cityam--2020-12-05--Labour leader Sir Keir Starmer self-isolating for the second time

Labour leader Sir Keir Starmer is back in self-isolation after a member of his staff tested positive for coronavirus .
@ @ @ @ @ time Starmer has had to quarantine after one of his children showed symptoms in September @ @ @ @ @ not thought to be showing any symptoms but will have to remain self-isolating until 16 @ @ @ @ @ News .
It comes just weeks after the Prime Minister was forced to self-isolate after @ @ @ @ @ tested positive for the virus .
Boris Johnson was contacted by the Test and Trace @ @ @ @ @ any symptoms , after contracting the virus earlier this year .
The current rate at @ @ @ @ @ across the UK – known as the R rate – has dipped to between 0.8 @ @ @ @ @ pandemic is declining at a faster rate .
The growth rate was between minus three @ @ @ @ @ per cent , down from between minus two per cent zero growth last week , @ @ @ @ @ infections is shrinking between one per cent and three per cent each day .

Labour leader Sir Keir Starmer self-isolating for the second time
Labour leader Sir Keir Starmer is back in self-isolation after a member of his staff tested positive for coronavirus.
It will be the second time Starmer has had to quarantine after one of his children showed symptoms in September.
The opposition leader is not thought to be showing any symptoms but will have to remain self-isolating until 16 December, according to Sky News.
It comes just weeks after the Prime Minister was forced to self-isolate after meeting an MP who later tested positive for the virus.
Boris Johnson was contacted by the Test and Trace system but did not show any symptoms, after contracting the virus earlier this year.
The current rate at which the virus is reproducing across the UK – known as the R rate – has dipped to between 0.8 and one, meaning the pandemic is declining at a faster rate.
The growth rate was between minus three per cent and minus one per cent, down from between minus two per cent zero growth last week, indicating the number of new infections is shrinking between one per cent and three per cent each day.


cityam--2020-12-05--Falling review – Viggo Mortensen family drama feels too familiar

35 years after his big screen debut , Viggo Mortensen steps behind the camera for his feature debut , in a story he also writes and stars in .
He plays John , a pilot who lives in California with his husband Eric ( Terry Chen ) and daughter Monica ( Gabby Velis ) .
His contented West Coast life is disrupted by the arrival of his father Willis ( Lance Henricksen ) , an elderly conservative farmer who is suffering from dementia .
He ’ s asked to come live near his son , but on arrival forgets this @ @ @ @ @ @ @ and leave .
As he patiently tries to help his father , both men think back to their troubled family life on the farm , and the mistakes that haunt them both .
It ’ s a film with its heart in the right place , but unfortunately filled with scenes that seem so familiar .
Henricksen spouting every racist and homophobic slur in the book as Mortensen winces and mutters “ Jesus , Dad !
” We ’ ve seen variations of this story in films like Nebraska , Little Miss Sunshine @ @ @ @ @ @ @ .
While it is familiar , it ’ s executed with grace .
Mortensen forgoes the usual tropes of gay couples on screen , presenting a happy family life that further exposes the absurdity of Willis ’ bigotry .
The flashbacks are told like patches of a dream , or perhaps nightmare .
Sverrir Gudnason is interesting as the younger Willis , a new father with a drinking problem and unchecked aggression .
In the present day , Laura Linney ’ s bright demeanour is perfect for Sarah , John ’ s sister @ @ @ @ @ @ @ fine .
Also , watch out for an out-of-nowhere cameo from David Cronenberg , Mortensen ’ s director on three films returning the favour by playing Willis ’ doctor .
The bulk of the film is on Henricksen ’ s shoulders , with his piercing eyes filled with confusion and cruelty .
There are a number of monologues that hint at the man he once was , as well as the pain and confusion of his condition .
As hard as it is to feel sorry for a man who calls his son @ @ @ @ @ @ @ his performance shows that family connections are often the messiest .
Falling is a simple story , told by a strong cast that make you feel for their predicament .
However , a repetitive nature makes it indistinguishable from the raft of independent movies on the same subject .
Falling is released in cinemas and On Demand from 4th December

Falling review – Viggo Mortensen family drama feels too familiar
Viggo Mortensen stars in family drama Falling
35 years after his big screen debut, Viggo Mortensen steps behind the camera for his feature debut, in a story he also writes and stars in. He plays John, a pilot who lives in California with his husband Eric (Terry Chen) and daughter Monica (Gabby Velis).
His contented West Coast life is disrupted by the arrival of his father Willis (Lance Henricksen), an elderly conservative farmer who is suffering from dementia. He’s asked to come live near his son, but on arrival forgets this request and constantly battles John to try and leave. As he patiently tries to help his father, both men think back to their troubled family life on the farm, and the mistakes that haunt them both.
It’s a film with its heart in the right place, but unfortunately filled with scenes that seem so familiar. Henricksen spouting every racist and homophobic slur in the book as Mortensen winces and mutters “Jesus, Dad!” We’ve seen variations of this story in films like Nebraska, Little Miss Sunshine, Gran Torino, and many more.
While it is familiar, it’s executed with grace. Mortensen forgoes the usual tropes of gay couples on screen, presenting a happy family life that further exposes the absurdity of Willis’ bigotry. The flashbacks are told like patches of a dream, or perhaps nightmare. Sverrir Gudnason is interesting as the younger Willis, a new father with a drinking problem and unchecked aggression. In the present day, Laura Linney’s bright demeanour is perfect for Sarah, John’s sister who just wants to pretend everything is fine. Also, watch out for an out-of-nowhere cameo from David Cronenberg, Mortensen’s director on three films returning the favour by playing Willis’ doctor.
The bulk of the film is on Henricksen’s shoulders, with his piercing eyes filled with confusion and cruelty. There are a number of monologues that hint at the man he once was, as well as the pain and confusion of his condition. As hard as it is to feel sorry for a man who calls his son “fairy” over and over, his performance shows that family connections are often the messiest.
Falling is a simple story, told by a strong cast that make you feel for their predicament. However, a repetitive nature makes it indistinguishable from the raft of independent movies on the same subject.
Falling is released in cinemas and On Demand from 4th December


cityam--2020-12-06--Covid vaccine: UK's medicines regulator 'ready' for no-deal Brexit

The UK ’ s medicines regulator is prepared for the prospect of a no-deal Brexit and is determined it will not affect Covid vaccine distribution , according to its chief .
Dr June Raine , chief executive at the Medicines and Healthcare products Regulatory Agency ( MHRA ) , said the regulator was “ prepared forany possible outcome ” .
Read more : Eustice : UK has three days to close Brexit deal after talks have gone ‘ backwards ’ Fears that the UK will leave the EU ’ s single market and customs union with no trade deal on @ @ @ @ @ @ @ to make progress .
Chief UK negotiator Lord David Frost and his EU counterpart are in Brussels today to restart talks face-to-face .
A source close to Frost told the Sunday Times that the chances of a no-deal Brexit are “ 50-50 ” .
There has been concern that a no-deal Brexit would severely harm flows of medicines between the EU and UK , particularly any Covid vaccine .
However , Raine told the BBC today that the MHRA had prepped for all possible scenarios .
Before the Open newsletter : Start your @ @ @ @ @ @ @ key market data “ Our goal at the MHRA is to make sure that whatever the outcome , whatever the deal , that medicines and medical devices and vaccines reach anyone in all parts of the country , without any interruption at all , ” she said .
“ We ’ re rehearsed , we ’ re ready and we know whatever the deal , we will be able to ensure people will have access.
” When pushed on the prospect of a no-deal exit , she said : “ We are practiced @ @ @ @ @ @ @ fully prepared for any possible outcome.
” Read more : Pfizer vaccine ‘ arrives in UK ’ for distribution The MHRA this week became the first regulator in the world to approve the Pfizer/BioNTech Covid vaccine , with a rollout to care workers , NHS workers and those over 80 to begin next week .
The vaccine was produced in Germany .

Covid vaccine: UK’s medicines regulator ‘ready’ for no-deal Brexit
The UK’s medicines regulator is prepared for the prospect of a no-deal Brexit and is determined it will not affect Covid vaccine distribution, according to its chief.
Dr June Raine, chief executive at the Medicines and Healthcare products Regulatory Agency (MHRA), said the regulator was “prepared forany possible outcome”.
Fears that the UK will leave the EU’s single market and customs union with no trade deal on 31 December are rising as talks struggle to make progress.
Chief UK negotiator Lord David Frost and his EU counterpart are in Brussels today to restart talks face-to-face.
A source close to Frost told the Sunday Times that the chances of a no-deal Brexit are “50-50”.
There has been concern that a no-deal Brexit would severely harm flows of medicines between the EU and UK, particularly any Covid vaccine.
However, Raine told the BBC today that the MHRA had prepped for all possible scenarios.
Before the Open newsletter: Start your day with the City View podcast and key market data
“Our goal at the MHRA is to make sure that whatever the outcome, whatever the deal, that medicines and medical devices and vaccines reach anyone in all parts of the country, without any interruption at all,” she said.
“We’re rehearsed, we’re ready and we know whatever the deal, we will be able to ensure people will have access.”
When pushed on the prospect of a no-deal exit, she said: “We are practiced, we are ready, we are fully prepared for any possible outcome.”
The MHRA this week became the first regulator in the world to approve the Pfizer/BioNTech Covid vaccine, with a rollout to care workers, NHS workers and those over 80 to begin next week.
The vaccine was produced in Germany.


cityam--2020-12-06--Scotland's public spending lead over England and Wales increases

Scotland ’ s public spending advantage over England and Wales has extended to record levels , after a raft of new spending announcements by Nicola Sturgeon .
Sturgeon recently announced an extension of free school meals and a pay rise for health workers , meaning Scotland now spends £2,000 per person more on public services than England and Wales .
This is a lead of about 20 per cent .
The devolved Scottish government has always spent more per person than Westminster on public services , however this lead has now doubled since its formation in 1999 .
The gap @ @ @ @ @ @ @ 10 years as the Tories have kept using the Barnett Formula , which decides how much public money is allocated to the UK ’ s devolved governments .
Before the Open newsletter : Start your day with the City View podcast and key market data Some have argued that the formula gives an unfair advantage to regions north of the border , however it is seen as essential to stave off support for Scottish independence by unionist political parties .
Manchester mayor Andy Burnham has called for a rethink of the formula to @ @ @ @ @ @ @ .
Read more : Eustice : UK has three days to close Brexit deal after talks have gone ‘ backwards Graeme Roy , director of the Fraser of Allander Institute , told The Sunday Times : “ Of the three devolved nations and nine English regions , only Northern Ireland has higher levels of public spending per head [ than Scotland ] .
“ In recent years , Scotland ’ s relative spending advantage has grown : up by nearly £400 per person since 2014-15 .
This has been , in part , @ @ @ @ @ @ @ government , but also due to increased spending by Westminster flowing to Scotland through the Barnett formula and higher social security payments .
”

