cityam--2020-09-23--Protokol launches to lower the barriers to entry for enterprise blockchain adoption

Following Crypto AM ’ s piece on new enterprise blockchain provider Protokol last month , the business is fully launching to the enterprise market today .
Protokol creates and delivers tailored blockchain solutions that solve real business challenges quickly and effectively , enabling enterprises from a range of different industries to enhance their digital transformation strategies and open up new business streams to boost revenue opportunities .
Much of the team behind Protokol come from ARK , a leading blockchain platform which , along with a dedicated community of developers , has spent years , building a wide variety of @ @ @ @ @ @ @ businesses around the world .
The team quickly recognised that there was a gap in the market for an enterprise blockchain provider which could simplify blockchain offerings for enterprises , removing the complexity and the barriers to entry which have hindered mainstream adoption of the technology so far .
As a result , they decided to create Protokol .
The company is founded on one key principle : simplicity .
It aims to help businesses truly understand and leverage the advantages of blockchain technology , guiding them every step of the way from @ @ @ @ @ @ @ .
Lars Rensing , CEO of Protokol and Co-Founder of ARK , told City AM exclusively : “ We spent three years battle-testing the ARK platform in an open-source environment before we decided that the technology was enterprise-ready .
With Protokol we ’ re now able to leverage this technology to offer a suite of services and solutions that solve real business challenges and deliver real value .
The platform is not only enterprise-grade , but is also interoperable and adaptable , with clean code powering easy-to-use solutions , making integration into existing @ @ @ @ @ @ @ simple.
” Protokol offers solutions across the whole blockchain development lifecycle , from digital advisory for those seeking to prepare for transformation and future-proof their business , to strategic blockchain consulting services and custom blockchain development , to upskilling in-house teams , maintenance , scaling and support .
Rather than creating standalone blockchain solutions that replace existing enterprise structure entirely , Protokol ’ s technology is designed to integrate with the infrastructure , applications and processes organisations already have in place .
This minimises waste and disruption and means that blockchain implementation becomes @ @ @ @ @ @ @ ROI realistic rather than future gazing .
Rensing continued : “ Blockchain technology can be complicated , but that doesn ’ t mean using it has to be .
We work to ensure our clients truly understand and benefit from our blockchain solutions .
This ranges from blockchain consultancy , to digital advisory , so going into a business in the early stages and helping them to understand where blockchain might fit into their wider digital strategy .
This allows us to reduce the uncertainty and barriers to entry surrounding blockchain , and @ @ @ @ @ @ @ address the challenges in their business ; enabling them to drive efficiencies , improve profitability and remain competitive.
” Following years of intensive research and development , blockchain technology is now in a position to finally deliver business value at scale .
While the financial industry has certainly been a frontrunner in adopting blockchain technology , other industries are beginning to catch up.The sports industry , in particular , is a key area which needs to innovate during the current crisis .
Covid-19 is impacting long-reliable sources of revenue for clubs such as @ @ @ @ @ @ @ some cases sponsorship deals , which has led clubs to become more creative and look for new ways to engage their fans and broaden their offerings .
We saw this last week with SS Lazio ’ s announcement that it is partnering with a crypto trading platform to allow the club to boost fan engagement through unique giveaways .
Rensing commented : “ This is just the tip of the iceberg of what clubs can achieve with blockchain technology .
Beyond tickets , giveaways and private tours , the tech can be used @ @ @ @ @ @ @ engage and monetize fans .
Such as creating digital collectibles , generating fan tokens that allow supporters to buy merchandise , unlock exclusive experiences , vote on decisions or even invest in their clubs ; not to mention blockchain-powered loyalty programs that overcome a number of the challenges of traditional loyalty programs while rewarding fans for engaging with sponsors or performing revenue-generating behaviour .
“ As new technology emerges , the definition of what it means to be a ‘ fan ’ is changing , and digital-native fans are demanding new ways of @ @ @ @ @ @ @ live events .
Clubs who can understand the opportunities that blockchain technology can unlock as part of their wider digital transformation initiatives , and get ahead of the curve , stand to reap the rewards of increased fan loyalty and even open up new revenue streams , while those who hesitate risk being left behind.
” Protokol has identified a number of other key industries where blockchain can add the most value and impact .
Industries such as telecoms , manufacturing , supply chain , energy & utilities , IoT and media & @ @ @ @ @ @ @ gains , cost reductions , enhanced data security and even increased profitability by including blockchain in their broader digital strategies .
Protokol is empowering global enterprises to solve real business challenges and future-proof their business through the power of custom blockchain solutions .
All about simplicity , our streamlined approach makes integrating blockchain into your business easy .
We combine the flexible and interoperable ARK Core blockchain platform with expert-led services , to translate complex blockchain technology into effective business outcomes .
Our custom solutions deliver real value for our clients by increasing @ @ @ @ @ @ @ the creation of new value networks .
By taking an end-to-end approach , capable of covering everything from conception to installation , maintenance and scaling , we make implementation easy for our clients , so they can focus on other business critical tasks while knowing that they ’ re in safe hands .
Protokol ’ s blockchain experts are now available for consultations on where blockchain can add the most value in your enterprise .
To book a consultation with our blockchain experts to explore how to unlock your full digital potential , @ @ @ @

Protokol launches to lower the barriers to entry for enterprise blockchain adoption
Following Crypto AM’s piece on new enterprise blockchain provider Protokol last month, the business is fully launching to the enterprise market today. Protokol creates and delivers tailored blockchain solutions that solve real business challenges quickly and effectively, enabling enterprises from a range of different industries to enhance their digital transformation strategies and open up new business streams to boost revenue opportunities.
Much of the team behind Protokol come from ARK, a leading blockchain platform which, along with a dedicated community of developers, has spent years, building a wide variety of different solutions for developers, projects and businesses around the world. The team quickly recognised that there was a gap in the market for an enterprise blockchain provider which could simplify blockchain offerings for enterprises, removing the complexity and the barriers to entry which have hindered mainstream adoption of the technology so far. As a result, they decided to create Protokol. The company is founded on one key principle: simplicity. It aims to help businesses truly understand and leverage the advantages of blockchain technology, guiding them every step of the way from strategy, to development, to ROI.
Lars Rensing, CEO of Protokol and Co-Founder of ARK, told City AM exclusively: “We spent three years battle-testing the ARK platform in an open-source environment before we decided that the technology was enterprise-ready. With Protokol we’re now able to leverage this technology to offer a suite of services and solutions that solve real business challenges and deliver real value. The platform is not only enterprise-grade, but is also interoperable and adaptable, with clean code powering easy-to-use solutions, making integration into existing enterprise infrastructure much faster and significantly more simple.”
Protokol offers solutions across the whole blockchain development lifecycle, from digital advisory for those seeking to prepare for transformation and future-proof their business, to strategic blockchain consulting services and custom blockchain development, to upskilling in-house teams, maintenance, scaling and support. Rather than creating standalone blockchain solutions that replace existing enterprise structure entirely, Protokol’s technology is designed to integrate with the infrastructure, applications and processes organisations already have in place. This minimises waste and disruption and means that blockchain implementation becomes far simpler and more streamlined, making ROI realistic rather than future gazing.
Rensing continued: “Blockchain technology can be complicated, but that doesn’t mean using it has to be. We work to ensure our clients truly understand and benefit from our blockchain solutions. This ranges from blockchain consultancy, to digital advisory, so going into a business in the early stages and helping them to understand where blockchain might fit into their wider digital strategy. This allows us to reduce the uncertainty and barriers to entry surrounding blockchain,and implement solutions for our clients that really address the challenges in their business; enabling them to drive efficiencies, improve profitability and remain competitive.”
Following years of intensive research and development, blockchain technology is now in a position to finally deliver business value at scale. While the financial industry has certainly been a frontrunner in adopting blockchain technology, other industries are beginning to catch up.The sports industry, in particular, is a key area which needs to innovate during the current crisis. Covid-19 is impacting long-reliable sources of revenue for clubs such as tickets, concessions, merchandise and in some cases sponsorship deals, which has led clubs to become more creative and look for new ways to engage their fans and broaden their offerings. We saw this last week with SS Lazio’s announcement that it is partnering with a crypto trading platform to allow the club to boost fan engagement through unique giveaways.
Rensing commented: “This is just the tip of the iceberg of what clubs can achieve with blockchain technology. Beyond tickets, giveaways and private tours, the tech can be used in a variety of innovative ways to engage and monetize fans. Such as creating digital collectibles, generating fan tokens that allow supporters to buy merchandise, unlock exclusive experiences, vote on decisions or even invest in their clubs; not to mention blockchain-powered loyalty programs that overcome a number of the challenges of traditional loyalty programs while rewarding fans for engaging with sponsors or performing revenue-generating behaviour.
“As new technology emerges, the definition of what it means to be a ‘fan’ is changing, and digital-native fans are demanding new ways of engaging with their teams — outside of live events. Clubs who can understand the opportunities that blockchain technology can unlock as part of their wider digital transformation initiatives, and get ahead of the curve, stand to reap the rewards of increased fan loyalty and even open up new revenue streams, while those who hesitate risk being left behind.”
Protokol has identified a number of other key industries where blockchain can add the most value and impact. Industries such as telecoms, manufacturing, supply chain, energy & utilities, IoT and media & entertainment, stand to benefit from efficiency gains, cost reductions, enhanced data security and even increased profitability by including blockchain in their broader digital strategies.
Protokol is empowering global enterprises to solve real business challenges and future-proof their business through the power of custom blockchain solutions. All about simplicity, our streamlined approach makes integrating blockchain into your business easy.
We combine the flexible and interoperable ARK Core blockchain platform with expert-led services, to translate complex blockchain technology into effective business outcomes. Our custom solutions deliver real value for our clients by increasing efficiency, improving cost effectiveness and enabling the creation of new value networks.
By taking an end-to-end approach, capable of covering everything from conception to installation, maintenance and scaling, we make implementation easy for our clients, so they can focus on other business critical tasks while knowing that they’re in safe hands.
Protokol’s blockchain experts are now available for consultations on where blockchain can add the most value in your enterprise. To book a consultation with our blockchain experts to explore how to unlock your full digital potential, visit: protokol.com/contact.


