cityam--2020-06-11--FCA fines Lloyds Banking Group £64m after mistreating mortgage customers in difficulty

Lloyds Banking Group must pay a £64m fine for failing to treat over a quarter of a million mortgage customers in arrears fairly .
Lloyds Bank , the Bank of Scotland and the latter ’ s subsidiary The Mortgage Business all failed to take struggling customers ’ financial circumstances into account when arranging repayments .
The banks ’ systems and procedures meant call handlers did not always get the necessary information to accurately assess mortgage customers ’ circumstances and affordability , the Financial Conduct Authority ( FCA ) said .
That risked customers being treated unfairly between April 2011 and @ @ @ @ @ @ @ .
Additionally , Lloyds Banking Group ’ s system allowed call handlers to accept a minimum percentage of interest on top of customers ’ monthly mortgage repayments without anybody senior signing it off .
In practice , this meant the banks did not adjust this percentage to take customers ’ financial circumstances into account .
This was exacerbated when Lloyds Banking Group made experienced mortgage collections and recoveries expertise staff redundant as part of a simplification programme , the FCA said .
Read more : UK mortgage approvals plunge to record low during @ @ @ @ @ @ @ customers fairly , even when those customers are in financial difficulties or are having trouble meeting their obligations , ” Mark Steward , FCA executive director of enforcement and market oversight , said .
“ By not sufficiently understanding their customers ’ circumstances the banks risked treating unfairly more than a quarter of a million customers in mortgage arrears , over several years .
In some cases , customers were treated unfairly , including vulnerable customers.
” Lloyds Banking Group received a 30 per cent reduction on its fine by accepting the FCA @ @ @ @ @ @ @ have paid £91.54m .
The three banks began a group-wide customer redress scheme in July 2017 and estimate they have paid 526,000 customers £300m .
We have contacted all customers who were affected between 2011 and 2015 to apologise and have already reimbursed all who were charged fees at the time .
Customers do not need to take any action .
We have since taken significant steps to enhance how we support mortgage customers experiencing financial difficulty , including investing in colleague training and procedures .

FCA fines Lloyds Banking Group £64m after mistreating mortgage customers in difficulty
Lloyds Banking Group fined £64m after mistreating mortgage customers
Lloyds Banking Group must pay a £64m fine for failing to treat over a quarter of a million mortgage customers in arrears fairly.
Lloyds Bank, the Bank of Scotland and the latter’s subsidiary The Mortgage Business all failed to take struggling customers’ financial circumstances into account when arranging repayments.
The banks’ systems and procedures meant call handlers did not always get the necessary information to accurately assess mortgage customers’ circumstances and affordability, the Financial Conduct Authority (FCA) said.
That risked customers being treated unfairly between April 2011 and December 2015, the financial watchdog said.
Additionally, Lloyds Banking Group’s system allowed call handlers to accept a minimum percentage of interest on top of customers’ monthly mortgage repayments without anybody senior signing it off. In practice, this meant the banks did not adjust this percentage to take customers’ financial circumstances into account.
This was exacerbated when Lloyds Banking Group made experienced mortgage collections and recoveries expertise staff redundant as part of a simplification programme, the FCA said.
“Banks are required to treat customers fairly, even when those customers are in financial difficulties or are having trouble meeting their obligations,” Mark Steward, FCA executive director of enforcement and market oversight, said.
“By not sufficiently understanding their customers’ circumstances the banks risked treating unfairly more than a quarter of a million customers in mortgage arrears, over several years. In some cases, customers were treated unfairly, including vulnerable customers.”
Lloyds Banking Group received a 30 per cent reduction on its fine by accepting the FCA’s findings. Otherwise it would have paid £91.54m.
The three banks began a group-wide customer redress scheme in July 2017 and estimate they have paid 526,000 customers £300m.
A Lloyds Banking Group spokesperson said:


cityam--2020-06-11--Robert Jenrick ducks questioning on his role in 'unlawful' planning decision

Housing and communities secretary Robert Jenrick has been criticised for refusing to answer questions from MPs about his part in unlwafully granting planning permission to a £1bn property development .
Jenrick instead sent his deputy Chris Pincher to face parliamentary scrutiny about the planning approval , drawing claims from Labour that he was “ hiding from scrutiny ” .
Jenrick approved a planning development for a 1,500-home development in East London in January , after it was initially rejected by Tower Hamlets council .
The decision was made just a day before the council changed its planning laws , saving @ @ @ @ @ @ @ .
It was revealed earlier this month that the housing secretary had sat with Desmond – a prominent Tory donor – at a Conservative party dinner just prior to overturning the decision .
Before the Open newsletter : Start your day with the City View podcast and key market data It was then revealed by the Daily Mail that Desmond also donated £12,000 to the Conservative party two weeks after planning approval was granted .
Jenrick admitted that he had unlawfully approved the planning application due to “ apparent bias ” , but @ @ @ @ @ @ @ donations for a favourable decision .
Jenrick ’ s refusal to answer MPs ’ questions on the affair today drew derision from opposition from MPs , with shadow communities secretary Steve Reed claiming he was “ hiding in the tea room ” .
Reed accused Jenrick in the House of Commons today of taking “ cash for favours ” .
“ The public need reassurance that the integrity of the planning process can not be auctioned off at Conservative party fundraising dinners , ” he said .
Pincher , standing in for housing @ @ @ @ @ @ @ Desmond was for tickets for a party event and that Jenrick had no relationship with the developer .
“ My right honoruable friend has no relationship with the applicant – so that question is irrelevant , ” he said .
Read more : FTSE 100 plunges after Fed warns of dour economic outlook “ Ministers have no knowledge of funds which are provided to political parties through donation or payment for tickets – these are spendings made by donors that go to parties of all persuasions .
“ The involvement of ministers in @ @ @ @ @ @ @ established process , which is clearly guided by both the published ministerial code and the guidance published by the Ministry of Housing , Communities and Local Government on planning priority .
”

Robert Jenrick ducks questioning on his role in ‘unlawful’ planning decision
Housing and communities secretary Robert Jenrick has been criticised for refusing to answer questions from MPs about his part in unlwafully granting planning permission to a £1bn property development.
Jenrick instead sent his deputy Chris Pincher to face parliamentary scrutiny about the planning approval, drawing claims from Labour that he was “hiding from scrutiny”.
Jenrick approved a planning development for a 1,500-home development in East London in January, after it was initially rejected by Tower Hamlets council.
The decision was made just a day before the council changed its planning laws, saving its developer Richard Desmond up to £50m.
It was revealed earlier this month that the housing secretary had sat with Desmond – a prominent Tory donor – at a Conservative party dinner just prior to overturning the decision.
Before the Open newsletter: Start your day with the City View podcast and key market data
It was then revealed by the Daily Mail that Desmond also donated £12,000 to the Conservative party two weeks after planning approval was granted.
Jenrick admitted that he had unlawfully approved the planning application due to “apparent bias”, but he denies that he had accepted party donations for a favourable decision.
Jenrick’s refusal to answer MPs’ questions on the affair today drew derision from opposition from MPs, with shadow communities secretary Steve Reed claiming he was “hiding in the tea room”.
Reed accused Jenrick in the House of Commons today of taking “cash for favours”.
“The public need reassurance that the integrity of the planning process cannot be auctioned off at Conservative party fundraising dinners,” he said.
Pincher, standing in for housing secretary, said the money donated by Desmond was for tickets for a party event and that Jenrick had no relationship with the developer.
“My right honoruable friend has no relationship with the applicant – so that question is irrelevant,” he said.
“Ministers have no knowledge of funds which are provided to political parties through donation or payment for tickets – these are spendings made by donors that go to parties of all persuasions.
“The involvement of ministers in the planning system is a very long established process, which is clearly guided by both the published ministerial code and the guidance published by the Ministry of Housing, Communities and Local Government on planning priority.”


cityam--2020-06-11--Face masks and all bags in the hold: Government sets out air travel advice

The Department for Transport has today laid out plans for safe aviation travel , setting out measures airlines and airports should implement to protect passengers .
In line with other forms of public transport , passengers are told to wear face masks on planes and in airports , and are also encouraged to check all bags including hand luggage into aircraft holds .
It also said that passengers should wash their hands after touching any surfaces and remain seated as much as possible on flights .
Operators are asked to implement increased cleaning of aircraft , as well as increasing @ @ @ @ @ @ @ face-to-face interaction with passengers .
However , the government is not currently advising airports to use temperature screening technology , saying that scientific evidence said it was not effective .
Several airports have announced plans to introduce the measure , including Heathrow , which has already started trialling systems .
The new guidance suggests that the government is now planning to restart commercial aviation , although incoming passengers to England currently face having to quarantine for 14 days on arrival .
Transport secretary Grant Shapps said : “ Today ’ s guidance is @ @ @ @ @ @ @ safer and more sustainable aviation sector .
Before the Open : Get the jump on the markets with our early morning newsletter “ The government ’ s advice currently remains to avoid all non-essential travel , but today we are taking the necessary steps to ensure a framework is in place for the aviation industry to bounce back when it is safe for restrictions on travel to be lifted ” .
The government has confirmed that it is looking at introducing targeted air bridges to low-risk countries in order to begin opening the @ @ @ @ @ @ @ for the UK to drop the blanket quarantine plan as soon as possible , warning that thousands of jobs could be lost if not .
This morning Heathrow Airport announced it would begin consulting on frontline redundancies after passenger numbers flatlined .
It also called for Westminster to follow the Scottish and Northern Irish legislatures in providing a business rates exemption for airports in England and Wales .
Read more : Corporate travel firms call for business air bridges to avoid quarantine Tim Hawkins , chief strategy officer at Manchester Airports Group , @ @ @ @ @ @ @ basis for the restart and recovery of the UK aviation industry ” .
He added : “ With similar protocols being adopted in other countries , and a targeted approach to reopening travel to low-risk countries , we will have the elements in place to get our economy moving again and protect jobs throughout the whole aviation supply chain ” .

