cityam--2020-07-20--Financial pressure on UK households eases but pessimism sets in

Britons ’ views of their financial situation continued to improve in July after deteriorating at a record pace in April , figures have shown , but households became more pessimistic about the future .
IHS Markit ’ s household finance index rose to 41.5 in July from 40.7 in June .
That was above the long-term average but still lower than the figure in March .
Read more : UK economy grows by much less than expected after April crash However , households ’ financial outlook darkened , with the forward-looking index dropping to 42.5 in July from 45.9 in @ @ @ @ @ @ @ the pessimism was driven by worries that people would lose their jobs .
It comes as the UK gradually reopens from its coronavirus lockdown , which tanked the economy in April .
At the start of the month restaurants , cafes , pubs and hotels were allowed to reopen .
Social distancing measures have steadily been relaxed .
Yet the UK economy faces a historic crash this year .
The “ central scenario ” from the country ’ s budget watchdog says GDP is likely to drop by an enormous 12.4 per cent @ @ @ @ @ @ @ cent by the end of the year from below four per cent .
Today ’ s survey from data firm IHS Markit showed there was another sharp reduction in household spending in July .
The spending index was much lower than at any time in 11 years of survey data prior to coronavirus .
Economists say that this saving could boost the economy if it is released as the lockdown is eased .
Yet they also warn that residual caution could mean it is held back , damaging the UK ’ s consumer-focused @ @ @ @ @ @ @ s : UK to suffer worst crash of any big economy “ UK households continue to tighten the purse strings despite a phased reopening of the economy , ” said Tim Moore , director at IHS Markit .
He said that “ extremely cautious spending patterns ” reflect “ widespread anxiety about jobs and the outlook for earnings ” .

Financial pressure on UK households eases but pessimism sets in
Households have reined in their spending as coronavirus has ravaged the UK economy
Britons’ views of their financial situation continued to improve in July after deteriorating at a record pace in April, figures have shown, but households became more pessimistic about the future.
IHS Markit’s household finance index rose to 41.5 in July from 40.7 in June. That was above the long-term average but still lower than the figure in March.
However, households’ financial outlook darkened, with the forward-looking index dropping to 42.5 in July from 45.9 in June.
Data firm IHS Markit said the pessimism was driven by worries that people would lose their jobs.
It comes as the UK gradually reopens from its coronavirus lockdown, which tanked the economy in April.
At the start of the month restaurants, cafes, pubs and hotels were allowed to reopen. Social distancing measures have steadily been relaxed.
UK households rein in spending
Yet the UK economy faces a historic crash this year. The “central scenario” from the country’s budget watchdog says GDP is likely to drop by an enormous 12.4 per cent.
Unemployment would surge to 12 per cent by the end of the year from below four per cent.
Today’s survey from data firm IHS Markit showed there was another sharp reduction in household spending in July. The spending index was much lower than at any time in 11 years of survey data prior to coronavirus.
Economists say that this saving could boost the economy if it is released as the lockdown is eased. Yet they also warn that residual caution could mean it is held back, damaging the UK’s consumer-focused economy.
“UK households continue to tighten the purse strings despite a phased reopening of the economy,” said Tim Moore, director at IHS Markit.
He said that “extremely cautious spending patterns” reflect “widespread anxiety about jobs and the outlook for earnings”.


cityam--2020-07-20--Global banks 'scrutinise Hong Kong clients for pro-democracy ties'

Global banks are examining whether their clients in Hong Kong have ties to the city ’ s pro-democracy movement , sources have warned Six people with knowledge of the matter said banks are scrutinising clients in an attempt to avoid getting caught in the crosshairs of China ’ s new national security law .
Bankers at Credit Suisse Group AG ( CSGN.S ) , HSBC Holdings Plc ( HSBA.L ) , Julius Baer Gruppe AG ( BAER.S ) and UBS Group AG ( UBSG.S ) , among others , are broadening scrutiny under their programmes that screen clients for political @ @ @ @ @ @ @ additional diligence requirements , these people said .
The designation , called politically exposed persons , can make it more difficult or altogether prevent people from accessing banking services , depending on what the bank finds about the person ’ s source of wealth or financial transactions .
The checks at some wealth managers have involved combing through comments made by clients and their associates in public and in media , and social media posts in the recent past , these people said .
The new law prohibits what Beijing describes broadly as @ @ @ @ @ @ @ with foreign forces , with up to life in prison for offenders .
The sources , who requested anonymity because of the sensitivity of the situation , said the broadened scrutiny of clients also applied to Hong Kong and Chinese officials who had implemented the law in anticipation of any US sanctions against them .
One banker at a global wealth manager that holds more than $ 200bn ( £159.7bn ) in assets said the audit of its clients could go back as far as 2014 in some cases to gauge a client @ @ @ @ @ @ @ ’ s 2014 pro-democracy “ umbrella ” movement .
Protesters at the time used umbrellas to shield themselves from tear gas and pepper spray deployed by police .
Reuters could not learn the identities of any people who had faced enhanced scrutiny or whether the banks had decided to take any action against people identified as politically exposed .
Albert Ho , a veteran Hong Kong democrat who runs a law firm and helps organise an annual candlelight vigil to commemorate victims of the June 4 , 1989 Tiananmen Square crackdown , said @ @ @ @ @ @ @ face “ difficulties in the times to come.
” ‘ There ’ s not much clients can do ’ “ There ’ s not much you can do , actually , unless you cease all your financial and banking activities in Hong Kong , ” Ho said , adding he had not faced additional scrutiny from his bank as of last week .
He declined to disclose the name of his bank .
HSBC declined to comment specifically on the security law or any US move to sanction local officials .
In an @ @ @ @ @ @ @ We already have a stringent set of policies and rigorous processes in place which we apply globally.
” In an emailed statement , the Hong Kong Monetary Authority said the financial hub implements anti-money laundering requirements “ based on international standards including with regard to politically exposed persons ” .
“ The relevant international standards and our guidance to the banking industry have not changed , ” the city ’ s de facto central bank said .
China ’ s foreign ministry , the Liaison Office in Hong Kong and the State Council @ @ @ @ @ @ @ Office did not respond to requests for comment .
Read more : Hong Kong : All the tech firms pausing activity after China ’ s security law Global banks have long examined the backgrounds of their clients , including screening them for political ties , to satisfy regulatory requirements .
Politicians , government officials and senior executives at state-owned enterprises , as well as their family members , are typically considered politically exposed persons .
The rules are meant to enforce laws such as international sanctions and to prevent people from using the @ @ @ @ @ @ @ The banks ’ move to subject supporters of Hong Kong ’ s democracy movement to a similar review comes at a time when the stance of some firms on the Chinese law has drawn scrutiny from Western lawmakers and activists .
HSBC and Standard Chartered Plc ( STAN.L ) , which have expressed support of the national security law , for example , have faced criticism from UK officials that their actions enabled Beijing to undermine the rule of law in the former British colony .
The two London-headquartered banks have said they @ @ @ @ @ @ @ Hong Kong .
Both Hong Kong and Chinese officials have said the law was vital to plug holes in national security defences .
They have rejected criticism from the US and UK that China was violating its promise to safeguard Hong Kong ’ s freedom .
Hong Kong was meant to stay outside China ’ s rule for 50 years after the 1997 handover .
Some wealth managers in Hong Kong say they are worried about the regulatory and reputation risks to their banks if charges under the sweeping security law are brought @ @ @ @ @ @ @ , three of the sources said .
A top executive at a regional wealth manager said that his firm ’ s risk and compliance team prepared a list of top 10 Hong Kong individuals identified in local media as pro-democracy sympathisers within a couple of days of the enactment of the law on July 1 , the anniversary of the handover .
The executive said their firm checked its internal database to see if they had existing relationship with any of them and were “ quite relieved ” to see that they didn @ @ @ @ @ @ @ Late ’ Hong Kong motion won ’ t be voted on by City chiefs Several elements of the law deal with the seizure of assets , including provisions to give a new police unit greater powers to freeze and confiscate funds and property as well as greater powers to obtain information .
Companies can also face penalties , ranging from fines and suspension to the loss of business licenses .
One investment manager at a Hong Kong-based hedge fund said he expected more people to come under scrutiny from their bankers now .
@ @ @ @ @ @ @ moderate democrat came through the door wanting to invest , you ’ d be thinking long and hard after this law , ” the fund manager said .

