cityam--2020-05-03--Coronavirus testing and tracing app to start Isle of Wight trial

The UK ’ s coronavirus testing and tracing mobile app will be trialled in the Isle of Wight next week , with a full rollout expected later this month .
People who download the app will be able to alert other people they have been in contact with that they have coronavirus symptoms .
Read more : Five tests to end UK coronavirus lockdown : Which ones have we met ?
The person with the symptoms , and anyone who has been alerted will then be able to request a Covid-19 test .
The app is being created by NHSX @ @ @ @ @ @ @ for technology , digital and data – and is considered as a key part of the UK ’ s strategy to ease social distancing measures over the next few months .
Transport secretary Grant Shapps said today that at least half the country needed to download the app for it to work .
Speaking to Sky News today , he said : “ That system is going into testing this week on the Isle of Wight and then later in the month that app will be rolled out and deployed , assuming the @ @ @ @ @ @ @ the population at large .
“ The idea is that we will encourage as many people to take this up as possible , this is going to be a huge national effort .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
“ We need for this to work , 50 , 60 percent of people to be using this app.
” Shapps said that people coming into the country will also be urged to download and use the app .
@ @ @ @ @ @ @ would remain confidential when asked about privacy concerns .
He said : “ It will be completely confidential , the information doesn ’ t stay on there , you don ’ t know who the individuals are , but what it would do is alert people if they have been near somebody who later is diagnosed as having coronavirus.
” The app ’ s rollout will require 18,000 people , including 3,000 health workers and specialists , to build and administer the app .
Read more : Boris Johnson : UK ‘ past @ @ @ @ @ @ @ secretary Matt Hancock explained how it would work when announcing it two weeks ago .
He said : “ If you become unwell , you will be able to tell the app , the app will then send an alert to other app users that you have been in significant contact with in recent days , even before you had symptoms , so they know and they can act accordingly so we can get tests to people even if they ’ re asymptomatic .
”

Coronavirus testing and tracing app to start Isle of Wight trial
Transport secretary Grant Shapps said today that at least half the country needed to download the app for it to work.
The UK’s coronavirus testing and tracing mobile app will be trialled in the Isle of Wight next week, with a full rollout expected later this month.
People who download the app will be able to alert other people they have been in contact with that they have coronavirus symptoms.
The person with the symptoms,and anyone who has been alerted will then be able to request a Covid-19 test.
The app is being created by NHSX – the health service’s unit for technology, digital and data – and is considered as a key part of the UK’s strategy to ease social distancing measures over the next few months.
Transport secretary Grant Shapps said today that at least half the country needed to download the app for it to work.
Speaking to Sky News today, he said: “That system is going into testing this week on the Isle of Wight and then later in the month that app will be rolled out and deployed, assuming the tests are successful of course, to the population at large.
“The idea is that we will encourage as many people to take this up as possible, this is going to be a huge national effort.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
“We need for this to work, 50, 60 percent of people to be using this app.”
Shapps said that people coming into the country will also be urged to download and use the app.
He also stressed that the information provided would remain confidential when asked about privacy concerns.
He said: “It will be completely confidential, the information doesn’t stay on there, you don’t know who the individuals are, but what it would do is alert people if they have been near somebody who later is diagnosed as having coronavirus.”
The app’s rollout will require 18,000 people, including 3,000 health workers and specialists, to build and administer the app.
Health secretary Matt Hancock explained how it would work when announcing it two weeks ago.
He said: “If you become unwell, you will be able to tell the app, the app will then send an alert to other app users that you have been in significant contact with in recent days, even before you had symptoms, so they know and they can act accordingly so we can get tests to people even if they’re asymptomatic.”


cityam--2020-05-03--Business confidence hits record low as finance chiefs predict 20 per cent revenue drop

Business confidence fell by the largest amount on record during the first quarter , according to a survey of chief financial officers published today .
In the first quarter , 84 per cent of finance bosses said they are less optimistic about the prospects for their company than they were three months ago the survey from Deloitte found .
This is the lowest business confidence reading on record , the report said , in contrast to the previous quarter where a majority ( 53 per cent ) of CFOs said they were more optimistic about the financial prospects of their @ @ @ @ @ @ @ CFOs said they expect UK corporates ’ revenues to decrease in the coming 12 months .
Respondents expected their own businesses ’ revenues to be 22 per cent lower on average compared to their pre-covid-19 plans .
CFO perceptions of external uncertainty have risen to the highest level in the history of the survey .
The majority of CFOs surveyed ( 89 per cent ) now feel there is a high or very high level of uncertainty facing their business , a sharp increase compared to 34 per cent in the previous quarter @ @ @ @ @ @ @ risk companies are willing to take .
The survey found 94 per cent of CFOs are unwilling to take risk onto their balance sheets .
This is the second-lowest reading for risk appetite on record , the lowest level having been observed during the 2008 financial crisis .
CFOs from the survey ’ s panel of large businesses also reported the sharpest squeeze in credit conditions on record , with a marked deterioration in the availability and cost of debt in the last three months .
Read more : Coronavirus lockdown : Office @ @ @ @ @ @ @ work Ian Stewart , chief economist at Deloitte , said : “ The covid-19 pandemic has seen business confidence drop from an all-time high to an all-time low in just three months .
“ CFOs expect the lockdown to ease in May and June and demand in their own sectors to start recovering later this year .
“ But there is no expectation of a quick snap back in activity , with most CFOs assuming revenues will not return to pre-crisis levels for at least a year .
”

Business confidence hits record low as finance chiefs predict 20 per cent revenue drop
Business confidence fell by the largest amount on record during the first quarter, according to a survey of chief financial officers published today.
In the first quarter, 84 per cent of finance bosses said they are less optimistic about the prospects for their company than they were three months ago the survey from Deloitte found.
This is the lowest business confidence reading on record, the report said, in contrast to the previous quarter where a majority (53 per cent) of CFOs said they were more optimistic about the financial prospects of their company.
Ninety seven per cent of CFOs said they expect UK corporates’ revenues to decrease in the coming 12 months.
Respondents expected their own businesses’ revenues to be 22 per cent lower on average compared to their pre-covid-19 plans.
CFO perceptions of external uncertainty have risen to the highest level in the history of the survey.
The majority of CFOs surveyed (89 per cent) now feel there is a high or very high level of uncertainty facing their business, a sharp increase compared to 34 per cent in the previous quarter.
Coronavirus has also dramatically reduced the risk companies are willing to take.
The survey found 94 per cent of CFOs are unwilling to take risk onto their balance sheets.
This is the second-lowest reading for risk appetite on record, the lowest level having been observed during the 2008 financial crisis.
CFOs from the survey’s panel of large businesses also reported the sharpest squeeze in credit conditions on record, with a marked deterioration in the availability and cost of debt in the last three months.
Ian Stewart, chief economist at Deloitte, said: “The covid-19 pandemic has seen business confidence drop from an all-time high to an all-time low in just three months.
“CFOs expect the lockdown to ease in May and June and demand in their own sectors to start recovering later this year.
“But there is no expectation of a quick snap back in activity, with most CFOs assuming revenues will not return to pre-crisis levels for at least a year.”


cityam--2020-05-03--UK launches 100 per cent state-backed Bounce Back Loans

The UK ’ s smallest businesses will be able to apply for 100 per cent state-backed loans worth up to £50,000 from today .
The government ’ s Bounce Back Loans scheme provides micro loans worth 25 per cent of turnover , up to £50,000 , just 24 hours after applying for them .
Read more : Rishi Sunak unveils 100 per cent state-backed ‘ bounce back loans ’ for small businesses The minimum loan amount is £2,000 and there is a flat interest rate 2.5 per cent , with the government paying the first 12 months ’ interest .
@ @ @ @ @ @ @ have to undertake “ forward-looking viability checks ” and that the government will take on all the default risk .
Banks are also not allowed to ask for personal guarantees and there is no principal repayment in the first 12 months .
Commenting on the launch of the scheme , Institute of Directors chief economist Tej Parikh said : “ The business interruption loan scheme has started to reach the front line , but small firms have still been having difficulty accessing finance .
Listen to our daily City View podcast as we @ @ @ @ @ @ @ of the coronavirus pandemic .
“ This additional measure should help more of those firms get the cash they need to see them through the weeks and months ahead.
” CBI chief economist Rain Newton-Smith added : “ A 100 per cent government guarantee on loans and a simple way of applying will be a lifeline to many small businesses and sole traders under pressure .
“ Banks have been operating at full throttle and must stay in overdrive to get more money out of the door faster .
Time is of the @ @ @ @ @ @ @ after the government ’ s £330bn Coronavirus Business Interruption Loan Scheme ( CBILS ) has been criticised for being too slow in approving emergency finance to struggling businesses .
The government only guarantees 80 per cent of these loans , meaning more stringent checks by banks and a longer application process .
This has resulted in just 25,262 loans worth £4.1bn being lent out in the scheme ’ s first month .
Sunak said the Bounce Back Loans will enable small businesses to “ get the finance they need – helping them bounce @ @ @ @ @ @ @ more : Coronavirus small business loan lending tops £4.1bn but concerns remain over scheme Business secretary Alok Sharma added : “ This new scheme of 100 % government-guaranteed loans gives owners of even the smallest businesses the confidence and flexibility to borrow a sum which works for them .
“ This will help ensure they can continue to trade , and be a key part of our efforts to reboot the British economy .
”

