cityam--2020-10-28--Aston Martin capital raise subscribed after Mercedes deal boosts shares

Aston Martin has said all shares available in its £125m capital raise have been placed or subscribed , as it looks to turnaround its business .
The capital raise , which represents approximately 13.7 per cent of the company ’ s shares , comprised 250m shares at a price of 50p per share .
Read more : Mercedes-Benz to take 20 per cent stake in embattled British icon Aston Martin Shares in the beleaguered carmaker jumped 6.24 per cent by 9am following confirmation on Tuesday that Mercedes-Benz will take a 20 per cent equity stake in the firm , to @ @ @ @ @ @ @ The firm said Permian Investment Partners , Zelon Holdings , Yew Tree Overseas and other institutional investors had subscribed for the raise .
It comes months after Formula One team owner Lawrence Stook took a majority stake in the brand .
Stroll labelled the deal , in which Mercedes-Benz will give Aston Martin access to its car design technologies , a “ transformational deal ” .
Since listing in October 2018 James Bond ’ s carmaker of choice has struggled , with plunging revenues weighed down further by the coronavirus pandemic .
The @ @ @ @ @ @ @ and bust cycle that has been a staple of the UK brand ” , CMC markets analyst Michael Hewson said .
However it also gives Mercedes a “ potential foothold in what is an iconic global brand in a deal , that in the longer term could see the brand subsumed under the Mercedes brand in a manner similar to the way BMW has kept the Mini brand alive.
” Earlier this year Aston Martin said it was planning a complete reset to “ enable it to operate as a true luxury company @ @ @ @ @ @ @ , Aston Martin launched a new business plan on Tuesday , under which it will target £2bn in revenue and £500m in Ebitda by 2025 .

Aston Martin capital raise subscribed after Mercedes deal boosts shares
Aston Martin has announced a partnership with EV battery maker Britishvolt.
Aston Martin has said all shares available in its £125m capital raise have been placed or subscribed, as it looks to turnaround its business.
The capital raise, which represents approximately 13.7 per cent of the company’s shares, comprised 250m shares at a price of 50p per share.
Shares in the beleaguered carmaker jumped 6.24 per cent by 9am following confirmation on Tuesday that Mercedes-Benz will take a 20 per cent equity stake in the firm, to become one of its biggest shareholders.
The firm said Permian Investment Partners, Zelon Holdings, Yew Tree Overseas and other institutional investors had subscribed for the raise.
It comes months after Formula One team owner Lawrence Stook took a majority stake in the brand. Stroll labelled the deal, in which Mercedes-Benz will give Aston Martin access to its car design technologies, a “transformational deal”.
Since listing in October 2018 James Bond’s carmaker of choice has struggled, with plunging revenues weighed down further by the coronavirus pandemic.
The new deal will “break the boom and bust cycle that has been a staple of the UK brand”, CMC markets analyst Michael Hewson said.
However it also gives Mercedes a “potential foothold in what is an iconic global brand in a deal, that in the longer term could see the brand subsumed under the Mercedes brand in a manner similar to the way BMW has kept the Mini brand alive.”
Earlier this year Aston Martin said it was planning a complete reset to “enable it to operate as a true luxury company”. Further to the Mercedes-Benz deal, Aston Martin launched a new business plan on Tuesday, under which it will target £2bn in revenue and £500m in Ebitda by 2025.


cityam--2020-10-29--Golden age of tech: Value of European tech firms soar to €618bn

The value of Europe ’ s tech firms has soared in the past five years signalling the start of a golden age of tech entrepreneurship on the continent .
Technology has become somewhat of a safe haven for investors during the pandemic but figures from Dealroom indicate it is part of a longer trend .
Read more : UK maintains position as leader of Europe ’ s fintech community European tech companies are now worth four times what they were half a decade ago , with the combined value jumping from €155bn to €618bn .
This has in large part @ @ @ @ @ @ @ tech founders which have helped to large funding rounds , exits and job opportunities .
Certainly the impact of the pandemic has helped Europe ’ s largest tech firms consolidate their position .
The value of the top ten companies has surged from €123bn in January 2020 to €215bn in October 2020 .
As of October 2020 , a third of the combined value of companies is based on the top 10 leading tech businesses in Europe : Adyen , BioNtech , Delivery Hero , Klarna , Spotify , Ocado , HelloFresh , @ @ @ @ @ @ @ more : London fintechs secure billions from US investors despite virus and Brexit uncertainty While Europe ’ s travel , tourism and leisure sectors have taken a beating due to the pandemic , tech firms have continued to expand in the face of lockdown restrictions .
Ecommerce , healthtech and fintech have all enjoyed significant interest from investors which has in term led to firms employing at scale .
This generation of leading tech firms has led to the sector becoming an engine of job growth on the continent .
Despite a rise @ @ @ @ @ @ @ startups , up 43 % on 2016 figures , with the sector likely to employ 3.2m people by 2025 according to Dealroom estimates .
Read more : VC valuations resilient in the face of coronavirus pandemic And these leading companies are not just creating millions of jobs within their own startups but starting to invest as angles in the next generation .
In addition to building new companies , many tech alumni are now active investors .
Spotify founder Daniel Ek has committed to invest $ 1bn in tech firms , while former @ @ @ @ @ @ @ Chesterman are involved both in funding the next-generation startups .
Chesterman himself has founded online car dealership Cazoo , which is one of Europe ’ s fastest growing e-commerce businesses with a valuation of $ 2bn .
But European funding is not just coming from this virtuous VC cycle of tech titans , but from more traditional means too .
European VCs raised €12.7bn in 2019 , almost double the €6.6bn they raised in 2013 , and are on track to raise a total of €13bn by the end of the year .
@ @ @ @ @ @ @ start of the pandemic as investors turned to their portfolio companies , but these fears have subsequently subsided .
Yoram Wijngaarde , founder and chief executive of Dealroom told City A.M. : “ It soon became clear that many digital businesses accelerated or at least stayed resilient – ecommerce , edtech , health , gaming , streaming , but also enterprise cloud and remote work.
” Looking forward the indications are that this trend will continue well into next year .
“ For 2021 , by all indications technology will continue to be @ @ @ @ @ @ @ Money will continue to flow to tech , VC and startups , ” Wijngaarde added .
Despite the record amounts of money being raised in Europe , a KPMG report also released today shows VC investment in the UK softened by 20 per cent in the third quarter .
Read more : Investment into UK ‘ tech for good ’ surges amid climate crisis Deal volume dropped by almost a half year-on-year in the face of Covid-related concerns and the potential of a no-deal Brexit .
KPMG UK board member Bina Mehta said @ @ @ @ @ @ @ Brexit negotiations in recent months , concerns over the possibility of a hard Brexit as of 31 Decmeber 2020 are growing , making it a critical area to watch heading into the last quarter of the year.
” Despite a drop in the number of deals , the UK has continued to attract large rounds .
Fintech remains resilient with digital bank Revolut raising $ 580m in the quarter , while cloud-based banking platform Thought Machine raised $ 125m .

