cityam--2020-06-12--Sterling sheds gains against dollar as Brexit fears weigh

The pound shed early gains against the dollar this afternoon as concerns over Brexit coupled with dire UK economic data weighed on sterling .
Sterling has been edging lower this week after rising 3.9 per cent against the dollar in last week ’ s rally .
Having recovered briefly this morning to touch $ 1.2653 , the pound soon flattened back to $ 1.2599 by 2.40pm .
Read more : Brexit trade talks : UK ‘ U-turns ’ on full border checks for EU goods The weakening came after the British government “ formally confirmed ” to the EU that @ @ @ @ @ @ @ period beyond the end of this year , as well as new data showing the British economy shrank over 20 per cent , the largest amount on record , during April .
Announcing that the transition period would not be extended , Cabinet Office minister Michael Gove said “ the moment for extension has now passed ” .
Analysts suggested sterling was behaving like a risk currency , strengthening when improving global market sentiment weakens demand for the safe-haven dollar .
Vasileios Gkionakis , head of forex strategy at Lombard Odier , said @ @ @ @ @ @ @ made sense because market participants had been complacent in view of ongoing Brexit risks and the coronavirus-induced economic slump .
“ Little progress has been made on Brexit… the UK economy is going to lag the rest of the developed markets , so levels at $ 1.27- $ 1.28 were a bit of a stretch for sterling , ” he added .
MUFG analyst Lee Hardman said the pound ’ s relative resilience recently “ may reflect the fact that it has lagged other recovery trades after a particularly poor performance last month @ @ @ @ @ @ @ broadly ” .
“ The pound ’ s recovery from the Covid-19 shock has been held back recently by Read more : Markets live : FTSE 100 inches higher despite record plunge in UK GDP fresh concerns over the possibility of negative Bank of England rate policy and a lack of progress in Brexit talks , ” Hardman continued .
With both issues set to come into focus next week with the latest BoE policy meeting and further Brexit discussions between UK and EU leaders , Hardman warned that sterling volatility could increase @ @ @ @ @

Sterling sheds gains against dollar as Brexit fears weigh
EU Commission president Ursula von der Leyen is set to meet Boris Johnson on Monday for crunch Brexit talks, but sterling’s dip shows traders are not optimistic
The pound shed early gains against the dollar this afternoon as concerns over Brexit coupled with dire UK economic data weighed on sterling.
Sterling has been edging lower this week after rising 3.9 per cent against the dollar in last week’s rally. Having recovered briefly this morning to touch $1.2653, the pound soon flattened back to $1.2599 by 2.40pm.
The weakening came after the British government “formally confirmed” to the EU that it will not extend the Brexit transition period beyond the end of this year, as well as new data showing the British economy shrank over 20 per cent, the largest amount on record, during April.
Announcing that the transition period would not be extended, Cabinet Office minister Michael Gove said “the moment for extension has now passed”.
Analysts suggested sterling was behaving like a risk currency, strengthening when improving global market sentiment weakens demand for the safe-haven dollar.
Vasileios Gkionakis, head of forex strategy at Lombard Odier, said the pound’s losses this week made sense because market participants had been complacent in view of ongoing Brexit risks and the coronavirus-induced economic slump.
“Little progress has been made on Brexit… the UK economy is going to lag the rest of the developed markets, so levels at $1.27-$1.28 were a bit of a stretch for sterling,” he added.
MUFG analyst Lee Hardman said the pound’s relative resilience recently “may reflect the fact that it has lagged other recovery trades after a particularly poor performance last month even as risk sentiment was improving more broadly”.
“The pound’s recovery from the Covid-19 shock has been held back recently by
fresh concerns over the possibility of negative Bank of England rate policy and a lack of progress in Brexit talks,” Hardman continued.
With both issues set to come into focus next week with the latest BoE policy meeting and further Brexit discussions between UK and EU leaders, Hardman warned that sterling volatility could increase in the coming week.


cityam--2020-06-12--Aldi extends Deliveroo online grocery trial to London store

Discount supermarket Aldi will extend its trial of delivering groceries to people ’ s homes via Deliveroo to include a store in Camden , London .
Aldi , Britain ’ s fifth largest supermarket , launched a trial of the delivery model last month over eight outlets in the Midlands .
Read more : Ocado shares slide on plans to raise £1bn amid coronavirus online boom It said the initial trial had gone well , and that it would therefore extend its reach .
“ In the three weeks since we launched our partnership with Deliveroo , feedback from customers @ @ @ @ @ @ @ said .
The German supermarket holds eight per cent of the market share for UK groceries .
It has previously restricted online sales to wine and its homeware goods .
However , in April it began selling online food parcels to help customers who were self-isolating or vulnerable during the coronavirus lockdown .
It comes as the big four supermarkets – Tesco , Sainsbury ’ s , Asda , and Morrisons – also work to increase their delivery businesses in response to a boom in demand during the pandemic .
Online penetration has @ @ @ @ @ @ @ per cent of the UK grocery market , from seven per cent before the virus struck .
Aldi ’ s Camden store near central London will now let customers order from around 200 essential items via Deliveroo .
These will then be picked and packed by store employees , before Deliveroo ’ s network of riders delivers them to people ’ s homes .
Delivery will be available within about two miles of the store .
If the trial goes well again , Aldi said it could roll out the service to further @ @ @ @ @ @ @ .

Aldi extends Deliveroo online grocery trial to London store
Discount supermarket Aldi will extend its trial of delivering groceries to people’s homes via Deliveroo to include a store in Camden, London.
Aldi, Britain’s fifth largest supermarket, launched a trial of the delivery model last month over eight outlets in the Midlands.
It said the initial trial had gone well, and that it would therefore extend its reach.
“In the three weeks since we launched our partnership with Deliveroo, feedback from customers has been very positive,” it said.
The German supermarket holds eight per cent of the market share for UK groceries.
It has previously restricted online sales to wine and its homeware goods.
However, in April it began selling online food parcels to help customers who were self-isolating or vulnerable during the coronavirus lockdown.
It comes as the big four supermarkets – Tesco, Sainsbury’s, Asda, and Morrisons – also work to increase their delivery businesses in response to a boom in demand during the pandemic.
Online penetration has almost doubled in recent months to 13 per cent of the UK grocery market, from seven per cent before the virus struck.
Aldi’s Camden store near central London will now let customers order from around 200 essential items via Deliveroo.
These will then be picked and packed by store employees, before Deliveroo’s network of riders delivers them to people’s homes.
Delivery will be available within about two miles of the store.
If the trial goes well again, Aldi said it could roll out the service to further stores by the end of the year.


cityam--2020-06-13--We now have a unique opportunity to end rough sleeping in London for good

Where do we go from here ?
It ’ s a question many of us are asking ourselves , as lockdown measures are gradually eased and we start to move from dealing with the day-to-day impact of the pandemic to looking towards the longer-term future .
For the nearly 1,400 rough sleepers who have been accommodated in London hotels , paid for by City Hall and the government , it is a very practical question — and one of the utmost importance .
With the help of charities , businesses , councils , volunteers , and City Hall ’ s @ @ @ @ @ @ @ doubtlessly saved , with many homeless people being brought in off the streets and given access to resources , support and health services on a level that has never before been seen in Britain .
Our response was guided by our humanitarian principles — and it was world-leading .
As a result , we have not observed the high rates of infection among rough sleepers that other world cities have sadly seen .
In London , only around three to four per cent of rough sleepers tested have been Covid-positive .
By contrast @ @ @ @ @ @ @ Francisco saw 66 per cent test positive .
The unprecedented use of hotels to house rough sleepers , allowing them to self-isolate and socially distance , has been welcome , and I ’ m immensely grateful to everyone involved in coordinating this effort .
But the reality is that this action was never a long-term solution to the country ’ s homelessness crisis .
The funding for the hotels was only ever going to be sufficient to cover a short period of time .
At least three of our 14 hotels will close @ @ @ @ @ @ @ to wind down over the summer .
Before this happens , our charity partners have been working tirelessly to implement my “ In For Good ” principle — providing an offer of support to every hotel resident , so that no one needs to return to rough sleeping when they leave .
Consequently , these organisations are now in the process of sourcing hundreds of privately rented homes on our behalf , as well as specialist accommodation for those who need more support .
However , there is one group for whom the @ @ @ @ @ @ @ we go from here ?
” is still shrouded in uncertainty .
More than 50 per cent of those currently housed in hotels are non-UK nationals , many with no recourse to public funds , meaning that they have little access to benefits and homelessness assistance .
As a result , their accommodation and support options are extremely limited .
This has long proved a major obstacle to resolving rough sleeping in the capital , and is a particularly pressing issue in the current circumstances .
When this public health emergency began , @ @ @ @ @ @ @ off the streets because it was both the right thing to do morally and consistent with the government ’ s “ Everyone In ” messaging .
However , unless further measures are now taken by the government — and extra funding made available — many non-UK nationals will be forced back onto the streets .
This would be a disgraceful outcome , blowing a once-in-a-lifetime opportunity to achieve a major and lasting reduction in rough sleeping in London , as well as across the rest of the country .
The government therefore must @ @ @ @ @ @ @ take steps to enable this vulnerable group to access support .
This could be done by suspending both the No Recourse to Public Funds ( NRPF ) condition and the Habitual Residence Test , so that European Economic Area citizens do not need to prove their “ right to reside ” in order to access benefits , which will help them to cover basic living and housing costs .
Additional help should also be provided so that non-UK nationals are able to easily access specialist independent immigration advice .
This would maximise the @ @ @ @ @ @ @ their immigration status and improving their longer-term housing options .
These measures would spare hundreds of people the indignity and suffering of a return to rough sleeping .
Ministers must now ask themselves whether they are prepared to take the action necessary to avert a new rough sleeping crisis .
Or are they content to see hundreds of people return to their streets ?
The power is in their hands , with the pandemic presenting a rare and unique opportunity to act .
It ’ s now up to them to decide if @ @ @ @ @ @ @ .
Get City A.M. ’ s views on what lockdown means for politics and business delivered straight to your inbox every day .

