wind energy capacity would expand six-fold from 22GW currently to 126GW by 2050 .
COP26 President and Business Secretary Alok Sharma said : “ The eyes of @ @ @ @ @ @ @ the UK hosts it in November next year .
But tackling climate change can not wait .
“ That ’ s why we are setting the stage now with a call to all those who are ready to step forward this December and set out bold new Nationally Determined Contributions for a clean and prosperous future .
“ The responsibility to act lies with each of us and together we can drive forward action .
”

Boris Johnson: UK can be ‘launchpad’ for green industrial revolution
WWF’s recommendations look to be particularly costly to businesses within commodity and energy sectors – like steel, coal and biomass centred firms.
Boris Johnson has said that the UK will lead the world in the world in the transition to a net zero economy, saying that climate action cannot be “another victim of coronavirus”.
Speaking to a United Nations roundtable on climate change this afternoon, the PM said that the UK will serve “as a launch pad for a global green industrial revolution”.
Appearing by video link at the panel, Johnson said: “As the world continues to deal with coronavirus we must look ahead to how we will rebuild, and how we can seize the opportunity to build back better.
“The UK will lead by example, keeping the environment on the global agenda and serving as a launch pad for a global green industrial revolution. But no one country can turn the tide – it would be akin to bailing out a liner with a single bucket.
“We cannot let climate action become another victim of coronavirus. Let us be the leaders who secure the very health of the planet for our children, grandchildren and generations to come.”
He said that the UK would co-host an event in December to mark the five-year anniversary of the landmark Paris climate accords, which committed the world to reducing emissions.
Before the Open newsletter: Start your day with the City View podcast and key market data
The conference, which will replace the postponed COP26 summit – due to be held in Glasgow next November – will be an opportunity for countries to announce new climate targets.
He said that the UK could be the “Saudi Arabia of wind power”, praising the country’s “enormous potential” for the technology.
At the moment, renewables provide nearly a third of UK power in the UK and half of this is generated by from wind energy.
According to industry body Renewables UK, to meet growing electricity demand and the net zero emissions target by 2050, the UK’s wind energy capacity would expand six-fold from 22GW currently to 126GW by 2050.
COP26 President and Business Secretary Alok Sharma said: “The eyes of the world will be on COP26 when the UK hosts it in November next year. But tackling climate change cannot wait.
“That’s why we are setting the stage now with a call to all those who are ready to step forward this December and set out bold new Nationally Determined Contributions for a clean and prosperous future.
“The responsibility to act lies with each of us and together we can drive forward action.”


cityam--2020-09-24--How mid-market businesses can keep on top of their evolving VAT obligations

In this article , I ask my VAT colleague , Mitchell Piper , for his views on how businesses can keep up to date with VAT changes .
Value Added Tax ( VAT ) , like all taxes , evolves over time to adapt to changes in society , technology and business practices .
Good examples of this are the recent VAT rate reductions in the UK , Germany , and Ireland designed to support economic growth and jobs in the wake of COVID-19 .
While change can clearly be beneficial , it can also cause complexity .
Unlike larger @ @ @ @ @ @ @ functions , mid-market businesses often do not have access to dedicated tax specialists .
As a result , new VAT rules that impact the business may go unnoticed and therefore unaddressed , only to be discovered when it is too late ( such as when a business is being sold or during a routine tax audit ) .
With future uncertainty related to COVID-19 and Brexit to consider as well , how can mid-market businesses effectively manage new VAT obligations and minimise risk in an environment where VAT is constantly evolving ?
Keep @ @ @ @ @ @ @ the challenge is simply being aware of new changes .
For example , in the UK and the EU many key aspects of the VAT framework have been amended in recent years and interpretations of existing rules have been challenged by the courts .
Some of the recent rule changes to UK and EU VAT since 2019 include : • Making Tax Digital ( MTD ) – a new regime which requires businesses to maintain digital records and file VAT returns electronically using compatible software .
A digital journey requirement takes effect from @ @ @ @ @ @ @ trail from source systems to the VAT return filed with HMRC .
• EU intra-community trade in goods – amendments called the EU VAT ‘ quick fixes ’ , which imposed new obligations for businesses involved in moving goods between EU countries .
• Recovery of import VAT – a change in policy from HMRC that UK import VAT can only be recovered by the importer if they legally owned the goods at the time of import .
There are also many VAT changes being introduced in 2021 in the UK and EU @ @ @ @ @ @ @ such as , the new B2C e-commerce and marketplace rules for selling goods cross-border in the EU27 Member States , and broad Brexit related changes in the UK ( including the removal of EU VAT simplifications , potential added complexity for goods sold in Northern Ireland , and changes to the VAT treatment of low value goods sold and delivered to UK customers from abroad when the Brexit transition period concludes ) .
Read more : Critical readiness actions for businesses with 100 days before the end of the Brexit transition period For @ @ @ @ @ @ @ shift towards taxation where the customer is based means that VAT implications often extend beyond the home country of the business .

