cityam--2020-09-03--Harry and Meghan sign content deal with streaming giant Netflix

Prince Harry and wife Meghan have inked an exclusive multi-year production deal with Netflix , a major step in their plan to earn income after leaving their role as working royals .
The couple will produce films and series ranging from children ’ s shows to scripted content , the streaming platform said last night .
Harry and Meghan moved stateside with their infant son Archie this year after stepping back from royal duties in January and announcing plans to be more financially independent .
The financial terms of the deal were not disclosed .
Read more : Meghan Markle @ @ @ @ @ @ @ legal battle They said they will produce content on issues that resonate with them and that their nonprofit Archewell is focused on .
“ Our focus will be on creating content that informs but also gives hope , ” the couple said “ As new parents , making inspirational family programming is also important to us.
” Meghan , a former star of the US law drama “ Suits , ” has no plans to return to acting under the deal .
The couple have no previous experience as producers , but Netflix @ @ @ @ @ @ @ development , including a nature documentary series and an animated series that celebrates inspiring women .
They said they plan to highlight diversity in front of and behind the camera .
Read more : Netflix to allow non-subscribers to watch some films and shows for free “ We ’ re incredibly proud they have chosen Netflix as their creative home , ” Netflix chief content officer Ted Sarandos said .
The internet streaming platform has formerly signed similar deals with Barack and Michelle Obama , while rival Apple signed a $ 1bn production @ @ @ @ @ @ @ 2018 .
Netflix has been one of the major companies to benefit from lockdowns worldwide , with millions stuck at home watching its hit content , such as Tiger King , Selling Sunset and Murder Mystery .

Harry and Meghan sign content deal with streaming giant Netflix
Prince Harry and Meghan at the Commonwealth Day Service 2020 on 9 March in London
Prince Harry and wife Meghan have inked an exclusive multi-year production deal with Netflix, a major step in their plan to earn income after leaving their role as working royals.
The couple will produce films and series ranging from children’s shows to scripted content, the streaming platform said last night.
Harry and Meghan moved stateside with their infant son Archie this year after stepping back from royal duties in January and announcing plans to be more financially independent.
The financial terms of the deal were not disclosed.
They said they will produce content on issues that resonate with them and that their nonprofit Archewell is focused on.
“Our focus will be on creating content that informs but also gives hope,” the couple said
“As new parents, making inspirational family programming is also important to us.”
Meghan, a former star of the US law drama “Suits,” has no plans to return to acting under the deal.
Prince Harry and Meghan with Beyonce Knowles-Carter and Jay-Z at the European Premiere of Disney’s “The Lion King” last year.
The couple have no previous experience as producers, but Netflix said they already have several projects in development, including a nature documentary series and an animated series that celebrates inspiring women.
They said they plan to highlight diversity in front of and behind the camera.
“We’re incredibly proud they have chosen Netflix as their creative home,” Netflix chief content officer Ted Sarandos said.
The internet streaming platform has formerly signed similar deals with Barack and Michelle Obama, while rival Apple signed a $1bn production deal with media mogul Oprah Winfrey in 2018.
Netflix has been one of the major companies to benefit from lockdowns worldwide, with millions stuck at home watching its hit content, such as Tiger King, Selling Sunset and Murder Mystery.


cityam--2020-09-03--Capita share price jumps on reports of private equity bid

Shares in Capita jumped in early trading this morning following reports the TV licence collector is being circled by private equity giant CVC Partners .
The troubled FTSE 250 outsourcer has suffered a slide in profits and seen its share price fall 80 per cent this year .
But European private equity stalwart CVC , which has previously owned Formula One and Legoland operator Merlin Entertainments , is now weighing up a bid , the Daily Mail reported .
A second private equity suitor is also targeting Capita ’ s education software decision , according to the report , paving @ @ @ @ @ @ @ .
Shares in Capita were up nearly 13 per cent on the report .
However , a source told Reuters that CVC had no plans to launch a takeover bid and was only looking at specific units that the outsourcer is hiving off .
In a brief statement Capita said it had not received a takeover offer from CVC .
Capita , which is one of the government ’ s largest outsourcers , collects TV licence fee payments for the BBC and operates the charging system for London ’ s congestion zone .
@ @ @ @ @ @ @ UK alone but has been hit by a decline in work from local authorities and a string of botched contracts that have cost it millions of pounds .
Turnaround expert Jon Lewis was brought in as chief executive at the end of 2017 to help reverse the company ’ s fortunes .
But Capita has warned its turnaround plan has been torpedoed by the coronavirus outbreak .
The outsourcer swung to a loss in the first half of the year and warned it would not generate sustainable cashflow for one to two years @

Capita share price jumps on reports of private equity bid
Shares in Capita jumped in early trading this morning following reports the TV licence collector is being circled by private equity giant CVC Partners.
The troubled FTSE 250 outsourcer has suffered a slide in profits and seen its share price fall 80 per cent this year.
But European private equity stalwart CVC, which has previously owned Formula One and Legoland operator Merlin Entertainments, is now weighing up a bid, the Daily Mail reported.
A second private equity suitor is also targeting Capita’s education software decision, according to the report, paving the way for a major bidding war.
Shares in Capita were up nearly 13 per cent on the report.
However, a source told Reuters that CVC had no plans to launch a takeover bid and was only looking at specific units that the outsourcer is hiving off.
In a brief statement Capita said it had not received a takeover offer from CVC.
Capita, which is one of the government’s largest outsourcers, collects TV licence fee payments for the BBC and operates the charging system for London’s congestion zone.
The group employs 45,000 staff in the UK alone but has been hit by a decline in work from local authorities and a string of botched contracts that have cost it millions of pounds.
Turnaround expert Jon Lewis was brought in as chief executive at the end of 2017 to help reverse the company’s fortunes.
But Capita has warned its turnaround plan has been torpedoed by the coronavirus outbreak.
The outsourcer swung to a loss in the first half of the year and warned it would not generate sustainable cashflow for one to two years.


cityam--2020-09-03--Amazon to create 7,000 new UK jobs in latest expansion push

Amazon today said it will create a further 7,000 new permanent roles across the UK , taking total new jobs this year to 10,000 .
The Silicon Valley tech giant has already added 3,000 jobs this year across its fulfilment centres , sort centres and delivery stations .
Read more : Amazon expands Morrisons range as it beefs up grocery deliveries The new roles will be spread over 50 sites , including corporate offices and two new fulfilment centres opening in the north east and the midlands in the autumn .
Amazon said the new jobs , which include engineers @ @ @ @ @ @ @ , will help it meet growing customer demand .
Many of the positions will be taken up by staff who were given temporary roles at the height of the Covid-19 pandemic .
In addition , Amazon said it will create 20,000 seasonal roles ahead of the busy Christmas period .
“ We ’ re proud to be creating 10,000 new permanent roles across our UK network of fulfilment centres , sort centres and delivery stations offering competitive wages and comprehensive benefits starting on day one , ” said Stefano Perego , Amazon ’ @ @ @ @ @ @ @ .
“ Our people have played a critical role in serving customers in these unprecedented times and the new roles will help us continue to meet customer demand and support small and medium sized businesses selling on Amazon.
” Read more : Amazon to create 3,500 new jobs as it plots return to office The latest job additions will take Amazon ’ s total UK workforce to 40,000 by the end of 2020 .
It comes after the ecommerce giant unveiled plans to create 3,500 new roles in the US as it expands @ @ @ @ @ @ @

Amazon to create 7,000 new UK jobs in latest expansion push
Amazon today said it will create a further 7,000 new permanent roles across the UK, taking total new jobs this year to 10,000.
The Silicon Valley tech giant has already added 3,000 jobs this year across its fulfilment centres, sort centres and delivery stations.
The new roles will be spread over 50 sites, including corporate offices and two new fulfilment centres opening in the north east and the midlands in the autumn.
Amazon said the new jobs, which include engineers, graduates, HR and IT professionals, will help it meet growing customer demand.
Many of the positions will be taken up by staff who were given temporary roles at the height of the Covid-19 pandemic.
In addition, Amazon said it will create 20,000 seasonal roles ahead of the busy Christmas period.
“We’re proud to be creating 10,000 new permanent roles across our UK network of fulfilment centres, sort centres and delivery stations offering competitive wages and comprehensive benefits starting on day one,” said Stefano Perego, Amazon’s vice president of European customer fulfilment.
“Our people have played a critical role in serving customers in these unprecedented times and the new roles will help us continue to meet customer demand and support small and medium sized businesses selling on Amazon.”
The latest job additions will take Amazon’s total UK workforce to 40,000 by the end of 2020.
It comes after the ecommerce giant unveiled plans to create 3,500 new roles in the US as it expands its office space in the country.


cityam--2020-09-03--GSK and Sanofi begin human trials of coronavirus vaccine

Glaxosmithkline ( GSK ) has today announced that it is beginning human trials of the coronavirus vaccine it is developing with French pharma firm Sanofi .
The two joined forces back in April to develop the potential vaccine , testing of which is now ready to move to the next stage after promising initial results .
Read more : Astrazeneca expands tie-up with Oxford Biomedica for Covid-19 vaccine The combined phase 1 and 2 trials will see 440 adults enrolled in studies at 11 sites across the US , with results expected in early December .
GSK said that if @ @ @ @ @ @ @ regulatory approval for the vaccine in the first half of 2021 .
Over the course of next year , the two firms are targeting the production of 1bn doses of the shot , 60m of which have already been promised to the UK .
It has also signed deals with the US to provide at least 100m doses , with options to purchase a further 500bn .
Before the Open newsletter : Start your day with the City View podcast and key market data The novel treatment combines the technology from one of @ @ @ @ @ @ @ ’ s adjuvant technology , which boosts the efficacy of vaccines .
Roger Connor , President of GSK Vaccines said : “ Moving this vaccine candidate into clinical development is an important moment in the progress towards addressing the global pandemic we are all facing .
“ This builds on the confidence shown by governments already in the potential of this protein-based adjuvanted vaccine candidate , which utilises established technology from both companies , and can be produced at scale by two of the leading vaccine manufacturers globally.
” A vaccine is widely @ @ @ @ @ @ @ coronavirus disease , which has infected nearly 25m people worldwide and sent the global economy into meltdown .
There are more than 180 programmes around the world working on such treatments .
One of these , Russia ’ s so-called “ Sputnik ” vaccine , has already been granted regulatory approval , although this has been met with skepticism by many .
Read more : EU to pay Astrazeneca £300m for Oxford coronavirus vaccine GSK ’ s rival Astrazeneca is one of the leading candidates to develop a working vaccine , in combination @ @ @ @ @ @ @ .
After positive data from trials in July , the vaccine ’ s lead developer said there was a possibility that it could be rolled out by Christmas .