Scotland’s public spending lead over England and Wales increases
EDINBURGH, SCOTLAND – DECEMBER 03: First Minister Nicola Sturgeon attends First Minister’s Questions at the Scottish Parliament on December 3, 2020 in Edinburgh, Scotland. Nicola Sturgeon is quizzed by opposition leaders on details related to the vaccination programme during the weekly questions. (Photo by Jeff J Mitchell – Pool/Getty Images)
Scotland’s public spending advantage over England and Wales has extended to record levels, after a raft of new spending announcements by Nicola Sturgeon.
Sturgeon recently announced an extension of free school meals and a pay rise for health workers, meaning Scotland now spends £2,000 per person more on public services than England and Wales.
This is a lead of about 20 per cent.
The devolved Scottish government has always spent more per person than Westminster on public services, however this lead has now doubled since its formation in 1999.
The gap has grown particularly quickly over the past 10 years as the Tories have kept using the Barnett Formula, which decides how much public money is allocated to the UK’s devolved governments.
Before the Open newsletter: Start your day with the City View podcast and key market data
Some have argued that the formula gives an unfair advantage to regions north of the border, however it is seen as essential to stave off support for Scottish independence by unionist political parties.
Manchester mayor Andy Burnham has called for a rethink of the formula to ensure more money goes toward English regions.
Graeme Roy, director of the Fraser of Allander Institute, told The Sunday Times: “Of the three devolved nations and nine English regions, only Northern Ireland has higher levels of public spending per head [than Scotland].
“In recent years, Scotland’s relative spending advantage has grown: up by nearly £400 per person since 2014-15. This has been, in part, funded by tax increases from the Scottish government, but also due to increased spending by Westminster flowing to Scotland through the Barnett formula and higher social security payments.”


cityam--2020-12-06--Eustice: UK has three days to close Brexit deal after talks have gone 'backwards'

Brexit trade talks went “ backwards ” last week and there are only a few days left to decide if a deal can be struck , according to the UK ’ s environment secretary .
George Eustice said today that the UK will definitively have to walk away from talks in three days if the UK and EU can ’ t “ resolve these quite fundamental divergences of the moment ” on fisheries access to British waters .
Read more : Brexit talks back on : Boris Johnson and Ursula von der Leyen agree to resume trade deal negotiations UK @ @ @ @ @ @ @ Brussels today to restart Brexit talks with EU negotiator Michel Barnier , after Prime Minister Boris Johnson and European Commissioner Urusula von der Leyen spoke for an hour last night .
In a joint statement the pair said “ significant differences ” remained over fisheries , business subsidy regulations and the overall governance of the deal .
A senior UK source close to Frost told the Telegraph it was a “ final throw of the dice ” .
Johnson and von der Leyen are slated to speak again tomorrow night .
Speaking to @ @ @ @ @ @ @ “ There ’ s no denying the end of last week was quite a setback .
Before the Open newsletter : Start your day with the City View podcast and key market data “ The European Union came forward with lots of new additional request again so we stated again last week as hopeful and there ’ s no denying things have gone backwards later last week.
” French demands over fisheries access to UK waters is now seen as the largest barrier to a post-Brexit trade deal , with Emmanuel Macron reportedly @ @ @ @ @ @ @ is asking for EU countries to maintain access to 80 per cent of the value of fish in British waters that they had pre-Brexit .
The UK ’ s latest offer to Brussels is reportedly for them keep as little as 20 per cent – a figure turned down by Barnier .
“ We can ’ t be the only country in the world that doesn ’ t control its own waters , ” Eustice said .
“ International law is very clear that you should control and manage your waters out to @ @ @ @ @ @ @ able to to do that like Norway or any other normal country.
” A senior Number 10 figure told The Times last night that the chances of a deal were now “ 50-50 ” and thirteen cabinet ministers told the paper that they supported a no-deal Brexit if need be .
Read more : O Come , Emmanuel : Hopes of Brexit trade deal run thin as Macron toughens stance The European Research Group of Tory Brexit hardliners also issued a statement last night in support of the Prime Minister .
“ [ @ @ @ @ @ @ @ Frost and the British negotiating team ” , it said .
“ We have nothing to fear from freedom .
”

Eustice: UK has three days to close Brexit deal after talks have gone ‘backwards’
Environment secretary George Eustice, arrives at Downing Street on November 10, 2020
Brexit trade talks went “backwards” last week and there are only a few days left to decide if a deal can be struck, according to the UK’s environment secretary.
George Eustice said today that the UK will definitively have to walk away from talks in three days if the UK and EU can’t “resolve these quite fundamental divergences of the moment” on fisheries access to British waters.
UK chief negotiator Lord David Frost is in Brussels today to restart Brexit talks with EU negotiator Michel Barnier, after Prime Minister Boris Johnson and European Commissioner Urusula von der Leyen spoke for an hour last night.
In a joint statement the pair said “significant differences” remained over fisheries, business subsidy regulations and the overall governance of the deal.
A senior UK source close to Frost told the Telegraph it was a “final throw of the dice”.
Johnson and von der Leyen are slated to speak again tomorrow night.
Speaking to the BBC today, Eustice said: “There’s no denying the end of last week was quite a setback.
Before the Open newsletter: Start your day with the City View podcast and key market data
“The European Union came forward with lots of new additional request again so we stated again last week as hopeful and there’s no denying things have gone backwards later last week.
“Of course if the ambience warms up again and great progress is made and it’s just sorting out the detail then you could always find more time, you could always extend.”
French demands over fisheries access to UK waters is now seen as the largest barrier to a post-Brexit trade deal, with Emmanuel Macron reportedly prepared to veto the deal.
Barnier is asking for EU countries to maintain access to 80 per cent of the value of fish in British waters that they had pre-Brexit.
The UK’s latest offer to Brussels is reportedly for them keep as little as 20 per cent – a figure turned down by Barnier.
“We can’t be the only country in the world that doesn’t control its own waters,” Eustice said.
“International law is very clear that you should control and manage your waters out to two miles and we want to be able to to do that like Norway or any other normal country.”
A senior Number 10 figure told The Times last night that the chances of a deal were now “50-50” and thirteen cabinet ministers told the paper that they supported a no-deal Brexit if need be.
The European Research Group of Tory Brexit hardliners also issued a statement last night in support of the Prime Minister.
“[We] the fullest confidence in David Frost and the British negotiating team”, it said.
“We have nothing to fear from freedom.”


cityam--2020-12-06--Britain gets ready for rollout of Pfizer's COVID-19 vaccine this week

LONDON ( Reuters ) – Britain is preparing to become the first country to roll out the Pfizer/BioNTech COVID-19 vaccine this week , initially making the shot available at hospitals before distributing stocks to doctors ’ clinics , the government said on Sunday .
Footage posted by the National Health Service ( NHS ) showed boxes containing doses of the vaccine being delivered to Croydon University Hospital in south London and being stored in a special , securely locked fridge .
“ This is just so exciting .
It ’ s a momentous occasion , ” said Louise Coghlan , @ @ @ @ @ @ @ service .
“ To know that they are here and we are much the first in the country to actually receive the vaccine , and therefore the first in the world , is just amazing .
I ’ m so proud.
” The first doses are set to be administered on Tuesday , with the NHS giving top priority to vaccinating the over-80s , frontline healthcare workers and care home staff and residents .
Britain gave emergency use approval for the vaccine developed by Pfizer and BioNTech last week – jumping ahead in @ @ @ @ @ @ @ crucial mass inoculation programme in history .
In total , Britain has ordered 40 million doses .
As each person requires two doses , that is enough to vaccinate 20 million people in the country of 67 million .
About 800,000 doses are expected to be available within the first week .
Initial doses that have arrived from Belgium are being stored in secure locations across the country , where they will be quality checked , the health ministry said .
The rollout coincides with a crucial and perilous moment in negotiations between @ @ @ @ @ @ @ post-Brexit trade agreement .
A status quo transition period will end on Dec. 31 and a no-deal scenario would lead to major disruptions in the movement of goods between Britain and EU countries such as Belgium .
The Observer newspaper reported on Sunday that , under UK government contingency plans , tens of millions of vaccine doses could be flown to Britain by military aircraft to avoid delays at ports caused by Brexit .
The government declined to comment on the Observer report .
Farming and environment minister George Eustice , asked on @ @ @ @ @ @ @ and whether the Observer report was true , said there would be no disruption .
“ A huge amount of work has gone on to maintain the flow of goods at the border in the event of there being a no-deal Brexit and we ’ ve also got contingency plans in place , including a government-procured ferry that ’ s on standby and of course the option , should it be needed , to use air freight too , ” he said .
The Pfizer/BioNTech vaccine needs to be kept at -70C ( @ @ @ @ @ @ @ in a regular fridge .
For that reason , it will first be administered in 50 hospitals .
NHS England has written to community doctors , telling them to get ready to start giving vaccinations from Dec. 14 .
Groups of local doctors will operate more than 1,000 vaccination centres across the country , the government said .
Boxes of the vaccine contain five packs of 975 doses , but special regulatory approval is needed to split them up .
A senior medical official has said that while he was hopeful it would @ @ @ @ @ @ @ deliver straight to care homes , it was not guaranteed .
With high levels of vaccine scepticism worrying public health experts , the Times and Mail on Sunday newspapers reported that Queen Elizabeth , 94 , and her husband Prince Philip , 99 , would “ let it be known ” when they had received the shot .
The queen is highly admired in British society , and her public backing for the vaccine would be a powerful message to counter anti-vaccination misinformation circulating online .

