cityam--2020-10-04--Betfred owner mulls rival bid for William Hill

Betfred co-founder Fred Done is reportedly mulling a bid for William Hill , a move that could derail a £2.9bn deal with Las Vegas casino owner Caesars Entertainment .
Done , who is William Hill ’ s second-biggest investor , is weighing up “ all options ” this weekend , the Sunday Telegraph reported .
The billionaire bookmaker held informal discussions over a potential offer for the rival firm ’ s 1,400 betting shops at the end of last year .
He is now considering a bid for the entire business due to challenging high street trading conditions amid the @ @ @ @ @ @ @ citing sources .
William Hill on Wednesday confirmed it had given the green light to be acquired by Caesars for £2.9bn .
Chairman Roger Devlin said the US firm ’ s offer is the “ best option ” for the high street gambling firm “ at an attractive price for shareholders ” .
“ It recognises the significant progress the group has made over the last 18 months , as well as the risk and significant investment required to maximise the US opportunity given intense competition in the US , ” Devlin said @ @ @ @ @ @ @ in ‘ advanced discussions ’ over £2.9bn William Hill takeover The company said it would continue to operate “ business as usual ” while the deal undergoes regulatory scrutiny , and said its UK operations still has “ a strong future ahead ” .
Caesars said on Wednesday that “ the historic acquisition would bring together Caesars as one of the largest gaming-entertainment companies in the US… and William Hill as one of the world ’ s leading betting and gambling companies.
” The proposed takeover by Caesars , which owns Las Vegas @ @ @ @ @ @ @ , would mark a significant expansion across the Atlantic for William Hill , after a challenging trading period during the pandemic .
City A.M. has contacted Betfred for comment .

Betfred owner denies rival bid for William Hill
Betfred co-founder Fred Done has pushed back against reports that he will make a rival bid for William Hill, which has already given the green light to a £2.9bn deal with Las Vegas casino owner Caesars Entertainment.
Done, who is William Hill’s second-biggest investor, was weighing up “all options” this weekend, the Sunday Telegraph reported.
Done held informal discussions over a potential offer for the rival firm’s 1,400 betting shops at the end of last year.
He was reportedly considering a bid for the entire business due to challenging high street trading conditions amid the Covid-19 pandemic, the newspaper added, citing sources.
However a spokesperson for the billionaire bookmaker has since confirmed that neither Done or Betfred will make an offer for the firm.
William Hill on Wednesday confirmed it had given the green light to be acquired by Caesars for £2.9bn.
Chairman Roger Devlin said the US firm’s offer is the “best option” for the high street gambling firm “at an attractive price for shareholders”.
“It recognises the significant progress the group has made over the last 18 months, as well as the risk and significant investment required to maximise the US opportunity given intense competition in the US,” Devlin said.
The company said it would continue to operate “business as usual” while the deal undergoes regulatory scrutiny, and said its UK operations still has “a strong future ahead”.
Caesars said on Wednesday that “the historic acquisition would bring together Caesars as one of the largest gaming-entertainment companies in the US… and William Hill as one of the world’s leading betting and gambling companies.”
The proposed takeover by Caesars, which owns Las Vegas’ iconic hotel and casino Caesars Palace, would mark a significant expansion across the Atlantic for William Hill, after a challenging trading period during the pandemic.
City A.M. has contacted Betfred for comment.


cityam--2020-10-04--Coronavirus: Boris Johnson says it'll be a bumpy road until Christmas, as new Covid-19 cases top 10,

Coronavirus: Boris Johnson says it'll be a bumpy road until Christmas, as new Covid-19 cases top 10,000

Prime Minister Boris Johnson this morning said it ’ ll “ be bumpy until Christmas ” dealing with the coronavirus outbreak .
The PM told the BBC the government was taking a “ balanced ” approach between saving lives and protecting the economy .
“ The best thing we can do now for all those who have suffered in the course of this pandemic is bring it to an end in the speediest possible way.
” Johnson suggested that people should “ behave fearlessly , but with common sense ” .
His update came as the UK Government announced there @ @ @ @ @ @ @ since mass testing began .
Read more : Boris Johnson ‘ will not hesitate ’ to impose further coronavirus rest However , the Prime Minister was more positive about 2021 .
“ If you talk to the scientists , they ’ re all virtually unanimous that by the spring things will be radically different and we ’ ll be in a different world , that is the normal cycle of a pandemic like this , ” he said Johnson ’ s government has come under fire for re-imposing restrictions on businesses to cope @ @ @ @ @ @ @ particularly from the UK hospitality industry which says it is being made a scapegoat .
Meanwhile , cinema chain Cineworld has warned it will close all its sites and cut jobs , due to the coronavirus , unless the government offers further support .
Johnson yesterday launched a review aimed at improving transport links across the UK , including a possible bridge between Scotland and Northern Ireland , as part of a plan to boost the pandemic-hit economy and strengthen ties between its member nations .
The study will consider air links within @ @ @ @ @ @ @ in Scotland , the Welsh rail network , as well as the cost and practicality of building a “ fixed link ” with Northern Ireland , said a government statement .
Read more : Pub chain Fuller ’ s to axe one in 10 jobs with London facing biggest cuts ‘ Trump is going to be fine ’ The Prime Minister was also aked about the hospitalisation of his US counterpart , President Donald Trump .
“ I ’ m sure that President Trump is going to be fine .
“ He ’ @ @ @ @ @ @ @ just needs , I mean , the most important thing to do is to follow his doctors ’ advice , he ’ s got superb medical advice , ” Johnson told the Andrew Marr show .
Johnson tested positive for Covid-19 in late March and was hospitalised for a week , including three nights in intensive care .

Coronavirus: Boris Johnson says it’ll be a bumpy road until Christmas, as new Covid-19 cases top 10,000
Britain’s Prime Minister Boris Johnson wears a protective face covering as he arrives to take part in the BBC political programme The Andrew Marr Show.
Prime Minister Boris Johnson this morning said it’ll “be bumpy until Christmas” dealing with the coronavirus outbreak.
The PM told the BBC the government was taking a “balanced” approach between saving lives and protecting the economy.
“The best thing we can do now for all those who have suffered in the course of this pandemic is bring it to an end in the speediest possible way.”
Johnson suggested that people should “behave fearlessly, but with common sense”.
His update came as the UK Government announced there were 12,872 new cases – the highest since mass testing began.
However, the Prime Minister was more positive about 2021.
“If you talk to the scientists, they’re all virtually unanimous that by the spring things will be radically different and we’ll be in a different world, that is the normal cycle of a pandemic like this,” he said
Johnson’s government has come under fire for re-imposing restrictions on businesses to cope with the increase in new cases, particularly from the UK hospitality industry which says it is being made a scapegoat.
Meanwhile, cinema chain Cineworld has warned it will close all its sites and cut jobs, due to the coronavirus, unless the government offers further support.
Johnson yesterday launched a review aimed at improving transport links across the UK, including a possible bridge between Scotland and Northern Ireland, as part of a plan to boost the pandemic-hit economy and strengthen ties between its member nations.
The study will consider air links within the country, road and rail links in Scotland, the Welsh rail network, as well as the cost and practicality of building a “fixed link” with Northern Ireland, said a government statement.
‘Trump is going to be fine’
The Prime Minister was also aked about the hospitalisation of his US counterpart, President Donald Trump.
“I’m sure that President Trump is going to be fine.
“He’s got the best possible care… He just needs, I mean, the most important thing to do is to follow his doctors’ advice, he’s got superb medical advice,” Johnson told the Andrew Marr show.
Johnson tested positive for Covid-19 in late March and was hospitalised for a week, including three nights in intensive care.


cityam--2020-10-04--Cineworld to close all UK theatres over Covid-19 film release delays

Cineworld is preparing to close all of its UK cinemas due to delays to film releases during the coronavirus pandemic , putting 5,500 jobs at risk .
The cinema chain , which operates 128 branches in the UK and Ireland , will write to the Prime Minister and culture minister Oliver Dowden , saying the industry is “ unviable ” in the current climate .
Read more : Cineworld warns on future as it sinks to $ 1.6bn loss Film studios have postponed big budget releases during the coronavirus pandemic over fears that audience numbers will be too low .
@ @ @ @ @ @ @ to Die has had its release date pushed back again from November to April next year .
It was originally set to be shown in April this year , at the height of the coronavirus lockdown .
‘ As soon as this week ’ The Sunday Times , which first reported the potential closures , said Cineworld is drawing up plans to shutter theatres as soon as this week .
The company last month posted a first-half loss of $ 1.6bn due to the coronavirus outbreak and warned that it may be forced @ @ @ @ @ @ @ revenue of $ 712.4m in the six months to the end of June , down 67 per cent on last year , after it was ordered to close all of its venues from March .
The firm said it had taken a number of measures to mitigate the impact of the virus , including negotiating rent relief and deferrals with landlords , using government support schemes and cutting salaries .
Read more : Coronavirus : Cineworld in legal battle over unpaid lockdown rent Cineworld also raised an additional $ 360.8m during the period @ @ @ @ @ @ @ .
It said that reopened venues had performed well , largely due to the release of Christopher Nolan ’ s Tenet .
However the firm warned of ongoing uncertainty due to the possibility of new government restrictions or additional delays to film releases .