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How mid-market businesses can keep on top of their evolving VAT obligations
In this article, I ask my VAT colleague, Mitchell Piper, for his views on how businesses can keep up to date with VAT changes.
Value Added Tax (VAT), like all taxes, evolves over time to adapt to changes in society, technology and business practices. Good examples of this are the recent VAT rate reductions in the UK, Germany, and Ireland designed to support economic growth and jobs in the wake of COVID-19. While change can clearly be beneficial, it can also cause complexity.
Unlike larger businesses which may have experienced in-house tax functions, mid-market businesses often do not have access to dedicated tax specialists. As a result, new VAT rules that impact the business may go unnoticed and therefore unaddressed, only to be discovered when it is too late (such as when a business is being sold or during a routine tax audit).
Read more: Critical readiness actions for businesses with 50 days before the end of the Brexit transition period
With future uncertainty related to COVID-19 and Brexit to consider as well, how can mid-market businesses effectively manage new VAT obligations and minimise risk in an environment where VAT is constantly evolving?
Keep up to date with proposed changes
Half the challenge is simply being aware of new changes. For example, in the UK and the EU many key aspects of the VAT framework have been amended in recent years and interpretations of existing rules have been challenged by the courts. Some of the recent rule changes to UK and EU VAT since 2019 include:
Making Tax Digital (MTD) – a new regime which requires businesses to maintain digital records and file VAT returns electronically using compatible software. A digital journey requirement takes effect from April 2021 that requires a digital audit trail from source systems to the VAT return filed with HMRC.
– a new regime which requires businesses to maintain digital records and file VAT returns electronically using compatible software. A digital journey requirement takes effect from April 2021 that requires a digital audit trail from source systems to the VAT return filed with HMRC. EU intra-community trade in goods – amendments called the EU VAT ‘quick fixes’, which imposed new obligations for businesses involved in moving goods between EU countries.
– amendments called the EU VAT ‘quick fixes’, which imposed new obligations for businesses involved in moving goods between EU countries. Recovery of import VAT – a change in policy from HMRC that UK import VAT can only be recovered by the importer if they legally owned the goods at the time of import.
There are also many VAT changes being introduced in 2021 in the UK and EU that businesses should be aware of, such as, the new B2C e-commerce and marketplace rules for selling goods cross-border in the EU27 Member States, and broad Brexit related changes in the UK (including the removal of EU VAT simplifications, potential added complexity for goods sold in Northern Ireland, and changes to the VAT treatment of low value goods sold and delivered to UK customers from abroad when the Brexit transition period concludes).
Read more: COVID-19 has changed investors’ priorities but UK attractiveness remains resilient
For those businesses providing digital services, the shift towards taxation where the customer is based means that VAT implications often extend beyond the home country of the business.


cityam--2020-09-24--UK watchdog tells banks to improve remote working safeguards

Banks and investment firms need more “ creative solutions ” to avoid misconduct as staff are set to work from home for longer due to the pandemic , Britain ’ s Financial Conduct Authority ( FCA ) said today .
Britain told people to work from home if possible from Thursday as new cases of Covid-19 grow again , with Prime Minister Boris Johnson saying the new restrictions could stay for up to six months .
Banking employees such as traders began working from home after a lockdown was introduced in March but had started returning to the office in @ @ @ @ @ @ @ more closely supervised by compliance staff .
Megan Butler , executive director for wholesale supervision at the FCA , said firms have broadly managed conduct and other risks from remote working “ pretty well so far ” .
“ These are all difficult questions that get harder over time as it looks like no-one is going to be back in the office anytime soon , ” she told the FCA ’ s annual meeting .
Before the Open newsletter : Start your day with the City View podcast and key market data “ @ @ @ @ @ @ @ and we are now going to be looking to them to find perhaps some more creative , resilient solutions to these issues than perhaps some of the ones that have worked so well so far.
” Most organisations are realising that lots of controls , oversight and cultural practices are built on pre-existing relationships , she said .
“ The longer working from home goes on , the more they are at risk of breaking down .
The more new people come in , who you don ’ t know , you don @ @ @ @ @ @ @ not , it ’ s in those areas where I think there is still more to do , ” Butler said .
Read more : Only a third of UK businesses have completed Brexit risk assessments She is also surveying firms that the FCA regulates to assess how close they are to collapsing due to the coronavirus .
The FCA has surveyed 14,000 firms , with another 10,000 being asked shortly .
Hundreds of firms could be at risk , a number that was expected to grow , Butler said .

UK watchdog tells banks to improve remote working safeguards
Banks and investment firms need more “creative solutions” to avoid misconduct as staff are set to work from home for longer due to the pandemic, Britain’s Financial Conduct Authority (FCA) said today.
Britain told people to work from home if possible from Thursday as new cases of Covid-19 grow again, with Prime Minister Boris Johnson saying the new restrictions could stay for up to six months.
Banking employees such as traders began working from home after a lockdown was introduced in March but had started returning to the office in recent weeks, where they can be more closely supervised by compliance staff.
Megan Butler, executive director for wholesale supervision at the FCA, said firms have broadly managed conduct and other risks from remote working “pretty well so far”.
“These are all difficult questions that get harder over time as it looks like no-one is going to be back in the office anytime soon,” she told the FCA’s annual meeting.
Before the Open newsletter: Start your day with the City View podcast and key market data
“Industry has coped pretty well so far and we are now going to be looking to them to find perhaps some more creative, resilient solutions to these issues than perhaps some of the ones that have worked so well so far.”
Most organisations are realising that lots of controls, oversight and cultural practices are built on pre-existing relationships, she said.
“The longer working from home goes on, the more they are at risk of breaking down. The more new people come in, who you don’t know, you don’t know whether to trust or not, it’s in those areas where I think there is still more to do,” Butler said.
She is also surveying firms that the FCA regulates to assess how close they are to collapsing due to the coronavirus.
The FCA has surveyed 14,000 firms, with another 10,000 being asked shortly. Hundreds of firms could be at risk, a number that was expected to grow, Butler said.


