cityam--2020-10-05--Legal & General to vote against all-white FTSE 100 boards

One of Britain ’ s largest institutional investors , Legal & General , has warned FTSE 100 companies with all-white boards that it will vote against them if they do not hire a Black , Asian or minority ethnic ( BAME ) director by 2022 .
L & G issued the ultimatum to the 30-plus blue-chip firms that do not have a director from an ethnic minority background last week , The Times reported .
Read more : FTSE 100 firms ‘ should have one BAME board member by 2021 ’ The investor has written to all FTSE 100 companies @ @ @ @ @ @ @ & P 500 to tell them it expects them to have appointed at least one BAME director by the start of 2022 .
L & G told firms it will vote against the re-election of the companies ’ nomination committee chairs , who lead the panels responsible for board appointments , if they fail to meet this target .
The move follows the Black Lives Matter protests across the world over the summer .
L & G , which manages over £1.2 trillion of assets , is thought to be the first big @ @ @ @ @ @ @ companies that fail to take action on director diversity .
Some 37 FTSE 100 companies had no BAME directors in February , according to the Parker Review – an official body established to monitor the ethnic diversity of UK boardrooms .
Some blue-chip companies have since appointed directors from minority ethnic backgrounds .
In its initial report in 2017 , the Review had recommended that all FTSE 100 companies should have at least one BAME director by 2021 .
However in an update this year , the body said it would be “ @ @ @ @ @ @ @ the target by next year .
The Confederation of British Industry last week announced a campaign to ensure that all FTSE 100 companies have BAME board members by 2021 , saying that progress on improving boardroom diversity in Britain had been “ painfully slow ” .
Read more : Employment bodies hit out at FTSE boards over lack of diversity “ The horrifying killing of George Floyd and so many others has led many institutional investors to think much more seriously about structural racism and inequality , ” L & G wrote to @ @ @ @ @ @ @ L & G itself meets its diversity target following the appointment of Ric Lewis , the founder of property investment board Tristan Capital Partners , to its board in June .
City A.M. has reached out to Legal & General for comment .

Legal & General to vote against all-white FTSE 100 boards
One of Britain’s largest institutional investors, Legal & General, has warned FTSE 100 companies with all-white boards that it will vote against them if they do not hire a Black, Asian or minority ethnic (BAME) director by 2022.
L&G issued the ultimatum to the 30-plus blue-chip firms that do not have a director from an ethnic minority background last week, The Times reported.
The investor has written to all FTSE 100 companies and all US companies in the S&P 500 to tell them it expects them to have appointed at least one BAME director by the start of 2022.
L&G told firms it will vote against the re-election of the companies’ nomination committee chairs, who lead the panels responsible for board appointments, if they fail to meet this target.
The move follows the Black Lives Matter protests across the world over the summer. L&G, which manages over £1.2 trillion of assets, is thought to be the first big UK investor to threaten to vote against companies that fail to take action on director diversity.
Some 37 FTSE 100 companies had no BAME directors in February, according to the Parker Review – an official body established to monitor the ethnic diversity of UK boardrooms. Some blue-chip companies have since appointed directors from minority ethnic backgrounds.
In its initial report in 2017, the Review had recommended that all FTSE 100 companies should have at least one BAME director by 2021. However in an update this year, the body said it would be “challenging” for UK blue-chips to hit the target by next year.
The Confederation of British Industry last week announced a campaign to ensure that all FTSE 100 companies have BAME board members by 2021, saying that progress on improving boardroom diversity in Britain had been “painfully slow”.
“The horrifying killing of George Floyd and so many others has led many institutional investors to think much more seriously about structural racism and inequality,” L&G wrote to wholesale clients, The Times reported.
L&G itself meets its diversity target following the appointment of Ric Lewis, the founder of property investment board Tristan Capital Partners, to its board in June.
City A.M. has reached out to Legal & General for comment.


cityam--2020-10-05--In full: Rishi Sunak's virtual Conservative conference speech

Chancellor Rishi Sunak today addressed Conservative virtual conference , pledging to support entrepreneurs but warning of difficult times ahead .
Here ’ s the full speech : “ Being appointed Chancellor in February this year was an immense honour .
Even though my first conference speech as Chancellor isn ’ t quite how I expected it to be , it remains a privilege to talk to you today .
And I am here today because of so many different people .
My family , whose love sustains me .
My colleagues in Government and in Parliament , whose backing has @ @ @ @ @ @ @ , North Yorkshire , who placed their trust in me , and gave me their loyalty , support and this opportunity to serve .
Read more : Sunak warns Boris against further lockdown And my party , whose members , councillors and activists worked tirelessly to deliver a Conservative government in December last year .
Politics is a team sport , and there is always a multitude of hardworking people behind any effort .
So , I want to thank my ministerial team ; Steve , Jessie , John , Kemi , Theo @ @ @ @ @ @ @ want to thank my predecessors : George , Phillip and Sajid .
It is only because of ten years of sound Conservative management of our economy that this government has been able to act with the pace and scale we have in responding to Coronavirus .
And I want to thank the Prime Minister , for entrusting me with this job and whose friendship has been invaluable .
I ’ ve seen up close the burden the Prime Minister carries .
We all know he has an ability to connect with people in @ @ @ @ @ @ @ is a special and rare quality .
But what the commentators don ’ t see , the thing I see , is the concern and care he feels , every day , for the wellbeing of the people of our country .
Yes , it ’ s been difficult , challenges are part of the job , but on the big calls , in the big moments , Boris Johnson has got it right and we need that leadership .
Because we are only part way through this crisis .
What began in @ @ @ @ @ @ @ and now reaches deep into our economy and society .
Not only does it endanger lives , but jobs and education .
It separates friends and family .
This government has never been blind to the difficult trade-offs and decisions coronavirus has forced upon on us .
If we had , we never would have deployed one of the most comprehensive and generous packages of support in the world .
But more than the measures themselves , it is the values behind them that I want to impress upon you .
Conservatives believe @ @ @ @ @ @ @ .
We believe in personal responsibility and pragmatism .
We believe in the nobility of work and free enterprise .
And we believe in the unbreakable bond of union that unites the four nations of our United Kingdom .
Our values are old and true and have withstood tests of strife , of terror , and even war .
They are timeless because they are a wisdom earned over generations .
And they are universal , because they are rooted in the fundamental belief that individual freedom enables both the greatest achievement and @ @ @ @ @ @ @ us last December and saw this Conservative party .
They saw a party whose values and priorities were aligned with those of the British people .
They saw a party prepared to act at a scale commensurate with the challenges our country faces and they were not wrong .
• EAT OUT TO HELP OUT • A VAT cut for the tourism and hospitality sectors • The PAY AS YOU GROW SCHEME • £35bn of BOUNCE BACK LOANS to over 1million small businesses • Over £8 billion of extra funding to SUPPORT OUR @ @ @ @ @ @ @ FURLOUGH SCHEME , a first of it ’ s kind intervention in UK political history , delivered at scale , devised in rapid time , that protected millions of British families at the most acute stage of this crisis .
I could go on… all these measures and more… delivered by a Conservative government as part of our plan to support jobs and livelihoods .
And whilst we would not have wished for this burden , it has been for many , for the first time in their lives , a moment in @ @ @ @ @ @ @ abstract , but became real , and felt , and something of which people could be proud .
This Conservative government stood between the people and the danger and we always will .
But we haven ’ t done it alone .
You , the people , have been with us .
Wherever I look , I see acts of decency and bravery .
Barbara and Richard Wilson in Cumbria who furloughed the staff from their butchers ’ shop but topped up their wages , so they didn ’ t have any extra @ @ @ @ @ @ @ who used the self-employed support scheme to help meet the cost of living whilst his partner worked so he could home school their daughter .
John , Norma and Richard King who run the Bull ’ s Head Inn in Shropshire , who did the right thing when we asked , made their pub Covid compliant , and re-opened using Eat Out to Help Out in August .
Thank you to all those business owners , large and small , who are making the right decisions for workers and customers .
We are @ @ @ @ @ @ @ as a result of coronavirus that can ’ t be ignored .
I have always said I couldn ’ t protect every job or every business .
No chancellor could .
And even though I have said it , the pain of knowing it , only grows with each passing day .
So , I am committing myself to a single priority – to create , support and extend opportunity to as many people as I can .
Because even if this moment is more difficult than any you have ever faced , @ @ @ @ @ @ @ no hope , I am telling you that there is , and that the overwhelming might of the British state will be placed at your service .
We will not let talent wither , or waste , we will help all who want it , find new opportunity and develop new skills .
Through more apprenticeships , more training and a lifetime skills guarantee .
Our Kickstart Scheme will help hundreds of thousands of young people into good quality work .
And we will help small businesses adapt .
That ’ s why @ @ @ @ @ @ @ tax deferrals and tax cuts .
In a free market economy it is the entrepreneur , who is critical .
And we will make it easier for those with the ambition and appetite to take risks and be bold , to do what they do best and create jobs and growth .
And we will protect the public finances .
Over the medium term getting our borrowing and debt back under control .
We have a sacred responsibility to future generations to leave the public finances strong , and through careful management of @ @ @ @ @ @ @ always balance the books .
If instead we argue there is no limit on what we can spend , that we can simply borrow our way out of any hole , what is the point in us ?
I have never pretended there is some easy cost-free answer .
I won ’ t stop trying to find ways to support people and businesses .
I will always be pragmatic .
The Winter Economy Plan announced only two weeks ago is but the latest stage of our planned economic response .
I will keep @ @ @ @ @ @ @ in response to the challenges our economy faces , and where I can , I will act .
I will not give up , no matter how difficult it is .
The British people and British businesses won ’ t give up .
I know this because of what I said at the beginning .
We share the same values .
The Conservative party and the country .
And these values are not devoid of meaning to people .
They are about protecting that which is meaningful to them .
Their family , @ @ @ @ @ @ @ ability to choose for themselves what is best for them and those they love .
To create second chances , to see potential met , and to extend the awesome power of opportunity to all who seek it .
To answer questions of character with action not rhetoric .
To put the people first , their hopes and their aspirations .
And above all , to be worthy of the great trust they have placed in us.
” Read more : Sunak urged to avoid tax rises by leading economists

