cityam--2020-10-12--National Express appoints Fedex veteran as new chief exec

Bus and coach operator National Express has today appointed a new chief executive as it seeks to move forward amid the coronavirus pandemic .
Jose Ignacio Garat will take the top job at the FTSE 250 company from the 1 November , with interim chief exec Chris Davies remaining as group finance director .
Davies was appointed after housebuilder Persimmon poached Dean Finch after a decade at the transport firm .
Garat previously held senior roles at delivery firms Fedex and TNT .
His latest role at the former was senior vice president Southern Europe , France and Benelux operations @ @ @ @ @ @ @ watched National Express Group ’ s growth in recent years to become the leader in its sector , so it is a privilege to be given the opportunity to lead the company as it navigates the pandemic and positions itself for future growth .
“ National Express has an international portfolio of market-leading businesses and a strong reputation for service and safety excellence.
” Last month the firm said it was “ resolutely optimistic ” about its long-term outlook after reporting better-than-expected trading in September .
Before the Open newsletter : Start your @ @ @ @ @ @ @ key market data The coach operator said it was performing “ slightly better ” than its previously announced base case , which assumed revenue to be 50 per cent lower until the end of August .
It said it had seen strong passenger growth in the UK , with services in the West Midlands and Dundee operating at roughly last year ’ s level .
According to figures from the Department for Transport ( DfT ) , regional bus passenger numbers were at 59 per cent of pre-pandemic levels on 5 October .
@ @ @ @ @ @ @ said he was “ delighted ” to welcome Garat to the group .
“ Ignacio has the extensive international operational and strategic experience to lead National Express Group through the challenges presented by the pandemic , as well as the significant future opportunities that exist .
Read more : National Express falls to £30m loss as coronavirus decimates demand “ Ignacio ’ s track-record of focusing on safety , operational excellence and strong financial performance , aligns closely with National Express Group ’ s priorities ” , he added .
Shares in the @ @ @ @ @ @ @ .

National Express appoints Fedex veteran as new chief exec
Bus and coach operator National Express has today appointed a new chief executive as it seeks to move forward amid the coronavirus pandemic.
Jose Ignacio Garat will take the top job at the FTSE 250 company from the 1 November, with interim chief exec Chris Davies remaining as group finance director.
Davies was appointed after housebuilder Persimmon poached Dean Finch after a decade at the transport firm.
Garat previously held senior roles at delivery firms Fedex and TNT. His latest role at the former was senior vice president Southern Europe, France and Benelux operations.
He said: “I have watched National Express Group’s growth in recent years to become the leader in its sector, so it is a privilege to be given the opportunity to lead the company as it navigates the pandemic and positions itself for future growth.
“National Express has an international portfolio of market-leading businesses and a strong reputation for service and safety excellence.”
Last month the firm said it was “resolutely optimistic” about its long-term outlook after reporting better-than-expected trading in September.
Before the Open newsletter: Start your day with the City View podcast and key market data
The coach operator said it was performing “slightly better” than its previously announced base case, which assumed revenue to be 50 per cent lower until the end of August.
It said it had seen strong passenger growth in the UK, with services in the West Midlands and Dundee operating at roughly last year’s level.
According to figures from the Department for Transport (DfT), regional bus passenger numbers were at 59 per cent of pre-pandemic levels on 5 October.
National Express’ chairman Sir John Armitt said he was “delighted” to welcome Garat to the group.
“Ignacio has the extensive international operational and strategic experience to lead National Express Group through the challenges presented by the pandemic, as well as the significant future opportunities that exist.
“Ignacio’s track-record of focusing on safety, operational excellence and strong financial performance, aligns closely with National Express Group’s priorities”, he added.
Shares in the firm dropped 2.6 per cent this morning.


cityam--2020-10-12--NHS boss: More in hospital with Covid now than when first lockdown began

More people are now in hospital with Covid than when Boris Johnson announced the first lockdown in March , according to the boss of NHS England .
Stephen Powis said during a live briefing today that A & E admissions are at their highest in Liverpool and that the North West has seen a seven-fold increase in Covid hospital admissions .
Read more : Government set to unveil new UK coronavirus restrictions It comes as Boris Johnson prepares to announce a new three-tier Covid alert warning level that will likely put areas such as Liverpoool and Manchester into a form @ @ @ @ @ @ @ hospital admissions are rising quickly in the North East and North West , that the NHS has also improved in treating Covid .
He also announced today that all NHS frontline staff in high risk areas will get regular testing .
“ We have new life saving treatments…we better understand the types of oxygen therapies patients need and the best way to care for them and aid their recovery , ” he said .
“ Fourteen-day survival rates in intensive care have gone from 72 to 85 per cent.
” Before the Open @ @ @ @ @ @ @ City View podcast and key market data England deputy chief medical officer Jonathan Van-Tam said at the briefing that cases were “ heating up ” among people in the 60+ age bracket who are at the highest risk of death from Covid .
The highest number of cases in each part of the country is still among 20-29 year olds .
However , Van-Tam said there was a clear pattern that showed infections increasing in older age groups after cases rise in younger people first .
“ You can see the incremental creep @ @ @ @ @ @ @ band up , followed a few weeks later by a creep up again and you can now see the 60+ are also heating up on that chart , ” he said .
The North West has an estimated 40 per cent of all Covid cases in England right now , however Van-Tam warned that cases were now quickly rising in the South as well .
“ I showed very similar data to MPs and the House of Lords on Friday and the brown chart had not extended that far South , so it @ @ @ @ @ @ @ few days , ” he said .
Read more : New London restrictions are ‘ highly likely ’ , Sadiq Khan says Mayor of London Sadiq Khan warned today that it was “ highly likely ” the capital would soon face new restrictions .
“ As a country it is vital we properly support businesses , workers and local authorities to ensure the rules are followed and enforced , but also to avert widespread hardship , ” he said .

NHS boss: More in hospital with Covid now than when first lockdown began
A street sign advises members of the public to “Maintain Social Distance” in Liverpool, north west England on October 12, 2020, as new local lockdown measures are set to be imposed to help stem a second wave of the novel coronavirus COVID-19. – British Prime Minister Boris Johnson is set to present a new three-tiered alert system for coronavirus cases in England on Monday, with Liverpool in the northwest expected to be the only city placed in the top category. Like governments throughout Europe, Johnson’s conservative cabinet is seeking to balance bringing down the rate of new infections against concern about the economy and frustration among voters. (Photo by Paul ELLIS / AFP) (Photo by PAUL ELLIS/AFP via Getty Images)
More people are now in hospital with Covid than when Boris Johnson announced the first lockdown in March, according to the boss of NHS England.
Stephen Powis said during a live briefing today that A&E admissions are at their highest in Liverpool and that the North West has seen a seven-fold increase in Covid hospital admissions.
It comes as Boris Johnson prepares to announce a new three-tier Covid alert warning level that will likely put areas such as Liverpoool and Manchester into a form of lockdown.
Powis said that while hospital admissions are rising quickly in the North East and North West, that the NHS has also improved in treating Covid.
He also announced today that all NHS frontline staff in high risk areas will get regular testing.
“We have new life saving treatments…we better understand the types of oxygen therapies patients need and the best way to care for them and aid their recovery,” he said.
“Fourteen-day survival rates in intensive care have gone from 72 to 85 per cent.”
Before the Open newsletter: Start your day with the City View podcast and key market data
England deputy chief medical officer Jonathan Van-Tam said at the briefing that cases were “heating up” among people in the 60+ age bracket who are at the highest risk of death from Covid.
The highest number of cases in each part of the country is still among 20-29 year olds.
However, Van-Tam said there was a clear pattern that showed infections increasing in older age groups after cases rise in younger people first.
“You can see the incremental creep of the infection into the next age band up, followed a few weeks later by a creep up again and you can now see the 60+ are also heating up on that chart,” he said.
The North West has an estimated 40 per cent of all Covid cases in England right now, however Van-Tam warned that cases were now quickly rising in the South as well.
“I showed very similar data to MPs and the House of Lords on Friday and the brown chart had not extended that far South, so it has changed in just a matter of few days,” he said.
Mayor of London Sadiq Khan warned today that it was “highly likely” the capital would soon face new restrictions.
“As a country it is vital we properly support businesses, workers and local authorities to ensure the rules are followed and enforced, but also to avert widespread hardship,” he said.


cityam--2020-10-12--Mayor warns London faces new restrictions ‘very soon’

London mayor Sadiq Khan has warned that the capital faces fresh lockdown restrictions “ very soon ” to quell a rapid rise in infections .
Khan said it is “ highly likely ” that Londoners will face further measures to stem the spread of the virus ” because cases are rising so quickly across the city ” .
Read more : London coronavirus cases : How many infections are in your London borough ?
It comes as the number of new coronavirus cases in the city hit more than 7,700 last week , after five London boroughs tipped past the @ @ @ @ @ @ @ week to 8 October .
“ Covid-19 cases are increasing in London .
We know our city is at a crucial stage in our fight against coronavirus , ” Khan said today .
“ Please don ’ t ignore the warnings from the experts .
Follow the rules , wear a face mask , wash your hands and stay a safe distance from others .
We can turn this around , ” he added .
London could be designated as a “ medium risk ” under the government ’ s new three-tier system @ @ @ @ @ @ @ today .
It means the capital could see a city-wide ban on social mixing between households among a swathe of new restrictions to curb a recent spike in infections .
It comes as large portions of the North of England face sweeping new measures as soon as this week , with pubs , restaurants and night-time businesses likely to be shuttered for several weeks .
MPs in London boroughs worst-affected from coronavirus last week told City A.M. the government had “ kept MPs in the dark ” over plans to introduce new restrictions @ @ @ @ @ @ @ further lockdown measures across the city .
Read more : New London restrictions are ‘ highly likely ’ , Sadiq Khan says Sam Tarry , MP for Ilford South in Redbridge — London ’ s fifth-worst affected borough — warned that the that Redbridge ’ s infection rate is “ actually a lot worse ” than the official 68.1 per 100,000 figure , and that the same was likely true for the rest of London .
Fellow Redbridge MP Wes Streeting slammed the government ’ s testing scheme as a “ shambles ” @ @ @ @ @ @ @ lockdown was “ inevitable ” if the capital ’ s track and trace system is not improved .
Before the Open : Get the jump on the markets with our early morning newsletter

