cityam--2020-11-02--Supreme Court to hear FCA business interruption insurance appeal this month

The Supreme Court will this month hear an appeal of the Financial Conduct Authority ’ s business interruption insurance test case .
The test case launched by the watchdog against eight insurance companies was fast-tracked for an appeal earlier this month .
Read more : RSA , Hiscox and others drop appeal against Covid-19 business interruption insurance payout rulings The FCA launched legal proceedings in June after it failed to find an agreement with the insurance sector on business interruption policies .
Some small firms were thrown a lifeline in September when the High Court ruled that some insureds will @ @ @ @ @ @ @ pandemic .
But a number of other businesses have said they face ruin after attempts to claim compensation for losses were rejected by insurance firms .
The court ruled that losses arising from a general reduction in consumer demand and the government ’ s lockdown measures were said to be distinguishable and thus not covered .
The FCA sought to appeal some aspects of the judgment , as did insurers Arch , Argenta , Hiscox , MS Amlin , RSA and QBE , and the Hiscox Action Group of policyholders .
The watchdog @ @ @ @ @ @ @ 21 policy wordings cover disruption and government-ordered closures as a result of the pandemic .
The case could affect around 700 types of policies , 60 insurance businesses and just under 400,000 policyholders .
Read more : FCA gets green light to take insurance giants to Supreme Court over Corona policies The hearing will begin on 16 November and is expected to last four days .
Although the hearing has been expedited the appeal process has delayed payouts on disputed claims as businesses prepare for a second lockdown starting this week .

Supreme Court to hear FCA business interruption insurance appeal this month
The Supreme Court will this month hear an appeal of the Financial Conduct Authority’s business interruption insurance test case.
The test case launched by the watchdog against eight insurance companies was fast-tracked for an appeal earlier this month.
The FCA launched legal proceedings in June after it failed to find an agreement with the insurance sector on business interruption policies. Some small firms were thrown a lifeline in September when the High Court ruled that some insureds will be covered for losses caused by the pandemic.
But a number of other businesses have said they face ruin after attempts to claim compensation for losses were rejected by insurance firms.
The court ruled that losses arising from a general reduction in consumer demand and the government’s lockdown measures were said to be distinguishable and thus not covered.
The FCA sought to appeal some aspects of the judgment, as did insurers Arch, Argenta, Hiscox, MS Amlin, RSA and QBE, and the Hiscox Action Group of policyholders.
The watchdog is now seeking further clarification over whether 21 policy wordings cover disruption and government-ordered closures as a result of the pandemic. The case could affect around 700 types of policies, 60 insurance businesses and just under 400,000 policyholders.
The hearing will begin on 16 November and is expected to last four days.
Although the hearing has been expedited the appeal process has delayed payouts on disputed claims as businesses prepare for a second lockdown starting this week.


cityam--2020-11-02--Government extends coronavirus business loans ahead of second lockdown

The government has extended applications for its coronavirus business support loan schemes ahead of England entering a second lockdown on Thursday .
Applications for the Bounce Back Loan Scheme ( BBLS ) , Coronavirus Business Interruption Loan Scheme ( CBILS ) and Coronavirus Large Business Interruption Loan Scheme ( CLBILS ) will now be open until 31 January , the Treasury said .
Read more : Boris Johnson doubles support for self-employed during new lockdown The schemes provide businesses of various sizes with government-backed loans to help them weather the Covid-19 pandemic .
Small businesses which have borrowed less than @ @ @ @ @ @ @ turnover ( up to £50,000 ) under the BBLS – which is 100 per cent government-backed – will be able to apply for a top-up to their current loan under the new rules .
The top-up option will be available from next week and firms will only be able to use it once .
City A.M. understands that the Treasury held an urgent meeting with some of the UK ’ s largest banks earlier today to discuss plans for the BBLS ahead of England entering a second lockdown .
With England facing tougher @ @ @ @ @ @ @ that small businesses struggling with the impact of the new restrictions could struggle to access funding .
Before the Open newsletter : Start your day with the City View podcast and key market data Calls for more BBLs lenders to open to new customers The Bounce Back Loan Scheme , alongside the other government business loan schemes , had been set to close on 30 November .
City A.M. reported last week that all but one of the 28 of the banks eligible to issue BBLs had closed to new customers , leaving @ @ @ @ @ @ @ the loans despite being eligible for funding .
Kevin Hollinrake MP , leader of the all-party parliamentary group for fair business banking welcomed news of the extension , but said clarity was needed on whether accredited BBLS lenders would open to new applicants .
“ All banks should be opening the door to new customers , ” he told City A.M. “ It is incumbent on lenders who can access the scheme to provide funding to businesses that need finance.
” “ It reflects badly on the entire banking system if it doesn @ @ @ @ @ @ @ cohort of businesses , which is exactly where we are right now , ” Hollinrake added .
Almost £62bn had been lent out under the government ’ s business loan schemes of 18 October , according to figures from the Treasury .
The majority of this was BBLS lending , with more than 1.3m small businesses receiving a total of £40.2bn via the scheme .
Read more : On the brink : SMEs cut off from bounce back boans as banks close to new customers City A.M. revealed some firms have had their @ @ @ @ @ @ @ one lender was accused of “ inventing ” rules after rejecting applications based on a non-existent regulation .
City A.M. has contacted the Treasury for comment .

Government extends coronavirus business loans ahead of Thursday’s England lockdown
The government has extended applications for its coronavirus business support loan schemes ahead of England entering a second lockdown on Thursday.
Applications for the Bounce Back Loan Scheme (BBLS), Coronavirus Business Interruption Loan Scheme (CBILS) and Coronavirus Large Business Interruption Loan Scheme (CLBILS) will now be open until 31 January, the Treasury said.
The schemes provide businesses of various sizes with government-backed loans to help them weather the Covid-19 pandemic.
Small businesses which have borrowed less than the maximum 25 per cent of their turnover (up to £50,000) under the BBLS – which is 100 per cent government-backed – will be able to apply for a top-up to their current loan under the new rules.
The top-up option will be available from next week and firms will only be able to use it once.
City A.M. understands that the Treasury held an urgent meeting with some of the UK’s largest banks earlier today to discuss plans for the BBLS ahead of England entering a second lockdown.
With England facing tougher restrictions from Thursday, concerns are mounting that small businesses struggling with the impact of the new restrictions could struggle to access funding.
Before the Open newsletter: Start your day with the City View podcast and key market data
Calls for more BBLs lenders to open to new customers
The Bounce Back Loan Scheme, alongside the other government business loan schemes, had been set to close on 30 November.
City A.M. reported last week that all but one of the 28 of the banks eligible to issue BBLs had closed to new customers, leaving some small businesses unable to apply for the loans despite being eligible for funding.
Kevin Hollinrake MP, leader of the all-party parliamentary group for fair business banking welcomed news of the extension, but said clarity was needed on whether accredited BBLS lenders would open to new applicants.
“All banks should be opening the door to new customers,” he told City A.M. “It is incumbent on lenders who can access the scheme to provide funding to businesses that need finance.”
“It reflects badly on the entire banking system if it doesn’t work properly for a significant cohort of businesses, which is exactly where we are right now,” Hollinrake added.
Almost £62bn had been lent out under the government’s business loan schemes of 18 October, according to figures from the Treasury. The majority of this was BBLS lending, with more than 1.3m small businesses receiving a total of £40.2bn via the scheme.
City A.M. revealed some firms have had their loan applications rejected without explanation, while one lender was accused of “inventing” rules after rejecting applications based on a non-existent regulation.
City A.M. has contacted the Treasury for comment.


cityam--2020-11-02--PwC to take over from KPMG as M&G’s external auditor

Investment management firm M & G has appointed PwC as its external auditor for the year ending 31 December 2022 .
The appointment will be recommended to M & G ’ s shareholders for approval at the 2022 annual general meeting .
The investment firm decided to run its audit tender process in 2020 .
It was required to change auditor under the external auditor rotation rules by 2023 .
According to M & G ’ s 2019 annual report , KPMG has been M & G ’ s auditor since 1999 as part of the external audit of life @ @ @ @ @ @ @ was a part of until recently .
During the year ended 31 December 2019 , the total fees paid to KPMG amounted to £19.8 million , of which £11.8 million related to non-audit services .
The majority of the non-audit services related to activity connected with the Prudential demerger , which completed in October .
PwC has been working with M & G since May 2019 to provide guidance and advice to its remuneration committee through its demerger from Prudential .
According to the annual report PwC has “ from time to time @ @ @ @ @ @ @ G , such as benchmarking data and remuneration regulatory advice , as well as unrelated advice in respect of assurance , advisory and tax .
M & G and PwC have been contacted for comment .

