cityam--2020-09-04--Rishi Sunak must walk a tightrope on his pitch of Tory economic competence

Yesterday Rishi Sunak was photographed carrying a note with the text of his address to the 1922 Committee .
This was something we lived in constant fear of when I worked in No.11 .
One day I forgot to put a folder round a note I was carrying on our 2018 Budget ‘ rabbit ’ and subsequently spent the next six hours feverishly refreshing Twitter to check if I had been spotted .
Thankfully on that occasion I got away with it , otherwise my HM Treasury career might have ended rather sooner .
Nightmare inducing reminiscences aside , more @ @ @ @ @ @ @ making about positioning the Conservatives as the “ party of economic competence.
” For the first time in a long time , Conservatives are having to face the question of what this actually means .
Economic competence is a concept that all Conservatives can sign up to in theory , but it ’ s amazing how few Tory MPs have understood what this means in practice .
Read more : Bank of England warns of ‘ scarring ’ to the UK economy In order to maintain their mantle for economic competence , at @ @ @ @ @ @ @ the last decade , Conservative MPs are going to have to vote for significant action to improve the sustainability of the public finances .
Yet because of the differing make up of their voting base , it is only really Labour that has the political space to turn the rhetoric of economic competence into reality .
The Tories ’ natural instincts will be to further cut spending , but this is far from easy .
We used to create lists of options for cuts at each Budget when I was in HMT , @ @ @ @ @ @ @ this year that list had grown remarkably small .
The only way to make meaningful savings is through cuts to big spending departments such as health , education and defence .
However all these areas are subject to either political or parliamentary commitments that will be politically nearly impossible for the government to break .
Cuts to welfare are not a credible option either .
As the pandemic has highlighted , working age welfare is hardly the safety net that many , wrongly , believed it to be .
With potential mass increases @ @ @ @ @ @ @ pressure will be to increase the generosity of these benefits .
Pensioner benefits do provide an option for savings , but again the politics of this are difficult .
The triple lock on pensions was protected in the Conservative manifesto and the Prime Minister has committed to look at even the most minor cut to pensioner benefits – the BBC removing free TV licences from the over 75s .
That leaves the question of raising tax to help revive the Conservatives ’ reputation of economic competence .
But as Paul Johnson has recently @ @ @ @ @ @ @ of money Sunak ’ s only option is to pull one of the big tax levers such as National Insurance , Income Tax or VAT .
This is something that many MPs of all parties simply don ’ t get ; I remember a conversation with a group of MPs who suggested that a 10p surcharge on disposable coffee cups could be used to pay for the largest ever increase in health spending .
Other tax changes such as looking at relief on pensions , capital gains , fuel duty or dividends may @ @ @ @ @ @ @ MPs is that these tax changes fundamentally hit their core voting base ; older , wealthier people who are largely based outside of cities .
To go after these groups with large tax increases would be to fundamentally alter what and who the Conservative Party stands for .
So where does this leave the Conservatives as the party of economic competence ?
It means they have to argue that greater borrowing at a time of record low interest rates is the sensible thing to do and hope they can grow their way out @ @ @ @ @ @ @ as Sunak ’ s briefing note put it “ then what is the difference between us [ Conservatives ] and the Labour Party.
” In this analysis I think he is missing a key point .
Read more : Rishi Sunak : UK will not be hit by a ‘ horror show of tax rises ’ There is a difference between the Conservatives and Labour ; that because of Labour ’ s differing support base , the party is more able to take on some of the difficult tax changes that will be @ @ @ @ @ @ @ considering things like wealth and land taxes ( albeit inconsistently ) Labour are the party seriously considering a sustainable long-term economic strategy .
None of this may matter come the next election .
Voters regularly elect Conservative governments whose economic competence is more fiction than fact .
However , they never elect a Labour Party they don ’ t trust on the economy .
In being prepared to have that grown up conversation with voters , Anneliese Dodd ’ s and her team are removing another impediment to Labour mounting a credible challenge @ @ @ @ @ @ @ senior consultant at Portland Communications , and a former assistant private secretary to ex-chancellor Philip Hammond .

Rishi Sunak must walk a tightrope on his pitch of Tory economic competence
Rishi Sunak faces scrutiny as more than a third of businesses surveyed said they were unlikely to be able to pay back loans taking out during the pandemic.
Yesterday Rishi Sunak was photographed carrying a note with the text of his address to the 1922 Committee. This was something we lived in constant fear of when I worked in No.11. One day I forgot to put a folder round a note I was carrying on our 2018 Budget ‘rabbit’ and subsequently spent the next six hours feverishly refreshing Twitter to check if I had been spotted. Thankfully on that occasion I got away with it, otherwise my HM Treasury career might have ended rather sooner.
Nightmare inducing reminiscences aside, more interesting is the pitch that Sunak was making about positioning the Conservatives as the “party of economic competence.” For the first time in a long time, Conservatives are having to face the question of what this actually means. Economic competence is a concept that all Conservatives can sign up to in theory, but it’s amazing how few Tory MPs have understood what this means in practice.
In order to maintain their mantle for economic competence, at least against their own internal logic of the last decade, Conservative MPs are going to have to vote for significant action to improve the sustainability of the public finances. Yet because of the differing make up of their voting base, it is only really Labour that has the political space to turn the rhetoric of economic competence into reality.
The Tories’ natural instincts will be to further cut spending, but this is far from easy. We used to create lists of options for cuts at each Budget when I was in HMT, yet by the time I left earlier this year that list had grown remarkably small. The only way to make meaningful savings is through cuts to big spending departments such as health, education and defence. However all these areas are subject to either political or parliamentary commitments that will be politically nearly impossible for the government to break.
Cuts to welfare are not a credible option either. As the pandemic has highlighted, working age welfare is hardly the safety net that many, wrongly, believed it to be. With potential mass increases to unemployment looming, all the political pressure will be to increase the generosity of these benefits. Pensioner benefits do provide an option for savings, but again the politics of this are difficult. The triple lock on pensions was protected in the Conservative manifesto and the Prime Minister has committed to look at even the most minor cut to pensioner benefits – the BBC removing free TV licences from the over 75s.
That leaves the question of raising tax to help revive the Conservatives’ reputation of economic competence. But as Paul Johnson has recently pointed out, to raise significant sums of money Sunak’s only option is to pull one of the big tax levers such as National Insurance, Income Tax or VAT. This is something that many MPs of all parties simply don’t get; I remember a conversation with a group of MPs who suggested that a 10p surcharge on disposable coffee cups could be used to pay for the largest ever increase in health spending.
Other tax changes such as looking at relief on pensions, capital gains, fuel duty or dividends may help. However the problem for Conservative MPs is that these tax changes fundamentally hit their core voting base; older, wealthier people who are largely based outside of cities. To go after these groups with large tax increases would be to fundamentally alter what and who the Conservative Party stands for.
So where does this leave the Conservatives as the party of economic competence? It means they have to argue that greater borrowing at a time of record low interest rates is the sensible thing to do and hope they can grow their way out of the current fiscal hole. But as Sunak’s briefing note put it “then what is the difference between us [Conservatives] and the Labour Party.” In this analysis I think he is missing a key point.
There is a difference between the Conservatives and Labour; that because of Labour’s differing support base, the party is more able to take on some of the difficult tax changes that will be so repugnant to Conservative MPs. In considering things like wealth and land taxes (albeit inconsistently) Labour are the party seriously considering a sustainable long-term economic strategy.
None of this may matter come the next election. Voters regularly elect Conservative governments whose economic competence is more fiction than fact. However, they never elect a Labour Party they don’t trust on the economy. In being prepared to have that grown up conversation with voters, Anneliese Dodd’s and her team are removing another impediment to Labour mounting a credible challenge in 2024.
Jonathan Waghorne is a senior consultant at Portland Communications, and a former assistant private secretary to ex-chancellor Philip Hammond.


cityam--2020-09-05--Mountune’s 385hp Volkswagen Golf GTI is a scorching hot hatchback

This , you will note , is not the new Golf GTI .
You should have been reading about the Mk8 version of Volkswagen ’ s red-striped Wunderkind this week , but world events had other ideas .
Still , the Mk7 here is a worthy stand-in .
The work of Essex-based Mountune , it ’ s both cheaper to buy and faster than the latest GTI .
A lot faster , actually .
You probably associate Mountune with Ford , not Volkswagen .
Formed in 1980 , the company built its reputation modifying Cosworth engines for racing .
More @ @ @ @ @ @ @ for the Fiesta and Focus ST. Now , Mountune has set its sights on the enormous VW tuning scene , with a plethora of go-faster goodies for the Golf GTI and R. If you like your hatchbacks served extra-hot , keep reading… Mountune ’ s Stage 1 package for the Mk7 Golf GTI reprogrammes the 2.0-litre engine ’ s electronic brain to unleash 310hp .
That ’ s up from 222hp as standard and level-pegging with the Golf R : pretty impressive for £750 .
The car I ’ m driving , however @ @ @ @ @ @ @ which bolts on a larger turbocharger for a mighty 385hp .
It ’ s a considerable investment , at £2,475 fitted , but the result is a Golf that ’ s as powerful as a Porsche 992 Carrera – or indeed the Lamborghini Countach I had on my bedroom wall .
There are a few caveats , though .
First , you need to use pricier 98 or 99 RON super unleaded petrol .
Second , for long-term reliability , Mountune recommends adding a freer-flowing induction system , turbo-back stainless steel exhaust and @ @ @ @ @ @ @ the above , plus the eminently sensible Mountune brake upgrade , and you can probably reckon on £5,000 .
That ’ s on top of £12,000 or more for a used Mk7 GTI .
The other sticking point concerns performance .
Unlike the four-wheel-drive Golf R , the GTI sends all its power through the front tyres .
That means lots of frantic wheelspin and a 0-60mph time of 5.2 seconds with a manual gearbox – only 0.5 seconds quicker than the regular car .
On paper , it looks underwhelming .
And @ @ @ @ @ @ @ steering needs a firm hand ( preferably two hands ) .
Accelerate hard and it scurries about like a puppy sniffing lamp posts in the park .
Once you ’ re rolling on dry roads , though , it all sharpens into focus .
The Stage 2+ GTI is absurdly , hilariously quick in third and fourth gears , punching fiercely out of corners and blasting past unsuspecting Porsches .
Peak torque of 376lb ft ( vs. 258 lb ft in the standard car ) doesn ’ t arrive until 5,500rpm , but @ @ @ @ @ @ @ highly tuned engines – is rarely an issue .
This is a controlled explosion rather than the delayed ker-blam of a cartoon TNT stick .
It sounds much meatier with the induction and exhaust mods here , too .
Living with the GTI for a week , what struck me was the overall rightness of the recipe .
Yes , it leaves you breathless on a B-road , but it ’ s also well-built , comfortable and practical enough for family duties , with an upmarket image to boot .
Mountune hasn ’ @ @ @ @ @ @ @ perennially popular , it simply adds a triple shot of tequila to the mix .
Still , that wild side is core to the GTI ’ s appeal .
Handing Mountune £715 for a Stage 1 conversion on a Golf R yields nearly the same power ( 360hp ) , far superior traction and more real-world pace .
Yet there ’ s something I love about the scrappier , more schizophrenic nature of this car .
It reminds me of modified hot hatches from my misspent youth : flawed , but brimful of @ @ @ @ @ @ @ the price of a new Mk8 GTI .

