cityam--2020-10-13--Rishi Sunak to urge debt relief for weaker global economies

Chancellor Rishi Sunak will today urge global governments to ease the debt burden on the poorest countries affected by coronavirus as he meets leaders to discuss cooperation .
Sunak will discuss a global action plan for the months ahead with G20 counterparts today .
He will then join an annual meeting of the International Monetary Fund ( IMF ) governors tomorrow .
The chancellor only took up his post in February , but has had to face the worst downturn in memory .
He has been preoccupied with concerns at home this week .
The government has implemented new restrictions @ @ @ @ @ @ @ prompting Sunak to beef up his economic support .
But he will today turn his attention to the global economy .
He is expected to say that global cooperation is needed to “ sow the seeds of recovery ” .
In particular , the Treasury said he will push the G20 to extend the “ debt service suspension initiative ” beyond December this year .
The scheme has so far freed up more than $ 5bn ( £3.9bn ) for the lowest income countries .
He is expected to say : “ No @ @ @ @ @ @ @ this crisis – and every recession brings the risk of countries turning inwards .
Let ’ s work together to sow the seeds of recovery.
” Sunak takes to the stage at the IMF It comes during the annual meeting of the IMF – the international lender of last resort .
The Fund yesterday said the outlook for the global economy this year has mildly improved .
Yet it said it is still facing a record contraction .
The IMF also argued that countries risk damaging the economic recovery if they withdraw economic @ @ @ @ @ @ @ not name any names , Sunak has wound down the UK ’ s flagship wage subsidy scheme much sooner than many European neighbours .
Sunak is also set to highlight the importance of considering climate change during the recovery .
This chimes with the IMF ’ s concerns .
Its chief economist Gita Gopinath said a “ public green infrastructure investment push… can significantly increase jobs and accelerate the recovery ” .

Rishi Sunak to urge debt relief for weaker global economies
Chancellor Rishi Sunak has been busy since he took up his post in February
Chancellor Rishi Sunak will today urge global governments to ease the debt burden on the poorest countries affected by coronavirus as he meets leaders to discuss cooperation.
Sunak will discuss a global action plan for the months ahead with G20 counterparts today. He will then join an annual meeting of the International Monetary Fund (IMF) governors tomorrow.
The chancellor only took up his post in February, but has had to face the worst downturn in memory.
He has been preoccupied with concerns at home this week. The government has implemented new restrictions in response to rising coronavirus cases, prompting Sunak to beef up his economic support.
But he will today turn his attention to the global economy. He is expected to say that global cooperation is needed to “sow the seeds of recovery”.
In particular, the Treasury said he will push the G20 to extend the “debt service suspension initiative” beyond December this year. The scheme has so far freed up more than $5bn (£3.9bn) for the lowest income countries.
He is expected to say: “No economy has been spared the effects of this crisis – and every recession brings the risk of countries turning inwards. Let’s work together to sow the seeds of recovery.”
Sunak takes to the stage at the IMF
It comes during the annual meeting of the IMF – the international lender of last resort. The Fund yesterday said the outlook for the global economy this year has mildly improved. Yet it said it is still facing a record contraction.
The IMF also argued that countries risk damaging the economic recovery if they withdraw economic support too early.
Although it did not name any names, Sunak has wound down the UK’s flagship wage subsidy scheme much sooner than many European neighbours.
Sunak is also set to highlight the importance of considering climate change during the recovery.
This chimes with the IMF’s concerns. Its chief economist Gita Gopinath said a “public green infrastructure investment push… can significantly increase jobs and accelerate the recovery”.


cityam--2020-10-13--Swipe card: Social media accounts for quarter of all online purchases

Almost a quarter of all online purchases are now made through social media , new data has revealed , as more and more people use their favourite messaging platforms for shopping .
Research by Visa showed almost a fifth of Brits use social apps to shop , while one in 10 has made a purchase this way since the coronavirus lockdown began in March .
Read more : Bill Gates issues warning over spread of ‘ titillating untruths ’ on social media Overall , 24 per cent of online purchases over the last six months came through a social media @ @ @ @ @ @ @ Instagram and Pinterest have expanded their shopping services in recent years as they look to gain ground in the ecommerce market .
The research showed that clothing and accessories were the most popular purchases among social media buyers , accounting for 37 per cent of all transactions .
This was followed by homeware and electronics .
But while the majority of online purchases are still made through traditional vendors , the growing popularity of social media shows no signs of slowing .
A survey of 2,000 UK consumers conducted by Opinium found that @ @ @ @ @ @ @ to keep buying through social media .
Respondents said the speed and convenience of social media shopping — as well as a desire to support independent businesses — were the main attractions .
However , experts urged shoppers to be cautious , as many scammers exploiting the Covid-19 crisis have moved online .
Read more : Tiktok proposes social media coalition as MPs grill app over online harms Behavioural psychologist Emma Kenny said : “ The way our minds are built means that when something is so fast and convenient , it can @ @ @ @ @ @ @ to the wind and forget the usual precautions .
“ Spend a few minutes before purchasing researching the website , influencer or company you are purchasing from to ensure it is legitimate .
”

Swipe card: Social media accounts for quarter of all online purchases
Almost a quarter of all online purchases are now made through social media, new data has revealed, as more and more people use their favourite messaging platforms for shopping.
Research by Visa showed almost a fifth of Brits use social apps to shop, while one in 10 has made a purchase this way since the coronavirus lockdown began in March.
Overall, 24 per cent of online purchases over the last six months came through a social media platform.
Platforms such as Facebook, Instagram and Pinterest have expanded their shopping services in recent years as they look to gain ground in the ecommerce market.
The research showed that clothing and accessories were the most popular purchases among social media buyers, accounting for 37 per cent of all transactions. This was followed by homeware and electronics.
But while the majority of online purchases are still made through traditional vendors, the growing popularity of social media shows no signs of slowing.
A survey of 2,000 UK consumers conducted by Opinium found that more than a third of people plan to keep buying through social media.
Respondents said the speed and convenience of social media shopping — as well as a desire to support independent businesses — were the main attractions.
However, experts urged shoppers to be cautious, as many scammers exploiting the Covid-19 crisis have moved online.
Behavioural psychologist Emma Kenny said: “The way our minds are built means that when something is so fast and convenient, it can be easy for us to throw caution to the wind and forget the usual precautions.
“Spend a few minutes before purchasing researching the website, influencer or company you are purchasing from to ensure it is legitimate.”


cityam--2020-10-13--iPhone 12: What’s new with Apple’s first 5G phone?

Apple has unveiled its first 5G compatible mobile phone – the iPhone 12 – in a move chief executive Tim Cook said was the “ beginning of a new era ” .
Apple ’ s first 5G iPhone has been eagerly awaited .
The company set the tech world abuzz when it unveiled the “ Hi , Speed ” tagline for this year ’ s event , which was pushed back by a month .
Read more : Apple overtakes value of entire FTSE 100 Covid has posed little threat to Apple ’ s business model .
Its sales have @ @ @ @ @ @ @ to its products to be entertained , to stay in touch with each other , and to work .
iPhone gets a new look for 5G model The iPhone features flat sides , similar to the iPhone 5 .
Its 6.1-inch display is the same size at the iPhone 11 ’ s .
However , Apple also launched an iPhone 12 Pro Max with a 6.7-inch display and an iPhone 12 Mini with a 5.4-inch display .
The California company said the iPhone 12 would be the first to ship without a charger @ @ @ @ @ @ @ was part of “ our efforts to reach our environmental goals ” .
It will have a “ ceramic shield ” that is “ tougher than any smartphone glass ” .
Potential buyers will have a range of five colours to choose from : black , white , blue , red and green .
iPhone 12 to be fastest yet “ Today is the beginning of a new era for iPhone , ” Cook said in an empty theatre in Apple ’ s Cupertino , California headquarters .
“ Today we ’ re @ @ @ @ @ @ @ the phone will allow users to “ download films on the fly .
Stream higher-quality video .
Or FaceTime in HD over cellular .
With lots less lag ” .
The iPhone 12 will start at £799 , £70 more than last year .
The iPhone 12 Mini will start at £699 .
The iPhone 12 Pro will start at £999 and the Pro Max at £1,099 .
It will feature a new A14 bionic chip .
This will help the phone handle “ console-quality games ” .
Apple has offered customers a @ @ @ @ @ @ @ .
Its business has boomed this year and the company will hope the new selection encourages people to upgrade .
Samsung , Huawei , OnePlus and Google have already launched 5G phones .
But Apple ’ s allure could make the technology become more widespread .
Read more : Apple becomes first US company to reach $ 2 trillion valuation Ru Bhikha , mobiles expert at Uswitch.com , said : “ Before this launch , 16 per cent of consumers said they were planning to upgrade to a 5G smartphone in the next @ @ @ @ @ @ @ hoping that this iPhone will spur thousands more people to make the leap to 5G .
”

iPhone 12: What’s new with Apple’s first 5G phone?
Apple will hope the iPhone 12 can boost the tech giant even more this year
Apple has unveiled its first 5G compatible mobile phone – the iPhone 12 – in a move chief executive Tim Cook said was the “beginning of a new era”.
Apple’s first 5G iPhone has been eagerly awaited. The company set the tech world abuzz when it unveiled the “Hi, Speed” tagline for this year’s event, which was pushed back by a month.
Covid has posed little threat to Apple’s business model. Its sales have increased as people stuck inside have turned to its products to be entertained, to stay in touch with each other, and to work.
iPhone gets a new look for 5G model
The iPhone features flat sides, similar to the iPhone 5. Its 6.1-inch display is the same size at the iPhone 11’s.
However, Apple also launched an iPhone 12 Pro Max with a 6.7-inch display and an iPhone 12 Mini with a 5.4-inch display.
The California company said the iPhone 12 would be the first to ship without a charger adapter or headphones. It said this was part of “our efforts to reach our environmental goals”.
It will have a “ceramic shield” that is “tougher than any smartphone glass”. Potential buyers will have a range of five colours to choose from: black, white, blue, red and green.
iPhone 12 to be fastest yet
“Today is the beginning of a new era for iPhone,” Cook said in an empty theatre in Apple’s Cupertino, California headquarters. “Today we’re bringing 5G to iPhone.”
Apple said the phone will allow users to “download films on the fly. Stream higher-quality video. Or FaceTime in HD over cellular. With lots less lag”.
The iPhone 12 will start at £799, £70 more than last year. The iPhone 12 Mini will start at £699. The iPhone 12 Pro will start at £999 and the Pro Max at £1,099.
It will feature a new A14 bionic chip. This will help the phone handle “console-quality games”.
Apple hopes new suite can sustain sales
Apple has offered customers a wide range, with four new iPhones. Its business has boomed this year and the company will hope the new selection encourages people to upgrade.
Samsung, Huawei, OnePlus and Google have already launched 5G phones. But Apple’s allure could make the technology become more widespread.
Ru Bhikha, mobiles expert at Uswitch.com, said: “Before this launch, 16 per cent of consumers said they were planning to upgrade to a 5G smartphone in the next year.
“The industry will be hoping that this iPhone will spur thousands more people to make the leap to 5G.”