Cineworld to close all UK theatres over Covid-19 film release delays
A poster for the new James Bond movie No Time to Die, which has twice been delayed by the Covid-19 outbreak
Cineworld is preparing to close all of its UK cinemas due to delays to film releases during the coronavirus pandemic, putting 5,500 jobs at risk.
The cinema chain, which operates 128 branches in the UK and Ireland, will write to the Prime Minister and culture minister Oliver Dowden, saying the industry is “unviable” in the current climate.
Film studios have postponed big budget releases during the coronavirus pandemic over fears that audience numbers will be too low.
The latest James Bond film No Time to Die has had its release date pushed back again from November to April next year.
It was originally set to be shown in April this year, at the height of the coronavirus lockdown.
A poster for the new James Bond movie “No Time to Die”. The movie’s release date has twice been delayed by the Covid-19 outbreak
‘As soon as this week’
The Sunday Times, which first reported the potential closures, said Cineworld is drawing up plans to shutter theatres as soon as this week.
The company last month posted a first-half loss of $1.6bn due to the coronavirus outbreak and warned that it may be forced to raise more cash.
Cineworld reported revenue of $712.4m in the six months to the end of June, down 67 per cent on last year, after it was ordered to close all of its venues from March.
The firm said it had taken a number of measures to mitigate the impact of the virus, including negotiating rent relief and deferrals with landlords, using government support schemes and cutting salaries.
Cineworld also raised an additional $360.8m during the period to help shore up its balance sheet.
Christopher Nolan’s film “Tenet” was released internationally on August 26, to mixed reviews but eager theatre-goers
It said that reopened venues had performed well, largely due to the release of Christopher Nolan’s Tenet.
However the firm warned of ongoing uncertainty due to the possibility of new government restrictions or additional delays to film releases.


cityam--2020-10-04--More than 1,000 UK pubs plead for government help after dire Friday trading following 10pm curfew

More than 1,000 UK pubs have signed an open letter to chancellor Rishi Sunak , pleading for more support and a rethink of the 10pm curfew .
The open letter comes after the second Friday trading under the new Covid-19 laws which force pubs to offer table service only and kick patrons out at 10pm .
Unsurprisingly , revenues in the hospitality sector have been hit .
On Friday the Coffer Peach Business Tracker showed the hit to trading had been instant , with drinks-led pubs suffering a record a 15 per cent fall in sales week-on-week .
Read more @ @ @ @ @ @ @ at risk as curfew stifles hospitality recovery The letter , organised by the grassroots organisation Campaign for Pubs , follows what it callws “ woeful ” lack of support from Sunak ’ s Winter Economic Statement last Thursday .
Its members said the financial impacts of the new restrictions wereboth instant and dire .
The campaign group said some of its members were reporting trading down on Fridays by as much as 70 per cent .
One publican said : “ I don ’ t even want to talk about how soul-destroying last @ @ @ @ @ @ @ Another pub manager told the Campaign for pubs : “ I ’ m 25 % down from my break-even point for the second week in a row can ’ t carry losses for too much longer will have to make some decisions Monday.
” Read more : Sadiq Khan calls for review of England ’ s 10pm curfew The Campaign for Pubs said members signed the letter because there is “ real anger among licensees about the 10pm curfew , which has no scientific basis , but which makes it impossible for some @ @ @ @ @ @ @ trade to operate profitably ” .
• Five per cent ( or even better zero ) VAT on all sales in pubs • Grants to cover full costs if pubs can not viably trade due to the current restrictions and have to close temporarily • A business rates holiday extension , with a complete overhaul for business rates for pubs prior to recommencing • A statutory right to an immediate rent review for all pubs , to tackle the fact many pubs are facing wholly unreasonable rent levels , considering the Government restrictions @ @ @ @ @ @ @ week that hospitality companies would benefit from measures in this Winter Economic Statement , such as the extension of the business rates exemption until March .

More than 1,000 UK pubs plead for government help after dire Friday trading following 10pm curfew
The Grapes in the City of London.
More than 1,000 UK pubs have signed an open letter to chancellor Rishi Sunak, pleading for more support and a rethink of the 10pm curfew.
The open letter comes after the second Friday trading under the new Covid-19 laws which force pubs to offer table service only and kick patrons out at 10pm.
Unsurprisingly, revenues in the hospitality sector have been hit.
On Friday the Coffer Peach Business Tracker showed the hit to trading had been instant, with drinks-led pubs suffering a record a 15 per cent fall in sales week-on-week.
‘Soul-destroying’
The letter, organised by the grassroots organisation Campaign for Pubs, follows what it callws “woeful” lack of support from Sunak’s Winter Economic Statement last Thursday.
Its members said the financial impacts of the new restrictions wereboth instant and dire.
The campaign group said some of its members were reporting trading down on Fridays by as much as 70 per cent.
One publican said: “I don’t even want to talk about how soul-destroying last night [Friday] was”.
Another pub manager told the Campaign for pubs: “I’m 25% down from my break-even point for the second week in a row can’t carry losses for too much longer will have to make some decisions Monday.”
The Campaign for Pubs said members signed the letter because there is “real anger among licensees about the 10pm curfew, which has no scientific basis, but which makes it impossible for some pubs reliant on Friday and Saturday night trade to operate profitably”.
Help wanted
Specifically, the open letter calls for:
Five per cent (or even better zero) VAT on all sales in pubs
Grants to cover full costs if pubs cannot viably trade due to the current restrictions and have to close temporarily
A business rates holiday extension, with a complete overhaul for business rates for pubs prior to recommencing
A statutory right to an immediate rent review for all pubs, to tackle the fact many pubs are facing wholly unreasonable rent levels, considering the Government restrictions and reduced trade
The chancellor said last week that hospitality companies would benefit from measures in this Winter Economic Statement, such as the extension of the business rates exemption until March.


cityam--2020-10-04--City powerhouses will need to adjust to the "new normal"

In the past week , London ’ s leading financial services companies have quickly had to reassess their plans to get employees back to the office .
While many industry leaders will have come to a painful realisation that arriving at a “ new normal ” will be a more iterative process than previously imagined , they should take stock in the progress that has been made since lockdown first hit the UK in March .
Most significantly for the future of the financial services industry , the monumental shift towards agile and remote working has meant that the digital @ @ @ @ @ @ @ at a faster and more exciting pace than ever before .
Read more : Sign up for City A.M. ’ S morning newsletter Earlier in the summer , it was reported that some of the world ’ s largest banks , including Goldman Sachs , Deutsche Bank and HSBC , have all now signed deals with large tech companies to integrate cloud computing solutions into their business models , part of what is being called a “ tech awakening ” for the industry .
So now , as we look towards more uncertain @ @ @ @ @ @ @ technology poses a potential silver lining for banking in the “ post-COVID ” era .
A 2018 report by Accenture discovered that 43 % of banks had no cloud strategy or had only started implementing basic practices .
Among those banks , 63 % had no key performance indicators to measure their progress towards cloud infrastructure .
Many cited privacy , data security and compliance concerns as the key barriers keeping them from making this shift .
Read more : Government must do more to support the hospitality industry But the COVID crisis @ @ @ @ @ @ @ these worries and rapidly bring forward plans to fully integrate their infrastructure with cloud technology .
In a survey by Snow Software , which polled 250 IT leaders around the world , 82 % of them said they ’ d increased their use of cloud technology in direct response to the pandemic and shift to remote working .
In the same survey , 76 % of the IT leaders said that the coronavirus pandemic had led to an increase in spending on private and public cloud infrastructure services .
A major contributing factor @ @ @ @ @ @ @ employees are able to work together while working from home .
Cloud-based communications tools such as Slack , Zoom and Microsoft Teams were adopted prolifically , to ensure that banks and their employees could remain agile during lockdown and support organisational resilience as society grappled with the significant change .
What ’ s next for financial services ?
By entering this new phase , the financial services industry will once again need to take stock of where it is , and its digital transformation needs .
In a post-COVID world , we will @ @ @ @ @ @ @ finally harnessing cloud infrastructure and unlocking the value that will enable them to continue to innovate , grow and progress their digital transformation .
This will include modernised customer service solutions , more online and digital-first services , better data analytics , fraud detection and more resilient operations .
Moreover the financial services industry now has a chance to address its long-standing difficulties with talent attraction , in part by introducing more flexible ways of working .
Whilst staff at all levels recognise the value of teams coming together , younger talent will @ @ @ @ @ @ @ working , splitting time between home and the office .
The key for all financial services companies will be to ensure that they can maintain the rapid level of digital transformation they have seen in the past few months in a compliant way .
While compliance was seen by banks as a barrier to digital transformation for so long , what has become clear to many is that embracing new technology and committing to digital transformation does not need to mean more compliance risk .
Take the move to collaboration tools such as @ @ @ @ @ @ @ Banks had long withheld from deploying these tools en masse for fear of non-compliance .
Then , during COVID , collaboration tools became a lifeline for keeping businesses connected while entire workforces were working remotely for the first time .
Read more : City body cracks down on restaurant advertising Legacy banks that were caught on their back foot initially responded by investing in the compliance solutions that could enable their employees to fully harness the collaborative nature of these tools for the first time .
If the financial services industry hopes to @ @ @ @ @ @ @ this mentality shift needs to become the new norm .
Embracing innovative cloud-first technologies should no longer be seen as a compliance risk .
But investment in the right compliance solutions that are tailor-made to meet the realities and requirements of modern businesses is crucial .
Cloud technology is the future of banking and banks have known this for a long time .
Now we are finally seeing this projected future catch up with reality .