Golden age of tech: Value of European tech firms soar to €618bn
The value of Europe’s tech firms has soared in the past five years signalling the start of a golden age of tech entrepreneurship on the continent.
Technology has become somewhat of a safe haven for investors during the pandemic but figures from Dealroom indicate it is part of a longer trend.
European tech companies are now worth four times what they were half a decade ago, with the combined value jumping from €155bn to €618bn.
This has in large part been fuelled by a leading generation of tech founders which have helped to large funding rounds, exits and job opportunities.
Certainly the impact of the pandemic has helped Europe’s largest tech firms consolidate their position. The value of the top ten companies has surged from €123bn in January 2020 to €215bn in October 2020.
As of October 2020, a third of the combined value of companies is based on the top 10 leading tech businesses in Europe: Adyen, BioNtech, Delivery Hero, Klarna, Spotify, Ocado, HelloFresh, Takeaway.com, UiPath and Zalando.
Tech leads job creation in Europe
While Europe’s travel, tourism and leisure sectors have taken a beating due to the pandemic, tech firms have continued to expand in the face of lockdown restrictions.
Ecommerce, healthtech and fintech have all enjoyed significant interest from investors which has in term led to firms employing at scale.
This generation of leading tech firms has led to the sector becoming an engine of job growth on the continent.
Despite a rise, 2m people now employed in tech startups, up 43% on 2016 figures, with the sector likely to employ 3.2m people by 2025 according to Dealroom estimates.
The ‘virtuous VC cycle’
And these leading companies are not just creating millions of jobs within their own startups but starting to invest as angles in the next generation.
In addition to building new companies, many tech alumni are now active investors. Spotify founder Daniel Ek has committed to invest $1bn in tech firms, while former LoveFilm alumni including Saul Klein and Alex Chesterman are involved both in funding the next-generation startups.
Chesterman himself has founded online car dealership Cazoo, which is one of Europe’s fastest growing e-commerce businesses with a valuation of $2bn.
But European funding is not just coming from this virtuous VC cycle of tech titans, but from more traditional means too.
European VCs raised €12.7bn in 2019, almost double the €6.6bn they raised in 2013, and are on track to raise a total of €13bn by the end of the year.
There had been initial worries at the start of the pandemic as investors turned to their portfolio companies, but these fears have subsequently subsided.
Yoram Wijngaarde, founder and chief executive of Dealroom told City A.M.: “It soon became clear that many digital businesses accelerated or at least stayed resilient – ecommerce, edtech, health, gaming, streaming, but also enterprise cloud and remote work.”
Looking forward the indications are that this trend will continue well into next year. “For 2021, by all indications technology will continue to be regarded as the relatively safe asset. Money will continue to flow to tech, VC and startups,” Wijngaarde added.
Despite the record amounts of money being raised in Europe, a KPMG report also released today shows VC investment in the UK softened by 20 per cent in the third quarter.
Deal volume dropped by almost a half year-on-year in the face of Covid-related concerns and the potential of a no-deal Brexit.
KPMG UK board member Bina Mehta said: “Although the pandemic has overshadowed Brexit negotiations in recent months, concerns over the possibility of a hard Brexit as of 31 Decmeber 2020 are growing, making it a critical area to watch heading into the last quarter of the year.”
Despite a drop in the number of deals, the UK has continued to attract large rounds. Fintech remains resilient with digital bank Revolut raising $580m in the quarter, while cloud-based banking platform Thought Machine raised $125m.


cityam--2020-10-29--UK advertising market not set to recover until 2022 after Covid-19 crash