cityam--2020-10-13--Brexit: Boris Johnson to meet EU chief in crunch trade deal meeting

Boris Johnson and EU chief Ursula von der Leyen will hold last minute Brexit talks tomorrow as the two sides try to salvage a last minute trade deal .
The two have agreed to meet ahead of an EU summit on 15 October , with Johnson saying last week that he needs to see a deal is possible by this point or he will walk away from negotiations .
The deadline for talks is currently the end of this month , with both sides saying businesses need time to prepare for the UK ’ s exit from the EU single @ @ @ @ @ @ @ .
German chancellor Angela Merkel warned the EU today that it should be prepared for a potential no-deal scenario next year .
“ Unfortunately we have to prepare for the event there will be no agreement , ” she said .
“ We also have to take into account the reality – an agreement has to be in the interests of both parties , in British interests as well as the interests of the 27 member European Union.
” Chief UK negotiator Lord David Frost is currently in the middle of intensive negotiations @ @ @ @ @ @ @ Before the Open newsletter : Start your day with the City View podcast and key market data The two largest barriers to a deal have been disagreements over state subsidy regulations – as a part of the wider level playing field talks – and EU access to UK fishing waters .
Frost said last week that fisheries policy remained the biggest barrier to a deal , but that discussions on state subsidy regulation had begun to slowly progress .
Brussels ’ starting position was to demand the EU retains the same access it @ @ @ @ @ @ @ Britain was still a member state – a position that Frost has repeatedly said is unacceptable .
The UK is looking to completely renegotiate and give the EU a far smaller quota of fish in its waters .
Next year will also see changes to border arrangements at UK ports , particularly Dover .
Lorry drivers entering Kent will need specialised “ access permits ” to ensure they have the right paperwork to enter the EU .
The Cabinet Office has warned that 7,000-long queues of lorries could form next year if not @ @ @ @ @ @ @ changes .
Cabinet Office minister Lord Theodore Agnew said today that businesses had “ their heads in the sand ” about the changes and needed to do more to prepare .
The comments drew fury from the Road Haulage Association trade body , who said the government had not provided businesses with enough information about future changes .
Read more : Brexit : UK confirms plans for Kent ‘ passport ’ for lorry drivers RHA chief executive Richard Burnett said : “ Since the original vote to leave the EU was taken four @ @ @ @ @ @ @ tirelessly to establish how future processes and systems will work .
“ But we are still in the dark and very little useful information has been forthcoming .
“ With 11 weeks to go until the transition period ends , government are still saying ‘ let ’ s wait and see what deal we get ’ – this is creating even more confusion .
”

Today: Boris Johnson to meet EU chief in crunch trade deal meeting
EU Commission President Ursula von der Leyen and Prime Minister Boris Johnson earlier this year
Boris Johnson and EU chief Ursula von der Leyen will hold last minute Brexit talks today as the two sides try to salvage a last minute trade deal.
The two have agreed to meet ahead of an EU summit on 15 October, with Johnson saying last week that he needs to see a deal is possible by this point or he will walk away from negotiations.
The deadline for talks is currently the end of this month, with both sides saying businesses need time to prepare for the UK’s exit from the EU single market and customs union on 31 December.
German chancellor Angela Merkel warned the EU today that it should be prepared for a potential no-deal scenario next year.
“Unfortunately we have to prepare for the event there will be no agreement,” she said.
“We also have to take into account the reality – an agreement has to be in the interests of both parties, in British interests as well as the interests of the 27 member European Union.”
Chief UK negotiator Lord David Frost is currently in the middle of intensive negotiations with his EU counterpart Michel Barnier.
Before the Open newsletter: Start your day with the City View podcast and key market data
The two largest barriers to a deal have been disagreements over state subsidy regulations – as a part of the wider level playing field talks – and EU access to UK fishing waters.
Biggest barrier
Frost said last week that fisheries policy remained the biggest barrier to a deal, but that discussions on state subsidy regulation had begun to slowly progress.
Brussels’ starting position was to demand the EU retains the same access it had to UK fishing waters as when Britain was still a member state – a position that Frost has repeatedly said is unacceptable.
The UK is looking to completely renegotiate and give the EU a far smaller quota of fish in its waters.
Border checks
Next year will also see changes to border arrangements at UK ports, particularly Dover.
Lorry drivers entering Kent will need specialised “access permits” to ensure they have the right paperwork to enter the EU.
The Cabinet Office has warned that 7,000-long queues of lorries could form next year if not enough businesses are ready for the incoming changes.
Cabinet Office minister Lord Theodore Agnew said today that businesses had “their heads in the sand” about the changes and needed to do more to prepare.
The comments drew fury from the Road Haulage Association trade body, who said the government had not provided businesses with enough information about future changes.
RHA chief executive Richard Burnett said: “Since the original vote to leave the EU was taken four years ago the RHA has been working tirelessly to establish how future processes and systems will work.
“But we are still in the dark and very little useful information has been forthcoming.
“With 11 weeks to go until the transition period ends, government are still saying ‘let’s wait and see what deal we get’ – this is creating even more confusion.”


cityam--2020-10-13--Hargreaves Lansdown founder: Now is a ‘fantastic’ time to start a business

One of Britain ’ s richest businessmen has urged people to embrace their entrepreneurial spirit and set up new companies in the wake of the coronavirus pandemic .
Peter Hargreaves , the founder of investment firm Hargreaves Lansdown , said that despite the damage done to many firms by the pandemic , it had also created new opportunities .
Read more : BOXPARK chief : Government must allow hospitality businesses to recover “ Right now is a fantastic time to launch a business , especially those who are working for companies that are struggling .
“ They are in a @ @ @ @ @ @ @ challenge the bigger guys ” , he told the Daily Mail .
“ People are also doing things they ’ ve done before which entrepreneurs should take advantage of .
“ Before lockdown , I had never used online banking and my wife never did her grocery shopping online ” , said the City stalwart , who is worth £2.4bn according to the Sunday Times rich list .
Before the Open newsletter : Start your day with the City View podcast and key market data To aid wannabe entrepreneurs , he said that @ @ @ @ @ @ @ taxes and ease regulation .
“ A five-year holiday would be wonderful to get this country going .
“ We ’ d see huge numbers of businesses setting up now like we did in the 1980s and they could be the entrepreneurs of the future.
” He praised former Conservative PM Margaret Thatcher for the role that she played in liberalising the economy during the 1980s .
“ The only way people can have a good standard of living in any country is business prosperity and capitalism is how you can prosper .
@ @ @ @ @ @ @ on Sunak to slash taxes to return to 90s growth “ That ’ s what Margaret Thatcher did , she created an environment for businesses to grow .
Her passion was beyond belief , and I believe she will go down as the greatest Prime Minister this country has ever seen.
” He added that current chancellor Rishi Sunak should follow suit and get rid of “ crazy regulations ” bogging down the private sector .

Hargreaves Lansdown founder: Now is a ‘fantastic’ time to start a business
Peter Hargreaves has urged people to set up new businesses in the wake of the Covid crisis.
One of Britain’s richest businessmen has urged people to embrace their entrepreneurial spirit and set up new companies in the wake of the coronavirus pandemic.
Peter Hargreaves, the founder of investment firm Hargreaves Lansdown, said that despite the damage done to many firms by the pandemic, it had also created new opportunities.
“Right now is a fantastic time to launch a business, especially those who are working for companies that are struggling.
“They are in a great position to set up cheaply and challenge the bigger guys”, he told the Daily Mail.
“People are also doing things they’ve done before which entrepreneurs should take advantage of.
“Before lockdown, I had never used online banking and my wife never did her grocery shopping online”, said the City stalwart, who is worth £2.4bn according to the Sunday Times rich list.
Before the Open newsletter: Start your day with the City View podcast and key market data
To aid wannabe entrepreneurs, he said that the government should get rid of some taxes and ease regulation.
“A five-year holiday would be wonderful to get this country going.
“We’d see huge numbers of businesses setting up now like we did in the 1980s and they could be the entrepreneurs of the future.”
He praised former Conservative PM Margaret Thatcher for the role that she played in liberalising the economy during the 1980s.
“The only way people can have a good standard of living in any country is business prosperity and capitalism is how you can prosper.
“That’s what Margaret Thatcher did, she created an environment for businesses to grow. Her passion was beyond belief, and I believe she will go down as the greatest Prime Minister this country has ever seen.”
He added that current chancellor Rishi Sunak should follow suit and get rid of “crazy regulations” bogging down the private sector.


cityam--2020-10-13--Andrew Bailey says Bank of England ‘not there yet’ on negative interest rates