cityam--2020-09-24--Rishi Sunak 'ready to do more' if national Covid lockdown declared

Rishi Sunak has vowed that he is willing to extend his newly announced wage subsidy scheme if a further national lockdown is implemented .
Sunak today launched the Jobs Support Scheme , which will allow full-time workers to go back to work part-time and have the government help pay for two-thirds of hours they have lost .
Read more : Rishi Sunak ’ s new job support plan : What do the changes mean for you ?
The scheme , which will run for six months from November , will be available for all small to medium sized businesses ( @ @ @ @ @ @ @ work one-third of normal hours to be eligible .
The new spending initiative is being brought into replace the much more generous furlough scheme , which ends next month .
The chancellor said at a press conference just hours after he announced the new Jobs Support Scheme that he would be willing to pay out more to Britain ’ s workers if another lockdown is called by Boris Johnson .
Before the Open newsletter : Start your day with the City View podcast and key market data “ If you ’ re asking @ @ @ @ @ @ @ do more as the situation evolves – of course I am , ” Sunak said .
“ That ’ s what we have been doing and that ’ s what we will continue to do as we get through the winter and through to next year .
“ We always stand ready to do what ’ s necessary.
” Sunak was hit by a barrage of questions at the press conference around the cost of the new initiative , which will be far cheaper for the Treasury than the furlough scheme .
The @ @ @ @ @ @ @ around £36bn – equivalent to a quarter of last year ’ s NHS budget .
The new Jobs Support Scheme will see the government pay a maximum of 22 per cent of a worker ’ s wages , capped at £697.92 per month .
The chancellor said it was very difficult to calculate the total cost to the Treasury , but gave a very rough estimate of the new scheme costing around £300m a month per 1m signed up .
This is drawn from crude estimates , with Sunak assuming everyone on the @ @ @ @ @ @ @ those on the furlough scheme , £1,400 a month , working the fewest possible hours on the new scheme – one-third of their normal hours .
“ If that same person was put on the short term working scheme – on the Jobs Support Scheme – and were only working a third of their hours and getting the maximum support from government that would cost about £300 a month , ” he said .
“ That would be just over £300m per million [ people on the same conditions ] a month .
@ @ @ @ @ @ @ working a third of the time – clearly many people will be working more than that – and that assumes the average wages are the same as the current population of our furloughed workers.
” The government is also extending a temporary VAT cut for the hospitality and tourism sectors until March , which Sunak said would cost the government an extra £800m .
Sunak ’ s announcements today , which were labelled as the government ’ s Winter Economic Plan , drew mixed reaction from economists , with some saying it does @ @ @ @ @ @ @ , chief executive of the Resolution Foundation , said that the new scheme does not do enough to incentivise employers to stop redundancies by itself .
“ The scheme on its own will not encourage firms to cut hours rather than jobs , because the one-third employer contribution means it is much cheaper for firms to employ one person full-time than two people part-time , ” he said .
“ But , interaction with the £1000 Job Retention Bonus is really important here – when this new scheme is combined with that we @ @ @ @ @ @ @ for firms to retain workers part time until you qualify for the bonus – [ the end of January ] .
“ The end of January is the new end of October cliff edge.
” Read more : Economists raise fears over Rishi Sunak ’ s new job support plan Paul Johnson , director of the Institute for Fiscal Studies , said : “ [ Sunak ] is trying to plot a difficult path between supporting viable jobs while not keeping people in jobs that will not be there once we emerge from @ @ @ @ @ @ @ having to pay at least 55 per cent of the normal wages of their employees it is clear that many jobs will be lost over the coming months .
”