UK launches 100 per cent state-backed ‘bounce back’ loans
Chancellor Rishi Sunak made bounce back loans available today for small businesses suffering the fallout of the coronavirus lockdown
The UK’s smallest businesses will be able to apply for 100 per cent state-backed so-called bounce back loans worth up to £50,000 from today.
The government’s bounce back loans scheme provides micro loans worth 25 per cent of turnover, up to £50,000, just 24 hours after applying for them.
The minimum loan amount is £2,000 and there is a flat interest rate 2.5 per cent, with the government paying the first 12 months’ interest.
Chancellor Rishi Sunak said banks would not have to undertake “forward-looking viability checks” and that the government will take on all the default risk.
Banks are also not allowed to ask for personal guarantees for bounce back loans and there is no principal repayment in the first 12 months.
Commenting on the launch of the scheme, Institute of Directors chief economist Tej Parikh said: “The business interruption loan scheme has started to reach the front line, but small firms have still been having difficulty accessing finance.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
“This additional measure should help more of those firms get the cash they need to see them through the weeks and months ahead.”
CBI chief economist Rain Newton-Smith added: “A 100 per cent government guarantee on loans and a simple way of applying will be a lifeline to many small businesses and sole traders under pressure.
“Banks have been operating at full throttle and must stay in overdrive to get more money out of the door faster. Time is of the essence.”
The bouncer back loans scheme comes after the government’s £330bn Coronavirus Business Interruption Loan Scheme (CBILS) has been criticised for being too slow in approving emergency finance to struggling businesses.
The government only guarantees 80 per cent of these loans, meaning more stringent checks by banks and a longer application process.
This has resulted in just 25,262 loans worth £4.1bn being lent out in the scheme’s first month.
Sunak said the bounce back loans will enable small businesses to “get the finance they need – helping them bounce back and protect jobs”.
Business secretary Alok Sharma added: “This new scheme of 100 per cent government-guaranteed loans gives owners of even the smallest businesses the confidence and flexibility to borrow a sum which works for them.
“This will help ensure they can continue to trade, and be a key part of our efforts to reboot the British economy.”


cityam--2020-05-03--Coronavirus: Rail unions warn against increasing rail services

The UK ’ s three rail unions have urged Boris Johnson ’ s and other regional leaders to not implement a blanket increase of train services as the coronavirus lockdown eases .
The trio of unions said they would “ not accept new working patterns that put the lives of railway workers and passengers at risk ” and that they “ are not convinced that there is any basis at this time for a safe escalation of service ” .
Read more : Coronavirus : Transport for London to furlough 7,000 staff The letter – addressed to Johnson , London @ @ @ @ @ @ @ Nicola Sturgeon and Welsh first minister Mark Drakeford – said the unions would potentially accept targeted increases where it “ can be delivered safely ” .
The letter was written by the chiefs of the Associated Society of Locomotive Engineers and Firemen ( Aslef ) , the National Union of Rail , Maritime and Transport Workers ( RMT ) and the Transport Salaried Staffs ’ Association ( TSSA ) .
It read : “ We have severe concerns over attempts by operators to increase service levels .
“ First , it sends out @ @ @ @ @ @ @ to travel by train – despite official advice suggesting otherwise .
This mixed messaging could be dangerous and lead to the public flouting the rules on travel and work .
“ Second , there is no agreement on how actually services can be increased whilst protecting workers and passengers .
This includes protections through social distancing , adequate and appropriate PPE , and determination of essential and non-essential tasks.
” Johnson will outline the government ’ s plan to ease social distancing restrictions this week , with some sectors expected to return to @ @ @ @ @ @ @ .
Transport secretary Grant Shapps told Sky News yesterday that there would have to be some increase in public transport services to cater to those returning to work .
Read more : Coronavirus lockdown : Office workers to be last to return to work “ Clearly we won ’ t be running anywhere near the full number of trains , but it is the case that gradually we will want to increase the amount of trains available , ” he said .
“ Preventing that overcrowding , which is going to be a @ @ @ @ @ @ @ the same sort of determination which the British people have shown in respecting social distancing and following the rules and staying at home , will need that to happen and we will work with companies and individuals to make sure that happens on our transport system as well .
”

Coronavirus: Rail unions warn against increasing rail services
Trains arrive and depart from Victoria Station near Battersea Power Station
The UK’s three rail unions have urged Boris Johnson’s and other regional leaders to not implement a blanket increase of train services as the coronavirus lockdown eases.
The trio of unions said they would “not accept new working patterns that put the lives of railway workers and passengers at risk” and that they “are not convinced that there is any basis at this time for a safe escalation of service”.
The letter – addressed to Johnson, London mayor Sadiq Khan, Scottish first minister Nicola Sturgeon and Welsh first minister Mark Drakeford – said the unions would potentially accept targeted increases where it “can be delivered safely”.
The letter was written by the chiefs of the Associated Society of Locomotive Engineers and Firemen (Aslef), the National Union of Rail, Maritime and Transport Workers (RMT) and the Transport Salaried Staffs’ Association (TSSA).
It read: “We have severe concerns over attempts by operators to increase service levels.
“First, it sends out a mixed message that it is okay to travel by train – despite official advice suggesting otherwise. This mixed messaging could be dangerous and lead to the public flouting the rules on travel and work.
“Second, there is no agreement on how actually services can be increased whilst protecting workers and passengers. This includes protections through social distancing, adequate and appropriate PPE, and determination of essential and non-essential tasks.”
Johnson will outline the government’s plan to ease social distancing restrictions this week, with some sectors expected to return to work by the end of the month.
Transport secretary Grant Shapps told Sky News yesterday that there would have to be some increase in public transport services to cater to those returning to work.
“Clearly we won’t be running anywhere near the full number of trains, but it is the case that gradually we will want to increase the amount of trains available,” he said.
“Preventing that overcrowding, which is going to be a hugely difficult task and which will require the same sort of determination which the British people have shown in respecting social distancing and following the rules and staying at home, will need that to happen and we will work with companies and individuals to make sure that happens on our transport system as well.”


cityam--2020-05-03--The UK coronavirus death toll reaches 28,446

Another 315 people who tested positive for coronavirus died yesterday , bringing the UK total to 28,446 .
Read more @ @ @ @ @ workers to be last to return to work Gove confirmed that Boris Johnson would outline @ @ @ @ @ to ease coronavirus social distancing restrictions .
“ The prime minister ’ s comprehensive plan @ @ @ @ @ get our economy moving , how we can get our children back to school , @ @ @ @ @ work more safely and how we can make life in the workplace safer , ” @ @ @ @ @ Office minister also said that just 76,496 Covid-19 tests were carried out yesterday , just @ @ @ @ @ its target of 100,000 per day .
Gove said that the dip in numbers was @ @ @ @ @ “ It is the case you ’ d might expect over a weekend , particularly @ @ @ @ @ people going to work that you might have a dip in the amount of testing @ @ @ @ @ time , ” he said .

The UK coronavirus death toll reaches 28,446
Michael Gove arrives at Downing Street in central London on March 2, 2020
Another 315 people who tested positive for coronavirus died yesterday, bringing the UK total to 28,446.
Cabinet Office minister Michael Gove announced the latest figures at today’s press briefing.
Gove confirmed that Boris Johnson would outline the government’s plan to ease coronavirus social distancing restrictions.
“The prime minister’s comprehensive plan will explain how we can get our economy moving, how we can get our children back to school, how we can travel to work more safely and how we can make life in the workplace safer,” he said.
The Cabinet Office minister also said that just 76,496 Covid-19 tests were carried out yesterday, just days after the UK passed its target of 100,000 per day.
Gove said that the dip in numbers was expected over the weekend.
“It is the case you’d might expect over a weekend, particularly a Saturday, with fewer people going to work that you might have a dip in the amount of testing that might occur at that time,” he said.


cityam--2020-05-03--British Chambers of Commerce tells PM to ramp up public spending

The government must sustain high levels of public spending to help the private sector recover from the coronavirus , according to one of the country ’ s largest business bodies .
British Chambers of Commerce ( BCC ) president Baroness Ruby McGregor-Smith has written to Boris Johnson to say it was “ a time to be bold ” and that “ an expansionary fiscal policy , including a commitment to transformative infrastructure investment , will be needed…to pay down the national debt in the longer-term ” .
Read more : Calls grow for job retention scheme to be extended McGregor-Smith @ @ @ @ @ @ @ s announcement that Johnson will announce the UK ’ s strategy for easing the coronavirus lockdown next week .
The BCC boss called for a three-phase plan to ease restrictions , labelling them restart , rebuild and renew .
The first two phases involve a “ a phased reopening of the economy ” and “ building resilience for firms and households ” respectively .
This would involve a staggered opening of different parts of the private sector , while also implementing a strict testing and tracing regime to ensure there is not a @ @ @ @ @ @ @ importance of continued public spending and investment .
“ Government should not shy away from sustaining high levels of public spending in order to restart and renew our communities and the economy in the short and medium-term , while not tying the hands of future generations , ” she said .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
“ An expansionary fiscal policy , including a commitment to transformative infrastructure investment , will be needed in order to generate @ @ @ @ @ @ @ down the national debt in the longer-term.
” The letter was met with derision from free market think tank the Institute of Economic Affairs .
The institute ’ s economics fellow Julian Jessop said McGregor-Smith ’ s call for expansionary fiscal policy was “ reckless , not bold ” .
“ Sustained high levels of public spending , on top of the significant increases in investment that are already planned , would risk another fiscal crisis , ” he said .
“ It would be far better if the government were bolder in @ @ @ @ @ @ @ burden of taxation and regulation , especially on small businesses , and reforming planning laws that are holding back housebuilding and the transformation of the High Street .
“ Simply spending more of other people ’ s money is rarely the right answer.
” The Office for Budget Responsibility ( OBR ) released projections last month predicting that net borrowing could hit £271bn this year .
The figure is five-times higher than the watchdog ’ s March forecast and would be the UK ’ s largest ever in peacetime .
Johnson moved to @ @ @ @ @ @ @ briefing that he would not impose a period of austerity after the crisis to cut the deficit .
“ You know what my instincts are – I think the economy will bounce back strongly , ” Johnson said .
“ I think this government will want to encourage that bounce back in all kinds of ways , but I ’ ve never particularly liked the term [ austerity ] and it ’ s certainly not part of our approach .
”