Britain gets ready for rollout of Pfizer’s COVID-19 vaccine this week
By Estelle Shirbon and Alistair Smout
LONDON (Reuters) – Britain is preparing to become the first country to roll out the Pfizer/BioNTech COVID-19 vaccine this week, initially making the shot available at hospitals before distributing stocks to doctors’ clinics, the government said on Sunday.
Footage posted by the National Health Service (NHS) showed boxes containing doses of the vaccine being delivered to Croydon University Hospital in south London and being stored in a special, securely locked fridge.
“This is just so exciting. It’s a momentous occasion,” said Louise Coghlan, joint chief pharmacist at the Croydon health service. “To know that they are here and we are much the first in the country to actually receive the vaccine, and therefore the first in the world, is just amazing. I’m so proud.”
The first doses are set to be administered on Tuesday, with the NHS giving top priority to vaccinating the over-80s, frontline healthcare workers and care home staff and residents.
Britain gave emergency use approval for the vaccine developed by Pfizer and BioNTech last week – jumping ahead in the global race to begin the most crucial mass inoculation programme in history.
In total, Britain has ordered 40 million doses. As each person requires two doses, that is enough to vaccinate 20 million people in the country of 67 million.
About 800,000 doses are expected to be available within the first week.
Initial doses that have arrived from Belgium are being stored in secure locations across the country, where they will be quality checked, the health ministry said.
The rollout coincides with a crucial and perilous moment in negotiations between Britain and the European Union on a post-Brexit trade agreement.
A status quo transition period will end on Dec. 31 and a no-deal scenario would lead to major disruptions in the movement of goods between Britain and EU countries such as Belgium.
The Observer newspaper reported on Sunday that, under UK government contingency plans, tens of millions of vaccine doses could be flown to Britain by military aircraft to avoid delays at ports caused by Brexit.
The government declined to comment on the Observer report. Farming and environment minister George Eustice, asked on Sky News about concerns of Brexit-related disruption and whether the Observer report was true, said there would be no disruption.
“A huge amount of work has gone on to maintain the flow of goods at the border in the event of there being a no-deal Brexit and we’ve also got contingency plans in place, including a government-procured ferry that’s on standby and of course the option, should it be needed, to use air freight too,” he said.
QUEEN TO BE INOCULATED
The Pfizer/BioNTech vaccine needs to be kept at -70C (-94F) and only lasts five days in a regular fridge. For that reason, it will first be administered in 50 hospitals.
NHS England has written to community doctors, telling them to get ready to start giving vaccinations from Dec. 14. Groups of local doctors will operate more than 1,000 vaccination centres across the country, the government said.
Boxes of the vaccine contain five packs of 975 doses, but special regulatory approval is needed to split them up. A senior medical official has said that while he was hopeful it would be possible to split the packs and deliver straight to care homes, it was not guaranteed.
With high levels of vaccine scepticism worrying public health experts, the Times and Mail on Sunday newspapers reported that Queen Elizabeth, 94, and her husband Prince Philip, 99, would “let it be known” when they had received the shot.
The queen is highly admired in British society, and her public backing for the vaccine would be a powerful message to counter anti-vaccination misinformation circulating online.
(Reporting by Alistair Smout and Estelle Shirbon; Editing by Helen Popper and Elaine Hardcastle)


cityam--2020-12-06--Mike Ashley's Frasers Group eyes last minute rescue of Debenhams

Billionaire retail tycoon Mike Ashley is reportedly trying to rescue Debenhams in a bid that could save 12,000 jobs .
Ashley , who founded retail giant Frasers Group and was previously a major Debenhams shareholder , is reportedly trying to thrash out a deal that would see the retailer valued at more than £200m .
Read more : Debenhams website crashes as bargain hunters swoop on collapsed department store The retailer went into liquidation earlier this week , just days after the collapse of Sir Phillip Green ’ s Arcadia Group retail empire that owns Topshop , Burton and Evans @ @ @ @ @ @ @ of Ashley ’ s Sports Direct , previously abandoned a bid to buy Debenhams on Tuesday .
The Sunday Times reports that Frasers is looking to close a deal that would see it operate Debenhams ’ 124 stores on 12-month licences .
Before the Open newsletter : Start your day with the City View podcast and key market data It has been a terrible year for British retail , with Arcadia , Edinburgh Woollen Mill , Peacocks , Monsoon Accessorize and TM Lewin all going bust this year due to Covid restrictions .
@ @ @ @ @ @ @ the Times : “ We hope to be able to save as many jobs as possible .
“ However , we have found that Debenhams has been overly reliant on Arcadia for many years , and with the administration of Arcadia last week , as well as no end in sight to the outdated business rates regime which unduly punishes the likes of Debenhams , it may be a bridge too far.
” Debenhams previously fell into administration in April last year and was taken over by its shareholders .
Read more : @ @ @ @ @ @ @ retail landlords ?
Ashley at the time tried to buy the retailer , however he was turned down .
If his attempted rescue is now successful then it would see the unification of House of Fraser and Debenhams – a long held ambition for the former Newcastle United owner .

Mike Ashley’s Frasers Group eyes last minute rescue of Debenhams
Billionaire retail tycoon Mike Ashley is reportedly trying to rescue Debenhams in a bid that could save 12,000 jobs.
Ashley, who founded retail giant Frasers Group and was previously a major Debenhams shareholder, is reportedly trying to thrash out a deal that would see the retailer valued at more than £200m.
The retailer went into liquidation earlier this week, just days after the collapse of Sir Phillip Green’s Arcadia Group retail empire that owns Topshop, Burton and Evans.
JD Sports, a major rival of Ashley’s Sports Direct, previously abandoned a bid to buy Debenhams on Tuesday.
The Sunday Times reports that Frasers is looking to close a deal that would see it operate Debenhams’ 124 stores on 12-month licences.
Before the Open newsletter: Start your day with the City View podcast and key market data
It has been a terrible year for British retail, with Arcadia, Edinburgh Woollen Mill, Peacocks, Monsoon Accessorize and TM Lewin all going bust this year due to Covid restrictions.
Frasers’ finance director Chris Wootton told the Times: “We hope to be able to save as many jobs as possible.
“However, we have found that Debenhams has been overly reliant on Arcadia for many years, and with the administration of Arcadia last week, as well as no end in sight to the outdated business rates regime which unduly punishes the likes of Debenhams, it may be a bridge too far.”
Debenhams previously fell into administration in April last year and was taken over by its shareholders.
Ashley at the time tried to buy the retailer, however he was turned down.
If his attempted rescue is now successful then it would see the unification of House of Fraser and Debenhams – a long held ambition for the former Newcastle United owner.


cityam--2020-12-06--Brexit: Controversial Internal Market Bill to come before parliament on Monday

Boris Johnson ’ s controversial Internal Market Bill , that may breach international law , will come back to MPs this week after the House of Lords rejected it .
Clauses pertaining to Northern Ireland that will breach the Brexit Withdrawal Agreement , and therefore international law , if there is no post-Brexit UK-EU trade deal were taken out of the bill by peers last month .
Read more : Eustice : UK has three days to close Brexit deal after talks have gone ‘ backwards ’ However , the government has said it will reinsert them when the piece @ @ @ @ @ @ @ House of Commons tomorrow .
Downing Street has said the bill is essential to protect the flow of trade between Great Britain and Northern Ireland if the UK leaves the EU ’ s customs union without a deal on 31 December .
Northern Ireland will remain in the EU ’ s customs union next year to ensure there is not a hard border on the island or Ireland that would breach the Good Friday Belfast Agreement .
However , the EU has launched a legal challenge against the legislation and has claimed it @ @ @ @ @ @ @ jeopardy .
Before the Open newsletter : Start your day with the City View podcast and key market data MPs will vote on the House of Lords ’ changes to the Internal Market Bill on Thursday , with their amendments set to be voted down .
On Thursday , Leader of the House of Commons Jacob Rees-Mogg said the government would be “ pushing back ” against the House of Lords .
“ We will be doing the Lords amendments on Monday and we will be pushing back all the amendments which were @ @ @ @ @ @ @ ones relating to Clause 5 and ensuring that we can put the best interests of the whole United Kingdom first , ” he said .
Also on the Westminster calendar will be a Health and Science and Technology Committee meeting featuring chief scientific adviser Sir Patrick Vallance and chief medical officer Christ Whitty .
The duo will appear at the committee at Wednesday at 9.30am and will speak about “ lessons learned ” during the Covid pandemic .

Brexit: Controversial Internal Market Bill to come before parliament TODAY
Boris Johnson’s controversial Internal Market Bill, that may breach international law, will come back to MPs today after the House of Lords rejected it.
Clauses pertaining to Northern Ireland that will breach the Brexit Withdrawal Agreement, and therefore international law, if there is no post-Brexit UK-EU trade deal were taken out of the bill by peers last month.
However, the government has said it will reinsert them when the piece of legislation is brought back to the House of Commons later today.
Downing Street has said the bill is essential to protect the flow of trade between Great Britain and Northern Ireland if the UK leaves the EU’s customs union without a deal on 31 December.
Northern Ireland will remain in the EU’s customs union next year to ensure there is not a hard border on the island or Ireland that would breach the Good Friday Belfast Agreement.
However, the EU has launched a legal challenge against the legislation and has claimed it could put the Good Friday Agreement in jeopardy.
Before the Open newsletter: Start your day with the City View podcast and key market data
MPs will vote on the House of Lords’ changes to the Internal Market Bill on Thursday, with their amendments set to be voted down.
On Thursday, Leader of the House of Commons Jacob Rees-Mogg said the government would be “pushing back” against the House of Lords.
“We will be doing the Lords amendments on Monday and we will be pushing back all the amendments which were made in the Lords – including the ones relating to Clause 5 and ensuring that we can put the best interests of the whole United Kingdom first,” he said.
Also on the Westminster calendar will be a Health and Science and Technology Committee meeting featuring chief scientific adviser Sir Patrick Vallance and chief medical officer Christ Whitty.
The duo will appear at the committee at Wednesday at 9.30am and will speak about “lessons learned” during the Covid pandemic.


cityam--2020-12-06--The Week Ahead: Brexit, ECB rates, Rolls Royce, Ocado and Airbnb IPO