PwC to take over from KPMG as M&G’s external auditor
Average partner pay at the PwC surged to a record £868,000 earlier this year.
Investment management firm M&G has appointed PwC as its external auditor for the year ending 31 December 2022.
The appointment will be recommended to M&G’s shareholders for approval at the 2022 annual general meeting.
The investment firm decided to run its audit tender process in 2020. It was required to change auditor under the external auditor rotation rules by 2023.
According to M&G’s 2019 annual report, KPMG has been M&G’s auditor since 1999 as part of the external audit of life insurer Prudential, which M&G was a part of until recently.
During the year ended 31 December 2019, the total fees paid to KPMG amounted to £19.8 million, of which £11.8 million related to non-audit services.
The majority of the non-audit services related to activity connected with the Prudential demerger, which completed in October.
PwC has been working with M&G since May 2019 to provide guidance and advice to its remuneration committee through its demerger from Prudential.
According to the annual report PwC has “from time to time” provided other services to M&G, such as benchmarking data and remuneration regulatory advice, as well as unrelated advice in respect of assurance, advisory and tax.
M&G and PwC have been contacted for comment.


cityam--2020-11-02--Plan a post-lockdown escape at the stunning Sopwell House in St Albans

THE WEEKEND : Serious me-time in the UK ’ s first private member ’ s spa , handily attached to luxury country house hotel Sopwell House .
You can spend the entire weekend in a dressing gown without skipping the gourmet food , stylish surroundings and decent cocktail menu every suitably indulgent weekend break needs – especially after another month of being confined to the house .
Read more : How to make the most of the last pre-lockdown days , from a US election party pack to a prohibition jazz night WHERE : Sopwell House is a handsome Georgian @ @ @ @ @ @ @ in just 20 minutes by train from St Pancras for a hassle-free getaway from London .
Set in 12 acres of sweeping pristine grounds , the elegant white building was once the country home of Lord Mountbatten , the last Governor of India and the grandfather of Prince Philip , Duke of Edinburgh .
It ’ s even believed Prince Philip ’ s father proposed to his mother in the gardens here .
Surrounded by woodland and unspoilt countryside in every direction , the hotel is remote enough for country walks , deserted @ @ @ @ @ @ @ close to trendy St Albans with its boutique shopping , restaurants , historic cathedral and renowned Roman ruins .
But let ’ s face it , once you discover Sopwell ’ s gleaming three-storey spa , you won ’ t want to go anywhere else .
THE STAY : The Mews Suites are the ones to know when booking here .
Tucked behind electric gates steps from the main building , the 16 individually designed suites are the most stylish – and exclusive – option .
All are set within a striking secret @ @ @ @ @ @ @ manicured hedges and a dramatically-lit sunken hydro-pool for Mews guests only .
Several suites also come with their own private outdoor jacuzzi , or other decadent touches including four-poster beds , double-ended in-room baths , high-end kitchenettes or private terraces so there ’ s no need to leave at all once you ’ ve checked in .
Mine had chic contrasting wallpaper , slate grey velvet furniture , a dramatic feature fireplace and a sleek spa-style bathroom stocked with Elemis products – plus cosy robes and flip-flops for midnight dashes to the hot @ @ @ @ @ @ @ opting for a spa weekend at Sopwell House doesn ’ t mean surviving on dry lettuce leaves and herbal tea .
Unlike most spa hotels , guests can dine in the hotel ’ s main brasserie whether they ’ re dressed to the nines on a romantic weekend , or red-faced and still in slippers straight from the sauna .
The lunch time buffet is particularly good and understandably popular with locals too , thanks to its extensive selection of tasty salads ( not an iceberg lettuce in sight ) , cheeses and @ @ @ @ @ @ @ House on a Sunday when the chef piled plates high with tender overnight roasted pork shoulder , salmon or roast beef sirloin with giant Yorkshire puddings and all the trimmings , while a dessert table offered exquisite profiteroles , mini lemon tarts and shot glasses of tiramisu .
If you still manage to work up an appetite by dinner , try the hotel ’ s fine dining restaurant ( you will sadly require proper clothes though ) , or return to the brasserie for a la carte gastro pub favourites including Cajun yellowfin @ @ @ @ @ @ @ surprisingly delicious chicken bhuna .
THE SPA : The Club at Cottonmill is the real draw at Sopwell House , opened last year after a staggering £14 million investment .
Though the hotel already offered a 14.5 metre pool with steam room , sauna , gym and jacuzzi , the exclusive new facilities for private members ( and hotel guests paying a supplement ) have the real wow factor .
Read more : Turner at the Tate Britain : An Imax-sized naval blockbuster All are built round the beautifully landscaped spa gardens , @ @ @ @ @ @ @ between gurgling water features , private hot tubs and roaring fire pits .
A blissfully heated swim-out pool links the outdoors to inside , where plush day beds and swing chairs are made for snoozing or ordering a glass of the spa ’ s own-brand Prosecco .
Otherwise , while away the hours floating between a panoramic sauna with heated loungers , tranquil relaxation rooms , a salt room , botanical steam room and luxe treatment rooms where I tried a heavenly massage on the innovative tilting amber and quartz crystal bed , @ @ @ @ @ @ @ NEED TO KNOW : Stays at Sopwell House start from £179 per night in a Deluxe Room on a B & B basis with complimentary access to Cottonmill , or from £509 per night in a Mews Suite on a B & B basis with complimentary access to The Club at Cottonmil .
Go to sopwellhouse.co.uk for more information or to book .
TOP TIP : Squeeze in afternoon tea including traditional Battenburg cake , said to have been created to celebrate Lord Mountbatten ’ s wedding to Queen Victoria ’ s granddaughter @ @ @

Plan a post-lockdown escape at the stunning Sopwell House in St Albans
The UK’s first private member’s spa Sopwell House
THE WEEKEND: Serious me-time in the UK’s first private member’s spa, handily attached to luxury country house hotel Sopwell House.
You can spend the entire weekend in a dressing gown without skipping the gourmet food, stylish surroundings and decent cocktail menu every suitably indulgent weekend break needs – especially after another month of being confined to the house.
WHERE: Sopwell House is a handsome Georgian mansion just outside St Albans, reached in just 20 minutes by train from St Pancras for a hassle-free getaway from London.
Set in 12 acres of sweeping pristine grounds, the elegant white building was once the country home of Lord Mountbatten, the last Governor of India and the grandfather of Prince Philip, Duke of Edinburgh.
It’s even believed Prince Philip’s father proposed to his mother in the gardens here.
Surrounded by woodland and unspoilt countryside in every direction, the hotel is remote enough for country walks, deserted forests and traditional pubs, yet also close to trendy St Albans with its boutique shopping, restaurants, historic cathedral and renowned Roman ruins.
But let’s face it, once you discover Sopwell’s gleaming three-storey spa, you won’t want to go anywhere else.
THE STAY: The Mews Suites are the ones to know when booking here. Tucked behind electric gates steps from the main building, the 16 individually designed suites are the most stylish – and exclusive – option.
All are set within a striking secret garden, filled with modern sculptures, manicured hedges and a dramatically-lit sunken hydro-pool for Mews guests only. Several suites also come with their own private outdoor jacuzzi, or other decadent touches including four-poster beds, double-ended in-room baths, high-end kitchenettes or private terraces so there’s no need to leave at all once you’ve checked in.
Mine had chic contrasting wallpaper, slate grey velvet furniture, a dramatic feature fireplace and a sleek spa-style bathroom stocked with Elemis products – plus cosy robes and flip-flops for midnight dashes to the hot tub.
THE FOOD: Unusually, opting for a spa weekend at Sopwell House doesn’t mean surviving on dry lettuce leaves and herbal tea. Unlike most spa hotels, guests can dine in the hotel’s main brasserie whether they’re dressed to the nines on a romantic weekend, or red-faced and still in slippers straight from the sauna.
The lunch time buffet is particularly good and understandably popular with locals too, thanks to its extensive selection of tasty salads (not an iceberg lettuce in sight), cheeses and hearty main courses.
I visited Sopwell House on a Sunday when the chef piled plates high with tender overnight roasted pork shoulder, salmon or roast beef sirloin with giant Yorkshire puddings and all the trimmings, while a dessert table offered exquisite profiteroles, mini lemon tarts and shot glasses of tiramisu.
If you still manage to work up an appetite by dinner, try the hotel’s fine dining restaurant (you will sadly require proper clothes though), or return to the brasserie for a la carte gastro pub favourites including Cajun yellowfin tuna steak, enormous burgers and a surprisingly delicious chicken bhuna.
THE SPA: The Club at Cottonmill is the real draw at Sopwell House, opened last year after a staggering £14 million investment. Though the hotel already offered a 14.5 metre pool with steam room, sauna, gym and jacuzzi, the exclusive new facilities for private members (and hotel guests paying a supplement) have the real wow factor.
All are built round the beautifully landscaped spa gardens, where sofas and private cabanas are set between gurgling water features, private hot tubs and roaring fire pits. A blissfully heated swim-out pool links the outdoors to inside, where plush day beds and swing chairs are made for snoozing or ordering a glass of the spa’s own-brand Prosecco.
Otherwise, while away the hours floating between a panoramic sauna with heated loungers, tranquil relaxation rooms, a salt room, botanical steam room and luxe treatment rooms where I tried a heavenly massage on the innovative tilting amber and quartz crystal bed, a must-try first for UK spas.
NEED TO KNOW: Stays at Sopwell House start from £179 per night in a Deluxe Room on a B&B basis with complimentary access to Cottonmill, or from £509 per night in a Mews Suite on a B&B basis with complimentary access to The Club at Cottonmil. Go to sopwellhouse.co.uk for more information or to book.
TOP TIP: Squeeze in afternoon tea including traditional Battenburg cake, said to have been created to celebrate Lord Mountbatten’s wedding to Queen Victoria’s granddaughter in 1884.


cityam--2020-11-03--Fish Scupper: Brexit talks ‘stuck’ on fisheries and other key issues

The UK and European Union have not yet found a deal on sharing access to fishing waters after the post-Brexit @ @ @ @ @ , the European Commission said .
Fisheries , along with state aid rules for British @ @ @ @ @ future disputes between the UK and EU , are the main sticking points for a @ @ @ @ @ : CBI deputy : A no-deal Brexit on top of coronavirus is ‘ very , @ @ @ @ @ have not yet found a solution on fisheries , ” a Commission spokesperson said .
@ @ @ @ @ more work remains to be done to get a deal ” , adding : “ @ @ @ @ @ ” .
Intensive talks are underway between the pair in Brussels this week in a @ @ @ @ @ deal for when Britain ’ s transition agreement with the bloc comes to an end @ @ @ @

