cityam--2020-10-16--Wetherspoons boss Tim Martin slams lockdown measures as ‘total chaos’ after pub chain sinks to loss

JD Wetherspoon shares sank more than 13 per cent this morning as the pub chain swung to a loss for the first time since 1984 during the pandemic .
Chief executive Tim Martin slammed lockdown measures as “ total chaos ” , after months of closures during the coronavirus crisis hammered the pub group ’ s sales and revenue .
Wetherspoons fell to a pre-tax loss of £34.1m for the 52 weeks to 26 July , down from a profit of £102.5m in the same period last year .
The pre-tax loss included £60m of exceptional costs , including £29m @ @ @ @ @ @ @ staff costs and equipment .
Sales plunged across the board , with bar and food sales sinking around 30 per cent each , and hotel sales plummeting 39 per cent for the year .
Revenue for the full year fell 31 per cent to £1.26bn , down from £1.82bn in 2019 .
Operating profit plummeted 95 per cent to £7.2m , down from £131.9m in the same period last year .
Earnings per share plunged 136.6 per cent to a loss of 27.6p , down from a profit of 75.7p in 2019 .
@ @ @ @ @ @ @ full year , warning that like-for-like sales for the first 11 weeks of the new financial year were down 15 per cent .
Today ’ s results mark the worst performance for Wetherspoons in 36 years , after months of closure during the pandemic and the 10pm curfew crippled sales .
The chain was put all of its pubs and hotels into “ hibernation ” at the outbreak of the pandemic and furloughed 99 per cent of its 43,000-strong workforce .
Speaking to journalists this morning , Martin said : “ I can @ @ @ @ @ @ @ at the figures ” .
“ The problem with lockdowns is , what are you going to do when you get out of them ?
That ’ s what the UK found .
It ’ s not an anathema , ” he added .
Martin called the prospect of further lockdowns , including Tier 2 restrictions in London , “ total chaos ” , adding : “ People think if you live in lockdown long enough you can actually get rid of the virus .
Lockdown defers the problem — it doesn ’ @ @ @ @ @ @ @ tonight , households in London will not be allowed to mix indoors , including in pubs and restaurants , as ministers attempt to curb a sharp spike in infections across the capital .
“ It ’ s going to be bad , ” said Martin .
“ Central London has fared the worst out of all out pubs so far in the pandemic.
” The pub chain this morning announced it has started a consultation process to reduce positions at its airport pubs , as the airline industry remains all but grounded amid @ @ @ @ @ @ @ it would cut 108 jobs at its head office , as the company looks to slim down expenses ahead of a tough winter .
Martin and other board members today announced they have volunteered to take 50 per cent salary cuts .
Asked if further job cuts and site closures lay on the horizon , Martin said : “ We have a saying , EDOV — Everything depends on the virus — and another one , ADOV — And also depends on the government.
” “ You can ’ t rule anything out @ @ @ @ @ @ @ , adding that the pub chain would consider further fundraising rounds .
The outspoken pub boss , who has previously voiced his support for Boris Johnson , slammed the government for its “ palette of ever-changing regulation ” during the coronavirus crisis .
The landmark results come a day after pub and brewer Marston ’ s announced it is set to axe 2,150 jobs , and a week after pub giant Greene King said it will close 79 pubs and restaurants as part of cost-cutting measures to weather the pandemic .
Wetherspoons said @ @ @ @ @ @ @ table service “ have been particularly damaging for trade ” .
Asked if the pandemic had transformed the future of the pub , Martin said pubs “ are always evolving ” , and that he hoped Wetherspoons would adapt to a post-pandemic landscape .
“ Draught sales were even down before the 10pm curfew , but shooters and cocktails overtook real ale for the first time — so all those night club-goers , the ’ ve been coming to Wetherspoons .
Think of how desperate they must have been , ” he said @ @ @ @ @ @ @ winter outlook remained bleak for the pub chain , but added that he hoped restrictions would be lifted in time for festive celebrations .
“ I might stay open at midnight on New Year ’ s Eve anyway and go to jail — I could be like Nelson Mandela and become a great symbol for freedom around the world , ” Martin added .
Read more : JD Wetherspoon expects sales to fall once Eat Out to Help Out scheme ends Shares fell 13 per cent to 828.5p as the group warned that @ @ @ @ @ @ @ “ is even more unpredictable than hitherto ” .
Martin doubled down on his commitment to Brexit , telling City A.M. that a “ no deal Brexit is the starting block for a future trade deal ” , adding that his position on Brexit had not been affected by the pandemic .

Wetherspoons boss Tim Martin slams lockdown measures as ‘total chaos’ after pub chain sinks to loss
JD Wetherspoon shares sank more than 13 per cent this morning as the pub chain swung to a loss for the first time since 1984 during the pandemic.
Chairman Tim Martin slammed recent lockdown measures as “total chaos”, after months of closures during the coronavirus crisis hammered the pub group’s sales and revenue.
The results
Wetherspoons fell to a pre-tax loss of £34.1m for the 52 weeks to 26 July, down from a profit of £102.5m in the same period last year.
The pre-tax loss included £60m of exceptional costs, including £29m of Covid-related spending for stock losses, staff costs and equipment.
Sales plunged across the board, with bar and food sales sinking around 30 per cent each, and hotel sales plummeting 39 per cent for the year.
Revenue for the full year fell 31 per cent to £1.26bn, down from £1.82bn in 2019.
Operating profit plummeted 95 per cent to £7.2m, down from £131.9m in the same period last year.
Earnings per share plunged 136.6 per cent to a loss of 27.6p, down from a profit of 75.7p in 2019.
The group withheld its dividend for the full year, warning that like-for-like sales for the first 11 weeks of the new financial year were down 15 per cent.
Coronavirus
Today’s results mark the worst performance for Wetherspoons in 36 years, after upturned stools during the nationwide lockdown and the subsequent 10pm curfew crippled sales.
The chain put all of its 872 pubs and hotels into “hibernation” at the outbreak of the pandemic and furloughed 99 per cent of its 43,000-strong workforce.
Addressing the results this morning, Martin told City A.M: “I can’t even bring myself to look at the figures”.
“The problem with lockdowns is, what are you going to do when you get out of them? That’s what the UK found. It’s not an anathema.
Martin called the prospect of further lockdowns including Tier 2 restrictions in London “total chaos”, adding: “People think if you live in lockdown long enough you can actually get rid of the virus. Lockdown defers the problem — it doesn’t solve the problem.”
From midnight tonight, households in London will not be allowed to mix indoors — including in pubs and restaurants — as ministers attempt to curb a sharp spike in infections across the capital.
“It’s going to be bad,” said Martin. “Central London has fared the worst out of all our pubs so far in the pandemic.”
The pub chain this morning announced it has started a consultation process to reduce positions at its airport pubs, as the airline industry remains all but grounded amid government quarantine measures.
Wetherspoons also said it would cut 108 jobs at its head office, as the company looks to slim down expenses ahead of a tough winter.
Martin and other board members today announced they have volunteered to take 50 per cent salary cuts.
Asked if further job cuts and site closures hovered on the horizon, Martin said: “We have a saying, EDOV — Everything depends on the virus — and another one, ADOV — And also depends on the government.”
“You can’t rule anything out at the moment”, he said, adding that the pub chain would consider further fundraising rounds.
The outspoken pub boss, who has previously voiced his support for Boris Johnson, slammed the government for its “palette of ever-changing regulation” during the coronavirus crisis.
Post-pandemic pubs
The landmark results come a day after pub and brewer Marston’s announced it is set to axe 2,150 jobs, and a week after pub giant Greene King said it will close 79 pubs and restaurants as part of cost-cutting measures to weather the pandemic.
Wetherspoons said the 10pm curfew and introduction of mandatory table service “have been particularly damaging for trade”.
Asked if the pandemic had transformed the future of the pub, Martin said pubs “are always evolving”, and that he hoped Wetherspoons would adapt to a post-pandemic landscape.
“Draught sales were even down before the 10pm curfew, but shooters and cocktails overtook real ale for the first time — so all those night club-goers, the’ve been coming to Wetherspoons. Think of how desperate they must have been,” he told journalists.
The Wetherspoons boss cautioned that the winter outlook remained bleak for the pub chain, but added that he hoped restrictions would be lifted in time for festive celebrations.
“I might stay open at midnight on New Year’s Eve anyway and go to jail — I could be like Nelson Mandela and become a great symbol for freedom around the world,” Martin added.
Shares fell 13 per cent to 828.5p as the group warned that the outlook for the current financial year “is even more unpredictable than hitherto”.
Martin doubled down on his commitment to Brexit, telling City A.M. that a “no deal Brexit is the starting block for a future trade deal”, adding that his position on UK-EU negotiations had not been affected by the pandemic.
Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown said that “maintaining high numbers of customers is key for the company given that many of its venues are large and to keep costs low, it needs to sell high volumes.”
She added that discounts incentives rolled out by the pub chain were “a sticking plaster for the group”.
“[Wetherspoons] is calling for a consistent framework in which to operate, warning that constantly changing announcements will threaten not only pub companies but the entire economy.”


cityam--2020-10-16--John Lewis unveils five-year plan to return to profit

John Lewis Partnership has set out plans to return to profit , with a £1bn investment in boosting its online business and a focus on expanding its non-retail offering .
The firm this morning said it is aiming to report £400m in profit by the end of the five-year transformation plan .
Read more : John Lewis scraps staff bonus as it crashes to £635m loss The department store chain , which also owns Waitrose , wants to become a 60 to 70 per cent online business , with 40 per cent of profits coming from non-retail in 2030 .
@ @ @ @ @ @ @ plans to develop its financial services offering as well as its move into residential real estate .
John Lewis has identified 20 sites above or next door to a current Waitrose store that could be transformed into housing .
It is already seeking planning permission on two properties in Greater London .
The company also announced that from early 2021 it will be working with Munich Re ’ s Digital Partners , ICE Insuretech , Sedgwick , and Hood Group to deliver a new home insurance product .
Meanwhile , in store the @ @ @ @ @ @ @ price points , as it continues to review its Never Knowingly Undersold pledge .
John Lewis chairman Sharon White said : “ We ’ ve seen five years of change in the past five months and Waitrose and John Lewis have responded with great agility .
Our plan means the John Lewis Partnership will thrive for the next century , as it has the last.
” Read more : John Lewis mulls cutting Oxford Street flagship store space by 40 per cent “ We ’ re adapting successfully to how customers want to @ @ @ @ @ @ @ is improving lives and building a more sustainable future .
We ’ ll share our success with our customers , partners – who own the business – and our communities.
” Nina Bhatia , executive director of strategy and commercial development at the John Lewis Partnership , added : “ We ’ re creating new inspirational services for customers where strong ethical values and peace of mind matter , like reusing and recycling products , personal savings and rented housing .
Our plans will firmly establish Waitrose and John Lewis as the go-to @ @ @ @ @ @ @ , value , and sustainability .
”