We now have a unique opportunity to end rough sleeping in London for good
With the help of charities, businesses, councils, volunteers, and City Hall’s dedicated rough sleeping team, lives were doubtlessly saved, with many homeless people brought in off the streets
Where do we go from here?
It’s a question many of us are asking ourselves, as lockdown measures are gradually eased and we start to move from dealing with the day-to-day impact of the pandemic to looking towards the longer-term future.
For the nearly 1,400 rough sleepers who have been accommodated in London hotels, paid for by City Hall and the government, it is a very practical question — and one of the utmost importance.
With the help of charities, businesses, councils, volunteers, and City Hall’s dedicated rough sleeping team, lives were doubtlessly saved, with many homeless people being brought in off the streets and given access to resources, support and health services on a level that has never before been seen in Britain.
Our response was guided by our humanitarian principles — and it was world-leading. As a result, we have not observed the high rates of infection among rough sleepers that other world cities have sadly seen. In London, only around three to four per cent of rough sleepers tested have been Covid-positive. By contrast, testing in emergency shelters in San Francisco saw 66 per cent test positive.
The unprecedented use of hotels to house rough sleepers, allowing them to self-isolate and socially distance, has been welcome, and I’m immensely grateful to everyone involved in coordinating this effort. But the reality is that this action was never a long-term solution to the country’s homelessness crisis.
The funding for the hotels was only ever going to be sufficient to cover a short period of time. At least three of our 14 hotels will close this month, with the rest set to wind down over the summer.
Before this happens, our charity partners have been working tirelessly to implement my “In For Good” principle — providing an offer of support to every hotel resident, so that no one needs to return to rough sleeping when they leave. Consequently, these organisations are now in the process of sourcing hundreds of privately rented homes on our behalf, as well as specialist accommodation for those who need more support.
However, there is one group for whom the answer to the question “where do we go from here?” is still shrouded in uncertainty. More than 50 per cent of those currently housed in hotels are non-UK nationals, many with no recourse to public funds, meaning that they have little access to benefits and homelessness assistance. As a result, their accommodation and support options are extremely limited.
This has long proved a major obstacle to resolving rough sleeping in the capital, and is a particularly pressing issue in the current circumstances.
When this public health emergency began, we helped everyone we could to get off the streets because it was both the right thing to do morally and consistent with the government’s “Everyone In” messaging.
However, unless further measures are now taken by the government — and extra funding made available — many non-UK nationals will be forced back onto the streets. This would be a disgraceful outcome, blowing a once-in-a-lifetime opportunity to achieve a major and lasting reduction in rough sleeping in London, as well as across the rest of the country.
The government therefore must, as a matter of urgency, take steps to enable this vulnerable group to access support. This could be done by suspending both the No Recourse to Public Funds (NRPF) condition and the Habitual Residence Test, so that European Economic Area citizens do not need to prove their “right to reside” in order to access benefits, which will help them to cover basic living and housing costs.
Additional help should also be provided so that non-UK nationals are able to easily access specialist independent immigration advice. This would maximise the chances of those in emergency accommodation resolving their immigration status and improving their longer-term housing options.
These measures would spare hundreds of people the indignity and suffering of a return to rough sleeping. Ministers must now ask themselves whether they are prepared to take the action necessary to avert a new rough sleeping crisis. Or are they content to see hundreds of people return to their streets?
The power is in their hands, with the pandemic presenting a rare and unique opportunity to act. It’s now up to them to decide if they wish to seize or squander it.
Get City A.M.’s views on what lockdown means for politics and business delivered straight to your inbox every day.
Main image credit: Getty


cityam--2020-06-13--How markets reacted to second wave fears

Fears of a second wave of coronavirus have stubbed out hopes of swift economic recovery around the world , as the possibility of further lockdowns hangs heavy on global markets .
While many countries seem to have a grip on the coronavirus crisis , the prospect of new infections in the US hinted in Wednesday ’ s Federal Reserve meeting caused markets to panic around the world .
The OECD this week predicted that the global economy will contract at least six per cent in 2020 , rising to 7.6 per cent if there are signs of a second wave @ @ @ @ @ @ @ into green despite record plunge in UK GDP Months of lockdown have crippled businesses , and economic uncertainty looms large on the global stage .
As the death toll around the world nears 425,000 , the World Health Organization ( WHO ) has said that we “ can not exclude ” a new wave of infections .
So how likely are countries around the world to be hit by a second wave , and how has that affected markets ?
The possibility of a second wave of infections is most pronounced in the @ @ @ @ @ @ @ are faring better , there are large discrepancies between states , and some of the most populous cities in California , Texas and Florida have reported a rise in cases over the past few weeks .
Concerns have gathered momentum as President Donald Trump starts easing lockdown restrictions , despite infection rates not falling as significantly as in other countries .
The US has now reported more than 2m cases of Covid-19 , and more than 115,000 deaths from the virus — the most of any country in the world .
And as @ @ @ @ @ @ @ of new infection show little sign of easing .
Read more : Donald Trump threatens to use the army as US protests continue to rage How has that affected the market ?
US share prices had gained ground in recent days following last week ’ s report of an unexpected drop in the US unemployment rate .
Unemployment fell to 13.3 per cent in the first quarter of 2020 , down from 14.7 per cent the previous quarter , helping push the tech-heavy Nasdaq over the 10,000 mark to fresh heights .
But @ @ @ @ @ @ @ cold water on Wednesday with the US Federal Reserve ’ s forecast of a 9.3 per cent unemployment rate for the end of the year .
Fed chair Jerome Powell ’ s note that the figure might prove optimistic if hospitalisation rates rise , alongside his prediction of a 6.5 per cent contraction in the US economy in 2020 , did little to allay fears of a second wave .
The Fed announcement caused the three main indexes to suffer their worst drop in 12 weeks on Thursday , with the Dow Jones @ @ @ @ @ @ @ recovered some ground yesterday , a clear path to economic recovery in the US is yet to be found .
What the experts say Chris Iggo , chief investment officer at Axa Investment Managers , cautioned that signs of renewed market health should provide little assurance of a full recovery any time soon .
“ The initial bounce of activity off a very deep floor will have created a positive illusion in May and getting back to within 20 per cent of baseline activity might be reasonably easy , ” he said .
@ @ @ @ @ @ @ will be harder , will risk second waves and will impact on market sentiment.
” The national trend of coronavirus is still flat at the moment , said Edward Moya , senior market analyst at Oanda , but new infections suggest the states will have to push back on opening plans here and there .
“ Economic activity will remain staggered and you could very well see some investors sell now and come back closer towards the end of summer , ” he said .
After all 2020 is an election year , @ @ @ @ @ @ @ XM , and Trump ’ s campaign will focus heavily on getting the economy going again .
“ The White House has made it clear that it won ’ t shut down the economy again even in case of a second wave.
” Europe ’ s experience of coronavirus has been a fairly mixed bag .
The average daily rate of new infections in Europe at the beginning of June was down 80 per cent of its April peak , according to the European Centre for Disease Prevention and Control .
But many @ @ @ @ @ @ @ over .
Countries such as Germany that quickly adopted lockdowns and aggressive control strategies are likely to be less vulnerable to a second wave .
In a population of over 83m , just 187,000 Germans have been infected with the virus , and around 172,00 have recovered .
Finance minister Olaf Scholz yesterday said the chances that Germany would avoid a second wave were “ very , very large ” .
Read more : We must be ready for further stimulus , says Bank of England ’ s Andrew Bailey Countries that were @ @ @ @ @ @ @ risk of a second wave .
The UK currently has the highest death toll in Europe at over 41,000 , and the infection rate shows little signs of decline .
It is second only to Sweden , which has the highest infection rate in Europe , after the country chose against a comprehensive lockdown .
“ We must be ready to roll back relaxation of measures if needed , ” the European Union ’ s health commissioner Stella Kyriakides said yesterday , meaning a second wave could still be on the cards in @ @ @ @ @ @ @ that affected markets ?
European stocks were spooked by the Fed ’ s suggestion of a possible second wave on Wednesday , sparking a global sell-off that sent shares to 11-week lows .
Germany ’ s Dax sank seven per cent on Thursday , while France ’ s CAC dipped five per cent .
The ONS ’ s announcement that the UK economy shrank 20.4 per cent in April compounded losses .
But most European indexes managed to pare Thursday ’ s drops into green territory yesterday , suggesting fears of a second @ @ @ @ @ @ @ FTSE and France ’ s CAC were up around 0.5 per cent at market close .
The Dax closed down despite news of a €130bn stimulus package to help ease Germany out of its worst recession since World War Two .
Read more : Covid-19 recession will be ‘ different ’ to others , says BoE ’ s Andrew Bailey Data surrounding mobility and consumer spending suggests that the sharp economic contraction that has gripped major European economies during months of lockdown has begun to ease , the Financial Times reported .
But @ @ @ @ @ @ @ and we will only begin to see a return to pre-coronavirus health when lockdowns have fully eased .
Boris Jonhson is expected to tell people to go out and shop to revive the UK ’ s battered economy on Monday , the Times reported .
But given the infection rate varies widely across Europe , risks will be higher for some countries .
What the experts say “ There is still a possibility of a second wave of Covid-19 cases as countries reopen their economies , ” said David Madden , analyst at @ @ @ @ @ @ @ that [ Thursday ’ s ] move was just a knee-jerk reaction to the reports of rising cases , as traders have become accustomed to falling infection rates.
” Roland Kaloyan , European equity strategist at Societe Generale , said : “ Government , companies and people would be better prepared for a second wave than for the first one .
But the problem is there is a limit to the governments injecting money .
They ’ re using all the resources now for a V-shaped recovery.
” But Sebastian Raedler , strategist @ @ @ @ @ @ @ European stocks could gain a further 20 per cent by November as coronavirus restrictions ease .
“ The virus spread in the main Euro area economies continues to fade and governments are lifting their lockdowns , which is set to lead to a pick-up in economic activity from depressed levels , ” he added .
Most countries in Asia seem to have weathered the storm after its initial outbreak in the Chinese city of Wuhan .
Previous outbreaks of diseases such as Sars in the early 2000s meant countries were well prepared for @ @ @ @ @ @ @ , track and trace programmes .
But several countries that appeared to have conquered the virus are facing difficulties keeping it at bay .
Fears of a second wave shut six major food markets in Beijing yesterday , while India marked a record daily increase of infections after opening up this week following 70 days of lockdown .
Israel earlier this week pulled the “ emergency brake ” on plans to ease lockdown after a sudden surge in infections .
Even places that coped with the initial outbreak of the virus are not @ @ @ @ @ @ @ recent weeks , South Korea has detected around 30 to 50 new cases each day , and despite a robust tracking and tracing system , health officials have expressed alarm at the rapid spread of new infections linked to nightclubs and churches .
Read more : Asian shares lose grip of winning streak on Fed meeting How has that affected the markets ?
Fears that clusters of infection may develop into a second wave were compounded by the US central bank ’ s forecast on Wednesday .
Asian shares deepened Thursday ’ s @ @ @ @ @ @ @ plunged amid growing concerns that a second wave of infections could halt recovery .
South Korea ’ s Kospi lost two per cent yesterday , while Japan ’ s benchmark Nikkei 225 closed down 0.8 per cent and Hong Kong ’ s Hang Seng shed 0.7 per cent to 24,301.38 .
For now , it is unclear whether losses reflect a slip in confidence over being able to tackle a second wave , or if traders are cashing in on the market ’ s recent gains .
In Japan , daily newly confirmed @ @ @ @ @ @ @ workers are returning to work and stores are reopening .
But across Asia markets remain tentative — without signs of a strong US recovery the global economy remains on the back foot .
Read more : US inflation falls for third straight month as coronavirus hammers economy What the experts say “ The relative outperformance in Asian stocks highlights the feeling that a potential second wave would be more likely in the US or Europe , with many Asian countries already quite used to adjusting policy to quell any outbreaks , ” said @ @ @ @ @ @ @ performance for Asia-focused stocks such as Standard Chartered and Burberry highlights how many believe the region will be a safer bet for investors compared with the more unpredictable Western markets.
” Analysts at DWS added : “ Asian companies , which were the first to be affected by the consequences of the coronavirus pandemic , would also be the first to leave the crisis behind .
Moreover , thanks to the effective response of governments to the threat , profits in the region have fallen less than in other parts of the world.
@ @ @ @ @ @ @ concerns of a second wave , parts of Africa and Latin America are just being hit by the first .
Brazil yesterday overtook the UK to record the second highest death toll in the world , with almost 42,000 fatalities so far .
President Jair Bolsonaro last week said of the sharp increase : “ I regret all the dead , but it is everyone ’ s destiny.
” Meanwhile , WHO this week said coronavirus cases are “ accelerating ” in Africa due to a lack of testing and supplies .
Director @ @ @ @ @ @ @ Thursday that the threat of a resurgence remained very real .
“ We must remember that , although the situation is improving here in Europe , globally it ’ s getting worse … We will continue to need global solidarity to defeat this pandemic fully , ” he said .
While some countries might be relatively safe from new infections , the global market will continue to strain as long as coronavirus is present .
The OECD warned that as long as there is no vaccine or treatment against the coronavirus , physical @ @ @ @ @ @ @ pandemic , and that this will continue to hamper economies .
Sectors requiring close contact , such as tourism , travel , entertainment , restaurants and accommodation , “ will not resume as before , ” the OECD warned .
“ The risk is that , globally , we get a second wave , ” said Chris Iggo of Axa Investment Managers .
“ Meanwhile , politics and social matters aren ’ t helping sentiment .
Investors should expect roller-coaster risk markets.
” Yogi Dewan , chief executive of Hassium Asset Management echoed @ @ @ @ @ @ @ remains no cure for Covid-19 and a second wave remains a threat… Markets short-term remain focused on slowing Covid-19 infection rates and easing lockdown restrictions.
” While some countries start to peel out of months of lockdown , it looks like until a vaccine is found , fears of a second wave will continue to rattle global markets .
Before the Open : Get the jump on the markets with our early morning newsletter