Face masks and all bags in the hold: Government sets out air travel advice
De La Rue is in talks with governments and pharmaceutical companies about producing ‘Covid passports’.
The Department for Transport has today laid out plans for safe aviation travel, setting out measures airlines and airports should implement to protect passengers.
In line with other forms of public transport, passengers are told to wear face masks on planes and in airports, and are also encouraged to check all bags including hand luggage into aircraft holds.
It also said that passengers should wash their hands after touching any surfaces and remain seated as much as possible on flights.
Operators are asked to implement increased cleaning of aircraft, as well as increasing the availability of handwashing facilities and reducing face-to-face interaction with passengers.
However, the government is not currently advising airports to use temperature screening technology, saying that scientific evidence said it was not effective.
Several airports have announced plans to introduce the measure, including Heathrow, which has already started trialling systems.
Ryanair also hit back at the government’s advice to minimise hand luggage, describing it as “nonsensical”.
A spokesperson said: “The DfT should stop issuing rubbish advice to passengers about baggage and instead focus their efforts on scrapping the UK’s useless visitor quarantine which the UK Home Office now admit cannot be implemented, supervised or policed effectively”.
Ryanair has told its passengers to minimise checked-in bags in order to reduce the risk of multiple people handling items of luggage.
The new guidance suggests that the government is now planning to restart commercial aviation, although incoming passengers to England currently face having to quarantine for 14 days on arrival.
Transport secretary Grant Shapps said: “Today’s guidance is a positive next step towards ensuring a safer and more sustainable aviation sector.
Before the Open: Get the jump on the markets with our early morning newsletter
“The government’s advice currently remains to avoid all non-essential travel, but today we are taking the necessary steps to ensure a framework is in place for the aviation industry to bounce back when it is safe for restrictions on travel to be lifted”.
The government has confirmed that it is looking at introducing targeted air bridges to low-risk countries in order to begin opening the UK up again.
Airlines have pushed for the UK to drop the blanket quarantine plan as soon as possible, warning that thousands of jobs could be lost if not.
This morning Heathrow Airport announced it would begin consulting on frontline redundancies after passenger numbers flatlined.
It also called for Westminster to follow the Scottish and Northern Irish legislatures in providing a business rates exemption for airports in England and Wales.
Tim Hawkins, chief strategy officer at Manchester Airports Group, said that the measures provided “the basis for the restart and recovery of the UK aviation industry”.
He added: “With similar protocols being adopted in other countries, and a targeted approach to reopening travel to low-risk countries, we will have the elements in place to get our economy moving again and protect jobs throughout the whole aviation supply chain”.


cityam--2020-06-11--WPP appoints former Burberry chief

WPP appoints former Burberry chief

Media giant WPP has appointed the former chief executive of Burberry and ex-head of retail at Apple to its board .
Angela Ahrendts will become a non-executive board member at WPP after ending a five-year run as one of the most senior figures at Apple .
Ahrendts led British fashion brand Burberry from 2006 to 2013 , during which she grew the company ’ s value from £2bn to more than £7bn .
The US-born businesswoman won plaudits for refreshing the British fashion stalwart for a younger audience , and was awarded a DBE for her services to British business @ @ @ @ @ @ @ Apple in 2013 , she was named the highest-paid executive in 2017 , earning $ 24.2m ( £19m ) — almost double what chief executive Tim Cook made that year .
“ Angela ’ s reputation as a leader of creative and technology-driven businesses is second to none , ” said Roberto Quarta , WPP chairman .
“ She also has deep insight into our clients ’ needs in a changing world .
We are delighted that she will be joining the WPP board.
” Shares rose almost three per cent to 655p @ @ @ @ @ @ @ significant hire for WPP , who are currently undergoing a wide-scale restructure .
WPP has been hard hit by the drought in advertising demand during the pandemic , with its share price buckling almost half as the lockdown came into effect .
Read more : Adverts in adversity : Johnny Hornby on the case for advertising through Covid-19 Other board appointments include Cindy Rose , chief executive at Microsoft UK and Keith Weed , a former marketing executive at Unilever .
Mark Read , who took over from Martin Sorrell after his departure @ @ @ @ @ @ @ told shareholders that clients were now “ in the recovery phase ” and had started “ to think through the other side of the Covid situation ” .
Before the Open : Get the jump on the markets with our early morning newsletter

WPP appoints former Burberry chief
Media giant WPP has appointed the former chief executive of Burberry and ex-head of retail at Apple to its board.
Angela Ahrendts will become a non-executive board member at WPP after ending a five-year run as one of the most senior figures at Apple.
Ahrendts led British fashion brand Burberry from 2006 to 2013, during which she grew the company’s value from £2bn to more than £7bn. The US-born businesswoman won plaudits for refreshing the British fashion stalwart for a younger audience, and was awarded a DBE for her services to British business in 2013.
After her move to Apple in 2013, she was named the highest-paid executive in 2017, earning $24.2m (£19m) — almost double what chief executive Tim Cook made that year.
“Angela’s reputation as a leader of creative and technology-driven businesses is second to none,” said Roberto Quarta, WPP chairman. “She also has deep insight into our clients’ needs in a changing world. We are delighted that she will be joining the WPP board.”
Shares rose almost three per cent to 655p on the news.
It marks a significant hire for WPP, who are currently undergoing a wide-scale restructure. WPP has been hard hit by the drought in advertising demand during the pandemic, with its share price buckling almost half as the lockdown came into effect.
Other board appointments include Cindy Rose, chief executive at Microsoft UK and Keith Weed, a former marketing executive at Unilever.
Mark Read, who took over from Martin Sorrell after his departure from the helm in 2018, yesterday told shareholders that clients were now “in the recovery phase” and had started “to think through the other side of the Covid situation”.
Before the Open: Get the jump on the markets with our early morning newsletter


cityam--2020-06-11--Bombardier warns over 400 job cuts at Belfast plant

Planemaker Bombardier may be forced to cut 400 jobs in Northern Ireland , it was reported today , due to the “ extraordinary industry interruptions and challenges ” caused by coronavirus .
Read more : Heathrow Airport to begin job cuts as passenger numbers flatline The potential redundancies were confirmed after the Canadian firm laid out plans earlier this week to lay off 2,500 workers .
The cuts would account for over 10 per cent of Bombardier ’ s workers at its plant in Belfast , which employs 3,500 people .
In a statement , the firm said : “ @ @ @ @ @ @ @ would adjust its workforce to align with current market conditions reflecting the extraordinary industry interruptions and challenges caused by Covid-19 .
Before the Open : Get the jump on the markets with our early morning newsletter “ We have now reviewed our requirements in Belfast for all of our aircraft programmes and regret to confirm that we must adjust our core workforce levels downwards by around 400 to align with market demand for the remainder of this year and through 2021.
” It added that a 90-day consultation period on the redundancies would @ @ @ @ @ @ @ jet are made at the plant , which is one of Northern Ireland ’ s biggest high-tech manufacturers .
Since 2015 , there have been several rounds of redundancies at the plant , which was bought by Kansas-based Spirit AeroSystems for £1bn in October 2019 .

Bombardier warns over 400 job cuts at Belfast plant
A $1.2bn deal for Bombardier’s Belfast facility will close on Friday.
Planemaker Bombardier may be forced to cut 400 jobs in Northern Ireland, it was reported today, due to the “extraordinary industry interruptions and challenges” caused by coronavirus.
The potential redundancies were confirmed after the Canadian firm laid out plans earlier this week to lay off 2,500 workers.
The cuts would account for over 10 per cent of Bombardier’s workers at its plant in Belfast, which employs 3,500 people.
In a statement, the firm said: “Bombardier Aviation announced last week that it would adjust its workforce to align with current market conditions reflecting the extraordinary industry interruptions and challenges caused by Covid-19.
Before the Open: Get the jump on the markets with our early morning newsletter
“We have now reviewed our requirements in Belfast for all of our aircraft programmes and regret to confirm that we must adjust our core workforce levels downwards by around 400 to align with market demand for the remainder of this year and through 2021.”
It added that a 90-day consultation period on the redundancies would follow.
Wings for Airbus’ A220 jet are made at the plant, which is one of Northern Ireland’s biggest high-tech manufacturers.
Since 2015, there have been several rounds of redundancies at the plant, which was bought by Kansas-based Spirit AeroSystems for £1bn in October 2019.


cityam--2020-06-11--Softbank buyback plan raises doubts about its 'financial soundness'

Credit-rating firm S & P Global Ratings has questioned Softbank ’ s financial rigour as it pursues a huge share buyback programme .
The buyback plan raises doubts about the conglomerate ’ s intention to adhere to “ financial soundness and creditworthiness , ” S & P said .
Softbank is looking to raise up to $ 41bn via asset sales .
Read more : Softbank to lay off 15 per cent of staff at Vision Fund arm The plan has already come under fire from Moody ’ s Investors Service , which slashed Softbank ’ s junk rating and @ @ @ @ @ @ @ Buybacks have helped the firm ’ s shares rise 92 per cent after hitting lows in March .
This is despite Softbank reporting a record annual loss in April , in part due to the pandemic but also because of a series of bad bets .
Before the Open : Get the jump on the markets with our early morning newsletter The Japanese company said it expected to lose $ 16.7bn on tech startups it had invested through its $ 100bn Vision Fund .
Its bet on Wework , the real estate firm @ @ @ @ @ @ @ after its valuation dropped over the last year .
Earlier this week , the firm said it would cut 15 per cent of jobs at the investment arm which manages the Vision Fund .
The cuts could begin as early as this week , according to reports by Bloomberg and the Financial Times , and will mark the first major round of layoffs since Softbank Investment Associates was established in 2016 to manage the fund .
Read more : Softbank launches $ 100m minorities startup fund in the wake of George Floyd protests @ @ @ @ @ @ @ Softbank to negative in March but held back on downgrading the current junk BB+ rating .
The credit-rating firm today said that the firm ’ s loan-to-value ratio had likely grown 30-35 per cent , just short of the 40 per cent that would trigger a downgrade .
S & P said that the value of Softbank ’ s portfolio is in a few big assets , and while the credit impact of the Vision Fund will be limited , it underscores the “ low quality of some assets ” and “ strong @ @ @ @ @ @ @ newsletter : Start your day with the City View podcast and key market data