Rishi Sunak ‘ready to do more’ if national Covid lockdown declared
Rishi Sunak has vowed that he is willing to extend his newly announced wage subsidy scheme if a further national lockdown is implemented.
Sunak today launched the Jobs Support Scheme, which will allow full-time workers to go back to work part-time and have the government help pay for two-thirds of hours they have lost.
The scheme, which will run for six months from November, will be available for all small to medium sized businesses (SMEs) and employees will have to work one-third of normal hours to be eligible.
The new spending initiative is being brought into replace the much more generous furlough scheme, which ends next month.
The chancellor said at a press conference just hours after he announced the new Jobs Support Scheme that he would be willing to pay out more to Britain’s workers if another lockdown is called by Boris Johnson.
Before the Open newsletter: Start your day with the City View podcast and key market data
“If you’re asking me if I’m ready to do more as the situation evolves – of course I am,” Sunak said.
“That’s what we have been doing and that’s what we will continue to do as we get through the winter and through to next year.
“We always stand ready to do what’s necessary.”
Sunak was hit by a barrage of questions at the press conference around the cost of the new initiative, which will be far cheaper for the Treasury than the furlough scheme.
The furlough scheme was estimated to have cost around £36bn – equivalent to a quarter of last year’s NHS budget.
The new Jobs Support Scheme will see the government pay a maximum of 22 per cent of a worker’s wages, capped at £697.92 per month.
The chancellor said it was very difficult to calculate the total cost to the Treasury, but gave a very rough estimate of the new scheme costing around £300m a month per 1m signed up.
This is drawn from crude estimates, with Sunak assuming everyone on the scheme was earning the average wage of those on the furlough scheme, £1,400 a month, working the fewest possible hours on the new scheme – one-third of their normal hours.
“If that same person was put on the short term working scheme – on the Jobs Support Scheme – and were only working a third of their hours and getting the maximum support from government that would cost about £300 a month,” he said.
“That would be just over £300m per million [people on the same conditions] a month.
“That assumes they’re only working a third of the time – clearly many people will be working more than that – and that assumes the average wages are the same as the current population of our furloughed workers.”
The government is also extending a temporary VAT cut for the hospitality and tourism sectors until March, which Sunak said would cost the government an extra £800m.
Sunak’s announcements today, which were labelled as the government’s Winter Economic Plan, drew mixed reaction from economists, with some saying it does not go far enough.
Torsten Bell, chief executive of the Resolution Foundation, said that the new scheme does not do enough to incentivise employers to stop redundancies by itself.
“The scheme on its own will not encourage firms to cut hours rather than jobs, because the one-third employer contribution means it is much cheaper for firms to employ one person full-time than two people part-time,” he said.
“But, interaction with the £1000 Job Retention Bonus is really important here – when this new scheme is combined with that we’ve now got a big incentive for firms to retain workers part time until you qualify for the bonus – [the end of January].
“The end of January is the new end of October cliff edge.”
Paul Johnson, director of the Institute for Fiscal Studies, said: “[Sunak] is trying to plot a difficult path between supporting viable jobs while not keeping people in jobs that will not be there once we emerge from the crisis.
“With employers now having to pay at least 55 per cent of the normal wages of their employees it is clear that many jobs will be lost over the coming months.”


cityam--2020-09-24--Government eases pressure on small businesses with further loans support

The government today rolled out a much needed lifeline for small businesses struggling to stay afloat during the coronavirus pandemic by loosening the terms under which they have to pay back emergency loans .
Under the new scheme , dubbed “ pay as you grow ” by chancellor Rishi Sunak , all businesses who have borrowed money through the Bounce Back Loans ( BBLs ) scheme will now have 10 years to repay the loans .
Read more : Economists raise fears over Rishi Sunak ’ s new job support plan This is extended from the previous six year deadline @ @ @ @ @ @ @ repayment by about 40 per cent , the Treasury said .
Sunak also said that the deadline for applying for all four of the government ’ s business support schemes would be extended until the end of November .
Miles Celic , chief executive of The City UK , said : “ The government ’ s additional package of support is essential to sustaining SMEs and jobs across the country .
“ By extending further relief to those SMEs with government-guaranteed loans , the government will help to preserve many viable firms , @ @ @ @ @ @ @ growth after the pandemic has passed .
“ Matching repayments to the ability of companies to recover demonstrates that government has listened to the advice of industry and business groups who are working closely with companies across the UK economy.
” According to the latest figures , nearly 1.3m businesses have had facilities approved , with a total of £38bn given out as of the beginning of this week .
Before the Open newsletter : Start your day with the City View podcast and key market data Companies who are in trouble can @ @ @ @ @ @ @ of up to six months .
Alternatively , they can temporarily pause their repayments entirely for up to six months , so long as they have made the first six payments .
In addition , the government guarantee on the coronavirus business interruption loan scheme ( CBILS ) will be extended to 10 years .
He said this would make it “ easier for lenders to give people more time to repay ” .
In a move aimed at two of the worst-hit sectors , the chancellor extended the 15 percentage point VAT @ @ @ @ @ @ @ 11 weeks .
The two sectors will now only pay five per cent VAT until 31 March 2020 .
Around eight per cent of the UK ’ s workforce – over 2.4m people – rely on hospitality , accommodation and attractions for employment The government says extending the reduced rate means that over 150,000 businesses will continue to be supported – although it remains to be seen how much it boosts firms and it is up to businesses to decide whether or not they pass on the savings to consumers .
Read more @ @ @ @ @ @ @ support plan : What do the changes mean for workers ?
Kate Nicholls , UK Hospitality chief exec , said : “ The extension of the VAT cut was absolutely critical and one that the industry was united in support for , so it is great to see the Government taking note of our major concerns about recovery into 2021 .
The announcement of longer tax deferrals and the option of longer loan repayments should deliver some much-needed breathing room for employers .

