cityam--2020-10-18--Retail mogul Mike Ashley makes fresh bid for Debenhams

Sport Direct tycoon Mike Ashley has reportedly made a fresh bid for Debenhams , reviving his long-standing pursuit of the department store chain .
The retail billionaire this month submitted an improved offer as the auction for Debenhams nears its final stages , the Sunday Times reported .
Read more : Debenhams boss insists retailer is not on a cliff edge Debenhams , which collapsed into administration in April , has hired Lazard to conduct a sale process .
It has also appointed Hilco Capital to liquidate the business if it fails to find a buyer — a move that @ @ @ @ @ @ @ risk .
Ashley previously owned almost 30 per cent of Debenhams and lost £150m when the chain was taken over by its lenders last year .
He oversaw a shake-up of the company ’ s management , ousting chairman Sir Ian Chairman and boss Sergio Bucher from the board and launching an unsuccessful attempt to install himself as chief executive .
The outspoken tycoon also backed a failed legal challenge by landlords over Debenhams ’ company voluntary arrangement , which earmarked 50 stores for closure and allowed the firm to slash rents at @ @ @ @ @ @ @ well placed to snap up the chain after India ’ s richest man reportedly pulled out of the auction .
Mukesh Ambani , who owns Reliance Retail , had been the frontrunner in the race .

Retail mogul Mike Ashley makes fresh bid for Debenhams
Sport Direct tycoon Mike Ashley has reportedly made a fresh bid for Debenhams, reviving his long-standing pursuit of the department store chain.
The retail billionaire this month submitted an improved offer as the auction for Debenhams nears its final stages, the Sunday Times reported.
Debenhams, which collapsed into administration in April, has hired Lazard to conduct a sale process.
It has also appointed Hilco Capital to liquidate the business if it fails to find a buyer — a move that would put more than 12,000 jobs at risk.
Ashley previously owned almost 30 per cent of Debenhams and lost £150m when the chain was taken over by its lenders last year.
He oversaw a shake-up of the company’s management, ousting chairman Sir Ian Chairman and boss Sergio Bucher from the board and launching an unsuccessful attempt to install himself as chief executive.
The outspoken tycoon also backed a failed legal challenge by landlords over Debenhams’ company voluntary arrangement, which earmarked 50 stores for closure and allowed the firm to slash rents at 100 further sites.
Ashley could be well placed to snap up the chain after India’s richest man reportedly pulled out of the auction. Mukesh Ambani, who owns Reliance Retail, had been the frontrunner in the race.


cityam--2020-10-18--Michael Gove says UK is 'well prepared' for no-deal Brexit

Michael Gove has said the ball is in the EU ’ s court as to whether trade talks continue and that the UK is “ well prepared ” for a no-deal Brexit in January .
Gove , who has been until now a leading voice in the cabinet against no-deal , said today that it was the EU that “ effectively ended ” trade talks this week by not agreeing to “ intensify ” negotiations .
Read more : Brexit : Macron and Merkel clash over hopes for UK trade deal Boris Johnson said on Friday that he was finished @ @ @ @ @ @ @ UK would leave the EU ’ s single market and customs union without a deal unless the bloc made key last minute concessions .
Both sides had set an end of October deadline to get the deal done in order to give businesses time to adjust to new conditions from 1 January next year .
Johnson ’ s comments were seen by many as a last-ditch bluff to extract concessions from the EU on fisheries arrangements – one of the largest areas of disagreement .
Gove , the minister responsible for organising no-deal @ @ @ @ @ @ @ t struck , told Sky News : “ It was the case that we were making progress , then the EU retreated from that .
“ At the EU Council last week the original commitment that was in their draft communique to ‘ intensify talks ’ , the word ‘ intensify ’ was taken out .
“ Over the past two weeks we haven ’ t seen from the EU the production of the legal texts required for there to be progress and as one of our negotiators pointed out , it was @ @ @ @ @ @ @ a dedicated attempt to reach a conclusion.
” Gove wrote in the Sunday Times today that a no-deal exit was “ not my preferred destination ” , but that “ if the choice is between arrangements that tie our hands indefinitely or where we can shape our own future in our own way then that ’ s no choice at all ” .
Read more : Brexit : No deal could ground UK-EU flights , Grant Shapps admits “ Unfortunately , they want us to sign up to restrictions that would undermine the @ @ @ @ @ @ @ ” he wrote .
“ The EU want to keep us in their tractor beam .
It ’ s independent life , Jim , but not as we know it .
”

Michael Gove says UK is ‘well prepared’ for no-deal Brexit
Michael Gove has said the ball is in the EU’s court as to whether trade talks continue and that the UK is “well prepared” for a no-deal Brexit in January.
Gove, who has been until now a leading voice in the cabinet against no-deal, said today that it was the EU that “effectively ended” trade talks this week by not agreeing to “intensify” negotiations.
Boris Johnson said on Friday that he was finished negotiating with Brussels, and that the UK would leave the EU’s single market and customs union without a deal unless the bloc made key last minute concessions.
Both sides had set an end of October deadline to get the deal done in order to give businesses time to adjust to new conditions from 1 January next year.
Johnson’s comments were seen by many as a last-ditch bluff to extract concessions from the EU on fisheries arrangements – one of the largest areas of disagreement.
Gove, the minister responsible for organising no-deal preparations if a UK-EU agreement isn’t struck, told Sky News: “It was the case that we were making progress, then the EU retreated from that.
“At the EU Council last week the original commitment that was in their draft communique to ‘intensify talks’, the word ‘intensify’ was taken out.
“Over the past two weeks we haven’t seen from the EU the production of the legal texts required for there to be progress and as one of our negotiators pointed out, it was more like performance art than it was a dedicated attempt to reach a conclusion.”
Gove wrote in the Sunday Times today that a no-deal exit was “not my preferred destination”, but that “if the choice is between arrangements that tie our hands indefinitely or where we can shape our own future in our own way then that’s no choice at all”.
“Unfortunately, they want us to sign up to restrictions that would undermine the independence the British people voted for,” he wrote.
“The EU want to keep us in their tractor beam. It’s independent life, Jim, but not as we know it.”


cityam--2020-10-18--Gardaworld advisers set for £312m payday in G4S bid

Advisers to Gardaworld are in line for a £312m payout from the Canadian firm ’ s hostile takeover bid for outsourcing giant G4S .
Banks , lawyers , accountants and PR professionals are set to share a reward package ranging from £13m to £312m if Gardaworld ’ s £3bn bid is successful .
Read more : G4S hits back at Gardaworld over ‘ misleading ’ pension scheme claims In a takeover document published yesterday , Gardaworld said it will pay up to £100m to Barclays , UBS , Jeffries and Bank of America for financial and corporate broking advice .
@ @ @ @ @ @ @ banks that provide financing for the deal , while lawyers are set to earn £18m and PR advisers including London-based Montfort could net £7m .
Gardaworld , which is 51 per cent owned by private equity fund BC Partners , last month sparked a bitter tussle with G4S after tabling a 190p per share offer for its FTSE 250 rival .
G4S has rejected the bid , but the Canadian company has repeatedly urged shareholders to ask the board to enter into negotiations .
In this document Gardaworld boss Stephan Cretier launched a @ @ @ @ @ @ @ baseless optimism ” and “ history of operational missteps ” .
“ Simply said , a cookie-cutter approach will not succeed in fixing G4S ’ s operations , ” he said .
“ This operation needs a deep root and branch reprogramming.
” A G4S spokesperson said : “ There is nothing new here .
The terms of the offer remain unchanged from those contained in Gardaworld ’ s announcement on 30 September , which the board unanimously rejected on the basis that it significantly undervalues the company and its prospects and is @ @ @ @ @ @ @ or other stakeholders.
” G4S is the largest privately owned security services firm in the world , and employs more than 102,000 people globally .
However , it has been rocked by a number of scandals in recent years , including its management of UK coronavirus test centres and the loss of a major government contract .
Read more : G4S rejects clone Gardaworld bid as takeover pursuit goes on Gardaworld has already upped its bid twice , but top investors have said the 190p per share offer still undervalues the firm .
@ @ @ @ @ @ @ .
G4S last week said it had also received interest from rival suitor Allied Universal , which is one of the largest security firms in the US .

Gardaworld advisers set for £312m payday in G4S bid
The G4S takeover saga is finally over, with shareholders in the security company accepting Allied Universal’s offer.
Advisers to Gardaworld are in line for a £312m payout from the Canadian firm’s hostile takeover bid for outsourcing giant G4S.
Banks, lawyers, accountants and PR professionals are set to share a reward package ranging from £13m to £312m if Gardaworld’s £3bn bid is successful.
In a takeover document published yesterday, Gardaworld said it will pay up to £100m to Barclays, UBS, Jeffries and Bank of America for financial and corporate broking advice.
A further £180m could be handed to banks that provide financing for the deal, while lawyers are set to earn £18m and PR advisers including London-based Montfort could net £7m.
Gardaworld, which is 51 per cent owned by private equity fund BC Partners, last month sparked a bitter tussle with G4S after tabling a 190p per share offer for its FTSE 250 rival.
G4S has rejected the bid, but the Canadian company has repeatedly urged shareholders to ask the board to enter into negotiations.
In this document Gardaworld boss Stephan Cretier launched a fresh salvo at G4S for its “baseless optimism” and “history of operational missteps”.
“Simply said, a cookie-cutter approach will not succeed in fixing G4S’s operations,” he said. “This operation needs a deep root and branch reprogramming.”
A G4S spokesperson said: “There is nothing new here. The terms of the offer remain unchanged from those contained in Gardaworld’s announcement on 30 September, which the board unanimously rejected on the basis that it significantly undervalues the company and its prospects and is not in the best interests of shareholders or other stakeholders.”
G4S, which has roughly 533,000 employees, offers security services and is managing the UK’s coronavirus test centres. However, it has been embroiled in controversy in recent years over its handling of government work, and was stripped of its contract to run Birmingham prison.
Gardaworld has already upped its bid twice, but top investors have said the 190p per share offer still undervalues the firm. Its shares closed at 208.9p last week.
G4S last week said it had also received interest from rival suitor Allied Universal, which is one of the largest security firms in the US.