City A.M. takes a look ahead at the main events shaping the markets this coming week , analysing what is to come with City insider Michael Hewson , chief market analyst at CMC Markets UK .
Read more : Queen expected to get Covid vaccine as UK gets ready for rollout this week When Ted Baker announced in June it was looking to raise over £100m at a discounted price of 75p the share price tumbled , as the new management looked to rescue a business that has seen its fortunes implode spectacularly in recent years .
In March 2018 @ @ @ @ @ @ @ each , however a raft of profit warnings , the departure of founder Ray Kelvin in controversial circumstances , and various stock accounting errors , has seen the shares fall sharply .
Earlier this year the company sold and leased back its head office in London for the sum of £78.7m , with £72m of that cash used to pay down debts .
“ The company has an uphill struggle in the current retail environment , ” said Hewson , although underlying profits in its last fiscal year did come in at £4.8m @ @ @ @ @ @ @ while total revenues fell 1.4 per cent to £630.5m .
Gross margins are also above 50 per cent , at 55.6 per cent as per its last annual report .
Read more : Lockdown batters UK footfall but retailers hope for Christmas boost “ On the plus side , its store footprint is much narrower than a lot of its peers , and the business rates holiday will also help on the margins , while its collaboration with Next has expanded beyond childrenswear , to include lingerie and nightwear from May 2021 , @ @ @ @ @ @ @ e-commerce business “ a bright spot , ” a 35 % year on year rise when the company reported in July .
However , new CEO Rachel Osborne seems to “ be very aware that digital is the way forward , and this week ’ s first half results are likely to be a decent arbiter of progress in that regard , ” Hewson added .
Read more : FTSE Russell drops eight Chinese companies after Trump order The most recent China trade numbers for October continued the improvement that we saw in @ @ @ @ @ @ @ best levels this year , rising 13.2 per cent .
In October , this slowed a little but was still positive rising 4.7 per cent , half of the 9.5 percent that was expected , which Hewson calls “ a little disappointing.
” “ However , given the strength of recent PMI data , it looks increasingly likely that barring a second wave of coronavirus , China looks set for a strong finish to the year , ” he added .
Exports have continued to do well in recent months , largely as @ @ @ @ @ @ @ PPE , Hewson continued , adding that , the last couple of months has seen a big improvement in Chinese domestic demand and this trend should be reflected in the November trade numbers , with particular attention once again set to be on the import numbers , especially given that Golden Week happened in the first part of November , and recent data has shown that services PMI in particular has been a strong performer .
Read more : Airbnb looks set to take flight in $ 35bn float next week It ’ @ @ @ @ @ @ @ after months of speculation Airbnb looks set to pull the trigger on an IPO on 9 December , to start trading a day later , with a valuation expected to be in the region of $ 30bn .
“ The timing appears curious given the huge hit to the travel sector as a result of the Covid-19 pandemic , and the fact that Airbnb has seen its revenues fall sharply , from the levels seen in 2018 and 2019 , with the likely prospect that they could take some time to bounce back @ @ @ @ @ @ @ optimism over a Covid-19 vaccine , ” Hewson said .
“ The Bank of Canada is having to contend with similar problems as the rest of North America , with a slowdown in hiring trends as we head into winter , and the prospect of tighter restrictions as the weather gets colder , ” Hewson explained .
In October hiring slowed sharply to 83.6k , from 378.2k in September .
Friday ’ s November payrolls report showed that this trend continued to slow further .
With interest rates already at record lows of @ @ @ @ @ @ @ to its highest levels this year against the US dollar central bank officials will be concerned about how to stem the rise against a greenback that is coming under pressure as a result of an expectation that the US Federal Reserve will look at further easing measures , when they meet for the last time this year later this month .
Read more : EU budget rules need adjustment but no debt cancellation : European Commissioner When the ECB expanded the size of its Pandemic Emergency Asset Purchase program from €750bn to €1.35trn @ @ @ @ @ @ @ middle of next year , there was probably an expectation that any recovery seen in Q3 would extend into the end of the year , Hewson said .
“ While we ’ ve seen some evidence of an economic bounce back from the lockdowns seen in March and April , the economic lockdowns seen in France and Germany through November have increased the pressure on the ECB to try and fill the gap when it comes to a lack of fiscal support , with the delays to the EU ’ s fiscal package @ @ @ @ @ @ @ he noted .
On the plus side manufacturing appears to be holding up fairly well , however services PMIs are still well into contraction territory , with little prospect of a strong rebound due to the continuation of restrictions in France , as well as Germany .
Read more : UK construction industry sees biggest rise in orders since 2014 – PMI “ While the ECB has gone to great lengths to insist that their monetary toolbox still has plenty of ammunition to deal with the prospect of a double-dip recession , the @ @ @ @ @ @ @ US dollar is not helping their cause , ” Hewson said .
“ This is a problem for the ECB , particularly given the absence of an imminent fiscal response from the EU , and while we could well see further easing measures this week , with talk of a further 6-12-month extension of QE , they are likely to be constrained by splits on the governing council , with a number of members pushing back against further large-scale stimulus measures , ” he added .
This week ’ s meeting is likely @ @ @ @ @ @ @ trying to keep a lid on the euro , which has already broken above the 1.2000 area , and could well head towards the 1.2500 area in fairly short order , Hewson concluded .
Read more : Brexit talks back on : Boris Johnson and Ursula von der Leyen agree to resume trade deal negotiations Will this be the EU Summit that finally signs off a UK/EU trade deal ?
Negotiations look set to come to a head in the coming days with France threatening a veto if they don ’ t like @ @ @ @ @ @ @ France were to do that then there would be very little time to avoid a no deal scenario on 31 December , with significant consequences for the French economy as well as the UK economy .
“ It could also poison the well for future negotiations if France were to act in that fashion , and make future side deals in 2021 that much more difficult , ” Hewson said .
While services still make up the majority of the UK economy the performance of the manufacturing sector in recent months has been @ @ @ @ @ @ @ month since May , though the pace of expansion has slowed as we have headed into Q4 , Hewson said .
The third quarter was an especially positive quarter , after a post lockdown rebound helped reverse some of the worst of the losses seen in Q2 .
“ Nonetheless one thing the recent PMIs numbers have shown us is the resilience of the manufacturing and construction sectors in comparison to the services sector which is much more exposed to tighter restrictions , ” he said .
Expectations for manufacturing and industrial production @ @ @ @ @ @ @ trend seen since May , however we are only looking at modest gains of 0.3 per cent and 0.3 per cent , respectively .
In October , Rolls Royce shares fell to their lowest levels since 2004 , after the the company announced its plans to raise extra cash to bolster its finances .
The launch of a £1bn bond issue as well as a £2bn 10 for 3 rights issue at a 41 per cent discount to 130p was eventually taken up by shareholders , while the prospect of a vaccine has @ @ @ @ @ @ @ the hope that next year will see the economic gloom lift and air travel start to return to much higher levels than is the case now , Hewson analysed .
Read more : Rolls-Royce : Mini nuclear reactors to power 6,000 new jobs by 2025 The company has also continued to announce job losses with fears another 1,400 could go at Barnoldswick , where the company makes the fan blades for its engines , with the production shifted to Singapore , he said .
“ While the shutdown of the aviation sector is @ @ @ @ @ @ @ burn , it is important to remember that on a longer-term basis , the outlook is probably somewhat brighter , ” Hewson noted , adding that , as part of the government ’ s new energy plans , Rolls Royce is part of a consortium to build 16 mini nuclear plants in the UK , while it is also working on a prototype engine that uses 100 per cent sustainable aviation fuel .
Hewson calls 2020 “ another decent year ” for Ocado , despite the embarrassment early on in the pandemic of @ @ @ @ @ @ @ and pull their shopping app to aid resilience in the lead up to the March lockdown .
“ In the summer , in an attempt to bolster its finances , the company raised another £1bn in the form of a share and convertible bond placing so that it could speed up the upgrading of its current and future infrastructure to build additional capacity , not just here in the UK , but also at its partners in the US , France and Canada , ” Hewson said .
In November Ocado management said @ @ @ @ @ @ @ in well above its previous guidance of £40m at £60m , helping to give the shares a bit of a lift off before some sharp declines on the back of the positive vaccine news , over concerns an improvement in economic conditions could prompt people to shop a little bit less online .