City powerhouses will need to adjust to the “new normal”
In the past week, London’s leading financial services companies have quickly had to reassess their plans to get employees back to the office.
While many industry leaders will have come to a painful realisation that arriving at a “new normal” will be a more iterative process than previously imagined, they should take stock in the progress that has been made since lockdown first hit the UK in March.
Most significantly for the future of the financial services industry, the monumental shift towards agile and remote working has meant that the digital transformation of legacy banks is now moving at a faster and more exciting pace than ever before.
Read more: Sign up for City A.M.’S morning newsletter
Earlier in the summer, it was reported that some of the world’s largest banks, including Goldman Sachs, Deutsche Bank and HSBC, have all now signed deals with large tech companies to integrate cloud computing solutions into their business models, part of what is being called a “tech awakening” for the industry.
So now, as we look towards more uncertain times over the coming months, cloud technology poses a potential silver lining for banking in the “post-COVID” era.
COVID-19 sets a new precedent
A 2018 report by Accenture discovered that 43% of banks had no cloud strategy or had only started implementing basic practices. Among those banks, 63% had no key performance indicators to measure their progress towards cloud infrastructure. Many cited privacy, data security and compliance concerns as the key barriers keeping them from making this shift.
Read more: Government must do more to support the hospitality industry
But the COVID crisis has forced legacy banks to put aside these worries and rapidly bring forward plans to fully integrate their infrastructure with cloud technology.
In a survey by Snow Software, which polled 250 IT leaders around the world, 82% of them said they’d increased their use of cloud technology in direct response to the pandemic and shift to remote working. In the same survey, 76% of the IT leaders said that the coronavirus pandemic had led to an increase in spending on private and public cloud infrastructure services.
A major contributing factor has been the need to ensure that employees are able to work together while working from home.
Cloud-based communications tools such as Slack, Zoom and Microsoft Teams were adopted prolifically, to ensure that banks and their employees could remain agile during lockdown and support organisational resilience as society grappled with the significant change.
What’s next for financial services?
By entering this new phase, the financial services industry will once again need to take stock of where it is, and its digital transformation needs.
In a post-COVID world, we will rapidly see the impact of legacy banks finally harnessing cloud infrastructure and unlocking the value that will enable them to continue to innovate, grow and progress their digital transformation.
This will include modernised customer service solutions, more online and digital-first services, better data analytics, fraud detection and more resilient operations.
Moreover the financial services industry now has a chance to address its long-standing difficulties with talent attraction, in part by introducing more flexible ways of working.
Whilst staff at all levels recognise the value of teams coming together, younger talent will be looking for more hybrid models of working, splitting time between home and the office.
The key for all financial services companies will be to ensure that they can maintain the rapid level of digital transformation they have seen in the past few months in a compliant way.
While compliance was seen by banks as a barrier to digital transformation for so long, what has become clear to many is that embracing new technology and committing to digital transformation does not need to mean more compliance risk.
Take the move to collaboration tools such as Zoom and Microsoft Teams for example. Banks had long withheld from deploying these tools en masse for fear of non-compliance. Then, during COVID, collaboration tools became a lifeline for keeping businesses connected while entire workforces were working remotely for the first time.
Read more: City body cracks down on restaurant advertising
Legacy banks that were caught on their back foot initially responded by investing in the compliance solutions that could enable their employees to fully harness the collaborative nature of these tools for the first time.
If the financial services industry hopes to continue to their rapid digital transformations, this mentality shift needs to become the new norm. Embracing innovative cloud-first technologies should no longer be seen as a compliance risk.
But investment in the right compliance solutions that are tailor-made to meet the realities and requirements of modern businesses is crucial. Cloud technology is the future of banking and banks have known this for a long time. Now we are finally seeing this projected future catch up with reality.


cityam--2020-10-04--Bounce Back Loans helped SMEs, but we must plan for what comes next

The launch of the Bounce Back Loan scheme was a watershed moment for hundreds of thousands of SMEs across the country .
It gave them what they craved — small loans straight into their bank account , with maximum speed and minimum fuss .
For many SMEs , this was the first time they had managed to get financial support .
Industry data shows that the stock of loans for firms with turnover of under £2m rocketed by 74 per cent in Q2 , while for medium-sized businesses it increased by just 14 per cent .
This discrepancy highlights the @ @ @ @ @ @ @ through Bounce Back Loans , but also indicates that a significant number of these small firms had either not been able to , or chosen not to , take on external finance previously .
Having spent years working with small and micro-businesses , I ’ ve come to understand this problem acutely , so it was no surprise to me that once the doors were swung open through this scheme , that applications would come flooding in .
The success of the scheme should serve as a wake-up call for everyone in the @ @ @ @ @ @ @ small and micro-businesses have been neglected by the high street banks .
This is less due to a lack of interest from these lenders , but more because they have neither the systems nor the capacity to serve smaller businesses while managing risk effectively .
Many of these firms don ’ t have the necessary financial forecasts , trading history or collateral for larger banks to be able to judge their creditworthiness .
This was most clearly seen in the early days of the Coronavirus Business Interruption Loan scheme , where lenders struggled @ @ @ @ @ @ @ who required quick access to small loans to tie them over as their revenues tumbled .
With the chancellor announcing that applications for the Bounce Back Loan scheme will close on 30 November , the industry mustn ’ t go back to business as usual .
These small businesses can ’ t afford to wait weeks for a response from their banks and will still need financial support to adapt to the new environment and play a role in driving the country ’ s economic recovery .
Bounce Back Loans proved that small @ @ @ @ @ @ @ on funding ; they just couldn ’ t access it before , because traditional lenders didn ’ t have the capacity to serve them .
However , in recent years a number of fintechs have entered the market with the primary focus of supplying finance to these smaller businesses .
The sticking point is that the main high street banks are still so dominant in the market , and SMEs will approach them first for finance , even when it ’ s not the best choice .
The real risk here is that @ @ @ @ @ @ @ finance by the larger institutions , they lose confidence and decide not to try elsewhere .
If smaller businesses are going to be able to access the finance they need , then fintechs need to be given a greater opportunity to do what they do best .
There are encouraging signs : the government has announced a review , led by the former chief executive of Worldpay Ron Kalifa , into how the fintech industry can be strengthened ; and a number of fintechs have been awarded grants from the Banking Competitions Remedies @ @ @ @ @ @ @ easier for small businesses to access funding .
The formula is simple : a booming fintech industry equals a booming small business sector .
As we look towards 2021 , there are three key issues which need to be addressed to help achieve this .
First , we need to ensure that non-bank lenders have the support of regulators to access capital on competitive terms — just as large banks can — to support small businesses as the government-backed loan schemes wind down .
Non-bank lenders play a critical role in the industry @ @ @ @ @ @ @ not served by the banks , but without capital they won ’ t be able to do so .
Second , there must be a greater level of industry cooperation through the Bank Referral Scheme so that businesses can reach out to a range of lenders to give themselves the best chance of accessing finance .
The Bounce Back Loan scheme attracted more than one million businesses , many of whom will be returning to their bank to request additional funding .
But without the government guarantee , these banks may not be @ @ @ @ @ @ @ make the journey as simple as possible for businesses to reapply through another lender .
And in order to grease the wheels of the system , businesses should automatically be made aware of the Referral Scheme if they don ’ t receive a response from a loan enquiry within two weeks .
Third , Open Banking has the potential to change the face of SME lending .
Incessant form-filling can be replaced by a fast and frictionless process where businesses can be approved for finance instantly .
But despite these clear advantages , @ @ @ @ @ @ @ the SME community .
There should be a concerted effort from the finance industry , business groups and government to promote the clear benefits of Open Banking and build up trust among small businesses looking to use it .
The Covid-19 pandemic has exposed the cracks within our ecosystem of small business support .
Bounce Back Loans managed to paper over these , but we now have an opportunity to fully address these weaknesses , and give SMEs the brighter future they deserve .

Bounce Back Loans helped SMEs, but we must plan for what comes next
The launch of the Bounce Back Loan scheme was a watershed moment for hundreds of thousands of SMEs across the country. It gave them what they craved — small loans straight into their bank account, with maximum speed and minimum fuss.
For many SMEs, this was the first time they had managed to get financial support. Industry data shows that the stock of loans for firms with turnover of under £2m rocketed by 74 per cent in Q2, while for medium-sized businesses it increased by just 14 per cent. This discrepancy highlights the huge level of support for smaller businesses through Bounce Back Loans, but also indicates that a significant number of these small firms had either not been able to, or chosen not to, take on external finance previously.
Having spent years working with small and micro-businesses, I’ve come to understand this problem acutely, so it was no surprise to me that once the doors were swung open through this scheme, that applications would come flooding in.
The success of the scheme should serve as a wake-up call for everyone in the finance industry. For too long, small and micro-businesses have been neglected by the high street banks. This is less due to a lack of interest from these lenders, but more because they have neither the systems nor the capacity to serve smaller businesses while managing risk effectively.
Many of these firms don’t have the necessary financial forecasts, trading history or collateral for larger banks to be able to judge their creditworthiness. This was most clearly seen in the early days of the Coronavirus Business Interruption Loan scheme, where lenders struggled to cope with the demand from SMEs who required quick access to small loans to tie them over as their revenues tumbled.
With the chancellor announcing that applications for the Bounce Back Loan scheme will close on 30 November, the industry mustn’t go back to business as usual. These small businesses can’t afford to wait weeks for a response from their banks and will still need financial support to adapt to the new environment and play a role in driving the country’s economic recovery.
Bounce Back Loans proved that small and micro-businesses had the appetite to take on funding; they just couldn’t access it before, because traditional lenders didn’t have the capacity to serve them. However, in recent years a number of fintechs have entered the market with the primary focus of supplying finance to these smaller businesses. The sticking point is that the main high street banks are still so dominant in the market, and SMEs will approach them first for finance, even when it’s not the best choice. The real risk here is that when these businesses are then rejected for finance by the larger institutions, they lose confidence and decide not to try elsewhere.
If smaller businesses are going to be able to access the finance they need, then fintechs need to be given a greater opportunity to do what they do best. There are encouraging signs: the government has announced a review, led by the former chief executive of Worldpay Ron Kalifa, into how the fintech industry can be strengthened; and a number of fintechs have been awarded grants from the Banking Competitions Remedies fund to create products to make it easier for small businesses to access funding. The formula is simple: a booming fintech industry equals a booming small business sector.
As we look towards 2021, there are three key issues which need to be addressed to help achieve this.
First, we need to ensure that non-bank lenders have the support of regulators to access capital on competitive terms — just as large banks can — to support small businesses as the government-backed loan schemes wind down. Non-bank lenders play a critical role in the industry to provide finance to businesses that are not served by the banks, but without capital they won’t be able to do so.
Second, there must be a greater level of industry cooperation through the Bank Referral Scheme so that businesses can reach out to a range of lenders to give themselves the best chance of accessing finance.
The Bounce Back Loan scheme attracted more than one million businesses, many of whom will be returning to their bank to request additional funding. But without the government guarantee, these banks may not be so forthcoming. The industry needs to make the journey as simple as possible for businesses to reapply through another lender. And in order to grease the wheels of the system, businesses should automatically be made aware of the Referral Scheme if they don’t receive a response from a loan enquiry within two weeks.
Third, Open Banking has the potential to change the face of SME lending. Incessant form-filling can be replaced by a fast and frictionless process where businesses can be approved for finance instantly. But despite these clear advantages, there remains some scepticism and frustration within the SME community. There should be a concerted effort from the finance industry, business groups and government to promote the clear benefits of Open Banking and build up trust among small businesses looking to use it.
The Covid-19 pandemic has exposed the cracks within our ecosystem of small business support. Bounce Back Loans managed to paper over these, but we now have an opportunity to fully address these weaknesses, and give SMEs the brighter future they deserve.
Main image credit: Getty


cityam--2020-10-03--Trump says the next few days will be "the real test" after being airlifted to hospital with coronavi