The UK advertising market will not recover until 2022 after sinking to record lows this year as a result of the coronavirus outbreak .
Ad spend is set to come in at £21.5bn this year , marking a fall of £3.6bn — or 14.5 per cent — compared to 2019 .
Read more : Ad spend to suffer largest ever annual fall as Covid-19 wipes £4bn off market The figures come ahead of the crucial last three months of the year , known in retail and advertising as the Golden Quarter due a surge in trading in the run-up to @ @ @ @ @ @ @ looming , ad spend in the key festive period is set to drop 10.5 per cent to £6.2bn — £724m lower than the same time last year .
The report , compiled by the Advertising Association and Warc , also warned that the sector ’ s recovery was likely to be slower than previously anticipated .
The industry bodies revised their forecast for a return to growth to 14.4 per cent in 2021 , down from the 16.6 per cent predicted in July .
As a result , growth in 2021 will fail @ @ @ @ @ @ @ , meaning the UK ad market is now not expected to fully recover until 2022 .
“ Events of recent weeks have shown this will be no straight-forward recovery as different parts of our country enter or leave local conditions at varying speeds , ” said Stephen Woodford , chief executive of the Advertising Association .
“ We must boost growth and support jobs through an advertising tax credit and a skills programme to aid colleagues facing unemployment .
It is essential that our workforce , business , and government work together on @ @ @ @ @ @ @ our country.
” The report also revealed that UK ad spend plunged by more than a third at the height of the pandemic in the second quarter , marking the worst period ever recorded for the industry .
Investment plunged across all segments over the quarter , with cinema advertising and out-of-home advertising suffering the sharpest drops .
Online and digital formats posted the smallest declines over the quarter as Brits stayed at home , but they still recorded their first annual falls in investment .
While the forecasts for recovery in 2021 @ @ @ @ @ @ @ set to see the largest year-on-year growth as films return and footfall picks up .
Regional newsbrands and magazines are also forecast to recover thanks to strong growth in their online formats .
Read more : Daily Mail owner raises profit outlook following spike in advertising revenue “ The short-term outlook is extremely challenging , but we share the longer-term optimism that the market will return to growth , even if the full recovery takes up until 2022 , ” said Ali MacCallum , UK chief executive of out-of-home Kinetic Worldwide .
“ @ @ @ @ @ @ @ a channel is testament to how out-of-home will continue to engage and inform mass audiences , as we navigate through Covid-19 .
”

UK advertising market not set to recover until 2022 after Covid-19 crash
UK ad spend suffered its largest ever fall in the second quarter
The UK advertising market will not recover until 2022 after sinking to record lows this year as a result of the coronavirus outbreak.
Ad spend is set to come in at £21.5bn this year, marking a fall of £3.6bn — or 14.5 per cent — compared to 2019.
The figures come ahead of the crucial last three months of the year, known in retail and advertising as the Golden Quarter due a surge in trading in the run-up to Christmas.
But with further winter lockdowns looming, ad spend in the key festive period is set to drop 10.5 per cent to £6.2bn — £724m lower than the same time last year.
The report, compiled by the Advertising Association and Warc, also warned that the sector’s recovery was likely to be slower than previously anticipated.
The industry bodies revised their forecast for a return to growth to 14.4 per cent in 2021, down from the 16.6 per cent predicted in July.
As a result, growth in 2021 will fail to offset this year’s losses, meaning the UK ad market is now not expected to fully recover until 2022.
“Events of recent weeks have shown this will be no straight-forward recovery as different parts of our country enter or leave local conditions at varying speeds,” said Stephen Woodford, chief executive of the Advertising Association.
“We must boost growth and support jobs through an advertising tax credit and a skills programme to aid colleagues facing unemployment. It is essential that our workforce, business, and government work together on the recovery plan for our industry and our country.”
The report also revealed that UK ad spend plunged by more than a third at the height of the pandemic in the second quarter, marking the worst period ever recorded for the industry.
Investment plunged across all segments over the quarter, with cinema advertising and out-of-home advertising suffering the sharpest drops.
Online and digital formats posted the smallest declines over the quarter as Brits stayed at home, but they still recorded their first annual falls in investment.
While the forecasts for recovery in 2021 remain subdued, cinema and out-of-home are set to see the largest year-on-year growth as films return and footfall picks up.
Regional newsbrands and magazines are also forecast to recover thanks to strong growth in their online formats.
“The short-term outlook is extremely challenging, but we share the longer-term optimism that the market will return to growth, even if the full recovery takes up until 2022,” said Ali MacCallum, UK chief executive of out-of-home Kinetic Worldwide.
“The recovery and growth of out-of-home as a channel is testament to how out-of-home will continue to engage and inform mass audiences, as we navigate through Covid-19.”


cityam--2020-10-29--The City View: Michael Hewson on how markets could react to the US election

In this episode Christian is joined by CMC Markets ’ chief market analyst Michael Hewson , who gives his take @ @ @ @ @ US economy and how markets could respond to either a Biden victory or four more @ @ @ @ @ Michael looks at the current health of US equity markets and considers how a Democrat @ @ @ @ @ them in the years ahead , and he looks at how the result will affect @ @ @ @ @ of US stimulus .
He also tells us how many screens he ’ ll be @ @ @ @ @ in… Read more : The City View : Francis Maude on ‘ defensive ’ and @ @ @ @ @ service This podcast is sponsored by CMC Markets .
79 % of retail investor accounts @ @ @ @ @ and/or trading CFDs with this provider .
You should consider whether you can afford to @ @ @ @ @ losing your money .