The Week Ahead: Brexit, ECB rates, Rolls Royce, Ocado and Airbnb IPO
City A.M. takes a look ahead at the main events shaping the markets this coming week, analysing what is to come with City insider Michael Hewson, chief market analyst at CMC Markets UK.
Monday: Ted Baker
When Ted Baker announced in June it was looking to raise over £100m at a discounted price of 75p the share price tumbled, as the new management looked to rescue a business that has seen its fortunes implode spectacularly in recent years. In March 2018 the shares were up at over £30 each, however a raft of profit warnings, the departure of founder Ray Kelvin in controversial circumstances, and various stock accounting errors, has seen the shares fall sharply.
Earlier this year the company sold and leased back its head office in London for the sum of £78.7m, with £72m of that cash used to pay down debts.
“The company has an uphill struggle in the current retail environment,” said Hewson, although underlying profits in its last fiscal year did come in at £4.8m, despite the various write downs, while total revenues fell 1.4 per cent to £630.5m. Gross margins are also above 50 per cent, at 55.6 per cent as per its last annual report.
“On the plus side, its store footprint is much narrower than a lot of its peers, and the business rates holiday will also help on the margins, while its collaboration with Next has expanded beyond childrenswear, to include lingerie and nightwear from May 2021,” said Hewson.
He calls its e-commerce business “a bright spot,” a 35% year on year rise when the company reported in July. However, new CEO Rachel Osborne seems to “be very aware that digital is the way forward, and this week’s first half results are likely to be a decent arbiter of progress in that regard,” Hewson added.
Monday: China Trade
The most recent China trade numbers for October continued the improvement that we saw in September, when imports surged to their best levels this year, rising 13.2 per cent. In October, this slowed a little but was still positive rising 4.7 per cent, half of the 9.5 percent that was expected, which Hewson calls “a little disappointing.”
“However, given the strength of recent PMI data, it looks increasingly likely that barring a second wave of coronavirus, China looks set for a strong finish to the year,” he added.
Exports have continued to do well in recent months, largely as a result of strong demand for medical PPE, Hewson continued, adding that, the last couple of months has seen a big improvement in Chinese domestic demand and this trend should be reflected in the November trade numbers, with particular attention once again set to be on the import numbers, especially given that Golden Week happened in the first part of November, and recent data has shown that services PMI in particular has been a strong performer.
Wednesday: Airbnb IPO
It’s been a long time coming but after months of speculation Airbnb looks set to pull the trigger on an IPO on 9 December, to start trading a day later, with a valuation expected to be in the region of $30bn.
“The timing appears curious given the huge hit to the travel sector as a result of the Covid-19 pandemic, and the fact that Airbnb has seen its revenues fall sharply, from the levels seen in 2018 and 2019, with the likely prospect that they could take some time to bounce back, even with all of the recent optimism over a Covid-19 vaccine,” Hewson said.
Wednesday: Bank of Canada
“The Bank of Canada is having to contend with similar problems as the rest of North America, with a slowdown in hiring trends as we head into winter, and the prospect of tighter restrictions as the weather gets colder,” Hewson explained.
In October hiring slowed sharply to 83.6k, from 378.2k in September. Friday’s November payrolls report showed that this trend continued to slow further.
With interest rates already at record lows of 0.25% and the Canadian dollar close to its highest levels this year against the US dollar central bank officials will be concerned about how to stem the rise against a greenback that is coming under pressure as a result of an expectation that the US Federal Reserve will look at further easing measures, when they meet for the last time this year later this month.
Thursday: ECB rate meeting
When the ECB expanded the size of its Pandemic Emergency Asset Purchase program from €750bn to €1.35trn as well as extending it into the middle of next year, there was probably an expectation that any recovery seen in Q3 would extend into the end of the year, Hewson said.
“While we’ve seen some evidence of an economic bounce back from the lockdowns seen in March and April, the economic lockdowns seen in France and Germany through November have increased the pressure on the ECB to try and fill the gap when it comes to a lack of fiscal support, with the delays to the EU’s fiscal package likely to extend into 2021,” he noted.
On the plus side manufacturing appears to be holding up fairly well, however services PMIs are still well into contraction territory, with little prospect of a strong rebound due to the continuation of restrictions in France, as well as Germany.
“While the ECB has gone to great lengths to insist that their monetary toolbox still has plenty of ammunition to deal with the prospect of a double-dip recession, the rise of the euro and a weaker US dollar is not helping their cause,” Hewson said.
“This is a problem for the ECB, particularly given the absence of an imminent fiscal response from the EU, and while we could well see further easing measures this week, with talk of a further 6-12-month extension of QE, they are likely to be constrained by splits on the governing council, with a number of members pushing back against further large-scale stimulus measures,” he added.
This week’s meeting is likely to be important in the context of trying to keep a lid on the euro, which has already broken above the 1.2000 area, and could well head towards the 1.2500 area in fairly short order, Hewson concluded.
Thursday: EU Summit on Brexit
Will this be the EU Summit that finally signs off a UK/EU trade deal?
Negotiations look set to come to a head in the coming days with France threatening a veto if they don’t like the deal that is agreed. If France were to do that then there would be very little time to avoid a no deal scenario on 31 December, with significant consequences for the French economy as well as the UK economy.
“It could also poison the well for future negotiations if France were to act in that fashion, and make future side deals in 2021 that much more difficult,” Hewson said.
Thursday: UK Industrial and Manufacturing Production
While services still make up the majority of the UK economy the performance of the manufacturing sector in recent months has been fairly positive, registering gains in every month since May, though the pace of expansion has slowed as we have headed into Q4, Hewson said.
The third quarter was an especially positive quarter, after a post lockdown rebound helped reverse some of the worst of the losses seen in Q2.
“Nonetheless one thing the recent PMIs numbers have shown us is the resilience of the manufacturing and construction sectors in comparison to the services sector which is much more exposed to tighter restrictions,” he said.
Expectations for manufacturing and industrial production are for a continuation of the positive trend seen since May, however we are only looking at modest gains of 0.3 per cent and 0.3 per cent, respectively.
Friday: Rolls Royce
In October, Rolls Royce shares fell to their lowest levels since 2004, after the the company announced its plans to raise extra cash to bolster its finances. The launch of a £1bn bond issue as well as a £2bn 10 for 3 rights issue at a 41 per cent discount to 130p was eventually taken up by shareholders, while the prospect of a vaccine has helped pull the shares back up in the hope that next year will see the economic gloom lift and air travel start to return to much higher levels than is the case now, Hewson analysed.
The company has also continued to announce job losses with fears another 1,400 could go at Barnoldswick, where the company makes the fan blades for its engines, with the production shifted to Singapore, he said.
“While the shutdown of the aviation sector is likely to see another quarter of cash burn, it is important to remember that on a longer-term basis, the outlook is probably somewhat brighter,” Hewson noted, adding that, as part of the government’s new energy plans, Rolls Royce is part of a consortium to build 16 mini nuclear plants in the UK, while it is also working on a prototype engine that uses 100 per cent sustainable aviation fuel.
Thursday: Ocado Group results
Hewson calls 2020 “another decent year” for Ocado, despite the embarrassment early on in the pandemic of having to close their website temporarily, and pull their shopping app to aid resilience in the lead up to the March lockdown.
“In the summer, in an attempt to bolster its finances, the company raised another £1bn in the form of a share and convertible bond placing so that it could speed up the upgrading of its current and future infrastructure to build additional capacity, not just here in the UK, but also at its partners in the US, France and Canada,” Hewson said.
In November Ocado management said it expected full year EBITDA to come in well above its previous guidance of £40m at £60m, helping to give the shares a bit of a lift off before some sharp declines on the back of the positive vaccine news, over concerns an improvement in economic conditions could prompt people to shop a little bit less online.


cityam--2020-12-07--No-deal Brexit could force the army to airlift Covid-19 vaccine to UK

A government minister has suggested that in the event of a no-deal Brexit , the Armed Forces may be required to airlift the Covid-19 vaccine from Belgium .
Tory minister James Cleverly confirmed that the government is looking at the possibility of using ” non-commercial flights ” to make sure the Pfizer vaccine can still be delivered to the UK in the event of a no-deal scenario .
“ This is such an important product , perhaps the most important product , so we will look to ensure that those supplies are available in the UK .
In whatever circumstance @ @ @ @ @ @ @ today .
Read more : Brexit : Michel Barnier tells MEPs that Wednesday is final deadline for deal Cleverly said that in the event of no-trade agreement , there would be no substantial delays in transporting the Pfizer vaccine from Belgium to the UK .
He replied : “ Well , the vaccine is the top priority product in terms of bringing anything into the UK.
” Smooth transportation will play a critical role in the UK ’ s most extensive vaccination programme ever , with administration of the vaccine starting tomorrow .
@ @ @ @ @ @ @ transport ” catastrophe ” at the British boarders if UK-EU negotiators are unable to secure a trade agreement .
However , Brexit talks are currently positioned on a knife ’ s edge , with Boris Johnson holding crunch talks with european commission president Ursula von der Leyen later tonight .
Read more : Minister does not rule out Covid vaccine passports

No-deal Brexit could force the army to airlift Covid-19 vaccine to UK
A government minister has suggested that in the event of a no-deal Brexit, the Armed Forces may be required to airlift the Covid-19 vaccine from Belgium.
Tory minister James Cleverly confirmed that the government is looking at the possibility of using ”non-commercial flights” to make sure the Pfizer vaccine can still be delivered to the UK in the event of a no-deal scenario.
“This is such an important product, perhaps the most important product, so we will look to ensure that those supplies are available in the UK. In whatever circumstance,” Cleverly told BBC Breakfast earlier today.
Cleverly said that in the event of no-trade agreement, there would be no substantial delays in transporting the Pfizer vaccine from Belgium to the UK.
He replied: “Well, the vaccine is the top priority product in terms of bringing anything into the UK.”
Smooth transportation will play a critical role in the UK’s most extensive vaccination programme ever, with administration of the vaccine starting tomorrow.
It comes following significant concerns over a transport ”catastrophe” at the British boarders if UK-EU negotiators are unable to secure a trade agreement.
However, Brexit talks are currently positioned on a knife’s edge, with Boris Johnson holding crunch talks with european commission president Ursula von der Leyen later tonight.


cityam--2020-12-07--UK consumers question sustainability of challenger banks

UK consumers are worried about the long-term survival of digital challenger banks , according to a new report .
Accenture ’ s Global Banking Study reveals 45 per cent of consumers believed that neobanks would exist in 12 months ’ time .
Additionally , just a tenth placed “ a lot ” of trust in the fintechs to look after their data , compared to 41 per cent for traditional banks .
Read more : Starling says IPO ‘ in our sights ’ amid reported big-bank interest Most worryingly for the UK ’ s fintechs , 20 per cent responded @ @ @ @ @ @ @ if they trusted neobanks to look after their financial wellbeing .
Digital challengers like Monzo and Revolut have introduced new features this year to convince customers to claw back some of their losses .
Revolut more than tripled its losses from 2018 in its annual report released in August .
Although the neobank saw a rise in its customer base during the first lockdown , it saw a decline in interchange revenue , which makes up over 60 per cent of its income .
Monzo reported losses had more than doubled to £113.8m @ @ @ @ @ @ @ reasons why consumers would not bank with a challenger book , half said they were happy with their current provider , while 42 per cent said they were unfamiliar with what they offer .
Accenture ’ s report also reveals that the significant uptick in the use of digital banking , which has removed in-person branch interactions , has eroded consumer trust .
Accenture ’ s figures show less than a third – 30 per cent – of UK consumers trust banks to look after their long-term financial wellbeing , compared with 44 @ @ @ @ @ @ @ more : London-based digital lender for the wealthy gets UK banking licence “ This mass acceleration to digital is a double-edged sword for banks , said Peter Kirk , Accenture ’ s UK customer insight and growth practice lead .
“ While the necessary digitalisation of their services has helped them to support customers throughout the pandemic , it has all but removed the vital human element from banking.
” It has forced groups of people that tend to rely on face to face banking , notably the elderly , which has had @ @ @ @ @ @ @ overall experience .