Trump says the next few days will be "the real test" after being airlifted to hospital with coronavirus

President Donald Trump told Americans from his hospital room that the next few days will be the “ real test ” of his treatment for Covid-19 , after a series of contradictory messages from the White House caused widespread confusion about his condition .
In a four-minute video posted on Twitter on Saturday from his hospital room , a tired-looking Trump said he was feeling “ much better.
” “ Over the next period of a few days , I guess that ’ s the real test , so we ’ ll be seeing what happens over those next couple @ @ @ @ @ @ @ the camera , seated in front of an American flag and wearing a jacket and open-necked shirt .
The US President and First Lady Melania had positive coronavirus test results come back early on Friday morning .
In an early morning tweet on Sunday , Trump said “ Thank you so much !
” – referring to clusters of supporters who gathered on Saturday night outside the Walter Reed hospital waving Trump 2020 flags .
Read more : Oil prices slump as Trump contracts coronavirus and global output increases Trump was airlifted to @ @ @ @ @ @ @ was pictured leaving the White House , gesturing a thumbs up to photographers .
He later tweeted : “ Going well , I think !
Thank you to all .
LOVE !
!
!
” He later posted a video to his Twitter account thanking “ everybody for the tremendous support ” and confirmed he was going to Walter Reed hospital .
“ I think I ’ m doing very well but we ’ re going to make sure that things work out , the First Lady is doing very well , so @ @ @ @ @ @ @ , I will never forget it , ” he tweeted .
A White House statement said : “ Out of an abundance of caution , and at the recommendation of his physician and medical experts , the president will be working from the presidential offices at Walter Reed for the next few days.
” Kayleigh McEnany , Mr Trump ’ s press secretary , told reporters : “ President Trump remains in good spirits , has mild symptoms , and has been working throughout the day.
” According to a Reuters source , @ @ @ @ @ @ @ fatigued but remains in “ good spirits ” .
An adviser told CNN he is suffering from a shortage of breath .
The President was given an experimental antibody cocktail of drugs , which is still in clinical trials and desiring to prevent the virus from attaching to cells and replicating .
The single 8g dose of the drug made by Regeneron was administered “ without incident ” , according to the President ’ s doctor , Dr Sean Conley .
Trump has also been taking zinc , vitamin D , melatonin and @ @ @ @ @ @ @ treatment at the hospital , which is an antiviral drug that has not yet been approved but has shown some patients recover quicker in trials .
Read more : Overnight : Trump in hospital as Boris says Brits got “ complacent ” Dr Conley said : “ He ’ s being evaluated by a team of experts , and together we ’ ll be making recommendations to the president and first lady in regards to next best steps.
” He added : “ Melania Trump remains well with only a mild cough and @ @ @ @ @ @ @ family are well and tested negative for coronavirus .
”

Trump could be discharged tomorrow despite drop in oxygen levels during Covid fight
Sean Conley, Physician to US President Donald Trump, gives an update on the President’s health as he is treated for a Covid-19 infection at Walter Reed Medical Center.
Donald Trump could be discharged from hospital, where he is being treated for Covid-19, as soon as tomorrow, despite the President’s oxygen levels becoming concerning twice during his illness.
Trump’s medical team said this afternoon that he had suffered two episodes of blood-oxygen drops during his illness so far.
However doctors said he has remained without fever since Friday morning and that his vital signs are stable.
Trump, 74, has completed a second dose of remdesivir, and his kidney and liver functions were normal, Reuters reported.
White House physician Sean Conley(C) answers questions surrounded by other doctors, during an update on the condition of US President Donald Trumpat Walter Reed Medical Center in Bethesda, Maryland
The President told Americans from his hospital room yesterday that the next few days will be the “real test” of his treatment for Covid-19, after a series of contradictory messages from the White House caused widespread confusion about his condition.
In a four-minute video posted on Twitter on Saturday from his hospital room, a tired-looking Trump said he was feeling “much better.”
“Over the next period of a few days, I guess that’s the real test, so we’ll be seeing what happens over those next couple of days,” Trump said into the camera, seated in front of an American flag and wearing a jacket and open-necked shirt.
The US President and First Lady Melania had positive coronavirus test results come back early on Friday morning.
In an early morning tweet on Sunday, Trump said “Thank you so much!” – referring to clusters of supporters who gathered on Saturday night outside the Walter Reed hospital waving Trump 2020 flags.
Trump was airlifted to a military hospital by helicopter overnight and was pictured leaving the White House, gesturing a thumbs up to photographers.
He later tweeted: “Going well, I think! Thank you to all. LOVE!!!”
He later posted a video to his Twitter account thanking “everybody for the tremendous support” and confirmed he was going to Walter Reed hospital.
“I think I’m doing very well but we’re going to make sure that things work out, the First Lady is doing very well, so thank you very much I appreciate it, I will never forget it,” he tweeted.
President Trump lef the White House for hospital on Saturday
A White House statement said: “Out of an abundance of caution, and at the recommendation of his physician and medical experts, the president will be working from the presidential offices at Walter Reed for the next few days.”
Mixed messages
Kayleigh McEnany, Mr Trump’s press secretary, told reporters: “President Trump remains in good spirits, has mild symptoms, and has been working throughout the day.”
According to a Reuters source, Trump has a mild fever and is fatigued but remains in “good spirits”.
However, an adviser told CNN he is suffering from a shortage of breath.
The President was given an experimental antibody cocktail of drugs, which is still in clinical trials and desiring to prevent the virus from attaching to cells and replicating.
The single 8g dose of the drug made by Regeneron was administered “without incident”, according to the President’s doctor, Dr Sean Conley.
Trump has also been taking zinc, vitamin D, melatonin and famotidine.
He has also started remdesivir treatment at the hospital, which is an antiviral drug that has not yet been approved but has shown some patients recover quicker in trials.
Dr Conley said: “He’s being evaluated by a team of experts, and together we’ll be making recommendations to the president and first lady in regards to next best steps.”
He added: “Melania Trump remains well with only a mild cough and headache. The remainder of the first family are well and tested negative for coronavirus.”


cityam--2020-10-04--London fintech Currensea launches product for small businesses

London-based fintech Currensea has today launched a debit card for SMEs , built on open banking , to help with overseas transactions .
The first-of-its-kind debit card enables small businesses to make international transactions through their existing bank account without any bank charges and with low fees competitive with leading challenger banks .
Read more : Why Klarna — not Revolut or Monzo — represents the winning fintech strategy in a pandemic The new Mastercard , which costs just £5 a month , offers 16 interbank currencies , including the South African Rand and Thai Baht , which no other @ @ @ @ @ @ @ in 2018 by former JP Morgan and Barclays employees , Currensea ’ s consumer card has been used in over 120 countries since its launch in January .
It offers the same benefits as the frictionless , cheap transactions as the SME service launching today .
Co-founder James Lynn recognises the competition from the likes of Monzo and Starling Bank among millennials , but the over-34s , who make 73 per cent of trips abroad , are the least served in the space .
Speaking to City A.M. Lynn said older customers are @ @ @ @ @ @ @ a secondary product , whether that be a prepaid card or another bank , just because of inconvenience ” .
And the popularity of the product was abundantly clear on launch , when it attracted 5,000 cardholders in the first quarter alone .
It has amassed £5m in funding and attracted the likes of the former boss of Amazon UK and chief investment officer of Worldpay to its board .
The initial popularity among consumers , particularly freelancers , prompted Currensea to look at a business product , Lynn told City A.M. “ @ @ @ @ @ @ @ , it was a no-brainer to offer the same service to SMEs .
SMEs share many of the same consumer pain points , but in a way they ’ re even harder hit by the pain points associated with international spending because the process of setting up a bank account is even more complex and costly , especially as they grow and scale ” , he said .
“ As an SME ourselves we recognise how difficult it is to open up a bank account and switching bank accounts .
It ’ s @ @ @ @ @ @ @ ” , Lynn told City A.M. Currensea ’ s SME service is primarily targeting goods and services , which could be paying for online services or software , with travelling as a secondary market .
And Lynn thinks this is integral to small businesses who are already struggling due to a combination of the pandemic and Brexit .
“ If we can save them over three per cent on every single foreign exchange transaction using their card , then hopefully we can really help.
” Commenting on today ’ s launch , Edoardo @ @ @ @ @ @ @ said : “ We ’ ve been working closely with Currensea over recent years , and are committed to supporting them as they promote their consumer and business offerings to travellers and SMEs alike .
”