Global banks ‘scrutinise Hong Kong clients for pro-democracy ties’
Global banks are examining whether their clients in Hong Kong have ties to the city’s pro-democracy movement, sources have warned
Global banks are examining whether their clients in Hong Kong have ties to the city’s pro-democracy movement, sources have warned
Six people with knowledge of the matter said banks are scrutinising clients in an attempt to avoid getting caught in the crosshairs of China’s new national security law.
Bankers at Credit Suisse Group AG (CSGN.S), HSBC Holdings Plc (HSBA.L), Julius Baer Gruppe AG (BAER.S) and UBS Group AG (UBSG.S), among others, are broadening scrutiny under their programmes that screen clients for political and government ties and subjecting them to additional diligence requirements, these people said.
The designation, called politically exposed persons, can make it more difficult or altogether prevent people from accessing banking services, depending on what the bank finds about the person’s source of wealth or financial transactions.
The checks at some wealth managers have involved combing through comments made by clients and their associates in public and in media, and social media posts in the recent past, these people said.
The new law prohibits what Beijing describes broadly as secession, subversion, terrorism and collusion with foreign forces, with up to life in prison for offenders.
The sources, who requested anonymity because of the sensitivity of the situation, said the broadened scrutiny of clients also applied to Hong Kong and Chinese officials who had implemented the law in anticipation of any US sanctions against them.
One banker at a global wealth manager that holds more than $200bn (£159.7bn) in assets said the audit of its clients could go back as far as 2014 in some cases to gauge a client’s political stance since Hong Kong’s 2014 pro-democracy “umbrella” movement.
Protesters at the time used umbrellas to shield themselves from tear gas and pepper spray deployed by police.
Reuters could not learn the identities of any people who had faced enhanced scrutiny or whether the banks had decided to take any action against people identified as politically exposed.
Albert Ho, a veteran Hong Kong democrat who runs a law firm and helps organise an annual candlelight vigil to commemorate victims of the June 4, 1989 Tiananmen Square crackdown, said he feared that people like him may face “difficulties in the times to come.”
‘There’s not much clients can do’
“There’s not much you can do, actually, unless you cease all your financial and banking activities in Hong Kong,” Ho said, adding he had not faced additional scrutiny from his bank as of last week. He declined to disclose the name of his bank.
HSBC declined to comment specifically on the security law or any US move to sanction local officials. In an emailed statement, it said: “We already have a stringent set of policies and rigorous processes in place which we apply globally.”
Credit Suisse, Julius Baer and UBS declined to comment.
In an emailed statement, the Hong Kong Monetary Authority said the financial hub implements anti-money laundering requirements “based on international standards including with regard to politically exposed persons”.
“The relevant international standards and our guidance to the banking industry have not changed,” the city’s de facto central bank said.
China’s foreign ministry, the Liaison Office in Hong Kong and the State Council’s Hong Kong and Macau Affairs Office did not respond to requests for comment.
Banks in focus as China tightens grip
Global banks have long examined the backgrounds of their clients, including screening them for political ties, to satisfy regulatory requirements. Politicians, government officials and senior executives at state-owned enterprises, as well as their family members, are typically considered politically exposed persons.
The rules are meant to enforce laws such as international sanctions and to prevent people from using the banking system to launder ill-gotten wealth.
The banks’ move to subject supporters of Hong Kong’s democracy movement to a similar review comes at a time when the stance of some firms on the Chinese law has drawn scrutiny from Western lawmakers and activists.
HSBC and Standard Chartered Plc (STAN.L), which have expressed support of the national security law, for example, have faced criticism from UK officials that their actions enabled Beijing to undermine the rule of law in the former British colony.
The two London-headquartered banks have said they believed the law would restore stability in Hong Kong.
Both Hong Kong and Chinese officials have said the law was vital to plug holes in national security defences. They have rejected criticism from the US and UK that China was violating its promise to safeguard Hong Kong’s freedom.
Hong Kong was meant to stay outside China’s rule for 50 years after the 1997 handover.
Hong Kong contains risks for banks
Some wealth managers in Hong Kong say they are worried about the regulatory and reputation risks to their banks if charges under the sweeping security law are brought against some of their politically linked clients, three of the sources said.
A top executive at a regional wealth manager said that his firm’s risk and compliance team prepared a list of top 10 Hong Kong individuals identified in local media as pro-democracy sympathisers within a couple of days of the enactment of the law on July 1, the anniversary of the handover.
The executive said their firm checked its internal database to see if they had existing relationship with any of them and were “quite relieved” to see that they didn’t.
Several elements of the law deal with the seizure of assets, including provisions to give a new police unit greater powers to freeze and confiscate funds and property as well as greater powers to obtain information. Companies can also face penalties, ranging from fines and suspension to the loss of business licenses.
One investment manager at a Hong Kong-based hedge fund said he expected more people to come under scrutiny from their bankers now. “I think that if even a moderate democrat came through the door wanting to invest, you’d be thinking long and hard after this law,” the fund manager said.


cityam--2020-07-20--Kanye West launches presidential campaign with unorthodox rally

Kanye West officially launched his campaign for 2020 US presidential election last night with an unorthodox rally in Charleston , South Carolina , that saw the rapper deliver an address on theology , abortion and international trade .
West , who took to the stage in a bulletproof vest with “ 2020 ” shaved into his head , said abortion should be legal but that “ everybody that has a baby [ should ] get a million dollars ” .
Read more : President Trump officially pulls US out of the World Health Organisation The rapper pedalled back on comments @ @ @ @ @ @ @ last month , in which he stated that he was “ pro-life ” , telling the crowd that he “ understands ” why victims of rape or parents unable to support multiple children would consider abortion , but insisted : “ God will make a way.
” “ The only thing that can free us is by obeying the rules that were given to us for a promised land , ” added West .
“ Abortion should be legal because guess what ?
The law is not by God anyway , so what @ @ @ @ @ @ @ of gospel music , the rapper spoke about the “ divine intervention ” that caused his wife , reality star Kim Kardashian West , to abandon West ’ s suggestion for her to terminate the pregnancy of their first child North West .
“ I was having the rapper ’ s lifestyle , ” he said .
“ I was sitting up in Paris , and I had my leather pants on … and I had my laptop up and I got all of my creative ideas … And the screen went black @ @ @ @ @ @ @ if you f*** with my vision I ’ m going to f*** with yours ’ .
He added : “ I almost killed my daughter… even if my wife [ Kim Kardashian West ] were to divorce me after this speech , she brought North into the world , even when I didn ’ t want to.
” West cried when describing how he was nearly aborted by his parents , saying that “ My mum saved my life .
My dad wanted to abort me.
” “ There would have been no @ @ @ @ @ @ @ too busy , ” he added .
The rapper refused to use a microphone , and repeatedly had to tell the several hundred-strong crowd to be quiet so they could hear him .
He repeatedly touched on his Christian roots , saying : “ We are all equal in God ’ s eyes .
Sometimes people are controlled by demons , sometimes people are controlled by the environment that we are in but we are all God ’ s people , there [ are ] no bad people .
There are lost people @ @ @ @ @ @ @ s people.
” He also gave an impromptu monologue on 19th century abolitionist Harriet Tubman , whom he claimed “ never actually freed the slaves , she just had the slaves go work for other white people ” .
Tubman was born into slavery in 1822 , but managed to escape from a Maryland plantation aged 27 .
She then returned to the South to rescue other slaves on the network of routes and safe houses known as the “ underground railroad ” , risking her own life to lead people to freedom @ @ @ @ @ @ @ prompted shouts of disapproval from some of those in the crowd .
The 43-year-old rapper is running as a candidate in the US presidential .
Election in November for his self-styled “ Birthday Party ” .
The rally in Charleston last night appeared to stub out claims by West ’ s campaign team last week suggesting he had dropped out of the presidential election .
Steve Kramer , a get-out-the-vote specialist working with West , told Intelligencer that the rapper would no longer be contesting the election , saying : “ He ’ @ @ @ @ @ @ @ who is said to have a net worth of around $ 1.3bn ( £1.05bn ) , missed the deadline to qualify for the ballot in many states .
It is still unsure whether he can get enough signatures to qualify in others .
West ’ s last-minute bid for the White House , launched on American Independence Day on 4 July , has been met with claims that the move is little more than a promotional stunt .
In January last year , West tweeted “ 2024 ” , in what was widely @ @ @ @ @ @ @ run for the White House that year .
Read more : Trump on UK ’ s Huawei U-turn : ‘ I did this myself ’ The 21-time Grammy Award winner has in the past repeatedly declared his support for Trump and the Republican party , having visited Trump in the White House several times to discuss prison reform , and is often spotted touting Trump ’ s famous “ Make America Great Again ” cap .
Last week West qualified to appear on Oklahoma ’ s presidential ballot — the first state where @ @ @ @ @ @ @ .
However , in order to appear on South Carolina ’ s ballot he needs to collect 10,000 signatures by noon local time today .
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Kanye West launches presidential campaign with unorthodox rally
Kanye West officially launched his campaign for 2020 US presidential election last night with an unorthodox rally in Charleston, South Carolina, that saw the rapper deliver an address on theology, abortion and international trade.
West, who took to the stage in a bulletproof vest with “2020” shaved into his head, said abortion should be legal but that “everybody that has a baby [should] get a million dollars”.
The rapper pedalled back on comments made in an interview with Forbes magazine last month, in which he stated that he was “pro-life”, telling the crowd that he “understands” why victims of rape or parents unable to support multiple children would consider abortion, but insisted: “God will make a way.”
“The only thing that can free us is by obeying the rules that were given to us for a promised land,” added West. “Abortion should be legal because guess what? The law is not by God anyway, so what is legality?”
Against a background of gospel music, the rapper spoke about the “divine intervention” that caused his wife, reality star Kim Kardashian West, to abandon West’s suggestion for her to terminate the pregnancy of their first child North West.
“I was having the rapper’s lifestyle,” he said. “I was sitting up in Paris, and I had my leather pants on … and I had my laptop up and I got all of my creative ideas … And the screen went black and white and God said, ‘if you f*** with my vision I’m going to f*** with yours’.
He added: “I almost killed my daughter… even if my wife [Kim Kardashian West] were to divorce me after this speech, she brought North into the world, even when I didn’t want to.”
West cried when describing how he was nearly aborted by his parents, saying that “My mum saved my life. My dad wanted to abort me.”
“There would have been no Kanye West, because my dad was too busy,” he added.
The rapper refused to use a microphone, and repeatedly had to tell the several hundred-strong crowd to be quiet so they could hear him.
West’s speech frequently touched on his Christian roots, with the rapper saying: “We are all equal in God’s eyes. Sometimes people are controlled by demons, sometimes people are controlled by the environment that we are in but we are all God’s people, there [are] no bad people. There are lost people, but we are all God’s people.”
He also gave an impromptu monologue on 19th century abolitionist Harriet Tubman, whom he claimed “never actually freed the slaves, she just had the slaves go work for other white people”.
Tubman was born into slavery in 1822, but managed to escape from a Maryland plantation aged 27. She then returned to the South to rescue other slaves on the network of routes and safe houses known as the “underground railroad”, risking her own life to lead people to freedom.
West’s comments about Tubman prompted shouts of disapproval from some of those in the crowd.
The 43-year-old rapper is running as a candidate in the US presidential. Election in November for his self-styled “Birthday Party”.
The rally in Charleston last night appeared to stub out claims by West’s campaign team last week suggesting he had dropped out of the presidential election.
Steve Kramer, a get-out-the-vote specialist working with West, told Intelligencer that the rapper would no longer be contesting the election, saying: “He’s out”.
The rapper, who is said to have a net worth of around $1.3bn (£1.05bn), missed the deadline to qualify for the ballot in many states. It is still unsure whether he can get enough signatures to qualify in others.
West’s last-minute bid for the White House, launched on American Independence Day on 4 July, has been met with claims that the move is little more than a promotional stunt.
In January last year, West tweeted “2024”, in what was widely seen as a sign that he would run for the White House that year.
The 21-time Grammy Award winner has in the past repeatedly declared his support for Trump and the Republican party, having visited Trump in the White House several times to discuss prison reform, and is often spotted touting Trump’s famous “Make America Great Again” cap.
Last week West qualified to appear on Oklahoma’s presidential ballot — the first state where he met the requirements before the deadline. However, in order to appear on South Carolina’s ballot he needs to collect 10,000 signatures by noon local time today.
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cityam--2020-07-20--Revolut backer Balderton sinks £8m into detergent startup Smol