cityam--2020-10-18--McLaren CEO Mike Flewitt on a difficult year and an electrified future

Braking hard from 170mph on the Hangar Straight , another McLaren 765LT looms large in my mirrors .
Two corners later , it ’ s almost nudging my diffuser .
Admitting defeat , I pull over and wave the faster driver through .
Airbrake aloft and tailpipes glowing blue , he kisses the kerb at Abbey , applies a flick of opposite-lock and blasts away .
Only after I return to the Silverstone pit lane do I realise my on-track adversary was Mike Flewitt , the CEO of McLaren Automotive , who looks as comfortable in a supercar as a @ @ @ @ @ @ @ in 2012 , Flewitt was Vice President of Manufacturing at Ford of Europe , plus his CV includes stints at Rolls-Royce and Tom Walkinshaw Racing ( TWR ) .
This year has , inevitably , been difficult , but Mike seems in good spirits .
Perhaps he knows how much slower I am .
We grab a coffee and begin… How would you sum up 2020 for McLaren ?
“ Horrible .
We came into this year really well , with sales up 11 percent in 2019 .
Then the pandemic progressively hit @ @ @ @ @ @ @ most retailers at the end of March , so at that point the business was pretty much stopped .
We weren ’ t building cars or selling cars .
“ That was really grim , and a huge financial strain , but we secured financing that saw us through .
We restarted Speedtail production in June and mainstream production – albeit at a reduced volume – in July .
In terms of development , our two priorities have been this car [ the 765LT ] and the new [ hybrid , V6-engined ] @ @ @ @ @ @ @ “ We had to go through some redundancies and , to pay down our debt , we ’ re doing a sale and lease-back of the McLaren Technical Centre in Woking .
Frankly , most companies don ’ t own their headquarters – we were just very fortunate that , after many successful years of Formula 1 under Ron Dennis , McLaren could buy the premises outright .
“ Operating costs are now back to break-even and we look forward to the market recovering slowly .
I don ’ t know how much @ @ @ @ @ @ @ wave ’ will be , but there ’ s a different tone to things this time : dialling back social contact , but continuing to facilitate people working and education .
I ’ m cautiously optimistic.
” Tell us about McLaren ’ s hybrid future .
“ We built the first of the ‘ hybrid hypercars ’ with the P1 , a hugely exciting car with extreme power .
It showed everyone that hybrids weren ’ t just an environmental game to play ; they could also offer a performance advantage – and @ @ @ @ @ @ @ More recently , we used a different hybrid system in the Speedtail .
From zero to 300kph [ 186mph ] , it ’ s the fastest car in the world .
Quite staggering .
We had to evolve into making more hybrids , though ; it brings a complete step-change in CO2 levels – halving them compared with our twin-turbo V8s .
But to get the real benefit , we needed a new platform to suit .
“ Our factory in Sheffield will build the carbon fibre tubs and the electric motors are @ @ @ @ @ @ @ It ’ s a very important step for us and we ’ ve invested a lot of money , as this hybrid platform underpins the next 8-10 years of cars .
We ’ re very excited about bringing it to market.
” What about electric cars – will we see a McLaren EV ?
“ Yes , but not until the latter part of this decade .
It ’ s hard to get the balance of power and range with performance cars .
You could have an extremely fast EV , but it @ @ @ @ @ @ @ it won ’ t offer enough engagement and excitement .
“ Primarily , we make cars that are exciting , and performance is part of that .
Yet a lot of that sensation also comes from the powertrain , and that ’ s missing with EVs .
“ I think our GT product range will be first to go electric , then it will evolve into the supercars .
We have a couple of development cars running around , and we ’ re working on chassis dynamics .
We want to make an @ @ @ @ @ @ @ the 765LT you ’ re driving today.
” Speaking of the new 765LT , what ’ s your verdict ?
“ I adore it .
The performance is astonishing .
The chassis has been developed much more for track use , so it ’ s very focused .
Speed is relentless , grip is tremendous .
“ Cars like this are totally indulgent , but we are selling an emotional experience – and the 765LT delivers that better than anything I ’ ve driven in a long time.
” You ’ ve had @ @ @ @ @ @ @ McLaren making too many cars ?
“ Not this year , of course… But we are sensitive to this and I ’ d love my owners not to lose a penny .
That said , depreciation is the most significant cost for any car owner , and very , very few cars actually appreciate .
So the question is how much the individual is prepared to pay for the privilege of owning something like a 720S .
“ There was a time when there were a lot fewer supercars and manufacturers in the @ @ @ @ @ @ @ cars and trade them after a year with very little depreciation .
We retailed about 4,500 cars in 2019 and we ’ ll be back to that level by 2022 or 2023 .
“ We are careful to manage supply and we run a qualified scheme for previously owned cars at McLaren dealers .
That ’ s the best way to maintain value.
” Gordon Murray ’ s T.50 is arguably the spiritual successor to the McLaren F1 .
What ’ s your take on it ?
“ All credit to him .
@ @ @ @ @ @ @ will admire the T.50 and see it as a modern-day F1 .
“ It ’ s a uniquely positioned car that doesn ’ t meet global homologation standards – and that ’ s fine as he ’ s only producing 100 for out-and-out enthusiasts .
But it isn ’ t going to change the supercar world .
The 765LT is far more relevant in terms of the market .
“ In the niche he ’ s playing in , though , it ’ s a brilliant piece of engineering.
” It ’ s @ @ @ @ @ @ @ historic victory at Le Mans .
Would you like McLaren to race there again ?
“ I ’ d absolutely love to .
We planned all sorts of celebrations this year to mark that win , and sadly they ’ ve all been cancelled .
Le Mans was closed to spectators , after all .
“ We ’ re having an amazing year in GT3 and GT4 racing – we ’ ve just won the championship in GT4 .
It would be great to build on that and grow back into Le Mans @ @ @ @ @ @ @ sports cars .
I don ’ t see it happening in the next year or two , but it ’ s on the wish-list.
” Let ’ s talk about your interest in cars… “ I love modern supercars .
I drive a McLaren GT every day and have a 675LT at home .
But I also race classics – in fact , I was here at Silverstone last week doing a test day in a 1955 Lotus Mark IX .
“ Cars aren ’ t just transport to me , they ’ @ @ @ @ @ @ @ other car brand do you most admire ?
“ I admire Porsche hugely for its engineering and commercial structure .
The company builds a quarter of a million cars a year , yet still retains a perceived exclusivity .
It also has segment-leading products in most of the areas where it competes .
“ I ’ ve got a lot of time for Ford and BMW , too .
They both demonstrate you can have great driving dynamics at different price points .
I drove a Ford Focus for years and it was @ @ @ @ @ @ @ M2 and a Range Rover at home.
” Of which McLaren road car are you proudest ?
“ That ’ s a really hard one .
I am desperately proud of the new 765LT .
Before this , I ’ d have probably said the 675LT .
We took the 650S and made it a little lighter , faster and more aerodynamic , but the result was way more than the sum of its parts .
“ In truth , I ’ d struggle to separate my 675s from my 765s .
Perhaps @ @ @ @ @ @ @ what I ’ m proudest of .
The cars are daily usable and very exciting even at low speed , yet they ’ re amazing on a track .
They absolutely hit the spot for McLaren – and for me .
”