John Lewis unveils five-year plan to return to profit
John Lewis is moving into the rental market.
John Lewis Partnership has set out plans to return to profit, with a £1bn investment in boosting its online business and a focus on expanding its non-retail offering.
The firm this morning said it is aiming to report £400m in profit by the end of the five-year transformation plan.
The department store chain, which also owns Waitrose, wants to become a 60 to 70 per cent online business, with 40 per cent of profits coming from non-retail in 2030.
The company provided an update on its plans to develop its financial services offering as well as its move into residential real estate.
John Lewis has identified 20 sites above or next door to a current Waitrose store that could be transformed into housing.
It is already seeking planning permission on two properties in Greater London.
The company also announced that from early 2021 it will be working with Munich Re’s Digital Partners, ICE Insuretech, Sedgwick, and Hood Group to deliver a new home insurance product.
Meanwhile, in store the company will introduce product ranges at lower price points, as it continues to review its Never Knowingly Undersold pledge.
John Lewis chairman Sharon White said: “We’ve seen five years of change in the past five months and Waitrose and John Lewis have responded with great agility. Our plan means the John Lewis Partnership will thrive for the next century, as it has the last.”
“We’re adapting successfully to how customers want to shop today, while showing the partnership is improving lives and building a more sustainable future. We’ll share our success with our customers, partners – who own the business – and our communities.”
Nina Bhatia, executive director of strategy and commercial development at the John Lewis Partnership, added: “We’re creating new inspirational services for customers where strong ethical values and peace of mind matter, like reusing and recycling products, personal savings and rented housing. Our plans will firmly establish Waitrose and John Lewis as the go-to brands for customers that care about quality, value, and sustainability.”


cityam--2020-10-16--London fintechs secure billions from US investors despite virus and Brexit uncertainty

London fintechs have secured $ 3.6bn in venture capital investment this year with more than half coming from US investors .
Fintechs received $ 2.2bn , more than 60 per cent of overall investment , through funding rounds with at least one US investor , according to data from Dealroom and London & Partners .
It is nearly double the US funding from last year , even as the capital ’ s startups grapple with the effects of the virus and the impending Brexit deadline .
Funding rounds including a US investor tend to be significantly larger in value than @ @ @ @ @ @ @ deal value involving US investors is $ 44m compared to $ 12m without .
One of the biggest funding rounds involving American investors this year was Revolut ’ s Series D round , involving US firms Technology Crossover Ventures and Ribbit Capital .
London is now the second most popular for global investment , behind San Francisco with $ 5.1bn and ahead of New York ’ s $ 2.2bn .
The capital also takes the top spot for deal count with 169 deals closed this year suggesting investors are still confident in London @ @ @ @ @ @ @ .
Fintech remains one of London ’ s largest and best performing sectors , accounting for 44 per cent of all VC investment into London ’ s tech companies so far this year .
The sector appears to be weathering the storm of the virus with recent data from Beauhurst suggesting UK fintechs have avoided the worst of it .
Laura Citron , chief executive of London & Partners said : “ The UK capital is a natural home for fintech because it combines the power of global financial markets with a deep @ @ @ @ @ @ @ an early-adopting customer base.
” While the capital ’ s fintechs are exploring the US for expansion , the last few months have seen notable US and Canadian firms confirm their commitments to the UK .
US fintech Plaid recently opened an office in Shoreditch , opting for London as their new home outside of the US and Canada .
Last week , Canada ’ s Clearbanc announced plans to launch in the UK and committed to investing £500m in e-commerce firms .
Keith Grose , head of international at Plaid said : @ @ @ @ @ @ @ London you have access to investors , clients , world-class talent and savvy customers all in one city , making it a unique place to be .
”

London fintechs secure billions from US investors despite virus and Brexit uncertainty
London fintechs have secured $3.6bn in venture capital investment this year with more than half coming from US investors.
Fintechs received $2.2bn, more than 60 per cent of overall investment, through funding rounds with at least one US investor, according to data from Dealroom and London & Partners.
It is nearly double the US funding from last year, even as the capital’s startups grapple with the effects of the virus and the impending Brexit deadline.
Funding rounds including a US investor tend to be significantly larger in value than those without US backing. The average deal value involving US investors is $44m compared to $12m without.
One of the biggest funding rounds involving American investors this year was Revolut’s Series D round, involving US firms Technology Crossover Ventures and Ribbit Capital.
London is now the second most popular for global investment, behind San Francisco with $5.1bn and ahead of New York’s $2.2bn.
The capital also takes the top spot for deal count with 169 deals closed this year suggesting investors are still confident in London’s prospects even amid the pandemic.
Fintech remains one of London’s largest and best performing sectors, accounting for 44 per cent of all VC investment into London’s tech companies so far this year.
The sector appears to be weathering the storm of the virus with recent data from Beauhurst suggesting UK fintechs have avoided the worst of it.
Laura Citron, chief executive of London & Partners said: “The UK capital is a natural home for fintech because it combines the power of global financial markets with a deep tech talent pool, supportive regulation and an early-adopting customer base.”
While the capital’s fintechs are exploring the US for expansion, the last few months have seen notable US and Canadian firms confirm their commitments to the UK.
US fintech Plaid recently opened an office in Shoreditch, opting for London as their new home outside of the US and Canada.
Last week, Canada’s Clearbanc announced plans to launch in the UK and committed to investing £500m in e-commerce firms.
Keith Grose, head of international at Plaid said:”As a fintech company based in London you have access to investors, clients, world-class talent and savvy customers all in one city, making it a unique place to be.”


cityam--2020-10-16--The Friday Interview: Pizza and a pint with Homeslice's Mark Wogan

City A.M. ’ s Deputy Editor speaks to Homeslice ’ s Mark Wogan for the latest in his series of interviews with the capital ’ s hospitality entrepreneurs As combinations go , it ’ s hard to beat a slice of pizza and a cold beer .
City A.M. certainly thinks so , so on this rainy Friday afternoon in Shoreditch it ’ s a delight to sit over a half-margherita , half-wagyu beef 20 ” pie and a Camden Pale Ale .
We ’ re at Homeslice – one of the firm ’ s six locations across the capital @ @ @ @ @ @ @ the title of the best pizza in town .
And we ’ re honoured to be in the company of the brains behind the operation , entrepreneur Mark Wogan .
Read more : The Friday Interview with 40 FOOT brewery “ From the very beginning , ” he says , “ it was about taking something that you know – pizza – and injecting some proper culinary integrity into it .
A real focus on the quality of the ingredients , and a real focus on maintaining high standards.
” It tastes like @ @ @ @ @ @ @ is flown in from Naples twice a week ; the wagyu beef comes from a friend of Mark ’ s in Spain , where it is air-dried in a similar way to iberico ham .
Both are impossible to fault .
“ The ovens are Italian-made , ” he tells me , motioning to the gargantuan creation in the kitchen , out of which emerges piping-hot pizza .
“ They ’ re Valoriani ovens , wood-fired only .
We just believe that ’ s the best way to cook it .
It just @ @ @ @ @ @ @ you don ’ t get from an electric or gas.
” Those ovens fell cold , of course , in the dark days of March and April .
Mark ’ s senior team shut up shop on the six sites – but soon began to innovate .
Takeout pizza , both via delivery apps and collection , became the new normal .
Read more : Every cocktail counts for London Cocktail Month Mark tells a story of driving through the City and seeing construction workers sitting outside his shut site at the bottom @ @ @ @ @ @ @ lunchtime sandwiches .
The site was open within 24 hours , with takeout pizza flying out the window and even a takeout pint available .
The ‘ take and bake ’ pizza , too , is now available nationwide .
Using the firm ’ s signature dough , Homeslice prepare a 12 ” pizza with their selected ingredients and wrap it up until you ’ re ready to finish it off in the oven .
They even provide the extras – fresh basil packed away to finish off the perfect margherita .
And @ @ @ @ @ @ @ up again .
The 10pm curfew didn ’ t help – although Mark does regale City A.M. with a tale of a couple arriving very close to the 10pm and promising that , no , they really could polish off a whole pie in twenty minutes – and new Tier 2 lockdown restrictions will no doubt be a setback .
“ London is arguably the best city in the world .
You ’ d have to do a lot more to it than this to kill it.
” As City A.M. emerges back @ @ @ @ @ @ @ brave the rain and sprint across the road to the pub .
Londoners will always want a pint , it seems – and combining it with pizza of this quality isn ’ t going out of fashion , either .
Homeslice have six sites across London and delivery of the ‘ take and bake ’ is available nationwide .
Homeslicepizza.co.uk