How global markets will cope with a second wave
Fears of a second wave of coronavirus have stubbed out hopes of swift economic recovery around the world, as the possibility of further lockdowns hangs heavy on global markets.
While many countries seem to have a grip on the coronavirus crisis, the prospect of new infections in the US hinted in Wednesday’s Federal Reserve meeting caused markets to panic around the world. The OECD this week predicted that the global economy will contract at least six per cent in 2020, rising to 7.6 per cent if there are signs of a second wave.
Months of lockdown have crippled businesses, and economic uncertainty looms large on the global stage. As the death toll around the world nears 425,000, the World Health Organization (WHO) has said that we “cannot exclude” a new wave of infections.
So how likely are countries around the world to be hit by a second wave, and how will that affect the markets?
The US
The possibility of a second wave of infections is most pronounced in the US. While some areas of America are faring better, there are large discrepancies between states, and some of the most populous cities in California, Texas and Florida have reported a rise in cases over the past few weeks.
Concerns have gathered momentum as President Donald Trump starts easing lockdown restrictions, despite infection rates not falling as significantly as in other countries. The US has now reported more than 2m cases of Covid-19, and more than 115,000 deaths from the virus — the most of any country in the world. And as protests escalate across the country, fears of new infection show little sign of easing.
How has that affected the market?
US share prices had gained ground in recent days following last week’s report of an unexpected drop in the US unemployment rate. Unemployment fell to 13.3 per cent in the first quarter of 2020, down from 14.7 per cent the previous quarter, helping push the tech-heavy Nasdaq over the 10,000 mark to fresh heights.
But signs of a swift recovery were thrown cold water on Wednesday with the US Federal Reserve’s forecast of a 9.3 per cent unemployment rate for the end of the year. Fed chair Jerome Powell’s note that the figure might prove optimistic if hospitalisation rates rise, alongside his prediction of a 6.5 per cent contraction in the US economy in 2020, did little to allay fears of a second wave.
The Fed announcement caused the three main indexes to suffer their worst drop in 12 weeks on Thursday, with the Dow Jones shedding 1,862 points. And while stocks recovered some ground yesterday, a clear path to economic recovery in the US is yet to be found.
Chair of the Federal Reserve Jerome Powell issues the Federal Open Market Committee statement in Washington, DC.
What the experts say
Chris Iggo, chief investment officer at Axa Investment Managers, cautioned that signs of renewed market health should provide little assurance of a full recovery any time soon.
“The initial bounce of activity off a very deep floor will have created a positive illusion in May and getting back to within 20 per cent of baseline activity might be reasonably easy,” he said. “But that final 20 per cent will be harder, will risk second waves and will impact on market sentiment.”
The national trend of coronavirus is still flat at the moment, said Edward Moya, senior market analyst at Oanda, but new infections suggest the states will have to push back on opening plans here and there. “Economic activity will remain staggered and you could very well see some investors sell now and come back closer towards the end of summer,” he said.
After all 2020 is an election year, added Marios Hadjikyriacos, investment analyst at XM, and Trump’s campaign will focus heavily on getting the economy going again. “The White House has made it clear that it won’t shut down the economy again even in case of a second wave.”
Europe
Europe’s experience of coronavirus has been a fairly mixed bag. The average daily rate of new infections in Europe at the beginning of June was down 80 per cent of its April peak, according to the European Centre for Disease Prevention and Control. But many officials warn the virus is far from over.
Countries such as Germany that quickly adopted lockdowns and aggressive control strategies are likely to be less vulnerable to a second wave. In a population of over 83m, just 187,000 Germans have been infected with the virus, and around 172,00 have recovered. Finance minister Olaf Scholz yesterday said the chances that Germany would avoid a second wave were “very, very large”.
Countries that were slower to act now face the larger risk of a second wave. The UK currently has the highest death toll in Europe at over 41,000, and the infection rate shows little signs of decline. It is second only to Sweden, which has the highest infection rate in Europe, after the country chose against a comprehensive lockdown.
“We must be ready to roll back relaxation of measures if needed,” the European Union’s health commissioner Stella Kyriakides said yesterday, meaning a second wave could still be on the cards in some parts of Europe.
German Chancellor Angela Merkel attends an extraordinary cabinet meeting of the German government about a stimulus program to booster the German economy after the coronavirus lockdown, at the Chancellery in Berlin, Germany, on June 12, 2020.
How has that affected markets?
European stocks were spooked by the Fed’s suggestion of a possible second wave on Wednesday, sparking a global sell-off that sent shares to 11-week lows. Germany’s Dax sank seven per cent on Thursday, while France’s CAC dipped five per cent.
The ONS’s announcement that the UK economy shrank 20.4 per cent in April compounded losses.
But most European indexes managed to pare Thursday’s drops into green territory yesterday, suggesting fears of a second wave are only skin-deep. Both the FTSE and France’s CAC were up around 0.5 per cent at market close. The Dax closed down despite news of a €130bn stimulus package to help ease Germany out of its worst recession since World War Two.
Data surrounding mobility and consumer spending suggests that the sharp economic contraction that has gripped major European economies during months of lockdown has begun to ease, the Financial Times reported.
But European economies are reliant on spending, and we will only begin to see a return to pre-coronavirus health when lockdowns have fully eased. Boris Jonhson is expected to tell people to go out and shop to revive the UK’s battered economy on Monday, the Times reported. But given the infection rate varies widely across Europe, risks will be higher for some countries.
What the experts say
“There is still a possibility of a second wave of Covid-19 cases as countries reopen their economies,” said David Madden, analyst at CMC Markets. “It is possible that [Thursday’s] move was just a knee-jerk reaction to the reports of rising cases, as traders have become accustomed to falling infection rates.”
Roland Kaloyan, European equity strategist at Societe Generale, said: “Government, companies and people would be better prepared for a second wave than for the first one. But the problem is there is a limit to the governments injecting money. They’re using all the resources now for a V-shaped recovery.”
But Sebastian Raedler, strategist at Bank of America, predicted that European stocks could gain a further 20 per cent by November as coronavirus restrictions ease. “The virus spread in the main Euro area economies continues to fade and governments are lifting their lockdowns, which is set to lead to a pick-up in economic activity from depressed levels,” he added.
Asia
Most countries in Asia seem to have weathered the storm after its initial outbreak in the Chinese city of Wuhan. Previous outbreaks of diseases such as Sars in the early 2000s meant countries were well prepared for a pandemic, and quickly implemented test, track and trace programmes.
But several countries that appeared to have conquered the virus are facing difficulties keeping it at bay. Fears of a second wave shut six major food markets in Beijing yesterday, while India marked a record daily increase of infections after opening up this week following 70 days of lockdown. Israel earlier this week pulled the “emergency brake” on plans to ease lockdown after a sudden surge in infections.
University graduates having their blood samples taken amid the COVID-19 coronavirus pandemic, before entering campus to receive their graduation certificates at Huazhong University of Science and Technology in Wuhan in China’s central Hubei province.
Even places that coped with the initial outbreak of the virus are not yet out of the woods. In recent weeks, South Korea has detected around 30 to 50 new cases each day, and despite a robust tracking and tracing system, health officials have expressed alarm at the rapid spread of new infections linked to nightclubs and churches.
How has that affected the markets?
Fears that clusters of infection may develop into a second wave were compounded by the US central bank’s forecast on Wednesday. Asian shares deepened Thursday’s losses yesterday after Wall Street and oil plunged amid growing concerns that a second wave of infections could halt recovery.
South Korea’s Kospi lost two per cent yesterday, while Japan’s benchmark Nikkei 225 closed down 0.8 per cent and Hong Kong’s Hang Seng shed 0.7 per cent to 24,301.38. For now, it is unclear whether losses reflect a slip in confidence over being able to tackle a second wave, or if traders are cashing in on the market’s recent gains.
In Japan, daily newly confirmed cases have fallen to double-digit levels, workers are returning to work and stores are reopening. But across Asia markets remain tentative — without signs of a strong US recovery the global economy remains on the back foot.
What the experts say
“The relative outperformance in Asian stocks highlights the feeling that a potential second wave would be more likely in the US or Europe, with many Asian countries already quite used to adjusting policy to quell any outbreaks,” said analysts at IG.
“The impressive performance for Asia-focused stocks such as Standard Chartered and Burberry highlights how many believe the region will be a safer bet for investors compared with the more unpredictable Western markets.”
Analysts at DWS added: “Asian companies, which were the first to be affected by the consequences of the coronavirus pandemic, would also be the first to leave the crisis behind. Moreover, thanks to the effective response of governments to the threat, profits in the region have fallen less than in other parts of the world.”
The global stage
But while most countries grapple with concerns of a second wave, parts of Africa and Latin America are just being hit by the first.
Brazil yesterday overtook the UK to record the second highest death toll in the world, with almost 42,000 fatalities so far. President Jair Bolsonaro last week said of the sharp increase: “I regret all the dead, but it is everyone’s destiny.”
A man poses for picture next to a graffiti depicting Brazilian President Jair Bolsonaro and a figure representing the novel coronavirus COVID-19 pulling a rope against health workers with the question “Which side of the rope are you on?” in Sao Paulo, Brazil, on June 12, 2020.
Meanwhile, WHO this week said coronavirus cases are “accelerating” in Africa due to a lack of testing and supplies. Director general Tedros Adhanom Ghebreyesus said late on Thursday that the threat of a resurgence remained very real. “We must remember that, although the situation is improving here in Europe, globally it’s getting worse … We will continue to need global solidarity to defeat this pandemic fully,” he said.
While some countries might be relatively safe from new infections, the global market will continue to strain as long as coronavirus is present. The OECD warned that as long as there is no vaccine or treatment against the coronavirus, physical distancing will remain key to fighting the pandemic, and that this will continue to hamper economies.
Sectors requiring close contact, such as tourism, travel, entertainment, restaurants and accommodation, “will not resume as before,” the OECD warned.
“The risk is that, globally, we get a second wave,” said Chris Iggo of Axa Investment Managers. “Meanwhile, politics and social matters aren’t helping sentiment. Investors should expect roller-coaster risk markets.”
Yogi Dewan, chief executive of Hassium Asset Management echoed Iggo’s remarks. “There remains no cure for Covid-19 and a second wave remains a threat… Markets short-term remain focused on slowing Covid-19 infection rates and easing lockdown restrictions.”
While some countries start to peel out of months of lockdown, it looks like until a vaccine is found, fears of a second wave will continue to rattle global markets.
Before the Open: Get the jump on the markets with our early morning newsletter