cityam--2020-09-23--UK investments remain resilient in the face of pandemic

Total investments in the UK are set to near pre-pandemic levels this summer despite a torrid year for global markets amid the coronavirus crisis .
Total assets under management ( AUM ) by members of the Investment Association ( IA ) reached a record high of £8.5 trillion at the end of 2019 , a 10 per cent increase on the previous year .
This came despite ongoing domestic instability including the UK ’ s departure from the EU in January 2020 .
The IA estimates that even as global markets fell in the face of coronavirus restrictions at the @ @ @ @ @ @ @ total AUM had almost returned to pre-Covid levels .
It cements the UK as Europe ’ s largest investment management centre , with higher total AUM than France , Germany and Switzerland combined , and behind just the US globally .
Despite an apparent resilience during the pandemic , the UK ’ s investment management industry has faced significant challenges both economically and operationally as a result of Covid-19 .
As a result , the IA has identified a number of lessons to be learned that range from liquidity management to diversity and @ @ @ @ @ @ @ the pandemic has presented is defining a clear role for the industry to play in the economic recovery .
“ As the UK continues to navigate through the social and economic impacts of the coronavirus , there is an expectation that the financial services industry needs to make a strong contribution to the UK ’ s economic recovery ” , the IA report said .
“ This includes the investment management industry ’ s role in recapitalisting listed UK companies.
” At the end of 2019 , investment managers had invested £1.6 trillion @ @ @ @ @ @ @ in UK equities and £450bn in corporate bonds .
Since March 2020 , over £14bn has been provided to publicly-listed UK companies .
Read more : ESG defies naysayers as ‘ sustainable ’ investments become mainstream And the IA highlights the importance of investment in infrastructure projects in the face of constrained government finances as a result of coronavirus .
Last year , total investments in UK infrastructure by IA member firms rose from £35bn to £45bn .
Chris Cummings , the IA ’ s chief executive said : “ It is a @ @ @ @ @ @ @ and focus on delivering for savers that total industry assets have reached £8.5 trillion , significantly driven by customers from around the world choosing the services of UK investment managers .
”

UK investments remain resilient in the face of pandemic
Total investments in the UK are set to near pre-pandemic levels this summer despite a torrid year for global markets amid the coronavirus crisis.
Total assets under management (AUM) by members of the Investment Association (IA) reached a record high of £8.5 trillion at the end of 2019, a 10 per cent increase on the previous year.
This came despite ongoing domestic instability including the UK’s departure from the EU in January 2020.
The IA estimates that even as global markets fell in the face of coronavirus restrictions at the beginning of the year, by mid-2020 total AUM had almost returned to pre-Covid levels.
It cements the UK as Europe’s largest investment management centre, with higher total AUM than France, Germany and Switzerland combined, and behind just the US globally.
Despite an apparent resilience during the pandemic, the UK’s investment management industry has faced significant challenges both economically and operationally as a result of Covid-19.
As a result, the IA has identified a number of lessons to be learned that range from liquidity management to diversity and inclusion.
Chief among the wider challenges the pandemic has presented is defining a clear role for the industry to play in the economic recovery.
“As the UK continues to navigate through the social and economic impacts of the coronavirus, there is an expectation that the financial services industry needs to make a strong contribution to the UK’s economic recovery”, the IA report said. “This includes the investment management industry’s role in recapitalisting listed UK companies.”
At the end of 2019, investment managers had invested £1.6 trillion in the economy, which includes £950bn in UK equities and £450bn in corporate bonds. Since March 2020, over £14bn has been provided to publicly-listed UK companies.
And the IA highlights the importance of investment in infrastructure projects in the face of constrained government finances as a result of coronavirus. Last year, total investments in UK infrastructure by IA member firms rose from £35bn to £45bn.
Chris Cummings, the IA’s chief executive said: “It is a mark of the industry’s resilience and focus on delivering for savers that total industry assets have reached £8.5 trillion, significantly driven by customers from around the world choosing the services of UK investment managers.”


cityam--2020-09-23--Act now to prevent culture sector collapse, say MPs

The government should take immediate action to protect the UK ’ s cultural and sporting sectors , the parliamentary Digital , Culture , Media and Sport ( DCMS ) committee warned today .
In a letter to culture secretary Oliver Dowden , lawmakers urged officials to use the pause created by the latest Covid-19 restrictions to implement a number of recommendations that would enable venues and stadiums to plan a return of audiences to capacity when it is safe to do so .
Read more : Budget cancelled as Rishi Sunak prepares to unveil new business support package In 2018 @ @ @ @ @ @ @ the UK economy , but MPs warned that many venues simply were not viable under current social distancing rules .
Composer Lord Andrew Lloyd-Webber has warned that the sector is at the “ point of no return ” , with more closures expected unless solutions are found .
Committee chair Julian Knight said : “ We recognise that rising cases of Covid-19 mean that plans for a limited return of crowds to sporting events have to be put on hold .
“ However this has created an opportunity for ministers to develop a @ @ @ @ @ @ @ safe return of audiences to events – particularly in our theatres and performance venues – when the time is right .
“ We know that without the ability to get in audiences in greater numbers , many theatres simply can ’ t afford to keep running .
The collapse of such vital pillars in our cultural landscape would be devastating ” .
Before the Open newsletter : Start your day with the City View podcast and key market data Specifically , the letter called for ministers to publish a “ no earlier than @ @ @ @ @ @ @ reopening plan , with at least three months notice .
Stage five on the government ’ s roadmap to reopening marks the point at which performances can take place indoors with fuller audiences .
When it unveiled the plan back in June , it came under criticism for failing to lay out time scales for each of the steps .
In addition , the committee called for greater clarity on the public health requirements for such a step to be taken , as well as the testing measures required for venues to open @ @ @ @ @ @ @ Government to announce £1.57bn support for UK arts and culture industries Knight had already called for an extension of the furlough scheme for those arts and leisure venues that have been unable to fully reopen .
Chancellor Rishi Sunak is due to unveil a new set of measures , dubbed his “ winter economy plan ” tomorrow , but has warned that a wholesale extension of the furlough scheme is unlikely to be included .

Act now to prevent culture sector collapse, say MPs
The government should take immediate action to protect the UK’s cultural and sporting sectors, the parliamentary Digital, Culture, Media and Sport (DCMS) committee warned today.
In a letter to culture secretary Oliver Dowden, lawmakers urged officials to use the pause created by the latest Covid-19 restrictions to implement a number of recommendations that would enable venues and stadiums to plan a return of audiences to capacity when it is safe to do so.
In 2018, the cultural sector contributed £32.3bn to the UK economy, but MPs warned that many venues simply were not viable under current social distancing rules.
Composer Lord Andrew Lloyd-Webber has warned that the sector is at the “point of no return”, with more closures expected unless solutions are found.
Committee chair Julian Knight said: “We recognise that rising cases of Covid-19 mean that plans for a limited return of crowds to sporting events have to be put on hold.
“However this has created an opportunity for ministers to develop a robust strategy that will allow for the safe return of audiences to events – particularly in our theatres and performance venues – when the time is right.
“We know that without the ability to get in audiences in greater numbers, many theatres simply can’t afford to keep running. The collapse of such vital pillars in our cultural landscape would be devastating”.
Before the Open newsletter: Start your day with the City View podcast and key market data
Specifically, the letter called for ministers to publish a “no earlier than” date for stage five of its reopening plan, with at least three months notice.
Stage five on the government’s roadmap to reopening marks the point at which performances can take place indoors with fuller audiences.
When it unveiled the plan back in June, it came under criticism for failing to lay out time scales for each of the steps.
In addition, the committee called for greater clarity on the public health requirements for such a step to be taken, as well as the testing measures required for venues to open without social distancing.
Knight had already called for an extension of the furlough scheme for those arts and leisure venues that have been unable to fully reopen.
Chancellor Rishi Sunak is due to unveil a new set of measures, dubbed his “winter economy plan” tomorrow, but has warned that a wholesale extension of the furlough scheme is unlikely to be included.


cityam--2020-09-23--A quarter of hospitality firms could go bust by the end of the year without more government support