Detergent delivery startup Smol has today closed an £8m funding round , led by London venture capital giant Balderton .
The funding was supported by Jamjar Investments , the venture capital firm co-founded by the founder of Innocent Drinks .
Launched in 2018 by former Unilever employees Paula Quazi and Nick Green , Smol delivers laundry and dishwasher detergent in compact , plastic-free packaging to homes across the UK .
It currently has around 250,000 homes on its books , which it said equates to roughly 1.5m washes a week with its products .
Read more : Financial pressure on @ @ @ @ @ @ @ “ Having seen how the industry has barely innovated in over a hundred years we launched Smol to take the hassle out of washing for families whose laundry needs have been ignored for decades , ” said Quazi .
“ To give everyday people like us one less thing to worry about , while keeping a keen focus on sustainability and affordability.
” Smol said it would use the funding to expand into new product categories , having recently launched its first fabric conditioner .
It will also expand further into new markets @ @ @ @ @ @ @ the size of its team .
Read more : Amazon launches accelerator for UK startups and small businesses Suranga Chandratillake , partner at Balderton Capital , said : “ Household cleaning is a great example of a product category where giant incumbents have ignored potential innovation .
“ Smol has exploited that complacency , built a product people actually want and , as a result , got people excited about laundry and dishwashing all over again .
”

Revolut backer Balderton sinks £8m into detergent startup Smol
Credit: Smol
Detergent delivery startup Smol has today closed an £8m funding round, led by London venture capital giant Balderton.
The funding was supported by Jamjar Investments, the venture capital firm co-founded by the founder of Innocent Drinks.
Launched in 2018 by former Unilever employees Paula Quazi and Nick Green, Smol delivers laundry and dishwasher detergent in compact, plastic-free packaging to homes across the UK.
It currently has around 250,000 homes on its books, which it said equates to roughly 1.5m washes a week with its products.
“Having seen how the industry has barely innovated in over a hundred years we launched Smol to take the hassle out of washing for families whose laundry needs have been ignored for decades,” said Quazi.
“To give everyday people like us one less thing to worry about, while keeping a keen focus on sustainability and affordability.”
Smol said it would use the funding to expand into new product categories, having recently launched its first fabric conditioner.
It will also expand further into new markets outside of the UK, and increase the size of its team.
Suranga Chandratillake, partner at Balderton Capital, said: “Household cleaning is a great example of a product category where giant incumbents have ignored potential innovation.
“Smol has exploited that complacency, built a product people actually want and, as a result, got people excited about laundry and dishwashing all over again.”


cityam--2020-07-20--MPs criticise government for slow coronavirus misinformation response

MPs have lashed out at the government over its failure to respond to concerns regarding online harms during the coronavirus pandemic , calling for legislation to be introduced as a matter of urgency .
Members of the Digital , Cultural , Media and Sport select committee published a report today in which they pushed the government to name the online harms regulator now , having been first recommended by the committee in April last year .
“ We are calling on the government to name the regulator now and get on with the ‘ world-leading ’ legislation on social media @ @ @ @ @ @ @ , ” said committee chair Julian Knight .
“ The coronavirus crisis has demonstrated that without due weight of the law , social media companies have no incentive to consider a duty of care to those who use their services.
” Read more : Lords urge government to take immediate action against online misinformation The report , entitled Misinformation in the Covid-19 Infodemic , said the government should publish draft legislation — either in part or in full — alongside the full consultation response to the White Paper this autumn .
It noted @ @ @ @ @ @ @ name Ofcom as online harms regulator in February , but that time was slipping away for such legislation to be truly effective against social media companies .
“ … Any continued delay in naming an online harms regulator would bring into question how seriously the government was taking this crucial policy area , ” it added .
The regulator should be allowed to judge whether the terms of service written by tech firms adequately meet a list of harms as defined by ministers , and in turn hand out “ significant fines ” @ @ @ @ @ @ @ pandemic had worsened the need for legislation in this area , with misinformation about the disease and topics such as 5G leading to attacks on hospitals and telecoms staff .
Meanwhile evidence detailed in the report showed tech companies had at times benefited from the spread of misinformation , as revenue from harmful posts racked up .
Knight said that the proliferation of dangerous claims about Covid-19 has been “ unstoppable ” , adding that the leaders of social media companies could not be trusted to tackle the problem themselves .
“ Evidence @ @ @ @ @ @ @ from the monetisation of false information and allowed others to do so is shocking .
We need robust regulation to hold these companies to account , ” he added .
The report said tools introduced by tech firms to help mitigate the spread of fake news have so far been inconsistent in their effectiveness , such as the labelling of questionable posts by Twitter and Facebook .
Representatives of Facebook , Google and Twitter have been recalled to give evidence to the Online Harms and Disinformation sub-committee , as MPs were “ dissatisfied @ @ @ @ @ @ @

MPs criticise government for slow coronavirus misinformation response
MPs have lashed out at the government over its failure to respond to concerns regarding online harms during the coronavirus pandemic, calling for legislation to be introduced as a matter of urgency.
Members of the Digital, Cultural, Media and Sport select committee published a report today in which they pushed the government to name the online harms regulator now, having been first recommended by the committee in April last year.
“We are calling on the government to name the regulator now and get on with the ‘world-leading’ legislation on social media that we’ve long been promised,” said committee chair Julian Knight.
“The coronavirus crisis has demonstrated that without due weight of the law, social media companies have no incentive to consider a duty of care to those who use their services.”
The report, entitled Misinformation in the Covid-19 Infodemic, said the government should publish draft legislation — either in part or in full — alongside the full consultation response to the White Paper this autumn.
It noted that the government had suggested it may name Ofcom as online harms regulator in February, but that time was slipping away for such legislation to be truly effective against social media companies.
“… Any continued delay in naming an online harms regulator would bring into question how seriously the government was taking this crucial policy area,” it added.
The regulator should be allowed to judge whether the terms of service written by tech firms adequately meet a list of harms as defined by ministers, and in turn hand out “significant fines” for non-compliance.
MPs said the coronavirus pandemic had worsened the need for legislation in this area, with misinformation about the disease and topics such as 5G leading to attacks on hospitals and telecoms staff.
Meanwhile evidence detailed in the report showed tech companies had at times benefited from the spread of misinformation, as revenue from harmful posts racked up.
Knight said that the proliferation of dangerous claims about Covid-19 has been “unstoppable”, adding that the leaders of social media companies could not be trusted to tackle the problem themselves.
“Evidence that tech companies were able to benefit from the monetisation of false information and allowed others to do so is shocking. We need robust regulation to hold these companies to account,” he added.
The report said tools introduced by tech firms to help mitigate the spread of fake news have so far been inconsistent in their effectiveness, such as the labelling of questionable posts by Twitter and Facebook.
Representatives of Facebook, Google and Twitter have been recalled to give evidence to the Online Harms and Disinformation sub-committee, as MPs were “dissatisfied” with answers on their shortcomings.


cityam--2020-07-20--The City View: 'Charlemagne' on the EU

The City View: 'Charlemagne' on the EU

Today Andy Silvester talks to Duncan Robinson , Charlemagne columnist for The Economist .
Based in Brussels , Duncan gives us an insight into the changing relationships within the EU now that the UK has left , the role of member states in a post-pandemic world , and the future of continental euroscepticism .
Andy also looks at more bad news from the High Street with Marks and Spencer the latest to cut jobs , TikTok being dragged into the war of words between London and Beijing , and eBay ’ s bumper sell-off .
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ETX Capital and the presenter are not financial or investment advisors and do not recommend any instrument of any kind .
Any instruments that are mentioned throughout are cited only for illustrative and educational purposes .