Mountune’s 385hp Volkswagen Golf GTI is a scorching hot hatchback
This, you will note, is not the new Golf GTI. You should have been reading about the Mk8 version of Volkswagen’s red-striped Wunderkind this week, but world events had other ideas.
Still, the Mk7 here is a worthy stand-in. The work of Essex-based Mountune, it’s both cheaper to buy and faster than the latest GTI. A lot faster, actually.
You probably associate Mountune with Ford, not Volkswagen. Formed in 1980, the company built its reputation modifying Cosworth engines for racing. More recently, it offers dealer-fit power upgrades for the Fiesta and Focus ST. Now, Mountune has set its sights on the enormous VW tuning scene, with a plethora of go-faster goodies for the Golf GTI and R. If you like your hatchbacks served extra-hot, keep reading…
Mountune’s Stage 1 package for the Mk7 Golf GTI reprogrammes the 2.0-litre engine’s electronic brain to unleash 310hp. That’s up from 222hp as standard and level-pegging with the Golf R: pretty impressive for £750. The car I’m driving, however, has the Stage 2+ kit, which bolts on a larger turbocharger for a mighty 385hp. It’s a considerable investment, at £2,475 fitted, but the result is a Golf that’s as powerful as a Porsche 992 Carrera – or indeed the Lamborghini Countach I had on my bedroom wall.
There are a few caveats, though. First, you need to use pricier 98 or 99 RON super unleaded petrol. Second, for long-term reliability, Mountune recommends adding a freer-flowing induction system, turbo-back stainless steel exhaust and beefier intercooler. Factor in all of the above, plus the eminently sensible Mountune brake upgrade, and you can probably reckon on £5,000. That’s on top of £12,000 or more for a used Mk7 GTI.
The other sticking point concerns performance. Unlike the four-wheel-drive Golf R, the GTI sends all its power through the front tyres. That means lots of frantic wheelspin and a 0-60mph time of 5.2 seconds with a manual gearbox – only 0.5 seconds quicker than the regular car. On paper, it looks underwhelming. And on damp tarmac, frankly, the steering needs a firm hand (preferably two hands). Accelerate hard and it scurries about like a puppy sniffing lamp posts in the park.
Once you’re rolling on dry roads, though, it all sharpens into focus. The Stage 2+ GTI is absurdly, hilariously quick in third and fourth gears, punching fiercely out of corners and blasting past unsuspecting Porsches. Peak torque of 376lb ft (vs. 258 lb ft in the standard car) doesn’t arrive until 5,500rpm, but turbo lag – a bugbear of many highly tuned engines – is rarely an issue. This is a controlled explosion rather than the delayed ker-blam of a cartoon TNT stick. It sounds much meatier with the induction and exhaust mods here, too.
Living with the GTI for a week, what struck me was the overall rightness of the recipe. Yes, it leaves you breathless on a B-road, but it’s also well-built, comfortable and practical enough for family duties, with an upmarket image to boot. Mountune hasn’t diluted what makes the Golf so perennially popular, it simply adds a triple shot of tequila to the mix.
Still, that wild side is core to the GTI’s appeal. Handing Mountune £715 for a Stage 1 conversion on a Golf R yields nearly the same power (360hp), far superior traction and more real-world pace. Yet there’s something I love about the scrappier, more schizophrenic nature of this car. It reminds me of modified hot hatches from my misspent youth: flawed, but brimful of irrepressible character. And all for half the price of a new Mk8 GTI.
Tim Pitt works for Motoring Research


cityam--2020-09-05--Don't be The Passenger: Iggy Pop’s classic Ferrari up for auction

A Ferrari formerly owned by Godfather of Punk and all-round rock legend Iggy Pop is coming up for auction .
The Chiaro Blue 308 GTS QV will be sold online by H & H Classics on 16 September 2020 .
Iggy Pop carved out his early career with punk upstarts The Stooges , before moving to Berlin and recording two seminal albums with David Bowie : The Idiot and Lust for Life .
More recently , he was the face of a Swiftcover car insurance advert – later banned when it emerged Pop wouldn ’ t be covered by the @ @ @ @ @ @ @ of this Ferrari isn ’ t quite so well documented .
Built in 1984 , it was supplied new to the American market , but its early history is unknown .
However , the car ’ s paperwork indicates that it was bought by James Newell Osterberg Jr , better known as Iggy Pop , soon after he moved to Miami in 1998 .
A later magazine article also suggests he enjoyed its Raw Power ( sorry ) to the full… The piece from GQ about Iggy Pop ’ s cars includes the @ @ @ @ @ @ @ moved to Miami , he bought an old electric blue 1984 Ferrari 308 GTS from a used car dealership .
“ They ran a classified ad , and when I got the papers , the last owner was John Malkovich.
” He doesn ’ t know if it ’ s that John Malkovich , but as he says , “ it ’ s a very unusual name ” .
He instantly fell in love.
’ ‘ ” It was a wonderful car .
Whenever I wanted to blow off steam , I ’ @ @ @ @ @ @ @ ” Later on , he traded up to a newer model , but he still hankers after the older version : “ Whatever you did , it instantly did , whereas the newer ones , they have the computer to help you.
” Iggy sold his Ferrari 308 in 2002 after a 100mph run-in with the cops .
“ I drove the s*** outta that car .
Then I thought something terrible ’ s gon na happen , so I got rid of it.
” ’ The Ferrari has a displayed ( but @ @ @ @ @ @ @ and was imported into the UK in 2016 .
It requires some immediate work , including a cambelt change , and H & H Auctions says “ There are imperfections to the paintwork but the car ’ s overall appearance is presentable ” .
Nonetheless , for an estimated sale price between £20,000 and £30,000 , this is a relatively cheap route into classic Ferrari ownership – and a car with a seriously cool back-story .
Just don ’ t ask Iggy to help you insure it .

Don’t be The Passenger: Iggy Pop’s classic Ferrari up for auction
A Ferrari formerly owned by Godfather of Punk and all-round rock legend Iggy Pop is coming up for auction. The Chiaro Blue 308 GTS QV will be sold online by H&H Classics on 16 September 2020.
Iggy Pop carved out his early career with punk upstarts The Stooges, before moving to Berlin and recording two seminal albums with David Bowie: The Idiot and Lust for Life. More recently, he was the face of a Swiftcover car insurance advert – later banned when it emerged Pop wouldn’t be covered by the policy he promoted.
The life story of this Ferrari isn’t quite so well documented. Built in 1984, it was supplied new to the American market, but its early history is unknown. However, the car’s paperwork indicates that it was bought by James Newell Osterberg Jr, better known as Iggy Pop, soon after he moved to Miami in 1998.
A later magazine article also suggests he enjoyed its Raw Power (sorry) to the full…
‘A 100mph run-in with the cops’
The piece from GQ about Iggy Pop’s cars includes the following excerpt: ‘When Pop first moved to Miami, he bought an old electric blue 1984 Ferrari 308 GTS from a used car dealership. “They ran a classified ad, and when I got the papers, the last owner was John Malkovich.” He doesn’t know if it’s that John Malkovich, but as he says, “it’s a very unusual name”. He instantly fell in love.’
‘”It was a wonderful car. Whenever I wanted to blow off steam, I’d just race around the freeways here.” Later on, he traded up to a newer model, but he still hankers after the older version: “Whatever you did, it instantly did, whereas the newer ones, they have the computer to help you.” Iggy sold his Ferrari 308 in 2002 after a 100mph run-in with the cops. “I drove the s*** outta that car. Then I thought something terrible’s gonna happen, so I got rid of it.”’
The Ferrari has a displayed (but unverified) 61,800 miles on its odometer and was imported into the UK in 2016. It requires some immediate work, including a cambelt change, and H&H Auctions says “There are imperfections to the paintwork but the car’s overall appearance is presentable”.
Nonetheless, for an estimated sale price between £20,000 and £30,000, this is a relatively cheap route into classic Ferrari ownership – and a car with a seriously cool back-story. Just don’t ask Iggy to help you insure it.
Tim Pitt writes for Retro Motor


cityam--2020-09-06--Brexit: UK 'won't blink' in EU trade talks, says chief negotiator

The UK ’ s chief Brexit negotiator David Frost has warned the EU it will “ not blink ” in negotiations as fears grow that a no-deal exit is on the cards .
Talks are set to resume between the UK and EU in London next week , with both sides deadlocked over several key issues .
Read more : Logistics groups call for ‘ urgent ’ meeting with government over Brexit border disruption The deadline for the deal is 31 December , however both sides have said a deal needs to be done by the end of October for @ @ @ @ @ @ @ Parliament and to give businesses enough time to prepare .
Frost told the Mail On Sunday today that the UK negotiators would not budge on their demands , unlike previous teams led by Therea May .
“ We came in after a government and negotiating team that had blinked and had its bluff called at critical moments and the EU had learned not to take our word seriously , ” he said .
Before the Open newsletter : Start your day with the City View podcast and key market data “ So a @ @ @ @ @ @ @ do this year is to get them to realise that we mean what we say and they should take our position seriously.
” Key sticking points in the deal are EU fishing access to UK waters and negotiations over business competition regulations known as the level playing field .
Brussels ’ demands – as a part of level playing field talks – that the UK matches EU regulations on state aid has been a particular sore point for Frost .
He said the UK would not become “ a client state ” by @ @ @ @ @ @ @ of subsidies the British government can grant to domestic businesses .
The lack of movement has led many to speculate that a no-deal exit from the EU customs union and single market is the most likely option , with The Spectator reporting this week that Number 10 thinks there is now only a 30-40 per cent chance of striking a trade deal .
Read more : UK ready to walk away from Brexit trade talks over state aid demands Foreign secretary Dominic Raab told Sky News today that a deal was “ there @ @ @ @ @ @ @ the UK would not back down on the EU ’ s state subsidy demands .
“ There is a good deal there for the EU , we ’ d love to do that free trade agreement and if not , we ’ ll fall back on Australian style rules and I think this week is an important moment for the EU to really effectively recognise that those two points of principle are not something we can just haggle away , ” he said .