The Friday Interview: Pizza and a pint with Homeslice’s Mark Wogan
“If you can’t make margherita, why are you making pizza?” Credit: Jack Lewis Williams
City A.M.’s Deputy Editor speaks to Homeslice’s Mark Wogan for the latest in his series of interviews with the capital’s hospitality entrepreneurs
As combinations go, it’s hard to beat a slice of pizza and a cold beer.
City A.M. certainly thinks so, so on this rainy Friday afternoon in Shoreditch it’s a delight to sit over a half-margherita, half-wagyu beef 20” pie and a Camden Pale Ale.
We’re at Homeslice – one of the firm’s six locations across the capital, which all have a claim to the title of the best pizza in town. And we’re honoured to be in the company of the brains behind the operation, entrepreneur Mark Wogan.
Read more: The Friday Interview with 40 FOOT brewery
“From the very beginning,” he says, “it was about taking something that you know – pizza – and injecting some proper culinary integrity into it. A real focus on the quality of the ingredients, and a real focus on maintaining high standards.”
Credit: Jack Lewis Williams
It tastes like it. The mozzarella on the margherita is flown in from Naples twice a week; the wagyu beef comes from a friend of Mark’s in Spain, where it is air-dried in a similar way to iberico ham. Both are impossible to fault.
“The ovens are Italian-made,” he tells me, motioning to the gargantuan creation in the kitchen, out of which emerges piping-hot pizza. “They’re Valoriani ovens, wood-fired only. We just believe that’s the best way to cook it. It just puts a flavour into a pizza that you don’t get from an electric or gas.”
Those ovens fell cold, of course, in the dark days of March and April. Mark’s senior team shut up shop on the six sites – but soon began to innovate. Takeout pizza, both via delivery apps and collection, became the new normal.
Read more: Every cocktail counts for London Cocktail Month
Mark tells a story of driving through the City and seeing construction workers sitting outside his shut site at the bottom of the Bloomberg building, munching on lunchtime sandwiches. The site was open within 24 hours, with takeout pizza flying out the window and even a takeout pint available.
The ‘take and bake’ pizza, too, is now available nationwide. Using the firm’s signature dough, Homeslice prepare a 12” pizza with their selected ingredients and wrap it up until you’re ready to finish it off in the oven. They even provide the extras – fresh basil packed away to finish off the perfect margherita.
And, come July 4, Mark opened up again. The 10pm curfew didn’t help – although Mark does regale City A.M. with a tale of a couple arriving very close to the 10pm and promising that, no, they really could polish off a whole pie in twenty minutes – and new Tier 2 lockdown restrictions will no doubt be a setback.
But Mark is unyieldingly optimistic.
“London is arguably the best city in the world. You’d have to do a lot more to it than this to kill it.”
As City A.M. emerges back onto the street, three office workers brave the rain and sprint across the road to the pub. Londoners will always want a pint, it seems – and combining it with pizza of this quality isn’t going out of fashion, either.
Homeslice have six sites across London and delivery of the ‘take and bake’ is available nationwide. Homeslicepizza.co.uk


cityam--2020-10-16--Pret axes 400 jobs amid further store closures

Pret A Manger will cut 400 jobs and close a further six stores in London due to the second wave of the coronavirus pandemic in the UK .
The struggling sandwich chain said the sales growth it had seen since April had slowed from September as Covid-19 injection rates began to rise .
Read more : London lockdown : Will the City ’ s small businesses survive new restrictions ?
Pret declined to specify which stores would close , but said the impact on trade in the City of London , as office workers continue to work from home , @ @ @ @ @ @ @ .
The company has already cut 2,800 jobs as a result of the pandemic , which pushed sales down to the lowest levels in a decade .
It also decided not to reopen 30 of its sites after lockdown restrictions were lifted .
The latest closures come after London was placed into tier 2 restrictions , with the new rules banning mixing with other households coming into force from midnight .
Managing director Clare Clough said : “ It ’ s absolutely right that we take steps to stop the spread of the @ @ @ @ @ @ @ infections .
Sadly , the result of the rise in infections and the necessary shift in public health guidance mean that our recovery has slowed .
Read more : Pret a Manger boss says shift to home working will become permanent “ We ’ ve said all along that it ’ s up to Pret to decide our own future and that we must adapt to the new situation we find ourselves in .
That ’ s why we have to make these further changes as we continue to transform our business model @ @ @ @ @ @ @ .
“ We are doing everything we can to support our team members and to prevent further job losses at Pret .
”

Pret axes 400 jobs amid further store closures
Pret A Manger will cut 400 jobs and close a further six stores in London due to the second wave of the coronavirus pandemic in the UK.
The struggling sandwich chain said the sales growth it had seen since April had slowed from September as Covid-19 injection rates began to rise.
Pret declined to specify which stores would close, but said the impact on trade in the City of London, as office workers continue to work from home, meant its recovery had suffered a setback.
The company has already cut 2,800 jobs as a result of the pandemic, which pushed sales down to the lowest levels in a decade.
It also decided not to reopen 30 of its sites after lockdown restrictions were lifted.
The latest closures come after London was placed into tier 2 restrictions, with the new rules banning mixing with other households coming into force from midnight.
Managing director Clare Clough said: “It’s absolutely right that we take steps to stop the spread of the virus and tackle the new wave of infections. Sadly, the result of the rise in infections and the necessary shift in public health guidance mean that our recovery has slowed.
“We’ve said all along that it’s up to Pret to decide our own future and that we must adapt to the new situation we find ourselves in. That’s why we have to make these further changes as we continue to transform our business model and prepare for the six months ahead.
“We are doing everything we can to support our team members and to prevent further job losses at Pret.”


cityam--2020-10-16--FTSE 100 climbs as markets recover from lockdown sell-off

The FTSE 100 regained some ground as investors returned to risk assets , having dumped them in a rush yesterday amid worries over new coronavirus restrictions .
London ’ s main stock index climbed 1.3 per cent in early trading but slipped back slightly to stand 1.2 per cent higher by late morning .
That followed a 1.7 per cent tumble yesterday .
The smaller FTSE 250 index was up 0.4 per cent .
Read more : FTSE 100 closes deep in the red amid new coronavirus lockdowns Germany ’ s Dax also recovered , rising one per cent .
@ @ @ @ @ @ @ per cent higher and the European Stoxx 600 had gained one per cent .
The pound rose 0.3 per cent to $ 1.295 as Brexit negotiations entered another important phase .
A key European Council meeting will end today , so traders will be keeping a keen eye on developments .
EU leaders yesterday demanded Prime Minister Boris Johnson make concessions over the post-Brexit trade deal .
The PM is due to make a statement today .
UK chief negotiator David Frost said he was “ disappointed ’ with the outcome of the @ @ @ @ @ @ @ hope after some more positive signs over the last week .
Meanwhile , countries across Europe are battling a resurgence of coronavirus .
Mayors in the north of England are fighting back against strict curbs , arguing they need more economic support .
This could force a national lockdown .
France , Germany , Italy and Ireland have all reported record daily infections .
Fiona Cincotta , market analyst at City Index , said that although the FTSE 100 is rising , any gains today are “ expected to be capped ” .
@ @ @ @ @ @ @ amid surging Covid cases and tighter lockdown restrictions ” .
Perennially volatile stock Rolls Royce was the biggest winner on the FTSE today .
It jumped 10.8 per cent .
Read more : London Tory MPs call for extra support for businesses facing Tier 2 restrictions Meanwhile , food delivery companies Just Eat and Ocado rose more than 2.5 per cent , with investors anticipating a busy period if the country goes into lockdown .
British Airways-owner IAG , another highly volatile stock , slipped two per cent , the most on the @ @ @ @ @ @ @ fined £200m by the information watchdog for failing to adequately protect customer information .
The dollar lost some ground , showing that investors are selling safer assets in favour of stocks .
It was down 0.2 per cent against a basket of other currencies .
US stocks were also set to open higher , according to futures prices .
The major indices fell across the board yesterday .
But analysts warned that the coming weeks would not be easy for markets .
In the US in particular , the presidential election and lack @ @ @ @ @ @ @ more : Donald Trump needs to get back to basics on the campaign trail “ There is rising concern about the prospect that these new measures could consign huge numbers of already fragile businesses to potential bankruptcy , ” said Michael Hewson , chief market analyst at CMC Markets .
John Hardy , head of FX strategy at Saxo Bank , said : “ A cloud continues to hang over US stimulus prospects as President Trump is at odds with his own party in the Senate and with the House Democrats .
”

FTSE 100 and US stocks climb as investor fears ease
The City is all but deserted again after the latest restrictions
The FTSE 100 rebounded as investors returned to risk assets, having dumped them yesterday amid worries over new coronavirus restrictions, while US stocks rose on vaccine hopes and upbeat retail sales data.
London’s main stock index climbed 1.7 per cent in afternoon trading to stand at 5,929 points. That followed a 1.7 per cent tumble yesterday. The smaller FTSE 250 index was up 0.1 per cent.
Read more: FTSE 100 closes deep in the red amid new coronavirus lockdowns
The pound rose 0.1 per cent to $1.292, giving up stronger earlier gains after Prime Minister Boris Johnson said the UK should prepare for a no-deal Brexit.
Germany’s Dax also recovered from yesterday’s falls, rising 1.5 per cent. France’s CAC 40 was 2.1 per cent higher and the European Stoxx 600 had gained 1.3 per cent.
In the US, the main indices were all up more than 0.8 per cent, having also fallen yesterday.
FTSE 100 on shaky ground as restrictions loom
Countries across Europe are battling a resurgence of coronavirus. Mayors in the north of England are fighting back against strict curbs, arguing they need more economic support. This could force a national lockdown.
Nonetheless, markets recovered today after uncertainty about lockdowns caused a sharp sell-off yesterday.
Perennially volatile stock Rolls Royce was the biggest winner on the FTSE today. It jumped 9.5 per cent.
Meanwhile, food delivery companies Just Eat and Ocado rose more than three per cent, with investors anticipating a busy period if the country goes into lockdown.
Yet British Airways-owner IAG, another highly volatile stock, slipped one per cent. That was after it was fined £200m by the information watchdog for failing to adequately protect customer information.
The pound had a rocky ride after Johnson’s statement on Brexit. He said the UK should prepare for no-deal, causing sterling to give up its earlier gains.
However, the EU side pointed out that Johnson had not ended talks. The bloc said it expected there to be progress in the coming weeks.
Read more: London Tory MPs call for extra support for businesses facing Tier 2 restrictions
Neil Wilson, chief market analyst at trading platform Markets.com, said: “Lots of noise for the day traders to latch on to but no trend emerging.
He added that a “re-test of the bottom of the range at $1.27 is a distinct possibility in the near term if today’s support cracks”.
Stock markets remain nervous about Covid
In the US, the S&P 500 was up 0.8 per cent while the Dow Jones was 1.1 per cent higher. The tech-heavy Nasdaq gained 0.9 per cent.
Drugmaker Pfizer said it could apply for emergency use approval for its Covid-19 vaccine as soon as November, boosting investor optimism.
Meanwhile, data showed retail sales jumped by more than expected in September. The figures presented a more positive view of the economy than yesterday’s jobless numbers.
The dollar lost some ground, showing that investors are selling safer assets in favour of stocks. It was down 0.2 per cent against a basket of other currencies.
Read more: Donald Trump needs to get back to basics on the campaign trail
But analysts warned that the coming weeks would not be easy for markets. In the US in particular, the presidential election and lack of new stimulus pose problems.
John Hardy, head of FX strategy at Saxo Bank, said: “A cloud continues to hang over US stimulus prospects as President Trump is at odds with his own party in the Senate and with the House Democrats.”