Softbank buyback plan raises doubts about its ‘financial soundness’
Softbank chief executive Masayoshi Son
Credit-rating firm S&P Global Ratings has questioned Softbank’s financial rigour as it pursues a huge share buyback programme.
The buyback plan raises doubts about the conglomerate’s intention to adhere to “financial soundness and creditworthiness,” S&P said. Softbank is looking to raise up to $41bn via asset sales.
The plan has already come under fire from Moody’s Investors Service, which slashed Softbank’s junk rating and questioned the viability of the programme.
Buybacks have helped the firm’s shares rise 92 per cent after hitting lows in March. This is despite Softbank reporting a record annual loss in April, in part due to the pandemic but also because of a series of bad bets.
Before the Open: Get the jump on the markets with our early morning newsletter
The Japanese company said it expected to lose $16.7bn on tech startups it had invested through its $100bn Vision Fund.
Its bet on Wework, the real estate firm which shelved IPO plans, also backfired after its valuation dropped over the last year.
Earlier this week, the firm said it would cut 15 per cent of jobs at the investment arm which manages the Vision Fund.
The cuts could begin as early as this week, according to reports by Bloomberg and the Financial Times, and will mark the first major round of layoffs since Softbank Investment Associates was established in 2016 to manage the fund.
S&P revised its outlook for Softbank to negative in March but held back on downgrading the current junk BB+ rating. The credit-rating firm today said that the firm’s loan-to-value ratio had likely grown 30-35 per cent, just short of the 40 per cent that would trigger a downgrade.
S&P said that the value of Softbank’s portfolio is in a few big assets, and while the credit impact of the Vision Fund will be limited, it underscores the “low quality of some assets” and “strong risk appetite”.
Before the Open newsletter: Start your day with the City View podcast and key market data


cityam--2020-06-11--Which retailers are reopening as the coronavirus lockdown lifts?

After two months of being closed during the coronavirus lockdown , Britain ’ s high streets are coming back to life .
Across the board , retailers across the country are working out how to get their businesses going again – and what measures they need to take to keep people safe Read more : Which cafes and restaurants are reopening as the coronavirus lockdown lifts ?
So what shops can customers expect to open up again on Monday , when so-called non-essential businesses are allowed to make their long-awaited return ?
And more to the point : what ’ @ @ @ @ @ @ @ cut-price fashion , it ’ s good news : the discount retailer hopes to open all 153 of its stores in England from 15 June .
There is less certainty on when shops in Wales , Scotland and Northern Ireland will follow – but Primark says they will open in “ late June ” .
The retailer has already reopened 112 stores across Europe as countries begin to ease their own lockdown rules .
A number of changes will have been brought in by Monday , however .
These will include every other @ @ @ @ @ @ @ checkouts and restrictions on customer numbers .
That means some will likely have to queue to get inside .
But nevertheless , £1 T-shirts , here we come .
All Marks & Spencer clothing stores are earmarked for reopening – while many of the grocery sites have already stayed open throughout the lockdown .
The retailer had originally only said it would open the clothing outlets that included a food hall .
However , on 10 June it added its 26 clothing-only sites to that list .
The reopening will include in-store customer @ @ @ @ @ @ @ upon entry , and clear floor markings to remind customers about social distancing .
More than 60 stores will be trading again by the time shops are due to fling open their doors on 15 June .
Find out if your local store is among them here .
John Lewis stores in Poole and Kingston will reopen first on 15 June , and will then be followed by another 11 sites later that week .
The stores at Bluewater , Cambridge , Cheadle , Cheltenham , High Wycombe , Horsham , Ipswich , @ @ @ @ @ @ @ will open their doors to customers on Thursday , June 18 .
The retailer has had to announce several store closures over the course of the lockdown , after failing to renegotiate rents .
In total , 20 stores will sadly not reopen their doors on Monday .
However , the majority of Debenhams stores across England are still set to reopen from 15 June .
Find out which ones here .
Boots has already said it will open its beauty counters on 15 June .
The pharmacy retailer has stayed open throughout @ @ @ @ @ @ @ an essential business , providing medication to people during the pandemic .
However , lovers of testing make-up and perfume will no longer be able to do so .
Beauty counter staff will still be on hand to give make-up advice , but this service has also been revised so there is no contact between workers and shoppers .
The Swedish furniture king has already had 19 stores open since June 1 with outlets in Croydon , Greenwich , Lakeside , Wembley , Tottenham , Norwich collection point , Birmingham , Nottingham , @ @ @ @ @ @ @ , Leeds , Sheffield , Milton Keynes , Reading , Southampton , Bristol and Exeter .
However , it remains to be seen when the company decides to open its stores in Scotland .
Find out more here .
Finally , you will be able to try on a pair of new Nikes again before you buy them , with JD Sports planning to reopen all 309 stores in England from 15 June .
JD Sports has said it also intends to open its high street and “ open air ” stores in @ @ @ @ @ @ @ stores located in shopping centres will remain closed .
It remains uncertain when stores in Scotland and Wales will reopen as the lockdown restrictions remain in place .
All changing rooms will stay closed , and the number of customers allowed in will be limited .
The Mike Ashley-owned group has said it will be reopening stores from 15 June across its Sports Direct , Jack Wills , Game brands .
However , House of Fraser stores , which are larger , will reopen slightly later in the week .
Ashley has reportedly @ @ @ @ @ @ @ adjust health and safety measures within stores to protect staff and customers as the coronavirus pandemic continues .
Cyclists ’ paradise Halfords fully reopened 53 of its outlets at the end of May , after successfully trialling social-distancing measures on its shop floors .
However , it will limit the number of customers allowed in-store .
The mighty Knightsbridge department store has said it will reopen its doors on Monday , using footfall monitors to make sure it does not have too many people inside at any one time .
Read more : @ @ @ @ @ @ @ shoppers may be too scared to visit Clear signage will direct customers and employees safely around the store , and specific doors will be designated for entering and exiting the building .
Furthermore , an “ enhanced cleaning program ” has been introduced , including hand sanitiser stations established across the store and at the entrance and exit points .

Which retailers are reopening as the coronavirus lockdown lifts?
Primark said it will not raise prices any more next year than already set out.
After two months of being closed during the coronavirus lockdown, Britain’s high streets are coming back to life.
Across the board, retailers across the country are working out how to get their businesses going again – and what measures they need to take to keep people safe.
So what shops can customers expect to open up again on Monday, when so-called non-essential businesses are allowed to make their long-awaited return?
And more to the point: what’s already open?
Primark
For fans of cut-price fashion, it’s good news: the discount retailer hopes to open all 153 of its stores in England from 15 June.
There is less certainty on when shops in Wales, Scotland and Northern Ireland will follow – but Primark says they will open in “late June”.
The retailer has already reopened 112 stores across Europe as countries begin to ease their own lockdown rules.
A number of changes will have been brought in by Monday, however.
These will include every other till being closed, perspex screens at checkouts and restrictions on customer numbers. That means some will likely have to queue to get inside.
But nevertheless, £1 T-shirts, here we come.
Marks & Spencer
All Marks & Spencer clothing stores are earmarked for reopening – while many of the grocery sites have already stayed open throughout the lockdown.
The retailer had originally only said it would open the clothing outlets that included a food hall.
However, on 10 June it added its 26 clothing-only sites to that list.
The reopening will include in-store customer limit numbers, hand sanitiser being available upon entry, and clear floor markings to remind customers about social distancing.
More details here.
Marks & Spencer will be opening its clothing outlets on Monday (Getty)
Next
More than 60 stores will be trading again by the time shops are due to fling open their doors on 15 June.
Find out if your local store is among them here.
John Lewis
John Lewis stores in Poole and Kingston will reopen first on 15 June, and will then be followed by another 11 sites later that week.
The stores at Bluewater, Cambridge, Cheadle, Cheltenham, High Wycombe, Horsham, Ipswich, Norwich, Nottingham, Solihull and Welwyn will open their doors to customers on Thursday, June 18.
Debenhams
The retailer has had to announce several store closures over the course of the lockdown, after failing to renegotiate rents.
In total, 20 stores will sadly not reopen their doors on Monday.
However, the majority of Debenhams stores across England are still set to reopen from 15 June.
Find out which ones here.
Boots
Boots has already said it will open its beauty counters on 15 June.
The pharmacy retailer has stayed open throughout the lockdown due to its status as an essential business, providing medication to people during the pandemic.
However, lovers of testing make-up and perfume will no longer be able to do so.
Beauty counter staff will still be on hand to give make-up advice, but this service has also been revised so there is no contact between workers and shoppers.
Ikea
The Swedish furniture king has already had 19 stores open since June 1 with outlets in Croydon, Greenwich, Lakeside, Wembley, Tottenham, Norwich collection point, Birmingham, Nottingham, Belfast, Manchester, Warrington, Gateshead, Leeds, Sheffield, Milton Keynes, Reading, Southampton, Bristol and Exeter.
However, it remains to be seen when the company decides to open its stores in Scotland.
Find out more here.
People have been queuing across the UK to get into Ikea and take children back to school as the government loosened more restrictions
JD Sports
Finally, you will be able to try on a pair of new Nikes again before you buy them, with JD Sports planning to reopen all 309 stores in England from 15 June.
JD Sports has said it also intends to open its high street and “open air” stores in Northern Ireland from June 12, although stores located in shopping centres will remain closed.
It remains uncertain when stores in Scotland and Wales will reopen as the lockdown restrictions remain in place.
All changing rooms will stay closed, and the number of customers allowed in will be limited.
Waterstones
The book seller has said it will reopen its stores in England and Wales – but has been forced to come up with an ingenious method of social distancing in a store model where the whole point is to pick up books and put them back: a book quarantine.
The introduction of so-called “Browsing Trollies”, which will be positioned next to tills, means that customers can safely leave a book or item they have handled but do not want to buy.
At the end of each day, stock from the trollies will be stored away for three days until the threat of virus transmission has been eliminated.
Find out more here.
Waterstones has had to enforce a 72-hour book quarantine to help social distancing
Frasers Group
The Mike Ashley-owned group has said it will be reopening stores from 15 June across its Sports Direct, Jack Wills, Game brands.
However, House of Fraser stores, which are larger, will reopen slightly later in the week.
Ashley has reportedly appointed a specialist team to review and adjust health and safety measures within stores to protect staff and customers as the coronavirus pandemic continues.
Halfords
Cyclists’ paradise Halfords fully reopened 53 of its outlets at the end of May, after successfully trialling social-distancing measures on its shop floors.
However, it will limit the number of customers allowed in-store.
More details here.
Halfords is also planning to reopen stores (Getty)
Harrods
The mighty Knightsbridge department store has said it will reopen its doors on Monday, using footfall monitors to make sure it does not have too many people inside at any one time.
Clear signage will direct customers and employees safely around the store, and specific doors will be designated for entering and exiting the building.
Furthermore, an “enhanced cleaning program” has been introduced, including hand sanitiser stations established across the store and at the entrance and exit points.