Government eases pressure on small businesses with further loans support
The government today rolled out a much needed lifeline for small businesses struggling to stay afloat during the coronavirus pandemic by loosening the terms under which they have to pay back emergency loans.
Under the new scheme, dubbed “pay as you grow” by chancellor Rishi Sunak, all businesses who have borrowed money through the Bounce Back Loans (BBLs) scheme will now have 10 years to repay the loans.
This is extended from the previous six year deadline, and could cut the average monthly repayment by about 40 per cent, the Treasury said.
Sunak also said that the deadline for applying for all four of the government’s business support schemes would be extended until the end of November.
Miles Celic, chief executive of The City UK, said: “The government’s additional package of support is essential to sustaining SMEs and jobs across the country.
“By extending further relief to those SMEs with government-guaranteed loans, the government will help to preserve many viable firms, allowing them the chance to return to growth after the pandemic has passed.
“Matching repayments to the ability of companies to recover demonstrates that government has listened to the advice of industry and business groups who are working closely with companies across the UK economy.”
According to the latest figures, nearly 1.3m businesses have had facilities approved, with a total of £38bn given out as of the beginning of this week.
Before the Open newsletter: Start your day with the City View podcast and key market data
Companies who are in trouble can also change to interest-only repayments for periods of up to six months. Alternatively, they can temporarily pause their repayments entirely for up to six months, so long as they have made the first six payments.
In addition, the government guarantee on the coronavirus business interruption loan scheme (CBILS) will be extended to 10 years.
He said this would make it “easier for lenders to give people more time to repay”.
In a move aimed at two of the worst-hit sectors, the chancellor extended the 15 percentage point VAT reduction for hospitality and tourism cut by 11 weeks.
The two sectors will now only pay five per cent VAT until 31 March 2020.
Around eight per cent of the UK’s workforce – over 2.4m people – rely on hospitality, accommodation and attractions for employment
The government says extending the reduced rate means that over 150,000 businesses will continue to be supported – although it remains to be seen how much it boosts firms and it is up to businesses to decide whether or not they pass on the savings to consumers.
Kate Nicholls, UK Hospitality chief exec, said: “The extension of the VAT cut was absolutely critical and one that the industry was united in support for, so it is great to see the Government taking note of our major concerns about recovery into 2021.
The announcement of longer tax deferrals and the option of longer loan repayments should deliver some much-needed breathing room for employers.


cityam--2020-09-24--Tiktok files for injunction to overturn US app store ban

Tiktok has submitted a request to block President Donald Trump ’ s plans to ban downloads of the video platform from US app stores on Sunday .
The request , filed in a Washington district court yesterday , marks the latest attempt by the Chinese social media company to protect its service in the US in the face of a potential ban .
Read more : Tiktok proposes social media coalition as MPs grill app over online harms The preliminary injunction plea argues that the Trump administration ’ s plans to ban Tiktok downloads from both Apple and Google ’ @ @ @ @ @ @ @ US presidential and commerce department powers .
The mooted ban would not block existing users from accessing Tiktok ’ s services but would prevent them from receiving software updates , which would rapidly reduce the quality its service .
It comes as Titkok faces strict regulatory scrutiny across the globe over fears data harvested by the social media platform could be used for state spying in Beijing .
Tiktok has repeatedly denied the claims , and is close to closing off a restructuring deal with parent company Bytedance to appease the Trump administration @ @ @ @ @ @ @ the US .
Under the deal , Bytedance is set to hand a minority stake to two US companies — Oracle and Walmart — who would both receive 20 per cent stakes in a new formation of the company called Tiktok Global .
Read more : Trump says US firms must have total control of Tiktok Bytedance said the company would go public in a year ’ s time , after Trump on Monday said he would refuse to sign off on any deal in which Bytedance retained a stake in the app @ @ @ @ @ @ @ said it has “ made extraordinary efforts to try to satisfy the government ’ s ever-shifting demands and purported national security concerns , including through changes in the ownership and structure of their business , and they are continuing to do so ” .
Before the Open : Get the jump on the markets with our early morning newsletter

Tiktok files for injunction to overturn US app store ban
Tiktok has submitted a request to block President Donald Trump’s plans to ban downloads of the video platform from US app stores on Sunday.
The request, filed in a Washington district court yesterday, marks the latest attempt by the Chinese social media company to protect its service in the US in the face of a potential ban.
The preliminary injunction plea argues that the Trump administration’s plans to ban Tiktok downloads from both Apple and Google’s app stores “dramatically exceeds” US presidential and commerce department powers.
The mooted ban would not block existing users from accessing Tiktok’s services but would prevent them from receiving software updates, which would rapidly reduce the quality its service.
It comes as Titkok faces strict regulatory scrutiny across the globe over fears data harvested by the social media platform could be used for state spying in Beijing.
Tiktok has repeatedly denied the claims, and is close to closing off a restructuring deal with parent company Bytedance to appease the Trump administration and secure the continuation of operations within the US.
Under the deal, Bytedance is set to hand a minority stake to two US companies — Oracle and Walmart — who would both receive 20 per cent stakes in a new formation of the company called Tiktok Global.
Bytedance said the company would go public in a year’s time, after Trump on Monday said he would refuse to sign off on any deal in which Bytedance retained a stake in the app.
In a court filing yesterday Tiktok said it has “made extraordinary efforts to try to satisfy the government’s ever-shifting demands and purported national security concerns, including through changes in the ownership and structure of their business, and they are continuing to do so”.
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cityam--2020-09-24--Economists raise fears over Rishi Sunak's new job support plan