cityam--2020-10-16--Exclusive: Google buys land for potential UK data centre

Google has purchased a plot of land north of London which could house the Silicon Valley giant ’ s first data centre in the United Kingdom .
The firm ’ s data centres house thousands of servers and drives , and provide the infrastructure for Google ’ s services across the world .
City A.M. understands that the plot , in Broxbourne in Hertfordshire , would comfortably accommodate a data plant .
No other Google infrastructure would require a site as large .
Read more : Amazon to fall out of scope of new digital services tax The firm has @ @ @ @ @ @ @ the United States , including five in Europe .
A 2016 Oxford Economics report into the firm ’ s then-six data centres in the US suggested the centres were responsible for as many as 11,000 jobs .
The firm has committed to ensure all their sites , which require large amounts of power for cooling and to maintain ambient temperatures , are powered by renewable energy .
A Google spokesperson told City A.M. : “ We have acquired a 33 acre property North of London for potential data centre development .
“ While @ @ @ @ @ @ @ for development for the site , we want to ensure that we have the option to further grow , should our business demand it .
We don ’ t expect to take any decision on this in the near future .
”

Exclusive: Google buys land for potential UK data centre
Google has purchased a plot of land north of London which could house the Silicon Valley giant’s first data centre in the United Kingdom.
The firm’s data centres house thousands of servers and drives, and provide the infrastructure for Google’s services across the world.
City A.M. understands that the plot, in Broxbourne in Hertfordshire, would comfortably accommodate a data plant. No other Google infrastructure would require a site as large.
Read more: Amazon to fall out of scope of new digital services tax
The firm has just seven of the processing sites outside the United States, including five in Europe.
A 2016 Oxford Economics report into the firm’s then-six data centres in the US suggested the centres were responsible for as many as 11,000 jobs.
The firm has committed to ensure all their sites, which require large amounts of power for cooling and to maintain ambient temperatures, are powered by renewable energy.
A Google spokesperson told City A.M.: “We have acquired a 33 acre property North of London for potential data centre development.
“While we do not have a confirmed timeline for development for the site, we want to ensure that we have the option to further grow, should our business demand it. We don’t expect to take any decision on this in the near future.”


cityam--2020-10-16--Screenshot - City A.M.'s new weekly TMT column

This new weekly column brings you all the biggest stories and trends in technology , media and telecoms ** The OECD , Amazon and a terrible week for tech tax ** All streamed up : What ’ s next for Netflix ?
Do you remember the halcyon days of 2019 ?
It was a time when no one had ever heard the word coronavirus and it was still legal to go to the pub .
In the tech world , the topic on everyone ’ s lips was looming new taxes .
Much like the war — and Covid-19 — @ @ @ @ @ @ @ by Christmas .
But alas here we are , 18 months later , and it still rumbles on .
The OECD , which is leading the charge on a new global tech tax , has sheepishly admitted that there ’ ll be no deal in 2020 and warned a collapse in talks could cost the global economy $ 100bn every year .
Add to this the revelation that Amazon will escape paying the UK ’ s digital services tax , and it makes for a pretty bad week for the promised shake-up .
@ @ @ @ @ @ @ will ever see the light of day .
Of course , the delays are partly due to the pandemic .
But diplomatic dithering and nationalistic grandstanding has made the entire process a mess from the outset .
While the OECD has valiantly trumpeted the benefits of a single taxation system , both France and the UK have forged ahead with their own levies .
Meanwhile , Donald Trump has become increasingly irate about the impact on US firms .
The principle of ensuring that tech giants pay their fair share is , of @ @ @ @ @ @ @ the government ’ s decision to plough ahead with its own digital services tax has only served to undermine global negotiations and threaten trade talks with the US .
Meanwhile Amazon — one of its prime targets — has simply fobbed off its increased tax liabilities on small retailers .
There ’ s a real risk now that tech tax plans become yet another victim of the pandemic .
So if governments want to hold Big Tech to account , it ’ s high time they join forces and sign off on a @ @ @ @ @ @ @ this week was Netflix , which has scrapped its 30-day free trial for new customers .
It ’ s an intriguing move for the streaming giant , which last month announced that non-subscribers will be able to watch some of its series and films for free .
It seems streaming ’ s golden boy has shifted to a new strategy .
Netflix has been riding a wave of success during the coronavirus pandemic , but this change of tack is an interesting sign of what ’ s to come .
The streaming giant @ @ @ @ @ @ @ under half of UK households ( 57 per cent in London ) , and so its growth prospects are starting to dwindle .
Meanwhile , competitors such as Amazon Prime and Disney Plus are gaining ground .
Netflix has made no bones about its focus on original content .
But more choice in the market means more customer churn , so as rivals pump billions into fresh programming the streamer appears to be hunkering down on its tent-pole hits .
Maybe the streaming wars are just getting going… • As its new boss @ @ @ @ @ @ @ : Why does everything keep going wrong for Pearson ?
• Hot commodities : A new IPO means things are heating up in the music royalties market Got a story ?
Drop me a line at james.warrington @ cityam.com or on Twitter

Screenshot – City A.M.’s new weekly TMT column
Amazon can simply fob off its increased tax liabilities on smaller retailers
This new weekly column brings you all the biggest stories and trends in technology, media and telecoms
This week:
** Media Moment of the Week: Piers Morgan makes a confession
** The OECD, Amazon and a terrible week for tech tax
** All streamed up: What’s next for Netflix?
Media Moment of the Week
“I am absolutely part of the problem when it comes to the culture wars in this country” Piers Morgan indulges in a rare moment of self-reflection on BBC Radio 4’s Media Show
Tech tax troubles
Do you remember the halcyon days of 2019? It was a time when no one had ever heard the word coronavirus and it was still legal to go to the pub. In the tech world, the topic on everyone’s lips was looming new taxes. Much like the war — and Covid-19 — they said it would all be over by Christmas. But alas here we are, 18 months later, and it still rumbles on.
The OECD, which is leading the charge on a new global tech tax, has sheepishly admitted that there’ll be no deal in 2020 and warned a collapse in talks could cost the global economy $100bn every year. Add to this the revelation that Amazon will escape paying the UK’s digital services tax, and it makes for a pretty bad week for the promised shake-up.
The question now is whether these reforms will ever see the light of day. Of course, the delays are partly due to the pandemic. But diplomatic dithering and nationalistic grandstanding has made the entire process a mess from the outset.
While the OECD has valiantly trumpeted the benefits of a single taxation system, both France and the UK have forged ahead with their own levies. Meanwhile, Donald Trump has become increasingly irate about the impact on US firms.
The principle of ensuring that tech giants pay their fair share is, of course, a noble one. But the government’s decision to plough ahead with its own digital services tax has only served to undermine global negotiations and threaten trade talks with the US. Meanwhile Amazon — one of its prime targets — has simply fobbed off its increased tax liabilities on small retailers.
There’s a real risk now that tech tax plans become yet another victim of the pandemic. So if governments want to hold Big Tech to account, it’s high time they join forces and sign off on a global agreement.
All streamed up
Also causing a stir this week was Netflix, which has scrapped its 30-day free trial for new customers. It’s an intriguing move for the streaming giant, which last month announced that non-subscribers will be able to watch some of its series and films for free. It seems streaming’s golden boy has shifted to a new strategy.
Netflix has been riding a wave of success during the coronavirus pandemic, but this change of tack is an interesting sign of what’s to come. The streaming giant has now made its way into just under half of UK households (57 per cent in London), and so its growth prospects are starting to dwindle. Meanwhile, competitors such as Amazon Prime and Disney Plus are gaining ground.
Netflix has made no bones about its focus on original content. But more choice in the market means more customer churn, so as rivals pump billions into fresh programming the streamer appears to be hunkering down on its tent-pole hits. Maybe the streaming wars are just getting going…
The algorithm recommends:
As its new boss takes over next week, we ask: Why does everything keep going wrong for Pearson?
Hot commodities: A new IPO means things are heating up in the music royalties market
Got a story? Drop me a line at james.warrington@cityam.com or on Twitter


cityam--2020-10-16--FTSE 100 slashes executive pensions following shareholder pressure

