cityam--2020-12-16--Ursula von der Leyen: 'Narrow path to agreement' in Brexit talks

There is a narrow “ path to agreement ” in Brexit talks , the European Commission president said this morning , as the UK and EU continue crunch talks ahead of the transition period deadline .
Ursula Von der Leyen said she could not guarantee “ whether there will be a deal or not ” , adding : “ The path may be very narrow but it is there ” .
It comes after trade talks were extended this week with both parties agreeing to “ go the extra mile ” .
Read more : Bank of England set to @ @ @ @ @ @ @ Talks have stalled over the past few weeks over the major stumbling blocks of fisheries , so-called level playing field arrangements and state aid .
UK negotiators are pushing for a “ zonal ” approach in fisheries discussions which would allow EU countries only a certain amount of fish from British waters every year .
The European Commission president said : “ We do not question the UK sovereignty on its own waters .
But we asked for predictability and stability for our fishermen and our fisherwomen ” .
However , von der @ @ @ @ @ @ @ field , suggesting a deal could be secured by the end of the week .
“ I ’ m also glad to report that issues linked to governance by now are largely being resolved , ” she said .
Von der Leyen added that “ the next days are going to be decisive ” in trade deal discussions , with just 15 days to go before the UK leaves the bloc .
The two sides on Sunday agreed to extend Brexit talks until the transition period deadline on 31 December , after a @ @ @ @ @ @ @ Minister failed to produce any fruit .
The UK will automatically leave the customs union and single market if a deal is not reached by the New Year .
Read more : London ’ s most famous plumber Charlie Mullins : ‘ I ’ d take another pandemic over Brexit every time ’ Senior government sources have confirmed that Johnson is preparing to push back the Christmas recess should he secure an agreement with the EU by the weekend .
Plans being drawn up by Jacob Rees-Mogg , leader of the House of @ @ @ @ @ @ @ asked to sit on Monday , Tuesday and Wednesday if there is a deal , with 24 December still under discussion .

Ursula von der Leyen: ‘Narrow path to agreement’ in Brexit talks
Prime Minister Boris Johnson and European Commission president Ursula von der Leyen extended Brexit trade talks yesterday
There is a narrow “path to agreement” in Brexit talks, the European Commission president said this morning, as the UK and EU continue crunch talks ahead of the transition period deadline.
Ursula Von der Leyen said she could not guarantee “whether there will be a deal or not”, adding: “The path may be very narrow but it is there”.
It comes after trade talks were extended past a provisional deadline set for last Sunday, with both parties agreeing to “go the extra mile”.
Negotiations remain stalled over the major stumbling blocks of fisheries, so-called level playing field arrangements and state aid.
UK negotiators are pushing for a “zonal” approach in fisheries discussions which would allow EU countries only a certain amount of fish from British waters every year.
However, French President Emmanuelle Macron was last week accused of souring talks at the eleventh hour, with fresh demands over the EU’s access to British fishing waters.
Macron has vowed to protect French fishermen, who are expected to lose a significant part of their quota from 1 January as part of any Brexit trade deal.
The European Commission president today said: “We do not question the UK sovereignty on its own waters, but we ask for predictability and stability for our fishermen and our fisherwomen.”
However, von der Leyen praised progress towards a level playing field, renewing hopes within Westminster that a deal could be secured by the end of the week.
“I’m also glad to report that issues linked to governance by now are largely being resolved,” she said.
Von der Leyen added that “the next days are going to be decisive” in trade deal discussions, with just 15 days to go before the UK leaves the bloc.
The two sides have agreed to extend Brexit talks until the transition period deadline on 31 December, after a last-ditch trip to Brussels by the Prime Minister last week failed to produce any fruit.
The UK will automatically leave the customs union and single market if a deal is not reached by the New Year.
Senior government sources have confirmed that Johnson is preparing to push back the Christmas recess should he secure an agreement with the EU by the weekend.
Plans being drawn up by Jacob Rees-Mogg, leader of the House of Commons, involve MPs and peers being asked to sit on Monday, Tuesday and Wednesday if there is a deal, with 24 December still under discussion.


cityam--2020-12-16--Aldi launches click and collect service in London ahead of Christmas

Aldi has launched a click and collect service in London for the first time as its ramps up its online shopping capacity to cater to a surge in demand .
The budget supermarket said it will extend its click and collect service to four stores in outer London boroughs , where customers will be able to order groceries online to be picked up within a one-hour slot .
Read more : Aldi becomes fourth supermarket to return business rate relief Aldi , which will initially offer the option from its South Ruislip , Kidbrooke , Dagenham and South Croydon stores @ @ @ @ @ @ @ out to a further 200 UK branches by Christmas .
The collections will be contact-free and in line with social distancing , Aldi said .
The German discounter is accelerating its push into online shopping following a boom in demand during the coronavirus pandemic .
It is also trialling a rapid delivery service across almost 130 stores in partnership with Deliveroo .
As part of that trial , customers living near selected stores are able to order from a range of 400 products and have them delivered in as little as 20 minutes @ @ @ @ @ @ @ : “ Aldi ’ s quality products and unbeatable prices have never been so in demand .
“ Extending this trial is about providing thousands more of our existing customers with another convenient way to shop with us , while also making Aldi accessible for many others who may not have shopped with us before .
”

Aldi launches click and collect service in London ahead of Christmas
Aldi has launched a click and collect service in London for the first time as its ramps up its online shopping capacity to cater to a surge in demand.
The budget supermarket said it will extend its click and collect service to four stores in outer London boroughs, where customers will be able to order groceries online to be picked up within a one-hour slot.
Aldi, which will initially offer the option from its South Ruislip, Kidbrooke, Dagenham and South Croydon stores, is planning to roll the service out to a further 200 UK branches by Christmas.
The collections will be contact-free and in line with social distancing, Aldi said.
The German discounter is accelerating its push into online shopping following a boom in demand during the coronavirus pandemic.
It is also trialling a rapid delivery service across almost 130 stores in partnership with Deliveroo.
As part of that trial, customers living near selected stores are able to order from a range of 400 products and have them delivered in as little as 20 minutes.
Aldi chief executive Giles Hurley said: “Aldi’s quality products and unbeatable prices have never been so in demand.
“Extending this trial is about providing thousands more of our existing customers with another convenient way to shop with us, while also making Aldi accessible for many others who may not have shopped with us before.”


cityam--2020-12-16--RSM pays back £4.4m furlough cash

RSM pays back £4.4m furlough cash

Audit challenger firm RSM has repaid £4.4m to the government , having decided to do so in a board meeting earlier this month , City A.M can reveal .
RSM ’ s board made the decision to repay the the money in full on 8 December .
CEO Rob Donaldson said the firm did not see the decision as an opportunity to seek publicity , and so made no announcement of the move at the time .
“ As the pandemic unfolded and the pressures on the economy and our business intensified , we drew upon a number of measures @ @ @ @ @ @ @ and continue to provide the best possible service to our clients .
With a strong control over our cost base , and the resilience and talent of our people we have done an incredible job adapting to a new working environment , ” he said .
“ In terms of our responsibilities right now we believe they lie with the taxpayer first , followed by our people and our clients , partners and shareholders .
We continue to operate with caution , drawing upon the strengths of our business .
We believe the @ @ @ @ @ @ @ risks successfully.
” Read more : Lengthy audits cut into BDO profits as firm defends use of furlough scheme The news follows an embarrassing u-turn made by rival firm BDO at the weekend , which received criticism for not giving back £4.1m it received from the government to fund its use of the furlough scheme .
BDO made use of the scheme despite making a £137m profit and paying partners more than £500,000 each .
Initially BDO told various media outlets it had no plans to pay back the money , arguing it @ @ @ @ @ @ @ at the firm , but over the weekend managing partner Paul Eagland told The Sunday Times that the board had changed its mind after seeing the reaction to the payouts .
“ I don ’ t want this to fester , ” he said .
“ The money will go back to HMRC by Christmas.
” Read more : Use furlough scheme to help sick employees isolate , says think tank Fellow challenger firm Mazars also made the decision to pay back money it had claimed via the furlough scheme , handing back @ @ @ @ @ @ @ spokesperson said : “ Mazars used the CJRS scheme – which ran to October this year – for four months between April and July , with up to 349 people across the firm affected .
However the firm only claimed for the first two months , April and May .
“ The total amount claimed for those two months was £1.1m .
Mazars has repaid the money to the government.
” Read more : High profile retailer failures will ‘ once again shine spotlight on auditors ’ The Big Four firms – KPMG @ @ @ @ @ @ @ did not make used of the furlough scheme in the UK .
Neither did challenger firm Grant Thornton .
Combined auditors have now paid back nearly £10m to the taxpayer .

