cityam--2020-08-17--Tory backbencher says Gavin Williamson could be in line for autumn axeing

Tory backbencher and former minister George Freeman has said the government ’ s A-levels U-turn has been a “ total shambles ” and that Gavin Williamson may be sacked in an autumn reshuffle .
Williamson was forced today to scrap his emergency A-level grading system , after an uproar from parents , students and teachers about it being unfair .
Read more : A-levels : pupils in England to receive predicted grades after major U-turn The algorithm used to moderate A-level results by regulator Ofqual based on predicted grades , and a school ’ s previous exam history , has @ @ @ @ @ @ @ steep grade downgrades that have often meant missing out on university offers .
Almost 40 per cent of A-level grades awarded were lower than predicted following moderation .
Students will now instead be awarded their predicted grades unmoderated .
Freeman , who was formerly a transport minister , told Times Radio that Williamson could soon be facing the axe .
“ Ultimately , the Prime Minister is in charge , ” he said .
“ I think he will want to take firm control of this and get a grip and show that @ @ @ @ @ @ @ of a generation of children seriously…I ’ m told the Prime Minister ’ s you know , planning to reshuffle in the autumn , and I dare say he wants to take everything into account.
” Williamson ’ s U-turn comes just days after he declared there would be “ no U-turn , no change ” .
Several opposition MPs are already asking for his resignation for his part in the A-levels drama .
Read more : More than one third of A-level results downgraded as Gavin Williamson comes under fire Williamson was @ @ @ @ @ @ @ defence secretary under Theresa May , after leaking information about Huawei ’ s involvement in the UK ’ s 5G network .
He then went on to help manage Boris Johnson ’ s Conservative party leadership campaign by leading the whipping operation .

Tory backbencher says Gavin Williamson could be in line for autumn axeing
Gavin Williamson’s U-turn comes just days after he declared there would be “no U-turn, no change”.
Tory backbencher and former minister George Freeman has said the government’s A-levels U-turn has been a “total shambles” and that Gavin Williamson may be sacked in an autumn reshuffle.
Williamson was forced today to scrap his emergency A-level grading system, after an uproar from parents, students and teachers about it being unfair.
The algorithm used to moderate A-level results by regulator Ofqual based on predicted grades, and a school’s previous exam history, has led to numerous examples of students receiving steep grade downgrades that have often meant missing out on university offers.
Almost 40 per cent of A-level grades awarded were lower than predicted following moderation.
Students will now instead be awarded their predicted grades unmoderated.
Freeman, who was formerly a transport minister, told Times Radio that Williamson could soon be facing the axe.
“Ultimately, the Prime Minister is in charge,” he said.
“I think he will want to take firm control of this and get a grip and show that his government is taking the life chances of a generation of children seriously…I’m told the Prime Minister’s you know, planning to reshuffle in the autumn, and I dare say he wants to take everything into account.”
Williamson’s U-turn comes just days after he declared there would be “no U-turn, no change”.
Several opposition MPs are already asking for his resignation for his part in the A-levels drama.
Williamson was sacked from his last cabinet role as defence secretary under Theresa May, after leaking information about Huawei’s involvement in the UK’s 5G network.
He then went on to help manage Boris Johnson’s Conservative party leadership campaign by leading the whipping operation.


cityam--2020-08-17--Wall Street nears record highs on retail optimism as mining stocks lift FTSE 100

Wall Street edged towards record highs this afternoon on optimism about better-than-expected retail earnings as the FTSE 100 pushed higher during a subdued start to the week ’ s trading .
The Nasdaq rose 0.68 per cent while the S & P 500 resumed its ascent towards record highs with gains of 0.29 per cent .
However , the Dow Jones slipped 0.27 per cent into the red .
It came after the FTSE 100 reversed early losses to close up 0.80 per cent at 6,139 points .
Germany ’ s Dax and French benchmark Cac 40 were also up @ @ @ @ @ @ @ respectively following a quiet day of trading .
Read more : UK urges at-risk groups to sign up for coronavirus vaccine trials Gains on Wall Street left the S & P 500 hovering just below its record high recorded in February .
A bullish run pushed the index towards touching distance of the record last week , but jitters later in the week about economies ’ Covid-19 recovery meant it stopped just short .
However , positive sentiment this afternoon meant the S & P 500 was trading just three points shy of @ @ @ @ @ @ @ back to the basic factor – with interest rates low , next to zero even though yields have gone up , there is no place to put your money so stocks continue to hover near record highs , ” said Peter Cardillo , chief market economist at Spartan Capital Securities .
“ I am not sure if we can [ hit a record high ] today because up until now there ’ s no particular news that would spark a strong rally.
” Traders were also buoyed by optimism about a string of @ @ @ @ @ @ @ are expected to gain a lockdown sales boost .
Walmart and Target are both set to report earnings later this week alongside home improvement chains Lowe ’ s and Home Depot .
It came as traders shrugged off concerns about US-China relations .
The two countries had been due to meet on Saturday for a review of their phase one trade deal , but the meeting was scrapped due to conflicting schedules and the need to allow China more time to buy US exports , Reuters reported .
Meanwhile , focus is beginning @ @ @ @ @ @ @ in November , with controversy heating up over Donald Trump ’ s attack on the postal service .
Bullish sentiment was also stunted last week as optimism over a potential US stimulus package began to fade and disappointing retail sales took their toll .
“ US politics is also presenting a problem for investors , with little in the way of evidence that the delay to a new stimulus plan is causing damage to the US economy , ” said Michael Hewson , chief market analyst at CMC Markets .
While markets were @ @ @ @ @ @ @ FTSE 100 outperformed as it was lifted by gains for major blue-chip miners .
Anglo American was among the top FTSE risers , gaining 2.42 per cent .
Polymetal International and Fresnillo were also up more than two per cent .
The gains came after China announced it would inject $ 100bn into its financial system and gold and copper prices rose .
But Russ Mould , investment director at AJ Bell , warned the impact of the stimulus was limited , adding : “ Investors will be wary of reaching the point @ @ @ @ @ @ @ no longer acts as a positive catalyst.
” Connor Campbell , financial analyst at Spreadex , said it was a “ stodgy session for all bar the FTSE ” .
“ It appeared that the index ’ s successes were linked to the latest lunge from gold , ” he said .
“ The safe haven instrument became appealing after another weekend of disappointing or downright worrying headlines , climbing 2.1 per cent to re-cross $ 1990 per ounce.
” He added : “ And with copper also up two per cent , @ @ @ @ @ @ @ week on the front foot.
” “ The number of new Covid-19 cases across Europe is the number one thing to watch in the coming days as it has the potential to send nascent economic recovery into reverse , ” said Neil Wilson , chief market analyst at Markets.com .
Italy last night tightened its rules on wearing masks and shuttered nightclubs amid fears about an uptick in cases across the continent .
Germany has also extended travel warnings to nearly all of Spain .
It came after the UK added France , @ @ @ @ @ @ @ quarantine rules .
The announcement continued to hit travel stocks , with IAG and Tui both falling more than five per cent .
Easyjet and Ryanair , which announced base and route closures , also dropped roughly five per cent .
Hewson added : “ The implementation of quarantine measures , by the UK government , as well as others , in response to rising infection rates in other European countries is also raising the political temperature in a fashion that appears to be prompting knee-jerk responses that could exacerbate the economic damage @ @ @ @ @ @ @ the biggest FTSE fallers this morning amid renewed signs that workers will not be rushing back the the office .
Fund manager Schroders yesterday became the first major City firm to tell staff they will not be required to return to the office five days a week even after the pandemic .
The announcement will reignite fears that changes to working habits due to Covid-19 will become permanent .
Property giants British Land and Land Securities Group were both hit by the move , falling 1.80 per cent and 1.68 per cent respectively @ @ @ @ @ @ @ slower to return to offices than counterparts in France , Germany and Italy according to analysis from Morgan Stanley ’ s research unit Alphawise .
Just over one-third of UK white-collar employees have returned to work since the lockdown , compared to almost three-quarters of staff in Europe .
The US and China had been due to meet on Saturday for a review of their phase one trade deal .
But the meeting was scrapped due to conflicting schedules and the need to allow China more time to buy US exports , Reuters @ @ @ @ @ @ @ to shift to the US presidential election in November , with controversy heating up over Donald Trump ’ s attack on the postal service .
Bullish sentiment was also stunted last week as optimism over a potential US stimulus package began to fade and disappointing retail sales took their toll .
“ US politics is also presenting a problem for investors , with little in the way of evidence that the delay to a new stimulus plan is causing damage to the US economy , ” said Michael Hewson , chief market analyst @ @ @ @ @ @ @ s progress was hindered this morning by an empty economic calendar .
Connor Campbell , financial analyst at Spreadex , said it was “ difficult for the European markets to get a feel for what direction they should be heading in ” .
Instead , traders will be turning their attention to a string of data releases this week — including inflation and retail sales — that will provide further insight into the UK ’ s recovery from coronavirus .
“ There appears to be an increasing nervousness , despite the gains of @ @ @ @ @ @ @ all of the optimism over recent economic re-openings , that economies are reaching the limits of what they can do , without increasing the risk of a surging second wave of cases , as we head towards the autumn months , ” said Hewson .
Brexit will also be back in the limelight this week as trade talks with the European Commission resume tomorrow .
Chief negotiator David Frost last week said an agreement could be reached in September .

