cityam--2020-12-14--London moves into tier 3: what does this mean for travel?

The government has announced this afternoon that London will be moving from tier 2 into tier 3 , following a substantial rise in Covid infections in the city .
This announcement will have an impact on people travelling in and out of the city over Christmas .
Read more : London in Tier 3 : What are the rules ?
Domestic travel between different cities within the UK is allowed but there are restrictions that must be adhered to if you are travelling from a higher tier to a lower tier .
The government does advise that you ” should @ @ @ @ @ @ @ for an overnight stay , unless for the following reasons : for work ; for education ; to access voluntary , charitable or youth services ; caring responsibilities ; for moving home ; to visit your support bubble or for a medical appointment or treatment .
The government state that if you live in a Tier 3 area and are absolutely required to travel , then you must continue to follow Tier 3 rules if you are going into a Tier 1 or Tier 2 area .
The government also say that you @ @ @ @ @ @ @ not live with elsewhere in the UK or visit their home , unless you share a support bubble .
Read more : Sadiq Khan : London ’ s hard-hit businesses need more support in Tier 3 The government has said that there will be no legal impediment to travelling in and out of the country if you are in tier 3 , but the strong guidance is that you should avoid travelling in and out of the area unless absolutely necessary .
Moreover , if you are planning to travel abroad , you @ @ @ @ @ @ @ of current isolation restrictions that may be in-place , either on arrival at your destination , or on your return to the UK .
There is comprehensive list of all countries currently on the travel-corridor list on the government ’ s Coronavirus website .
Read more : Survive Tier 3 with these 34 amazing lockdown delivery kits To make matters slightly more confusing , the Tier 3 travel rules don ’ t apply to anyone during the Christmas period between December 23 and 27 .
During this period , you are able to @ @ @ @ @ @ @ with your Christmas bubble , however , pubs and bars will still be closed in tier 3 areas during this time .
Read more : Millions worth of festive food could go to waste as London enters Tier 3

London moves into Tier 3: what does this mean for travel?
The government has announced this afternoon that London will be moving from Tier 2 into Tier 3, following a substantial rise in Covid infections in the city.
This announcement will have an impact on people travelling in and out of the city over Christmas.
Domestic travel
Domestic travel between different cities within the UK is allowed but there are restrictions that must be adhered to if you are travelling from a higher Tier to a lower Tier.
The government does advise that you ”should avoid travelling outside your area”, for an overnight stay, unless for the following reasons: for work; for education; to access voluntary, charitable or youth services; caring responsibilities; for moving home; to visit your support bubble or for a medical appointment or treatment.
The government state that if you live in a Tier 3 area and are absolutely required to travel, then you must continue to follow Tier 3 rules if you are going into a Tier 1 or Tier 2 area. The government also say that you must not stay with anyone you do not live with elsewhere in the UK or visit their home, unless you share a support bubble.
International travel
The government has said that there will be no legal impediment to travelling in and out of the country if you are in Tier 3, but the strong guidance is that you should avoid travelling in and out of the area unless absolutely necessary.
Moreover, if you are planning to travel abroad, you must make sure that you are aware of current isolation restrictions that may be in-place, either on arrival at your destination, or on your return to the UK. There is comprehensive list of all countries currently on the travel-corridor list on the government’s Coronavirus website.
Christmas travel
To make matters slightly more confusing, the Tier 3 travel rules don’t apply to anyone during the Christmas period between December 23 and 27. During this period, you are able to travel across the the country to meet with your Christmas bubble, however, pubs and bars will still be closed in Tier 3 areas during this time.


cityam--2020-12-14--Number of homeless deaths in England and Wales hit record high

An estimated 778 people died while homeless in 2019 in England and Wales , an increase of 7.2 per cent compared to 2018 .
The ONS stressed it is the highest number of deaths of rough sleepers since the agency began collecting the data in 2013 .
There has been a 61.4 per cent increase between 2013 and 2019 .
The majority of identified deaths were in urban areas .
London had the highest reported numbers , with 144 estimated deaths of homeless people , 18.5 per cent of the total number .
There were more than seven times as @ @ @ @ @ @ @ in 2019 .
Read more : We now have a unique opportunity to end rough sleeping in London for good The number of suicides has risen sharply , rising by 30.2 per cent in one year .
Suicide now makes up 11.8 per cent of the deaths .
However , drug poisoning remained the main cause of death , accounting for almost two in five deaths of homeless people .
Today , the Ministry of Housing , Communities and Local Government announced additional support for rough sleepers to help them recover from drug @ @ @ @ @ @ @ England will receive support from a £23 million government fund .
The fund is designed to help rough sleepers rebuild their lives .
The ministry has promised an additional £52 million in 2021 to 2022 .
Minister for Rough Sleeping and Housing , Kelly Tolhurst said : “ We know that one of the main issues facing those sleeping rough , or at risk of homelessness , is misuse of drugs or alcohol and what a crippling effect these substances have on people ’ s lives.
” The minister also confirmed an initial @ @ @ @ @ @ @ rough sleepers during the winter .

Number of homeless deaths in England and Wales hit record high
Homelessness
An estimated 778 people died while homeless in 2019 in England and Wales, an increase of 7.2 per cent compared to 2018.
The ONS stressed it is the highest number of deaths of rough sleepers since the agency began collecting the data in 2013. There has been a 61.4 per cent increase between 2013 and 2019.
The majority of identified deaths were in urban areas. London had the highest reported numbers, with 144 estimated deaths of homeless people, 18.5 per cent of the total number.
There were more than seven times as many male deaths, compared with females in 2019.
The number of suicides has risen sharply, rising by 30.2 per cent in one year. Suicide now makes up 11.8 per cent of the deaths. However, drug poisoning remained the main cause of death, accounting for almost two in five deaths of homeless people.
Today, the Ministry of Housing, Communities and Local Government announced additional support for rough sleepers to help them recover from drug and alcohol misuse.
43 areas across England will receive support from a £23 million government fund. The fund is designed to help rough sleepers rebuild their lives. The ministry has promised an additional £52 million in 2021 to 2022.
Minister for Rough Sleeping and Housing, Kelly Tolhurst said: “We know that one of the main issues facing those sleeping rough, or at risk of homelessness, is misuse of drugs or alcohol and what a crippling effect these substances have on people’s lives.”
The minister also confirmed an initial £10 million funding to provide accommodation for rough sleepers during the winter.


cityam--2020-12-14--S&P: No-deal Brexit could threaten UK credit rating

The UK ’ s credit rating could come under pressure if there is a no-deal Brexit that badly dents the country ’ s economic recovery , ratings agency S & P Global has said .
It comes after Prime Minister Boris Johnson and EU Commission president Ursula von der Leyen pledged to extend Brexit talks beyond Sunday .
The pound rose sharply today amid positive noises from both sides .
Read more : Brexit trade talks to continue in Brussels as EU and UK vow to ‘ go extra mile ’ Yet businesses remain greatly concerned that the two sides @ @ @ @ @ @ @ leading to higher tariffs and disruption .
Britain ’ s budget watchdog has said such an outcome could wipe two per cent off the economy next year .
S & P Global said the “ economic and political consequences ” of failing to reach a trade agreement would be large .
It said it thinks the two sides will therefore reach a deal .
“ A no-deal scenario would have important implications for the UK economy , the country ’ s ability to attract inflows of capital and labour over time , and @ @ @ @ @ @ @ the agency said in a note today .
“ Our sovereign ratings on the UK could come under downward pressure if the economic recovery is significantly weaker than we anticipate , making fiscal consolidation more challenging.
” The UK government has borrowed record amounts this year .
It has pushed up the total public debt pile to its highest level since the 1960s .
S & P argued that lower growth resulting from a no-deal Brexit could have a negative effect on the debt-to-GDP ratio .
Read more : UK borrowing to hit @ @ @ @ @ @ @ cent The agency currently gives the UK a sovereign rating of AA .
That denotes a “ high grade ” investment but is below the top level AAA .
S & P warned that a “ prolonged ” loss of access to EU markets for merchandise and services exporters would be damaging .
It said the rating could also be threatened if foreign investors ’ appetite for the pound or UK assets falls .

S&P: No-deal Brexit could threaten UK credit rating
Prime Minister Boris Johnson last week said a no-deal Brexit was a ‘strong possibility’. But more positive noises have since been coming from the two sides
The UK’s credit rating could come under pressure if there is a no-deal Brexit that badly dents the country’s economic recovery, ratings agency S&P Global has said.
It comes after Prime Minister Boris Johnson and EU Commission president Ursula von der Leyen pledged to extend Brexit talks beyond Sunday. The pound rose sharply today amid positive noises from both sides.
Yet businesses remain greatly concerned that the two sides could fail to reach a deal, leading to higher tariffs and disruption. Britain’s budget watchdog has said such an outcome could wipe two per cent off the economy next year.
S&P Global said the “economic and political consequences” of failing to reach a trade agreement would be large. It said it thinks the two sides will therefore reach a deal.
No-deal Brexit ‘would hit UK attractiveness’
“A no-deal scenario would have important implications for the UK economy, the country’s ability to attract inflows of capital and labour over time, and its public and external finances,” the agency said in a note today.
“Our sovereign ratings on the UK could come under downward pressure if the economic recovery is significantly weaker than we anticipate, making fiscal consolidation more challenging.”
The UK government has borrowed record amounts this year. It has pushed up the total public debt pile to its highest level since the 1960s.
S&P argued that lower growth resulting from a no-deal Brexit could have a negative effect on the debt-to-GDP ratio.
The agency currently gives the UK a sovereign rating of AA. That denotes a “high grade” investment but is below the top level AAA.
S&P warned that a “prolonged” loss of access to EU markets for merchandise and services exporters would be damaging. It said the rating could also be threatened if foreign investors’ appetite for the pound or UK assets falls.