GSK and Sanofi begin human trials of coronavirus vaccine
Glaxosmithkline (GSK) has today announced that it is beginning human trials of the coronavirus vaccine it is developing with French pharma firm Sanofi.
The two joined forces back in April to develop the potential vaccine, testing of which is now ready to move to the next stage after promising initial results.
The combined phase 1 and 2 trials will see 440 adults enrolled in studies at 11 sites across the US, with results expected in early December.
GSK said that if the results were positive it would seek regulatory approval for the vaccine in the first half of 2021.
Over the course of next year, the two firms are targeting the production of 1bn doses of the shot, 60m of which have already been promised to the UK.
It has also signed deals with the US to provide at least 100m doses, with options to purchase a further 500bn.
Before the Open newsletter: Start your day with the City View podcast and key market data
The novel treatment combines the technology from one of Sanofi’s flu vaccines with GSK’s adjuvant technology, which boosts the efficacy of vaccines.
Roger Connor, President of GSK Vaccines said: “Moving this vaccine candidate into clinical development is an important moment in the progress towards addressing the global pandemic we are all facing.
“This builds on the confidence shown by governments already in the potential of this protein-based adjuvanted vaccine candidate, which utilises established technology from both companies, and can be produced at scale by two of the leading vaccine manufacturers globally.”
A vaccine is widely considered the best hope for vanquishing the coronavirus disease, which has infected nearly 25m people worldwide and sent the global economy into meltdown.
There are more than 180 programmes around the world working on such treatments. One of these, Russia’s so-called “Sputnik” vaccine, has already been granted regulatory approval, although this has been met with skepticism by many.
GSK’s rival Astrazeneca is one of the leading candidates to develop a working vaccine, in combination with scientists at the University of Oxford.
After positive data from trials in July, the vaccine’s lead developer said there was a possibility that it could be rolled out by Christmas.


cityam--2020-09-03--Co-op to create 1,000 new jobs in post-lockdown £130m investment drive

Co-op is preparing to open a raft of new stores and create up to 1,000 new jobs as part of a £130m investment programme , as consumers have shopped more locally during the coronavirus pandemic .
The convenience store chain announced this morning that it is planning to open or extend 65 stores , with a further 100 sites earmarked for refurbishment .
In total , 1,000 new roles will be created alongside 1,000 temporary jobs that have become permanent .
An additional 12 new Co-op franchise stores will launch this year , including at Oxford Brookes University and Stirling @ @ @ @ @ @ @ planned for next year .
Co-op said that 70 per cent of UK adults have relied on convenience stores recently , with shoppers visiting their local branch more than three times a week on average .
Co-op Property managing director David Roberts said : “ Co-op works to operate at the heart of local life , making a difference in its communities .
Read more : UK retailers ramp up online operations but warn of further store closures “ Multiple factors motivate consumers , with ease , choice and added services chief among @ @ @ @ @ @ @ locations , sites which are definitively convenient in their community.
” Association of Convenience Stores chief executive James Lowman said : “ Convenience stores have firmly established themselves as a place that local communities can rely on , not just for groceries but for a growing range of services that have kept the nation going during the last few months .
”

Co-op to create 1,000 new jobs in post-lockdown £130m investment drive
The Co-op – UK’s fifth biggest grocery store – saw food revenue up by £134m to £7.81bn compared to 7.67bn to the same period last year
Co-op is preparing to open a raft of new stores and create up to 1,000 new jobs as part of a £130m investment programme, as consumers have shopped more locally during the coronavirus pandemic.
The convenience store chain announced this morning that it is planning to open or extend 65 stores, with a further 100 sites earmarked for refurbishment.
In total, 1,000 new roles will be created alongside 1,000 temporary jobs that have become permanent.
An additional 12 new Co-op franchise stores will launch this year, including at Oxford Brookes University and Stirling University.
More campus location openings are planned for next year.
Co-op said that 70 per cent of UK adults have relied on convenience stores recently, with shoppers visiting their local branch more than three times a week on average.
Co-op Property managing director David Roberts said: “Co-op works to operate at the heart of local life, making a difference in its communities.
“Multiple factors motivate consumers, with ease, choice and added services chief among them. We continually look for new locations, sites which are definitively convenient in their community.”
Association of Convenience Stores chief executive James Lowman said: “Convenience stores have firmly established themselves as a place that local communities can rely on, not just for groceries but for a growing range of services that have kept the nation going during the last few months.”


cityam--2020-09-03--More than 100m meals eaten through Eat Out to Help Out scheme

More than 100m meals were eaten in August as a part of the government ’ s Eat Out to Help Out scheme for a total cost to the Treasury of £522m .
The latest figures show there was a large uptick in take up of the scheme in the final two weeks of August , after 35m meals were claimed in the first two weeks .
Read more : Eat Out to Help Out : Diner numbers soar on bumper Bank Holiday Monday The Treasury expects the final number to be even higher than the 100m mark , with restaurants @ @ @ @ @ @ @ the scheme .
The scheme saw the government pay for a half price discount , up to £10 per person , on meals on Monday , Tuesday and Wednesday in August .
More than 84,000 UK restaurants participated in the scheme .
Many restaurants are extending the scheme in some form and offering discounts in September .
Pizza chain Franco Manca , bar chain Slug and Lettuce and restaurant chain Bill ’ s are among those extending the scheme for another month .
Kate Nicholls , chief executive of hospitality lobby UKHospitality , @ @ @ @ @ @ @ boost to the sector .
Before the Open newsletter : Start your day with the City View podcast and key market data “ It has helped provide a lift in consumer confidence which is going to be key for hospitality businesses as they look to reopen and help rebuild the economy , ” she said .
“ The scheme has provided a timely boost in trade which will have helped many businesses safeguard jobs all around the UK.
” Read more : London Tories call for Waterloo and City Tube line to reopen @ @ @ @ @ @ @ 1.8m jobs in the hospitality sector .
Chancellor Rishi Sunak said : “ “ From the get-go our mission has been to protect jobs , and to do this we needed to be creative , brave and try things that no government has ever done before .
”

More than 100m meals eaten through Eat Out to Help Out scheme
A waiter wearing a protective face covering serves customers sitting at the opened up window table of a cafe in Soho in London
More than 100m meals were eaten in August as a part of the government’s Eat Out to Help Out scheme for a total cost to the Treasury of £522m.
The latest figures show there was a large uptick in take up of the scheme in the final two weeks of August, after 35m meals were claimed in the first two weeks.
The Treasury expects the final number to be even higher than the 100m mark, with restaurants still submitting claims to get reimbursed through the scheme.
The scheme saw the government pay for a half price discount, up to £10 per person, on meals on Monday, Tuesday and Wednesday in August.
More than 84,000 UK restaurants participated in the scheme.
Many restaurants are extending the scheme in some form and offering discounts in September.
Pizza chain Franco Manca, bar chain Slug and Lettuce and restaurant chain Bill’s are among those extending the scheme for another month.
Kate Nicholls, chief executive of hospitality lobby UKHospitality, said the scheme provided a much needed boost to the sector.
Before the Open newsletter: Start your day with the City View podcast and key market data
“It has helped provide a lift in consumer confidence which is going to be key for hospitality businesses as they look to reopen and help rebuild the economy,” she said.
“The scheme has provided a timely boost in trade which will have helped many businesses safeguard jobs all around the UK.”
The Treasury estimates that the scheme supported 1.8m jobs in the hospitality sector.
Chancellor Rishi Sunak said: ““From the get-go our mission has been to protect jobs, and to do this we needed to be creative, brave and try things that no government has ever done before.”


cityam--2020-09-03--Discounting pushes August retail sales to highest level since pandemic began

Retail sales made a slight recovery last month to the highest level since the outbreak of the coronavirus pandemic as brands slashed prices ahead of the Bank Holiday weekend .
In-store like-for-like sales were down 28.1 per cent in August , from a base of minus 0.1 in the same month last year , which was the best result since February .
Read more : UK retailers ramp up online operations but warn of further store closures However experts said the boost could be attributed to heavy discounting in the run up to the August Bank Holiday .
In-store sales @ @ @ @ @ @ @ sectors in August , with homeware the only sector to record a positive result .
Fashion sales at physical stores plunged 32.5 per cent , marking the six consecutive month of negative results .
Meanwhile , lifestyle sales were down 29.4 per cent , according to accountancy firm BDO .
In-store homeware sales jumped 0.7 per cent , but failed to offset the base of minus 0.8 per cent recorded in August last year .
Non-store sales boomed in August , rising 72 per cent from a base of 18.6 per cent , @ @ @ @ @ @ @ accelerated by the pandemic – continued .
BDO head of retail and wholesales Sophie Michael said : “ ‘ While the last week of August provided a moment of positivity , the reality is that this was largely a result of heavy discounting .
“ As we enter the largest recession on record , the outlook remains unsettled with constrained family finances and job market uncertainty continuing to impact negatively on discretionary spend.
’ ‘ Coronavirus-related job losses are predicted to pass one million this month , having already decimated the retail sector @ @ @ @ @ @ @ UK workforce .
“ Job losses in retail grew at the fastest rate in more than a decade in the year to August and as we approach the end of the Government ’ s Job Retention Scheme , further job losses are anticipated .
“ The Government ’ s support scheme has been a lifeline but further support from the Chancellor is vital to help the retail sector recover out of this pandemic .
”