cityam--2020-06-11--Government launches review into false Post Office fraud claims

The government has launched a review into the Fujitsu Horizon IT system that caused Post Office branch mangers to be falsely accused of fraud .
Business minister Paul Scully confirmed yesterday that there would be a review of “ the failings that occurred at Post Office Ltd ” in the scandal .
Read more : Barclays backs down over Post Office cash ban after backlash from MPs More than 550 Post Office branch mangers – known as sub-postmasters – brought legal action against the Post Office after being wrongly accused of fraud .
The state-owned company settled the High Court @ @ @ @ @ @ @ out £58m to victims .
Those involved were falsely accused because of faults in the Fujitsu Horizon system , which tallies up daily takings for each branch .
Sub-postmasters involved were force to pay back money they never stole , forcing some to declare bankruptcy while others were prosecuted and jailed for charges like false accounting and fraud .
Confirming the review , Scully wrote : “ Government wants to be fully assured that through the review there is a public summary of the failings that occurred at Post Office Ltd , drawing @ @ @ @ @ @ @ and by listening to those that have been most affected ; that lessons have genuinely been learned ; and that concrete changes have taken place at Post Office Ltd to ensure that this situation will never be repeated.
” Parliament ’ s Business , Energy and Industrial Strategy committee has also announced its own probe into the review .
Earlier this year , the committee ’ s former chairman Rachel Reeves said : “ Hundreds of sub-postmasters have suffered considerable distress , and many have had their lives ruined.
” Labour MP Karl @ @ @ @ @ @ @ in the House of Commons , saying the scandal “ should trigger a criminal investigation ” and “ only a judge will get to the bottom of this miscarriage of justice ” .

Government launches review into false Post Office fraud claims
Postal workers have finally had their names cleared of theft.
The government has launched a review into the Fujitsu Horizon IT system that caused Post Office branch mangers to be falsely accused of fraud.
Business minister Paul Scully confirmed yesterday that there would be a review of “the failings that occurred at Post Office Ltd” in the scandal.
More than 550 Post Office branch mangers – known as sub-postmasters – brought legal action against the Post Office after being wrongly accused of fraud.
The state-owned company settled the High Court case in December last year, paying out £58m to victims.
Those involved were falsely accused because of faults in the Fujitsu Horizon system, which tallies up daily takings for each branch.
Sub-postmasters involved were force to pay back money they never stole, forcing some to declare bankruptcy while others were prosecuted and jailed for charges like false accounting and fraud.
Confirming the review, Scully wrote: “Government wants to be fully assured that through the review there is a public summary of the failings that occurred at Post Office Ltd, drawing on the judgments from the Horizon case and by listening to those that have been most affected; that lessons have genuinely been learned; and that concrete changes have taken place at Post Office Ltd to ensure that this situation will never be repeated.”
Parliament’s Business, Energy and Industrial Strategy committee has also announced its own probe into the review.
Earlier this year, the committee’s former chairman Rachel Reeves said: “Hundreds of sub-postmasters have suffered considerable distress, and many have had their lives ruined.”
Labour MP Karl Turner called for even further action yesterday in the House of Commons, saying the scandal “should trigger a criminal investigation” and “only a judge will get to the bottom of this miscarriage of justice”.


cityam--2020-06-11--Government faces fresh calls to relax two-metre rule to save hospitality industry

The government should relax the two-metre social distancing rule , overhaul business rates , and create an Autumn bank holiday if it wishes to help businesses recover from the coronavirus lockdown , according to MPs and representatives from the hospitality industry .
The All-Party Parliamentary Group for Hospitality and Tourism today said that companies in the hospitality industry had been hardest hit by the crisis , but that the measures would help keep firms alive .
Just 11 per cent of hospitality businesses have been able to operate normally during the lockdown , the group said in a report , @ @ @ @ @ @ @ be down 59 per cent for the year .
Tory MP Steve Double , who chairs the APPG , said : “ The UK ’ s hospitality and tourism sectors have been devastated by the COVID-19 crisis and this report highlights the scale of the damage done to businesses .
“ These are two of the most important parts of our economy and our inquiry has highlighted the importance of supporting these vital sectors in both the immediate and long term.
” Relaxing the two-metre rule has already been widely discussed in Westminster @ @ @ @ @ @ @ Prime Minister Boris Johnson is in favour of the measure .
The report has also urged the government to cut VAT on tourism , in a bid to boost the industry as it emerges from the lockdown .
Kate Nicholls , chief executive of trade body UK Hospitality , added : “ In every region of the UK , high streets in town and city centres have been almost entirely shuttered and normal life has been suspended .
“ Hospitality and tourism were some of the first sectors to take a noticeable hit @ @ @ @ @ @ @ The reality is that these sectors will also be two of the last to fully emerge and it will take time for employers to get back up to anywhere near full speed .
”

Government faces fresh calls to relax two-metre rule to save hospitality industry
People are seen buying takeaway pints at a pub on Wandsworth Common
The government should relax the two-metre social distancing rule, overhaul business rates, and create an Autumn bank holiday if it wishes to help businesses recover from the coronavirus lockdown, according to MPs and representatives from the hospitality industry.
The All-Party Parliamentary Group for Hospitality and Tourism today said that companies in the hospitality industry had been hardest hit by the crisis, but that the measures would help keep firms alive.
Just 11 per cent of hospitality businesses have been able to operate normally during the lockdown, the group said in a report, and international tourist arrivals are likely to be down 59 per cent for the year.
Tory MP Steve Double, who chairs the APPG, said: “The UK’s hospitality and tourism sectors have been devastated by the COVID-19 crisis and this report highlights the scale of the damage done to businesses.
“These are two of the most important parts of our economy and our inquiry has highlighted the importance of supporting these vital sectors in both the immediate and long term.”
Relaxing the two-metre rule has already been widely discussed in Westminster this week, and it is thought Prime Minister Boris Johnson is in favour of the measure.
The report has also urged the government to cut VAT on tourism, in a bid to boost the industry as it emerges from the lockdown.
Kate Nicholls, chief executive of trade body UK Hospitality, added: “In every region of the UK, high streets in town and city centres have been almost entirely shuttered and normal life has been suspended.
“Hospitality and tourism were some of the first sectors to take a noticeable hit, even before lockdown began.
“The reality is that these sectors will also be two of the last to fully emerge and it will take time for employers to get back up to anywhere near full speed.”


cityam--2020-06-11--New poll finds Brits turn away from city life as attraction wanes

There could be a dramatic shift in working life as cities become less attractive to Britons , a new poll has found .
In an online survey by Ipsos Mori , 44 per cent of Britons say they expect cities to become less attractive places to live in the next few years .
Just 19 per cent say their draw will increase , in an indication that the pandemic is accelerating a swing away from big cities .
Read more : Unilever to end Anglo-Dutch structure to prioritise London base after failed Amsterdam move The proportion of people who would @ @ @ @ @ @ @ has decreased from 28 per cent in 2018 , to just 22 per cent now .
There is , perhaps unsurprisingly , a split in opinion based on age as younger generations expect the appeal of cities to grow .
A third of 18-34 year olds anticipate this for both living ( 33 per cent ) and working ( 32 per cent ) .
This compares to just 7 per cent of 35-54 year olds who think cities are attractive places to live in , and 15 per cent to work in .
@ @ @ @ @ @ @ agenda due to the coronavirus pandemic , these views have only become more entrenched .
A third of Brits anticipate an increase in how often they work remotely in the next year , while 12 per cent expect a decrease .
Additionally , three in five expect that better technology will mean there ’ s less of a reason to travel into work in the future .
Ipsos Mori ’ s survey finds that this will have a knock on effect on local economies , as 28 per cent of respondents say they @ @ @ @ @ @ @ supermarkets .
That said , 54 per cent expect to see no change in 12 months ’ time as a result of the outbreak .
Read more : Sadiq Khan orders review of London ’ s statues and street names Commenting on the survey findings , research director Ben Marshall said : “ Relative to citizens of other countries , the British have tended to be cooler on the idea of city life , and our survey suggests many more expect them to get worse than better over the next few years as @ @ @ @ @ @ @ As well as long-term factors such as declining air quality , congestion and housing affordability , there are likely to be some short-term concerns at play ; in April we found people expecting city-dwellers to be to hit harder by Coronavirus than those in rural areas .
”