The City View: Michael Hewson on how markets could react to the US election
In this episode Christian is joined by CMC Markets’ chief market analyst Michael Hewson, who gives his take on the state of the US economy and how markets could respond to either a Biden victory or four more years of Donald Trump.
Subscribe to The City View Podcast: Apple / Google / Spotify / RSS
Michael looks at the current health of US equity markets and considers how a Democrat or Republican agenda could shape them in the years ahead, and he looks at how the result will affect the debate around another wave of US stimulus.
He also tells us how many screens he’ll be watching as the results come in…
This podcast is sponsored by CMC Markets.
79% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.


cityam--2020-10-29--Car industry calls for ‘vital Brexit deal’ as vehicle production plummets

UK car production in September slumped to its lowest level since 1995 , as the automotive industry urged minister to strike a “ vital Brexit deal ” to secure jobs across the sector .
According to new figures from industry body the Society of Motor Manufacturers and Traders ( SMMT ) , factories produced just 114,732 cars in September , marking a five per cent slump on the same period last year .
Read more : UK firms receive over £5bn in subsidies for company cars So far , a mere 632,824 vehicles have been built in the UK in @ @ @ @ @ @ @ meaning UK car production has plummeted 36 per cent since 2019 .
The latest independent outlook for the industry predicted that factories will make fewer than 885,000 cars this year — the first time volumes will have dipped below the one million mark since 2009 .
SMMT chief executive Mike Hawes urged ministers to “ urgently ” agree a Brexit deal with the EU that prioritises the UK ’ s automotive industry .
“ These figures are yet more grim reading for UK automotive as coronavirus continues to wreak havoc both at home @ @ @ @ @ @ @ said Hawes .
“ With the end of transition now just 63 days away , the fact that both sides are back around the table is a relief but we need negotiators to agree a deal urgently , one that prioritises automotive , enhances innovation and supports the industry in addressing the global threat of climate change.
” SMMT analysis showed that leaving the bloc under cent World Trade Organisation ( WTO ) rules would incur a 10 per cent tariff on UK-made electric cars exported to the EU — the equivalent of @ @ @ @ @ @ @ after electric vehicle production was a rare bright spot on Britain ’ s automotive sheet in September .
September production of the latest battery electric vehicles ( BEVs ) grew 37 per cent year-on-year , three-quarters of which exported to the EU and further afield .
“ As the UK looks to increase its zero emission vehicle production capability , tariffs would have the opposite effect , making the country a less attractive destination for international investment and severely damaging industrial competitiveness at the worst possible time , ” SMMT said in a @ @ @ @ @ @ @ auto body warned that one in every six jobs in the sector could be slashed as a result of the pandemic .
At least 11,349 job cuts have already been announced across the industry since the outbreak of the pandemic , including in manufacturing , supply chain and retail .
Hawes added : “ With countries across Europe experiencing a surge in Covid cases , and with local lockdowns already in place across many parts of the UK and beyond , the final quarter of 2020 looks increasingly challenging .
”

UK car production hits lowest level since 1995 as industry calls for ‘vital Brexit deal’
UK car production in September slumped to its lowest level since 1995, as the automotive industry urged ministers to strike a “vital Brexit deal” to secure jobs across the sector.
According to new figures from industry body the Society of Motor Manufacturers and Traders (SMMT), factories produced just 114,732 cars in September, marking a five per cent slump on the same period last year.
So far, a mere 632,824 vehicles have been built in the UK in the first nine months of 2020, meaning UK car production has plummeted 36 per cent since 2019.
The latest independent outlook for the industry predicted that factories will make fewer than 885,000 cars this year — the first time volumes will have dipped below the one million mark since 2009.
SMMT chief executive Mike Hawes called on ministers to “urgently” agree a Brexit deal with the EU that prioritises the UK’s automotive industry.
“These figures are yet more grim reading for UK automotive as coronavirus continues to wreak havoc both at home and in key overseas markets,” said Hawes.
“With the end of transition now just 63 days away, the fact that both sides are back around the table is a relief but we need negotiators to agree a deal urgently, one that prioritises automotive, enhances innovation and supports the industry in addressing the global threat of climate change.”
SMMT analysis showed that leaving the bloc under cent World Trade Organisation (WTO) rules would incur a 10 per cent tariff on UK-made electric cars exported to the EU — the equivalent of around £2,000 per vehicle.
It comes after electric vehicle production was a rare bright spot on Britain’s automotive sheet in September.
September production of the latest battery electric vehicles (BEVs) grew 37 per cent year-on-year, three-quarters of which exported to the EU and further afield.
“As the UK looks to increase its zero emission vehicle production capability, tariffs would have the opposite effect, making the country a less attractive destination for international investment and severely damaging industrial competitiveness at the worst possible time,” SMMT said in a statement.
Earlier this year, the auto body warned that one in every six jobs in the sector could be slashed as a result of the pandemic.
At least 11,349 job cuts have already been announced across the industry since the outbreak of the pandemic, including in manufacturing, supply chain and retail.
Hawes added: “With countries across Europe experiencing a surge in Covid cases, and with local lockdowns already in place across many parts of the UK and beyond, the final quarter of 2020 looks increasingly challenging.”


cityam--2020-10-29--Coronavirus: London R rate catapults to highest in the country