Discounting pushes August retail sales to highest level since pandemic began
Retail sales made a slight recovery last month to the highest level since the outbreak of the coronavirus pandemic as brands slashed prices ahead of the Bank Holiday weekend.
In-store like-for-like sales were down 28.1 per cent in August, from a base of minus 0.1 in the same month last year, which was the best result since February.
However experts said the boost could be attributed to heavy discounting in the run up to the August Bank Holiday.
In-store sales were negative for two out of three sectors in August, with homeware the only sector to record a positive result.
Fashion sales at physical stores plunged 32.5 per cent, marking the six consecutive month of negative results.
Meanwhile, lifestyle sales were down 29.4 per cent, according to accountancy firm BDO.
In-store homeware sales jumped 0.7 per cent, but failed to offset the base of minus 0.8 per cent recorded in August last year.
Non-store sales boomed in August, rising 72 per cent from a base of 18.6 per cent, as the shift to online shopping – accelerated by the pandemic – continued.
BDO head of retail and wholesales Sophie Michael said: “‘While the last week of August provided a moment of positivity, the reality is that this was largely a result of heavy discounting.
“As we enter the largest recession on record, the outlook remains unsettled with constrained family finances and job market uncertainty continuing to impact negatively on discretionary spend.’
‘Coronavirus-related job losses are predicted to pass one million this month, having already decimated the retail sector which represents 10 per cent of the UK workforce.
“Job losses in retail grew at the fastest rate in more than a decade in the year to August and as we approach the end of the Government’s Job Retention Scheme, further job losses are anticipated.
“The Government’s support scheme has been a lifeline but further support from the Chancellor is vital to help the retail sector recover out of this pandemic.”


cityam--2020-09-03--More retail job losses forecast unless office workers return, industry warns

More store closures and retail job losses are expected unless office workers return and consumers are encouraged to visit city centres , a retail industry body warned this morning .
Despite an uptick in footfall in the final week of the month due to back to school shopping and the final days of the Eat Out to Help Out Scheme , UK footfall plunged 34.8 per cent in August .
Read more : UK retailers ramp up online operations but warn of further store closures The number of shoppers visiting UK retail destinations last month only jumped 7.3 percentage points @ @ @ @ @ @ @ continued to stay at home .
The slow recovery in retail footfall in city centres is having a “ devastating effect on the local economies in these areas ” , the British Retail Consortium ( BRC ) said .
“ While many businesses have been investing in making workplaces safer , we are unlikely to see significant growth in footfall while government advice remains to ‘ work from home if you can.
’ , ” BRC chief executive Helen Dickinson said .
“ Unless this changes , more should be done to encourage @ @ @ @ @ @ @ public transport is safe .
“ Government should also recognise that , while footfall is so low , many businesses will not be able to manage their fixed costs – rent & business rates in particular – and unnecessary job losses and store closures will follow.
” Thousands of retail jobs have already been lost as high street names , including Boots , John Lewis and slashed numbers High streets were the worst performing location last month , with footfall dropping 41.7 per cent year on year , while shopping centre footfall declined @ @ @ @ @ @ @ was down 11.1 per cent compared to last year .
They continued to be shielded from the impact of the coronavirus pandemic due to a higher proportion of supermarkets , larger stores and open spaces .
“ Footfall in the UK continued to improve throughout August , with a marked upturn in the final week , ” Andy Sumpter , Shoppertrak retail consultant , added .
“ This can in part be attributed to the last days of the “ Eat Out to Help Out ” campaign , and Back To School shopping @ @ @ @ @ @ @ the way for recovery , with shopping centres catching up , while high streets are still lagging .
With many people still working from home , high streets in many major cities desperately await the return of tourist and office commuter footfall .
”

More retail job losses forecast unless office workers return, industry warns
More store closures and retail job losses are expected unless office workers return and consumers are encouraged to visit city centres, a retail industry body warned this morning.
Despite an uptick in footfall in the final week of the month due to back to school shopping and the final days of the Eat Out to Help Out Scheme, UK footfall plunged 34.8 per cent in August.
The number of shoppers visiting UK retail destinations last month only jumped 7.3 percentage points compared to July as many office workers continued to stay at home.
The slow recovery in retail footfall in city centres is having a “devastating effect on the local economies in these areas”, the British Retail Consortium (BRC) said.
“While many businesses have been investing in making workplaces safer, we are unlikely to see significant growth in footfall while government advice remains to ‘work from home if you can.’,” BRC chief executive Helen Dickinson said.
“Unless this changes, more should be done to encourage people to travel and reassure them that public transport is safe.
“Government should also recognise that, while footfall is so low, many businesses will not be able to manage their fixed costs – rent & business rates in particular – and unnecessary job losses and store closures will follow.”
Thousands of retail jobs have already been lost as high street names, including Boots, John Lewis and slashed numbers
High streets were the worst performing location last month, with footfall dropping 41.7 per cent year on year, while shopping centre footfall declined 37.4 per cent.
Retail park footfall was down 11.1 per cent compared to last year. They continued to be shielded from the impact of the coronavirus pandemic due to a higher proportion of supermarkets, larger stores and open spaces.
“Footfall in the UK continued to improve throughout August, with a marked upturn in the final week,” Andy Sumpter, Shoppertrak retail consultant, added.
“This can in part be attributed to the last days of the “Eat Out to Help Out” campaign, and Back To School shopping.
“Retail parks continued to lead the way for recovery, with shopping centres catching up, while high streets are still lagging. With many people still working from home, high streets in many major cities desperately await the return of tourist and office commuter footfall.”


cityam--2020-09-03--The City View: Rachel Cunliffe on post-Covid politics

Today Andy Silvester is joined by City A.M. ’ s very own Rachel Cunliffe as they take a whirlwind tour around post ( ish ) -Covid politics .
They start in Scotland where the SNP are doing their best to move the conversation on from their handling of the pandemic to another independence debate , whereas in Westminster the Tories look to get their reputation for competence back .
Andy also looks at further trouble in aviation , more woe on the high street and the latest in the back to work push .
ETX Capital is one of the @ @ @ @ @ @ @ CFD trading providers , offering services to retail , institutional , professional and high net worth customers via an award-winning trading platform .
With over 50 years of experience in the financial markets , customers and service are always put first at ETX , and the company prides itself in offering a tailor-made trading experience to every customer .
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You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing your money .
Authorised and regulated by the Financial Conduct Authority with Financial Services register number 124721 .
ETX Capital provides an execution-only service and therefore any market analysis , opinion , commentary or other information provided during this webinar is for educational purposes only @ @ @ @ @ @ @ personal recommendation or construed as advice .
ETX Capital and the presenter are not financial or investment advisors and do not recommend any instrument of any kind .
Any instruments that are mentioned throughout are cited only for illustrative and educational purposes .

The City View: Rachel Cunliffe on post-Covid politics
Today Andy Silvester is joined by City A.M.’s very own Rachel Cunliffe as they take a whirlwind tour around post(ish)-Covid politics.
Subscribe to The City View Podcast: Apple / Google / Spotify / RSS
They start in Scotland where the SNP are doing their best to move the conversation on from their handling of the pandemic to another independence debate, whereas in Westminster the Tories look to get their reputation for competence back.
Andy also looks at further trouble in aviation, more woe on the high street and the latest in the back to work push.
In association with ETX Capital
ETX Capital is one of the UK’s leading spread betting and CFD trading providers, offering services to retail, institutional, professional and high net worth customers via an award-winning trading platform. With over 50 years of experience in the financial markets, customers and service are always put first at ETX, and the company prides itself in offering a tailor-made trading experience to every customer. The multi-device TraderPro platform delivers a fully customisable, award-winning trading technology with customisable charts, instant execution and over 5,000 markets to trade.
Disclaimer: Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when spread betting or trading CFDs with ETX. You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing your money. Authorised and regulated by the Financial Conduct Authority with Financial Services register number 124721. ETX Capital provides an execution-only service and therefore any market analysis, opinion, commentary or other information provided during this webinar is for educational purposes only and is not intended to be a personal recommendation or construed as advice. ETX Capital and the presenter are not financial or investment advisors and do not recommend any instrument of any kind. Any instruments that are mentioned throughout are cited only for illustrative and educational purposes.


cityam--2020-09-03--Pret a Manger launches coffee subscription to battle lockdown sales slump

Pret a Manger has announced it will launch a coffee subscription service as the coronavirus pandemic continues to challenge the cafe chain ’ s business model .
Pret , which has announced 2,300 job cuts due to the Covid-19 crisis , said the £20-per-month subscription is the first step in its “ new digitally-led , multichannel strategy ” .
Read more : Pret a Manger to axe 2,800 jobs as sales fall to lowest level in a decade The initiative , which will launch nationwide on 8 September , is part of the high street chain ’ s recovery plan @ @ @ @ @ @ @ said last week that sales had dropped to levels last seen a decade ago during the pandemic .
Sales have picked up since the end of July , rising more than seven per cent .
However the future of the company remains uncertain as office workers – the firm ’ s core customer base – have continued to work from home despite the easing of lockdown restrictions .
Subscribers to the new service will be able to claim up to five hot drinks a day at a monthly price of £20 a month @ @ @ @ @ @ @ Pret has also taken other steps to pivot its business during the coronavirus pandemic .
The chain launched a “ Heat Me at Home ” range , a retail range of ground coffee and espresso beans available through Amazon , and a dinner menu for delivery .
Read more : Pret A Manger to cut staff hours in coronavirus restructuring Chief executive Pano Cristou said : “ This is just the first step in our plan to bring Pret to more people .
We now have the building blocks to establish Pret as @ @ @ @ @ @ @ Your Pret Barista is the first big launch we ’ re able to deliver through our new technology platform .
“ Since reopening back in May , our coffee sales have been rising faster than food – evidence that coffee has become an integral part of both our customers ’ everyday routines and the Pret experience .
”