British Chambers of Commerce tells PM to ramp up public spending
British Chambers of Commerce (BCC) president Baroness Ruby McGregor-Smith has written to Boris Johnson to say it was “a time to be bold”.
The government must sustain high levels of public spending to help the private sector recover from the coronavirus, according to one of the country’s largest business bodies.
British Chambers of Commerce (BCC) president Baroness Ruby McGregor-Smith has written to Boris Johnson to say it was “a time to be bold” and that “an expansionary fiscal policy, including a commitment to transformative infrastructure investment, will be needed…to pay down the national debt in the longer-term”.
McGregor-Smith’s letter comes after Thursday’s announcement that Johnson will announce the UK’s strategy for easing the coronavirus lockdown next week.
The BCC boss called for a three-phase plan to ease restrictions, labelling them restart, rebuild and renew.
The first two phases involve a “a phased reopening of the economy” and “building resilience for firms and households” respectively.
This would involve a staggered opening of different parts of the private sector, while also implementing a strict testing and tracing regime to ensure there is not a second peak.
McGregor-Smith also emphasised the importance of continued public spending and investment.
“Government should not shy away from sustaining high levels of public spending in order to restart and renew our communities and the economy in the short and medium-term, while not tying the hands of future generations,” she said.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
“An expansionary fiscal policy, including a commitment to transformative infrastructure investment, will be needed in order to generate the returns that will help to pay down the national debt in the longer-term.”
The letter was met with derision from free market think tank the Institute of Economic Affairs.
The institute’s economics fellow Julian Jessop said McGregor-Smith’s call for expansionary fiscal policy was “reckless, not bold”.
“Sustained high levels of public spending, on top of the significant increases in investment that are already planned, would risk another fiscal crisis,” he said.
“It would be far better if the government were bolder in other ways, including by reducing the burden of taxation and regulation, especially on small businesses, and reforming planning laws that are holding back housebuilding and the transformation of the High Street.
“Simply spending more of other people’s money is rarely the right answer.”
The Office for Budget Responsibility (OBR) released projections last month predicting that net borrowing could hit £271bn this year.
The figure is five-times higher than the watchdog’s March forecast and would be the UK’s largest ever in peacetime.
Johnson moved to assure people at Thursday’s press briefing that he would not impose a period of austerity after the crisis to cut the deficit.
“You know what my instincts are – I think the economy will bounce back strongly,” Johnson said.
“I think this government will want to encourage that bounce back in all kinds of ways, but I’ve never particularly liked the term [austerity] and it’s certainly not part of our approach.”


cityam--2020-05-03--Government announces £617m grants for small businesses in shared spaces

The government today announced a further £617m in grants for small companies that work in shared spaces and are not eligible for business rates relief .
The departner for business , energy and industrial strategy ( Beis ) said the fund is aimed at small businesses with ongoing fixed property-related costs .
Read more : Coronavirus small business loan lending tops £4.1bn but concerns remain over scheme Beis said it was asking local authorities to prioritise businesses in shared spaces , regular market traders , small charity properties that would meet the criteria for small business rates relief .
Businesses @ @ @ @ @ @ @ they must be able to demonstrate that they have suffered a significant drop of income because of the coronavirus restriction measures .
The maximum grant available is £25,000 and there will be grants of £10,000 and grants of under £10,000 .
Jonathan Ratcliffe from Offices.co.uk said : “ It ’ s great news – small businesses who were reaching the end of their cash reserves will be able to save their businesses using this cash grant .
They ’ d missed out because they paid their business rates to their serviced office provider @ @ @ @ @ @ @ – it looks like this has been put right – we are over the moon.
” Read more : Councils criticised for slow rollout of coronavirus business grants package He added : “ We expect more details on Monday – but from what we gather it plugs the loophole which meant if you didn ’ t have an account with your local authority business rates department , you got nothing – it was very unfair and very stressful for all involved.
” Last week coronavirus business interruption loan scheme ( CBILS ) lending @ @ @ @ @ @ @ body UK Finance .
Over £1.33bn of loans were approved in the week to 28 April .
CBILS was set up to offer loans to firms with a turnover of up to £45m .
Companies can access the money through more than 40 approved lenders and 80 per cent of the loan is guaranteed by the government .
After criticism of the scheme , chancellor Rishi Sunak last week announced a new bounce back loans programme for the UK ’ s smallest businesses .

Government announces £617m grants for small businesses in shared spaces
The government today announced a further £617m in grants for small companies that work in shared spaces and are not eligible for business rates relief.
The departner for business, energy and industrial strategy (Beis) said the fund is aimed at small businesses with ongoing fixed property-related costs.
Beis said it was asking local authorities to prioritise businesses in shared spaces, regular market traders, small charity properties that would meet the criteria for small business rates relief.
Businesses must have less than 50 employees and they must be able to demonstrate that they have suffered a significant drop of income because of the coronavirus restriction measures.
The maximum grant available is £25,000 and there will be grants of £10,000 and grants of under £10,000.
Jonathan Ratcliffe from Offices.co.uk said: “It’s great news – small businesses who were reaching the end of their cash reserves will be able to save their businesses using this cash grant. They’d missed out because they paid their business rates to their serviced office provider, not direct to the Local Authority – it looks like this has been put right – we are over the moon.”
He added: “We expect more details on Monday – but from what we gather it plugs the loophole which meant if you didn’t have an account with your local authority business rates department, you got nothing – it was very unfair and very stressful for all involved.”
Last week coronavirus business interruption loan scheme (CBILS) lending hit £4.1bn, according to bank industry body UK Finance.
Over £1.33bn of loans were approved in the week to 28 April.
CBILS was set up to offer loans to firms with a turnover of up to £45m. Companies can access the money through more than 40 approved lenders and 80 per cent of the loan is guaranteed by the government.
After criticism of the scheme, chancellor Rishi Sunak last week announced a new bounce back loans programme for the UK’s smallest businesses.


cityam--2020-05-03--Calls grow for job retention scheme to be extended

Calls are growing for Rishi Sunak to extend the government ’ s coronavirus job retention scheme past June .
The scheme sees the government pay 80 per cent of people ’ s wages , up to £2,500 a month , for furloughed employees until the end of June .
Read more : Applications worth £1.5bn now made to coronavirus job retention scheme Boris Johnson next week will announce how the UK will ease social distancing restrictions , however many sectors are expected to be told they must stay shut for several more months .
The Observer first reported today that @ @ @ @ @ @ @ chancellor to extend its wage subsidy scheme to safeguard businesses and employees .
Institute of Directors Tej Parikh said : “ Getting the economy running again won ’ t be like flicking a switch .
Even if lockdown measures were completely lifted , many firms wouldn ’ t expect demand to lift to normal levels immediately .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
“ A sharp removal of the furlough scheme at the end of June could cause @ @ @ @ @ @ @ the government should explore how it could taper off the system in a flexible way.
” City A.M. understands that the Treasury is currently discussing various options for how the scheme will end or if it will be extended .
A Treasury source said it would heavily depend on what Downing Street ’ s coronavirus lockdown exit strategy looked like .
Writing in the Observer , shadow business secretary Ed Miliband called for a second wave of economic support packages .
He said : “ Essential public health measures must be accompanied by @ @ @ @ @ @ @ urgently with a second wave of support , including , where necessary , an extension of the furlough scheme – with greater flexibility to enable part-time working – and it must look again at the gaps in current schemes.
” As of 24 April , 512,000 businesses representing 3.8m furloughed employees had applied for the scheme .
Read more : Coronavirus small business loan lending tops £4.1bn but concerns remain over scheme The total value of these applications is £4.5bn .
The Office for Budget Responsibility ( OBR ) estimates it will cost @ @ @ @ @ @ @

Calls grow for job retention scheme to be extended
Boris Johnson next week will announce how the UK will ease social distancing restrictions, however many sectors are expected to be told they must stay shut for several more months.
Calls are growing for Rishi Sunak to extend the government’s coronavirus job retention scheme past June.
The scheme sees the government pay 80 per cent of people’s wages, up to £2,500 a month, for furloughed employees until the end of June.
Boris Johnson next week will announce how the UK will ease social distancing restrictions, however many sectors are expected to be told they must stay shut for several more months.
The Observer first reported today that business groups and Labour are pushing the chancellor to extend its wage subsidy scheme to safeguard businesses and employees.
Institute of Directors Tej Parikh said: “Getting the economy running again won’t be like flicking a switch. Even if lockdown measures were completely lifted, many firms wouldn’t expect demand to lift to normal levels immediately.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
“A sharp removal of the furlough scheme at the end of June could cause significant problems for some businesses, so the government should explore how it could taper off the system in a flexible way.”
City A.M. understands that the Treasury is currently discussing various options for how the scheme will end or if it will be extended.
A Treasury source said it would heavily depend on what Downing Street’s coronavirus lockdown exit strategy looked like.
Writing in the Observer, shadow business secretary Ed Miliband called for a second wave of economic support packages.
He said: “Essential public health measures must be accompanied by economic help. The government must act urgently with a second wave of support, including, where necessary, an extension of the furlough scheme – with greater flexibility to enable part-time working – and it must look again at the gaps in current schemes.”
As of 24 April, 512,000 businesses representing 3.8m furloughed employees had applied for the scheme.
The total value of these applications is £4.5bn.
The Office for Budget Responsibility (OBR) estimates it will cost £49bn if it runs until June.