The City View: ‘Charlemagne’ on the EU
Subscribe to The City View Podcast: Apple / Google / Spotify / RSS
Today Andy Silvester talks to Duncan Robinson, Charlemagne columnist for The Economist.
Based in Brussels, Duncan gives us an insight into the changing relationships within the EU now that the UK has left, the role of member states in a post-pandemic world, and the future of continental euroscepticism.
Andy also looks at more bad news from the High Street with Marks and Spencer the latest to cut jobs, TikTok being dragged into the war of words between London and Beijing, and eBay’s bumper sell-off.
In association with ETX Capital
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cityam--2020-07-20--UK looks to build upward with new planning laws

The government will today put forward new planning laws that will make it easier for UK homeowners to add two storeys to their properties in a bid to ease the country ’ s housing crisis .
Homeowners will be able to add extra storeys through a “ fast track approvals process ” , while the new laws will also allow developers to demolish unused buildings and rebuild homes in their place without a planning application .
Read more : Boris Johnson ’ s New Deal : PM invokes Roosevelt in ‘ radical ’ infrastructure overhaul Commercial and retail properties will @ @ @ @ @ @ @ properties without a permit as a part of the planning overhaul .
Pubs , libraries and some other shops will be exempt from the changes .
Boris Johnson first laid out some of the government ’ s plans to alter the UK ’ s planning system in a speech earlier this month , where he promised to “ build , build , build ” .
Before the Open newsletter : Start your day with the City View podcast and key market data He outlined plans for a £12bn affordable homes programme that will @ @ @ @ @ @ @ funding to be allocated to build properties on brownfield sites in major northern hubs .
“ Decade after decade where we have failed to build enough homes , ” Johnson said .
Announcing the new laws today , housing secretary Robert Jenrick said : “ We are reforming the planning system and cutting out unnecessary bureaucracy to give small business owners the freedom they need to adapt and evolve , and to renew our town centres with new enterprises and more housing .
Read more : UK housing market enjoys ‘ mini-boom ’ @ @ @ @ @ @ @ says Rightmove “ These changes will help transform boarded up , unused buildings safely into high quality homes at the heart of their communities .
“ It will mean that families can add up to two storeys to their home , providing much needed additional space for children or elderly relatives as their household grows .
”

UK looks to build upward with new planning laws
A student accomodation project is under construction in Guildford, southern England on July 8, 2020. – Cranes whir above the affluent market town of Guildford, southwest of London, as Britain’s construction sector cranks back into gear after a damaging coronavirus lockdown. (Photo by GLYN KIRK / AFP) (Photo by GLYN KIRK/AFP via Getty Images)
The government will today put forward new planning laws that will make it easier for UK homeowners to add two storeys to their properties in a bid to ease the country’s housing crisis.
Homeowners will be able to add extra storeys through a “fast track approvals process”, while the new laws will also allow developers to demolish unused buildings and rebuild homes in their place without a planning application.
Commercial and retail properties will also be allowed to change into residential properties without a permit as a part of the planning overhaul.
Pubs, libraries and some other shops will be exempt from the changes.
Boris Johnson first laid out some of the government’s plans to alter the UK’s planning system in a speech earlier this month, where he promised to “build, build, build”.
Before the Open newsletter: Start your day with the City View podcast and key market data
He outlined plans for a £12bn affordable homes programme that will build 180,000 new homes and £400m of funding to be allocated to build properties on brownfield sites in major northern hubs.
“Decade after decade where we have failed to build enough homes,” Johnson said.
Announcing the new laws today, housing secretary Robert Jenrick said: “We are reforming the planning system and cutting out unnecessary bureaucracy to give small business owners the freedom they need to adapt and evolve, and to renew our town centres with new enterprises and more housing.
“These changes will help transform boarded up, unused buildings safely into high quality homes at the heart of their communities.
“It will mean that families can add up to two storeys to their home, providing much needed additional space for children or elderly relatives as their household grows.”


cityam--2020-07-20--Exclusive: Ride-hailing app Ola launches new corporate service

Ride-hailing app Ola will today launch a new service for its corporate clients , City A.M. can reveal .
According to the Indian firm , Ola Corporate , which will be available to businesses across the UK , could save firms up to 25 per cent on their travel expenses .
Read more : Hola , Ola : Meet the latest app to fight for Uber ’ s London crown The firm said that it was cheaper than alternative services because it only charges for time used , not wait times or platform fees .
Corporate clients will operate the @ @ @ @ @ @ @ can add and manage employees .
Employees book their own rides on their app as normal and then tag the ride as a corporate ride , with fares paid automatically through the business account .
UK managing director Marc Rozendal said that the new service would show Ola ’ s ability “ to grow and diversify in the UK ” .
He said : “ The new service will build on the success we have had , with our focus on quality , safety and reliability remaining at the core of everything we @ @ @ @ @ @ @ Start your day with the City View podcast and key market data “ We look forward to working with businesses across the UK to meet their mobility needs and helping people to get back to work safely.
” The launch is the latest move Ola has made in its attempt to topple Uber from the top spot in the increasingly competitive ride-hailing market .
Although it launched in Cardiff in 2018 , the firm only started operating in London in February this year .
Across the UK , it has around 3m users @ @ @ @ @ @ @ app in London alone .
By comparison , Uber has 45,000 drivers , while Bolt and Free Now have 35,000 each .
Ola ’ s launch comes as Uber begins its final appeal against a ruling that it should treat its drivers as employees and provide them with national minimum wage and holiday pay .
Read more : Uber faces final Supreme Court appeal to argue drivers are not employees It is also preparing to appeal against Transport for London ’ s decision to strip it of its license to operate in the @ @ @ @ @ @ @ will be heard in September .
Last month Ola launched its new Ride Safe UK campaign , which will see it put £50m into a number of safety-related areas over the next 12 months .

Exclusive: Ride-hailing app Ola launches new corporate service
Ola has secured $500m in funding ahead of its IPO
Ride-hailing app Ola will today launch a new service for its corporate clients, City A.M. can reveal.
According to the Indian firm, Ola Corporate, which will be available to businesses across the UK, could save firms up to 25 per cent on their travel expenses.
The firm said that it was cheaper than alternative services because it only charges for time used, not wait times or platform fees.
Corporate clients will operate the service using a personalised dashboard where they can add and manage employees.
Employees book their own rides on their app as normal and then tag the ride as a corporate ride, with fares paid automatically through the business account.
UK managing director Marc Rozendal said that the new service would show Ola’s ability “to grow and diversify in the UK”.
He said: “The new service will build on the success we have had, with our focus on quality, safety and reliability remaining at the core of everything we do.
Before the Open newsletter: Start your day with the City View podcast and key market data
“We look forward to working with businesses across the UK to meet their mobility needs and helping people to get back to work safely.”
The launch is the latest move Ola has made in its attempt to topple Uber from the top spot in the increasingly competitive ride-hailing market.
Although it launched in Cardiff in 2018, the firm only started operating in London in February this year.
Across the UK, it has around 3m users, and 25,000 drivers are on the app in London alone. By comparison, Uber has 45,000 drivers, while Bolt and Free Now have 35,000 each.
Ola’s launch comes as Uber begins its final appeal against a ruling that it should treat its drivers as employees and provide them with national minimum wage and holiday pay.
It is also preparing to appeal against Transport for London’s decision to strip it of its license to operate in the capital due to safety issues, which will be heard in September.
Last month Ola launched its new Ride Safe UK campaign, which will see it put £50m into a number of safety-related areas over the next 12 months.


cityam--2020-07-20--IBM earnings beat estimates on cloud strength

IBM posted quarterly revenue and profit above analysts ’ estimates today , riding on the strength of its high-margin cloud computing business .
IBM has jettisoned some of its legacy business to focus on cloud computing , an area that has seen a lot of action in recent years as companies ramp up their digital shift to control costs and boost efficiency .
Shares in the company jumped more than six per cent in after-hours trading as investors lapped up the results .
Revenue from the cloud business , previously headed by IBM ’ s new boss Arvind Krishna , @ @ @ @ @ @ @ in the second quarter .
Krishna took over as chief executive officer from Ginni Rometty in April , while appointing former Bank of America ’ s top technology executive Howard Boville as the new head of IBM ’ s cloud business .
“ As we got into the latter half of the second quarter , we saw a marked inflection in clients ’ acceleration to digital transformation and cloud .
And you saw that play out in our cloud performance , which was up very nicely , ” chief financial officer James Kavanaugh @ @ @ @ @ @ @ revenue fell 5.4 per cent to $ 18.12bn in the quarter , but came in above analysts ’ estimates of $ 17.72bn , according to IBES data from Refinitiv .
Excluding the impact from currency and business divestitures , revenue declined 1.9 per cent .
Read more : Hong Kong : All the tech firms pausing activity after China ’ s security law IBM ’ s global business services unit was impacted as clients cut or delayed spending on discretionary projects due to Covid-19 , Kavanaugh said .
Sales in the unit fell @ @ @ @ @ @ @ While western Europe and Asia Pacific showed a pickup in client spending during June , US and Latin America customers pulled back as the pandemic impact got worse , Kavanaugh said .
The company ’ s net income fell to $ 1.36bn , or $ 1.52 per share , in the quarter ended 30 June from $ 2.5bn , or $ 2.81 per share , a year earlier .
Excluding items , the company earned $ 2.18 per share , above estimates of $ 2.07 per share .