In full: Rishi Sunak’s virtual Conservative conference speech
Chancellor Rishi Sunak today addressed Conservative virtual conference, pledging to support entrepreneurs but warning of difficult times ahead. Here’s the full speech:
“Politics is a team sport”
“Being appointed Chancellor in February this year was an immense honour.
Even though my first conference speech as Chancellor isn’t quite how I expected it to be, it remains a privilege to talk to you today.
And I am here today because of so many different people.
My family, whose love sustains me.
My colleagues in Government and in Parliament, whose backing has never wavered.
My association in Richmond, North Yorkshire, who placed their trust in me, and gave me their loyalty, support and this opportunity to serve.
Read more: Sunak warns Boris against further lockdown
And my party, whose members, councillors and activists worked tirelessly to deliver a Conservative government in December last year.
Politics is a team sport, and there is always a multitude of hardworking people behind any effort.
So, I want to thank my ministerial team; Steve, Jessie, John, Kemi, Theo, Claire and James.
I also want to thank my predecessors: George, Phillip and Sajid.
It is only because of ten years of sound Conservative management of our economy that this government has been able to act with the pace and scale we have in responding to Coronavirus.
And I want to thank the Prime Minister, for entrusting me with this job and whose friendship has been invaluable.
I’ve seen up close the burden the Prime Minister carries.
We all know he has an ability to connect with people in a way few politicians manage.
It is a special and rare quality.
But what the commentators don’t see, the thing I see, is the concern and care he feels, every day, for the wellbeing of the people of our country.
Yes, it’s been difficult, challenges are part of the job, but on the big calls, in the big moments, Boris Johnson has got it right and we need that leadership.
Because we are only part way through this crisis.
What began in March as a health emergency has grown and now reaches deep into our economy and society.
Not only does it endanger lives, but jobs and education. It separates friends and family.
This government has never been blind to the difficult trade-offs and decisions coronavirus has forced upon on us.
If we had, we never would have deployed one of the most comprehensive and generous packages of support in the world.
But more than the measures themselves, it is the values behind them that I want to impress upon you.
Conservatives believe in the importance of community and belonging.
We believe in personal responsibility and pragmatism.
We believe in the nobility of work and free enterprise.
And we believe in the unbreakable bond of union that unites the four nations of our United Kingdom.
Our values are old and true and have withstood tests of strife, of terror, and even war.
They are timeless because they are a wisdom earned over generations.
And they are universal, because they are rooted in the fundamental belief that individual freedom enables both the greatest achievement and the gentlest kindness.
The economy
People looked at us last December and saw this Conservative party.
They saw a party whose values and priorities were aligned with those of the British people.
They saw a party prepared to act at a scale commensurate with the challenges our country faces and they were not wrong.
The SELF-EMPLOYED SUPPORT SCHEME
EAT OUT TO HELP OUT
Our PLAN FOR JOBS
The JOB SUPPORT SCHEME
A VAT cut for the tourism and hospitality sectors
The PAY AS YOU GROW SCHEME
A STAMP DUTY holiday
A £2 billion GREEN HOMES GRANT programme
The £2 billion KICKSTART SCHEME
Nearly 1million BUSINESS GRANTS
A 12-month BUSINESS RATES HOLIDAY
£35bn of BOUNCE BACK LOANS to over 1million small businesses
Over 60,000 CORONAVIRUS BUSINESS INTERRUPTION LOANS
The FUTURE FUND
TAX DEFERRALS
Support for our brilliant CHARITIES
Over £8 billion of extra funding to SUPPORT OUR MOST VULNERABLE
A SIX-MONTH MORTGAGE HOLIDAY
And yes, THE FURLOUGH SCHEME, a first of it’s kind intervention in UK political history, delivered at scale, devised in rapid time, that protected millions of British families at the most acute stage of this crisis.
I could go on… all these measures and more… delivered by a Conservative government as part of our plan to support jobs and livelihoods.
And whilst we would not have wished for this burden, it has been for many, for the first time in their lives, a moment in which government ceased to be distant and abstract, but became real, and felt, and something of which people could be proud.
Action met words.
This Conservative government stood between the people and the danger and we always will.
But we haven’t done it alone.
You, the people, have been with us.
Wherever I look, I see acts of decency and bravery.
Barbara and Richard Wilson in Cumbria who furloughed the staff from their butchers’ shop but topped up their wages, so they didn’t have any extra worries about bills.
Kevin Butler, who used the self-employed support scheme to help meet the cost of living whilst his partner worked so he could home school their daughter.
John, Norma and Richard King who run the Bull’s Head Inn in Shropshire, who did the right thing when we asked, made their pub Covid compliant, and re-opened using Eat Out to Help Out in August.
Thank you to all those business owners, large and small, who are making the right decisions for workers and customers.
We are now seeing our economy go through changes as a result of coronavirus that can’t be ignored.
“I couldn’t protect every job”
I have always said I couldn’t protect every job or every business. No chancellor could.
And even though I have said it, the pain of knowing it, only grows with each passing day.
So, I am committing myself to a single priority – to create, support and extend opportunity to as many people as I can.
Because even if this moment is more difficult than any you have ever faced, even if it feels like there is no hope, I am telling you that there is, and that the overwhelming might of the British state will be placed at your service.
We will not let talent wither, or waste, we will help all who want it, find new opportunity and develop new skills.
Through more apprenticeships, more training and a lifetime skills guarantee.
Our Kickstart Scheme will help hundreds of thousands of young people into good quality work.
And we will help small businesses adapt.
That’s why we have delivered Government backed loans, tax deferrals and tax cuts.
In a free market economy it is the entrepreneur, who is critical.
And we will make it easier for those with the ambition and appetite to take risks and be bold, to do what they do best and create jobs and growth.
Balancing the books
And we will protect the public finances. Over the medium term getting our borrowing and debt back under control.
We have a sacred responsibility to future generations to leave the public finances strong, and through careful management of our economy, this Conservative government will always balance the books.
If instead we argue there is no limit on what we can spend, that we can simply borrow our way out of any hole, what is the point in us?
I have never pretended there is some easy cost-free answer.
Hard choices are everywhere.
I won’t stop trying to find ways to support people and businesses.
I will always be pragmatic.
The Winter Economy Plan announced only two weeks ago is but the latest stage of our planned economic response.
I will keep listening, keep striving to be creative in response to the challenges our economy faces, and where I can, I will act.
I will not give up, no matter how difficult it is.
The British people and British businesses won’t give up.
I know this because of what I said at the beginning.
We share the same values.
The Conservative party and the country.
And these values are not devoid of meaning to people.
They are about protecting that which is meaningful to them.
Their family, their home, their job, their ability to choose for themselves what is best for them and those they love.
To create second chances, to see potential met, and to extend the awesome power of opportunity to all who seek it.
To answer questions of character with action not rhetoric.
To put the people first, their hopes and their aspirations.
And above all, to be worthy of the great trust they have placed in us.”
Read more: Sunak urged to avoid tax rises by leading economists


cityam--2020-10-05--Wet weather and 10pm curfew dampens high street footfall recovery

Retail footfall dropped for the second week in a row as the pub and restaurant curfew and wet weather brought further gloom for the embattled UK high street .
Footfall across all retail destinations declined 3.5 per cent last week compared the previous week , dragged down by a 7.1 per cent slump in high street shopper numbers .
Retail footfall plunged 8.4 per cent between 7pm and 11pm and 14.8 per cent between 11pm and 7am due to the impact of the 10pm curfew on pubs , bars and restaurants .
High streets were the worst affected by the @ @ @ @ @ @ @ the concentration of hospitality venues , and footfall after 11pm was down 24.4 per cent on the previous week .
All of the decline occurred in the second half of the week due to the torrential rain that hit the UK from Wednesday onwards , according to the latest footfall research from retail data firm Springboard .
Footfall jumped slightly between Sunday and Tuesday but fell each day between Wednesday and Saturday , averaging a drop of 7.1 per cent .
Springboard insights director Diane Wehrle said : “ For the second consecutive @ @ @ @ @ @ @ since the beginning of May , footfall across retail destinations declined last week from the week before .
“ Part of the cause of the decline , particularly in high streets , was the rainy weather during the second half of the week that led to a double digit drop in footfall on both Friday and Saturday .
“ However , the 10pm curfew is clearly having an impact ; whilst shopping centres and retail parks with only minimal evening economy activity are holding their own , high streets – where the majority @ @ @ @ @ @ @ feeling the effect , with a drop in footfall post 7pm that is twice as great as that during working hours , and four times as great post 11pm .
”