cityam--2020-12-14--Londoners walk or cycle to avoid public transport during pandemic

Nearly half of all journeys in London were walked or cycled between April and June , according to new figures , as the pandemic begins to change the way people travel in the capital .
A report published today by Transport for London ( TfL ) found that Londoners travelled on foot or by bike 29 per cent more than before the pandemic .
This increase came after the government in March advised the public to stay at home and stop non-essential social contact .
They also advised Londoners not to use public transport and to walk or cycle wherever @ @ @ @ @ @ @ restrictions , people still preferred walking or cycling which accounted for an estimated 37 per cent of all journeys between July and September .
“ Many people enjoyed making the most of the quieter streets during lockdown and this change in habit has had lasting effects , with walking and cycling journeys continuing to be higher year-on-year , ” said Will Norman , London ’ s walking and cycling commissioner .
Since the pandemic began , 57 per cent of Londoners now walk more for exercise and 42 per cent walk for longer @ @ @ @ @ @ @ : Transport for London demands £2.9bn to keep Tube service running in 2021 The rise in cycling and walking coincided with a fall in public transport use over the summer , as Londoners continued to exercise social distancing measures .
Data from retail expert Springboard found an 80 per cent slump in London footfall in June compared to the same period last year .
The uptick in cycling and walking also comes in the wake of the government ’ s media blitz encouraging the public to exercise more during the pandemic .
The @ @ @ @ @ @ @ July launched a new Obesity Strategy , following evidence that a higher Body Mass Index ( BMI ) carries a greater risk of mortality from contracting the virus .
Read more : City of London to host ‘ back to work ’ week in bid to revive Square Mile TfL earlier this year introduced their Streetspace programme to boost the government ’ s Obesity Strategy , which included creating new and upgraded cycle lanes , as well as new walking , cycling and bus-only corridors in central London .
Helen Cansick , head @ @ @ @ @ @ @ that the Streetspace programme would help the capital “ recover from the pandemic as a healthier and more sustainable place for everyone ” .

Londoners walk or cycle to avoid public transport during pandemic
Nearly half of all journeys in London were walked or cycled between April and June, according to new figures, as the pandemic begins to change the way people travel in the capital.
A report published today by Transport for London (TfL) found that Londoners travelled on foot or by bike 29 per cent more than before the pandemic.
This increase came after the government in March advised the public to stay at home and stop non-essential social contact. They also advised Londoners not to use public transport and to walk or cycle wherever possible.
Even as the government eased restrictions, people still preferred walking or cycling which accounted for an estimated 37 per cent of all journeys between July and September.
“Many people enjoyed making the most of the quieter streets during lockdown and this change in habit has had lasting effects, with walking and cycling journeys continuing to be higher year-on-year,” said Will Norman, London’s walking and cycling commissioner.
Since the pandemic began, 57 per cent of Londoners now walk more for exercise and 42 per cent walk for longer than they did before.
The rise in cycling and walking coincided with a fall in public transport use over the summer, as Londoners continued to exercise social distancing measures.
Data from retail expert Springboard found an 80 per cent slump in London footfall in June compared to the same period last year.
The uptick in cycling and walking also comes in the wake of the government’s media blitz encouraging the public to exercise more during the pandemic.
The Department for Health and Social Care in July launched a new Obesity Strategy, following evidence that a higher Body Mass Index (BMI) carries a greater risk of mortality from contracting the virus.
TfL earlier this year introduced their Streetspace programme to boost the government’s Obesity Strategy, which included creating new and upgraded cycle lanes, as well as new walking, cycling and bus-only corridors in central London.
Helen Cansick, head of Streetspace delivery at TfL, said that the Streetspace programme would help the capital “recover from the pandemic as a healthier and more sustainable place for everyone”.


cityam--2020-12-14--Sam Torrance: Incredible Lee Westwood deserves a place in the World Golf Hall of Fame

The European Tour ’ s finale yesterday got the most exciting of conclusions and a delightful result .
Both the DP World Tour Championship and the Race to Dubai went down to the wire , with the same three players — Lee Westwood , Matt Fitzpatrick and Patrick Reed — battling for both the tournament and order of merit titles .
Sponsors must have loved it .
And although Fitzpatrick won the former , it was Westwood ’ s week as the 47-year-old became the oldest man to top Europe ’ s money list .
Read more : Sam Torrance @ @ @ @ @ @ @ success for vastly improved Dustin Johnson It was an incredible performance from Westwood and to show the consistency that he has at his age is exemplary .
He ’ s such a good swinger of the club and he played beautifully all week .
To make two birdies in the last three holes was exceptional .
And his par on 17 , where he holed a great 15-footer down the green after coming up short and chipping over the bunker , was fantastic .
That finish won him the Race to Dubai .
@ @ @ @ @ @ @ got an incredible chance of playing in an 11th Ryder Cup next year , even if there were no qualifying points on offer in Dubai .
It ’ s also huge that he has cemented his place in the world top 50 again , having been close to drifting out .
And it was extra-special for both of them to have done it all with his fiancee Helen Storey as his caddie .
I ’ ve been great friends with Lee for 30-odd years and have been through all of the Ryder Cups @ @ @ @ @ @ @ when he was an 11-year-old boy who came up to me when I was playing 5-a-side football in Scotland and asked me for my autograph .
He tells me he ’ s still got it .
He works extremely hard in the gym and has a wonderful practice regime .
He treats every shot on the range like a tournament shot .
Westwood ’ s three order of merit wins have come over 20 years , almost equally spaced out .
He ’ s had highs and lows but has always shown so @ @ @ @ @ @ @ been exceptional , is an amazing human being and I ’ m delighted for him .
Fitzpatrick had gone a couple of years without winning but he put in a fantastic performance .
He may have narrowly missed out on the Race to Dubai but he won the event so couldn ’ t have done much more .
Flawless golf on the front nine separated Fitzpatrick from the field and he hung on beautifully , always looking in control .
He holed a bloody good putt on the last green and you could @ @ @ @ @ @ @ to win again .
He is another firmly in Ryder Cup contention , as is Viktor Hovland , who tied with Reed for third .
To come straight from winning last week in Mexico and perform like that was great .
The 23-year-old from Norway is some prospect and kind of like Jon Rahm , he ’ s that exciting .
The third Englishman in the top five , Laurie Canter , also deserves a mention .
Three times the 31-year-old had come through Q school to play on the European Tour ; @ @ @ @ @ @ @ his card .
But he ’ s done it now , having banked more prize money this season than in the rest of his career combined .
He played magnificently , has a good-looking swing and seems as fit as a butcher ’ s dog .
This could be the turning point for him .
For Westwood , though , I think it ’ s time he was inducted into the World Golf Hall of Fame .
It ’ s not all about winning majors , and this is no comment on those @ @ @ @ @ @ @ what he ’ s done for European golf and the game in general , I believe he deserves it .

Sam Torrance: Incredible Lee Westwood deserves a place in the World Golf Hall of Fame
Lee Westwood clinched a third European order of merit with his fiancee Helen Storey as caddie
The European Tour’s finale yesterday got the most exciting of conclusions and a delightful result.
Both the DP World Tour Championship and the Race to Dubai went down to the wire, with the same three players — Lee Westwood, Matt Fitzpatrick and Patrick Reed — battling for both the tournament and order of merit titles. Sponsors must have loved it.
And although Fitzpatrick won the former, it was Westwood’s week as the 47-year-old became the oldest man to top Europe’s money list.
It was an incredible performance from Westwood and to show the consistency that he has at his age is exemplary.
He’s such a good swinger of the club and he played beautifully all week. To make two birdies in the last three holes was exceptional.
And his par on 17, where he holed a great 15-footer down the green after coming up short and chipping over the bunker, was fantastic. That finish won him the Race to Dubai.
As European No1, he’s got an incredible chance of playing in an 11th Ryder Cup next year, even if there were no qualifying points on offer in Dubai.
It’s also huge that he has cemented his place in the world top 50 again, having been close to drifting out.
And it was extra-special for both of them to have done it all with his fiancee Helen Storey as his caddie.
Westwood the autograph hunter
I’ve been great friends with Lee for 30-odd years and have been through all of the Ryder Cups with him.
I first met him when he was an 11-year-old boy who came up to me when I was playing 5-a-side football in Scotland and asked me for my autograph. He tells me he’s still got it.
He works extremely hard in the gym and has a wonderful practice regime. He treats every shot on the range like a tournament shot.
It’s wonderful preparation for tournament situations like Sunday’s.
Westwood’s three order of merit wins have come over 20 years, almost equally spaced out. He’s had highs and lows but has always shown so much resilience.
He’s always been exceptional, is an amazing human being and I’m delighted for him.
Fitzpatrick and Hovland show Ryder Cup credentials
Fitzpatrick had gone a couple of years without winning but he put in a fantastic performance.
He may have narrowly missed out on the Race to Dubai but he won the event so couldn’t have done much more.
Flawless golf on the front nine separated Fitzpatrick from the field and he hung on beautifully, always looking in control.
He holed a bloody good putt on the last green and you could see how much it meant to him to win again.
He is another firmly in Ryder Cup contention, as is Viktor Hovland, who tied with Reed for third.
To come straight from winning last week in Mexico and perform like that was great.
The 23-year-old from Norway is some prospect and kind of like Jon Rahm, he’s that exciting.
The third Englishman in the top five, Laurie Canter, also deserves a mention.
Three times the 31-year-old had come through Q school to play on the European Tour; three times he had failed to retain his card.
But he’s done it now, having banked more prize money this season than in the rest of his career combined.
He played magnificently, has a good-looking swing and seems as fit as a butcher’s dog. This could be the turning point for him.
For Westwood, though, I think it’s time he was inducted into the World Golf Hall of Fame.
It’s not all about winning majors, and this is no comment on those who have been included.
But for what he’s done for European golf and the game in general, I believe he deserves it.