RSM pays back £4.4m furlough cash
RSM has paid back furlough money to the government.
Audit challenger firm RSM has repaid £4.4m to the government, having decided to do so in a board meeting earlier this month, City A.M can reveal.
RSM’s board made the decision to repay the the money in full on 8 December. CEO Rob Donaldson said the firm did not see the decision as an opportunity to seek publicity, and so made no announcement of the move at the time.
“As the pandemic unfolded and the pressures on the economy and our business intensified, we drew upon a number of measures to preserve our business, protect jobs and continue to provide the best possible service to our clients. With a strong control over our cost base, and the resilience and talent of our people we have done an incredible job adapting to a new working environment,” he said.
“In terms of our responsibilities right now we believe they lie with the taxpayer first, followed by our people and our clients, partners and shareholders. We continue to operate with caution, drawing upon the strengths of our business. We believe the firm is well placed to manage future risks successfully.”
The news follows an embarrassing u-turn made by rival firm BDO at the weekend, which received criticism for not giving back £4.1m it received from the government to fund its use of the furlough scheme.
BDO made use of the scheme despite making a £137m profit and paying partners more than £500,000 each. Initially BDO told various media outlets it had no plans to pay back the money, arguing it had been correctly used to save jobs at the firm, but over the weekend managing partner Paul Eagland told The Sunday Times that the board had changed its mind after seeing the reaction to the payouts.
“I don’t want this to fester,” he said. “The money will go back to HMRC by Christmas.”
Auditors and furlough
Fellow challenger firm Mazars also made the decision to pay back money it had claimed via the furlough scheme, handing back £1.1m to the government.
A Mazars spokesperson said: “Mazars used the CJRS scheme – which ran to October this year – for four months between April and July, with up to 349 people across the firm affected. However the firm only claimed for the first two months, April and May.
“The total amount claimed for those two months was £1.1m. Mazars has repaid the money to the government.”
The Big Four firms – KPMG, Deloitte, PwC and EY – did not make used of the furlough scheme in the UK. Neither did challenger firm Grant Thornton.
Combined auditors have now paid back nearly £10m to the taxpayer.


cityam--2020-12-16--Wonder Woman 1984: Gal Gadot shines in retro romp

The news that Warner Bros would be simultaneously releasing their upcoming slate in cinemas and HBO Max shook the entertainment world , although most headlines buried the fact that this was a US-only deal .
In the UK , this week ’ s sequel to Wonder Woman is still a cinema event , and a welcome one after months of scant offerings .
But after all the industry talk , is it worth the wait ?
Read more : ‘ I just feel like crying ’ – chefs react to ‘ cruel ’ Tier 3 restrictions Wonder Woman 1984 , @ @ @ @ @ @ @ Prince ( Gal Gadot ) living in the early 80s , nearly seventy years after the events of the first film .
Working as a senior anthropologist at The Smithsonian , she befriends her kind but awkward colleague Ann Minerva ( Kristen Wiig ) .
Ann comes across a curious stone , which claims to grant wishes .
Assuming the stone to be fake , both Ann and Diana unwittingly wish on the stone and find that their wishes are granted .
Ann wishes to be exactly like Diana , but gets more @ @ @ @ @ @ @ displaying awesome powers .
Diana ’ s wish is also granted , but she soon learns that it comes at the cost of something precious to her .
To make matters worse , the stone is stolen by desperate businessman Max Lord ( Pedro Pascal ) , who acquires the stone ’ s magic in order to gain power for himself .
With the world at stake , Diana must choose between her heart and her duty .
Running at roughly the same time as the 2017 movie , this sequel doesn ’ @ @ @ @ @ @ @ about and so packs a lot in .
Returning director Patty Jenkins manages to balance four key characters well , giving Wiig and Pascal interesting journeys without sacrificing any time with our star .
The plot , however , begins to lose its way as time goes on .
The thread about the wishing stone feels silly in parts , like we ’ ve stepped into a DC-Aladdin crossover .
While many superhero stories have a magic stone of some description ( The Avengers had six of them ) , the lack of @ @ @ @ @ @ @ harder to suspend disbelief .
The wishing device also leads to a rather overwhelming third act .
Anything that can happen does , and as chaos reigns it is hard to keep up with how we got here , or how on Earth you resolve it .
While the narrative may take a walk on the wild side , for the most part the cast are solid .
Wiig is interesting as a character who simply wants to be like Diana , to possess her confidence and power .
It ’ s a @ @ @ @ @ @ @ s great transformation involves taking off her glasses and going clothes shopping .
A scene where the newly empowered Ann gets revenge on someone who harassed is particularly satisfying , although it does make it difficult to root against her when she eventually wanders to the dark side .
Read more : Millions worth of festive food could go to waste as London enters Tier 3 Gadot still embodies the role , being everything you want in a superhero , even during the film ’ s more outlandish moments .
There ’ s @ @ @ @ @ @ @ a personal dilemma where Diana refuses to sacrifice the only thing she has ever wanted for the greater good , and it ’ s refreshing to see a slight crack in her normally flawless armour .
Now , let ’ s talk about the return of Steve Trevor ( Chris Pine ) .
It ’ s been featured in set photos , trailers and everything else to do with the film ’ s promotion , so it ’ s not much of a spoiler to say he ’ s back and it has @ @ @ @ @ @ @ .
Pine ’ s chemistry with Gadot is as strong as ever , but he ’ s a lot goofier this time around .
The comedy of a man from 1918 marvelling at the “ future ” of the 80s is laid on thick , with the actor required to mug for laughs on more than one occasion .
Mainly he ’ s there to give Diana something to lose , and to remind her of her true destiny .
Sweet , but hardly jaw-dropping .
Enjoying his time without a helmet , @ @ @ @ @ @ @ of energy into Lord , a con artist who gets the chance to be the real deal .
He puts a desperation into his performance that makes him more than a cackling baddie , and there ’ s a sense of purpose to everything he does .
A thick South American accent will also help Star Wars fans separate this from the man we see protect Baby Yoda every week .
Wonder Woman 1984 is a step above most DC Universe films , but shares its habit of having too many ideas thrown @ @ @ @ @ @ @ enjoyed as a light piece of wish fulfilment for a world that could do with saving , it will probably be better remembered for the circumstances of its release than its impact on the genre .

Wonder Woman 1984: Gal Gadot shines in retro romp
Gal Gadot in Wonder Woman 1984
The news that Warner Bros would be simultaneously releasing their upcoming slate in cinemas and HBO Max shook the entertainment world, although most headlines buried the fact that this was a US-only deal. In the UK, this week’s sequel to Wonder Woman is still a cinema event, and a welcome one after months of scant offerings. But after all the industry talk, is it worth the wait?
Wonder Woman 1984, as the title implies, finds Diana Prince (Gal Gadot) living in the early 80s, nearly seventy years after the events of the first film. Working as a senior anthropologist at The Smithsonian, she befriends her kind but awkward colleague Ann Minerva (Kristen Wiig). Ann comes across a curious stone, which claims to grant wishes.
Assuming the stone to be fake, both Ann and Diana unwittingly wish on the stone and find that their wishes are granted. Ann wishes to be exactly like Diana, but gets more than she bargained for when she starts displaying awesome powers. Diana’s wish is also granted, but she soon learns that it comes at the cost of something precious to her. To make matters worse, the stone is stolen by desperate businessman Max Lord (Pedro Pascal), who acquires the stone’s magic in order to gain power for himself. With the world at stake, Diana must choose between her heart and her duty.
Running at roughly the same time as the 2017 movie, this sequel doesn’t have an origin story to worry about and so packs a lot in. Returning director Patty Jenkins manages to balance four key characters well, giving Wiig and Pascal interesting journeys without sacrificing any time with our star.
The plot, however, begins to lose its way as time goes on. The thread about the wishing stone feels silly in parts, like we’ve stepped into a DC-Aladdin crossover. While many superhero stories have a magic stone of some description (The Avengers had six of them), the lack of Hollywood pseudo-science to explain them makes it harder to suspend disbelief. The wishing device also leads to a rather overwhelming third act. Anything that can happen does, and as chaos reigns it is hard to keep up with how we got here, or how on Earth you resolve it.
While the narrative may take a walk on the wild side, for the most part the cast are solid. Wiig is interesting as a character who simply wants to be like Diana, to possess her confidence and power. It’s a relatable desire, even if Wiig’s great transformation involves taking off her glasses and going clothes shopping. A scene where the newly empowered Ann gets revenge on someone who harassed is particularly satisfying, although it does make it difficult to root against her when she eventually wanders to the dark side.
Gadot still embodies the role, being everything you want in a superhero, even during the film’s more outlandish moments. There’s more comedy this time around, and a personal dilemma where Diana refuses to sacrifice the only thing she has ever wanted for the greater good, and it’s refreshing to see a slight crack in her normally flawless armour.
Now, let’s talk about the return of Steve Trevor (Chris Pine). It’s been featured in set photos, trailers and everything else to do with the film’s promotion, so it’s not much of a spoiler to say he’s back and it has something to do with the wishing stone. Pine’s chemistry with Gadot is as strong as ever, but he’s a lot goofier this time around. The comedy of a man from 1918 marvelling at the “future” of the 80s is laid on thick, with the actor required to mug for laughs on more than one occasion. Mainly he’s there to give Diana something to lose, and to remind her of her true destiny. Sweet, but hardly jaw-dropping.
Enjoying his time without a helmet, The Mandalorian star Pascal puts a lot of energy into Lord, a con artist who gets the chance to be the real deal. He puts a desperation into his performance that makes him more than a cackling baddie, and there’s a sense of purpose to everything he does. A thick South American accent will also help Star Wars fans separate this from the man we see protect Baby Yoda every week.
Wonder Woman 1984 is a step above most DC Universe films, but shares its habit of having too many ideas thrown at the screen at once. Best enjoyed as a light piece of wish fulfilment for a world that could do with saving, it will probably be better remembered for the circumstances of its release than its impact on the genre.


cityam--2020-12-16--Quarter of UK pubs feared closing for good even before new lockdown

More than a quarter of UK pub and bar-owners said they feared their business would fail even before the latest lockdowns in London and the south east .
Figures from the UK ’ s statistics body showed that 27.9 per cent of pub and bar businesses said they had low or no confidence in surviving the next three months .
Read more : ‘ We will lose £400k ’ : The cost of Tier 3 for the hospitality sector The survey referred to the period from 2 to 15 November , as England was entering a month-long lockdown .
It @ @ @ @ @ @ @ UK ’ s hospitality businesses were under even before the government put London , most of Essex and parts of Hertfordshire in the strictest Tier 3 restrictions overnight .
The latest lockdown – put in place to curb soaring infections – is set to deal a hammer blow to London ’ s vibrant food and drink sector during the crucial Christmas period .
The Office for National Statistics ( ONS ) survey data showed that pubs and bars were more than five times as likely as other businesses to report low or no @ @ @ @ @ @ @ of pub and bar businesses said they had no remaining cash reserves or less than one month ’ s .
The government has insisted that the jump in coronavirus cases in London meant stricter restrictions must be put in place .
Ministers announced on Monday that London would go into Tier 3 today .
England ’ s chief medical officer Chris Whitty said on Monday that cases could rise “ very rapidly ” if something was not done .
Read more : London in Tier 3 : What are the rules ?
But @ @ @ @ @ @ @ executive Kate Nicholls said : “ So many pubs , restaurants , bars , cafes and hotels , having invested so much to make their venues safe , are only just clinging on by the skin of their teeth.
” She said businesses will be forced “ to take another huge hit ” .
She added : “ The burden of a region being moved into Tier 3 falls almost exclusively on hospitality businesses .
”