Wet weather and 10pm curfew dampens high street footfall recovery
Retail footfall dropped for the second week in a row as the pub and restaurant curfew and wet weather brought further gloom for the embattled UK high street.
Footfall across all retail destinations declined 3.5 per cent last week compared the previous week, dragged down by a 7.1 per cent slump in high street shopper numbers.
Retail footfall plunged 8.4 per cent between 7pm and 11pm and 14.8 per cent between 11pm and 7am due to the impact of the 10pm curfew on pubs, bars and restaurants.
High streets were the worst affected by the impact of the curfew, due to the concentration of hospitality venues, and footfall after 11pm was down 24.4 per cent on the previous week.
All of the decline occurred in the second half of the week due to the torrential rain that hit the UK from Wednesday onwards, according to the latest footfall research from retail data firm Springboard.
Footfall jumped slightly between Sunday and Tuesday but fell each day between Wednesday and Saturday, averaging a drop of 7.1 per cent.
Springboard insights director Diane Wehrle said: “For the second consecutive week, and only the third week since the beginning of May, footfall across retail destinations declined last week from the week before.
“Part of the cause of the decline, particularly in high streets, was the rainy weather during the second half of the week that led to a double digit drop in footfall on both Friday and Saturday.
“However, the 10pm curfew is clearly having an impact; whilst shopping centres and retail parks with only minimal evening economy activity are holding their own, high streets – where the majority of evening economy activity occurs – are feeling the effect, with a drop in footfall post 7pm that is twice as great as that during working hours, and four times as great post 11pm.”


cityam--2020-10-05--Leading business figures call on Sunak to slash taxes to return to 90s growth

Leading business figures have backed calls from the Institute for Economic Affairs ( IEA ) for the government to implement similar policies to those that contributed to the best period of economic growth in recent history .
These include slashing and streamlining taxes in order to build a “ bright future ” .
Read more : Small business would suffer from a capital gains tax hike – not just investors Wetherspoons founder Tim Martin , JP Morgan VP Laurence Hollingworth , and Port of Bristol owner Terence Mordaunt were among a host of MPs and economists to sign an open @ @ @ @ @ @ @ that the government should take to bolster the UK ’ s economic recovery from the coronavirus pandemic .
“ Conditions for growth are not a mystery : we have seen them in the UK in the recent past .
In the last 40 years , the highest period of growth of government revenue was 1993-2003 .
“ This coincided with a period of strong GDP per capita and productivity growth ” , the letter , from IEA chairman Neil Record said .
The letter then listed a number of policies that were in @ @ @ @ @ @ @ the “ conditions that pertained at the time make a convincing case for the policies needed to stimulate and sustain our economic recovery ” .
These included a top rate of income tax at 40 per cent , corporation tax ranging between 33 per cent and 19 per cent , and a VAT rate of 17.5 per cent .
Before the Open newsletter : Start your day with the City View podcast and key market data The decade also saw the highest rate of Stamp Duty on residential property stand at no higher @ @ @ @ @ @ @ as lower regulation across the financial services , labour market and energy sectors .
“ Governments have choices .
This government may not choose to adopt some or any of these successful policies .
“ At the very least , however , this evidence should weigh heavily on any decision-making ” , the letter concluded .
The letter was signed by MPs such as the Eurosceptic Steve Baker , Greg Smith , and Andrew Lewer , along with the former chair of the London Stock Exchange .
Record commented : “ Economists have @ @ @ @ @ @ @ forecasting .
So rather than building yet another model of the economy to help guide advice to the Chancellor , I have looked back at periods of UK economic success and growth within the past 40 years .
Read more : Khan : ‘ False dichotomy ’ between saving the economy and saving lives “ I have identified the best decades within that period , and analysed the taxation , fiscal and regulatory policies that helped create those successful periods .
“ If decisions made now can recreate that success , then despite @ @ @ @ @ @ @ by Covid-19 , the future can be bright .
”

Leading business figures call on Sunak to slash taxes to return to 90s growth
Leading business figures have backed calls from the Institute for Economic Affairs (IEA) for the government to implement similar policies to those that contributed to the best period of economic growth in recent history.
These include slashing and streamlining taxes in order to build a “bright future”.
Wetherspoons founder Tim Martin, JP Morgan VP Laurence Hollingworth, and Port of Bristol owner Terence Mordaunt were among a host of MPs and economists to sign an open letter to Chancellor Rishi Sunak suggesting steps that the government should take to bolster the UK’s economic recovery from the coronavirus pandemic.
“Conditions for growth are not a mystery: we have seen them in the UK in the recent past. In the last 40 years, the highest period of growth of government revenue was 1993-2003.
“This coincided with a period of strong GDP per capita and productivity growth”, the letter, from IEA chairman Neil Record said.
The letter then listed a number of policies that were in place across the decade, saying that the “conditions that pertained at the time make a convincing case for the policies needed to stimulate and sustain our economic recovery”.
These included a top rate of income tax at 40 per cent, corporation tax ranging between 33 per cent and 19 per cent, and a VAT rate of 17.5 per cent.
Before the Open newsletter: Start your day with the City View podcast and key market data
The decade also saw the highest rate of Stamp Duty on residential property stand at no higher than four per cent, as well as lower regulation across the financial services, labour market and energy sectors.
“Governments have choices. This government may not choose to adopt some or any of these successful policies.
“At the very least, however, this evidence should weigh heavily on any decision-making”, the letter concluded.
The letter was signed by MPs such as the Eurosceptic Steve Baker, Greg Smith, and Andrew Lewer, along with the former chair of the London Stock Exchange.
Record commented: “Economists have had a poor recent track record of forecasting. So rather than building yet another model of the economy to help guide advice to the Chancellor, I have looked back at periods of UK economic success and growth within the past 40 years.
“I have identified the best decades within that period, and analysed the taxation, fiscal and regulatory policies that helped create those successful periods.
“If decisions made now can recreate that success, then despite the terrible damage wrought on the economy by Covid-19, the future can be bright.”


cityam--2020-10-05--Khan: 'False dichotomy' between saving the economy and saving lives

I want to speak directly to London ’ s business leaders at this unprecedented time .
It doesn ’ t matter whether you ’ re a sole trader or a small business owner , whether you work for a start-up or one of London ’ s biggest employers – this is the most precarious period for business we have ever faced .
As your Mayor , I want to speak to you directly about the challenges we face .
Before I was elected in 2016 , I promised you that I ’ d be the most pro-business Mayor London has @ @ @ @ @ @ @ to show you that I ’ m not what some of you would have expected from a Labour politician .
Read more : Khan warns no accurate picture of how far Covid-19 is spreading And I ’ ve done everything I can to deliver on my promise – banging the drum to attract investment from around the world with the # LondonIsOpen campaign , lobbying the Government on your behalf on the issues that matter most to you , like Brexit , business rates and investment in infrastructure and housing , while providing @ @ @ @ @ @ @ allows .
However , nothing has tested us quite like this crisis .
One of my roles as Mayor has been to advocate on behalf of our city .
Firstly , to ensure that the Government does everything possible to protect the lives of our citizens , especially the most vulnerable – the first responsibility of any society .
And , secondly , to protect jobs and livelihoods and to ensure we are as ready as possible to recover quickly .
Read more : Bailey warns Mayor must get Londoners back to the @ @ @ @ @ @ @ In fact , they go hand in hand .
It ’ s no coincidence that the countries that have tackled the virus most effectively have suffered the smallest economic downturns .
And , sadly , it ’ s no coincidence that the UK has suffered both the highest excess death rate in Europe as well as one of the deepest recessions .
Until we have a vaccine or a mass testing regime , the only way to open up our economy without the virus spreading and more people dying is by having mitigating @ @ @ @ @ @ @ test and trace system .
It is in this area , more than any other , that our Government has catastrophically failed us .
Until such a system is working properly , the supposed choice between saving lives and saving the economy – between restrictions and freedoms – is an entirely false one .
This false dichotomy suits only those who refuse to accept the true reality of the situation and the limited choices the Government has left us with .
The truth is the virus is now spreading widely and quickly across @ @ @ @ @ @ @ of the test and trace system , we don ’ t have an accurate picture of the levels of the virus in different parts of our city .
But all our other health indicators – such as 111 calls , GP visits , hospital admissions and the number of Londoners in Intensive Care Units – are accelerating in the wrong direction .
Of course , we must strike a balance in the measures we take to slow the virus – always led by the science on what will have the biggest impact .
@ @ @ @ @ @ @ evidence from around the country that the measure may be counterproductive , I ’ ve called for the Government to review the 10pm closure of hospitality businesses .
But the later we take the necessary steps to slow the spread of the virus , the more severe these steps will have to be and the longer they will have to last in order to drive down infection rates .
The absolute worst possible thing for London ’ s businesses right now would be another full lockdown .
And if the Government repeats its @ @ @ @ @ @ @ , the restrictions will inevitably have to be more draconian and longer-lasting when they do come – causing more economic damage in the long run .
Preserving freedoms now and allowing the virus to spread is the very definition of a false economy .
It will not save London ’ s retail , hospitality , tourism and cultural sectors , it will only make things worse .
If the infection rate increases and people hear more reports about hundreds of deaths every day , as happened in March and April , increasing numbers @ @ @ @ @ @ @ , will work from home , domestic and international tourism will further reduce , and ever fewer people will venture out to use our restaurants , shops and bars .
The only way London ’ s businesses will be able to survive this crisis is if the Government takes the right measures to stop the spread of the virus now , and provides the full financial support needed to prop up the economy and protect jobs .
Along with London ’ s businesses , I will continue to advocate for the Government to @ @ @ @ @ @ @ and businesses .
We need to see a much bigger and more expansive job protection scheme , targeted grants and loans for the worst-affected sectors and geographic areas , and an extension to the business rates holiday , which is due to end in March .
Other similar countries are spending multiples of what our Government has so far committed – and have been clear that they will continue to do so for as long as needed .
Central London ’ s contribution to the UK economy is unique .
It ’ s @ @ @ @ @ @ @ powerhouse and a gateway for global tourism and investment into the rest of Britain .
Over many decades , it has contributed far more to our national prosperity than taxpayers have spent to support its growth .
Last year , the combined output of London ’ s Central Activities Zone and Canary Wharf accounted for over a tenth of all UK output .
Permanent damage to it now would downgrade the prosperity of the whole of the country for many decades to come .
If London doesn ’ t recover , our nation @ @ @ @ @ @ @ s why it ’ s in all our interests for the Government to give central London the support it needs to see us through the worst of this pandemic .
It ’ s why I ’ ll continue to work with businesses to put in place the plans we need to recover and rebuild as quickly as possible when this crisis passes .
And it ’ s why I will continue personally to champion London ’ s economy and bang the drum for our fantastic businesses at home and around the world .
@ @ @ @ @ @ @ your borough