cityam--2020-12-14--Sadiq Khan: London's hard-hit businesses need more support in Tier 3

The Mayor of London , Sadiq Khan , responds to the news that London is set to enter Tier 3 restrictions from Wednesday .
The Government has decided to move London into Tier 3 from one minute past midnight on Wednesday morning .
This is incredibly disappointing for our businesses who have suffered so much already this year .
But it ’ s clear that the virus is accelerating in the wrong direction once again across London and the lives of Londoners are at risk .
It would be such a tragedy to lose even more people to this disease @ @ @ @ @ @ @ out across our city .
Read more : Tier 3 hits London – what you need to know We know from bitter experience that when cases start to rise quickly , it ’ s much better to act early , rather than too late .
This is how we can avoid even tougher restrictions , for longer , further down the road .
The worst thing for London ’ s businesses and our economy would be yet another full lockdown in the new year .
That ’ s why I urge Londoners to @ @ @ @ @ @ @ Government is putting in place very closely so that we can drive down infection rates as much as possible .
This means hospitality settings , such as bars , pubs , cafes and restaurants are required by the Government to close except for takeaway , delivery and click and collect services .
You must continue not to meet other households indoors and to keep to the rule of six while outside .
I don ’ t want London to be in Tier 3 for a day longer than necessary .
I am hugely @ @ @ @ @ @ @ additional restrictions will have on jobs and many businesses that are already struggling to stay afloat .
We now urgently need much more government support for the sectors of our economy that are being hit the hardest , including hospitality , culture , and leisure .
It is crucial that Ministers urgently put in place a compensation scheme for all lost income , based on last year ’ s returns , for any businesses affected by the further restrictions during this crucial festive period .
The Government must also cover the full cost @ @ @ @ @ @ @ have to self-isolate , and make wearing face coverings mandatory in busy outdoor public spaces .
We have known from the outset of this pandemic that increased testing will be vital to getting the spread of the virus under control .
That is why I have called on the Government to extend regular asymptomatic testing to all those unable to work from home and to London ’ s students and staff at secondary schools , sixth-form colleges and FE colleges .
It is essential that the Government ramps up testing in schools and @ @ @ @ @ @ @ virus is spreading most .
If this does not happen , Tier 3 will not only cause huge damage to our hospitality and cultural industries , but the virus will just continue to spread over Christmas at a time when families may well be meeting up and our NHS is under pressure .
Given the significant increase in infections among 10 to 19-year-olds – Government should consider asking secondary schools and colleges which don ’ t yet have testing facilities to close early and to reopen a bit later in January to allow @ @ @ @ @ @ @ in place .
The vaccine provides some light at the end of the tunnel , so let ’ s not fall at what could be the last hurdle .
So I ’ d encourage all Londoners to adhere to the new Government rules so that we can save as many lives as possible , support our NHS and protect our economy .
Read more : Capital Punishment as London moves into Tier 3

Sadiq Khan: London’s hard-hit businesses need more support in Tier 3
(Photo by Victoria Jones – WPA Pool/Getty Images)
The Mayor of London, Sadiq Khan, responds to the news that London is set to enter Tier 3 restrictions from Wednesday.
The Government has decided to move London into Tier 3 from one minute past midnight on Wednesday morning.
This is incredibly disappointing for our businesses who have suffered so much already this year. But it’s clear that the virus is accelerating in the wrong direction once again across London and the lives of Londoners are at risk. It would be such a tragedy to lose even more people to this disease when the vaccine is now being rolled out across our city.
Read more: Tier 3 hits London – what you need to know
We know from bitter experience that when cases start to rise quickly, it’s much better to act early, rather than too late. This is how we can avoid even tougher restrictions, for longer, further down the road.
The worst thing for London’s businesses and our economy would be yet another full lockdown in the new year. That’s why I urge Londoners to follow the Tier 3 rules that the Government is putting in place very closely so that we can drive down infection rates as much as possible.
This means hospitality settings, such as bars, pubs, cafes and restaurants are required by the Government to close except for takeaway, delivery and click and collect services. You must continue not to meet other households indoors and to keep to the rule of six while outside.
I don’t want London to be in Tier 3 for a day longer than necessary. I am hugely concerned about the negative impact that the additional restrictions will have on jobs and many businesses that are already struggling to stay afloat.
More support needed
We now urgently need much more government support for the sectors of our economy that are being hit the hardest, including hospitality, culture, and leisure.
It is crucial that Ministers urgently put in place a compensation scheme for all lost income, based on last year’s returns, for any businesses affected by the further restrictions during this crucial festive period.
The Government must also cover the full cost of Statutory Sick Pay for workers who have to self-isolate, and make wearing face coverings mandatory in busy outdoor public spaces.
We have known from the outset of this pandemic that increased testing will be vital to getting the spread of the virus under control. That is why I have called on the Government to extend regular asymptomatic testing to all those unable to work from home and to London’s students and staff at secondary schools, sixth-form colleges and FE colleges.
It is essential that the Government ramps up testing in schools and colleges immediately as this is where the virus is spreading most. If this does not happen, Tier 3 will not only cause huge damage to our hospitality and cultural industries, but the virus will just continue to spread over Christmas at a time when families may well be meeting up and our NHS is under pressure.
Given the significant increase in infections among 10 to 19-year-olds – Government should consider asking secondary schools and colleges which don’t yet have testing facilities to close early and to reopen a bit later in January to allow time for weekly testing to be put in place.
The vaccine provides some light at the end of the tunnel, so let’s not fall at what could be the last hurdle. So I’d encourage all Londoners to adhere to the new Government rules so that we can save as many lives as possible, support our NHS and protect our economy.
Read more: Capital Punishment as London moves into Tier 3


cityam--2020-12-15--Tier 3: Will the City ever return to normal after Covid?

The decision to move London into Tier 3 at midnight on Wednesday following substantial rises in Covid-19 cases will mean further delays to City workers returning to the office .
This will come as another disappointment to the City as it had planned to entice office workers back into the office during a ” back to work week ” in April , in order to help struggling bars and restaurants in the area .
William Russell , lord mayor of London , announced the move this morning as part of “ a big plan ” to “ create a buzz @ @ @ @ @ @ @ week in the spring .
Read more : London in Tier 3 : What are the rules ?
However , the latest Tier 3 news will cast a dark shadow over these plans , even with the recent rollout the new Covid vaccine .
Moreover , even before the government ’ s announcement yesterday , the future of the City was already looking very different from its past .
The pandemic has caused a seismic shift in work culture in the UK , as working from home has presented more opportunity to spend @ @ @ @ @ @ @ commutes and create a better working-life balance .
45 per cent of London City-based workers say the pandemic has made them realise what a poor work-life balance they had pre-lockdown and they say they will not return to it after Covid .
Read more : London moves into tier 3 : what does this mean for travel ?
” With Tier 3 coming into force tonight across the Capital and much of the commuter belt , the new restrictions will once again , change how the capital operates , with many workers both @ @ @ @ @ @ @ that caters for them being forced back home .
This period will act as another reminder that the work-life balance of pre-Covid employment may not have been ideal and a new working structure may be what thousands of City workers need ” , says Chris Biggs , partner at Theta Global Advisors .

London in Tier 3: Will the City return to normal after Covid?
An action group has reached an agreement with Hiscox over business interruption cover.
The decision to move London into Tier 3 at midnight on Wednesday, following substantial rises in Covid-19 cases, may mean further delays to City workers returning to the office.
This will come as another disappointment to the City as it had planned to entice workers back into their offices during a ”back to work week” in April, in order to help struggling bars and restaurants in the area.
William Russell, the lord mayor of London, announced the move as part of “a big plan” to “create a buzz” around the City’s reopening week in the spring.
However, the latest Tier 3 news may cast a shadow over these plans, despite the recent rollout the Pfizer’s Covid vaccine.
A culture shift
Even before the government’s tier 3 announcement yesterday, the future of the City was already looking quite different from its past.
The pandemic has caused a seismic shift in UK’s work culture, as working from home has presented more opportunity to spend time with family, save time on commutes and create a better working-life balance.
According to a recent survey by Theta Global Advisors, 45 per cent of City-based workers say the pandemic has made them realise what a poor work-life balance they had pre-lockdown and they say they prefer not a return to such conditions post-Covid.
”With Tier 3 coming into force tonight across the capital and much of the commuter belt, the new restrictions will once again, change how the capital operates, with many workers both in the City and the hospitality sector that caters for them being forced back home,” said Chris Biggs, partner at Theta Global Advisors.
“This period will act as another reminder that the work-life balance of pre-Covid employment may not have been ideal and a new working structure may be what thousands of City workers need,” he concluded.


cityam--2020-12-15--Vaccine ‘gamechanger’ will see UK economy bounce back sharply, analysts say