Quarter of UK pubs feared closing for good even before new lockdown
The UK’s hospitality businesses have been battered by a wave of lockdowns
More than a quarter of UK pub and bar-owners said they feared their business would fail even before the latest lockdowns in London and the south east.
Figures from the UK’s statistics body showed that 27.9 per cent of pub and bar businesses said they had low or no confidence in surviving the next three months.
The survey referred to the period from 2 to 15 November, as England was entering a month-long lockdown.
It shows the huge amounts of stress the UK’s hospitality businesses were under even before the government put London, most of Essex and parts of Hertfordshire in the strictest Tier 3 restrictions overnight.
The latest lockdown – put in place to curb soaring infections – is set to deal a hammer blow to London’s vibrant food and drink sector during the crucial Christmas period.
Pubs fret ahead of Tier 3 in London
The Office for National Statistics (ONS) survey data showed that pubs and bars were more than five times as likely as other businesses to report low or no confidence in survival.
Nearly a quarter of pub and bar businesses said they had no remaining cash reserves or less than one month’s.
The government has insisted that the jump in coronavirus cases in London meant stricter restrictions must be put in place. Ministers announced on Monday that London would go into Tier 3 today.
England’s chief medical officer Chris Whitty said on Monday that cases could rise “very rapidly” if something was not done.
But lobby group UK Hospitality’s chief executive Kate Nicholls said: “So many pubs, restaurants, bars, cafes and hotels, having invested so much to make their venues safe, are only just clinging on by the skin of their teeth.”
She said businesses will be forced “to take another huge hit”. She added: “The burden of a region being moved into Tier 3 falls almost exclusively on hospitality businesses.”


cityam--2020-12-16--New biotech rapid-testing facility to help London 'return to normality'

A biotech company , Biogroup is launching a new rapid-testing facility in London , which will boost testing capacity in the capital by 100,000 tests a week .
Biogroup UK is setting-up an RT-PCR ( RealTime Reverse Transcription Polymerase Chain Reaction ) test service , initially via two pop-up testing centres in Marylebone and Notting Hill to detect the presence of the virus .
Read more : Test and Trace to scrap 14-day isolation period for Covid contacts The swabs will then be sent to a MegaLab in Shepherds Bush , that will process results within 24-hours .
The biotech @ @ @ @ @ @ @ its testing services , identifying 99 per cent of infections within this 24-hour period .
Dr. Astrid Gouillard , chairman of Biogroup UK said : “ Testing is central in the fight to control the spread of the virus .
It allows those infected to be isolated to prevent or at least slow down the number of new infections .
It is also key in the future management of the pandemic , establishing how much the virus has spread across the broader population and understanding the level of immunity across the UK.
” @ @ @ @ @ @ @ How many Covid-19 infections are there in your local borough ?
“ The additional capacity from private labs for both corporates and consumers will considerably help people return to normality by reducing self-isolation and re-opening the country to business travel , ” he concluded .
Despite the government announcing today that 137,000 people got the Covid vaccine within the first week , the news that London has moved into Tier 3 shows that we are still some way from wide-spread vaccinations and any sense of normality .
Read more : Covid vaccine : @ @ @ @ @ @ @ in first week In the mean time , effective testing facilities like the one being lunched by Biogroup UK hold the key to keeping down infection rates in the capital and the rest the UK .

New biotech rapid-testing facility to help London ‘return to normality’
A biotech company, Biogroup is launching a new rapid-testing facility in London, which will boost testing capacity in the capital by 100,000 tests a week.
Biogroup UK is setting-up an RT-PCR (RealTime Reverse Transcription Polymerase Chain Reaction) test service, initially via two pop-up testing centres in Marylebone and Notting Hill to detect the presence of the virus.
The swabs will then be sent to a MegaLab in Shepherds Bush, that will process results within 24-hours.
The biotech firm boasts an impressive efficiency record on its testing services, identifying 99 per cent of infections within this 24-hour period.
Dr. Astrid Gouillard, chairman of Biogroup UK said: “Testing is central in the fight to control the spread of the virus. It allows those infected to be isolated to prevent or at least slow down the number of new infections. It is also key in the future management of the pandemic, establishing how much the virus has spread across the broader population and understanding the level of immunity across the UK.”
“The additional capacity from private labs for both corporates and consumers will considerably help people return to normality by reducing self-isolation and re-opening the country to business travel,” he concluded.
Despite the government announcing today that 137,000 people got the Covid vaccine within the first week, the news that London has moved into Tier 3 shows that we are still some way from wide-spread vaccinations and any sense of normality.
In the mean time, effective testing facilities like the one being lunched by Biogroup UK hold the key to keeping down infection rates in the capital and the rest the UK.


cityam--2020-12-16--The City View: CMC Markets analyst Michael Hewson

In the last City View podcast before Christmas , Andy Silvester talks to CMC Chief Market Analyst Michael Hewson as @ @ @ @ @ and dabble with predictions for 2021 .
Michael looks at the possibility of a UK-EU @ @ @ @ @ for the pound next year , the impact of the US Election on the economy @ @ @ @ @ outlook for the global economy , from stocks to unemployment .
This podcast is sponsored @ @ @ @ @ % of retail investor accounts lose money when spread betting and/or trading CFDs with this @ @ @ @ @ whether you can afford to take the high risk of losing your money .

The City View: CMC Markets analyst Michael Hewson
In the last City View podcast before Christmas, Andy Silvester talks to CMC Chief Market Analyst Michael Hewson as they look back on 2020 and dabble with predictions for 2021.
Subscribe to The City View Podcast: Apple / Google / Spotify / RSS
Michael looks at the possibility of a UK-EU trade deal, the prospects for the pound next year, the impact of the US Election on the economy across the pond and the outlook for the global economy, from stocks to unemployment.
This podcast is sponsored by CMC Markets.
79% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.


cityam--2020-12-16--Google faces multi-state antitrust lawsuit for ‘anticompetitive conduct’

The Texas attorney general has announced he will file a multi state lawsuit against Google on behalf of a coalition of states .
In a video posted on Twitter attorney general Ken Paxton said : “ “ The state of Texas is filing a multi state lawsuit against Google for anticompetitive conduct , exclusionary practices and deceptive misrepresentations .
Google repeatedly used its monopolistic power to control pricing , engage in market collusions to rig auctions… ” Read more : Europe lays out new rules that could force the breakup of big tech “ This internet Goliath used its power @ @ @ @ @ @ @ , and harm YOU , the consumer .
Stay tuned… ” It is the latest move to rein in the influence of big tech and combat its alleged anti-competitive practices .
The US Justice Department has already filed an antitrust lawsuit against Google claiming it uses anti competitive tactics in its search engine and related advertising business .
And it comes just a week after the US Federal Trade Commission , with a coalition of states , announced it had sued Facebook for breaking antitrust law .
In the complaint , the coalition @ @ @ @ @ @ @ Guam asked for Facebook ’ s acquisitions of Instagram and Whatsapp to be judged to be illegal .
Read more : Facebook facing multiple lawsuits that could splinter the tech firm and render acquisitions illegal

Google faces multi-state antitrust lawsuit for ‘anticompetitive conduct’
The EU competition watchdog has dished out around €8.25bn in fines to Google over the last 10 years.
The Texas attorney general has announced he will file a multi state lawsuit against Google on behalf of a coalition of states.
In a video posted on Twitter attorney general Ken Paxton said: ““The state of Texas is filing a multi state lawsuit against Google for anticompetitive conduct, exclusionary practices and deceptive misrepresentations. Google repeatedly used its monopolistic power to control pricing, engage in market collusions to rig auctions…”
“This internet Goliath used its power to manipulate the market, destroy competition, and harm YOU, the consumer. Stay tuned…”
It is the latest move to rein in the influence of big tech and combat its alleged anti-competitive practices.
The US Justice Department has already filed an antitrust lawsuit against Google claiming it uses anti competitive tactics in its search engine and related advertising business.
And it comes just a week after the US Federal Trade Commission, with a coalition of states, announced it had sued Facebook for breaking antitrust law.
In the complaint, the coalition of 46 states, Washington DC and Guam asked for Facebook’s acquisitions of Instagram and Whatsapp to be judged to be illegal.


cityam--2020-12-16--Federal Reserve extends debt purchases to boost economy

The Federal Reserve has announced plans to keep buying government debt in a bid to boost the faltering US economy .
Since June the Fed has been buying $ 80bn in Treasury bonds and $ 40bn in mortgage bonds per month and today pledged to buy assets at least at that pace for the “ coming months ” .
Read more : Before the Bell : Flash PMIs and Federal Reserve in focus The new guidance from the Open Market Committee comes after a two day meeting .
The central bank did not announce plans to provide more fiscal stimulus @ @ @ @ @ @ @ for 2021 .
Officials expect interest rates to remain near zero at least through 2023 as the economy started to bounce back from the pandemic .
The Fed said it would keep its “ accommodative stance of monetary policy ” until employment and inflation reach 2 per cent over the longer term .
“ The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the committee ’ s goals , ” it added .
“ The Fed has given markets @ @ @ @ @ @ @ This is much as expected , but it is good to see the rhetoric remains very supportive , ” said Neil Birrell , chief investment officer of Premier Miton Investors .
Read more : Biden set to pick former US Fed chair Janet Yellen as his Treasury Secretary Separately it emerged today that US congressional leaders are nearing a deal on an economic relief package which would end the political impasse .
Democratic Speaker Nancy Pelosi and Mitch McConnell , the Republican Senate majority leader , are reportedly closing in on a package @ @ @ @ @ @ @ the US surge .
Speaking on the Senate floor McConell said they had made “ major headway ” toward agreeing a package that could pass both chambers .