Brexit: UK ‘won’t blink’ in EU trade talks, says chief negotiator
British Brexit negotiator David Frost He said the UK would not become “a client state” by allowing the EU to dictate the level of subsidies the British government can grant to domestic businesses.
The UK’s chief Brexit negotiator David Frost has warned the EU it will “not blink” in negotiations as fears grow that a no-deal exit is on the cards.
Talks are set to resume between the UK and EU in London next week, with both sides deadlocked over several key issues.
The deadline for the deal is 31 December, however both sides have said a deal needs to be done by the end of October for it to be ratified by the European Parliament and to give businesses enough time to prepare.
Frost told the Mail On Sunday today that the UK negotiators would not budge on their demands, unlike previous teams led by Therea May.
“We came in after a government and negotiating team that had blinked and had its bluff called at critical moments and the EU had learned not to take our word seriously,” he said.
Before the Open newsletter: Start your day with the City View podcast and key market data
“So a lot of what we are trying to do this year is to get them to realise that we mean what we say and they should take our position seriously.”
Key sticking points in the deal are EU fishing access to UK waters and negotiations over business competition regulations known as the level playing field.
Brussels’ demands – as a part of level playing field talks – that the UK matches EU regulations on state aid has been a particular sore point for Frost.
He said the UK would not become “a client state” by allowing the EU to dictate the level of subsidies the British government can grant to domestic businesses.
The lack of movement has led many to speculate that a no-deal exit from the EU customs union and single market is the most likely option, with The Spectator reporting this week that Number 10 thinks there is now only a 30-40 per cent chance of striking a trade deal.
Foreign secretary Dominic Raab told Sky News today that a deal was “there for the taking”, but that the UK would not back down on the EU’s state subsidy demands.
“There is a good deal there for the EU, we’d love to do that free trade agreement and if not, we’ll fall back on Australian style rules and I think this week is an important moment for the EU to really effectively recognise that those two points of principle are not something we can just haggle away,” he said.


cityam--2020-09-06--Home working could cost UK economy £15bn a year, PwC warns

Home working could cost the UK economy up to £15.3bn a year due to the knock-on effect on office cleaners and security guards as well as nearby cafes and coffee shops .
The latest research by accountancy firm PwC showed that the one per cent drop in GDP would be caused by a cut in spending by workers who are at home rather than in city centres .
Read more : PwC grows global revenue to $ 43bn despite coronavirus pandemic hit There could also be a knock-on impact of lower spending by workers that rely on an influx of @ @ @ @ @ @ @ smaller towns could benefit from the shift to home working , however the economy as a whole will be negatively affected as bigger cities such as London and Manchester take a hit , the Sunday Times reported .
“ The fall in value of a worker no longer collaborating in a city may also be greater than the gain to a suburban or rural area of that worker sharing ideas there , ” the PwC report said .
Pret a Manger , which relies on a stream of office workers , has already @ @ @ @ @ @ @ to the impact of the coronavirus lockdown .
Read more : Pret a Manger boss says shift to home working will become permanent More store closures and retail job losses are expected unless office workers return and consumers are encouraged to visit city centres , the British Retail Consortium has warned .
The capital has been particularly damaged by slow footfall recovery , with mayor of London Sadiq Khan saying last month that “ empty offices are a big problem for central London ” .

Home working could cost UK economy £15bn a year, PwC warns
Packed tubes and fewer vaccinated youth are likely what fuelled London’s shift to home working more than any other UK region.
Home working could cost the UK economy up to £15.3bn a year due to the knock-on effect on office cleaners and security guards as well as nearby cafes and coffee shops.
The latest research by accountancy firm PwC showed that the one per cent drop in GDP would be caused by a cut in spending by workers who are at home rather than in city centres.
There could also be a knock-on impact of lower spending by workers that rely on an influx of office staff for work.
Suburbs and smaller towns could benefit from the shift to home working, however the economy as a whole will be negatively affected as bigger cities such as London and Manchester take a hit, the Sunday Times reported.
“The fall in value of a worker no longer collaborating in a city may also be greater than the gain to a suburban or rural area of that worker sharing ideas there,” the PwC report said.
Pret a Manger, which relies on a stream of office workers, has already announced it will cut 2,800 jobs due to the impact of the coronavirus lockdown.
More store closures and retail job losses are expected unless office workers return and consumers are encouraged to visit city centres, the British Retail Consortium has warned.
The capital has been particularly damaged by slow footfall recovery, with mayor of London Sadiq Khan saying last month that “empty offices are a big problem for central London”.


cityam--2020-09-06--'Major incident' declared as multiple people stabbed in Birmingham

Multiple people were stabbed in Birmingham last night in what has been described as a “ major incident ” by local police .
West Midlands Police were called to a first stabbing at 12.30am , before a series of others were also reported .
Read more : Bank of England : UK economy ‘ likely ’ to need further stimulus West Midlands mayor Andy Street said the incidents “ look to be related ” , however police would not confirm how many people have been injured .
Foreign secretary Dominic Raab told the BBC today that there was no evidence @ @ @ @ @ @ @ a statement released this morning , West Midlands Police said : “ We are aware of a number of injured people , but at the moment we are not in a position to say how many or how serious .
However , all emergency services are working together at the scene , and making sure that those who are injured receive medical care .
Before the Open newsletter : Start your day with the City View podcast and key market data “ Work is still going on to establish what has happened , @ @ @ @ @ @ @ are in a position to confirm anything .
“ At this early stage it would not be appropriate to speculate on the causes of the incident.
” West Midlands Police commissioner David Jamieson added : “ We would urge people to remain calm , but vigilant , and to stay away from the area.
” Club promoter , and witness at the scene , Cara Curran told the BBC that a massive fight erupted outside a night club , before the first stabbing .
“ I found multiple people having fist fights… people @ @ @ @ @ @ @ and started to see what was going on .
“ There were females , males , old people , young people , such a mix of people , it didn ’ t seem real at the time .
“ The amount of things that I ’ ve heard have happened tonight in the space of three hours , with the stabbings that have happened , the car crashes and multiple other things , it ’ s such a huge shock to me .
”

‘Major incident’ declared as multiple people stabbed in Birmingham
Police guard a cordon on Edmund Street following a major stabbing incident in the centre of Birmingham, central England, on September 6, 2020. – British police declared a “major incident” early on September 6 after multiple people were stabbed in the centre of England’s second city Birmingham. Violence broke out at about 12:30 am (2330 GMT Saturday) in and around the Arcadian Centre, a popular venue filled with restaurants, nightclubs and bars. (Photo by Oli SCARFF / AFP) (Photo by OLI SCARFF/AFP via Getty Images)
Multiple people were stabbed in Birmingham last night in what has been described as a “major incident” by local police.
West Midlands Police were called to a first stabbing at 12.30am, before a series of others were also reported.
West Midlands mayor Andy Street said the incidents “look to be related”, however police would not confirm how many people have been injured.
Foreign secretary Dominic Raab told the BBC today that there was no evidence of the attack being terror-related.
In a statement released this morning, West Midlands Police said: “We are aware of a number of injured people, but at the moment we are not in a position to say how many or how serious. However, all emergency services are working together at the scene, and making sure that those who are injured receive medical care.
Before the Open newsletter: Start your day with the City View podcast and key market data
“Work is still going on to establish what has happened, and could take some time before we are in a position to confirm anything.
“At this early stage it would not be appropriate to speculate on the causes of the incident.”
West Midlands Police commissioner David Jamieson added: “We would urge people to remain calm, but vigilant, and to stay away from the area.”
Club promoter, and witness at the scene, Cara Curran told the BBC that a massive fight erupted outside a night club, before the first stabbing.
“I found multiple people having fist fights… people from inside pubs and clubs came out and started to see what was going on.
“There were females, males, old people, young people, such a mix of people, it didn’t seem real at the time.
“The amount of things that I’ve heard have happened tonight in the space of three hours, with the stabbings that have happened, the car crashes and multiple other things, it’s such a huge shock to me.”


cityam--2020-09-07--Thomas Cook tipped for relaunch as online-only travel agent

Iconic travel agent Thomas Cook could be relaunched as early as this month , a year after the firm went bust in dramatic circumstances .
Sky News reported that Chinese conglomerate Fosun , which bought the company ’ s name and intellectual property assets for just £11m , is drawing up plans to reinvent the 178-year-old firm as an online travel agent .
An announcement on the move could be made as early as this week , if Fosun can get the necessary regulatory permissions .
If the launch does go ahead this month , it will come as the @ @ @ @ @ @ @ its history , as the coronavirus pandemic continues to decimate the industry around the world .
Hays Travel , which took over Thomas Cook ’ s UK stores , has announced that it will make 878 staff redundant due to the pandemic .
Before the Open newsletter : Start your day with the City View podcast and key market data Meanwhile , Anglo-German tour operator Tui has said it will close 166 high street stores and cut 270 jobs as a result of the downturn .
Currently , the industry is united in @ @ @ @ @ @ @ its quarantine approach is endangering its survival and urging it to adopt a combination of airport testing and regional travel corridors as well .
A debate on the matter in parliament is scheduled for Thursday , with many backbench Tories expected to voice their support for the plan .
According to the report , the relaunched Thomas Cook would not operate its own airline , high street shops or hotels .
When the firm went bust last year , it precipitated a scramble to get holidaymakers back to the UK in what was @ @ @ @ @ @ @ .