UK consumers question sustainability of challenger banks
UK consumers are worried about the long-term survival of digital challenger banks, according to a new report.
Accenture’s Global Banking Study reveals 45 per cent of consumers believed that neobanks would exist in 12 months’ time. Additionally, just a tenth placed “a lot” of trust in the fintechs to look after their data, compared to 41 per cent for traditional banks.
Most worryingly for the UK’s fintechs, 20 per cent responded “not at all” when asked if they trusted neobanks to look after their financial wellbeing.
Digital challengers like Monzo and Revolut have introduced new features this year to convince customers to claw back some of their losses.
Revolut more than tripled its losses from 2018 in its annual report released in August. Although the neobank saw a rise in its customer base during the first lockdown, it saw a decline in interchange revenue, which makes up over 60 per cent of its income.
Monzo reported losses had more than doubled to £113.8m last year.
When asked the main reasons why consumers would not bank with a challenger book, half said they were happy with their current provider, while 42 per cent said they were unfamiliar with what they offer.
Accenture’s report also reveals that the significant uptick in the use of digital banking, which has removed in-person branch interactions, has eroded consumer trust.
Accenture’s figures show less than a third – 30 per cent – of UK consumers trust banks to look after their long-term financial wellbeing, compared with 44 per cent two years ago.
“This mass acceleration to digital is a double-edged sword for banks, said Peter Kirk, Accenture’s UK customer insight and growth practice lead. “While the necessary digitalisation of their services has helped them to support customers throughout the pandemic, it has all but removed the vital human element from banking.”
It has forced groups of people that tend to rely on face to face banking, notably the elderly, which has had an additional impact on trust and the overall experience.


cityam--2020-12-07--FTSE 100 outperforms Europe as Brexit hits sterling

Brexit uncertainty paradoxically helped the FTSE 100 outperform European markets , as a tumbling pound boosted the index .
The FTSE was 0.4 per cent higher shortly after midday , trading at around 6,577 points .
Read more : Pound slides as investors fret over Brexit talks Sterling was down 1.2 per cent to $ 1.328 , having touched a two-year high on Friday , as investors worried about the lack of progress in Brexit talks .
Yet the pound ’ s fall helped the FTSE 100 by making the overseas earnings of the index ’ s multinationals worth more @ @ @ @ @ @ @ Germany ’ s Dax slipped 0.3 per cent and France ’ s CAC 40 was down 0.7 per cent as investors were pulled in different directions by coronavirus worries and vaccine hopes .
The Europe-wide Stoxx 600 was down 0.3 per cent .
US stocks were set to open lower .
Coronavirus cases have hit record highs in recent days in the US , while California has implemented strict new lockdown rules .
The UK and the EU resumed Brexit talks today .
There are just days to go before a deal must @ @ @ @ @ @ @ implemented before the end of the transition period on 31 December .
Markets have since the summer been hopeful that a deal would be reached , helping the pound .
Yet they have checked themselves today .
The pound ’ s fall came as traders moved to cover positions in case of a no-deal Brexit , which would lead to higher tariffs and damage the UK economy , at least in the short-run .
Yet it helped the FTSE 100 ’ s biggest international firms .
British American Tobacco was up 4.3 per @ @ @ @ @ @ @ Brands rose three per cent .
Rolls Royce , drinks-maker Diageo and BAE systems were all around two per cent higher .
Nonetheless , many investors maintained that an agreement would be reached .
Read more : Brexit : Michel Barnier tells MEPs that Wednesday is final deadline for deal “ I still think this ends in some sort of agreement , ” said John Hardy , head of FX strategy at Saxo Bank .
He predicted that “ at worst ” there would be “ some vague agreement in principle that is @ @ @ @ @ @ @ terms ” .

FTSE 100 outperforms Europe as Brexit hits sterling
London’s financial hubs have not come to a complete standstill (Getty)
Brexit uncertainty paradoxically helped the FTSE 100 outperform European markets, as a tumbling pound boosted the index.
The FTSE was 0.4 per cent higher shortly after midday, trading at around 6,577 points.
Sterling was down 1.2 per cent to $1.328, having touched a two-year high on Friday, as investors worried about the lack of progress in Brexit talks.
Yet the pound’s fall helped the FTSE 100 by making the overseas earnings of the index’s multinationals worth more in relative terms.
In Europe, Germany’s Dax slipped 0.3 per cent and France’s CAC 40 was down 0.7 per cent as investors were pulled in different directions by coronavirus worries and vaccine hopes. The Europe-wide Stoxx 600 was down 0.3 per cent.
US stocks were set to open lower. Coronavirus cases have hit record highs in recent days in the US, while California has implemented strict new lockdown rules.
Markets jittery over Brexit but FTSE climbs
The UK and the EU resumed Brexit talks today. There are just days to go before a deal must be reached if it is to be implemented before the end of the transition period on 31 December.
Markets have since the summer been hopeful that a deal would be reached, helping the pound. Yet they have checked themselves today.
The pound’s fall came as traders moved to cover positions in case of a no-deal Brexit, which would lead to higher tariffs and damage the UK economy, at least in the short-run.
Yet it helped the FTSE 100’s biggest international firms. British American Tobacco was up 4.3 per cent, while fellow tobacco company Imperial Brands rose three per cent.
Rolls Royce, drinks-maker Diageo and BAE systems were all around two per cent higher.
Nonetheless, many investors maintained that an agreement would be reached.
“I still think this ends in some sort of agreement,” said John Hardy, head of FX strategy at Saxo Bank.
He predicted that “at worst” there would be “some vague agreement in principle that is actually a fudge to continue negotiating final terms”.


cityam--2020-12-07--Brexit: Michel Barnier tells MEPs that Wednesday is final deadline for deal

Brussels ’ chief negotiator Michel Barnier has reportedly told MEPs that Wednesday is the final deadline to salvage to a UK-EU trade deal and escape a no-deal Brexit .
Barnier spoke to MEPs and to EU ambassadors this morning , after in-person negotiations with his UK counterpart Lord David Frost in Brusels yesterday .
Read more : Pound slides as investors fret amid doubts over Brexit talks Irish broadcaster RTE reports that Barnier told the European Parliament ’ s Brexit coordination committee that Boris Johnson must drop his Internal Market Bill , that could potentially breach the Withdrawal Agreement , @ @ @ @ @ @ @ agreed .
He also said that negotiations were now in the “ endgame ” .
Johnson will speak to European Commissioner Ursula von der Leyen this evening to “ take stock ” of where talks are at and to see if there is a path to a post-Brexit trade deal .
Before the Open newsletter : Start your day with the City View podcast and key market data A source close to Frost ’ s negotiating team told The Sunday Times that the chances of a no-deal Brexit were “ 50-50 ” .
@ @ @ @ @ @ @ yesterday that the UK needed to see a deal is possible by Wednesday or else talks will be off .
“ The European Union came forward with lots of new additional requests again so we stated again last week as hopeful and there ’ s no denying things have gone backwards later last week , ” he said .
“ Of course if the ambience warms up again and great progress is made and it ’ s just sorting out the detail then you could always find more time , you could always @ @ @ @ @ @ @ to UK waters is now seen as the largest barrier to a post-Brexit trade deal , with Emmanuel Macron reportedly prepared to veto the deal .
Read more : Brexit : UK and EU to resume talks after reported breakthrough on fishing Barnier is asking for EU countries to maintain access to 80 per cent of the value of fish in British waters that they had pre-Brexit .
The UK ’ s latest offer to Brussels is reportedly for them keep as little as 20 per cent – a figure turned down by @ @

Brexit: Michel Barnier tells MEPs that Wednesday is final deadline for deal
Brexit trade talks will continue this weekend as the deadline to get a deal looms closer.
Brussels’ chief negotiator Michel Barnier has reportedly told MEPs that Wednesday is the final deadline to salvage to a UK-EU trade deal and escape a no-deal Brexit.
Barnier spoke to MEPs and to EU ambassadors this morning, after in-person negotiations with his UK counterpart Lord David Frost in Brusels yesterday.
Talks continue in Brussels today.
Irish broadcaster RTE reports that Barnier told the European Parliament’s Brexit coordination committee that Boris Johnson must drop his Internal Market Bill, that could potentially breach the Withdrawal Agreement, or else a deal will not be agreed.
He also said that negotiations were now in the “endgame”.
Johnson will speak to European Commissioner Ursula von der Leyen this evening to “take stock” of where talks are at and to see if there is a path to a post-Brexit trade deal.
Before the Open newsletter: Start your day with the City View podcast and key market data
A source close to Frost’s negotiating team told The Sunday Times that the chances of a no-deal Brexit were “50-50”.
Environment secretary George Eustice told the BBC yesterday that the UK needed to see a deal is possible by Wednesday or else talks will be off.
“The European Union came forward with lots of new additional requests again so we stated again last week as hopeful and there’s no denying things have gone backwards later last week,” he said.
“Of course if the ambience warms up again and great progress is made and it’s just sorting out the detail then you could always find more time, you could always extend.”
French demands over fisheries access to UK waters is now seen as the largest barrier to a post-Brexit trade deal, with Emmanuel Macron reportedly prepared to veto the deal.
Barnier is asking for EU countries to maintain access to 80 per cent of the value of fish in British waters that they had pre-Brexit.
The UK’s latest offer to Brussels is reportedly for them keep as little as 20 per cent – a figure turned down by Barnier.
A Downing Street spokesperson today said: “Time is in very short supply and we are in the final stages, but we are prepared to negotiate for as long as we have time available if we think an agreement is still possible.
“We are now clear that time is very short.”


cityam--2020-12-07--Rolls-Royce kicks off £2bn disposal programme with nuclear instrument sale

Rolls-Royce today announced that it would sell its nuclear instrumentation business in the first stage of plans to make £2bn in disposals to fuel its post-coronavirus recovery .
The blue-chip engineer said that it would sell the business , which employs 550 people , to French nuclear firm Franatome , for an undisclosed fee .
Read more : Government seeks site for world ’ s first nuclear fusion plant In a statement , the FTSE 100 company said that the deal would close in the second half of 2021 .
Rolls-Royce added that no UK staff would be affected by @ @ @ @ @ @ @ take control of operations in France , the Czech Republic , and China .
It said that Rolls-Royce would continue to run its civil nuclear business , as well as its small nuclear reactor programme .
Chief executive Warren East said : “ This transaction marks a further simplification of our business and contributes towards our target to generate over £2bn from disposals , as announced on 27 August 2020 .
Before the Open newsletter : Start your day with the City View podcast and key market data “ We also believe it @ @ @ @ @ @ @ of our civil nuclear operations and its people.
” The announcement comes with Rolls-Royce due to provide a full year market update on Friday .
The firm has been battered by the coronavirus pandemic , with roughly half of its income derived from the hours airlines fly using its engines .
As a result of the near total shutdown in air travel , shares in Rolls-Royce collapsed to record lows earlier this year .
Read more : Rolls-Royce : Mini nuclear reactors to power 6,000 new jobs by 2025 However , recent announcements @ @ @ @ @ @ @ the disease have seen its stock triple in the last month .
Shares were up a further 1.5 per cent this morning at 132.20 .