Federal Reserve extends debt purchases to boost economy
Federal Reserve chair Jerome Powell
The Federal Reserve has announced plans to keep buying government debt in a bid to boost the faltering US economy.
Since June the Fed has been buying $80bn in Treasury bonds and $40bn in mortgage bonds per month and today pledged to buy assets at least at that pace for the “coming months”.
The new guidance from the Open Market Committee comes after a two day meeting.
The central bank did not announce plans to provide more fiscal stimulus but outlined some of its economic projections for 2021.
Officials expect interest rates to remain near zero at least through 2023 as the economy started to bounce back from the pandemic.
The Fed said it would keep its “accommodative stance of monetary policy” until employment and inflation reach 2 per cent over the longer term.
“The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the committee’s goals,” it added.
“The Fed has given markets part of what they want to hear… This is much as expected, but it is good to see the rhetoric remains very supportive,” said Neil Birrell, chief investment officer of Premier Miton Investors.
Separately it emerged today that US congressional leaders are nearing a deal on an economic relief package which would end the political impasse.
Democratic Speaker Nancy Pelosi and Mitch McConnell, the Republican Senate majority leader, are reportedly closing in on a package worth $900bn as coronavirus cases in the US surge.
Speaking on the Senate floor McConell said they had made “major headway” toward agreeing a package that could pass both chambers.


cityam--2020-12-16--How many Covid-19 infections are there in your local borough?

London recorded 6,777 new coronavirus cases in the past 24 hours , bringing the total number of positive cases since March to 2107,580 .
Latest data from Public Health England showed that London ’ s infection rate now stands at 298.8 per 100,000 in the past seven days — the highest in the country — while the South East ’ s rate is 230.2 .
Read more : Capital Punishment : London to enter Tier 3 on Wednesday A spike in cases in 21 out of 32 London boroughs in the last couple of weeks has led the government to @ @ @ @ @ @ @ Wednesday .
Figures released by Public Health England showed that Redbridge and Newham have overtaken Ealing as the worst-affected boroughs , recording more than 10,000 positive cases .
Redbridge recorded an astonishing 419 cases in the past 24 hours .
It has now recorded 10,699 confirmed Covid-19 cases since the start of the pandemic .
Newham has also overtaken Ealing with 10,165 confirmed cases , after recording 344 new cases on Wednesday .
Read more : Coronavirus cases ‘ levelling off ’ across England ahead of three-tier system Ealing reported 221 new cases @ @ @ @ @ @ @ to 9,349 in total .
Havering has also seen a spike recording a staggering 426 cases in the past 24 hours , bringing the total to 9,761 .
Earlier this week health secretary Matt Hancock announced that a new variant of coronavirus has been identified in the southeast of England , which is growing faster than existing variants .
The mutation is predominantly in the south of England which may be causing the steep rise in cases in the capital .
Several other boroughs in East London have recorded a high rate of @ @ @ @ @ @ @ Hamlets also reporting spikes in infections .
Enfield is starting to see a spike in infections too having recorded a further 263 cases on Tuesday , with 8,711 confirmed cases overall .
Read more : Two-thirds of London boroughs launch their own local contact tracing systems It comes as the UK recorded a further 18,450 coronavirus cases , bringing the total number of people who have tested positive since the start of the pandemic to almost 1.87 .
The official UK death toll officially passed the 60,000 mark last week , with a @ @ @ @ @ @ @ 24 hours bringing the total number of Covid-related deaths to 64,808 .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
Data sourced from Public Health England , accurate as of 4pm on Monday 14 December Before the Open newsletter : Start your day with the City View podcast and key market data

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


cityam--2020-12-16--Boohoo exits 64 Leicester factories over code of conduct breaches following supplier scandal

Boohoo terminated relationships with more than 60 Leicester suppliers following an investigation into working conditions at garment factories in the city .
The fast fashion firm has exited 64 factories following a scandal that found some clothing suppliers in the city were paying workers less than minimum wage .
Boohoo ’ s director of responsible sourcing and product operations Andrew Reaney told MPs this afternoon that the decisions were made over “ violations of the Boohoo code of conduct ” .
He told the Environmental Audit Committee that the breaches were “ serious enough to cease trading with those companies @ @ @ @ @ @ @ a fair living wage is part of our code of conduct ” .
Boohoo ’ s founder and executive chairman Mahmoud Kahmani also gave evidence to the parliamentary select committee this afternoon .
An inquiry was launched into working conditions in UK garment factories and clothing sustainability issues following a Sunday Times report this summer containing allegations of low pay and poor working conditions in Leicester .
An independent review , conducted by Alison Levitt QC and published in September , found that allegations of low pay and poor working conditions at Boohoo @ @ @ @ @ @ @ well-founded but substantially true ” .
It also revealed that the company ’ s monitoring of its Leicester supply chain was “ inadequate ” , which was “ attributable to weak corporate governance ” .
The company vowed to address all of the concerns raised in the report .
Kamani told MPs today that the company did not previously have the “ right oversight and structures in place ” .
“ Our business has been growing between 50 per cent and 100 per cent year on year and we have been growing the @ @ @ @ @ @ @ away , ” he said .
Read more : Boohoo factory saga ‘ one of the worst ESG scandals ’ in UK history , Leicester MP says “ What we are guilty of , if anything , is we didn ’ t put processes in fast enough .
“ We recognise in this industry that when we ’ re dealing with an independent factory who is not owned by us that some of them don ’ t play with a straight bat as it were , but we try our best to make @ @ @

Boohoo exits 64 Leicester factories over code of conduct breaches following supplier scandal
Boohoo has bought failing brands before, turning them into online-only brands.
Boohoo terminated relationships with more than 60 Leicester suppliers following an investigation into working conditions at garment factories in the city.
The fast fashion firm has exited 64 factories following a scandal that found some clothing suppliers in the city were paying workers less than minimum wage.
Boohoo’s director of responsible sourcing and product operations Andrew Reaney told MPs this afternoon that the decisions were made over “violations of the Boohoo code of conduct”.
He told the Environmental Audit Committee that the breaches were “serious enough to cease trading with those companies”, adding that “obviously paying a fair living wage is part of our code of conduct”.
Boohoo’s founder and executive chairman Mahmoud Kahmani also gave evidence to the parliamentary select committee this afternoon.
An inquiry was launched into working conditions in UK garment factories and clothing sustainability issues following a Sunday Times report this summer containing allegations of low pay and poor working conditions in Leicester.
An independent review, conducted by Alison Levitt QC and published in September, found that allegations of low pay and poor working conditions at Boohoo’s Leicester supplier “not merely well-founded but substantially true”.
It also revealed that the company’s monitoring of its Leicester supply chain was “inadequate”, which was “attributable to weak corporate governance”.
The company vowed to address all of the concerns raised in the report.
Kamani told MPs today that the company did not previously have the “right oversight and structures in place”.
“Our business has been growing between 50 per cent and 100 per cent year on year and we have been growing the top line, and processes do fall away,” he said.
“What we are guilty of, if anything, is we didn’t put processes in fast enough.
“We recognise in this industry that when we’re dealing with an independent factory who is not owned by us that some of them don’t play with a straight bat as it were, but we try our best to make good.”


cityam--2020-12-16--Crossrail failed to carry out survey work on historic Soho venue despite 'high risk' to punters

Crossrail failed to carry out survey work on a historic cellar bar in Soho despite receiving warnings from its own contractors that weak vaults posed a “ high residual risk ” to punters .
The report , which was carried out in 2016 by consultants WSP and has been seen by City A.M. , says that the vaults in the basement of the London Gin Club were unsuitable to bear unrestricted traffic due to damage done by tunnelling work on the project .
Although Crossrail was instructed by WSP to survey the cellar before undertaking any further work on the @ @ @ @ @ @ @ .
That was despite a direct warning from WSP in a letter from 2018 saying that “ the likelihood that damage to shallow cellar vaults present beneath the footway and carriageways may result in an accident is high ” .
It added that “ potential consequences ” of such an accident would be “ severe ” .
The failure to act on the warnings – which was first reported by Private Eye – came to light only after the London Gin Club was forced to close due to damage to the property back @ @ @ @ @ @ @ , rain began pouring into the cellar of the establishment through a crack caused by construction work on the road above , leading the venue ’ s owners to investigate .
Speaking to City A.M. , owner Julia Forte said that if it had not been for the bar having to close due to the rain damage , the result could have been far worse .
“ We did not know that the vault was vulnerable and that it had been classified as being at risk of collapse on the risk register ” @ @ @ @ @ @ @ have been terrible if something had happened while people were inside .
They were legally obliged to tell us there was a risk and they just didn ’ t. ” Forte added that there was a real danger that other underground properties in the area could also be at risk of a serious incident due to the project .
Before the Open newsletter : Start your day with the City View podcast and key market data Last month it was revealed in response to a Mayoral Question from Assembly Member Caroline Pidgeon that @ @ @ @ @ @ @ and updating of risk registers in May 2018 in anticipation of the project being completed on schedule .
When it became clear that the original date – December 2018 – would not be hit , Crossrail took steps to “ remobilise ” these resources in “ early 2019 ” .
Forte said : “ You have to ask – what other risks were missed over that period , in terms of health and safety , as a result of this colossal failure ” .
She added that insurers are facing repair costs of @ @ @ @ @ @ @ London Gin Club , which runs out of the famous Star Cafe near Tottenham Court Road station .
Crossrail accepted liability a year after the damage , but LGC ’ s insurers are currently overseeing all the works .
But Forte remains concerned .
“ Our finances are shot to pieces ” , she said .
“ And all because they could not take responsibility for what they failed to do ” .
Mark Wild , Crossrail chief executive , said : “ I am very sorry for the disruption the London Gin @ @ @ @ @ @ @ closely with our insurers to do everything possible to expedite the insurance process .
“ I have personally been in regular contact with the Gin Club to keep them updated and we are making good progress .
I am confident that we can reach a satisfactory resolution.
” Read more : Crossrail employs 140 drivers on £62k more than a year before line is due to open This month marks the two year anniversary of when the controversial project was due to open .
TfL recently agreed a further £825m funding package with @ @ @ @ @ @ @ project , which is now billions over budget .
The opening date for the rail link , which will connect Reading to Shenfield , has now been pushed back to 2022 .