Fish Scupper: EU and EU fail to bridge gaps on fisheries
UK night fisherman bring in their haul in Hastings (Photo by Dan Kitwood/Getty Images)
The UK and European Union have so far failed to reach agreements on the three most contentious issues in their ongoing trade talks, both sides said.
The pair have not been able to reach agreements on fisheries, the so-called level playing field, and settling future disputes between Britain and the EU.
Read more: CBI deputy: A no-deal Brexit on top of coronavirus is ‘very, very worrying’
The impasse comes despite almost two weeks of intensive talks in a last-ditch attempt to strike a deal for when Britain’s transition agreement with the bloc comes to an end on 31 December.
Any deal to smooth billions of pounds of trade between the pair needs to be agreed by 15 November to give it time to be ratified by the EU before the transition period expires.
An update on the talks’ progress and the chances of a deal being struck is expected tomorrow or Thursday. Chief EU negotiator Michel Barnier said last week that “much remains to be done” before an agreement is reached.
Before the Open newsletter: Start your day with the City View podcast and key market data
A European Commission spokesperson said negotiators have not yet found a deal on sharing access to fishing waters after the post-Brexit transition period ends in December.
“We have not yet found a solution on fisheries,” a Commission spokesperson said. They said “a lot more work remains to be done to get a deal”, adding: “we are not there yet”.
A spokesman for Prime Minister Boris Johnson said: “We’ll only be able to make progress if the EU accepts the reality that the UK will have the right to control access to its waters at the end of this year.”
“There are significant gaps that do remain between our positions in the most difficult areas, and there is much work still to be done if we are to bridge those gaps.”
The Commission also said it would consider escalating its legal dispute with the UK over its violation of the Brexit withdrawal treaty.
Read more: Brexit talks: Germany ‘concerned’ over lack of progress given reliance on City
The bloc sent London a formal letter of notice at the start of last month over the UK’s internal market bill – which Britain has admitted breached international law by breaching its earlier Brexit divorce settlement with the bloc.
The Commission spokesperson said that Britain had failed to reply and that the EU would therefore now consider the next step in the legal dispute – a reasoned opinion.


cityam--2020-11-03--Four Italian wines to help get you through lockdown

On the day we ordinarily congregate to celebrate the foiling of Guy Fawkes ’ infamous gunpowder plot , we will instead be locked inside wondering how our government has Fawked things up so much .
Read more : How to make the most of the last pre-lockdown days , from a US election party pack to a prohibition jazz night Referring to himself by Italian version of his name , Guido , Fawkes was inspired by his tour of the continent and indeed Italy .
How could he not have been enamoured with a country that ’ s home to @ @ @ @ @ @ @ As we prepare for lockdown on bonfire night , I have chosen four Italian wines that will set off fireworks in your house , minus the gunpowder .
Gone are the days when you could find a decent bottle in the supermarket for less than £10 .
For a £5 bottle of wine , once all costs are considered ( duty , vat , packaging , transport , retail margin ) the amount left for the actual liquid is just 31p .
Increase the buying price to £10 and the liquid is worth @ @ @ @ @ @ @ wine value for just twice the cost .
For this reason , I would always spend the extra few pounds and drink less .
Read more : Plan a post-lockdown escape at the stunning Sopwell House in St Albans When looking for bang for buck with Italian wine there are many areas to explore but the grape that always delivers for me is Sangiovese .
It is used both in mass-produced table wine as well as some of the finest wines available in Europe .
Sangiovese ’ s happiest home is in Tuscany @ @ @ @ @ @ @ di Montalcino and Vino Nobile di Montepulciano form some of Italy ’ s most favoured wines .
The Antinori family have been making wines in Tuscany for over 600 years , long before Guy Fawkes began plotting , and they are responsible for one of Italy ’ s greatest wines , the original ‘ Supertuscan ’ Tignanello .
Now one of the world ’ s most successful wine families , their flagship bottle Villa Antinori , which has been produced by the family since 1927 , is a true Italian wine for all @ @ @ @ @ @ @ also blended with small amounts of Merlot , Syrah and Petit Verdot .
Italy gets a bad rep for its white wines , with vast amounts of entry-level examples exported annually .
If you look in the right places , however , Italian wines often over deliver .
Gavi di Gavi is one of the most renowned whites in Italy .
Hailing from the Piedmont region , it is made exclusively with the Cortese grape , which creates an incredibly versatile wine , with a herbaceous and aromatic profile balanced with a zesty @ @ @ @ @ @ @ delightful aperitif and a perfect partner for fish , pasta and even some light meats .
Nicola Bergaglio is one of my favourite producers and this wine was ever-present in my house during the first lockdown .
£14.25 from The Great Wine Co. Just because you can ’ t leave the house , you should not forgo the odd celebration – just getting through another week is worthy of a full-scale carnival in my house .
At moments like these I always have a bottle of my favourite sparkling wine from Ferrari .
@ @ @ @ @ @ @ more commonly known car company , having been founded in Trento in Northern Italy in 1902 by a man named Giulio Ferrari .
Using the same vines and methods as the Champagne region , only situated at the foothills of the Dolomites , the wines display a wonderful crisp minerality and a silky smooth finish .
Read more : Turner at the Tate Britain : An Imax-sized naval blockbuster The whole range is exceptional but I find their vintage offering ‘ Perlé ’ to be the best value .
Owned for the past @ @ @ @ @ @ @ the house has rightly been awarded the world ’ s best sparkling wine producer three times in the last decade .
For a special treat when you realise how much money you have saved by not leaving the house , there are plenty of Italian wines to splash out on .
The top Italian wines have rocketed in value over the past decades and are now considered investment grade .
But investing in wine is no fun , especially in lockdown , so when I want a treat I look to Vietti Barolo @ @ @ @ @ @ @ ’ s entry level Barolo but given the near perfect vintage and the winemaker ’ s sublime craftsmanship , it tastes anything but entry level .
Ordinarily you would not expect to drink Nebbiolo ( Barolo ’ s only grape variety ) so young but this one is deceptively powerful , with dark cherry notes complimented by a hint of tobacco and held together with perfectly formed tannins .
It is also quite punchy at 14.5 % ABV .
• Dom Jacobs is Wine Director at The Fitzdares Club

Four Italian wines to help get you through lockdown
Forget gunpowder, make sure your barrel is filled with fine italian wine this bonfire night
On the day we ordinarily congregate to celebrate the foiling of Guy Fawkes’ infamous gunpowder plot, we will instead be locked inside wondering how our government has Fawked things up so much.
Referring to himself by Italian version of his name, Guido, Fawkes was inspired by his tour of the continent and indeed Italy. How could he not have been enamoured with a country that’s home to more than 2,000 indigenous grape varieties?
As we prepare for lockdown on bonfire night, I have chosen four Italian wines that will set off fireworks in your house, minus the gunpowder.
Villa Antinori Toscana
Gavi di Gavi, La Minaia
Bergaglio
Ferrari Perlé 2014 Some of the best Italian wines to enjoy during lockdown
An Everyday Red
Gone are the days when you could find a decent bottle in the supermarket for less than £10. For a £5 bottle of wine, once all costs are considered (duty, vat, packaging, transport, retail margin) the amount left for the actual liquid is just 31p. Increase the buying price to £10 and the liquid is worth £2.70 – more than eight times the wine value for just twice the cost. For this reason, I would always spend the extra few pounds and drink less.
When looking for bang for buck with Italian wine there are many areas to explore but the grape that always delivers for me is Sangiovese. It is used both in mass-produced table wine as well as some of the finest wines available in Europe. Sangiovese’s happiest home is in Tuscany, where the sub-regions Chianti, Brunello di Montalcino and Vino Nobile di Montepulciano form some of Italy’s most favoured wines.
The Antinori family have been making wines in Tuscany for over 600 years, long before Guy Fawkes began plotting, and they are responsible for one of Italy’s greatest wines, the original ‘Supertuscan’ Tignanello. Now one of the world’s most successful wine families, their flagship bottle Villa Antinori, which has been produced by the family since 1927, is a true Italian wine for all occasions. Primarily Sangiovese, it is also blended with small amounts of Merlot, Syrah and Petit Verdot.
£13 from Co-op
Dom Jacobs, Wine Director at Fitzdares, recommends the best Italian wines to enjoy during lockdown
Versatile White
Italy gets a bad rep for its white wines, with vast amounts of entry-level examples exported annually. If you look in the right places, however, Italian wines often over deliver.
Gavi di Gavi is one of the most renowned whites in Italy. Hailing from the Piedmont region, it is made exclusively with the Cortese grape, which creates an incredibly versatile wine, with a herbaceous and aromatic profile balanced with a zesty lemon finish that makes it both a delightful aperitif and a perfect partner for fish, pasta and even some light meats.
Nicola Bergaglio is one of my favourite producers and this wine was ever-present in my house during the first lockdown.
£14.25 from The Great Wine Co.
Celebratory Fizz
Just because you can’t leave the house, you should not forgo the odd celebration – just getting through another week is worthy of a full-scale carnival in my house. At moments like these I always have a bottle of my favourite sparkling wine from Ferrari.
The producer is much older than the more commonly known car company, having been founded in Trento in Northern Italy in 1902 by a man named Giulio Ferrari. Using the same vines and methods as the Champagne region, only situated at the foothills of the Dolomites, the wines display a wonderful crisp minerality and a silky smooth finish.
The whole range is exceptional but I find their vintage offering ‘Perlé’ to be the best value. Owned for the past three generations by the Lunelli family, the house has rightly been awarded the world’s best sparkling wine producer three times in the last decade.
£28 from Vinvm
A Sunday Treat
For a special treat when you realise how much money you have saved by not leaving the house, there are plenty of Italian wines to splash out on. The top Italian wines have rocketed in value over the past decades and are now considered investment grade. But investing in wine is no fun, especially in lockdown, so when I want a treat I look to Vietti Barolo Castiglione 2016.
This wine is Vietti’s entry level Barolo but given the near perfect vintage and the winemaker’s sublime craftsmanship, it tastes anything but entry level. Ordinarily you would not expect to drink Nebbiolo (Barolo’s only grape variety) so young but this one is deceptively powerful, with dark cherry notes complimented by a hint of tobacco and held together with perfectly formed tannins. It is also quite punchy at 14.5% ABV.
£44 from Vinvm
• Dom Jacobs is Wine Director at The Fitzdares Club


cityam--2020-11-03--Deloitte Legal acquires London tech and digital media law firm