Almost all of the companies in the FTSE 100 have pledged to slash executive pension packages in line with their wider workforce , following mounting criticism from shareholders .
Research published today by the Investment Association ( IA ) showed that 98 per cent of FTSE 100 companies analysed have now either aligned the pension payouts of directors with that of their workforce or committed to doing so .
Read more : FTSE 100 and US stocks climb as investor fears ease The figure marks a sharp increase since last year , when just three in 10 FTSE 100 companies @ @ @ @ @ @ @ payments as part of the 2019 annual general meeting ( AGM ) season .
The hike comes as companies bowed to shareholder pressure to align their pension packages “ as an issue of fairness and to foster good employee relations ” , the IA said .
Research showed that 14 companies listed on the FTSE 100 index reduced pension contributions for existing directors during the year , while a further 43 committed to reduce contributions in the near future .
Six FTSE 100 companies said they will increase their workforce rate as part @ @ @ @ @ @ @ their business .
Lord Callanan , parliamentary under secretary for the Department for Business , said : “ No executive should be building up an exorbitant pension fund far and above the majority of their workforce , particularly during this testing time .
“ I am really pleased to see the progress the vast majority of FTSE 100 companies have made towards bringing their executive pension contributions in line with the wider workforce , and would urge each and every business on the list to ensure plans are in place by 2022.
” @ @ @ @ @ @ @ top companies have faced mounting pressure to axe the disparity between pension payments awarded to executives and more junior staff members .
Standard Chartered ’ s chief executive Bill Withers last year came under fire for telling the Financial Times shareholders were “ immature ” for focusing on his pension arrangements .
However , the IA noted that there was still progress to be made , with 10 companies on the index being issued a red-top for having at least one existing director receiving a pension contribution of 25 per cent or more @ @ @ @ @ @ @ the rest of the workforce by the end of 2022 .
Read more : London fintechs secure billions from US investors despite virus and Brexit uncertainty A further two companies were issued a red-top for not committing to align the pension contributions of new directors with that of the workforce .
IA chief executive Chris Cummings said : “ Providing directors with the same pension contributions as the rest of the workforce is fundamentally an issue of fairness .
“ Given the economic difficulties many people across the UK are facing , it @ @ @ @ @ @ @ FTSE 100 companies are now aligning their executive pension contributions with their workforce .
”

FTSE 100 slashes executive pensions following shareholder pressure
The state pension was introduced after the second world war
Almost all of the companies in the FTSE 100 have pledged to slash executive pension packages in line with their wider workforce, following mounting criticism from shareholders.
Research published today by the Investment Association (IA) showed that 98 per cent of FTSE 100 companies analysed have now either aligned the pension payouts of directors with that of their workforce or committed to doing so.
The figure marks a sharp increase since last year, when just three in 10 FTSE 100 companies pledged to cut their executives’ pension payments as part of the 2019 annual general meeting (AGM) season.
The hike comes as companies bowed to shareholder pressure to align their pension packages “as an issue of fairness and to foster good employee relations”, the IA said.
Research showed that 14 companies listed on the FTSE 100 index reduced pension contributions for existing directors during the year, while a further 43 committed to reduce contributions in the near future.
Six FTSE 100 companies said they will increase their workforce rate as part of efforts to align pension contributions across their business.
Lord Callanan, parliamentary under secretary for the Department for Business, said: “No executive should be building up an exorbitant pension fund far and above the majority of their workforce, particularly during this testing time.
“I am really pleased to see the progress the vast majority of FTSE 100 companies have made towards bringing their executive pension contributions in line with the wider workforce, and would urge each and every business on the list to ensure plans are in place by 2022.”
It comes as the UK’s top companies have faced mounting pressure to axe the disparity between pension payments awarded to executives and more junior staff members.
Standard Chartered’s chief executive Bill Withers last year came under fire for telling the Financial Times shareholders were “immature” for focusing on his pension arrangements.
However, the IA noted that there was still progress to be made, with 10 companies on the index being issued a red-top for having at least one existing director receiving a pension contribution of 25 per cent or more with no commitment to align this with the rest of the workforce by the end of 2022.
A further two companies were issued a red-top for not committing to align the pension contributions of new directors with that of the workforce.
IA chief executive Chris Cummings said:“Providing directors with the same pension contributions as the rest of the workforce is fundamentally an issue of fairness.
“Given the economic difficulties many people across the UK are facing, it is only right that the majority of FTSE 100 companies are now aligning their executive pension contributions with their workforce.”


cityam--2020-10-16--Make business lunches exempt from new restrictions, demands Boisdale boss

London restaurant group Boisdale has called for business lunches to be exempt from the capital ’ s new Tier 2 restrictions .
The new restrictions , which will come into effect at midnight , mean a ban on household mixing indoors with anyone outside of your household or support bubble .
Read more : London lockdown : Will the City ’ s small businesses survive new restrictions ?
But the current guidance allows exemptions for work with no limit on the group size when meeting or gathering for purposes .
“ I can ’ t see how you could say @ @ @ @ @ @ @ you ’ re meeting for work ” , managing director Ranald Macdonald tells City A.M .
In a letter to Nickie Aiken , MP for Cities of London and Westminster , and Westminster Council , the Boisdale boss said : “ Restaurants are the work place when workers meet while being paid during working hours to discuss business .
Most workplaces are unlikely to be as health and safety conscious as restaurants .
Certainly no more so.
” The hospitality sector has warned that a Tier 2 lockdown will be the “ death @ @ @ @ @ @ @ .
Macdonald warned that without an exemption for restaurants the restaurant group will have to lay off a number of staff .
“ All our lunch trade is business… We will go from making a loss whilst trading to haemorrhaging money.
” Boisdale , which owns restaurants in Mayfair , Bishopsgate , Canary Wharf and Belgravia , has said it will still allow business meetings for the time being .
Read more : Boisdale launches campaign to allow live music in restaurants “ We are going to ask customers booking at lunch time @ @ @ @ @ @ @ household or if it is a business lunch ” , Macdonald said.
“ We determine from the guideline that they ’ re meeting for work purposes , so the limit on numbers should not apply.
” And in a clear indication of the devastating effect on the City ’ s restaurants and pubs , Macdonald tells City A.M. Boisdale will be forced to close for lunch if business meetings are explicitly banned .

Ready to order? Business lunches may be exempt from new Tier 2 restrictions
City restaurants are preparing to allow business lunches to resume after legal advice suggested work meetings are allowed at hospitality venues under an exemption to Tier 2 restrictions.
The rules, which came into effect last weekend, mean people cannot mix with another household in pubs or restaurants.
The hospitality sector has already warned that a Tier 2 lockdown will be the “death knell” for the already struggling industry.
However there has been growing confusion over what the Tier 2 restrictions mean for work lunches and whether a loophole in the current guidance, which allows exemptions for work, could permit business lunches in the City.
The government guidance places no limit on the group size when meeting or gathering for purposes, but there is little to no clarity on where those meetings can take place, however.
It is understood that the government will allow lunches to take place in hospitality venues but these must be strictly for business purposes and not for meeting work colleagues socially.
In a sign of the growing confusion over the tiered system and possible exemptions, one Westminster council source told City A.M. they thought it was unlikely the council would allow this.
Restaurant gives green light to lunch meetings
Martin Williams, the chief executive of M Restaurants and Gaucho, said legal advice meant necessary work meetings will be allowed to go ahead at his venues.
“Having spent the past month consulting with the City of London Police, UK Hospitality and our legal counsel at the highest level (Barristers and Queens Counsel), we believe that our interpretation of the government guidance is that business meetings which the guest deems reasonably necessary for work purposes are permitted to take place in our Covid-secure venues,” Williams said.
“At these meetings, food and beverages are permitted to be served.”
He added: “The fact that restaurants are having to search for rationale to permit a common-sense approach to safe dining in our venues and to protect jobs is an indictment on Sadiq Khan who made claims to be the most pro-business Mayor of London, yet has completely failed to support hospitality nor a broader business.”
“Restaurants are a workplace”, says Boisdale boss
Ranalad Macdonald, managing director of London restaurant group Boisdale told City A.M. last week that he could be forced to close for lunch if work meeings are banned.
He also warned that without an exemption for restaurants the restaurant group will have to lay off a number of staff. “All our lunch trade is business… We will go from making a loss whilst trading to haemorrhaging money.”
In a letter to Nickie Aiken, MP for Cities of London and Westminster, and Westminster Council, the Boisdale boss said: “Restaurants are the work place when workers meet while being paid during working hours to discuss business. Most workplaces are unlikely to be as health and safety conscious as restaurants. Certainly no more so.”
But it is understood that Westminster Council’s licensing and regulatory services have now confirmed that the legislation “makes an exception for gatherings of up to 6 people, indoors, from different households, for work purposes as long as the meeting is considered reasonable”.
This loophole could be a lifeline for the City’s hospitality sector reliant on lunchtime trade from office workers.


cityam--2020-10-16--London pandemic update: How many Covid-19 infections are there in your local borough?

The number of confirmed coronavirus cases in London hit 68,740 today , with Barnet and Ealing continuing to be the capital ’ s worst-affected boroughs .
It comes after London was yesterday moved from “ medium ” alert to “ high ” alert , with fresh restrictions set to come into force in the capital from midnight tonight .
The new restrictions mean a ban on households mixing indoors , while Londoners will be told to avoid public transport where possible .
Figures released by Public Health England showed that Barnet has recorded 3,259 confirmed Covid-19 cases as of today @ @ @ @ @ @ @ cases .
Ealing saw a spike of 72 new cases in the past 24 hours , taking its total number of infections to 3,255 since the start of the pandemic .
Read more : Coronavirus : London escapes new restrictions , but City Hall says it won ’ t last Cases in the capital are up to 68,740 , with more than 97 cases per 100,000 people .
East London continues to have a high rate of new cases , with the boroughs of Redbridge , Barking and Dagenham , Tower Hamlets and @ @ @ @ @ @ @ Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
Data sourced from Public Health England , effective as of 16 October It comes after health secretary Matt Hancock yesterday confirmed that London will move into Tier 2 from midnight tonight .
That will mean a ban on household mixing indoors with anyone outside your household or support bubble .
The rule of six will still apply to outdoor social gatherings and meetings in private gardens .
Essex and the borough of @ @ @ @ @ @ @ , Walton-on-Thames and Esher amongst other stockbroker belt towns — will also enter the Tier 2 restrictions tonight .
Khan said the new measures were necessary and people in the capital could not “ bury their heads in the sand ” about the need for further restrictions .
“ The virus is spreading rapidly in every corner of our city , ” he said .
“ Nobody wants to see more restrictions , but this has been deemed necessary to protect London by myself , London council leaders and ministers.
” Before the @ @ @ @ @ @ @ the City View podcast and key market data

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


cityam--2020-10-16--PM threatens to ‘intervene’ over Manchester’s Tier 3 lockdown refusal