Pret a Manger launches coffee subscription to battle lockdown sales slump
Pret a Manger has announced it will launch a coffee subscription service as the coronavirus pandemic continues to challenge the cafe chain’s business model.
Pret, which has announced 2,300 job cuts due to the Covid-19 crisis, said the £20-per-month subscription is the first step in its “new digitally-led, multichannel strategy”.
The initiative, which will launch nationwide on 8 September, is part of the high street chain’s recovery plan after the pandemic battered sales.
Pret said last week that sales had dropped to levels last seen a decade ago during the pandemic.
Sales have picked up since the end of July, rising more than seven per cent.
However the future of the company remains uncertain as office workers – the firm’s core customer base – have continued to work from home despite the easing of lockdown restrictions.
Subscribers to the new service will be able to claim up to five hot drinks a day at a monthly price of £20 a month, with the first month free.
Pret has also taken other steps to pivot its business during the coronavirus pandemic. The chain launched a “Heat Me at Home” range, a retail range of ground coffee and espresso beans available through Amazon, and a dinner menu for delivery.
Chief executive Pano Cristou said: “This is just the first step in our plan to bring Pret to more people. We now have the building blocks to establish Pret as a multichannel, digitally-led business, and Your Pret Barista is the first big launch we’re able to deliver through our new technology platform.
“Since reopening back in May, our coffee sales have been rising faster than food – evidence that coffee has become an integral part of both our customers’ everyday routines and the Pret experience.”


cityam--2020-09-03--Former PM Tony Blair warns quarantine restrictions 'killing' international travel

Former Prime Minister Tony Blair has warned that quarantine restrictions are “ killing ” international travel , arguing that the policy wouldn ’ t be necessary with a better testing regime .
Blair , who believes we could be living with coronavirus restrictions for a further two years , said he opposed the blanket quarantine measures currently in place .
Read more : Jet2 to add more flight capacity despite quarantine regime The former Labour Prime Minister welcomed new testing trials recently announced by the government , but added that they could have been brought in “ several months ago @ @ @ @ @ @ @ think it ’ s necessary to do a 14 day quarantine when you come back into the country .
That is if you want literally zero risk , ” he told the BBC .
Blair added that the quarantine is “ killing ” international travel .
The government was yesterday accused of “ overseeing the demise ” of UK aviation as the sector braces for thousands of job losses and further travel restrictions .
Derek Provan , chief executive of AGS Airports , which runs Southampton , Aberdeen and Glasgow , said the @ @ @ @ @ @ @ the demise of the coal industry in the 1980s .
Heathrow is preparing to cut up to a quarter of its frontline staff — 1,200 roles — after talks with unions stalled , Sky News reported .
Meanwhile , Virgin Atlantic has secured court approval for its £1.2bn bailout deal , taking it a step closer to ensuring its survival .
Blair also warned that the UK could be living with coronavirus restrictions for an additional two years .
Read more : Ryanair passenger numbers down 50 per cent amid quarantine chaos “ @ @ @ @ @ @ @ , they reckon it ’ s two years that we ’ ll be living with this in a reasonably serious state , ” Blair said .
“ It will take us quite a long time before you get the vaccines in , you get them distributed , you learn what works , what doesn ’ t work , so you ’ re going to be carrying on with a lot of the infrastructure around coronavirus for the next two years , realistically .
”

Former PM Tony Blair warns quarantine restrictions ‘killing’ international travel
Former Prime Minister Tony Blair has warned that quarantine restrictions are “killing” international travel, arguing that the policy wouldn’t be necessary with a better testing regime.
Blair, who believes we could be living with coronavirus restrictions for a further two years, said he opposed the blanket quarantine measures currently in place.
The former Labour Prime Minister welcomed new testing trials recently announced by the government, but added that they could have been brought in “several months ago”.
“I don’t think it’s necessary to do a 14 day quarantine when you come back into the country. That is if you want literally zero risk,” he told the BBC.
Blair added that the quarantine is “killing” international travel.
The government was yesterday accused of “overseeing the demise” of UK aviation as the sector braces for thousands of job losses and further travel restrictions.
Derek Provan, chief executive of AGS Airports, which runs Southampton, Aberdeen and Glasgow, said the sector was suffering more job losses than the demise of the coal industry in the 1980s.
Heathrow is preparing to cut up to a quarter of its frontline staff — 1,200 roles — after talks with unions stalled, Sky News reported.
Meanwhile, Virgin Atlantic has secured court approval for its £1.2bn bailout deal, taking it a step closer to ensuring its survival.
Blair also warned that the UK could be living with coronavirus restrictions for an additional two years.
“I was talking to some experts yesterday, they reckon it’s two years that we’ll be living with this in a reasonably serious state,” Blair said.
“It will take us quite a long time before you get the vaccines in, you get them distributed, you learn what works, what doesn’t work, so you’re going to be carrying on with a lot of the infrastructure around coronavirus for the next two years, realistically.”


cityam--2020-09-03--FTSE 100 rally cools as Wall Street slips from overnight highs

The FTSE 100 ’ s rally slowed this afternoon , with London ’ s premier index trading 0.3 per cent up at 5,957.69 points as of the early afternoon .
Optimism that the economy could be in line for further stimulus measures kept the market in the black even as Wall Street slipped from last night ’ s record highs .
The FTSE 250 of mid cap companies also rose at the same pace , buoyed by positive data from the dominant UK service sector .
According to PMI data released this morning , activity in the UK services sector @ @ @ @ @ @ @ five years in August as the country recovered from the coronavirus lockdown .
The seasonally adjusted IHS Markit/CIPS UK Services PMI Business Activity Index registered 58.8 in August , up from 56.5 in July .
The FTSE ’ s rise came after strong trading across Europe , with Germany ’ s DAX up 1.2 per cent to 13,407.62 points and the French CAC 40 1.8 per cent to 5,120.41 .
Hopes that policy makers might impose new stimulus measures to aid the recovery drove the increase .
Yesterday , the Bank of England @ @ @ @ @ @ @ that more liquidity might be made available .
This morning the French government announced a €100bn package to drive its economic recovery next year , with a focus on stimulating green growth and job creation .
“ London markets are rushing on hopes that the government will have to consider further rounds of stimulus measures given the current economic situation , in addition to some positivity arising out of France ’ s stimulus measures , ” said Connor Campbell , analyst at Spreadex .
Before the Open newsletter : Start your day with @ @ @ @ @ @ @ data On the FTSE 100 , takeover specialist Melrose Industries was the top riser , picking up 8.2 per cent despite posting a £581m loss this morning .
It was followed by property developer British Land , which rose 4.1 per cent , and publisher Informa , which increased by 2.9 per cent .
The FTSE 250 ’ s charge was led by outsourcer Capita , which saw shares rise 8.8 per cent after rumours of a potential takeover bid by CVC Partners .
The firm was quick to quash the speculation , @ @ @ @ @ @ @ offer from the firm .
A strong overnight performance from US and Asian stocks also helped tee up the impressive open in Europe , with Wall Street last night showing its biggest daily gain since July despite disappointing payroll data .
Both the S & P 500 and the Nasdaq again posted record highs on a combination of positive sentiment over the development of a coronavirus vaccine and hope that a new stimulus package could be agreed .
However , US markets dropped as markets opened this afternoon , as the recent rally @ @ @ @ @ @ @ showed that 881,000 people had made new weekly jobless claims .
The S & P 500 fell 0.7 per cent to 3,555.16 points , while the tech-heavy Nasdaq dropped 1.8 per cent to 11,843.14 .
Shares in Apple , Netflix and Tesla all slipped , with the latter falling over six per cent after last week ’ s five-for-one stock split .
The falls came as the US Labor Department said that 881,000 Americans filed for unemployment benefits , down 130,000 from last week .
Analysts warned that without further stimulus , the @ @ @ @ @ @ @ caused by the pandemic was still “ highly uncertain ” .
Read more : GKN-owner Melrose posts £581m loss and scraps dividend on Covid-19 hit “ The markets feel like they are being weighed on a set of scales at the moment with stimulus and vaccine hopes on one side and Covid-19 second wave fears and recession on the other , ” said AJ Bell investment director Russ Mould .
“ After positive signs that politicians in the US might agree a new package to reinvigorate the economy and news of progress towards @ @ @ @ @ @ @ was tipped in a positive direction – gaining 0.8 per cent and looking to regain the 6,000 mantle .

FTSE 100 rally cools as Wall Street slips from overnight highs
The capital’s premier index added 0.1 per cent to close at 7,879.52 points, while the domestically-focused mid-cap FTSE 250 index, which is more responsive to sentiment toward the UK economy, climbed 0.23 per cent to 19,286.90 points
The FTSE 100’s rally slowed this afternoon, with London’s premier index trading 0.3 per cent up at 5,957.69 points as of the early afternoon.
Optimism that the economy could be in line for further stimulus measures kept the market in the black even as Wall Street slipped from last night’s record highs.
The FTSE 250 of mid cap companies also rose at the same pace, buoyed by positive data from the dominant UK service sector.
According to PMI data released this morning, activity in the UK services sector increased at its fastest rate for over five years in August as the country recovered from the coronavirus lockdown.
The seasonally adjusted IHS Markit/CIPS UK Services PMI Business Activity Index registered 58.8 in August, up from 56.5 in July.
The FTSE’s rise came after strong trading across Europe, with Germany’s DAX up 1.2 per cent to 13,407.62 points and the French CAC 40 1.8 per cent to 5,120.41.
Hopes that policy makers might impose new stimulus measures to aid the recovery drove the increase.
Yesterday, the Bank of England’s deputy governor Dave Ramsden hinted that more liquidity might be made available.
This morning the French government announced a €100bn package to drive its economic recovery next year, with a focus on stimulating green growth and job creation.
“London markets are rushing on hopes that the government will have to consider further rounds of stimulus measures given the current economic situation, in addition to some positivity arising out of France’s stimulus measures,” said Connor Campbell, analyst at Spreadex.
Before the Open newsletter: Start your day with the City View podcast and key market data
On the FTSE 100, takeover specialist Melrose Industries was the top riser, picking up 8.2 per cent despite posting a £581m loss this morning.
It was followed by property developer British Land, which rose 4.1 per cent, and publisher Informa, which increased by 2.9 per cent.
The FTSE 250’s charge was led by outsourcer Capita, which saw shares rise 8.8 per cent after rumours of a potential takeover bid by CVC Partners.
The firm was quick to quash the speculation, saying it had not received any such offer from the firm.
Wall Street slips on cooling tech rally and jobs data
A strong overnight performance from US and Asian stocks also helped tee up the impressive open in Europe, with Wall Street last night showing its biggest daily gain since July despite disappointing payroll data.
Both the S&P 500 and the Nasdaq again posted record highs on a combination of positive sentiment over the development of a coronavirus vaccine and hope that a new stimulus package could be agreed.
However, US markets dropped as markets opened this afternoon, as the recent rally in tech shares cooled and new data showed that 881,000 people had made new weekly jobless claims.
The S&P 500 fell 0.7 per cent to 3,555.16 points, while the tech-heavy Nasdaq dropped 1.8 per cent to 11,843.14.
Shares in Apple, Netflix and Tesla all slipped, with the latter falling over six per cent after last week’s five-for-one stock split.
The falls came as the US Labor Department said that 881,000 Americans filed for unemployment benefits, down 130,000 from last week.
Analysts warned that without further stimulus, the US’ recovery from the economic crisis caused by the pandemic was still “highly uncertain”.
“The markets feel like they are being weighed on a set of scales at the moment with stimulus and vaccine hopes on one side and Covid-19 second wave fears and recession on the other,” said AJ Bell investment director Russ Mould.
“After positive signs that politicians in the US might agree a new package to reinvigorate the economy and news of progress towards a prospective coronavirus vaccine the FTSE 100 was tipped in a positive direction – gaining 0.8 per cent and looking to regain the 6,000 mantle.