cityam--2020-06-13--Sadiq Khan calls for government to support homeless Europeans

Mayor of London Sadiq Khan has today issued a call to the government to provide support for homeless non-UK nationals , as temporary housing plans for rough sleepers come to a close .
More than 50 per cent of the homeless population currently residing in hotels organised by City Hall are from outside the UK , and will be turfed onto the street again if the government does not step in , Khan warned .
Writing for City A.M. , he said : “ This has long proved a major obstacle to resolving rough sleeping in the capital and is @ @ @ @ @ @ @ circumstances.
” “ Unless further measures are now taken by the government — and extra funding made available — many non-UK nationals will be forced back onto the streets .
This would be a disgraceful outcome , blowing a once-in-a-lifetime opportunity to achieve a major and lasting reduction in rough sleeping in London , as well as across the rest of the country.
” Read more : Sadiq Khan orders review of London ’ s statues and street names Approximately 1,400 homeless people were housed in London hotels paid for by City Hall @ @ @ @ @ @ @ At least three of the 14 hotels will close this month as funding dries out , with the rest set to wind down over the summer .
Khan suggested the government suspend several conditions and tests so that European Economic Area ( EEA ) citizens do not need to prove their right to reside to access benefits .
He added that additional help should also be provided so that non-UK nationals are able to easily access specialist independent immigration advice .
“ Ministers must now ask themselves whether they are prepared to take @ @ @ @ @ @ @ rough sleeping crisis .
Or are they content to see hundreds of people return to their streets ?
” he wrote .

Sadiq Khan calls for government to support homeless Europeans
Mayor of London Sadiq Khan has today issued a call to the government to provide support for homeless non-UK nationals, as temporary housing plans for rough sleepers come to a close.
More than 50 per cent of the homeless population currently residing in hotels organised by City Hall are from outside the UK, and will be turfed onto the street again if the government does not step in, Khan warned.
Writing for City A.M., he said: “This has long proved a major obstacle to resolving rough sleeping in the capital and is a particularly pressing issue in the current circumstances.”
“Unless further measures are now taken by the government — and extra funding made available — many non-UK nationals will be forced back onto the streets. This would be a disgraceful outcome, blowing a once-in-a-lifetime opportunity to achieve a major and lasting reduction in rough sleeping in London, as well as across the rest of the country.”
Approximately 1,400 homeless people were housed in London hotels paid for by City Hall and the government during the pandemic. At least three of the 14 hotels will close this month as funding dries out, with the rest set to wind down over the summer.
Khan suggested the government suspend several conditions and tests so that European Economic Area (EEA) citizens do not need to prove their right to reside to access benefits.
He added that additional help should also be provided so that non-UK nationals are able to easily access specialist independent immigration advice.
“Ministers must now ask themselves whether they are prepared to take the action necessary to avert a new rough sleeping crisis. Or are they content to see hundreds of people return to their streets?” he wrote.


cityam--2020-06-13--UK Finance chief in apology to staff over 2008 Staveley remarks

UK Finance boss Stephen Jones has apologised to his staff for “ wrong ” and “ inappropriate ” remarks made about financier Amanda Staveley in 2008 .
In an internal memo seen by Sky News , Jones yesterday said he could not defend the remarks , understood to have been made as Ms. Staveley was negotiating a cash call on behalf of the bank with Abu Dhabi-based funds .
Jones was a senior executive at the British bank during the height of the financial crisis .
Ms. Staveley is suing the bank , alleging that the firm deceived her over @ @ @ @ @ @ @ investors .
The remarks , believed to have been made in internal calls between Barclays executives , may be read aloud in court if Mr Jones is , as expected , called to give evidence next month .
In the note to colleagues , Mr Jones said : “ I wanted to take this opportunity to address the recent media coverage you may have seen which relates to my conduct in 2008 and which has arisen in the context of an ongoing civil action against Barclays by PCP [ Capital Partners , Ms @ @ @ @ @ @ @ Staveley .
“ The media coverage references correspondence from 2008 and transcripts of internal telephone calls in which I made private comments about Ms Staveley and the claimant company PCP .
“ The comments I made at this time are wholly inappropriate and do not meet the standards of language and behaviour we rightly expect .
“ I regret making these comments and I can not defend them.
” UK Finance has recently , under Mr. Jones ’ leadership , achieved gender equality on its board and is considered to be a leader @ @ @ @ @ @ @ .
Mr. Jones declined to respond to an approach from Sky News when asked to comment .

UK Finance chief in apology to staff over 2008 Staveley remarks
The City: Good things on the horizon? Services reached a 13 month high as demand for goods stayed flat.
UK Finance boss Stephen Jones has apologised to his staff for “wrong” and “inappropriate” remarks made about financier Amanda Staveley in 2008.
In an internal memo seen by Sky News, Jones yesterday said he could not defend the remarks, understood to have been made as Ms. Staveley was negotiating a cash call on behalf of the bank with Abu Dhabi-based funds.
Jones was a senior executive at the British bank during the height of the financial crisis. Ms. Staveley is suing the bank, alleging that the firm deceived her over higher fees it separately paid to Qatari investors.
Read more: Mark Kleinman for Sky News
The remarks, believed to have been made in internal calls between Barclays executives, may be read aloud in court if Mr Jones is, as expected, called to give evidence next month.
In the note to colleagues, Mr Jones said: “I wanted to take this opportunity to address the recent media coverage you may have seen which relates to my conduct in 2008 and which has arisen in the context of an ongoing civil action against Barclays by PCP [Capital Partners, Ms Staveley’s firm]/ Amanda Staveley.
“The media coverage references correspondence from 2008 and transcripts of internal telephone calls in which I made private comments about Ms Staveley and the claimant company PCP.
“The comments I made at this time are wholly inappropriate and do not meet the standards of language and behaviour we rightly expect.
“I regret making these comments and I cannot defend them.”
UK Finance has recently, under Mr. Jones’ leadership, achieved gender equality on its board and is considered to be a leader in the field with regards to diversity.
Mr. Jones declined to respond to an approach from Sky News when asked to comment.
The trial continues, and Barclays denies wrongdoing.


cityam--2020-06-13--UK economy: Five charts that show we face a long road to recovery