The coronavirus vaccine will help the UK economy recover more rapidly than most experts think , according to economists at consultancy Capital Economics ( CE ) who predicted Covid will barely affect growth in the long-run .
The respected economics consultancy predicted the economy would grow by about 7.5 per cent in both 2021 and 2022 , after shrinking by a record 11.5 per cent this year .
Read more : Unemployment rate rises less than expected but redundancies hit record high That is a much quicker recovery than most economists expect .
The government ’ s official forecaster last @ @ @ @ @ @ @ in 2021 and 6.6 per cent in 2023 , after an 11.3 per cent contraction in 2020 .
Capital Economics said vaccines “ are a gamechanger ” .
The UK started giving the Pfizer/Biontech vaccine last week , and the consultancy said it thinks the jabs will help life return to normal relatively quickly .
The UK economy will therefore recover to its pre-coronavirus size by the first quarter of 2022 , CE predicted .
The UK ’ s Office for Budget Responsibility ( OBR ) thinks it will take until the end @ @ @ @ @ @ @ Covid-19 crisis will lead to minimal long-term scarring , ” Paul Dales , chief UK economist at Capital Economics , said today in a note to clients .
Read more : Capital Punishment : London to enter Tier 3 on Wednesday “ Later this decade GDP will return to the path it would have been on if Covid-19 never existed.
” Again , this prediction runs against received wisdom .
The OBR said the UK economy will be three per cent smaller by 2025 than it would have been had Covid never happened @ @ @ @ @ @ @ economy ’ s supply capacity – that is , the ability of firms to keep producing – will not suffer over the long run .
“ Permanent hits to supply are most likely to happen after recessions associated with financial crises and wars , as they reduce the supply of credit or destroy large parts of the capital stocks .
Neither of those things have happened this time.
” Read more : Brexit will not affect UK vaccine supplies , says business secretary The consultancy ’ s predictions were based on the UK @ @ @ @ @ @ @ , however .
Yet it said that even if a deal is not reached , the hit to the economy will be less than expected because of many “ cooperative ” agreements already in place .
Read more : GPs to begin offering coronavirus vaccines from today It said the strong growth would mean the Bank of England does not have to inject more stimulus .
And it predicted chancellor Rishi Sunak will not start thinking about raising taxes or cutting spending next year or the year after .

Vaccine ‘gamechanger’ will see UK economy bounce back sharply, analysts say
The coronavirus vaccine will help the UK economy recover more rapidly than most experts think, according to economists at consultancy Capital Economics (CE) who predicted Covid will barely affect growth in the long-run.
The respected economics consultancy predicted the economy would grow by about 7.5 per cent in both 2021 and 2022, after shrinking by a record 11.5 per cent this year.
That is a much quicker recovery than most economists expect. The government’s official forecaster last month predicted growth of 5.5 per cent in 2021 and 6.6 per cent in 2023, after an 11.3 per cent contraction in 2020.
Capital Economics said vaccines “are a gamechanger”. The UK started giving the Pfizer/Biontech vaccine last week, and the consultancy said it thinks the jabs will help life return to normal relatively quickly.
The UK economy will therefore recover to its pre-coronavirus size by the first quarter of 2022, CE predicted. The UK’s Office for Budget Responsibility (OBR) thinks it will take until the end of 2022.
“We think the Covid-19 crisis will lead to minimal long-term scarring,” Paul Dales, chief UK economist at Capital Economics, said today in a note to clients.
“Later this decade GDP will return to the path it would have been on if Covid-19 never existed.”
Again, this prediction runs against received wisdom. The OBR said the UK economy will be three per cent smaller by 2025 than it would have been had Covid never happened.
Vaccine to help heal economy’s supply capacity
CE said it thinks that the economy’s supply capacity – that is, the ability of firms to keep producing – will not suffer over the long run.
“Permanent hits to supply are most likely to happen after recessions associated with financial crises and wars, as they reduce the supply of credit or destroy large parts of the capital stocks. Neither of those things have happened this time.”
The consultancy’s predictions were based on the UK signing a trade deal with the EU, however.
Yet it said that even if a deal is not reached, the hit to the economy will be less than expected because of many “cooperative” agreements already in place.
It said the strong growth would mean the Bank of England does not have to inject more stimulus.
And it predicted chancellor Rishi Sunak will not start thinking about raising taxes or cutting spending next year or the year after.


cityam--2020-12-15--'Test to release' travel scheme off to 'chaotic' start

The government ’ s new “ test to release ” system to reduce quarantine got off to a “ chaotic start ” this morning after it transpired that only three of its approved test providers were open .
Under the scheme , which was announced on 24 November , travellers who wish to leave quarantine early can do so by taking a coronavirus test five days after arriving in the UK .
If the test comes back negative , then travellers can leave self-isolation early .
Read more : Covid-19 : Travel quarantine restrictions to be relaxed in time for @ @ @ @ @ @ @ only unveiled its list of approved coronavirus test providers late last night .
And this morning it emerged that there were flaws with eight of the 11 providers , with several either out of stock or not yet accepting bookings for tests .
As a result , people trying to travel back from overseas for Christmas may not be able to leave quarantine in time .
Of the eight , Medicspot and Axiom say that test booking is not yet open , but coming soon , while Chronomics , Prenetics , and Nationwide @ @ @ @ @ @ @ .
Oncologica , on the other hand , simply directs people trying to book a test to one of the other providers , Screen 4 .
Before the Open newsletter : Start your day with the City View podcast and key market data Finally , Halo Verify and Private GP London both say that they are out of stock , with the latter saying that it has been asked to be removed from the “ test to release ” scheme – on its very first day in operation .
Paul Charles of the @ @ @ @ @ @ @ ’ s a chaotic start for a system that was flagged as a solution to travel recovery .
It has been weeks in planning yet has taken just minutes to fall apart .
This is not the way for governments to instil confidence in consumers and help them travel seamlessly .
“ I think most people will simply not pay for a test now , partly because they can ’ t book one , and opt to spend a few more days in quarantine – precisely the opposite of what the government envisaged @ @ @ @ @ @ @ government won ’ t consult the sector intensively so as to help it put systems in place which boost travel recovery , rather than damage it.
” Where previously travellers had to book a test before they make their journey to qualify for the scheme , they can now opt to book one once they have returned to the UK .
Read more : Canary Islands removed from travel corridors list after surge in cases Up until last night , when the approved provider list was released , tests could not be booked @ @ @ @ @ @ @ be eligible for the scheme without the rules change .
City A.M. has contacted the Department for Transport for comment .

‘Test to release’ travel scheme off to ‘chaotic’ start
Only three of the 11 providers on the government’s ‘test to release’ scheme are currently offering tests.
The government’s new “test to release” system to reduce quarantine got off to a “chaotic start” this morning after it transpired that only three of its approved test providers were open.
Under the scheme, which was announced on 24 November, travellers who wish to leave quarantine early can do so by taking a coronavirus test five days after arriving in the UK. If the test comes back negative, then travellers can leave self-isolation early.
However, the Department for Transport only unveiled its list of approved coronavirus test providers late last night.
And this morning it emerged that there were flaws with eight of the 11 providers, with several either out of stock or not yet accepting bookings for tests.
As a result, people trying to travel back from overseas for Christmas may not be able to leave quarantine in time.
Of the eight, Medicspot and Axiom say that test booking is not yet open, but coming soon, while Chronomics, Prenetics, and Nationwide Pathology all ask travellers to register interest.
Oncologica, on the other hand, simply directs people trying to book a test to one of the other providers, Screen 4.
Finally, Halo Verify and Private GP London both say that they are out of stock, with the latter saying that it has been asked to be removed from the “test to release” scheme – on its very first day in operation.
Paul Charles of the PC Travel Agency said: “It’s a chaotic start for a system that was flagged as a solution to travel recovery. It has been weeks in planning yet has taken just minutes to fall apart. This is not the way for governments to instil confidence in consumers and help them travel seamlessly.
“I think most people will simply not pay for a test now, partly because they can’t book one, and opt to spend a few more days in quarantine – precisely the opposite of what the government envisaged.
Before the Open newsletter: Start your day with the City View podcast and key market data
“I cannot fathom why government won’t consult the sector intensively so as to help it put systems in place which boost travel recovery, rather than damage it.”
The London Chamber of Commerce’s chief executive said that the failure “defies belief”.
Richard Burge said: “It defies belief that the Government’s long awaited aviation Test To Release scheme has, within hours, proved to be unworkable.
“The companies already used by London’s airports are not on the list of approved providers. But we now hear reports of the Government’s approved testers are unable to provide tests, or have no websites, and or are unable to take bookings for a test.
“The return of international business travel and tourism are critical to London and the UK’s economic recovery. This requires competent and proven testing companies.
“The Government must urgently remove its selected providers who have fallen at the first fence and add those that can and already are providing testing services at our airports. This is another example of government doing things to business rather than with business.”
Where previously travellers had to book a test before they make their journey to qualify for the scheme, they can now opt to book one once they have returned to the UK.
Up until last night, when the approved provider list was released, tests could not be booked – meaning anyone travelling today would not be eligible for the scheme without the rules change.
City A.M. has contacted the Department for Transport for comment.


cityam--2020-12-15--Online estate agent Purplebricks expects to beat profit forecasts

Online estate agent Purplebricks said it will beat full year profit expectations due to a surge in demand during the coronavirus pandemic as homebuyers shifted to technology-led platforms .
The company said there are “ reasons to remain cautious on the economic outlook ” but said it is confident that Ebitda for the full year will exceed the upper end of the current range of consensus of £10.6m .
Read more : Purplebricks shares jump as estate agent expects to beat profit forecast Instructions were up eight per cent in the first half of the year , the AIM-listed company @ @ @ @ @ @ @ , tax , depreciation and amortisation ( Ebitda ) soared 110 per cent to £8.4m in the six months to 31 October .
Total fee income was up six per cent to £49.1m , up from £46.3m .
However revenue was down six per cent and gross profit dropped one per cent .
Why it is interesting Purplebricks said there is “ clear evidence ” that consumers are beginning to shift towards apps and tech-based alternatives to traditional high street estate agents .
It said its digital model enabled it to continue to @ @ @ @ @ @ @ due to its “ virtual capabilities ” .
Purplebricks chief executive Vic Darvey said : “ This continued momentum demonstrates the strength of our technology-led business model and our ability to adapt quickly to a changing market .
“ I am proud of the way we responded to the COVID-19 crisis , which demonstrated our ability to deliver our improved virtual capabilities to our customers throughout the period .
Read more : Purplebricks fined £260,000 for breach of money-laundering rules “ We made sure we looked after our people when things got tough @ @ @ @ @ @ @ of working , and we enhanced our technology to make it easier and safer for customers to do business with us .
“ We are now emerging from the pandemic in a very strong competitive position .
”