New data from the pub industry released today showed that almost a quarter of hospitality businesses think they will go bust by the end of the year without new government support .
Yesterday Boris Johnson unveiled sweeping new measures to curb a rise in coronavirus cases , including a 10pm curfew on all hospitality firms .
The move , which the sector slammed as “ devastating ” , heaps pressure on an industry which had just begun to recover from the spring ’ s lockdown .
The survey , which was carried out by market researchers CGA on behalf of @ @ @ @ @ @ @ BBPA ) , UKHospitality and the British Institute of Innkeeping ( BII ) before the announcement was made , showed that 23 per cent of their members expect to fail in the next three months unless further help is given .
Thus far , one in eight hospitality staff have already been made redundant , with many more jobs expected to be lost when the furlough scheme ends in October .
Although chancellor Rishi Sunak is set to unveil a new “ winter economy package ” tomorrow , both he and PM Boris @ @ @ @ @ @ @ will not be extended .
On average , the businesses surveyed said that they expected their workforces to be 25 per cent lower this coming February than a year previously – a loss of 675,000 jobs in just 12 months .
In order to stave off such a situation , the bodies have called for a new sector-specific employment package , as well an extension of the business rates holiday and VAT cut on restaurant food .
Before the Open newsletter : Start your day with the City View podcast and key market @ @ @ @ @ @ @ a group of the UK ’ s most prominent fast food chains earlier this evening .
Emma McClarkin , chief executive of the BBPA , said that the sector was “ already teetering on the edge ” before the new restrictions were announced .
She said if the government did not take extra steps to prop up the sector , it would be “ unforgivable ” .
“ Only by taking these measures can the Government save our pubs , hospitality businesses and as many as 540,000 jobs .
If the Government doesn @ @ @ @ @ @ @ unforgiveable.
” UK Hospitality chief executive Katie Nicholls agreed , saying that the future of the sector was “ still in the balance ” .
Read more : Budget cancelled as Rishi Sunak prepares to unveil new business support package “ Many venues have still have not reopened and those that have are operating at reduced capacity and a fraction of normal revenue .
We have already had some high-profile casualties and far too many job losses ” , she said .
“ The additional restrictions announced this week place even further burdens @ @ @ @ @ @ @ razor-thin margins and needs all the help it can get .
It is vital that these restrictions are reviewed regularly .
”

A quarter of hospitality firms could go bust by the end of the year without more government support
Firms say they are worried about job losses next year.
New data from the pub industry released today showed that almost a quarter of hospitality businesses think they will go bust by the end of the year without new government support.
Yesterday Boris Johnson unveiled sweeping new measures to curb a rise in coronavirus cases, including a 10pm curfew on all hospitality firms.
The move, which the sector slammed as “devastating”, heaps pressure on an industry which had just begun to recover from the spring’s lockdown.
The survey, which was carried out by market researchers CGA on behalf of the British Beer & Pub Association (BBPA), UKHospitality and the British Institute of Innkeeping (BII) before the announcement was made, showed that 23 per cent of their members expect to fail in the next three months unless further help is given.
Thus far, one in eight hospitality staff have already been made redundant, with many more jobs expected to be lost when the furlough scheme ends in October.
Although chancellor Rishi Sunak is set to unveil a new “winter economy package” tomorrow, both he and PM Boris Johnson have heavily hinted that the initiative will not be extended.
On average, the businesses surveyed said that they expected their workforces to be 25 per cent lower this coming February than a year previously – a loss of 675,000 jobs in just 12 months.
In order to stave off such a situation, the bodies have called for a new sector-specific employment package, as well an extension of the business rates holiday and VAT cut on restaurant food.
Before the Open newsletter: Start your day with the City View podcast and key market data
The proposals echo those made by a group of the UK’s most prominent fast food chains earlier this evening.
Emma McClarkin, chief executive of the BBPA, said that the sector was “already teetering on the edge” before the new restrictions were announced.
She said if the government did not take extra steps to prop up the sector, it would be “unforgivable”.
“Only by taking these measures can the Government save our pubs, hospitality businesses and as many as 540,000 jobs. If the Government doesn’t act now it would be unforgiveable.”
UK Hospitality chief executive Katie Nicholls agreed, saying that the future of the sector was “still in the balance”.
“Many venues have still have not reopened and those that have are operating at reduced capacity and a fraction of normal revenue. We have already had some high-profile casualties and far too many job losses”, she said.
“The additional restrictions announced this week place even further burdens on a sector that is operating with razor-thin margins and needs all the help it can get. It is vital that these restrictions are reviewed regularly.”


cityam--2020-09-23--Fast food bosses urge Rishi Sunak to put in place new support schemes

The bosses of some of the UK ’ s largest restaurants have tonight written to chancellor Rishi Sunak urging him to provide more support for the sector after new coronavirus measures were put in place yesterday .
In the letter , the chief executives of fast food giants such as Itsu , KFC and Pizza Hut , along with takeaway service Deliveroo , said that the new restrictions could have a “ catastrophic impact ” on businesses .
Read more : Budget cancelled as Rishi Sunak prepares to unveil new business support package Under the new rules all hospitality venues @ @ @ @ @ @ @ tomorrow , and will be limited to table service only .
“ Given the detrimental impact that the requirement to close at 10pm for dine-in and collections services will have on many restaurants and their staff we believe it is important that the government considers further financial measures to support the sector over the coming months ” , they wrote .
In order to protect the sector , the letter called for a number of new support schemes to help see it through the coming winter .
First , they said that the @ @ @ @ @ @ @ scheme ” for hospitality staff , as well as asking for clarity as to whether the current furlough scheme would be extended .
At the moment , the job retention scheme is due to wrap up at the end of October , but Sunak is due to make an announcement on a new support scheme for businesses tomorrow .
However , both he and Boris Johnson have poured doubt on the possibility of the furlough scheme being extended .
Second , they asked for the current VAT reduction on restaurant food to be @ @ @ @ @ @ @ January next year .
“ We believe that extending the VAT reduction for at least a further 6 months would make restaurants better placed to attract price-sensitive customers and increase orders , protect jobs , and meet rent obligations ” , they said .
Before the Open newsletter : Start your day with the City View podcast and key market data In addition , the delivery fees paid by customers should be covered under the VAT reduction , they said .
Next , they said the government should also extend business rates relief @ @ @ @ @ @ @ warning that “ the prospects of restaurants being able to return to paying full business rates at the end of this tax year are slim ” .
“ This is likely to be particularly important in city-centre locations , where encouraging people to continue to work from home means that restaurants , pubs and cafes with high rateable values still experience significantly lower footfall.
” Read more : Coronavirus : Boris Johnson imposes stringent new restrictions for up to six months Finally , they said that the government should take steps to make @ @ @ @ @ @ @ was safe for them to eat and drink in restaurants .
“ It is important that the Government reiterates the scientific messages around food safety and that there are no instances of COVID transmission through food .
“ While we must all be vigilant , wash our hands and socially distance , it is important that the public are not left under the misapprehension that restaurant food carries a COVID-19 risk ” , they wrote .
“ Given the further restrictions now being implemented , it is vital that we do all we @ @ @ @ @ @ @ has already begun ” , the letter finished .
It was also signed by the bosses and owners of Zia Lucia , the Athenian , Cocotte and Wingstop .
The letter came after Sunak this afternoon cancelled the autumn budget in order to focus on what he dubbed his “ winter economy plan ” .

Fast food bosses urge Rishi Sunak to put in place new support schemes
The bosses of some of the UK’s largest restaurants have tonight written to chancellor Rishi Sunak urging him to provide more support for the sector after new coronavirus measures were put in place yesterday.
In the letter, the chief executives of fast food giants such as Itsu, KFC and Pizza Hut, along with takeaway service Deliveroo, said that the new restrictions could have a “catastrophic impact” on businesses.
Under the new rules all hospitality venues will have to close by 10pm from tomorrow, and will be limited to table service only.
“Given the detrimental impact that the requirement to close at 10pm for dine-in and collections services will have on many restaurants and their staff we believe it is important that the government considers further financial measures to support the sector over the coming months”, they wrote.
In order to protect the sector, the letter called for a number of new support schemes to help see it through the coming winter.
First, they said that the government should consider a “targeted support scheme” for hospitality staff, as well as asking for clarity as to whether the current furlough scheme would be extended.
At the moment, the job retention scheme is due to wrap up at the end of October, but Sunak is due to make an announcement on a new support scheme for businesses tomorrow.
However, both he and Boris Johnson have poured doubt on the possibility of the furlough scheme being extended.
Second, they asked for the current VAT reduction on restaurant food to be extended for another six months beyond 12 January next year.
“We believe that extending the VAT reduction for at least a further 6 months would make restaurants better placed to attract price-sensitive customers and increase orders, protect jobs, and meet rent obligations”, they said.
Before the Open newsletter: Start your day with the City View podcast and key market data
In addition, the delivery fees paid by customers should be covered under the VAT reduction, they said.
Next, they said the government should also extend business rates relief “for a longer period”, warning that “the prospects of restaurants being able to return to paying full business rates at the end of this tax year are slim”.
“This is likely to be particularly important in city-centre locations, where encouraging people to continue to work from home means that restaurants, pubs and cafes with high rateable values still experience significantly lower footfall.”
Finally, they said that the government should take steps to make it clear to the public that it was safe for them to eat and drink in restaurants.
“It is important that the Government reiterates the scientific messages around food safety and that there are no instances of COVID transmission through food.
“While we must all be vigilant, wash our hands and socially distance, it is important that the public are not left under the misapprehension that restaurant food carries a COVID-19 risk”, they wrote.
“Given the further restrictions now being implemented, it is vital that we do all we can to not undermine the recovery that has already begun”, the letter finished.
It was also signed by the bosses and owners of Zia Lucia, the Athenian, Cocotte and Wingstop.
The letter came after Sunak this afternoon cancelled the autumn budget in order to focus on what he dubbed his “winter economy plan”.


cityam--2020-09-23--Daily coronavirus cases hit highest level since 1 May

There were 6,178 new confirmed cases of coronavirus in the UK today , the highest figure since 1 May , government data showed .
The new figure is roughly a quarter higher than yesterday , when there were 4,926 cases , the Department of Health and Social Care said .
Read more : UK records highest daily coronavirus cases since May There were also 37 new deaths from the disease , which is in turn the highest number since 14 July .
Fears that the UK could be headed into a second wave of the pandemic have prompted the government @ @ @ @ @ @ @ bid to limit the spread of the disease .
According to Prime Minister Boris Johnson , the restrictions , which include a 10pm curfew on pubs and restaurants , could be in place for up to six months .
People will also be asked to work from home where they can , just weeks after the government was urging employees to go back to their offices .
Before the Open newsletter : Start your day with the City View podcast and key market data Ministers are concerned that without taking such steps , @ @ @ @ @ @ @ the UK heads into the winter .
According to the government ’ s scientific advisers , if cases continue to increase at their current rate the country could face 50,000 cases a day by mid-October .
Public Health England medical director Yvonne Doyle said : “ New measures have been bought in to stop the spread of the virus and it is essential that you follow them .
“ You should work from home if you can , must now wear a face covering in retail and hospitality settings , unless you are @ @ @ @ @ @ @ a group larger than six people .
Read more : Coronavirus : UK cases jump by 3,899 as lockdown looms “ We are testing much more than we were earlier on in the outbreak and our local Health Protection teams are working with local councils and directors of public health to manage the increase.
” In total , 409,729 people had tested positive for the virus in the UK , with 41,862 deaths overall .