Thomas Cook tipped for relaunch as online-only travel agent
Iconic travel agent Thomas Cook could be relaunched as early as this month, a year after the firm went bust in dramatic circumstances.
Sky News reported that Chinese conglomerate Fosun, which bought the company’s name and intellectual property assets for just £11m, is drawing up plans to reinvent the 178-year-old firm as an online travel agent.
An announcement on the move could be made as early as this week, if Fosun can get the necessary regulatory permissions.
If the launch does go ahead this month, it will come as the travel industry battles the worst crisis in its history, as the coronavirus pandemic continues to decimate the industry around the world.
Hays Travel, which took over Thomas Cook’s UK stores, has announced that it will make 878 staff redundant due to the pandemic.
Before the Open newsletter: Start your day with the City View podcast and key market data
Meanwhile, Anglo-German tour operator Tui has said it will close 166 high street stores and cut 270 jobs as a result of the downturn.
Currently, the industry is united in attempts to convince the UK government that its quarantine approach is endangering its survival and urging it to adopt a combination of airport testing and regional travel corridors as well.
A debate on the matter in parliament is scheduled for Thursday, with many backbench Tories expected to voice their support for the plan.
According to the report, the relaunched Thomas Cook would not operate its own airline, high street shops or hotels.
When the firm went bust last year, it precipitated a scramble to get holidaymakers back to the UK in what was the largest ever repatriation of UK citizens.


cityam--2020-09-07--UK house prices hit record high as stamp duty cut powers market

UK house prices hit a record high in August after pent-up demand and the stamp duty holiday combined to power the market upwards , according to lender Halifax .
However , Halifax cautioned that prices were “ unlikely ” to continue on their current path , with rising unemployment set to catch up with the market .
Read more : UK house prices : Will the surge last or is it a bubble ?
Prices rose 1.6 per cent month on month despite the UK being hit by the worst recession in modern history .
That meant prices were 5.2 @ @ @ @ @ @ @ were a year earlier , Halifax said .
The surprising surge in prices has now been confirmed by numerous sources .
Last week , building society Nationwide said UK house prices jumped two per cent in August to hit an all-time high .
“ A surge in market activity has driven up house prices through the post-lockdown summer period , ” said Halifax managing director Russell Galley .
He said the rise has been “ fuelled by the release of pent-up demand , a strong desire amongst some buyers to move to bigger @ @ @ @ @ @ @ cut to stamp duty ” .
The rise will please the government , which had sought to boost the property market .
It increased the threshold at which buyers pay the stamp duty tax to £500,000 from £125,000 until the end of March .
Britain ’ s housing market was frozen in April and May .
After it reopened in June , many who had scrapped plans to move put them in motion again .
The market has also been helped by a rise in savings during lockdown .
The jump in prices @ @ @ @ @ @ @ £245,747 , according to Halifax .
That is good news for property owners , but will hurt first-time buyers .
Read more : UK house prices recover from lockdown to hit all-time high in August Lucy Pendleton from estate agents James Pendleton , said the figures confirm “ the red hot finish to the summer suggested by the Nationwide last week ” .
She added : “ The typically more bullish Halifax index hasn ’ t disappointed.
” However , Galley warned that the price surge is unlikely to be sustained in the @ @ @ @ @ @ @ cent by next year “ The macroeconomic picture in the UK should become clearer over the next few months as various government support measures come to an end , ” he said .
Economic forecaster the EY Item Club predicted UK house prices could fall by three per cent by early 2021 .
Howard Archer , chief economic adviser to the Item Club , said : “ Housing market activity may well see a further pick-up in the near term providing some support to prices.
” But he added : “ The current @ @ @ @ @ @ @ prices will prove unsustainable before long.
” He said the “ upside for the housing market ” will be “ limited by challenging fundamentals for consumers ” .
Read more : UK house prices to ‘ hold firm ’ in 2020 despite Covid-19 crisis Andrew Burrell of Capital Economics said : “ Pent-up demand will soon be expended.
” He added : “ A weak economy , cautious lenders and the end of the stamp duty cut will weigh on prices .
”

UK house prices hit record high as stamp duty cut powers market
UK house prices hit a record high in August after pent-up demand and the stamp duty holiday combined to power the market upwards, according to lender Halifax.
However, Halifax cautioned that prices were “unlikely” to continue on their current path, with rising unemployment set to catch up with the market.
Prices rose 1.6 per cent month on month despite the UK being hit by the worst recession in modern history. That meant prices were 5.2 per cent higher in August than they were a year earlier, Halifax said.
The surprising surge in prices has now been confirmed by numerous sources. Last week, building society Nationwide said UK house prices jumped two per cent in August to hit an all-time high.
“A surge in market activity has driven up house prices through the post-lockdown summer period,” said Halifax managing director Russell Galley.
He said the rise has been “fuelled by the release of pent-up demand, a strong desire amongst some buyers to move to bigger properties, and of course the temporary cut to stamp duty”.
Tax cut has desired effect on UK house prices
The rise will please the government, which had sought to boost the property market. It increased the threshold at which buyers pay the stamp duty tax to £500,000 from £125,000 until the end of March.
Britain’s housing market was frozen in April and May. After it reopened in June, many who had scrapped plans to move put them in motion again. The market has also been helped by a rise in savings during lockdown.
The jump in prices now means the average UK house costs £245,747, according to Halifax. That is good news for property owners, but will hurt first-time buyers.
Lucy Pendleton from estate agents James Pendleton, said the figures confirm “the red hot finish to the summer suggested by the Nationwide last week”. She added: “The typically more bullish Halifax index hasn’t disappointed.”
However, Galley warned that the price surge is unlikely to be sustained in the medium.
Prices could fall three per cent by next year
“The macroeconomic picture in the UK should become clearer over the next few months as various government support measures come to an end,” he said.
Economic forecaster the EY Item Club predicted UK house prices could fall by three per cent by early 2021.
Howard Archer, chief economic adviser to the Item Club, said: “Housing market activity may well see a further pick-up in the near term providing some support to prices.”
But he added: “The current marked pick-up in activity and firming of prices will prove unsustainable before long.” He said the “upside for the housing market” will be “limited by challenging fundamentals for consumers”.
Andrew Burrell of Capital Economics said: “Pent-up demand will soon be expended.”
He added: “A weak economy, cautious lenders and the end of the stamp duty cut will weigh on prices.”


cityam--2020-09-07--Brexit: Downing Street denies it will tear up EU withdrawal agreement

The government is committed to its Brexit withdrawal agreement with the EU despite reports it was preparing to breach it , according to Boris Johnson ’ s official spokesman .
A report in the Financial Times today claimed that Johnson would bring forward legislation on Wednesday that would include clauses , pertaining to Northern Ireland , which would override the UK ’ s EU withdrawal agreement .
Read more : Brexit : Boris Johnson plans to breach withdrawal agreement to put trade talks in peril The Prime Minister ’ s official spokesman said today that the government was taking “ @ @ @ @ @ @ @ elements of the Northern Ireland Protocol ” and that the Prime Minister was committed to the withdrawal agreement .
Northern Ireland will remain in a customs union with the EU after the end of the post-Brexit transition period on 31 December , while Great Britain will not .
This means that some goods will require checks and customs declaration forms when going between Great Britain and Northern Ireland .
Before the Open newsletter : Start your day with the City View podcast and key market data The changes revolve around goods that are @ @ @ @ @ @ @ of entering the EU ’ s single market , after they go from Great Britain to Northern Ireland .
The withdrawal agreement says that the EU chooses which goods are deemd to be “ at risk ” , but the UK government is seeking to amend this so it can unilaterally decide what goods are “ at risk ” .
The Prime Minister ’ s spokesman said : “ These limited clarifications deliver on the commitments the Government made in the General Election manifesto , which said ‘ We will ensure that Northern @ @ @ @ @ @ @ unfettered access to the rest of the UK and that in the implementation of our Brexit deal , we maintain and strengthen the integrity and smooth operation of our internal market ’ .
“ This was reiterated in the Command Paper published in May .
”