McLaren CEO Mike Flewitt on a difficult year and an electrified future
McLaren CEO Mike Flewitt
Braking hard from 170mph on the Hangar Straight, another McLaren 765LT looms large in my mirrors. Two corners later, it’s almost nudging my diffuser.
Admitting defeat, I pull over and wave the faster driver through. Airbrake aloft and tailpipes glowing blue, he kisses the kerb at Abbey, applies a flick of opposite-lock and blasts away.
Only after I return to the Silverstone pit lane do I realise my on-track adversary was Mike Flewitt, the CEO of McLaren Automotive, who looks as comfortable in a supercar as a shareholder meeting.
Before he joined McLaren in 2012, Flewitt was Vice President of Manufacturing at Ford of Europe, plus his CV includes stints at Rolls-Royce and Tom Walkinshaw Racing (TWR).
This year has, inevitably, been difficult, but Mike seems in good spirits. Perhaps he knows how much slower I am. We grab a coffee and begin…
How would you sum up 2020 for McLaren?
“Horrible. We came into this year really well, with sales up 11 percent in 2019. Then the pandemic progressively hit us. We closed our factory and most retailers at the end of March, so at that point the business was pretty much stopped. We weren’t building cars or selling cars.
“That was really grim, and a huge financial strain, but we secured financing that saw us through. We restarted Speedtail production in June and mainstream production – albeit at a reduced volume – in July. In terms of development, our two priorities have been this car [the 765LT] and the new [hybrid, V6-engined] platform, due in April 2021.
“We had to go through some redundancies and, to pay down our debt, we’re doing a sale and lease-back of the McLaren Technical Centre in Woking. Frankly, most companies don’t own their headquarters – we were just very fortunate that, after many successful years of Formula 1 under Ron Dennis, McLaren could buy the premises outright.
“Operating costs are now back to break-even and we look forward to the market recovering slowly. I don’t know how much of a setback a Covid ‘second wave’ will be, but there’s a different tone to things this time: dialling back social contact, but continuing to facilitate people working and education. I’m cautiously optimistic.”
Tell us about McLaren’s hybrid future.
“We built the first of the ‘hybrid hypercars’ with the P1, a hugely exciting car with extreme power. It showed everyone that hybrids weren’t just an environmental game to play; they could also offer a performance advantage – and be thrilling for the driver.
“More recently, we used a different hybrid system in the Speedtail. From zero to 300kph [186mph], it’s the fastest car in the world. Quite staggering. We had to evolve into making more hybrids, though; it brings a complete step-change in CO2 levels – halving them compared with our twin-turbo V8s. But to get the real benefit, we needed a new platform to suit.
“Our factory in Sheffield will build the carbon fibre tubs and the electric motors are made in the UK, too. It’s a very important step for us and we’ve invested a lot of money, as this hybrid platform underpins the next 8-10 years of cars. We’re very excited about bringing it to market.”
What about electric cars – will we see a McLaren EV?
“Yes, but not until the latter part of this decade. It’s hard to get the balance of power and range with performance cars. You could have an extremely fast EV, but it will have very little range – and it won’t offer enough engagement and excitement.
“Primarily, we make cars that are exciting, and performance is part of that. Yet a lot of that sensation also comes from the powertrain, and that’s missing with EVs.
“I think our GT product range will be first to go electric, then it will evolve into the supercars. We have a couple of development cars running around, and we’re working on chassis dynamics. We want to make an EV that’s as thrilling as the 765LT you’re driving today.”
Speaking of the new 765LT, what’s your verdict?
“I adore it. The performance is astonishing. The chassis has been developed much more for track use, so it’s very focused. Speed is relentless, grip is tremendous.
“Cars like this are totally indulgent, but we are selling an emotional experience – and the 765LT delivers that better than anything I’ve driven in a long time.”
You’ve had some bad press regarding depreciation. Is McLaren making too many cars?
“Not this year, of course… But we are sensitive to this and I’d love my owners not to lose a penny. That said, depreciation is the most significant cost for any car owner, and very, very few cars actually appreciate. So the question is how much the individual is prepared to pay for the privilege of owning something like a 720S.
“There was a time when there were a lot fewer supercars and manufacturers in the market, so you could buy some cars and trade them after a year with very little depreciation. We retailed about 4,500 cars in 2019 and we’ll be back to that level by 2022 or 2023.
“We are careful to manage supply and we run a qualified scheme for previously owned cars at McLaren dealers. That’s the best way to maintain value.”
Gordon Murray’s T.50 is arguably the spiritual successor to the McLaren F1. What’s your take on it?
“All credit to him. I like Gordon and plenty of people will admire the T.50 and see it as a modern-day F1.
“It’s a uniquely positioned car that doesn’t meet global homologation standards – and that’s fine as he’s only producing 100 for out-and-out enthusiasts. But it isn’t going to change the supercar world. The 765LT is far more relevant in terms of the market.
“In the niche he’s playing in, though, it’s a brilliant piece of engineering.”
It’s 25 years since the F1’s historic victory at Le Mans. Would you like McLaren to race there again?
“I’d absolutely love to. We planned all sorts of celebrations this year to mark that win, and sadly they’ve all been cancelled. Le Mans was closed to spectators, after all.
“We’re having an amazing year in GT3 and GT4 racing – we’ve just won the championship in GT4. It would be great to build on that and grow back into Le Mans, which is the senior category for sports cars. I don’t see it happening in the next year or two, but it’s on the wish-list.”
Let’s talk about your interest in cars…
“I love modern supercars. I drive a McLaren GT every day and have a 675LT at home. But I also race classics – in fact, I was here at Silverstone last week doing a test day in a 1955 Lotus Mark IX.
“Cars aren’t just transport to me, they’re really something to enjoy.”
Which other car brand do you most admire?
“I admire Porsche hugely for its engineering and commercial structure. The company builds a quarter of a million cars a year, yet still retains a perceived exclusivity. It also has segment-leading products in most of the areas where it competes.
“I’ve got a lot of time for Ford and BMW, too. They both demonstrate you can have great driving dynamics at different price points. I drove a Ford Focus for years and it was brilliant. We also have a BMW M2 and a Range Rover at home.”
Of which McLaren road car are you proudest?
“That’s a really hard one. I am desperately proud of the new 765LT. Before this, I’d have probably said the 675LT. We took the 650S and made it a little lighter, faster and more aerodynamic, but the result was way more than the sum of its parts.
“In truth, I’d struggle to separate my 675s from my 765s. Perhaps the LT [Longtail] brand is what I’m proudest of. The cars are daily usable and very exciting even at low speed, yet they’re amazing on a track. They absolutely hit the spot for McLaren – and for me.”
Tim Pitt writes for Motoring Research


cityam--2020-10-18--Businesses warn of ‘mass redundancies’ as fresh restrictions set in

Businesses have warned Boris Johnson that the UK is facing a fresh wave of “ mass redundancies ” unless more financial support is provided for companies hit by Covid-19 restrictions .
In a letter to the prime minister the British Chambers of Commerce ( BCC ) said the government ’ s tiered restrictions and the looming threat of a so-called circuit breaker lockdown meant the situation for businesses was growing “ graver by the day ” .
Read more : London lockdown : 200,000 hospitality workers to lose jobs this weekend , industry body warns The lobby group , which @ @ @ @ @ @ @ called for further financial support in tier 2 areas such as London , where firms are technically able to operate but are suffering from a collapse in demand .
It comes as bosses brace for the end of the furlough scheme , which initially paid 80 per cent of employees ’ wages .
Next month it will be replaced by the job support scheme , which requires businesses to pay 55 per cent of salaries for staff working a third of their normal hours .
In areas where businesses are forced to close @ @ @ @ @ @ @ wages .
But this support is not available to businesses that remain open in tier 3 or those in tier 2 .
Industry chiefs have warned that 200,000 hospitality workers in central London will lose their jobs this weekend as a result of the new restrictions .
Kate Nicholls , chief executive of UK Hospitality , said the tier 2 measures would lead to a “ maximum squeeze on revenue with no support ” , adding that it would be better for some businesses to be forced to close completely in order to @ @ @ @ @ @ @ this weekend the BCC called for “ a strategy that allows us to avoid economic paralysis and to manage the impact of the virus on our communities over the longer term ” .
Read more : London lockdown : Will the City ’ s small businesses survive new restrictions ?
“ The need for additional restrictions can not be blamed on a lack of care by dedicated employees in businesses across the country , ” it wrote .
“ Instead , it demonstrates the failures of short-term decision-making and of Test and Trace @ @ @ @ @ @ @ and expanded.
” The business group also set out five tests to limit the impact of new restrictions , including whether restrictions were proportionate and whether companies had enough time to prepare .

Businesses warn of ‘mass redundancies’ as fresh restrictions set in
Businesses have warned Boris Johnson that the UK is facing a fresh wave of “mass redundancies” unless more financial support is provided for companies hit by Covid-19 restrictions.
In a letter to the prime minister the British Chambers of Commerce (BCC) said the government’s tiered restrictions and the looming threat of a so-called circuit breaker lockdown meant the situation for businesses was growing “graver by the day”.
The lobby group, which represents 75,000 businesses across the UK, called for further financial support in tier 2 areas such as London, where firms are technically able to operate but are suffering from a collapse in demand.
It comes as bosses brace for the end of the furlough scheme, which initially paid 80 per cent of employees’ wages.
Next month it will be replaced by the job support scheme, which requires businesses to pay 55 per cent of salaries for staff working a third of their normal hours. In areas where businesses are forced to close, the government will cover two-thirds of wages.
But this support is not available to businesses that remain open in tier 3 or those in tier 2.
Industry chiefs have warned that 200,000 hospitality workers in central London will lose their jobs this weekend as a result of the new restrictions.
Kate Nicholls, chief executive of UK Hospitality, said the tier 2 measures would lead to a “maximum squeeze on revenue with no support”, adding that it would be better for some businesses to be forced to close completely in order to access government support.
In its letter this weekend the BCC called for “a strategy that allows us to avoid economic paralysis and to manage the impact of the virus on our communities over the longer term”.
“The need for additional restrictions cannot be blamed on a lack of care by dedicated employees in businesses across the country,” it wrote.
“Instead, it demonstrates the failures of short-term decision-making and of Test and Trace systems, which must be urgently improved and expanded.”
The business group also set out five tests to limit the impact of new restrictions, including whether restrictions were proportionate and whether companies had enough time to prepare.


cityam--2020-10-18--The end to modern slavery has its roots in the everyday changes

Today is UK Anti-Slavery Day : a time to acknowledge the scale of this horrific crime and , perhaps most importantly , to deepen our resolve to fight against modern slavery , human trafficking , and human rights violations .
Modern slavery is a hidden crime with an estimated 100,000 victims in this country alone .
It touches the clothes we buy , the food we eat , and the products we consume .
The 2015 Modern Slavery Act marked a monumental shift in how this crime is viewed : consolidating existing offences , increasing punishments for offenders , and @ @ @ @ @ @ @ the way for targeted action , and much progress has been made to this end .
Read more : H & M , Amazon and Boohoo among retailers to be quizzed by MPs over Uyghur slave labour links However , one of the many adverse results of Covid-19 has been an increase in modern slavery victims .
Job losses , financial insecurity , and lockdown all bring challenges .
People are more likely to be forced into jobs with unfavourable conditions .
As I know from the work we have undertaken , it @ @ @ @ @ @ @ desperate that they are particularly vulnerable to exploitation .
They are also vulnerable to homelessness .
We should not be deceived by the reduced numbers of rough sleepers reported to the National Referral Mechanism in recent months .
This drop was in part due to the public spending vastly more of their time indoors at home , making people less likely to encounter victims and therefore reducing their chance of detection .
Increased homelessness has likely been another consequence of the pandemic .
So on Anti-Slavery Day 2020 , we must commit to @ @ @ @ @ @ @ suggest that there are 100,000 victims of this crime living in the UK , last year only 10,000 potential victims were reported .
We have to do more to identify and support victims .
Major structural shifts are necessary to tackle this problem , but these take time , and businesses , communities , and the government can not afford to wait .
Instead , we can act now , taking a “ kaizen ” approach of continuous improvement , and implementing small changes , one step at a time .
For a @ @ @ @ @ @ @ authorities to ensure that victims don ’ t fall through the cracks .
My work with Hilton UK and Thames Valley Police during the national lockdown saw victims of domestic abuse and modern slavery provided with emergency accommodation in hotels .
Getting people off the streets , where they are most vulnerable , must be a priority .
Furthermore , rather than creating new bureaucracies or waiting for legislation to be passed , we should ensure that existing law enforcement agencies — such as the Environmental Health services — can spot the signs @ @ @ @ @ @ @ inspections .
We should empower them to report any identified cases centrally , building a strong system .
Planning and licensing committees should also ask businesses applying for permission about measures being taken to combat modern slavery .
This needn ’ t be a burden on businesses , simply a way of keeping the issue high on an organisation ’ s agenda .
These changes are achievable and replicable across the country .
Moreover , they don ’ t rely on creating new national agencies , but on collaboration at a local level @ @ @ @ @ @ @ Anti-Slavery Day as an opportunity to reflect on the crimes of the past , not the present .
The power to realise this vision is in our hands now .
Read more : The Boohoo scandal shouldn ’ t shock anyone — modern slavery is a pandemic