Prime Minister Boris Johnson has urged Manchester ’ s mayor Andy Burnham to “ reconsider ” his opposition to new coronavirus restrictions , and said he would “ intervene ” if progress in talks is not made .
Burnham has resisted the government ’ s plans to put Manchester under “ high alert ” , meaning it would face the tightest restrictions .
Read more : London lockdown : 200,000 hospitality workers to lose jobs this weekend , industry body warns The Labour mayor has argued that the government ’ s economic support is not enough .
He has also @ @ @ @ @ @ @ effective and suggested a national “ circuit breaker ” would be better .
Earlier in the week , Burnham said : “ It is wrong to place some of the poorest parts of England in a punishing lockdown without proper support for the people and businesses affected.
” “ I must stress the situation in Greater Manchester is grave and it worsens with each passing day , ” the Prime Minister said .
“ Cases doubled in the last nine days .
High infection rates are creeping up the age range… So I @ @ @ @ @ @ @ constructively.
” Johnson added : “ If agreement can not be reached I will need to intervene in order to protect Manchester ’ s hospitals and save the lives of Manchester ’ s residents.
” Yet he stopped short of announcing intervention now .
The PM argued that the lockdown policies have been accompanied by “ significant support ” for workers and businesses .
Johnson flagged the job support scheme , which would pay two-thirds of the wages of workers in businesses that are forced to close .
And he said the universal @ @ @ @ @ @ @ .
Yet Burnham again said today that the offer for the low paid and self-employed is not enough .
The government has cut the furlough scheme so it would pay two-thirds of wages , rather than 80 per cent .
Johnson ’ s speech came after the government put Lancashire in the highest tier of the new restrictions system .
Read more : London Tory MPs call for extra support for businesses facing Tier 2 restrictions The government unveiled a new three tier system earlier this week .
Tier 1 means the risk @ @ @ @ @ @ @ it is high ; and Tier 3 that it is very high .
Being in Tier 3 means pubs and bars in Lancashire will have to close .
The county ’ s more than 1m residents will be banned from mixing with anybody they do not live with .

PM threatens to ‘intervene’ over Manchester’s Tier 3 lockdown refusal
Prime Minister Boris Johnson has so far resisted calls for a coronavirus ‘circuit breaker’, instead opting for a three-tier system
Prime Minister Boris Johnson has urged Manchester’s mayor Andy Burnham to “reconsider” his opposition to new coronavirus restrictions, and said he would “intervene” if progress in talks is not made.
Burnham has resisted the government’s plans to put Manchester under “high alert”, meaning it would face the tightest restrictions.
The Labour mayor has argued that the government’s economic support is not enough. He has also questioned whether the local lockdown policy is effective and suggested a national “circuit breaker” would be better.
Earlier in the week, Burnham said: “It is wrong to place some of the poorest parts of England in a punishing lockdown without proper support for the people and businesses affected.”
Johnson today directly addressed the Manchester mayor in a televised press conference.
“I must stress the situation in Greater Manchester is grave and it worsens with each passing day,” the Prime Minister said.
“Cases doubled in the last nine days. High infection rates are creeping up the age range… So I urge the mayor to reconsider and engage constructively.”
Johnson added: “If agreement cannot be reached I will need to intervene in order to protect Manchester’s hospitals and save the lives of Manchester’s residents.” Yet he stopped short of announcing intervention now.
Argument over Manchester lockdown continues
The PM argued that the lockdown policies have been accompanied by “significant support” for workers and businesses.
Johnson flagged the job support scheme, which would pay two-thirds of the wages of workers in businesses that are forced to close. And he said the universal credit benefits system was now more generous.
Yet Burnham again said today that the offer for the low paid and self-employed is not enough. The government has cut the furlough scheme so it would pay two-thirds of wages, rather than 80 per cent.
Johnson’s speech came after the government put Lancashire in the highest tier of the new restrictions system.
The government unveiled a new three tier system earlier this week. Tier 1 means the risk level is medium; Tier 2 that it is high; and Tier 3 that it is very high.
Being in Tier 3 means pubs and bars in Lancashire will have to close. The county’s more than 1m residents will be banned from mixing with anybody they do not live with.


cityam--2020-10-16--Government extends TfL funding for two weeks amid emergency bailout talks

The government has extended its funding package for Transport for London ( TfL ) for two weeks , as the transport body scrambles to shore up emergency cash ahead of further lockdown restrictions in the capital .
A spokesperson for TfL said : “ We have today agreed with the government that our funding will be extended for two weeks so that these constructive discussions can be concluded.
” Read more : Exclusive : TfL set for crunch talks as London bosses call on Sunak to solve cash crisis In May the Department for Transport handed TfL a £1.6bn bailout @ @ @ @ @ @ @ the capital ’ s rail network .
TfL this week held emergency talks over its future financing , after London mayor Sadiq Khan warned the government cash would run out on 17 October .
Khan has asked the government for a further £5.65bn for TfL over the next 18 months , as Covid restrictions and the Prime Minister ’ s orders to “ work from home where possible ” continue to weigh on Tube and bus passenger numbers .
The operator ’ s income plummeted 90 per cent between March and July , @ @ @ @ @ @ @ rising marginally .
London is set to face further lockdown restrictions as the capital moves from Tier 1 to Tier 2 at midnight tonight .
The new “ high ” alert level will mean a ban on households mixing indoors , while Londoners will be told to avoid public transport where possible .
It comes after a source in the mayor ’ s office last week told City A.M. that around City Hall there was a “ vague sense that [ negotiations ] are f****d ” , and that TfL was at a @ @ @ @ @ @ @ .
Eleventh-hour talks between the mayor and ministers have stalled because of sticking points surrounding the government ’ s demands for a potential bailout .
The mayor is understood to have rejected conditions including an expansion of the congestion zone to the North and South Circular , and a demand for fare hikes across the Tube network .
The government is also said to want to axe free travel initiatives for children and those over the age of 60 as part of a potential £1bn bailout .
A spokesperson for TfL said : @ @ @ @ @ @ @ requirements with the government and hope these discussions can be concluded successfully soon , so we can help London through the next phase of the pandemic.
” Before the Open newsletter : Start your day with the City View podcast and key market data

Government extends TfL funding for two weeks amid emergency bailout talks
The government has extended its funding package for Transport for London (TfL) for two weeks, as the transport body scrambles to shore up emergency cash ahead of further lockdown restrictions in the capital.
A spokesperson for TfL said: “We have today agreed with the government that our funding will be extended for two weeks so that these constructive discussions can be concluded.”
In May the Department for Transport handed TfL a £1.6bn bailout as the nationwide lockdown crippled revenue for the capital’s rail network.
TfL this week held emergency talks over its future financing, after London mayor Sadiq Khan warned the government cash would run out on 17 October.
Khan has asked the government for a further £5.65bn for TfL over the next 18 months, as Covid restrictions and the Prime Minister’s orders to “work from home where possible” continue to weigh on Tube and bus passenger numbers.
The operator’s income plummeted 90 per cent between March and July, with footfall from July to October only rising marginally.
London is set to face further lockdown restrictions as the capital moves from Tier 1 to Tier 2 at midnight tonight.
The new “high” alert level will mean a ban on households mixing indoors, while Londoners will be told to avoid public transport where possible.
It comes after a source in the mayor’s office last week told City A.M. that around City Hall there was a “vague sense that [negotiations] are f****d”, and that TfL was at a major risk of running out of cash.
Eleventh-hour talks between the mayor and ministers have stalled because of sticking points surrounding the government’s demands for a potential bailout.
The mayor is understood to have rejected conditions including an expansion of the congestion zone to the North and South Circular, and a demand for fare hikes across the Tube network.
The government is also said to want to axe free travel initiatives for children and those over the age of 60 as part of a potential £1bn bailout.
A spokesperson for TfL said: “We continue to discuss our funding requirements with the government and hope these discussions can be concluded successfully soon, so we can help London through the next phase of the pandemic.”
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cityam--2020-10-16--BA and Virgin bag £70m of taxpayer money to fly PPE back from China

British Airways and Virgin Atlantic have been paid more than £70m of taxpayer money to ferry personal protective equipment ( PPE ) to the UK from China , as the government scrambles to stock up supplies in time for winter .
BA , which is the second-largest airline in the UK , was handed £46m between May and July through a contract with the Department of Health and Social Care , according to government documents first seen by the Telegraph .
Virgin Atlantic , meanwhile , scooped up £27m of taxpayer cash to bring back PPE supplies from Beijing and @ @ @ @ @ @ @ passengers .
The contracts were drawn up at the outbreak of the pandemic as the government struggled to procure enough supplies for the NHS amid an exponential rise in hospitalisations and intensive care admissions .
Although the government made public in the first few months of the pandemic that it was collaborating with airlines , the costs of the PPE contracts have only just been published .
A spokesperson for Virgin Atlantic told City A.M : “ We ’ re delighted to work with the Department of Health and Social Care on a @ @ @ @ @ @ @ UK for the NHS .
“ To date we have carried over 550m items including respirators , ventilator parts , face masks , scrubs , aprons , eye protection and test kits… on charter flights in both the cargo hold and the cabin .
No passengers were on board.
” BA did not respond to City A.M ’ s requests for comment .
The revelations will likely stoke mounting criticism of the government ’ s awarding of more than £350m-worth of PPE contracts in the initial wake of the pandemic .
Earlier this @ @ @ @ @ @ @ backtracked on official documents showing it had awarded pest control firm Pestfix an £108m contract to supply PPE in the initial coronavirus outbreak .
In a letter to the Good Law Project , which has filed judicial proceedings against the government over its handling of PPE contracts , the Department of Health said it reported the details of the contract “ in error ” , and that the Pestfix PPE contract was actually worth £32m .
Read more : Pound swings wildly after Boris Johnson steps up no-deal rhetoric “ It has come @ @ @ @ @ @ @ published… on 18 May was issued in error , and a new notice with the correct details will be issued shortly ” , the letter read .
In separate government contracts , City trader Tim Horlick was given £253m to supply unused face masks to the NHS , while it emerged earlier this week that Boston Consulting Group staff have been paid wages equivalent to £1.5m salaries for their work on the test and trace scheme .
Before the Open : Get the jump on the markets with our early morning newsletter