Daily coronavirus cases hit highest level since 1 May
There were 6,178 new confirmed cases of coronavirus in the UK today, the highest figure since 1 May, government data showed.
The new figure is roughly a quarter higher than yesterday, when there were 4,926 cases, the Department of Health and Social Care said.
There were also 37 new deaths from the disease, which is in turn the highest number since 14 July.
Fears that the UK could be headed into a second wave of the pandemic have prompted the government to impose stringent new measures in a bid to limit the spread of the disease.
According to Prime Minister Boris Johnson, the restrictions, which include a 10pm curfew on pubs and restaurants, could be in place for up to six months.
People will also be asked to work from home where they can, just weeks after the government was urging employees to go back to their offices.
Before the Open newsletter: Start your day with the City View podcast and key market data
Ministers are concerned that without taking such steps, the situation could grow considerably worse as the UK heads into the winter.
According to the government’s scientific advisers, if cases continue to increase at their current rate the country could face 50,000 cases a day by mid-October.
Public Health England medical director Yvonne Doyle said: “New measures have been bought in to stop the spread of the virus and it is essential that you follow them.
“You should work from home if you can, must now wear a face covering in retail and hospitality settings, unless you are eating or drinking and not be in a group larger than six people.
“We are testing much more than we were earlier on in the outbreak and our local Health Protection teams are working with local councils and directors of public health to manage the increase.”
In total, 409,729 people had tested positive for the virus in the UK, with 41,862 deaths overall.


cityam--2020-09-23--Premier Oil seeks to lower price of BP purchases for a second time

Premier Oil has begun talks with BP over lowering the price of a $ 210m deal to buy its stakes in two North Sea oilfields for a second time , it was reported today .
Back in June , the struggling oil explorer managed to renegotiate the price down from an initial sum of $ 625m as it was hit by the record volatility in global oil prices .
The original sum was to be offset by BP keeping $ 300m of interim cash flows , while another $ 115m would only be payable upon higher future oil and gas @ @ @ @ @ @ @ Reuters that the firm is seeking to reduce the price for the Andrew and Shearwater fields by another $ 70m to $ 80m .
Before the Open newsletter : Start your day with the City View podcast and key market data The acquisition of the fields will help raise Premier ’ s production output to around 100,000 barrels a day from 67,000 at the moment .
Analysts at ratings agency Standard and Poor said that although the assets came at a “ considerable cost ” , they were “ materially value accretive to @ @ @ @ @ @ @ company ’ s stated strategy of acquiring cash generative assets in the UK North Sea ” .
The step comes as Premier seeks to raise $ 530m to pay for the purchases and restructure its heft debt pile of around $ 2bn .
Both companies declined to comment on the report .
Read more : Premier Oil shares crash as it swings to first-half loss Shares in the firm rose 3.1 per cent over the day ’ s trading .

Premier Oil seeks to lower price of BP purchases for a second time
Premier Oil has begun talks with BP over lowering the price of a $210m deal to buy its stakes in two North Sea oilfields for a second time, it was reported today.
Back in June, the struggling oil explorer managed to renegotiate the price down from an initial sum of $625m as it was hit by the record volatility in global oil prices.
The original sum was to be offset by BP keeping $300m of interim cash flows, while another $115m would only be payable upon higher future oil and gas prices.
Now, sources have told Reuters that the firm is seeking to reduce the price for the Andrew and Shearwater fields by another $70m to $80m.
Before the Open newsletter: Start your day with the City View podcast and key market data
The acquisition of the fields will help raise Premier’s production output to around 100,000 barrels a day from 67,000 at the moment.
Analysts at ratings agency Standard and Poor said that although the assets came at a “considerable cost”, they were “materially value accretive to Premier and are in line with the company’s stated strategy of acquiring cash generative assets in the UK North Sea”.
The step comes as Premier seeks to raise $530m to pay for the purchases and restructure its heft debt pile of around $2bn.
Both companies declined to comment on the report.
Shares in the firm rose 3.1 per cent over the day’s trading.


cityam--2020-09-23--Budget cancelled as Rishi Sunak prepares to unveil new business support package

Rishi Sunak has cancelled his planned autumn Budget and will instead announce a new package of emergency support for UK businesses in a bid to stop mass unemployment .
Sunak was supposed to unveil his second budget this year within the next few weeks , with the chancellor preparing the country for the next stage of its economic recovery .
However , the chancellor will instead make a statement tomorrow to the House of Commons to announce what he has dubbed his “ winter economy plan ” .
Calls have grown from the UK ’ s most prominent business groups @ @ @ @ @ @ @ ’ s wage subsidy scheme , which is due to end next month , or replace it with a similar programme .
Experts are predicting mass unemployment if the scheme ends without any new support for companies that still can not operate at capacity under the government ’ s coronavirus restrictions .
Boris Johnson ’ s announcement yesterday that stringent new restrictions would be in place for six months appears to have convinced the chancellor about the need for immediate action to protect jobs .
Johnson told MPs today that “ of course @ @ @ @ @ @ @ with further measures ” , but that he and Sunak would not extend the furlough scheme .
“ I don ’ t think it would be sensible to just extend the furlough scheme in its existing form beyond the end of October , but we will do everything we can to support business , to support those in jobs and indeed the self employed , ” he said .
He added : “ We will go forward with further creative and imaginative schemes to keep our economy moving.
” The Prime Minister announced @ @ @ @ @ @ @ , including a 10pm curfew for all hospitality venues , enforced table service at hospitality venues and requirements that all retail and hospitality workers wear face masks at all times .
The new measures are expected to severely hamper the country ’ s economic recovery , particularly in the hospitality sector .
Before the Open newsletter : Start your day with the City View podcast and key market data There was speculation this morning that Sunak was considering copying the German wage subsidy scheme , which sees the government pay for employees returning @ @ @ @ @ @ @ , companies would pay employees ’ wages for the time they are at work .
The government would then cover the wages for the time when the company has no work for the employee .
Labour shadow chancellor Anneliese Dodds called for a similar scheme in her party conference speech on Monday .
“ Our Job Recovery Scheme would enable businesses in key sectors to bring staff back to work , on reduced hours , with government backing wages for the rest of the week , ” she said .
“ The scheme @ @ @ @ @ @ @ more workers part-time , instead of bringing some back full time , and letting others go.
” The CBI has suggested that Sunak subsidises firms if they could offer workers 50 per cent of their normal hours , while Frances O ’ Grady , general secretary of the Trades Union Congress ( TUC ) , said : “ It ’ s clear that this pandemic will not be over by Christmas – so neither should state support for jobs .
”

Budget cancelled as Rishi Sunak prepares to unveil new business support package
Britain’s Chancellor of the Exchequer Rishi Sunak leaves 11 Downing Street in London on September 16, 2020. (Photo by Tolga AKMEN / AFP) (Photo by TOLGA AKMEN/AFP via Getty Images)
Rishi Sunak has cancelled his planned autumn Budget and will instead announce a new package of emergency support for UK businesses in a bid to stop mass unemployment.
Sunak was supposed to unveil his second budget this year within the next few weeks, with the chancellor preparing the country for the next stage of its economic recovery.
However, the chancellor will instead make a statement tomorrow to the House of Commons to announce what he has dubbed his “winter economy plan”.
Calls have grown from the UK’s most prominent business groups and opposition MPs to extend the government’s wage subsidy scheme, which is due to end next month, or replace it with a similar programme.
Experts are predicting mass unemployment if the scheme ends without any new support for companies that still cannot operate at capacity under the government’s coronavirus restrictions.
Boris Johnson’s announcement yesterday that stringent new restrictions would be in place for six months appears to have convinced the chancellor about the need for immediate action to protect jobs.
Johnson told MPs today that “of course the government is going to come forward with further measures”, but that he and Sunak would not extend the furlough scheme.
“I don’t think it would be sensible to just extend the furlough scheme in its existing form beyond the end of October, but we will do everything we can to support business, to support those in jobs and indeed the self employed,” he said.
He added: “We will go forward with further creative and imaginative schemes to keep our economy moving.”
The Prime Minister announced a raft of stringent new measures yesterday, including a 10pm curfew for all hospitality venues, enforced table service at hospitality venues and requirements that all retail and hospitality workers wear face masks at all times.
The new measures are expected to severely hamper the country’s economic recovery, particularly in the hospitality sector.
Before the Open newsletter: Start your day with the City View podcast and key market data
There was speculation this morning that Sunak was considering copying the German wage subsidy scheme, which sees the government pay for employees returning to part-time work.
Under the scheme, companies would pay employees’ wages for the time they are at work.
The government would then cover the wages for the time when the company has no work for the employee.
Labour shadow chancellor Anneliese Dodds called for a similar scheme in her party conference speech on Monday.
“Our Job Recovery Scheme would enable businesses in key sectors to bring staff back to work, on reduced hours, with government backing wages for the rest of the week,” she said.
“The scheme would incentivise targeted businesses to bring back more workers part-time, instead of bringing some back full time, and letting others go.”
The CBI has suggested that Sunak subsidises firms if they could offer workers 50 per cent of their normal hours, while Frances O’Grady, general secretary of the Trades Union Congress (TUC), said: “It’s clear that this pandemic will not be over by Christmas – so neither should state support for jobs.”