The end to modern slavery has its roots in the everyday changes
Modern slavery is a hidden crime with an estimated 100,000 victims in the UK
Today is UK Anti-Slavery Day: a time to acknowledge the scale of this horrific crime and, perhaps most importantly, to deepen our resolve to fight against modern slavery, human trafficking, and human rights violations.
Modern slavery is a hidden crime with an estimated 100,000 victims in this country alone. It touches the clothes we buy, the food we eat, and the products we consume.
The 2015 Modern Slavery Act marked a monumental shift in how this crime is viewed: consolidating existing offences, increasing punishments for offenders, and improving support for victims. It paved the way for targeted action, and much progress has been made to this end.
However, one of the many adverse results of Covid-19 has been an increase in modern slavery victims.
Job losses, financial insecurity, and lockdown all bring challenges. People are more likely to be forced into jobs with unfavourable conditions. As I know from the work we have undertaken, it is when people are at their most desperate that they are particularly vulnerable to exploitation.
They are also vulnerable to homelessness. We should not be deceived by the reduced numbers of rough sleepers reported to the National Referral Mechanism in recent months. This drop was in part due to the public spending vastly more of their time indoors at home, making people less likely to encounter victims and therefore reducing their chance of detection. Increased homelessness has likely been another consequence of the pandemic.
So on Anti-Slavery Day 2020, we must commit to working to stop this.
While estimates suggest that there are 100,000 victims of this crime living in the UK, last year only 10,000 potential victims were reported. We have to do more to identify and support victims.
Major structural shifts are necessary to tackle this problem, but these take time, and businesses, communities, and the government cannot afford to wait. Instead, we can act now, taking a “kaizen” approach of continuous improvement, and implementing small changes, one step at a time.
For a start, businesses can partner with local authorities to ensure that victims don’t fall through the cracks. My work with Hilton UK and Thames Valley Police during the national lockdown saw victims of domestic abuse and modern slavery provided with emergency accommodation in hotels. Getting people off the streets, where they are most vulnerable, must be a priority.
Furthermore, rather than creating new bureaucracies or waiting for legislation to be passed, we should ensure that existing law enforcement agencies — such as the Environmental Health services — can spot the signs of exploitation when entering premises for routine inspections. We should empower them to report any identified cases centrally, building a strong system.
Planning and licensing committees should also ask businesses applying for permission about measures being taken to combat modern slavery. This needn’t be a burden on businesses, simply a way of keeping the issue high on an organisation’s agenda.
These changes are achievable and replicable across the country. Moreover, they don’t rely on creating new national agencies, but on collaboration at a local level.
Hopefully, future generations will see Anti-Slavery Day as an opportunity to reflect on the crimes of the past, not the present. The power to realise this vision is in our hands now.
Main image credit: Getty


cityam--2020-10-18--Vacancies drop as three tier system comes into place

Job vacancies fell in the first full week of October , according to new data that paints a worrying picture about the economy ’ s direction of travel this winter .
Employment openings fell six per cent week on week in the seven days that ended on 11 October , data from the job board network Broadbean Technology showed .
Read more : FTSE 100 closes deep in the red amid new coronavirus lockdowns According to the figures , vacancies fell noticeably in the cities that have been badly hit by coronavirus .
Manchester and Birmingham saw advertised roles drop @ @ @ @ @ @ @ , for example .
It comes as the government negotiates with local leaders about the new tiered coronavirus restrictions system .
Liverpool is currently the only area in “ Tier 3 ” , which has the tightest restrictions .
London has been put in “ Tier 2 ” , while the government is in talks with leaders in Manchester about the city ’ s status .
Economists have warned that new lockdowns – although they may be necessary to contain the virus – will have damaging economic effects .
The jobs market is @ @ @ @ @ @ @ earlier this week showed that redundancies soared to the highest level in more than a decade between June and August , rising by a record 114,000 between June and August .
However , Broadbean ’ s figures showed that vacancies rose in the week ending 11 October when looked at month on month .
The economic data is currently far from certain , but this could suggest that although vacancies have been recovering , the latest spike in cases and restrictions has already taken a toll on jobs .
Read more : London @ @ @ @ @ @ @ businesses facing Tier 2 restrictions “ There ’ s no denying that the UK is facing tough times with regional lockdowns being implemented on a larger scale , ” said Alex Fourlis , managing director at Broadbean Technology .
“ However , with employers better able to facilitate remote working and stay operational in times of lockdown , we are quietly confident that we won ’ t see the negative vacancy growth that we witnessed earlier this year .
”

Vacancies drop as three tier system comes into place
Manchester has seen coronavirus cases rise, sparking worries about the economy
Job vacancies fell in the first full week of October, according to new data that paints a worrying picture about the economy’s direction of travel this winter.
Employment openings fell six per cent week on week in the seven days that ended on 11 October, data from the job board network Broadbean Technology showed.
According to the figures, vacancies fell noticeably in the cities that have been badly hit by coronavirus. Manchester and Birmingham saw advertised roles drop by eight and five per cent respectively, for example.
It comes as the government negotiates with local leaders about the new tiered coronavirus restrictions system.
Liverpool is currently the only area in “Tier 3”, which has the tightest restrictions. London has been put in “Tier 2”, while the government is in talks with leaders in Manchester about the city’s status.
Economists have warned that new lockdowns – although they may be necessary to contain the virus – will have damaging economic effects.
The jobs market is already in a bad place. Figures earlier this week showed that redundancies soared to the highest level in more than a decade between June and August, rising by a record 114,000 between June and August.
However, Broadbean’s figures showed that vacancies rose in the week ending 11 October when looked at month on month.
The economic data is currently far from certain, but this could suggest that although vacancies have been recovering, the latest spike in cases and restrictions has already taken a toll on jobs.
“There’s no denying that the UK is facing tough times with regional lockdowns being implemented on a larger scale,” said Alex Fourlis, managing director at Broadbean Technology.
“However, with employers better able to facilitate remote working and stay operational in times of lockdown, we are quietly confident that we won’t see the negative vacancy growth that we witnessed earlier this year.”


cityam--2020-10-18--UK can be a 'free agent' in financial markets after Brexit, says think tank

The UK can be a significant “ free agent ” in the global banking and financial markets once Brexit is over , a new report claims .
As negotiations continue in the next few weeks and Bois Johnson steps up his no-deal rhetoric , the UK ’ s banking and finance industry is in for a seismic change .
Read more : London fintechs secure billions from US investors despite virus and Brexit uncertainty A report by think tank New Financial in association with Barclays has set out recommendations in how the industry can best respond to Brexit .
A @ @ @ @ @ @ @ with is the ever-growing influence of Asia in global banking and financial markets .
The EU 27 ’ s share of the market has shrunk by a third between 2006 and 2018 , while Asian markets leapfrogged and increased their share from 18 per cent to 28 per cent .
The report predicts that the UK will be a significant “ free agent ” and can use its expertise in areas like derivatives , trading and fintech .
Recent research shows that London has been an attractive destination for investors even despite Brexit @ @ @ @ @ @ @ 3.6bn in venture capital this year alone , with more than half coming from US investors .
New Financial has suggested a commission to review the UK ’ s competitiveness before the UK “ rethink and in some areas recalibrate ” the UK framework .
As part of this the UK would introduce a moratorium on substantial divergence from the EU framework for at least a year after Brexit to give firms a chance to adjust .
But over time divergence is inevitable , particularly in prudential supervision .
As with trade deals @ @ @ @ @ @ @ initiatives with key markets such as the US , Canada , Singapore , Australia , China and India .
Just under 40 per cent of the UK ’ s trade in financial services is with the EU .
While this backdrop is challenging , the report claims Brexit provides an opportunity to develop these trading relationships .
Read more : Goldman Sachs : Brexit drama ahead but thin deal could be reached Barclays boss Jes Staley said : “ As the UK leaves the transition period at the end of this year , @ @ @ @ @ @ @ fragmented global world order than we have seen for some decades.
” “ While I feel confident that the UK will remain internationally competitive , with strong regulatory standards and a stable legal system , it has choices to make about the UK ’ s framework governing its capital markets that will have ramifications for generations to come and faces new challenges made more acute by Covid-19 .
”

UK can be a ‘free agent’ in financial markets after Brexit, says think tank
TOPSHOT – Postcards featuring the World War II British slogan “Keep Calm and Carry On” are seen outside a newsagents in London, on 24 June, 2016. – Britain voted to break away from the European Union on June 24, toppling Prime Minister David Cameron and dealing a thunderous blow to the 60-year-old bloc that sent world markets plunging. (Photo by LEON NEAL / AFP) (Photo by LEON NEAL/AFP via Getty Images)
The UK can be a significant “free agent” in the global banking and financial markets once Brexit is over, a new report claims.
As negotiations continue in the next few weeks and Bois Johnson steps up his no-deal rhetoric, the UK’s banking and finance industry is in for a seismic change.
A report by think tank New Financial in association with Barclays has set out recommendations in how the industry can best respond to Brexit.
A key issue Britain will need to grapple with is the ever-growing influence of Asia in global banking and financial markets.
The EU 27’s share of the market has shrunk by a third between 2006 and 2018, while Asian markets leapfrogged and increased their share from 18 per cent to 28 per cent.
The report predicts that the UK will be a significant “free agent” and can use its expertise in areas like derivatives, trading and fintech.
Recent research shows that London has been an attractive destination for investors even despite Brexit uncertainty. London fintechs have secured $3.6bn in venture capital this year alone, with more than half coming from US investors.
UK’s competitiveness
New Financial has suggested a commission to review the UK’s competitiveness before the UK “rethink and in some areas recalibrate” the UK framework. As part of this the UK would introduce a moratorium on substantial divergence from the EU framework for at least a year after Brexit to give firms a chance to adjust.
But over time divergence is inevitable, particularly in prudential supervision.
As with trade deals, New Financial has called for bilateral initiatives with key markets such as the US, Canada, Singapore, Australia, China and India. Just under 40 per cent of the UK’s trade in financial services is with the EU. While this backdrop is challenging, the report claims Brexit provides an opportunity to develop these trading relationships.
Barclays boss Jes Staley said: “As the UK leaves the transition period at the end of this year, it faces into a more unstable and fragmented global world order than we have seen for some decades.”
“While I feel confident that the UK will remain internationally competitive, with strong regulatory standards and a stable legal system, it has choices to make about the UK’s framework governing its capital markets that will have ramifications for generations to come and faces new challenges made more acute by Covid-19.”