Wall Street nears record highs on retail optimism as mining stocks lift FTSE 100
Wall Street edged towards record highs this afternoon on optimism about better-than-expected retail earnings as the FTSE 100 pushed higher during a subdued start to the week’s trading.
The Nasdaq rose 0.68 per cent while the S&P 500 resumed its ascent towards record highs with gains of 0.29 per cent. However, the Dow Jones slipped 0.27 per cent into the red.
It came after the FTSE 100 reversed early losses to close up 0.80 per cent at 6,139 points.
Germany’s Dax and French benchmark Cac 40 were also up 0.31 per cent and 0.35 per cent respectively following a quiet day of trading.
US stocks near record high
Gains on Wall Street left the S&P 500 hovering just below its record high recorded in February.
A bullish run pushed the index towards touching distance of the record last week, but jitters later in the week about economies’ Covid-19 recovery meant it stopped just short.
However, positive sentiment this afternoon meant the S&P 500 was trading just three points shy of its February high.
“It goes back to the basic factor – with interest rates low, next to zero even though yields have gone up, there is no place to put your money so stocks continue to hover near record highs,” said Peter Cardillo, chief market economist at Spartan Capital Securities.
“I am not sure if we can [hit a record high] today because up until now there’s no particular news that would spark a strong rally.”
Traders were also buoyed by optimism about a string of earnings reports from US retailers, which are expected to gain a lockdown sales boost.
Walmart and Target are both set to report earnings later this week alongside home improvement chains Lowe’s and Home Depot.
It came as traders shrugged off concerns about US-China relations.
The two countries had been due to meet on Saturday for a review of their phase one trade deal, but the meeting was scrapped due to conflicting schedules and the need to allow China more time to buy US exports, Reuters reported.
Meanwhile, focus is beginning to shift to the US presidential election in November, with controversy heating up over Donald Trump’s attack on the postal service.
Bullish sentiment was also stunted last week as optimism over a potential US stimulus package began to fade and disappointing retail sales took their toll.
“US politics is also presenting a problem for investors, with little in the way of evidence that the delay to a new stimulus plan is causing damage to the US economy,” said Michael Hewson, chief market analyst at CMC Markets.
Miners lift FTSE 100
While markets were somewhat subdued in Monday trading, the FTSE 100 outperformed as it was lifted by gains for major blue-chip miners.
Anglo American was among the top FTSE risers, gaining 2.42 per cent. Polymetal International and Fresnillo were also up more than two per cent.
The gains came after China announced it would inject $100bn into its financial system and gold and copper prices rose.
But Russ Mould, investment director at AJ Bell, warned the impact of the stimulus was limited, adding: “Investors will be wary of reaching the point where the announcement of big financial packages no longer acts as a positive catalyst.”
Connor Campbell, financial analyst at Spreadex, said it was a “stodgy session for all bar the FTSE”.
“It appeared that the index’s successes were linked to the latest lunge from gold,” he said.
“The safe haven instrument became appealing after another weekend of disappointing or downright worrying headlines, climbing 2.1 per cent to re-cross $1990 per ounce.”
He added: “And with copper also up two per cent, the FTSE’s miners started the week on the front foot.”
Covid-19 cases rise
“The number of new Covid-19 cases across Europe is the number one thing to watch in the coming days as it has the potential to send nascent economic recovery into reverse,” said Neil Wilson, chief market analyst at Markets.com.
Italy last night tightened its rules on wearing masks and shuttered nightclubs amid fears about an uptick in cases across the continent.
Germany has also extended travel warnings to nearly all of Spain.
It came after the UK added France, the Netherlands and Malta to its 14-day quarantine rules.
The announcement continued to hit travel stocks, with IAG and Tui both falling more than five per cent. Easyjet and Ryanair, which announced base and route closures, also dropped roughly five per cent.
Hewson added: “The implementation of quarantine measures, by the UK government, as well as others, in response to rising infection rates in other European countries is also raising the political temperature in a fashion that appears to be prompting knee-jerk responses that could exacerbate the economic damage all round.”
Empty offices hit property firms
Property developers were among the biggest FTSE fallers this morning amid renewed signs that workers will not be rushing back the the office.
Fund manager Schroders yesterday became the first major City firm to tell staff they will not be required to return to the office five days a week even after the pandemic.
The announcement will reignite fears that changes to working habits due to Covid-19 will become permanent.
Property giants British Land and Land Securities Group were both hit by the move, falling 1.80 per cent and 1.68 per cent respectively.
British office workers have been much slower to return to offices than counterparts in France, Germany and Italy according to analysis from Morgan Stanley’s research unit Alphawise.
Just over one-third of UK white-collar employees have returned to work since the lockdown, compared to almost three-quarters of staff in Europe.
Trade talks shelved
The US and China had been due to meet on Saturday for a review of their phase one trade deal.
But the meeting was scrapped due to conflicting schedules and the need to allow China more time to buy US exports, Reuters reported.
Meanwhile, focus is beginning to shift to the US presidential election in November, with controversy heating up over Donald Trump’s attack on the postal service.
Bullish sentiment was also stunted last week as optimism over a potential US stimulus package began to fade and disappointing retail sales took their toll.
“US politics is also presenting a problem for investors, with little in the way of evidence that the delay to a new stimulus plan is causing damage to the US economy,” said Michael Hewson, chief market analyst at CMC Markets.
Brexit and economic data
The FTSE’s progress was hindered this morning by an empty economic calendar.
Connor Campbell, financial analyst at Spreadex, said it was “difficult for the European markets to get a feel for what direction they should be heading in”.
Instead, traders will be turning their attention to a string of data releases this week — including inflation and retail sales — that will provide further insight into the UK’s recovery from coronavirus.
“There appears to be an increasing nervousness, despite the gains of the last 100 days, that for all of the optimism over recent economic re-openings, that economies are reaching the limits of what they can do, without increasing the risk of a surging second wave of cases, as we head towards the autumn months,” said Hewson.
Brexit will also be back in the limelight this week as trade talks with the European Commission resume tomorrow.
Chief negotiator David Frost last week said an agreement could be reached in September.


cityam--2020-08-17--London advocacy groups call for Waterloo and City Tube line to reopen

London lobby groups have called for the reopening of the Waterloo and City Tube line to help increase the number of people going back to their offices .
The shuttle service – which travels between Bank and Waterloo stations – is the only Tube line still not operating , after Transport for London ( TfL ) restricted public transport services during the March lockdown .
Read more : TfL may halt Crossrail 2 work over government funding review TfL figures show it is the second-most intensively used Tube service , when looking at journeys per mile of each line , @ @ @ @ @ @ @ key travel route for many City of London workers .
Richard Brown , deputy director at the Centre for London think tank , said opening up the line , at a lower than usual capacity , would be “ a sensible move towards something like normality ” .
“ It could help encourage more workers to spend some time back in central London – which is important both for productive meetings and interactions , and for the services that support London ’ s city centre economy – though crowding levels will need to @ @ @ @ @ @ @ to autumn , ” he said .
Adam Tyndall , programme director for connectivity at lobby group London First , also supported bringing back the Tube line back .
“ One of the main barriers preventing employees in returning to the office is concerns over public transport , so moves to increase service capacity would be a positive step , ” he said .
“ TfL has made great strides in making public transport safe , but to give commuters more confidence there needs to be a step change in communication – people @ @ @ @ @ @ @ travel and the safety measures in place and government , transport operators and businesses must work together in that .
“ Business leaders are backing the capital , with most firms already having a small number of employees back in the office.
” Read more : Sadiq Khan admits empty offices are a ‘ big problem for central London ’ Firms are slowly sending people back to their offices , but the Square Mile and other business districts still remain relatively empty .
Mayor of London Sadiq Khan told LBC last week that @ @ @ @ @ @ @ a “ big problem ” and that many businesses were struggling as retail footfall is far off pre-crisis levels .

London advocacy groups call for Waterloo and City Tube line to reopen
The shuttle service – which travels between from Bank and Waterloo stations – is the only Tube line to still not be operating, after Transport for London (TfL) restricted its services in March.
London lobby groups have called for the reopening of the Waterloo and City Tube line to help increase the number of people going back to their offices.
The shuttle service – which travels between Bank and Waterloo stations – is the only Tube line still not operating, after Transport for London (TfL) restricted public transport services during the March lockdown.
TfL figures show it is the second-most intensively used Tube service, when looking at journeys per mile of each line, after the Victoria line and is a key travel route for many City of London workers.
Richard Brown, deputy director at the Centre for London think tank, said opening up the line, at a lower than usual capacity, would be “a sensible move towards something like normality”.
“It could help encourage more workers to spend some time back in central London – which is important both for productive meetings and interactions, and for the services that support London’s city centre economy – though crowding levels will need to be kept under review as summer turns to autumn,” he said.
Adam Tyndall, programme director for connectivity at lobby group London First, also supported bringing back the Tube line back.
“One of the main barriers preventing employees in returning to the office is concerns over public transport, so moves to increase service capacity would be a positive step,” he said.
“TfL has made great strides in making public transport safe, but to give commuters more confidence there needs to be a step change in communication – people need to know the best times to travel and the safety measures in place and government, transport operators and businesses must work together in that.
“Business leaders are backing the capital, with most firms already having a small number of employees back in the office.”
Firms are slowly sending people back to their offices, but the Square Mile and other business districts still remain relatively empty.
Mayor of London Sadiq Khan told LBC last week that central London’s empty offices were a “big problem” and that many businesses were struggling as retail footfall is far off pre-crisis levels.
TfL was contacted for comment.