Deloitte Legal will acquire technology and digital media law firm Kemp Little , adding 29 partners and up to 57 lawyers in the process .
Following completion Deloitte Legal ’ s lawyer headcount in the UK will increase to more than 170 , up from approximately 85 currently .
All Kemp Little staff can transfer to Deloitte Legal upon completion .
Deloitte is not disclosing the financials of the transaction .
Read more : More than 1,000 Deloitte consultants working on Test and Trace programme Kemp Little was founded in 1997 and is headquartered in London .
It offers legal @ @ @ @ @ @ @ employment , data protection , disputes , intellectual property and financial regulation across a range of sectors including financial services , telecoms , and media and digital solutions .
Deloitte Legal said the move will enable it to offer clients a broader and deeper range of legal expertise .
Deloitte launched a UK legal practice in 2018 , becoming the last of the Big Four firms to do so .
Read more : Covid-19 will change business forever , says Deloitte chief Richard Houston , senior partner and chief executive of Deloitte North @ @ @ @ @ @ @ This demonstrates our confidence and willingness to invest where there is clear market demand.
” He said the coronavirus pandemic demonstrated investing in technology will be “ a critical catalyst for the recovery of UK businesses ” .
He said business leaders were looking for more digital way of working , which would promote “ longer term cultural change ” .
Houston continued : “ On completion , this transaction , with technology at its core , will ensure Deloitte Legal is well positioned to help businesses thrive as they transition to new @ @ @ @ @ @ @ partner Andrew Joint added : “ Having already collaborated on a number of projects in the past , Deloitte Legal and Kemp Little have a track record of working together successfully .
“ We are all excited about joining forces with Deloitte Legal at completion to provide a very compelling offering in a market that has long been demanding greater innovation in the delivery of legal services .
”

Deloitte Legal acquires London tech and digital media law firm
Deloitte has been fined £362,500 for failures relating to the audit of a former client’s defined benefit pension scheme.
Deloitte Legal will acquire technology and digital media law firm Kemp Little, adding 29 partners and up to 57 lawyers in the process.
Following completion Deloitte Legal’s lawyer headcount in the UK will increase to more than 170, up from approximately 85 currently.
All Kemp Little staff can transfer to Deloitte Legal upon completion. Deloitte is not disclosing the financials of the transaction.
Kemp Little was founded in 1997 and is headquartered in London.
It offers legal services in commercial technology, corporate, employment, data protection, disputes, intellectual property and financial regulation across a range of sectors including financial services, telecoms, and media and digital solutions.
Deloitte Legal said the move will enable it to offer clients a broader and deeper range of legal expertise.
Deloitte launched a UK legal practice in 2018, becoming the last of the Big Four firms to do so.
Tech ‘critical to business recovery’
Richard Houston, senior partner and chief executive of Deloitte North and South Europe, said: “This demonstrates our confidence and willingness to invest where there is clear market demand.”
He said the coronavirus pandemic demonstrated investing in technology will be “a critical catalyst for the recovery of UK businesses”.
He said business leaders were looking for more digital way of working, which would promote “longer term cultural change”.
Houston continued: “On completion, this transaction, with technology at its core, will ensure Deloitte Legal is well positioned to help businesses thrive as they transition to new ways of working.”
Kemp Little managing partner Andrew Joint added: “Having already collaborated on a number of projects in the past, Deloitte Legal and Kemp Little have a track record of working together successfully.
“We are all excited about joining forces with Deloitte Legal at completion to provide a very compelling offering in a market that has long been demanding greater innovation in the delivery of legal services.”


cityam--2020-11-03--New BBC drama turns spotlight on City work pressure

The BBC is turning its attention to the City with a new drama that documents the lives of university graduates battling the pressures of a cut-throat career in finance .
The series , called Industry , is set at the fictional investment bank Pierpoint , where five fresh-faced grads are subjected to gruelling hours and brutal bosses as they compete to secure permanent roles .
Read more : BBC bans ‘ virtue signalling ’ as it cracks down on stars ’ social media use The eight-part drama was inspired by the tragic death of Mortiz Erhardt , a 21-year-old Bank @ @ @ @ @ @ @ suffered an epiletpic seizure and was found dead at his London flat in 2013 after working three nights in a row .
This brutal practice , known in the City as the “ magic roundabout ” , is one of the many aspects of the Square Mile lifestyle portrayed in the new series .
“ You leave the bank at some point in the early hours of the morning , get an Uber back home , change , wash and shower , then go back into work again , ” executive producer Jane @ @ @ @ @ @ @ Down and Konrad Kay experienced this lifestyle first-hand , starting careers in finance after securing places on highly sought-after summer internships at investment banks at the age of 21 .
But after years of working under high pressure , both City slickers quit their jobs in finance to write about their experiences .
In addition to brutal workplace practices , Industry also highlights the excesses of the party lifestyle enjoyed by the Square Mile ’ s highly-paid young professionals .
Robert , played by Harry Lawtey , is shown enjoying hedonistic , drug-fuelled @ @ @ @ @ @ @ : Richard Sharp : Who is the surprise new frontrunner for the BBC top job ?
Actor Myha ’ la Herrold , who plays American trainee Harper , told the Times she researched the role by looking at Instagram accounts popular among young bankers .
One account , Litquidity , shares memes and in-jokes aimed at young City workers to its 415,000 followers .
Another US-based account dubbed Midtown Uniform , which has 169,000 followers , satirises the popular fashion choices finance workers .
Industry , which is a co-production between HBO and @ @ @ @ @ @ @ on Tuesday 10 November on BBC Two .

New BBC drama turns spotlight on City work pressure
Hit BBC drama Industry followed five graduates as they dealt with the stresses of working for an investment bank (Image: BBC)
The BBC is turning its attention to the City with a new drama that documents the lives of university graduates battling the pressures of a cut-throat career in finance.
The series, called Industry, is set at the fictional investment bank Pierpoint, where five fresh-faced grads are subjected to gruelling hours and brutal bosses as they compete to secure permanent roles.
The eight-part drama was inspired by the tragic death of Mortiz Erhardt, a 21-year-old Bank of America Merrill Lynch intern.
Erhardt suffered an epiletpic seizure and was found dead at his London flat in 2013 after working three nights in a row.
This brutal practice, known in the City as the “magic roundabout”, is one of the many aspects of the Square Mile lifestyle portrayed in the new series.
“You leave the bank at some point in the early hours of the morning, get an Uber back home, change, wash and shower, then go back into work again,” executive producer Jane Tranter told the Times.
Screenwriters Mickey Down and Konrad Kay experienced this lifestyle first-hand, starting careers in finance after securing places on highly sought-after summer internships at investment banks at the age of 21.
But after years of working under high pressure, both City slickers quit their jobs in finance to write about their experiences.
In addition to brutal workplace practices, Industry also highlights the excesses of the party lifestyle enjoyed by the Square Mile’s highly-paid young professionals.
Robert, played by Harry Lawtey, is shown enjoying hedonistic, drug-fuelled nights out in London.
Actor Myha’la Herrold, who plays American trainee Harper, told the Times she researched the role by looking at Instagram accounts popular among young bankers.
One account, Litquidity, shares memes and in-jokes aimed at young City workers to its 415,000 followers. Another US-based account dubbed Midtown Uniform, which has 169,000 followers, satirises the popular fashion choices finance workers.
Industry, which is a co-production between HBO and the BBC, will begin at 9.15pm on Tuesday 10 November on BBC Two.


cityam--2020-11-03--Crest Nicholson shares soar after housebuilder hikes profit expectations

Shares in Crest Nicholson soared this morning after the housebuilder hiked its profit forecast following strong sales after coronavirus lockdown restrictions were lifted .
The FTSE 250 firm said adjusted profit before tax is expected to be significantly ahead of the previous forecast of £37.9m , at around £45m .
Read more : Crest Nicholson cuts 130 jobs as it suffers £51m loss in first half of the year The London-listed developer ’ s share price surged more than 17 per cent to 255.6p this morning as it announced it will resume dividend payments when it posts its interim results @ @ @ @ @ @ @ earlier this year due to the uncertainty caused by the pandemic .
In a update to the market this morning Crest Nicholson said sales rates were robust and ahead of pre-spring lockdown levels due to the release of pent-up demand .
Meanwhile , forward sales at 31 October were 2,289 units , up from 2,013 last year after more time spent at home during lockdown prompted more people to consider moving house .
Crest Nicholson chief executive Peter Truscott said the new national lockdown will bring “ fresh challenges ” for the business @ @ @ @ @ @ @ market to remain “ resilient ” .
“ If anyone thinks the UK ’ s stock market is unloved and undeservedly undervalued then house builders may be one way to get exposure in anticipation of any improvement in the FTSE indices ’ fortunes – or at least that ’ s one message that can be taken from Crest Nicholson ’ s trading update today , ” said Russ Mould , AJ Bell investment director .
Read more : Crest Nicholson cancels dividend and guidance on coronavirus concerns “ Forward sales are still building @ @ @ @ @ @ @ cash , profits are exceeding expectations and the FTSE 250 firm even intends to restore dividend payments in 2021 .
“ The shares are responding with a big gain and this shows what can happen if sentiment changes quickly and an unloved stock provides even the slightest scrap of good news .
”