cityam--2020-10-18--London financial services jobs rise after Covid-19 crash

The number of available jobs in London ’ s financial services sector jumped in the third quarter as confidence began to return to the capital .
Finance job vacancies rose 53 per cent in the three months to the end of September when compared to the previous quarter , according to recruitment agency Morgan McKinley .
Read more : London lockdown : 200,000 hospitality workers to lose jobs this weekend , industry body warns For London workers changing jobs , the average increase in salary was 17 per cent .
The jobs boost came after job vacancies plunged 60 per @ @ @ @ @ @ @ lockdown in the second quarter .
But while the figures will spark hopes of renewed confidence , job availability remains 54 per cent below the levels recorded this time last year .
Hakan Enver , managing director of Morgan McKinley , hailed a quarter “ full of renewed optimism and hope ” .
“ The good news is we ’ re seeing more companies finding a way of working through the pandemic and gaining an understanding of their recruitment needs .
Banks are faring well and continue to hire .
He added : @ @ @ @ @ @ @ levels of a year ago , this is a positive sign that the financial services job market in London is headed in the right direction.
” But while job availability improved , the number of people looking for a new position also rose 38 per cent quarter on quarter .
Compared to the third quarter last year , job seeker numbers are up four per cent .
Figures released by the Office for National Statistics last week showed there were 227,000 redundancies across the UK in the three months to August — the @ @ @ @ @ @ @ 2009 and roughly twice as many as the same time next year .
It comes as businesses brace for fresh coronavirus restrictions and the winding up of the furlough scheme , which is set to finish at the end of the month .
Bosses have urged Prime Minister Boris Johnson to provide further financial support for businesses hit by the lockdown , warning that the UK is facing a fresh wave of “ mass redundancies ” without additional measures .
The UK ’ s hospitality sector is likely to be hardest hit by @ @ @ @ @ @ @ a Manger and Wetherspoons among the major chains to announce further job cuts .
But financial services firms will also be facing uncertainty over the looming Brexit deadline , with calls for clarity over the free flow of capital and equivalence once the UK leaves the EU .
Read more : Optimism rises among financial services firms as business volumes stabilise “ Waiting until the end of the year will leave financial service companies facing a complex patchwork of national rules , ” said Enver .
“ Yet , with all these uncertainties @ @ @ @ @ @ @ for the last two years , they are still unable to deal with Brexit until we know what the lay of the land is .
”

London financial services jobs rise after Covid-19 crash
Sunrise in London
The number of available jobs in London’s financial services sector jumped in the third quarter as confidence began to return to the capital.
Finance job vacancies rose 53 per cent in the three months to the end of September when compared to the previous quarter, according to recruitment agency Morgan McKinley.
For London workers changing jobs, the average increase in salary was 17 per cent.
The jobs boost came after job vacancies plunged 60 per cent at the height of the coronavirus lockdown in the second quarter.
But while the figures will spark hopes of renewed confidence, job availability remains 54 per cent below the levels recorded this time last year.
Hakan Enver, managing director of Morgan McKinley, hailed a quarter “full of renewed optimism and hope”.
“The good news is we’re seeing more companies finding a way of working through the pandemic and gaining an understanding of their recruitment needs. Banks are faring well and continue to hire.
He added: “While vacancies are nowhere near the levels of a year ago, this is a positive sign that the financial services job market in London is headed in the right direction.”
But while job availability improved, the number of people looking for a new position also rose 38 per cent quarter on quarter. Compared to the third quarter last year, job seeker numbers are up four per cent.
Figures released by the Office for National Statistics last week showed there were 227,000 redundancies across the UK in the three months to August — the highest level since the financial crisis in 2009 and roughly twice as many as the same time next year.
It comes as businesses brace for fresh coronavirus restrictions and the winding up of the furlough scheme, which is set to finish at the end of the month.
Bosses have urged Prime Minister Boris Johnson to provide further financial support for businesses hit by the lockdown, warning that the UK is facing a fresh wave of “mass redundancies” without additional measures.
The UK’s hospitality sector is likely to be hardest hit by the new lockdown measures, with Pret a Manger and Wetherspoons among the major chains to announce further job cuts.
But financial services firms will also be facing uncertainty over the looming Brexit deadline, with calls for clarity over the free flow of capital and equivalence once the UK leaves the EU.
“Waiting until the end of the year will leave financial service companies facing a complex patchwork of national rules,” said Enver.
“Yet, with all these uncertainties, whilst many firms have been preparing for the last two years, they are still unable to deal with Brexit until we know what the lay of the land is.”


cityam--2020-10-18--Half of UK financial services staff want shift to flexible working

Half of Brits working in the financial services sector want to shift to a more flexible working model after the coronavirus pandemic ends , a new survey has revealed .
The outbreak of Covid-19 has sparked a major change in working habits , as stay-at-home orders have fuelled a sharp rise in home working .
Read more : Working from home takes toll on younger generations , survey finds A survey by KPMG and the Financial Services Skills Commission found the sector has responded well to the pandemic , with 78 per cent of staff saying they had been able @ @ @ @ @ @ @ a result , one in two financial services workers want to continue to work from home for at least part of the week after the pandemic ends .
However , the research showed that the majority of employees still value their time in the office .
Only 26 per cent of those surveyed said they want to work from home full-time in future .
While the preference for new ways of working was consistent across age groups , the findings showed financial services workers aged 31 to 45 are the most driven to @ @ @ @ @ @ @ of the workforce scattered across a variety of home-offices , kitchen tables , and spare bedrooms , this has presented both difficulty and , in some cases , welcome flexibility , ” said Mel Newton , head of financial services people consulting at KPMG UK .
“ It is important to note that only half of the workforce want to continue working this way , and that clear division is important .
It demonstrates that flexibility is more than just allowing people to work from home on the occasional Friday – what the @ @ @ @ @ @ @ It comes after official figures revealed the majority of UK businesses plan to scrap working from home beyond the pandemic .
A survey by the Office for National Statistics showed that 67 per cent of British firms do not intend to keep home working as a permanent business model .
The data also showed that commuter numbers have continued to rise despite government orders not to return to the office , suggesting Brits are keen to get back to work .
While the response to home working has been largely positive , many @ @ @ @ @ @ @ short of what was needed to keep working remotely .
One in three said they needed more digital expertise , but only a quarter have been offered digital training by their employers .
Moreover , one in five said they were relying on different management and leadership skills while working from home , while only 17 per cent had been offered training on it .
Read more : Majority of UK businesses to scrap working from home post-pandemic “ As we have experienced a huge leap forwards in digitisation and remote working , @ @ @ @ @ @ @ digital and technological expertise is more important than ever , ” said Claire Tunley , chief executive at the Financial Services Skills Commission .
“ Increased investment in our employees ’ future skills , alongside a sophisticated remote and flexible working offer , will help the UK financial services firms address the skills crisis the sector has been facing , attract talent , and position it for a successful future .
”

Half of UK financial services staff want shift to flexible working
Most UK finance workers said they’ve adapted well to home working
Half of Brits working in the financial services sector want to shift to a more flexible working model after the coronavirus pandemic ends, a new survey has revealed.
The outbreak of Covid-19 has sparked a major change in working habits, as stay-at-home orders have fuelled a sharp rise in home working.
A survey by KPMG and the Financial Services Skills Commission found the sector has responded well to the pandemic, with 78 per cent of staff saying they had been able to work from home effectively.
As a result, one in two financial services workers want to continue to work from home for at least part of the week after the pandemic ends.
However, the research showed that the majority of employees still value their time in the office. Only 26 per cent of those surveyed said they want to work from home full-time in future.
While the preference for new ways of working was consistent across age groups, the findings showed financial services workers aged 31 to 45 are the most driven to work more flexibly.
“With much of the workforce scattered across a variety of home-offices, kitchen tables, and spare bedrooms, this has presented both difficulty and, in some cases, welcome flexibility,” said Mel Newton, head of financial services people consulting at KPMG UK.
“It is important to note that only half of the workforce want to continue working this way, and that clear division is important. It demonstrates that flexibility is more than just allowing people to work from home on the occasional Friday – what the future workforce wants is personal choice.”
Beyond the pandemic
It comes after official figures revealed the majority of UK businesses plan to scrap working from home beyond the pandemic.
A survey by the Office for National Statistics showed that 67 per cent of British firms do not intend to keep home working as a permanent business model.
The data also showed that commuter numbers have continued to rise despite government orders not to return to the office, suggesting Brits are keen to get back to work.
While the response to home working has been largely positive, many finance workers said their pre-Covid skills fell short of what was needed to keep working remotely.
One in three said they needed more digital expertise, but only a quarter have been offered digital training by their employers. Moreover, one in five said they were relying on different management and leadership skills while working from home, while only 17 per cent had been offered training on it.
“As we have experienced a huge leap forwards in digitisation and remote working, the need to upskill our employees in digital and technological expertise is more important than ever,” said Claire Tunley, chief executive at the Financial Services Skills Commission.
“Increased investment in our employees’ future skills, alongside a sophisticated remote and flexible working offer, will help the UK financial services firms address the skills crisis the sector has been facing, attract talent, and position it for a successful future.”