Covid-19 is now spreading fastest in the capital , according to the latest official estimates , raising fears of a Tier 3 London lockdown .
The ‘ R rate ’ — the rate of spread of infection — has catapulted to a best estimate of 2.9 in London , the highest rate in the country .
Read more : London pandemic update : How many Covid-19 infections are there in your local borough ?
Figures released today by the Department of Health and Social Care , compiled by Imperial College London and Ipsos Mori , showed the virus was growing @ @ @ @ @ @ @ .
It means each infected person is estimated to transmit the virus to almost three other Londoners .
However , the prevalence of coronavirus in the capital still remains lower than in other regions such as Lancashire , Manchester , Liverpool and West Yorkshire , with less than one per cent of the capital ’ s population infected .
The authors of the report warned : “ The epidemic is now increasing most rapidly in the Midlands and South .
“ Patterns of growth rate and the age distribution of cases in the @ @ @ @ @ @ @ in northern regions during the prior two rounds of this study , ” they said .
Analysis of coronavirus swab tests found that prevalence of Covid-19 across England more than doubled in the week to 25 October , with 128 in every 100,000 people currently infected with the virus .
“ The co-occurrence of high prevalence and rapid growth means that the second wave of the epidemic in England has now reached a critical stage , ” health officials noted .
“ Whether via regional or national measures , it is now time-critical @ @ @ @ @ @ @ below 1 if further hospital admissions and deaths from Covid-19 are to be avoided.
” The study noted that interim estimates indicated strongly that the R rate is above 2 in the South of England including London , but that there were “ wide confidence intervals ” in the official rate .
It comes after London was earlier this month moved from “ medium ” alert to “ high ” alert , with fresh measures rolled out to slow the spread of the virus .
The new restrictions mean a ban on households @ @ @ @ @ @ @ told to avoid public transport where possible .
Read more : Covid-19 ‘ doughnut effect ’ creates retail opportunities in outer London , experts say London recorded 2,477 new coronavirus cases in the past 24 hours , taking the total number of infections since the pandemic began to 91,498 .
Figures released by Public Health England showed that Ealing remains the worst-affected borough with 4,519 confirmed Covid-19 cases recorded since the start of the pandemic , following a spike of 141 cases yesterday .

Coronavirus: London R rate catapults to highest in the country
Covid-19 is now spreading fastest in the capital, according to the latest official estimates, raising fears of a Tier 3 London lockdown.
The ‘R rate’ — the rate of spread of infection — has catapulted to a best estimate of 2.9 in London, the highest rate in the country.
Figures released today by the Department of Health and Social Care, compiled by Imperial College London and Ipsos Mori, showed the virus was growing exponentially in the week to 25 October.
It means each infected person is estimated to transmit the virus to almost three other Londoners.
However, the prevalence of coronavirus in the capital still remains lower than in other regions such as Lancashire, Manchester, Liverpool and West Yorkshire, with less than one per cent of the capital’s population infected.
The authors of the report warned: “The epidemic is now increasing most rapidly in the Midlands and South.
“Patterns of growth rate and the age distribution of cases in the South now are similar to those observed in northern regions during the prior two rounds of this study,” they said.
Analysis of coronavirus swab tests found that prevalence of Covid-19 across England more than doubled in the week to 25 October, with 128 in every 100,000 people currently infected with the virus.
Region Best estimate of R number in the
week to 25 October South East 2.34 North East 0.57 North West 1.21 Yorkshire and the Humber 1.54 East Midlands 1.40 West Midlands 1.81 East of England 2.18 London 2.86 South West 2.06 Source: Estimates based on study by Imperial College London and Ipsos MORI, released by the Department of Health and Social Care
“The co-occurrence of high prevalence and rapid growth means that the second wave of the epidemic in England has now reached a critical stage,” health officials noted.
“Whether via regional or national measures, it is now time-critical to control the virus and turn R below 1 if further hospital admissions and deaths from Covid-19 are to be avoided.”
The study noted that interim estimates indicated strongly that the R rate is above 2 in the South of England including London, but that there were “wide confidence intervals” in the official rate.
Professor Paul Elliott, director of the Imperial program, said: “These interim findings paint a concerning picture of the situation in England, where we’re seeing a nationwide increase in infection prevalence, which we know will lead to more hospitalizations and loss of life.
“We’re also detecting early signs that areas which previously had low rates of infection are following trends observed in the country’s worst-affected areas.”
It comes after London was earlier this month moved from “medium” alert to “high” alert, with fresh measures rolled out to slow the spread of the virus.
The new restrictions mean a ban on households mixing indoors, while Londoners have been told to avoid public transport where possible.
London recorded 2,477 new coronavirus cases in the past 24 hours, taking the total number of infections since the pandemic began to 91,498.
Figures released by Public Health England showed that Ealing remains the worst-affected borough with 4,519 confirmed Covid-19 cases recorded since the start of the pandemic, following a spike of 141 cases yesterday.


cityam--2020-10-28--Shaun Bailey accuses Sadiq Khan of wasting nearly £10bn of TfL cash