Crest Nicholson shares soar after housebuilder hikes profit expectations
Shares in Crest Nicholson soared this morning after the housebuilder hiked its profit forecast following strong sales after coronavirus lockdown restrictions were lifted.
The FTSE 250 firm said adjusted profit before tax is expected to be significantly ahead of the previous forecast of £37.9m, at around £45m.
The London-listed developer’s share price surged more than 17 per cent to 255.6p this morning as it announced it will resume dividend payments when it posts its interim results next year.
It scrapped shareholder payouts earlier this year due to the uncertainty caused by the pandemic.
In a update to the market this morning Crest Nicholson said sales rates were robust and ahead of pre-spring lockdown levels due to the release of pent-up demand.
Meanwhile, forward sales at 31 October were 2,289 units, up from 2,013 last year after more time spent at home during lockdown prompted more people to consider moving house.
Crest Nicholson chief executive Peter Truscott said the new national lockdown will bring “fresh challenges” for the business, but that it expects the housing market to remain “resilient”.
“If anyone thinks the UK’s stock market is unloved and undeservedly undervalued then house builders may be one way to get exposure in anticipation of any improvement in the FTSE indices’ fortunes – or at least that’s one message that can be taken from Crest Nicholson’s trading update today,” said Russ Mould, AJ Bell investment director.
“Forward sales are still building nicely, the balance sheet is net cash, profits are exceeding expectations and the FTSE 250 firm even intends to restore dividend payments in 2021.
“The shares are responding with a big gain and this shows what can happen if sentiment changes quickly and an unloved stock provides even the slightest scrap of good news.”


cityam--2020-11-03--‘Layers of uncertainty’: The City braces for a US election unlike any other

It ’ s been a long year for markets , but today ’ s US presidential election could be the longest day yet – not least because the results may not be clear for days or even weeks .
Democrat challenger Joe Biden is well ahead in the polls .
Yet memories of 2016 , when Donald Trump came from behind to take the presidency , loom large over trading floors .
Read more : US election : Almost 100m early votes cast as record turnout looms Investors in the City and around the world are bracing themselves for what @ @ @ @ @ @ @ volatile , contested election .
The polls start to close at around midnight UK time , but Alaska doesn ’ t finish voting until 6am GMT .
Seema Shah , chief strategist at Principal Global Investors , says her plan is “ to wake up every now and then and check ” .
Usually the City ’ s trading floors are hives of activity on election night .
However , the coronavirus pandemic and the time it will take to count millions of postal votes mean this poll will be more of a @ @ @ @ @ @ @ “ layers of uncertainty ” , with possible delays and the fight over Congress key considerations .
She says there ’ s a “ sense that we probably won ’ t know the decision even around this time tomorrow ” .
Yet she says that working from home and the Zoom boom “ actually makes it far easier this time ” to stay in touch with colleagues and clients around the world , “ because working remotely is the norm ” .
Trading the US election not for the faint-hearted There will certainly @ @ @ @ @ @ @ swings in the dollar , stocks and bonds to try to capitalise on the result .
But many in the City say this US election is just too uncertain to take a strong position .
Rupert Thompson , managing director at investment group Kingswood , says he ’ ll be up early to monitor the results .
Yet he admits he doesn ’ t really know what to expect .
The potential to get “ whipsawed ” is huge , he says .
“ It could start off looking Democrat and then move @ @ @ @ @ @ @ all the uncertainty , the “ game plan ” so far is simply “ not to do that much ” .
Read more : US election : How to watch the vote and what to look out for Thompson highlights that surging coronavirus cases in the US mean it is at risk of heading into another lockdown like Europe .
“ Do you really want to go overweight risk [ assets ] now , when possibly in three weeks time the States is going to be facing a similar situation to the UK @ @ @ @ @ @ @ unanimously agree that the worst outcome would be a contested election .
Shah says : “ If we ’ re in a position by tomorrow morning we still don ’ t know the result , then we would be anticipating a pick up in volatility.
” She adds that if Trump tries to call the election without widespread consensus , “ the market is certainly not going to respond too positively ” .
Eleanor Creagh , market strategist at Saxo Bank , said in a note to clients that she thinks Biden will @ @ @ @ @ @ @ can be taken for granted .
Unless there is an irrefutable Democratic landslide , “ the probability of a contested result remains , ” she said .
Despite the high levels of uncertainty , markets are moving ahead of the big night .
European stocks are up , with investors betting that a convincing Biden victory would lead to a big stimulus package of around $ 2 trillion ( £1.5 trillion ) .
Investors think this would help the global economy .
Read more : Donald Trump and Joe Biden blitz battleground states @ @ @ @ @ @ @ Analysts have been briefing clients on the possible upsides and downsides for markets for weeks .
For example , Carsten Brzeski , global head of macro at ING , said in a note that there could be “ positive spillovers ” for Europe from a big Biden stimulus package .
He said it would likely focus on infrastructure , climate change and 5G .
“ Under a Biden administration , European global players are more likely to benefit from these domestic US investments than under a second term for Trump.
” Shah recommends @ @ @ @ @ @ @ the uncertainty : buy huge US tech stocks , as well as the traditional government bonds .
“ Having exposure to mega-cap tech , anything which is large balance sheets , positive cash flow , are the ones that are going to be more likely to get through this challenging time.
” Read more : FTSE 100 joins global market rally ahead of US election However , Shah cautions there will be next to no benefit for UK stocks either way .
“ For the UK I think it ’ s a foregone @ @ @ @ @ @ @ , we ’ ve got the lockdown .
The US election will probably have very very little impact on how that ’ s going to play out .
”

‘Layers of uncertainty’: The City braces for a US election unlike any other
City of London traders and investors are nervous about what to expect form a highly uncertain US election night
It’s been a long year for markets, but today’s US presidential election could be the longest day yet – not least because the results may not be clear for days or even weeks.
Democrat challenger Joe Biden is well ahead in the polls. Yet memories of 2016, when Donald Trump came from behind to take the presidency, loom large over trading floors.
Investors in the City and around the world are bracing themselves for what may turn out to be a highly volatile, contested election. The polls start to close at around midnight UK time, but Alaska doesn’t finish voting until 6am GMT.
Seema Shah, chief strategist at Principal Global Investors, says her plan is “to wake up every now and then and check”.
Usually the City’s trading floors are hives of activity on election night. However, the coronavirus pandemic and the time it will take to count millions of postal votes mean this poll will be more of a slow burner.
Shah says there are “layers of uncertainty”, with possible delays and the fight over Congress key considerations. She says there’s a “sense that we probably won’t know the decision even around this time tomorrow”.
Yet she says that working from home and the Zoom boom “actually makes it far easier this time” to stay in touch with colleagues and clients around the world, “because working remotely is the norm”.
Trading the US election not for the faint-hearted
There will certainly be plenty of brave souls betting on swings in the dollar, stocks and bonds to try to capitalise on the result.
But many in the City say this US election is just too uncertain to take a strong position.
Rupert Thompson, managing director at investment group Kingswood, says he’ll be up early to monitor the results. Yet he admits he doesn’t really know what to expect.
The potential to get “whipsawed” is huge, he says. “It could start off looking Democrat and then move Trump’s way.” Due to all the uncertainty, the “game plan” so far is simply “not to do that much”.
Thompson highlights that surging coronavirus cases in the US mean it is at risk of heading into another lockdown like Europe.
“Do you really want to go overweight risk [assets] now, when possibly in three weeks time the States is going to be facing a similar situation to the UK and Europe?”
The City of London would usually be a hive of activity after a US election, but this year traders and investors will be working out what it all means from home
Markets fret over contested result
Traders and investors unanimously agree that the worst outcome would be a contested election.
Shah says: “If we’re in a position by tomorrow morning we still don’t know the result, then we would be anticipating a pick up in volatility.”
She adds that if Trump tries to call the election without widespread consensus, “the market is certainly not going to respond too positively”.
Eleanor Creagh, market strategist at Saxo Bank, said in a note to clients that she thinks Biden will win. But she stressed that nothing can be taken for granted.
Unless there is an irrefutable Democratic landslide, “the probability of a contested result remains,” she said.
Spillover for UK and European stocks
Despite the high levels of uncertainty, markets are moving ahead of the big night.
European stocks are up, with investors betting that a convincing Biden victory would lead to a big stimulus package of around $2 trillion (£1.5 trillion). Investors think this would help the global economy.
Analysts have been briefing clients on the possible upsides and downsides for markets for weeks.
For example, Carsten Brzeski, global head of macro at ING, said in a note that there could be “positive spillovers” for Europe from a big Biden stimulus package. He said it would likely focus on infrastructure, climate change and 5G.
“Under a Biden administration, European global players are more likely to benefit from these domestic US investments than under a second term for Trump.”
Shah recommends a relatively novel strategy to deal with the uncertainty: buy huge US tech stocks, as well as the traditional government bonds.
“Having exposure to mega-cap tech, anything which is large balance sheets, positive cash flow, are the ones that are going to be more likely to get through this challenging time.”
However, Shah cautions there will be next to no benefit for UK stocks either way.
“For the UK I think it’s a foregone conclusion. We’re facing Brexit, we’ve got the lockdown. The US election will probably have very very little impact on how that’s going to play out.”