Mayor warns London faces new restrictions ‘very soon’
The mayor of London joined calls for the furlough scheme to be extended until at least June
London mayor Sadiq Khan has warned that the capital faces fresh lockdown restrictions “very soon” to quell a rapid rise in infections.
Khan said it is “highly likely” that Londoners will face further measures to stem the spread of the virus ”because cases are rising so quickly across the city”.
It comes as the number of new coronavirus cases in the city hit more than 7,700 last week, after five London boroughs tipped past the 100 cases per 100,000 mark in the week to 8 October.
“Covid-19 cases are increasing in London. We know our city is at a crucial stage in our fight against coronavirus,” Khan said today.
“Please don’t ignore the warnings from the experts. Follow the rules, wear a face mask, wash your hands and stay a safe distance from others. We can turn this around,” he added.
London could be designated as a “medium risk” under the government’s new three-tier system to tackle coronavirus due to be announced today.
It means the capital could see a city-wide ban on social mixing between households among a swathe of new restrictions to curb a recent spike in infections.
It comes as large portions of the North of England face sweeping new measures as soon as this week, with pubs, restaurants and night-time businesses likely to be shuttered for several weeks.
MPs in London boroughs worst-affected from coronavirus last week told City A.M. the government had “kept MPs in the dark” over plans to introduce new restrictions, and called on ministers to introduce further lockdown measures across the city.
Sam Tarry, MP for Ilford South in Redbridge — London’s fifth-worst affected borough — warned that the that Redbridge’s infection rate is “actually a lot worse” than the official 68.1 per 100,000 figure, and that the same was likely true for the rest of London.
Fellow Redbridge MP Wes Streeting slammed the government’s testing scheme as a “shambles”, telling City A.M. that a London lockdown was “inevitable” if the capital’s track and trace system is not improved.
Before the Open: Get the jump on the markets with our early morning newsletter


cityam--2020-10-12--London retail landlords struggle to collect rent from tenants

London commercial property landlords are struggling to collect rent from beleaguered retail tenants amid a slump in footfall during the coronavirus pandemic .
Great Portland Estates announced this morning that it collected just 21 per cent of the retail , hospitality and leisure rent it was owed in the quarter ended 30 September .
Read more : Landlord New River converts retail property into residential amid high street turmoil However total rent paid during the quarter reached 73 per cent , as London ’ s office property sector fared better than the high street .
Chief executive Toby Courtauld said @ @ @ @ @ @ @ to dominate the economic backdrop and disrupt the activities of many businesses across London .
“ Whilst rental collection and occupancy rates have improved across the portfolio since March , many sectors remain challenged .
“ We continue to engage with those occupiers unable to meet their rental obligations , offering assistance on a case by case basis to support them through this difficult period .
“ Whilst we expect the near term outlook to remain unpredictable , we remain firm believers in the long term appeal of well-designed and located offices and @ @ @ @ @ @ @ dominant global city.
” London-based development firm Helical said it had mainly granted rent holidays to its food and drink tenants during the coronavirus crisis so far .
For the March quarter it has collected 94.7 per cent of rent , and 91.3 per cent for the June quarter .
The firm has received 84 per cent of the payments due for the three months ended 30 September , which it expects to rise to more than 90 per cent by December .
Meanwhile FTSE-250 listed real estate investment trust ( REIT ) @ @ @ @ @ @ @ cent of retail park rent .
The REIT , which is focussed on logistics assets , had received 100 per cent of its distribution rent , with long income at 92 per cent and offices at 97 per cent .

London retail landlords struggle to collect rent from tenants
London commercial property landlords are struggling to collect rent from beleaguered retail tenants amid a slump in footfall during the coronavirus pandemic.
Great Portland Estates announced this morning that it collected just 21 per cent of the retail, hospitality and leisure rent it was owed in the quarter ended 30 September.
However total rent paid during the quarter reached 73 per cent, as London’s office property sector fared better than the high street.
Chief executive Toby Courtauld said: “The trajectory of Covid-19 continues to dominate the economic backdrop and disrupt the activities of many businesses across London.
“Whilst rental collection and occupancy rates have improved across the portfolio since March, many sectors remain challenged.
“We continue to engage with those occupiers unable to meet their rental obligations, offering assistance on a case by case basis to support them through this difficult period.
“Whilst we expect the near term outlook to remain unpredictable, we remain firm believers in the long term appeal of well-designed and located offices and of London’s role as a dominant global city.”
London-based development firm Helical said it had mainly granted rent holidays to its food and drink tenants during the coronavirus crisis so far.
For the March quarter it has collected 94.7 per cent of rent, and 91.3 per cent for the June quarter.
The firm has received 84 per cent of the payments due for the three months ended 30 September, which it expects to rise to more than 90 per cent by December.
Meanwhile FTSE-250 listed real estate investment trust (REIT) Londonmetric said it had collected 83 per cent of retail park rent.
The REIT, which is focussed on logistics assets, had received 100 per cent of its distribution rent, with long income at 92 per cent and offices at 97 per cent.


cityam--2020-10-12--BR Shetty seeks India probe into NMC Health and Finablr bosses

Indian entrepreneur BR Shetty has filed a complaint with federal investigative agencies in India , seeking a probe into two former top executives of his companies and two Indian banks linked to the multibillion dollar scandal engulfing his business empire .
Several firms linked to Shetty including UAE hospital operator NMC Health and payments firm Finablr have come under severe financial pressure after short seller Muddy Waters raised concerns about NMC ’ s accounting last year .
Read more : Former bosses of Finablr and NMC Health face fraud accusations Muddy Waters accused NMC Health of inflating its asset prices @ @ @ @ @ @ @ Finablr , which owns foreign exchange firm Travelex , have since disclosed billions of dollars of debt that had not been previously reported .
Shetty ’ s complaint to Indian authorities , seen by Reuters , accuses the former chief executives of NMC and Finablr , along with their associates and bankers , of inflating the companies ’ balance sheets , arranging “ illegal ” credit facilities , and misappropriating funds since 2012 .
The complaint calls on India ’ s federal police , its Central Bureau of Investigation , and its financial @ @ @ @ @ @ @ document was also sent to the Indian Prime Minister ’ s office , central bank , and other investigative agencies .
A spokesperson for the two former chief executives , brothers Prasanth and Promoth Manghat , rejected Shetty ’ s allegations .
They said Shetty had significant control over the running of NMC after stepping aside as CEO in chief executive and that he or his family remained on the boards of companies including Finablr .
“ These unfounded allegations against Prasanth Manghat and Promoth Manghat are a clumsy attempt to distract attention @ @ @ @ @ @ @ added by them to the success of NMC , Finablr… and Shetty ’ s own role in what has taken place , ” the spokesman said .
Bank of Baroda and Federal Bank , the Indian lenders named in Shetty ’ s complaint , did not respond to a request for comment from Reuters .
The High Court in London placed former FTSE 100 firm NMC into administration in April after the company reported debts of $ 6.6bn ( £5bn ) .
Before the Open newsletter : Start your day with the City @ @ @ @ @ @ @ said in March that it was preparing for potential insolvency , warning a month later that it may have almost $ 1bn more debt than previously disclosed .
The UK-listed firm approved a takeover offer from software firm Prism Advance Solutions last week .
NMC ’ s administrators , Alvarez & Marsal , said last week that its investigators were working with legal advisors to develop a strategy to recover losses , which are likely to run to billions of dollars , and obtain compensation for damage incurred to the healthcare provider resulting @ @ @ @ @ @ @ executive Bhairav Trivedi said last week that the company is continuing to cooperate with all relevant authorities .
Shetty , is facing a criminal complaint in Abu Dhabi and fighting court cases in India and Dubai as banks seek to recover loans from his companies In April , the UAE central bank ordered banks to freeze accounts of Shetty and his family , Reuters reported .
“ We have submitted every shred of evidence into that complaint , which , if anybody examines , will clearly conclude that Dr Shetty is innocent and @ @ @ @ @ @ @ his nose — unfortunately , behind his back , ” Shetty ’ s lawyer told Reuters .

BR Shetty seeks India probe into NMC Health and Finablr bosses
Indian entrepreneur BR Shetty has filed a complaint with federal investigative agencies in India, seeking a probe into two former top executives of his companies and two Indian banks linked to the multibillion dollar scandal engulfing his business empire.
Several firms linked to Shetty including UAE hospital operator NMC Health and payments firm Finablr have come under severe financial pressure after short seller Muddy Waters raised concerns about NMC’s accounting last year.
Muddy Waters accused NMC Health of inflating its asset prices and capital expenditures. Both NMC and Finablr, which owns foreign exchange firm Travelex, have since disclosed billions of dollars of debt that had not been previously reported.
Shetty’s complaint to Indian authorities, seen by Reuters, accuses the former chief executives of NMC and Finablr, along with their associates and bankers, of inflating the companies’ balance sheets, arranging “illegal” credit facilities, and misappropriating funds since 2012.
The complaint calls on India’s federal police, its Central Bureau of Investigation, and its financial crime fighting agency to investigate. The document was also sent to the Indian Prime Minister’s office, central bank, and other investigative agencies.
A spokesperson for the two former chief executives, brothers Prasanth and Promoth Manghat, rejected Shetty’s allegations.
They said Shetty had significant control over the running of NMC after stepping aside as CEO in chief executive and that he or his family remained on the boards of companies including Finablr.
“These unfounded allegations against Prasanth Manghat and Promoth Manghat are a clumsy attempt to distract attention away from the skills and real value added by them to the success of NMC, Finablr… and Shetty’s own role in what has taken place,” the spokesman said.
Bank of Baroda and Federal Bank, the Indian lenders named in Shetty’s complaint, did not respond to a request for comment from Reuters.
The High Court in London placed former FTSE 100 firm NMC into administration in April after the company reported debts of $6.6bn (£5bn).
Before the Open newsletter: Start your day with the City View podcast and key market data
Finablr said in March that it was preparing for potential insolvency, warning a month later that it may have almost $1bn more debt than previously disclosed. The UK-listed firm approved a takeover offer from software firm Prism Advance Solutions last week.
NMC’s administrators, Alvarez & Marsal, said last week that its investigators were working with legal advisors to develop a strategy to recover losses, which are likely to run to billions of dollars, and obtain compensation for damage incurred to the healthcare provider resulting from the alleged fraud.
Finablr chief executive Bhairav Trivedi said last week that the company is continuing to cooperate with all relevant authorities.
Shetty, is facing a criminal complaint in Abu Dhabi and fighting court cases in India and Dubai as banks seek to recover loans from his companies
In April, the UAE central bank ordered banks to freeze accounts of Shetty and his family, Reuters reported.
“We have submitted every shred of evidence into that complaint, which, if anybody examines, will clearly conclude that Dr Shetty is innocent and that all of that has happened under his nose — unfortunately, behind his back,” Shetty’s lawyer told Reuters.