Khan: ‘False dichotomy’ between saving the economy and saving lives
Sadiq Khan received the first dose of a coronavirus vaccine this morning.
I want to speak directly to London’s business leaders at this unprecedented time.
It doesn’t matter whether you’re a sole trader or a small business owner, whether you work for a start-up or one of London’s biggest employers – this is the most precarious period for business we have ever faced.
As your Mayor, I want to speak to you directly about the challenges we face.
Before I was elected in 2016, I promised you that I’d be the most pro-business Mayor London has ever had. I’ve striven to show you that I’m not what some of you would have expected from a Labour politician.
Read more: Khan warns no accurate picture of how far Covid-19 is spreading
And I’ve done everything I can to deliver on my promise – banging the drum to attract investment from around the world with the #LondonIsOpen campaign, lobbying the Government on your behalf on the issues that matter most to you, like Brexit, business rates and investment in infrastructure and housing, while providing the direct financial assistance that my office allows.
However, nothing has tested us quite like this crisis. One of my roles as Mayor has been to advocate on behalf of our city.
Firstly, to ensure that the Government does everything possible to protect the lives of our citizens, especially the most vulnerable – the first responsibility of any society. And, secondly, to protect jobs and livelihoods and to ensure we are as ready as possible to recover quickly.
Read more: Bailey warns Mayor must get Londoners back to the office
These aims are not contradictory. In fact, they go hand in hand. It’s no coincidence that the countries that have tackled the virus most effectively have suffered the smallest economic downturns. And, sadly, it’s no coincidence that the UK has suffered both the highest excess death rate in Europe as well as one of the deepest recessions.
Until we have a vaccine or a mass testing regime, the only way to open up our economy without the virus spreading and more people dying is by having mitigating measures in place – alongside a functioning test and trace system. It is in this area, more than any other, that our Government has catastrophically failed us.
“False dichotomy”
Until such a system is working properly, the supposed choice between saving lives and saving the economy – between restrictions and freedoms – is an entirely false one. This false dichotomy suits only those who refuse to accept the true reality of the situation and the limited choices the Government has left us with.
The truth is the virus is now spreading widely and quickly across London again. Because of the failures of the test and trace system, we don’t have an accurate picture of the levels of the virus in different parts of our city. But all our other health indicators – such as 111 calls, GP visits, hospital admissions and the number of Londoners in Intensive Care Units – are accelerating in the wrong direction.
Of course, we must strike a balance in the measures we take to slow the virus – always led by the science on what will have the biggest impact. That’s why, having seen evidence from around the country that the measure may be counterproductive, I’ve called for the Government to review the 10pm closure of hospitality businesses.
But the later we take the necessary steps to slow the spread of the virus, the more severe these steps will have to be and the longer they will have to last in order to drive down infection rates. The absolute worst possible thing for London’s businesses right now would be another full lockdown.
And if the Government repeats its failures from March by acting too slowly, the restrictions will inevitably have to be more draconian and longer-lasting when they do come – causing more economic damage in the long run.
Preserving freedoms now and allowing the virus to spread is the very definition of a false economy. It will not save London’s retail, hospitality, tourism and cultural sectors, it will only make things worse.
If the infection rate increases and people hear more reports about hundreds of deaths every day, as happened in March and April, increasing numbers of Londoners, fearful of the virus, will work from home, domestic and international tourism will further reduce, and ever fewer people will venture out to use our restaurants, shops and bars.
Government must support the capital
The only way London’s businesses will be able to survive this crisis is if the Government takes the right measures to stop the spread of the virus now, and provides the full financial support needed to prop up the economy and protect jobs.
Along with London’s businesses, I will continue to advocate for the Government to reverse their downgrading of support for workers and businesses. We need to see a much bigger and more expansive job protection scheme, targeted grants and loans for the worst-affected sectors and geographic areas, and an extension to the business rates holiday, which is due to end in March.
Other similar countries are spending multiples of what our Government has so far committed – and have been clear that they will continue to do so for as long as needed.
Central London’s contribution to the UK economy is unique. It’s our country’s economic and cultural powerhouse and a gateway for global tourism and investment into the rest of Britain. Over many decades, it has contributed far more to our national prosperity than taxpayers have spent to support its growth.
Last year, the combined output of London’s Central Activities Zone and Canary Wharf accounted for over a tenth of all UK output. Permanent damage to it now would downgrade the prosperity of the whole of the country for many decades to come. If London doesn’t recover, our nation won’t recover.
That’s why it’s in all our interests for the Government to give central London the support it needs to see us through the worst of this pandemic. It’s why I’ll continue to work with businesses to put in place the plans we need to recover and rebuild as quickly as possible when this crisis passes. And it’s why I will continue personally to champion London’s economy and bang the drum for our fantastic businesses at home and around the world.
Read more: London coronavirus cases in your borough


cityam--2020-10-05--Exclusive: Mayor Sadiq Khan says no "accurate picture" of Covid-19 resurgence in London

Sadiq Khan today says Covid-19 is “ now spreading widely and quickly across London again ” but warns that there is no totally “ accurate picture ” due to government failings .
Writing exclusively for City A.M. , the Mayor of London says this is “ the most precarious period for business we have ever faced ” but rejects what he calls the “ false dichotomy ” of saving lives or saving the economy .
Shaun Bailey , Khan ’ s Conservative challenger , last week told City A.M. that the Mayor should get “ London moving again.
” Read @ @ @ @ @ @ @ must get people back to work But today the City Hall supremo says such a choice between the economy and health “ suits only those who refuse to accept the true reality of the situation and the limited choices the Government has left us with.
” The Mayor says there is no “ accurate picture of the levels of the virus in different parts of our city ” but that indicators such as 111 calls , GP visits , hospital admissions and intensive care numbers are “ are accelerating in the wrong direction.
@ @ @ @ @ @ @ been hard-hit by the Covid-19 pandemic and the continued guidance to work from home .
In another attack on central government , Khan says : “ The only way London ’ s businesses will be able to survive this crisis is if the Government takes the right measures to stop the spread of the virus now , and provides the full financial support needed to prop up the economy and protect jobs.
” Read more : Sadiq Khan calls for review of England ’ s 10pm curfew Khan also reasserts his call for @ @ @ @ @ @ @ “ having seen evidence from around the country that the measure may be counterproductive.
” Hospitality businesses have been hit hard by the early closing times , especially those that had begun to see a recovery in August and September as the capital ’ s residents began to venture out in greater numbers .

Exclusive: Mayor Sadiq Khan says no “accurate picture” of Covid-19 resurgence in London
Sadiq Khan today says Covid-19 is “now spreading widely and quickly across London again” but warns that there is no totally “accurate picture” due to government failings.
Writing exclusively for City A.M., the Mayor of London says this is “the most precarious period for business we have ever faced” but rejects what he calls the “false dichotomy” of saving lives or saving the economy.
Shaun Bailey, Khan’s Conservative challenger, last week told City A.M. that the Mayor should get “London moving again.”
Read more: Tory candidate Bailey says Mayor must get people back to work
But today the City Hall supremo says such a choice between the economy and health “suits only those who refuse to accept the true reality of the situation and the limited choices the Government has left us with.”
The Mayor says there is no “accurate picture of the levels of the virus in different parts of our city” but that indicators such as 111 calls, GP visits, hospital admissions and intensive care numbers are “are accelerating in the wrong direction.”
The capital’s economy has been hard-hit by the Covid-19 pandemic and the continued guidance to work from home.
In another attack on central government, Khan says: “The only way London’s businesses will be able to survive this crisis is if the Government takes the right measures to stop the spread of the virus now, and provides the full financial support needed to prop up the economy and protect jobs.”
Khan also reasserts his call for a review of the 10pm hospitality curfew “having seen evidence from around the country that the measure may be counterproductive.”
Hospitality businesses have been hit hard by the early closing times, especially those that had begun to see a recovery in August and September as the capital’s residents began to venture out in greater numbers.


cityam--2020-10-05--Boris Johnson: Contacts of missing positive Covid tests now being traced

Boris Johnson has said that contacts of all 16,000 people who tested positive for coronavirus , but were not logged into the database , are now being contacted by NHS Test and Trace .
Johnson said that some of the missing data “ got truncated and it was lost ” , but that everyone who tested positive has been contacted and that “ they ’ re now working through all the contacts as well ” .
Read more : Technical glitch in UK ’ s coronavirus testing system fixed , minister says A technical glitch saw the country ’ s @ @ @ @ @ @ @ days , leading to around 16,000 tests not logged in the database .
This saw the number of daily Covid cases surge to more than 22,000 last night , which included many of the positive tests recorded earlier last week .
The glitch has likely led to people with coronavirus not knowing to take a test and self-isolate .
“ What happened here was that some of the data got truncated and it was loss , but what they ’ ve done now is not only contacted all the people who were identified @ @ @ @ @ @ @ done in the first place , but they ’ re now working through all the contacts as well , ” Johnson said .
“ The key thing I would say is , and it goes for everybody , that if you ’ re contacted by NHS test and trace then you must self isolate.
” The number of positive tests seen in England last week were lower than expected , leading some to speculate that the Prime Minister ’ s new stringent restrictions were working .
However , Johnson said it will only @ @ @ @ @ @ @ such as banning more than six people from different households to meet up anywhere – had curbed the spread of the virus .
“ The incidents that we ’ re seeing in the cases corresponds to where we thought we were and to be frank the slightly lower numbers we ’ ve seen didn ’ t really reflect where we thought the disease was likely to go , ” Johnson said .
Read more : Coronavirus : Is the UK set to shake-up quarantine-free travel rules and finally begin airport testing for arrivals @ @ @ @ @ @ @ in the next few days , weeks we will see more clearly if some of the new restrictions we have brought in – the extra enforcement of the rule of six , the extra enforcement of self isolation , the rules on masks and so on – we ’ ll see if that starts to work in driving down the virus .
”