Conservative London mayoral candidate Shaun Bailey has today accused Mayor Sadiq Khan of wasting nearly £9.6bn in Transport for London ( TfL ) finances since 2016 .
According to Bailey , the failure to deliver the Crossrail rail link on time has cost £5.2bn , while pensions have drained £828m from TfL ’ s finances over the period .
A freeze of Tube and bus fares has cost £640m , while fare dodging has hit it for £400m .
He also lists executive payoffs , disruption on the Woolwich ferry , and the failure to deliver the Rotherhithe bridge as @ @ @ @ @ @ @ Bailey said : “ Sadiq Khan has been in control of TfL for nearly five years .
It ’ s time he took responsibility.
” “ Now , after racking up £9.56bn in wasteful spending – he ’ s blaming coronavirus for the fact that TfL ’ s bankrupt .
Sadiq Khan needs to stop playing the blame game .
He needs to take responsibility and get a grip on TfL ’ s finances.
” A spokesperson for Khan said : “ These are fantasy figures and the Tory candidate is once again @ @ @ @ @ @ @ has been clearing up the Tories ’ financial mess on Tfl and before the pandemic hit , he ’ d reduced Tfl ’ s deficit by over £1bn .
The only reason TfL needs money now is because fares went down 70 per cent during Covid-19 .
“ The Tory candidate and his government now want to punish Londoners – by extending the Congestion Charge to the North & South Circular , hiking fares and raising taxes .
Only Sadiq is standing up for London.
” Before the Open newsletter : Start your @ @ @ @ @ @ @ key market data The claims come with Khan in the process of negotiating a new financial bailout for TfL from the government .
Khan has asked for just shy of £5bn to keep the network running for the next 18 months .
A previous support package of £1.6bn signed in May to propel up TfL throughout lockdown is understood to have run dry .
The coronavirus pandemic has hammered the country ’ s transport operator , with passenger numbers plummeting due to lockdown and restrictions on travel .
Last week PM Boris Johnson @ @ @ @ @ @ @ even before the coronavirus crisis struck .
“ The PM has lied to the House of Commons , ” Khan said on Twitter .
“ Before Covid I was fixing his mess at TfL — reducing the deficit by 71 per cent since 2016 .
Covid-19 is the sole cause of TfL ’ s challenges.
” The spat came after it was reported that the government had threatened to take TfL under its control if Khan did not agree to a number of stringent conditions .
These include extending the congestion charge zone @ @ @ @ @ @ @ one per cent above inflation and the introduction of a new Council tax precept to pay for the network .

Shaun Bailey accuses Sadiq Khan of wasting nearly £10bn of TfL cash
Shaun Bailey
Conservative London mayoral candidate Shaun Bailey has today accused Mayor Sadiq Khan of wasting nearly £9.6bn in Transport for London (TfL) finances since 2016.
According to Bailey, the failure to deliver the Crossrail rail link on time has cost £5.2bn, while pensions have drained £828m from TfL’s finances over the period.
A freeze of Tube and bus fares has cost £640m, while fare dodging has hit it for £400m.
He also lists executive payoffs, disruption on the Woolwich ferry, and the failure to deliver the Rotherhithe bridge as other costs.
In a statement, Bailey said: “Sadiq Khan has been in control of TfL for nearly five years. It’s time he took responsibility.”
“Now, after racking up £9.56bn in wasteful spending – he’s blaming coronavirus for the fact that TfL’s bankrupt. Sadiq Khan needs to stop playing the blame game. He needs to take responsibility and get a grip on TfL’s finances.”
A spokesperson for Khan said: “These are fantasy figures and the Tory candidate is once again taking Londoners for fools.
“Sadiq has been clearing up the Tories’ financial mess on Tfl and before the pandemic hit, he’d reduced Tfl’s deficit by over £1bn. The only reason TfL needs money now is because fares went down 70 per cent during Covid-19.
“The Tory candidate and his government now want to punish Londoners – by extending the Congestion Charge to the North & South Circular, hiking fares and raising taxes. Only Sadiq is standing up for London.”
Before the Open newsletter: Start your day with the City View podcast and key market data
The claims come with Khan in the process of negotiating a new financial bailout for TfL from the government.
Khan has asked for just shy of £5bn to keep the network running for the next 18 months. A previous support package of £1.6bn signed in May to propel up TfL throughout lockdown is understood to have run dry.
The coronavirus pandemic has hammered the country’s transport operator, with passenger numbers plummeting due to lockdown and restrictions on travel.
Last week PM Boris Johnson accused the Mayor of bankrupting the operator even before the coronavirus crisis struck.
Khan hit back, claiming that Johnson had told a “blatant lie”.
“The PM has lied to the House of Commons,” Khan said on Twitter. “Before Covid I was fixing his mess at TfL — reducing the deficit by 71 per cent since 2016. Covid-19 is the sole cause of TfL’s challenges.”
The spat came after it was reported that the government had threatened to take TfL under its control if Khan did not agree to a number of stringent conditions.
These include extending the congestion charge zone, hiking TfL fares by more than one per cent above inflation and the introduction of a new Council tax precept to pay for the network.
Khan slammed the measures as “draconian”.


cityam--2020-10-28--Tech bosses blasted by US politicians over content moderation