cityam--2020-10-12--Childcare, chores, and stereotypes: Breaking down the barriers to female entrepreneurship

The Covid-19 pandemic has wreaked havoc on our economy .
GDP has dropped by 20 per cent , and 7.5m people are out of work , with more job losses on the horizon .
While business failure rates are currently low , as government support packages begin to be withdrawn we should expect to see more companies fold — and a lot of staff who were furloughed will find themselves completely out of work .
What , if anything , can be done to turn the tide ?
Read more : Covid-19 note on gender : How do we prepare @ @ @ @ @ @ @ equally ?
Following the financial crisis , young firms were responsible for most of the new jobs created .
So to help spur the Covid-19 recovery , it is vital that we support the creation of as many new businesses as possible , and encourage existing ones to reach the next level of growth .
That makes closing the UK ’ s business gender gap more crucial than ever before .
Prior to the pandemic , women in the UK were not founding businesses at the same rate as men .
For every @ @ @ @ @ @ @ .
This is not a uniquely British phenomenon , but the UK does lag behind other developed nations : the entrepreneurship gap here is bigger than in Spain , the Netherlands , the US , Canada , Israel , Australia , Sweden , and Greece .
If British women were founding businesses at similar levels to women in these countries , the UK economy would have been about £200bn bigger .
The pandemic has exacerbated the existing problem .
To find out just how bad the impact has been , we at The @ @ @ @ @ @ @ focused specifically on high-growth , equity-backed businesses , because these companies will have an outsized role in the UK ’ s recovery , and published our findings in a new report out today , in conjunction with Barclays , entitled Resilience and Recovery .
The picture does not look rosy : on most measures , female-founded businesses have been impacted worse by coronavirus .
From the get-go , they were more likely to experience severe disruption to their ability to operate ( 21 per cent versus 18 per cent ) .
But as @ @ @ @ @ @ @ the gap got worse .
In April , female and male founded startups were equally likely to see the possible opportunities for growth from Covid-19 and lockdown ( 14 per cent ) .
However , as the pandemic continued and the economy recovered a little , more and more male-founded companies found ways to grow ( 16 per cent ) , while the number of female-founded companies which were growing decreased ( 13 per cent ) .
To understand why female-led businesses seem to be struggling more , we need to look at @ @ @ @ @ @ @ men and women tend to launch businesses in different sectors .
The male-dominated science and technology sector is the most likely to have benefited from the coronavirus crisis , as our lives have suddenly become dependent on tech like never before and the race for medical advancement has been turbo-charged .
This puts female-led businesses at a comparative disadvantage from the start .
But this isn ’ t the whole story .
It ’ s not just about what sort of startups women are founding , but how much time they are able @ @ @ @ @ @ @ , even women who outearn their husbands , take on a disproportionate amount of unpaid work in the home .
According to one study , women spend on average 29 hours a week on housework , whereas men spend just 16 .
When the pandemic hit , children suddenly had to be home-schooled and childcare options evaporated .
As domestic pressures during lockdown increased , it is likely that female entrepreneurs found it significantly harder to juggle their home and work commitments than their male counterparts .
Finally , female founders are repeatedly @ @ @ @ @ @ @ to receive equity funding .
Fortunately , there are solutions to these problems .
There are already a wealth of initiatives focused on the funding gap , which have increased the amounts female founders receive in equity finance .
In 2011 , female entrepreneurs raised only £79m , but by 2015 this had increased tenfold to £795m , and in 2019 it was £1.78bn .
Culture around housework is a harder challenge to tackle , but it is changing — the same study that found the 13 hour housework gap also noted that @ @ @ @ @ @ @ house compared to the mid-1970s .
As gender expectations continue to evolve , we expect that the next generation of entrepreneur mothers will close the chore gap too .
In the meantime , after a rocky initial period the Covid-spurred shift towards flexible and remote working could have a positive impact , making it easier for women to juggle childcare with their careers — and for men to take on their share too .
As for the sector difference , while women should be encouraged to start businesses in any field they feel @ @ @ @ @ @ @ focus on closing the gender STEM gap in recent years .
Schools , universities , businesses and charities are increasingly taking steps to broadcast the message that girls can be just as good at science as boys can , and that the narrow stereotype of the male scientist or tech genius is misleading and outdated .
In time , this too should yield results .
Ultimately , despite problems both highlighted and exacerbated by Covid-19 , there is some cause for optimism .
Having tasted freedom , there is hope that many women @ @ @ @ @ @ @ lockdown will now consider launching their own businesses , while those who have weathered the crisis can lead as role models .
Do not be surprised if much of the new jobs and growth over the next few years to come from innovative and entrepreneurial women .
But as we chart our economy through such choppy and uncertain waters , we can not afford to be complacent .
The barriers to female entrepreneurship are real .
If we can continue to break them down , we will reap the benefits in more jobs @ @ @ @ @ @ @ .
Read more : Women less likely to be hired than men during UK lockdown

Childcare, chores, and stereotypes: Breaking down the barriers to female entrepreneurship
If British women were founding businesses at similar levels to women in other countries, the UK economy would be about £200bn bigger
The Covid-19 pandemic has wreaked havoc on our economy.
GDP has dropped by 20 per cent, and 7.5m people are out of work, with more job losses on the horizon. While business failure rates are currently low, as government support packages begin to be withdrawn we should expect to see more companies fold — and a lot of staff who were furloughed will find themselves completely out of work.
What, if anything, can be done to turn the tide?
Following the financial crisis, young firms were responsible for most of the new jobs created. So to help spur the Covid-19 recovery, it is vital that we support the creation of as many new businesses as possible, and encourage existing ones to reach the next level of growth.
That makes closing the UK’s business gender gap more crucial than ever before.
Prior to the pandemic, women in the UK were not founding businesses at the same rate as men. For every female entrepreneur there were two male entrepreneurs. This is not a uniquely British phenomenon, but the UK does lag behind other developed nations: the entrepreneurship gap here is bigger than in Spain, the Netherlands, the US, Canada, Israel, Australia, Sweden, and Greece.
If British women were founding businesses at similar levels to women in these countries, the UK economy would have been about £200bn bigger.
The pandemic has exacerbated the existing problem. To find out just how bad the impact has been, we at The Entrepreneurs Network crunched the figures. We focused specifically on high-growth, equity-backed businesses, because these companies will have an outsized role in the UK’s recovery, and published our findings in a new report out today, in conjunction with Barclays, entitled Resilience and Recovery.
The picture does not look rosy: on most measures, female-founded businesses have been impacted worse by coronavirus. From the get-go, they were more likely to experience severe disruption to their ability to operate (21 per cent versus 18 per cent). But as the situation in general got better, the gap got worse.
In April, female and male founded startups were equally likely to see the possible opportunities for growth from Covid-19 and lockdown (14 per cent). However, as the pandemic continued and the economy recovered a little, more and more male-founded companies found ways to grow (16 per cent), while the number of female-founded companies which were growing decreased (13 per cent).
To understand why female-led businesses seem to be struggling more, we need to look at a range of factors.
First, men and women tend to launch businesses in different sectors. The male-dominated science and technology sector is the most likely to have benefited from the coronavirus crisis, as our lives have suddenly become dependent on tech like never before and the race for medical advancement has been turbo-charged. This puts female-led businesses at a comparative disadvantage from the start.
But this isn’t the whole story. It’s not just about what sort of startups women are founding, but how much time they are able to devote to their businesses. Women, even women who outearn their husbands, take on a disproportionate amount of unpaid work in the home. According to one study, women spend on average 29 hours a week on housework, whereas men spend just 16. When the pandemic hit, children suddenly had to be home-schooled and childcare options evaporated. As domestic pressures during lockdown increased, it is likely that female entrepreneurs found it significantly harder to juggle their home and work commitments than their male counterparts.
Finally, female founders are repeatedly held back because they are less likely to receive equity funding.
Fortunately, there are solutions to these problems. There are already a wealth of initiatives focused on the funding gap, which have increased the amounts female founders receive in equity finance. In 2011, female entrepreneurs raised only £79m, but by 2015 this had increased tenfold to £795m, and in 2019 it was £1.78bn.
Culture around housework is a harder challenge to tackle, but it is changing — the same study that found the 13 hour housework gap also noted that men were increasingly doing more around the house compared to the mid-1970s. As gender expectations continue to evolve, we expect that the next generation of entrepreneur mothers will close the chore gap too.
In the meantime, after a rocky initial period the Covid-spurred shift towards flexible and remote working could have a positive impact, making it easier for women to juggle childcare with their careers — and for men to take on their share too.
As for the sector difference, while women should be encouraged to start businesses in any field they feel passionate about, we have seen renewed focus on closing the gender STEM gap in recent years. Schools, universities, businesses and charities are increasingly taking steps to broadcast the message that girls can be just as good at science as boys can, and that the narrow stereotype of the male scientist or tech genius is misleading and outdated. In time, this too should yield results.
Ultimately, despite problems both highlighted and exacerbated by Covid-19, there is some cause for optimism. Having tasted freedom, there is hope that many women who shifted to more flexible work over lockdown will now consider launching their own businesses, while those who have weathered the crisis can lead as role models. Do not be surprised if much of the new jobs and growth over the next few years to come from innovative and entrepreneurial women.
But as we chart our economy through such choppy and uncertain waters, we cannot afford to be complacent. The barriers to female entrepreneurship are real. If we can continue to break them down, we will reap the benefits in more jobs and a stronger, more dynamic economy.
Main image credit: Getty


cityam--2020-10-12--More than 1,300 arts organisations to share £257m survival fund