cityam--2020-05-03--Profit warnings issued by UK businesses hits record high

Profit warnings issued by UK-listed businesses reached a record-breaking high in the first three months of 2020 according to analysis published today .
Big Four audit firm EY said there were 301 profit warnings between 1 January and 31 March , almost equal to the entire number issued in the whole of 2019 ( 313 ) and five per cent higher than the total for 2018 ( 287 ) .
Compared to the same period last year , warnings rose from 89 , representing a 238 per cent year-on-year increase .
Read more : Three lessons law firms can learn @ @ @ @ @ @ @ a fifth of the UK ’ s quoted companies issued a profit warning in the first quarter , more than the percentage of companies warning in the whole of 2008 ( 17 per cent ) .
Nearly eight-in-10 profit warnings in the first quarter blamed covid-19 .
However , EY said many companies were already struggling before the pandemic .
In January , recorded warnings had increased 43 per cent year-on-year , when compared to the same month last year .
Alan Hudson , UK head of restructuring at EY , said : @ @ @ @ @ @ @ pushed UK profit warnings to a ten-year high in 2019 .
Covid-19 has created new problems , but it has also accelerated existing structural change and exacerbated existing weaknesses .
Read more : WHO : Second UK coronavirus peak ‘ certainly possible ’ “ When lockdown lifts , it will undoubtedly ease some pressures , but these underlying issues will remain – alongside new challenges.
” The sectors issuing the highest number of profit warnings were those most exposed to the impact of national lockdowns , and in many cases were already showing @ @ @ @ @ @ @ , the analysis said .
By percentage of companies warning , FTSE travel & leisure was the most dramatically affected , with 70 per cent of the sector issuing a profit warning , followed by industrial materials ( 63 per cent ) and retailers ( 61 per cent ) .
All but five of the 42 FTSE sectors tracked issued covid-19 related warnings in the quarter .
Read more : Coronavirus lockdown : Office workers to be last to return to work Hudson said he expected the number of profit warnings to fall @ @ @ @ @ @ @ the UK moves out of lockdown .
“ We know from previous crises that one of the biggest tests comes when companies need to reflate balance sheets , restock inventory and depend on supply chains that have been similarly tested , ” Hudson said .
“ This time , companies face a unique set of additional challenges as they work to safeguard business continuity and the health of employees and customers .
It is wise for companies to take a slow and steady approach to restarting operations that allows for flexibility , so @ @ @ @ @ @ @ some time to come .
”

Profit warnings issued by UK businesses hits record high
Profit warnings issued by UK-listed businesses reached a record-breaking high in the first three months of 2020 according to analysis published today.
Big Four audit firm EY said there were 301 profit warnings between 1 January and 31 March, almost equal to the entire number issued in the whole of 2019 (313) and five per cent higher than the total for 2018 (287).
Compared to the same period last year, warnings rose from 89, representing a 238 per cent year-on-year increase.
Over a fifth of the UK’s quoted companies issued a profit warning in the first quarter, more than the percentage of companies warning in the whole of 2008 (17 per cent).
Nearly eight-in-10 profit warnings in the first quarter blamed covid-19.
However, EY said many companies were already struggling before the pandemic.
In January, recorded warnings had increased 43 per cent year-on-year, when compared to the same month last year.
Alan Hudson, UK head of restructuring at EY, said: “Political uncertainties and rapid structural change pushed UK profit warnings to a ten-year high in 2019. Covid-19 has created new problems, but it has also accelerated existing structural change and exacerbated existing weaknesses.
“When lockdown lifts, it will undoubtedly ease some pressures, but these underlying issues will remain – alongside new challenges.”
The sectors issuing the highest number of profit warnings were those most exposed to the impact of national lockdowns, and in many cases were already showing signs of stress before the covid-19 crisis, the analysis said.
By percentage of companies warning, FTSE travel & leisure was the most dramatically affected, with 70 per cent of the sector issuing a profit warning, followed by industrial materials (63 per cent) and retailers (61 per cent).
All but five of the 42 FTSE sectors tracked issued covid-19 related warnings in the quarter.
Hudson said he expected the number of profit warnings to fall, but distress levels to rise as the UK moves out of lockdown.
“We know from previous crises that one of the biggest tests comes when companies need to reflate balance sheets, restock inventory and depend on supply chains that have been similarly tested,” Hudson said.
“This time, companies face a unique set of additional challenges as they work to safeguard business continuity and the health of employees and customers. It is wise for companies to take a slow and steady approach to restarting operations that allows for flexibility, so they can react to continued uncertainty for some time to come.”


cityam--2020-05-03--WHO: Second UK coronavirus peak 'certainly possible'

A second peak of coronavirus infections in the UK is “ certainly possible ” , according to a leading World Health Organisation epidemiologist .
Dr Maria van Kerkhove , the technical lead of the World Health Organisation ’ s Covid-19 response , said countries must “ remain on alert for additional transmission ” even after they have suppressed the virus .
Read more : Coronavirus lockdown : Office workers to be last to return to work Boris Johnson will announce the government ’ s plan to ease coronavirus social distancing restrictions at the end of next week .
It is @ @ @ @ @ @ @ construction sites , will be opened by the end of the month and primary schools may return next month .
Van Kerkhove told the BBC it was imperative that the UK stayed vigilant as it eases its coronavirus lockdown .
“ What we ’ re seeing in a number of countries that have been successful in suppressing transmission is that….many more people remain susceptible , ” she said .
“ What we ’ re seeing in countries like Singapore , who are seeing something like a second wave , is there are actually @ @ @ @ @ @ @ so the virus has found a place it can take hold and it can re-surge again .
Read more : Coronavirus testing and tracing app to start Isle of Wight trial “ All countries must remain on alert for additional transmission even if they have been successful in suppressing transmission the first round.
” The UK ’ s death toll from Covid-19 has now surpassed 27,000 , putting it only behind Italy in Europe .

WHO: Second UK coronavirus peak ‘certainly possible’
Boris Johnson will announce the government’s plan to ease coronavirus social distancing restrictions at the end of next week.
A second peak of coronavirus infections in the UK is “certainly possible”, according to a leading World Health Organisation epidemiologist.
Dr Maria van Kerkhove, the technical lead of the World Health Organisation’s Covid-19 response, said countries must “remain on alert for additional transmission” even after they have suppressed the virus.
Boris Johnson will announce the government’s plan to ease coronavirus social distancing restrictions at the end of next week.
It is expected that some workplaces, such as construction sites, will be opened by the end of the month and primary schools may return next month.
Van Kerkhove told the BBC it was imperative that the UK stayed vigilant as it eases its coronavirus lockdown.
“What we’re seeing in a number of countries that have been successful in suppressing transmission is that….many more people remain susceptible,” she said.
“What we’re seeing in countries like Singapore, who are seeing something like a second wave, is there are actually outbreaks that are happening in expat dormitories so the virus has found a place it can take hold and it can re-surge again.
“All countries must remain on alert for additional transmission even if they have been successful in suppressing transmission the first round.”
The UK’s death toll from Covid-19 has now surpassed 27,000, putting it only behind Italy in Europe.


cityam--2020-05-03--Warren Buffett pulls out of US aviation as Berkshire Hathaway hits $50bn loss

Warren Buffett ’ s Berkshire Hathaway has sold its entire stake in the four largest US airlines as it posted a quarterly loss of nearly $ 50bn ( £40bn ) .
Buffett yesterday told the company ’ s annual meeting that “ the world has changed ” for the aviation industry .
Read more : British Airways says it could cut 12,000 jobs as global travel slumps Berkshire held large positions in the airlines , including an 11 per cent stake in Delta Air Lines , 10 per cent of American Airlines , 10 per cent of Southwest Airlines and @ @ @ @ @ @ @ the end of 2019 , according to its annual report and company filings .
The conglomerate was one of the largest individual holders in the four airlines and in 2016 disclosed it had begun investing in the four carriers after avoiding the sector for years .
Airline stocks have been hard hit by the near collapse US travel demand amid the coronavirus pandemic .
“ We made that decision in terms of the airline business .
We took money out of the business basically even at a substantial loss , ” Buffett said @ @ @ @ @ @ @ company that — where we think that it is going to chew up money in the future.
” Buffett said Berkshire “ made a mistake ” investing approximately $ 7 billion to $ 8 billion in the sector , which was changed “ in a very major way ” as the pandemic shut down most air travel .
Read more : Norwegian Air faces anxious wait to find out if it has a future today Berkshire also said that most of its more than 90 businesses are facing “ relatively minor to severe @ @ @ @ @ @ @ BNSF railroad saw shipping volumes of consumer products and coal fall , while Geico set aside money for car insurance premiums it no longer expects to collect .
Some businesses cut salaries and furloughed workers , and retailers such as See ’ s Candies and the Nebraska Furniture Mart closed stores .
Buffett also allowed Berkshire ’ s cash stake to rise to a record $ 137.3bn from $ 128 billion at the end of 2019 .
That reflected the 89-year-old billionaire ’ s inability to make large acquisitions and caution in buying @ @ @ @ @ @ @ a net $ 1.8bn of stocks in the first quarter .
It also said it repurchased $ 1.7bn of its own stock , but that was less than in the prior quarter .
Read more : Ryanair set to cut up to 3,000 jobs due to coronavirus “ Historically , Buffett has been so visible in times of crisis , and encouraged investors to take advantage of market selloffs , but if he doesn ’ t see opportunities even in his own stock , what are we to think ?
” said Jim @ @ @ @ @ @ @ & Co.. Berkshire ’ s first-quarter net loss was $ 49.75bn , reflecting $ 54.52bn billion of losses on stock and other investments .
Net earnings were $ 21.66bn a year earlier .
An accounting rule requires Berkshire to report unrealized stock losses and gains with net results , causing huge swings that Buffett considers meaningless .
Quarterly operating profit , which Buffett considers a better performance measure , rose six per cent to $ 5.87bn , from $ 5.56bn .
But year-earlier results reflected a charge for investments linked to what prosecutors @ @ @ @ @ @ @ company , which Berkshire did not know about .
Operating profit at Berkshire ’ s businesses fell three per cent , with declines at BNSF , utilities and energy units , and manufacturing , service and retailing operations such as Precision Castparts , which Berkshire bought for $ 32.1bn in 2016 .