cityam--2020-09-23--Brexit: Kent to get 'internal border' to monitor incoming lorries

Police will soon have to monitor Kent ’ s border and turn away lorries without an “ access permit ” as a part of the government ’ s Brexit plans .
Cabinet Office minister Michael Gove said officers will use number plate recognition technology to monitor truckers travelling into Kent , with some characterising the plans as amounting to an internal UK border .
Read more : Brexit : Government warns of 7,000-long lorry queues in Kent It comes as a Cabinet Office letter warning that Kent could see 7,000-long lorry queues after the end of the Brexit transition period @ @ @ @ @ @ @ BBC today .
The worst case scenario would see a two-day delay to trade , in what would be a disaster for the UK ’ s supply chains , as the Cabinet Office expects that up to 50 per cent of trucking companies will not be prepared for the new regulations .
Gove told MPs today that truckers coming into Kent will next year need a special access permit to ensure they have filled out the proper forms to travel into the EU .
Before the Open newsletter : Start your day with @ @ @ @ @ @ @ data The UK will leave the EU customs union and single market on 31 December .
“ We want to make sure that people use a relatively simple process in order to get what will become known as a Kent Access Permit , which means that they can then proceed smoothly , because they do have the material required , ” Gove said .
“ If they don ’ t have the material required , then it will be the case that through policing , ANPR cameras and other means , we ’ @ @ @ @ @ @ @ that his constituents are not inconvenienced.
” Gove said in his statement that just under a quarter of businesses were “ fully ready ” for the end of the Brexit transition period , while almost half thought there would be an extension past 31 December .
Read more : JP Morgan ‘ to move €200bn assets from the UK to Germany ’ due to Brexit The possibility of an extension is now next to zero after the UK refused to countenance the prospect .
Tory Ashford MP Damian Green said : “ The @ @ @ @ @ @ @ the Channel will send a chill through my constituents because we know what effect that has on all the roads in Kent and it ’ s disastrous .
”

Brexit: Kent to get ‘internal border’ to monitor incoming lorries
Freight lorries prepare to leave the Port of Dover after disembarking from a cross-channel ferry, in Dover
Police will soon have to monitor Kent’s border and turn away lorries without an “access permit” as a part of the government’s Brexit plans.
Cabinet Office minister Michael Gove said officers will use number plate recognition technology to monitor truckers travelling into Kent, with some characterising the plans as amounting to an internal UK border.
It comes as a Cabinet Office letter warning that Kent could see 7,000-long lorry queues after the end of the Brexit transition period on 31 December was leaked to the BBC today.
The worst case scenario would see a two-day delay to trade, in what would be a disaster for the UK’s supply chains, as the Cabinet Office expects that up to 50 per cent of trucking companies will not be prepared for the new regulations.
Gove told MPs today that truckers coming into Kent will next year need a special access permit to ensure they have filled out the proper forms to travel into the EU.
Before the Open newsletter: Start your day with the City View podcast and key market data
The UK will leave the EU customs union and single market on 31 December.
“We want to make sure that people use a relatively simple process in order to get what will become known as a Kent Access Permit, which means that they can then proceed smoothly, because they do have the material required,” Gove said.
“If they don’t have the material required, then it will be the case that through policing, ANPR cameras and other means, we’ll do our very best to ensure that his constituents are not inconvenienced.”
Gove said in his statement that just under a quarter of businesses were “fully ready” for the end of the Brexit transition period, while almost half thought there would be an extension past 31 December.
The possibility of an extension is now next to zero after the UK refused to countenance the prospect.
Tory Ashford MP Damian Green said: “The prospect of 7,000 trucks queuing to cross the Channel will send a chill through my constituents because we know what effect that has on all the roads in Kent and it’s disastrous.”


cityam--2020-09-23--Asda to 'Covid-proof' trolleys and hire 1,000 safety marshals

Asda has revealed a new investment plan to make its supermarkets Covid-secure , including the use of technology found in NHS coronavirus hospitals .
The supermarket giant said it would appoint 1,000 new safety marshals stationed outside doors and in aisles , to make sure customers are wearing masks and maintaining a social distance from other shoppers .
It will also be applying a protective coating to all basket and trolley handles to prevent the spread of coronavirus .
Read more : Tesco boss warns against panic buying after new virus restrictions Asda said it is using the same coating @ @ @ @ @ @ @ and viruses in the NHS Nightingale Excel hospital , built in the east London conference centre earlier this year .
“ We know that safety remains a key priority for our customers and we will continue to do all we can to keep them and our colleagues safe in store , as we have since the start of the pandemic , ” said Anthony Hemmerdinger , Asda ’ s chief operating officer .
“ These additional measures will make our stores an even safer place to shop and work during the coming months.
@ @ @ @ @ @ @ Help Out wipes £155m off supermarket sales All Asda staff will be required to wear a face covering , which was made mandatory in yesterday ’ s government update to coronavirus restrictions .
Morrisons also uses door marshals to make sure customers are complying with the rules when entering its stores .
It comes as supermarket bosses have warned customers that there is no need to start panic buying groceries again , following the new rules coming into force .
The chief executives of Tesco and Aldi UK both sent messages to customers @ @ @ @ @ @ @ prepared in the event of any shortages .

Asda to ‘Covid-proof’ trolleys and hire 1,000 safety marshals
Asda has revealed a new investment plan to make its supermarkets Covid-secure, including the use of technology found in NHS coronavirus hospitals.
The supermarket giant said it would appoint 1,000 new safety marshals stationed outside doors and in aisles, to make sure customers are wearing masks and maintaining a social distance from other shoppers.
It will also be applying a protective coating to all basket and trolley handles to prevent the spread of coronavirus.
Asda said it is using the same coating technology that was used to kill bacteria and viruses in the NHS Nightingale Excel hospital, built in the east London conference centre earlier this year.
“We know that safety remains a key priority for our customers and we will continue to do all we can to keep them and our colleagues safe in store, as we have since the start of the pandemic,” said Anthony Hemmerdinger, Asda’s chief operating officer.
“These additional measures will make our stores an even safer place to shop and work during the coming months.”
All Asda staff will be required to wear a face covering, which was made mandatory in yesterday’s government update to coronavirus restrictions.
Morrisons also uses door marshals to make sure customers are complying with the rules when entering its stores.
It comes as supermarket bosses have warned customers that there is no need to start panic buying groceries again, following the new rules coming into force.
The chief executives of Tesco and Aldi UK both sent messages to customers this week saying supermarkets were much better prepared in the event of any shortages.


cityam--2020-09-23--Incoming Amigo boss quits before starting after board dispute

The incoming chief executive of troubled subprime lender Amigo Loans today quit the company before he had even taken up the position .
Glen Crawford , a director and chief executive designate today left the business after a “ divergence of views with the majority of the board ” .
Read more : Amigo seeks to calm nerves as battle for future hots up Crawford was chief executive of the business from 2016 until last year and rejoined the company this month pending FCA approval to take up his full duties as chief executive .
Crawford had previously threatened to @ @ @ @ @ @ @ company in a managerial position , as he has been pushing for in recent weeks .
Next week shareholders will vote on resolutions at Amigo ’ s AGM which would confirm Benamor ’ s return as a director .
The board has advised shareholders to vote against the resolutions , which would also remove finance director Nayan Kisnadwala and board member Roger Lovering .
However , the shock decision suggested that there has been some falling out at the group since the date for the AGM was set for 29 September .
In @ @ @ @ @ @ @ was requisitioned by Benamor-owned Richmond Group , a shareholder with 9.99 per cent of the firm ’ s stock , the board had stressed their support for Crawford .
Before the Open newsletter : Start your day with the City View podcast and key market data “ In particular it is critical that Shareholders note that the CEO designate , Glen Crawford , will resign immediately if the resolution to appoint Mr. Benamor as a director of Amigo Holdings PLC is passed ” , it said .
“ Glen Crawford and the board @ @ @ @ @ @ @ s resignation will automatically take effect in such circumstances .
“ The board regards Glen Crawford as the best person to lead the company and his resignation would be materially detrimental to the interests of the company and its shareholders.
” The company said that Gary Jennison , who joined Amigo as a director on 10 August , would become chief executive instead .
Jennison , who was previously chief executive of payments processor Payzone UK and Secure Trust bank , has “ extensive experience of several turnaround situations ” , the firm @ @ @ @ @ @ @ rise as founder pushes for takeover Guarantor lender Amigo has been swamped by thousands of complaints from customers who say they should never have been granted a loan .
Amigo is being investigated by the Financial Conduct Authority ( FCA ) over how it assesses the creditworthiness of customers , and has stopped almost all lending amid the coronavirus pandemic and the probe .