cityam--2020-10-18--Retail giants urge Sunak to U-turn on abolishing VAT refund for tourists

A group of 16 UK retail giants has urged Rishi Sunak to U-turn on his plan to abolish the VAT refund for international visitors from next year .
The group – which includes the heads of Paul Smith , Ted Baker , The White Company , Fortnum and Mason and Charles Tyrwhitt – said abolishing the VAT refund would be “ a hammer blow for the British fashion industry ” and that “ the UK will now become the least attractive market in Europe ” .
Sunak announced earlier last month that the UK would no longer make shopping VAT-free @ @ @ @ @ @ @ rebate allowed tourists to get VAT back at the airport for any goods they had bought in the country while visiting .
The Treasury says it is costly and vulnerable to fraud , with around £3.5bn given back to consumers through the rebate scheme each year .
In a letter to Sunak , the 16 retail companies said abolishing the rebate would make the industry uncompetitive compared to other European nations who have similar schemes .
Before the Open newsletter : Start your day with the City View podcast and key market data @ @ @ @ @ @ @ and introducing a 20 per cent tax will encourage them to spend their money in Paris , Milan or Madrid rather than in Britain , ” the letter read .
“ Having earned a well-deserved reputation as the one of the world ’ s leading shopping destinations , the UK will now become the least attractive market in Europe at the very time we were told Brexit would give British businesses a competitive advantage .
“ Removing an incentive for international shoppers to come here will affect jobs and livelihoods throughout the UK @ @ @ @ @ @ @ already facing severe pressures brought on by the Covid-19 health crisis.
” The move will hit a retail sector that is already ailing from the coronavirus pandemic .
Tens of thousands of people in the sector have been made redundant , with companies such as Arcadia Group , Jack Wills and Burberry making job cuts .
Tory Cities of London and Westminster MP Nickie Aiken , whose constituency includes some of London ’ s largest shopping areas , told the Express that Sunak should U-turn on his VAT rebate decision .
She said @ @ @ @ @ @ @ tax Conservative and I believe that low tax actually stimulates economies and therefore I would like to see this decision reversed and the whole scheme actually extended to the EU.
” Full list of companies who wrote to Sunak

Retail giants urge Sunak to U-turn on abolishing VAT refund for tourists
Shoppers wearing facemaks walk along Oxford street
A group of 16 UK retail giants has urged Rishi Sunak to U-turn on his plan to abolish the VAT refund for international visitors from next year.
The group – which includes the heads of Paul Smith, Ted Baker, The White Company, Fortnum and Mason and Charles Tyrwhitt – said abolishing the VAT refund would be “a hammer blow for the British fashion industry” and that “the UK will now become the least attractive market in Europe”.
Sunak announced earlier last month that the UK would no longer make shopping VAT-free for tourists after 31 December.
The rebate allowed tourists to get VAT back at the airport for any goods they had bought in the country while visiting.
The Treasury says it is costly and vulnerable to fraud, with around £3.5bn given back to consumers through the rebate scheme each year.
In a letter to Sunak, the 16 retail companies said abolishing the rebate would make the industry uncompetitive compared to other European nations who have similar schemes.
Before the Open newsletter: Start your day with the City View podcast and key market data
“International shoppers are extremely price sensitive and introducing a 20 per cent tax will encourage them to spend their money in Paris, Milan or Madrid rather than in Britain,” the letter read.
“Having earned a well-deserved reputation as the one of the world’s leading shopping destinations, the UK will now become the least attractive market in Europe at the very time we were told Brexit would give British businesses a competitive advantage.
“Removing an incentive for international shoppers to come here will affect jobs and livelihoods throughout the UK, at a time when we are already facing severe pressures brought on by the Covid-19 health crisis.”
The move will hit a retail sector that is already ailing from the coronavirus pandemic.
Tens of thousands of people in the sector have been made redundant, with companies such as Arcadia Group, Jack Wills and Burberry making job cuts.
Tory Cities of London and Westminster MP Nickie Aiken, whose constituency includes some of London’s largest shopping areas, told the Express that Sunak should U-turn on his VAT rebate decision.
She said: “I’m a low tax Conservative and I believe that low tax actually stimulates economies and therefore I would like to see this decision reversed and the whole scheme actually extended to the EU.”
Full list of companies who wrote to Sunak
Annoushka Ducas, Co-Founder – Annoushka
John Ayton, Chairman – Bremont
Nick Wheeler, Founder and Chairman – Charles Tyrwhitt
Ewan Venters, CEO – Fortnum & Mason
Joanne Milner, Chief Executive – Garrard
Aydin Kurdash, Owner – Gina
Dan Slater, Commercial Director – Hackett
Simon Cotton, CEO – Johnstons of Elgin
Adam Holdsworth, Owner and CEO – N. Peal
Ashley Long, MD – Paul Smith
Andrew Stewart, Trading Director – Rupert Sanderson
Xavier Rougeaux, CEO – Smythson
Caroline Campbell, Retail Director – Ted Baker
Mary Homer, CEO – The White Company
Jonathan Baker, Managing Director – Turnbull & Asser


cityam--2020-10-18--French buyers top London prime property purchases as Chinese investment slips

French buyers have jumped to the top of the rankings for property purchases in prime central London as international investors cash in on the weak pound .
Property purchasers from France made up the largest group of buyers for prime spots in the capital in the first nine months of the year accounting for 11 per cent of all transactions .
Read more : Retail property values forecast to fall up to 40 per cent due to pandemic The figure marks a sharp increase on the same period last year , when French buyers were behind just two per cent @ @ @ @ @ @ @ from Knight Frank .
It also marks a major shift from the dominance of Chinese investors in recent years .
Buyers from China accounted for 8.3 per cent of transactions over the nine-month period , down from 15 per cent in 2019 .
Despite the interest from foreign buyers , UK purchases represented a larger proportion of overall sales — rising from 47 per cent to 59 per cent .
Travel restrictions and economic uncertainty caused by the outbreak of coronavirus have taken their toll on London ’ s property market , with @ @ @ @ @ @ @ last year .
But some investors have looked beyond the political uncertainty and cashed in on a decline in the value of the pound .
“ Despite the background noise of Brexit , there is smart money in Europe targeting London , ” said Tom Bill , head of UK residential research at Knight Frank .
“ The combination of a weak pound , a looming stamp duty hike and less competition from buyers who need to catch a long-haul flight has created a buying opportunity.
” Read more : Property platform Onthemarket @ @ @ @ @ @ @ Knight Frank said Euro-denominated buyers had benefited from an effective discount of 30 per cent on prime central London property as a result of currency changes and house price movement .
“ That is a big number , irrespective of the latest rhetoric surrounding Brexit , ” Bill added .

French buyers top London prime property purchases as Chinese investment slips
The average rent of premier pads in London grew by 50 per cent in the 24 months to April, according to new data by estate agents Knight Frank
French buyers have jumped to the top of the rankings for property purchases in prime central London as international investors cash in on the weak pound.
Property purchasers from France made up the largest group of buyers for prime spots in the capital in the first nine months of the year accounting for 11 per cent of all overseas transactions.
The figure marks a sharp increase on the same period last year, when French buyers were behind just two per cent of all deals, according to data from Knight Frank.
It also marks a major shift from the dominance of Chinese investors in recent years. Buyers from China accounted for 8.3 per cent of transactions over the nine-month period, down from 15 per cent in 2019.
Despite the interest from foreign buyers, UK purchases represented a larger proportion of overall sales — rising from 47 per cent to 59 per cent.
Travel restrictions and economic uncertainty caused by the outbreak of coronavirus have taken their toll on London’s property market, with total sales down roughly a third on last year.
But some investors have looked beyond the political uncertainty and cashed in on a decline in the value of the pound.
“Despite the background noise of Brexit, there is smart money in Europe targeting London,” said Tom Bill, head of UK residential research at Knight Frank.
“The combination of a weak pound, a looming stamp duty hike and less competition from buyers who need to catch a long-haul flight has created a buying opportunity.”
Knight Frank said Euro-denominated buyers had benefited from an effective discount of 30 per cent on prime central London property as a result of currency changes and house price movement.
“That is a big number, irrespective of the latest rhetoric surrounding Brexit,” Bill added.


cityam--2020-10-18--Boris Johnson urges businesses to speed up Brexit preparations

Boris Johnson will speak to business leaders this week to urge them to ramp up preparations for the UK ’ s exit from the EU single market and customs union next year as the prospect of a no-deal Brexit begins to look more likely .
HM Revenue and Customs will contact 200,00 traders who deal with the EU to set out the new customs and tax legislation after Brexit .
Read more : Michael Gove says UK is ‘ well prepared ’ for no-deal Brexit It comes as a part of the government ’ s new “ Time is Running @ @ @ @ @ @ @ inform businesses of the changes in customs procedures from next year .
It comes just days after Johnson said the UK was walking away from EU trade talks , considerably raising the chances of a no-deal Brexit .
“ Make no mistake , there are changes coming in just 75 days and time is running out for businesses to act , ” Cabinet Office minister Michael Gove said .
“ It is on all of us to put in the work now so that we can embrace the new opportunities available to an @ @ @ @ @ @ @ own borders , territorial waters and laws.
” British Chambers of Commerce director general Adam Marshall hit out at the government ad campaign , saying it needed to get a trade deal with the EU .
“ Facing the triple threat of a resurgent coronavirus , tightening restrictions and a disorderly end to the transition period , it is little wonder businesses are struggling to prepare , ” he said .
“ Many firms will be tired of posturing , cliff edges and deadlines , while others are still grappling with fundamental challenges @ @ @ @ @ @ @ “ More businesses will undoubtedly step up preparations for change over the coming weeks , but many are still facing unanswered Brexit questions that have a big impact on their day to day operations.
” Before the Open newsletter : Start your day with the City View podcast and key market data The Prime Minister said on Friday that he was finished negotiating with Brussels , and that the UK would leave the EU ’ s single market and customs union without a deal unless the bloc made key last minute concessions .
@ @ @ @ @ @ @ October deadline to get the deal done in order to give businesses time to adjust to new conditions from 1 January next year .
Johnson ’ s comments were seen by many as a last-ditch bluff to extract concessions from the EU on fisheries arrangements – one of the largest areas of disagreement .
Gove , who has been until now a leading voice in the cabinet against no-deal , said today that it was the EU that “ effectively ended ” trade talks this week by not agreeing to “ intensify ” @ @ @ @ @ @ @ “ It was the case that we were making progress , then the EU retreated from that .
Read more : Brexit : Macron and Merkel clash over hopes for UK trade deal “ At the EU Council last week the original commitment that was in their draft communique to ‘ intensify talks ’ , the word ‘ intensify ’ was taken out .
“ Over the past two weeks we haven ’ t seen from the EU the production of the legal texts required for there to be progress and as one @ @ @ @ @ @ @ was more like performance art than it was a dedicated attempt to reach a conclusion .
”