cityam--2020-11-03--International testing success could allow reduced UK quarantine

Testing air passengers after five days of quarantine has proved effective in Iceland , renewing calls for the UK ’ s current 14-day quarantine policy to be reduced .
Testing air passengers for Covid-19 in Iceland after five days of quarantine is between 83 % and 90 % effective , while testing after seven days in Toronto and Paris is between 84 % and 90 % effective , according to research from economics consultancy Oxera and data firm Edge Health .
The findings suggest the UK ’ s current 14-day quarantine policy could be significantly reduced .
Read more : @ @ @ @ @ @ @ quarantine-free travel list Travellers entering the UK must self-isolate for 14 days unless they are travelling from an exempt country .
From Thursday all international holidays departing from England are banned .
The UK government is considering moving to a ‘ test and release ’ scheme of five , seven or eight days .
There is also evidence to suggest that testing on arrival detects between 54 % and 75 % of infected travellers .
The UK government estimates testing on arrival at an airport would only identify 7 % of invested travellers @ @ @ @ @ @ @ , including Portugal , Cyprus , Italy and Germany , have introduced a form of passenger testing .
The research used data from real-world case studies , recent empirical evidence and sensitivity analysis to reach its findings .
The results are based on actual testing schemes that are currently in place in different parts of the world , rather than theoretical models .
Read more : High-flying City figures to be exempt from quarantine rules Michele Granatstein , partner at Oxera and head of its Aviation practice , said : “ These results @ @ @ @ @ @ @ are significantly higher than the 7 % estimated by Public Health England .
“ The analysis provides further evidence that the UK government is significantly underestimating the effectiveness of testing on arrival schemes.
” Edge Health co-founder and director George Batchelor added : “ The evidence from other countries suggests how beneficial a testing regime is when compared to a blanket 14-day quarantine policy , like we have in the UK .
“ The combination of testing with a short quarantine period would also be effective , in advance of a common international @ @ @ @ @ @ @ Iceland providing clear evidence that there is little to be gained by introducing a seven-day period , over a five-day one.
” The new analysis has been submitted to the UK Global Travel Taskforce , which is expected to report its recommendations to the Prime Minister in early November despite the new national restrictions including a ban on outbound travel until 2 December .
The UK will enter a month-long national lockdown from 5 November .

International testing success could allow reduced UK quarantine
New evidence suggests the UK’s 14-day quarantine on international arrivals could be reduced.
Testing air passengers after five days of quarantine has proved effective in Iceland, renewing calls for the UK’s current 14-day quarantine policy to be reduced.
Testing air passengers for Covid-19 in Iceland after five days of quarantine is between 83% and 90% effective, while testing after seven days in Toronto and Paris is between 84% and 90% effective, according to research from economics consultancy Oxera and data firm Edge Health.
The findings suggest the UK’s current 14-day quarantine policy could be significantly reduced.
Travellers entering the UK must self-isolate for 14 days unless they are travelling from an exempt country.
From Thursday all international holidays departing from England are banned.
The UK government is considering moving to a ‘test and release’ scheme of five, seven or eight days.
Airport testing deemed effective
There is also evidence to suggest that testing on arrival detects between 54% and 75% of infected travellers. The UK government estimates testing on arrival at an airport would only identify 7% of invested travellers.
To date, over 30 countries, including Portugal, Cyprus, Italy and Germany, have introduced a form of passenger testing.
The research used data from real-world case studies, recent empirical evidence and sensitivity analysis to reach its findings. The results are based on actual testing schemes that are currently in place in different parts of the world, rather than theoretical models.
Michele Granatstein, partner at Oxera and head of its Aviation practice, said: “These results, based on real-world testing schemes, are significantly higher than the 7% estimated by Public Health England.
“The analysis provides further evidence that the UK government is significantly underestimating the effectiveness of testing on arrival schemes.”
Edge Health co-founder and director George Batchelor added: “The evidence from other countries suggests how beneficial a testing regime is when compared to a blanket 14-day quarantine policy, like we have in the UK.
“The combination of testing with a short quarantine period would also be effective, in advance of a common international standard on testing, with data from Iceland providing clear evidence that there is little to be gained by introducing a seven-day period, over a five-day one.”
The new analysis has been submitted to the UK Global Travel Taskforce, which is expected to report its recommendations to the Prime Minister in early November despite the new national restrictions including a ban on outbound travel until 2 December.
The UK will enter a month-long national lockdown from 5 November.


cityam--2020-11-03--Non-Custodial Wallet lockout? Three Solutions

At Zumo we believe that only you should be in charge of your money .
Nearly everyone keeps their money in a bank account , and you may think that this keeps it safe , secure , and under your control .
But the truth is , it is the bank , and ultimately the government , who decide if and when you are allowed to access your funds .
With our technology your cryptocurrency is stored securely on the blockchain , not in a bank or centralised vault .
This means your assets are completely owned by you , @ @ @ @ @ @ @ private “ keys ” stored safely , only you have access to your digital cash .
When you set up a non-custodial wallet , like Zumo , you generate what ’ s called a public and private key to manage your funds .
Typically , the private key is represented by a Seed Phrase which is a series of randomly generated words unique to your wallet .
Non-custodial wallets like Zumo don ’ t have access to your private keys , so it is essential that you securely record your seed phrase .
@ @ @ @ @ @ @ wallet or move access to your funds to a different non-custodial wallet provider you can use the seed phrase that was generated with your account to regain access to it .
However , if you lose access to your seed phrase it could have disastrous consequences , because unlike other passwords you might forget , you can ’ t reset a seed phrase .
It ’ s in everyone ’ s best interest to find a more robust solution , rather than just relying on seed phrases to manage private keys .
There @ @ @ @ @ @ @ , each with their own advantages and disadvantages .
Multisignature ( often referred to as multisig ) refers to requiring more than one key to authorise a Bitcoin transaction .
This essentially divides up responsibility for access to tokens , reducing risk .
The downside of this approach is it ’ s quite inefficient , and it doesn ’ t really solve the issue of complexity for users .
Threshold signatures are essentially an evolution of the multi-signature approach .
This allows multiple parties to authenticate transaction signatures without involving consistent fixed private @ @ @ @ @ @ @ is that private keys can be sharded ( split into multiple fragments and distributed ) therefore further minimising the risk of a hack .
So , it becomes a more efficient solution but still requires a layer of user interface to make it accessible .
Social recovery relies on elements of threshold signatures but also provides a user interface layer that helps to make it easy to use .
With social recovery , private keys are divided amongst nominated 3rd parties ( which can be other people , devices , or even events @ @ @ @ @ @ @ a set number of the nominated parties can unlock and recover the user ’ s access .
This is still a complex technical solution but is more familiar to most users already and so we think it ’ s the right solution for us to use at Zumo .
At Zumo our goal is to provide everyone with a secure and user-friendly platform to access , manage , and spend cryptocurrency alongside their traditional money .
Bridging the gap between the old financial system and the new , bringing financial power back into @ @ @ @ @ @ @ we are all about .
Crypto AM : Technically Speaking in association with Zumo

Non-Custodial Wallet lockout? Three Solutions
At Zumo we believe that only you should be in charge of your money. Nearly everyone keeps their money in a bank account, and you may think that this keeps it safe, secure, and under your control. But the truth is, it is the bank, and ultimately the government, who decide if and when you are allowed to access your funds.
With our technology your cryptocurrency is stored securely on the blockchain, not in a bank or centralised vault. This means your assets are completely owned by you, and as long as you have your private “keys” stored safely, only you have access to your digital cash.
When you set up a non-custodial wallet, like Zumo, you generate what’s called a public and private key to manage your funds. Typically, the private key is represented by a Seed Phrase
which is a series of randomly generated words unique to your wallet. Non-custodial wallets like Zumo don’t have access to your private keys, so it is essential that you securely record your seed phrase.
If you ever need to recover your wallet or move access to your funds to a different non-custodial wallet provider you can use the seed phrase that was generated with your account to regain access to it. However, if you lose access to your seed phrase it could have disastrous consequences, because unlike other passwords you might forget, you can’t reset a seed phrase.
It’s in everyone’s best interest to find a more robust solution, rather than just relying on seed phrases to manage private keys. There are three potential solutions to seed phrases, each with their own advantages and disadvantages.
Multisignature (often referred to as multisig) refers to requiring more than one key to authorise a Bitcoin transaction. This essentially divides up responsibility for access to tokens, reducing risk. The downside of this approach is it’s quite inefficient, and it doesn’t really solve the issue of complexity for users.
Threshold signatures are essentially an evolution of the multi-signature approach. This allows multiple parties to authenticate transaction signatures without involving consistent fixed private keys. An upside of threshold signatures is that private keys can be sharded (split into multiple fragments and distributed) therefore further minimising the risk of a hack. So, it becomes a more efficient solution but still requires a layer of user interface to make it accessible.
Social recovery relies on elements of threshold signatures but also provides a user interface layer that helps to make it easy to use. With social recovery, private keys are divided amongst
nominated 3rd parties (which can be other people, devices, or even events). When recovery is required, a set number of the nominated parties can unlock and recover the user’s access. This is still a complex technical solution but is more familiar to most users already and so we think it’s the right solution for us to use at Zumo.
At Zumo our goal is to provide everyone with a secure and user-friendly platform to access, manage, and spend cryptocurrency alongside their traditional money. Bridging the gap between the old financial system and the new, bringing financial power back into the hands of the people is what we are all about.
Paul Roach, Co-Founder & Chief Product Officer at Zumo.
LinkedIn http://linkedin.com/in/paulroach23
For further information visit https://www.zumo.money
Crypto AM: Technically Speaking in association with Zumo