Economists this afternoon raised concerns that Rishi Sunak ’ s new support measures could lead to many workers losing their jobs as they do not encourage firms to keep employees on .
The centrepiece of the chancellor ’ s scheme is a new “ Job Support Scheme ” , which will replace the existing furlough initiative .
Read more : Rishi Sunak ’ s new job support plan : What do the changes mean for you ?
Under the plan , the government will support “ viable jobs ” by topping up employees ’ wages , although the scheme is @ @ @ @ @ @ @ Although workers will receive a minimum of 78 per cent of their wages , the government will only pay 22 per cent of this .
Under the furlough scheme , the government was paying 80 per cent .
Paul Johnson , director of the Institute for Fiscal Studies , said : “ [ Sunak ] is trying to plot a difficult path between supporting viable jobs while not keeping people in jobs that will not be there once we emerge from the crisis .
“ With employers now having to pay at least @ @ @ @ @ @ @ of their employees it is clear that many jobs will be lost over the coming months.
” The IoD ’ s director-general Jonathan Geldart said that though the schemes would bring businesses “ some relief ” , it was “ not yet clear how much the Job Support Scheme will help hard-pressed firms hold onto staff ” .
Aidan Shilson-Thomas , senior researcher at think tank Reform , said the new scheme had a “ in-built disincentive for employers ” .
“ Why would an employer , struggling to stay afloat and uncertain @ @ @ @ @ @ @ pay this additional cost ?
Many may opt for simply reducing workers ’ hours without top up or proceeding with redundancy ” , he said .
As a result , said Howard Archer , chief economic advisor to the EY Item Club , there are likely to be a large number of redundancies at businesses which are not viable when the furlough scheme ends .
“ Today ’ s announcement is undoubtedly an important intervention by the Chancellor and is likely to save a substantial number of jobs ” , Archer said .
@ @ @ @ @ @ @ to be job losses when the furlough scheme ends in October , albeit in companies that were not viable .
Before the Open newsletter : Start your day with the City View podcast and key market data “ The chancellor ’ s intervention may also do little to support jobs at companies which may face short-term challenges , even if their longer-term prospects are more favourable.
” However , business groups welcomed the plan , saying that supporting “ viable ” jobs was the right approach to take .
Dame Carolyn Fairbairn , @ @ @ @ @ @ @ right for the Treasury to focus on jobs “ with a future ” .
“ These bold steps from the Treasury will save hundreds of thousands of viable jobs this winter .
It is right to target help on jobs with a future , but can only be part-time while demand remains flat .
This is how skills and jobs can be preserved to enable a fast recovery ” , she said .
BCC director general Adam Marshall said : “ The measures announced by the chancellor will give business and the economy @ @ @ @ @ @ @ “ The new wage support scheme will help many companies hold on to valued employees after furlough ends , and the extension of business lending schemes and tax forbearance will lessen the immediate pressure on cash flow for many affected firms.
” Kevin Ellis , chairman and senior partner at PwC , said the new policy marked a shift away from the rescue package announced back in March .
The new schemes are designed to “ consolidate the recovery ” , he said .
Economy can not ‘ hibernate ’ over the winter @ @ @ @ @ @ @ City of London Corporation Policy Chair Catherine McGuinness said that it was crucial for the government to find a way to get people back to their places of work .
“ Alongside its economic response , we hope that the government will enable a safe , secure and flexible return to the workplace as soon as possible .
Read more : Rishi Sunak set to pump billions into economy to stave off unemployment “ A huge amount of work has been done to deliver COVID-secure offices and restore confidence in the public transport @ @ @ @ @ @ @ workplace safely is essential to foster innovation , support mental health and deliver the footfall needed for the hospitality and retail sectors .
“ The virus is not going to go away quickly so we need to find a way of living with it .
Hibernating through the winter is not an option for our economy .
”

Economists raise fears over Rishi Sunak’s new job support plan
Chancellor Rishi Sunak’s emergency spending and tax cuts are set to cost over £280m in the next financial year.
Economists this afternoon raised concerns that Rishi Sunak’s new support measures could lead to many workers losing their jobs as they do not encourage firms to keep employees on.
The centrepiece of the chancellor’s scheme is a new “Job Support Scheme”, which will replace the existing furlough initiative.
Under the plan, the government will support “viable jobs” by topping up employees’ wages, although the scheme is far less generous than its predecessor.
Although workers will receive a minimum of 78 per cent of their wages, the government will only pay 22 per cent of this. Under the furlough scheme, the government was paying 80 per cent.
Paul Johnson, director of the Institute for Fiscal Studies, said: “[Sunak] is trying to plot a difficult path between supporting viable jobs while not keeping people in jobs that will not be there once we emerge from the crisis.
“With employers now having to pay at least 55 per cent of the normal wages of their employees it is clear that many jobs will be lost over the coming months.”
The IoD’s director-general Jonathan Geldart said that though the schemes would bring businesses “some relief”, it was “not yet clear how much the Job Support Scheme will help hard-pressed firms hold onto staff”.
Aidan Shilson-Thomas, senior researcher at think tank Reform, said the new scheme had a “in-built disincentive for employers”.
“Why would an employer, struggling to stay afloat and uncertain when the economic tide will change, pay this additional cost? Many may opt for simply reducing workers’ hours without top up or proceeding with redundancy”, he said.
As a result, said Howard Archer, chief economic advisor to the EY Item Club, there are likely to be a large number of redundancies at businesses which are not viable when the furlough scheme ends.
“Today’s announcement is undoubtedly an important intervention by the Chancellor and is likely to save a substantial number of jobs”, Archer said.
“However, there are still likely to be job losses when the furlough scheme ends in October, albeit in companies that were not viable.
Before the Open newsletter: Start your day with the City View podcast and key market data
“The chancellor’s intervention may also do little to support jobs at companies which may face short-term challenges, even if their longer-term prospects are more favourable.”
Focus on jobs ‘with a future’ right
However, business groups welcomed the plan, saying that supporting “viable” jobs was the right approach to take.
Dame Carolyn Fairbairn, CBI director-general, said that it was right for the Treasury to focus on jobs “with a future”.
“These bold steps from the Treasury will save hundreds of thousands of viable jobs this winter. It is right to target help on jobs with a future, but can only be part-time while demand remains flat. This is how skills and jobs can be preserved to enable a fast recovery”, she said.
BCC director general Adam Marshall said: “The measures announced by the chancellor will give business and the economy an important shot in the arm.
“The new wage support scheme will help many companies hold on to valued employees after furlough ends, and the extension of business lending schemes and tax forbearance will lessen the immediate pressure on cash flow for many affected firms.”
Kevin Ellis, chairman and senior partner at PwC, said the new policy marked a shift away from the rescue package announced back in March.
The new schemes are designed to “consolidate the recovery”, he said.
Economy cannot ‘hibernate’ over the winter
Although welcoming the new support, the City of London Corporation Policy Chair Catherine McGuinness said that it was crucial for the government to find a way to get people back to their places of work.
“Alongside its economic response, we hope that the government will enable a safe, secure and flexible return to the workplace as soon as possible.
“A huge amount of work has been done to deliver COVID-secure offices and restore confidence in the public transport network. Getting employees back to the workplace safely is essential to foster innovation, support mental health and deliver the footfall needed for the hospitality and retail sectors.
“The virus is not going to go away quickly so we need to find a way of living with it. Hibernating through the winter is not an option for our economy.”