London fintech Currensea launches product for small businesses
Currensea co-founders James Lynn (L) and Craig Goulding (R). (Photo: Currensea)
London-based fintech Currensea has today launched a debit card for SMEs, built on open banking, to help with overseas transactions.
The first-of-its-kind debit card enables small businesses to make international transactions through their existing bank account without any bank charges and with low fees competitive with leading challenger banks.
The new Mastercard, which costs just £5 a month, offers 16 interbank currencies, including the South African Rand and Thai Baht, which no other UK provider currently offers fee-free.
Founded in 2018 by former JP Morgan and Barclays employees, Currensea’s consumer card has been used in over 120 countries since its launch in January. It offers the same benefits as the frictionless, cheap transactions as the SME service launching today.
Co-founder James Lynn recognises the competition from the likes of Monzo and Starling Bank among millennials, but the over-34s, who make 73 per cent of trips abroad, are the least served in the space.
Speaking to City A.M. Lynn said older customers are the “the least likely to take a secondary product, whether that be a prepaid card or another bank, just because of inconvenience”.
And the popularity of the product was abundantly clear on launch, when it attracted 5,000 cardholders in the first quarter alone.
It has amassed £5m in funding and attracted the likes of the former boss of Amazon UK and chief investment officer of Worldpay to its board.
The initial popularity among consumers, particularly freelancers, prompted Currensea to look at a business product, Lynn told City A.M.
Currensea’s offering will help struggling SMEs
“Following the success of our consumer launch, it was a no-brainer to offer the same service to SMEs. SMEs share many of the same consumer pain points, but in a way they’re even harder hit by the pain points associated with international spending because the process of setting up a bank account is even more complex and costly, especially as they grow and scale”, he said.
“As an SME ourselves we recognise how difficult it is to open up a bank account and switching bank accounts. It’s hard to build relationships with the bankers”, Lynn told City A.M.
Currensea’s SME service is primarily targeting goods and services, which could be paying for online services or software, with travelling as a secondary market.
And Lynn thinks this is integral to small businesses who are already struggling due to a combination of the pandemic and Brexit. “If we can save them over three per cent on every single foreign exchange transaction using their card, then hopefully we can really help.”
Commenting on today’s launch, Edoardo Volta, head of fintechs at Mastercard said: “We’ve been working closely with Currensea over recent years, and are committed to supporting them as they promote their consumer and business offerings to travellers and SMEs alike.”


cityam--2020-10-04--Businesses plan long-term return to office despite home working boom

Most businesses will resume using their offices after the coronavirus crisis , despite a shift towards home working , according to a survey of company directors .
The research found that 74 per cent of directors said they would keep increased home working arrangements , and half said they would reduce their long-term use of the office following the pandemic .
Read more : Tired of working from home ?
Antigua offers ‘ digital nomad ’ visa However , only one in five said their usage would be “ significantly lower ” , with less than half of bosses saying @ @ @ @ @ @ @ according to a survey of 958 business leaders by the Institute of Directors ( IoD ) .
Meanwhile 30 per cent said their use of the office would be unchanged .
The IoD said “ the benefits of the office haven ’ t gone away ” , and warned that the prospect of increased long-term home-working could raise legal questions over employers ’ responsibilities for staff outside the office .
It also urged the government to introduce measures , such as tax incentives to harness digital technology and funds to improve management skills @ @ @ @ @ @ @ more remote-working .
IoD director of policy Roger Barker said : “ Working from doesn ’ t work for everyone , and directors must be alive to the downsides .
Managing teams remotely can prove far from straightforward , and directors must make sure they are going out of their way to support employees ’ mental wellbeing.
” Read more : Working from home u-turn falls on deaf ears as more staff head back to offices He added : “ The benefits of the office haven ’ t gone away .
For many @ @ @ @ @ @ @ proves more productive and enjoyable .
“ Shared workspace often provides employees the opportunity for informal development and networking that is so crucial , particularly early on in a career.
” Separate research published last month showed that two-thirds of UK companies believe the motivation and enthusiasm of employees have suffered as a result of remote working during the Covid-19 crisis .
A survey of more than 1,500 firms occupying offices found office working outranked home working for creativity and innovation , as well as productivity and motivation .
Roughly 64 per cent @ @ @ @ @ @ @ due to remote working , compared to just 23 per cent who said workers were more productive or had higher motivation at home .
However , the majority of firms stated that a hybrid model was the best option for their staff .
Just under 70 per cent of companies said they were planning to reduce workspace costs by allowing employees to work more flexibly , the survey , carried out by FTI Consulting on behalf of law firm CMS found .

Businesses plan long-term return to office despite home working boom
Most businesses will resume using their offices after the coronavirus crisis, despite a shift towards home working, according to a survey of company directors.
The research found that 74 per cent of directors said they would keep increased home working arrangements, and half said they would reduce their long-term use of the office following the pandemic.
However, only one in five said their usage would be “significantly lower”, with less than half of bosses saying employees were more effective at home, according to a survey of 958 business leaders by the Institute of Directors (IoD).
Meanwhile 30 per cent said their use of the office would be unchanged.
The IoD said “the benefits of the office haven’t gone away”, and warned that the prospect of increased long-term home-working could raise legal questions over employers’ responsibilities for staff outside the office.
It also urged the government to introduce measures, such as tax incentives to harness digital technology and funds to improve management skills, to help the economy transition to more remote-working.
IoD director of policy Roger Barker said: “Working from doesn’t work for everyone, and directors must be alive to the downsides. Managing teams remotely can prove far from straightforward, and directors must make sure they are going out of their way to support employees’ mental wellbeing.”
He added: “The benefits of the office haven’t gone away. For many companies, bringing teams together in person proves more productive and enjoyable.
“Shared workspace often provides employees the opportunity for informal development and networking that is so crucial, particularly early on in a career.”
Separate research published last month showed that two-thirds of UK companies believe the motivation and enthusiasm of employees have suffered as a result of remote working during the Covid-19 crisis.
A survey of more than 1,500 firms occupying offices found office working outranked home working for creativity and innovation, as well as productivity and motivation.
Roughly 64 per cent of respondents said employee morale had suffered due to remote working, compared to just 23 per cent who said workers were more productive or had higher motivation at home.
However, the majority of firms stated that a hybrid model was the best option for their staff.
Just under 70 per cent of companies said they were planning to reduce workspace costs by allowing employees to work more flexibly, the survey, carried out by FTI Consulting on behalf of law firm CMS found.


cityam--2020-10-04--DTZ Investors backs London rental market with £70m co-living project

London real estate firm DTZ Investors will provide £70m for a new “ collective living ” development , in a show of confidence in the capital ’ s rental market despite the impact of the coronavirus crisis .
The Earlsfield development will be the second property delivered through the fund set up last year by DTZ Investors and co-living firm The Collective to provide flexible housing in London .
Read more : Inside ‘ co-living ’ : the flats where millennials trade living space for free craft workshops and yoga The rental model , which is aimed at millennials working @ @ @ @ @ @ @ rooms and share facilities .
The investment comes as rents in London have fallen as home-working during the coronavirus pandemic has made living in the capital non-essential for many employees .
It follows the forward-funding of The Collective ’ s property in Harrow , which was announced when the fund launched in October last year .
The project in Earlsfield will be funded by equity drawn down from the fund and debt , from alternative asset manager Cheyne Capital .
The Collective chief executive and founder Reza Merchant said : “ We are @ @ @ @ @ @ @ to construction in partnership with DTZ Investors under the Coliv fund .
“ We ’ ve been impressed with the proactive approach taken by Wandsworth Council to unlock the delivery of this project .
“ The co-living asset class is demonstrating its resilience in the context of the Covid-19 pandemic and the current economic climate , and we remain focused on delivering our pipeline of projects in the UK and across continental Europe and the US.
” The development will include 35 per cent of affordable housing targeted at key workers , DTZ @ @ @ @ @ @ @ Coliv – which is the first institutional large-scale co-living fund – is seeking to acquire or fund between six and ten developments in the capital over a ten year period .

DTZ Investors backs London rental market with £70m co-living project
London real estate firm DTZ Investors will provide £70m for a new “collective living” development, in a show of confidence in the capital’s rental market despite the impact of the coronavirus crisis.
The Earlsfield development will be the second property delivered through the fund set up last year by DTZ Investors and co-living firm The Collective to provide flexible housing in London.
The rental model, which is aimed at millennials working in London, sees tenants rent individual rooms and share facilities.
The investment comes as rents in London have fallen as home-working during the coronavirus pandemic has made living in the capital non-essential for many employees.
It follows the forward-funding of The Collective’s property in Harrow, which was announced when the fund launched in October last year.
The project in Earlsfield will be funded by equity drawn down from the fund and debt, from alternative asset manager Cheyne Capital.
The Collective chief executive and founder Reza Merchant said: “We are excited to progress The Collective Earlsfield through to construction in partnership with DTZ Investors under the Coliv fund.
“We’ve been impressed with the proactive approach taken by Wandsworth Council to unlock the delivery of this project.
“The co-living asset class is demonstrating its resilience in the context of the Covid-19 pandemic and the current economic climate, and we remain focused on delivering our pipeline of projects in the UK and across continental Europe and the US.”
The development will include 35 per cent of affordable housing targeted at key workers, DTZ Investors chief executive Chris Cooper said.
Coliv – which is the first institutional large-scale co-living fund – is seeking to acquire or fund between six and ten developments in the capital over a ten year period.


cityam--2020-10-04--UK launches £238m Covid unemployment programme

The government has today launched a £238m unemployment programme to provide skills and training to people who have lost their jobs during the Covid crisis .
The Job Entry Targeted Support scheme will provide participants with CV and interview training , individual work coaches and “ specialist advice on how people can move into growing sectors ” , according to the Department for Work and Pensions .
Read more : Rishi Sunak set to pump billions into economy to stave off unemployment Anyone who has been unemployed for at least three months is eligible for the programme , which will @ @ @ @ @ @ @ .
The unemployment rate rose to 4.1 per cent last month , with many more job losses expected when the government ’ s furlough scheme ends at the end of the month .
Before the Open newsletter : Start your day with the City View podcast and key market data The Bank of England forecasts that the jobless rate will hit 7.5 per cent by the end of the year .
Today ’ s announcement comes just weeks after the government began its £2bn Kickstart scheme , which provides funding for businesses to @ @ @ @ @ @ @ secretary Therese Coffey said the new Job Entry Targeted Support programme would “ boost the prospects ” of 250,000 people across the UK .
She said : “ This scheme will help those left out of work as a result of Covid-19 , and is one strand of our wider Plan for Jobs which will also support young people onto the jobs ladder through Kickstart , offer the training needed to pivot into new roles through our Sector Based Work Academy Programme and prepare people for getting back into work.
” Shadow work @ @ @ @ @ @ @ package did not go far enough .
Read more : Rishi Sunak ’ s Kickstart scheme can help blunt the impending youth unemployment crisis “ By the government ’ s own admission at least four million people could lose their jobs during the crisis , ” he said .
“ All it can muster in response are piecemeal schemes and meaningless slogans .
“ This new scheme offers very little new support and relies on already overstretched Work Coaches on the ground , while many of the new Work Coaches promised have yet @ @ @ @