Incoming Amigo boss quits before starting after board dispute
The incoming chief executive of troubled subprime lender Amigo Loans today quit the company before he had even taken up the position.
Glen Crawford, a director and chief executive designate today left the business after a “divergence of views with the majority of the board”.
Crawford was chief executive of the business from 2016 until last year and rejoined the company this month pending FCA approval to take up his full duties as chief executive.
Crawford had previously threatened to quit if founder James Benamor rejoined the company in a managerial position, as he has been pushing for in recent weeks.
Next week shareholders will vote on resolutions at Amigo’s AGM which would confirm Benamor’s return as a director.
The board has advised shareholders to vote against the resolutions, which would also remove finance director Nayan Kisnadwala and board member Roger Lovering.
However, the shock decision suggested that there has been some falling out at the group since the date for the AGM was set for 29 September.
In the notice of the meeting, which was requisitioned by Benamor-owned Richmond Group, a shareholder with 9.99 per cent of the firm’s stock, the board had stressed their support for Crawford.
Before the Open newsletter: Start your day with the City View podcast and key market data
“In particular it is critical that Shareholders note that the CEO designate, Glen Crawford, will resign immediately if the resolution to appoint Mr. Benamor as a director of Amigo Holdings PLC is passed”, it said.
“Glen Crawford and the board have already agreed that Glen Crawford’s resignation will automatically take effect in such circumstances.
“The board regards Glen Crawford as the best person to lead the company and his resignation would be materially detrimental to the interests of the company and its shareholders.”
The company said that Gary Jennison, who joined Amigo as a director on 10 August, would become chief executive instead.
Jennison, who was previously chief executive of payments processor Payzone UK and Secure Trust bank, has “extensive experience of several turnaround situations”, the firm said.
Guarantor lender Amigo has been swamped by thousands of complaints from customers who say they should never have been granted a loan.
Amigo is being investigated by the Financial Conduct Authority (FCA) over how it assesses the creditworthiness of customers, and has stopped almost all lending amid the coronavirus pandemic and the probe.


cityam--2020-09-24--Government to subsidise wages of part-time workers in new scheme

Rishi Sunak has announced a new “ jobs support scheme ” today , which will see the government support the wages of people working part-time from November in a bid to stave off mass unemployment .
The scheme , described by Sunak as a “ radical intervention into the UK labour market ” , will allow full-time workers to go back to work part-time and have the government help pay for two-thirds of hours they have lost .
Read more : Rishi Sunak set to pump billions into economy to stave off unemployment The jobs support scheme , which will @ @ @ @ @ @ @ available for all small to medium sized businesses ( SMEs ) and employees will have to work one-third of normal hours to be eligible .
It came together with a package of other business relief measures – including extending the lengths of business loans taken out under emergency Covid schemes and extending a VAT cut for hospitality and tourism – as a part of the chancellor ’ s Winter Economic Plan .
“ The government will directly support the wages of people in work , giving businesses that face depressed demand the option @ @ @ @ @ @ @ shorter hours rather than making them redundant , ” Sunak said .
“ We will target support at firms that need it most – all SMES are eligible , but larger businesses are only eligible when their turnover has fallen during the crisis.
” Sunak announced the new spending programme in the House of Commons today as a replacement for the furlough scheme , which ends on 31 October .
Experts had predicted a wave of mass unemployment next month when the furlough scheme ended as many companies still can not operate at @ @ @ @ @ @ @ in place .
“ The furlough scheme was the right policy at the time we introduced it…but as the economy reopens it is fundamentally wrong to hold people in jobs that only exist inside the furlough , ” Sunak said .
“ That means supporting people to be in viable jobs that provide genuine security.
” The Treasury will also extend all its Covid loan schemes until the end of the year , while also allowing businesses to now pay back debts over 10 years instead of six .
This will reduce the @ @ @ @ @ @ @ have borrowed through one of the four schemes .
The terms of the government ’ s popular Bounce Back Loans scheme – which sees the government take on 100 per cent of default risk – have also changed to allow businesses to make interest only repayments or suspend repayments entirely for six months .
The VAT cut – to 5 per cent – for hospitality and tourism companies was extended until the end of March as a part of the Winter Economic Plan .
The Treasury will also allow businesses to pay their @ @ @ @ @ @ @ of paying it all back next March .
Read more : Budget cancelled as Rishi Sunak prepares to unveil new business support package Labour shadow chancellor said she had called for a targeted extension to the furlough scheme 40 times and that this intervention had come too late .
“ It ’ s a relief this government has U-turned now , but we must be open and honest – that delay in introducing this new scheme will have impacted on businesses confidence , ” she said .

Government to subsidise wages of part-time workers in new scheme
Rishi Sunak poses with his ‘Winter Economy Plan’ outside 11 Downing street
Rishi Sunak today announced a new “jobs support scheme” , which will see the government support the wages of people working part-time from November in a bid to stave off mass unemployment.
The scheme, described by Sunak as a “radical intervention into the UK labour market”, will allow full-time workers to go back to work part-time and have the government help pay for two-thirds of hours they have lost.
The jobs support scheme, which will run for six months, will be available for all small to medium sized businesses (SMEs) and employees will have to work one-third of normal hours to be eligible.
Self-employed workers will also be able to claim on similar terms from November.
The new scheme came together with a package of other business relief measures – including extending the lengths of business loans taken out under emergency Covid schemes and extending a VAT cut for hospitality and tourism – as a part of the chancellor’s Winter Economic Plan.
“The government will directly support the wages of people in work, giving businesses that face depressed demand the option of keeping employees in a job on shorter hours rather than making them redundant,” Sunak said.
“We will target support at firms that need it most – all SMES are eligible, but larger businesses are only eligible when their turnover has fallen during the crisis.”
Sunak announced the new spending programme in the House of Commons today as a replacement for the furlough scheme, which ends on 31 October.
Experts had predicted a wave of mass unemployment next month when the furlough scheme ended as many companies still cannot operate at full capacity with the current coroanvirus restrictions in place.
“The furlough scheme was the right policy at the time we introduced it… but as the economy reopens it is fundamentally wrong to hold people in jobs that only exist inside the furlough,” Sunak said.
“That means supporting people to be in viable jobs that provide genuine security.”
The Treasury will also extend all its Covid loan schemes until the end of the year, while also allowing businesses to now pay back debts over 10 years instead of six.
This will reduce monthly payments for businesses that have borrowed through one of the four schemes.
The terms of the government’s popular Bounce Back Loans scheme – which sees the government take on 100 per cent of default risk – have also changed to allow businesses to make interest-only repayments or suspend repayments entirely for six months.
The VAT cut – from 20 per cent to five per cent – for hospitality and tourism companies was also extended until the end of March as a part of the government’s Winter Economic Plan.
The Treasury will also allow businesses to pay their deferred VAT payments – announced earlier this year – over 11 installments instead of paying it all back next March.
Labour shadow chancellor Anneliese Dodds said she had called for a targeted extension to the furlough scheme 40 times and that this intervention had come too late.
“It’s a relief this government has U-turned now, but we must be open and honest – that delay in introducing this new scheme will have impacted on businesses confidence,” she said.


cityam--2020-09-24--Smiths Group shares tumble as profit halves during pandemic

Shares in Smiths Group sank as much as eight per cent this morning , as the industrials conglomerate reported a 48 per cent drop in pre-tax profit for the year following a “ disrupted ” few months during the pandemic .
Pre-tax profit for the 12 months to the end of July slumped 48 per cent to £133m , down from £278m in the same period last year .
Operating profit tumbled 23 per cent over the period to £241m , marking an £85m year-on-year drop driven by lower volumes in the second half , as well as additional costs @ @ @ @ @ @ @ climbed two per cent year-on-year to £2.54bn , which Smiths hailed as a “ robust performance ” amid tough market conditions .
Smiths announced it will pay a final dividend of 24p per share , alongside an interim dividend of 11p per share , which was delayed at the outbreak of the coronavirus crisis .
Investors baulked at the 25 per cent drop in total dividend payout for the year to 35p , with shares sinking 7.8 per cent to 1,321p at midday .
The FTSE 100-listed firm withheld issuing guidance for the @ @ @ @ @ @ @ Chief executive Andy Reynolds Smith said he “ remains prudent as we continue to navigate the ongoing uncertainty ” and the “ depth and duration of the Covid-19 pandemic ” .
However , the engineering company , which provides medical devices , airport security scanners and industrial engineering parts , said revenue for the four months to the end of August had started “ stabilising ” , with revenue down five per cent year-on-year .
Smiths said its focus for the coming year will be on safeguarding employees and optimising performance as it @ @ @ @ @ @ @ group booked £55m in write-downs and restructuring costs , with its business overhaul expected to deliver £70m of savings by 2022 .
The figure includes expected savings from plans to separate the company ’ s Smiths Medical division , which remain unchanged .
Reynolds Smith noted the firm ’ s commitment to issuing dividend payment reflected the strength of the group ’ s performance during the year and its confidence in the future .
Read more : Rishi Sunak set to pump billions into economy to stave off unemployment “ The strength and @ @ @ @ @ @ @ , and the benefits of the group ’ s strategic positioning , underpinned a robust performance in challenging market conditions .
We have continued to enhance the group ’ s strategic positioning , through execution of the restructuring programme , completion of three further bolt-on acquisitions and our unchanged commitment to separate Smiths Medical .
We are seeing a stabilisation of recent trends ; but we are not complacent and are continuing to strengthen the business to deliver sustainable outperformance in the future.
” Before the Open : Get the jump on the @ @ @ @ @ @