Brexit: Downing Street denies it will tear up EU withdrawal agreement
Britain’s Prime Minister Boris Johnson waits to greet Ireland’s Prime Minister Micheal Martin on the steps of Hillsborough Castle in Belfast on August 13, 2020. (Photo by Brian Lawless / POOL / AFP) (Photo by BRIAN LAWLESS/POOL/AFP via Getty Images)
The government is committed to its Brexit withdrawal agreement with the EU despite reports it was preparing to breach it, according to Boris Johnson’s official spokesman.
A report in the Financial Times today claimed that Johnson would bring forward legislation on Wednesday that would include clauses, pertaining to Northern Ireland, which would override the UK’s EU withdrawal agreement.
The Prime Minister’s official spokesman said today that the government wanted to make some “minor clarifications” in the internal market legislation and that the Prime Minister was committed to the withdrawal agreement.
The changes would only come into place if the UK left the EU on a no-deal basis at the end of the year.
Northern Ireland will remain in a customs union with the EU after the end of the post-Brexit transition period on 31 December, while Great Britain will not.
This means that some goods will require checks and customs declaration forms when going between Great Britain and Northern Ireland.
The proposed clarifications revolve around goods that are deemed to be “at risk” of entering the EU’s single market, after they are sent from Great Britain to Northern Ireland.
The withdrawal agreement says that the EU chooses which goods are deemd to be “at risk”, but the UK government is seeking to amend this so it can unilaterally decide what goods are “at risk”.
Before the Open newsletter: Start your day with the City View podcast and key market data
It is unclear if the EU will view this as a breach of the withdrawal agreement.
The Prime Minister’s spokesman said: “These limited clarifications deliver on the commitments the government made in the General Election manifesto, which said ‘We will ensure that Northern Ireland’s businesses and producers enjoy unfettered access to the rest of the UK and that in the implementation of our Brexit deal, we maintain and strengthen the integrity and smooth operation of our internal market’.
“This was reiterated in the Command Paper published in May.”
It has also been denied that the UK was planning on overriding state aid rules for Northern Ireland that were agreed in the withdrawal agreement.
The withdrawal agreement, which was passed through British and European parliaments in January, includes a clause that restricts the level of subsidies the government can give to Northern Ireland private companies.
There will reportedly be explanations for how that is measured to clarify which companies will be impacted by the state aid rules.
Downing Street made it clear that they are still committed to maintaining the EU’s state aid regime in Northern Ireland.
A UK official said: “If we don’t take these steps we face the prospect of legal confusion at the end of the year and potentially extremely damaging defaults, including tariffs on goods moving from Great Britain to Northern Ireland.
“We are making minor clarifications in extremely specific areas to ensure that, as we implement the protocol, we are doing so in a way that allows ministers to always uphold and protect the Good Friday peace agreement.”
Today’s reports sparked speculation that the proposed changes would effectively end UK-EU free trade agreement negotiations as chief EU negotiator Michel Barnier has said in the past that “a precise implementation of the withdrawal agreement” was required for a trade deal to be brokered.
Johnson last night set a new deadline of 15 October for a trade deal to be completed between the two sides, adding that a no-deal exit would be “a good outcome”.
The UK leaves the EU single market and customs union on 31 December.
If it leaves without a deal then trade barriers, like tariffs and quotas, will immediately be erected between the EU and UK.
This would lead to more expensive prices for European goods in the UK and an inevitable decrease in British exports sent to EU countries.


cityam--2020-09-07--FTSE 100 jumps after global sell-off as pound slides

The FTSE 100 and European stocks rose sharply as investors recovered their poise after a sharp sell-off in global stocks last week , with a falling pound boosting London ’ s blue-chip index .
The FTSE jumped 1.7 per cent to 5,898 points in morning trading .
London ’ s FTSE 250 index of smaller firms also rose 1.7 per cent .
On the continent , Germany ’ s Dax climbed 1.4 per cent while France ’ s CAC 40 rose 1.3 per cent .
The continent-wide Stoxx 600 gained 1.2 per cent .
Last week , doubts set in @ @ @ @ @ @ @ markets that has taken US indices to record highs , causing investors to hit the sell button .
The US ’ s Nasdaq , which is dominated by big tech stocks , fell around 3.5 per cent last week .
The S & P 500 fell around 2.4 per cent .
“ After months of gains , and with an economic recovery that looks like it is stalling , investors will be asking , ‘ is that it ?
’ .
Has the rally come to an end , and is the next @ @ @ @ @ @ @ said Chris Beauchamp , chief market analyst at trading platform IG .
“ It is not hard to find reasons to worry about the global economy , ” he said .
But he added that “ not every pullback is the beginning of another major selloff ” .
Investors will get a breather today , however , as US stock markets are closed today for the Labor Day public holiday .
The FTSE 100 this morning recovered some of the ground it lost last week , when it slid around two per cent @ @ @ @ @ @ @ of coronavirus cases in the UK jumping 50 per cent in a day to hit 3,000 on Sunday – the most since May .
The index was helped by the pound ’ s 0.9 per cent slump against the dollar to $ 1.315 .
It was driven by reports that the UK is set to override key parts of the withdrawal agreement it reached with the EU with new legislation .
“ Brexit came roaring back into the picture over the weekend – specifically fears of a no-deal Brexit , ” said Connor @ @ @ @ @ @ @ Spreadex .
He said the potential legislation , which would specifically focus on Northern Ireland ’ s trading arrangements , “ is another example of the government actively chasing a no-deal Brexit ” .
The drop in the pound cleared the way for the rebound in the FTSE , however .
A cheaper pound makes the overseas earnings of the index ’ s firms worth more .
Read more : Primark sales surge towards £2bn in post-lockdown rebound Scottish Mortgage Investment Trust was the biggest riser , climbing 5.5 per cent .
Volatile @ @ @ @ @ @ @ while investment group M & G climbed 4.3 per cent .
Housebuilders Barratt and Taylor Wimpey climbed after data showed UK house prices hit a record high in August .
Pent-up demand and the stamp duty holiday have boosted demand .

FTSE 100 jumps after global sell-off as pound slides
People are gradually returning to their City of London offices
The FTSE 100 and European stocks rose sharply as investors recovered their poise after a sharp sell-off in global stocks last week, with a falling pound boosting London’s blue-chip index.
The FTSE 100 extended its morning rebound and was trading 2.46 per cent higher in afternoon trading. London’s FTSE 250 index of smaller firms also rose 1.7 per cent.
On the continent, both Germany’s Dax and France’s CAC climbed 1.68 per cent. The continent-wide Stoxx 600 gained 1.43 per cent.
Last week, doubts set in about the recent surge in global stock markets that has taken US indices to record highs, causing investors to hit the sell button.
The US’s Nasdaq, which is dominated by big tech stocks, fell around 3.5 per cent last week. The S&P 500 fell around 2.4 per cent. The rout in US tech stocks saw $2.3 trillion in value wiped off in just two days.
“After months of gains, and with an economic recovery that looks like it is stalling, investors will be asking, ‘is that it?’. Has the rally come to an end, and is the next big leg down upon us?” said Chris Beauchamp, chief market analyst at trading platform IG.
“It is not hard to find reasons to worry about the global economy,” he said. But he added that “not every pullback is the beginning of another major selloff”.
Investors will get a breather today, however, as US stock markets are closed today for the Labor Day public holiday, although Nasdaq futures fell a further one per cent.
FTSE 100 boosted by pound’s Brexit jitters
The FTSE 100 this morning recovered some of the ground it lost last week, when it slid around two per cent.
Its rise came despite the number of coronavirus cases in the UK jumping 50 per cent in a day to hit 3,000 on Sunday – the most since May.
The index was helped by the pound’s 0.9 per cent slump against the dollar to $1.315.
“Dominated by constituents with substantial overseas earnings, the index benefits from the bump these earnings get when the pound falls against other major currencies” said Russ Mould, investment director at AJ Bell.
It rise was driven by reports that the UK is set to override key parts of the withdrawal agreement it reached with the EU with new legislation.
“Brexit came roaring back into the picture over the weekend – specifically fears of a no-deal Brexit,” said Connor Campbell, market analyst at trading platform Spreadex.
He said the potential legislation, which would specifically focus on Northern Ireland’s trading arrangements, “is another example of the government actively chasing a no-deal Brexit”.
It has prompted concerns there could be retaliatory measures imposed between Dover and Calais, which has spooked investors.
“It is almost inevitable that the perceived probability of ‘no deal’ will escalate over the coming weeks,” Goldman Sachs analysts said in a note.
The drop in the pound cleared the way for the rebound in the FTSE, however. A cheaper pound makes the overseas earnings of the index’s firms worth more.
Soaring house prices boost property stocks
Housebuilders Barratt and Taylor Wimpey climbed 3.63 per cent and 2.8 per cent respectively, after data showed UK house prices hit a record high in August. Pent-up demand and the stamp duty holiday have boosted demand.
Prices rose 1.6 per cent month on month despite the UK being hit by the worst recession in modern history. That meant prices were 5.2 per cent higher in August than they were a year earlier, according to lender Halifax.
Scottish Mortgage Investment Trust was the biggest riser on the FTSE 100 in afternoon trading, climbing 5.65 per cent, while investment group M&G gained 5.18 per cent.
Primark owner Associated British Foods gained in today’s session after reporting a surge in fourth quarter sales as lockdown measures eased. Shares jumped on the open but eased back in afternoon trading to trade up 1.58 per cent.
“Primark needs a measure of normality to do well. Its low ticket business model is not a proposition that seems likely to translate well to the internet and the company has not gone down this route, not even considering it at the height of the coronavirus restrictions” said Mould.
“A return to nationwide lockdown or just more restrictive measures would significantly undermine the recent sales momentum”, he added.
Astrazeneca climbed 4.24 per cent after health secretary Matt Hancock said a vaccine, being developed by the pharmaceutical giant in collaboration with Oxford university, would “most likely” be available early next year.
Speaking on LBC, he said the government had already started production of the government’s initial order of 30m doses of the vaccine.
British Airways owner IAG was the FTSE’s biggest casualty, dropping 3.33 per cent as travel restrictions continue to dent demand.


cityam--2020-09-07--Welcome to DeFI Kitchen - eating in or takeaway?