cityam--2020-09-03--US jobless claims fall to lowest level since pandemic began

The number of people filing for unemployment benefits in the US fell to its lowest level since the coronavirus pandemic began , new data from the US Labor Department has revealed .
Last week , there were 881,000 jobless claims , down 130,000 from the week before .
The drop was larger than expected , with a Reuters poll predicting 950,000 claims .
Read more : New US jobless claims back above 1m after surprise jump However , the figure was calculated using a different methodology to previous weeks , meaning that the numbers may not be compatible .
The @ @ @ @ @ @ @ using additive factors to more accurately track seasonal fluctuations in the series .
It said in the presence of a large shift in the claims series , the multiplicative seasonal adjustment factors , which it had been using , could result in systematic over- or under-adjustment of the data .
In addition , alongside the headline figure , the number of claims by those not in regular work – including freelancers and part-time workers – jumped to 759,000 claims , up from 607,000 last week .
Before the Open newsletter : Start your @ @ @ @ @ @ @ key market data The new figures come amid fears that the US ’ economic recovery is stalling , with lawmakers still at loggerheads over the next round of government stimulus .
Richard Flynn , the UK managing director of financial services firm Charles Schwab , said that without further unemployment benefits the recovery would be “ highly uncertain ” .
“ Many Fed officials have been urging Congress to pass more fiscal relief , as that would likely have a more immediate effect in boosting growth , employment and inflation ” , he @ @ @ @ @ @ @ we expect the Fed to keep short-term interest rates low for several more years , and the U.S. dollar to weaken further over time.
” More than 22m Americans lost their job due to the pandemic , which saw large swathes of the economy shut down due to health concerns .
Read more : FTSE 100 rises again after Wall Street surges overnight Thus far , 9m of these have been rehired , with new data on the job market expected tomorrow .
Analysts believe that the new figures will show a decline @ @ @ @ @ @ @ double-digit rates .

US jobless claims fall to lowest level since pandemic began
The number of people filing for unemployment benefits in the US fell to its lowest level since the coronavirus pandemic began, new data from the US Labor Department has revealed.
Last week, there were 881,000 jobless claims, down 130,000 from the week before. The drop was larger than expected, with a Reuters poll predicting 950,000 claims.
However, the figure was calculated using a different methodology to previous weeks, meaning that the numbers may not be compatible.
The department said last it was switching to using additive factors to more accurately track seasonal fluctuations in the series.
It said in the presence of a large shift in the claims series, the multiplicative seasonal adjustment factors, which it had been using, could result in systematic over- or under-adjustment of the data.
In addition, alongside the headline figure, the number of claims by those not in regular work – including freelancers and part-time workers – jumped to 759,000 claims, up from 607,000 last week.
Before the Open newsletter: Start your day with the City View podcast and key market data
The new figures come amid fears that the US’ economic recovery is stalling, with lawmakers still at loggerheads over the next round of government stimulus.
Richard Flynn, the UK managing director of financial services firm Charles Schwab, said that without further unemployment benefits the recovery would be “highly uncertain”.
“Many Fed officials have been urging Congress to pass more fiscal relief, as that would likely have a more immediate effect in boosting growth, employment and inflation”, he said.
“In the meantime, we expect the Fed to keep short-term interest rates low for several more years, and the U.S. dollar to weaken further over time.”
More than 22m Americans lost their job due to the pandemic, which saw large swathes of the economy shut down due to health concerns.
Thus far, 9m of these have been rehired, with new data on the job market expected tomorrow.
Analysts believe that the new figures will show a decline in August from last month’s double-digit rates.


cityam--2020-09-03--English coronavirus cases jump to highest level since end of May

Coronavirus cases in England have jumped to the highest level since the end of May , increasing fears of a second wave .
According to the latest government figures , 6,732 new people tested positive for Covid-19 in England between 20 August and 26 August .
Read more : GSK and Sanofi begin human trials of coronavirus vaccine The jump is an increase of six per cent compared to the previous week and is the highest weekly number since the end of May .
Testing was down one per cent on the previous week .
However the number of tests @ @ @ @ @ @ @ Data also showed that the number of people transferred to the contact tracing system during the period fell three per cent to 7,683 .
Of those people , 81.4 per cent were reached and asked to provide information about their contacts compared to 75.2 per cent in the previous week .
In total , 31,388 people were identified as coming into close contact with a confirmed coronavirus patient , with 69.4 per cent of those reached by the NHS Test and Trace system and asked to self-isolate .
The Department of Health this @ @ @ @ @ @ @ of rapid coronavirus tests and population testing .
Health minister Matt Hancock said he hopes mass testing using faster Covid-19 tests can be rolled out towards the end of the year , adding that they are key to restoring freedoms after months of Covid-19 restrictions .
Read more : Coronavirus : Is the pandemic the final nail in the coffin for property funds ?
Official advice is currently that citizens only get a Covid-19 test if they have symptoms , although more regular testing is available for certain professions , such as care @ @ @ @ @ @ @ service ’ s Test and Trace programme in England must self-isolate for 14 days if they have been a recent contact of a confirmed Covid-19 case , but they are not told to get a test unless they have symptoms .

English coronavirus cases jump to highest level since end of May
Coronavirus cases in England have jumped to the highest level since the end of May, increasing fears of a second wave.
According to the latest government figures, 6,732 new people tested positive for Covid-19 in England between 20 August and 26 August.
The jump is an increase of six per cent compared to the previous week and is the highest weekly number since the end of May.
Testing was down one per cent on the previous week. However the number of tests carried out has increased since May.
Data also showed that the number of people transferred to the contact tracing system during the period fell three per cent to 7,683.
Of those people, 81.4 per cent were reached and asked to provide information about their contacts compared to 75.2 per cent in the previous week.
In total, 31,388 people were identified as coming into close contact with a confirmed coronavirus patient, with 69.4 per cent of those reached by the NHS Test and Trace system and asked to self-isolate.
The Department of Health this morning announced a £500m investment into trials of rapid coronavirus tests and population testing.
Health minister Matt Hancock said he hopes mass testing using faster Covid-19 tests can be rolled out towards the end of the year, adding that they are key to restoring freedoms after months of Covid-19 restrictions.
Official advice is currently that citizens only get a Covid-19 test if they have symptoms, although more regular testing is available for certain professions, such as care workers.
People contacted by the health service’s Test and Trace programme in England must self-isolate for 14 days if they have been a recent contact of a confirmed Covid-19 case, but they are not told to get a test unless they have symptoms.


cityam--2020-09-04--British Gas to acquire council energy supplier Robin Hood

British Gas owner Centrica has today announced that it will acquire council energy supplier Robin Hood ’ s customers for an undisclosed amount .
As a result of the sale , which will complete on 16 September , 250 staff will lose their jobs , the Telegraph reported .
Read more : SSE fined £2m by Ofgem over ‘ inside information ’ failings Robin Hood ’ s 112,000 residential customers and its 2,600 business customers will be transferred over to the UK ’ s biggest energy supplier .
The firm , which counts former Labour leader Jeremy Corbyn amongst its @ @ @ @ @ @ @ City Council in 2015 in a bid to challenge the dominance of the “ Big Six ” .
However , a damning report from auditors at Grant Thornton earlier this summer showed that the firm had fallen into heavy debt .
According to the report , Robin Hood had lost a total of £34.4m by March 2019 despite receiving £43m of public cash and £16.5m in loans .
A review into the firm ’ s governance was launched , but council officials have concluded that selling the company was the best option .
@ @ @ @ @ @ @ day with the City View podcast and key market data Council leader David Mellen said : “ Given the current economic climate and the further levels of investment needed to enable the company to compete in an extremely difficult market , the review concluded that a sale was the right option ” “ It provides the best possible deal for the Council and city residents and reassurance to customers that they are transferring to a large , well established company .
“ We know this is a very sad day for the business @ @ @ @ @ @ @ part in creating a more dynamic and customer orientated market for all energy consumers .
Centrica chief executive Chris O ’ Shea said : “ As well as our actions to simplify and modernise our business , we are focused on returning to profitable growth in our core markets and investing in value generating opportunities .
Read more : British Gas pays out £1.7m after prepayment supplier error “ Our customers are at the heart of everything we do , and we are delighted to welcome Robin Hood customers to British Gas .
@ @ @ @ @ @ @ to offer every customer moving to British Gas a tariff which means their price will not be any higher and , importantly , they will be supplied with green electricity and have access to a range of other benefits – such as British Gas Rewards with free energy days and exclusive offers on services such as boiler cover .
”