Bank of England governor Andrew Bailey has said the BoE is not yet in a position to decide whether it should cut interest rates in negative territory , as there is more work to be done on what effects they might have .
It comes after the Bank sent a letter to lenders yesterday asking them about their “ readiness ” to deal with zero or negative rates .
Read more : Bank of England asks UK banks about readiness for negative rates Speaking to the House of Lords , Bailey highlighted the letter .
“ Only when we get @ @ @ @ @ @ @ , “ will we be in a position to say if it is a tool we would use .
We are not there at the moment.
” Bailey also warned that rising coronavirus cases increased the chances of “ economic scarring ” .
He said : “ As Covid returns , and if the prospect is that it will go on for longer… the prospect of scarring would increase.
” The Bank of England slashed rates to a record low of 0.1 per cent in March as the pandemic began .
Yet with @ @ @ @ @ @ @ the Bank in August added negative interest rates to its “ toolbox ” .
Bailey said this does not mean the BoE intends to use them , however .
The Bank of England ’ s “ Bank rate ” is a key determinant of lending costs throughout the economy .
Theoretically , lower interest rates encourage more lending which boosts growth .
A negative interest rate would mean that banks would be charged to keep their reserves at the BoE .
The idea is that this would force banks to lend out more @ @ @ @ @ @ @ : Bank of England ’ s use of fast data under fire after weak GDP figures Bailey has said the Bank does not currently plan to put them in place .
But the institution is clearly taking the idea seriously .
Yesterday ’ s letter to banks said : “ For a negative Bank rate to be effective as a policy tool , the financial sector — as the key transmission mechanism of monetary policy — would need to be operationally ready to implement it in a way that does not adversely affect @ @ @ @ @ @ @ ”

Andrew Bailey says Bank of England ‘not there yet’ on negative interest rates
Bank of England governor Andrew Bailey took up his post in March, and has since said negative interest rates are a possibility
Bank of England governor Andrew Bailey has said the BoE is not yet in a position to decide whether it should cut interest rates in negative territory, as there is more work to be done on what effects they might have.
It comes after the Bank sent a letter to lenders yesterday asking them about their “readiness” to deal with zero or negative rates.
Speaking to the House of Lords, Bailey highlighted the letter.
“Only when we get through these questions,” he said, “will we be in a position to say if it is a tool we would use. We are not there at the moment.”
Bailey also warned that rising coronavirus cases increased the chances of “economic scarring”.
He said: “As Covid returns, and if the prospect is that it will go on for longer… the prospect of scarring would increase.”
The Bank of England slashed rates to a record low of 0.1 per cent in March as the pandemic began.
Negative interest rates in ‘toolbox’
Yet with the economic future far from certain, the Bank in August added negative interest rates to its “toolbox”. Bailey said this does not mean the BoE intends to use them, however.
The Bank of England’s “Bank rate” is a key determinant of lending costs throughout the economy. Theoretically, lower interest rates encourage more lending which boosts growth.
A negative interest rate would mean that banks would be charged to keep their reserves at the BoE. The idea is that this would force banks to lend out more of their spare money.
Bailey has said the Bank does not currently plan to put them in place. But the institution is clearly taking the idea seriously.
Yesterday’s letter to banks said: “For a negative Bank rate to be effective as a policy tool, the financial sector — as the key transmission mechanism of monetary policy — would need to be operationally ready to implement it in a way that does not adversely affect the safety and soundness of firms.”


cityam--2020-10-13--Boris Johnson freezes ministers' salaries amid MP pay rise backlash

Boris Johnson has frozen ministerial salaries amid growing unease about the possibility of a £3,000 pay rise for MPs .
The PM ’ s official spokesman said that the decision was “ only right ” given the current pressure on public services .
Read more : Sir Keir Starmer : MPs should not get £3,300 pay rise The move means that ministerial salaries remained frozen at 2010 levels for House of Commons members and at 2019/20 levels for House of Lords members .
Although MPs ’ salaries are the responsibility of the Independent Parliamentary Standards Authority ( IPSA ) , @ @ @ @ @ @ @ ministers .
Johnson ’ s official spokesman said : “ The Government is only responsible for ministerial salaries .
“ Ipsa , which is independent of both Government and Parliament , has responsibility for determining MPs ’ salaries .
“ What I can say to you today is that the Prime Minister has decided that at a time of significant pressure on public finances it is only right that ministerial salaries should be frozen.
” Before the Open newsletter : Start your day with the City View podcast and key market data As @ @ @ @ @ @ @ from the lower house will be paid £4,168 less than they are statutorily entitled to .
The decision comes amid anger at IPSA over its proposals to reward MPs with an above-inflation rate pay rise .
The planned 4.1 per cent rise , about eight-times the amount of yearly inflation up to August , would bring salaries to £85,291 a year .
MPs hit out at the proposals , with Labour leader Sir Keir Starmer telling LBC that it should go to key workers instead .
“ I think this year of all @ @ @ @ @ @ @ .
We shouldn ’ t have it and this year of all years people can say that money , if available , should be spent on key workers , those who have been on the frontline of this pandemic.
” Read more : Bounce Back Loan scheme could cost the taxpayer up to £26bn Ipsa links MPs ’ salary rises to the average increase in public sector pay .
Lawmakers can not challenge the decision , with all salary and expenses decisions given to Ipsa after the 2009 expenses scandal .

Boris Johnson freezes ministers’ salaries amid MP pay rise backlash
Boris Johnson has frozen ministerial salaries amid growing unease about the possibility of a £3,000 pay rise for MPs.
The PM’s official spokesman said that the decision was “only right” given the current pressure on public services.
The move means that ministerial salaries remained frozen at 2010 levels for House of Commons members and at 2019/20 levels for House of Lords members.
Although MPs’ salaries are the responsibility of the Independent Parliamentary Standards Authority (IPSA), the PM controls the remuneration of their ministers.
Johnson’s official spokesman said: “The Government is only responsible for ministerial salaries.
“Ipsa, which is independent of both Government and Parliament, has responsibility for determining MPs’ salaries.
“What I can say to you today is that the Prime Minister has decided that at a time of significant pressure on public finances it is only right that ministerial salaries should be frozen.”
Before the Open newsletter: Start your day with the City View podcast and key market data
As a result, a secretary of state from the lower house will be paid £4,168 less than they are statutorily entitled to.
The decision comes amid anger at IPSA over its proposals to reward MPs with an above-inflation rate pay rise.
The planned 4.1 per cent rise, about eight-times the amount of yearly inflation up to August, would bring salaries to £85,291 a year.
MPs hit out at the proposals, with Labour leader Sir Keir Starmer telling LBC that it should go to key workers instead.
“I think this year of all years we shouldn’t have it. We shouldn’t have it and this year of all years people can say that money, if available, should be spent on key workers, those who have been on the frontline of this pandemic.”
Ipsa links MPs’ salary rises to the average increase in public sector pay.
Lawmakers cannot challenge the decision, with all salary and expenses decisions given to Ipsa after the 2009 expenses scandal.


cityam--2020-10-13--Labour calls for two to three week lockdown in England

Labour leader Sir Keir Starmer has called for a two to three week “ circuit breaker ” in England that would plunge the country back into lockdown .
Starmer called for the England lockdown at a televised press conference today , saying the measure was “ in line with Sage ’ s recommendations ” .
Read more : Sadiq Khan says new London Covid restrictions this week are ‘ inevitable ’ Sage , the government ’ s primary scientific advisory body , published papers last night showing it had pushed for Boris Johnson to implement a two-week lockdown to stop @ @ @ @ @ @ @ However , the Prime Minister decided to instead implement lighter touch Covid restrictions across the country through his new three-tier alert systm .
Starmer said a “ temporary set of clear and effective restrictions ” would help “ get the R rate down and reverse the trends of infections and hospital admissions ” .
The UK saw almost 13,000 new cases and 50 deaths yesterday .
Before the Open newsletter : Start your day with the City View podcast and key market data Starmer said that if an England lockdown was implemented that @ @ @ @ @ @ @ students do not miss out on their schooling .
“ A circuit breaker would require significant sacrifices across the country , ” he said .
“ It would mean only essential work and travel , that everyone who can work from home should do so .
“ Non-essential offices should be closed , household mixing should be restricted to one household except for those who formed support bubbles .
“ All pubs , bars and restaurants would be closed for two to three weeks , but compensated so that no business loses out @ @ @ @ @ @ @ to make .
It should also mean that the UK parliament moves to remote working.
” Johnson ’ s three tier warning system sees different levels of Covid restrictions applied to areas based on their Covid infection and hospitalisation rates .
London has been put into tier one , medium risk , meaning no change in the current restrictions .
Mayor of London Sadiq Khan said it was “ inevitable ” the capital would be put into tier two , high risk , this week , which would see a ban on indoor @ @ @ @ @ @ @ into tier three tomorrow , meaning that all household mixing is banned and that alcohol can only be served with a substantial meal at hospitality venues .
The Prime Minister ’ s plan is going to a vote today in parliament , however Labour did not vote against it despite Starmer ’ s call for a national lockdown .
Read more : London coronavirus cases : How many infections are in your London borough ?
When challenged on why Labour did not vote against the package , Starmer said : “ We ’ @ @ @ @ @ @ @ package of restrictions , because restrictions are needed .
“ The problem with the vote in parliament is that it ’ s a take it or leave it vote – if you vote it down there are no restrictions and nobody in any of the areas where cases are going up is calling for no restrictions .
”

Labour calls for two to three week lockdown in England
Labour leader Sir Keir Starmer has called for a two to three week “circuit breaker” in England that would plunge the country back into lockdown.
Starmer called for the England lockdown at a televised press conference today, saying the measure was “in line with Sage’s recommendations”.
Sage, the government’s primary scientific advisory body, published papers last night showing it had pushed for Boris Johnson to implement a two-week lockdown to stop the rising tide of Covid infections.
However, the Prime Minister decided to instead implement lighter touch Covid restrictions across the country through his new three-tier alert systm.
Starmer said a “temporary set of clear and effective restrictions” would help “get the R rate down and reverse the trends of infections and hospital admissions”.
The UK saw almost 13,000 new cases and 50 deaths yesterday.
Before the Open newsletter: Start your day with the City View podcast and key market data
Starmer said that if an England lockdown was implemented that it could happen across half term so students do not miss out on their schooling.
“A circuit breaker would require significant sacrifices across the country,” he said.
“It would mean only essential work and travel, that everyone who can work from home should do so.
“Non-essential offices should be closed, household mixing should be restricted to one household except for those who formed support bubbles.
“All pubs, bars and restaurants would be closed for two to three weeks, but compensated so that no business loses out because of the sacrifices we all have to make. It should also mean that the UK parliament moves to remote working.”
Johnson’s three tier warning system sees different levels of Covid restrictions applied to areas based on their Covid infection and hospitalisation rates.
London has been put into tier one, medium risk, meaning no change in the current restrictions.
Mayor of London Sadiq Khan said it was “inevitable” the capital would be put into tier two, high risk, this week, which would see a ban on indoor household mixing.
Liverpool will be placed into tier three tomorrow, meaning that all household mixing is banned and that alcohol can only be served with a substantial meal at hospitality venues.
The Prime Minister’s plan is going to a vote today in parliament, however Labour did not vote against it despite Starmer’s call for a national lockdown.
When challenged on why Labour did not vote against the package, Starmer said: “We’re not going to vote down a package of restrictions, because restrictions are needed.
“The problem with the vote in parliament is that it’s a take it or leave it vote – if you vote it down there are no restrictions and nobody in any of the areas where cases are going up is calling for no restrictions.”


cityam--2020-10-13--London coronavirus cases: How many infections are in your London borough?