BA and Virgin bag £70m of taxpayer money to fly PPE back from China
Virgin Atlantic and British Airways have received more than £70m through government contracts to supply PPE
British Airways and Virgin Atlantic have been paid more than £70m of taxpayer money to ferry personal protective equipment (PPE) to the UK from China, as the government scrambles to stock up supplies in time for winter.
BA, which is the second-largest airline in the UK, was handed £46m between May and July through a contract with the Department of Health and Social Care, according to government documents first seen by the Telegraph.
Virgin Atlantic, meanwhile, scooped up £27m of taxpayer cash to bring back PPE supplies from Beijing and Shanghai on flights that ran with no passengers.
The contracts were drawn up at the outbreak of the pandemic as the government struggled to procure enough supplies for the NHS amid an exponential rise in hospitalisations and intensive care admissions.
Although the government made public in the first few months of the pandemic that it was collaborating with airlines, the costs of the PPE contracts have only just been published.
A spokesperson for Virgin Atlantic told City A.M: “We’re delighted to work with the Department of Health and Social Care on a partnership transporting crucial medical supplies to the UK for the NHS.
“To date we have carried over 550m items including respirators, ventilator parts, face masks, scrubs, aprons, eye protection and test kits… on charter flights in both the cargo hold and the cabin. No passengers were on board.”
BA did not respond to City A.M’s requests for comment.
The revelations will likely stoke mounting criticism of the government’s awarding of more than £350m-worth of PPE contracts in the initial wake of the pandemic.
Earlier this year City A.M. reported that the government backtracked on official documents showing it had awarded pest control firm Pestfix an £108m contract to supply PPE in the initial coronavirus outbreak.
In a letter to the Good Law Project, which has filed judicial proceedings against the government over its handling of PPE contracts, the Department of Health said it reported the details of the contract “in error”, and that the Pestfix PPE contract was actually worth £32m.
“It has come to light that the contract award notice published… on 18 May was issued in error, and a new notice with the correct details will be issued shortly”, the letter read.
In separate government contracts, City trader Tim Horlick was given £253m to supply unused face masks to the NHS, while it emerged earlier this week that Boston Consulting Group staff have been paid wages equivalent to £1.5m salaries for their work on the test and trace scheme.
Before the Open: Get the jump on the markets with our early morning newsletter


cityam--2020-10-16--H&M, Amazon and Boohoo among retailers to be quizzed by MPs over Uyghur slave labour links

The bosses of retail giants including H & M , Amazon and Boohoo have been summoned to give evidence to a committee of MPs investigating the use of slave labour in the supply chains of UK companies .
The Business , Energy and Industrial Strategy ( Beis ) committee is probing the extent to which businesses in the UK are exploiting the forced labour of persecuted Uyghur Muslims at work camps in the Xinjiang region of China .
Read more : The Boohoo scandal shouldn ’ t shock anyone — modern slavery is a pandemic It has been estimated that @ @ @ @ @ @ @ internment camps in the northern Chinese province .
The committee has written to 14 firms to question them over potential supply chain links to slave labour in the region , including Gap , Ikea , Zara and M & S .
It has also asked sportswear brands Adidas , Nike and Puma to give evidence , as well as upmarket brands Victoria ’ s Secret , Stella McCartney and the North Face .
Tiktok and the Walt Disney Company are also among the companies that have been summoned to be quizzed by the @ @ @ @ @ @ @ hearing on 5 November .
The letters include questions around supply-chain transparency and ask the firms for evidence of compliance with labour , procurement and anti-slavery laws .
Nusrat Ghani MP , the lead BEIS committee member for the inquiry , said : “ These businesses are trusted by many British consumers and I hope they will repay this faith by coming forward to answer these questions and also take up the opportunity to give evidence to the Business Committee in public .
Read more : Nearly 100 UK MPs condemn the ethnic @ @ @ @ @ @ @ “ There have been a series of accounts of products being sold in the UK which can be traced back to forced labour at camps in China .
“ On the BEIS Committee , we want to get a clearer sense of the extent of this problem , how seriously businesses ask questions of their own supply and value-chains , and to also examine the steps both government and business could take to ensure that businesses and consumers in the UK do not perpetuate the forced labour of Uyghur .
”

H&M, Amazon and Boohoo among retailers to be quizzed by MPs over Uyghur slave labour links
(photo: Getty)
The bosses of retail giants including H&M, Amazon and Boohoo have been summoned to give evidence to a committee of MPs investigating the use of slave labour in the supply chains of UK companies.
The Business, Energy and Industrial Strategy (Beis) committee is probing the extent to which businesses in the UK are exploiting the forced labour of persecuted Uyghur Muslims at work camps in the Xinjiang region of China.
It has been estimated that 1m Uyghur Muslims are being held in internment camps in the northern Chinese province.
The committee has written to 14 firms to question them over potential supply chain links to slave labour in the region, including Gap, Ikea, Zara and M&S.
It has also asked sportswear brands Adidas, Nike and Puma to give evidence, as well as upmarket brands Victoria’s Secret, Stella McCartney and the North Face.
Tiktok and the Walt Disney Company are also among the companies that have been summoned to be quizzed by the committee over slave labour at a public hearing on 5 November.
The letters include questions around supply-chain transparency and ask the firms for evidence of compliance with labour, procurement and anti-slavery laws.
Nusrat Ghani MP, the lead BEIS committee member for the inquiry, said : “These businesses are trusted by many British consumers and I hope they will repay this faith by coming forward to answer these questions and also take up the opportunity to give evidence to the Business Committee in public.
“There have been a series of accounts of products being sold in the UK which can be traced back to forced labour at camps in China.
“On the BEIS Committee, we want to get a clearer sense of the extent of this problem, how seriously businesses ask questions of their own supply and value-chains, and to also examine the steps both government and business could take to ensure that businesses and consumers in the UK do not perpetuate the forced labour of Uyghur.”


cityam--2020-10-16--FTSE 100 and US stocks climb  as investor fears ease

The FTSE 100 rebounded as investors returned to risk assets , having dumped them yesterday amid worries over new coronavirus restrictions , while US stocks rose on vaccine hopes and upbeat retail sales data .
London ’ s main stock index climbed 1.7 per cent in afternoon trading to stand at 5,929 points .
That followed a 1.7 per cent tumble yesterday .
The smaller FTSE 250 index was up 0.1 per cent .
Read more : FTSE 100 closes deep in the red amid new coronavirus lockdowns The pound rose 0.1 per cent to $ 1.292 , giving up @ @ @ @ @ @ @ Johnson said the UK should prepare for a no-deal Brexit .
Germany ’ s Dax also recovered from yesterday ’ s falls , rising 1.5 per cent .
France ’ s CAC 40 was 2.1 per cent higher and the European Stoxx 600 had gained 1.3 per cent .
In the US , the main indices were all up more than 0.8 per cent , having also fallen yesterday .
Countries across Europe are battling a resurgence of coronavirus .
Mayors in the north of England are fighting back against strict curbs , @ @ @ @ @ @ @ This could force a national lockdown .
Perennially volatile stock Rolls Royce was the biggest winner on the FTSE today .
It jumped 9.5 per cent .
Meanwhile , food delivery companies Just Eat and Ocado rose more than three per cent , with investors anticipating a busy period if the country goes into lockdown .
Yet British Airways-owner IAG , another highly volatile stock , slipped one per cent .
That was after it was fined £200m by the information watchdog for failing to adequately protect customer information .
The pound had @ @ @ @ @ @ @ statement on Brexit .
He said the UK should prepare for no-deal , causing sterling to give up its earlier gains .
However , the EU side pointed out that Johnson had not ended talks .
The bloc said it expected there to be progress in the coming weeks .
Read more : London Tory MPs call for extra support for businesses facing Tier 2 restrictions Neil Wilson , chief market analyst at trading platform Markets.com , said : “ Lots of noise for the day traders to latch on to but no @ @ @ @ @ @ @ “ re-test of the bottom of the range at $ 1.27 is a distinct possibility in the near term if today ’ s support cracks ” .
In the US , the S & P 500 was up 0.8 per cent while the Dow Jones was 1.1 per cent higher .
The tech-heavy Nasdaq gained 0.9 per cent .
Drugmaker Pfizer said it could apply for emergency use approval for its Covid-19 vaccine as soon as November , boosting investor optimism .
Meanwhile , data showed retail sales jumped by more than expected @ @ @ @ @ @ @ more positive view of the economy than yesterday ’ s jobless numbers .
The dollar lost some ground , showing that investors are selling safer assets in favour of stocks .
It was down 0.2 per cent against a basket of other currencies .
Read more : Donald Trump needs to get back to basics on the campaign trail But analysts warned that the coming weeks would not be easy for markets .
In the US in particular , the presidential election and lack of new stimulus pose problems .
John Hardy , @ @ @ @ @ @ @ , said : “ A cloud continues to hang over US stimulus prospects as President Trump is at odds with his own party in the Senate and with the House Democrats .
”


cityam--2020-10-16--Pfizer: no emergency approval for Covid-19 vaccine until after US election

US-based pharmaceutical giant Pfizer said today that the earliest it plans to file for authorisation for its Covid-19 vaccine would @ @ @ @ @ November .
Pfizer CEO Albert Bourla said in an open letter that filing depended on @ @ @ @ @ of the vaccine would be available .
Bourla said this data could be available by @ @ @ @ @ to file for FDA approval in late November , making it unlikely that a vaccine @ @ @ @ @ US presidential election on 3 November .
Pfizer is developing a vaccine with German company @ @ @ @ @ US government placed an initial order of 100 million doses of the vaccine .
The @ @ @ @ @ requires companies to provide two months of safety data on trial participants following the final @ @ @ @ @ Earlier this month , Pfizer released a statement stressing it would not be influenced by @ @ @ @ @ the development of the vaccine .
The public stance came shortly after Trump claimed – @ @ @ @ @ debate – that the company was weeks away from finalising a vaccine .