Crossrail failed to carry out survey work on historic Soho venue despite ‘high risk’ to punters
The London Gin Club, which is in the basement of the historic Star Cafe, before 2019’s damage. (Credit: The London Gin Club)
Crossrail failed to carry out survey work on a historic cellar bar in Soho despite receiving warnings from its own contractors that weak vaults posed a “high residual risk” to punters.
The report, which was carried out in 2016 by consultants WSP and has been seen by City A.M., says that the vaults in the basement of the London Gin Club were unsuitable to bear unrestricted traffic due to damage done by tunnelling work on the project.
Although Crossrail was instructed by WSP to survey the cellar before undertaking any further work on the project, engineers failed to do so.
That was despite a direct warning from WSP in a letter from 2018 saying that “the likelihood that damage to shallow cellar vaults present beneath the footway and carriageways may result in an accident is high”.
It added that “potential consequences” of such an accident would be “severe”.
The failure to act on the warnings – which was first reported by Private Eye – came to light only after the London Gin Club was forced to close due to damage to the property back in January 2019.
Before and after: pictures show the damage done to The Gin Club due to water damage caused by construction work on Crossrail (Credit: The London Gin Club).
At that time, rain began pouring into the cellar of the establishment through a crack caused by construction work on the road above, leading the venue’s owners to investigate.
Speaking to City A.M., owner Julia Forte said that if it had not been for the bar having to close due to the rain damage, the result could have been far worse.
“We did not know that the vault was vulnerable and that it had been classified as being at risk of collapse on the risk register”, she said.
“It could have been terrible if something had happened while people were inside. They were legally obliged to tell us there was a risk and they just didn’t.”
Forte added that there was a real danger that other underground properties in the area could also be at risk of a serious incident due to the project.
Before the Open newsletter: Start your day with the City View podcast and key market data
Last month it was revealed in response to a Mayoral Question from Assembly Member Caroline Pidgeon that Crossrail had in fact discontinued its monitoring and updating of risk registers in May 2018 in anticipation of the project being completed on schedule.
When it became clear that the original date – December 2018 – would not be hit, Crossrail took steps to “remobilise” these resources in “early 2019”.
Forte said: “You have to ask – what other risks were missed over that period, in terms of health and safety, as a result of this colossal failure”.
She added that insurers are facing repair costs of over half a million pounds for the London Gin Club, which runs out of the famous Star Cafe near Tottenham Court Road station.
Crossrail accepted liability a year after the damage, but LGC’s insurers are currently overseeing all the works.
But Forte remains concerned. “Our finances are shot to pieces”, she said. “And all because they could not take responsibility for what they failed to do”.
Mark Wild, Crossrail chief executive, said: “I am very sorry for the disruption the London Gin Club has suffered. We are working closely with our insurers to do everything possible to expedite the insurance process.
“I have personally been in regular contact with the Gin Club to keep them updated and we are making good progress. I am confident that we can reach a satisfactory resolution.”
This month marks the two year anniversary of when the controversial project was due to open. TfL recently agreed a further £825m funding package with the government in order to finish the project, which is now billions over budget.
The opening date for the rail link, which will connect Reading to Shenfield, has now been pushed back to 2022.


cityam--2020-12-16--UK agrees post-Brexit customs agreement with US

The UK has signed a customs agreement with the US , ensuring trade between the countries is not disrupted after the Brexit transition ends at the end of the month .
The bilateral Customs Assistance Agreement will allow customs authorities to continue to cooperate , including sharing data , to tackle customs fraud .
The agreement was signed by the financial secretary to the Treasury Jesse Norman and US Ambassador Robert Wood Johnson .
“ This is an important agreement that ensures continuity post EU exit , and demonstrates the strength of the US-UK customs relationship , ” Norman said @ @ @ @ @ @ @ will allow us to continue to cooperate in combatting customs offences by sharing information and good practice , and provides the legal underpinning for schemes to ease trade flows for importers and exporters.
” It comes a day after international trade secretary Liz Truss announced an agreement with Mexico which will see the two countries continue to trade on the same terms as under the EU-Mexico trade deal .
Read more : Pound hits two-year high as hopes of Brexit trade deal rise Truss said the deal is a step toward joining the @ @ @ @ @ @ @ ( CPTPP ) of which Mexico is a member .
The partnership also includes countries such as Australia , Canada , Japan and Singapore .
The UK will apply to join the trade bloc in early 2021 .
Last month Britain secured a rollover deal with Canada with hopes that it will lay the foundations for a UK-Canada trade agreement .

UK agrees post-Brexit customs agreement with US
The FTSE 100 and 250 were flat this morning as trade talks dragged on.
The UK has signed a customs agreement with the US, ensuring trade between the countries is not disrupted after the Brexit transition ends at the end of the month.
The bilateral Customs Assistance Agreement will allow customs authorities to continue to cooperate, including sharing data, to tackle customs fraud.
The agreement was signed by the financial secretary to the Treasury Jesse Norman and US Ambassador Robert Wood Johnson.
“This is an important agreement that ensures continuity post EU exit, and demonstrates the strength of the US-UK customs relationship,” Norman said in a statement. “This deal will allow us to continue to cooperate in combatting customs offences by sharing information and good practice, and provides the legal underpinning for schemes to ease trade flows for importers and exporters.”
It comes a day after international trade secretary Liz Truss announced an agreement with Mexico which will see the two countries continue to trade on the same terms as under the EU-Mexico trade deal.
Truss said the deal is a step toward joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) of which Mexico is a member.
The partnership also includes countries such as Australia, Canada, Japan and Singapore.
The UK will apply to join the trade bloc in early 2021.
Last month Britain secured a rollover deal with Canada with hopes that it will lay the foundations for a UK-Canada trade agreement.


cityam--2020-12-16--Public must self-isolate for five days before Christmas travel, says PM

Boris Johnson has urged the public to self-isolate for five days before visiting friends and family over Christmas , as the Prime Minister refused to U-turn on plans to relax coronavirus restrictions .
“ A smaller Christmas is going to be a safer Christmas , and a shorter Christmas is a safer Christmas , ” Johnson told a Downing Street press conference .
“ If you ’ re visiting others over Christmas we ’ re asking you in the five days beforehand , as early as this Friday , to reduce the number of people you ’ re in contact @ @ @ @ @ @ @ Read more : The UK ’ s four nations split on Christmas Covid rules “ Have yourselves a merry little Christmas ” , the PM added .
“ But I ’ m afraid this year , I do mean little.
” Under government plans , regional tier restrictions will be lifted to allowed three households to meet and form a bubble between 23 and 27 December .
But ministers have faced mounting pressure to U-turn on guidance , following a sharp rise in coronavirus cases across the country , and the health secretary @ @ @ @ @ @ @ mutation may be behind a spike in the southeast of England .
But Johnson today dug his heels in , announcing additional guidance alongside the relaxation of current coronavirus restrictions .
The PM urged people to avoid travelling from areas with a high prevalence of the virus to low prevalence areas in the run-up to Christmas .
The public should also “ avoid staying away from home overnight ” , and hold off on seeing elderly relatives until they have been vaccinated .
“ Keep it small .
Keep it short .
Keep @ @ @ @ @ @ @ most vulnerable people , ” chief medical officer Chris Whitty said .
It comes after Johnson faced accusations of confusing the public in a bid to “ save Christmas ” this afternoon , as he told the Commons the UK had reached a “ unanimous ” agreement on Christmas plans , while the leaders of Wales and Scotland announced divergent plans in simultaneous press conferences .
Welsh first minister Mark Drakeford said the country will toughen current guidelines allowing three households to mix over Christmas , announcing that Wales will limit gatherings to @ @ @ @ @ @ @ be ill at Christmas .
And none of us want to give this deadly disease to our closest family or friends , ” he said .
“ So the advice in Wales cut it down to two households and stronger measures coming in after the Christmas period.
” Wales will enter a “ Tier 4 ” lockdown when the five-day window for relaxed rules ends on 28 December , with Drakeford telling a press conference that it was the “ right decision ” to reduce Covid transmission .
“ We have seen how @ @ @ @ @ @ @ failed to contain the virus and now greater restrictions have to be in place , ” he said .
“ Coronavirus is rising in every part of Wales .
By taking action on an all-Wales basis , we act to protect people in every part of Wales.
” Read more : London in Tier 3 : What are the rules ?
Scotland will also diverge from the current guidelines , with first minister Nicola Sturgeon announcing a limit on gatherings between different households to just one day on Christmas Day .
“ We @ @ @ @ @ @ @ at the flexibility that in my view , wouldn ’ t be fear .
At this stage , and it wouldn ’ t be realistic either and indeed , it may risk undermining rather than strengthening compliance with the overall Covid guidance , ” said Sturgeon .
The government is set to publish full guidance on Christmas Covid rules later this evening .