Smiths Group shares tumble as profit sinks by a quarter during pandemic
Shares in Smiths Group sank as much as eight per cent this morning, as the industrials conglomerate reported a 26 per cent drop in pre-tax profit for the year following a “disrupted” few months during the pandemic.
The results
Pre-tax profit for the 12 months to the end of July slumped 26 per cent to £278m, down from £376m in the same period last year.
Operating profit tumbled 23 per cent over the period to £327m, marking an £100m year-on-year drop driven. Smiths said this was driven by lower volumes in the second half, as well as additional costs incurred during the pandemic.
Group revenue climbed two per cent year-on-year to £2.54bn, which the engineering firm hailed as a “robust performance” amid tough market conditions.
Smiths announced it will pay a final dividend of 24p per share, alongside an interim dividend of 11p per share, which was delayed at the outbreak of the coronavirus crisis.
Investors baulked at the 25 per cent drop in total dividend payout for the year to 35p, with shares sinking 7.8 per cent to 1,321p at midday.
Why it’s interesting
The FTSE 100-listed firm withheld issuing guidance for the coming year due to Covid-related unpredictability.
Chief executive Andy Reynolds Smith said he “remains prudent as we continue to navigate the ongoing uncertainty” and the “depth and duration of the Covid-19 pandemic”.
However, the engineering company, which provides medical devices, airport security scanners and industrial engineering parts, said revenue for the four months to the end of August had started “stabilising”, with revenue down five per cent year-on-year.
Smiths said its focus for the coming year will be on safeguarding employees and optimising performance as it undergoes a wide-scale business restructure.
The group booked £55m in write-downs and restructuring costs, with its business overhaul expected to deliver £70m of savings by 2022.
The figure includes expected savings from plans to separate the company’s Smiths Medical division, which remain unchanged.
Reynolds Smith noted the firm’s commitment to issuing dividend payment reflected the strength of the group’s performance during the year and its confidence in the future.
What Smiths said
Andy Reynolds Smith, group chief executive of Smiths, commented:
“The strength and flexibility we have built into the business, and the benefits of the group’s strategic positioning, underpinned a robust performance in challenging market conditions.
We have continued to enhance the group’s strategic positioning, through execution of the restructuring programme, completion of three further bolt-on acquisitions and our unchanged commitment to separate Smiths Medical.
We are seeing a stabilisation of recent trends; but we are not complacent and are continuing to strengthen the business to deliver sustainable outperformance in the future.”
Before the Open: Get the jump on the markets with our early morning newsletter


cityam--2020-09-24--Impersonation frauds soar 85 per cent during pandemic as scammers exploit government loan websites

Impersonation frauds almost doubled during the pandemic , as scammers scooped up almost £375m from fake government loan schemes , phishing emails and card fraud during the nationwide lockdown .
More than 15,000 impersonation scams were reported in the first half of 2020 , marking an 84 per cent increase compared to the same period last year , according to a report released today by fraud tracking body UK Finance .
Read more : Furlough scheme : UK looking at 27,000 potential fraud cases UK Finance said the sharp hike “ has been driven by criminals exploiting Covid-19 ” , @ @ @ @ @ @ @ trusted organisations including banks , utility companies , government departments and even fraud prevention agencies .
Criminals became more savvy online during the pandemic , taking advantage of Covid-related government loan websites including the furlough scheme and emergency business support schemes to groom customers into handing over their details .
“ Criminals are constantly adapting the methods used to try and trick consumers into handing over their money or personal information , ” said the report .
“ Since the pandemic began , we have seen how quickly they have adapted to and @ @ @ @ @ @ @ and scams that target people online.
” This month , HM Revenue & Customs ( HMRC ) set up a website issuing urgent advice on how to spot coronavirus scams as fraudsters rapidly adapt to new government advice .
Scams listed by HMRC included fake tax rebate links and text messages issuing fake £250 fines for breaking quarantine rules .
Fraudsters also jumped on lockdown trends to scoop up cash from fake hot tub adverts , dating profiles and airlines offering refunds for cancelled flights during the pandemic , according to the UK @ @ @ @ @ @ @ sales of pet supplies , PPE equipment and home testing kits boomed in the first half of the year , as customers sought alternative suppliers after stockpilers hoarded available kit .
Investment scams rocketed nine per cent during lockdown , with criminals raking in £55.2m by duping investors into handing over money on cloned websites impersonating FCA-regulated firms .
The bulk of scams that took place during the pandemic were made through authorised push payment ( APP ) fraud , in which customers unwittingly authorise payments to fraudsters by submitting an online form @ @ @ @ @ @ @ .
Almost £208m was stolen from UK bank accounts in the six months to June through APP fraud .
A new voluntary code on APP fraud introduced in May last year meant fraud victims saw more of their stolen cash reimbursed during the pandemic , with £71.3m of APP losses returned to customers in the first half of 2020 .
Meanwhile , losses from unauthorised card transactions sank eight per cent to £288.2m during the coronavirus crisis compared to the same period last year .
UK Finance said the drop was likely due @ @ @ @ @ @ @ exploit new vulnerabilities created by the pandemic , with customers handing over personal account details on an unprecedented level .
The banking and finance industry prevented £853m of attempted unauthorised fraud in the first half of 2020 , meaning around £6.95 in every £10 of attempted fraud was blocked .
However , UK Finance warned that there is often a significant lag time between criminals obtaining people ’ s details and using them to commit fraud , meaning the full scope of Covid-related scams is likely to be much higher than current figures @ @ @ @ @ @ @ fraud in the UK include collaboration with mobile providers to block scam text messages , and the implementation of “ Confirmation of Payee ” functions on banking apps , which help prevent APP scams .
The new banking measure has now been implemented by the UK ’ s six largest banking groups , covering around 90 per cent of bank transfers .
However , the trade body urged the government to introduce a “ new regulatory framework ” to adapt to the rapid rise in online scams .
“ The finance industry is @ @ @ @ @ @ @ is vital that government , regulators , and other sectors continue to step up and play their part in detecting and preventing this criminal activity , ” said Katy Worobec , managing director of economic crime at UK Finance .
“ In particular , vulnerabilities exploited by fraudsters which are outside the control of the banking industry need to be addressed.
” Worobec said she expected criminals will “ continue to adapt and exploit the impact of coronavirus as we move onto the next stage in this crisis ” .
“ This could @ @ @ @ @ @ @ ’ s financial insecurities by offering payments related to the pandemic , purchase scams offering bogus products… and social media posts aimed at recruiting money mules who are looking to make quick and easy money , ” she said .
“ The banking and finance industry will keep taking action on every front to protect customers from this threat , while calling for a stronger regulatory framework that ensures online platforms and other sectors play their part in tackling fraud.
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Impersonation frauds soar 85 per cent during pandemic as scammers exploit government loan websites
Impersonation frauds almost doubled during the pandemic, as scammers scooped up around £208m from fake government loan forms, phishing emails and bogus websites.
More than 15,000 impersonation scams were reported in the first half of 2020, marking an 84 per cent increase compared to the same period last year, according to a report released today by banking sector trade body UK Finance.
UK Finance said the sharp hike “has been driven by criminals exploiting Covid-19”, with fraudsters pretending to be officials from trusted organisations including banks, utility companies, government departments and even fraud prevention agencies.
Covid cons
Criminals became more savvy online during the pandemic, taking advantage of Covid-related government loan websites including the furlough scheme and emergency business support schemes to groom customers into handing over their details.
“Criminals are constantly adapting the methods used to try and trick consumers into handing over their money or personal information,” said the report.
“Since the pandemic began, we have seen how quickly they have adapted to and exploited Covid-19 with a growth in fraud and scams that target people online.”
This month, HM Revenue & Customs (HMRC) set up a website issuing urgent advice on how to spot coronavirus scams as fraudsters rapidly adapt to new government advice.
Scams listed by HMRC included fake tax rebate links and text messages issuing fake £250 fines for breaking quarantine rules.
Fraudsters have jumped on rapidly evolving coronavirus rules to scam customers
Fraudsters also jumped on lockdown trends to scoop up cash from fake hot tub adverts, dating profiles and airlines offering refunds for cancelled flights during the pandemic, according to the UK Finance report.
UK Finance said fraudulent sales of pet supplies, PPE equipment and home testing kits boomed in the first half of the year, as customers sought alternative suppliers after stockpilers hoarded available kit.
Investment scams rocketed nine per cent during lockdown, with criminals raking in £55.2m by duping investors into handing over money on cloned websites impersonating FCA-regulated firms.
Authorised payments
The bulk of scams that took place during the pandemic were made through authorised push payment (APP) fraud, in which customers unwittingly authorise payments to fraudsters by submitting an online form or entering their details over the phone.
Almost £208m was stolen from UK bank accounts in the six months to June through APP fraud.
A new voluntary code on APP fraud introduced in May last year meant fraud victims saw more of their stolen cash reimbursed during the pandemic, with £71.3m of APP losses returned to customers in the first half of 2020.
Meanwhile, losses from unauthorised card transactions sank eight per cent to £288.2m during the coronavirus crisis compared to the same period last year.
UK Finance said the drop was likely due to scammers abandoning traditional fraud methods to exploit new vulnerabilities created by the pandemic, with customers handing over personal account details on an unprecedented level.
The banking and finance industry prevented £853m of attempted unauthorised fraud in the first half of 2020, meaning around £6.95 in every £10 of attempted fraud was blocked.
However, UK Finance warned that there is often a significant lag time between criminals obtaining people’s details and using them to commit fraud, meaning the full scope of Covid-related scams is likely to be much higher than current figures.
New regulatory framework
Measures currently in place to tackle fraud in the UK include collaboration with mobile providers to block scam text messages, and the implementation of “Confirmation of Payee” functions on banking apps, which help prevent APP scams.
The new banking measure has now been implemented by the UK’s six largest banking groups, covering around 90 per cent of bank transfers.
However, the trade body urged the government to introduce a “new regulatory framework” to adapt to the rapid rise in online scams.
“The finance industry is working hard to tackle fraud but it is vital that government, regulators, and other sectors
continue to step up and play their part in detecting and preventing this criminal activity,” said Katy Worobec, managing director of economic crime at UK Finance.
“In particular, vulnerabilities exploited by fraudsters which are outside the control of the banking industry need to be addressed.”
Worobec said she expected criminals will “continue to adapt and exploit the impact of coronavirus as we move onto the next stage in this crisis”.
“This could include more social engineering scams exploiting people’s financial insecurities by offering
payments related to the pandemic, purchase scams offering bogus products… and social media posts aimed at recruiting money mules who are looking to make quick and easy money,” she said.
“The banking and finance industry will keep taking action on every front to protect customers from this threat, while calling for a stronger regulatory framework that ensures online platforms and other sectors play their part in tackling fraud.”
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cityam--2020-09-24--Volunteers ‘to be deliberately infected with Covid-19’ in UK vaccine trials