Warren Buffett pulls out of US aviation as Berkshire Hathaway hits $50bn loss
Warren Buffett’s Berkshire Hathaway has sold its entire stake in the four largest US airlines as it posted a quarterly loss of nearly $50bn (£40bn).
Buffett yesterday told the company’s annual meeting that “the world has changed” for the aviation industry.
Berkshire held large positions in the airlines, including an 11 per cent stake in Delta Air Lines, 10 per cent of American Airlines, 10 per cent of Southwest Airlines and nine per cent of United Airlines at the end of 2019, according to its annual report and company filings.
The conglomerate was one of the largest individual holders in the four airlines and in 2016 disclosed it had begun investing in the four carriers after avoiding the sector for years.
Airline stocks have been hard hit by the near collapse US travel demand amid the coronavirus pandemic.
Buffett said the airline industry’s outlook rapidly changed.
“We made that decision in terms of the airline business. We took money out of the business basically even at a substantial loss,” Buffett said. “We will not fund a company that — where we think that it is going to chew up money in the future.”
Buffett said Berkshire “made a mistake” investing approximately $7 billion to $8 billion in the sector, which was changed “in a very major way” as the pandemic shut down most air travel.
Berkshire also said that most of its more than 90 businesses are facing “relatively minor to severe” negative effects from covid-19.
The BNSF railroad saw shipping volumes of consumer products and coal fall, while Geico set aside money for car insurance premiums it no longer expects to collect.
Some businesses cut salaries and furloughed workers, and retailers such as See’s Candies and the Nebraska Furniture Mart closed stores.
Buffett also allowed Berkshire’s cash stake to rise to a record $137.3bn from $128 billion at the end of 2019.
That reflected the 89-year-old billionaire’s inability to make large acquisitions and caution in buying stocks.
Berkshire said it bought only a net $1.8bn of stocks in the first quarter. It also said it repurchased $1.7bn of its own stock, but that was less than in the prior quarter.
“Historically, Buffett has been so visible in times of crisis, and encouraged investors to take advantage of market selloffs, but if he doesn’t see opportunities even in his own stock, what are we to think?” said Jim Shanahan, an analyst at Edward Jones & Co..
Berkshire’s first-quarter net loss was $49.75bn, reflecting $54.52bn billion of losses on stock and other investments. Net earnings were $21.66bn a year earlier.
An accounting rule requires Berkshire to report unrealized stock losses and gains with net results, causing huge swings that Buffett considers meaningless.
Quarterly operating profit, which Buffett considers a better performance measure, rose six per cent to $5.87bn, from $5.56bn.
But year-earlier results reflected a charge for investments linked to what prosecutors called a Ponzi scheme at a solar company, which Berkshire did not know about.
Operating profit at Berkshire’s businesses fell three per cent, with declines at BNSF, utilities and energy units, and manufacturing, service and retailing operations such as Precision Castparts, which Berkshire bought for $32.1bn in 2016.


cityam--2020-05-04--Coronavirus: London's NHS Nightingale to be placed 'on standby'

London ’ s NHS Nightingale is being put “ on standby ” , with no new coronavirus patients expected at the temporary hospital .
The Prime Minister ’ s spokesman said today that the makeshift hospital , located at the Excel centre , was being mothballed due to limited demand .
Read more : Excel centre u-turns on charging NHS for temporary hospital The hospital was built to handle up to 4,000 Covid-19 patients , however fewer than 20 patients are currently being treated there .
“ It ’ s not likely that in the coming days we will need @ @ @ @ @ @ @ Nightingale while coronavirus in the capital remains under control , ” the spokesman said .
“ That ’ s obviously a very positive thing and we remain grateful to everybody in London for following the government ’ s advice in helping to protect the NHS .
“ What the Nightingale will be is effectively placed on standby so it would be ready to receive patients should that be required , but we are not anticipating that will be the case.
” Staff were alerted to the news via an email from Nightingale London @ @ @ @ @ @ @ : FTSE 100 and European stocks fall amid US-China tensions over coronavirus “ Thanks to the determination and sacrifice of Londoners in following the expert advice to stay home and save lives we have not had to expand the Nightingale ’ s capacity beyond the first ward , ” he said .
“ It is likely that in the coming days we will not need to be admitting patients to the London Nightingale , while coronavirus in the capital remains under control .
”

Coronavirus: London’s NHS Nightingale to be placed ‘on standby’
Medical staff and workers take part in a national “clap for carers” to show thanks for the work of Britain’s NHS (National Health Service) workers and other frontline medical staff around the country as they battle with the novel coronavirus pandemic, outside of the ExCeL London exhibition centre, which has been transformed into the “NHS Nightingale”
London’s NHS Nightingale is being put “on standby”, with no new coronavirus patients expected at the temporary hospital.
The Prime Minister’s spokesman said today that the makeshift hospital, located at the Excel centre, was being mothballed due to limited demand.
The hospital was built to handle up to 4,000 Covid-19 patients, however fewer than 20 patients are currently being treated there.
“It’s not likely that in the coming days we will need to be admitting patients to the London Nightingale while coronavirus in the capital remains under control,” the spokesman said.
“That’s obviously a very positive thing and we remain grateful to everybody in London for following the government’s advice in helping to protect the NHS.
“What the Nightingale will be is effectively placed on standby so it would be ready to receive patients should that be required, but we are not anticipating that will be the case.”
Staff were alerted to the news via an email from Nightingale London chief executive Charles Knight.
“Thanks to the determination and sacrifice of Londoners in following the expert advice to stay home and save lives we have not had to expand the Nightingale’s capacity beyond the first ward,” he said.
“It is likely that in the coming days we will not need to be admitting patients to the London Nightingale, while coronavirus in the capital remains under control.”


cityam--2020-05-04--European Commission approves €7bn in state aid for Air France

The European Commission has approved €7bn ( £6.2bn ) in emergency funding for embattled airline Air France , saying that if it did not it could cause “ severe harm to the French economy ” .
The aid package will consist of both a state guarantee on loans and a shareholder loan .
Margrethe Vestager , the EU ’ s top competition official , said : This €7 billion French guarantee and shareholder loan will provide Air France with the liquidity that it urgently needs to withstand the impact of the coronavirus outbreak .
“ We have cooperated closely with @ @ @ @ @ @ @ states , to ensure that public support to tackle the current crisis can be put in place as quickly and effectively as possible , in line with EU rules ” .
Vestager also noted that the airline had played an “ essential role ” in both repatriation efforts and the transportation of medical supplies .
Under new climate policies designed by the French government , Air France will have to cut some internal domestic routes as part of the deal .
Listen to our daily City View podcast as we chart the economic @ @ @ @ @ @ @ pandemic .
Speaking to Le Parisien , French finance minister Bruno le Maire said that the aid was granted on condition that Air France became the most environmentally friendly airline in Europe : “ Yes , [ Air France ] will have to remove domestic lines .
But when it takes two and a half hours to take the train , taking a plane is not justifiable ” , he said .
Vestager said that states were free to design their own measures in line with the EU ’ s rules .
The @ @ @ @ @ @ @ struggling domestic rail service SNCF , which the French government also pledged to prop up today .
Read more : Ryanair set to cut up to 3,000 jobs due to coronavirus However , the EU ’ s decision is likely to be unpopular with some other carriers , who have warned that state aid could radically distort the aviation market when recovery begins .
Last week Ryanair said that it would challenge such state bailouts with the European Union , calling them “ unlawful ” .

European Commission approves €7bn in state aid for Air France
The European Commission has approved €7bn (£6.2bn) in emergency funding for embattled airline Air France, saying that if it did not it could cause “severe harm to the French economy”.
The aid package will consist of both a state guarantee on loans and a shareholder loan.
Margrethe Vestager, the EU’s top competition official, said: This €7 billion French guarantee and shareholder loan will provide Air France with the liquidity that it urgently needs to withstand the impact of the coronavirus outbreak.
“We have cooperated closely with France, as with many other member states, to ensure that public support to tackle the current crisis can be put in place as quickly and effectively as possible, in line with EU rules”.
Vestager also noted that the airline had played an “essential role” in both repatriation efforts and the transportation of medical supplies.
Under new climate policies designed by the French government, Air France will have to cut some internal domestic routes as part of the deal.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
Speaking to Le Parisien, French finance minister Bruno le Maire said that the aid was granted on condition that Air France became the most environmentally friendly airline in Europe:
“Yes, [Air France] will have to remove domestic lines. But when it takes two and a half hours to take the train, taking a plane is not justifiable”, he said.
Vestager said that states were free to design their own measures in line with the EU’s rules.
The new policy represents some good news from struggling domestic rail service SNCF, which the French government also pledged to prop up today.
However, the EU’s decision is likely to be unpopular with some other carriers, who have warned that state aid could radically distort the aviation market when recovery begins.
Last week Ryanair said that it would challenge such state bailouts with the European Union, calling them “unlawful”.


cityam--2020-05-04--HSBC receives 12,800 applications for ‘bounce-back loans’ in first few hours