Online estate agent Purplebricks expects to beat profit forecasts
Mortgage approvals remain robust despite surging house prices
Online estate agent Purplebricks said it will beat full year profit expectations due to a surge in demand during the coronavirus pandemic as homebuyers shifted to technology-led platforms.
The figures
The company said there are “reasons to remain cautious on the economic outlook” but said it is confident that Ebitda for the full year will exceed the upper end of the current range of consensus of £10.6m.
Instructions were up eight per cent in the first half of the year, the AIM-listed company said this morning.
Earnings before interest, tax, depreciation and amortisation (Ebitda) soared 110 per cent to £8.4m in the six months to 31 October.
Total fee income was up six per cent to £49.1m, up from £46.3m.
However revenue was down six per cent and gross profit dropped one per cent.
Why it is interesting
Purplebricks said there is “clear evidence” that consumers are beginning to shift towards apps and tech-based alternatives to traditional high street estate agents.
It said its digital model enabled it to continue to serve customers during the first coronavirus lockdown due to its “virtual capabilities”.
What Purplebricks said
Purplebricks chief executive Vic Darvey said: “This continued momentum demonstrates the strength of our technology-led business model and our ability to adapt quickly to a changing market.
“I am proud of the way we responded to the COVID-19 crisis, which demonstrated our ability to deliver our improved virtual capabilities to our customers throughout the period.
“We made sure we looked after our people when things got tough, we adapted quickly to new ways of working, and we enhanced our technology to make it easier and safer for customers to do business with us.
“We are now emerging from the pandemic in a very strong competitive position.”


cityam--2020-12-15--Cricket stars Michael Holding and Ebony Rainford-Brent given Freedom of the City of London

Cricket stars Michael Holding and Ebony Rainford-Brent have been awarded the Freedom of the City of London .
Former West Indies fast bowler Holding , 66 , and Rainford-Brent , 36 , the first black woman to play for England , are being recognised for their anti-racism advocacy as well as their sporting achievements .
Due to Covid-19 restrictions , the pair will miss out on a ceremony at Guildhall .
Instead , they will receive their honours in a virtual ceremony later today .
Read more : The Week in Sportbiz : Cricket meets hip-hop ; Germany exports VAR @ @ @ @ @ @ @ I Can Boogie ’ goes global Holding and Rainford-Brent both spoke passionately about their experiences of racism while working as pundits for Sky Sports this year .
“ It is entirely right to call out prejudice in all its forms , wherever and whenever it is experienced , ” said Lord Mayor of the City of London William Russell .
“ Ebony and Michael have taken a courageous stand in speaking out against racism in this country and even within their sport , in which they have both excelled .
“ The granting @ @ @ @ @ @ @ London , which it is my privilege to support wholeheartedly , recognises how they have added their voices to the growing global movement to stamp out racism , and is given with our sincere gratitude.
” What Michael Holding and Ebony Rainford-Brent said about racism Jamaican Holding and Rainford-Brent , now Surrey ’ s director of women ’ s cricket , drew widespread praise after recounting on Sky Sports their experiences of racism .
Rainford-Brent said she had considered quitting the game after becoming disillusioned at endless comments relating to her ethnicity .
@ @ @ @ @ @ @ 60 Test matches in an international career spanning the 1970s and 80s , delivered an eloquent impromptu speech during a rain break .
The Freedom of the City of London dates back to 1237 and celebrates outstanding contributions to London or public life .

Cricket stars Michael Holding and Ebony Rainford-Brent given Freedom of the City of London
Former West Indies bowler and now Sky Sports pundit Michael Holding has been honoured by the City of London along with Surrey director of women’s cricket Ebony Rainford-Brent, the first black woman to play for England
Cricket stars Michael Holding and Ebony Rainford-Brent have been awarded the Freedom of the City of London.
Former West Indies fast bowler Holding, 66, and Rainford-Brent, 36, the first black woman to play for England, are being recognised for their anti-racism advocacy as well as their sporting achievements.
Due to Covid-19 restrictions, the pair will miss out on a ceremony at Guildhall. Instead, they will receive their honours in a virtual ceremony later today.
Holding and Rainford-Brent both spoke passionately about their experiences of racism while working as pundits for Sky Sports this year.
“It is entirely right to call out prejudice in all its forms, wherever and whenever it is experienced,” said Lord Mayor of the City of London William Russell.
“Ebony and Michael have taken a courageous stand in speaking out against racism in this country and even within their sport, in which they have both excelled.
“The granting of the Freedom of the City of London, which it is my privilege to support wholeheartedly, recognises how they have added their voices to the growing global movement to stamp out racism, and is given with our sincere gratitude.”
What Michael Holding and Ebony Rainford-Brent said about racism
Jamaican Holding and Rainford-Brent, now Surrey’s director of women’s cricket, drew widespread praise after recounting on Sky Sports their experiences of racism.
Rainford-Brent said she had considered quitting the game after becoming disillusioned at endless comments relating to her ethnicity.
Holding, who took 249 wickets from 60 Test matches in an international career spanning the 1970s and 80s, delivered an eloquent impromptu speech during a rain break.
"Until we educate the entire human race, this thing will not stop."
Michael Holding delivers a powerful message, explaining why #BlackLivesMatter. pic.twitter.com/2jiATkOqQ4 — Sky Sports Cricket (@SkyCricket) July 8, 2020
The Freedom of the City of London dates back to 1237 and celebrates outstanding contributions to London or public life.


cityam--2020-12-15--Barclays fined £26m for mistreatment of customers in arrears

The UK ’ s financial watchdog has fined Barclays £26m for failures in its treatment of customers who fell into financial difficulties .
The Financial Conduct Authority ( FCA ) found that Barclays had mistreated some retail and small business customers who fell into arrears between April 2014 and December 2018 .
Read more : Parlez-vous Français ?
Paris ’ finance sector gets ready to seize post-Brexit opportunities It failed to follow its customers ’ contact policies or help customers understand their arrears , and offered unaffordable or unsustainable solutions , the FCA said .
Barclays has proactively redressed these @ @ @ @ @ @ @ major UK lender has paid over £273m to at least 1.5m customer accounts since 2017 .
The FCA ’ s fine took the redress programme into account .
Barclays agreed to settle the case and therefore qualified for a 30 per cent fine discount .
It is the watchdog ’ s fourth-biggest fine this year .
A Barclays spokesperson said : “ Barclays is a responsible lender and we strive to achieve good outcomes for our customers .
Read more : London in Tier 3 : What are the rules ?
“ Since @ @ @ @ @ @ @ have implemented a number of changes to our customer journeys , systems , processes and colleague training to correct it , and the vast majority of customers who were impacted have already been contacted .
“ We would like to apologise to those customers for not providing the level of service we should have.
” Mark Steward , FCA executive director of enforcement and market oversight , said : “ Consumers should feel reassured that their lender will work with them to help resolve any financial difficulties.
” But he said that “ @ @ @ @ @ @ @ customers risked making these difficulties worse ” .
Read more : FCA fines Lloyds Banking Group £64m after mistreating mortgage customers in difficulty “ Firms must treat consumer credit customers fairly , including when they find themselves in arrears .
We will take action against unfair treatment , or where firm systems expose customers to the risk of unfairness .
“ While this case predates the pandemic , this message is especially important as the impact of coronavirus continues to affect household incomes and budgets.
” The announcement comes after the FCA fined @ @ @ @ @ @ @ treatment of mortgage customers .
Read more : Barclays issues scam warning to SMEs ahead of Brexit Goldman Sachs was fined £48.3m for conduct in the investment bank sector , while Commerzbank had to cough up £37.8m related to financial crime in retail banking .
The FCA ’ s fine applies to Barclays Bank UK PLC , Barclays Bank PLC and Clydesdale Financial Services Limited .