IBM earnings beat estimates on cloud strength
IBM posted quarterly revenue and profit above analysts’ estimates today, riding on the strength of its high-margin cloud computing business.
IBM has jettisoned some of its legacy business to focus on cloud computing, an area that has seen a lot of action in recent years as companies ramp up their digital shift to control costs and boost efficiency.
Shares in the company jumped more than six per cent in after-hours trading as investors lapped up the results.
Revenue from the cloud business, previously headed by IBM’s new boss Arvind Krishna, rose 30 per cent to $6.3bn in the second quarter.
Krishna took over as chief executive officer from Ginni Rometty in April, while appointing former Bank of America’s top technology executive Howard Boville as the new head of IBM’s cloud business.
“As we got into the latter half of the second quarter, we saw a marked inflection in clients’ acceleration to digital transformation and cloud. And you saw that play out in our cloud performance, which was up very nicely,” chief financial officer James Kavanaugh told Reuters.
IBM’s total revenue fell 5.4 per cent to $18.12bn in the quarter, but came in above analysts’ estimates of $17.72bn, according to IBES data from Refinitiv.
Excluding the impact from currency and business divestitures, revenue declined 1.9 per cent.
IBM’s global business services unit was impacted as clients cut or delayed spending on discretionary projects due to Covid-19, Kavanaugh said. Sales in the unit fell seven per cent to $3.9bn.
While western Europe and Asia Pacific showed a pickup in client spending during June, US and Latin America customers pulled back as the pandemic impact got worse, Kavanaugh said.
The company’s net income fell to $1.36bn, or $1.52 per share, in the quarter ended 30 June from $2.5bn, or $2.81 per share, a year earlier.
Excluding items, the company earned $2.18 per share, above estimates of $2.07 per share.


cityam--2020-07-20--Pompeo arrives in UK to discuss China, 5G and Brexit

US secretary of state Mike Pompeo today arrived in the United Kingdom , with plans to discuss China , 5G and a Brexit free trade deal with Prime Minister Boris Johnson .
Pompeo , who did not speak to reporters on the plane , was due to be greeted by US ambassador Woody Johnson shortly after landing .
“ While in London , secretary Pompeo will meet with Prime Minister Boris Johnson and foreign secretary Dominic Raab to discuss global priorities , including the Covid-19 economic recovery plans , issues related to the People ’ s Republic of China ( @ @ @ @ @ @ @ the US-UK Free Trade Agreement negotiations , ” the US State Department said ahead of his visit .
Pompeo ’ s visit comes as the UK today said it is suspending its extradition treaty with Hong Kong immediately , in response to Beijing imposing new legislation in the former British colony .
“ The imposition of this new security legislation has significantly changed key assumptions underpinning our extradition treaty arrangements with Hong Kong , ” Raab told MPs .
“ The government has decided to suspend the extradition treaty immediately and indefinitely.
” @ @ @ @ @ @ @ be extended to Hong Kong , meaning no exports of weapons or ammunition and a ban on any equipment which might be used for internal repression , like shackles and smoke grenades .
“ We will not consider reactivating those arrangements , unless and until there are clear and robust safeguards , which are able to prevent extradition from the UK being misused under the new national security legislation , ” Raab said .
Read more : US , Canada , Australia and New Zealand may copy UK Hong Kong visa , says @ @ @ @ @ @ @ with Hong Kong earlier this month .
US President Donald Trump has ended preferential economic treatment for Hong Kong .
Last week Johnson ordered equipment from China ’ s Huawei to be purged completely from Britain ’ s 5G network by the end of 2027 .
China — once courted as the prime source of investment in British infrastructure projects from nuclear to rail — has accused Britain of pandering to the United States .

Pompeo arrives in UK to discuss China, 5G and Brexit
US secretary of state Mike Pompeo today arrived in the United Kingdom, with plans to discuss China, 5G and a Brexit free trade deal with Prime Minister Boris Johnson.
Pompeo, who did not speak to reporters on the plane, was due to be greeted by US ambassador Woody Johnson shortly after landing.
“While in London, secretary Pompeo will meet with Prime Minister Boris Johnson and foreign secretary Dominic Raab to discuss global priorities, including the Covid-19 economic recovery plans, issues related to the People’s Republic of China (PRC) and Hong Kong, and the US-UK Free Trade Agreement negotiations,” the US State Department said ahead of his visit.
Pompeo’s visit comes as the UK today said it is suspending its extradition treaty with Hong Kong immediately, in response to Beijing imposing new legislation in the former British colony.
“The imposition of this new security legislation has significantly changed key assumptions underpinning our extradition treaty arrangements with Hong Kong,” Raab told MPs.
“The government has decided to suspend the extradition treaty immediately and indefinitely.”
Raab also said an arms embargo would be extended to Hong Kong, meaning no exports of weapons or ammunition and a ban on any equipment which might be used for internal repression, like shackles and smoke grenades.
“We will not consider reactivating those arrangements, unless and until there are clear and robust safeguards, which are able to prevent extradition from the UK being misused under the new national security legislation,” Raab said.
Australia and Canada suspended extradition treaties with Hong Kong earlier this month. US President Donald Trump has ended preferential economic treatment for Hong Kong.
Last week Johnson ordered equipment from China’s Huawei to be purged completely from Britain’s 5G network by the end of 2027.
China — once courted as the prime source of investment in British infrastructure projects from nuclear to rail — has accused Britain of pandering to the United States.


cityam--2020-07-20--Softbank pulls investment from Credit Suisse funds

Softbank is said to have pulled an investment from Credit Suisse ’ s supply chain finance funds , after the Swiss bank reviewed the Japanese giant ’ s role in the funds .
The Swiss bank launched the review after reports last month that Softbank had injected $ 500m into some of Credit Suisse $ 7.5bn range of funds , which in turn invested in assets chosen by the Softbank-backed lender Greensill Capital .
Some of the investments made by the fund were in notes backed by loans Greensill made to other companies backed by Softbank ’ s Vision Fund @ @ @ @ @ @ @ in Credit Suisse ’ s main supply-chain finance fund were Vision Fund companies at the end of March , the Financial Times reported last month , accounting for 15 per cent of its $ 5.2bn assets .
Read more : Softbank invested in Credit Suisse funds financing its Vision Fund bets In a memo to the funds ’ investors today , the Swiss bank said it would change investment guidelines for its supply chain finance funds .
It added that it had terminated an agreement with an investor in April for three of @ @ @ @ @ @ @ sourced all of their notes through Greensill .
“ This separate agreement has recently been terminated and the investor has redeemed its investment in full , ” the bank said in the letter , seen by Reuters .
A source added that the investor mentioned in the letter was Softbank , and that the Japanese group had pulled its full investment from the funds .
Credit Suisse told Reuters that while the funds ’ investments had previously been sourced via Greensill , they were not prevented from sourcing investments them elsewhere too .
@ @ @ @ @ @ @ to offload IoT units to Softbank Credit Suisse said that around 15 per cent of the notes now held by its funds were backed by companies in which the Softbank Vision Fund has minority investments .
It added that it would change its guidelines to reduce the maximum amount of exposure its funds would have to any one company .
Softbank did not immediately respond to a request for comment .

Softbank pulls investment from Credit Suisse funds
Softbank is said to have pulled an investment from Credit Suisse’s supply chain finance funds, after the Swiss bank reviewed the Japanese giant’s role in the funds.
The Swiss bank launched the review after reports last month that Softbank had injected $500m into some of Credit Suisse $7.5bn range of funds, which in turn invested in assets chosen by the Softbank-backed lender Greensill Capital.
Some of the investments made by the fund were in notes backed by loans Greensill made to other companies backed by Softbank’s Vision Fund.
Four of the 10 largest investments in Credit Suisse’s main supply-chain finance fund were Vision Fund companies at the end of March, the Financial Times reported last month, accounting for 15 per cent of its $5.2bn assets.
In a memo to the funds’ investors today, the Swiss bank said it would change investment guidelines for its supply chain finance funds.
It added that it had terminated an agreement with an investor in April for three of its four supply chain funds which exclusively sourced all of their notes through Greensill.
“This separate agreement has recently been terminated and the investor has redeemed its investment in full,” the bank said in the letter, seen by Reuters.
A source added that the investor mentioned in the letter was Softbank, and that the Japanese group had pulled its full investment from the funds.
Credit Suisse told Reuters that while the funds’ investments had previously been sourced via Greensill, they were not prevented from sourcing investments them elsewhere too.
Credit Suisse said that around 15 per cent of the notes now held by its funds were backed by companies in which the Softbank Vision Fund has minority investments.
It added that it would change its guidelines to reduce the maximum amount of exposure its funds would have to any one company.
Softbank did not immediately respond to a request for comment.


cityam--2020-07-20--Uber to assist officials with coronavirus test and trace scheme

Uber has launched a service to give health officials access to data on its drivers and riders as part of coronavirus test and trace schemes .
Offered free of charge in any country where Uber currently operates , the service will provide health departments with data about who used Uber ’ s services and when , and allows health agencies to contact affected users about isolating .
Meanwhile Uber customers with a confirmed infection are automatically blocked from the platform for at least 14 days .
Information on an individual can be accessed within a few hours , Uber officials @ @ @ @ @ @ @ , data can be sought based on trip receipts or passenger names .
Health officials are then prompted to specify what action they want Uber to take as part of the service .
However experts warned the service could pose a potential threat to user privacy , with the data involved being very valuable to cybercriminals .
“ As Uber begins to roll this service out globally , they must abide by stringent UK data protection laws here , where breaches could lead to Uber facing significant fines , ” said Aman Johal @ @ @ @ @ @ @ , which previously represented claimants in data breach cases against British Airways and Ticketmaster .
Personal data in the UK is protected by GDPR where breaches could result in an organisation being fined up to €20m or up to four per cent of their annual worldwide turnover for the preceding financial year – whichever is greater .
“ In Uber ’ s case , this could see them issued with a fine of over €143m —based on its turnover last year — which they would do well to take heed of , ” @ @ @ @ @ @ @ of the year , Uber said it had received a total of 560 coronavirus-related requests from public health departments in 29 countries , most of which were processed by the company within two hours .
Read more : Proportion of contacts reached by test and trace falls again That compares to only 10 requests from health departments globally in 2019 .
“ We want to make sure that they are the experts and we follow their recommendations ” on whether to block temporarily a driver , rider or courier from using Uber ’ @ @ @ @ @ @ @ law enforcement Mike Sullivan said .
The UK ’ s Department for Health and Social Care this morning admitted that NHS Test and Trace scheme operates in breach data protection laws , after it was launched in May without a privacy assessment .
The government ’ s legal team said that “ there should have been impact assessments in whatever form in place addressing all of those aspects ” .
Education secretary Gavin Williamson said this morning : “ At no stage has any of this information gone out , nor will it @ @ @ @ @ @ @ the utmost greatest and highest security .
“ But you will understand that to beat this virus we had to create a track and trace system and we had to get that up and running at incredible speed .
”