cityam--2020-09-24--Rishi Sunak’s new job support plan: What do the changes mean for workers?

Chancellor Rishi Sunak has confirmed the £40bn furlough scheme will end on 31 October , to be replaced by a programme that will subsidise employees for part-time work .
So what do the new measures mean for employees and employers ?
Read more : Government to subsidise wages of part-time workers in new scheme What will replace the furlough scheme ?
Sunak gave in to pressure to keep subsiding wages , creating a new “ job support scheme ” .
It will start on 1 November and run for six months .
Under the job support scheme , companies will @ @ @ @ @ @ @ hours they work .
During the time the employee is not working , the government will pay them a third of their equivalent wages .
And the employer will chip in the other third .
It means the worker will lose a third of their equivalent wages for the time spent off work .
Read more : Coronavirus : Boris Johnson imposes stringent new restrictions for up to six months How does the job support scheme compare to furlough ?
Furlough paid 80 per cent of the wages of workers who may otherwise @ @ @ @ @ @ @ £2,500 a month .
The government said the new job support scheme will see employees earn at least 77 per cent of their normal wages .
Most workers , then , will earn over 80 per cent of their net pay .
It will be cheaper for the government , however .
It will contribute a maximum of 22 per cent of a worker ’ s wages , capped at £697.92 per month .
Read more : Bank and government support to UK firms tops £100bn Which employees will qualify for the new @ @ @ @ @ @ @ is aimed at “ viable ” jobs .
Therefore , to receive the support employees must work at least 33 per cent of their usual hours .
Economists said this unfortunately makes it likely that lots of people who are currently furloughed will lose their jobs .
Employees must have been on an employer ’ s PAYE payroll in or before 23 September to qualify .
Large businesses will have to prove that their turnover has been reduced by the coronavirus pandemic to qualify .
All small and medium sized businesses are eligible @ @ @ @ @ @ @ is aimed at those who “ need it most ” .
The scheme is open to businesses that haven ’ t previously used the furlough scheme .
And businesses can benefit from both the new scheme and the job retention bonus , under which the government pays £1,000 for each worker brought back from furlough .
Read more : Around 5m workers were furloughed in July amid uneven recovery Yes .
The government said employees will be able to cycle on and off the scheme , and do not have to have the @ @ @ @ @ @ @ , each short-time working arrangement must go on for at least seven days .
What about the self-employed ?
Sunak extended the self employment income support scheme ( Seiss ) .
The extension will provide two grants and last for six months , from November 2020 to April 2021 .
The first taxable grant will cover until the end of January , and will cover 20 per cent of average monthly trading profits .
It will cover three months ’ worth of profits and be capped at £1,875 in total .
The Treasury @ @ @ @ @ @ @ the second grant in due course .
Read more : Boris Johnson : We must work ‘ together ’ to avoid second full lockdown To qualify , self-employed people must currently be eligible for Seiss .
They do not have to have claimed the previous grants , however .
They have to be currently actively trading and continue to trade .
And they have to declare that their usual work has been hit by Covid-19 between 1 November and the date of the claim .