The bosses of Facebook , Twitter and Google faced attacks from US Senators this afternoon during a fiery hearing over how tech firms moderate content on their platforms .
The tech chiefs were grilled by a US Senate committee for more than three and a half hours over Section 230 of the Communications Decency Act , which protects internet companies from liability for content posted to their platforms .
Read more : Tech bosses to defend key internet law in front of US Senate Twitter chief executive Jack Dorsey , Google boss Sundar Pichai and Facebook ’ s Mark Zuckerberg @ @ @ @ @ @ @ , although they appeared open to moderate changes to the rules .
The tech chiefs said the law , which has come under scrutiny from both sides of the US political spectrum , was key to protecting free speech on the internet .
Dorsey warned the committee that weakening Section 230 , which also contains a so-called Good Samaritan provision to protect companies from liability when they are removing content , would harm how people communicate on the internet .
Pichai insisted that Google operated without political bias , arguing that doing otherwise @ @ @ @ @ @ @ The committee initially struggled to establish a connection with Facebook boss Mark Zuckerberg .
He came out in support of a change to Section 230 , though he will warn that tech giants are likely to be more censorious in order to avoid legal risks if the law is changed .
All three bosses agreed that the companies should be held liable if the platforms act as a publisher , but denied they acted as referees on political speech .
Republican senator John Wicker , who chairs the committee , said the regulations @ @ @ @ @ @ @ lawsuits ” .
“ But it has also given these internet platforms the ability to control , stifle , and even censor content in whatever manner meets their respective standards .
The time has come for that free pass to end , ” he said .
But the hearing soon descended into a pre-election showdown as Senators mounted attacks on the social media firms and each other .
Twitter boss Dorsey denied his site was able to influence elections , sparking a furious response from Republican Ted Cruz .
“ Who the hell @ @ @ @ @ @ @ of what the media are allowed to report and what the American people are allowed to hear , ” he said , referencing Twitter ’ s decision to block two New York Post stories that made unverified claims about Joe Biden ’ s son .
Committee chair Wicker also attacked Twitter and Facebook over the New York Post stories , and slammed Twitter for removing posts by Trump but not taking action against alleged misinformation from other world leaders .
But Democrats hit back at their opponents , arguing that the hearing was @ @ @ @ @ @ @ re-election efforts .
Senator Brian Schatz dismissed the proceedings as “ nonsense ” , adding : “ This is bullying and it is for electoral purposes.
” The probe comes amid rising scrutiny over how tech firms police content posted to their platforms .
US President Donald Trump has led calls for a reform to Section 230 amid accusations that social media platforms were stifling conservative voices .
It came after a number of Trump ’ s social media posts were flagged or removed for containing false or misleading material , as well @ @ @ @ @ @ @ the New York Post stories .
In a rare instance of cross-party support , Biden and Democrats have also expressed support for a reform of the liability laws .
However , their scrutiny is focused on tech firm ’ s perceived failure to clamp down on harmful content and misinformation .
The US hearing comes alongside similar moves by the EU to hold tech giants responsible for the material posted by their uses .
Alongside moves to tackle anti-competitive practices , the upcoming EU ’ s Digital Services Act is expected to set @ @ @ @ @ @ @ content .

Tech bosses blasted by US politicians over content moderation
Mark Zuckerberg, Jack Dorsey and Sundar Pichai are all appearing in front of a Senate committee this afternoon
The bosses of Facebook, Twitter and Google faced attacks from US Senators this afternoon during a fiery hearing over how tech firms moderate content on their platforms.
The tech chiefs were grilled by a US Senate committee for more than three and a half hours over Section 230 of the Communications Decency Act, which protects internet companies from liability for content posted to their platforms.
Twitter chief executive Jack Dorsey, Google boss Sundar Pichai and Facebook’s Mark Zuckerberg all threw their weight behind the law, although they appeared open to moderate changes to the rules.
The tech chiefs said the law, which has come under scrutiny from both sides of the US political spectrum, was key to protecting free speech on the internet.
Dorsey warned the committee that weakening Section 230, which also contains a so-called Good Samaritan provision to protect companies from liability when they are removing content, would harm how people communicate on the internet.
Pichai insisted that Google operated without political bias, arguing that doing otherwise would be against its business interests.
The committee initially struggled to establish a connection with Facebook boss Mark Zuckerberg.
He came out in support of a change to Section 230, though he will warn that tech giants are likely to be more censorious in order to avoid legal risks if the law is changed.
All three bosses agreed that the companies should be held liable if the platforms act as a publisher, but denied they acted as referees on political speech.
Political attacks
Republican senator John Wicker, who chairs the committee, said the regulations had protected companies from “potentially ruinous lawsuits”.
“But it has also given these internet platforms the ability to control, stifle, and even censor content in whatever manner meets their respective standards. The time has come for that free pass to end,” he said.
But the hearing soon descended into a pre-election showdown as Senators mounted attacks on the social media firms and each other.
Twitter boss Dorsey denied his site was able to influence elections, sparking a furious response from Republican Ted Cruz.
“Who the hell elected you and put you in charge of what the media are allowed to report and what the American people are allowed to hear,” he said, referencing Twitter’s decision to block two New York Post stories that made unverified claims about Joe Biden’s son.
Committee chair Wicker also attacked Twitter and Facebook over the New York Post stories, and slammed Twitter for removing posts by Trump but not taking action against alleged misinformation from other world leaders.
But Democrats hit back at their opponents, arguing that the hearing was being held to help Trump’s re-election efforts.
Senator Brian Schatz dismissed the proceedings as “nonsense”, adding: “This is bullying and it is for electoral purposes.”
Content crackdown
The probe comes amid rising scrutiny over how tech firms police content posted to their platforms.
US President Donald Trump has led calls for a reform to Section 230 amid accusations that social media platforms were stifling conservative voices.
It came after a number of Trump’s social media posts were flagged or removed for containing false or misleading material, as well as Twitter’s decision to block the New York Post stories.
In a rare instance of cross-party support, Biden and Democrats have also expressed support for a reform of the liability laws.
However, their scrutiny is focused on tech firm’s perceived failure to clamp down on harmful content and misinformation.
The US hearing comes alongside similar moves by the EU to hold tech giants responsible for the material posted by their uses.
Alongside moves to tackle anti-competitive practices, the upcoming EU’s Digital Services Act is expected to set out new measures on harmful and illegal content.