cityam--2020-11-03--US election: How to watch the vote and what to look out for

Americans head to the polls today for the US presidential election 2020 .
While Joe Biden is currently leading the polls against Donald Trump , it ’ s far from certain who will emerge victorious , with Covid-19 and the use of early and mail-in voting adding to the uncertainty .
Americans will vote today , but much of the coverage — and potentially the results — will take place in the early hours of the morning UK time on Wednesday 4 November .
So if you ’ re planning to pull an all-nighter to watch the drama unfold , @ @ @ @ @ @ @ all the action .
Read more : Racing against time : The UK-US trade deal and the 2020 election How do I watch the election in the UK ?
If you want to watch UK coverage of the big night , here ’ s what ’ s on offer from some of the main broadcasters : BBC One and BBC News will be airing an election night special from 11.30pm with Andrew Neil and Katty Kay .
Kay will be broadcasting from Washington , while Neil will be providing interviews and analysis from @ @ @ @ @ @ @ time the two hosts have paired up after co-presenting the 2016 election .
The programme will run through until 9am on Wednesday morning , when the coverage will be handed over to other presenters .
ITV will also be airing an election special , called Trump vs Biden : The Results , from 11pm until 6am .
The programme will be hosted by lead presenter Tom Brady in Washington .
He will be supported by Washington correspondent Robert Moore and US political analyst Dr. Keneshia Grant , while Julie Etchingham will report live @ @ @ @ @ @ @ ITV said it will provide analysis from top political figures and commentators , including Anthony Scaramucci , Ann Coulter and Martin Luther King III .
Sky News ’ special programme , dubbed America Decides , will be broadcast from Washington from 10pm into Wednesday morning .
The show will be anchored by Dermot Murnaghan , while US correspondent Cordelia Lynch , former Trump aide Omarosa Manigault Newman and the former British Ambassador to the US Sir Kim Darroch will also feature .
Sky said its coverage will be complemented by an augmented reality @ @ @ @ @ @ @ will allow viewers to visualise the race as votes are counted .
How do I watch US coverage in the UK ?
If you ’ d rather watch US coverage of the election , there are some options available to viewers in the UK .
Earlier this year CNN made its channel available to stream live in the UK , meaning all Brits can follow the drama as it happens .
The channel is also available to Sky and Freesat customers .
Sky and Freesat customers can also tune into CNBC , whose @ @ @ @ @ @ @ a special edition of The News with Shepard Smith .
Read more : Donald Trump reportedly preparing to claim premature victory on US election night When should I tune in to the election coverage ?
Polls will close at different times across the US , with the last closing at 2am local time .
The high number of postal votes in this year ’ s election means the final results of the election may not be known until some time after voters have been to the polls .
However , all eyes will @ @ @ @ @ @ @ an idea of which way the vote is going , and US media will “ call ” a result when a majority of votes are in .
Here ’ s an overview of when some of the major results might come through UK time : 11.30pm : Polls close in North Carolina , with results expected immediately due to the high number of mail-in voters 12am : Initial results are expected in the key swing state of Florida 1am : Polls close in Minnesota , with initial results expected soon after

US election: How to watch the vote and what to look out for
A winner for the White House race may not be known for days
Americans head to the polls today for the US presidential election 2020.
While Joe Biden is currently leading the polls against Donald Trump, it’s far from certain who will emerge victorious, with Covid-19 and the use of early and mail-in voting adding to the uncertainty.
Americans will vote today, but much of the coverage — and potentially the results — will take place in the early hours of the morning UK time on Wednesday 4 November.
So if you’re planning to pull an all-nighter to watch the drama unfold, here’s where you can watch all the action.
How do I watch the election in the UK?
If you want to watch UK coverage of the big night, here’s what’s on offer from some of the main broadcasters:
BBC
BBC One and BBC News will be airing an election night special from 11.30pm with Andrew Neil and Katty Kay.
Kay will be broadcasting from Washington, while Neil will be providing interviews and analysis from London. It’s the second time the two hosts have paired up after co-presenting the 2016 election.
The programme will run through until 9am on Wednesday morning, when the coverage will be handed over to other presenters.
ITV
ITV will also be airing an election special, called Trump vs Biden: The Results, from 11pm until 6am.
The programme will be hosted by lead presenter Tom Brady in Washington. He will be supported by Washington correspondent Robert Moore and US political analyst Dr. Keneshia Grant, while Julie Etchingham will report live from the swing state of Florida.
ITV said it will provide analysis from top political figures and commentators, including Anthony Scaramucci, Ann Coulter and Martin Luther King III.
Sky
Sky News’ special programme, dubbed America Decides, will be broadcast from Washington from 10pm into Wednesday morning.
The show will be anchored by Dermot Murnaghan, while US correspondent Cordelia Lynch, former Trump aide Omarosa Manigault Newman and the former British Ambassador to the US Sir Kim Darroch will also feature.
Sky said its coverage will be complemented by an augmented reality setup at its London headquarters, which will allow viewers to visualise the race as votes are counted.
Donald Trump and Joe Biden are in the final stage of campaigning ahead of the election
How do I watch US coverage in the UK?
If you’d rather watch US coverage of the election, there are some options available to viewers in the UK.
Earlier this year CNN made its channel available to stream live in the UK, meaning all Brits can follow the drama as it happens. The channel is also available to Sky and Freesat customers.
Sky and Freesat customers can also tune into CNBC, whose coverage will kick off at midnight with a special edition of The News with Shepard Smith.
When should I tune in to the election coverage?
Polls will close at different times across the US, with the last closing at 2am local time.
The high number of postal votes in this year’s election means the final results of the election may not be known until some time after voters have been to the polls.
However, all eyes will be on key swing states to give an idea of which way the vote is going, and US media will “call” a result when a majority of votes are in.
Here’s an overview of when some of the major results might come through UK time:
11.30pm: Polls close in North Carolina, with results expected immediately due to the high number of mail-in voters
12am: Initial results are expected in the key swing state of Florida
1am: Polls close in Minnesota, with initial results expected soon after
3am: Initial results expected from Arizona


cityam--2020-11-05--Wizz Air boss predicts carrier will make full recovery within a year

Wizz Air ’ s chief executive has said that the airline will return to pre-pandemic service levels within a year .
Speaking to City A.M. , Jozsef Varadi that although it would likely take the aviation sector as a whole much longer to recover , he was incredibly upbeat about the Hungarian airline ’ s prospects .
Read more : Ryanair dives to €200m loss as coronavirus decimates passenger numbers “ It ’ s going to take five years for the industry to recover , but it ’ s going to take us a year ” , he said .
@ @ @ @ @ @ @ restrictions falling away , we are going to go very big very quickly.
” Most airlines are not predicting a return to 2019 ’ s passenger numbers until 2024 at the earliest due to the damage wrought by coronavirus .
“ I ’ m very upbeat with regard to the prospects of this airline , and our prospect is very different from the perspective of the industry ” , he said .
“ The industry will continue to struggle and will be dragged down for a long long time – maybe five or @ @ @ @ @ @ @ long , long time for many airlines , especially the inefficient high cost legacy carriers.
” As a result of travel restrictions brought in to combat the disease , Wizz Air flew 70 per cent fewer passengers in the first six months of the year .
But , Varadi said , when restrictions were lifted – as they were with the Canary Islands two weeks ago – demand has “ exploded ” .
He slammed the UK government for its handling of the travel sector , and said that the new ban on @ @ @ @ @ @ @ .
“ It doesn ’ t make any sense .
There is no country that achieved anything out of these policies – they are sheer political measures.
” Wizz Air has been one of few success stories in an industry that has been repeatedly hammered by the pandemic .
While other airlines have been focused on cutting routes and bases , Wizz Air has launched 260 new routes so far this year .
In addition , it has opened 13 new bases , including at Bari in Italy , and Oslo and Tronheim @ @ @ @ @ @ @ that it would continue to pursue this growth strategy , backed up by its healthy cash pile of €1.6bn .
He said the airline could be totally self-sufficient in the short-term , and said it would reject any offer of state aid .
Before the Open newsletter : Start your day with the City View podcast and key market data Many carriers , especially in Europe , have been bailed out by governments at enormous expense to the taxpayer .
He bemoaned the rescue deals as a “ disaster for the sector ” @ @ @ @ @ @ @ regulatory framework for the market and not be in a shareholder in one of the players .
The measures taken to prop up carriers like Air France-KLM will never be repaid .
“ It almost feels like the industry is going back 20 years ” .
Wizz Air this morning swung to a €243.1m ( £219m ) loss for the first six months of the year as the coronavirus pandemic decimated air travel .
Over the period the low-cost carrier flew 6.5m people , 70.1 per cent lower than last year ’ s @ @ @ @ @ @ @ outperformed a number of other carriers in the same period , flying at 72 per cent capacity in the period .
Revenue also fell 71.8 per cent to €471.2m in the same period .
The results come as the UK put in place a new lockdown banning international travel for the next month , another hammer blow for the industry .
In a statement , Varadi acknowledged the challenge the new ban would present to airlines , but said the company had laid the foundations for a “ swift recovery ” .
Varadi @ @ @ @ @ @ @ of the financial year , we demonstrated outstanding agility and invested in long-term market opportunities .
Read more : Pilots ’ union calls for ministers to commit to ending travel ban on 2 December “ We continue to pursue opportunities as they arise and to create a unique competitive advantage for the future .
”