The UK ’ s biggest banks have been inundated with requests from small businesses for new coronavirus “ bounce-back loans ” , with HSBC receiving 12,800 applications in the first few hours of the scheme .
The government ’ s newest coronavirus lending scheme launched today and offers the UK ’ s smallest companies loans worth 25 per cent of turnover , up to £50,000 , just 24 hours after applying for them .
The loans are available through 10 accredited lenders and 100 per cent guaranteed by the government .
The initiative was created after criticism of the flagship @ @ @ @ @ @ @ ) , which offers bigger loans to firms of all sizes .
Companies said banks were reluctant to lend without a full state guarantee .
For the bounce-back loans scheme , banks do not have to undertake “ forward-looking viability checks ” and the government takes on all the default risk .
After opening this morning , banks have seen a surge in demand from small businesses looking to shore up their finances amid the coronavirus lockdown .
HSBC had received 12,830 applications by midday .
Earlier this morning , Barclays UK chief @ @ @ @ @ @ @ Commons committee today that his bank received 200 applications within minutes of the emergency scheme opening at 8am .
“ We ’ ve seen applications of about 35 per minute even as we sit here during this session , ” he told the Treasury Committee .
David Oldfield , group director and chief executive of commercial banking at Lloyds Bank , said his firm had received 2,000 applications within the first two hours of the scheme ’ s opening .
Santander reported a surge in demand and said it had already provided money @ @ @ @ @ @ @ rush into the loan scheme highlights the huge strain Britain ’ s smallest businesses are under .
Lockdown measures have broken supply chains and caused demand to all but evaporate .
Commenting on the launch of the bounce-back loans scheme , Institute of Directors chief economist Tej Parikh said : “ The business interruption loan scheme has started to reach the front line , but small firms have still been having difficulty accessing finance.
” “ This additional measure should help more of those firms get the cash they need to see them @ @ @ @ @ @ @ ”

HSBC receives 12,800 applications for ‘bounce-back loans’ in first few hours
HSBC published inaccurate information and failed to publish required information on more than 50 occasions, the watchdog said.
The UK’s biggest banks have been inundated with requests from small businesses for new coronavirus “bounce-back loans”, with HSBC receiving 12,800 applications in the first few hours of the scheme.
The government’s newest coronavirus lending scheme launched today and offers the UK’s smallest companies loans worth 25 per cent of turnover, up to £50,000, just 24 hours after applying for them. The loans are available through 10 accredited lenders and 100 per cent guaranteed by the government.
The initiative was created after criticism of the flagship coronavirus business interruption loan scheme (CBILS), which offers bigger loans to firms of all sizes. Companies said banks were reluctant to lend without a full state guarantee.
For the bounce-back loans scheme, banks do not have to undertake “forward-looking viability checks” and the government takes on all the default risk.
After opening this morning, banks have seen a surge in demand from small businesses looking to shore up their finances amid the coronavirus lockdown. HSBC had received 12,830 applications by midday.
Earlier this morning, Barclays UK chief executive Matt Hammerstein told a House of Commons committee today that his bank received 200 applications within minutes of the emergency scheme opening at 8am.
“We’ve seen applications of about 35 per minute even as we sit here during this session,” he told the Treasury Committee.
David Oldfield, group director and chief executive of commercial banking at Lloyds Bank, said his firm had received 2,000 applications within the first two hours of the scheme’s opening.
Santander reported a surge in demand and said it had already provided money to at least one customer.
The rush into the loan scheme highlights the huge strain Britain’s smallest businesses are under. Lockdown measures have broken supply chains and caused demand to all but evaporate.
Commenting on the launch of the bounce-back loans scheme, Institute of Directors chief economist Tej Parikh said: “The business interruption loan scheme has started to reach the front line, but small firms have still been having difficulty accessing finance.”
“This additional measure should help more of those firms get the cash they need to see them through the weeks and months ahead.”


cityam--2020-05-04--Jennie Formby resigns as Labour general secretary

Jennie Formby has resigned as general secretary of the Labour Party after two years in the role .
Formby , a Jeremy Corbyn ally , announced her resignation in a statement today , citing a change in leadership as the reason for her departure .
The vacant post will be filled by the party ’ s ruling National Executive Committee ( NEC ) , which includes new Labour leader Sir Keir Starmer and new deputy leader Angela Rayner .
“ When I applied for the role of general secretary in 2018 it was because I wanted to support Jeremy Corbyn @ @ @ @ @ @ @ get involved in politics with his message of hope , equality and peace , ” she said .
“ It has been a huge privilege to be general secretary of the largest political party in Europe for the last two years , but now we have a new leadership team it is the right time to step down .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
“ I would like to thank Jeremy , our members and my staff @ @ @ @ @ @ @ support during what has been a very challenging period , in particular when I was suffering from ill health .
“ I wish Keir and Angela the very best of luck in taking the party forward and leading Labour to victory at the next General Election ” .
Starmer thanked Formby for her service and for the “ professional efforts she has made in advancing the cause she has fought all her life for ” .
“ Jennie has led our party ’ s organisation with commitment and energy through a period of @ @ @ @ @ @ @ Election last year , ” he said .
“ I wish her the very best for the future.
” Rayner added : “ As a trade unionist and party activist as well as general secretary , Jennie has been a great servant of our movement for many years and blazed a trail as one of our highest achieving women.
” Formby ’ s appointment as general secretary was seen as a boon for the left of the party and confirmation of the faction ’ s control over the main levers of the party @ @ @ @ @ @ @ was a majority of Corbyn supporters , however the tide has now been turned after three moderates were elected to the body earlier this year .
Starmer also appointed three of his allies to the NEC as he was elected leader .
Read more : Starmer and the City : Labour ’ s battle to win back the trust of UK business Formby was widely criticised for her role in the party ’ s ongoing antisemitism scandal and will be scrutinised in the Equality and Human Rights Commission ’ s investigation into the @ @ @ @ @ @ @ year accused her of interfering with the party ’ s complaints process in several high-profile cases dealing with antisemitism allegations .

Jennie Formby resigns as Labour general secretary
Jeremy Corbyn (C) arrives with Labour Party General Secretary Jennie Formby (L), to address a general election campaign rally on College Green in Bristol, southwest England, on December 9, 2019
Jennie Formby has resigned as general secretary of the Labour Party after two years in the role.
Formby, a Jeremy Corbyn ally, announced her resignation in a statement today, citing a change in leadership as the reason for her departure.
The vacant post will be filled by the party’s ruling National Executive Committee (NEC), which includes new Labour leader Sir Keir Starmer and new deputy leader Angela Rayner.
“When I applied for the role of general secretary in 2018 it was because I wanted to support Jeremy Corbyn, who inspired so many people to get involved in politics with his message of hope, equality and peace,” she said.
“It has been a huge privilege to be general secretary of the largest political party in Europe for the last two years, but now we have a new leadership team it is the right time to step down.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
“I would like to thank Jeremy, our members and my staff colleagues who have given me so much support during what has been a very challenging period, in particular when I was suffering from ill health.
“I wish Keir and Angela the very best of luck in taking the party forward and leading Labour to victory at the next General Election”.
Starmer thanked Formby for her service and for the “professional efforts she has made in advancing the cause she has fought all her life for”.
“Jennie has led our party’s organisation with commitment and energy through a period of political upheaval, including a snap General Election last year,” he said.
“I wish her the very best for the future.”
Rayner added: “As a trade unionist and party activist as well as general secretary, Jennie has been a great servant of our movement for many years and blazed a trail as one of our highest achieving women.”
Formby’s appointment as general secretary was seen as a boon for the left of the party and confirmation of the faction’s control over the main levers of the party machinery.
She led an NEC that was a majority of Corbyn supporters, however the tide has now been turned after three moderates were elected to the body earlier this year.
Starmer also appointed three of his allies to the NEC as he was elected leader.
Formby was widely criticised for her role in the party’s ongoing antisemitism scandal and will be scrutinised in the Equality and Human Rights Commission’s investigation into the party.
A BBC Panorama episode last year accused her of interfering with the party’s complaints process in several high-profile cases dealing with antisemitism allegations.


cityam--2020-05-04--BP will not judge National Portrait Gallery award for first time in more than 20 years

BP will not have a representative on the judging panel for the National Portrait Gallery ’ s portrait award for the first time in more than 20 years .
Campaigners have been pushing for the gallery to cut ties with the oil and gas giant , which will continue to sponsor the award this year .
Read more : National Portrait Gallery to close for three years The National Portrait Gallery “ refreshes ” the judging panel each year , a spokesperson said .
This year the panel will be chaired by National Portrait Gallery director Dr Nicholas Cullinan .
@ @ @ @ @ @ @ since 1997 that BP has not had a representative on the panel , the Guardian reported .
A spokesperson for the National Portrait Gallery said : “ The judging panel is refreshed each year to ensure new perspectives are brought to judge the entries .
The Gallery and BP jointly agreed not to have a sponsor representative on the judging panel this year.
” Art galleries have come under increasing pressure to cancel partnerships with oil and gas sponsors .
Last year 78 artists signed a letter addressed to Cullinan urging the gallery @ @ @ @ @ @ @ spokesperson for campaign group Culture Unstained said : “ Last year , 78 leading artists – including former winners and those shortlisted for the prize – powerfully raised this issue with the Gallery .
Read more : National Portrait Gallery drops £1m donation from family embroiled in US opioid crisis “ Now , after 23 years , BP is no longer on the judging panel .
That ’ s no coincidence .
Right now , the government needs to urgently commit to properly funding the cultural sector so that arts organisations can weather @ @ @ @ @ @ @ galleries and museums should not come under pressure to partner with companies fuelling the climate crisis just because the government is failing to step up and support the sector through a different crisis .
”