The number of confirmed coronavirus cases in London hit 63,781 today , with Barnet and Ealing becoming the capital ’ s worst-affected boroughs .
Although Prime Minister Boris Johnson held back from announcing tighter restrictions for the capital last night , mayor Sadiq Khan said he expects tougher rules for London to be rolled out later this week .
Khan stressed that the virus is spreading “ quickly and widely ” across the city “ with the number of people hospitalised for the disease tripling in the past month ” .
Figures released by Public Health England today showed that @ @ @ @ @ @ @ as of today , after 61 futher cases were reported in the borough in the last 24 hours .
Barnet has had 3,049 following a daily increase of 78 cases , while Croydon and Ealing have recorded 2,791 and 2,988 positive tests respectively .
Read more : Coronavirus : London escapes new restrictions , but City Hall says it won ’ t last Cases in the capital are up to 63,781 , with more than 90 cases per 100,000 people .
It comes after the PM last night announced a new three-tier system @ @ @ @ @ @ @ around the UK .
Sign up to City A.M. ’ s Midday Update newsletter , delivered to your inbox every lunchtime Liverpool will be put into the highest category when it comes into effect tomorrow , meaning pubs , bars , restaurants and other hospitality venues will be forced to close , while social mixing will be banned both indoors and outdoors .
London is expected to be placed into the lowest risk category tomorrow , though the mayor has warned the capital could escalate up the scale “ by the end of @ @ @ @ @ @ @ spike .
East London currently has the highest rates of new cases , with the boroughs of Redbridge , Barking and Dagenham , Tower Hamlets and Newham reporting high levels of infections .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
Data sourced from Public Health England , effective as of 13 October The mayor today warned that new restrictions in London are now “ inevitable ” , despite the government ’ s decision to place the capital in the @ @ @ @ @ @ @ that all the vital indicators show London is certain to be put into the tier two category within days , meaning the capital would be deemed as high risk and that new Covid restrictions would be implemented .
“ Hospital admissions , ICU occupancy , the numbers of older people with the cases , the prevalence of the disease – the positives are all going in the wrong direction , ” said the mayor .
“ I ’ m afraid this means it is inevitable over the course of the next few days @ @ @ @ @ @ @ point to be in the second tier – what is called high.
” Before the Open newsletter : Start your day with the City View podcast and key market data

How many Covid-19 infections are there in your London borough?
London has seen a sharp drop in the number of recorded coronavirus cases over the past few days, after figures released on Friday showed the capital currently has the lowest R rate in the country.
A further 629 cases were recorded in the past 24 hours, taking the total number of positive tests in London since the start of the pandemic to 697,278.
It marks a significant drop since a record 19,871 daily cases were recorded on 29 December, as lockdown measures continue to drive down infections.
Several areas in the capital have seen case numbers drop threefold over the past fortnight, which in turn has pushed down the spread of infection.
Most boroughs in the capital now have a seven-day rate below 100 new cases per 100,000, but that figure is below 50 in some areas in central London.
Twenty-nine London borough areas, including the whole of east London which was hardest hit by the second wave, have a seven-day case rate below 100 new confirmed cases per 100,000.
Meanwhile, Southwark, Westminster, Camden, Kensington and Chelsea all recorded seven-day rates below 50. Lewisham saw the lowest case rate in the capital in the week to 24 February, with an average of 43 people infected per 100,000 population.
Meanwhile, Ealing currently has the highest case rate, with 123 cases per 100,000, followed by Hounslow at 115 and Hillingdon on 97.
Health chiefs have said all London boroughs need to get below a case rate of 100 before restrictions can begin to be lifted, starting with the reopening of schools on 8 March.
It comes after figures released last Friday showed London’s R rate remains at a best estimate of 0.6 to 0.8 — the lowest in the country, alongside the east of England and the South West.
The figure means infections may be falling anywhere between five and eight per cent each day.
However, separate figures released last week showed the percentage of people testing positive for coronavirus in London remains the highest of any English region.
Data published by the Office for National Statistics (ONS) showed around 1 in 63 Londoners were infected with the virus last week.
That compares to an estimated 1 in 80 people who contracted the virus in England as a whole in the week to 6 February, according to ONS figures.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
London coronavirus cases by borough (in alphabetical order)
Data sourced from Public Health England, accurate as of 4pm on Tuesday 2 March
Boroughs Rate of infection per 100,000 people in last 7 days Total confirmed cases since start of pandemic Barking and Dagenham 86 22,925 Barnet 75 29,569 Bexley 58 21,812 Brent 91 27,577 Bromley 48 23,857 Camden 42 13,683 Croydon 73 30,213 Ealing 123 29,807 Enfield 48 29,217 Greenwich 55 21,769 Hackney and City of London 57 21,234 Hammersmith and Fulham 76 12,564 Haringey 58 20,345 Harrow 95 19,917 Havering 65 26,383 Hillingdon 97 25,287 Hounslow 115 23,817 Islington 43 14,574 Kensington and Chelsea 43 8,643 Kingston upon Thames 47 11,764 Lambeth 49 23,625 Lewisham 39 21,226 Merton 79 15,719 Newham 61 34,574 Redbridge 72 31,965 Richmond upon Thames 55 10,430 Southwark 42 21,947 Sutton 80 15,509 Tower Hamlets 53 28,074 Waltham Forest 52 24,325 Wandsworth 63 21,377 Westminster 41 13,577
Before the Open newsletter: Start your day with the City View podcast and key market data


cityam--2020-10-14--Working from home takes toll on younger generations, survey finds

Working from home is disproportionately affecting young people , according to new research , as fears of fresh local lockdowns around the country continue to hamper a return to the office .
More than 85 per cent of 1,500 office workers surveyed by design firm Oktra said they struggled with the switch to homeworking during the pandemic .
Read more : Microsoft boss warns against rapid transition to working from home Younger workers have been the most affected by the shift , with more than two-thirds of employees aged between 16 and 34 saying their home set-up was less conducive @ @ @ @ @ @ @ of young workers surveyed said they feared working from home would hamper their career development , while almost 90 per cent said they missed the social interaction and networking that comes with office life .
“ It all points to a generation of potential future leaders who are feeling increasingly less committed to their employers , their work culture and their professional future , ” said Oktra chief Craig Smith .
“ Of course no-one is suggesting that all staff should be compelled to return to their offices right now , but we @ @ @ @ @ @ @ term the physical office environment plays a key role in the recruitment , retention and performance of staff and consequently of the long term performance of many companies.
” It comes after the Prime Minister last month U-turned on advice to return to work to revive the UK ’ s ailing high streets , instead telling employees to “ work from home where possible ” for at least six months to curb a sharp spike in infections across the country .
But business executives based in the capital have warned that scrapping the @ @ @ @ @ @ @ have damaging effects for employees in the long-term .
Read more : Majority of UK businesses to scrap working from home post-pandemic Barry Horner , chief executive of City-based financial planning consultancy Paradigm Norton , said : “ Remote working is having a negative impact on our business , particularly around the speed of execution .
“ We are starting to spot the signs that being at home is just not working for some of our team .
We really want to support government guidelines but at the same time we have an @ @ @ @ @ @ @ see that they are starting to struggle .
That ’ s bad for our staff and ultimately bad for our business.
” City of London Corporation chief executive Catherine McGuinness earlier this week lashed out at rumours that London could be placed on “ high ” alert in the government ’ s new three-tier system , warning that subsequent working from home orders would decimate London ’ s economy .
“ Employers have dedicated considerable resources to deliver Covid-secure workplaces and to restore confidence among their staff , ” she said .
“ @ @ @ @ @ @ @ over any significant length of time risks stalling the capital ’ s recovery and damaging long-term competitiveness.
” “ Hibernating through the winter is not an option for our economy , ” she added .
It comes after major City firms were met with backlash over their decision to increase homeworking , following concerns banning the commute disproportionately affects young people .
More than 20 of the UK ’ s largest businesses , including Aviva , HSBC , and Legal & General , last month said the majority of their workforce will work @ @ @ @ @ @ @ But a poll by the London School of Economics ( LSE ) and affordable housing developer Pocket Living released in August found that 37 per cent of Londoners have been working and sleeping in their bedroom during the pandemic .
Read more : For young Londoners , working from home is a cramped and dismal experience Research from LSE found that Londoners between the ages of 20 and 39 had on average 9.3 square metres of personal space to themselves during lockdown Meanwhile almost half of the 698 London employees surveyed complained of @ @ @ @ @ @ @ from home .