Rishi Sunak’s new job support plan: What do the changes mean for workers?
Chancellor Rishi Sunak today unveiled a ‘winter economic plan’ to support workers and businesses as coronavirus restrictions tighten
Chancellor Rishi Sunak has confirmed the £40bn furlough scheme will end on 31 October, to be replaced by a programme that will subsidise employees for part-time work.
So what do the new measures mean for employees and employers?
What will replace the furlough scheme?
Sunak gave in to pressure to keep subsiding wages, creating a new “job support scheme”.
It will start on 1 November and run for six months.
Under the job support scheme, companies will pay the wages of staff for the hours they work.
During the time the employee is not working, the government will pay them a third of their equivalent wages. And the employer will chip in the other third.
It means the worker will lose a third of their equivalent wages for the time spent off work.
How does the job support scheme compare to furlough?
Furlough paid 80 per cent of the wages of workers who may otherwise have been laid off, up to £2,500 a month.
The government said the new job support scheme will see employees earn at least 77 per cent of their normal wages. Most workers, then, will earn over 80 per cent of their net pay.
It will be cheaper for the government, however. It will contribute a maximum of 22 per cent of a worker’s wages, capped at £697.92 per month.
Which employees will qualify for the new scheme?
Sunak said the new scheme is aimed at “viable” jobs. Therefore, to receive the support employees must work at least 33 per cent of their usual hours.
Economists said this unfortunately makes it likely that lots of people who are currently furloughed will lose their jobs.
Employees must have been on an employer’s PAYE payroll in or before 23 September to qualify.
The UK high street has been hit hard by coronavirus, with many businesses worried about new restrictions
Which companies are eligible?
Large businesses will have to prove that their turnover has been reduced by the coronavirus pandemic to qualify.
All small and medium sized businesses are eligible, however. Sunak said the scheme is aimed at those who “need it most”.
The scheme is open to businesses that haven’t previously used the furlough scheme.
And businesses can benefit from both the new scheme and the job retention bonus, under which the government pays £1,000 for each worker brought back from furlough.
Can working patterns vary?
Yes. The government said employees will be able to cycle on and off the scheme, and do not have to have the same working pattern each month.
However, each short-time working arrangement must go on for at least seven days.
What about the self-employed?
Sunak extended the self employment income support scheme (Seiss). The extension will provide two grants and last for six months, from November 2020 to April 2021.
The first taxable grant will cover until the end of January, and will cover 20 per cent of average monthly trading profits.
It will cover three months’ worth of profits and be capped at £1,875 in total. The Treasury said it will set the level of the second grant in due course.
Which self-employed people will qualify?
To qualify, self-employed people must currently be eligible for Seiss. They do not have to have claimed the previous grants, however.
They have to be currently actively trading and continue to trade. And they have to declare that their usual work has been hit by Covid-19 between 1 November and the date of the claim.


cityam--2020-09-25--Coronavirus: London added to ‘watchlist’ as cases surge

London has been added to the UK ’ s coronavirus “ watchlist ” after a surge in new cases of the virus .
The capital has been marked as an area of high concern , meaning it could be in line for further restrictions .
Read more : Daily coronavirus cases hit highest level since 1 May It comes after 620 new cases were confirmed in London in the last 24 hours — more than double the number recorded at the start of the week .
Public Health England will confirm the move this afternoon but the announcement was made @ @ @ @ @ @ @ represents the 33 boroughs .
It comes amid rising speculation that London will be subjected to fresh restrictions in a bid to curb the spread of the virus .
Mayor Sadiq Khan has warned that tighter measures are “ increasingly likely ” .
“ As London goes on the national Covid-19 watchlist , it is a stark reminder that now is time for all Londoners to pull together and take action to keep themselves , their families and their communities safe , and to ensure that London ’ s economy is protected , @ @ @ @ @ @ @ .
“ There are no additional measures at this stage but it is welcome that that the city ’ s testing capacity is boosted so that Londoners have timely access to Covid-19 tests and the government must ensure that this is sustained from now on.
” The body called on Londoners to abide by new national restrictions announced by the government earlier this week .
From last night all pubs and restaurants were forced to shut at 10pm to help fight a resurgence in new cases .
All hospitality venues are restricted to @ @ @ @ @ @ @ face masks at all times except when seated .
Read more : Sadiq Khan calls for emergency business support as London restrictions loom Last night pub-goers flooded the streets of the capital immediately after 10pm as boozers shut their doors .
Revellers also reported crowded Tube trains as thousands of people headed home at the same time .

Coronavirus: London added to ‘watchlist’ as cases surge
London has been added to the UK’s coronavirus “watchlist” after a surge in new cases of the virus.
The capital has been marked as an area of high concern, meaning it could be in line for further restrictions.
It comes after 620 new cases were confirmed in London in the last 24 hours — more than double the number recorded at the start of the week.
Public Health England will confirm the move this afternoon but the announcement was made this morning by London Councils, which represents the 33 boroughs.
It comes amid rising speculation that London will be subjected to fresh restrictions in a bid to curb the spread of the virus.
Mayor Sadiq Khan has warned that tighter measures are “increasingly likely”.
“As London goes on the national Covid-19 watchlist, it is a stark reminder that now is time for all Londoners to pull together and take action to keep themselves, their families and their communities safe, and to ensure that London’s economy is protected,” London Councils said in a statement.
“There are no additional measures at this stage but it is welcome that that the city’s testing capacity is boosted so that Londoners have timely access to Covid-19 tests and the government must ensure that this is sustained from now on.”
In a statement today Khan warned the capital was at a “very worrying tipping point” and blamed a lack of test and trace capacity for the resurgence of the virus.
“Testing capacity was diverted away from London in the last two weeks to other national hot spots and weekly testing numbers are now down 43 per cent in the capital since mid-August,” he said.
“The lack of testing capacity is totally unacceptable and is why London has been added to the government’s coronavirus watchlist as an area of concern.”
“Ministers simply have to get a grip. It’s vital that testing capacity is increased immediately in London and focused in the areas it is needed most. Any delay will mean letting the city down and will cost lives.”
London Councils called on Londoners to abide by new national restrictions announced by the government earlier this week.
From last night all pubs and restaurants were forced to shut at 10pm to help fight a resurgence in new cases.
All hospitality venues are restricted to table service, while people must wear face masks at all times except when seated.
Last night pub-goers flooded the streets of the capital immediately after 10pm as boozers shut their doors.
Revellers also reported crowded Tube trains as thousands of people headed home at the same time.