Uber to assist officials with coronavirus test and trace scheme
Uber has launched a service to give health officials access to data on its drivers and riders as part of coronavirus test and trace schemes.
Offered free of charge in any country where Uber currently operates, the service will provide health departments with data about who used Uber’s services and when, and allows health agencies to contact affected users about isolating.
Meanwhile Uber customers with a confirmed infection are automatically blocked from the platform for at least 14 days.
Information on an individual can be accessed within a few hours, Uber officials told Reuters.
In the new portal, data can be sought based on trip receipts or passenger names. Health officials are then prompted to specify what action they want Uber to take as part of the service.
However experts warned the service could pose a potential threat to user privacy, with the data involved being very valuable to cybercriminals.
“As Uber begins to roll this service out globally, they must abide by stringent UK data protection laws here, where breaches could lead to Uber facing significant fines,” said Aman Johal, director and lawyer at Your Lawyers, which previously represented claimants in data breach cases against British Airways and Ticketmaster.
Personal data in the UK is protected by GDPR where breaches could result in an organisation being fined up to €20m or up to four per cent of their annual worldwide turnover for the preceding financial year – whichever is greater.
“In Uber’s case, this could see them issued with a fine of over €143m —based on its turnover last year — which they would do well to take heed of,” he added.
In the first half of the year, Uber said it had received a total of 560 coronavirus-related requests from public health departments in 29 countries, most of which were processed by the company within two hours.
That compares to only 10 requests from health departments globally in 2019.
“We want to make sure that they are the experts and we follow their recommendations” on whether to block temporarily a driver, rider or courier from using Uber’s service, its chief of global law enforcement Mike Sullivan said.
The UK’s Department for Health and Social Care this morning admitted that NHS Test and Trace scheme operates in breach data protection laws, after it was launched in May without a privacy assessment.
The government’s legal team said that “there should have been impact assessments in whatever form in place addressing all of those aspects”.
Education secretary Gavin Williamson said this morning: “At no stage has any of this information gone out, nor will it go out. It is treated with the utmost greatest and highest security.
“But you will understand that to beat this virus we had to create a track and trace system and we had to get that up and running at incredible speed.”


cityam--2020-07-20--‘A day in the life’ of a Chief Investment Officer- Jeff Dorman- Arca TALKS exclusively to BEQUANT

Jeff Dorman , CFA is a Co-founder and Chief Investment Officer at Arca–an innovative digital asset investment company that combines traditional finance with blockchain technology to offer SEC-registered , 40-Act and hedge fund investment products to institutional and retail investors .
Jeff spoke exclusively to BEQUANT , discussing a day in his life post covid-19 , how a typical day at Arca unfolds and what the future holds for digital assets in this evolving financial paradigm .
What is usually the first thought that goes through your mind each morning ?
Contrary to what one might think , managing risk @ @ @ @ @ @ @ not require 24/7 trading coverage .
I do sleep , because we plan for outcomes before they happen and know how we will react if it does happen .
But the first thing I do every morning is check the price of Bitcoin , US equity futures , and read the internal recap on Slack from my overnight trading team to catch up on what happened while I slept .
Now , BTC itself is not a huge component of our portfolio , but it ’ s typically a good risk and sentiment @ @ @ @ @ @ @ I go through our risk analytics report , and write an update to our risk committee explaining our beta , VAR , overall positioning , and any exogenous risk factors .
Our risk committee is made up of non-portfolio team members , and they pushback on our decisions — it is a channel check designed to keep the portfolio team from confirmation bias .
After that , I spend an hour with my kids and let my team do their jobs until I get to my office for meetings , calls and investment @ @ @ @ @ @ @ are always reacting to hundreds of news items and data points throughout the day .
How much have things changed for a CIO as a result of the COVID pandemic ?
Not much actually , other than an increasingly attractive investment opportunity set and a lot more investor interest ( and thus meetings/phone calls with prospective investors ) .
Arca continues to operate in the same fashion as we always have .
While we prefer to work together in one location , we ’ ve had systems and policies in place around research @ @ @ @ @ @ @ , which has not changed despite the increased volatility and social distancing .
We were set up to run virtually at any time already ; a byproduct of digital assets markets being open to trade 24/7 and it being impossible to work from an office at all times anyway .
Aside from trading , what other duties take up the bulk of your workday ?
And which one do you think is most important ?
I don ’ t trade much at all .
The roles of CIO , research analyst and trader @ @ @ @ @ @ @ reason .
Analysts shouldn ’ t be clouded by price action and day to day volatility , traders shouldn ’ t be too wedded to fundamentals , and the CIO needs to be able to act clearly and rationally to ensure that all investment ideas and positions fit within our thematic focus and our risk parameters .
I give my team a lot of rope — they are the smart ones constantly sourcing and evaluating ideas .
My job is to be the symphony maestro and simply make sure it all works well @ @ @ @ @ @ @ mandate and overall objectives and outlooks .
As such , I spend a lot more time articulating what we ’ re doing to investors , and writing about our viewpoints , than I do coming up with investment ideas .
Generally , I think about the big picture while my team thinks about individual ways to express the big picture ideas .
The most important part of my role is constantly challenging my team , without discouraging them when ideas don ’ t make it into the portfolio .
Investment committee can be @ @ @ @ @ @ @ friendly , and it can be frustrating .
It is our job to poke holes in every thesis , to ensure that the investment idea is sound .
But we have a rule that you can be as tough and critical as you need to be in the investment committee , while still respecting each other and being friends outside of committee .
We often hear hedge fund managers talk about volatility being an opportunity , where are you seeing the most opportunity these days ?
The digital assets space is new , @ @ @ @ @ @ @ identifying value is far more important than taking advantage of volatility .
What volatility does provide is the opportunity to resize positions according to risk/reward , and create liquidity for entering and exiting positions .
As a result , sometimes you can make money 2-3 times on the same idea .
But volatility traders often don ’ t care about the underlying assets , as long as they are volatile and their movements can be predicted and quantitatively modeled .
That strategy works independent of the asset class .
We see the value @ @ @ @ @ @ @ of this asset class .
You ’ ve talked in the past about how digital assets are similar to high-yield bonds , do you still believe this is the case ?
Yes , though I ’ d go even deeper than just High Yield bonds .
I think digital assets now look a lot like the overall Fixed Income market .
If you told someone “ I ’ m a fixed income investors ” , they ’ d likely ask you “ Which part ” ?
There are so many different types of @ @ @ @ @ @ @ , investment grade , high-yield , distressed , asset-backed bonds , to their unique features ( callable , put-able , convertible , sinkers , bonds with warrants ) to the way in which you value the bonds ( duration , convexity , recovery value ) .
Clearly a “ one size fits all ” investment framework would not be prudent for such a complex asset class .
Similarly , the digital assets ecosystem has evolved from the early days of simple homogenous “ currencies ” to an ecosystem now worthy of its own @ @ @ @ @ @ @ invest in , and utilize , digital assets issued by faceless entities , decentralized projects , digital asset corporations , traditional non-crypto companies , individuals and soon-to-be governments .
The investment vehicles consist of SAFTs , private tokens , public tokens , DAOs , and digital debt and equity instruments .
We have tokenized time , predictions , basket tokens and NFTs .
Some digital assets are true utility tokens meant for a targeted use case on a specific platform .
Others are quasi-equity/quasi-utility tokens with amortizing features , dividends or buyback/burn mechanisms @ @ @ @ @ @ @ ’ ll eventually need a whole chapter dedicated to security tokens , which one day will look more like straightforward financial instruments .
You ’ ve also talked in the past about the need for institutional-level service providers , where do you think the most progress is being made to solve this problem ?
The good thing about a growing asset class is that there are often more service providers than there are people to service .
There has been tremendous growth , but also consolidation .
Just about everything that used to @ @ @ @ @ @ @ assets has now been solved for both from a reputational standpoint ( with players like Fidelity getting involved ) and from a technology standpoint .
Custody , best execution , risk analytics , fund administration , fund auditing , compliance and legal have all seen strong advancements .
The one area where there still is not a strong solution is prime brokerage , though there is a large push right now from some of the bigger firms to tackle this .
What excites you most about cryptocurrencies and digital assets ?
Probably your @ @ @ @ @ @ @ “ cryptocurrencies ” from “ digital assets ” .
They are very different , and most people still do not know this yet .
And the digital asset investable universe is growing leaps and bounds ahead of your legacy and traditional cryptocurrencies .
The shift to a digital world was already happening pre-COVID19 , but the acceleration is definitely happening because of it .
The idea that an investable asset can be both a utility and an investment at the same time will change the course of investing and company formation forever .
@ @ @ @ @ @ @ has an Amazon Prime membership at this point , and everyone pays the same price for it .
When you purchased your Prime membership , you did it to get faster and cheaper delivery , but now you get movies , music and Whole Foods benefits .
As a Prime member , you are reaping the benefits , but as an investor , only AMZN shareholders benefit .
But what if there was a limited supply of Prime memberships , and if you were an early adopter , you gained both financially from @ @ @ @ @ @ @ a customer from the utility ?
Not to mention , you ’ d probably be a strong evangelist as you are incentivized to get others to join .
This is where we are headed .
Every company is going to soon realize that Digital Assets are a new part of the capital structure .
Your Debt , Equity and Digital Assets will all have a place in an investor ’ s portfolio , and more importantly , in your customer ’ s portfolios .