Working from home takes toll on younger generations, survey finds
Working from home is disproportionately affecting young people, according to new research, as fears of fresh local lockdowns around the country continue to hamper a return to the office.
More than 85 per cent of 1,500 office workers surveyed by design firm Oktra said they struggled with the switch to homeworking during the pandemic.
Younger workers have been the most affected by the shift, with more than two-thirds of employees aged between 16 and 34 saying their home set-up was less conducive to work than the office.
Half of young workers surveyed said they feared working from home would hamper their career development, while almost 90 per cent said they missed the social interaction and networking that comes with office life.
“It all points to a generation of potential future leaders who are feeling increasingly less committed to their employers, their work culture and their professional future,” said Oktra chief Craig Smith.
“Of course no-one is suggesting that all staff should be compelled to return to their offices right now, but we are clearly seeing that in the longer term the physical office environment plays a key role in the recruitment, retention and performance of staff and consequently of the long term performance of many companies.”
London offices
It comes after the Prime Minister last month U-turned on advice to return to work to revive the UK’s ailing high streets, instead telling employees to “work from home where possible” for at least six months to curb a sharp spike in infections across the country.
But business executives based in the capital have warned that scrapping the commute has skewed productivity, and will have damaging effects for employees in the long-term.
Barry Horner, chief executive of City-based financial planning consultancy Paradigm Norton, said: “Remote working is having a negative impact on our business, particularly around the speed of execution.
“We are starting to spot the signs that being at home is just not working for some of our team. We really want to support government guidelines but at the same time we have an obligation to the team and we can see that they are starting to struggle. That’s bad for our staff and ultimately bad for our business.”
City of London Corporation chief executive Catherine McGuinness earlier this week lashed out at rumours that London could be placed on “high” alert in the government’s new three-tier system, warning that subsequent working from home orders would decimate London’s economy.
“Employers have dedicated considerable resources to deliver Covid-secure workplaces and to restore confidence among their staff,” she said.
“A blanket recommendation to work from home over any significant length of time risks stalling the capital’s recovery and damaging long-term competitiveness.”
“Hibernating through the winter is not an option for our economy,” she added.
City firms
It comes after major City firms were met with backlash over their decision to increase homeworking, following concerns banning the commute disproportionately affects young people.
More than 20 of the UK’s largest businesses, including Aviva, HSBC, and Legal & General, last month said the majority of their workforce will work from home until at least 2021.
But a poll by the London School of Economics (LSE) and affordable housing developer Pocket Living released in August found that 37 per cent of Londoners have been working and sleeping in their bedroom during the pandemic.
Research from LSE found that Londoners between the ages of 20 and 39 had on average 9.3 square metres of personal space to themselves during lockdown
Meanwhile almost half of the 698 London employees surveyed complained of noise issues and lack of privacy working from home.


cityam--2020-10-14--Nightclub owner Deltic seeks buyer as Covid-19 dances up a storm

The UK ’ s largest nightclub operator has kicked off an urgent hunt for fresh funding as it faces potential collapse due to the coronavirus pandemic .
Deltic Group , which owns brands including Pryzm and Atik , has hired accountancy firm BDO to explore options for the company , including finding new investors .
Founded in 2011 , Deltic employs 2,000 people and runs 52 venues across the UK .
But the group was forced to close its clubs in March due to the outbreak of coronavirus and is now facing collapse without further support .
The group last @ @ @ @ @ @ @ , with chief executive Peter Marks warning the figure could rise to 1,000 if there was no clarity over reopenings .
While restaurants and bars were allowed to reopen in July with social distancing measures in place , nightclubs have been forced to remain shuttered .
Trade body the Night Time Industries Associations ( NTIA ) has warned that 60 per cent of UK nightclubs could close without additional support from the government .
A tightening of lockdown restrictions in recent weeks has also deepened concerns about the future of the industry , @ @ @ @ @ @ @ and employs 1.3m people , according to the NTIA .
Read more : Pubs and bars in row over late night levy as 10pm curfew sinks sales A spokesperson for Deltic said : “ Deltic ’ s board of directors is working with advisers BDO to assess all options available to the company , including the possibility of bringing in new equity partners .
“ Deltic also continues to participate in discussions with the government regarding potential further support for the late-night sector during this difficult period .
”

Nightclub owner Deltic seeks buyer as Covid-19 dances up a storm
The UK’s largest nightclub operator has kicked off an urgent hunt for fresh funding as it faces potential collapse due to the coronavirus pandemic.
Deltic Group, which owns brands including Pryzm and Atik, has hired accountancy firm BDO to explore options for the company, including finding new investors.
Founded in 2011, Deltic employs 2,000 people and runs 52 venues across the UK.
But the group was forced to close its clubs in March due to the outbreak of coronavirus and is now facing collapse without further support.
The group last month began consultations to cut 400 jobs, with chief executive Peter Marks warning the figure could rise to 1,000 if there was no clarity over reopenings.
While restaurants and bars were allowed to reopen in July with social distancing measures in place, nightclubs have been forced to remain shuttered.
Trade body the Night Time Industries Associations (NTIA) has warned that 60 per cent of UK nightclubs could close without additional support from the government.
A tightening of lockdown restrictions in recent weeks has also deepened concerns about the future of the industry, which contributes £66bn to the UK economy and employs 1.3m people, according to the NTIA.
A spokesperson for Deltic said: “Deltic’s board of directors is working with advisers BDO to assess all options available to the company, including the possibility of bringing in new equity partners.
“Deltic also continues to participate in discussions with the government regarding potential further support for the late-night sector during this difficult period.”


cityam--2020-10-14--Galliford Try wins place on £600m Thames Water programme

Construction firm Galliford Try has won a place on two new lots on Thames Water ’ s new infrastructure improvement framework .
The company ’ s environment business will work on the two projects , which could bring in as much as £240m over the next four years .
Read more : East London water outage : “ Intermittent supply ” this morning but services returning The total pipeline of the project is valued at £590m , with Galliford Try forecasting that its work could be worth £60m a year .
Shares in the firm rose 0.9 per cent this @ @ @ @ @ @ @ Try will be undertaking works throughout London to Thames Water ’ s above ground facilities , including clean and wastewater treatment works , pumping stations and reservoirs .
Lot six includes below ground infrastructure including the clean water and sewerage networks across the South London region .
Before the Open newsletter : Start your day with the City View podcast and key market data The new awards come after the construction firm won places on lots one and two earlier this year .
Chief executive Bill Hocking said : “ We are delighted @ @ @ @ @ @ @ Thames Water following the previous announcement in May .
“ These appointments are fundamental to the Group ’ s strategy of focusing on long term frameworks and high-quality client relationships , with water one of identified key sectors .
“ We look forward to deepening our collaboration with Thames as we deliver for their customers over the coming years.
” Read more : Rebel water companies get partial support in fight over price cuts AMP7 , as the new investment cycle is known , is expected to focus on water firms making environmental @ @ @ @ @ @ @ However , the programme has not been without controversy , with some water companies rebelling against tough investment rules imposed by regulator Ofwat .

Galliford Try wins place on £600m Thames Water programme
Construction firm Galliford Try has won a place on two new lots on Thames Water’s new infrastructure improvement framework.
The company’s environment business will work on the two projects, which could bring in as much as £240m over the next four years.
The total pipeline of the project is valued at £590m, with Galliford Try forecasting that its work could be worth £60m a year.
Shares in the firm rose 0.9 per cent this morning.
In lot three, Galliford Try will be undertaking works throughout London to Thames Water’s above ground facilities, including clean and wastewater treatment works, pumping stations and reservoirs.
Lot six includes below ground infrastructure including the clean water and sewerage networks across the South London region.
Before the Open newsletter: Start your day with the City View podcast and key market data
The new awards come after the construction firm won places on lots one and two earlier this year.
Chief executive Bill Hocking said: “We are delighted to be further cementing our relationship with Thames Water following the previous announcement in May.
“These appointments are fundamental to the Group’s strategy of focusing on long term frameworks and high-quality client relationships, with water one of identified key sectors.
“We look forward to deepening our collaboration with Thames as we deliver for their customers over the coming years.”
AMP7, as the new investment cycle is known, is expected to focus on water firms making environmental improvements to their sometimes creaking infrastructure.
However, the programme has not been without controversy, with some water companies rebelling against tough investment rules imposed by regulator Ofwat.


cityam--2020-10-14--Snakes and Ladders: Who is moving jobs in the City this week?