Public must self-isolate for five days before Christmas travel, says PM
Boris Johnson has urged the public to self-isolate for five days before visiting friends and family over Christmas, as the Prime Minister refused to U-turn on plans to relax coronavirus restrictions.
“A smaller Christmas is going to be a safer Christmas, and a shorter Christmas is a safer Christmas,” Johnson told a Downing Street press conference.
“If you’re visiting others over Christmas we’re asking you in the five days beforehand, as early as this Friday, to reduce the number of people you’re in contact with to as low as possible.”
“Have yourselves a merry little Christmas”, the PM added. “But I’m afraid this year, I do mean little.”
Under government plans, regional tier restrictions will be lifted to allowed three households to meet and form a bubble between 23 and 27 December.
But ministers have faced mounting pressure to U-turn on guidance, following a sharp rise in coronavirus cases across the country, and the health secretary’s announcement that a new coronavirus mutation may be behind a spike in the southeast of England.
But Johnson today dug his heels in, announcing additional guidance alongside the relaxation of current coronavirus restrictions.
The PM urged people to avoid travelling from areas with a high prevalence of the virus to low prevalence areas in the run-up to Christmas.
The public should also “avoid staying away from home overnight”, and hold off on seeing elderly relatives until they have been vaccinated.
“Keep it small. Keep it short. Keep it local. And think of the most vulnerable people,” chief medical officer Chris Whitty said.
It comes after Johnson faced accusations of confusing the public in a bid to “save Christmas” this afternoon, as he told the Commons the UK had reached a “unanimous” agreement on Christmas plans, while the leaders of Wales and Scotland announced divergent plans in simultaneous press conferences.
Welsh first minister Mark Drakeford said the country will toughen current guidelines allowing three households to mix over Christmas, announcing that Wales will limit gatherings to two households.
“Nobody wants to be ill at Christmas. And none of us want to give this deadly disease to our closest family or friends,” he said. “So the advice in Wales cut it down to two households and stronger measures coming in after the Christmas period.”
Wales will enter a “Tier 4” lockdown when the five-day window for relaxed rules ends on 28 December, with Drakeford telling a press conference that it was the “right decision” to reduce Covid transmission.
“We have seen how a lower level of restrictions in London failed to contain the virus and now greater restrictions have to be in place,” he said. “Coronavirus is rising in every part of Wales. By taking action on an all-Wales basis, we act to protect people in every part of Wales.”
Scotland will also diverge from the current guidelines, with first minister Nicola Sturgeon announcing a limit on gatherings between different households to just one day on Christmas Day.
“We don’t intend to take away at the flexibility that in my view, wouldn’t be fear. At this stage, and it wouldn’t be realistic either and indeed, it may risk undermining rather than strengthening compliance with the overall Covid guidance,” said Sturgeon.
The government is set to publish full guidance on Christmas Covid rules later this evening.


cityam--2020-12-16--Snakes and Ladders: Who is moving jobs in the City this week?

Snakes and Ladders provides a roundup of the most important hires and job moves across the City , every Wednesday afternoon .
Email citymoves @ cityam.com to be featured .
Firms are continuing to adapt to the challenges and opportunities presented by the pandemic as they vie to be in prime position to recover from the economic fallout of the crisis .
This week law firms Norton Rose Fulbright and DLA Piper have made new appointments adjust to clients needs after Covid , whilst Ineos expanded its venture in low carbon technologies .
Law firm , Norton Rose Fulbright has @ @ @ @ @ @ @ estate finance and structured finance practices in London as the firm prepares for an increase in real estate investment after Covid .
Read more : Snakes and Ladders : Who is moving jobs in the City this week ?
Dorsaint joins the firm from Paul Hastings , where she was a partner in the London real estate department .
Chris Brown , EMEA head of banking and finance at Norton Rose Fulbright said : “ Her experience will strengthen our respective teams in those areas , particularly as we are likely to see @ @ @ @ @ @ @ activity as we emerge from the other side of the Covid-19 pandemic.
” Former BP finance chief Brian Gilvary has been appointed as chairman of a new venture launched by Ineos , one of the world ’ s largest chemical companies .
Gilvary will bring 34 years of experience at BP to the new business .
Ineos Energy will incorporate the firm ’ s oil and gas assets with its developing low carbon technologies as the company continues to transition to sustainable energy .
RSA UK and International has named Steve Watson as @ @ @ @ @ @ @ , part of RSA Commercial Lines .
Watson has been leading the London Market business on an interim basis since August , following the retirement of former head Gary Long .
Read more : Snakes and Ladders : Who is moving jobs in the City this week ?
Rob Gibbs , managing director of RSA Commercial Lines , said : “ Our London Market business is on an exciting trajectory with underlying performance showing strong improvement , so it was important that we have the right person heading the team.
” Everyman Media @ @ @ @ @ @ @ company , which was forced to close its cinemas during the two national lockdowns , is preparing to rebuild after the pandemic .
Scrimgeour was chief executive of Cote Restaurant , which entered administration in September due to the pressure of the coronavirus crisis , for five years .
During his tenure he introduced the casual dining chain ’ s e-commerce brand ‘ Cote at Home ’ .
Paul Wise , executive chairman , said : “ The appointment reinforces our optimism in life beyond Covid.
” Law firm DLA Piper has hired @ @ @ @ @ @ @ s competition watchdog as a political consultant .
Lord Andrew Tyrie ’ s appointment is part of the law firm ’ s mission to strengthen its UK government affairs practice .
JP Douglas-Henry , co-chair of litigation and arbitration at DLA Piper , said the appointment reflected how quickly business regulation has changed in the light of Covid-19 and Brexit .
He added that it is important “ for companies and organisations to proactively engage with government on policy issues of relevance to them in such a rapidly changing environment.
” The City @ @ @ @ @ @ @ appointments .
Sheldon Mills has been appointed as executive director of consumers and competition and Siobhan Sheridan as chief people officer at the Financial Conduct Authority ( FCA ) .
Read more : Snakes and Ladders : Who is moving jobs in the City this week ?
Mills will head a new division focused on the FCA ’ s consumer protection and competition objectives .
Formerly executive director of strategy and competition , he led the FCA ’ s response to ensure industry support for consumers during the pandemic .
Sheridan joins the @ @ @ @ @ @ @ where she was responsible for their diversity and inclusion strategy .

Snakes and Ladders: Who is moving jobs in the City this week?
Snakes and Ladders provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured.
Firms are continuing to adapt to the challenges and opportunities presented by the pandemic as they vie to be in prime position to recover from the economic fallout of the crisis.
This week law firms Norton Rose Fulbright and DLA Piper have made new appointments adjust to clients needs after Covid, whilst Ineos expanded its venture in low carbon technologies.
Global law firm welcomes new partner
Law firm, Norton Rose Fulbright has hired Jennie Dorsaint to expand its real estate finance and structured finance practices in London as the firm prepares for an increase in real estate investment after Covid.
Dorsaint joins the firm from Paul Hastings, where she was a partner in the London real estate department.
Chris Brown, EMEA head of banking and finance at Norton Rose Fulbright said: “Her experience will strengthen our respective teams in those areas, particularly as we are likely to see an uptick in the real estate investment activity as we emerge from the other side of the Covid-19 pandemic.”
Ex-BP finance chief joins forces with Ineos
Former BP finance chief Brian Gilvary has been appointed as chairman of a new venture launched by Ineos, one of the world’s largest chemical companies.
Gilvary will bring 34 years of experience at BP to the new business.
Ineos Energy will incorporate the firm’s oil and gas assets with its developing low carbon technologies as the company continues to transition to sustainable energy.
Insurance giant RSA appoints new managing director
RSA UK and International has named Steve Watson as managing director of its London Market business, part of RSA Commercial Lines.
Watson has been leading the London Market business on an interim basis since August, following the retirement of former head Gary Long.
Rob Gibbs, managing director of RSA Commercial Lines, said: “Our London Market business is on an exciting trajectory with underlying performance showing strong improvement, so it was important that we have the right person heading the team.”
Everyman Media Group looks to life after Covid
Cinema company Everyman Media Group appointed former Cote Restaurant boss Alex Scrimgeour as chief executive.
The company, which was forced to close its cinemas during the two national lockdowns, is preparing to rebuild after the pandemic.
Scrimgeour was chief executive of Cote Restaurant, which entered administration in September due to the pressure of the coronavirus crisis, for five years.
During his tenure he introduced the casual dining chain’s e-commerce brand ‘Cote at Home’.
Paul Wise, executive chairman, said: “The appointment reinforces our optimism in life beyond Covid.”
DLA Piper strengthens UK Government Affairs practice
Law firm DLA Piper has hired the former chair of the UK’s competition watchdog as a political consultant.
Lord Andrew Tyrie’s appointment is part of the law firm’s mission to strengthen its UK government affairs practice.
JP Douglas-Henry, co-chair of litigation and arbitration at DLA Piper, said the appointment reflected how quickly business regulation has changed in the light of Covid-19 and Brexit.
He added that it is important “for companies and organisations to proactively engage with government on policy issues of relevance to them in such a rapidly changing environment.”
City watchdog announces two new executive appointments
The City regulator has made two new executive director appointments.
Sheldon Mills has been appointed as executive director of consumers and competition and Siobhan Sheridan as chief people officer at the Financial Conduct Authority (FCA).
Mills will head a new division focused on the FCA’s consumer protection and competition objectives.
Formerly executive director of strategy and competition, he led the FCA’s response to ensure industry support for consumers during the pandemic.
Sheridan joins the FCA as from the Ministry of Defence where she was responsible for their diversity and inclusion strategy.


cityam--2020-12-16--Working capital for the capital: an interview with Lloyds Bank Commercial Banking’s SME London regio