The coronavirus pandemic has plunged the UK economy into an unprecedented crisis , with GDP shrinking by a record 20.4 per cent April as lockdown measures hammered businesses .
The Bank of England has warned that Britain could be heading for its deepest recession in three centuries this year .
It is widely believed that April will mark the bottom of a huge crash before a lengthy recovery , but just how long that process will take is unclear .
Read more : Markets live : FTSE 100 inches higher despite record plunge in UK GDP Bank of England governor @ @ @ @ @ @ @ some early signs of recovery were already apparent , but added that the downturn would leave some “ scarring ” .
But the V-shaped recovery Bailey initially predicted looks far from certain .
City A.M. has rounded up five charts showing that the UK ’ s economic recovery from Covid-19 is likely to be a long and slow process .
The UK economy shrank 20.4 per cent in April – the steepest monthly decline since records began – as entire sectors were shuttered by the nationwide lockdown introduced in late March to curb @ @ @ @ @ @ @ dire GDP figures , released by the Office of National Statistics ( ONS ) , was worse even than economists ’ unprecedentedly weak forecasts .
A consensus of estimates produced by Pantheon Macroeconomics had pointed to an 18.7 per cent plunge .
“ ” This is catastrophic , literally on a scale never seen before in history , ” said Paul Johnson , director of the Institute for Fiscal Studies think tank .
“ The real issue is what happens next.
” Coronavirus causes the worst of all UK recessions Speaking of recovery @ @ @ @ @ @ @ Pantheon Macroeconomics puts April ’ s GDP slump in the context of previous downturns .
A pretty grim sight , it shows that the Covid-19 recession has already been four times deeper than the 2008-2009 financial crisis , the previous deepest downturn in post-war history .
For context , it usually takes the UK economy three to four years to return to its pre-recession peak .
However , PwC ’ s chief economist , Jonathan Gillham , said the unprecedented GDP contraction “ underlines that the effectiveness of the response from both the @ @ @ @ @ @ @ to limiting the longer term scarring to the economy through business failures and unemployment ” .
“ If this response is effective , we would expect a quicker economic recovery than we saw after the financial crisis , even though the short-term fall in output will be much steeper due to the lockdown , ” Gillham added .
Before the Open newsletter : Start your day with the City View podcast and key market data Early indications suggest that while the downturn in the UK ’ s private sector persisted in May , @ @ @ @ @ @ @ the government began to ease some restrictions .
IHS Markit/Cips purchasing managers ’ index ( PMI ) , which measures the health of the UK economy ’ s private sector .
May data gave a reading of 30 , compared to 13.8 for April .
Any reading below 50 indicates a contraction .
But despite the uptick , May ’ s PMI figure remains far worse than anything recorded during the 2008-financial crisis .
That shows just how far the private sector has to improve before it will return to pre-crisis levels .
@ @ @ @ @ @ @ economy Earlier this week , the Organisation for Economic Cooperation and Development ( OECD ) warned that the UK was likely to face the largest economic hit from the coronavirus pandemic of any developed nation .
The OECD set out two “ equally possible ” forecasts for all G20 economies : the so-called double hit in which there is a second major coronavirus outbreak later in 2020 , and a single hit outcome in which the virus is kept under control .
Under the single hit scenario , the UK is predicted to @ @ @ @ @ @ @ GDP shrinking 11.5 per cent .
In the double hit scenario , the UK economy is expected to contract 14 per cent , just behind France at 14.1 per cent .
“ The slow lifting of restrictions – pubs and cafes are still not open – means the UK may endure a wider bottom than many others , making recovery all the slower .
All this before the jobs Armageddon this autumn when furlough support ends , ” noted Markets.com chief analyst Neil Wilson .
Read more : Number of workers on UK @ @ @ @ @ @ @ showing the total number of workers currently furloughed under the government ’ s coronavirus job retention scheme gives some indication of how sharply unemployment could spike once the support comes to an end in October .
Read more : Boris Johnson tells UK to brace for mass unemployment There are fears unemployment could spike above 4m when the UK job retention scheme ends in October .
Currently the unemployment rate is 3.9 per cent but economists have warned it could hit nine per cent or more if small businesses fail to reopen when @ @ @ @ @ @ @ spike in unemployment after the lockdown also seems likely , once government support via the Job Retention Scheme ends , ” KPMG chief economist Yael Selfin has warned .

UK economy: Five charts that show we face a long road to recovery
Workers clean the glass in the window display of a London shop preparing to re-open next week
The coronavirus pandemic has plunged the UK economy into an unprecedented crisis, with GDP shrinking by a record 20.4 per cent April as lockdown measures hammered businesses.
The Bank of England has warned that Britain could be heading for its deepest recession in three centuries this year. It is widely believed that April will mark the bottom of a huge crash before a lengthy recovery, but just how long that process will take is unclear.
Bank of England governor Andrew Bailey said earlier this week that some early signs of recovery were already apparent, but added that the downturn would leave some “scarring”.
But the V-shaped recovery Bailey initially predicted looks far from certain.
City A.M. has rounded up five charts showing that the UK’s economic recovery from Covid-19 is likely to be a long and slow process.
‘Catastrophic’ contraction for UK economy
The UK economy shrank the largest amount on record in April. Source: ONS
The UK economy shrank 20.4 per cent in April – the steepest monthly decline since records began – as entire sectors were shuttered by the nationwide lockdown introduced in late March to curb the spread of the virus.
The dire GDP figures, released by the Office of National Statistics (ONS), was worse even than economists’ unprecedentedly weak forecasts. A consensus of estimates produced by Pantheon Macroeconomics had pointed to an 18.7 per cent plunge.
“”This is catastrophic, literally on a scale never seen before in history,” said Paul Johnson, director of the Institute for Fiscal Studies think tank. “The real issue is what happens next.”
Coronavirus causes the worst of all UK recessions
Source: Pantheon Macroeconomics
Speaking of recovery from previous recessions, this chart from Pantheon Macroeconomics puts April’s GDP slump in the context of previous downturns.
A pretty grim sight, it shows that the Covid-19 recession has already been four times deeper than the 2008-2009 financial crisis, the previous deepest downturn in post-war history. For context, it usually takes the UK economy three to four years to return to its pre-recession peak.
However, PwC’s chief economist, Jonathan Gillham, said the unprecedented GDP contraction “underlines that the effectiveness of the response from both the government and the business community remains critical to limiting the longer term scarring to the economy through business failures and unemployment”.
“If this response is effective, we would expect a quicker economic recovery than we saw after the financial crisis, even though the short-term fall in output will be much steeper due to the lockdown,” Gillham added.
Before the Open newsletter: Start your day with the City View podcast and key market data
A sustained decline in private sector activity
Although the speed of decline slowed, private sector activity still declined dramatically in May
Early indications suggest that while the downturn in the UK’s private sector persisted in May, the speed of decline slowed slightly as the government began to ease some restrictions.
IHS Markit/Cips purchasing managers’ index (PMI), which measures the health of the UK economy’s private sector. May data gave a reading of 30, compared to 13.8 for April. Any reading below 50 indicates a contraction.
But despite the uptick, May’s PMI figure remains far worse than anything recorded during the 2008-financial crisis. That shows just how far the private sector has to improve before it will return to pre-crisis levels.
UK likely to be worst hit major economy
Earlier this week, the Organisation for Economic Cooperation and Development (OECD) warned that the UK was likely to face the largest economic hit from the coronavirus pandemic of any developed nation.
The OECD set out two “equally possible” forecasts for all G20 economies: the so-called double hit in which there is a second major coronavirus outbreak later in 2020, and a single hit outcome in which the virus is kept under control.
Under the single hit scenario, the UK is predicted to be the hardest hit major economy with GDP shrinking 11.5 per cent. In the double hit scenario, the UK economy is expected to contract 14 per cent, just behind France at 14.1 per cent.
“The slow lifting of restrictions – pubs and cafes are still not open – means the UK may endure a wider bottom than many others, making recovery all the slower. All this before the jobs Armageddon this autumn when furlough support ends,” noted Markets.com chief analyst Neil Wilson.
Over a quarter of UK workforce furloughed
And this chart showing the total number of workers currently furloughed under the government’s coronavirus job retention scheme gives some indication of how sharply unemployment could spike once the support comes to an end in October.
There are fears unemployment could spike above 4m when the UK job retention scheme ends in October. Currently the unemployment rate is 3.9 per cent but economists have warned it could hit nine per cent or more if small businesses fail to reopen when the scheme closes.
“An additional spike in unemployment after the lockdown also seems likely, once government support via the Job Retention Scheme ends,” KPMG chief economist Yael Selfin has warned.


cityam--2020-06-13--Stressed about your finances in the coronavirus pandemic? You're not alone

The coronavirus pandemic has brought about significant financial unease among UK workers , a survey has found .
Two-in-five people who work for larger companies reported an increase in financial anxiety in the wake of the pandemic , according to Close Brothers research .
Read more : The City View : How to look after mental health in the age of remote work , with Octavius Black Only 54 per cent of workers felt they were financially prepared for the crisis .
Meanwhile , one-in-five said they were unprepared , while nearly one-in-ten admitted to being “ very unprepared ” @ @ @ @ @ @ @ education at Close Brothers said : “ There remains a huge amount of uncertainty around the short , medium , and longer-term impact of the coronavirus pandemic on individuals and businesses too .
“ Financial stress can affect mental health and an individual ’ s engagement and performance , so impacting business results .
“ Employers that provide financial wellbeing support , particularly during the most challenging of times , are likely to increase loyalty and respect as well as offering the support to encourage better financial futures for their employees.
” The @ @ @ @ @ @ @ the way they spend money .
Half of those surveyed said they were making plans to become more financially resilient , with 54 per cent of those saying they would keep a closer eye on day-to-day spending .
Meanwhile , 46 per cent of those making plans said they would put more money away into an emergency savings fund .
However , it is not all bad .
More than two in five workers , or 44 per cent , said that they have spent less in general as a result of the @ @ @ @ @ @ @ they had realised they can live happily on less each month .
Makings added : “ The coronavirus crisis has drastically changed all aspects of life as we know it , but it has also brought a sharper focus on money , particularly in how prepared we are to weather unexpected financial events .
Read more : Which retailers are reopening as the coronavirus lockdown lifts ?
“ While it ’ s hugely reassuring to see that over half of workers in larger businesses felt financially prepared , there are still a large @ @ @ @ @ @ @ ’ s more work to be done there with individual employees and via their employers to support improved financial resilience.
” The survey was carried out on 2,000 UK workers at companies with 200 or more employees .