Barclays fined £26m for mistreatment of customers in arrears
The UK’s financial watchdog has fined Barclays £26m for failures in its treatment of customers who fell into financial difficulties.
The Financial Conduct Authority (FCA) found that Barclays had mistreated some retail and small business customers who fell into arrears between April 2014 and December 2018.
Read more: Parlez-vous Français? Paris’ finance sector gets ready to seize post-Brexit opportunities
It failed to follow its customers’ contact policies or help customers understand their arrears, and offered unaffordable or unsustainable solutions, the FCA said.
Barclays has proactively redressed these customers, the FCA said. The major UK lender has paid over £273m to at least 1.5m customer accounts since 2017.
The FCA’s fine took the redress programme into account. Barclays agreed to settle the case and therefore qualified for a 30 per cent fine discount. It is the watchdog’s fourth-biggest fine this year.
A Barclays spokesperson said: “Barclays is a responsible lender and we strive to achieve good outcomes for our customers.
Read more: London in Tier 3: What are the rules?
“Since the issue was first identified, we have implemented a number of changes to our customer journeys, systems, processes and colleague training to correct it, and the vast majority of customers who were impacted have already been contacted.
“We would like to apologise to those customers for not providing the level of service we should have.”
‘Poor treatment of customers’ at Barclays
Mark Steward, FCA executive director of enforcement and market oversight, said: “Consumers should feel reassured that their lender will work with them to help resolve any financial difficulties.”
But he said that “Barclays’s poor treatment of its customers risked making these difficulties worse”.
“Firms must treat consumer credit customers fairly, including when they find themselves in arrears. We will take action against unfair treatment, or where firm systems expose customers to the risk of unfairness.
“While this case predates the pandemic, this message is especially important as the impact of coronavirus continues to affect household incomes and budgets.”
The announcement comes after the FCA fined Lloyds Bank £64m in June for unfair treatment of mortgage customers.
Read more: Barclays issues scam warning to SMEs ahead of Brexit
Goldman Sachs was fined £48.3m for conduct in the investment bank sector, while Commerzbank had to cough up £37.8m related to financial crime in retail banking.
The FCA’s fine applies to Barclays Bank UK PLC, Barclays Bank PLC and Clydesdale Financial Services Limited.


cityam--2020-12-15--Bushmills' Causeway Collection is the perfect Christmas dram

Bushmills has the largest collection of single malt whiskey on the island of Ireland .
From its 400,000 or so barrels , Master Blender Helen Mulholland has been carefully monitoring the development of select casks to create their new Causeway Collection .
Read more : Millions worth of festive food could go to waste as London enters Tier 3 Helen began working at the Bushmills distillery as an intern in the early 1990s , and during that time she laid down several of the whiskeys that now make up the Causeway Collection .
The Collection is the culmination of a @ @ @ @ @ @ @ of the distillery ’ s rare casks and it includes some of “ Bushmills ’ greatest treasures ” .
This array of unique single malts takes its name from the Giant ’ s Causeway , a geological wonder – and UNESCO World Heritage Site – that sits on the coast of Antrim just north of the distillery , and has for centuries fired the imagination of local residents and visitors alike .
The Giant ’ s Causeway is a jumble of hexagonal basalt stacks extending into the sea .
Prosaically , they are @ @ @ @ @ @ @ ancient volcanic fissure , but the presence of similar columns on the Hebridean island of Staffa , gave rise to the legend that the rocks were the remnants of a crossing built and destroyed by feuding giants .
This landscape also shapes Bushmills ’ whiskey , as the water of St Columb ’ s Rill , which is used in the spirit ’ s production , is hardened with small quantities of calcium and magnesium acquired as it passes first through limestone , and then the same basalt that forms the Giant ’ @ @ @ @ @ @ @ ten different triple-wood matured expressions of Bushmills single malt , which will be made available in nine different territories by the end of this year .
The exclusive offering for this market is a 2001 Feuillette Cask .
With a warming 49 % ABV , it is the first cask strength release and first red wine cask-matured whiskey that Bushmills has made available in Great Britain .
It was aged for over 17 years in Oloroso sherry butts and bourbon barrels , before a final maturation of more than two years in a @ @ @ @ @ @ @ only has four of these casks , and this expression was finished in the smallest of them , holding just 168 bottles .
The flavour has the sweet vanilla characteristic of Bushmills , and layered on top it has the delightfully fruity intensity of a Sauterne-finished single malt .
However , instead of honeyed apricots or peaches , this whiskey is bursting with vibrant blackberries and cherries .
The 2001 Feuillette Cask can only be purchased from the Whisky Shop , and when it went on sale on their website last week , @ @ @ @ @ @ @ But the remaining bottles are going to be available this week , in Whisky Shop stores around the UK , and that provides an opportunity to snap up a bargain , because priced at just £200 for 700ml , a treasure hunter could scarcely hope to find a more delectable collectible .
Click here for more information about the Causeway Collection .

Bushmills’ Causeway Collection is the perfect Christmas dram
Bushmills has the largest collection of single malt whiskey on the island of Ireland. From its 400,000 or so barrels, Master Blender Helen Mulholland has been carefully monitoring the development of select casks to create their new Causeway Collection.
Helen began working at the Bushmills distillery as an intern in the early 1990s, and during that time she laid down several of the whiskeys that now make up the Causeway Collection. The Collection is the culmination of a 15-year project, intended to showcase some of the distillery’s rare casks and it includes some of “Bushmills’ greatest treasures”.
This array of unique single malts takes its name from the Giant’s Causeway, a geological wonder – and UNESCO World Heritage Site – that sits on the coast of Antrim just north of the distillery, and has for centuries fired the imagination of local residents and visitors alike.
The Giant’s Causeway is a jumble of hexagonal basalt stacks extending into the sea. Prosaically, they are the vestiges of the eruption of an ancient volcanic fissure, but the presence of similar columns on the Hebridean island of Staffa, gave rise to the legend that the rocks were the remnants of a crossing built and destroyed by feuding giants.
This landscape also shapes Bushmills’ whiskey, as the water of St Columb’s Rill, which is used in the spirit’s production, is hardened with small quantities of calcium and magnesium acquired as it passes first through limestone, and then the same basalt that forms the Giant’s Causeway.
The Causeway Collection includes ten different triple-wood matured expressions of Bushmills single malt, which will be made available in nine different territories by the end of this year.
The exclusive offering for this market is a 2001 Feuillette Cask. With a warming 49% ABV, it is the first cask strength release and first red wine cask-matured whiskey that Bushmills has made available in Great Britain. It was aged for over 17 years in Oloroso sherry butts and bourbon barrels, before a final maturation of more than two years in a rare Feuillette cask from Burgundy.
Bushmills only has four of these casks, and this expression was finished in the smallest of them, holding just 168 bottles. The flavour has the sweet vanilla characteristic of Bushmills, and layered on top it has the delightfully fruity intensity of a Sauterne-finished single malt. However, instead of honeyed apricots or peaches, this whiskey is bursting with vibrant blackberries and cherries.
The 2001 Feuillette Cask can only be purchased from the Whisky Shop, and when it went on sale on their website last week, it sold out in 2 minutes. But the remaining bottles are going to be available this week, in Whisky Shop stores around the UK, and that provides an opportunity to snap up a bargain, because priced at just £200 for 700ml, a treasure hunter could scarcely hope to find a more delectable collectible.
Click here for more information about the Causeway Collection.


cityam--2020-12-15--Greenwich council backs down in government row over school closures

The leader of a London borough has said he has “ no choice ” but to reverse a decision to close schools following legal threats from the government .
Greenwich council leader Danny Thorpe said he “ can not agree that this is the correct choice for our schools ” , but added : “ I can not justify the use of public funds to fight the decision in courts ” .
Read more : London in Tier 3 : What are the rules ?
On Sunday , Thorpe ordered all schools in the London borough to shut immediately and @ @ @ @ @ @ @ to curb rising Covid rates .
However , the council was last night slapped with legal threats from education secretary Gavin Williamson for schools in the area to stay open .
Williamson issued a “ temporary continuity direction ” to Greenwich council , marking the first time emergency coronavirus legislation has been used to ensure face-to-face teaching during the pandemic .
Islington has also ordered its schools to shut , though the government has not yet launched legal action against the north London borough .
Williamson said : “ It is simply not @ @ @ @ @ @ @ schools in Greenwich , Islington or elsewhere to close their doors .
I have always been clear that using legal powers is a last resort but continuity of education is a national priority .
“ That ’ s why I won ’ t hesitate to do what is right for young people and have issued a direction to Greenwich council setting out that they must withdraw the letter issued to headteachers on Sunday.
” Speaking to the BBC this morning , chief secretary to the Treasury Steve Barclay , said : “ We @ @ @ @ @ @ @ will look at what measures are required to do so .
“ That is the medical advice from the chief medical officer , and we will use whatever powers are necessary to do so.
” All schools in England are due to break up for the Christmas holidays on Thursday .
But data from Public Health England showing 10 to 19-year-olds may be behind a recent surge in infections in the southeast of the country has cranked up pressure for the government to bring forward the end of term .
In a letter @ @ @ @ @ @ @ London Sadiq Khan said “ urgent consideration must… be given to closing secondary schools , sixth form and FE colleges a few days early and keeping them closed for longer after Christmas ” .
“ Time is running out to get the virus under control in our city which is why I urge the government to heed my call and provide us with the extra support we desperately need , ” Khan added .
The capital has seen a major spike in new cases recently , with daily infections tipping past the 4,000 @ @ @ @ @ @ @ London ’ s seven-day rate has exceeded 200 cases per 100,000 people in 17 boroughs , meaning the capital now has the highest infection rate in the country .
Greenwich has reported a huge surge in cases over the past few days , with a further 182 infections bringing its total number of cases to 5,778 since the start of the pandemic .
Read more : Redbridge overtakes Ealing : How many Covid-19 infections are there in your local borough ?
A spokesperson for the Department for Education said it was “ vital @ @ @ @ @ @ @ the end of term to avoid further disruption for students .
“ Schools , colleges and early years settings across the country have worked tremendously hard to put protective measures in place that are helping reduce the risk of the virus being transmitted , ” they added .