Boris Johnson: Contacts of missing positive Covid tests now being traced
LONDON, ENGLAND – SEPTEMBER 23: A sign shows the way to a COVID-19 testing centre in Walthamstow on September 23, 2020 in London, England. Cases have risen to 5000 per day, and are at their highest since the height of lockdown in May. (Photo by Mark Case/Getty Images)
Boris Johnson has said that contacts of all 16,000 people who tested positive for coronavirus, but were not logged into the database, are now being contacted by NHS Test and Trace.
Johnson said that some of the missing data “got truncated and it was lost”, but that everyone who tested positive has been contacted and that “they’re now working through all the contacts as well”.
A technical glitch saw the country’s Covid numbers underreported for a number of days, leading to around 16,000 tests not logged in the database.
This saw the number of daily Covid cases surge to more than 22,000 last night, which included many of the positive tests recorded earlier last week.
The glitch has likely led to people with coronavirus not knowing to take a test and self-isolate.
“What happened here was that some of the data got truncated and it was loss, but what they’ve done now is not only contacted all the people who were identified as having the disease, that was done in the first place, but they’re now working through all the contacts as well,” Johnson said.
“The key thing I would say is, and it goes for everybody, that if you’re contacted by NHS test and trace then you must self isolate.”
The number of positive tests seen in England last week were lower than expected, leading some to speculate that the Prime Minister’s new stringent restrictions were working.
However, Johnson said it will only be known if the new measures – such as banning more than six people from different households to meet up anywhere – had curbed the spread of the virus.
“The incidents that we’re seeing in the cases corresponds to where we thought we were and to be frank the slightly lower numbers we’ve seen didn’t really reflect where we thought the disease was likely to go,” Johnson said.
“These numbers are realistic.
“The crucial thing is that in the next few days, weeks we will see more clearly if some of the new restrictions we have brought in – the extra enforcement of the rule of six, the extra enforcement of self isolation, the rules on masks and so on – we’ll see if that starts to work in driving down the virus.”


cityam--2020-10-05--O2 Arena to resume live events in December with Squeeze gig

The O2 Arena has announced plans to resume live events for the first time in eight months in December with a gig headlined by 70s rock group Squeeze .
The Cool for Cats rockers will play to socially distanced fans on Saturday 5 December in the first concert at the east London venue since it was forced to close in March due to the coronavirus outbreak .
Read more : O2 reopening after lockdown with virtual queueing technology The O2 ’ s capacity will be reduced from 20,000 to just 4,700 to allow for social distancing , while tickets will @ @ @ @ @ @ @ threes and fours only .
Other Covid-19 measures will include mandatory face coverings except when eating and drinking while seated , one-way routes and contactless ticketing and ordering .
The gig will finish by 10pm to comply with the government ’ s curfew rules .
“ We have been working incredibly hard to bring back events at The O2 and put measures in place to ensure our fans will have a safe and Covid-19 secure experience , ” said Steve Sayer , general manager of The O2 .
“ At the moment , @ @ @ @ @ @ @ under a quarter of our capacity in the arena , so this is not a long term solution for us or other venues and we continue to press the government for targeted support and guidance to get the live events industry and its supply chain back on its feet.
” Despite the restrictions , the reopening will come as a boost to London ’ s nightlife and hospitality industries , which have been ravaged by the coronavirus crisis .
The arena ’ s owners hailed the concert as a major step forward in @ @ @ @ @ @ @ sector back up and running .
At the height of the pandemic in April The O2 was transformed into a training centre for NHS workers preparing to work at the Nightingale Hospital at the Excel Centre .
The arena has since reopened its shopping outlets , as well as bars and restaurants .
Read more : O2 Arena stood down as NHS Nightingale training facility The gig will be a triumphant return for south London-based Squeeze , who rose to fame in 1978 with hit single Take Me I ’ m Yours before @ @ @ @ @ @ @ with Cool for Cats and Up The Junction .
Tickets go on general sale at 10am on Friday 9 October .

O2 Arena to resume live events in December with Squeeze gig
The O2 Arena has announced plans to resume live events for the first time in eight months in December with a gig headlined by 70s rock group Squeeze.
The Cool for Cats rockers will play to socially distanced fans on Saturday 5 December in the first concert at the east London venue since it was forced to close in March due to the coronavirus outbreak.
The O2’s capacity will be reduced from 20,000 to just 4,700 to allow for social distancing, while tickets will be sold in groups of twos, threes and fours only.
Other Covid-19 measures will include mandatory face coverings except when eating and drinking while seated, one-way routes and contactless ticketing and ordering.
The gig will finish by 10pm to comply with the government’s curfew rules.
“We have been working incredibly hard to bring back events at The O2 and put measures in place to ensure our fans will have a safe and Covid-19 secure experience,” said Steve Sayer, general manager of The O2.
“At the moment, we’re only able to host under a quarter of our capacity in the arena, so this is not a long term solution for us or other venues and we continue to press the government for targeted support and guidance to get the live events industry and its supply chain back on its feet.”
Despite the restrictions, the reopening will come as a boost to London’s nightlife and hospitality industries, which have been ravaged by the coronavirus crisis.
The arena’s owners hailed the concert as a major step forward in getting the capital’s live events sector back up and running.
At the height of the pandemic in April The O2 was transformed into a training centre for NHS workers preparing to work at the Nightingale Hospital at the Excel Centre.
The arena has since reopened its shopping outlets, as well as bars and restaurants.
The gig will be a triumphant return for south London-based Squeeze, who rose to fame in 1978 with hit single Take Me I’m Yours before soaring up the charts the following year with Cool for Cats and Up The Junction.
Tickets go on general sale at 10am on Friday 9 October.


cityam--2020-10-05--Boohoo is on the wrong side of history when it comes to business ethics and sustainability

It is alarming to see Bohoo ’ s profits surge despite confirmation of allegations of endemic abuse at every single step of their supply chain .
Yet this outcome does not necessarily come as a shock given that Boohoo ’ s reputation has consistently been married to a culture of neglect and exploitative worker conditions .
Once again , we see commitments that fall substantially short of the tangible action demanded to combat the extent of the consequences that fast fashion models contribute to .
Read more : Boohoo profit soars during pandemic despite factory scandal We also now know @ @ @ @ @ @ @ of worker mistreatment and wage exploitation months before the Leicester factory scandal exploded across the media .
Such blatant disregard for the safety , rights , and wellbeing of factory workers in the UK should not be tolerated , especially from a public company today no less .
The evidence showing a continuation of unlawful commercial practices is reflective of fast fashion giants ’ failure to take real and meaningful responsibility to put an end to modern slavery .
Against the backdrop of the devastating impacts of the pandemic , 2020 should mark @ @ @ @ @ @ @ to step up and show their genuine commitment to transparency across their supply chain .
Systemic change is possible , and standards can improve , but until we create and implement third party verification systems tied to government legislation , we will continue to see brands operate with a huge cost to human beings and the planet .
Read more : Boohoo inquiry calls for former Leicester factory workers to give evidence Now more than ever , a conversation is needed to be had around the role of the fast fashion business model @ @ @ @ @ @ @ if it is to make up for its appalling debt to the environment and human lives then the root causes must be tackled .
At the heart of fast fashion ’ s power and production structure is speed to market and price .
This hotbed of pressure is an element of the supply chain that is not conducive to the standards that consumers say they want to see in the brands they buy from .
For concrete change to truly take place , we absolutely need to see the introduction and implementation of @ @ @ @ @ @ @ government to hold brands to account when they fall short .
Proof is critical to this collaborative mission .
New research by my company Compare Ethics shows a staggering 83 per cent of consumers would be more likely to trust a product ’ s sustainability claim if it had been verified by a third party .
Using third-party verification – the process by which products and services are assessed objectively by a non-biased standards organisation – gives retailers the chance to fully back-up their claims of being sustainable and anti-slavery .
Consumers are @ @ @ @ @ @ @ and clarity to discern ethical products from non-ethical ones .
With only one fifth of shoppers reported to trust brand sustainability claims , brands who fail to concretely verify their products will soon lose their allure and credibility .
Third-party verification is not just important , it is essential .
If you want to be on the wrong side of history and lose favour with forward-thinking consumers , then Boohoo is the example to follow .
Those that push for industry-wide standards combined with third-party verification will come out on top and survive @ @ @ @