British Gas to acquire council energy supplier Robin Hood
British Gas owner Centrica has today announced that it will acquire council energy supplier Robin Hood’s customers for an undisclosed amount.
As a result of the sale, which will complete on 16 September, 250 staff will lose their jobs, the Telegraph reported.
Robin Hood’s 112,000 residential customers and its 2,600 business customers will be transferred over to the UK’s biggest energy supplier.
The firm, which counts former Labour leader Jeremy Corbyn amongst its customers, was set up by Nottingham City Council in 2015 in a bid to challenge the dominance of the “Big Six”.
However, a damning report from auditors at Grant Thornton earlier this summer showed that the firm had fallen into heavy debt.
According to the report, Robin Hood had lost a total of £34.4m by March 2019 despite receiving £43m of public cash and £16.5m in loans.
A review into the firm’s governance was launched, but council officials have concluded that selling the company was the best option.
Before the Open newsletter: Start your day with the City View podcast and key market data
Council leader David Mellen said: “Given the current economic climate and the further levels of investment needed to enable the company to compete in an extremely difficult market, the review concluded that a sale was the right option”
“It provides the best possible deal for the Council and city residents and reassurance to customers that they are transferring to a large, well established company.
“We know this is a very sad day for the business and its employees who have played a part in creating a more dynamic and customer orientated market for all energy consumers.
Centrica chief executive Chris O’Shea said: “As well as our actions to simplify and modernise our business, we are focused on returning to profitable growth in our core markets and investing in value generating opportunities.
“Our customers are at the heart of everything we do, and we are delighted to welcome Robin Hood customers to British Gas.
“We are pleased to be able to offer every customer moving to British Gas a tariff which means their price will not be any higher and, importantly, they will be supplied with green electricity and have access to a range of other benefits – such as British Gas Rewards with free energy days and exclusive offers on services such as boiler cover.”


cityam--2020-09-04--Bank of England: UK economy ‘likely’ to need further stimulus

Bank of England interest rate-setter Michael Saunders said today that it was “ quite likely ” that more stimulus will be needed for Britain ’ s Covid-hit economy in a downbeat speech on the outlook .
“ I consider it quite likely that additional monetary easing will be appropriate in order to achieve a sustained return of inflation to the two per cent target , ” Saunders said .
Read more : Bank of England warns of ‘ scarring ’ to the UK economy Growth was likely to disappoint relative to the Bank ’ s forecasts published last month , @ @ @ @ @ @ @ recovery was the result of a “ benign window ” – the combination of huge government spending and the relaxation of lockdown measures .
“ This window may now be closing , ” Saunders said , adding that a downside scenario for the economy would be “ very costly ” .
Saunders said the withdrawal of the government ’ s furlough scheme at the end of October was likely to lead to a spike in unemployment .
“ Unemployment is likely to rise significantly in coming quarters as the furlough scheme winds down @ @ @ @ @ @ @ said .
“ The scale of the projected rise in unemployment ( about 3½ percentage points ) is similar to that seen in 2008-11 , but it occurs much faster .
Indeed , it would be , by some distance , the sharpest rise in unemployment for at least 50 years .
Read more : Coronavirus : Government begins to wind down furlough scheme “ While there are uncertainties around that forecast , my view is that the picture of a sharp rise in unemployment is – sadly – highly plausible , ” @ @ @ @ @ @ @ Bank ’ s deputy governor Dave Ramsden and another rate setter , Gertjan Vlieghe , also warned the economy could suffer more damage from the coronavirus crisis than spelt out by the central bank last month .
Many economists expect the Bank to announce a ramping-up of its bond-buying programme in November .

Bank of England: UK economy ‘likely’ to need further stimulus
Bank of England interest rate-setter Michael Saunders said today that it was “quite likely” that more stimulus will be needed for Britain’s Covid-hit economy in a downbeat speech on the outlook.
“I consider it quite likely that additional monetary easing will be appropriate in order to achieve a sustained return of inflation to the two per cent target,” Saunders said.
Growth was likely to disappoint relative to the Bank’s forecasts published last month, Saunders said.
He said an ongoing recovery was the result of a “benign window” – the combination of huge government spending and the relaxation of lockdown measures.
“This window may now be closing,” Saunders said, adding that a downside scenario for the economy would be “very costly”.
Saunders said the withdrawal of the government’s furlough scheme at the end of October was likely to lead to a spike in unemployment.
“Unemployment is likely to rise significantly in coming quarters as the furlough scheme winds down and workforce participation recovers,” he said.
“The scale of the projected rise in unemployment (about 3½ percentage points) is similar to that seen in 2008-11, but it occurs much faster. Indeed, it would be, by some distance, the sharpest rise in unemployment for at least 50 years.
“While there are uncertainties around that forecast, my view is that the picture of a sharp rise in unemployment is – sadly – highly plausible,” he added.
On Wednesday, the Bank’s deputy governor Dave Ramsden and another rate setter, Gertjan Vlieghe, also warned the economy could suffer more damage from the coronavirus crisis than spelt out by the central bank last month.
Many economists expect the Bank to announce a ramping-up of its bond-buying programme in November.


cityam--2020-09-04--Grant Shapps admits quarantine regime 'confusing' for travellers

Transport secretary Grant Shapps has admitted that the differences to the UK ’ s quarantine policies across the four nations are creating “ confusion ” for travellers .
Speaking to Sky News this morning , Shapps said that he could only be responsible for the restrictions in England , not Scotland , Wales or Northern Ireland .
“ I do realise it creates confusion for people not to have a single rule ( across the UK ) but we do have this devolved approach throughout the United Kingdom and I can only be responsible for the English part of that @ @ @ @ @ @ @ comes after ministers decided not to add either Portugal or Greece to the “ red list ” of countries requiring travellers to self isolate for 14 days when they return to the UK .
However , Wales will quarantine travellers from Portugal , Gibraltar , French Polynesia and the Greek islands of Mykonos , Zakynthos , Lesbos , Paros , Antiparos and Crete as of Friday .
Scotland will do the same for travellers from Portugal and French Polynesia from early on Saturday morning .
Before the Open newsletter : Start your day @ @ @ @ @ @ @ market data The divergences were lambasted by an already exasperated travel industry , which called for urgent clarity on the situation .
“ The quarantine policy is in tatters , ” said Paul Charles , chief executive of travel consultancy firm The PC Agency , told the BBC .
“ Consumers are totally confused by the different approaches and it ’ s impossible to understand the government ’ s own criteria anymore on when to add or remove a country.
” Portugal in particular had been widely touted to be added to the @ @ @ @ @ @ @ in the country had increased from 15.3 to 23 per 100,000 people .
This is above the threshold of 20 which the government has been using as one of its main criteria for triggering quarantine conditions .
Shapps stressed that the figure was “ just one of the many bits of data ” from the Joint Biosecurity Centre that the government was using to make its decisions .

Grant Shapps admits quarantine regime ‘confusing’ for travellers
Transport secretary Grant Shapps
Transport secretary Grant Shapps has admitted that the differences to the UK’s quarantine policies across the four nations are creating “confusion” for travellers.
Speaking to Sky News this morning, Shapps said that he could only be responsible for the restrictions in England, not Scotland, Wales or Northern Ireland.
“I do realise it creates confusion for people not to have a single rule (across the UK) but we do have this devolved approach throughout the United Kingdom and I can only be responsible for the English part of that”, he said.
The admission comes after ministers decided not to add either Portugal or Greece to the “red list” of countries requiring travellers to self isolate for 14 days when they return to the UK.
However, Wales will quarantine travellers from Portugal, Gibraltar, French Polynesia and the Greek islands of Mykonos, Zakynthos, Lesbos, Paros, Antiparos and Crete as of Friday.
Scotland will do the same for travellers from Portugal and French Polynesia from early on Saturday morning.
The divergences were lambasted by an already exasperated travel industry, which called for urgent clarity on the situation.
Before the Open newsletter: Start your day with the City View podcast and key market data
Julia Lo Bue-Said the CEO of The Advantage Travel Partnership told City A.M.: “It’s no wonder the British travelling public is in a total quarantine quandary. This level of confusion will continue to damage consumer confidence which could devastate this industry.
“We need a far more considered and consistent approach which both mitigates the health risk as much as possible whilst allowing greater travel freedoms for the consumer and business traveller – and we need this urgently.”
She said that the country should impose an airport testing regime, as has been suggested by many in the aviation and travel industries, to help get air travel going again.
This afternoon the general secretary of pilots union Balpa wrote to Shapps to urge him to impose such a regime, saying the current quarantine system was “killing aviation”.
“The crisis facing the travel and aviation industry is acute. Thousands of jobs are being lost, livelihoods are being destroyed and companies are on the edge of survival”, Brian Strutton said.
“The Government must do everything it can to support such a vital sector”, he added.
“Allowing testing as an alternative to the current 14-day quarantine periods for incoming passengers from higher-risk areas would be a sensible and effective measure”.
Portugal in particular had been widely touted to be added to the list, as the seven-day infection rate in the country had increased from 15.3 to 23 per 100,000 people.
This is above the threshold of 20 which the government has been using as one of its main criteria for triggering quarantine conditions.
Shapps stressed that the figure was “just one of the many bits of data” from the Joint Biosecurity Centre that the government was using to make its decisions.


cityam--2020-09-04--Debenhams boss insists retailer is not on a cliff edge

The chairman of Debenhams has insisted that the struggling department store chain is not facing a cliff edge .
Chairman Max Gifford said the business , which recently entered administration for the second time in a year , has been doing better than expected .
Fears have been mounting about the retailer ’ s future following reports that Administrator FRP Advisory is aiming to complete a sale of the business by the end of this month .
“ We are sitting with over £95m in the bank , more than £50m higher than we expected to have when we went @ @ @ @ @ @ @ BBC .
“ That ’ s really changed the whole complexion and prospects , ” he said .
“ Because we ’ ve been able to build this amount of cash within the company , the administrator can work with the management team to continue to trade the business , ” he added .
The beleaguered high street chain , which has made 6,500 workers redundant during the pandemic , has appointed liquidators as a last resort .
Last month it was reported that Debenhams had appointed Hilco Capital , which specialises in @ @ @ @ @ @ @ up a contingency plan if a buyer can not be found .
Read more : Debenhams launches rates battle to decide future of company According to Sky News , one “ illustrative scenario ” , which has been circulated among potential buyers , is that half of Debenhams ’ UK estate could be liquidated .
Under that plan Debenhams would be left with 60 stores .
The high street chain recently launched a fight against business rates hikes , warning that it could be forced to shutter more stores and lay off thousands @ @ @ @ @ @