UK launches £238m Covid unemployment programme
The government has today launched a £238m unemployment programme to provide skills and training to people who have lost their jobs during the Covid crisis.
The Job Entry Targeted Support scheme will provide participants with CV and interview training, individual work coaches and “specialist advice on how people can move into growing sectors”, according to the Department for Work and Pensions.
Anyone who has been unemployed for at least three months is eligible for the programme, which will go live in London on 19 October.
The unemployment rate rose to 4.1 per cent last month, with many more job losses expected when the government’s furlough scheme ends at the end of the month.
Before the Open newsletter: Start your day with the City View podcast and key market data
The Bank of England forecasts that the jobless rate will hit 7.5 per cent by the end of the year.
Today’s announcement comes just weeks after the government began its £2bn Kickstart scheme, which provides funding for businesses to create six-month apprenticeships.
Work and Pensions secretary Therese Coffey said the new Job Entry Targeted Support programme would “boost the prospects” of 250,000 people across the UK.
She said: “This scheme will help those left out of work as a result of Covid-19, and is one strand of our wider Plan for Jobs which will also support young people onto the jobs ladder through Kickstart, offer the training needed to pivot into new roles through our Sector Based Work Academy Programme and prepare people for getting back into work.”
Shadow work and pensions secretary Jonathan Reynolds said the package did not go far enough.
“By the government’s own admission at least four million people could lose their jobs during the crisis,” he said.
“All it can muster in response are piecemeal schemes and meaningless slogans.
“This new scheme offers very little new support and relies on already overstretched Work Coaches on the ground, while many of the new Work Coaches promised have yet to materialise.”


cityam--2020-10-04--Ride hailing app Ola banned in London

Ride hailing app Ola banned in London

Ride hailing app Ola , an Uber rival , has been banned from operating by Transport for London ( TfL ) , after it found the company was “ not fit and proper ” to have its licence renewed .
TfL refused to renew the Uber rival ’ s operating licence , after it found more than 1,000 trips on the app had been taken by unlicensed drivers .
The app ’ s failure to bring those breaches to the attention of TfL also contributed to the transport body ’ s decision .
Ola said it would appeal the decision @ @ @ @ @ @ @ operate in the interim .
Helen Chapman , TfL ’ s director of licensing , regulation and charging , said : “ Through our investigations we discovered that flaws in Ola ’ s operating model have led to the use of unlicensed drivers and vehicles in more than 1,000 passenger trips , which may have put passenger safety at risk.
” Before the Open newsletter : Start your day with the City View podcast and key market data “ If they do appeal , Ola can continue to operate and drivers can continue @ @ @ @ @ @ @ .
We will closely scrutinise the company to ensure passengers safety is not compromised.
” Marc Rozendal , Ola ’ s UK managing director said : “ We have been working with TfL during the review period and have sought to provide assurances and address the issues raised in an open and transparent manner .
“ Ola will take the opportunity to appeal this decision and in doing so , our riders and drivers can rest assured that we will continue to operate as normal , providing safe and reliable mobility for London.
@ @ @ @ @ @ @ second London legal challenge gets underway TfL ’ s decision comes just days after Uber had its London ban overturned , after a court appeal .
TfL made a similar ruling against Uber last year , after it had found thousands of incidences of unlicensed cars and drivers .

Ride hailing app Ola banned in London
Ride hailing app Ola, an Uber rival, has been banned from operating by Transport for London (TfL), after it found the company was “not fit and proper” to have its licence renewed.
TfL refused to renew the Uber rival’s operating licence, after it found more than 1,000 trips on the app had been taken by unlicensed drivers.
The app’s failure to bring those breaches to the attention of TfL also contributed to the transport body’s decision.
Ola said it would appeal the decision, meaning it will be able to operate in the interim.
Helen Chapman, TfL’s director of licensing, regulation and charging, said: “Through our investigations we discovered that flaws in Ola’s operating model have led to the use of unlicensed drivers and vehicles in more than 1,000 passenger trips, which may have put passenger safety at risk.”
Before the Open newsletter: Start your day with the City View podcast and key market data
“If they do appeal, Ola can continue to operate and drivers can continue to undertake bookings on behalf of Ola. We will closely scrutinise the company to ensure passengers safety is not compromised.”
Marc Rozendal, Ola’s UK managing director said: “We have been working with TfL during the review period and have sought to provide assurances and address the issues raised in an open and transparent manner.
“Ola will take the opportunity to appeal this decision and in doing so, our riders and drivers can rest assured that we will continue to operate as normal, providing safe and reliable mobility for London.”
TfL’s decision comes just days after Uber had its London ban overturned, after a court appeal.
TfL made a similar ruling against Uber last year, after it had found thousands of incidences of unlicensed cars and drivers.


cityam--2020-10-04--UK-US trade deal will not lead to surge in junk food ads, says Liz Truss

A UK-US trade deal will not lead to the UK becoming awash with junk food advertising , according to trade secretary Liz Truss .
Truss told the Conservative party conference today that any deal with the US would not compromise the UK ’ s food standards or Boris Johnson ’ s recently unveiled obesity strategy .
Leon co-owner Henry Dimbleby recently claimed that the American-Mexico trade deal led to a spike in “ consumption of sugary foods ” .
He also spoke at the Tory conference today , saying a UK-US trade deal could lead to “ Hershey ’ s @ @ @ @ @ @ @ bus stop ” in London .
However , Truss denied that this would ever be the case .
“ When we are negotiating our trade agreements we are not going to be changing UK food standards , which dictates how much fat there is in baby milk and other rules and regulations , ” she said .
Before the Open newsletter : Start your day with the City View podcast and key market data In July , Johnson announced a new set of advertising and retail rules in a bid to curb the @ @ @ @ @ @ @ Junk food ads will be banned after 9pm on TV and online , all menus will have to display calories in each meal and two-for-one deals will be banned at supermarkets .
Truss said that any deal with the US would have no effect on the strategy as it would still have to comply with UK regulations .
“ These are domestic issues , ” she said .
“ We need to focus on domestic regulation and how we encourage people to take responsibility for their diet , encourage more people to cook @ @ @ @ @ @ @ children grow up understanding food ; those are the things that are really going to change our food culture in this country , and I feel it ’ s a displacement issue going on.
” Truss is in charge of negotiating a trade agreement with the US , with both sides aiming to close a deal by mid-2021 .
Some of the most contentious issues in trade talks are around agricultural exports and whether the UK will adopt American food standards .
Read more : Trade experts raise fresh doubts over UK-US trade @ @ @ @ @ @ @ allows producers to engage in practices such as injecting beef with hormones and rinsing chicken with chlorine – both of which the US government insists is safe , but the EU says is not .
There has been opposition to embracing the practices in the UK to get a trade deal , however Truss said the government would not reduce its food standards in any agreement .

UK-US trade deal will not lead to surge in junk food ads, says Liz Truss
LONDON, ENGLAND – SEPTEMBER 30: International Trade Secretary, Liz Truss walks from Downing Street for the weekly cabinet meeting to be held in the Foreign and Commonwealth Office on September 30, 2020 in London, England. (Photo by Leon Neal/Getty Images)
A UK-US trade deal will not lead to the UK becoming awash with junk food advertising, according to trade secretary Liz Truss.
Truss told the Conservative party conference today that any deal with the US would not compromise the UK’s food standards or Boris Johnson’s recently unveiled obesity strategy.
Leon co-owner Henry Dimbleby recently claimed that the American-Mexico trade deal led to a spike in “consumption of sugary foods”.
He also spoke at the Tory conference today, saying a UK-US trade deal could lead to “Hershey’s posters are on every bus and every bus stop” in London.
However, Truss denied that this would ever be the case.
“When we are negotiating our trade agreements we are not going to be changing UK food standards, which dictates how much fat there is in baby milk and other rules and regulations,” she said.
Before the Open newsletter: Start your day with the City View podcast and key market data
In July, Johnson announced a new set of advertising and retail rules in a bid to curb the country’s rates of obesity.
Junk food ads will be banned after 9pm on TV and online, all menus will have to display calories in each meal and two-for-one deals will be banned at supermarkets.
Truss said that any deal with the US would have no effect on the strategy as it would still have to comply with UK regulations.
“These are domestic issues,” she said.
“We need to focus on domestic regulation and how we encourage people to take responsibility for their diet, encourage more people to cook from home, how do we help children grow up understanding food; those are the things that are really going to change our food culture in this country, and I feel it’s a displacement issue going on.”
Truss is in charge of negotiating a trade agreement with the US, with both sides aiming to close a deal by mid-2021.
Some of the most contentious issues in trade talks are around agricultural exports and whether the UK will adopt American food standards.
The US allows producers to engage in practices such as injecting beef with hormones and rinsing chicken with chlorine – both of which the US government insists is safe, but the EU says is not.
There has been opposition to embracing the practices in the UK to get a trade deal, however Truss said the government would not reduce its food standards in any agreement.


cityam--2020-10-04--Sazka mounts challenge against Camelot to take UK National Lottery licence

European firm Sazka has mounted a challenge to take the licence to run the UK ’ s National Lottery from current operator Camelot for the first time since the prize draw ’ s launch in 1994 .
Sazka has entered the Gambling Commission ’ s competition to select an operator to run the National Lottery when Camelot ’ s licence expires in 2023 .
Read more : Camelot gets six month National Lottery extension The firm , which is Europe ’ s largest lottery operator with operations in Austria , Greece , Cyprus , Italy and the Czech Republic , @ @ @ @ @ @ @ Lottery was launched 26 years ago “ has changed beyond measure ” .
Sazka has begun hiring a UK team and building partnerships in the country in order to develop its strategy to secure the contract .
It said it is aiming to “ deliver in due course a compelling case which is based on a clear understanding of the needs and desires of all stakeholders and customers ” .
Sazka chief executive Robery Chvatal said : “ As a leader in operating lotteries across Europe , Sazka has made no secret of @ @ @ @ @ @ @ to operate the UK National Lottery .
“ The UK National Lottery is a national treasure with a proud 26-year history .
Now it is looking forward to the next decade and how it can best serve its customers in a world so disrupted by digital transformation , the fourth industrial revolution and Covid .
“ The landscape from when the UK National Lottery was launched back in 1994 has changed beyond measure.
” Camelot were granted a six months extension in June as the gambling regulator paused the bidding process for the @ @ @ @ @ @ @ Richard Branson to make a third bid for the National Lottery Sir Richard Branson ’ s Virgin Group had also been tipped to be a contender for the license .
However , Virgin has since pulled out to focus on supporting its existing businesses through the coronavirus pandemic .
Richard Desmond , the media mogul , has also expressed an interest .