What is on the menu ?
All dishes are very tasty and come fresh straight from the Farm .
You will have to choose depending on your flavour – we have delicious PorkChop ( CHOP ) , Spaghetti ( PASTA ) is still on our menu , unfortunately we had to dump our last HOTDOG and PIZZA .
Alternatively , you can swap to Asian menu and try our chef ’ s Justin ’ s new special grilled SALMON or enjoy our mouth-watering SUSHI , NOODLEs or tasty KIMCHI .
Ok great , do you have wifi ?
– Sure @ @ @ @ @ @ @ YFII , and YFIB for business .
DeFi kitchen is doing everything to ensure 1,000,000 % of our guest satisfaction .
You might find yourself puzzled while reading – “ What does this have to do with DeFi ?
” The DeFi space is filling up with emoji meme yield farming hysteria .
New projects are being ‘ printed ’ every single day , promising unseen and insane returns to those who are farming and becoming ‘ vampires ’ that are sucking out the liquidity from other well established protocols like Uniswap .
@ @ @ @ @ @ @ to try to maximise the rate of return on capital by leveraging different DeFi protocols .
Yield farmers are chasing the highest yield by switching multiple different strategies .
The most profitable strategies usually involve a few DeFi protocols like Compound ( COMP ) , Curve ( CRV ) , Synthetix ( SNX ) , Balancer ( BAL ) or Uniswap .
If the initial strategy doesn ’ t work anymore or there is better ‘ Farm ’ around , farmers can move their funds around between protocols that are generating more yield @ @ @ @ @ @ @ ’ .
The goal is to park your funds with the protocol that offers the highest Annualised Percentage Yield ( APY ) .
If you would go check APY for traditional savings accounts , typically you will see numbers anywhere between 0.01 % to 3 % APY ( which is unheard of in traditional finance ) .
Not in DeFi farmland .
Yield farming returns can be as high as 100 % and some of the protocols claim to offer over a million percent APY .
Yes , you ’ ve read that @ @ @ @ @ @ @ how is this possible ?
There are three main components , and the first is liquidity mining .
It is the process of distributing tokens to the users of the protocol and rewarding those who provide liquidity to the pool .
This provides additional incentives to the farmers that is added on top of the yield that is already generated using specific protocols .
These incentives sometimes are so strong that some farmers are willing to lose their initial capital just to harvest more distributed tokens .
The catalyst for a wider spread @ @ @ @ @ @ @ COMP ) protocol , which offered higher rewards in COMP tokens for those who were borrowing assets with the highest APY .
The second component is leverage , which is using borrowed funds to increase the potential return on investment .
In the yield farming world , farmers can deposit their coins as collateral and borrow other coins .
Then they can use borrowed coins as further collateral and borrow even more coins .
By repeating the cycle farmers can leverage their initial capital by several X and maximise the return on their @ @ @ @ @ @ @ the third component is risk .
Farmers are often willing to take high risk just to harvest as much ‘ crops ’ as they can .
If the collateralization level drops below a certain threshold , there is a risk of liquidation .
A lot of farming protocols are often not audited , full of smart contract bugs , and often a target for attacks on draining liquidity pools that would lead to the loss of all of your capital .
Combining these three elements , farmers are able to harvest hundreds and @ @ @ @ @ @ @ of minutes or hours .
The majority of new ‘ vampire ’ protocols are offering hard to grasp seven figure APYs by incentivising users to stake their liquidity provider tokens .
They represent participation in a liquidity pool , so that they can provide ‘ crops ’ in their own native token .
YFI is a governance token for yearn.finace created by a software developer Andre Cronje .
Some say that he helped DeFi to grow into a multi-billion dollar industry .
Andre spent his personal funds to bootstrap his yield maximizing protocol @ @ @ @ @ @ @ , raising its valuation from nothing to $ 1 billion in less than 2 months .
The price of the token grew to 4000 within a month and then skyrocketed to $ 35,000+ in just a matter of a few weeks surpassing the All Time High ( ATH ) price of Bitcoin .
After this unseen success , other similar protocols started to arise .
For example yfibusiness.finance ( YFIB ) .
YFIB is a DeFi farmland that yields ‘ crops ’ on the capital that you stake .
The returns , just @ @ @ @ @ @ @ from one protocol to the next .
Project is set to automate & optimize staking such that you can earn maximum return on your capital without having to worry about circumstances .
With a scarce supply of minted 30 million tokens , $ YFIB is aiming to mirror the success of YFI .
Who knows what the DeFi kitchen will serve as the next main course .
Back In July of 2007 , the former CEO of Citigroup , Chuck Prince , said this about the subprime lending markets : As always , @ @ @ @ @ @ @ make you the most gains in this rapidly changing market .
If you want to get into DeFi , invest your time , and you will get rewarded .
And never forget , Do Your Own Research ( DYOR ) and take responsibility for your actions , then there will be nobody else to blame .
DeFi Insiders MSH are a group of experts working in the heart of the movement .
This is a live reflection of what is happening on a day to day basis .
Nothing written in this article @ @ @ @ @ @ @ either the views of City AM or those of Crypto AM .

Partner Ad Feature is produced by an advertiser with the specific intent to promote a product and is not produced by the City A.M. team.
Welcome to DeFI Kitchen – eating in or takeaway?
What is on the menu? All dishes are very tasty and come fresh straight from the Farm. You will have to choose depending on your flavour – we have delicious PorkChop (CHOP), Spaghetti (PASTA) is still on our menu, unfortunately we had to dump our last HOTDOG and PIZZA. Alternatively, you can swap to Asian menu and try our chef’s Justin’s new special grilled SALMON or enjoy our mouth-watering SUSHI, NOODLEs or tasty KIMCHI.
Ok great, do you have wifi? – Sure, we have regular YFI, alternative YFII, and YFIB for business. DeFi kitchen is doing everything to ensure 1,000,000 per cent of our guest satisfaction.
You might find yourself puzzled while reading – “What does this have to do with DeFi?”
The DeFi space is filling up with emoji meme yield farming hysteria. New projects are being ‘printed’ every single day, promising unseen and insane returns to those who are farming and becoming ‘vampires’ that are sucking out the liquidity from other well established protocols like Uniswap.
Madison.com
What is Yield Farming?
Yield farming in essence is a way to try to maximise the rate of return on capital by leveraging different DeFi protocols. Yield farmers are chasing the highest yield by switching multiple different strategies. The most profitable strategies usually involve a few DeFi protocols like Compound (COMP), Curve (CRV), Synthetix (SNX), Balancer (BAL) or Uniswap. If the initial strategy doesn’t work anymore or there is better ‘Farm’ around, farmers can move their funds around between protocols that are generating more yield. This is called ‘crop rotation’. The goal is to park your funds with the protocol that offers the highest Annualised Percentage Yield (APY). If you would go check APY for traditional savings accounts, typically you will see numbers anywhere between 0.01 per cent to 3 per cent APY (which is unheard of in traditional finance). Not in DeFi farmland. Yield farming returns can be as high as 100 per cent and some of the protocols claim to offer over a million percent APY. Yes, you’ve read that correctly – 1,000,000 per cent APY.
But how is this possible? There are three main components, and the first is liquidity mining. It is the process of distributing tokens to the users of the protocol and rewarding those who provide liquidity to the pool. This provides additional incentives to the farmers that is added on top of the yield that is already generated using specific protocols. These incentives sometimes are so strong that some farmers are willing to lose their initial capital just to harvest more distributed tokens. The catalyst for a wider spread of yield farming was the Compound (COMP) protocol, which offered higher rewards in COMP tokens for those who were borrowing assets with the highest APY.
The second component is leverage, which is using borrowed funds to increase the potential return on investment. In the yield farming world, farmers can deposit their coins as collateral and borrow other coins. Then they can use borrowed coins as further collateral and borrow even more coins. By repeating the cycle farmers can leverage their initial capital by several X and maximise the return on their capital.
Last but not least, the third component is risk. Farmers are often willing to take high risk just to harvest as much ‘crops’ as they can. If the collateralization level drops below a certain threshold, there is a risk of liquidation. A lot of farming protocols are often not audited, full of smart contract bugs, and often a target for attacks on draining liquidity pools that would lead to the loss of all of your capital.
Combining these three elements, farmers are able to harvest hundreds and thousands of dollars in just a matter of minutes or hours. The majority of new ‘vampire’ protocols are offering hard to grasp seven figure APYs by incentivising users to stake their liquidity provider tokens. They represent participation in a liquidity pool, so that they can provide ‘crops’ in their own native token.
$30 to $30,000 YFI Craze
YFI is a governance token for yearn.finace created by a software developer Andre Cronje. Some say that he helped DeFi to grow into a multi-billion dollar industry. Andre spent his personal funds to bootstrap his yield maximizing protocol, the community has rallied around YFI, raising its valuation from nothing to $1 billion in less than 2 months. The price of the token grew to 4000 within a month and then skyrocketed to $35,000+ in just a matter of a few weeks surpassing the All Time High (ATH) price of Bitcoin.
After this unseen success, other similar protocols started to arise. For example yfibusiness.finance (YFIB). YFIB is a DeFi farmland that yields ‘crops’ on the capital that you stake. The returns, just like in other similar protocols, vary from one protocol to the next. Project is set to automate & optimize staking such that you can earn maximum return on your capital without having to worry about circumstances. With a scarce supply of minted 30,000 tokens, $YFIB is aiming to mirror the success of YFI. Who knows what the DeFi kitchen will serve as the next main course.
Back In July of 2007, the former CEO of Citigroup, Chuck Prince, said this about the subprime lending markets:
When the music stops, in terms of liquidity, things will be complicated. But as long as the music is playing, you’ve got to get up and dance. We’re still dancing.
As always, remember that quality information is what will make you the most gains in this rapidly changing market. If you want to get into DeFi, invest your time, and you will get rewarded. And never forget, Do Your Own Research (DYOR) and take responsibility for your actions, then there will be nobody else to blame.
DeFi Insiders MSH are a group of experts working in the heart of the movement. This is a live reflection of what is happening on a day to day basis. Nothing written in this article constitutes financial advice and does not reflect either the views of City AM or those of Crypto AM.
https://t.me/moonhunters


cityam--2020-09-07--UK working on reducing quarantine restrictions, says Matt Hancock

Health secretary Matt Hancock today said that the government was working on ways to reduce the 14-day quarantine period for travellers from countries with heavy incidences of coronavirus , in a rare glimmer of light for the struggling travel industry .
Speaking on LBC radio this morning , Hancock confirmed that ministers were looking at ways to test new arrivals in the UK “ as soon as is practical ” .
“ We are working to find a way that would allow for the quarantine to be reduced , but done in a way that also keeps people safe ” @ @ @ @ @ @ @ a test after eight days was one of the steps being considered , but ruled out airport testing , which many people in the travel industry have been pushing for .
“ The reason [ airport testing ] doesn ’ t work is because this virus can incubate for a period inside your body without a test being able to pick it up ” , he added .
Yesterday it emerged that a group of chief executives of the UK ’ s airports had written to PM Boris Johnson saying that 110,000 jobs @ @ @ @ @ @ @ regime was not replaced within a week .
Before the Open newsletter : Start your day with the City View podcast and key market data “ We can not currently envisage an end to this struggle , and without robust Government support there is real possibility of irreparable damage being done to our once world beating aviation sector ” , the letter , which was seen by the Telegraph , said .
Writing in City A.M. today , Liam McKay , director of corporate affairs at London City Airport , said that the @ @ @ @ @ @ @ solution to the quarantine problem .
“ What we need now is for the Government to work with partner countries and , in particular , the business community , so we can quickly agree an approach and methodology to testing ” , he said .
“ And even an interim solution , while the Government perfects its national roll out of track and trace , can re-open key routes and give people the confidence to travel to and from our city.
” On Thursday lawmakers will debate the issue , as well as @ @ @ @ @ @ @ , in parliament , with several Tory backbenchers believed to be ready to urge the government to adopt airport testing .
Huw Merriman , chair of the transport select committee , said that the failure to endorse the step , which countries such as Germany have implemented , was “ adding further barriers to travel ” .