Boris Johnson urges businesses to speed up Brexit preparations
Boris Johnson will speak to business leaders this week to urge them to ramp up preparations for the UK’s exit from the EU single market and customs union next year as the prospect of a no-deal Brexit begins to look more likely.
HM Revenue and Customs will contact 200,00 traders who deal with the EU to set out the new customs and tax legislation after Brexit.
It comes as a part of the government’s new “Time is Running Out” advertising campaign that aims to inform businesses of the changes in customs procedures from next year.
It comes just days after Johnson said the UK was walking away from EU trade talks, considerably raising the chances of a no-deal Brexit.
“Make no mistake, there are changes coming in just 75 days and time is running out for businesses to act,” Cabinet Office minister Michael Gove said.
“It is on all of us to put in the work now so that we can embrace the new opportunities available to an independent trading nation with control of its own borders, territorial waters and laws.”
British Chambers of Commerce director general Adam Marshall hit out at the government ad campaign, saying it needed to get a trade deal with the EU.
“Facing the triple threat of a resurgent coronavirus, tightening restrictions and a disorderly end to the transition period, it is little wonder businesses are struggling to prepare,” he said.
“Many firms will be tired of posturing, cliff edges and deadlines, while others are still grappling with fundamental challenges as a result of the pandemic.
“More businesses will undoubtedly step up preparations for change over the coming weeks, but many are still facing unanswered Brexit questions that have a big impact on their day to day operations.”
Before the Open newsletter: Start your day with the City View podcast and key market data
The Prime Minister said on Friday that he was finished negotiating with Brussels, and that the UK would leave the EU’s single market and customs union without a deal unless the bloc made key last minute concessions.
Both sides had set an end of October deadline to get the deal done in order to give businesses time to adjust to new conditions from 1 January next year.
Johnson’s comments were seen by many as a last-ditch bluff to extract concessions from the EU on fisheries arrangements – one of the largest areas of disagreement.
Gove, who has been until now a leading voice in the cabinet against no-deal, said today that it was the EU that “effectively ended” trade talks this week by not agreeing to “intensify” negotiations.
He told Sky News: “It was the case that we were making progress, then the EU retreated from that.
“At the EU Council last week the original commitment that was in their draft communique to ‘intensify talks’, the word ‘intensify’ was taken out.
“Over the past two weeks we haven’t seen from the EU the production of the legal texts required for there to be progress and as one of our negotiators pointed out, it was more like performance art than it was a dedicated attempt to reach a conclusion.”


cityam--2020-10-18--Tech Nation taps Boris Johnson’s brother to join board

Tech Nation has hired Boris Johnson ’ s brother to join its board , becoming the entrepreneur body ’ s fifth new director in recent weeks .
Jo Johnson , who was handed a peerage in July , will become a non-executive director at the government-funded organisation .
Read more : Tech Nation bolsters board as it seeks to help economy recover from Covid-19 Tech Nation chair Stephen Kelly said : “ I ’ m pleased to welcome Jo Johnson onto the Tech Nation board .
“ We have an ambitious mission ahead of us – to unlock the growth @ @ @ @ @ @ @ and to generate $ 1bn for the UK economy by March 2022 – and every intention of surpassing those goals .
“ The UK ’ s tech scaleups are key to the productivity and health of the UK economy in the digital age , to high value job creation and high-value digital exports.
” Johnson currently serves as chairman of education software and services group Tes Global and also chairs Access Creative , which provides training for the creative industries .
Johnson has held senior government positions — including universities minister and transport @ @ @ @ @ @ @ .
He resigned as an MP last year after falling with his brother over the government ’ s Brexit policy .
The appointment marks the latest efforts by Tech Nation , which represents UK startups and runs the Tech Nation visa scheme for foriegn entrepreneurs , to bolster its board .
The organisation last month said it had appointed tech industry veterans Hussein Kanji , Annette Wilson , Eric Collins and Trecilla Lobo as non-executive directors .

Tech Nation taps Boris Johnson’s brother to join board
Jo Johnson will join Tech Nation as a non-executive director
Tech Nation has hired Boris Johnson’s brother to join its board, becoming the entrepreneur body’s fifth new director in recent weeks.
Jo Johnson, who was handed a peerage in July, will become a non-executive director at the government-funded organisation.
Tech Nation chair Stephen Kelly said: “I’m pleased to welcome Jo Johnson onto the Tech Nation board.
“We have an ambitious mission ahead of us – to unlock the growth potential of 1,000 scaling tech companies, and to generate $1bn for the UK economy by March 2022 – and every intention of surpassing those goals.
“The UK’s tech scaleups are key to the productivity and health of the UK economy in the digital age, to high value job creation and high-value digital exports.”
Johnson currently serves as chairman of education software and services group Tes Global and also chairs Access Creative, which provides training for the creative industries.
Johnson has held senior government positions — including universities minister and transport minister — under three different prime ministers.
He resigned as an MP last year after falling with his brother over the government’s Brexit policy.
The appointment marks the latest efforts by Tech Nation, which represents UK startups and runs the Tech Nation visa scheme for foriegn entrepreneurs, to bolster its board.
The organisation last month said it had appointed tech industry veterans Hussein Kanji, Annette Wilson, Eric Collins and Trecilla Lobo as non-executive directors.


cityam--2020-10-18--Boris Johnson delaying choice on Covid lockdown as rapid testing nears

Boris Johnson is reportedly delaying any decision on a national lockdown in the hope that new rapid turnaround Covid tests can be deployed before the end of the year .
Johnson said last week that 1m “ swab in the gob ” tests , that give a result in 15 minutes , could be used every day by the end of the year .
Read more : Coronavirus : Daily cases in England rise to 27,900 The Sunday Times reports that sources inside the government think a national lockdown is weeks away , but that the Prime Minister is holding @ @ @ @ @ @ @ to being a reality .
Downing Street and other senior government figures are also becoming convinced that a vaccine will be available by the end of the year for the country ’ s most vulnerable .
Before the Open newsletter : Start your day with the City View podcast and key market data This may also be a factor in the government ’ s reluctance to immediately implement a two to three week “ circuit breaker ” lockdown as demanded by Labour leader Sir Keir Starmer and the government ’ s Scientific Advisory @ @ @ @ @ @ @ Deputy chief medical officer Jonathan Van-Tam told MPs this week that “ we aren ’ t light years away ” from a vaccine .
“ It isn ’ t a totally unrealistic suggestion that we could deploy a vaccine soon after Christmas , ” he said .
It comes as NHS Test and Trace chief Baroness Dido Harding today told the Sunday Times that her programme was “ not a silver bullet ” to solving the Covid crisis .
The UK ’ s test and trace regime has been much maligned since it @ @ @ @ @ @ @ ’ s figures show just 62 per cent of people who had been in close contact with Covid carriers had been told to self-isolate .
When NHS Test and Trace began , experts said this number needed to be at least 80 per cent for it to be effective .
Read more : Tony Blair accused of breaching Covid restrictions after not quarantining “ The virus unfortunately doesn ’ t behave in such a way that there is a silver bullet , ” Harding said .
“ The only way that we ’ @ @ @ @ @ @ @ with Covid is through a number of different interventions , of which test and trace is undoubtedly a very important one .
”

Boris Johnson delaying choice on Covid lockdown as rapid testing nears
Boris Johnson is reportedly delaying any decision on a national lockdown in the hope that new rapid turnaround Covid tests can be deployed before the end of the year.
Johnson said last week that 1m “swab in the gob” tests, that give a result in 15 minutes, could be used every day by the end of the year.
The Sunday Times reports that sources inside the government think a national lockdown is weeks away, but that the Prime Minister is holding off until the rapid testing becomes closer to being a reality.
Downing Street and other senior government figures are also becoming convinced that a vaccine will be available by the end of the year for the country’s most vulnerable.
Before the Open newsletter: Start your day with the City View podcast and key market data
This may also be a factor in the government’s reluctance to immediately implement a two to three week “circuit breaker” lockdown as demanded by Labour leader Sir Keir Starmer and the government’s Scientific Advisory Group for Emergencies (Sage).
Deputy chief medical officer Jonathan Van-Tam told MPs this week that “we aren’t light years away” from a vaccine.
“It isn’t a totally unrealistic suggestion that we could deploy a vaccine soon after Christmas,” he said.
It comes as NHS Test and Trace chief Baroness Dido Harding today told the Sunday Times that her programme was “not a silver bullet” to solving the Covid crisis.
The UK’s test and trace regime has been much maligned since it was launched months ago.
Last week’s figures show just 62 per cent of people who had been in close contact with Covid carriers had been told to self-isolate.
When NHS Test and Trace began, experts said this number needed to be at least 80 per cent for it to be effective.
“The virus unfortunately doesn’t behave in such a way that there is a silver bullet,” Harding said.
“The only way that we’re going to learn how to live with Covid is through a number of different interventions, of which test and trace is undoubtedly a very important one.”


cityam--2020-10-18--London's new cycle lanes are causing traffic chaos, says transport secretary