Sazka mounts challenge against Camelot to take UK National Lottery licence
European firm Sazka has mounted a challenge to take the licence to run the UK’s National Lottery from current operator Camelot for the first time since the prize draw’s launch in 1994.
Sazka has entered the Gambling Commission’s competition to select an operator to run the National Lottery when Camelot’s licence expires in 2023.
The firm, which is Europe’s largest lottery operator with operations in Austria, Greece, Cyprus, Italy and the Czech Republic, said the landscape since the UK National Lottery was launched 26 years ago “has changed beyond measure”.
Sazka has begun hiring a UK team and building partnerships in the country in order to develop its strategy to secure the contract.
It said it is aiming to “deliver in due course a compelling case which is based on a clear understanding of the needs and desires of all stakeholders and customers”.
Sazka chief executive Robery Chvatal said: “As a leader in operating lotteries across Europe, Sazka has made no secret of the fact that we would be thrilled to operate the UK National Lottery.
“The UK National Lottery is a national treasure with a proud 26-year history. Now it is looking forward to the next decade and how it can best serve its customers in a world so disrupted by digital transformation, the fourth industrial revolution and Covid.
“The landscape from when the UK National Lottery was launched back in 1994 has changed beyond measure.”
Camelot were granted a six months extension in June as the gambling regulator paused the bidding process for the second time.
Sir Richard Branson’s Virgin Group had also been tipped to be a contender for the license.
However, Virgin has since pulled out to focus on supporting its existing businesses through the coronavirus pandemic.
Richard Desmond, the media mogul, has also expressed an interest.


cityam--2020-10-04--Trump could be discharged tomorrow despite drop in oxygen levels during Covid fight

Donald Trump could be discharged from hospital , where he is being treated for Covid-19 , as soon as tomorrow , despite the President ’ s oxygen levels becoming concerning twice during his illness .
Trump ’ s medical team said this afternoon that he had suffered two episodes of blood-oxygen drops during his illness so far .
Read more : Oil prices slump as Trump contracts coronavirus and global output increases However doctors said he has remained without fever since Friday morning and that his vital signs are stable .
Trump , 74 , has completed a second dose @ @ @ @ @ @ @ liver functions were normal , Reuters reported .
The President told Americans from his hospital room yesterday that the next few days will be the “ real test ” of his treatment for Covid-19 , after a series of contradictory messages from the White House caused widespread confusion about his condition .
In a four-minute video posted on Twitter on Saturday from his hospital room , a tired-looking Trump said he was feeling “ much better.
” “ Over the next period of a few days , I guess that ’ s the @ @ @ @ @ @ @ be seeing what happens over those next couple of days , ” Trump said into the camera , seated in front of an American flag and wearing a jacket and open-necked shirt .
The US President and First Lady Melania had positive coronavirus test results come back early on Friday morning .
In an early morning tweet on Sunday , Trump said “ Thank you so much !
” – referring to clusters of supporters who gathered on Saturday night outside the Walter Reed hospital waving Trump 2020 flags .
Read more : @ @ @ @ @ @ @ and global output increases Trump was airlifted to a military hospital by helicopter overnight and was pictured leaving the White House , gesturing a thumbs up to photographers .
He later tweeted : “ Going well , I think !
Thank you to all .
LOVE !
!
!
” He later posted a video to his Twitter account thanking “ everybody for the tremendous support ” and confirmed he was going to Walter Reed hospital .
“ I think I ’ m doing very well but we ’ re going to make @ @ @ @ @ @ @ First Lady is doing very well , so thank you very much I appreciate it , I will never forget it , ” he tweeted .
A White House statement said : “ Out of an abundance of caution , and at the recommendation of his physician and medical experts , the president will be working from the presidential offices at Walter Reed for the next few days.
” Kayleigh McEnany , Mr Trump ’ s press secretary , told reporters : “ President Trump remains in good spirits , has mild symptoms @ @ @ @ @ @ @ day.
” According to a Reuters source , Trump has a mild fever and is fatigued but remains in “ good spirits ” .
However , an adviser told CNN he is suffering from a shortage of breath .
The President was given an experimental antibody cocktail of drugs , which is still in clinical trials and desiring to prevent the virus from attaching to cells and replicating .
The single 8g dose of the drug made by Regeneron was administered “ without incident ” , according to the President ’ s doctor @ @ @ @ @ @ @ also been taking zinc , vitamin D , melatonin and famotidine .
He has also started remdesivir treatment at the hospital , which is an antiviral drug that has not yet been approved but has shown some patients recover quicker in trials .
Read more : Overnight : Trump in hospital as Boris says Brits got “ complacent ” Dr Conley said : “ He ’ s being evaluated by a team of experts , and together we ’ ll be making recommendations to the president and first lady in regards to next @ @ @ @ @ @ @ Melania Trump remains well with only a mild cough and headache .
The remainder of the first family are well and tested negative for coronavirus .
”


cityam--2020-10-04--Priti Patel promises overhaul of the UK asylum system

Home secretary Priti Patel has vowed to deliver the “ biggest overhaul ” of the UK asylum system in decades .
Patel used her speech at the Conservative party conference to promise a “ firm , but fair ” asylum policy to get control of the increasing number of immigrants illegally crossing the Channel .
Patel has reportedly been considering a wide range of options in recent months to curb the number of people trying to enter the UK illegally , including sending people to an island in the Atlantic for processing .
The suggestion was said to have come @ @ @ @ @ @ @ current UK trade adviser , Tony Abbott .
Patel said today that the current asylum system was “ broken ” and that she would bring forward legislation to change it next year .
Before the Open newsletter : Start your day with the City View podcast and key market data “ After decades of inaction by successive governments we will address the moral , legal and practical problems with the asylum system , because what exists now is neither firm nor fair , ” she said .
Patel added : “ Right now @ @ @ @ @ @ @ this broken system , with over forty thousand other people .
“ Almost half of these claims take a year or more to reach a decision.
” Read more : Brexit : Boris Johnson says he does not want a no-deal exit from EU “ The British people will see through the home secretary ’ s shameless comments about a ‘ broken system ’ , when the system has been overseen by the Tories for a decade , ” he said .

Priti Patel promises overhaul of the UK asylum system
Britain’s Home Secretary Priti Patel looks on ahead of a minute’s silence inside the atrium at Scotland Yard in London on September 25, 2020, following the shooting of a British police officer by a 23-year-old man being detained at the centre. – A British police officer was shot dead in the early hours of Friday morning, Scotland Yard said, the first officer to be killed by gunfire while on duty in over eight years. (Photo by Victoria Jones / POOL / AFP) (Photo by VICTORIA JONES/POOL/AFP via Getty Images)
Home secretary Priti Patel has vowed to deliver the “biggest overhaul” of the UK asylum system in decades.
Patel used her speech at the Conservative party conference to promise a “firm, but fair” asylum policy to get control of the increasing number of immigrants illegally crossing the Channel.
Patel has reportedly been considering a wide range of options in recent months to curb the number of people trying to enter the UK illegally, including sending people to an island in the Atlantic for processing.
The suggestion was said to have come from former Australian Prime Minister, and current UK trade adviser, Tony Abbott.
Patel said today that the current asylum system was “broken” and that she would bring forward legislation to change it next year.
Before the Open newsletter: Start your day with the City View podcast and key market data
“After decades of inaction by successive governments we will address the moral, legal and practical problems with the asylum system, because what exists now is neither firm nor fair,” she said.
Patel added: “Right now, the most vulnerable are stuck in this broken system, with over forty thousand other people.
“Almost half of these claims take a year or more to reach a decision.”
Labour shadow home secretary Nick Thomas-Symonds said Patel’s message was “shameless”.
“The British people will see through the home secretary’s shameless comments about a ‘broken system’, when the system has been overseen by the Tories for a decade,” he said.


cityam--2020-10-04--Brexit: Boris Johnson says he does not want a no-deal exit from EU