Rolls-Royce kicks off £2bn disposal programme with nuclear instrument sale
Qatar is investing £85m in a nuclear plant that will produce low-carbon energy for around one million homes.
Rolls-Royce today announced that it would sell its nuclear instrumentation business in the first stage of plans to make £2bn in disposals to fuel its post-coronavirus recovery.
The blue-chip engineer said that it would sell the business, which employs 550 people, to French nuclear firm Franatome, for an undisclosed fee.
In a statement, the FTSE 100 company said that the deal would close in the second half of 2021.
Rolls-Royce added that no UK staff would be affected by the sale, which will see Franatome take control of operations in France, the Czech Republic, and China.
It said that Rolls-Royce would continue to run its civil nuclear business, as well as its small nuclear reactor programme.
Chief executive Warren East said: “This transaction marks a further simplification of our business and contributes towards our target to generate over £2bn from disposals, as announced on 27 August 2020.
Before the Open newsletter: Start your day with the City View podcast and key market data
“We also believe it represents the best outcome for this part of our civil nuclear operations and its people.”
The announcement comes with Rolls-Royce due to provide a full year market update on Friday.
The firm has been battered by the coronavirus pandemic, with roughly half of its income derived from the hours airlines fly using its engines.
As a result of the near total shutdown in air travel, shares in Rolls-Royce collapsed to record lows earlier this year.
However, recent announcements regarding a number of effective vaccines against the disease have seen its stock triple in the last month.
Shares were up a further 1.5 per cent this morning at 132.20.


cityam--2020-12-07--Pound slides as investors fret over Brexit talks

The pound fell sharply as investors began to question whether a Brexit deal would be reached , with traders unwinding bets made last week amid fresh uncertainty over negotiations .
Sterling tumbled 1.3 per cent against the dollar to $ 1.326 , having hit a two year high of $ 1.354 on Friday .
The pound also slid against the euro , dropping 1.2 per cent to €1.094 .
Read more : Brexit : UK and EU to resume talks after reported breakthrough on fishing Brexit talks resumed today following revelations at the weekend that the two sides remain far @ @ @ @ @ @ @ .
Both sides expressed scepticism over the weekend that a deal would be reached .
Should the talks end in no deal , the UK will crash out on to World Trade Organization terms .
This would lead to higher tariffs and disruption to the economy .
Investors have driven up the price of the pound since July .
They have cheered the fact that both sides appeared to be moving closer together .
Amid positive reports last week , the pound again climbed .
But those bets are being unwound today as @ @ @ @ @ @ @ “ Brexit worries are back in play today , with hopes of a breakthrough in talks fast vanishing to the detriment of the pound and FTSE 250 , ” said Joshua Mahony , senior market analyst at IG .
“ Fortunately for FTSE 100 bulls , the sharp devaluation seen in the pound has helped lift the index to outperformer status given the weakness seen throughout mainland Europe.
” The FTSE 100 was 0.5 per cent higher .
A lower pound traditionally boosts the index .
It makes the overseas earnings of its @ @ @ @ @ @ @ However the FTSE 250 slipped 0.7 per cent amid worries about the impact of no deal on the UK economy .
Many traders said they were still optimistic a deal would be reached , however .
Ranko Berich , head of market analysis at Monex Europe , said : “ Our view remains that a narrow trade deal covering goods is the likeliest outcome.
” Yet he added : “ This morning ’ s news does not raise our confidence – or the market ’ s – in this scenario.
” Berich said @ @ @ @ @ @ @ around three to eight per cent from current levels .
The yield on the UK 10-year bond fell 0.054 percentage points to 0.299 per cent .
The move showed bond prices rising as investors sought safety amid Brexit uncertainty .

Pound slides as investors fret over Brexit talks
MEPs were told Wednesday is the deadline to reach a post-Brexit trade deal between the UK and the EU
The pound fell sharply as investors began to question whether a Brexit deal would be reached, with traders unwinding bets made last week amid fresh uncertainty over negotiations.
Sterling tumbled 1.3 per cent against the dollar to $1.326, having hit a two year high of $1.354 on Friday. The pound also slid against the euro, dropping 1.2 per cent to €1.094.
Brexit talks resumed today following revelations at the weekend that the two sides remain far apart on the issue of fishing rights. Both sides expressed scepticism over the weekend that a deal would be reached.
Should the talks end in no deal, the UK will crash out on to World Trade Organization terms. This would lead to higher tariffs and disruption to the economy.
Investors have driven up the price of the pound since July. They have cheered the fact that both sides appeared to be moving closer together. Amid positive reports last week, the pound again climbed.
But those bets are being unwound today as traders seek to cover all possibilities.
“Brexit worries are back in play today, with hopes of a breakthrough in talks fast vanishing to the detriment of the pound and FTSE 250,” said Joshua Mahony, senior market analyst at IG.
“Fortunately for FTSE 100 bulls, the sharp devaluation seen in the pound has helped lift the index to outperformer status given the weakness seen throughout mainland Europe.”
Lower pound boosts FTSE 100 amid Brexit fears
The FTSE 100 was 0.5 per cent higher. A lower pound traditionally boosts the index. It makes the overseas earnings of its constituents worth more in relative terms.
However the FTSE 250 slipped 0.7 per cent amid worries about the impact of no deal on the UK economy.
Many traders said they were still optimistic a deal would be reached, however. Ranko Berich, head of market analysis at Monex Europe, said: “Our view remains that a narrow trade deal covering goods is the likeliest outcome.”
Yet he added: “This morning’s news does not raise our confidence – or the market’s – in this scenario.” Berich said that if talks collapsed sterling could fall around three to eight per cent from current levels.
The yield on the UK 10-year bond fell 0.054 percentage points to 0.299 per cent. The move showed bond prices rising as investors sought safety amid Brexit uncertainty.


cityam--2020-12-07--Londoners rush back to the shops as lockdown ends

Londoners rushed back to the capital ’ s shopping destinations this weekend as people across the country welcomed the end of lockdown with some much needed retail therapy .
Data from market research firm Springboard showed that across all UK retail destinations footfall increased 93.5 per cent on Saturday .
There was an especially large surge in shoppers in London , the data shows , with an 131.2 per cent increase in footfall in the centre of the capital on Saturday .
In the West End shopping district , the rise was even more pronounced , jumping 141 per cent @ @ @ @ @ @ @ total number of shoppers was still down a hefty 40 per cent when compared to the same day last year .
Around the country , the biggest jumps were seen at shopping centres and on high streets , which saw 136.3 per cent and 103.3 per cent increases respectively .
However , for the year as a whole , the number of shoppers was still down 27.3 per cent overall .
In addition to the end of lockdown , Springboard said that the imminent holiday period had also led to the jump in @ @ @ @ @ @ @ Start your day with the City View podcast and key market data Insights director Diane Wehrle said that Christmas also helped explain why shopping centres had seen such a boost .
“ This is not an unexpected outcome , as shoppers tend to gravitate towards shopping centres in the run up to Christmas as they host the greatest number of stores in a single location , which also tend to be larger stores with a wider choice of products to choose from ” , she said .
Wehrle added that the introduction by @ @ @ @ @ @ @ also shown some benefit .
“ Whilst the hours post 6pm only generally account for around 30 per cent of footfall across a 24 hour period , there was a marginally greater rise in footfall post 6pm than during day time trading hours of 9am to 6pm .
Read more : Shop prices dip as desperate retailers discount to attract customers “ Despite the rises in footfall over the week , recovery from the decline that has occurred since the start of the first lockdown is still a way off , with the @ @ @ @ @ @ @ destinations remaining far below the level recorded in 2019 ” , she finished .
Despite the weekend bump , for the week as a whole , footfall across UK was still down 41 per cent on a year to year basis .

Londoners rush back to the shops as lockdown ends
Crowds flocked to London’s West End over the weekend as shoppers rushed back to the capital’s retailers after lockdown.
Londoners rushed back to the capital’s shopping destinations this weekend as people across the country welcomed the end of lockdown with some much needed retail therapy.
Data from market research firm Springboard showed that across all UK retail destinations footfall increased 93.5 per cent on Saturday.
There was an especially large surge in shoppers in London, the data shows, with an 131.2 per cent increase in footfall in the centre of the capital on Saturday.
In the West End shopping district, the rise was even more pronounced, jumping 141 per cent overall.
But despite this, the total number of shoppers was still down a hefty 40 per cent when compared to the same day last year.
Around the country, the biggest jumps were seen at shopping centres and on high streets, which saw 136.3 per cent and 103.3 per cent increases respectively.
However, for the year as a whole, the number of shoppers was still down 27.3 per cent overall.
In addition to the end of lockdown, Springboard said that the imminent holiday period had also led to the jump in footfall.
Before the Open newsletter: Start your day with the City View podcast and key market data
Insights director Diane Wehrle said that Christmas also helped explain why shopping centres had seen such a boost.
“This is not an unexpected outcome, as shoppers tend to gravitate towards shopping centres in the run up to Christmas as they host the greatest number of stores in a single location, which also tend to be larger stores with a wider choice of products to choose from”, she said.
Wehrle added that the introduction by some stores of extended shopping hours had also shown some benefit.
“Whilst the hours post 6pm only generally account for around 30 per cent of footfall across a 24 hour period, there was a marginally greater rise in footfall post 6pm than during day time trading hours of 9am to 6pm.
“Despite the rises in footfall over the week, recovery from the decline that has occurred since the start of the first lockdown is still a way off, with the volume of customers in bricks and mortar destinations remaining far below the level recorded in 2019”, she finished.
Despite the weekend bump, for the week as a whole, footfall across UK was still down 41 per cent on a year to year basis.


cityam--2020-12-07--Ollie Phillips: England may have won but France were the real stars of the Autumn Nations Cup