An influx of new cycle lanes in London and across the country has led to increased traffic congestion , according to transport secretary Grant Shapps .
Shapps has written to local council leaders , warning them that badly designed road closures and new cycle lanes were causing havoc for communities and that he “ would not be prepared to tolerate ” it .
The Department for Transport created a £250m fund in May for local councils to encourage greater walking and cycling after the original Covid lockdown was lifted .
This has included the creation of Low Traffic Neighbourhoods in @ @ @ @ @ @ @ cars in certain areas .
Many people in London have complained that the new cycle lanes , and the attached road closures , have been increasing congestion at peak times .
Figures from GPS company TomTom released two weeks ago showed London ’ s traffic congestion had increased by almost 25 per cent in the past year .
Before the Open newsletter : Start your day with the City View podcast and key market data Shapps ’ letter sent to local authorities on Friday warned that a “ notable number of councils used @ @ @ @ @ @ @ of step with the needs of the local communities , ” according to the Sunday Telegraph .
He added : “ I saw or heard from the public and parliamentary colleagues about far too many instances where temporary cycles lanes were unused due to their location and design , while their creation left motor traffic backed up alongside them ; of wide pavements causing unnecessary congestion in town centres ; and other issues that many have , rightly , reacted angrily to.
” The transport secretary also warned that councils would get less @ @ @ @ @ @ @ for the scheme if they did not run community consultations on any future plans .
Read more : Government extends TfL funding for two weeks amid emergency bailout talks Some Londoners have expressed anger at some of the changes made by mayor Sadiq Khan in his Low Traffic Neighbourhoods scheme .
This has seen cars banned in roads adjacent to places like Hyde Park , Green Park and St James ’ Park .

London’s new cycle lanes are causing traffic chaos, says transport secretary
The Department for Transport created a £250m fund in may for local councils to encourage greater walking and cycling after the original Covid lockdown was lifted.
An influx of new cycle lanes in London and across the country has led to increased traffic congestion, according to transport secretary Grant Shapps.
Shapps has written to local council leaders, warning them that badly designed road closures and new cycle lanes were causing havoc for communities and that he “would not be prepared to tolerate” it.
The Department for Transport created a £250m fund in May for local councils to encourage greater walking and cycling after the original Covid lockdown was lifted.
This has included the creation of Low Traffic Neighbourhoods in London, which restrict the use of cars in certain areas.
Many people in London have complained that the new cycle lanes, and the attached road closures, have been increasing congestion at peak times.
Figures from GPS company TomTom released two weeks ago showed London’s traffic congestion had increased by almost 25 per cent in the past year.
Before the Open newsletter: Start your day with the City View podcast and key market data
Shapps’ letter sent to local authorities on Friday warned that a “notable number of councils used their funding poorly and were simply out of step with the needs of the local communities,” according to the Sunday Telegraph.
He added: “I saw or heard from the public and parliamentary colleagues about far too many instances where temporary cycles lanes were unused due to their location and design, while their creation left motor traffic backed up alongside them; of wide pavements causing unnecessary congestion in town centres; and other issues that many have, rightly, reacted angrily to.”
The transport secretary also warned that councils would get less in the the second round of funding for the scheme if they did not run community consultations on any future plans.
Some Londoners have expressed anger at some of the changes made by mayor Sadiq Khan in his Low Traffic Neighbourhoods scheme.
This has seen cars banned in roads adjacent to places like Hyde Park, Green Park and St James’ Park.


cityam--2020-10-19--The Long Weekend: Take in a bird's-eye view of London at hip new hotel Treehouse

International travel may seem like a distant memory , but that doesn ’ t mean you can ’ t enjoy a slice of luxury on your own doorstep .
Why not try get a new angle on London with a stay in the sky at hip new hotel opening Treehouse London .
Designed to feel like you are in an actual treehouse , it ’ s fitting that the rooms in the new eco-conscious Treehouse London give far-reaching views over the skyline of the city , as if you are peering out from your own nest .
Read more : @ @ @ @ @ @ @ Range Rover Sport on a long weekend at the Victoria Inn Found in Langham Place , a few paces north of Oxford Circus , the London opening is the first from the US-based Treehouse brand , which in turn is the younger , funkier sister label to 1 Hotels .
With properties already in New York , LA and Miami , and a slew of launches cropping up across the world , the 1 Hotels chain already has a hip following due to its sustainable initiatives and natural décor and , with its @ @ @ @ @ @ @ set to follow its lead .
The 15th-floor check-in sets the scene .
The eclectic lobby space is part retro – rocking chair , 1970s bamboo screen – and part eco-chic – cork-tiled living walls with bird boxes and reclaimed wooden floor .
Rooms echo this with an added industrial aesthetic : there are unfinished concrete ceilings and walls , black Crittall framing to the showers , and metal shelving .
Fun touches also run throughout , with bright vintage furniture , nostalgic cuckoo clocks and cushions shaped like toadstools and sloths .
@ @ @ @ @ @ @ lockdown measures mean for YOU There is also plenty of whimsy with window seats adorned with 1950s annuals to look through , Paddington Bears perched on shelves and turntables with a curated selection of vinyl .
Following through with the tree theme , sustainability is at its core , so there are triple-filtered water taps in the corridors and glass bottles to take back to your room , organic cotton sheets and locally-sourced , large-sized bottles of toiletries , which are refillable .
The Nest , Treehouse ’ s rooftop bar with 360 @ @ @ @ @ @ @ s an indoor lounge , with a verdant ceiling complete with clouds of hanging plants , and an outside wrap-around terrace , which will no doubt be heaving come summer .
The soundtrack is chilled-Latino tunes and there is a decent ‘ small bites ’ menu and inventive cocktail menu , all themed around birdlife ( the Snow Owl , with Takamaka coconut , rum , pineapple , and coconut water , is a good starting point ) Found on the 15th floor , Treehouse ’ s Madera offers a modern take on @ @ @ @ @ @ @ LA restaurant-of-the-moment , Toca Madera , it offers glorious views as you eat and a party vibe with resident DJ .
Dishes are meant to be shared and starters include some mean Empanadas Oaxaca and some of the best guacamole you will ever taste .
There are inventive salads and raw dishes ( try the Ceviche Trio ) for the health-conscious , while the ‘ Rocks ’ section – entrees cooked over hot lava stones – bring an element of drama to the table .
It also has a brilliant vegan menu with @ @ @ @ @ @ @ hotel is hot on offering on-trend guest experiences .
There are resident horticulturalists , for example , who give tours of local gardens , and imaginative events , such as live podcasts , morning rooftop yoga and party brunches .
In-house ‘ fun-finders ’ can also reveal local insider secrets .
If you are in a rush , grab an artisan coffee , kombucha and freshly-baked pastries in the ground-floor Backyard .
With exposed wood and branches , it has a magical , fairy-tale feel to it .

The Long Weekend: Take in a bird’s-eye view of London at hip new hotel Treehouse
treehouse
International travel may seem like a distant memory, but that doesn’t mean you can’t enjoy a slice of luxury on your own doorstep. Why not try get a new angle on London with a stay in the sky at hip new hotel opening Treehouse London.
The weekend
Designed to feel like you are in an actual treehouse, it’s fitting that the rooms in the new eco-conscious Treehouse London give far-reaching views over the skyline of the city, as if you are peering out from your own nest.
Found in Langham Place, a few paces north of Oxford Circus, the London opening is the first from the US-based Treehouse brand, which in turn is the younger, funkier sister label to 1 Hotels.
With properties already in New York, LA and Miami, and a slew of launches cropping up across the world, the 1 Hotels chain already has a hip following due to its sustainable initiatives and natural décor and, with its added ‘fun-factor’, Treehouse looks set to follow its lead.
The stay
The 15th-floor check-in sets the scene. The eclectic lobby space is part retro – rocking chair, 1970s bamboo screen – and part eco-chic – cork-tiled living walls with bird boxes and reclaimed wooden floor.
Rooms echo this with an added industrial aesthetic: there are unfinished concrete ceilings and walls, black Crittall framing to the showers, and metal shelving. Fun touches also run throughout, with bright vintage furniture, nostalgic cuckoo clocks and cushions shaped like toadstools and sloths.
There is also plenty of whimsy with window seats adorned with 1950s annuals to look through, Paddington Bears perched on shelves and turntables with a curated selection of vinyl. Following through with the tree theme, sustainability is at its core, so there are triple-filtered water taps in the corridors and glass bottles to take back to your room, organic cotton sheets and locally-sourced, large-sized bottles of toiletries, which are refillable.
Don’t miss
The Nest, Treehouse’s rooftop bar with 360 degree views across London. There’s an indoor lounge, with a verdant ceiling complete with clouds of hanging plants, and an outside wrap-around terrace. The soundtrack is chilled-Latino tunes and there is a decent ‘small bites’ menu and inventive cocktail menu, all themed around birdlife (the Snow Owl, with Takamaka coconut, rum, pineapple, and coconut water, is a good starting point)
The food
Found on the 15th floor, Treehouse’s Madera offers a modern take on Mexican cuisine. The sister restaurant to LA restaurant-of-the-moment, Toca Madera, it offers glorious views as you eat and a party vibe with resident DJ.
Dishes are meant to be shared and starters include some mean Empanadas Oaxaca and some of the best guacamole you will ever taste. There are inventive salads and raw dishes (try the Ceviche Trio) for the health-conscious, while the ‘Rocks’ section – entrees cooked over hot lava stones – bring an element of drama to the table. It also has a brilliant vegan menu with a host of delicious options.
Ask about
Treehouse hotel is hot on offering on-trend guest experiences. There are resident horticulturalists, for example, who give tours of local gardens, and imaginative events, such as live podcasts, morning rooftop yoga and party brunches. In-house ‘fun-finders’ can also reveal local insider secrets.
If you are in a rush, grab an artisan coffee, kombucha and freshly-baked pastries in the ground-floor Backyard. With exposed wood and branches, it has a magical, fairy-tale feel to it.
• Rooms begin at £229, treehousehotels.com; 14-15 Langham Pl, Marylebone, W1B 2QS; 020 7580 0111