BBLS .
CBILS .
Furlough .
Lockdown .
‘ You ’ re on mute… ’ .
Just some of the acronyms , words and expressions that have dominated 2020 .
“ A very unusual year in every context ” is how Paul Evans , Lloyds Bank Commercial Banking ’ s long-serving SME ( small and medium-sized enterprise ) London regional director , reflects on an unprecedented 12 months .
Evans has been with Lloyds Bank for more than 35 years , so has worked through what he describes as a “ range of economic conditions ” , including the global @ @ @ @ @ @ @ ago .
But the business and banking landscape has changed – and continues to change – beyond recognition as Covid-19 continues to create uncertainty .
“ This crisis isn ’ t just about the here and now it ’ s the legacy it will bring , ” says the 55-year-old , interviewed ( by videocall ) from his home in the south-east borough of Bexley .
Evans ’ role is to work with SMEs and mid-corporate businesses , which he calls the “ backbone ” of the economy .
At Lloyds Bank , @ @ @ @ @ @ @ businesses , whose turnover is typically between £3m and £25m .
Confidence of firms in the capital rose during November , most likely buoyed by positive news about Covid-19 vaccines , according to Lloyd Bank ’ s latest Business Barometer .
But the bank ’ s data also showed that 23 per cent of businesses are expected to reduce their staff over the coming year , up by three points from the previous month .
It remains a very fragile situation .
‘ Businesses are constantly having to adapt ’ Evans and his @ @ @ @ @ @ @ to understand and adapt to this unpredictable , highly challenging environment .
Nationally , Lloyds Bank has so far helped around 285,000 businesses during the pandemic in conjunction with the government Covid-19 financial support programmes .
On his team ’ s support of London firms , Evans says , “ we ’ ve backed hundreds of businesses to navigate the ongoing disruption , and have been proactive in ensuring clients are always aware of what facilities are out there , ” recalling that “ products were evolving almost overnight ” as the first @ @ @ @ @ @ @ have worked tirelessly with the government on how these schemes can best work for clients and ensure the tools in our kitbag are appropriate for the situation we are facing , ” he says .
“ Businesses are constantly having to adapt to lockdown , partial lockdown and so on .
But decisions on tiers are not taken lightly.
” An Arsenal season-ticket holder and Gunners fan since his first visit to the old Highbury in the late 1970s , Evans is proud of the companies on his turf that Lloyds Bank has @ @ @ @ @ @ @ ES Global , an events business that received a multi-million pound working capital facility ; Harrow-headquartered Harold Benjamin Solicitors , a long-standing client that received a £500,000 CBILS loan ; and Covent Garden-based Ena Salon , which re-opened for business in July with the support of a £200,000 CBILS loan after furloughing its 50-strong team back in March .
He talks passionately , too , about how Lloyds Bank can help firms to explore new product lines .
Ena Salon , for example , has diversified with a digital training platform , while @ @ @ @ @ @ @ staples to hand-sanitiser and a furniture company moving into home-office equipment .
Evans is in conversation with City AM as the latest Brexit talks reach a critical stage – an element of uncertainty that pre-dates Covid-19 .
“ Yes , before the ‘ C ’ word there was the ‘ B ’ word , it ’ s never gone away , ” he says .
“ We have been working with firms to signpost them to government websites and make sure they are aware of the potential impact .
Some are ‘ on @ @ @ @ @ @ @ , sourced a secondary supplier ‘ just in case ’ .
There are others who are less prepared but seem to believe it will come good.
” As Lloyds Bank continues to steer clients through the turbulence , what ’ s uppermost in his mind ?
“ The one recommendation we have is about working capital .
We are starting to see customers coming to us who are looking to expand and looking for some support , ” he says , with an eye on the green shoots of post-Covid recovery .
“ @ @ @ @ @ @ @ they need raw materials , maybe extra staff and working capital .
That could be overdrafts , invoice discounting , asset finance – a range of different products , ” he says .
“ We want firms who are growing to be in the strongest position possible and that means having great working capital.
” Interested to read more about Lloyds Banking Group ?
City AM recently interviewed Ed Thurman , the group ’ s ambassador for the capital : ‘ Standing up for the recovery : an interview with Lloyds Banking Group @ @ @ @ @ @ @ covered a London-focused roundtable held as part of Lloyds Banking Group ’ s UK-wide ‘ The Big Conversation : Helping Britain Recover ’ series of virtual events : Building consensus on London ’ s housing priorities .

Sponsored Ad Feature is produced by an advertiser with the specific intent to promote a product and is not produced by the City A.M. team.
Working capital for the capital: an interview with Lloyds Bank Commercial Banking’s SME London regional director, Paul Evans
Paul Evans, Lloyds Bank Commercial Banking’s SME London regional director
BBLS. CBILS. Furlough. Lockdown. ‘You’re on mute…’. Just some of the acronyms, words and expressions that have dominated 2020.
“A very unusual year in every context” is how Paul Evans, Lloyds Bank Commercial Banking’s long-serving SME (small and medium-sized enterprise) London regional director, reflects on an unprecedented 12 months.
Evans has been with Lloyds Bank for more than 35 years, so has worked through what he describes as a “range of economic conditions”, including the global financial crisis of more than a decade ago. But the business and banking landscape has changed – and continues to change – beyond recognition as Covid-19 continues to create uncertainty.
“This crisis isn’t just about the here and now it’s the legacy it will bring,” says the 55-year-old, interviewed (by videocall) from his home in the south-east borough of Bexley.
Evans’ role is to work with SMEs and mid-corporate businesses, which he calls the “backbone” of the economy. At Lloyds Bank, his team has responsibility for around 15,000 businesses, whose turnover is typically between £3m and £25m.
Confidence of firms in the capital rose during November, most likely buoyed by positive news about Covid-19 vaccines, according to Lloyd Bank’s latest Business Barometer. But the bank’s data also showed that 23 per cent of businesses are expected to reduce their staff over the coming year, up by three points from the previous month. It remains a very fragile situation.
‘Businesses are constantly having to adapt’
Evans and his 80-strong team support clients as they try to understand and adapt to this unpredictable, highly challenging environment.
Nationally, Lloyds Bank has so far helped around 285,000 businesses during the pandemic in conjunction with the government Covid-19 financial support programmes.
On his team’s support of London firms, Evans says, “we’ve backed hundreds of businesses to navigate the ongoing disruption, and have been proactive in ensuring clients are always aware of what facilities are out there,” recalling that “products were evolving almost overnight” as the first national lockdown was introduced.
“We have worked tirelessly with the government on how these schemes can best work for clients and ensure the tools in our kitbag are appropriate for the situation we are facing,” he says.
“Businesses are constantly having to adapt to lockdown, partial lockdown and so on. But decisions on tiers are not taken lightly.”
Gunning for the capital’s businesses
An Arsenal season-ticket holder and Gunners fan since his first visit to the old Highbury in the late 1970s, Evans is proud of the companies on his turf that Lloyds Bank has been able to help.
Examples include ES Global, an events business that received a multi-million pound working capital facility; Harrow-headquartered Harold Benjamin Solicitors, a long-standing client that received a £500,000 CBILS loan; and Covent Garden-based Ena Salon, which re-opened for business in July with the support of a £200,000 CBILS loan after furloughing its 50-strong team back in March.
He talks passionately, too, about how Lloyds Bank can help firms to explore new product lines. Ena Salon, for example, has diversified with a digital training platform, while he mentions a stationery supplier switching from staples to hand-sanitiser and a furniture company moving into home-office equipment.
Evans is in conversation with City AM as the latest Brexit talks reach a critical stage – an element of uncertainty that pre-dates Covid-19. “Yes, before the ‘C’ word there was the ‘B’ word, it’s never gone away,” he says. “We have been working with firms to signpost them to government websites and make sure they are aware of the potential impact. Some are ‘on it’ and have, for example, sourced a secondary supplier ‘just in case’. There are others who are less prepared but seem to believe it will come good.”
As Lloyds Bank continues to steer clients through the turbulence, what’s uppermost in his mind? “The one recommendation we have is about working capital. We are starting to see customers coming to us who are looking to expand and looking for some support,” he says, with an eye on the green shoots of post-Covid recovery.
“As firms start generating new contracts, they need raw materials, maybe extra staff and working capital. That could be overdrafts, invoice discounting, asset finance – a range of different products,” he says. “We want firms who are growing to be in the strongest position possible and that means having great working capital.”
Interested to read more about Lloyds Banking Group? City AM recently interviewed Ed Thurman, the group’s ambassador for the capital: ‘Standing up for the recovery: an interview with Lloyds Banking Group’s London ambassador’; & covered a London-focused roundtable held as part of Lloyds Banking Group’s UK-wide ‘The Big Conversation: Helping Britain Recover’ series of virtual events: Building consensus on London’s housing priorities.


cityam--2020-12-17--Ads giant WPP turns to tech to restore growth after accounting error

WPP , the world ’ s biggest advertising company , set out its plans to restore revenue growth to pre-pandemic levels by 2022 , a year ahead of expectations .
The company , which owns agencies such as Ogilvy , Grey and GroupM , saw net sales fall by 8.4 per cent this year as lockdowns hit many of their clients .
The firm has been beset by controversy and this week also admitted in a statement to the London Stock Exchange that it had made a £300m accounting error , meaning the record £2.6bn loss it posted in half-year @ @ @ @ @ @ @ plan to accelerate growth on the back of e-commerce and digital marketing trends .
It aims to increase business in this area from 25 per cent of revenue today to 40 per cent by 2025 .
Mark Read , chief executive officer of WPP , said : “ The events of 2020 have only accelerated the structural changes in our industry , from the expansion of digital channels to growing demand for e-commerce solutions.
” The London-based advertising company has set out a goal of an annual growth rate of 3 – 4 @ @ @ @ @ @ @ has been rebuilding over the last two years after the tumultuous departure of long-term chief executive , Sir Martin Sorrell .
In the past two years , it has won $ 5.6 billion of contracts with high-profile companies such as Alibaba , HSBC , Intel , Uber and Unilever .
WPP also plans to resume its Kantar share buyback programme and to increase dividend payouts to around 40 percent of earnings per share .
Read more : New : Watchdog mulls Google probe over ‘ anti-competitive ’ advertising tech

Ads giant WPP turns to tech to restore growth after accounting error
WPP, the world’s biggest advertising company, set out its plans to restore revenue growth to pre-pandemic levels by 2022, a year ahead of expectations.
The company, which owns agencies such as Ogilvy, Grey and GroupM, saw net sales fall by 8.4 per cent this year as lockdowns hit many of their clients.
The firm has been beset by controversy and this week also admitted in a statement to the London Stock Exchange that it had made a £300m accounting error, meaning the record £2.6bn loss it posted in half-year results was in fact £2.9bn.
WPP plan to accelerate growth on the back of e-commerce and digital marketing trends. It aims to increase business in this area from 25 per cent of revenue today to 40 per cent by 2025.
Mark Read, chief executive officer of WPP, said: “The events of 2020 have only accelerated the structural changes in our industry, from the expansion of digital channels to growing demand for e-commerce solutions.”
The London-based advertising company has set out a goal of an annual growth rate of 3 – 4 per cent from 2023.
The company has been rebuilding over the last two years after the tumultuous departure of long-term chief executive, Sir Martin Sorrell.
In the past two years, it has won $5.6 billion of contracts with high-profile companies such as Alibaba, HSBC, Intel, Uber and Unilever.
WPP also plans to resume its Kantar share buyback programme and to increase dividend payouts to around 40 percent of earnings per share.


cityam--2020-12-17--New: European Parliament paves way for emergency Brexit session

The European Parliament ‘ stands ready ’ to convene an emergency session before the end of the year if the United Kingdom and the European Union can strike a deal by midnight Sunday .
In a statement , bosses said if a deal was struck by “ midnight on Sunday 21December ” and though this is not in fact the date – it is Sunday 20 – it is believed the document is referring to the end of the weekend .
The body , which will need to grant consent to any future trade deal , released a statement this @ @ @ @ @ @ @ no deal scenario ” which it says would have a “ huge negative impact… on citizens and businesses.
” Talks are ongoing over the future relationship but many watchers seem to think the odds are moving towards a deal being struck in the coming days .
Read more : Sterling at 32-month high as Brexit deal optimism increases A Parliamentary session would take place “ towards the end of December ” if a deal is struck this weekend .
The Parliament has also demanded that the European Commission provide it with a full @ @ @ @ @ @ @ of the Withdrawal Agreement , which has become a bone of contention in recent days .
The UK Parliament will also have to be convened in some form , either digitally or physically , to ratify any deal before the transition period expires at 11pm GMT on New Year ’ s Eve .
Earlier today , Chancellor Rishi Sunak suggested that the worst of any Brexit turbulence could be mitigated via the use of existing Covid support schemes , including the furlough scheme .