The London Symphony Orchestra and the Young Vic are among more than 1,300 arts organisations across England that will share a £257m coronavirus survival fund .
The funding is the latest tranche of the government ’ s £1.6bn Cultural Recovery Fund , which is designed to support theatres , museums and music venues that have been forced to close during the pandemic .
Read more : Cineworld to close all UK theatres over Covid-19 film release delays Culture secretary Oliver Dowden said the £257m support package , which is the largest tranche to date , would help save “ special @ @ @ @ @ @ @ of our nation ” .
The recipients are organisations that applied for grants of less than £1m .
Further support of up to £3m will be granted to larger institutions at a later date , the government said .
The cash injection – granted to 1,385 venues and bodies – is intended to help allow performances to restart as well as to protect jobs and create opportunities for freelancers .
Among the recipients of the latest funding is the Finborough Theatre , a 50-seat venue above a pub in Earl ’ s Court @ @ @ @ @ @ @ tiny theatre is famous for launching the careers of international stars such as Rachel Weisz , as well as writer James Graham , whose TV work includes Brexit : Uncivil War and Quiz .
Liverpool ’ s Cavern Club , which helped to launch The Beatles , the Old Vic in Bristol and London ’ s Wigmore Hall are also set to receive funding .
“ Theatres , museums , galleries , dance companies and music venues bring joy to people and life to our cities , towns and villages , ” said @ @ @ @ @ @ @ Council England , which distributes the funding .
“ This is a difficult time for us all , but this first round of funding from the Culture Recovery Fund will help sustain hundreds of cultural spaces and organisations that are loved and admired by local communities and international audiences.
” Read more : Royal Albert Hall to reopen for Christmas concert season The announcement follows increasing calls for support from the UK ’ s creative industries amid fears the coronavirus pandemic will cause scores of closures and put thousands of people out of @ @ @ @ @ @ @ musicians played outside parliament to highlight the plight of the sector and the threat to self-employed artists .
The cultural funding comes after the government announced £103m in emergency funding for 445 heritage organisations across the country .
Other venues earmarked for funding in the latest tranche include : The 142-year-old institution will receive £74,000 to support fortnightly concerts live-streamed from the Bridgewater Hall .
The orchestra will be granted £748,000 to provide a short , socially-distanced programme , which will be recorded to stream at a later date .
The Falmouth museum @ @ @ @ @ @ @ sailor Ben Ainslie ’ s boat from the 2012 London Olympics , will received £485,000 .
The renowned dance education organisation will received £600,366 to stabilise and recommend its activities .
The iconic theatre will be granted £585,064 to support a new model of responsive programming and address increased costs .
The Lake District theatre , which is one of the biggest employers in the area , will received £878,492 .
The south London theatre company , where Star Wars actor John Boyega trained , will received £150,000 to help deliver Covid-secure classes @ @ @ @ @ @ @ is vital to London – we must save it before it is too late The announcement came as the government faced a backlash over an advert suggesting that people working in the struggling arts sector should retrain for other jobs .
The campaign showed a ballet dancer accompanied by the text : “ Fatima ’ s next job could be in cyber .
She just doesn ’ t know it yet.
” The advert sparked anger on social media , with critics stating it highlighted the government ’ s lack of willing to @ @ @ @ @ @ @ .
Culture secretary Oliver Dowden said the advert was a “ partner campaign ” and acknowledged that it was “ crass ” .
“ I want to save jobs in the arts which is why we are investing £1.57bn , ” he wrote in a tweet .

More than 1,300 arts organisations to share £257m survival fund
The London Symphony Orchestra and the Young Vic are among more than 1,300 arts organisations across England that will share a £257m coronavirus survival fund.
The funding is the latest tranche of the government’s £1.6bn Cultural Recovery Fund, which is designed to support theatres, museums and music venues that have been forced to close during the pandemic.
Culture secretary Oliver Dowden said the £257m support package, which is the largest tranche to date, would help save “special places” that form the “soul of our nation”.
The recipients are organisations that applied for grants of less than £1m. Further support of up to £3m will be granted to larger institutions at a later date, the government said.
The cash injection – granted to 1,385 venues and bodies – is intended to help allow performances to restart as well as to protect jobs and create opportunities for freelancers.
Among the recipients of the latest funding is the Finborough Theatre, a 50-seat venue above a pub in Earl’s Court, which will receive £59,574.
The tiny theatre is famous for launching the careers of international stars such as Rachel Weisz, as well as writer James Graham, whose TV work includes Brexit: Uncivil War and Quiz.
Liverpool’s Cavern Club, which helped to launch The Beatles, the Old Vic in Bristol and London’s Wigmore Hall are also set to receive funding.
“Theatres, museums, galleries, dance companies and music venues bring joy to people and life to our cities, towns and villages,” said Sir Nicholas Serota, chair of Arts Council England, which distributes the funding.
“This is a difficult time for us all, but this first round of funding from the Culture Recovery Fund will help sustain hundreds of cultural spaces and organisations that are loved and admired by local communities and international audiences.”
The announcement follows increasing calls for support from the UK’s creative industries amid fears the coronavirus pandemic will cause scores of closures and put thousands of people out of work.
Last week hundreds of freelance musicians played outside parliament to highlight the plight of the sector and the threat to self-employed artists.
The cultural funding comes after the government announced £103m in emergency funding for 445 heritage organisations across the country.
Cultural call-up
Other venues earmarked for funding in the latest tranche include:
Halle Concerts Society, Manchester
The 142-year-old institution will receive £74,000 to support fortnightly concerts live-streamed from the Bridgewater Hall.
Royal Liverpool Philharmonic
The orchestra will be granted £748,000 to provide a short, socially-distanced programme, which will be recorded to stream at a later date.
National Maritime Museum Cornwall
The Falmouth museum, which is home to gold medal-winning sailor Ben Ainslie’s boat from the 2012 London Olympics, will received £485,000.
Royal London Academy of Dance
The renowned dance education organisation will received £600,366 to stabilise and recommend its activities.
Hackney Empire, London
The iconic theatre will be granted £585,064 to support a new model of responsive programming and address increased costs.
Theatre by the Lake, Keswick
The Lake District theatre, which is one of the biggest employers in the area, will received £878,492.
Theatre Peckham, London
The south London theatre company, where Star Wars actor John Boyega trained, will received £150,000 to help deliver Covid-secure classes.
Fatima fiasco
The announcement came as the government faced a backlash over an advert suggesting that people working in the struggling arts sector should retrain for other jobs.
The campaign showed a ballet dancer accompanied by the text: “Fatima’s next job could be in cyber. She just doesn’t know it yet.”
this has made me so angry pic.twitter.com/fD4arUoYnw — Hannah Jane Parkinson (@ladyhaja) October 12, 2020
The advert sparked anger on social media, with critics stating it highlighted the government’s lack of willing to support the UK’s creative industries.
Culture secretary Oliver Dowden said the advert was a “partner campaign” and acknowledged that it was “crass”.
“I want to save jobs in the arts which is why we are investing £1.57bn,” he wrote in a tweet.


cityam--2020-10-12--Leicester factory scandal: Boohoo supplier involved in 'multi-million-pound' fraud scheme

Leicester clothing factories with links to Boohoo and Select Fashion have been involved in a “ multi-million pound ” money laundering and VAT fraud scandal , an investigation has found .
Firms based in the city ’ s garment manufacturing district , some of which were suppliers to the fast fashion retailers , were revealed to have been involved in fraudulent activity relating to fake invoices and shell companies .
Boohoo , which was recently caught up in a scandal involving poor working conditions in Leicester clothing factories , has terminated its relationship with the supplier following the fraud revelations @ @ @ @ @ @ @ Public Accounts Committee , said the fraud appeared to be the “ tip of the iceberg ” and that it could represent “ hundreds of millions of pounds ” in lost tax revenue .
She said HM Revenue and Customs must tackle fraud within the Leicester textiles industry .
The scandal , which was investigated by the BBC , came to light following a civil court case between the bosses of two clothing wholesalers operating within the city , Leicester-based company director Rostum Nagra was accused of stealing a firm belonging to a @ @ @ @ @ @ @ to his own company Rocco Fashion Limited .
He also took over the relationship with its biggest customer , high street clothing retailer Select Fashion , which has around 170 shops in the UK .
Read more : Major Boohoo shareholders fail to denounce CEO over Leicester factory conditions The case examined Nagra ’ s business records noted in a ‘ cash book ’ he usually carried around with him , which contained scraps of paper and handwritten coded notes kept separate from the firm ’ s accounts .
These revealed how , @ @ @ @ @ @ @ 2014 , Nagra arranged for false invoices to be produced as part of a fraud scheme with a network of fake garment factories in Leicester .
When Nagra received an order from Select Fashion he would arrange for the garments to be made cheaply by a so-called ‘ cut , make and trim ’ ( CMT ) supplier .
He ’ d pay in cash and the transaction was hidden from his company ’ s official accounts and records .
Nagra would pretend the clothes were being made by another firm by placing @ @ @ @ @ @ @ with another company .
He would pretend this was a garment factory , but in reality it was usually just a shell company , the BBC reported .
The fake company would provide an invoice at an inflated price , which included a 20 per cent VAT charge on top .
Nagra would then pay the inflated amount into the shell company ’ s bank account .
The money would be withdrawn from the bank account in cash and returned to Nagra apart from – typically – half the VAT which would go @ @ @ @ @ @ @ : Boohoo inquiry calls for former Leicester factory workers to give evidence What happens to the cash after that is then untraceable .
Nagra would be left with a VAT receipt that looked above board for HMRC and the shell supplier company would often fold after a short time with its VAT liabilities unpaid .
The judge in the civil case concluded that Nagra had operated a “ fraudulent scheme to launder cash for his own benefit ” over a “ prolonged period ” and “ very substantial amounts ” of money were @ @ @ @ @ @ @ factory fraud claims , Nagra denied involvement .
Select Fashion did not respond to the broadcaster ’ s requests for comment .
However , there is no suggestion the company knew about the fraud within its supply chain .
Two other companies mentioned in the Nagra court case were also investigated .
T & S Fashions also provided invoices to Nagra charging above average prices for items of clothing .
It didn ’ t appear in Nagra ’ s cashback book , but was one of 14 other companies that the judge noted @ @ @ @ @ @ @ cash ” .
Before it folded in 2017 it had a capacity to produce 30,000 garments a week .
Its biggest customer was Boohoo , which it dealt with through another company .
Boohoo initially said T & S Fashions was neither a direct nor indirect supplier but when it was told the other company ’ s name , it confirmed they had done business with it .
Boohoo also said it had concerns about “ unauthorised subcontracting ” by suppliers and had already commissioned an auditing firm to map out its supply @ @ @ @ @ @ @ underway and once it is completed we will be publishing a list of all of our UK suppliers , ” Boohoo said .
Another firm , HKM Trading Limited , run by director Hassan Malik , was also found to have entered into “ cash laundering transactions ” with Nagra .
When he appeared in court the judge remarked that Malik was “ smirking as he came up with his explanations for not declaring his turnover.
” He concluded : “ Mr Malik lied throughout and the most likely explanation is ( and @ @ @ @ @ @ @ he invoiced were not genuine but he was another party with whom Mr Nagra entered into cash laundering transactions.
” After HKM Trading went out of business Hassan Malik set up another company in 2018 called Rose Fashion Leicester Limited .
Nagra is currently an employee there .
That company supplied Boohoo-owned brand Pretty Little Thing and Boohoo said as a result it has now terminated its relationship with Rose Fashion Leicester .
The retailer said it undertakes due diligence checks on all new suppliers .
But said that : “ a search @ @ @ @ @ @ @ the court judgement given [ Rose Fashion ] was not mentioned .
“ We would never knowingly conduct business with anyone acting outside of the law and we have always been swift to provide information to regulatory authorities to support any investigation that they are conducting.
” Hassan Malik , Rose Fashion Leicester ’ s sole director , did not respond to questions .
Lawyers acting for his company , Rose Fashion , said it was set up after the events outlined in the court case and the company was not involved in @ @