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‘A day in the life’ of a Chief Investment Officer- Jeff Dorman- Arca TALKS exclusively to BEQUANT
Jeff Dorman, CFA is a Co-founder and Chief Investment Officer at Arca–an innovative digital asset investment company that combines traditional finance with blockchain technology to offer SEC-registered, 40-Act and hedge fund investment products to institutional and retail investors.
Jeff spoke exclusively to BEQUANT, discussing a day in his life post covid-19, how a typical day at Arca unfolds and what the future holds for digital assets in this evolving financial paradigm.
What is usually the first thought that goes through your mind each morning?
Contrary to what one might think, managing risk in a 24/7 traded asset class does not require 24/7 trading coverage. I do sleep, because we plan for outcomes before they happen and know how we will react if it does happen. But the first thing I do every morning is check the price of Bitcoin, US equity futures, and read the internal recap on Slack from my overnight trading team to catch up on what happened while I slept. Now, BTC itself is not a huge component of our portfolio, but it’s typically a good risk and sentiment proxy for the market. Next, I go through our risk analytics report, and write an update to our risk committee explaining our beta, VAR, overall positioning, and any exogenous risk factors. Our risk committee is made up of non-portfolio team members, and they pushback on our decisions — it is a channel check designed to keep the portfolio team from confirmation bias. After that, I spend an hour with my kids and let my team do their jobs until I get to my office for meetings, calls and investment committees. And of course, we are always reacting to hundreds of news items and data points throughout the day.
How much have things changed for a CIO as a result of the COVID pandemic?
Not much actually, other than an increasingly attractive investment opportunity set and a lot more investor interest (and thus meetings/phone calls with prospective investors). Arca continues to operate in the same fashion as we always have. While we prefer to work together in one location, we’ve had systems and policies in place around research, risk and trading coverage since inception, which has not changed despite the increased volatility and social distancing. We were set up to run virtually at any time already; a byproduct of digital assets markets being open to trade 24/7 and it being impossible to work from an office at all times anyway.
Aside from trading, what other duties take up the bulk of your workday? And which one do you think is most important?
I don’t trade much at all. The roles of CIO, research analyst and trader are all very different jobs for a reason. Analysts shouldn’t be clouded by price action and day to day volatility, traders shouldn’t be too wedded to fundamentals, and the CIO needs to be able to act clearly and rationally to ensure that all investment ideas and positions fit within our thematic focus and our risk parameters. I give my team a lot of rope — they are the smart ones constantly sourcing and evaluating ideas. My job is to be the symphony maestro and simply make sure it all works well together, within the parameters of our mandate and overall objectives and outlooks. As such, I spend a lot more time articulating what we’re doing to investors, and writing about our viewpoints, than I do coming up with investment ideas. Generally, I think about the big picture while my team thinks about individual ways to express the big picture ideas. The most important part of my role is constantly challenging my team, without discouraging them when ideas don’t make it into the portfolio. Investment committee can be a bloodbath — it’s not friendly, and it can be frustrating. It is our job to poke holes in every thesis, to ensure that the investment idea is sound. But we have a rule that you can be as tough and critical as you need to be in the investment committee, while still respecting each other and being friends outside of committee.
We often hear hedge fund managers talk about volatility being an opportunity, where are you seeing the most opportunity these days?
The digital assets space is new, and constantly evolving. As such, identifying value is far more important than taking advantage of volatility. What volatility does provide is the opportunity to resize positions according to risk/reward, and create liquidity for entering and exiting positions. As a result, sometimes you can make money 2-3 times on the same idea. But volatility traders often don’t care about the underlying assets, as long as they are volatile and their movements can be predicted and quantitatively modeled. That strategy works independent of the asset class. We see the value more in the growth of certain parts of this asset class.
You’ve talked in the past about how digital assets are similar to high-yield bonds, do you still believe this is the case?
Yes, though I’d go even deeper than just High Yield bonds. I think digital assets now look a lot like the overall Fixed Income market. If you told someone “I’m a fixed income investors”, they’d likely ask you “Which part”? There are so many different types of fixed income securities from government, municipal, investment grade, high-yield, distressed, asset-backed bonds, to their unique features (callable, put-able, convertible, sinkers, bonds with warrants) to the way in which you value the bonds (duration, convexity, recovery value). Clearly a “one size fits all” investment framework would not be prudent for such a complex asset class. Similarly, the digital assets ecosystem has evolved from the early days of simple homogenous “currencies” to an ecosystem now worthy of its own long explanatory handbook. We can now invest in, and utilize, digital assets issued by faceless entities, decentralized projects, digital asset corporations, traditional non-crypto companies, individuals and soon-to-be governments. The investment vehicles consist of SAFTs, private tokens, public tokens, DAOs, and digital debt and equity instruments. We have tokenized time, predictions, basket tokens and NFTs. Some digital assets are true utility tokens meant for a targeted use case on a specific platform. Others are quasi-equity/quasi-utility tokens with amortizing features, dividends or buyback/burn mechanisms. And, of course, we’ll eventually need a whole chapter dedicated to security tokens, which one day will look more like straightforward financial instruments.
You’ve also talked in the past about the need for institutional-level service providers, where do you think the most progress is being made to solve this problem?
The good thing about a growing asset class is that there are often more service providers than there are people to service. There has been tremendous growth, but also consolidation. Just about everything that used to be a concern for investors in digital assets has now been solved for both from a reputational standpoint (with players like Fidelity getting involved) and from a technology standpoint. Custody, best execution, risk analytics, fund administration, fund auditing, compliance and legal have all seen strong advancements. The one area where there still is not a strong solution is prime brokerage, though there is a large push right now from some of the bigger firms to tackle this.
What excites you most about cryptocurrencies and digital assets?
Probably your question. The fact that you separated “cryptocurrencies” from “digital assets”. They are very different, and most people still do not know this yet. And the digital asset investable universe is growing leaps and bounds ahead of your legacy and traditional cryptocurrencies. The shift to a digital world was already happening pre-COVID19, but the acceleration is definitely happening because of it. The idea that an investable asset can be both a utility and an investment at the same time will change the course of investing and company formation forever. Here’s an example: Everyone has an Amazon Prime membership at this point, and everyone pays the same price for it. When you purchased your Prime membership, you did it to get faster and cheaper delivery, but now you get movies, music and Whole Foods benefits. As a Prime member, you are reaping the benefits, but as an investor, only AMZN shareholders benefit. But what if there was a limited supply of Prime memberships, and if you were an early adopter, you gained both financially from the increased demand AND you gained as a customer from the utility? Not to mention, you’d probably be a strong evangelist as you are incentivized to get others to join. This is where we are headed. Every company is going to soon realize that Digital Assets are a new part of the capital structure. Your Debt, Equity and Digital Assets will all have a place in an investor’s portfolio, and more importantly, in your customer’s portfolios.


cityam--2020-07-21--Coronavirus vaccine likely to be limited to the elderly, says top scientist

Rollout of a potential coronavirus vaccine will likely be limited to the most at-risk members of the public , the deputy chief medical officer said today , as the UK braces for a second wave of coronavirus in the winter .
Speaking to a virtual meeting of the Health and Social Care Committee , Professor Jonathan Van-Tam today said : “ We may end up in the first instance with a vaccine that is most appropriately targeted and which has a label that restricts its use to a certain population.
” Van-Tam added that regulatory bodies may roll out a @ @ @ @ @ @ @ as over-50s or the elderly .
“ As we know with this disease , the likelihood of death changes markedly with age .
And so the risk benefit for a vaccine is likely to be very different by age.
” He added : “ We ’ ll deal with a very large amount of the population who have the mortality loaded against them at the moment.
” It comes as a potential coronavirus vaccine being developed by the University of Oxford and pharmaceuticals giant Astrazeneca was yesterday deemed safe and induces a “ @ @ @ @ @ @ @ , in a major global breakthrough .
An initial trial of 1,077 people showed that the injection produced antibodies and white blood cells in patients , a new study published in the Lancet medical journal found .
Speaking to the BBC this morning , lead developer of the vaccine Professor Sarah Gilbert said that the vaccine could be rolled out by December if all goes to plan .
However , she cautioned that there was “ absolutely no certainty ” that this would be the case .
Speaking to the Commons committee today @ @ @ @ @ @ @ threw cold water on the possibility , adding the chances of getting a vaccine by winter were “ very low ” .
Whitty said : “ I want to be very clear we ’ re incredibly excited by and proud of what the UK has done in leading the way on vaccine science here and on funding vaccines elsewhere… but no one should be under any illusions — the chances of us getting a vaccine by Christmas that is actually highly effective in my view very low.
” The chief medical officer added @ @ @ @ @ @ @ virus during the winter months was a “ really serious concern , ” as the UK still lacks the testing capacity to effectively enforce local lockdowns at the speed required .
Read more : Chris Whitty : Second wave of coronavirus is a ‘ really serious concern ’ Whitty said : “ A surge in winter is a really serious concern looking forward [ and ] where I spend most of my thinking time.
” “ We are now much more secure than we were a couple of months ago .
But if @ @ @ @ @ @ @ winter that is simultaneous with a major surge in the winter in many other countries , I think it would be foolish to say that the risk of this has completely gone away.
” Before the Open : Get the jump on the markets with our early morning newsletter