Wizz Air boss predicts carrier will make full recovery within a year
Wizz Air’s chief executive has said that the airline will return to pre-pandemic service levels within a year.
Speaking to City A.M., Jozsef Varadi that although it would likely take the aviation sector as a whole much longer to recover, he was incredibly upbeat about the Hungarian airline’s prospects.
“It’s going to take five years for the industry to recover, but it’s going to take us a year”, he said.
“Once we start to see these restrictions falling away, we are going to go very big very quickly.”
Most airlines are not predicting a return to 2019’s passenger numbers until 2024 at the earliest due to the damage wrought by coronavirus.
“I’m very upbeat with regard to the prospects of this airline, and our prospect is very different from the perspective of the industry”, he said.
“The industry will continue to struggle and will be dragged down for a long long time – maybe five or 10 years. It will take a long, long time for many airlines, especially the inefficient high cost legacy carriers.”
As a result of travel restrictions brought in to combat the disease, Wizz Air flew 70 per cent fewer passengers in the first six months of the year.
But, Varadi said, when restrictions were lifted – as they were with the Canary Islands two weeks ago – demand has “exploded”.
He slammed the UK government for its handling of the travel sector, and said that the new ban on international travel was “totally ineffective”.
“It doesn’t make any sense. There is no country that achieved anything out of these policies – they are sheer political measures.”
Wizz Air has been one of few success stories in an industry that has been repeatedly hammered by the pandemic.
While other airlines have been focused on cutting routes and bases, Wizz Air has launched 260 new routes so far this year.
In addition, it has opened 13 new bases, including at Bari in Italy, and Oslo and Tronheim in Norway.
Varadi told City A.M. that it would continue to pursue this growth strategy, backed up by its healthy cash pile of €1.6bn.
He said the airline could be totally self-sufficient in the short-term, and said it would reject any offer of state aid.
Before the Open newsletter: Start your day with the City View podcast and key market data
Many carriers, especially in Europe, have been bailed out by governments at enormous expense to the taxpayer.
He bemoaned the rescue deals as a “disaster for the sector”:
“The state should set the regulatory framework for the market and not be in a shareholder in one of the players. The measures taken to prop up carriers like Air France-KLM will never be repaid.
“It almost feels like the industry is going back 20 years”.
Wizz Air swings to loss as restrictions hit demand
Wizz Air this morning swung to a €243.1m (£219m) loss for the first six months of the year as the coronavirus pandemic decimated air travel.
Over the period the low-cost carrier flew 6.5m people, 70.1 per cent lower than last year’s 22.1m.
However, the Hungarian airline outperformed a number of other carriers in the same period, flying at 72 per cent capacity in the period.
Revenue also fell 71.8 per cent to €471.2m in the same period.
The results come as the UK put in place a new lockdown banning international travel for the next month, another hammer blow for the industry.
In a statement, Varadi acknowledged the challenge the new ban would present to airlines, but said the company had laid the foundations for a “swift recovery”.
Varadi said: “During the first half of the financial year, we demonstrated outstanding agility and invested in long-term market opportunities.
“We continue to pursue opportunities as they arise and to create a unique competitive advantage for the future.”


cityam--2020-11-05--Bank of England goes big with £150bn stimulus amid second lockdown

The Bank of England will inject £150bn more stimulus into the UK economy to help it handle a new England-wide lockdown , and predicted that growth would go into reverse in the final three months of the year .
The big increase in bond-buying – which came as the BoE left interest rates untouched at 0.1 per cent – will take the total quantitative easing ( QE ) package to £895bn .
It was more generous than the £100bn analysts had expected .
Read more : Breaking : Rishi Sunak extends furlough scheme until end of March The central bank @ @ @ @ @ @ @ It now thinks the economy will not regain its pre-coronavirus size until the first three months of 2022 .
It had previously expected a full rebound by late next year .
It expects the economy to shrink 11 per cent in 2020 , down from the 9.5 per cent fall predicted in August .
The Bank predicted the economy would grow slower next year , expanding only 7.25 per cent , down from an earlier estimate of nine per cent growth .
The new figures took into account the England-wide lockdown announced by @ @ @ @ @ @ @ It came into effect today , closing non-essential shops , restaurants , pubs and gyms for a month .
Read more : IMF : UK economy to shrink more than 10 per cent amid second wave Chancellor Rishi Sunak ’ s extension of the furlough and new job support scheme will limit some of the damage , the Bank said .
But it nonetheless predicted unemployment would rise sharply to peak at around 7.75 per cent in the second quarter of next year , up from 3.9 per cent before Covid .
Governor @ @ @ @ @ @ @ the actions to contain it ” have had a “ dramatic and rapidly changing impact ” on the UK economy .
In light of the new lockdown , the BoE now expects the economy to shrink by two per cent in the final .
Bailey said a two per cent drop “ may not sound that dramatic ” .
But he said the UK economy was already nine per cent smaller than a year earlier in the third quarter .
“ In history , nine per cent is a huge number , ” @ @ @ @ @ @ @ to be higher in both 2021 and 2022 , at 6.75 per cent and five per cent .
The Bank altered its tone on Brexit , flagging that the UK leaving the single market and customs union would hit trade .
It said it expected a trade agreement to be reached .
Yet it predicted the transition would cause a hit of one per cent to GDP in the first quarter of 2021 .
Read more : Boris Johnson promises businesses new lockdown will end on 2 December Bailey said that around 30 @ @ @ @ @ @ @ ready .
This unpreparedness will have the “ most significant impact ” on trade and activity , the Bank said .
Yet it said it expects companies to be more up to speed by the second quarter .
Bank goes bigger than expected on QE The Bank surprised the markets with a unanimous vote for a £150bn package , which was bigger than expected .
Bailey said Bank studies had shown there were benefits to “ acting more rapidly and at scale… response to high uncertainty ” .
Sterling jumped one per cent @ @ @ @ @ @ @ the early afternoon .
It was helped by a falling dollar amid US election uncertainty .
Government bond yields rose .
The Bank did not consider cutting interest rates into negative territory .
Bailey said research on the issue is still ongoing and “ there ’ s nothing further to report on that ” .
However , with borrowing costs close to record lows , some analysts questioned the effectiveness of more QE .
Read more : Bank of England to ‘ look into ’ suspected leak of stimulus decision “ The messaging @ @ @ @ @ @ @ the policy change itself , ” said Andrew Goodwin of Oxford Economics .
“ We think monetary policy is reaching the limits of its effectiveness.
” He said these purchases “ will occur over a longer period , merely maintaining the current level of support ” .

Bank of England goes big with £150bn stimulus amid second lockdown
Bank of England governor Andrew Bailey will give a press conference today explaining the new stimulus and downgrades to its forecasts for the UK economy
The Bank of England will inject £150bn more stimulus into the UK economy to help it handle a new England-wide lockdown, and predicted that growth would go into reverse in the final three months of the year.
The big increase in bond-buying – which came as the BoE left interest rates untouched at 0.1 per cent – will take the total quantitative easing (QE) package to £895bn. It was more generous than the £100bn analysts had expected.
The central bank also significantly downgraded its economics forecasts. It now thinks the economy will not regain its pre-coronavirus size until the first three months of 2022. It had previously expected a full rebound by late next year.
It expects the economy to shrink 11 per cent in 2020, down from the 9.5 per cent fall predicted in August.
The Bank predicted the economy would grow slower next year, expanding only 7.25 per cent, down from an earlier estimate of nine per cent growth.
The new figures took into account the England-wide lockdown announced by Prime Minister Boris Johnson on Saturday. It came into effect today, closing non-essential shops, restaurants, pubs and gyms for a month.
Chancellor Rishi Sunak’s extension of the furlough and new job support scheme will limit some of the damage, the Bank said.
But it nonetheless predicted unemployment would rise sharply to peak at around 7.75 per cent in the second quarter of next year, up from 3.9 per cent before Covid.
Bank sharply downgrades growth predictions
Governor Andrew Bailey said that “Covid-19 and the actions to contain it” have had a “dramatic and rapidly changing impact” on the UK economy.
In light of the new lockdown, the BoE now expects the economy to shrink by two per cent in the final quarter .
Bailey said a two per cent drop “may not sound that dramatic”. But he said the UK economy was already nine per cent smaller than a year earlier in the third quarter. “In history, nine per cent is a huge number,” he said.
Unemployment is now set to be higher in both 2021 and 2022, at 6.75 per cent and five per cent.
Many firms ‘not ready’ for Brexit
The Bank altered its tone on Brexit, flagging that the UK leaving the single market and customs union would hit trade.
It said it expected a trade agreement to be reached. Yet it predicted the transition would cause a hit of one per cent to GDP in the first quarter of 2021.
Bailey said that around 30 per cent of British companies were not ready.
This unpreparedness will have the “most significant impact” on trade and activity, the Bank said. Yet it said it expects companies to be more up to speed by the second quarter.
Bank goes bigger than expected on QE
The Bank surprised the markets with a unanimous vote for a £150bn package, which was bigger than expected.
Bailey said Bank studies had shown there were benefits to “acting more rapidly and at scale… response to high uncertainty”.
Sterling jumped one per cent against the dollar to $1.308 by the early afternoon. It was helped by a falling dollar amid US election uncertainty. Government bond yields rose.
The Bank did not consider cutting interest rates into negative territory. Bailey said research on the issue is still ongoing and “there’s nothing further to report on that”.
However, with borrowing costs close to record lows, some analysts questioned the effectiveness of more QE.
“The messaging is likely to prove more powerful than the policy change itself,” said Andrew Goodwin of Oxford Economics.
“We think monetary policy is reaching the limits of its effectiveness.” He said these purchases “will occur over a longer period, merely maintaining the current level of support”.