Leicester factory scandal: Boohoo supplier involved in ‘multi-million-pound’ fraud scheme
Leicester factories have been under the spotlight since a scandal involving boohoo in 2020. (Picture: Getty Images).
Leicester clothing factories with links to Boohoo and Select Fashion have been involved in a “multi-million pound” money laundering and VAT fraud scandal, an investigation has found.
Firms based in the city’s garment manufacturing district, some of which were suppliers to the fast fashion retailers, were revealed to have been involved in fraudulent activity relating to fake invoices and shell companies.
Boohoo, which was recently caught up in a scandal involving poor working conditions in Leicester clothing factories, has terminated its relationship with the supplier following the fraud revelations.
Meg Hillier, chair of the Public Accounts Committee, said the fraud appeared to be the “tip of the iceberg” and that it could represent “hundreds of millions of pounds” in lost tax revenue.
She said HM Revenue and Customs must tackle fraud within the Leicester textiles industry.
The scandal, which was investigated by the BBC, came to light following a civil court case between the bosses of two clothing wholesalers operating within the city,
Leicester-based company director Rostum Nagra was accused of stealing a firm belonging to a business associate and transferring all the assets to his own company Rocco Fashion Limited.
He also took over the relationship with its biggest customer, high street clothing retailer Select Fashion, which has around 170 shops in the UK.
The case examined Nagra’s business records noted in a ‘cash book’ he usually carried around with him, which contained scraps of paper and handwritten coded notes kept separate from the firm’s accounts.
These revealed how, over a period of months from October 2014, Nagra arranged for false invoices to be produced as part of a fraud scheme with a network of fake garment factories in Leicester.
How the Leicester clothing factory fraud worked
When Nagra received an order from Select Fashion he would arrange for the garments to be made cheaply by a so-called ‘cut, make and trim’ (CMT) supplier.
He’d pay in cash and the transaction was hidden from his company’s official accounts and records.
Nagra would pretend the clothes were being made by another firm by placing a fake order for the same goods with another company.
He would pretend this was a garment factory, but in reality it was usually just a shell company, the BBC reported.
The fake company would provide an invoice at an inflated price, which included a 20 per cent VAT charge on top.
Nagra would then pay the inflated amount into the shell company’s bank account.
The money would be withdrawn from the bank account in cash and returned to Nagra apart from – typically – half the VAT which would go to pay off accomplices.
What happens to the cash after that is then untraceable.
Nagra would be left with a VAT receipt that looked above board for HMRC and the shell supplier company would often fold after a short time with its VAT liabilities unpaid.
The judge in the civil case concluded that Nagra had operated a “fraudulent scheme to launder cash for his own benefit” over a “prolonged period” and “very substantial amounts” of money were involved.
When confronted over the Leicester factory fraud claims, Nagra denied involvement.
Select Fashion did not respond to the broadcaster’s requests for comment. However, there is no suggestion the company knew about the fraud within its supply chain.
T&S Fashions
Two other companies mentioned in the Nagra court case were also investigated.
T&S Fashions also provided invoices to Nagra charging above average prices for items of clothing.
It didn’t appear in Nagra’s cashback book, but was one of 14 other companies that the judge noted “may have been involved in laundering cash”.
Before it folded in 2017 it had a capacity to produce 30,000 garments a week. Its biggest customer was Boohoo, which it dealt with through another company.
Boohoo initially said T&S Fashions was neither a direct nor indirect supplier but when it was told the other company’s name, it confirmed they had done business with it.
Boohoo also said it had concerns about “unauthorised subcontracting” by suppliers and had already commissioned an auditing firm to map out its supply chain.
“This work is well underway and once it is completed we will be publishing a list of all of our UK suppliers,” Boohoo said.
HKM Trading Limited
Another firm, HKM Trading Limited, run by director Hassan Malik, was also found to have entered into “cash laundering transactions” with Nagra.
When he appeared in court the judge remarked that Malik was “smirking as he came up with his explanations for not declaring his turnover.”
He concluded : “Mr Malik lied throughout and the most likely explanation is (and I therefore find) that the dealings he invoiced were not genuine but he was another party with whom Mr Nagra entered into cash laundering transactions.”
After HKM Trading went out of business Hassan Malik set up another company in 2018 called Rose Fashion Leicester Limited. Nagra is currently an employee there.
That company supplied Boohoo-owned brand Pretty Little Thing and Boohoo said as a result it has now terminated its relationship with Rose Fashion Leicester.
The retailer said it undertakes due diligence checks on all new suppliers. But said that: “a search against Rose Fashion would not have elicited the court judgement given [Rose Fashion] was not mentioned.
“We would never knowingly conduct business with anyone acting outside of the law and we have always been swift to provide information to regulatory authorities to support any investigation that they are conducting.”
Hassan Malik, Rose Fashion Leicester’s sole director, did not respond to questions.
Lawyers acting for his company, Rose Fashion, said it was set up after the events outlined in the court case and the company was not involved in it.


cityam--2020-10-12--Ada Ventures launches £250,000 angel investor programme

Ada Ventures has launched a £250,000 angel investor programme to create a new generation of investors who may have otherwise been excluded from the industry .
The London-based VC firm , named after the first computer programmer Ada Lovelace , has identified five candidates – “ Ada ’ s Angels ” – from its Scout programme .
Read more : Investors demand greater transparency on ethnic diversity on boards Co-founder Check Warner told City A.M. that this new initiative was an evolution of the firm ’ s Scout programme – a network of individuals Ada Ventures uses to identify talent @ @ @ @ @ @ @ s Angels ” will be able to make five investments of £10,000 over the course of the next year .
And the final investment will be a joint decision between the angel and Ada Ventures , and angels will receive 100 per cent of the carry on their £50,000 .
As part of the programme , the candidates will receive monitoring and also receive free funding for a place in Andy Ayim ’ s Angel Investing School course .
Read more : The City View : Race , diversity and leadership in business @ @ @ @ @ @ @ diversity among angel investors undoubtedly leads to biases in the investment decision-making process .
Ada Ventures has from the offset committed itself to promoting diversity within the VC ecosystem .
In December it launched a £27m with the intention of making UK venture capital “ truly accessible to the best talent… regardless of race , gender or background ” .
Warner told City A.M. that “ Ada ’ s Angels ” had been in the pipeline in 2018 , before the firm had incorporated the fund .
“ But everything that has happened @ @ @ @ @ @ @ Matter has accelerated the certainty that this needs to exist , ” she said .
A recent British Business Bank ( BBB ) report revealed that angel investors in the UK are “ predominantly male and White with an average of 55 years old ” .
Warner said angel investing has “ high barriers to entry ” given the need to have a huge amount of capital and make regular , fairly risky investments into young companies .
“ Due to the profile of most angel investors , this means that companies founded @ @ @ @ @ @ @ ” Read more : Guy Hands : Diversity is good for business and good for Britain Many firms merely pay lip service to diversity initiatives but Ada Ventures seem to be putting their money where their mouth is .
And Warner in particular is not afraid to disrupt an industry that is overwhelmingly white , male and set in their ways .
“ We ’ re expecting to ruffle feathers , we ’ re expecting a lot of people won ’ t like it and won ’ t think it ’ s a @ @ @ @ @ @ @ for that ” , Warner told City A.M. defiantly .
Another BBB report published last year in collaboration with Diversity VC , a nonprofit co-founded by Warner , also highlighted the difficulties in obtaining funding if you are not connected to “ traditional ” networks .
“ It ’ s hard to break into the old closed networks , especially in the earliest stages .
That ’ s why we ’ ve decided to set up Ada ’ s Angels ” she said .
“ The feedback we get from the people we @ @ @ @ @ @ @ incredibly positive that that more than counteracts the people with negative feedback ” , Warner said .
The five candidates chosen for the 2020 Ada ’ s Angels programmes are : ● Anjel Noorbakhsh Ashman – Anjel is the founder of Iranian Women ’ s Association , the first and only UK-based association for Iranian women with a mission to inspire , educate and connect those women .
● Nicole Crentsil – Nicole is CEO of Black Girl Fest , a platform dedicated to Black women , girls and non-binary people .
● @ @ @ @ @ @ @ Muslamic Makers , a community of Muslim changemakers working in and around the technology scene .
She is a diversity & inclusion expert with a focus on building inclusive communities and organisations with collaborative cultures .
● David Fisayo – David is a Director at Foundervine , a social enterprise that specialises in digital start-up and scale-up acceleration programs for diverse founders .
● Ash Phillips – Ash is the co-founder of Yena , a global community for startups , which provides accelerator-like business benefits by subscription .