Boris Johnson has said he does not want a no-deal Brexit , but that the UK would “ more than live with it ” if need be .
Johnson said today that a deal “ was there to be done ” , just a day after the UK and EU agreed to extend negotiations a further two weeks , but that gaps remain between the two sides .
Read more : PM to hold last-minute Brexit talks with EU ’ s von der Leyen The UK and EU agreed to extend negotiations until the end of this month with a @ @ @ @ @ @ @ by the time the UK leaves the post-Brexit transition period on 31 December .
The issues of state subsidies for UK businesses and EU fishing access to UK waters are the two larges barriers to a deal .
When asked about the prospect of a no-deal exit from the EU customs union and single market on 31 December , Johnson told the BBC : “ I don ’ t want the Australian WTO-type outcome , particularly , but we can more than live with it .
“ I think the people of this @ @ @ @ @ @ @ this will be impossible or intolerable .
I think we can prosper mightily under those circumstances.
” He added : “ I had a good conversation with [ EU Commission President ] Urusula von der Leyen and she and I both issued a statement after that saying we thought there was every prospect of getting a deal.
” Before the Open newsletter : Start your day with the City View podcast and key market data The City of London ’ s future access to European markets is still uncertain as the EU has @ @ @ @ @ @ @ equivalence .
Brussels only allows non-EU countries to have access to their financial markets if their regulations are closely aligned .
Catherine McGuinness , chair of the City of London Corporation ’ s policy and resources committee , told the Sunday Times : “ We realise that financial services have been left to one side and that in itself is very disappointing .
“ Leaving in an acrimonious way , without a sensible deal , is in nobody ’ s interest ” .
Johnson also said things will “ continue to be bumpy @ @ @ @ @ @ @ as a second wave of Covid-19 takes hold of the country .
Johnson said that there was “ hope ” that the virus could be beaten , while also underlining about the “ balance ” of interests between public health and the economy .
The UK recorded more than 12,000 cases on Saturday in what was the largest daily figure in months .
Read more : Coronavirus : Is the UK set to shake-up quarantine-free travel rules and finally begin airport testing for arrivals ?
Johnson said : “ We will get through @ @ @ @ @ @ @ very well and it ’ s up to government to show we have the tools , the imagination and creativity to get through this .
“ Do I think things can be significantly different by Christmas ?
I do and we are working flat out to achieve that .
”

Brexit: Boris Johnson says he does not want a no-deal exit from EU
Britain’s Prime Minister Boris Johnson wears a protective face covering as he arrives at the BBC in central London on October 4, 2020, to take part in the BBC political programme The Andrew Marr Show. – British Prime Minister Boris Johnson and EU chief Ursula von der Leyen on Saturday asked their negotiators to “work intensively” to overcome differences to secure a post-Brexit free trade deal. (Photo by JUSTIN TALLIS / AFP) (Photo by JUSTIN TALLIS/AFP via Getty Images)
Boris Johnson has said he does not want a no-deal Brexit, but that the UK would “more than live with it” if need be.
Johnson said today that a deal “was there to be done”, just a day after the UK and EU agreed to extend negotiations a further two weeks, but that gaps remain between the two sides.
The UK and EU agreed to extend negotiations until the end of this month with a view to having a trade deal implemented by the time the UK leaves the post-Brexit transition period on 31 December.
The issues of state subsidies for UK businesses and EU fishing access to UK waters are the two larges barriers to a deal.
When asked about the prospect of a no-deal exit from the EU customs union and single market on 31 December, Johnson told the BBC: “I don’t want the Australian WTO-type outcome, particularly, but we can more than live with it.
“I think the people of this country have had enough…of being told that this will be impossible or intolerable. I think we can prosper mightily under those circumstances.”
He added: “I had a good conversation with [EU Commission President] Urusula von der Leyen and she and I both issued a statement after that saying we thought there was every prospect of getting a deal.”
Before the Open newsletter: Start your day with the City View podcast and key market data
The City of London’s future access to European markets is still uncertain as the EU has not yet granted the financial services sector equivalence.
Brussels only allows non-EU countries to have access to their financial markets if their regulations are closely aligned.
Catherine McGuinness, chair of the City of London Corporation’s policy and resources committee, told the Sunday Times: “We realise that financial services have been left to one side and that in itself is very disappointing.
“Leaving in an acrimonious way, without a sensible deal, is in nobody’s interest”.
Johnson also said things will “continue to be bumpy through to Christmas” in the UK as a second wave of Covid-19 takes hold of the country.
Johnson said that there was “hope” that the virus could be beaten, while also underlining about the “balance” of interests between public health and the economy.
The UK recorded more than 12,000 cases on Saturday in what was the largest daily figure in months.
Johnson said: “We will get through this and we will get through this very well and it’s up to government to show we have the tools, the imagination and creativity to get through this.
“Do I think things can be significantly different by Christmas? I do and we are working flat out to achieve that.”


cityam--2020-10-05--Rishi Sunak vows to protect UK's entrepreneurs in conference speech

Rishi Sunak has vowed to create opportunities for the UK ’ s entrepreneurs after the Covid crisis , while also foreshadowing future “ hard choices ” on public spending .
Sunak used his first conference speech as chancellor to say it was his “ single priority ” to to “ create , support and extend opportunity to as many people as I can ” and “ to not let talent wither or waste ” during the Covid recession .
Read more : Rishi Sunak warns Boris Johnson against another Covid lockdown “ In a free market economy it is the @ @ @ @ @ @ @ he said .
“ And we will make it easier for those with the ambition and appetite to take risks and be bold , to do what they do best and create jobs and growth.
” The chancellor also said that the Tory party had a “ sacred responsibility to future generations to leave the public finances strong ” .
Before the Open newsletter : Start your day with the City View podcast and key market data The chancellor has spent more than £190bn on emergency Covid measures , however he today signalled @ @ @ @ @ @ @ budgetary cut backs .
Sunak ’ s message aimed to put clear blue water between the Tories and Labour as he stressed the need to balance the books .
“ Through careful management of our economy , this Conservative government will always balance the books , ” he said .
“ If instead we argue there is no limit on what we can spend , that we can simply borrow our way out of any hole , what is the point in us ?
“ I have never pretended there is some easy @ @ @ @ @ @ @ ” Sunak also used his conference speech to call for the Conservatives to return to becoming a party that stresses “ individual freedom ” in an apparent attempt to woo the growing number of Tory MPs unhappy with the government ’ s direction .
A backbench rebellion last week saw up to 80 Tory MPs prepared to vote against the government extending its emergency coronavirus powers .
However , the amendment that was backed by the rebellion was not chosen by Speaker Lindsay Hoyle and Johnson altered the legislation to allow parliamentary scrutiny @ @ @ @ @ @ @ level .
Tory MP Steve Baker , one of the most high profile rebels , said that “ it is no longer appropriate to curtail our freedoms by ministerial decree ” .
Sunak today praised the Prime Minister for his efforts in handling the coronavirus , before saying that the Tories needed to return to its traditional role as small government party .
“ We believe in personal responsibility and pragmatism .
We believe in the nobility of work and free enterprise , ” he said .
Read more : Poll says Rishi @ @ @ @ @ @ @ years “ Our values are old and true and have withstood tests of strife , of terror , and even war .
They are timeless because they are a wisdom earned over generations .
“ And they are universal , because they are rooted in the fundamental belief that individual freedom enables both the greatest achievement and the gentlest kindness .
People looked at us last December and saw this Conservative party .
”

Rishi Sunak vows to protect UK’s entrepreneurs in conference speech
Britain’s Chancellor of the Exchequer Rishi Sunak talks with members of staff during his visit to the headquarters of energy supplier Octopus Energy in London today
Rishi Sunak has vowed to create opportunities for the UK’s entrepreneurs after the Covid crisis, while also foreshadowing future “hard choices” on public spending.
Sunak used his first conference speech as chancellor to say it was his “single priority” to to “create, support and extend opportunity to as many people as I can” and “to not let talent wither or waste” during the Covid recession.
“In a free market economy it is the entrepreneur, who is critical,” he said.
“And we will make it easier for those with the ambition and appetite to take risks and be bold, to do what they do best and create jobs and growth.”
The chancellor also said that the Tory party had a “sacred responsibility to future generations to leave the public finances strong”.
Before the Open newsletter: Start your day with the City View podcast and key market data
The chancellor has spent more than £190bn on emergency Covid measures, however he today signalled that there would eventually need to be budgetary cut backs and tax rises.
Sunak’s message aimed to put clear blue water between the Tories and Labour as he stressed the need to balance the books.
“Through careful management of our economy, this Conservative government will always balance the books,” he said.
“If instead we argue there is no limit on what we can spend, that we can simply borrow our way out of any hole, what is the point in us?
“I have never pretended there is some easy cost-free answer. Hard choices are everywhere.”
Sunak also used his conference speech to call for the Conservatives to return to becoming a party that stresses “individual freedom” in an apparent attempt to woo the growing number of Tory MPs unhappy with the government’s direction.
A backbench rebellion last week saw up to 80 Tory MPs prepared to vote against the government extending its emergency coronavirus powers.
However, the amendment that was backed by the rebellion was not chosen by Speaker Lindsay Hoyle and Johnson altered the legislation to allow parliamentary scrutiny of future measures implemented at a national level.
Tory MP Steve Baker, one of the most high profile rebels, said that “it is no longer appropriate to curtail our freedoms by ministerial decree”.
Sunak today praised the Prime Minister for his efforts in handling the coronavirus, before saying that the Tories needed to return to its traditional role as small government party.
“We believe in personal responsibility and pragmatism. We believe in the nobility of work and free enterprise,” he said.
“Our values are old and true and have withstood tests of strife, of terror, and even war. They are timeless because they are a wisdom earned over generations.
“And they are universal, because they are rooted in the fundamental belief that individual freedom enables both the greatest achievement and the gentlest kindness. People looked at us last December and saw this Conservative party.”
Sunak’s speech was met positively by business groups, with the Institute of Directors’ policy director Roger Barker that “business leaders share the chancellor’s priority of creating opportunity”.
“To get companies on the front foot, the Treasury should act quickly to ease employment costs,” he said.
“With job losses expected to mount, firms that are finding chinks of light should be empowered to pick up the slack.”
Federation of Small Businesses national chair Mike Cherry added: “The Chancellor said he wants to help small businesses to adapt while creating support and extending opportunities, but any further restrictions on trading must have an economic support package attached.
“It’s vital alongside this that he addresses the large gaps in support, especially to company directors and start-ups.”