New: European Parliament paves way for emergency Brexit session
(Photo by Aaron Chown – WPA Pool/Getty Images)
The European Parliament ‘stands ready’ to convene an emergency session before the end of the year if the United Kingdom and the European Union can strike a deal by midnight Sunday.
In a statement, bosses said if a deal was struck by “midnight on Sunday 21December” and though this is not in fact the date – it is Sunday 20 – it is believed the document is referring to the end of the weekend.
The body, which will need to grant consent to any future trade deal, released a statement this lunchtime welcoming efforts “to avoid a no deal scenario” which it says would have a “huge negative impact… on citizens and businesses.”
Talks are ongoing over the future relationship but many watchers seem to think the odds are moving towards a deal being struck in the coming days.
Read more: Sterling at 32-month high as Brexit deal optimism increases
A Parliamentary session would take place “towards the end of December” if a deal is struck this weekend.
The Parliament has also demanded that the European Commission provide it with a full report into the UK’s implementation of the Withdrawal Agreement, which has become a bone of contention in recent days.
The UK Parliament will also have to be convened in some form, either digitally or physically, to ratify any deal before the transition period expires at 11pm GMT on New Year’s Eve.
Earlier today, Chancellor Rishi Sunak suggested that the worst of any Brexit turbulence could be mitigated via the use of existing Covid support schemes, including the furlough scheme.


cityam--2020-12-17--Bentley CEO Adrian Hallmark: "My ideal Christmas present is an EU deal"

“ My ideal Christmas present would be a deal with the European Union , ” says Bentley CEO Adrian Hallmark .
Nonetheless , he explains the British luxury carmaker is prepared for no-deal , stockpiling a month ’ s supply of production parts where two days is the norm .
“ We don ’ t welcome a hard Brexit , but we ’ re ready for it.
” This has been a turbulent year for Bentley , which achieved record profits in the first quarter , followed by a record loss – and the announcement of up to 1,000 job @ @ @ @ @ @ @ The company has also ceased all motorsport activities as a cost-cutting measure .
Despite the twin challenges of Covid-19 and Brexit , Hallmark says Bentley ends 2020 in “ good shape ” , breaking even and with an order bank 50 percent larger than at the start of the year .
“ My favourite description of crisis management is ‘ doing everything in a six-month period that you should have done over the past five years ’ – and there are so many examples of that here , ” he explains .
So @ @ @ @ @ @ @ a growth trend across all categories , not just cars , ” says Hallmark , “ and I think that will continue.
” In the longer term , he cites Bentley ’ s ‘ Beyond 100 ’ strategy for sustainability as a major potential advantage .
“ We only build small numbers of cars , so it ’ s easier for us to decarbonise our footprint and choose materials that are ethically and environmentally transparent.
” One example is the 5,000-year-old river wood used in the Bentley EXP 100 GT concept car , @ @ @ @ @ @ @ is preserved in peat .
Discussing the social effects of the pandemic , Hallmark says : “ We ’ ve all learned that you don ’ t have to travel all the time .
But when you do , isolation is not a bad thing .
It ’ s created even more need for a private bubble – a haven , if you like.
” Bentley has stated it will only sell plug-in hybrid vehicles from 2026 , and will go fully electric by 2030 .
“ Electrification isn ’ t an option @ @ @ @ @ @ @ ” Hallmark believes .
The shift to battery power is also more straightforward for a luxury brand , he says .
Most Bentley customers have access to a charging point at home or work , and 39 percent are already considering an EV for their next car .
“ The inter-city charging network is the next frontier .
If you look at the rate of ramp-up for charging points , it will support 30 percent of the total UK vehicle fleet by 2030 .
If we create innovative charging solutions on top of @ @ @ @ @ @ @ a lorry with batteries in the back that gives you a boost while you have lunch – we can make it work.
” One consequence of Bentley ’ s shift to electric vehicles will be closer alignment with Audi .
In the past , the marque has shared more platforms and hardware with Porsche ( all three brands are part of the Volkswagen Group ) .
Bentley will formally move under Ingolstadt ’ s wing in the second quarter of 2021 and will benefit from Audi ’ s new Artemis initiative for electric @ @ @ @ @ @ @ makes sense to find the best organisation for synergies , ” explains Hallmark .
“ Whether the Audi solution will be shareholding or simply governance is not yet determined .
But we see this as an opportunity , not a risk.
” Hallmark says the idea of Bentleys being chauffeur-driven cars is a myth .
“ That was the case 50 years ago , it ’ s not the case today .
Even in China , more than 90 percent of our cars are driven by the owner.
” “ The driving feel @ @ @ @ @ @ @ top three attributes cited by our customers for buying one , ” he reveals .
“ Autonomous cars are definitely on the agenda , but we want to orientate around the driver , with autonomous features that take the stress out of the boring bits – e.g .
junction-to-junction on the motorway or complex parking manoeuvres.
” A return to motorsport is also on the cards eventually .
“ Racing was one of the key foundation stones for building the image of Bentley .
It was the proving ground for [ company founder @ @ @ @ @ @ @ around him .
“ For Bentley never to race again would be difficult to imagine , but it has to be relevant .
Endurance racing with renewable energy is where we ’ d want to be .
”

Bentley CEO Adrian Hallmark: “My ideal Christmas present is an EU deal”
“My ideal Christmas present would be a deal with the European Union,” says Bentley CEO Adrian Hallmark. Nonetheless, he explains the British luxury carmaker is prepared for no-deal, stockpiling a month’s supply of production parts where two days is the norm. “We don’t welcome a hard Brexit, but we’re ready for it.”
This has been a turbulent year for Bentley, which achieved record profits in the first quarter, followed by a record loss – and the announcement of up to 1,000 job cuts – in the second quarter. The company has also ceased all motorsport activities as a cost-cutting measure.
Despite the twin challenges of Covid-19 and Brexit, Hallmark says Bentley ends 2020 in “good shape”, breaking even and with an order bank 50 percent larger than at the start of the year.
“My favourite description of crisis management is ‘doing everything in a six-month period that you should have done over the past five years’ – and there are so many examples of that here,” he explains. So what comes next?
‘Luxury is a growth trend’
“Luxury is a growth trend across all categories, not just cars,” says Hallmark, “and I think that will continue.”
In the longer term, he cites Bentley’s ‘Beyond 100’ strategy for sustainability as a major potential advantage. “We only build small numbers of cars, so it’s easier for us to decarbonise our footprint and choose materials that are ethically and environmentally transparent.”
One example is the 5,000-year-old river wood used in the Bentley EXP 100 GT concept car, a waste product from farming, which is preserved in peat.
Discussing the social effects of the pandemic, Hallmark says: “We’ve all learned that you don’t have to travel all the time. But when you do, isolation is not a bad thing. It’s created even more need for a private bubble – a haven, if you like.”
‘Electrification is an obligation’
Bentley has stated it will only sell plug-in hybrid vehicles from 2026, and will go fully electric by 2030. “Electrification isn’t an option, it’s an obligation,” Hallmark believes.
The shift to battery power is also more straightforward for a luxury brand, he says. Most Bentley customers have access to a charging point at home or work, and 39 percent are already considering an EV for their next car.
“The inter-city charging network is the next frontier. If you look at the rate of ramp-up for charging points, it will support 30 percent of the total UK vehicle fleet by 2030. If we create innovative charging solutions on top of that – such as inductive charging or a lorry with batteries in the back that gives you a boost while you have lunch – we can make it work.”
Vorsprung durch Bentley
One consequence of Bentley’s shift to electric vehicles will be closer alignment with Audi. In the past, the marque has shared more platforms and hardware with Porsche (all three brands are part of the Volkswagen Group).
Bentley will formally move under Ingolstadt’s wing in the second quarter of 2021 and will benefit from Audi’s new Artemis initiative for electric, highly automated cars.
“It makes sense to find the best organisation for synergies,” explains Hallmark. “Whether the Audi solution will be shareholding or simply governance is not yet determined. But we see this as an opportunity, not a risk.”
Bentleys are for driving
Hallmark says the idea of Bentleys being chauffeur-driven cars is a myth. “That was the case 50 years ago, it’s not the case today. Even in China, more than 90 percent of our cars are driven by the owner.”
“The driving feel of a Bentley is one of the top three attributes cited by our customers for buying one,” he reveals. “Autonomous cars are definitely on the agenda, but we want to orientate around the driver, with autonomous features that take the stress out of the boring bits – e.g. junction-to-junction on the motorway or complex parking manoeuvres.”
A return to motorsport is also on the cards eventually. “Racing was one of the key foundation stones for building the image of Bentley. It was the proving ground for [company founder] W.O. and for the people around him.
“For Bentley never to race again would be difficult to imagine, but it has to be relevant. Endurance racing with renewable energy is where we’d want to be.”