Ada Ventures launches £250,000 angel investor programme
Ada Ventures co-founders Matt Penneycard and Francesca Warner
Ada Ventures has launched a £250,000 angel investor programme to create a new generation of investors who may have otherwise been excluded from the industry.
The London-based VC firm, named after the first computer programmer Ada Lovelace, has identified five candidates – “Ada’s Angels” – from its Scout programme.
Co-founder Check Warner told City A.M. that this new initiative was an evolution of the firm’s Scout programme – a network of individuals Ada Ventures uses to identify talent across the country.
“Ada’s Angels” will be able to make five investments of £10,000 over the course of the next year. And the final investment will be a joint decision between the angel and Ada Ventures, and angels will receive 100 per cent of the carry on their £50,000.
As part of the programme, the candidates will receive monitoring and also receive free funding for a place in Andy Ayim’s Angel Investing School course.
Angel investors are overwhelmingly white and male
A lack of diversity among angel investors undoubtedly leads to biases in the investment decision-making process.
Ada Ventures has from the offset committed itself to promoting diversity within the VC ecosystem. In December it launched a £27m with the intention of making UK venture capital “truly accessible to the best talent… regardless of race, gender or background”.
Warner told City A.M. that “Ada’s Angels” had been in the pipeline in 2018, before the firm had incorporated the fund. “But everything that has happened with the pandemic and around Black Lives Matter has accelerated the certainty that this needs to exist,” she said.
A recent British Business Bank (BBB) report revealed that angel investors in the UK are “predominantly male and White with an average of 55 years old”.
Warner said angel investing has “high barriers to entry” given the need to have a huge amount of capital and make regular, fairly risky investments into young companies.
“Due to the profile of most angel investors, this means that companies founded by founders from diverse background being overlooked.”
‘We expect to ruffle feathers’
Many firms merely pay lip service to diversity initiatives but Ada Ventures seem to be putting their money where their mouth is.
And Warner in particular is not afraid to disrupt an industry that is overwhelmingly white, male and set in their ways.
“We’re expecting to ruffle feathers, we’re expecting a lot of people won’t like it and won’t think it’s a good idea. We’re prepared for that”, Warner told City A.M. defiantly.
Another BBB report published last year in collaboration with Diversity VC, a nonprofit co-founded by Warner, also highlighted the difficulties in obtaining funding if you are not connected to “traditional” networks.
“It’s hard to break into the old closed networks, especially in the earliest stages. That’s why we’ve decided to set up Ada’s Angels” she said.
“The feedback we get from the people we’re trying to reach is so incredibly positive that that more than counteracts the people with negative feedback”, Warner said.
Ada’s Angels
The five candidates chosen for the 2020 Ada’s Angels programmes are:
● Anjel Noorbakhsh Ashman – Anjel is the founder of Iranian Women’s Association, the first and only UK-based association for Iranian women with a mission to inspire, educate and connect those women.
● Nicole Crentsil – Nicole is CEO of Black Girl Fest, a platform dedicated to Black women, girls and non-binary people.
● Arfah Farooq – Arfah is co-founder of Muslamic Makers, a community of Muslim changemakers working in and around the technology scene. She is a diversity & inclusion expert with a focus on building inclusive communities and organisations with collaborative cultures.
● David Fisayo – David is a Director at Foundervine, a social enterprise that specialises in digital start-up and scale-up acceleration programs for diverse founders.
● Ash Phillips – Ash is the co-founder of Yena, a global community for startups, which provides accelerator-like business benefits by subscription.


cityam--2020-10-12--IMF chief: Climate change poses 'profound threat' to global growth

Climate change poses a serious threat to global growth , the head of the International Monetary Fund ( IMF ) said on Monday , urging the world ’ s top emitters to agree on a floor for carbon prices .
IMF managing director Kristalina Georgieva told finance ministers meeting on climate change that countries should also ensure that green investments are included in the money they are spending to contain the Covid-19 pandemic and mitigate its economic impact .
Read more : Covid-19 is not slowing climate change – businesses still have to do their bit Doing so , she @ @ @ @ @ @ @ product by 0.7 per cent on average in the first 15 years of the recovery .
“ Even while we are in the midst of the Covid crisis , we should mobilize to prevent the climate crisis , ” Georgieva told a meeting of finance ministers from 52 countries working to integrate climate change into their economic policies .
The group , launched in April 2019 and led by the finance ministers of Chile and Finland , met virtually Monday on the sidelines of the annual meetings of the IMF and World Bank @ @ @ @ @ @ @ the world ’ s largest emitters of heat-trapping gases , are not part of the coalition .
Together they account for 43 per cent of the world ’ s emissions .
“ The evidence is clear : Climate change is a profound threat to growth and prosperity .
It is macro-critical .
And macroeconomic policies are central to the fight against climate change , ” she said .
Georgieva said IMF research showed that policy tools could help achieve net zero emissions by 2050 despite the pandemic , but it was imperative that @ @ @ @ @ @ @ trillion ( £9.2 trillion ) in fiscal stimulus toward green investments .
Read more : IMF and WTO : Economy brighter than expected but big risks remain Carbon pricing should be at the heart of the strategy , she said , adding , “ It is critical to get the implementation right , including to shield vulnerable people and sectors to ensure a just transition.
” Voicing concern that the current Paris framework would not deliver the needed 25 per cent to 50 per cent reduction of emissions over the next decade , @ @ @ @ @ @ @ a carbon price floor , which could pave the way for a global consensus .

IMF chief: Climate change poses ‘profound threat’ to global growth
IMF managing director Kristalina Georgieva warned of the threat climate change poses
Climate change poses a serious threat to global growth, the head of the International Monetary Fund (IMF) said on Monday, urging the world’s top emitters to agree on a floor for carbon prices.
IMF managing director Kristalina Georgieva told finance ministers meeting on climate change that countries should also ensure that green investments are included in the money they are spending to contain the Covid-19 pandemic and mitigate its economic impact.
Doing so, she said, could boost global gross domestic product by 0.7 per cent on average in the first 15 years of the recovery.
“Even while we are in the midst of the Covid crisis, we should mobilize to prevent the climate crisis,” Georgieva told a meeting of finance ministers from 52 countries working to integrate climate change into their economic policies.
The group, launched in April 2019 and led by the finance ministers of Chile and Finland, met virtually Monday on the sidelines of the annual meetings of the IMF and World Bank.
China and the United States, the world’s largest emitters of heat-trapping gases, are not part of the coalition. Together they account for 43 per cent of the world’s emissions.
“The evidence is clear: Climate change is a profound threat to growth and prosperity. It is macro-critical. And macroeconomic policies are central to the fight against climate change,” she said.
Georgieva said IMF research showed that policy tools could help achieve net zero emissions by 2050 despite the pandemic, but it was imperative that countries earmarked some of the $12 trillion (£9.2 trillion) in fiscal stimulus toward green investments.
Carbon pricing should be at the heart of the strategy, she said, adding, “It is critical to get the implementation right, including to shield vulnerable people and sectors to ensure a just transition.”
Voicing concern that the current Paris framework would not deliver the needed 25 per cent to 50 per cent reduction of emissions over the next decade, Georgieva called on top emitters to adopt a carbon price floor, which could pave the way for a global consensus.


cityam--2020-10-12--Coronavirus: London escapes new restrictions, but City Hall says it won't last

London will not have any new Covid restrictions imposed on it , after Prime Minister Boris Johnson today outlined a new three-tier alert system .
However , Sadiq Khan has warned this could change within days .
London will be put into the lowest level category , medium risk , meaning that the current restrictions will remain the same .
Read more : Government set to unveil new UK coronavirus restrictions The current restrictions for all areas in the medium risk category include a 10pm curfew on hospitality venues and a ban on more than six people meeting at a @ @ @ @ @ @ @ rising , the capital may soon face being put into the second alert level , high risk , which would mean a ban on household mixing indoors and other restrictions .
People living in high risk category areas – such as Manchester , Newcastle , Leeds and Birmingham – will still be able to meet up in groups of six outdoors .
Speaking in a televised press conference in the evening , Johnson said people would soon be able to type in their postcodes at “ gov.uk ” to see which restrictions apply @ @ @ @ @ @ @ newsletter : Start your day with the City View podcast and key market data A spokesperson for Sadiq Khan said London could be just days away from joining other major cities in being put into the high risk category .
“ The number of cases is rapidly increasing and all the indicators we look at are moving in the wrong direction , ” they said .
London First chief executive Jasmine Whitbread said the capital appeared to be on “ borrowed time ” .
“ While the government must balance public health with @ @ @ @ @ @ @ the nation , it should do everything possible to avoid another total lockdown , ” she said .
Liverpool will be put into the highest category on Wednesday , very high risk .
That will mean that most hospitality venues will shut and social mixing will be banned .
Johnson said any area put in the high risk category will have these restrictions as a “ baseline ” .
He added that extra conditions may be imposed depending on local factors .
Liverpool , for instance , will also have gyms , leisure @ @ @ @ @ @ @ centres and casinos closed .
“ We want to create the maximum possible local consensus behind this more severe local action , so in each area we will work with local government leaders on the additional measures which should be taken , ” Johnson told parliament in the afternoon .
The Prime Minister also spoke about how he did not want to impose another national lockdown .
But he said that “ the bleak mathematics ” showed the need for local changes .
Read more : NHS boss : More in hospital with @ @ @ @ @ @ @ “ We must act to save lives and the evidence shows that in changing our behaviour…our actions are saving lives , ” he said .
Labour leader Sir Keir Starmer said the Opposition would “ look at the small print of the Prime Minister ’ s statement ” .
He derided Johnson for taking too long to come up with concrete solutions to the second Covid wave .
Speaking alongside the PM at the evening press conference , chancellor Rishi Sunak said there was “ a comprehensive plan ” in place to “ @ @ @ @ @ @ @ new support for closed businesses , which was announced last week .
Sunak said that if businesses are forced to close by the new system of restrictions , the government will pay two-thirds of employees ’ wages .
The scheme will run for six months .
The chancellor said businesses forced to close can claim a cash grant of up to £3,000 per month .
It will not need to be repaid .
The job support scheme announced in September will apply to businesses that can partially open .
It will see the @ @ @ @ @ @ @ of the wages of workers who can come back part time from November .
It will replace the much more generous job retention scheme .
“ We ’ re putting in place support that we believe is both sustainable and affordable for the long term , ” Sunak said .
Yet some local leaders , business groups and trade unions have argued that the new support is not strong enough .
The mayors of Greater Manchester , the Sheffield and Liverpool city regions and North Tyne last week said the policies do not @ @ @ @ @ @ @ hardship , job losses and business failure this winter ” .