New poll finds Brits turn away from city life as attraction wanes
There could be a dramatic shift in working life as cities become less attractive to Britons, a new poll has found.
In an online survey by Ipsos Mori, 44 per cent of Britons say they expect cities to become less attractive places to live in the next few years. Just 19 per cent say their draw will increase, in an indication that the pandemic is accelerating a swing away from big cities.
The proportion of people who would prefer to live in a big city has decreased from 28 per cent in 2018, to just 22 per cent now.
There is, perhaps unsurprisingly, a split in opinion based on age as younger generations expect the appeal of cities to grow. A third of 18-34 year olds anticipate this for both living (33 per cent) and working (32 per cent). This compares to just 7 per cent of 35-54 year olds who think cities are attractive places to live in, and 15 per cent to work in.
As working from home rises up the agenda due to the coronavirus pandemic, these views have only become more entrenched. A third of Brits anticipate an increase in how often they work remotely in the next year, while 12 per cent expect a decrease. Additionally, three in five expect that better technology will mean there’s less of a reason to travel into work in the future.
Ipsos Mori’s survey finds that this will have a knock on effect on local economies, as 28 per cent of respondents say they will turn to local shops instead of supermarkets. That said, 54 per cent expect to see no change in 12 months’ time as a result of the outbreak.
Commenting on the survey findings, research director Ben Marshall said:
“Relative to citizens of other countries, the British have tended to be cooler on the idea of city life, and our survey suggests many more expect them to get worse than better over the next few years as places to live and work.”
“As well as long-term factors such as declining air quality, congestion and housing affordability, there are likely to be some short-term concerns at play; in April we found people expecting city-dwellers to be to hit harder by Coronavirus than those in rural areas.”


cityam--2020-06-11--Guy's and St Thomas' hospitals to remove controversial statues

The statues outside Guy ’ s and St Thomas ’ hospitals in London will be removed , it was decided this evening .
The statues , which feature Sir Robert Clayton and Sir Thomas Guy , are part of the arts and heritage collection owned by Guy ’ s and St Thomas ’ Charity .
Clayton , whose statue is outside St Thomas ’ Hospital , was a powerful member of the Royal African Company which was responsible for trafficking more slaves from Africa than any other body at the height of the slave trade .
The statue of Guy @ @ @ @ @ @ @ , is featured in front of the south entrance .
Most of his fortune came from the South Seas Company , which sold enslaved people from the Spanish colonies and transported them to Central America and the Caribbean .
The move follows in the wake of protests by anti-racism campaigners and the removal of similar statues elsewhere in London .
Mayor Sadiq Khan has pledged to reevaluate the presence of all statues and street names in London that are affiliated with problematic figures .
Guy ’ s and St Thomas ’ NHS Foundation @ @ @ @ @ @ @ Like many organisations in Britain , we know that we have a duty to address the legacy of colonialism , racism and slavery in our work .
We absolutely recognise the public hurt and anger that is generated by the symbolism of public statues of historical figures associated with the slave trade in some way.
” “ We see the pervasive and harmful effects of structural racism every day through our work .
Black people have worse health outcomes , and this inequality is one of many ways racism permeates our society .
@ @ @ @ @ @ @ , discrimination and inequality , and we stand in solidarity with our patients , students , colleagues and communities.
” Read more : Poole to take down statue of Scouts founder Baden-Powell However the hospitals will not be changing their names , the trust said .
Due to the age and listed nature of the statues , it added that the removal may take “ a few weeks ” .
Statues glorifying slave traders and colonialists have come into sharp focus in recent days , as part of a broader movement inspired by @ @ @ @ @ @ @ in the United States following the death of George Floyd .
Organisers of the Black Lives Matter movement in London today opted to cancel a planned protest in Hyde Park on Saturday , warning that “ many hate groups ” were threatening the safety of attendees .

Guy’s and St Thomas’ hospitals to remove controversial statues
The statues outside Guy’s and St Thomas’ hospitals in London will be removed, it was decided this evening.
The statues, which feature Sir Robert Clayton and Sir Thomas Guy, are part of the arts and heritage collection owned by Guy’s and St Thomas’ Charity.
Clayton, whose statue is outside St Thomas’ Hospital, was a powerful member of the Royal African Company which was responsible for trafficking more slaves from Africa than any other body at the height of the slave trade.
The statue of Guy, who founded Guy’s Hospital, is featured in front of the south entrance. Most of his fortune came from the South Seas Company, which sold enslaved people from the Spanish colonies and transported them to Central America and the Caribbean.
The move follows in the wake of protests by anti-racism campaigners and the removal of similar statues elsewhere in London. Mayor Sadiq Khan has pledged to reevaluate the presence of all statues and street names in London that are affiliated with problematic figures.
Guy’s and St Thomas’ NHS Foundation Trust said in a statement:
“Like many organisations in Britain, we know that we have a duty to address the legacy of colonialism, racism and slavery in our work. We absolutely recognise the public hurt and anger that is generated by the symbolism of public statues of historical figures associated with the slave trade in some way.”
“We see the pervasive and harmful effects of structural racism every day through our work. Black people have worse health outcomes, and this inequality is one of many ways racism permeates our society. We are fully committed to tackling racism, discrimination and inequality, and we stand in solidarity with our patients, students, colleagues and communities.”
However the hospitals will not be changing their names, the trust said.
Due to the age and listed nature of the statues, it added that the removal may take “a few weeks”.
Statues glorifying slave traders and colonialists have come into sharp focus in recent days, as part of a broader movement inspired by the Black Lives Matter protests that started in the United States following the death of George Floyd.
Organisers of the Black Lives Matter movement in London today opted to cancel a planned protest in Hyde Park on Saturday, warning that “many hate groups” were threatening the safety of attendees.


cityam--2020-06-11--Seven drivers of growth: Unlocking potential and growing your business in turbulent times

In a world disrupted by the COVID-19 pandemic , lockdown and a looming recession it may be hard to focus on growth .
But analysing the exciting possibilities of a business for long-term success is a necessary , if difficult , challenge on the road back to the new normal and will require leaders to think differently about their business .
EY has a long history of working with many of the world ’ s most ambitious entrepreneurs and supporting them to accelerate their journey to market leadership .
We have learned from these business successes and distilled the insights @ @ @ @ @ @ @ create a framework for growth .
We call it the EY 7 Drivers of Growth .
When businesses think about strategy , they may focus only on a few areas .
Our research into the success of many of the world ’ s leading businesses has shown that those businesses look at a broader set of capabilities , and work out how to balance their investments in time , money and energy across all areas .
From this we have identified the seven areas of focus outlined below .
From the beginning , @ @ @ @ @ @ @ their central focal point .
This customer-centric approach is an essential starting point .
Successful businesses understand that putting customers ’ needs and desires first is the easiest way to achieve competitive advantage .
In order to put customers at the heart of what they do , requires knowing all you can about customers .
You have to understand their needs , desires , pain points and ambitions .
This insight is the only way to be able to anticipate future needs and deliver preferred experiences to build loyalty and long-term growth .
@ @ @ @ @ @ @ to be relentless and continuous .
Even market leaders are constantly thinking about how to engage and delight their customers in all their markets .
Any organisation is only ever as good as the people working for it .
This is particularly true in today ’ s service-based economy .
This means attracting and keeping the best talent .
To do this , leading businesses build an environment that values diversity .
But they also employ people who fit the company ’ s culture , who share its purpose and vision .
The @ @ @ @ @ @ @ and vision and connect this to performance management and rewards .
They provide strong leadership and create an inclusive environment where differences are valued and people can innovate to drive the business forward .
Technology is transforming every aspect of every business .
Deployed properly it enables leaders to make better , quicker and smarter decisions that respond to rapidly changing customer needs .
It improves business performance and helps manage risk .
Data analytics in particular is having a profound impact in every industry , presenting both opportunities and challenges .
Particularly @ @ @ @ @ @ @ are changing how customers relate to and interact with businesses and are creating new business models .
The organisations doing the most to successfully harness the power of technology are deploying artificial intelligence and automation to enhance human potential , enabling increased focus on innovation , creativity and strategic thinking and creating a powerful competitive advantage .
An organisation ’ s operating model is the link between strategic intent and execution .
Aligning operations with strategy will increase a company ’ s ability to succeed — even as it contends with the upheavals @ @ @ @ @ @ @ customer needs and buying patterns and potentially encourage new market entrants .
Leading businesses pursue continuous improvement across all aspects of their operations .
Focused on details , the best understand that every aspect of the business must hold up to scrutiny and constantly improve to stay ahead .
Operations need to be flexible enough to adapt quickly to changing circumstances , allowing the business to seize opportunities and mitigate risks .
All businesses need funds to grow .
How a business manages its money — and any investors — will determine its @ @ @ @ @ @ @ , leading businesses determine the best financial approach at every stage , deriving maximum benefits from careful management of available funds .
To achieve this , they transform their finance function into one that acts more strategically and commercially , and where the CFO can devote more of their time to being an economic advisor who helps improve performance by delivering critical insights to decision-makers .
In order to free up time for this strategic work , it may be necessary to seek alternative ways of delivering finance operations such as reporting and @ @ @ @ @ @ @ management information Market-leading businesses rarely evolve by organic growth alone .
To rise to the top , they seek successful partnerships and strategic acquisitions to enhance growth , competitiveness and profitability .
Smart leaders are quick to grasp the value of transactions and alliances .
Good risk management delivers reduced volatility within the business .
There is a strong correlation between the maturity of risk management and revenue and profit growth .
At every stage of a business ’ s growth , the ability to identify and manage risk is a vital element @ @ @ @ @ @ @ the right balance between managing risk and taking risk to navigate change and drive sustainable growth .
Read more : 5 questions mid-market businesses need to ask about risk management today EY has distilled the above thinking to create the EY 7 Drivers of Growth .
This is a strong framework for thinking differently about how to deliver business strategy , it has helped hundreds of businesses unlock their full potential and realise growth ambitions faster .
Isn ’ t it time you did the same for your business ?
We invite you @ @ @ @ @ @ @ platform to help agile companies build , grow and transform using the EY 7 Drivers of Growth framework – designed by entrepreneurs for entrepreneurs and built by EY .
Visit https : //velocity.ey.com