Stressed about your finances in the coronavirus pandemic? You’re not alone
Britain’s workers have reported increased financial anxiety during the pandemic
The coronavirus pandemic has brought about significant financial unease among UK workers, a survey has found.
Two-in-five people who work for larger companies reported an increase in financial anxiety in the wake of the pandemic, according to Close Brothers research.
Only 54 per cent of workers felt they were financially prepared for the crisis.
Meanwhile, one-in-five said they were unprepared, while nearly one-in-ten admitted to being “very unprepared”.
Jeanette Makings, head of financial education at Close Brothers said: “There remains a huge amount of uncertainty around the short, medium, and longer-term impact of the coronavirus pandemic on individuals and businesses too.
“Financial stress can affect mental health and an individual’s engagement and performance, so impacting business results.
“Employers that provide financial wellbeing support, particularly during the most challenging of times, are likely to increase loyalty and respect as well as offering the support to encourage better financial futures for their employees.”
The upheaval has spurred many people to change the way they spend money.
Half of those surveyed said they were making plans to become more financially resilient, with 54 per cent of those saying they would keep a closer eye on day-to-day spending.
Meanwhile, 46 per cent of those making plans said they would put more money away into an emergency savings fund.
However, it is not all bad. More than two in five workers, or 44 per cent, said that they have spent less in general as a result of the pandemic.
And 17 per cent said they had realised they can live happily on less each month.
Makings added: “The coronavirus crisis has drastically changed all aspects of life as we know it, but it has also brought a sharper focus on money, particularly in how prepared we are to weather unexpected financial events.
“While it’s hugely reassuring to see that over half of workers in larger businesses felt financially prepared, there are still a large proportion that are not, so there’s more work to be done there with individual employees and via their employers to support improved financial resilience.”
The survey was carried out on 2,000 UK workers at companies with 200 or more employees.


cityam--2020-06-13--Oxford Street braces for just 20 per cent of usual footfall when shops reopen

Shops on London ’ s usually bustling Oxford Street are bracing themselves for as little as one-sixth of their usual footfall when they reopen on Monday .
Coronavirus lockdown restrictions ease on 15 June , allowing retailers on Oxford Street , Regent Street , and others to fling open their doors for the first time since March .
Read more : Retailers get ready to reopen – but shoppers may be too scared to visit However , Jace Tyrrell , chief executive of business group the New West End Company , told City A.M. that London ’ s busiest shopping @ @ @ @ @ @ @ than usual for weeks after opening .
“ We haven ’ t got the international tourists , we haven ’ t got the UK tourists , and we haven ’ t got the office workers on anywhere near the scale we had before lockdown , ” he said .
“ We ’ re really not expecting high demand over those first few weeks .
We expect around 15 to 20 per cent of footfall.
” His prediction comes after a survey last week found that Brits may be too anxious to visit shops @ @ @ @ @ @ @ research found that four in five people said they would be uncomfortable trying on clothes in a store , while only a quarter said they feel comfortable going out to buy groceries , despite it being a necessity .
Read more : Which retailers are reopening as the coronavirus lockdown lifts ?
Tyrell was nonetheless optimistic that the lack of people coming into the West End from elsewhere would create an environment that Londoners were comfortable with in the early weeks after reopening .
“ [ The lack of tourists ] should give @ @ @ @ @ @ @ the open air , ” he said .
“ We ’ re never going to see a summer like it again .
”

Oxford Street braces for just 20 per cent of usual footfall when shops reopen
Shops on London’s usually bustling Oxford Street are bracing themselves for as little as one-sixth of their usual footfall when they reopen on Monday.
Coronavirus lockdown restrictions ease on 15 June, allowing retailers on Oxford Street, Regent Street, and others to fling open their doors for the first time since March.
However, Jace Tyrrell, chief executive of business group the New West End Company, told City A.M. that London’s busiest shopping streets are expected to be significantly quieter than usual for weeks after opening.
“We haven’t got the international tourists, we haven’t got the UK tourists, and we haven’t got the office workers on anywhere near the scale we had before lockdown,” he said.
“We’re really not expecting high demand over those first few weeks. We expect around 15 to 20 per cent of footfall.”
His prediction comes after a survey last week found that Brits may be too anxious to visit shops in person when they reopen.
EY research found that four in five people said they would be uncomfortable trying on clothes in a store, while only a quarter said they feel comfortable going out to buy groceries, despite it being a necessity.
Tyrell was nonetheless optimistic that the lack of people coming into the West End from elsewhere would create an environment that Londoners were comfortable with in the early weeks after reopening.
“[The lack of tourists] should give Londoners particularly the confidence to come into the open air,” he said. “We’re never going to see a summer like it again.”


cityam--2020-06-14--Boohoo gears up for row over chief executive's £1m pay packet

Fast fashion chain Boohoo is preparing for a potential investor revolt this week over a £1.04m payout to its chief executive .
In a report issued to shareholders , Institutional Shareholder Services ( ISS ) recommended that investors vote against the group ’ s proposed remuneration policy .
The advisory group said no explanations were provided by Boohoo for the size of the award to boss John Lyttle , or for boosts to senior executive salaries which ranged from 18 per cent to 30 per cent .
Before the Open : Get the jump on the markets with our early @ @ @ @ @ @ @ Boohoo ’ s share price has risen more than 20 per cent in the last year .
It is expected to report a sizeable rise in revenue in its results this week , and will hold its annual general meeting on Friday .
If Boohoo ’ s market value nears £6bn in the next four years , Lyttle is also in line for another £50m payout .
The report from ISS was first reported by the Sunday Times .
The investor summit follows in the wake of a short-seller attack against Boohoo last @ @ @ @ @ @ @ s decision to buy out the remaining shareholders of rival Pretty Little Thing ( PLT ) .
Read more : Boohoo buys remaining stake in Pretty Little Thing Short-seller Shadowfall had criticised the amount of money the retailer was likely to have spent on gathering up the stakes , including that of Umar Kamani , who is the son of Boohoo founder and chairman Mahmud Kamani .
It also questioned the move ’ s legitimacy , alleging Boohoo had provided a “ misleading impression ” of its free cash flow position .
Shortly @ @ @ @ @ @ @ raised almost £200m from its own shareholders .
In response to ISS ’ recommendations , first reported by the Sunday Times , a spokesperson for Boohoo said Lyttle ’ s payout was based on the payouts he gave up when leaving his previous role at Primark , which was explained to investors last year .
They added that the rise in executive salaries was comparative to those of similar-sized companies .

Boohoo gears up for row over chief executive’s £1m pay packet
Boohoo has struggled to maintain the momentum post-pandemic as cost of living pressures mount.
Fast fashion chain Boohoo is preparing for a potential investor revolt this week over a £1.04m payout to its chief executive.
In a report issued to shareholders, Institutional Shareholder Services (ISS) recommended that investors vote against the group’s proposed remuneration policy.
The advisory group said no explanations were provided by Boohoo for the size of the award to boss John Lyttle, or for boosts to senior executive salaries which ranged from 18 per cent to 30 per cent.
Before the Open: Get the jump on the markets with our early morning newsletter
Currently valued at £4.6bn, Boohoo’s share price has risen more than 20 per cent in the last year. It is expected to report a sizeable rise in revenue in its results this week, and will hold its annual general meeting on Friday.
If Boohoo’s market value nears £6bn in the next four years, Lyttle is also in line for another £50m payout. The report from ISS was first reported by the Sunday Times.
The investor summit follows in the wake of a short-seller attack against Boohoo last month, which criticised the firm’s decision to buy out the remaining shareholders of rival Pretty Little Thing (PLT).
Short-seller Shadowfall had criticised the amount of money the retailer was likely to have spent on gathering up the stakes, including that of Umar Kamani, who is the son of Boohoo founder and chairman Mahmud Kamani.
It also questioned the move’s legitimacy, alleging Boohoo had provided a “misleading impression” of its free cash flow position. Shortly before carrying out the transactions, Boohoo raised almost £200m from its own shareholders.
In response to ISS’ recommendations, first reported by the Sunday Times, a spokesperson for Boohoo said Lyttle’s payout was based on the payouts he gave up when leaving his previous role at Primark, which was explained to investors last year.
They added that the rise in executive salaries was comparative to those of similar-sized companies.


cityam--2020-06-14--Lloyds prepares to downsize UK office space

Lloyds Banking Group is exploring options to reduce its property footprint , as more staff transition to home working .
The bank ’ s people and property director Matt Sinnott told staff this week that while no closures were certain , Lloyds will be seeking to consolidate its presence to six strategic hubs across the UK .
“ In the longer term we will be working to understand what the future of work and the office looks like , which will also help to inform our decisions , ” he said in a statement today .
Read more : Number @ @ @ @ @ @ @ 9m In a memo to employees , first reported by the Sunday Times , Sinnott said due to “ changes to the way we work ” in a post-crisis environment , it was likely Lloyds would “ need fewer buildings and different types of spaces ” in future .
Lloyds sold off its Gresham Street offices to China ’ s Hengli Investments in 2017 for a reported £160m .
The bank agreed a 20-year leaseback deal for the 119,742 square feet City base .
“ Our priority is the health , wellbeing and @ @ @ @ @ @ @ be engaging with them on their preferred future working arrangements , while also building on our agile and flexible ways of working that we have been using for some time , ” Sinnott added today .
Read more : FCA warns banks and brokers over risks of home working “ This is a new situation for us , and we don ’ t have all the answers right now , but I hope that it will give us an opportunity to reset and improve the way we work for the future.
” The @ @ @ @ @ @ @ to new ways of working and an increased focus on flexible arrangements .
Big Four accountancy firm PwC reopened its offices last week with social distancing measures in place , which accommodates about 15 per cent of staff .