Britain is reportedly planning to host clinical trials where volunteers are deliberately infected with Covid-19 to test the effectiveness of potential vaccines .
So-called challenge trials are expected to begin at a quarantine facility in London in January , the Financial Times reported , citing people involved with the project .
Read more : Daily coronavirus cases hit highest level since 1 May The government said it was working with partners on the potential for human challenge trials to tackle the coronavirus pandemic , but would not comment on any specific plans .
“ We are working with partners to @ @ @ @ @ @ @ potential development of a Covid-19 vaccine through human challenge studies , ” a government spokesperson said .
“ These discussions are part of our work to research ways of treating , limiting and hopefully preventing the virus so we can end the pandemic sooner , ” they added .
Around 2,000 participants had signed up to take part in the trials via US based advocacy group 1Day Sooner , the FT reported .
The paper reported that the studies would be government funded , but 1Day Sooner said it would also launch a @ @ @ @ @ @ @ facility big enough to quarantine 100 to 200 trial participants .
Open Orphan , a pharmaceutical services company named by the FT as running the planned human challenge trials , confirmed that it is in “ advanced negotiation with the UK Government and other partners for a coronavirus challenge study in the UK ” .
“ There can be no certainty that these discussions will lead to a new contract , ” it added .
Read more : More England coronavirus restrictions inevitable , says Chris Whitty Imperial College London , reported to @ @ @ @ @ @ @ , did not confirm whether it would be involved in the project .
“ Imperial continues to engage in a wide range of exploratory discussions relating to Covid-19 research , with a variety of partners , ” a spokesperson said .

Volunteers ‘to be deliberately infected with Covid-19’ in UK vaccine trials
Britain is reportedly planning to host clinical trials where volunteers are deliberately infected with Covid-19 to test the effectiveness of potential vaccines.
So-called challenge trials are expected to begin at a quarantine facility in London in January, the Financial Times reported, citing people involved with the project.
The government said it was working with partners on the potential for human challenge trials to tackle the coronavirus pandemic, but would not comment on any specific plans.
“We are working with partners to understand how we might collaborate on the potential development of a Covid-19 vaccine through human challenge studies,” a government spokesperson said.
“These discussions are part of our work to research ways of treating, limiting and hopefully preventing the virus so we can end the pandemic sooner,” they added.
Around 2,000 participants had signed up to take part in the trials via US based advocacy group 1Day Sooner, the FT reported.
The paper reported that the studies would be government funded, but 1Day Sooner said it would also launch a petition for public funding of a biocontainment facility big enough to quarantine 100 to 200 trial participants.
Open Orphan, a pharmaceutical services company named by the FT as running the planned human challenge trials, confirmed that it is in “advanced negotiation with the UK Government and other partners for a coronavirus challenge study in the UK”.
“There can be no certainty that these discussions will lead to a new contract,” it added.
Imperial College London, reported to be the academic lead on the trials, did not confirm whether it would be involved in the project.
“Imperial continues to engage in a wide range of exploratory discussions relating to Covid-19 research, with a variety of partners,” a spokesperson said.


cityam--2020-09-24--BoE: Considering the climate would have held back stimulus

The Bank of England has said it did not attach any climate-related conditions to its major loan scheme as this would have “ frustrated ” the effort to support companies quickly .
However , Bank official Sarah Breeden said that the BoE is “ considering ” attaching green strings to its future corporate bond purchases .
Read more : Bank of England to do ‘ everything it can ’ during Covid surge Threadneedle Street has been criticised for supporting big polluters through its Covid corporate financing facility ( CCFF ) .
Before coronavirus , the Bank repeatedly stressed its green @ @ @ @ @ @ @ s analysis showed that 56 per cent , or more than £10bn , of the money lent out through the CCFF went to carbon-intensive sectors such as aviation and chemicals .
Under the CCFF , the Bank of England lends money by buying up the short-term bonds of companies .
It currently holds around £17bn of “ commercial paper ” through the programme .
German chemicals firms Bayer and BASF and airlines Easyjet and Ryanair were among the recipients .
Bank says action had to be broad and fast Sarah Breeden , the @ @ @ @ @ @ @ issues , today defended the BoE ’ s decision .
She told Parliament ’ s environmental audit committee that the interventions had to be “ big , broad and fast ” .
Breeden said telling firms they had to disclose the risks they pose to the climate would have “ frustrated that underlying objective of getting money out quickly ” .
The Bank official stressed that the CCFF is a short-term tool .
“ It is not in my view the vehicle that is going to drive the multi-year transition that I absolutely @ @ @ @ @ @ @ she said .
However , Green Party MP Caroline Lucas said the Bank had missed a chance .
“ If we ’ re not careful , we ’ re going to be jumping out of the Covid frying pan into the climate fire , ” she said .
Breeden said the Bank was “ considering ” attaching climate-based requirements to its future bond purchases under its quantitative easing programme .

BoE: Considering the climate would have held back stimulus
Climate campaigners have criticised the Bank of England for talking up its green credentials but supporting big polluters
The Bank of England has said it did not attach any climate-related conditions to its major loan scheme as this would have “frustrated” the effort to support companies quickly.
However, Bank official Sarah Breeden said that the BoE is “considering” attaching green strings to its future corporate bond purchases.
Threadneedle Street has been criticised for supporting big polluters through its Covid corporate financing facility (CCFF). Before coronavirus, the Bank repeatedly stressed its green credentials.
Campaign group Positive Money’s analysis showed that 56 per cent, or more than £10bn, of the money lent out through the CCFF went to carbon-intensive sectors such as aviation and chemicals.
Under the CCFF, the Bank of England lends money by buying up the short-term bonds of companies. It currently holds around £17bn of “commercial paper” through the programme.
German chemicals firms Bayer and BASF and airlines Easyjet and Ryanair were among the recipients.
Bank says action had to be broad and fast
Sarah Breeden, the Bank of England official overseeing climate change issues, today defended the BoE’s decision.
She told Parliament’s environmental audit committee that the interventions had to be “big, broad and fast”.
Breeden said telling firms they had to disclose the risks they pose to the climate would have “frustrated that underlying objective of getting money out quickly”.
The Bank official stressed that the CCFF is a short-term tool. “It is not in my view the vehicle that is going to drive the multi-year transition that I absolutely agree that our economy needs,” she said.
However, Green Party MP Caroline Lucas said the Bank had missed a chance. “If we’re not careful, we’re going to be jumping out of the Covid frying pan into the climate fire,” she said.
Breeden said the Bank was “considering” attaching climate-based requirements to its future bond purchases under its quantitative easing programme.


cityam--2020-09-24--Cycling debutants in London more-than-double as the capital's commuters switch to two wheels

If you thought the city ’ s cycling lanes were busier with newbies over the past few months , you ’ re not alone .
New data out today by Strava Metro showed the number of people newly taking up cycling in the capital peaked in May , with 119 per cent year-on-year growth .
By June , the total number of cycling trips made across the capital was had increased 60 per cent year-on-year .
The transport data also showed which cycle routes proved the most popular over the summer , which saw local authorities replace driving lanes with @ @ @ @ @ @ @ had a 337 per cent increase in cycling in July than in the same month in 2019 .
Read more : More ‘ Boris bikes ’ to be rolled out after record numbers take to two wheels East London ’ s Cycle Superhighway 2 , which offers a route between Whitechapel to Stratford , had 69.5 per cent more riders using it in the period .
Euston Road meanwhile saw a 70 per cent jump in bike trips in the period .
However , as Summer came to a close , the number @ @ @ @ @ @ @ .
Strava Metro reported the number of people taking up cycling in August was only 47 per cent higher than the total in August 2019 .
Read more : Sadiq Khan unveils plans to transform roads for walkers and cyclists post lockdown

Cycling debutants in London more-than-double as the capital’s commuters switch to two wheels
Santander will continue to sponsor the scheme for another three years when its initial seven-year £51m deal runs out next year, with the new deal is worth £18.75m in total.
If you thought the city’s cycling lanes were busier with newbies over the past few months, you’re not alone.
New data out today by Strava Metro showed the number of people newly taking up cycling in the capital peaked in May, with 119 per cent year-on-year growth.
By June, the total number of cycling trips made across the capital was had increased 60 per cent year-on-year.
The transport data also showed which cycle routes proved the most popular over the summer, which saw local authorities replace driving lanes with wider routes for bikes.
Park Lane had a 337 per cent increase in cycling in July than in the same month in 2019.
East London’s Cycle Superhighway 2, which offers a route between Whitechapel to Stratford, had 69.5 per cent more riders using it in the period.
Euston Road meanwhile saw a 70 per cent jump in bike trips in the period.
However, as Summer came to a close, the number of newbies switching to two wheels eased.
Strava Metro reported the number of people taking up cycling in August was only 47 per cent higher than the total in August 2019.