It was brilliant to see England claim the Autumn Nations Cup in such dramatic fashion on Sunday .
Rugby fans have been missing that kind of competitive tension , so it was awesome that the competition was decided by a golden penalty .
But while England took the silverware , much of the plaudits will rightfully go to the losing finalists .
Read more : NFL poaches World Rugby boss Brett Gosper as it aims to increase its presence in UK and Europe France ’ s renaissance has been the real story of this tournament .
It ’ s a @ @ @ @ @ @ @ France side will turn up , but it ’ s not true any more .
Fabien Galthie and Shaun Edwards have banished that tag .
They now have the defensive solidity to back up their trademark flair .
I suspected before the Autumn Nations Cup that France would be dangerous and they didn ’ t disappoint .
The team they put out against England was meant to be a second or even third string .
If so , that is scary .
Les Bleus are a proper side now .
And you could @ @ @ @ @ @ @ of the final that they know it now .
I ’ m convinced they are on course to become the best team in the northern hemisphere and I fancy them to confirm that at next year ’ s Six Nations .
England , meanwhile , were machine-like when it mattered and will go down in the record books as winners .
That ’ s what will be remembered for longest .
On the positive side , they were excellent in the set-piece and in defence .
They beat Ireland , Wales and France @ @ @ @ @ @ @ .
Winning is a habit and they now have momentum to take into 2021 .
Eddie Jones hit back at criticism of England ’ s style of play after the final , and he has a point .
If you ’ d offered people an outcome in which England were the dominant team and won the tournament , they ’ d have taken it .
But Jones must have some concerns about their very average attacking , though .
It felt as though England played the Autumn Nations Cup in second or third @ @ @ @ @ @ @ well to come back from seven points behind in the second half with France .
They showed all their experience , kicking it to the corner for a perfectly executed catch and drive to force extra time .
But had the deficit been greater , I ’ m not sure England could have gone to fourth or fifth gear when they really needed it .
As a purist , I want to see talent on show and Jones has some phenomenal attacking players .
Take Jonny May ’ s try against Wales , @ @ @ @ @ @ @ the best ever scored at Twickenham .
George Ford is a fantastic player but his instinct now is to kick it up in the air .
That ’ s tragic .
Meanwhile , you have Fiji and France chucking it around and it makes me want to root for them .
It ’ s not all doom and gloom because England won and have a base of success on which to build .
But the rugby is drab and boring and won ’ t be inspiring any young players .
All eyes will @ @ @ @ @ @ @ Simon Amor to add some excitement to the efficiency .
Overall , I really enjoyed watching the Autumn Nations Cup .
Having a trophy to play for made the usual programme more interesting and engaging .
And while the line-up will change , I ’ d be firmly in favour of using the same format when South Africa , New Zealand , Australia and Japan are in town .
Former England Sevens captain Ollie Phillips is the founder of Optimist Performance , experts in leadership development & behavioural change .
Follow Ollie on @ @ @ @ @

Ollie Phillips: England may have won but France were the real stars of the Autumn Nations Cup
France pushed England all the way in the Autumn Nations Cup, despite missing a host of key players
It was brilliant to see England claim the Autumn Nations Cup in such dramatic fashion on Sunday.
Rugby fans have been missing that kind of competitive tension, so it was awesome that the competition was decided by a golden penalty.
But while England took the silverware, much of the plaudits will rightfully go to the losing finalists.
France’s renaissance has been the real story of this tournament.
It’s a well-worn cliche that you never know which France side will turn up, but it’s not true any more.
Fabien Galthie and Shaun Edwards have banished that tag. They now have the defensive solidity to back up their trademark flair.
I suspected before the Autumn Nations Cup that France would be dangerous and they didn’t disappoint.
The team they put out against England was meant to be a second or even third string. If so, that is scary.
Les Bleus are a proper side now. And you could see from their faces at the end of the final that they know it now.
I’m convinced they are on course to become the best team in the northern hemisphere and I fancy them to confirm that at next year’s Six Nations.
Boring England
England, meanwhile, were machine-like when it mattered and will go down in the record books as winners. That’s what will be remembered for longest.
On the positive side, they were excellent in the set-piece and in defence.
They beat Ireland, Wales and France to get their hands on the trophy. Winning is a habit and they now have momentum to take into 2021.
Eddie Jones hit back at criticism of England’s style of play after the final, and he has a point.
If you’d offered people an outcome in which England were the dominant team and won the tournament, they’d have taken it.
But Jones must have some concerns about their very average attacking, though.
It felt as though England played the Autumn Nations Cup in second or third gear.
Yes, they did really well to come back from seven points behind in the second half with France.
They showed all their experience, kicking it to the corner for a perfectly executed catch and drive to force extra time.
But had the deficit been greater, I’m not sure England could have gone to fourth or fifth gear when they really needed it.
Owen Farrell’s golden penalty in extra time earned England a dramatic victory in the Autumn Nations Cup final
As a purist, I want to see talent on show and Jones has some phenomenal attacking players.
Take Jonny May’s try against Wales, which is talked about as one of the best ever scored at Twickenham.
George Ford is a fantastic player but his instinct now is to kick it up in the air. That’s tragic.
Meanwhile, you have Fiji and France chucking it around and it makes me want to root for them.
Autumn Nations Cup format works
It’s not all doom and gloom because England won and have a base of success on which to build.
But the rugby is drab and boring and won’t be inspiring any young players.
All eyes will now be on Jones and attack coach Simon Amor to add some excitement to the efficiency.
Overall, I really enjoyed watching the Autumn Nations Cup.
Having a trophy to play for made the usual programme more interesting and engaging.
And while the line-up will change, I’d be firmly in favour of using the same format when South Africa, New Zealand, Australia and Japan are in town.
Former England Sevens captain Ollie Phillips is the founder of Optimist Performance, experts in leadership development & behavioural change. Follow Ollie on Twitter and on LinkedIn.


cityam--2020-12-07--The solution to the Covid economic crisis is more markets, not more government

The Covid-19 crisis has caused an unprecedented contraction of the global economy .
While it is remarkable how quickly and decisively governments and central banks reacted to the pandemic to bolster their economies , prevent the collapse of financial markets and seek to preserve jobs , our attention must now turn to how to deliver a sustainable economic recovery .
The overarching challenge is neither cyclical nor , indeed , Covid-related , but structural — as growth has been declining for decades and prospects are currently poor .
Potential annual growth has fallen from over three per cent to less @ @ @ @ @ @ @ 40 years and annual productivity growth has fallen to less than one per cent over the past decade .
Read more : Dial “ Enterprise , Enterprise , Enterprise ” for this economic emergency Some argue that a more interventionist approach is needed to fix our economic and social problems , with governments pursuing ever higher public spending , industrial policies and protectionism .
Their calls are based on the claim that too much market economy is somehow an obstacle to growth and wellbeing .
But , as I argue in my new @ @ @ @ @ @ @ Recovery : More Market , Better Government ) , the evidence indicates that there is a better way .
We must turn to a market-friendly reform agenda to allow markets to do their job and governments to become better at their own core tasks .
It is asking too much of governments to insure us against all contingencies and fix all our problems via more regulation and more spending .
Yet governments are increasingly under pressure to channel public funds into certain sectors on the dubious assumption that they know which are the @ @ @ @ @ @ @ products the country has a comparative advantage .
While there may be a limited number of instances where such projects make sense ( such as in space ) , the government is generally not better at knowing the future and is a poor manager of private companies and projects , as repeated experience has shown .
Instead , once the Covid dust has settled , the government should scale back its interventions and allow markets to determine which players survive and scaling back state interventions and guarantees .
If there is anything that @ @ @ @ @ @ @ growth has taught us , it is the need for returning to rules-based economic policymaking .
Our leaders should have an incentive to meet sound macroeconomic objectives and improve the quality of government with better rather than more spending to enhance prosperity , equal opportunity and social inclusion .
What we need now are clear fiscal rules on deficit , expenditure and debt , to allow the adjustment path for public finances to be tailored to the needs of sustainability and the economic environment .
There is , however , one prerequisite for @ @ @ @ @ @ @ must be implemented and enforced .
In many countries that have gone down the path of economic calamity , the culprit has been lack of implementation , rather than bad rules .
Market-friendly domestic economies , open borders for trade , and healthy and sustainable finances are the triangle of stability that we need to secure for the future .
This is all the more important given all the challenges — from population ageing to financial uncertainty , social stability and climate change — for which we need well-performing and solvent governments .
@ @ @ @ @ @ @ the Covid economy ?
Tax reform

The solution to the Covid economic crisis is more markets, not more government
Governments are increasingly under pressure to channel public funds into certain sectors
The Covid-19 crisis has caused an unprecedented contraction of the global economy.
While it is remarkable how quickly and decisively governments and central banks reacted to the pandemic to bolster their economies, prevent the collapse of financial markets and seek to preserve jobs, our attention must now turn to how to deliver a sustainable economic recovery.
The overarching challenge is neither cyclical nor, indeed, Covid-related, but structural — as growth has been declining for decades and prospects are currently poor. Potential annual growth has fallen from over three per cent to less than two per cent over the past 40 years and annual productivity growth has fallen to less than one per cent over the past decade.
Some argue that a more interventionist approach is needed to fix our economic and social problems, with governments pursuing ever higher public spending, industrial policies and protectionism. Their calls are based on the claim that too much market economy is somehow an obstacle to growth and wellbeing.
But, as I argue in my new paper for Politeia (Preparing for Economic Recovery: More Market, Better Government), the evidence indicates that there is a better way. We must turn to a market-friendly reform agenda to allow markets to do their job and governments to become better at their own core tasks.
It is asking too much of governments to insure us against all contingencies and fix all our problems via more regulation and more spending.
Yet governments are increasingly under pressure to channel public funds into certain sectors on the dubious assumption that they know which are the industries of the future or for which products the country has a comparative advantage. While there may be a limited number of instances where such projects make sense (such as in space), the government is generally not better at knowing the future and is a poor manager of private companies and projects, as repeated experience has shown.
Instead, once the Covid dust has settled, the government should scale back its interventions and allow markets to determine which players survive and scaling back state interventions and guarantees.
If there is anything that our chequered history of crisis and poor growth has taught us, it is the need for returning to rules-based economic policymaking. Our leaders should have an incentive to meet sound macroeconomic objectives and improve the quality of government with better rather than more spending to enhance prosperity, equal opportunity and social inclusion.
What we need now are clear fiscal rules on deficit, expenditure and debt, to allow the adjustment path for public finances to be tailored to the needs of sustainability and the economic environment.
There is, however, one prerequisite for fiscal rules to be effective: they must be implemented and enforced. In many countries that have gone down the path of economic calamity, the culprit has been lack of implementation, rather than bad rules.
Market-friendly domestic economies, open borders for trade, and healthy and sustainable finances are the triangle of stability that we need to secure for the future. This is all the more important given all the challenges — from population ageing to financial uncertainty, social stability and climate change — for which we need well-performing and solvent governments.
Main image credit: Getty