UK working on reducing quarantine restrictions, says Matt Hancock
Health secretary Matt Hancock today said that the government was working on ways to reduce the 14-day quarantine period for travellers from countries with heavy incidences of coronavirus, in a rare glimmer of light for the struggling travel industry.
Speaking on LBC radio this morning, Hancock confirmed that ministers were looking at ways to test new arrivals in the UK “as soon as is practical”.
“We are working to find a way that would allow for the quarantine to be reduced, but done in a way that also keeps people safe”, he said.
Hancock said that a test after eight days was one of the steps being considered, but ruled out airport testing, which many people in the travel industry have been pushing for.
“The reason [airport testing] doesn’t work is because this virus can incubate for a period inside your body without a test being able to pick it up”, he added.
Yesterday it emerged that a group of chief executives of the UK’s airports had written to PM Boris Johnson saying that 110,000 jobs were at risk if the current quarantine regime was not replaced within a week.
Before the Open newsletter: Start your day with the City View podcast and key market data
“We cannot currently envisage an end to this struggle, and without robust Government support there is real possibility of irreparable damage being done to our once world beating aviation sector”, the letter, which was seen by the Telegraph, said.
Writing in City A.M. today, Liam McKay, director of corporate affairs at London City Airport, said that the government should work with business on a solution to the quarantine problem.
“What we need now is for the Government to work with partner countries and, in particular, the business community, so we can quickly agree an approach and methodology to testing”, he said.
“And even an interim solution, while the Government perfects its national roll out of track and trace, can re-open key routes and give people the confidence to travel to and from our city.”
On Thursday lawmakers will debate the issue, as well as the general state of the aviation industry, in parliament, with several Tory backbenchers believed to be ready to urge the government to adopt airport testing.
Huw Merriman, chair of the transport select committee, said that the failure to endorse the step, which countries such as Germany have implemented, was “adding further barriers to travel”.


cityam--2020-09-07--Soho jazz club Ronnie Scott's to reopen this month

London jazz club Ronnie Scott ’ s will reopen for live music performances this month after an initial attempt in August was put on ice following changes to coronavirus restrictions .
The Soho venue will open on 19 September for live concerts , and has also reopened its upstairs area as a cocktail bar at weekends .
Ronnie Scott ’ s had been running online live streams during the coronavirus lockdown , but in a statement management said “ we have really been missing the audience ” .
“ As you would expect there will be distancing , but in @ @ @ @ @ @ @ bad , ” the club said .
“ The club was always so damn busy it might even appeal to you to have a little more space.
” Social distancing and safety measures will include a 50 per cent reduction in capacity , the Evening Standard reported .
Other measures will include deep cleaning , air conditioning , temperature checks and hand sanitiser .
Ronnie Scott ’ s general manager Fred Nash told the newspaper : “ We are proud to have scored 100 per cent in a Covid-safety audit without compromising the @ @ @ @ @ @ @ putting in measures which are quite frankly , weird or unnecessary.
” Read more : London ’ s bowling alleys , comedy clubs and arts venues slam fresh lockdown as life-threatening The government had originally planned to allow indoor live music performances to go ahead from 1 August .
However the decision was postponed at the last minute due to a jump in coronavirus infections in England .
Performances are now allowed indoors with a limited , socially distanced audience .

Soho jazz club Ronnie Scott’s to reopen this month
London jazz club Ronnie Scott’s will reopen for live music performances this month after an initial attempt in August was put on ice following changes to coronavirus restrictions.
The Soho venue will open on 19 September for live concerts, and has also reopened its upstairs area as a cocktail bar at weekends.
Ronnie Scott’s had been running online live streams during the coronavirus lockdown, but in a statement management said “we have really been missing the audience”.
“As you would expect there will be distancing, but in a way that might not be so bad,” the club said.
“The club was always so damn busy it might even appeal to you to have a little more space.”
Social distancing and safety measures will include a 50 per cent reduction in capacity, the Evening Standard reported.
Other measures will include deep cleaning, air conditioning, temperature checks and hand sanitiser.
Ronnie Scott’s general manager Fred Nash told the newspaper: “We are proud to have scored 100 per cent in a Covid-safety audit without compromising the great atmosphere of the club and not putting in measures which are quite frankly, weird or unnecessary.”
The government had originally planned to allow indoor live music performances to go ahead from 1 August.
However the decision was postponed at the last minute due to a jump in coronavirus infections in England.
Performances are now allowed indoors with a limited, socially distanced audience.


cityam--2020-09-07--Softbank shares fall seven per cent on rising tech bets

Shares in tech giant Softbank fell seven per cent as markets closed in Asia this morning , as investors were concerned by the group ’ s rising exposure to risky tech bets .
Softbank has plugged billions of dollars into buying shares in major tech companies on the Nasdaq , after it sold off a swath of assets over the summer .
The group has also made significant options purchases in such tech companies , sources familiar with the matter told Reuters .
Read more : Softbank bounces back with $ 12bn profit thanks to tech boom Options of $ @ @ @ @ @ @ @ an exposure of about $ 50bn , while Softbank has made $ 4bn in trading gains from those bets , according to multiple media reports .
Shares in the group fell below ¥6,000 for the first time in two months , dropping to ¥5,881 .
The group was the biggest loser in percentage terms on Japan ’ s benchmark index , which closed down 0.5 per cent .
Its market value had been up by more than a third this year before its shares started to fall .
“ When there is a @ @ @ @ @ @ @ ] Masayoshi Son is usually not too far away from the action , ” Amir Anvarzadeh , a market strategist at Asymmetric Advisors , wrote in a note .
The fall comes after Softbank posted a surprise return to profit last month , bouncing back from a record loss to be $ 12bn in the black .
It reported a net profit of with a net profit of ¥1.3 trillion ( $ 11.8bn ) in the three months to the end of June .
The group ’ s embattled Vision Fund , known @ @ @ @ @ @ @ such as Uber and Wework , recorded a $ 2.8bn profit over the quarter .

Softbank shares fall seven per cent on rising tech bets
Shares in tech giant Softbank fell seven per cent as markets closed in Asia this morning, as investors were concerned by the group’s rising exposure to risky tech bets.
Softbank has plugged billions of dollars into buying shares in major tech companies on the Nasdaq, after it sold off a swath of assets over the summer.
The group has also made significant options purchases in such tech companies, sources familiar with the matter told Reuters.
Options of $4bn secured by the company have generated an exposure of about $50bn, while Softbank has made $4bn in trading gains from those bets, according to multiple media reports.
Shares in the group fell below ¥6,000 for the first time in two months, dropping to ¥5,881. The group was the biggest loser in percentage terms on Japan’s benchmark index, which closed down 0.5 per cent.
Its market value had been up by more than a third this year before its shares started to fall.
“When there is a tech bubble, [Softbank chief executive] Masayoshi Son is usually not too far away from the action,” Amir Anvarzadeh, a market strategist at Asymmetric Advisors, wrote in a note.
The fall comes after Softbank posted a surprise return to profit last month, bouncing back from a record loss to be $12bn in the black.
It reported a net profit of with a net profit of ¥1.3 trillion ($11.8bn) in the three months to the end of June.
The group’s embattled Vision Fund, known for its risky bets on tech firms such as Uber and Wework, recorded a $2.8bn profit over the quarter.


cityam--2020-09-07--Amigo seeks to calm nerves as battle for future hots up

Subprime loan firm Amigo has sought to pour cold water on rising interest in the potential return of founder James Benamor to the embattled business ahead of its upcoming general meeting .
Over the weekend Benamor shared extracts of an irrevocable bid to buy 29 per cent of the company at 20p per share on social media .
Read more : Amigo shares rise as founder pushes for takeover According to the document the transaction must take place within 30 days of Benamore being appointed chief executive , or before 1 February next year .
In a filing this morning @ @ @ @ @ @ @ attention Benamor ’ s gambit had stirred up , stressing the offer was contingent on his election as chief executive .
Even if Benamor is elected , he will not automatically become the firm ’ s boss as his appointment will need to be ratified by the Financial Conduct Authority ( FCA ) .
Amigo is currently under investigation by the watchdog over how it assesses the creditworthiness of customers .
It also said that in order for Benamor ’ s Richmond Group to complete the stock purchase , it would need the @ @ @ @ @ @ @ Open newsletter : Start your day with the City View podcast and key market data Finally , it denied that Amigo ’ s board was considering a share buyback .
“ This is not the case .
There are no current plans to buyback any shares of Amigo ” , it said .
Benamor , who stepped away from the company after it listed in 2018 , has been publicly arguing with the company ’ s management over strategy since late last year .
The lender , which provides loans to borrowers who @ @ @ @ @ @ @ if a friend or family member can act as a guarantor for them , last week reported a more than 80 per cent drop in profit in the first quarter .
Read more : Amigo Loans chief exec threatens to resign if former boss rejoins company Benamor called for a shareholder vote to oust finance director Nayan Kisnadwala and board member Roger Lovering , as well as to reinstate himself as chief executive .
The board has advised shareholders to vote against Richmond Group ’ s proposals at the meeting , the date @ @ @ @ @ @ @ .