Boohoo is on the wrong side of history when it comes to business ethics and sustainability
It is alarming to see Bohoo’s profits surge despite confirmation of allegations of endemic abuse at every single step of their supply chain.
Yet this outcome does not necessarily come as a shock given that Boohoo’s reputation has consistently been married to a culture of neglect and exploitative worker conditions. Once again, we see commitments that fall substantially short of the tangible action demanded to combat the extent of the consequences that fast fashion models contribute to.
Read more: Boohoo profit soars during pandemic despite factory scandal
We also now know that Boohoo chief executives were made aware of worker mistreatment and wage exploitation months before the Leicester factory scandal exploded across the media. Such blatant disregard for the safety, rights, and wellbeing of factory workers in the UK should not be tolerated, especially from a public company today no less. The evidence showing a continuation of unlawful commercial practices is reflective of fast fashion giants’ failure to take real and meaningful responsibility to put an end to modern slavery.
Against the backdrop of the devastating impacts of the pandemic, 2020 should mark a watershed moment for fashion industry leaders to step up and show their genuine commitment to transparency across their supply chain. Systemic change is possible, and standards can improve, but until we create and implement third party verification systems tied to government legislation, we will continue to see brands operate with a huge cost to human beings and the planet.
Read more: Boohoo inquiry calls for former Leicester factory workers to give evidence
Now more than ever, a conversation is needed to be had around the role of the fast fashion business model. The whole system is broken and if it is to make up for its appalling debt to the environment and human lives then the root causes must be tackled. At the heart of fast fashion’s power and production structure is speed to market and price. This hotbed of pressure is an element of the supply chain that is not conducive to the standards that consumers say they want to see in the brands they buy from.
For concrete change to truly take place, we absolutely need to see the introduction and implementation of industry-wide standards and wider efforts from the government to hold brands to account when they fall short.
Proof is critical to this collaborative mission. New research by my company Compare Ethics shows a staggering 83 per cent of consumers would be more likely to trust a product’s sustainability claim if it had been verified by a third party. Using third-party verification – the process by which products and services are assessed objectively by a non-biased standards organisation – gives retailers the chance to fully back-up their claims of being sustainable and anti-slavery.
Consumers are wising up and calling for greater transparency and clarity to discern ethical products from non-ethical ones.
With only one fifth of shoppers reported to trust brand sustainability claims, brands who fail to concretely verify their products will soon lose their allure and credibility.
Third-party verification is not just important, it is essential. If you want to be on the wrong side of history and lose favour with forward-thinking consumers, then Boohoo is the example to follow. Those that push for industry-wide standards combined with third-party verification will come out on top and survive in the long-run.
Main image credit: Getty


cityam--2020-10-05--London house prices: These postcodes have seen the largest rises

House prices in Greater London have edged higher in the past 12 months even as the outbreak of coronavirus posed fresh challenges for buying and selling property .
Figures from Barclays Mortgages ’ postcode property index have revealed the postcodes in the capital which have seen the fastest house price growth over the past 12 months .
Read more : Official figures confirm jump in UK house prices And it is properties south of the river that are benefiting from the relative boom in property prices despite the pandemic triggering the worst downturn in memory .
House prices in Purley @ @ @ @ @ @ @ months from March 2020 , followed by Selsdon and Sanderstead which edged 1.9 per cent higher in the same period .
House prices in New Malden and Kingston upon Thames in south-west London grew 1.7 per cent , while Tolworth increased by 1.8 per cent .
Read more : London house prices stabilise as buyers take advantage of stamp duty holiday Barclays Mortgages ’ figures show Greater London ’ s average postcode percentage growth up 2.1 per cent over the past 12 months .
The average house price in August 2020 in Greater @ @ @ @ @ @ @ are enjoying the benefits of the pent-up demand , properties in the North West are reporting even higher increases .
Oldham ’ s OL8 postcode tops the index , having seen a 5.7 per cent increase in prices in the past year .
Homes in the area are now 1.2 per cent higher than the rest of Manchester .
The area has no doubt been boosted in part by a number of new regeneration projects in the area , as well as handy transport links to Manchester .
House prices in OL8 are @ @ @ @ @ @ @ below the national average of £217,600 .
The postcode property index also shows that property prices in the Wolverhampton postcode WV2 have increased 4.5 per cent in the last 12 months , a staggering 1.6 per cent more than the rest of the city .
“ We understand that the pandemic added fresh challenges to the process of buying and selling property , and we hope the Postcode Property index will help inform those looking to move ; to help them better understand the regional price fluctuations in their local area ” , @ @ @ @ @ @ @ said .

London house prices: These capital commuter towns have seen the largest rises
Some commuter towns close to London saw their average house price jump despite lockdown
House prices in Greater London have edged higher in the past 12 months even as the outbreak of coronavirus posed fresh challenges for buying and selling property.
Figures from Barclays Mortgages’ postcode property index have revealed the postcodes in the capital which have seen the fastest house price growth over the past 12 months.
And it is properties south of the river that are benefiting from the relative boom in property prices despite the pandemic triggering the worst downturn in memory.
House prices in Purley grew two per cent in the six months from March 2020, followed by Selsdon and Sanderstead which edged 1.9 per cent higher in the same period.
House prices in New Malden and Kingston upon Thames in south-west London grew 1.7 per cent, while Tolworth increased by 1.8 per cent.
The top five London postcodes
Postcode Area Price growth CR8 Purley 2.0% CR2 Selsdon and Sanderstead 1.9% KT5 Tolworth 1.8% KT3 New Malden 1.7% KT2 Kingston upon Thames 1.7% Credit: Barclays Mortgages and Hometrack
Barclays Mortgages’ figures show Greater London’s average postcode percentage growth up 2.1 per cent over the past 12 months. The average house price in August 2020 in Greater London was £475,980.
While London postcodes are enjoying the benefits of the pent-up demand, properties in the North West are reporting even higher increases.
Oldham’s OL8 postcode tops the index, having seen a 5.7 per cent increase in prices in the past year. Homes in the area are now 1.2 per cent higher than the rest of Manchester.
The area has no doubt been boosted in part by a number of new regeneration projects in the area, as well as handy transport links to Manchester.
House prices in OL8 are now £174,835, which is approximately £63,000 below the national average of £217,600.
The postcode property index also shows that property prices in the Wolverhampton postcode WV2 have increased 4.5 per cent in the last 12 months, a staggering 1.6 per cent more than the rest of the city.
“We understand that the pandemic added fresh challenges to the process of buying and selling property, and we hope the Postcode Property index will help inform those looking to move; to help them better understand the regional price fluctuations in their local area”, Lee Chiswell, director of Barclays Mortgages said.


cityam--2020-10-05--Young Londoners buck trend to leave the capital due to coronavirus pandemic

Young people are keen to continue living in London despite the trend , sparked by the coronavirus pandemic , to seek bigger and cheaper housing outside of the capital , according to the latest research .
Research published this morning showed that 73 per cent of Londoners aged 25 to 44 were planning to remain in the capital , compared to 74 per cent before the pandemic .
Read more : Exclusive : Mayor Sadiq Khan says no “ accurate picture ” of Covid-19 resurgence in London Before the pandemic 21 per cent of young people were preparing to leave @ @ @ @ @ @ @ of respondents to the PwC survey said they were definitely abandoning the city after the crisis .
A further 13 per cent said they were undecided on a potential move away from the capital .
PwC economist Jamie Durham said : “ This is interesting given they are the group that are most affected by job losses , and can least afford London house prices , but not necessarily that surprising given that it is where many of their friends will be based and the range of leisure opportunities the capital offers.
” @ @ @ @ @ @ @ many Londoners were planning to move to the suburbs or other towns or villages , seeking more outdoor space following the UK coronavirus lockdown .
The shift towards home-working has also made some people rethink the necessity of living a commutable distance from central London .
Read more : London may be empty but community spirit must stay strong Around a third of over 45 year olds who currently live in London said they expect to move to a different region outside of Greater London the next time they move – an increase @ @ @ @ @ @ @ the pandemic .
The analysis also found that 20 per cent of people were now less likely to purchase a home over the next couple of years compared to February .
However 10 per cent of people were now more likely to do so .

Young Londoners buck trend to leave the capital due to coronavirus pandemic
Young people are keen to continue living in London despite the trend, sparked by the coronavirus pandemic, to seek bigger and cheaper housing outside of the capital, according to the latest research.
Research published this morning showed that 73 per cent of Londoners aged 25 to 44 were planning to remain in the capital, compared to 74 per cent before the pandemic.
Before the pandemic 21 per cent of young people were preparing to leave London.
However just 13 per cent of respondents to the PwC survey said they were definitely abandoning the city after the crisis.
A further 13 per cent said they were undecided on a potential move away from the capital.
PwC economist Jamie Durham said: “This is interesting given they are the group that are most affected by job losses, and can least afford London house prices, but not necessarily that surprising given that it is where many of their friends will be based and the range of leisure opportunities the capital offers.”
The new research comes after reports that many Londoners were planning to move to the suburbs or other towns or villages, seeking more outdoor space following the UK coronavirus lockdown.
The shift towards home-working has also made some people rethink the necessity of living a commutable distance from central London.
Around a third of over 45 year olds who currently live in London said they expect to move to a different region outside of Greater London the next time they move – an increase of 14 per cent compared to before the pandemic.
The analysis also found that 20 per cent of people were now less likely to purchase a home over the next couple of years compared to February. However 10 per cent of people were now more likely to do so.