cityam--2020-08-17--UK savings rates halve since coronavirus lockdown

Average savings rates in the UK have fallen for the fifth consecutive month , as the impact of coronavirus and subsequent base rate cuts hit returns .
Since lockdown restrictions were imposed in March , average savings rates for easy access , notice accounts and their ISA equivalents have halved .
Read more : Brits save an extra £273 a month during lockdown Moneyfacts ’ savings report shows all average saving rates are at their lowest point since its records began in 2007 .
Easy access accounts , a firm favourite of savers , have halved from 0.56 per cent @ @ @ @ @ @ @ month , according to the data .
One-year fixed bonds , longer-term fixed bonds and longer-term fixed ISAs reduce by at least a third .
The pandemic and base rate cuts have triggered a rate-cutting trend among savings providers , which Hargreaves Lansdown personal finance analyst Sarah Coles tells City A.M. has “ inflicted serious damage ” .
This may slow down but Moneyfacts finance expert Rachel Springall suggests “ there are few signs of the market making a U-turn any time soon.
” Choice has also narrowed , and while there has @ @ @ @ @ @ @ of savings account options , there are 366 fewer options than there were at the start of March .
Most of customers ’ savings end up in easy access accounts with high street retail banks but there is a risk savers are earning just 0.01 per cent .
Coles adds : “ Even worse than that , much of the accidental savings we ’ ve made during lockdown are still stuck in current accounts : a third of this money is earning no interest at all.
” Challenger banks may look to entice @ @ @ @ @ @ @ says it is unclear whether this trend will continue over the coming months as the UK grapples with a recession .
“ The average one-year fixed bond rate has fallen by more than a third since the start of March , so even if a few deals improve , there will need to be a market-wide movement to return to the rates seen pre-lockdown , ” she says .
Read more : Exclusive : Investors dash for cash savings despite historically low interest rates It is clear savers will need to act quickly @ @ @ @ @ @ @ to six months of expenses “ somewhere you can get at them in a hurry , so you need a competitive easy access account.
” Springall echoes this call , stating : “ Savers who may wish to put away any disposable income amassed during lockdown will need to act quickly or be left disappointed .
”

UK savings rates halve since coronavirus lockdown
Borrowing cash is at a record high
Average savings rates in the UK have fallen for the fifth consecutive month, as the impact of coronavirus and subsequent base rate cuts hit returns.
Since lockdown restrictions were imposed in March, average savings rates for easy access, notice accounts and their ISA equivalents have halved.
Moneyfacts’ savings report shows all average saving rates are at their lowest point since its records began in 2007.
Easy access accounts, a firm favourite of savers, have halved from 0.56 per cent in March to 0.22 per cent this month, according to the data. One-year fixed bonds, longer-term fixed bonds and longer-term fixed ISAs reduce by at least a third.
The pandemic and base rate cuts have triggered a rate-cutting trend among savings providers, which Hargreaves Lansdown personal finance analyst Sarah Coles tells City A.M. has “inflicted serious damage”.
This may slow down but Moneyfacts finance expert Rachel Springall suggests “there are few signs of the market making a U-turn any time soon.” Choice has also narrowed, and while there has been a small increase in the number of savings account options, there are 366 fewer options than there were at the start of March.
Most of customers’ savings end up in easy access accounts with high street retail banks but there is a risk savers are earning just 0.01 per cent. Coles adds: “Even worse than that, much of the accidental savings we’ve made during lockdown are still stuck in current accounts: a third of this money is earning no interest at all.”
Challenger banks may look to entice new savers in the short-term but Springall says it is unclear whether this trend will continue over the coming months as the UK grapples with a recession.
“The average one-year fixed bond rate has fallen by more than a third since the start of March, so even if a few deals improve, there will need to be a market-wide movement to return to the rates seen pre-lockdown,” she says.
It is clear savers will need to act quickly, as Coles suggests savers keep three to six months of expenses “somewhere you can get at them in a hurry, so you need a competitive easy access account.”
Springall echoes this call, stating: “Savers who may wish to put away any disposable income amassed during lockdown will need to act quickly or be left disappointed.”


cityam--2020-08-17--A-levels: pupils in England to receive predicted grades after major U-turn

Pupils in England will receive teacher predicted grades for their A-level results after a major government U-turn .
Read more : Wales to use predicted grades for A-level results in U-turn Teacher predicted grades will also be used for the upcoming GCSE results .
Education secretary Gavin Williamson said : “ This has been an extraordinarily difficult year for young people who were unable to take their exams .
“ We worked with Ofqual to construct the fairest possible model , but it is clear that the process of allocating grades has resulted in more significant inconsistencies than can be @ @ @ @ @ @ @ We now believe it is better to offer young people and parents certainty by moving to teacher assessed grades for both A and AS level and GCSE results .
“ I am sorry for the distress this has caused young people and their parents but hope this announcement will now provide the certainty and reassurance they deserve.
” Ofqual chair Roger Taylor said : “ Our goal has always been to protect the trust that the public rightly has in educational qualifications .
“ But we recognise that while the approach we adopted @ @ @ @ @ @ @ appreciate that it has also caused real anguish and damaged public confidence .
Expecting schools to submit appeals where grades were incorrect placed a burden on teachers when they need to be preparing for the new term and has created uncertainty and anxiety for students .
For all of that , we are extremely sorry .
“ We have therefore decided that students be awarded their centre assessment for this summer – that is , the grade their school or college estimated was the grade they would most likely have achieved in their @ @ @ @ @ @ @ whichever is higher .
“ The path forward we now plan to implement will provide urgent clarity .
We are already working with the Department for Education , universities and everyone else affected by this issue.
” Labour leader Keir Starmer tweeted : “ The Tories ’ handling of this situation has been a complete fiasco .
“ Incompetence has become this government ’ s watchword , whether that is on schools , testing or care homes .
The decision marks a major U-turn for the government and follows an outcry from pupils @ @ @ @ @ @ @ thousands of students received results downgrades .
Read more : GCSE results in Northern Ireland to be based on predicted grades The algorithm used to moderate A-level results by regulator Ofqual based on predicted grades and a school ’ s previous exam history has led to numerous examples of students receiving steep grade downgrades that have often meant missing out on university offers .
Almost 40 per cent of A-level grades awarded were lower than predicted following moderation .
Additionally , the algorithm used has been accused of favoring smaller institutions with strong @ @ @ @ @ @ @ educated students .
The Welsh government said earlier today that it would return to predicted grades for A-level students .

A-levels: pupils in England to receive predicted grades after major U-turn
Pupils in England will receive teacher predicted grades for their A-level results after a major government U-turn.
Teacher predicted grades will also be used for the upcoming GCSE results.
Education secretary Gavin Williamson said: “This has been an extraordinarily difficult year for young people who were unable to take their exams.
“We worked with Ofqual to construct the fairest possible model, but it is clear that the process of allocating grades has resulted in more significant inconsistencies than can be resolved through an appeals process.
“We now believe it is better to offer young people and parents certainty by moving to teacher assessed grades for both A and AS level and GCSE results.
“I am sorry for the distress this has caused young people and their parents but hope this announcement will now provide the certainty and reassurance they deserve.”
Ofqual chair Roger Taylor said: “Our goal has always been to protect the trust that the public rightly has in educational qualifications.
“But we recognise that while the approach we adopted attempted to achieve these goals we also appreciate that it has also caused real anguish and damaged public confidence. Expecting schools to submit appeals where grades were incorrect placed a burden on teachers when they need to be preparing for the new term and has created uncertainty and anxiety for students. For all of that, we are extremely sorry.
“We have therefore decided that students be awarded their centre assessment for this summer – that is, the grade their school or college estimated was the grade they would most likely have achieved in their exam – or the moderated grade, whichever is higher.
“The path forward we now plan to implement will provide urgent clarity. We are already working with the Department for Education, universities and everyone else affected by this issue.”
Labour leader Keir Starmer tweeted: “The Tories’ handling of this situation has been a complete fiasco.
“Incompetence has become this government’s watchword, whether that is on schools, testing or care homes.
“Boris Johnson’s failure to lead is holding Britain back.”
The decision marks a major U-turn for the government and follows an outcry from pupils, parents, teachers and MPs after thousands of students received results downgrades.
The algorithm used to moderate A-level results by regulator Ofqual based on predicted grades and a school’s previous exam history has led to numerous examples of students receiving steep grade downgrades that have often meant missing out on university offers.
Almost 40 per cent of A-level grades awarded were lower than predicted following moderation.
Additionally, the algorithm used has been accused of favoring smaller institutions with strong exams results histories, arguably favouring privately educated students.
The Welsh government said earlier today that it would return to predicted grades for A-level students.


cityam--2020-08-18--City of London Group reports loss as subsidiary prepares for banking licence

The City of London Group has reported a loss of £9.7m as its subsidiary prepares to become a fully authorised bank .
In July , Recognise Financial Services reached a major milestone in its journey towards becoming a bank when the Prudential Regulation Authority issued its Total Capital Requirement letter .
Read more : City of London Group plots £50m capital raise for SME bank The City of London Group ( COLG ) reported a loss before tax of £9.7m in the year to 31 March 2020 , compared to a loss of £3.5m a year earlier .
The costs @ @ @ @ @ @ @ Recognise was £3.4m compared to £1.7m a year before .
The increase of £4.5m in the loss for the year before costs associated with the banking licence was in part due to a reduction of £1.5m in the provisions for impairment of goodwill and an increase of £1.1m in staff costs .
The board said it does not recommend payment of a dividend .
Read more : Profit slips at City of London Investment Group COLG expects Recognise to receive authorisation to take deposits and to obtain a full banking licence in the @ @ @ @ @ @ @ a statement the investment group said it is in “ advanced discussions with a third party on a fund raise ” which , subject to regulatory requirements , will provide capital for Recognise to move to a full licence and support short-term lending activities .
“ The strategy for Recognise remains robust and is potentially even more relevant given the unprecedented impact of COVID-19 .
It is to create a new UK SME Bank , using versatile cloud-based technology , to support a relationship-led lending operation which will focus on delivering service excellence @ @ @ @ @ @ @ flexibility of structuring.
” All new lending across the group has been put on hold since the lockdown restrictions were imposed in March .
All new lending operations will be made through Recognise , and the PFS loan book will transfer to increase the subsidiary ’ s capital base .
Another subsidiary , Acorn to Oaks Financial Services , set up its commercial finance broking division this year and delivered a profit .
The increased losses were also in part due to the effects of the pandemic on the housing market .
The @ @ @ @ @ @ @ properties dropped but generated £1.5m across the year .
What the City of London Group said Chief executive Michael Goldstein said : “ Given the exceptional circumstances facing the world today , I am pleased to be able to report on another year of positive activity in delivering our long-term growth strategy of serving the vital UK SME market by establishing a new business bank.
” Get the news as it happens by following City A.M. on Twitter .