What is City Talk? City Talk allows marketers to connect directly with our audience by publishing content on cityam.com
Seven drivers of growth: Unlocking potential and growing your business in turbulent times
Having the courage to look forward positively and to assess your business across the full range of capabilities is key to unlocking long-term growth and success. This is even more vital at a time when it is easy to focus only on short-term survival.
In a world disrupted by the COVID-19 pandemic, lockdown and a looming recession it may be hard to focus on growth. But analysing the exciting possibilities of a business for long-term success is a necessary, if difficult, challenge on the road back to the new normal and will require leaders to think differently about their business.
EY has a long history of working with many of the world’s most ambitious entrepreneurs and supporting them to accelerate their journey to market leadership. We have learned from these business successes and distilled the insights of the entrepreneurial leaders behind them to create a framework for growth. We call it the EY 7 Drivers of Growth.
When businesses think about strategy, they may focus only on a few areas. Our research into the success of many of the world’s leading businesses has shown that those businesses look at a broader set of capabilities, and work out how to balance their investments in time, money and energy across all areas. From this we have identified the seven areas of focus outlined below.
Customer
From the beginning, the best companies seek to make customers their central focal point. This customer-centric approach is an essential starting point. Successful businesses understand that putting customers’ needs and desires first is the easiest way to achieve competitive advantage. In order to put customers at the heart of what they do, requires knowing all you can about customers. You have to understand their needs, desires, pain points and ambitions. This insight is the only way to be able to anticipate future needs and deliver preferred experiences to build loyalty and long-term growth. This focus and desire for knowledge has to be relentless and continuous. Even market leaders are constantly thinking about how to engage and delight their customers in all their markets.
People
Any organisation is only ever as good as the people working for it. This is particularly true in today’s service-based economy. This means attracting and keeping the best talent. To do this, leading businesses build an environment that values diversity. But they also employ people who fit the company’s culture, who share its purpose and vision. The best businesses have a clarity of purpose and vision and connect this to performance management and rewards. They provide strong leadership and create an inclusive environment where differences are valued and people can innovate to drive the business forward.
Technology
Technology is transforming every aspect of every business. Deployed properly it enables leaders to make better, quicker and smarter decisions that respond to rapidly changing customer needs. It improves business performance and helps manage risk. Data analytics in particular is having a profound impact in every industry, presenting both opportunities and challenges. Particularly in the post-COVID environment, new technologies are changing how customers relate to and interact with businesses and are creating new business models. The organisations doing the most to successfully harness the power of technology are deploying artificial intelligence and automation to enhance human potential, enabling increased focus on innovation, creativity and strategic thinking and creating a powerful competitive advantage.
Operations
An organisation’s operating model is the link between strategic intent and execution. Aligning operations with strategy will increase a company’s ability to succeed — even as it contends with the upheavals of a post-pandemic economy which will reshape customer needs and buying patterns and potentially encourage new market entrants. Leading businesses pursue continuous improvement across all aspects of their operations. Focused on details, the best understand that every aspect of the business must hold up to scrutiny and constantly improve to stay ahead. Operations need to be flexible enough to adapt quickly to changing circumstances, allowing the business to seize opportunities and mitigate risks.
Finance
All businesses need funds to grow. How a business manages its money — and any investors — will determine its future. Driven by a growth strategy, leading businesses determine the best financial approach at every stage, deriving maximum benefits from careful management of available funds. To achieve this, they transform their finance function into one that acts more strategically and commercially, and where the CFO can devote more of their time to being an economic advisor who helps improve performance by delivering critical insights to decision-makers. In order to free up time for this strategic work, it may be necessary to seek alternative ways of delivering finance operations such as reporting and the provision of good quality and timely management information
Transactions
Market-leading businesses rarely evolve by organic growth alone. To rise to the top, they seek successful partnerships and strategic acquisitions to enhance growth, competitiveness and profitability. Smart leaders are quick to grasp the value of transactions and alliances.
Risk
Good risk management delivers reduced volatility within the business. There is a strong correlation between the maturity of risk management and revenue and profit growth. At every stage of a business’s growth, the ability to identify and manage risk is a vital element of success. The best businesses find the right balance between managing risk and taking risk to navigate change and drive sustainable growth.
Read more: 5 questions mid-market businesses need to ask about risk management today
EY has distilled the above thinking to create the EY 7 Drivers of Growth. This is a strong framework for thinking differently about how to deliver business strategy, it has helped hundreds of businesses unlock their full potential and realise growth ambitions faster. Isn’t it time you did the same for your business?
We invite you to join EY Velocity — a digital platform to help agile companies build, grow and transform using the EY 7 Drivers of Growth framework – designed by entrepreneurs for entrepreneurs and built by EY. Visit https://velocity.ey.com


cityam--2020-06-11--Microsoft trumps Amazon in refusal to sell facial recognition software to police

Microsoft has become the third tech giant to declare a moratorium on selling its facial recognition software to police , as companies weigh in on the global debate surrounding the latter ’ s use of violence against communities of colour .
Though it does not currently sell its technology to police , Microsoft president Brad Smith said that it will continue to not do so until a national US law is in place “ grounded in human rights ” that governs its use .
Smith ’ s comments come three days after IBM said it would exit the business altogether @ @ @ @ @ @ @ it would cease the use of its facial recognition technology by police for one year .
“ I think it ’ s important to see what IBM has done .
I think it is important to recognise what Amazon has done .
It is obviously similar to what we are doing , ” Smith said in conversation with the Washington Post .
“ But if all the responsible companies in the country cede this market to those that are not prepared to take a stand , we won ’ t necessarily serve the @ @ @ @ @ @ @ black and African American people of this nation well .
We need Congress to act , not just tech companies alone.
” Read more : Black Lives Matter : Which business leaders have spoken out after George Floyd ’ s death ?
The US House Committee on Oversight and Reform has held several hearings on the use of facial recognition software , but has yet to introduce a bill to regulate it .
The killing of George Floyd , a black man who died under the knee of a white police officer last @ @ @ @ @ @ @ recognition technology may be used unfairly against protesters .
Critics have pointed to a past study which showed Amazon ’ s Rekognition software struggled to identify the gender of individuals with darker skin , which Amazon later contested .

Microsoft trumps Amazon in refusal to sell facial recognition software to police
Microsoft has become the third tech giant to declare a moratorium on selling its facial recognition software to police, as companies weigh in on the global debate surrounding the latter’s use of violence against communities of colour.
Though it does not currently sell its technology to police, Microsoft president Brad Smith said that it will continue to not do so until a national US law is in place “grounded in human rights” that governs its use.
Smith’s comments come three days after IBM said it would exit the business altogether, and a day after Amazon said it would cease the use of its facial recognition technology by police for one year.
“I think it’s important to see what IBM has done. I think it is important to recognise what Amazon has done. It is obviously similar to what we are doing,” Smith said in conversation with the Washington Post.
“But if all the responsible companies in the country cede this market to those that are not prepared to take a stand, we won’t necessarily serve the national interest or the lives of the black and African American people of this nation well. We need Congress to act, not just tech companies alone.”
The US House Committee on Oversight and Reform has held several hearings on the use of facial recognition software, but has yet to introduce a bill to regulate it.
The killing of George Floyd, a black man who died under the knee of a white police officer last month, has increased fears that facial recognition technology may be used unfairly against protesters.
Critics have pointed to a past study which showed Amazon’s Rekognition software struggled to identify the gender of individuals with darker skin, which Amazon later contested.


cityam--2020-06-11--Brexit: Boris Johnson and Ursula von der Leyen to hold summit on Monday