cityam--2020-10-05--President Trump says he will leave hospital tonight

President Donald Trump has announced he will leave hospital later today and continue his recovery at the White House .
The US President took to Twitter ahead of a press briefing by his doctors to announce he will be leaving the Walter Reed medical centre later today and said he was “ feeling really good ” .
Read more : Breaking : Now President Trump ’ s Press Secretary tests positive for Covid-19 His medical team said Trump had received his third dose of remdesivir and it had been 72 hours since his last fever .
Yesterday afternoon the president @ @ @ @ @ @ @ will return to a “ top notch ” team at the White House , physician Sean Conley told reporters..
Ahead of the press briefing , Trump tweeted : “ Don ’ t be afraid of Covid .
Don ’ t let it dominate your life .
We have developed , under the Trump administration , some really great drugs and knowledge .
I feel better than I did 20 years ago !
” But the seriousness of Trump ’ s coronavirus diagnosis remains unclear .
Over the weekend President Trump ’ s medical @ @ @ @ @ @ @ of blood-oxygen drops since testing positive for coronavirus .
He faced criticism for a “ drive-by ” walkabout on Sunday near the medical centre where he is receiving treatment .
One attending physician at the centre called the stunt “ insanity ” .
James Phillips , a doctor of emergency medicine at George Washington University , tweeted : “ Every single person in the vehicle during that completely unnecessary Presidential ‘ drive-by ’ just now has to be quarantined for 14 days .
They might get sick .
They may die ” .
@ @ @ @ @ @ @ comes after another one of his inner circle to test positive for coronavirus .
The White House press secretary Kayleigh McEnany tweeted : “ After testing negative consistently , including every day since Thursday , I tested positive for Covid-19 on Monday morning while experiencing no symptoms ” .
Read more : US stocks and FTSE 100 jump as markets rebound on signs of Trump ’ s health improving The president ’ s campaign chief Bill Stepien , as well as White House aides Kellyanne Conway and Hope Hicks have all tested positively @ @ @ @

President Trump says he will leave hospital tonight
President Donald Trump has announced he will leave hospital later today and continue his recovery at the White House.
The US President took to Twitter ahead of a press briefing by his doctors to announce he will be leaving the Walter Reed medical centre later today and said he was “feeling really good”.
His medical team said Trump had received his third dose of remdesivir and it had been 72 hours since his last fever.
Yesterday afternoon the president had actually met his discharge requirements and will return to a “top notch” team at the White House, physician Sean Conley told reporters..
Ahead of the press briefing, Trump tweeted: “Don’t be afraid of Covid. Don’t let it dominate your life. We have developed, under the Trump administration, some really great drugs and knowledge. I feel better than I did 20 years ago!”
https://twitter.com/realDonaldTrump/status/1313186529058136070?s=20
But the seriousness of Trump’s coronavirus diagnosis remains unclear. Over the weekend President Trump’s medical team said he had suffered two episodes of blood-oxygen drops since testing positive for coronavirus.
He faced criticism for a “drive-by” walkabout on Sunday near the medical centre where he is receiving treatment.
One attending physician at the centre called the stunt “insanity”.
James Phillips, a doctor of emergency medicine at George Washington University, tweeted: “Every single person in the vehicle during that completely unnecessary Presidential ‘drive-by’ just now has to be quarantined for 14 days. They might get sick. They may die”.
News of the president’s discharge comes after another one of his inner circle to test positive for coronavirus.
The White House press secretary Kayleigh McEnany tweeted: “After testing negative consistently, including every day since Thursday, I tested positive for Covid-19 on Monday morning while experiencing no symptoms”.
The president’s campaign chief Bill Stepien, as well as White House aides Kellyanne Conway and Hope Hicks have all tested positively for the virus.


cityam--2020-10-05--Refinitiv buys the Red Flag Group as it expands due diligence offering

Data provider Refinitiv is set to expand its due diligence offering as it announces its acquisition of risk firm the Red Flag Group .
Refinitiv said it was “ expanding its suite of due diligence offerings ” with the acquisition of what it described as a “ leading provider of workflow , data , due diligence and ratings solutions ” .
The Red Flag Group is a Hong Kong-based compliance risk firm with offices located in the US , Asia , the Middle East and Europe .
With more than 900 clients , its products include Integrawatch , which monitors @ @ @ @ @ @ @ , a platform used to identify and manage risk .
The acquisition comes at a pivotal time given the growth of due diligence services as businesses tackle new challenges due to the pandemic , including supply chain resilience , as well as increased focus on ESG due diligence .
Refinitiv said the addition of the Red Flag Group ’ s services will add to its existing due diligence capabilities and result in a “ comprehensive set of tools and services to assist in customer and third-party risk mitigation ” .
“ We chose @ @ @ @ @ @ @ prospect of further growth and investment , ” said Scott Lane , Founder and chief executive of The Red Flag Group .
“ The opportunity to build an extensive suite of due diligence products and capabilities to better serve our growing customer base is an exciting prospect.
” Phil Cotter , managing director of Refinitiv ’ s risk business said : “ The Red Flag Group ’ s strong corporate customer base and customer-facing technology complement our traditional strength in financial services , rich and diverse datasets and automation capabilities.
” Refinitiv itself @ @ @ @ @ @ @ the London Stock Exchange over a blockbuster $ 27bn takeover bid .
EU antitrust regulators will make a decision on the bid on 16 December after resuming their investigation into the deal .
Europe ’ s competition regulator has voiced concerns that London ’ s bond-trading platform MTS and Refinitiv , which owns bond platform Tradeweb , would have too large a market share .

Refinitiv buys the Red Flag Group as it expands due diligence offering
UK households are feeling the pinch with available cash at its lowest level for eight years according to research by Scottish Widows (Photo: Getty images)
Data provider Refinitiv is set to expand its due diligence offering as it announces its acquisition of risk firm the Red Flag Group.
Refinitiv said it was “expanding its suite of due diligence offerings” with the acquisition of what it described as a “leading provider of workflow, data, due diligence and ratings solutions”.
The Red Flag Group is a Hong Kong-based compliance risk firm with offices located in the US, Asia, the Middle East and Europe.
With more than 900 clients, its products include Integrawatch, which monitors negative compliance issues, and Compliance Desktop, a platform used to identify and manage risk.
The acquisition comes at a pivotal time given the growth of due diligence services as businesses tackle new challenges due to the pandemic, including supply chain resilience, as well as increased focus on ESG due diligence.
Refinitiv said the addition of the Red Flag Group’s services will add to its existing due diligence capabilities and result in a “comprehensive set of tools and services to assist in customer and third-party risk mitigation”.
“We chose to join Refinitiv because they offer the prospect of further growth and investment,” said Scott Lane, Founder and chief executive of The Red Flag Group. “The opportunity to build an extensive suite of due diligence products and capabilities to better serve our growing customer base is an exciting prospect.”
Phil Cotter, managing director of Refinitiv’s risk business said: “The Red Flag Group’s strong corporate customer base and customer-facing technology complement our traditional strength in financial services, rich and diverse datasets and automation capabilities.”
Refinitiv itself is still tied up in talks with the London Stock Exchange over a blockbuster $27bn takeover bid.
EU antitrust regulators will make a decision on the bid on 16 December after resuming their investigation into the deal.
Europe’s competition regulator has voiced concerns that London’s bond-trading platform MTS and Refinitiv, which owns bond platform Tradeweb, would have too large a market share.


cityam--2020-10-05--Business secretary Alok Sharma hits out at Extinction Rebellion for its 'innefective' methods

Business secretary Alok Sharma has hit out at Extinction Rebellion for its methods , saying the environmental group ’ s actions will not lead to any real change .
Sharma said at the Conservative party conference that the way to “ achieve climate action ” was not by “ glueing yourself to trains , by glueing yourself to buildings [ or ] by disprupting peoples lives ” in a clear swipe at Extinction Rebellion .
The environmental group gained notoriety last year for its large scale protests , which saw thousands of people in London cause disruptions in an attempt @ @ @ @ @ @ @ The group has pulled stunts such as shutting down London City Airport , blockading parts of Central London and stopping delivery of mainstream daily newspapers .
Reports earlier this year indicated that the government was considering designating Extinction Rebellion as an eco-terrorist group .
Sharma said the group ’ s methods were ineffective and that curbing climate change could only happen in a capitalist economy .
Before the Open newsletter : Start your day with the City View podcast and key market data “ There are people in our country who think that @ @ @ @ @ @ @ by glueing yourself to trains , by glueing yourself to buildings , by disrupting people ’ s lives – that isn ’ t the way , ” he said .
“ As Conservatives , we understand that capitalism and the market economy is what has the answer for innovation and delivering on climate action .
“ And we ’ ve shown over the last 30 years , we ’ ve grown our economy by 75 per cent , but cut emissions by 43 per cent at the same time.
” The UK has @ @ @ @ @ @ @ by 2050 , which is among the most ambitious targets within the G20 group of countries .
Read more : Rishi Sunak vows to protect UK ’ s entrepreneurs in conference speech Chancellor Rishi Sunak said at a fringe Tory party conference event today that climate policy would be one of the top priorities for the UK ’ s presidency of the G7 next year .
“ People should expect to see climate change and tackling climate change as something we will champion very hard next year…and making sure there ’ s some @ @ @ @ @ @ @ happening at those levels , ” Sunak said .

Business secretary Alok Sharma hits out at Extinction Rebellion for its ‘innefective’ methods
Police officers wearing face masks and gloves due to the COVID-19 pandemic, detain an activist from the climate protest group Extinction Rebellion as they demonstrate in Parliament Square
Business secretary Alok Sharma has hit out at Extinction Rebellion for its methods, saying the environmental group’s actions will not lead to any real change.
Sharma said at the Conservative party conference that the way to “achieve climate action” was not by “glueing yourself to trains, by glueing yourself to buildings [or] by disprupting peoples lives” in a clear swipe at Extinction Rebellion.
The environmental group gained notoriety last year for its large scale protests, which saw thousands of people in London cause disruptions in an attempt to draw attention to climate change.
The group has pulled stunts such as shutting down London City Airport, blockading parts of Central London and stopping delivery of mainstream daily newspapers.
Reports earlier this year indicated that the government was considering designating Extinction Rebellion as an eco-terrorist group.
Sharma said the group’s methods were ineffective and that curbing climate change could only happen in a capitalist economy.
Before the Open newsletter: Start your day with the City View podcast and key market data
“There are people in our country who think that the way you achieve climate action is by glueing yourself to trains, by glueing yourself to buildings, by disrupting people’s lives – that isn’t the way,” he said.
“As Conservatives, we understand that capitalism and the market economy is what has the answer for innovation and delivering on climate action.
“And we’ve shown over the last 30 years, we’ve grown our economy by 75 per cent, but cut emissions by 43 per cent at the same time.”
The UK has pledged to reach net zero carbon emissions by 2050, which is among the most ambitious targets within the G20 group of countries.
Chancellor Rishi Sunak said at a fringe Tory party conference event today that climate policy would be one of the top priorities for the UK’s presidency of the G7 next year.
“People should expect to see climate change and tackling climate change as something we will champion very hard next year…and making sure there’s some sort of overlap around what’s happening at those levels,” Sunak said.
Extinction Rebellion was contacted for comment.


cityam--2020-10-05--London coronavirus cases: How many infections are in your London borough?