Greenwich council backs down in government row over school closures
The leader of a London borough has said he has “no choice” but to reverse a decision to close schools following legal threats from the government.
Greenwich council leader Danny Thorpe said he “cannot agree that this is the correct choice for our schools”, but added: “I cannot justify the use of public funds to fight the decision in courts”.
On Sunday, Thorpe ordered all schools in the London borough to shut immediately and move to online learning in a bid to curb rising Covid rates.
However, the council was last night slapped with legal threats from education secretary Gavin Williamson for schools in the area to stay open.
Williamson issued a “temporary continuity direction” to Greenwich council, marking the first time emergency coronavirus legislation has been used to ensure face-to-face teaching during the pandemic.
Islington has also ordered its schools to shut, though the government has not yet launched legal action against the north London borough.
Williamson said: “It is simply not in children’s best interests for schools in Greenwich, Islington or elsewhere to close their doors. I have always been clear that using legal powers is a last resort but continuity of education is a national priority.
“That’s why I won’t hesitate to do what is right for young people and have issued a direction to Greenwich council setting out that they must withdraw the letter issued to headteachers on Sunday.”
Speaking to the BBC this morning, chief secretary to the Treasury Steve Barclay, said: “We want to keep schools open and we will look at what measures are required to do so.
“That is the medical advice from the chief medical officer, and we will use whatever powers are necessary to do so.”
All schools in England are due to break up for the Christmas holidays on Thursday. But data from Public Health England showing 10 to 19-year-olds may be behind a recent surge in infections in the southeast of the country has cranked up pressure for the government to bring forward the end of term.
In a letter to Boris Johnson yesterday, mayor of London Sadiq Khan said “urgent consideration must… be given to closing secondary schools, sixth form and FE colleges a few days early and keeping them closed for longer after Christmas”.
“Time is running out to get the virus under control in our city which is why I urge the government to heed my call and provide us with the extra support we desperately need,” Khan added.
The capital has seen a major spike in new cases recently, with daily infections tipping past the 4,000 mark over the last few days.
London’s seven-day rate has exceeded 200 cases per 100,000 people in 17 boroughs, meaning the capital now has the highest infection rate in the country.
Greenwich has reported a huge surge in cases over the past few days, with a further 182 infections bringing its total number of cases to 5,778 since the start of the pandemic.
A spokesperson for the Department for Education said it was “vital” that children remain in school until the end of term to avoid further disruption for students.
“Schools, colleges and early years settings across the country have worked tremendously hard to put protective measures in place that are helping reduce the risk of the virus being transmitted,” they added.


cityam--2020-12-15--Study shows unethical leadership likely to 'prevent corruption'

Unethical leadership can increase the prevalence of corrupt behaviour in organisations and workplaces .
This is according to two studies by colleagues , doctoral candidate M. Untung Manara and associate professor Suzanne van Gils , a lecturer in Management Communications and Ethics , both at Maastricht University .
The release of the study is timely as the world places its trust in a new Covid-19 vaccine , it is important that corruption does not obstruct the organisation and distribution process .
Read more : Can my employer make me get a Covid-19 vaccine ?
They were specifically interested in whether @ @ @ @ @ @ @ of employees who were prone to unethical practise .
The first study surveyed 321 employees from various job sectors , including construction , health care , and education and measured the relationship between ethical leadership and corruption .
The results showed that greater ethical leadership is related to reduced corrupt behaviours , such as taking money from an organisation for personal benefit .
The second study was an experiment involving 146 participants who were randomly assigned to watch a video of either an ethical leader or unethical leader .
After watching the video @ @ @ @ @ @ @ ’ : Two players would then bid against each other to win a prize while a third allocated the prize to the highest bidder .
The players have the option to offer a bribe to the allocator to ensure they get the prize regardless of their actual bid .
Participants also had their thinking style assessed .
The study ultimately showed that ethical leadership directly relates to reducing corruption , as participants were less likely to bribe if they had watched the ethical leader prior to playing .
Read more : Four in @ @ @ @ @ @ @ declining sector opportunities “ I am particularly glad to be part of this important project aiming to reduce corruption and contributing to accountability in organisations .
This is an important global goal and one of the United Nations Sustainable Development Goals .
Our study provides practical insights by showing that organisations and governments can promote ethical leadership to prevent corruption in organisations , ” says professor van Gils .

Study shows unethical leadership likely to ‘prevent corruption’
Getty images
Unethical leadership can increase the prevalence of corrupt behaviour in organisations and workplaces.
This is according to two Maastricht University studies, carried out by doctoral candidate Untung Manara and associate professor Suzanne van Gils, a lecturer in management communications and ethics, who were particularly interested in whether ethical leaders could help change the behaviour of employees who were prone to unethical practises.
Ethical leadership and corruption
The first study surveyed 321 employees from various job sectors, including construction, health care, and education and measured the relationship between ethical leadership and corruption.
The results showed that greater ethical leadership is related to reduced corrupt behaviours, such as taking money from an organisation for personal benefit.
The second study was an experiment involving 146 participants who were randomly assigned to watch a video of either an ethical leader or unethical leader. After watching the video, participants played a ‘corruption game’: Two players would then bid against each other to win a prize while a third allocated the prize to the highest bidder.
The players had the option to offer a bribe to the allocator to ensure they get the prize regardless of their actual bid. Participants also had their thinking style assessed.
The study ultimately showed that ethical leadership directly relates to reducing corruption, as participants were less likely to bribe if they had watched the ethical leader prior to playing.
The release of the study is timely as the world places its trust in a new Covid-19 vaccine, it is important that corruption does not obstruct the organisation and distribution process, the authors stressed.


cityam--2020-12-15--Parlez-vous Français? Paris' finance sector gets ready to seize post-Brexit opportunities

Paris ’ claims to be Europe ’ s culture and culinary capital are well known , however its finance credentials are somewhat less established .
The City of Light ranked behind London , Zurich , Luxembourg , Geneva , Frankfurt and even Edinburgh in the World Bank ’ s Global Financial Centres Index for 2020 .
Read more : Paris experiences modest Brexit influx as thousands of professionals relocate However , with Brexit around the corner , and no full EU equivalence deal for the City of London in sight , Paris has a legitimate chance to raise its global @ @ @ @ @ @ @ .
Financial firms have been ready for the possibility of the UK losing its current EU financial markets access , with almost all major institutions moving staff and assets to other European capitals in preparation .
French business lobby group Paris Europlace estimates around 3,500 financial services jobs have moved from the UK to the French capital since the 2016 Brexit referendum .
EY also estimates that a good chunk of the £1.2 trillion in financial services assets that have been transferred to the EU from the UK since 2016 have gone to @ @ @ @ @ @ @ s governor François Viceroy de Galhau puts this figure at more than £150bn .
Financial powerhouses such as Bank of America , HSBC , J.P. Morgan , BlackRock , BNP Paribas , Citigroup and Goldman Sachs have all moved resources and assets from London to Paris post-2016 .
Before the Open newsletter : Start your day with the City View podcast and key market data Other EU capitals fighting to capitalise from the mini UK exodus are Dublin , Amsterdam and Frankfurt .
Chief executive of European trading platform Aquis Exchange Alasdair Haynes @ @ @ @ @ @ @ Paris unit to be closer to where the regulatory decisions are made .
“ We felt very much that you can either argue against being on the outside or actually be on the inside and the French have an enormous influence on how things are run in Europe , ” he said .
“ We looked at Frankfurt , we looked at Ireland , we looked at Holland and then we looked at France , and the French have been extremely accommodating and it has worked very well and we ’ ve been @ @ @ @ @ @ @ seen.
” Read more : City of London to be shut out of EU with no equivalence deal from January French President and Emmanuel Macron earlier this year publicly declared their intent to make Paris into the “ leading financial centre ” in Europe .
While this target could be described as ambitious , if not wishful , the city does have a number of strengths that may put the city at an advantage to other EU financial centres .
The European Banking Authority ( EBA ) moved its headquarters from London to @ @ @ @ @ @ @ , which already plays host to the EU ’ s Securities and Markets Authority ( ESMA ) , now is home to the bloc ’ s two major regulatory bodies for the financial industry .
This is a clear advantage over rival financial centre Frankfurt who is also competing for the crown as the next EU financial services capital .
Paris also boasts more than four-times the amount of financial services workers than Frankfurt and is steadily growing its infrastructure to take over as the EU ’ s largest financial hub .
Importantly @ @ @ @ @ @ @ megacity in Europe and provides an attractive place to work and play for cashed-up professionals .
Read more : Brexit : City of London lobby slams EU for damaging confidence in UK financial services sector Former French central bank governor Christian Noyer told the Financial Times that Brexit could mean a return to the realities of before the so-called Big Bang – the deregulation of the City of London in the 1980s .
“ If we go back 30 , 40 years , there was a time when the financial centre was much @ @ @ @ @ @ @ when banks had more staff in Paris than in London , ” he said .
“ The moves might have been slowed down by Covid-19 , but we are going to have lots more of these traders moving at the end of this year and all through next year.
” However , the idea that London will become a smaller trading centre than Paris or Frankfurt is a touch unrealistic , according to veteran City commentator David Buik .
He highlights France ’ s heavy touch regulation and high taxes as a major @ @ @ @ @ @ @ Europe ’ s financial powerhouse .
“ Paris has draconian employment laws , which makes it unattractive for many people , ” he said .
Read more : Britain has ‘ most to lose from Brexit ’ , says French finance minister “ London is the centre of the universe – all the financial firms , the legal firms , the investment firms , they ’ re all here .
“ All of the big deals will still have to be done in the UK because we ’ re the only ones who @ @ @ @ @ @ @