Prime Minister Boris Johnson and EU Commission President Ursula von der Leyen will hold a virtual meeting on Monday to discuss the trajectory of post-Brexit trade negotiations .
Joining the pair will be President of the European Council Charles Michel and EU Parliament President David Sassoli .
Read more : No-deal Brexit Q & A : What happens if UK-EU trade talks fail ?
The UK and EU have also agreed to an “ intensified timetable ” for trade talks , which will “ involve a mix of formal negotiating rounds and smaller group meetings , both in London and @ @ @ @ @ @ @ each week for five weeks , beginning on 29 June .
Monday ’ s summit , meanwhile , will see political leaders from both sides discuss ongoing free trade negotiations between the UK and EU , which have a 31 December deadline .
Talks are currently stalled after four negotiating rounds , with particular difficulties over fishing policy and business competition regulations .
Sources on the UK negotiating team said last week that there was unlikely to be much movement until politicians on each side met to discuss blockages .
The UK will @ @ @ @ @ @ @ of summer if they do not think a deal is possible .
Before the Open newsletter : Start your day with the City View podcast and key market data Cabinet Office minister Penny Mordaunt said on Tuesday that there was no point doing an “ 11th hour ” trade deal , with British businesses needing to know what to expect next year far sooner .
Fishing policy is one of the major flashpoints in talks , with EU member states pushing to retain the same access to UK fishing waters as they had @ @ @ @ @ @ @ Chief UK negotiator Frost has described this as a “ non runner ” and is asking for a “ zonal attachment ” agreement , which can be periodically reviewed .
Frost said the UK would be “ an independent coastal nation ” on 1 January next year in any case .
The EU is also asking for the UK to match regulations on things like labour laws , environmental protection and state aid provisions .
In return for this level-playing field for businesses on both sides , the EU has said it will @ @ @ @ @ @ @ UK negotiators have said they will not allow the EU to set British regulations on these issues .
Last month , a source close to Frost said : “ We can ’ t accept arrangements which mean we need to have EU law prevailing in the UK or mechanically follow what the EU does without having a choice about it .
“ That ’ s what there can ’ t be compromise about.
” Yesterday , chief EU negotiator Michel Barnier said the UK was trying to “ cherry pick ” benefits of @ @ @ @ @ @ @ Read more : Brexit : Michel Barnier says he can not allow UK to ‘ cherry pick ’ in negotiations “ The UK chose to become a third country – it can not have the best of both worlds , ” he said .
“ This is simply not in the long term political or economic interest of the EU .
”

Brexit: Boris Johnson and Ursula von der Leyen to hold summit on Monday
Britain’s Prime Minister Boris Johnson (R) speaks with European Commission President Ursula von der Leyen inside 10 Downing Street on January 8, 2020
Prime Minister Boris Johnson and EU Commission President Ursula von der Leyen will hold a virtual meeting on Monday to discuss the trajectory of post-Brexit trade negotiations.
Joining the pair will be President of the European Council Charles Michel and EU Parliament President David Sassoli.
The UK and EU have also agreed to an “intensified timetable” for trade talks, which will “involve a mix of formal negotiating rounds and smaller group meetings, both in London and Brussels”.
There will be talks each week for five weeks, beginning on 29 June.
Monday’s summit, meanwhile, will see political leaders from both sides discuss ongoing free trade negotiations between the UK and EU, which have a 31 December deadline.
Talks are currently stalled after four negotiating rounds, with particular difficulties over fishing policy and business competition regulations.
Sources on the UK negotiating team said last week that there was unlikely to be much movement until politicians on each side met to discuss blockages.
The UK will walk away from negotiations before the end of summer if they do not think a deal is possible.
Before the Open newsletter: Start your day with the City View podcast and key market data
Cabinet Office minister Penny Mordaunt said on Tuesday that there was no point doing an “11th hour” trade deal, with British businesses needing to know what to expect next year far sooner.
Fishing policy is one of the major flashpoints in talks, with EU member states pushing to retain the same access to UK fishing waters as they had when Britain was in the EU.
Chief UK negotiator Frost has described this as a “non runner” and is asking for a “zonal attachment” agreement, which can be periodically reviewed.
Frost said the UK would be “an independent coastal nation” on 1 January next year in any case.
The EU is also asking for the UK to match regulations on things like labour laws, environmental protection and state aid provisions.
In return for this level-playing field for businesses on both sides, the EU has said it will allow zero-tariff trading with the UK.
UK negotiators have said they will not allow the EU to set British regulations on these issues.
Last month, a source close to Frost said: “We can’t accept arrangements which mean we need to have EU law prevailing in the UK or mechanically follow what the EU does without having a choice about it.
“That’s what there can’t be compromise about.”
Yesterday, chief EU negotiator Michel Barnier said the UK was trying to “cherry pick” benefits of EU membership without the added responsibilities.
“The UK chose to become a third country – it cannot have the best of both worlds,” he said.
“This is simply not in the long term political or economic interest of the EU.”


cityam--2020-06-11--Biden calls on Facebook to rethink fact-checking policy before US election

Democratic US presidential candidate Joe Biden has called for Facebook to fact check political advertisements on its platform ahead of the November ballot .
In an open letter addressed to Facebook chief Mark Zuckerberg , Biden said there should be a two-week pre-election period during which all political ads must be fact-checked before they are allowed to appear on Facebook .
His letter comes a week after Zuckerberg promised to review its content policies , following backlash against Facebook for not taking action on a post by US President Donald Trump that Twitter deemed a violation of the latter ’ @ @ @ @ @ @ @ also included that Facebook should immediately remove posts that include misinformation , and that there should be clear rules “ applied to everyone , including Donald Trump — that prohibit threatening behaviour and lies about how to participate in the election ” .
In response to the letter from Biden ’ s campaign , Facebook said in a statement : “ Two weeks ago the President of the United States issued an executive order directing federal agencies to prevent social media sites from engaging in activities like fact-checking political statements .
This week @ @ @ @ @ @ @ a petition calling on us to do the exact opposite .
“ Just as they have done with broadcast networks — where the US government prohibits rejecting politicians ’ campaign ads — the people ’ s elected representatives should set the rules , and we will follow them .
There is an election coming in November and we will protect political speech , even when we strongly disagree with it .
”

Biden calls on Facebook to rethink fact-checking policy before US election
Democratic US presidential candidate Joe Biden has called for Facebook to fact check political advertisements on its platform ahead of the November ballot.
In an open letter addressed to Facebook chief Mark Zuckerberg, Biden said there should be a two-week pre-election period during which all political ads must be fact-checked before they are allowed to appear on Facebook.
His letter comes a week after Zuckerberg promised to review its content policies, following backlash against Facebook for not taking action on a post by US President Donald Trump that Twitter deemed a violation of the latter’s rules.
Biden’s demands also included that Facebook should immediately remove posts that include misinformation, and that there should be clear rules “applied to everyone, including Donald Trump — that prohibit threatening behaviour and lies about how to participate in the election”.
In response to the letter from Biden’s campaign, Facebook said in a statement:
“Two weeks ago the President of the United States issued an executive order directing federal agencies to prevent social media sites from engaging in activities like fact-checking political statements. This week, the Democratic candidate for President started a petition calling on us to do the exact opposite.
“Just as they have done with broadcast networks — where the US government prohibits rejecting politicians’ campaign ads — the people’s elected representatives should set the rules, and we will follow them. There is an election coming in November and we will protect political speech, even when we strongly disagree with it.”


cityam--2020-06-11--Priti Patel row: Matt Hancock says he 'abhors identity politics' from Labour

Matt Hancock has said he “ abhors ” the identity politics he says Labour is pushing , after a group of opposition MPs told home secretary Priti Patel she was “ gaslighting ” BAME communities .
The letter , signed by dozens of BAME Labour MPs , expressed “ dismay at the way [ Patel ] used [ her ] heritage and experiences of racism to gaslight the very real racism faced by Black people and communities across the UK ” .
Read more : Poole to take down statue of Scouts founder Baden-Powell It added : “ Being a @ @ @ @ @ @ @ you an authority on all forms of racism.
” The letter was sent after Patel , who is of Ugandan-Indian origin , brought up instances of racism she had experienced in response to accusations that the government did not understand racial inequalities in Britain .
Hancock emphatically defended Patel at today ’ s briefing , while also chastising the Labour MPs who sent the letter .
“ I ’ ve seen this leter and I abhor this divisive identity politics that ’ s being levelled at Priti Patel , ” he said .
@ @ @ @ @ @ @ day with the City View podcast and key market data “ I ’ m incredibly proud to be part of the most diverse government in history .
“ We don ’ t think there ’ s such a thing as the wrong type of BAME , we think people are equal.
” Patel said she was “ sad ” to receive the letter .
“ I will not be silenced by Labour MPs who continue to dismiss the contributions of those who don ’ t conform to their view of how ethnic minorities @ @ @ @ @ @ @ The row comes as a part of an explosion of debate over the past week about race within 21st century Britain .
Statues of slave traders Edward Colston and Robert Milligan have been pulled down in Bristol and London respectively , with some activists calling for removal of all commemorations linked with Britain ’ s colonial and slave-owning past .
Read more : Why we need to leave the statues alone This has caused a backlash from some , with Tory MP Bim Afolami tweeting “ this is all going completely nuts ” @ @ @ @ @ @ @ going to rename one residence named after William Gladstone .
Gladstone , former Prime Minister and founder of the Liberal Party , was the son of a slave owner .