City of London Group reports loss as subsidiary prepares for banking licence
UK investors are fleeing domestic equities due to punishing stamp duty on shares
The City of London Group has reported a loss of £9.7m as its subsidiary prepares to become a fully authorised bank.
In July, Recognise Financial Services reached a major milestone in its journey towards becoming a bank when the Prudential Regulation Authority issued its Total Capital Requirement letter.
The figures
The City of London Group (COLG) reported a loss before tax of £9.7m in the year to 31 March 2020, compared to a loss of £3.5m a year earlier.
The costs associated with the banking licence application for Recognise was £3.4m compared to £1.7m a year before.
The increase of £4.5m in the loss for the year before costs associated with the banking licence was in part due to a reduction of £1.5m in the provisions for impairment of goodwill and an increase of £1.1m in staff costs.
The board said it does not recommend payment of a dividend.
Why it’s interesting
COLG expects Recognise to receive authorisation to take deposits and to obtain a full banking licence in the first half of next year.
In a statement the investment group said it is in “advanced discussions with a third party on a fund raise” which, subject to regulatory requirements, will provide capital for Recognise to move to a full licence and support short-term lending activities.
“The strategy for Recognise remains robust and is potentially even more relevant given the unprecedented impact of COVID-19. It is to create a new UK SME Bank, using versatile cloud-based technology, to support a relationship-led lending operation which will focus on delivering service excellence with speed of decision-making and execution alongside flexibility of structuring.”
All new lending across the group has been put on hold since the lockdown restrictions were imposed in March. All new lending operations will be made through Recognise, and the PFS loan book will transfer to increase the subsidiary’s capital base.
Another subsidiary, Acorn to Oaks Financial Services, set up its commercial finance broking division this year and delivered a profit.
The increased losses were also in part due to the effects of the pandemic on the housing market. The valuation of its subsidiary Milton Homes’ properties dropped but generated £1.5m across the year.
What the City of London Group said
Chief executive Michael Goldstein said: “Given the exceptional circumstances facing the world today, I am pleased to be able to report on another year of positive activity in delivering our long-term growth strategy of serving the vital UK SME market by establishing a new business bank.”
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-08-18--Matt Hancock officially scraps Public Health England

Health secretary Matt Hancock has officially axed Public Health England ( PHE ) and announced the formation of the National Institute for Health Protection .
The new institute will be formed through a merger for NHS Test and Trace , the Joint Biosecurity Centre and parts of PHE , and will have a mission of “ protecting people form external threats to this country ’ s health ” .
“ External threats like biological weapons , pandemics and infectious diseases of all kinds , ” Hancock said .
“ [ The new institute ] is conceived amid crisis , but @ @ @ @ @ @ @ to come.
” The new institute – which will be led by NHS Test and Trace chief Baroness Dido Harding – will report directly to the Department of Health and chief medical officer professor Chris Whitty .
It is understood that the new institute will be set up immediately , potentially as early as next month .
Before the Open newsletter : Start your day with the City View podcast and key market data Hancock said PHE did not have the capacity to handle the early coronavirus response and that it was crucial @ @ @ @ @ @ @ public health challenges .
The health secretary said the UK “ did not go into this crisis with the capacity for a response to a once in a century scale event ” .
However , Hancock still made of point of paying tribute to PHE workers in his speech at the Policy Exchange think tank .
“ Colleagues at PHE , local directors of public health and their teams…you have been working around the clock since January , ” he said .
Read more : UK needs 10m tests a week , says @ @ @ @ @ @ @ You have done exceptional work and I am so proud of the part you have played in tackling this pandemic.
” Many of PHE ’ s current duties – such as combating obesity – will be devolved to local authorities under the changes .

Matt Hancock officially scraps Public Health England
Health secretary Matt Hancock has officially axed Public Health England (PHE) and announced the formation of the National Institute for Health Protection.
The new institute will be formed through a merger for NHS Test and Trace, the Joint Biosecurity Centre and parts of PHE, and will have a mission of “protecting people form external threats to this country’s health”.
“External threats like biological weapons, pandemics and infectious diseases of all kinds,” Hancock said.
“[The new institute] is conceived amid crisis, but it will help maintain vigilance for years to come.”
The new institute – which will be led by NHS Test and Trace chief Baroness Dido Harding – will report directly to the Department of Health and chief medical officer professor Chris Whitty.
It is understood that the new institute will be set up immediately, potentially as early as next month.
Before the Open newsletter: Start your day with the City View podcast and key market data
Hancock said PHE did not have the capacity to handle the early coronavirus response and that it was crucial the UK had better preparedness for future public health challenges.
The health secretary said the UK “did not go into this crisis with the capacity for a response to a once in a century scale event”.
However, Hancock still made of point of paying tribute to PHE workers in his speech at the Policy Exchange think tank.
“Colleagues at PHE, local directors of public health and their teams…you have been working around the clock since January,” he said.
“You have done exceptional work and I am so proud of the part you have played in tackling this pandemic.”
Many of PHE’s current duties – such as combating obesity – will be devolved to local authorities under the changes.


cityam--2020-08-18--FTSE 100 rises as housebuilders climb but caution remains

The FTSE 100 rose into the green after opening lower , boosted by housebuilders and travel stocks despite rising coronavirus cases around the world and US-China tensions .
London ’ s blue-chip index had risen 0.3 per cent to 6,147 points in morning trading .
The FTSE 250 index of smaller , more UK-focused firms also rose 0.3 per cent .
In Europe , Germany ’ s Dax rose 0.7 per cent after also opening loer .
France ’ s CAC 40 climbed 0.4 per cent and the pan-European Stoxx 600 rose 0.4 per cent .
The rebound in stocks @ @ @ @ @ @ @ and leisure companies .
They had been hit hard earlier this week when many European countries imposed travel curbs .
The FTSE 100 was boosted by housebuilders , with shares rising sharply after Persimmon said the second half had got off to a good start .
Pent-up demand and a stamp duty cut have seen house prices remain buoyant .
Persimmon said it had already had a roughly 50 per cent increase in average weekly private sales rates per site .
Its shares rose 5.2 per cent , making it the FTSE ’ @ @ @ @ @ @ @ rose 1.9 per cent and Berkeley climbed 1.8 per cent .
Yet William Ryder , equity analyst at Hargreaves Lansdown , warned : “ Persimmon and its peers aren ’ t yet in the clear.
” He said that “ a sputtering recovery or sustained recession could still be in store ” .
British Airways-owner IAG was the second-biggest riser on the FTSE 100 .
It climbed 3.7 per cent as the aviation sector recovered from a sharp drop yesterday .
Investors keep an eye on virus and US Market sentiment was tempered @ @ @ @ @ @ @ , however .
They have worried investors as they could potentially derail an economic rebound .
Figures from the European Centre for Disease Prevention and Control yesterday showed that Luxembourg and Spain have reported more than 100 new cases per 100,000 people over the past two weeks .
Cases are also high in Malta , Belgium , France and the Netherlands .
It has already had an impact on Europe ’ s tourism sector , with the UK taking various countries off its “ travel corridor ” list .
Meanwhile , FTSE 100 @ @ @ @ @ @ @ where tensions with China continue to rise .
The Commerce Department announced more restrictions on Chinese tech giant Huawei yesterday .
“ Just when you thought things were cooling off between the US and China , Washington goes and pokes the dragon , ” said Connor Campbell , financial analyst at Spreadex .
“ Their trade war anxieties reignited , the reaction from the European indices was predictable.
” Read more : Ryanair to cut flight capacity after coronavirus upsurge hits bookings The long-running talks over the next round of US fiscal stimulus @ @ @ @ @ @ @ of investors , continued .
Senate Republicans now plan to introduce a scaled-back bill , according to Bloomberg .
Yet Jim Reid of Deutsche Bank said : “ It ’ s hard to be upbeat about the progress of fiscal talks .
”