BP will not judge National Portrait Gallery award for first time in more than 20 years
BP will not have a representative on the judging panel for the National Portrait Gallery’s portrait award for the first time in more than 20 years.
Campaigners have been pushing for the gallery to cut ties with the oil and gas giant, which will continue to sponsor the award this year.
The National Portrait Gallery “refreshes” the judging panel each year, a spokesperson said. This year the panel will be chaired by National Portrait Gallery director Dr Nicholas Cullinan.
However, it is the first time since 1997 that BP has not had a representative on the panel, the Guardian reported.
A spokesperson for the National Portrait Gallery said: “The judging panel is refreshed each year to ensure new perspectives are brought to judge the entries. The Gallery and BP jointly agreed not to have a sponsor representative on the judging panel this year.”
Art galleries have come under increasing pressure to cancel partnerships with oil and gas sponsors. Last year 78 artists signed a letter addressed to Cullinan urging the gallery to cut ties with BP.
A spokesperson for campaign group Culture Unstained said: “Last year, 78 leading artists – including former winners and those shortlisted for the prize – powerfully raised this issue with the Gallery.
“Now, after 23 years, BP is no longer on the judging panel. That’s no coincidence. Right now, the government needs to urgently commit to properly funding the cultural sector so that arts organisations can weather the challenges of Covid-19.
“Our galleries and museums should not come under pressure to partner with companies fuelling the climate crisis just because the government is failing to step up and support the sector through a different crisis.”


cityam--2020-05-04--It will be trade that powers Britain's resurgence after Covid-19

Britain is at its best when we act together .
History has shown us to be the most successful of unions .
Yet we now face an enemy that knows no national boundaries .
Once defeated , as it will be , the successful rebooting of the global economy will require us to work as one .
I am proud that the UK is already gearing up for the recovery .
Formal negotiations with the US are kicking off , with over a hundred trade negotiators on each side .
Using video-conferencing at first this common-sense approach to negotiations will @ @ @ @ @ @ @ the Covid-19 pandemic .
As a great trading nation we will not heed the siren voices of protectionism .
We know that self-sufficiency is a fool ’ s paradise .
A US trade agreement could deliver an extra £15bn a year in increased trade and a £493m cut in tariffs , with Scottish businesses being one of the biggest beneficiaries .
Trade is not a threat to our country .
It provides us with security at home , and opportunities abroad .
By being forward looking we can open new markets and secure @ @ @ @ @ @ @ , higher wages , and lower prices just when we need them most .
By diversifying our trade beyond the EU and China , by reaching out to allies such as the US , we can increase the resilience of our supply chains and the security of the economy .
A trade agreement with the US will let us sign up to advanced data and digital chapters , boosting Silicon Glen ’ s thriving tech centre and companies across the UK .
Our expert teams will work around the clock to deliver greater @ @ @ @ @ @ @ UK .
They will drive a hard bargain for all industries and people .
In Scotland we produce the best beef and lamb in the world .
With US beef already 6 % more expensive than EU beef this is a growing market for our amazing farmers .
Though let us be clear ; if a deal isn ’ t good enough we ’ ll walk away .
The NHS , the price it pays for drugs and its services are not on the table .
There will be no compromise on high @ @ @ @ @ @ @ standards .
But new Free Trade Agreements can open up market after market to sell the best of British products .
Scotland is proud to be a vital part of a successful Union and a wider world .
Our exports are the best in the world .
What is better than a dram of whisky to finish a meal ?
A sliver of Scottish salmon represents the gold standard .
Under a Conservative government trade in these will be locked-in .
We will use our influence at the WTO , the G20 , @ @ @ @ @ @ @ for UK exporters all over the world and enable more free flowing trade .
We will , as the Prime Minister said in Greenwich , “ make the case for powerfully for the freedom of exchange … of the right of the populations of the earth to buy and sell freely among each other.
” To ensure our future prosperity we must adapt , and rather than look inwards , trade more with every part of the world to ensure we are not overly reliant on one .
Britain is a great trading @ @ @ @ @ @ @ when we embrace hard work , aspiration , and our role in the world .
Now is not the time to retreat , to cower within our shorelines , now is the time to embrace liberal , open , rules-based trade .
In doing so , together with our friends and allies across the world , we will emerge from the current crisis stronger and deliver a more prosperous and better future for our children .

It will be trade that powers Britain’s resurgence after Covid-19
Britain is at its best when we act together. History has shown us to be the most successful of unions. Yet we now face an enemy that knows no national boundaries. Once defeated, as it will be, the successful rebooting of the global economy will require us to work as one.
I am proud that the UK is already gearing up for the recovery. Formal negotiations with the US are kicking off, with over a hundred trade negotiators on each side. Using video-conferencing at first this common-sense approach to negotiations will ensure that trade negotiations can continue during the Covid-19 pandemic.
As a great trading nation we will not heed the siren voices of protectionism. We know that self-sufficiency is a fool’s paradise. A US trade agreement could deliver an extra £15bn a year in increased trade and a £493m cut in tariffs, with Scottish businesses being one of the biggest beneficiaries.
Trade is not a threat to our country. It provides us with security at home, and opportunities abroad. By being forward looking we can open new markets and secure investment that will result in better jobs, higher wages, and lower prices just when we need them most.
By diversifying our trade beyond the EU and China, by reaching out to allies such as the US, we can increase the resilience of our supply chains and the security of the economy. A trade agreement with the US will let us sign up to advanced data and digital chapters, boosting Silicon Glen’s thriving tech centre and companies across the UK.
Our expert teams will work around the clock to deliver greater opportunities and higher living standards across the UK. They will drive a hard bargain for all industries and people. In Scotland we produce the best beef and lamb in the world. With US beef already 6% more expensive than EU beef this is a growing market for our amazing farmers.
Though let us be clear; if a deal isn’t good enough we’ll walk away. The NHS, the price it pays for drugs and its services are not on the table. There will be no compromise on high environmental protection, animal welfare and food standards. But new Free Trade Agreements can open up market after market to sell the best of British products.
Scotland is proud to be a vital part of a successful Union and a wider world. Our exports are the best in the world. What is better than a dram of whisky to finish a meal? A sliver of Scottish salmon represents the gold standard. Under a Conservative government trade in these will be locked-in.
We will use our influence at the WTO, the G20, and G7 to push for lower tariffs for UK exporters all over the world and enable more free flowing trade.
We will, as the Prime Minister said in Greenwich, “make the case for powerfully for the freedom of exchange … of the right of the populations of the earth to buy and sell freely among each other.” To ensure our future prosperity we must adapt, and rather than look inwards, trade more with every part of the world to ensure we are not overly reliant on one.
Britain is a great trading nation; a Union at its best when we embrace hard work, aspiration, and our role in the world. Now is not the time to retreat, to cower within our shorelines, now is the time to embrace liberal, open, rules-based trade.
In doing so, together with our friends and allies across the world, we will emerge from the current crisis stronger and deliver a more prosperous and better future for our children.


cityam--2020-05-04--Back to work: The office will change forever

After over a month of lockdown and with the Prime Minister announcing we are “ passed the peak ” of the virus , the UK is starting to consider what comes next .
Understandably in such a complex situation , concrete details of phase two remain sparse .
However , for many ministers , members of parliament , businesses and the public , the burning question is , “ When can we get back to normal ?
” .
Whether keeping the local cafe afloat or visiting loved ones , a return to some semblance of normality , if and @ @ @ @ @ @ @ , is critical for many , both economically and socially .
Read more : Businesses begin long journey to a new normal However , the pandemic has also revealed for vast swathes of the economy—those sectors which have been able to adjust to greater flexible and remote working—that the status-quo was less important than we first realised .
In recent weeks we have seen an unprecedented mobilisation of remote working .
Business leaders and workers alike have sought not only to adapt to remote work but improve upon it .
Not simply by @ @ @ @ @ @ @ emails , but creating an entire remote-first culture and embracing the tools that enable it .
As much as we desire to get back to business as usual , now is the time for businesses to think hard about what to take from this experience .
Because , like the rest of the world , the UK economy faces serious challenges ahead .
Learning the right lessons now , and creating a new normal in the way we work , will be essential to thriving in a post-Covid-19 world .
Research suggests that @ @ @ @ @ @ @ life to return entirely to normal after pandemic .
With more free time , many are spending more time with their children , rediscovering a passion for reading , or running through the trials and tribulations of amateur baking .
In short , people are discovering a new sense of work-life balance .
Not only is this encouraging on a personal level , but in the long-term , greater work-life balance has been shown to have a positive effect on productivity and performance .
Of course , the shift to remote working does @ @ @ @ @ @ @ transparency can become more difficult without a physical space to gather in .
A video call doesn ’ t replace the ability to tap a colleague on the shoulder , or run a thought by a manager as you grab coffee .
This distance also makes maintaining and building a sense of culture harder .
A shared purpose and attachment to the work that ’ s taking place , as well as meaningful professional relationships are all key to both workplace satisfaction and efficiency .
It can be tricky to recreate all of @ @ @ @ @ @ @ .
However , what many workplaces are now realising is that our technology choices are extremely important .
It ’ s no longer simply about personal preferences and individual use .
The apps and platforms we use have to function collectively and collaboratively , and as such have an exponential impact on entire organisations .
Email has been the de-facto form of business communication for decades .
However , it works poorly for aligning teams .
It offers a fragmented , limited view of information .
Key people are easily missed from email @ @ @ @ @ @ @ inbox zero ” and insights are quickly buried , lost or deleted .
These are serious issues when the workforce is in an office .
When working remotely , with the added distance and reduced visibility , they are calamitous .
Teams instead need a solution that can offer a digital space where conversations , information and , importantly , the software they use , all comes together .
The aim of workplace collaboration technology should be to create a shared sense of understanding around context , goals and priorities .
Covid-19 caught @ @ @ @ @ @ @ quickly .
However , the pace of change has also shown that large scale digital transformations to more effective tools aren ’ t always time or resource intensive .
For example , the London-listed investment firm Man Group is centuries old , yet moved with impressive agility in response to the pandemic , shifting its 1,400-member workforce across 19 offices from Beijing to Boston swiftly and securely to Slack ’ s Enterprise Grid in under two weeks .
A move to communication channels , which can be created for any project or task @ @ @ @ @ @ @ to share messages , tools and files , enabled Man Group to break down barriers between teams and facilitate cross-department conversations .
Colleagues were able to answer questions they may have previously never seen , and help one another adapt to remote work .
Meanwhile , transparent access to leadership through a company-wide channel quickly led to UK teams being given the all-clear by the CEO to take time off to volunteer for the NHS , as he was able to see and instantly green-light a question posed by employees .
This is @ @ @ @ @ @ @ world countless businesses are changing the way they work and discovering smarter , more productive workflows and improved company culture as they do so .
Preparing for the next phase Organisations face substantial challenges ahead .
There ’ s no denying that the public and economy are hurting , and a desire to return to how things were is natural .
It ’ s important to remember , though , that as we enter the second phase of the response to coronavirus , we leave the first .
What that means is progress @ @ @ @ @ @ @ , some of the greatest challenges in living memory have been faced , and tackled .
As we look to the future we need to bear those successes and struggles in mind .
Returning to a post-Covid-19 world with a pre-Covid-19 approach to work will benefit no one .
For businesses , the best weapon available for the next phase is the intelligence we have gathered so far .
And , used correctly , this could well set us up for a better way to work than we ever had before .