Priti Patel row: Matt Hancock says he ‘abhors identity politics’ from Labour
Matt Hancock has said he “abhors” the identity politics he says Labour is pushing, after a group of opposition MPs told home secretary Priti Patel she was “gaslighting” BAME communities.
The letter, signed by dozens of BAME Labour MPs, expressed “dismay at the way [Patel] used [her] heritage and experiences of racism to gaslight the very real racism faced by Black people and communities across the UK”.
It added: “Being a person of colour does not automatically make you an authority on all forms of racism.”
The letter was sent after Patel, who is of Ugandan-Indian origin, brought up instances of racism she had experienced in response to accusations that the government did not understand racial inequalities in Britain.
Hancock emphatically defended Patel at today’s briefing, while also chastising the Labour MPs who sent the letter.
“I’ve seen this leter and I abhor this divisive identity politics that’s being levelled at Priti Patel,” he said.
Before the Open newsletter: Start your day with the City View podcast and key market data
“I’m incredibly proud to be part of the most diverse government in history.
“We don’t think there’s such a thing as the wrong type of BAME, we think people are equal.”
Patel said she was “sad” to receive the letter.
“I will not be silenced by Labour MPs who continue to dismiss the contributions of those who don’t conform to their view of how ethnic minorities should behave,” she said.
The row comes as a part of an explosion of debate over the past week about race within 21st century Britain.
Statues of slave traders Edward Colston and Robert Milligan have been pulled down in Bristol and London respectively, with some activists calling for removal of all commemorations linked with Britain’s colonial and slave-owning past.
This has caused a backlash from some, with Tory MP Bim Afolami tweeting “this is all going completely nuts” when it was announced Liverpool University was going to rename one residence named after William Gladstone.
Gladstone, former Prime Minister and founder of the Liberal Party, was the son of a slave owner.


cityam--2020-06-11--Apple commits $100m to racial justice initiative

Apple chief executive Tim Cook has today revealed the firm will spend $ 100m on a company programme dedicated to racial justice .
“ The unfinished work of racial justice and equality call us all to account , ” Cook said in a tweet .
“ Things must change , and Apple ’ s committed to being a force for that change.
” It follows in the wake of widespread protests globally in support of racial equality , after the death of George Floyd at the hands of police in Minneapolis last month .
The Apple Racial Equity and Justice @ @ @ @ @ @ @ ’ s vice president of environment , social and policy initiatives Lisa Jackson .
“ Growing up in Alabama during the civil rights movement , I saw firsthand that the only thing that ever made lasting and durable change was people of goodwill putting aside comfort and safety to speak up to march to call for accountability and to do what they could to make a flawed society more perfect , ” Cook said in a video announcing the programme .
Read more : Black Lives Matter : Which business leaders have spoken @ @ @ @ @ @ @ ?
Beginning in the US and gradually expanding globally , the initiative will challenge the systemic barriers to opportunity and dignity faced by communities of colour , Cook said .
It will pay a particular focus to issues of education , economic equality and criminal justice reform .
Alongside working with external organisations as part of the initiative , Apple will seek to make changes internally and increase its hiring of people of colour .
It will also seek to increase spending on black-owned suppliers .
Similar measures have been announced by other @ @ @ @ @ @ @ the technology sector .
Earlier this week , Amazon pledged to donate $ 10m to organisations working on social justice for black people .

Apple commits $100m to racial justice initiative
Apple chief executive Tim Cook has today revealed the firm will spend $100m on a company programme dedicated to racial justice.
“The unfinished work of racial justice and equality call us all to account,” Cook said in a tweet. “Things must change, and Apple’s committed to being a force for that change.”
The unfinished work of racial justice and equality call us all to account. Things must change, and Apple's committed to being a force for that change. Today, I'm proud to announce Apple’s Racial Equity and Justice Initiative, with a $100 million commitment. pic.twitter.com/AoYafq2xlp — Tim Cook (@tim_cook) June 11, 2020
It follows in the wake of widespread protests globally in support of racial equality, after the death of George Floyd at the hands of police in Minneapolis last month.
The Apple Racial Equity and Justice Initiative will be led by the firm’s vice president of environment, social and policy initiatives Lisa Jackson.
“Growing up in Alabama during the civil rights movement, I saw firsthand that the only thing that ever made lasting and durable change was people of goodwill putting aside comfort and safety to speak up to march to call for accountability and to do what they could to make a flawed society more perfect,” Cook said in a video announcing the programme.
Beginning in the US and gradually expanding globally, the initiative will challenge the systemic barriers to opportunity and dignity faced by communities of colour, Cook said.
It will pay a particular focus to issues of education, economic equality and criminal justice reform.
Alongside working with external organisations as part of the initiative, Apple will seek to make changes internally and increase its hiring of people of colour. It will also seek to increase spending on black-owned suppliers.
Similar measures have been announced by other companies in recent days, including in the technology sector. Earlier this week, Amazon pledged to donate $10m to organisations working on social justice for black people.


cityam--2020-06-11--HPE boss warns of Huawei cyberattacks

HPE boss warns of Huawei cyberattacks

Hewlett Packard Enterprise ’ s ( HPE ) managing director has warned of “ data loss , privacy breaches and cyberattacks ” if the government proceeds with Huawei technology in its 5G rollout .
Speaking to City AM , Marc Waters said : “ Securing the future of the UK ’ s mobile networks is a vital issue .
Data loss , privacy breaches , and cyberattacks on individuals , organizations and governments are possible if control of 5G networks falls into the wrong hands.
” Waters called on the government to instead “ adopt a more open and innovation-forward @ @ @ @ @ @ @ 5G infrastructure .
“ Securing the future of the UK ’ s mobile networks is a vital issue , ” he added .
It comes after the HPE boss this week sent a letter to the Prime Minister urging him to hold a meeting with technology providers to flesh out the UK ’ s decision on “ potentially unsafe technology ” made by the Chinese vendor .
The letter stated : “ We should be looking to future-proof the UK ’ s networks to adapt to new technologies , not seeking to further @ @ @ @ @ @ @ positions by granting supplier rights , particularly when such grave security concerns are apparent.
” HPE is one of a number of businesses building open source alternatives to help telecoms firms reduce their reliance on the Chinese firm .
“ The reality of 5G… is that there will be more options for supply , not less , and consequently fewer reasons to include potentially unsafe technology in UK networks , ” Waters wrote .
It comes after Vodafone this week warned that the UK would lose its footing as a global leader in @ @ @ @ @ @ @ pounds worth of existing Huawei technology .
Scott Petty , Vodafone UK chief technology officer , said : “ The UK ’ s leadership in 5G will be lost if mobile operators are forced to spend time and money replacing existing equipment.
” “ We are not tied to one supplier , ” he added .
“ But it is important to understand the extent of what is at stake here.
” Petty ’ s comments came as Boris Johnson faces increasing pressure to abandon a deal permitting Huawei to build 35 per @ @ @ @ @ @ @ network , over fears technology made by the company could be used for spying by the Chinese state .
Huawei has repeatedly denied the allegations .
Read more : HSBC warns of reprisals in China if UK bans Huawei equipment BT , which owns the EE network , has said it would cost the company £500m to comply with the government ’ s 35 per cent cap on Huawei equipment .
Waters acknowledged the potential cost fallouts of abandoning Huawei , but said the UK must move forward on a secure path .
@ @ @ @ @ @ @ network operators that have already made significant investments with Huawei… This is clearly not an easy decision for the government , ” he said .
“ This is why I have urged the Prime Minister to call a summit of technology providers and mobile network operators to… catalyse moves towards a more secure and diversified telecommunications market ” .
Read more : US senator : China using Huawei to ‘ drive wedge ’ in UK-US relationship Last month the National Cyber Security Centre — a branch of GCHQ — launched an emergency review @ @ @ @ @ @ @ aimed at the Chinese vendor .
US President Donald Trump , who is a vociferous opponent of Huawei , has repeatedly pressured Johnson to scrap the UK ’ s deal with Huawei .
The Financial Times reported that the President vented his “ apoplectic ” fury at the PM after hearing he had given the Chinese firm the green light .
HPE executives met with US government officials earlier this year following a push by US President Donald Trump to seek alternatives to Huawei .

HPE boss warns of Huawei cyberattacks
Ministers are set to invest millions into a nationwide rollout of 5G.
Hewlett Packard Enterprise’s (HPE) managing director has warned of “data loss, privacy breaches and cyberattacks” if the government proceeds with Huawei technology in its 5G rollout.
Speaking to City AM, Marc Waters said: “Securing the future of the UK’s mobile networks is a vital issue. Data loss, privacy breaches, and cyberattacks on individuals, organizations and governments are possible if control of 5G networks falls into the wrong hands.”
Waters called on the government to instead “adopt a more open and innovation-forward approach” in building Britain’s 5G infrastructure. “Securing the future of the UK’s mobile networks is a vital issue,” he added.
It comes after the HPE boss this week sent a letter to the Prime Minister urging him to hold a meeting with technology providers to flesh out the UK’s decision on “potentially unsafe technology” made by the Chinese vendor.
The letter stated: “We should be looking to future-proof the UK’s networks to adapt to new technologies, not seeking to further entrench a limited number of vendors’ positions by granting supplier rights, particularly when such grave security concerns are apparent.”
HPE is one of a number of businesses building open source alternatives to help telecoms firms reduce their reliance on the Chinese firm.
“The reality of 5G… is that there will be more options for supply, not less, and consequently fewer reasons to include potentially unsafe technology in UK networks,” Waters wrote.
It comes after Vodafone this week warned that the UK would lose its footing as a global leader in 5G if it stripped out billions of pounds worth of existing Huawei technology.
Scott Petty, Vodafone UK chief technology officer, said: “The UK’s leadership in 5G will be lost if mobile operators are forced to spend time and money replacing existing equipment.”
“We are not tied to one supplier,” he added. “But it is important to understand the extent of what is at stake here.”
Petty’s comments came as Boris Johnson faces increasing pressure to abandon a deal permitting Huawei to build 35 per cent of the UK’s 5G network, over fears technology made by the company could be used for spying by the Chinese state. Huawei has repeatedly denied the allegations.
BT, which owns the EE network, has said it would cost the company £500m to comply with the government’s 35 per cent cap on Huawei equipment.
Waters acknowledged the potential cost fallouts of abandoning Huawei, but said the UK must move forward on a secure path. “I understand the concerns of those network operators that have already made significant investments with Huawei… This is clearly not an easy decision for the government,” he said.
“This is why I have urged the Prime Minister to call a summit of technology providers and mobile network operators to… catalyse moves towards a more secure and diversified telecommunications market”.
Last month the National Cyber Security Centre — a branch of GCHQ — launched an emergency review on the back of fresh US sanctions aimed at the Chinese vendor.
US President Donald Trump, who is a vociferous opponent of Huawei, has repeatedly pressured Johnson to scrap the UK’s deal with Huawei. The Financial Times reported that the President vented his “apoplectic” fury at the PM after hearing he had given the Chinese firm the green light.
HPE executives met with US government officials earlier this year following a push by US President Donald Trump to seek alternatives to Huawei.