FTSE 100 gives up gains despite S&P 500 hitting all-time high
The US’s S&P 500 stock index hit an all-time high before slipping back along with the FTSE 100 and other global markets amid rising US-China tensions.
The S&P 500 rose to 3,395 points, topping a high it hit in February, having been boosted by record levels of stimulus. But the index reversed course and slipped 0.1 per cent in early trading.
The FTSE 100 returned to the red amid worries about coronavirus cases around the world and US-China tensions.
London’s blue-chip index was down 0.8 per cent in afternoon trading at 6,077 points. The FTSE 250 index of smaller, more UK-focused firms also fell 0.7 per cent.
Read more: UK savings rates halve since coronavirus lockdown
In Europe, Germany’s Dax slipped 0.4 per cent and the continent-wide Stoxx 600 fell 0.6 per cent.
FTSE 100 reverses course
The FTSE 100 index reversed course in afternoon trading as US-China tensions took the shine off the rally.
Investors’ nerves got the better of them after the Commerce Department yesterday announced more restrictions on Chinese tech giant Huawei.
“Just when you thought things were cooling off between the US and China, Washington goes and pokes the dragon,” said Connor Campbell, financial analyst at Spreadex.
Globally exposed stocks dropped. Asia-focused bank Standard Chartered fell three per cent, while Intercontinental Hotels fell 3.1 per cent.
Persimmon was the biggest riser after it said it had seen a roughly 50 per cent increase in average weekly private sales rates per site. Its shares rose 6.6 per cent.
US stocks in astonishing surge
In the US, the tech-heavy Nasdaq index hit a new record high in June as technology firms such as Apple, Amazon, Google and Netflix surged.
The benchmark S&P 500 took longer, but broke into record territory once again today before slipping back. Its meteoric rise in recent months has been boosted by record amounts of stimulus being pumped into the economy by the government and the Fed.
It is now up around 55 per cent from March’s lows. The S&P 500’s technology index has climbed around 25 per cent this year.
Yet the atmosphere on US markets quickly soured along with that in markets like the FTSE 100.
The long-running talks over the next round of US fiscal stimulus, which have been a central focus of investors, continued. Senate Republicans now plan to introduce a scaled-back bill, according to Bloomberg.
But David Madden, market analyst at CMC Markets, said: “Traders are not holding their breath that anything will be approved soon.”
Market sentiment was also tempered by rising coronavirus cases around the world. They have worried investors as they could potentially derail an economic rebound.
Figures from the European Centre for Disease Prevention and Control yesterday showed that Luxembourg and Spain have reported more than 100 new cases per 100,000 people over the past two weeks.
Cases are also high in Malta, Belgium, France and the Netherlands. It has already hit European tourism, with the UK taking various countries off its “travel corridor” list.


cityam--2020-08-18--Brexit: City faces wait beyond 2020 for EU financial market access

The City of London may not know whether it will gain post-Brexit access to EU markets until next year , according to Brussels ’ financial services chief .
European Commission executive vice president Valdis Dombrovskis warned yesterday that regulatory equivalence – which would give City firms access to the EU – could still take months to be granted .
Read more : Irish PM : ‘ Landing zone ’ for a Brexit trade deal in sight Dombrovskis said EU member states have still not come to terms with their own regulatory changes for the financial services sector , meaning it @ @ @ @ @ @ @ access for the UK .
“ In some areas we will not be in a position to adopt equivalence decisions .
.
.
not all EU parameters are in place in these areas , ” Dombrovskis said .
“ Implementing rules are not yet in place.
” Before the Open newsletter : Start your day with the City View podcast and key market data Financial services access after the end of the Brexit transition period on 31 December has not been a part of the UK-EU free trade deal talks as each country @ @ @ @ @ @ @ to the other ’ s financial services firms .
Square Mile firms will only be able to continue to access lucrative EU markets if Brussels grants the UK regulatory equivalence for financial services .
Brussels only grants equivalence if the UK ’ s regulatory regime is comparable to the EU ’ s .
Dombrovskis said the UK may have to broker arrangements with individual EU countries on financial services to ensure City of London firms do not completely lose access to mainland Europe on 1 January .
“ UK investment firms can have @ @ @ @ @ @ @ he said .
Read more : Brexit : UK completes assessments for City of London to retain EU access It comes after the UK was late in submitting its equivalence assessment forms to the EU earlier this summer .
Downing Street blamed the delay – which amounted to a few weeks – on the EU handing over the forms at the last minute .

Brexit: City faces wait beyond 2020 for EU financial market access
A pedestrian is reflected a window as he walks by the Bank of England in London on May 7, 2020
The City of London may not know whether it will gain post-Brexit access to EU markets until next year, according to Brussels’ financial services chief.
European Commission executive vice president Valdis Dombrovskis warned yesterday that regulatory equivalence – which would give City firms access to the EU – could still take months to be granted.
Dombrovskis said EU member states have still not come to terms with their own regulatory changes for the financial services sector, meaning it could take some time to secure market access for the UK.
“In some areas we will not be in a position to adopt equivalence decisions . . . not all EU parameters are in place in these areas,” Dombrovskis said.
“Implementing rules are not yet in place.”
Before the Open newsletter: Start your day with the City View podcast and key market data
Financial services access after the end of the Brexit transition period on 31 December has not been a part of the UK-EU free trade deal talks as each country can decide unilaterally whether to allow access to the other’s financial services firms.
Square Mile firms will only be able to continue to access lucrative EU markets if Brussels grants the UK regulatory equivalence for financial services.
Brussels only grants equivalence if the UK’s regulatory regime is comparable to the EU’s.
Dombrovskis said the UK may have to broker arrangements with individual EU countries on financial services to ensure City of London firms do not completely lose access to mainland Europe on 1 January.
“UK investment firms can have this access via national regimes,” he said.
It comes after the UK was late in submitting its equivalence assessment forms to the EU earlier this summer.
Downing Street blamed the delay – which amounted to a few weeks – on the EU handing over the forms at the last minute.


cityam--2020-08-18--How PwC is welcoming staff back into the office safely

The office still has an important role to play in society , the chairman of Big Four auditor PwC believes , as his staff seek to return to their desks after months spent at their kitchen tables .
Kevin Ellis , chairman of PwC tells City A.M. that while the firm has adjusted to remote working the office still plays a crucial role in the day-to-day .
“ Our major learning was that it was easier to shut down the offices than it was to bring people back .
And it works well working from home , ” he says @ @ @ @ @ @ @ Why it ’ s time to bring life back to our city ’ s streets Indeed , prior to the pandemic 10 per cent of Ellis ’ workforce already worked remotely , so the transition was smoother than most .
However , Ellis tells City A.M. that with an average employee age of 31 , the general view was that staff wanted the opportunity to get back to the office .
“ We ’ ve been led by our people and the overriding message is that just because you can work from home @ @ @ @ @ @ @ He notes the need for human contact , whether for mental health reasons or the need to share ideas .
PwC , which has 22,000 employees in the UK , opened its offices on 8 June “ for people with a business or personal need ” .
From 1 August any PwC employee who wants to return has been able to .
In the last week of July PwC had around 5,000 employees use its office and Ellis anticipates up to half of his staff will use the office in some capacity by @ @ @ @ @ @ @ office plays an important role , returning is entirely voluntary .
“ It ’ s important to give people a choice .
Some people aren ’ t that keen on coming back so it ’ s on a voluntary basis.
” Read more : The return to work : Here ’ s when City firms are going back to the office Becky Hartley , a manager at PwC , says : “ Returning to the office was really important to me for my mental wellbeing due to living on my own in a @ @ @ @ @ @ @ helped me to have a change of scenery , interact with people face to face and try and have more of a distinction between home and work.
” And Ellis is keen to emphasise how important the office “ hub ” is .
“ Most people learn by watching and interacting with others .
Therefore the hub of office life still has a very important role to play in business and society , ” he tells City A.M. Stefan Doering , a senior manager at PwC , echoes this sentiment : “ During @ @ @ @ @ @ @ really missed being in the office – working together with colleagues , our vibrant office environment and the buzz of being in central London .
“ I wanted to come back to the office simply because I enjoy working from the office a lot more than working from home.
” Most strikingly Ellis revealed London employees who commute into the City are now using the Reading office instead .
“ It is a different way of using offices , which is a change I think will become permanent , ” he says .
@ @ @ @ @ @ @ confidence to return to work , says PM Temperature checks , and an AI that controls office capacity “ The majority of conversations I have with members of staff is that they found it very difficult to come back the very first day because they weren ’ t sure how safe and secure they ’ d feel , ” says Ellis .
But PwC has prioritised health and safety measures to ensure social distancing while keeping the feel of the office .
The standard one-way systems throughout buildings and temperature checks on entry @ @ @ @ @ @ @ It has also introduced an “ AI bot ” that regulates how many people come in and out of the office .
Employees can automatically book a time slot to enter an office after confirming they are not exhibiting coronavirus symptoms .
Once staff have registered to attend an office on a particular day , they receive a dated pass on an app to present to the welcome team when they arrive in the office .
Read more : UK workers slowest in Europe to return to the office This has helped settle @ @ @ @ @ @ @ back is over staff are keen to return , Ellis says .
“ The general view is that employees raised how much they ’ ve missed being in the office once they came in .
Once they did they found themselves coming back more regularly , ” he says .
However , Ellis recognises that office life will not return to normal any time soon , admitting he would not be in the office full-time in the future .
And he expectsoffice attendance to fall to three or four days per week in @ @ @ @ @ @ @ will adopt a more flexible working policy .
The office may be important for employees but Ellis echoes the government ’ s concern that the hospitality industry is being hit hard by remote working .
“ You can ’ t open the newspaper or listen to radio stations without talk of potential redundancies and loss of jobs and livelihoods , ” he says .
Read more : Sadiq Khan : Empty offices are a ‘ big problem ’ for London Boris Johnson has openly called for firms to start welcoming employees back to @ @ @ @ @ @ @ restrictions on public transport to encourage commuting .
However , London firms have adopted a more cautious approach .
While three-quarters of companies in the capital have welcomed staff back to the office , the numbers have so far been small .
Morgan Stanley analysis shows British employees have been the slowest to return to the office in the EU .
Get the news as it happens by following City A.M. on Twitter .