Snakes and Ladders provides a roundup of the most important hires and fires across the City , every Wednesday afternoon .
Email citymoves @ cityam.com to be featured .
Despite the unnatural quiet that has replaced the fast-paced bustle of the Square Mile over the last few months , behind the scenes things are still moving .
While the pandemic has caused mass disruption for many firms , new opportunities have been created at others .
From tech start-ups to banking giants , here are the top city moves of the past week .
Challenger bank Tandem has appointed Paul @ @ @ @ @ @ @ to drive its agenda to become the UK ’ s first fully green digital lender .
Read more : Tandem Bank scales up to Russell Square HQ Noble , who has spent 20 years working for banking giants such as Barclays , also has experience in venture capital and was a founding member of 118 118 Money .
He is the chief executive of Allium , which was recently acquired by Tandem .
He will work with the Tandem team to develop new products and services , including an initial offering of green @ @ @ @ @ @ @ continuing to grow the green home lending portfolio that Tandem bought from Allium .
Christian Meissner has been appointed as co-head of international wealth management investment banking advisory and vice chairman of investment banking at Credit Suisse .
Read more : Credit Suisse to launch Revolut and N26 digital banking rival Meissner , who was previously head of global corporate and investment banking at Bank of America Merrill Lynch and worked at Lehman Brothers from 2004 until 2008 , will join the team on 26 October .
He will help to develop and @ @ @ @ @ @ @ worth clients .
The investment bank said it is an “ important next step ” in building its capital markets and advisory business .
Boutique private wealth law firm New Quadrant Partners has announced that the business will restructure , with co-founder Zoe Camp exiting the company .
Founding partner Louise Stoten will continue at NQP to provide trust , fiduciary and family office services .
Meanwhile Camp will move her advisory business to law firm Harbottle & Lewis .
The restructure follows a year of partner consultations and guidance from external business @ @ @ @ @ @ @ two areas have greater potential for growth if they operate as separate businesses .
Tech startup Perkbox , the employee experience platform backed by Draper Esprit and tennis champion Andy Murray , has promoted managing director Gautam Sahgal to chief executive .
Read more : Perkbox gets a £13.5m pick-me-up from Revolut-backer Draper Esprit Co-founder Saurav Chopra has stepped back to become executive chairman of the board .
The firm , which was founded in 2016 and now operates in more than 30 countries with more than 7,500 businesses , said the move @ @ @ @ @ @ @ .
The coronavirus pandemic has seen demand for its employee wellbeing services rise , it said .
KPMG has appointed Alfonso Marone as UK head of deal advisory for the technology , media and telecoms ( TMT ) sector , after almost three years as a partner with the firm .
Since joining the KPMG partnership in 2018 , Marone has led strategy and deal advisory engagements in technology-enabled services , B2B information and media for corporate and private equity clients .
In his expanded role , Marone will lead an experienced team @ @ @ @ @ @ @ than 100 practitioners exclusively focused on the TMT industries .
He will build relationships with investors , boards and shareholders and support them across the entire ownership cycle , in the UK and globally , in partnership with other KPMG firms worldwide .
Big Four accountancy firm EY has appointed Anna Anthony as its first female UK financial services leader .
Anthony , who has served as the company ’ s EMEIA financial services tax and legal leader since 2015 , will take up her new role at the beginning of next year @ @ @ @ @ @ @ UK LLP board .
She will replace Omar Ali , who has been appointed as EY ’ s EMEIA financial services managing partner for client services .

Snakes and Ladders: Who is moving jobs in the City this week?
Snakes and Ladders provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured.
Despite the unnatural quiet that has replaced the fast-paced bustle of the Square Mile over the last few months, behind the scenes things are still moving.
While the pandemic has caused mass disruption for many firms, new opportunities have been created at others. From tech start-ups to banking giants, here are the top city moves of the past week.
Tandem Bank hires Barclays veteran
Challenger bank Tandem has appointed Paul Noble as chief commercial officer in order to drive its agenda to become the UK’s first fully green digital lender.
Noble, who has spent 20 years working for banking giants such as Barclays, also has experience in venture capital and was a founding member of 118 118 Money. He is the chief executive of Allium, which was recently acquired by Tandem.
He will work with the Tandem team to develop new products and services, including an initial offering of green mortgages and green savings accounts, while continuing to grow the green home lending portfolio that Tandem bought from Allium.
Credit Suisse strengthens investment banking leadership team
Christian Meissner has been appointed as co-head of international wealth management investment banking advisory and vice chairman of investment banking at Credit Suisse.
Meissner, who was previously head of global corporate and investment banking at Bank of America Merrill Lynch and worked at Lehman Brothers from 2004 until 2008, will join the team on 26 October.
He will help to develop and execute the strategy for entrepreneurial high net worth clients.
The investment bank said it is an “important next step” in building its capital markets and advisory business.
New Quadrant Partners splits
New Quadrant Partners co-founder Zoe Camp
Boutique private wealth law firm New Quadrant Partners has announced that the business will restructure, with co-founder Zoe Camp exiting the company.
Founding partner Louise Stoten will continue at NQP to provide trust, fiduciary and family office services.
Meanwhile Camp will move her advisory business to law firm Harbottle & Lewis.
The restructure follows a year of partner consultations and guidance from external business advisers. It was agreed that the two areas have greater potential for growth if they operate as separate businesses.
Employee wellness startup hires new boss in pandemic demand surge
New Perkbox CEO Gautam Sahgal
Tech startup Perkbox, the employee experience platform backed by Draper Esprit and tennis champion Andy Murray, has promoted managing director Gautam Sahgal to chief executive.
Co-founder Saurav Chopra has stepped back to become executive chairman of the board.
The firm, which was founded in 2016 and now operates in more than 30 countries with more than 7,500 businesses, said the move comes at a “critical time”.
The coronavirus pandemic has seen demand for its employee wellbeing services rise, it said.
KPMG promotes partner to lead telecoms, tech and media deal advisory
Alfonso Marone
KPMG has appointed Alfonso Marone as UK head of deal advisory for the technology, media and telecoms (TMT) sector, after almost three years as a partner with the firm.
Since joining the KPMG partnership in 2018, Marone has led strategy and deal advisory engagements in technology-enabled services, B2B information and media for corporate and private equity clients.
In his expanded role, Marone will lead an experienced team of 15 partners and directors and more than 100 practitioners exclusively focused on the TMT industries.
He will build relationships with investors, boards and shareholders and support them across the entire ownership cycle, in the UK and globally, in partnership with other KPMG firms worldwide.
EY appoints first female financial services leader
Big Four accountancy firm EY has appointed Anna Anthony as its first female UK financial services leader.
Anthony, who has served as the company’s EMEIA financial services tax and legal leader since 2015, will take up her new role at the beginning of next year. She will also join the EY UK LLP board.
She will replace Omar Ali, who has been appointed as EY’s EMEIA financial services managing partner for client services.


cityam--2020-10-14--Shakespeare: Cineworld - and cinemas in general - take a reputational hit after closures

At the start of October Cineworld , the world ’ s second biggest cinema operator , confirmed it will temporarily close all of its UK and US cinemas having struggled to draw in visitors without a stream of new films .
Since Cineworld announced closures , Vue confirmed at the weekend that their screens will shut three days a week while Odeon is shutting 30 cinemas for four days a week .
Cineworld ’ s closure was triggered by the further postponement of the twice-delayed new James Bond film , No Time to Die , which has now been delayed @ @ @ @ @ @ @ other high-profile films .
Read more : Cineworld looks to the future with uncertainty Cinemas have struggled to entice customers to return as lockdown measures have eased , leading to some films bypassing cinemas straight to streaming services such as Disney ’ s Mulan .
New YouGov data shows that Buzz scores ( a net measure of whether consumers have heard anything positive or negative about the brand in the last fortnight ) for Cineworld have plummeted from 0.2 to -26.2 at its lowest point .
Consideration scores ( whether someone would consider @ @ @ @ @ @ @ for all three cinema chains initially grew after 4th July , the date when cinemas were allowed to reopen ( although most cinemas chose to reopen after this date ) .
Cineworld scored the highest consideration on 13th August at 26.6 , however scores dipped in August before a growth spurt in September – possibly due to the release of Christopher Nolan ’ s Tenet .
Separate YouGov polls help explain why Consideration scores for Cineworld and other cinemas declined following a lack of new films .
More than a third of adults @ @ @ @ @ @ @ fairly frequently say that they prefer to wait and see a film they ’ re interested in watching in the cinema ( 36 % ) , rising to 47 % of film fans aged 18 to 24 .
While four in ten adults ( 40 % ) who prefer watching new films in the cinema do so because they can see the film as soon as it ’ s released , even more enjoy the social occasion ( 55 % ) and the viewing experience ( 67 % ) .
Although cinemas have @ @ @ @ @ @ @ socially distanced viewing experience , without a steady stream of new films it ’ s hard to entice film fans .
This is demonstrated by the steady decline in Current Customer scores for both Cineworld and other cinema brands since July – Cineworld ’ s scores decreased 5.4 points between July and October .

Shakespeare: Cineworld – and cinemas in general – take a reputational hit after closures
At the start of October Cineworld, the world’s second biggest cinema operator, confirmed it will temporarily close all of its UK and US cinemas having struggled to draw in visitors without a stream of new films.
Since Cineworld announced closures, Vue confirmed at the weekend that their screens will shut three days a week while Odeon is shutting 30 cinemas for four days a week.
Cineworld’s closure was triggered by the further postponement of the twice-delayed new James Bond film, No Time to Die, which has now been delayed until 2021 along with a host of other high-profile films.
Read more: Cineworld looks to the future with uncertainty
Cinemas have struggled to entice customers to return as lockdown measures have eased, leading to some films bypassing cinemas straight to streaming services such as Disney’s Mulan.
New YouGov data shows that Buzz scores (a net measure of whether consumers have heard anything positive or negative about the brand in the last fortnight) for Cineworld have plummeted from 0.2 to -26.2 at its lowest point.
Consideration scores (whether someone would consider purchasing from the brand in future) for all three cinema chains initially grew after 4th July, the date when cinemas were allowed to reopen (although most cinemas chose to reopen after this date).
Cineworld scored the highest consideration on 13th August at 26.6, however scores dipped in August before a growth spurt in September – possibly due to the release of Christopher Nolan’s Tenet.
Separate YouGov polls help explain why Consideration scores for Cineworld and other cinemas declined following a lack of new films. More than a third of adults who say they watch films very or fairly frequently say that they prefer to wait and see a film they’re interested in watching in the cinema (36%), rising to 47% of film fans aged 18 to 24.
While four in ten adults (40%) who prefer watching new films in the cinema do so because they can see the film as soon as it’s released, even more enjoy the social occasion (55%) and the viewing experience (67%).
Although cinemas have been able to reopen and offer a socially distanced viewing experience, without a steady stream of new films it’s hard to entice film fans. This is demonstrated by the steady decline in Current Customer scores for both Cineworld and other cinema brands since July – Cineworld’s scores decreased 5.4 points between July and October.