The number of confirmed coronavirus cases in London hit 54,793 today , with Brent and Barnet continuing to be the worst affected boroughs .
Figures released by Public Health England showed that Brent had recorded 2,519 , confirmed Covid-19 cases as of today , while Barnet has had 2,579 .
Read more : UK lockdown : Zoos and drive-in cinemas could reopen from 15 June Croydon and Ealing have recorded 2,505 and 2,480 positive tests respectively .
The capital has had 12.4 per cent of England ’ s 388,342 confirmed cases , and has 611 cases per 100,000 people .
@ @ @ @ @ @ @ regions on a near daily basis as the UK is hit by a second coronavirus wave .
Last week health secretary Matt Hancock announced further restrictions in Liverpool , Warrington , Hartlepool and Middlesborough .
He said people could no longer mix with other households , including in pubs and restaurants , as cases rise at a worrying rate .
And there has been speculation that London may be put into an effective two-week lockdown to stem the rising tide of cases .
East London has the highest rates of new cases , @ @ @ @ @ @ @ and Dagenham , Tower Hamlets and Newham reporting high levels of infections .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
Sign up to City A.M. ’ s Midday Update newsletter , delivered to your inbox every lunchtime Data sourced from Public Health England , effective as of 4 August New restrictions on a cluster of North East areas – including Newcastle-upon-Tyne , Gateshead , South Tyneside , Sunderland and County Durham – came into force last Wednesday .
The @ @ @ @ @ @ @ households .
Fears are growing that similar restrictions may be implemented in the capital as well , with Sadiq Khan saying London is at “ breaking point ” .
Khan added that London has seen a “ sharp rise ” in 111 calls , hospital admissions and patients in intensive care units .
The fresh rules on social interaction are expected to be rolled out if current measures including the “ rule of six ” and a 10pm curfew on hospitality venues fail to quash the upward curve in infections .
Pubs , @ @ @ @ @ @ @ shutter for two weeks in both , marking a return to so-called circuit breaker plans which were abandoned last week .
Sadiq Khan : No ‘ accurate picture ’ of Covid-19 resurgence in London The mayor of London has said coronavirus is spreading “ widely and quickly across London again ” but warns that there is no totally “ accurate picture ” due to government failings .
Writing exclusively for City A.M. , Sadiq said this is “ the most precarious period for business we have ever faced ” but rejects what he @ @ @ @ @ @ @ saving lives or saving the economy .
The Mayor says there is no “ accurate picture of the levels of the virus in different parts of our city ” but that indicators such as 111 calls , GP visits , hospital admissions and intensive care numbers are “ accelerating in the wrong direction .
”

How many Covid-19 infections are there in your London borough?
London has seen a sharp drop in the number of recorded coronavirus cases over the past few days, after figures released on Friday showed the capital currently has the lowest R rate in the country.
A further 629 cases were recorded in the past 24 hours, taking the total number of positive tests in London since the start of the pandemic to 697,278.
It marks a significant drop since a record 19,871 daily cases were recorded on 29 December, as lockdown measures continue to drive down infections.
Several areas in the capital have seen case numbers drop threefold over the past fortnight, which in turn has pushed down the spread of infection.
Most boroughs in the capital now have a seven-day rate below 100 new cases per 100,000, but that figure is below 50 in some areas in central London.
Twenty-nine London borough areas, including the whole of east London which was hardest hit by the second wave, have a seven-day case rate below 100 new confirmed cases per 100,000.
Meanwhile, Southwark, Westminster, Camden, Kensington and Chelsea all recorded seven-day rates below 50. Lewisham saw the lowest case rate in the capital in the week to 24 February, with an average of 43 people infected per 100,000 population.
Meanwhile, Ealing currently has the highest case rate, with 123 cases per 100,000, followed by Hounslow at 115 and Hillingdon on 97.
Health chiefs have said all London boroughs need to get below a case rate of 100 before restrictions can begin to be lifted, starting with the reopening of schools on 8 March.
It comes after figures released last Friday showed London’s R rate remains at a best estimate of 0.6 to 0.8 — the lowest in the country, alongside the east of England and the South West.
The figure means infections may be falling anywhere between five and eight per cent each day.
However, separate figures released last week showed the percentage of people testing positive for coronavirus in London remains the highest of any English region.
Data published by the Office for National Statistics (ONS) showed around 1 in 63 Londoners were infected with the virus last week.
That compares to an estimated 1 in 80 people who contracted the virus in England as a whole in the week to 6 February, according to ONS figures.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
London coronavirus cases by borough (in alphabetical order)
Data sourced from Public Health England, accurate as of 4pm on Tuesday 2 March
Boroughs Rate of infection per 100,000 people in last 7 days Total confirmed cases since start of pandemic Barking and Dagenham 86 22,925 Barnet 75 29,569 Bexley 58 21,812 Brent 91 27,577 Bromley 48 23,857 Camden 42 13,683 Croydon 73 30,213 Ealing 123 29,807 Enfield 48 29,217 Greenwich 55 21,769 Hackney and City of London 57 21,234 Hammersmith and Fulham 76 12,564 Haringey 58 20,345 Harrow 95 19,917 Havering 65 26,383 Hillingdon 97 25,287 Hounslow 115 23,817 Islington 43 14,574 Kensington and Chelsea 43 8,643 Kingston upon Thames 47 11,764 Lambeth 49 23,625 Lewisham 39 21,226 Merton 79 15,719 Newham 61 34,574 Redbridge 72 31,965 Richmond upon Thames 55 10,430 Southwark 42 21,947 Sutton 80 15,509 Tower Hamlets 53 28,074 Waltham Forest 52 24,325 Wandsworth 63 21,377 Westminster 41 13,577
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cityam--2020-10-05--Oil prices jump on optimism over Trump health updates

Oil prices surged six per cent today after doctors said US President Donald Trump could soon be discharged from hospital following his Covid-19 diagnosis .
Brent crude rose 5.6 per cent to $ 41.48 per barrel this afternoon , while US West Texas Intermediate was up 6.4 per cent to $ 39.42 per barrel .
Read more : Weir Group sheds oil and gas division in $ 405m Caterpillar deal Oil prices had dropped more than four per cent on Friday as Trump was flown by military hospital by helicopter after testing positive for coronavirus .
While the president ’ @ @ @ @ @ @ @ of the day , doctors have said he could return to the White House as early as this evening .
Prices were also boosted by increased hopes of a US stimulus package after White House chief of staff Mark Meadows said there was still potential for lawmakers to reach an agreement on further economic support to counteract the impact of the pandemic .
“ Apart from news of Donald Trump potentially being discharged from hospital as early as today , there is growing optimism that a US fiscal stimulus package will soon be @ @ @ @ @ @ @ signs that the pace of the economic recovery post lockdown has slowed down quicker than expected , ” said Fawad Razaqzada , market analyst at Think Markets .
“ Investors are hoping that with more stimulus , the US economic output should rise and thus provide tailwind support for oil prices as demand for crude oil continues to recover post lockdown.
” Read more : Oil prices slump as Trump contracts coronavirus and global output increases Oil was also buoyed by the closure of six Norwegian offshore oil and gas fields as more @ @ @ @ @ @ @ row over pay .
The strike will cut Norway ’ s total output capacity by just over 330,000 barrels of oil equivalent per day , or about eight per cent of total production , according to the Norwegian Oil and Gas Association .

Oil prices jump on optimism over Trump health updates
Oil prices surged six per cent today after doctors said US President Donald Trump could soon be discharged from hospital following his Covid-19 diagnosis.
Brent crude rose 5.6 per cent to $41.48 per barrel this afternoon, while US West Texas Intermediate was up 6.4 per cent to $39.42 per barrel.
Oil prices had dropped more than four per cent on Friday as Trump was flown by military hospital by helicopter after testing positive for coronavirus.
While the president’s condition remained unclear at the beginning of the day, doctors have said he could return to the White House as early as this evening.
Prices were also boosted by increased hopes of a US stimulus package after White House chief of staff Mark Meadows said there was still potential for lawmakers to reach an agreement on further economic support to counteract the impact of the pandemic.
“Apart from news of Donald Trump potentially being discharged from hospital as early as today, there is growing optimism that a US fiscal stimulus package will soon be agreed by the two sides amid growing signs that the pace of the economic recovery post lockdown has slowed down quicker than expected,” said Fawad Razaqzada, market analyst at Think Markets.
“Investors are hoping that with more stimulus, the US economic output should rise and thus provide tailwind support for oil prices as demand for crude oil continues to recover post lockdown.”
Oil was also buoyed by the closure of six Norwegian offshore oil and gas fields as more workers joined a strike in an escalating row over pay.
The strike will cut Norway’s total output capacity by just over 330,000 barrels of oil equivalent per day, or about eight per cent of total production, according to the Norwegian Oil and Gas Association.