How PwC is welcoming staff back into the office safely
Average partner pay at the PwC surged to a record £868,000 earlier this year.
The office still has an important role to play in society, the chairman of Big Four auditor PwC believes, as his staff seek to return to their desks after months spent at their kitchen tables.
Kevin Ellis, chairman of PwC tells City A.M. that while the firm has adjusted to remote working the office still plays a crucial role in the day-to-day.
“Our major learning was that it was easier to shut down the offices than it was to bring people back. And it works well working from home,” he says.
Indeed, prior to the pandemic 10 per cent of Ellis’ workforce already worked remotely, so the transition was smoother than most.
However, Ellis tells City A.M. that with an average employee age of 31, the general view was that staff wanted the opportunity to get back to the office.
“We’ve been led by our people and the overriding message is that just because you can work from home doesn’t mean you should.”
He notes the need for human contact, whether for mental health reasons or the need to share ideas.
PwC, which has 22,000 employees in the UK, opened its offices on 8 June “for people with a business or personal need”. From 1 August any PwC employee who wants to return has been able to.
Listen to PwC’s Kevin Ellis speak to City A.M. editor Christian May on the City View podcast:
In the last week of July PwC had around 5,000 employees use its office and Ellis anticipates up to half of his staff will use the office in some capacity by September.
He emphasises that while the office plays an important role, returning is entirely voluntary. “It’s important to give people a choice. Some people aren’t that keen on coming back so it’s on a voluntary basis.”
PwC’s Embankment offices in London Credit: PwC
PwC staff miss office interactions in lockdown
Becky Hartley, a manager at PwC, says: “Returning to the office was really important to me for my mental wellbeing due to living on my own in a flat with no outside space. It helped me to have a change of scenery, interact with people face to face and try and have more of a distinction between home and work.”
And Ellis is keen to emphasise how important the office “hub” is. “Most people learn by watching and interacting with others. Therefore the hub of office life still has a very important role to play in business and society,” he tells City A.M.
Stefan Doering, a senior manager at PwC, echoes this sentiment: “During the last few months I’ve really missed being in the office – working together with colleagues, our vibrant office environment and the buzz of being in central London.
“I wanted to come back to the office simply because I enjoy working from the office a lot more than working from home.”
Most strikingly Ellis revealed London employees who commute into the City are now using the Reading office instead. “It is a different way of using offices, which is a change I think will become permanent,” he says.
PwC workers will face social distancing back in the office Credit: PwC
Temperature checks, and an AI that controls office capacity
“The majority of conversations I have with members of staff is that they found it very difficult to come back the very first day because they weren’t sure how safe and secure they’d feel,” says Ellis.
But PwC has prioritised health and safety measures to ensure social distancing while keeping the feel of the office. The standard one-way systems throughout buildings and temperature checks on entry have been implemented across its offices.
It has also introduced an “AI bot” that regulates how many people come in and out of the office. Employees can automatically book a time slot to enter an office after confirming they are not exhibiting coronavirus symptoms.
Once staff have registered to attend an office on a particular day, they receive a dated pass on an app to present to the welcome team when they arrive in the office.
This has helped settle some nerves – once the first day back is over staff are keen to return, Ellis says.
“The general view is that employees raised how much they’ve missed being in the office once they came in. Once they did they found themselves coming back more regularly,” he says.
However, Ellis recognises that office life will not return to normal any time soon, admitting he would not be in the office full-time in the future.
And he expectsoffice attendance to fall to three or four days per week in the long term. That means PwC will adopt a more flexible working policy.
Firms ‘have responsibility’ to wider business community
The office may be important for employees but Ellis echoes the government’s concern that the hospitality industry is being hit hard by remote working.
“You can’t open the newspaper or listen to radio stations without talk of potential redundancies and loss of jobs and livelihoods,” he says.
Boris Johnson has openly called for firms to start welcoming employees back to the office. And he has loosened restrictions on public transport to encourage commuting.
However, London firms have adopted a more cautious approach. While three-quarters of companies in the capital have welcomed staff back to the office, the numbers have so far been small.
Morgan Stanley analysis shows British employees have been the slowest to return to the office in the EU.
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-08-18--Capita shares slide on coronavirus-triggered first-half loss

Shares in outsourcer Capita fell more than 10 per cent today after it said it had fallen to a first-half loss because of the effects of the coronavirus pandemic .
The company said its turnaround planned had been torpedoed by the economic effects of the virus outbreak .
Read more : Serco profit jumps on crisis demand but shares fall flat Shares in Capita , which provides consulting and digital services to the public and private sector , have lost around 80 per cent of their value so far this year and were down 10 per cent in morning trade @ @ @ @ @ @ @ 21 per cent .
Its pre-tax loss in the six months to 30 June compares with a profit of £31.2m a year earlier and Capita said it would not generate sustainable cash flow for one to two years .
“ This crisis has come in a pivotal year for Capita when we had expectations of beginning to generate revenue growth and sustainable cash flow , ” chief executive Jon Lewis said .
“ Instead , we have had to focus on managing our way through the crisis.
” Capita said it had launched @ @ @ @ @ @ @ Solutions and would use the proceeds to strengthen its balance sheet .
Read more : Mitie snaps up Interserve facilities arm to create outsourcing giant “ We do see the potential offered by a material cash inflow from the disposal of the Education franchise as material in turning the Group ’ s fortunes around , ” Shore Capital analysts said .
Second-half revenue is seen flat to slightly down from the first half , the company said .
First-half adjusted revenue fell nine per cent to £1.65bn .
Net debt came in at @ @ @ @ @ @ @ slightly lower than last year .
But the group said it expects it to return towards December 2019 levels .
Capita ’ s results contrast with rival Serco , which reported a jump in profit earlier this month .
It also comes at a time when Mitie scooped up Interserve ’ s support services arm for £271m , flexing its financial muscle .

Capita shares slide on coronavirus-triggered first-half loss
Shares in outsourcer Capita fell more than 10 per cent today after it said it had fallen to a first-half loss because of the effects of the coronavirus pandemic.
The company said its turnaround planned had been torpedoed by the economic effects of the virus outbreak.
Shares in Capita, which provides consulting and digital services to the public and private sector, have lost around 80 per cent of their value so far this year and were down 10 per cent in morning trade at 32p after falling as much as 21 per cent.
Its pre-tax loss in the six months to 30 June compares with a profit of £31.2m a year earlier and Capita said it would not generate sustainable cash flow for one to two years.
“This crisis has come in a pivotal year for Capita when we had expectations of beginning to generate revenue growth and sustainable cash flow,” chief executive Jon Lewis said.
“Instead, we have had to focus on managing our way through the crisis.”
Capita said it had launched the sale of its standalone Education Software Solutions and would use the proceeds to strengthen its balance sheet.
“We do see the potential offered by a material cash inflow from the disposal of the Education franchise as material in turning the Group’s fortunes around,” Shore Capital analysts said.
Second-half revenue is seen flat to slightly down from the first half, the company said. First-half adjusted revenue fell nine per cent to £1.65bn.
Net debt came in at nearly £1.1bn as of 30 June, slightly lower than last year. But the group said it expects it to return towards December 2019 levels.
Capita’s results contrast with rival Serco, which reported a jump in profit earlier this month.
It also comes at a time when Mitie scooped up Interserve’s support services arm for £271m, flexing its financial muscle.


cityam--2020-08-18--Coronavirus will make it harder to raise finance in the next year, say fintech founders

The majority of fintech founders in the UK believe the pandemic will make it harder to raise finance in the next year .
A survey by the Digital Finance Forum ( DFF ) found that just under half of respondents cited limited access to capital as the most pressing challenge during the pandemic .
It comes as the government starts to wind down support for businesses and the UK braces for a recession and jobs crisis .
Read more : Fintech review flags sector ’ s status as one to watch Three quarters of founders were positive about how the @ @ @ @ @ @ @ half taking advantage of the various support schemes .
Sixty one per cent of startups tapped into the furlough scheme , which is due to wind down in October .
A fifth used the bounce back loans , which allow SMEs to borrow up to a quarter of their annual turnover , capped at £50,000 , The Future Fund , which was introduced as an option for startups following criticism of CBILS , was used by just 16 per cent of fintechs .
Despite an overall positive view of the response to the @ @ @ @ @ @ @ not think the government had supported the fintech sector well during the crisis .
Accessibility to government schemes has been an ongoing issue from the start of the national lockdown .
More than a third – 37 per cent – of respondents said they had sought a loan but were unable to qualify for one .
There are a number of areas the fintech industry needs help particularly in ensuring startups are able to access early stage capital .
Just under half of those surveyed mentioned limited access to capital as the most @ @ @ @ @ @ @ survey found the startups feel fintech is not on a level playing field with other stage companies , when it comes to access to capital .
Christian Faes , chair of DFF and co-founder of LendInvest , commented : “ The UK ’ s Fintech companies have a huge role to play in helping to drive our economic recovery , and in many respects , the sector is just getting started .
Even more reason for the government to support the sector to ensure we remain a world leader.
” Fintechs have called @ @ @ @ @ @ @ Investment Scheme ( EIS ) and Seed Enterprise Investment Scheme ( SEIS ) rules which exclude investment in many types of financial services businesses .
The startup founders also expressed strong feelings about venture capital firms having “ too much clout ” with the government , and have done little to help fintechs during the crisis .
The government ’ s Future Fund came under criticism for only catering to VCs , just one part of the overall investment landscape .
The headline terms were said to be structured along the lines of @ @ @ @ @ @ @ early-stage firms at a disadvantage .
DFF ’ s research also found that startups were looking for VC investors to have relevant financial services or fintech experience .
However it was not all doom and gloom , with more than a third of founders were optimistic that coronavirus would provide new opportunities .
The research showed that founders believe it could the accelerate a pivot to digital as firms adapt to the “ new normal ” .
Additionally , more than 80 per cent of respondents were confident about the outlook for their @ @ @ @ @ @ @ Read more : Banks urged to collaborate with fintech firms amid competition from digital rivals John Glen MP , Economic Secretary to the Treasury said : “ Digital Finance Forum ’ s results reinforce my commitment to ensuring the UK ’ s pre-eminence as a place for fintechs to do business.
” “ We have recently launched a major independent fintech review which will consider how the UK can continue to foster innovation , maintain an ecosystem that supports growing firms , and promote the integration of new technologies across financial services ” @