Lloyds prepares to downsize UK office space
Lloyds Banking Group is exploring options to reduce its property footprint, as more staff transition to home working.
The bank’s people and property director Matt Sinnott told staff this week that while no closures were certain, Lloyds will be seeking to consolidate its presence to six strategic hubs across the UK.
“In the longer term we will be working to understand what the future of work and the office looks like, which will also help to inform our decisions,” he said in a statement today.
In a memo to employees, first reported by the Sunday Times, Sinnott said due to “changes to the way we work” in a post-crisis environment, it was likely Lloyds would “need fewer buildings and different types of spaces” in future.
Lloyds sold off its Gresham Street offices to China’s Hengli Investments in 2017 for a reported £160m. The bank agreed a 20-year leaseback deal for the 119,742 square feet City base.
“Our priority is the health, wellbeing and safety of our teams and we will be engaging with them on their preferred future working arrangements, while also building on our agile and flexible ways of working that we have been using for some time,” Sinnott added today.
“This is a new situation for us, and we don’t have all the answers right now, but I hope that it will give us an opportunity to reset and improve the way we work for the future.”
The move comes as businesses begin to adjust to new ways of working and an increased focus on flexible arrangements. Big Four accountancy firm PwC reopened its offices last week with social distancing measures in place, which accommodates about 15 per cent of staff.


cityam--2020-06-14--Rishi Sunak: Government to take 'fresh look' at two-metre rule

Rishi Sunak has said the government would take a “ fresh look ” at its two-metre social distancing rule in a review .
The chancellor confirmed there would be a “ comprehensive review ” of the rule as pressure increases from businesses to change it to one-metre .
Read more : Boris Johnson confirms pubs and restaurants will not open before 4 July Hospitality bodies have lobbied the government for the change , with businesses worried the rule will keep them from trading profitably .
Tesco chairman John Allan also told The Sunday Telegraph today that keeping the two-metre rule @ @ @ @ @ @ @ hospitality businesses will just not be viable ” .
Speaking to Sky News today , Sunak said : “ The Prime Minister has put in place a comprehensive review of the two metre rule… That review will involve the scientists , economists and others so that we can look at it in the round .
“ You are right to highlight the impact it has on business ; I know that of course it ’ s the difference between three-quarters and maybe a third of pubs opening , for example , so it @ @ @ @ @ @ @ it .
“ Many other countries around the world use a different rule and indeed , we ’ ve seen a couple of countries recently – I think Norway and Denmark – have moved from two metres to something less as well.
” UKHospitality chief Kate Nicholls has warned that if the two-metre rule is kept that only one-third of hospitality venues would be able to operate profitably .
However , if it is cut to one-metre it is estimated that two-thirds of businesses would be able to operate profitably .
Boris Johnson @ @ @ @ @ @ @ under review , while also hinting he may be in favour of a change .
Read more : Pubs say ‘ time running out ’ to be ready for 4 July reopening “ As we drive this disease down , as we get the incidences down working together , I want to make sure we keep that two-metre rule under constant review , ” he said .
“ Clearly as the incidents of the disease comes down…the statistical likelihood of how close or far you are from someone who may or may not @ @ @ @ @ @

Rishi Sunak: Government to take ‘fresh look’ at two-metre rule
BRIGHTON, UNITED KINGDOM – JUNE 09: Preparatory work is carried out at the Wagon and Horses in readiness for the reopening of pubs, on June 09, 2020 in Brighton, United Kingdom. As the British government further relaxes Covid-19 lockdown measures in England, this week sees preparations being made to open non-essential stores and Transport for London handing out face masks to commuters. International travelers arriving in the UK will face a 14-day quarantine period. (Photo by Mike Hewitt/Getty Images)
Rishi Sunak has said the government would take a “fresh look” at its two-metre social distancing rule in a review.
The chancellor confirmed there would be a “comprehensive review” of the rule as pressure increases from businesses to change it to one-metre.
Hospitality bodies have lobbied the government for the change, with businesses worried the rule will keep them from trading profitably.
Tesco chairman John Allan also told The Sunday Telegraph today that keeping the two-metre rule would mean “an awful lot of hospitality businesses will just not be viable”.
Speaking to Sky News today, Sunak said: “The Prime Minister has put in place a comprehensive review of the two metre rule… That review will involve the scientists, economists and others so that we can look at it in the round.
“You are right to highlight the impact it has on business; I know that of course it’s the difference between three-quarters and maybe a third of pubs opening, for example, so it’s important that we look at it.
“Many other countries around the world use a different rule and indeed, we’ve seen a couple of countries recently – I think Norway and Denmark – have moved from two metres to something less as well.”
UKHospitality chief Kate Nicholls has warned that if the two-metre rule is kept that only one-third of hospitality venues would be able to operate profitably.
However, if it is cut to one-metre it is estimated that two-thirds of businesses would be able to operate profitably.
Boris Johnson said this week that the rule was under review, while also hinting he may be in favour of a change.
“As we drive this disease down, as we get the incidences down working together, I want to make sure we keep that two-metre rule under constant review,” he said.
“Clearly as the incidents of the disease comes down…the statistical likelihood of how close or far you are from someone who may or may not have coronavirus goes down.”


cityam--2020-06-14--World's largest container ship docks on the Thames

The world ’ s largest container ship has concluded its maiden voyage to the UK , anchoring at the DP @ @ @ @ @ Essex .
Measuring up at 400m in length and 61m in width , the HMM @ @ @ @ @ height of the Shard .
The vessel arrived on British shores following a journey that @ @ @ @ @ it pass through South Korea , the Netherlands , Germany and Belgium .
Algeciras is @ @ @ @ @ have docked in the UK since the beginning of the pandemic , bringing with it @ @ @ @ @ running .
It will leave again later today on its way to Singapore , filled @ @ @ @ @ Mortimer , chief executive of the Port of London Authority , said : “ The @ @ @ @ @ of national supply chains… I ’ m proud that the port has operated uninterrupted throughout @ @ @ @ @ is supporting recovery .
”

World’s largest container ship docks on the Thames
The world’s largest container ship has concluded its maiden voyage to the UK, anchoring at the DP World London Gateway port in Essex.
Measuring up at 400m in length and 61m in width, the HMM Algeciras is longer than the height of the Shard.
The vessel arrived on British shores following a journey that began in China and saw it pass through South Korea, the Netherlands, Germany and Belgium.
Algeciras is one of 3,500 ships that have docked in the UK since the beginning of the pandemic, bringing with it essential goods to keep Britain running. It will leave again later today on its way to Singapore, filled with British exports.
Robin Mortimer, chief executive of the Port of London Authority, said: “The Thames is a crucial part of national supply chains… I’m proud that the port has operated uninterrupted throughout lockdown; our focus now is supporting recovery.”


cityam--2020-06-14--Three in ten independent retailers to stay shut today

Thirty per cent of independent retailers are planning to keep their doors closed today , as lockdown restrictions ease and allow some shops to reopen .
Just over a third of stores predicted they would be trading at pre-lockdown levels by December 2020 , rising to 56 per cent who felt they would be back to normal by the end of 2021 .
However almost 90 per cent of retailers said they felt confident they could make the necessary adjustments to keep customers safe while shopping , according to research by American Express .
Read more : Which retailers are @ @ @ @ @ @ @ A range of non-essential retailers are to re-open today as quarantine measures are lifted , including clothing stores , charity shops and indoor markets .
“ The vast majority of small high street businesses we asked feel they are ready to reopen and eager to see customers return .
However , they also told us that their biggest concern is that they won ’ t see those customers back in the numbers they need , ” said Charlotte Duerden , managing director at American Express UK .
All shops that open must conform @ @ @ @ @ @ @ secure ” guidelines , with potential fines for non-compliance .
Read more : Rishi Sunak goes shopping as retail prepares to reopen Measures include ensuring everyone keeps a two-metre distance , limiting the number of customers allowed inside at a time , frequently sanitising furniture and placing products that have been browsed in quarantine .
Some stores and venues , such as hairdressers , pubs and restaurants , will not be allowed to open before 4 July .
The British Retail Consortium ( BRC ) yesterday launched a set of guidelines for customers @ @ @ @ @ @ @ stores re-open .
These included queuing considerately , maintaining social distancing , following the instructions listed inside and outside shops , following the necessary hygiene measures and being respectful to staff .
Read more : Oxford Street braces for just 20 per cent of usual footfall when shops reopen “ Retailers have been working around the clock to create a safe shopping environment , so their customers can have the confidence to return to their favourite shops , ” said Helen Dickinson , chief executive of the BRC .
“ Our shopping experience @ @ @ @ @ @ @ all follow the necessary social distancing measures and show a little consideration to those around us , then everyone will be better off for it .
”

Three in ten independent retailers to stay shut today
Thirty per cent of independent retailers are planning to keep their doors closed today, as lockdown restrictions ease and allow some shops to reopen.
Just over a third of stores predicted they would be trading at pre-lockdown levels by December 2020, rising to 56 per cent who felt they would be back to normal by the end of 2021.
However almost 90 per cent of retailers said they felt confident they could make the necessary adjustments to keep customers safe while shopping, according to research by American Express.
A range of non-essential retailers are to re-open today as quarantine measures are lifted, including clothing stores, charity shops and indoor markets.
“The vast majority of small high street businesses we asked feel they are ready to reopen and eager to see customers return. However, they also told us that their biggest concern is that they won’t see those customers back in the numbers they need,” said Charlotte Duerden, managing director at American Express UK.
All shops that open must conform to the government’s “Covid secure” guidelines, with potential fines for non-compliance.
Measures include ensuring everyone keeps a two-metre distance, limiting the number of customers allowed inside at a time, frequently sanitising furniture and placing products that have been browsed in quarantine.
Some stores and venues, such as hairdressers, pubs and restaurants, will not be allowed to open before 4 July.
The British Retail Consortium (BRC) yesterday launched a set of guidelines for customers to encourage considerate behaviour when shopping as stores re-open.
These included queuing considerately, maintaining social distancing, following the instructions listed inside and outside shops, following the necessary hygiene measures and being respectful to staff.
“Retailers have been working around the clock to create a safe shopping environment, so their customers can have the confidence to return to their favourite shops,” said Helen Dickinson, chief executive of the BRC.
“Our shopping experience may be changing, but if we all follow the necessary social distancing measures and show a little consideration to those around us, then everyone will be better off for it.”


cityam--2020-06-14--Majority of businesses expect growth to slump after coronavirus passes

British businesses are pessimistic about their growth once the coronavirus crisis passes , as they continue to face significant obstacles to running normal operations .
A survey commissioned by UK Finance and undertaken by BDRC found that the Covid-19 crisis has negatively impacted nearly 70 per cent of businesses in Britain .
Three out of five ( 60 per cent ) said they do not expect to return to growth in the near future , and only 23 per cent predicted an expansion of their business .
More than a third of firms expect to make permanent redundancies or temporary @ @ @ @ @ @ @ only have one month of cash reserves left .
Of those who have received a government-backed loan in this time , almost 60 per cent have less than three months in cash reserves , compared to an average of 39 per cent across all businesses .
These businesses are also more optimistic about their post-coronavirus future , with 87 per cent of loan recipients saying they will survive the pandemic , higher than the UK average of 83 per cent .
“ The coronavirus crisis has created huge challenges for businesses , and @ @ @ @ @ @ @ all shapes and sizes the right support , ” said UK Finance chief executive Stephen Jones .
Businesses have now borrowed almost £35bn under the government ’ s three emergency coronavirus credit programmes , but the approval rate for coronavirus business interruption loans ( CBILS ) remains just over 50 per cent .