cityam--2020-10-14--Ashmore assets rise as market recovery offsets outflows

Ashmore ’ s assets under management rose by nearly $ 2bn in the first quarter as a recovery in the markets helped to offset net outflows .
The money manager , which focuses on emerging markets , said assets under management ( AUM ) increased by $ 1.9bn in the period to 30 September , offsetting net outflows of $ 0.8bn .
Read more : Ashmore posts rise in profit despite assets under management dip AUM were estimated at $ 85.5bn at the end of last month as it recorded positive investment performance of $ 2.7bn .
Ashmore said the @ @ @ @ @ @ @ gross sales and a further decline in redemptions .
The better-than-expected performance saw shares in the firm rise nearly seven per cent .
Emerging markets were particularly badly hit by the pandemic as investors sought out assets that were deemed lower risk .
Ashmore ’ s AUM had dipped nine per cent in the year to the end of June but it has staged a strong recovery as momentum in equities increased diversification and client flows continued to stabilise .
The net outflows for the first quarter were primarily within the blended debt @ @ @ @ @ @ @ debt , local currency and corporate debt .
While the liquidity and equity sectors delivered net inflows .
Chief executive Mark Coombs said : “ While there are some near-term macro risks that may temper investors ’ risk appetite , such as COVID-19 and the US election , these environments have historically provided good investment opportunities for Ashmore ’ s active processes to exploit and deliver outperformance for clients.
” Read more : Ashmore posts rise in profit despite assets under management dip “ At the same time , attractive valuations across equities @ @ @ @ @ @ @ returns notably when compared with those available in Developed Markets , and support ongoing incremental allocations.
” Ashmore ’ s update indicates “ strong outperformance ” and all of the firm ’ s EMD strategies are outperforming benchmarks , Shore Capital analysts said in a note .
It means the money manager has “ closed the underperformance gap over the one and three year periods .
”

Ashmore assets rise as market recovery offsets outflows
Ashmore’s assets under management rose by nearly $2bn in the first quarter as a recovery in the markets helped to offset net outflows.
The money manager, which focuses on emerging markets, said assets under management (AUM) increased by $1.9bn in the period to 30 September, offsetting net outflows of $0.8bn.
AUM were estimated at $85.5bn at the end of last month as it recorded positive investment performance of $2.7bn.
Ashmore said the strong performance in the quarter reflects diversified gross sales and a further decline in redemptions.
The better-than-expected performance saw shares in the firm rise nearly seven per cent.
Emerging markets were particularly badly hit by the pandemic as investors sought out assets that were deemed lower risk.
Ashmore’s AUM had dipped nine per cent in the year to the end of June but it has staged a strong recovery as momentum in equities increased diversification and client flows continued to stabilise.
The net outflows for the first quarter were primarily within the blended debt and to a lesser extent in external debt, local currency and corporate debt. While the liquidity and equity sectors delivered net inflows.
Chief executive Mark Coombs said: “While there are some near-term macro risks that may temper investors’ risk appetite, such as COVID-19 and the US election, these environments have historically provided good investment opportunities for Ashmore’s active processes to exploit and deliver outperformance for clients.”
“At the same time, attractive valuations across equities and fixed income in Emerging Markets underpin returns notably when compared with those available in Developed Markets, and support ongoing incremental allocations.”
Ashmore’s update indicates “strong outperformance” and all of the firm’s EMD strategies are outperforming benchmarks, Shore Capital analysts said in a note. It means the money manager has “closed the underperformance gap over the one and three year periods.”


cityam--2020-10-14--Travel industry calls for 'decisive' action on airport testing

The UK travel industry has urged the government to “ act decisively ” in putting in place airport coronavirus testing in order to save the £60bn industry .
Trade body ABTA also called for ministers to provide targeted support for travel companies , many of which have been without any revenue this year .
Read more : Global airlines get nearly £100bn in state aid and bailout funding New figures from the association showed that only 15 per cent of people took an overseas holiday between February and July this year , down from 64 per cent last year .
@ @ @ @ @ @ @ travel agents , many of which are regular sights on British high streets .
Although the furlough and government loan schemes gave such businesses “ breathing space ” , ABTA said that they would need special grants to keep going through the traditionally less profitable winter season .
They are also dependent on the government moving away from its current quarantine regime , which the sector body said was driving down demand for holidays .
Only seven countries in Europe remain open to quarantine-free travel under the current of regime , with most @ @ @ @ @ @ @ Open newsletter : Start your day with the City View podcast and key market data Around 93 per cent of people are concerned about last-minute changes to foreign office travel advice and 4 in 5 people worry about having to quarantine when they return from holiday to the UK , it said .
“ It is vital that the Global Travel Taskforce launched this month to consider a testing regime , and other measures to support recovery of the travel industry , acts decisively and urgently to help increase consumer confidence and get @ @ @ @ @ @ @ moment , the UK is lagging behind other European neighbours such as Germany in getting such an airport testing system in place .
But speaking at ABTA ’ s annual conference this morning , transport secretary Grant Shapps said that government was working on two different testing initiatives .
Under the first , dubbed “ test and release ” , passengers would take a test “ about a week ” after their arrival – at their own expense – in an attempt to cut quarantine time .
He added that they were also @ @ @ @ @ @ @ ” with testing before and after travel , which would not require travellers to quarantine .
Read more : Heathrow Airport passenger numbers plummet over 80 per cent in September The figures came as the body released its new report into how the travel industry could adopt greener policies in the future .
Chief exec Mark Tanzer said : “ We also need to make sure the UK Government understands the huge value of the sector and takes urgent action to support it – not just in the immediate future so we aren @ @ @ @ @ @ @ for decades to come , but also with long-term policies that will help the industry to rebuild in a greener way .
”

Travel industry calls for ‘decisive’ action on airport testing
The UK travel industry has urged the government to “act decisively” in putting in place airport coronavirus testing in order to save the £60bn industry.
Trade body ABTA also called for ministers to provide targeted support for travel companies, many of which have been without any revenue this year.
New figures from the association showed that only 15 per cent of people took an overseas holiday between February and July this year, down from 64 per cent last year.
Such trips are bread and butter for travel agents, many of which are regular sights on British high streets.
Although the furlough and government loan schemes gave such businesses “breathing space”, ABTA said that they would need special grants to keep going through the traditionally less profitable winter season.
They are also dependent on the government moving away from its current quarantine regime, which the sector body said was driving down demand for holidays.
Only seven countries in Europe remain open to quarantine-free travel under the current of regime, with most traditional holiday destinations off-limits.
Before the Open newsletter: Start your day with the City View podcast and key market data
Around 93 per cent of people are concerned about last-minute changes to foreign office travel advice and 4 in 5 people worry about having to quarantine when they return from holiday to the UK, it said.
Italy was one of the few countries left where tourists could travel to from England with no restrictions either way, however it fell off the UK Government’s travel corridor list this month and Rome introduced rules for inbound tourists to show negative Covid-19 tests (Photo by FILIPPO MONTEFORTE/AFP via Getty Images)
“It is vital that the Global Travel Taskforce launched this month to consider a testing regime, and other measures to support recovery of the travel industry, acts decisively and urgently to help increase consumer confidence and get the industry moving again.”
At the moment, the UK is lagging behind other European neighbours such as Germany in getting such an airport testing system in place.
But speaking at ABTA’s annual conference this morning, transport secretary Grant Shapps said that government was working on two different testing initiatives.
Under the first, dubbed “test and release”, passengers would take a test “about a week” after their arrival – at their own expense – in an attempt to cut quarantine time.
He added that they were also working on an “internationally recognised system” with testing before and after travel, which would not require travellers to quarantine.
The figures came as the body released its new report into how the travel industry could adopt greener policies in the future.
Chief exec Mark Tanzer said: “We also need to make sure the UK Government understands the huge value of the sector and takes urgent action to support it – not just in the immediate future so we aren’t counting the costs of coronavirus for decades to come, but also with long-term policies that will help the industry to rebuild in a greener way.”


cityam--2020-10-14--Learning the hard way: Why do things keep going wrong for Pearson?

John Fallon , longstanding chief executive of Pearson , will step down next week after nearly eight years at the helm .
The education boss today signed off with a mixed set of results for the first nine months of the year , as a surge in demand for online learning helped to offset sliding sales .
The figures summed up the major challenges faced by the FTSE 100 firm as it battles the impact of the coronavirus pandemic on top of major shifts in learnings habits .
So as the power at Pearson passes into new hands , we @ @ @ @ @ @ @ history and the tasks at the top of the new boss ’ to-do list .
Read more : Pearson appoints Disney veteran Andy Bird as new chief executive Signing off after a turbulent time at the top , boss Fallon today acknowledged that there were “ plenty of things I wish I ’ d done differently ” .
Under his tenure Pearson has posted seven profit warnings in as many years while its shares , which were trading at more than £11 in 2013 , have tumbled by more than 50 per cent @ @ @ @ @ @ @ has been the company ’ s troubled shift to digital as demand for its once trusty textbooks gradually declined .
Speaking to reporters today , Fallon lamented industry disruption that was “ every bit as challenging as what we ’ ve seen in music ” .
But he drew attention to his efforts to invest heavily in Pearson ’ s digital offering and strip out £1bn of costs .
This included the controversial decision to sell the Financial Times to Japanese media group Nikkei for £844m in 2015 .
The company also offloaded @ @ @ @ @ @ @ House .
“ I didn ’ t want to go down in history as the man who sold the FT , but it had to be done , ” Fallon said .
Analysts have welcomed Pearson ’ s digital transformation , but some industry watchers have questioned whether the company moved quickly enough .
If there ’ s one positive to take from the Covid-19 crisis , it ’ s that the pandemic has accelerated the shift to digital , and this could be a saving grace for Pearson .
While school and @ @ @ @ @ @ @ firm ’ s virtual learning division grew 32 per cent in the third quarter as demand for online education surged .
“ The future of learning was already digital , but Covid-19 has given it a great big shove forward , ” Fallon said today .
Pearson now has the opportunity to capitalise on these trends .
It has announced plans to unveil a “ reimagined ” website and offer more direct-to-learner services , such as courses for IT professionals .
Developing a highly-personalised service and forging direct relationships with customers will be @ @ @ @ @ @ @ identity as an online-focused business .
Moreover , Pearson has made its intentions clear through the appointment of Andy Bird as its new chief executive .
Bird , whose media career has spanned more than 35 years , most recently served as chairman of Walt Disney International , where he led the group ’ s digital transformation .
It ’ s a clear message to shareholders that Pearson means business with its digital plans and , as the world continues to adapt to the pandemic , Bird will be hoping to cement the @ @ @ @ @ @ @ learning hub .
Read more : Pearson swings to a loss as pandemic forces schools to close But it won ’ t all be plain sailing for the new Pearson boss , whose first task is likely to be putting out fires in the boardroom .
The company has faced numerous shareholder revolts over its executive pay packages , with a third of investors last month voting against a bumper pay deal for Bird .
The incoming chief executive will be paid a base salary of $ 1.25m and has committed to buy @ @ @ @ @ @ @ deal that puts him in line for a payout of more than $ 9m .
Major shareholders have hit out at the pay deal and are reportedly pushing for chair Sidney Taurel to step down .
In addition , Pearson is facing pressure from activist investor Cevian Capital , which has upped its stake in the company to almost nine per cent , suggesting that it could be eyeing up a seat on the board .
The education group ’ s sinking share price has long made it subject to takeover speculation , @ @ @ @ @ @ @ be keeping a close eye on the company ’ s returns to shareholders .
So as Bird steps into the fray next week , he ’ ll be sure to signal a clear change in direction for Pearson as it drags itself into the digital era .