Amigo seeks to calm nerves as battle for future hots up
Subprime loan firm Amigo has sought to pour cold water on rising interest in the potential return of founder James Benamor to the embattled business ahead of its upcoming general meeting.
Over the weekend Benamor shared extracts of an irrevocable bid to buy 29 per cent of the company at 20p per share on social media.
According to the document the transaction must take place within 30 days of Benamore being appointed chief executive, or before 1 February next year.
In a filing this morning, Amigo looked to quash any additional attention Benamor’s gambit had stirred up, stressing the offer was contingent on his election as chief executive.
Even if Benamor is elected, he will not automatically become the firm’s boss as his appointment will need to be ratified by the Financial Conduct Authority (FCA).
Amigo is currently under investigation by the watchdog over how it assesses the creditworthiness of customers.
It also said that in order for Benamor’s Richmond Group to complete the stock purchase, it would need the FCA’s approval.
Before the Open newsletter: Start your day with the City View podcast and key market data
Finally, it denied that Amigo’s board was considering a share buyback. “This is not the case. There are no current plans to buyback any shares of Amigo”, it said.
Benamor, who stepped away from the company after it listed in 2018, has been publicly arguing with the company’s management over strategy since late last year.
The lender, which provides loans to borrowers who struggle to obtain credit from mainstream lenders if a friend or family member can act as a guarantor for them, last week reported a more than 80 per cent drop in profit in the first quarter.
Benamor called for a shareholder vote to oust finance director Nayan Kisnadwala and board member Roger Lovering, as well as to reinstate himself as chief executive.
The board has advised shareholders to vote against Richmond Group’s proposals at the meeting, the date of which will be announced on Friday.


cityam--2020-09-07--Brexit: Boris Johnson plans to breach withdrawal agreement to put trade talks in peril

Boris Johnson is planning on bringing forward legislation this week that would reportedly put the UK in breach of its Brexit withdrawal agreement and would likely blow up trade negotiations with Brussels .
The government will put forward its internal market bill on Wednesday , which will contain clauses that eliminate parts of the withdrawal agreement pertaining to state aid and customs declarations for Northern Ireland .
Read more : Boris Johnson says a no-deal exit from EU would be ‘ a good outcome ’ A Whitehall source told the The Financial Times that the bill would “ clearly and @ @ @ @ @ @ @ would be a breach of international law .
It comes as the UK and EU prepare to begin the next round of trade talks tomorrow , with Johnson last night setting a firm deadline of 15 October .
However , if the Prime Minister does breach the withdrawal agreement then these talks will likely break down as chief EU negotiator Michel Barnier has said in the past that “ a precise implementation of the withdrawal agreement ” was required for a trade deal to be brokered .
Before the Open newsletter : Start @ @ @ @ @ @ @ and key market data Johnson also said in a statement last night that a no-deal exit for the UK when it leaves the EU customs union and single market on 31 December would be “ a good outcome ” .
The withdrawal agreement , which was passed through British and European parliaments in January , forces the UK to tell the EU about any state aid subsidies to private companies that will affect Northern Ireland .
The withdrawal agreement also forces Northern Ireland companies to submit customs declarations forms when shipping goods to @ @ @ @ @ @ @ internal market bill – which will outline how the countries of the UK trade with each other – will mean that the UK does not have to follow state aid law when it comes to Northern Ireland , thereby breaching the withdrawal agreement .
Barnier today said he was “ worried ” by this prospect and that he would seek clarification with UK chief negotiator David Frost .
Barnier told local French media : “ Everything that has been signed must be respected .
“ We demand quite simply , and calmly , @ @ @ @ @ @ @ political commitments in the text agreed by Boris Johnson be legally translated into this treaty .
“ The important thing for me is what the prime minister says and does , and what the British government itself says and does.
” The move , and Johnson ’ s comments about a no-deal exit being a “ good outcome ” , may be seen by some as aggressive posturing by the UK as trade talks come closer to their final deadline .
The two sides are locked over the issues of EU fishing access @ @ @ @ @ @ @ the UK match regulations on state aid .
Read more : Brexit : UK ‘ won ’ t blink ’ in EU trade talks , says chief negotiator Frost said in an interview with the Mail on Sunday yesterday that the UK “ would not blink ” in negotiations .
“ We came in after a government and negotiating team that had blinked and had its bluff called at critical moments and the EU had learned not to take our word seriously , ” he said .
“ So a lot of what @ @ @ @ @ @ @ is to get them to realise that we mean what we say and they should take our position seriously .
”

Brexit: Boris Johnson plans to breach withdrawal agreement to put trade talks in peril
Boris Johnson is planning on bringing forward legislation this week that would reportedly put the UK in breach of its Brexit withdrawal agreement and would likely blow up trade negotiations with Brussels.
The government will put forward its internal market bill on Wednesday, which will contain clauses that eliminate parts of the withdrawal agreement pertaining to state aid and customs declarations for Northern Ireland.
A Whitehall source told the The Financial Times that the bill would “clearly and consciously” undermine the withdrawal agreement and would be a breach of international law.
It comes as the UK and EU prepare to begin the next round of trade talks tomorrow, with Johnson last night setting a firm deadline of 15 October.
However, if the Prime Minister does breach the withdrawal agreement then these talks will likely break down as chief EU negotiator Michel Barnier has said in the past that “a precise implementation of the withdrawal agreement” was required for a trade deal to be brokered.
Before the Open newsletter: Start your day with the City View podcast and key market data
Johnson also said in a statement last night that a no-deal exit for the UK when it leaves the EU customs union and single market on 31 December would be “a good outcome”.
The withdrawal agreement, which was passed through British and European parliaments in January, forces the UK to tell the EU about any state aid subsidies to private companies that will affect Northern Ireland.
The withdrawal agreement also forces Northern Ireland companies to submit customs declarations forms when shipping goods to Great Britain.
The government’s internal market bill – which will outline how the countries of the UK trade with each other – will mean that the UK does not have to follow state aid law when it comes to Northern Ireland, thereby breaching the withdrawal agreement.
Barnier today said he was “worried” by this prospect and that he would seek clarification with UK chief negotiator David Frost.
Barnier told local French media: “Everything that has been signed must be respected.
“We demand quite simply, and calmly, and until the end, that the political commitments in the text agreed by Boris Johnson be legally translated into this treaty.
“The important thing for me is what the prime minister says and does, and what the British government itself says and does.”
The move, and Johnson’s comments about a no-deal exit being a “good outcome”, may be seen by some as aggressive posturing by the UK as trade talks come closer to their final deadline.
The two sides are locked over the issues of EU fishing access to British waters and EU demands that the UK match regulations on state aid.
Frost said in an interview with the Mail on Sunday yesterday that the UK “would not blink” in negotiations.
“We came in after a government and negotiating team that had blinked and had its bluff called at critical moments and the EU had learned not to take our word seriously,” he said.
“So a lot of what we are trying to do this year is to get them to realise that we mean what we say and they should take our position seriously.”


cityam--2020-09-07--Exclusive: UK fintech sector launches initiative to end harassment

Leading figures from the fintech industry have today launched an initiative aimed at tackling harassment and promoting diversity within the sector .
The “ Fintech for all charter ” focuses on increasing diversity and inclusion across the industry .
It is being led by data platform Inchorus and supported by Innovate Finance , the Fintech Alliance and Level39 .
The Financial Conduct Authority ( FCA ) will also support the steering committee .
Read more : Coronavirus will make it harder to raise finance in the next year , say fintech founders It comes after a survey conducted by Inchorus @ @ @ @ @ @ @ harassment , of which 85 per cent is gender based .
The survey also found that 84 per cent of victims were harassed more than once .
The fintech industry has come under immense scrutiny over claims of gender pay disparity and toxic workplace culture in recent years , particulalry in the wake of the # MeToo scandal .
The call for action reflects the growing influence of the industry , with the FCA mandating for a focus on non-financial misconduct and encouraging “ speak-up cultures ” .
The survey by Inchorus highlighted @ @ @ @ @ @ @ to introduce training to prevent harassment .
Additionally 51 per cent said a set of employment standards for the industry could help to tackle the issue .
Initial signatories of the charter include fintechs – Currencycloud and Checkout.com among others – as well as investors Augmentum VC , Outward VC and Anthemis .
Consultancy PwC and industry bodies Fintech Circle and UKBAA have also signed up to the charter .
They will commit to ensuring at least one member of the senior team is accountable for diversity and inclusion , as well as @ @ @ @ @ @ @ Charlotte Crosswell , chief executive of Innovate Finance , said : “ FinTech is the crown jewel of UK tech and we need to ensure that diversity and inclusion are an integral part of the sector ’ s culture from the start.
” “ We are delighted to support the FinTech For All Charter and would encourage all FinTech organisations to sign up in order to create an environment which normalises inclusion and eradicates harassment .
”

Exclusive: UK fintech sector launches initiative to end harassment
Leading figures from the fintech industry have today launched an initiative aimed at tackling harassment and promoting diversity within the sector.
The “Fintech for all charter” focuses on increasing diversity and inclusion across the industry. It is being led by data platform Inchorus and supported by Innovate Finance, the Fintech Alliance and Level39. The Financial Conduct Authority (FCA) will also support the steering committee.
It comes after a survey conducted by Inchorus, which revealed high levels of workplace harassment, of which 85 per cent is gender based. The survey also found that 84 per cent of victims were harassed more than once.
The fintech industry has come under immense scrutiny over claims of gender pay disparity and toxic workplace culture in recent years, particulalry in the wake of the #MeToo scandal.
The call for action reflects the growing influence of the industry, with the FCA mandating for a focus on non-financial misconduct and encouraging “speak-up cultures”.
The survey by Inchorus highlighted that two-thirds of participants wanted their organisation to introduce training to prevent harassment. Additionally 51 per cent said a set of employment standards for the industry could help to tackle the issue.
Initial signatories of the charter include fintechs – Currencycloud and Checkout.com among others – as well as investors Augmentum VC, Outward VC and Anthemis. Consultancy PwC and industry bodies Fintech Circle and UKBAA have also signed up to the charter.
They will commit to ensuring at least one member of the senior team is accountable for diversity and inclusion, as well as creating an harassment and bullying policy.
Charlotte Crosswell, chief executive of Innovate Finance, said: “FinTech is the crown jewel of UK tech and we need to ensure that diversity and inclusion are an integral part of the sector’s culture from the start.”
“We are delighted to support the FinTech For All Charter and would encourage all FinTech organisations to sign up in order to create an environment which normalises inclusion and eradicates harassment.”