Majority of businesses expect growth to slump after coronavirus passes
London Business School has announced a fresh crop of firms for its incubator programme
British businesses are pessimistic about their growth once the coronavirus crisis passes, as they continue to face significant obstacles to running normal operations.
A survey commissioned by UK Finance and undertaken by BDRC found that the Covid-19 crisis has negatively impacted nearly 70 per cent of businesses in Britain.
Three out of five (60 per cent) said they do not expect to return to growth in the near future, and only 23 per cent predicted an expansion of their business.
More than a third of firms expect to make permanent redundancies or temporary lay-offs, with a fifth saying they only have one month of cash reserves left.
Of those who have received a government-backed loan in this time, almost 60 per cent have less than three months in cash reserves, compared to an average of 39 per cent across all businesses.
These businesses are also more optimistic about their post-coronavirus future, with 87 per cent of loan recipients saying they will survive the pandemic, higher than the UK average of 83 per cent.
“The coronavirus crisis has created huge challenges for businesses, and lenders are committed to giving companies of all shapes and sizes the right support,” said UK Finance chief executive Stephen Jones.
Businesses have now borrowed almost £35bn under the government’s three emergency coronavirus credit programmes, but the approval rate for coronavirus business interruption loans (CBILS) remains just over 50 per cent.


cityam--2020-06-14--The post-lockdown West End is going to look very different from before

The West End was one of the first areas of London to suffer the economic damage wrought by the coronavirus .
By mid-February , people were already avoiding the usually bustling restaurants of Chinatown , following false reports that the disease could be caught more easily there .
Now , after months of lockdown-induced hibernation , businesses across the neighbourhood – which includes the UK ’ s busiest shopping streets Oxford Street and Regent Street – are preparing to re-emerge .
But with social distancing measures in place , the streets of the West End are going to look very @ @ @ @ @ @ @ .
City A.M. takes a look at what to expect .
Read more : Retailers suffer ‘ another month of struggle ’ in May amid coronavirus lockdown Brian Bickell , chief executive of Shaftesbury , which owns most of the property in the neighbourhood , says the first priority is to increase the amount of pedestrian space .
“ More space means we can have tables and chairs out on the street , so that restaurants and bars have an opportunity to start getting more turnover , ” Bickell says .
“ Obviously @ @ @ @ @ @ @ and chairs down anywhere .
There has to be an element of servicing that goes with it , and those streets have got to be kept open for emergency vehicles.
” “ But this is an opportunity to really make this a pedestrian friendly city , and I think a lot of those measures are really going to be here for a long time.
” Jace Tyrell , chief executive of business group the New West End Company , adds that signs both on the pavement and at eye level will be installed @ @ @ @ @ @ @ “ There are going to be hundreds of red dots all over the pavements and signage on the streets , ” he says .
Read more : Which retailers are reopening as the coronavirus lockdown lifts ?
Meanwhile the many carefully curated streets of Seven Dials , Soho , and Shaftesbury Avenue could also become home to thousands of items more commonly found in muddy music festival fields : portaloos .
Tyrell tells City A.M. that the streets are likely to be lined with “ dozens ” of the portaloos over the summer @ @ @ @ @ @ @ sector opens up again , hopefully gone are the days of having lots to drink and peeing in the street , ” he says .
“ We ’ ll need extra toilet facilities , ” adds Bickell .
“ People are not necessarily going to go to the loo inside a restaurant if they ’ re sitting outside.
” More cleaners will be operating during daytime hours , where they would usually have taken evening or early morning shifts , Tyrell adds .
This is part of a wide push to instill confidence @ @ @ @ @ @ @ hygienic and safe to visit as possible amid the pandemic .
“ I think it ’ s really important that we have more cleaners around during the trading day , and I think that physical reassurance that cleaning operations are happening will help people .
“ We ’ ve almost tripled the cleaning operations , so although they will not be wearing hazmat suits they will have protective equipment that you ’ d expect of cleaning operations everywhere at the moment.
” Shops will initially have much shorter opening hours , so as @ @ @ @ @ @ @ amount of people inside at any one time .
The New West End Company has encouraged retailers to keep to hours between 11am and 5pm , or 7pm at the latest .
Meanwhile , when pubs and restaurants open again , their licencing restrictions – usually exceptionally tight in the area – could be relaxed , giving punters more flexibility over when they can have a drink .
“ We might get some licensing relaxations as well so people can trade a bit longer in the evenings , ” says Bickell .
“ @ @ @ @ @ @ @ maybe even just go into a restaurant and have a drink , and you don ’ t have to eat necessarily.
” Read more : Which cafes and restaurants are reopening as the coronavirus lockdown lifts ?
Perhaps the most striking difference between the West End of the past and that of the coming summer , however , will be just how few people are about .
With shops reopening this morning , Tyrell says many are expecting as little as one-sixth of the usual footfall .
“ We haven ’ t got @ @ @ @ @ @ @ t got the UK tourists , and we haven ’ t got the office workers on anywhere near the scale we had before lockdown , ” he says .
“ We ’ re really not expecting high demand over those first few weeks .
We expect around 15 to 20 per cent of footfall.
” Read more : Retailers get ready to reopen – but shoppers may be too scared to visit However , he adds , this could give Londoners a chance to explore the West End with more freedom , with @ @ @ @ @ @ @ .
“ [ The lack of tourists ] should give Londoners particularly the confidence to come into the open air , ” he says .
“ We ’ re never going to see a summer like it again .
”

Shorter hours and portable loos: How London’s West End is reopening shops after lockdown
Social Distancing signage on Oxford Street
The West End was one of the first areas of London to suffer the economic damage wrought by coronavirus, even before lockdown.
By mid-February, people were already avoiding the usually bustling restaurants of Chinatown, following false reports that the disease could be caught more easily there.
Now, after months of lockdown-induced hibernation, businesses across the neighbourhood – which includes the UK’s busiest shopping streets Oxford Street and Regent Street – are set to re-emerge today.
But with social distancing measures in place, the streets of the West End are going to look very different to the ones shoppers left behind.
City A.M. takes a look at what to expect.
Bigger pavements
Brian Bickell, chief executive of Shaftesbury, which owns most of the property in the neighbourhood, says the first priority is to increase the amount of pedestrian space.
“More space means we can have tables and chairs out on the street, so that restaurants and bars have an opportunity to start getting more turnover,” Bickell says.
“Obviously you can’t just plonk tables and chairs down anywhere. There has to be an element of servicing that goes with it, and those streets have got to be kept open for emergency vehicles.”
“But this is an opportunity to really make this a pedestrian friendly city, and I think a lot of those measures are really going to be here for a long time.”
Jace Tyrell, chief executive of business group the New West End Company, adds that signs both on the pavement and at eye level will be installed to help people maintain social distancing.
“There are going to be hundreds of red dots all over the pavements and signage on the streets,” he says.
Workers install floor stickers on the pavement on Oxford Street
Portable loos on the streets
Meanwhile the many carefully curated streets of Seven Dials, Soho, and Shaftesbury Avenue could also become home to thousands of items more commonly found in muddy music festival fields: portable loos.
Tyrell tells City A.M. that the streets are likely to be lined with “dozens” of the portable toilets over the summer.
“Once the food and beverage sector opens up again, hopefully gone are the days of having lots to drink and peeing in the street,” he says.
“We’ll need extra toilet facilities,” adds Bickell. “People are not necessarily going to go to the loo inside a restaurant if they’re sitting outside.”
Dozens of portable loos will line the streets of central London for the next few weeks
Cleaners out in force
More cleaners will be operating during daytime hours, where they would usually have taken evening or early morning shifts, Tyrell adds.
This is part of a wide push to instill confidence among consumers that the area is as hygienic and safe to visit as possible amid the pandemic.
“I think it’s really important that we have more cleaners around during the trading day, and I think that physical reassurance that cleaning operations are happening will help people.
“We’ve almost tripled the cleaning operations, so although they will not be wearing hazmat suits they will have protective equipment that you’d expect of cleaning operations everywhere at the moment.”
Cleaners will be out in force in the West End
Different opening hours
Shops will initially have much shorter opening hours, so as to avoid rush hour and reduce the amount of people inside at any one time.
The New West End Company has encouraged retailers to keep to hours between 11am and 5pm, or 7pm at the latest.
Meanwhile, when pubs and restaurants open again, their licencing restrictions – usually exceptionally tight in the area – could be relaxed, giving punters more flexibility over when they can have a drink.
“We might get some licensing relaxations as well so people can trade a bit longer in the evenings,” says Bickell. “We might have it so you can maybe even just go into a restaurant and have a drink, and you don’t have to eat necessarily.”
The usually busy Oxford Street will likely be relatively quiet
Quieter streets
Perhaps the most striking difference between the West End of the past and that of the coming summer, however, will be just how few people are about.
With shops reopening this morning, Tyrell says many are expecting as little as one-sixth of the usual footfall.
“We haven’t got the international tourists, we haven’t got the UK tourists, and we haven’t got the office workers on anywhere near the scale we had before lockdown,” he says.
“We’re really not expecting high demand over those first few weeks. We expect around 15 to 20 per cent of footfall.”
However, he adds, this could give Londoners a chance to explore the West End with more freedom, with fewer people on the usually teeming streets.
“[The lack of tourists] should give Londoners particularly the confidence to come into the open air,” he says.
“We’re never going to see a summer like it again.”