Back to work: The office will change forever
After over a month of lockdown and with the Prime Minister announcing we are “passed the peak” of the virus, the UK is starting to consider what comes next.
Understandably in such a complex situation, concrete details of phase two remain sparse. However, for many ministers, members of parliament, businesses and the public, the burning question is, “When can we get back to normal?”.
Whether keeping the local cafe afloat or visiting loved ones, a return to some semblance of normality, if and when it is safe to do so, is critical for many, both economically and socially.
Read more: Businesses begin long journey to a new normal
However, the pandemic has also revealed for vast swathes of the economy—those sectors which have been able to adjust to greater flexible and remote working—that the status-quo was less important than we first realised.
In recent weeks we have seen an unprecedented mobilisation of remote working. Business leaders and workers alike have sought not only to adapt to remote work but improve upon it. Not simply by switching to video calls and sending more emails, but creating an entire remote-first culture and embracing the tools that enable it.
As much as we desire to get back to business as usual, now is the time for businesses to think hard about what to take from this experience. Because, like the rest of the world, the UK economy faces serious challenges ahead. Learning the right lessons now, and creating a new normal in the way we work, will be essential to thriving in a post-Covid-19 world.
Challenging the status quo of work
Research suggests that fewer than 10% of people want life to return entirely to normal after pandemic.
With more free time, many are spending more time with their children, rediscovering a passion for reading, or running through the trials and tribulations of amateur baking. In short, people are discovering a new sense of work-life balance. Not only is this encouraging on a personal level, but in the long-term, greater work-life balance has been shown to have a positive effect on productivity and performance.
Of course, the shift to remote working does bring its own challenges. Alignment and transparency can become more difficult without a physical space to gather in. A video call doesn’t replace the ability to tap a colleague on the shoulder, or run a thought by a manager as you grab coffee.
This distance also makes maintaining and building a sense of culture harder. A shared purpose and attachment to the work that’s taking place, as well as meaningful professional relationships are all key to both workplace satisfaction and efficiency.
It can be tricky to recreate all of this with only a laptop for company. However, what many workplaces are now realising is that our technology choices are extremely important. It’s no longer simply about personal preferences and individual use. The apps and platforms we use have to function collectively and collaboratively, and as such have an exponential impact on entire organisations.
Learning to adapt
Email has been the de-facto form of business communication for decades. However, it works poorly for aligning teams. It offers a fragmented, limited view of information. Key people are easily missed from email chains, new joiners start from “inbox zero” and insights are quickly buried, lost or deleted.
These are serious issues when the workforce is in an office. When working remotely, with the added distance and reduced visibility, they are calamitous.
Teams instead need a solution that can offer a digital space where conversations, information and, importantly, the software they use, all comes together. The aim of workplace collaboration technology should be to create a shared sense of understanding around context, goals and priorities.
Covid-19 caught businesses unaware. They had to adapt quickly. However, the pace of change has also shown that large scale digital transformations to more effective tools aren’t always time or resource intensive.
For example, the London-listed investment firm Man Group is centuries old, yet moved with impressive agility in response to the pandemic, shifting its 1,400-member workforce across 19 offices from Beijing to Boston swiftly and securely to Slack’s Enterprise Grid in under two weeks.
A move to communication channels, which can be created for any project or task and provides a single place for teams to share messages, tools and files, enabled Man Group to break down barriers between teams and facilitate cross-department conversations. Colleagues were able to answer questions they may have previously never seen, and help one another adapt to remote work.
Meanwhile, transparent access to leadership through a company-wide channel quickly led to UK teams being given the all-clear by the CEO to take time off to volunteer for the NHS, as he was able to see and instantly green-light a question posed by employees.
This is just one example, but across the world countless businesses are changing the way they work and discovering smarter, more productive workflows and improved company culture as they do so.
Preparing for the next phase
Organisations face substantial challenges ahead. There’s no denying that the public and economy are hurting, and a desire to return to how things were is natural.
It’s important to remember, though, that as we enter the second phase of the response to coronavirus, we leave the first. What that means is progress. Though there are more to come, some of the greatest challenges in living memory have been faced, and tackled.
As we look to the future we need to bear those successes and struggles in mind. Returning to a post-Covid-19 world with a pre-Covid-19 approach to work will benefit no one.
For businesses, the best weapon available for the next phase is the intelligence we have gathered so far. And, used correctly, this could well set us up for a better way to work than we ever had before.


cityam--2020-05-04--ITV shares drop after broadcaster cancels Love Island

Shares in ITV fell more than four per cent this morning after the broadcaster confirmed it has cancelled Love Island due to coronavirus .
In a statement ITV said series seven of the hit dating show will now take place in 2021 as travelling to a villa in Mallorca for filming was “ out of the question ” .
Read more : Coronavirus : ITV bosses take 20 per cent pay cut as bonuses scrapped “ We have tried every which way to make Love Island this summer but logistically it ’ s just not possible to produce it in @ @ @ @ @ @ @ everyone involved and that for us is the priority , ” said Kevin Lygo , ITV ’ s director of television .
“ We are very sorry for fans of the show but making it safely is our prime concern and Love Island will be back stronger than ever in 2021 .
In the meantime Love Island fans can still enjoy all six series of Love Island on Britbox.
” The cancellation will come as a huge blow to the public service broadcaster , which has suffered both a decline in advertising revenue @ @ @ @ @ @ @ has scrapped its full-year dividend and abandoned guidance for 2020 as a result of the expected slump in revenue .
Director bonuses have been scrapped and the company ’ s board has also taken a 20 per cent pay cut in a bid to hold onto cash .
Much like other broadcasters , ITV has been crippled the collapse of the advertising market even as viewing figures have surged during the lockdown .
But ITV is particularly vulnerable due to its reliance on live sport and the wildly successful Love Island , which @ @ @ @ @ @ @ time earlier this year .
In a bid to diversify away from ad revenue , the firm has started investing heavily in producing original programming .
Its Studios arm posted a nine per cent rise in revenue to £1.8bn last year .
However , social distancing measures have prompted a shutdown in production across the globe , and ITV will be facing a huge shortfall in its pipeline of new shows .
The company ’ s share price has plummeted more than 50 per cent since the start of the year , with @ @ @ @ @ @ @ as Netflix now compounded by the Covid-19 crisis .
Read more : Telefonica confirms talks to merge O2 with Virgin Media Speculation may also be rising about a potential takeover of ITV by Liberty Global , which holds a 10 per cent stake in the broadcaster .
Liberty today confirmed it has entered into talks about a potential merger between O2 and Virgin Media to form a new company straddling mobile , broadband and pay-TV .

ITV shares drop after broadcaster cancels Love Island
Series six of Love Island racked up record online viewing numbers
Shares in ITV fell more than four per cent this morning after the broadcaster confirmed it has cancelled Love Island due to coronavirus.
In a statement ITV said series seven of the hit dating show will now take place in 2021 as travelling to a villa in Mallorca for filming was “out of the question”.
“We have tried every which way to make Love Island this summer but logistically it’s just not possible to produce it in a way that safeguards the wellbeing of everyone involved and that for us is the priority,” said Kevin Lygo, ITV’s director of television.
“We are very sorry for fans of the show but making it safely is our prime concern and Love Island will be back stronger than ever in 2021. In the meantime Love Island fans can still enjoy all six series of Love Island on Britbox.”
The cancellation will come as a huge blow to the public service broadcaster, which has suffered both a decline in advertising revenue and a shutdown in filming.
ITV has scrapped its full-year dividend and abandoned guidance for 2020 as a result of the expected slump in revenue.
Director bonuses have been scrapped and the company’s board has also taken a 20 per cent pay cut in a bid to hold onto cash.
Much like other broadcasters, ITV has been crippled the collapse of the advertising market even as viewing figures have surged during the lockdown.
But ITV is particularly vulnerable due to its reliance on live sport and the wildly successful Love Island, which launched a winter version for the first time earlier this year.
In a bid to diversify away from ad revenue, the firm has started investing heavily in producing original programming. Its Studios arm posted a nine per cent rise in revenue to £1.8bn last year.
However, social distancing measures have prompted a shutdown in production across the globe, and ITV will be facing a huge shortfall in its pipeline of new shows.
The company’s share price has plummeted more than 50 per cent since the start of the year, with underlying challenges posed by streaming rivals such as Netflix now compounded by the Covid-19 crisis.
Speculation may also be rising about a potential takeover of ITV by Liberty Global, which holds a 10 per cent stake in the broadcaster.
Liberty today confirmed it has entered into talks about a potential merger between O2 and Virgin Media to form a new company straddling mobile, broadband and pay-TV.
Main image credit: ITV