Coronavirus: London escapes new restrictions, but City Hall says it won’t last
London will not have any new Covid restrictions imposed on it, after Prime Minister Boris Johnson today outlined a new three-tier alert system. However, Sadiq Khan has warned this could change within days.
London will be put into the lowest level category, medium risk, meaning that the current restrictions will remain the same.
Read more: Government set to unveil new UK coronavirus restrictions
The current restrictions for all areas in the medium risk category include a 10pm curfew on hospitality venues and a ban on more than six people meeting at a time.
With Covid cases in London rising, the capital may soon face being put into the second alert level, high risk, which would mean a ban on household mixing indoors and other restrictions.
People living in high risk category areas – such as Manchester, Newcastle, Leeds and Birmingham – will still be able to meet up in groups of six outdoors.
Speaking in a televised press conference in the evening, Johnson said people would soon be able to type in their postcodes at “gov.uk” to see which restrictions apply in there area.
Before the Open newsletter: Start your day with the City View podcast and key market data
A spokesperson for Sadiq Khan said London could be just days away from joining other major cities in being put into the high risk category.
“The number of cases is rapidly increasing and all the indicators we look at are moving in the wrong direction,” they said.
London First chief executive Jasmine Whitbread said the capital appeared to be on “borrowed time”.
“While the government must balance public health with the wider economic and mental health of the nation, it should do everything possible to avoid another total lockdown,” she said.
Liverpool put in highest category
Liverpool will be put into the highest category on Wednesday, very high risk. That will mean that most hospitality venues will shut and social mixing will be banned.
Johnson said any area put in the high risk category will have these restrictions as a “baseline”. He added that extra conditions may be imposed depending on local factors.
Liverpool, for instance, will also have gyms, leisure centres, betting shops, adult gaming centres and casinos closed.
“We want to create the maximum possible local consensus behind this more severe local action, so in each area we will work with local government leaders on the additional measures which should be taken,” Johnson told parliament in the afternoon.
The Prime Minister also spoke about how he did not want to impose another national lockdown. But he said that “the bleak mathematics” showed the need for local changes.
Read more: NHS boss: More in hospital with Covid now than when first lockdown began
“We must act to save lives and the evidence shows that in changing our behaviour…our actions are saving lives,” he said.
Labour leader Sir Keir Starmer said the Opposition would “look at the small print of the Prime Minister’s statement”. He derided Johnson for taking too long to come up with concrete solutions to the second Covid wave.
Rishi Sunak talks up economic plan
Speaking alongside the PM at the evening press conference, chancellor Rishi Sunak said there was “a comprehensive plan” in place to “protect jobs”.
He restated the new support for closed businesses, which was announced last week. Sunak said that if businesses are forced to close by the new system of restrictions, the government will pay two-thirds of employees’ wages. The scheme will run for six months.
The chancellor said businesses forced to close can claim a cash grant of up to £3,000 per month. It will not need to be repaid.
The job support scheme announced in September will apply to businesses that can partially open. It will see the government pay up to 22 per cent of the wages of workers who can come back part time from November. It will replace the much more generous job retention scheme.
“We’re putting in place support that we believe is both sustainable and affordable for the long term,” Sunak said.
Yet some local leaders, business groups and trade unions have argued that the new support is not strong enough.
The mayors of Greater Manchester, the Sheffield and Liverpool city regions and North Tyne last week said the policies do not go “far enough to prevent genuine hardship, job losses and business failure this winter”.


cityam--2020-10-12--Hospitality firms face 'worst of both worlds' without more support

Hospitality firms have warned that pubs and bars in “ tier one and two areas ” will have “ the worst of all worlds ” as they will have to keep trading without the financial support available to those businesses forced to close .
Today Merseyside was placed under “ tier-three ” restrictions , which will see pubs and bars shuttered unless they operate as restaurants serving “ substantial ” meals .
Read more : Coronavirus : London escapes new restrictions , but City Hall says it won ’ t last Hospitality businesses in tier one and two areas can @ @ @ @ @ @ @ operate under a 10pm curfew .
Last week chancellor Rishi Sunak announced he would extend the furlough scheme for six months for businesses across the UK required to close under local lockdowns .
Sunak said the government will pay two thirds of employees ’ salaries at a maximum of £2,100 a month to businesses forced to close under fresh lockdown measures .
UK Hospitality chief exec Katie Nicholls said the restrictions meant that some businesses were reaching “ the point of no return ” .
“ There is currently a concerning lack of @ @ @ @ @ @ @ tier two , and to a lesser extent tier one , despite their facing restrictions that is seeing trade down by between 40 per cent to 60 per cent .
Before the Open newsletter : Start your day with the City View podcast and key market data “ They will have the worst of both worlds , operating under significant restrictions without the financial support on offer to tier 3 businesses ” , she added .
Nicholls said that the government should rethink the 10pm curfew in areas where coronavirus cases were low @ @ @ @ @ @ @ industry body the British Beer & Pub Association ( BBPA ) , said that the extra support should be extended to those businesses in the second tier of restrictions .
“ Most pubs will struggle to sustain viable business under tier two with their trade being so heavily impacted .
Thousands of local pubs and jobs will be lost for good .
“ Grants and the additional job retention support should be available to those pubs facing the middle tier of restrictions and the inevitable further decline in their revenue they face ” @ @ @ @ @ @ @ are considering legal action against the move to close pubs early , saying that the Prime Minister has not produced the evidence to explain why they have to do so .
Michael Kill , chief exec of the Night Time Industries Association , said : “ This next round of restrictions are hugely disproportionate and unjust , with no scientific rationale or correlation to PHE transmission rates , when compared to other key environments.
” Read more : Coronavirus : Hospitality industry to take legal action over local lockdowns McLarkin added : “ @ @ @ @ @ @ @ show hospitality was responsible for just 3 per cent of total transmissions .
“ Where is the merit in closing pubs to combat the virus based on that information ?
Especially when they are providing a safe and regulated place for people to meet at .
”

Hospitality firms face ‘worst of both worlds’ without more support
Hospitality firms have warned that pubs and bars in “tier one and two areas” will have “the worst of all worlds” as they will have to keep trading without the financial support available to those businesses forced to close.
Today Merseyside was placed under “tier-three” restrictions, which will see pubs and bars shuttered unless they operate as restaurants serving “substantial” meals.
Hospitality businesses in tier one and two areas can remain open, but must continue to operate under a 10pm curfew.
Last week chancellor Rishi Sunak announced he would extend the furlough scheme for six months for businesses across the UK required to close under local lockdowns.
Sunak said the government will pay two thirds of employees’ salaries at a maximum of £2,100 a month to businesses forced to close under fresh lockdown measures.
UK Hospitality chief exec Katie Nicholls said the restrictions meant that some businesses were reaching “the point of no return”.
“There is currently a concerning lack of support on offer for hospitality businesses in tier two, and to a lesser extent tier one, despite their facing restrictions that is seeing trade down by between 40 per cent to 60 per cent.
Before the Open newsletter: Start your day with the City View podcast and key market data
“They will have the worst of both worlds, operating under significant restrictions without the financial support on offer to tier 3 businesses”, she added.
Nicholls said that the government should rethink the 10pm curfew in areas where coronavirus cases were low.
Emma McClarkin, chief executive of industry body the British Beer & Pub Association (BBPA), said that the extra support should be extended to those businesses in the second tier of restrictions.
“Most pubs will struggle to sustain viable business under tier two with their trade being so heavily impacted. Thousands of local pubs and jobs will be lost for good.
“Grants and the additional job retention support should be available to those pubs facing the middle tier of restrictions and the inevitable further decline in their revenue they face”, she said.
Some hospitality bosses are considering legal action against the move to close pubs early, saying that the Prime Minister has not produced the evidence to explain why they have to do so.
Michael Kill, chief exec of the Night Time Industries Association, said: “This next round of restrictions are hugely disproportionate and unjust, with no scientific rationale or correlation to PHE transmission rates, when compared to other key environments.”
McLarkin added: “Public Health England figures released on Friday show hospitality was responsible for just 3 per cent of total transmissions.
“Where is the merit in closing pubs to combat the virus based on that information? Especially when they are providing a safe and regulated place for people to meet at.”


cityam--2020-10-12--FTSE 100 closes lower amid new restrictions but US stocks rise