Coronavirus will make it harder to raise finance in the next year, say fintech founders
Revolut said revenues in 2022 had also surged 33% as it reported four quarters of profit in 2021
The majority of fintech founders in the UK believe the pandemic will make it harder to raise finance in the next year.
A survey by the Digital Finance Forum (DFF) found that just under half of respondents cited limited access to capital as the most pressing challenge during the pandemic. It comes as the government starts to wind down support for businesses and the UK braces for a recession and jobs crisis.
Three quarters of founders were positive about how the government has supported the economy, with half taking advantage of the various support schemes. Sixty one per cent of startups tapped into the furlough scheme, which is due to wind down in October.
A fifth used the bounce back loans, which allow SMEs to borrow up to a quarter of their annual turnover, capped at £50,000, The Future Fund, which was introduced as an option for startups following criticism of CBILS, was used by just 16 per cent of fintechs.
Despite an overall positive view of the response to the pandemic, three quarters of respondents did not think the government had supported the fintech sector well during the crisis.
Accessibility to government schemes has been an ongoing issue from the start of the national lockdown. More than a third – 37 per cent – of respondents said they had sought a loan but were unable to qualify for one.
Fintech not on a ‘level playing field’
There are a number of areas the fintech industry needs help particularly in ensuring startups are able to access early stage capital.
Just under half of those surveyed mentioned limited access to capital as the most pressing challenge during the pandemic. The survey found the startups feel fintech is not on a level playing field with other stage companies, when it comes to access to capital.
Christian Faes, chair of DFF and co-founder of LendInvest, commented: “The UK’s Fintech companies have a huge role to play in helping to drive our economic recovery, and in many respects, the sector is just getting started. Even more reason for the government to support the sector to ensure we remain a world leader.”
Fintechs have called on the government to review the Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS) rules which exclude investment in many types of financial services businesses.
The startup founders also expressed strong feelings about venture capital firms having “too much clout” with the government, and have done little to help fintechs during the crisis.
The government’s Future Fund came under criticism for only catering to VCs, just one part of the overall investment landscape. The headline terms were said to be structured along the lines of a normal VC-type term sheet, putting early-stage firms at a disadvantage.
DFF’s research also found that startups were looking for VC investors to have relevant financial services or fintech experience.
However it was not all doom and gloom, with more than a third of founders were optimistic that coronavirus would provide new opportunities. The research showed that founders believe it could the accelerate a pivot to digital as firms adapt to the “new normal”. Additionally, more than 80 per cent of respondents were confident about the outlook for their businesses over the next 12 months.
John Glen MP, Economic Secretary to the Treasury said: “Digital Finance Forum’s results reinforce my commitment to ensuring the UK’s pre-eminence as a place for fintechs to do business.”
“We have recently launched a major independent fintech review which will consider how the UK can continue to foster innovation, maintain an ecosystem that supports growing firms, and promote the integration of new technologies across financial services”.


cityam--2020-08-18--Oracle ‘in talks’ over Tiktok takeover as US ban looms

Oracle is said to be mulling a bid for Tiktok as it looks to rival Microsoft in the race to take over the wildly popular social media platform .
The US tech giant , which is led by billionaire Larry Ellison , has held preliminary talks with Tiktok ’ s Chinese parent company Bytedance over an offer for Tiktok ’ s operations in the US , Canada , Australia and New Zealand , the Financial Times reported .
Read more : Bytedance weighs selling stake in Tiktok ’ s Indian arm to Reliance to ease app ban Oracle has approached @ @ @ @ @ @ @ General Atlantic , according to people briefed about the matter .
The move suggests a heating up in the bidding war for the hit video sharing app , which is facing a crackdown by US authorities over security concerns .
President Donald Trump has threatened to shut down Tiktok unless it is taken over by an American company by mid-November .
Microsoft has emerged as the frontrunner in the bidding war after publicly confirming it had held discussions about a takeover earlier this month .
Twitter has also been linked with a potential @ @ @ @ @ @ @ raise additional capital to fund the takeover .
Tiktok ’ s US assets expected to sell for as much as $ 30bn ( £22.8bn ) — similar to Twitter ’ s market capitalisation .
By contrast , Oracle has a market capitalisation of roughly $ 166bn , while Microsoft is valued at almost $ 1.6 trillion .
Oracle founder Ellison , who is one of the world ’ s richest men , is a vocal Trump supporter and hosted a fundraiser for the president at his California estate earlier this year .
Microsoft @ @ @ @ @ @ @ ’ s operations in Europe and India , according to the report .
Read more : Tiktok under scrutiny by French privacy watchdog over data use However , Bytedance is said to be opposed to selling any assets other than those in the US , Canada , Australia and New Zealand .
Oracle declined to comment .
Bytedance did not immediately respond to a request for comment .

Oracle ‘in talks’ over Tiktok takeover as US ban looms
Oracle is said to be mulling a bid for Tiktok as it looks to rival Microsoft in the race to take over the wildly popular social media platform.
The US tech giant, which is led by billionaire Larry Ellison, has held preliminary talks with Tiktok’s Chinese parent company Bytedance over an offer for Tiktok’s operations in the US, Canada, Australia and New Zealand, the Financial Times reported.
Oracle has approached existing Bytedance investors including Sequoia Capital and General Atlantic, according to people briefed about the matter.
The move suggests a heating up in the bidding war for the hit video sharing app, which is facing a crackdown by US authorities over security concerns.
President Donald Trump has threatened to shut down Tiktok unless it is taken over by an American company by mid-November.
Microsoft has emerged as the frontrunner in the bidding war after publicly confirming it had held discussions about a takeover earlier this month.
Twitter has also been linked with a potential bid, though it would need to raise additional capital to fund the takeover.
Tiktok’s US assets expected to sell for as much as $30bn (£22.8bn) — similar to Twitter’s market capitalisation.
By contrast, Oracle has a market capitalisation of roughly $166bn, while Microsoft is valued at almost $1.6 trillion.
Oracle founder Ellison, who is one of the world’s richest men, is a vocal Trump supporter and hosted a fundraiser for the president at his California estate earlier this year.
Microsoft has also expressed interest in buying Tiktok’s operations in Europe and India, according to the report.
However, Bytedance is said to be opposed to selling any assets other than those in the US, Canada, Australia and New Zealand.
Oracle declined to comment. Bytedance did not immediately respond to a request for comment.


cityam--2020-08-18--Wood Group shares jump despite fall in half-year profit

Shares in oil services company Wood Group jumped more than nine per cent today as the market cheered its cost cutting and positive full-year projections .
Wood Group said profit in the six months to 30 June fell 20.6 per cent as the coronavirus-driven oil price crash hit its global energy clients .
Read more : Wood Group profits to fall by a fifth amid ‘ unparalleled challenges ’ for market Adjusted earnings fell 20.6 per cent to $ 305m ( £231m ) , but remained within the upper end of the company ’ s forecast .
The company also @ @ @ @ @ @ @ preserve cash .
Wood Group said its revenue for the period fell 14.7 per cent to $ 4.08bn .
The oil field engineering business said it had cut net debt excluding leases by nearly a third from $ 1.7bn to $ 1.2bn .
The company ’ s order book at June end fell 16.4 per cent to $ 7bn .
Chief executive Robin Watson said : “ In the first half of 2020 , we took early and decisive actions in response to the unprecedented impact of Covid-19 on the global economy and @ @ @ @ @ @ @ Oil prices sink as fears of second wave dent rising fuel demand “ Focusing first on the safety of our people , we took action to reduce cost , protect margins & cashflow and ensure balance sheet strength , while delivering for customers .
We are benefitting from our broader market exposure and have seen relative resilience in two thirds of our revenue which is derived from chemicals & downstream , renewables and built environment markets .
“ We have successfully protected margins , and delivered trading performance at the upper end of @ @ @ @ @ @ @ result of portfolio optimisation and steps taken to protect cashflow .
Our objectives are to maintain full year margins in line with 2019 and deliver strong cashflow to further reduce debt in the second half.
” Wood Group shares rose 9.3 per cent to 232p this morning .