Coronavirus vaccine likely to be limited to the elderly, says top scientist
The government has placed 350m orders for six different coronavirus vaccines under development
Rollout of a potential coronavirus vaccine will likely be limited to the most at-risk members of the public, the deputy chief medical officer said today, as the UK braces for a second wave of coronavirus in the winter.
Speaking to a virtual meeting of the Health and Social Care Committee, Professor Jonathan Van-Tam today said: “We may end up in the first instance with a vaccine that is most appropriately targeted and which has a label that restricts its use to a certain population.”
Van-Tam added that regulatory bodies may roll out a potential vaccine to more vulnerable groups such as over-50s or “the elderly”.
“As we know with this disease, the likelihood of death changes markedly with age. And so the risk benefit for a vaccine is likely to be very different by age.”
He added: “We’ll deal with a very large amount of the population who have the mortality loaded against them at the moment.”
It comes as a potential coronavirus vaccine being developed by the University of Oxford and pharmaceuticals giant Astrazeneca was yesterday deemed safe and found to induce a “strong response” from the immune system, in a major global breakthrough.
An initial trial of 1,077 people showed that the injection produced antibodies and white blood cells in patients, a new study published in the Lancet medical journal found.
Speaking to the BBC this morning, lead developer of the vaccine Professor Sarah Gilbert said that the vaccine could be rolled out by December if all goes to plan.
However, she cautioned that there was “absolutely no certainty” that this would be the case.
Speaking to the Commons committee today, chief medical officer Professor Chris Whitty threw cold water on the possibility, adding that the chances of getting a vaccine by winter were “very low”.
Whitty said: “I want to be very clear we’re incredibly excited by and proud of what the UK has done in leading the way on vaccine science here and on funding vaccines elsewhere… but no one should be under any illusions — the chances of us getting a vaccine by Christmas that is actually highly effective is in my view very low.”
The chief medical officer added that a potential second wave of the virus during the winter months was a “really serious concern,” as the UK still lacks the testing capacity to effectively enforce local lockdowns at the speed required.
Whitty said: “A surge in winter is a really serious concern looking forward [and] where I spend most of my thinking time.”
“We are now much more secure than we were a couple of months ago. But if we have a major surge in the winter that is simultaneous with a major surge… in many other countries, I think it would be foolish to say that the risk of this has completely gone away.”
Speaking to the BBC this afternoon, health secretary Matt Hancock said the government was “working very closely with Astrazeneca” to speed up the development process of the potential vaccine.
Asked if the vaccine would be ready for Christmas, Hancock said: “We’re working very hard on this but… I can’t promise to play Santa.”
Before the Open: Get the jump on the markets with our early morning newsletter


cityam--2020-07-21--New Thames Estuary development plan could add £115bn to UK economy

The Thames Estuary growth board has today launched a new development initiative that could add up to £115bn to the UK economy .
Named the “ Green Blue ” , the scheme comprises 30 individual projects in the south-east , with the potential to create 1.5m jobs .
These include infrastructure developments such as the Lower Thames Crossing , as well as plans for one of the UK ’ s 10 new freeports at Tilbury .
Central to the initiative are plans to increase the amount of freight and passengers moved on the river by 25 per cent and 50 @ @ @ @ @ @ @ years .
In order to do so , Thames Estuary envoy and growth board chair Kate Willard told City A.M. that the board would call for £1.3bn in funding from the government .
In addition to the freight and transport improvements , the money would also go towards the development of a hydrogen energy infrastructure to support the environmentally friendly development of the river .
Read more : Boris Johnson to ‘ build , build , build ’ UK back from coronavirus slump Willard said she was confident that when the government saw @ @ @ @ @ @ @ would jump at the chance to invest .
‘ We ’ re going to the government with a great offering – we ’ re not going with a begging bowl .
When the government understands the prize that it can win it will naturally invest ” .
With ministers now looking to reset the UK economy after the ravages of the coronavirus crisis , as well as preparing for departure from the EU , Willard said the project was the ideal chance for the government to show their commitment to Boris Johnson ’ @ @ @ @ @ @ @ under the project , which includes North Kent , South Essex and East London , has historically been one of the more deprived areas in the south of the UK .
Before the Open newsletter : Start your day with the City View podcast and key market data She added that the project ’ s new board , which is split between public and private representatives , were united in their goal to make the Thames Estuary “ the most productive in the world ” .
“ I can ’ t think of @ @ @ @ @ @ @ represents such a large area of land and so large and diverse a population that is as unified as ours is ” , she told City A.M.. “ This has never before been joined up in a strong enough way to capitalise on that opportunity .
We have got politicians from the City of London to Margate to Southend and there isn ’ t a fag paper between them ” .
An ‘ unparalleled opportunity ’ for the UK Central to the initiative is the plan to develop a freeport at Tilbury in @ @ @ @ @ @ @ the UK ’ s largest shipping routes .
“ The Thames is the UK ’ s most significant international gateway to the world ” , said Willard .
“ It ’ s very location means that I hope this is an unparalleled opportunity for the government ” .
Freeports exist under special economic rules which mean businesses have different customs and tariff rules than normal ports .
Willard said she wanted the Tilbury port to expand over time to become an estuary wide-free port .
“ What I want to be able to @ @ @ @ @ @ @ months or 18 months time , to add another bit to that free port , so slowly over time , as the rest of the estuary gets ready to join in , we can build a fully estuary-wide port ” .
Other projects to be included in the “ Green Blue ” scheme include the consolidation of London ’ s historic Smithfield , Billingsgate and New Spitalfields markets at a new site in Dagenham Docks .
And there are also plans to build a leisure park with two theme parks , a water @ @ @ @ @ @ @ Swancombe in Kent , which will itself create 30,000 jobs .
Finally , a DCMS-backed plan to create a “ production corridor ” for the UK ’ s creative industries in the south-east could create 50,000 jobs and generate £3.7bn for the UK economy , becoming the UK ’ s largest concentration of creative production .
Read more : Boris Johnson ’ s New Deal : PM invokes Roosevelt in ‘ radical ’ infrastructure overhaul Local government minister Simon Clarke welcomed the project , saying : “ The UK is open for business @ @ @ @ @ @ @ s plan makes this clear .
”

New Thames Estuary development plan could add £115bn to UK economy
Thames Estuary Envoy Kate Willard pictured at the launch of ‘The Green Blue’ action plan, at Tower Millenium Pier in London. PRESS ASSOCIATION Photo. Picture date: Tuesday July 21, 2020. Photo credit should read: Matt Crossick/PA Wire. The Green Blue plan sets out the Thames Estaury Growth Board’s vision for driving sustainable, economic growth in the region, which could create 1.5 million jobs and up to £115bn for the UK economy.
The Thames Estuary growth board has today launched a new development initiative that could add up to £115bn to the UK economy.
Named the “Green Blue”, the scheme comprises 30 individual projects in the south-east, with the potential to create 1.5m jobs.
These include infrastructure developments such as the Lower Thames Crossing, as well as plans for one of the UK’s 10 new freeports at Tilbury.
Central to the initiative are plans to increase the amount of freight and passengers moved on the river by 25 per cent and 50 per cent respectively over the next five years.
In order to do so, Thames Estuary envoy and growth board chair Kate Willard told City A.M. that the board would call for £1.3bn in funding from the government.
In addition to the freight and transport improvements, the money would also go towards the development of a hydrogen energy infrastructure to support the environmentally friendly development of the river.
Willard said she was confident that when the government saw the scale of the opportunity, it would jump at the chance to invest.
‘We’re going to the government with a great offering – we’re not going with a begging bowl. When the government understands the prize that it can win it will naturally invest”.
With ministers now looking to reset the UK economy after the ravages of the coronavirus crisis, as well as preparing for departure from the EU, Willard said the project was the ideal chance for the government to show their commitment to Boris Johnson’s levelling-up agenda.
The area covered under the project, which includes North Kent, South Essex and East London, has historically been one of the more deprived areas in the south of the UK.
Before the Open newsletter: Start your day with the City View podcast and key market data
She added that the project’s new board, which is split between public and private representatives, were united in their goal to make the Thames Estuary “the most productive in the world”.
“I can’t think of another board in the UK, which represents such a large area of land and so large and diverse a population that is as unified as ours is”, she told City A.M..
“This has never before been joined up in a strong enough way to capitalise on that opportunity. We have got politicians from the City of London to Margate to Southend and there isn’t a fag paper between them”.
An ‘unparalleled opportunity’ for the UK
Central to the initiative is the plan to develop a freeport at Tilbury in Essex to take advantage of one of the UK’s largest shipping routes.
“The Thames is the UK’s most significant international gateway to the world”, said Willard. “It’s very location means that I hope this is an unparalleled opportunity for the government”.
Freeports exist under special economic rules which mean businesses have different customs and tariff rules than normal ports.
Willard said she wanted the Tilbury port to expand over time to become an estuary wide-free port.
“What I want to be able to do is in six months or 12 months or 18 months time, to add another bit to that free port, so slowly over time, as the rest of the estuary gets ready to join in, we can build a fully estuary-wide port”.
Other projects to be included in the “Green Blue” scheme include the consolidation of London’s historic Smithfield, Billingsgate and New Spitalfields markets at a new site in Dagenham Docks.
And there are also plans to build a leisure park with two theme parks, a water park, and 3,500 hotel rooms at Swancombe in Kent, which will itself create 30,000 jobs.
Finally, a DCMS-backed plan to create a “production corridor” for the UK’s creative industries in the south-east could create 50,000 jobs and generate £3.7bn for the UK economy, becoming the UK’s largest concentration of creative production.
Local government minister Simon Clarke welcomed the project, saying: “The UK is open for business and the Thames Estuary Growth Board’s plan makes this clear.”