The FTSE 100 closed lower after Prime Minister Boris Johnson introduced a new three-tier Covid alert system but US stocks rose as investors hoped for more stimulus .
London ’ s blue-chip index ended the day 0.3 per cent lower at 6,001 points .
The mid-cap FTSE 250 rose 0.5 per cent , however .
Read more : Government set to unveil new UK coronavirus restrictions Wall Street shares rose sharply , however .
The tech-heavy Nasdaq was up 2.8 per cent while the S & P 500 climbed 1.8 per cent .
In Europe , Germany ’ s Dax @ @ @ @ @ @ @ finished 0.7 per cent higher .
The continent-wide Stoxx 600 rose 0.8 per cent .
Oil majors weighed on the FTSE 100 , with energy prices falling in response to expected lower demand amid rising coronavirus cases .
Brent crude oil fell 2.9 per cent to $ 41.50 per barrel .
WTI crude slid 3.2 per cent to $ 39.20 a barrel .
Shell ’ s A shares fell 2.6 per cent , while its B shares fell 2.3 per cent .
BP slipped two per cent .
“ The FTSE 100 is @ @ @ @ @ @ @ and mining stocks .
BP , Royal Dutch Shell , Rio Tinto and Glencore are offside , ” said David Madden , market analyst at CMC Markets .
The Nasdaq surged after the open in New York , quickly gaining as optimism over the possibility of a stimulus package grew .
Apple ’ s share price rose over six per cent ahead of a special event on Tuesday .
Most analysts believe it will be used to unveil the new iPhone with 5G capabilities .
Over the weekend , the Trump administration called @ @ @ @ @ @ @ relief bill as negotiations on a broader package ran into resistance .
Read more : Boris Johnson tries to court Biden as Number 10 falls off Trump train Growing expectations of a Democratic victory in next month ’ s presidential election as well as bets of fresh federal aid have sent Wall Street ’ s main indices to one-month highs .
Rupert Thompson , chief investment officer at Kingswood , said : “ A decisive victory , particularly if it includes the Democrats gaining control of the Senate , would… mean it would @ @ @ @ @ @ @ plans for a sizeable fiscal stimulus package early next year .
”

FTSE 100 closes lower amid new restrictions but US stocks rise
Further localised restrictions are expected to be announced for North West England
The FTSE 100 closed lower after Prime Minister Boris Johnson introduced a new three-tier Covid alert system but US stocks rose as investors hoped for more stimulus.
London’s blue-chip index ended the day 0.3 per cent lower at 6,001 points. The mid-cap FTSE 250 rose 0.5 per cent, however.
Read more: Government set to unveil new UK coronavirus restrictions
Wall Street shares rose sharply, however. The tech-heavy Nasdaq was up 2.8 per cent while the S&P 500 climbed 1.8 per cent.
In Europe, Germany’s Dax and France’s CAC 40 both finished 0.7 per cent higher. The continent-wide Stoxx 600 rose 0.8 per cent.
Energy shares weigh on FTSE 100
Oil majors weighed on the FTSE 100, with energy prices falling in response to expected lower demand amid rising coronavirus cases.
Brent crude oil fell 2.9 per cent to $41.50 per barrel. WTI crude slid 3.2 per cent to $39.20 a barrel.
Shell’s A shares fell 2.6 per cent, while its B shares fell 2.3 per cent. BP slipped two per cent.
“The FTSE 100 is underperforming because of the fall in oil and mining stocks. BP, Royal Dutch Shell, Rio Tinto and Glencore are offside,” said David Madden, market analyst at CMC Markets.
Tech stocks boost Wall Street
The Nasdaq surged after the open in New York, quickly gaining as optimism over the possibility of a stimulus package grew.
Apple’s share price rose over six per cent ahead of a special event on Tuesday. Most analysts believe it will be used to unveil the new iPhone with 5G capabilities.
Over the weekend, the Trump administration called on Congress to pass a stripped-down coronavirus relief bill as negotiations on a broader package ran into resistance.
Growing expectations of a Democratic victory in next month’s presidential election as well as bets of fresh federal aid have sent Wall Street’s main indices to one-month highs.
Rupert Thompson, chief investment officer at Kingswood, said: “A decisive victory, particularly if it includes the Democrats gaining control of the Senate, would… mean it would be easier for Biden to implement his plans for a sizeable fiscal stimulus package early next year.”


cityam--2020-10-12--Sketch: How to communicate effectively (according to the UK government)

As the government unveils its latest lockdown restrictions through Twitter , James Warrington imagines comms discussions in the heart of Westminster At a time of national crisis , it ’ s crucial to communicate effectively .
Can you imagine if , at the height of a pandemic , the public didn ’ t know what was going on ?
Unthinkable , I know , but it ’ s a risk we run if we don ’ t get our comms strategy down to a T. Fortunately , the government has been a glowing example of clear communications .
Spearheaded by @ @ @ @ @ @ @ Boris Johnson – the UK ’ s coronavirus strategy has always been on point .
So let ’ s take a leaf out of their playbook , shall we ?
Here ’ s how to communicate effectively , from those who do it bestest .
Ok , this might sound like an old trick , but hear me out .
You know newspapers ?
They ’ re a bit like books , except a new one comes out every day and they ’ re a lot less interesting .
Pick a journalist from @ @ @ @ @ @ @ hate the least – and tell them everything you know .
This will ensure that the British public hears about your apocalyptic new lockdown policy through those wretched rags , not through you .
That way , if they don ’ t like it , they ’ ll blame it all on Murdoch , or whoever it is that owns newspapers these days .
Genius .
Actually – and this is important – don ’ t tell them everything .
Just tell them some of it .
Even better , tell different things @ @ @ @ @ @ @ a blanket of sheer confusion that should keep everyone busy for a couple of days .
Then you can sweep in and clarify everything .
Or just completely reverse your policy .
See how you ’ re feeling on the day .
Disclaimer : This strategy may cause you to be sued by the entire hospitality industry , but you can ’ t win ‘ em all .
You may have heard of Twitter .
It ’ s a social media platform where people wilfully dilute complex topics into ludicrously over-simplified opinions and @ @ @ @ @ @ @ about them .
Anyone who ’ s anyone ( i.e .
politicians and journalists ) uses Twitter , so it ’ s a great place for us to discuss the big issues that matter to the wider population .
In fact , Twitter is so great that we might as well just use it for all announcements .
Sending a tweet is as easy as awarding a multimillion-pound PPE contract to your mate ’ s company and it ’ s a lot less faff than a press conference , where you have to @ @ @ @ @ @ @ “ questions ” .
Instead , brief a bunch of local MPs via Zoom and let them tweet out the latest life-altering policy themselves .
Not only does this strategy absolve you of any responsibility , it ’ s also a great way to rub Labour MPs up the wrong way .
Win-win .
Here in government , we like to learn from our mistakes .
Last year we got quite a bit of stick for our ‘ Get Ready for Brexit ’ campaign , which apparently didn ’ t really contain anything @ @ @ @ @ @ @ t be making the same mistake again , absolutely not .
Focus groups tell us that advertising is all about catching people ’ s attention , so that ’ s the new strategy .
Don ’ t say we can ’ t adapt !
Take our advert about a ballet dancer called Fatima , for example .
As thousands of people in the creative industries face losing their jobs , we thought it would be helpful to suggest that Fatima ’ s next job could be in cyber ( though she may not @ @ @ @ @ @ @ This was a great way of showing how determined we are to save even the most frivolous jobs , as well as doing a cheeky bit of recruitment for GCHQ .
Two birds , one stone .
I ’ m told the advert was “ trending ” on Twitter today , which presumably shows just how effective it was .

Sketch: How to communicate effectively (according to the UK government)
Boris Johnson’s government has given a masterclass in the art of communication
As the government unveils its latest lockdown restrictions through Twitter, James Warrington imagines comms discussions in the heart of Westminster
At a time of national crisis, it’s crucial to communicate effectively. Can you imagine if, at the height of a pandemic, the public didn’t know what was going on? Unthinkable, I know, but it’s a risk we run if we don’t get our comms strategy down to a T.
Fortunately, the government has been a glowing example of clear communications. Spearheaded by Dominic Cummings – sorry, I mean Boris Johnson – the UK’s coronavirus strategy has always been on point.
So let’s take a leaf out of their playbook, shall we? Here’s how to communicate effectively, from those who do it bestest.
1. Brief the newspapers
Ok, this might sound like an old trick, but hear me out. You know newspapers? They’re a bit like books, except a new one comes out every day and they’re a lot less interesting. Pick a journalist from one of those – the one you hate the least – and tell them everything you know.
This will ensure that the British public hears about your apocalyptic new lockdown policy through those wretched rags, not through you. That way, if they don’t like it, they’ll blame it all on Murdoch, or whoever it is that owns newspapers these days. Genius.
Actually – and this is important – don’t tell them everything. Just tell them some of it. Even better, tell different things to different newspapers. This will ensure a blanket of sheer confusion that should keep everyone busy for a couple of days. Then you can sweep in and clarify everything. Or just completely reverse your policy. See how you’re feeling on the day.
Disclaimer: This strategy may cause you to be sued by the entire hospitality industry, but you can’t win ‘em all.
2. Use social media
You may have heard of Twitter. It’s a social media platform where people wilfully dilute complex topics into ludicrously over-simplified opinions and then proceed to shout at each other about them.
Anyone who’s anyone (i.e. politicians and journalists) uses Twitter, so it’s a great place for us to discuss the big issues that matter to the wider population.
In fact, Twitter is so great that we might as well just use it for all announcements. Sending a tweet is as easy as awarding a multimillion-pound PPE contract to your mate’s company and it’s a lot less faff than a press conference, where you have to deal with journalists interrupting your speech with “questions”.
Instead, brief a bunch of local MPs via Zoom and let them tweet out the latest life-altering policy themselves.
Not only does this strategy absolve you of any responsibility, it’s also a great way to rub Labour MPs up the wrong way. Win-win.
(NB Identifying the right local MPs to brief can be a challenge – especially with those pesky northern cities – so make sure you make use of Google Maps and/or Wikipedia. We were intrigued to learn, for example, that Wigan (sp?) is a town in Greater Manchester. Every day’s a school day.)
3. Run some crass adverts
Here in government, we like to learn from our mistakes.
Last year we got quite a bit of stick for our ‘Get Ready for Brexit’ campaign, which apparently didn’t really contain anything of value.
But we won’t be making the same mistake again, absolutely not. Focus groups tell us that advertising is all about catching people’s attention, so that’s the new strategy. Don’t say we can’t adapt!
Take our advert about a ballet dancer called Fatima, for example. As thousands of people in the creative industries face losing their jobs, we thought it would be helpful to suggest that Fatima’s next job could be in cyber (though she may not know it yet! Ha!)
This was a great way of showing how determined we are to save even the most frivolous jobs, as well as doing a cheeky bit of recruitment for GCHQ. Two birds, one stone.
I’m told the advert was “trending” on Twitter today, which presumably shows just how effective it was.