Wood Group shares jump despite fall in half-year profit
Shares in oil services company Wood Group jumped more than nine per cent today as the market cheered its cost cutting and positive full-year projections.
Wood Group said profit in the six months to 30 June fell 20.6 per cent as the coronavirus-driven oil price crash hit its global energy clients.
Adjusted earnings fell 20.6 per cent to $305m (£231m), but remained within the upper end of the company’s forecast.
The company also said it was suspending its dividend to preserve cash.
Wood Group said its revenue for the period fell 14.7 per cent to $4.08bn.
The oil field engineering business said it had cut net debt excluding leases by nearly a third from $1.7bn to $1.2bn.
The company’s order book at June end fell 16.4 per cent to $7bn.
Chief executive Robin Watson said: “In the first half of 2020, we took early and decisive actions in response to the unprecedented impact of Covid-19 on the global economy and oil price volatility.
“Focusing first on the safety of our people, we took action to reduce cost, protect margins & cashflow and ensure balance sheet strength, while delivering for customers. We are benefitting from our broader market exposure and have seen relative resilience in two thirds of our revenue which is derived from chemicals & downstream, renewables and built environment markets.
“We have successfully protected margins, and delivered trading performance at the upper end of guidance while reducing net debt as a result of portfolio optimisation and steps taken to protect cashflow. Our objectives are to maintain full year margins in line with 2019 and deliver strong cashflow to further reduce debt in the second half.”
Wood Group shares rose 9.3 per cent to 232p this morning.


cityam--2020-08-18--IoD chair resigns after less than two years in the role

The chair of business advocacy group the Institute of Directors ( IoD ) has resigned after less than two years in the role .
Charlotte Valeur took the job after its former chair Barbara Judge quit after a row over alleged racism , sexism and bullying .
Read more : IoD seeks to move on from scandal with new director general However , Valeur has now resigned less than two years into her three year contract .
The IoD said Valeur resigned as “ she feels unable to continue to devote the required time and commitment that the role demands @ @ @ @ @ @ @ for a significant restructure to deal with the impact of Covid-19 on the organisation .
Valeur said in a statement : “ In recent months it has become clear that the IoD is going through a stage in its evolution where it is likely to need increasing levels of hands on involvement from its chair , and more than was anticipated by either myself or the council when I took on the role .
“ I will find it difficult to provide this amount of time during the pandemic being resident in Jersey @ @ @ @ @ @ @ is with regret therefore that I have decided to step aside to allow the IoD to appoint a chair with more time available.
” The IoD has appointed John Watson , a member of the board and chair of the audit and risk committee , as interim chair until a permanent replacement can be found .
Valuer revealed last month she had been diagnosed as autistic .
She was also central to a new campaign launched by the IoD in June focused on corporate governance , an area in which she specialises .
@ @ @ @ @ @ @ Brook Street Partners in 2003 , has a background in finance with stints at Societe Generale , BNP-Paribas and SG Warburg .
She founded her own firm – the Global Governance Group – that specialises in corporate governance .
Read more : Institute of Directors appoints new chair as its bids to move away from racism scandal Valeur joined the IoD in 2018 after its previous chair Judge left after being accused of racism and bullying , claims she denied .
The row also led to the resignations of its director general and @ @ @ @

IoD chair resigns after less than two years in the role
The Institute of Directors also cautioned over the government’s plan to replace the accountancy watchdog, the Financial Reporting Council (FRC) with a new organisation – the Audit, Reporting and Governance Authority (Arga).
The chair of business advocacy group the Institute of Directors (IoD) has resigned after less than two years in the role.
Charlotte Valeur took the job after its former chair Barbara Judge quit after a row over alleged racism, sexism and bullying.
However, Valeur has now resigned less than two years into her three year contract.
The IoD said Valeur resigned as “she feels unable to continue to devote the required time and commitment that the role demands”.
The IoD recently announced proposals for a significant restructure to deal with the impact of Covid-19 on the organisation.
Valeur said in a statement: “In recent months it has become clear that the IoD is going through a stage in its evolution where it is likely to need increasing levels of hands on involvement from its chair, and more than was anticipated by either myself or the council when I took on the role.
“I will find it difficult to provide this amount of time during the pandemic being resident in Jersey and in a vulnerable household. It is with regret therefore that I have decided to step aside to allow the IoD to appoint a chair with more time available.”
The IoD has appointed John Watson, a member of the board and chair of the audit and risk committee, as interim chair until a permanent replacement can be found.
Valuer revealed last month she had been diagnosed as autistic.
She was also central to a new campaign launched by the IoD in June focused on corporate governance, an area in which she specialises.
Valeur, who founded private equity firm Brook Street Partners in 2003, has a background in finance with stints at Societe Generale, BNP-Paribas and SG Warburg.
She founded her own firm – the Global Governance Group – that specialises in corporate governance.
Valeur joined the IoD in 2018 after its previous chair Judge left after being accused of racism and bullying, claims she denied.
The row also led to the resignations of its director general and its deputy chair.


cityam--2020-08-19--Fintech can drive the economic recovery — if the government would only give the sector the right sup

Over the past month or so , the Digital Finance Forum has been carrying out its second annual Summer Survey , which aims to gauge the opinion of founders across the fintech sector .
Unsurprisingly , this year ’ s survey was concerned primarily with Covid-19 and how it has affected founders and their companies .
It paints a stark picture .
To begin with the good news , three quarters of respondents believe that the government has done a good job in supporting the economy during the coronavirus pandemic , and many have taken advantage of the various Covid-19 @ @ @ @ @ @ @ will make it harder to raise finance in the next year , say fintech founders However , despite these positive views on the overall response , three quarters also told us that they thought the government ’ s support for the fintech sector specifically had been lacking .
This sector has felt overlooked by the Treasury in a number of ways , and has faced issues that the available support hasn ’ t been able to alleviate .
This ranges from liquidity solutions for fintech lenders , through to problems with the Coronavirus @ @ @ @ @ @ @ itself — most banks have rejected fintechs from obtaining loans through the scheme .
It was not surprising to hear that nine out of 10 fintech founders believe that Covid-19 will make it harder for them to raise finance in the next year .
This lack of support in Britain does not compare well with other countries .
In Australia , for example , the government put in place the Structured Finance Support Fund within days of the crisis unfolding , providing significant liquidity to Australia ’ s technology enabled non-bank lenders .
@ @ @ @ @ @ @ quick to include fintech lenders as a part of its economic support package , recognising that they are extremely well placed when it comes to deploying funding to customers .
Unfortunately , in the UK the government decided not to provide any liquidity support to lenders , and the British Business Bank is still processing the accreditation for many fintech lenders to deploy CBILS loans .
Fintech non-bank lenders could be forgiven for looking at the government ’ s response to this crisis and thinking that the system is substantially weighted towards the @ @ @ @ @ @ @ led by Ron Kalifa for the Treasury on the future of fintech in the UK is now anxiously awaited , but as our survey shows , there is clearly more to be done if the UK is going to retain its leading role in the global fintech community , as well as across financial services more generally .
The government needs to move fast if it doesn ’ t want this sector to lose its competitive edge .
It ’ s not all doom and gloom .
In the sea of concern , @ @ @ @ @ @ @ a characteristically entrepreneurial optimism .
More than a third of founders believe that there will be significant opportunities for fintech arising from this crisis , which has clearly accelerated the move by businesses to a more digital world .
Indeed , the traditional bank branch probably seems even more out of place today than it did even six months ago .
The UK ’ s fintech companies have a huge role to play in helping to drive our economic recovery , and in many respects the sector is just getting started .
Even @ @ @ @ @ @ @ the right support to the fintech sector and ensure we remain a world leader .
Read more : The City View : Emily Nicolle on London ’ s fintech scene

Fintech can drive the economic recovery — if the government would only give the sector the right support
Research suggests London may have to expand its night-time economy by extending opening hours once the pandemic passes.
Over the past month or so, the Digital Finance Forum has been carrying out its second annual Summer Survey, which aims to gauge the opinion of founders across the fintech sector.
Unsurprisingly, this year’s survey was concerned primarily with Covid-19 and how it has affected founders and their companies. It paints a stark picture.
To begin with the good news, three quarters of respondents believe that the government has done a good job in supporting the economy during the coronavirus pandemic, and many have taken advantage of the various Covid-19 support programmes.
However, despite these positive views on the overall response, three quarters also told us that they thought the government’s support for the fintech sector specifically had been lacking.
This sector has felt overlooked by the Treasury in a number of ways, and has faced issues that the available support hasn’t been able to alleviate. This ranges from liquidity solutions for fintech lenders, through to problems with the Coronavirus Business Interruption Loan Scheme (CBILS) itself — most banks have rejected fintechs from obtaining loans through the scheme. It was not surprising to hear that nine out of 10 fintech founders believe that Covid-19 will make it harder for them to raise finance in the next year.
This lack of support in Britain does not compare well with other countries. In Australia, for example, the government put in place the Structured Finance Support Fund within days of the crisis unfolding, providing significant liquidity to Australia’s technology enabled non-bank lenders. In the US, the government was quick to include fintech lenders as a part of its economic support package, recognising that they are extremely well placed when it comes to deploying funding to customers.
Unfortunately, in the UK the government decided not to provide any liquidity support to lenders, and the British Business Bank is still processing the accreditation for many fintech lenders to deploy CBILS loans.
Fintech non-bank lenders could be forgiven for looking at the government’s response to this crisis and thinking that the system is substantially weighted towards the traditional banking sector. The review being led by Ron Kalifa for the Treasury on the future of fintech in the UK is now anxiously awaited, but as our survey shows, there is clearly more to be done if the UK is going to retain its leading role in the global fintech community, as well as across financial services more generally. The government needs to move fast if it doesn’t want this sector to lose its competitive edge.
It’s not all doom and gloom. In the sea of concern, a number of our survey respondents expressed a characteristically entrepreneurial optimism. More than a third of founders believe that there will be significant opportunities for fintech arising from this crisis, which has clearly accelerated the move by businesses to a more digital world. Indeed, the traditional bank branch probably seems even more out of place today than it did even six months ago. The UK’s fintech companies have a huge role to play in helping to drive our economic recovery, and in many respects the sector is just getting started.
Even more reason for the government to provide the right support to the fintech sector and ensure we remain a world leader.
Main image credit: Getty