Pfizer: no emergency approval for Covid-19 vaccine until after US election
US-based pharmaceutical giant Pfizer said today that the earliest it plans to file for authorisation for its Covid-19 vaccine would be the third week of November.
Pfizer CEO Albert Bourla said in an open letter that filing depended on when data on the effectiveness of the vaccine would be available.
Bourla said this data could be available by late October, allowing Pfizer to file for FDA approval in late November, making it unlikely that a vaccine will be available before the US presidential election on 3 November.
Vaccine
Pfizer is developing a vaccine with German company BioNTech. In July the US government placed an initial order of 100 million doses of the vaccine.
The US Food and Drug Administration requires companies to provide two months of safety data on trial participants following the final dose of the vaccine.
Earlier this month, Pfizer released a statement stressing it would not be influenced by political pressure to speed along the development of the vaccine.
The public stance came shortly after Trump claimed – during the first US presidential debate – that the company was weeks away from finalising a vaccine.


cityam--2020-10-16--Back to Business: How East London baker Lily Vanilli changed direction to cope with covid

Who are you and what do you do ?
I ’ m Lily Jones from Lily Vanilli , a baker and cake decorator based in East London .
I have a weekend cafe on Columbia Road and make creative cakes and pastries to order for home delivery , weddings and events , as well as consulting for other brands and businesses .
How have you coped through the pandemic ?
My team were on furlough and my shop was closed , with all our weddings and events cancelled but I wanted to be able to stay open , so I @ @ @ @ @ @ @ home delivery .
Read more : Back to business : Top Cuvée ’ s Brodie Meah on how corona has made people value local restaurants I was able to spend time focussing on streamlining the business to make it more efficient and redesigned much of the menu .
It was actually a really good thing to have so much time free to focus on looking at the business and how it could be improved , and good for my mental health to be baking for other people rather than locked down at home @ @ @ @ @ @ @ into Christmas and beyond ?
It ’ s tragic to see so many people losing work and businesses closing up and down the country .
Our business is still hugely affected and we anticipate a slower than usual Christmas , but my overheads aren ’ t huge and I have been able to weather the storm so far .
I ’ m most apprehensive that the next few months will see a lot of irreparable damage done to our economy .
Could your business survive a second lockdown ?
I ’ m hopeful @ @ @ @ @ @ @ business significantly over the last 6 months ; growing the home delivery side and online ordering to try to compensate for some of the losses to footfall and events .
The furlough scheme and grant helped enormously and I was able to save some jobs .
If you were Prime Minister for a day , what policies would you introduce ?
The early closure of shops , restaurants and markets during stricter lockdown periods seems counterintuitive – if you want to prevent people from overcrowding and spreading the virus it would be better @ @ @ @ @ @ @ can avoid congestion , while keeping more people in employment in those sectors .
It would be great to see the government discussing measures with leaders in the industry about what works .
Read more : Back to Business : Jack and Charlie Stein on coming together as a family amid the corona crisis Do you think things in the restaurant world will go back to ‘ normal ’ ?
A lot of my restaurant experiences since lockdown have been pretty normal , even with new regulations in place , so I ’ @ @ @ @ @ @ @ life as we knew it before .
However , the wider impact on the industry is going to be huge , with so many cuts and closures that our industry will be substantially changed .
I imagine 2021 is going to be a rocky ride .
What are the positive lessons you have learned dealing with the crisis ?
On a personal level it ’ s afforded me a lot of time to practise and improve my skills in the kitchen , which has been a gift .
I ’ ve realised the @ @ @ @ @ @ @ business and learned how to better manage that and use my platforms to support myself and others in the industry .
It ’ s been inspiring to see my city and my industry prove so resilient and adaptable in the face of a crisis .

Back to Business: How East London baker Lily Vanilli changed direction to cope with covid
East London baker Lily Jones, who runs Lily Vanilli
Who are you and what do you do?
I’m Lily Jones from Lily Vanilli, a baker and cake decorator based in East London. I have a weekend cafe on Columbia Road and make creative cakes and pastries to order for home delivery, weddings and events, as well as consulting for other brands and businesses.
How have you coped through the pandemic?
My team were on furlough and my shop was closed, with all our weddings and events cancelled but I wanted to be able to stay open, so I baked solo, making little cakes for home delivery.
I was able to spend time focussing on streamlining the business to make it more efficient and redesigned much of the menu. It was actually a really good thing to have so much time free to focus on looking at the business and how it could be improved, and good for my mental health to be baking for other people rather than locked down at home.
What are your biggest fears going into Christmas and beyond?
It’s tragic to see so many people losing work and businesses closing up and down the country. Our business is still hugely affected and we anticipate a slower than usual Christmas, but my overheads aren’t huge and I have been able to weather the storm so far. I’m most apprehensive that the next few months will see a lot of irreparable damage done to our economy.
Could your business survive a second lockdown?
I’m hopeful we could survive. I adapted the business significantly over the last 6 months; growing the home delivery side and online ordering to try to compensate for some of the losses to footfall and events. The furlough scheme and grant helped enormously and I was able to save some jobs.
If you were Prime Minister for a day, what policies would you introduce?
The early closure of shops, restaurants and markets during stricter lockdown periods seems counterintuitive – if you want to prevent people from overcrowding and spreading the virus it would be better to have longer opening hours so people can avoid congestion, while keeping more people in employment in those sectors. It would be great to see the government discussing measures with leaders in the industry about what works.
Do you think things in the restaurant world will go back to ‘normal’?
A lot of my restaurant experiences since lockdown have been pretty normal, even with new regulations in place, so I’m hopeful we can snap back to life as we knew it before. However, the wider impact on the industry is going to be huge, with so many cuts and closures that our industry will be substantially changed. I imagine 2021 is going to be a rocky ride.
What are the positive lessons you have learned dealing with the crisis?
On a personal level it’s afforded me a lot of time to practise and improve my skills in the kitchen, which has been a gift. I’ve realised the importance of an online presence for the business and learned how to better manage that and use my platforms to support myself and others in the industry.
It’s been inspiring to see my city and my industry prove so resilient and adaptable in the face of a crisis.
• Lily is founder of Lily Vanilli bakery in East London, which is celebrating it’s 10th birthday on 25 October in collaboration with fashion brand Shrimps, all in aid of Unicef’s ‘Save Generation Covid’ fund. More info at lilyvanilli.com


cityam--2020-10-17--Barbican Theatre to reopen with The Ghost Light, a mystery production for audiences of one

The Barbican Theatre will reopen next month with The Ghost Light a show performed for audiences of just one guest @ @ @ @ @ their friends .
The theme of new show The Ghost Light , the first production @ @ @ @ @ seven months , will remain a mystery until audience members take their seats , and @ @ @ @ @ person who experiences it .
The theatre says the 30 minute production could be “ @ @ @ @ @ or dance to poetry… It could be rowdy or reflective , grand or intimate , @ @ @ @ @ audience will only know once they ’ ve taken their seats.
” The title of @ @ @ @ @ to the single light always left on at empty theatres – especially over lockdown – @ @ @ @ @ ghosts ” .
The Barbican reopened its Art Gallery on 13 July , followed by @ @ @ @ @ .
• The Ghost Light will run from 24 November–5 December , with tickets priced @ @ @

Barbican Theatre to reopen with The Ghost Light, a mystery production for audiences of one
The Ghost Light at the barbican
The Barbican Theatre will reopen next month with The Ghost Light a show performed for audiences of just one guest and up to five of their friends.
The theme of new show The Ghost Light, the first production at the Barbican Theatre in seven months, will remain a mystery until audience members take their seats, and will be different for each person who experiences it.
The theatre says the 30 minute production could be “anything from comedy to drama or dance to poetry… It could be rowdy or reflective, grand or intimate, classic or contemporary. The audience will only know once they’ve taken their seats.”
Performers will include Marc Almond, Inua Ellams, Christopher Green, Ursula Martinez and Maxine Peake.
The title of the production is a reference to the single light always left on at empty theatres – especially over lockdown – kept burning “to appease ghosts”.
The Barbican reopened its Art Gallery on 13 July, followed by The Curve on 11 August.
• The Ghost Light will run from 24 November–5 December, with tickets priced at £15.


cityam--2020-10-18--Tony Blair accused of breaching Covid restrictions after not quarantining

Tony Blair has been accused of breaking the UK ’ s Covid restrictions , after being seen out at a restaurant when he should have been quarantining .
Photos have emerged today in the Sunday Telegraph of the former prime minister leaving a restaurant in Mayfair last month just 10 days after arriving back from the US .
Read more : Tony Blair and Sir John Major urge government to drop plans to breach Brexit deal He had travelled to the White House in Washington DC to attend a signing ceremony of historic treaties , which saw Israel forge formal @ @ @ @ @ @ @ Blair did not have a quarantine exemption as he was not a returning diplomat or staff member of an international body , such as the UN .
A spokesperson for Blair said he “ posed no risk to anyone ” as he had taken many coronavirus tests when arriving in the US and after returning to the UK .
Read more : Government paying test and trace consultants equivalent of £1.5m salary They added : “ We believe he followed all UK and US government guidelines as advised.
” The former Labour PM @ @ @ @ @ @ @ the need for Boris Johnson ’ s government to increase its testing capacity , including at airports .

Tony Blair accused of breaching Covid restrictions after not quarantining
Tony Blair has been accused of breaking the UK’s Covid restrictions, after being seen out at a restaurant when he should have been quarantining.
Photos have emerged today in the Sunday Telegraph of the former prime minister leaving a restaurant in Mayfair last month just 10 days after arriving back from the US.
He had travelled to the White House in Washington DC to attend a signing ceremony of historic treaties, which saw Israel forge formal relations with the UAE and Bahrain.
Blair did not have a quarantine exemption as he was not a returning diplomat or staff member of an international body, such as the UN.
A spokesperson for Blair said he “posed no risk to anyone” as he had taken many coronavirus tests when arriving in the US and after returning to the UK.
They added: “We believe he followed all UK and US government guidelines as advised.”
The former Labour PM has been vocal throughout the pandemic about the need for Boris Johnson’s government to increase its testing capacity, including at airports.