Parlez-vous Français? Paris’ finance sector gets ready to seize post-Brexit opportunities
Paris’ claims to be Europe’s culture and culinary capital are well known, however its finance credentials are somewhat less established.
The City of Light ranked behind London, Zurich, Luxembourg, Geneva, Frankfurt and even Edinburgh in the World Bank’s Global Financial Centres Index for 2020.
However, with Brexit around the corner, and no full EU equivalence deal for the City of London in sight, Paris has a legitimate chance to raise its global standing in the world of high finance.
Financial firms have been ready for the possibility of the UK losing its current EU financial markets access, with almost all major institutions moving staff and assets to other European capitals in preparation.
French business lobby group Paris Europlace estimates around 3,500 financial services jobs have moved from the UK to the French capital since the 2016 Brexit referendum.
EY also estimates that a good chunk of the £1.2 trillion in financial services assets that have been transferred to the EU from the UK since 2016 have gone to Paris.
The French central bank’s governor François Viceroy de Galhau puts this figure at more than £150bn.
Financial powerhouses such as Bank of America, HSBC, J.P. Morgan, BlackRock, BNP Paribas, Citigroup and Goldman Sachs have all moved resources and assets from London to Paris post-2016.
Before the Open newsletter: Start your day with the City View podcast and key market data
Other EU capitals fighting to capitalise from the mini UK exodus are Dublin, Amsterdam and Frankfurt.
Chief executive of European trading platform Aquis Exchange Alasdair Haynes said his firm chose to open a Paris unit to be closer to where the regulatory decisions are made.
“We felt very much that you can either argue against being on the outside or actually be on the inside and the French have an enormous influence on how things are run in Europe,” he said.
“We looked at Frankfurt, we looked at Ireland, we looked at Holland and then we looked at France, and the French have been extremely accommodating and it has worked very well and we’ve been very happy with what we’ve seen.”
French President and Emmanuel Macron earlier this year publicly declared their intent to make Paris into the “leading financial centre” in Europe.
While this target could be described as ambitious, if not wishful, the city does have a number of strengths that may put the city at an advantage to other EU financial centres.
The European Banking Authority (EBA) moved its headquarters from London to Paris post-Brexit.
This means the city, which already plays host to the EU’s Securities and Markets Authority (ESMA), now is home to the bloc’s two major regulatory bodies for the financial industry.
This is a clear advantage over rival financial centre Frankfurt who is also competing for the crown as the next EU financial services capital.
Paris also boasts more than four-times the amount of financial services workers than Frankfurt and is steadily growing its infrastructure to take over as the EU’s largest financial hub.
Importantly, Paris is the only other global megacity in Europe and provides an attractive place to work and play for cashed-up professionals.
Former French central bank governor Christian Noyer told the Financial Times that Brexit could mean a return to the realities of before the so-called Big Bang – the deregulation of the City of London in the 1980s.
“If we go back 30, 40 years, there was a time when the financial centre was much less concentrated in London . . . when banks had more staff in Paris than in London,” he said.
“The moves might have been slowed down by Covid-19, but we are going to have lots more of these traders moving at the end of this year and all through next year.”
However, the idea that London will become a smaller trading centre than Paris or Frankfurt is a touch unrealistic, according to veteran City commentator David Buik.
He highlights France’s heavy touch regulation and high taxes as a major barrier to Paris taking the crown as Europe’s financial powerhouse.
“Paris has draconian employment laws, which makes it unattractive for many people,” he said.
“London is the centre of the universe – all the financial firms, the legal firms, the investment firms, they’re all here.
“All of the big deals will still have to be done in the UK because we’re the only ones who have the infrastructure for it.”


cityam--2020-12-16--Revolut launches Plus account as it expands fee-paying services

Revolut is set to revamp its paid plans while also launching its latest subscription option , Revolut Plus .
Revolut ’ s new Plus service will cost £2.99 a-month and will include theft and accident coverage alongside purchase protection up to £1,000 for a year .
Under new plans Premium customers will be protected up to £2,500 while Metal customers up to £10,000 .
The move will be seen as an attempt by Revolut to differentiate itself from the proliferating digital payments market .
It will be hoping that the revamped plans and new offering will help draw in additional @ @ @ @ @ @ @ fintech broke even last month for the first time since 2018 .
Despite fairly diversified revenue streams , over 60 per cent of Revolut ’ s income comes from interchange fees , the cut it takes from customers using their card .
By tempting customers with priority customer support and access to trading cryptocurrencies and commodities , it seems Revolut is pulling out all the stops .
Read more : Revolut offers UK customers the opportunity to be paid a day early Paid plan customers will also be covered for events in a @ @ @ @ @ @ @ fears that customers can not attend should they be cancelled .
“ Revamping our paid plans and introducing Plus should give a big boost to our customers ’ confidence and wallets , ” said Felix Jamestin , head of premium product .
“ Not only will they receive a new , affordable plan with additional protection , they will also get all the great features they have come to love.
” Monzo , one of Revolut ’ s biggest competitors launched its premium service back in October .
The premium card , which @ @ @ @ @ @ @ month product , offers virtual debit cards as well as phone and travel insurance .

Revolut launches Plus account as it expands fee-paying services
Revolut is set to revamp its paid plans while also launching its latest subscription option, Revolut Plus.
Revolut’s new Plus service will cost £2.99 a-month and will include theft and accident coverage alongside purchase protection up to £1,000 for a year.
Under new plans Premium customers will be protected up to £2,500 while Metal customers up to £10,000.
The move will be seen as an attempt by Revolut to differentiate itself from the proliferating digital payments market.
It will be hoping that the revamped plans and new offering will help draw in additional customers and boost revenues, as the fintech broke even last month for the first time since 2018.
Despite fairly diversified revenue streams, over 60 per cent of Revolut’s income comes from interchange fees, the cut it takes from customers using their card.
By tempting customers with priority customer support and access to trading cryptocurrencies and commodities, it seems Revolut is pulling out all the stops.
Paid plan customers will also be covered for events in a clear sign of the times, amid fears that customers cannot attend should they be cancelled.
“Revamping our paid plans and introducing Plus should give a big boost to our customers’ confidence and wallets,” said Felix Jamestin, head of premium product. “Not only will they receive a new, affordable plan with additional protection, they will also get all the great features they have come to love.”
Monzo, one of Revolut’s biggest competitors launched its premium service back in October. The premium card, which builds on Monzo’s £5 per month product, offers virtual debit cards as well as phone and travel insurance.


cityam--2020-12-16--MPs slam government's ‘woeful’ handling of bounce back loans

After months of chaos MPs have today published a report into the government ’ s failings to support small businesses with the bounce back loan scheme .
The Public Accounts Committee has published a devastating report into the government ’ s handling of the bounce back loan scheme , which has received criticism since its inception .
The BBLS was introduced in April following criticism of the CBILS scheme which froze smaller businesses out .
Read more : Confusion reigns ahead of introduction of Bounce Back Loan top-ups It allows SMEs to borrow up to a quarter of their annual @ @ @ @ @ @ @ September MPs slammed the “ inconsistency ” of the loan scheme after City A.M. revealed multiple applications had been declined despite firms being eligible for funding .
Today the Public Accounts Committee has said that the government was “ not sufficiently prepared to support micro businesses ” .
Its plans for managing risks to the taxpayer – from fraud and borrowers unable to repay loans – are “ woefully under-developed ” .
“ Despite knowing that it was a case of ‘ when ’ rather than ‘ if ’ a serious pandemic hit @ @ @ @ @ @ @ develop plans for how to support the economy , ” Meg Hillier MP , chair of the committee said .
“ Rushing to get money out of the door after the fact didn ’ t allow for analysis of how many businesses needed this help , could benefit from it , or could repay it.
” The committee ’ s report found that while the scheme was implemented with “ impressive speed ” it could expose the taxpayer to significant losses .
Read more : FSB : banks must ‘ step up ’ @ @ @ @ @ @ @ A report by the Department for Business , Energy & Industrial Strategy in September confirmed that up to 60 per cent of the loans would be written off .
As such the Association of Accounting Technicians recommended that the loans be written off entirely , which would save the taxpayer £1bn in interest payments .
“ AAT repeats its recommendation that all bounce back loans for small businesses be written off to provide a much-needed boost for the SME sector , enable a speedier recovery , more growth , more investment and to @ @ @ @ @ @ @ , ” said AAT ’ s head of public officers and policy Phil Hall .

MPs slam government’s ‘woeful’ handling of bounce back loans
(Getty images)
After months of chaos MPs have today published a report into the government’s failings to support small businesses with the bounce back loan scheme.
The Public Accounts Committee has published a devastating report into the government’s handling of the bounce back loan scheme, which has received criticism since its inception.
The BBLS was introduced in April following criticism of the CBILS scheme which froze smaller businesses out.
It allows SMEs to borrow up to a quarter of their annual turnover, capped to £50,000. In September MPs slammed the “inconsistency” of the loan scheme after City A.M. revealed multiple applications had been declined despite firms being eligible for funding.
Today the Public Accounts Committee has said that the government was “not sufficiently prepared to support micro businesses”. Its plans for managing risks to the taxpayer – from fraud and borrowers unable to repay loans – are “woefully under-developed”.
“Despite knowing that it was a case of ‘when’ rather than ‘if’ a serious pandemic hit the country, Government didn’t develop plans for how to support the economy,” Meg Hillier MP, chair of the committee said.
“Rushing to get money out of the door after the fact didn’t allow for analysis of how many businesses needed this help, could benefit from it, or could repay it.”
The committee’s report found that while the scheme was implemented with “impressive speed” it could expose the taxpayer to significant losses.
A report by the Department for Business, Energy & Industrial Strategy in September confirmed that up to 60 per cent of the loans would be written off. As such the Association of Accounting Technicians recommended that the loans be written off entirely, which would save the taxpayer £1bn in interest payments.
“AAT repeats its recommendation that all bounce back loans for small businesses be written off to provide a much-needed boost for the SME sector, enable a speedier recovery, more growth, more investment and to benefit the taxpayer in the long run,” said AAT’s head of public affairs and policy Phil Hall.