Debenhams boss insists retailer is not on a cliff edge
The chairman of Debenhams has insisted that the struggling department store chain is not facing a cliff edge.
Chairman Max Gifford said the business, which recently entered administration for the second time in a year, has been doing better than expected.
Fears have been mounting about the retailer’s future following reports that Administrator FRP Advisory is aiming to complete a sale of the business by the end of this month.
“We are sitting with over £95m in the bank, more than £50m higher than we expected to have when we went into administration,” Gifford told the BBC.
“That’s really changed the whole complexion and prospects,” he said.
“Because we’ve been able to build this amount of cash within the company, the administrator can work with the management team to continue to trade the business,” he added.
The beleaguered high street chain, which has made 6,500 workers redundant during the pandemic, has appointed liquidators as a last resort.
Last month it was reported that Debenhams had appointed Hilco Capital, which specialises in restructuring and refinancing firms, to draw up a contingency plan if a buyer cannot be found.
According to Sky News, one “illustrative scenario”, which has been circulated among potential buyers, is that half of Debenhams’ UK estate could be liquidated. Under that plan Debenhams would be left with 60 stores.
The high street chain recently launched a fight against business rates hikes, warning that it could be forced to shutter more stores and lay off thousands of workers if it is unsuccessful


cityam--2020-09-04--Treasury set to reject City coronavirus loan refinance plan

The Treasury is reportedly set to reject a City of London plan for a new state-owned organisation that would refinance the billions of pounds of emergency coronavirus loans lent to UK companies .
Chancellor Rishi Sunak is set to rebuff plans put forward by a group led by trade body The City UK and audit firm EY to create a state body to handle the expected backlog of debt piled up by companies using state-back loan programmes , The Financial Times reported .
Ministers reportedly oppose the Recapitalisation Group ’ s plans which they think could shift the risk for @ @ @ @ @ @ @ taxpapers .
Lending through the government ’ s key coronavirus loan schemes has topped £52bn .
The bounce back loan scheme ( BBLS ) , under which the government backs 100 per cent of loans up to £50,000 , has seen by far the most use .
Treasury figures showed £35.5bn had been lent out through the programme by 16 August .
The coronavirus business interruption loan scheme ( CBILS ) has seen banks lend out £13.7bn to struggling firms .
Yet the approval rate remains below 50 per cent , with 122,900 @ @ @ @ @ @ @ banks lend out sums of up to £5m to companies .
The government backs 80 per cent of the loans .
According to the FT report , the Treasury thinks banks should deal with the reputational cost and risk of defaults on coronavirus loans .
Read more : Treasury tells banks to boost coronavirus lending after rule change One reason for this is the belief that corporate debt levels were relatively low before the crisis hit .
Appearing before the Treasury select committee in July , Sunak said : “ I ’ m @ @ @ @ @ @ @ the problem at the moment , I think the simple reason is that we know corporate debt levels in the UK are in a relatively healthy place coming into this crisis.
” Under the City UK scheme , the new body would be able to convert coronavirus loans into new finance instruments , which would give companies more time to repay the money .
Banks reportedly fear being faced with a wave of defaults from companies unable to repay their loans .
The Treasury declined to comment .
City UK was contacted for @ @

Treasury set to reject City coronavirus loan refinance plan
The Treasury is reportedly set to reject a City of London plan for a new state-owned organisation that would refinance the billions of pounds of emergency coronavirus loans lent to UK companies.
Chancellor Rishi Sunak is set to rebuff plans put forward by a group led by trade body The City UK and audit firm EY to create a state body to handle the expected backlog of debt piled up by companies using state-back loan programmes, The Financial Times reported.
Ministers reportedly oppose the Recapitalisation Group’s plans which they think could shift the risk for loan defaults away from the banks towards taxpapers.
Lending through the government’s key coronavirus loan schemes has topped £52bn.
The bounce back loan scheme (BBLS), under which the government backs 100 per cent of loans up to £50,000, has seen by far the most use. Treasury figures showed £35.5bn had been lent out through the programme by 16 August.
The coronavirus business interruption loan scheme (CBILS) has seen banks lend out £13.7bn to struggling firms. Yet the approval rate remains below 50 per cent, with 122,900 applications and 60,400 loans.
CBILS lets banks lend out sums of up to £5m to companies. The government backs 80 per cent of the loans.
According to the FT report, the Treasury thinks banks should deal with the reputational cost and risk of defaults on coronavirus loans.
One reason for this is the belief that corporate debt levels were relatively low before the crisis hit.
Appearing before the Treasury select committee in July, Sunak said: “I’m not completely persuaded of the scale of the problem at the moment, I think the simple reason is that we know corporate debt levels in the UK are in a relatively healthy place coming into this crisis.”
Under the City UK scheme, the new body would be able to convert coronavirus loans into new finance instruments, which would give companies more time to repay the money.
Banks reportedly fear being faced with a wave of defaults from companies unable to repay their loans.
Miles Celic, chief executive of The City UK, said: “Our industry, together with independent bodies, is clear that there will be an unsustainable debt burden that will weigh down hundreds of thousands of companies.
“For some companies, that debt will sink them – the OBR estimates as many as 40 per cent of the companies who have taken BBLS loans will not be able to pay them back.
“We continue to have valuable discussions with government and others to identify how best to tackle this increasingly pressing problem.”
The Treasury declined to comment.


cityam--2020-09-04--FTSE 100 opens lower as US sell off weighs on markets

The FTSE 100 reversed yesterday ’ s losses , closing in on the 5,900 point level this morning despite last night ’ s ferocious sell-off of US tech stocks dragging markets down overnight .
By the mid morning , London ’ s premier index was 0.6 per cent up at 5,878.21 .
The FTSE 250 index of mid caps also rose 0.8 per cent .
Read more : FTSE 100 rally cools as Wall Street slips from overnight highs The reverse was led by mining and financial stocks , while the UK ’ s housebuilders slipped as the Competition and @ @ @ @ @ @ @ probe over suspicions they may have broken consumer protection law in relation to leasehold homes .
It confirmed new enforcement actions focusing on the practices of Barratt Developments , Countryside Properties , Persimmon Homes and Taylor Wimpey , sending stocks down between one and 3.5 per cent across the firms .
Nigel Green , the chief executive of financial services advisory firm De Vere Group , said that investors were taking advantage of the sell-off to top-up their portfolios .
“ Savvy investors will be drawn to the massive growth and opportunities that @ @ @ @ @ @ @ “ With some of the heat being taken out , they will – perhaps more judiciously than before – seek to capitalise on this dip.
” The rebound was apparent across the continent , with Germany ’ s DAX up 0.1 per cent and the French CAC rising 0.6 per cent .
CMC Markets analyst David Madden said : “ Equity markets have clawed back some of the ground that was lost yesterday .
Before the Open newsletter : Start your day with the City View podcast and key market data “ The @ @ @ @ @ @ @ into consideration the horrendous sell off suffered in the US last night.
” On Wall Street yesterday tech stocks bore the brunt of the sell-off , with the likes of Apple down eight per cent , Tesla nine per cent , Microsoft six per cent and Amazon five per cent .
However , given their performance thus far this year , the falls only represent a blip in an otherwise stellar run .
Richard Hunter of Interactive Investor said that the falls were a result of “ a bout of healthy profit taking @ @ @ @ @ @ @ that a combination of new figures would have some investors worried that the US ’ economic recovery from the coronavirus pandemic was stalling .
“ Some disappointment following the ADP payrolls report earlier in the week was compounded by an uncomfortably high jobless claims number , while the service sector rebound also slowed in August ” , he said .
Read more : US jobless claims fall to lowest level since pandemic began Today , the spotlight will be on jobs data for August , with forecasts that 1.4m people will have been @ @ @ @ @ @ @ The FTSE 100 remains down 23 per cent for the year , despite the positive performance of markets elsewhere around the world .

FTSE 100 rises but Wall Street falls again on job data
The FTSE 100 reversed yesterday’s losses, closing in on the 5,900 point level this morning despite last night’s ferocious sell-off of US tech stocks dragging markets down overnight.
By the early afternoon London’s premier index was 0.7 per cent up at 5,888.96. The FTSE 250 index of mid caps also rose 0.2 per cent.
However, Wall Street fell again this afternoon on data that showed the rate of people getting back into employment in the US had slowed.
The FTSE’s reverse was led by mining and financial stocks, while the UK’s housebuilders slipped as the Competition and Markets Authority (CMA) launched a probe over suspicions they may have broken consumer protection law in relation to leasehold homes.
It confirmed new enforcement actions focusing on the practices of Barratt Developments, Countryside Properties, Persimmon Homes and Taylor Wimpey, sending stocks down between one and 3.5 per cent across the firms.
Nigel Green, the chief executive of financial services advisory firm De Vere Group, said that investors were taking advantage of the sell-off to top-up their portfolios.
“Savvy investors will be drawn to the massive growth and opportunities that tech offers”, he said.
“With some of the heat being taken out, they will – perhaps more judiciously than before – seek to capitalise on this dip.”
The rebound was apparent across the continent, with Germany’s DAX up 0.1 per cent and the French CAC rising 0.6 per cent.
CMC Markets analyst David Madden said: “Equity markets have clawed back some of the ground that was lost yesterday.
Before the Open newsletter: Start your day with the City View podcast and key market data
“The mood is relatively upbeat when you take into consideration the horrendous sell off suffered in the US last night.”
Wall Street falls again on jobs data
On Wall Street yesterday tech stocks bore the brunt of the sell-off, with the likes of Apple down eight per cent, Tesla nine per cent, Microsoft six per cent and Amazon five per cent.
The declines continued this afternoon after new data showed that 1.4m more people had returned to employment in the US in August, down from 1.7m the month before.
Although the unemployment rate fell from 10.2 per cent to 8.4 per cent, the slowdown in jobs growth added to fears that the recovery was running out of steam.
The S&P 500 was down 0.3 per cent as trading began, while the tech-heavy Nasdaq dropped 1.5 per cent.
Richard Hunter of Interactive Investor said that the falls were a result of “a bout of healthy profit taking”.
However, he also added that a combination of new figures would have some investors worried that the US’ economic recovery from the coronavirus pandemic was stalling.
“Some disappointment following the ADP payrolls report earlier in the week was compounded by an uncomfortably high jobless claims number, while the service sector rebound also slowed in August”, he said.
The FTSE 100 remains down 23 per cent for the year, despite the positive performance of markets elsewhere around the world.