Learning the hard way: Why do things keep going wrong for Pearson?
John Fallon, longstanding chief executive of Pearson, will step down next week after nearly eight years at the helm.
The education boss today signed off with a mixed set of results for the first nine months of the year, as a surge in demand for online learning helped to offset sliding sales.
The figures summed up the major challenges faced by the FTSE 100 firm as it battles the impact of the coronavirus pandemic on top of major shifts in learnings habits.
So as the power at Pearson passes into new hands, we look at the company’s troubled history and the tasks at the top of the new boss’ to-do list.
Digital natives
Signing off after a turbulent time at the top, boss Fallon today acknowledged that there were “plenty of things I wish I’d done differently”.
Under his tenure Pearson has posted seven profit warnings in as many years while its shares, which were trading at more than £11 in 2013, have tumbled by more than 50 per cent.
At the heart of these difficulties has been the company’s troubled shift to digital as demand for its once trusty textbooks gradually declined.
Speaking to reporters today, Fallon lamented industry disruption that was “every bit as challenging as what we’ve seen in music”.
But he drew attention to his efforts to invest heavily in Pearson’s digital offering and strip out £1bn of costs.
This included the controversial decision to sell the Financial Times to Japanese media group Nikkei for £844m in 2015. The company also offloaded its stake in publishing giant Penguin Random House.
“I didn’t want to go down in history as the man who sold the FT, but it had to be done,” Fallon said.
Analysts have welcomed Pearson’s digital transformation, but some industry watchers have questioned whether the company moved quickly enough.
Pandemic push
If there’s one positive to take from the Covid-19 crisis, it’s that the pandemic has accelerated the shift to digital, and this could be a saving grace for Pearson.
While school and test centre closures dented sales, the firm’s virtual learning division grew 32 per cent in the third quarter as demand for online education surged.
“The future of learning was already digital, but Covid-19 has given it a great big shove forward,” Fallon said today.
Pearson now has the opportunity to capitalise on these trends. It has announced plans to unveil a “reimagined” website and offer more direct-to-learner services, such as courses for IT professionals.
Developing a highly-personalised service and forging direct relationships with customers will be key to establishing the group’s identity as an online-focused business.
Incoming Pearson chief executive Andy Bird
Moreover, Pearson has made its intentions clear through the appointment of Andy Bird as its new chief executive.
Bird, whose media career has spanned more than 35 years, most recently served as chairman of Walt Disney International, where he led the group’s digital transformation.
It’s a clear message to shareholders that Pearson means business with its digital plans and, as the world continues to adapt to the pandemic, Bird will be hoping to cement the company’s reputation as a digital learning hub.
Boardroom battles
But it won’t all be plain sailing for the new Pearson boss, whose first task is likely to be putting out fires in the boardroom.
The company has faced two shareholder revolts over its executive pay packages in recent years, with a third of investors last month voting against a bumper pay deal for Bird.
The incoming chief executive will be paid a base salary of $1.25m and has committed to buy $3.75m of Pearson shares — a deal that puts him in line for a payout of more than $9m.
Major shareholders have hit out at the pay deal and are reportedly pushing for chair Sidney Taurel to step down.
In addition, Pearson is facing pressure from activist investor Cevian Capital, which has upped its stake in the company to almost nine per cent, suggesting that it could be eyeing up a seat on the board.
The education group’s sinking share price has long made it subject to takeover speculation, but at the very least Cevian will be keeping a close eye on the company’s returns to shareholders.
So as Bird steps into the fray next week, he’ll be sure to signal a clear change in direction for Pearson as it drags itself into the digital era.


cityam--2020-10-14--OECD: UK should focus on unemployed until recovery established

The UK should do more to help those who have lost their jobs during the coronavirus pandemic and wait to fix the hole in its public finances until the recovery is underway , the Organisation for Economic Co-operation and Development ( OECD ) said .
The UK ’ s economy is at “ a critical juncture ” , the organisation warned in an annual report , as the Covid-19 crisis threatens to worsen existing productivity and inequality problems , while Brexit could also deal a major blow .
Read more : Coronavirus : UK economy slumped by a fifth in @ @ @ @ @ @ @ management of the Covid-19 crisis and future trade relationships will have a lasting impact on the country ’ s economic trajectory for the years to come , ” the report said .
Forecasting that UK GDP will shrink more than 10 per cent this year and only partially recover those losses in 2021 , the organisation warned that surging coronavirus cases and the possibility of no post-Brexit trade deal being struck means Britain faces “ major downside risks ” .
Britain ’ s economy shrank the most of any G7 nation in the @ @ @ @ @ @ @ in August , despite government subsidies aimed at boosting the hospitality sector .
The UK is now facing a fresh tightening of coronavirus restrictions as infections continue to rise .
OECD chief economist Laurence Boone said the outlook for the world ’ s sixth-biggest economy is “ exceptionally uncertain ” .
Before the Open newsletter : Start your day with the City View podcast and key market data “ Actions taken to address the pandemic and decisions made on future trading relationships will have a lasting impact on the UK ’ s economic @ @ @ @ @ @ @ they should be in line with long-term objectives , ” he added .
The OECD forecasts that unemployment in the UK will average 7.1 per cent in 2021 , up from 4.5 per cent now .
The £50bn furlough scheme is closing at the end of this month , and is set to be replaced by less generous job support measures .
“ Additional spending on active labour market measures are welcome and further increases would help to accompany unemployed workers in their job search and ease adjustment to new working arrangements , @ @ @ @ @ @ @ is facing its largest ever peacetime budget deficit in 2020 , with the Institute for Fiscal Studies estimating it will hit 17 per cent of GDP , while public debt has passed 100 per cent of GDP .
However the OECD said that low borrowing costs would allow for further public spending to mitigate the impact of the pandemic , and that “ addressing the remaining structural deficit and putting the public debt-to-GDP ratio on a downward path ” should only become a focus “ once the recovery is firmly established ” .
@ @ @ @ @ @ @ of England ‘ not there yet ’ on negative interest rates “ There is room to broaden the tax base once there are clear signs that growth is firming up , ” the report said .
The OECD noted that , at 33.5 per cent , the UK ’ s tax-to-GDP ratio remains relatively low compared with many of its European counterparts .
Last month the organisation warned that while the global economy was faring better than originally expected in 2020 , the UK was still lagging behind and would take one of @ @ @ @ @ @ @ any developed country .

OECD: UK should focus on unemployed until recovery established
The UK should do more to help those who have lost their jobs during the coronavirus pandemic and wait to fix the hole in its public finances until the recovery is underway, the Organisation for Economic Co-operation and Development (OECD) said.
The UK’s economy is at “a critical juncture”, the organisation warned in an annual report, as the Covid-19 crisis threatens to worsen existing productivity and inequality problems, while Brexit could also deal a major blow.
“Decisions made now about management of the Covid-19 crisis and future trade relationships will have a lasting impact on the country’s economic trajectory for the years to come,” the report said.
Forecasting that UK GDP will shrink more than 10 per cent this year and only partially recover those losses in 2021, the organisation warned that surging coronavirus cases and the possibility of no post-Brexit trade deal being struck means Britain faces “major downside risks”.
Britain’s economy shrank the most of any G7 nation in the second quarter and the recovery lost momentum in August, despite government subsidies aimed at boosting the hospitality sector. The UK is now facing a fresh tightening of coronavirus restrictions as infections continue to rise.
OECD chief economist Laurence Boone said the outlook for the world’s sixth-biggest economy is “exceptionally uncertain”.
Before the Open newsletter: Start your day with the City View podcast and key market data
“Actions taken to address the pandemic and decisions made on future trading relationships will have a lasting impact on the UK’s economic trajectory for years to come, so they should be in line with long-term objectives,” he added.
The OECD forecasts that unemployment in the UK will average 7.1 per cent in 2021, up from 4.5 per cent now.
The £50bn furlough scheme is closing at the end of this month, and is set to be replaced by less generous job support measures.
“Additional spending on active labour market measures are welcome and further increases would help to accompany unemployed workers in their job search and ease adjustment to new working arrangements,” the OECD said.
The UK is facing its largest ever peacetime budget deficit in 2020, with the Institute for Fiscal Studies estimating it will hit 17 per cent of GDP, while public debt has passed 100 per cent of GDP.
However the OECD said that low borrowing costs would allow for further public spending to mitigate the impact of the pandemic, and that “addressing the remaining structural deficit and
putting the public debt-to-GDP ratio on a downward path” should only become a focus “once the recovery is firmly established”.
“There is room to broaden the tax base once there are clear signs that growth is firming up,” the report said. The OECD noted that, at 33.5 per cent, the UK’s tax-to-GDP ratio remains relatively low compared with many of its European counterparts.
Last month the organisation warned that while the global economy was faring better than originally expected in 2020, the UK was still lagging behind and would take one of the biggest hits from the pandemic of any developed country.