cityam--2020-09-04--Construction sector growth slows as new work dries up

Growth in UK construction output slowed in August as subdued order books put the brakes on the sector ’ s coronavirus recovery .
The headline IHS Markit/CIPS UK Construction Total Activity Index registered 54.6 in August , down from 58.1 in July .
Read more : HS2 construction begins with promise to create 22,000 jobs It marks the third consecutive month of growth in construction output — indicated by any figure higher than 50 — but the latest expansion was the slowest in this period .
All three broad categories of construction provided a weaker contribution to the headline index @ @ @ @ @ @ @ .
Survey respondents mostly suggested that a lack of new work to replace completed contracts had slowed the speed of growth .
House building has enjoyed the strongest rebound since work was halted due to the coronavirus outbreak in late March .
The latest data showed this trend continued in August , with the Housing Activity Index posting a strong 60.7 .
The equivalent figures for commercial work and civil engineering activity were considerably weaker at 52.5 and 46.6 respectively .
Total new business volumes increased in August for the third month running @ @ @ @ @ @ @ since July .
Construction companies noted economic uncertainty and a wait-and-see approach among clients had limited new work , while supply chain disruption continued to impact the industry .
Despite this , firms reported an improvement in their business expectations for the year ahead .
More than twice as many respondents said they expected a rise in construction output over the next 12 months as those that said they expected a fall .
This was largely driven by hopes of a boost to major infrastructure projects and resilient public sector spending .
But @ @ @ @ @ @ @ drop in staff numbers , with job losses remaining among the highest levels recorded in the past decade .
“ The latest PMI data signalled a setback for the UK construction sector as the speed of recovery lost momentum for the first time since the reopening phase began in May , ” said Tim Moore , economics director at IHS Markit , which compiles the survey .
“ The main reason for the slowdown in total construction output growth was a reduced degree of catch-up on delayed projects and subsequent shortages of new @ @ @ @ @ @ @ ” Read more : Watchdog opens probe into major homebuilders over leasehold practices Gareth Belsham , director of property consultancy and surveyors Naismiths , said the construction sector was “ dancing a faltering foxtrot ” .
“ Two months of meteoric jumps in output were always going to be a hard act to follow , so few people will be surprised that overall momentum has eased back from the near five-year high seen in July , ” he said .
“ While the decline in new orders is a serious concern , this @ @ @ @ @ @ @ of an industry that has dusted itself off and got back to work with gusto .
”

Construction sector growth slows as new work dries up
Growth in UK construction output slowed in August as subdued order books put the brakes on the sector’s coronavirus recovery.
The headline IHS Markit/CIPS UK Construction Total Activity Index registered 54.6 in August, down from 58.1 in July.
It marks the third consecutive month of growth in construction output — indicated by any figure higher than 50 — but the latest expansion was the slowest in this period.
All three broad categories of construction provided a weaker contribution to the headline index in comparison to those seen in July.
Survey respondents mostly suggested that a lack of new work to replace completed contracts had slowed the speed of growth.
House building has enjoyed the strongest rebound since work was halted due to the coronavirus outbreak in late March.
The latest data showed this trend continued in August, with the Housing Activity Index posting a strong 60.7.
The equivalent figures for commercial work and civil engineering activity were considerably weaker at 52.5 and 46.6 respectively.
Total new business volumes increased in August for the third month running, but the rate of expansion slowed since July.
Construction companies noted economic uncertainty and a wait-and-see approach among clients had limited new work, while supply chain disruption continued to impact the industry.
Despite this, firms reported an improvement in their business expectations for the year ahead.
More than twice as many respondents said they expected a rise in construction output over the next 12 months as those that said they expected a fall.
This was largely driven by hopes of a boost to major infrastructure projects and resilient public sector spending.
But the optimism did not prevent a further drop in staff numbers, with job losses remaining among the highest levels recorded in the past decade.
“The latest PMI data signalled a setback for the UK construction sector as the speed of recovery lost momentum for the first time since the reopening phase began in May,” said Tim Moore, economics director at IHS Markit, which compiles the survey.
“The main reason for the slowdown in total construction output growth was a reduced degree of catch-up on delayed projects and subsequent shortages of new work to replace completed contracts in August.”
Gareth Belsham, director of property consultancy and surveyors Naismiths, said the construction sector was “dancing a faltering foxtrot”.
“Two months of meteoric jumps in output were always going to be a hard act to follow, so few people will be surprised that overall momentum has eased back from the near five-year high seen in July,” he said.
“While the decline in new orders is a serious concern, this latest PMI data still paints a picture of an industry that has dusted itself off and got back to work with gusto.”


cityam--2020-09-04--New car sales fall in 'disappointing' August for market

New car sales dropped again last month , reversing July ’ s increase , with just over 87,000 models sold in what is traditionally one of the quietest months for trading .
According to new figures from the Society for Motor Manufacturers and Traders , new car sales fell 5.8 per cent in August .
Read more : Rolls-Royce sales rebound as luxury car firm commits to UK In July , the first full month of trading since dealerships reopened after the coronavirus lockdowns , sales spiked 11 per cent as a wave of pent-up demand was released .
In @ @ @ @ @ @ @ 39.7 per cent in the year so far , around 600,000 units behind this time in 2019 , following the lockdown period .
Despite the overall decline , it was a bumper month for zero-emissions vehicles , with the release of a number of new models leading to 221 per cent increase in sales of plug-in hybrids .
However , such vehicles still make up just one in every 30 models sold , illustrating the challenge ahead to reach the government target for EVs to comprise 70 per cent of new car sales @ @ @ @ @ @ @ : Start your day with the City View podcast and key market data The figures came as the automotive industry calls for binding targets on charging infrastructure development and long-term commitments to incentivise the purchase of zero emission capable vehicles to accelerate demand .
SMMT chief executive Mike Hawes said the decline was disappointing , but warned that people shouldn ’ t draw too many conclusions from the figures , saying that September would be a much better measure .
“ The decline is disappointing , following some brief optimism in July .
@ @ @ @ @ @ @ the new car market ’ s quietest months , it ’ s important not to draw too many conclusions from these figures alone ” , he said .
“ With the all-important plate change month just around the corner , September is likely to provide a better barometer .
As the nation takes steps to return to normality , protecting consumer confidence will be critical to driving a recovery.
” James Fairclough , chief executive of AA Cars , agreed , saying September would give a “ more complete picture ” of how @ @ @ @ @ @ @ is traditionally one of the busiest in the calendar – with the market given a boost as new registration plates are introduced and dealers work hard to hit quarterly targets ” , he said .
Karen Johnson , Head of Retail & Wholesale at Barclays Corporate Banking , said that the changes in lifestyle brought about by the pandemic could yet be good news for the market .
Read more : SMMT : New UK car sales rise 11 per cent post-lockdown “ A lot of buyers have more cash in their pockets @ @ @ @ @ @ @ lockdown with lower expenditure ” , she said .
“ Many have also reviewed their household logistics , with nervousness of public transport and changing working patterns all leading people to rethink their vehicle needs .
”

New car sales fall in ‘disappointing’ August for market
The average price of a used car has increased 28.4 per cent year-on-year, according to Auto Trader.
New car sales dropped again last month, reversing July’s increase, with just over 87,000 models sold in what is traditionally one of the quietest months for trading.
According to new figures from the Society for Motor Manufacturers and Traders, new car sales fell 5.8 per cent in August.
In July, the first full month of trading since dealerships reopened after the coronavirus lockdowns, sales spiked 11 per cent as a wave of pent-up demand was released.
In total, new registrations are down by 39.7 per cent in the year so far, around 600,000 units behind this time in 2019, following the lockdown period.
Despite the overall decline, it was a bumper month for zero-emissions vehicles, with the release of a number of new models leading to 221 per cent increase in sales of plug-in hybrids.
However, such vehicles still make up just one in every 30 models sold, illustrating the challenge ahead to reach the government target for EVs to comprise 70 per cent of new car sales by 2030.
Before the Open newsletter: Start your day with the City View podcast and key market data
The figures came as the automotive industry calls for binding targets on charging infrastructure development and long-term commitments to incentivise the purchase of zero emission capable vehicles to accelerate demand.
Auto industry gears up for crunch September
SMMT chief executive Mike Hawes said the decline was disappointing, but warned that people shouldn’t draw too many conclusions from the figures, saying that September would be a much better measure.
“The decline is disappointing, following some brief optimism in July. However, given August is typically one the new car market’s quietest months, it’s important not to draw too many conclusions from these figures alone”, he said.
“With the all-important plate change month just around the corner, September is likely to provide a better barometer. As the nation takes steps to return to normality, protecting consumer confidence will be critical to driving a recovery.”
James Fairclough, chief executive of AA Cars, agreed, saying September would give a “more complete picture” of how the market is performing.
“September is traditionally one of the busiest in the calendar – with the market given a boost as new registration plates are introduced and dealers work hard to hit quarterly targets”, he said.
Karen Johnson, Head of Retail & Wholesale at Barclays Corporate Banking, said that the changes in lifestyle brought about by the pandemic could yet be good news for the market.
“A lot of buyers have more cash in their pockets for big ticket purchases following months of lockdown with lower expenditure”, she said.
“Many have also reviewed their household logistics, with nervousness of public transport and changing working patterns all leading people to rethink their vehicle needs.”