cityam--2020-10-28--Facebook sued over Cambridge Analytica data scandal

Facebook is being sued over its misuse of data during the Cambridge Analytica breach , opening the social media firm up to further fines for its role in the scandal .
A group action lawsuit representing 1m users in England and Wales was filed today to gain “ redress and compensation for the persistent mass misuse of personal data ” .
Read more : Cambridge Analytica did not misuse data to influence Brexit , watchdog rules Facebook became embroiled in a scandal in 2018 after it emerged that data belonging to 87m users had been harvested by political consultancy Cambridge @ @ @ @ @ @ @ giant has faced a string of class action lawsuits from affected users in countries around the world .
But the latest suit , brought by human rights campaigner Alvin Carpio , is the largest to date , covering almost all the 1.1m users thought to have been affected in the UK .
It alleges that by taking data without consent , Facebook failed to meet its legal obligations under the Data Protection Act 1998 .
“ We have not received any documents regarding this claim , ” a Facebook spokesperson said .
“ @ @ @ @ @ @ @ into these issues , which included seizing and interrogating Cambridge Analytica ’ s servers , found no evidence that any UK or EU users ’ data was transferred by Dr Kogan to Cambridge Analytica.
” Facebook was handed a £500,000 fine by the British data watchdog in 2019 for its role in the scandal .
But the lawsuit branded this a “ comically insignificant amount ” compared to Facebook ’ s 2019 revenue of more than $ 70bn .
It added that none of the fine , handed down by the Information Commissioner @ @ @ @ @ @ @ users .
“ When we use Facebook , we expect that our personal data is being used responsibly , transparently , and legally , ” said Alvin Carpio , the representative claimant against Facebook .
“ By failing to protect our personal information from abuse , we believe that Facebook broke the law.
” Read more : US Senate committee votes to subpoena Twitter and Facebook bosses The group action suit , dubbed Facebook You Owe Us , is being led by law firm Milberg London and supported by former Which executive director @ @ @ @ @ @ @ suit filed against Google over data misuse , which is set to be heard before the Supreme Court in April next year .

Facebook sued over Cambridge Analytica data scandal
Facebook was embroiled in a scandal after it emerged Cambridge Analytica harvested data belong to 87m users
Facebook is being sued over its misuse of data during the Cambridge Analytica breach, opening the social media firm up to further fines for its role in the scandal.
A group action lawsuit representing 1m users in England and Wales was filed today to gain “redress and compensation for the persistent mass misuse of personal data”.
Facebook became embroiled in a scandal in 2018 after it emerged that data belonging to 87m users had been harvested by political consultancy Cambridge Analytica without their consent.
The tech giant has faced a string of class action lawsuits from affected users in countries around the world.
But the latest suit, brought by human rights campaigner Alvin Carpio, is the largest to date, covering almost all the 1.1m users thought to have been affected in the UK.
It alleges that by taking data without consent, Facebook failed to meet its legal obligations under the Data Protection Act 1998.
“We have not received any documents regarding this claim,” a Facebook spokesperson said.
“The Information Commissioner’s Office investigation into these issues, which included seizing and interrogating Cambridge Analytica’s servers, found no evidence that any UK or EU users’ data was transferred by Dr Kogan to Cambridge Analytica.”
Facebook was handed a £500,000 fine by the British data watchdog in 2019 for its role in the scandal.
But the lawsuit branded this a “comically insignificant amount” compared to Facebook’s 2019 revenue of more than $70bn.
It added that none of the fine, handed down by the Information Commissioner’s Office, was paid to users.
“When we use Facebook, we expect that our personal data is being used responsibly, transparently, and legally,” said Alvin Carpio, the representative claimant against Facebook.
“By failing to protect our personal information from abuse, we believe that Facebook broke the law.”
The group action suit, dubbed Facebook You Owe Us, is being led by law firm Milberg London and supported by former Which executive director Richard Lloyd.
It follows a similar suit filed against Google over data misuse, which is set to be heard before the Supreme Court in April next year.


cityam--2020-10-28--Joe Biden White House will work closely with Boris Johnson, says potential Biden appointee

Joe Biden will work closely with Boris Johnson and the UK government if elected President despite concerns from Downing Street , according to a potential administration appointee .
Former Bernie Sanders adviser Robert Hockett – who has been tipped in some Democratic circles to be appointed to a government position by Biden as a standard bearer of the party ’ s left – told City A.M. it was highly unlikely Biden would hold a grudge against Johnson for trying to curry favour with Donald Trump ’ s White House .
Read more : The Trump train hits Pennsylvania : A @ @ @ @ @ @ @ state Recent UK media reports have speculated Downing Street is worried a Biden administration would be frosty toward Johnson and his team .
The Prime Minister has been publicly supportive of Trump and has been seen in America as being cut from a similar populist cloth due to his leadership of the Brexit campaign .
Johnson in 2016 also made controversial comments about Barack Obama , saying his opposition to Brexit was due to “ the part-Kenyan President ’ s ancestral dislike of the British empire ” .
Foreign secretary Dominic Raab and @ @ @ @ @ @ @ Pierce have been meeting with key Democrats in recent weeks as an attempt to smooth things over with Biden ’ s team .
However , Hockett , who helped write Alexandria Ocasio Cortez ’ s Green New Deal , said Biden was an old school Washington pragmatist who understands Johnson is “ above all an opportunist ” .
“ Biden ’ s status as an old time ‘ pol ’ , as we call them in the States , is maybe going to work to his advantage and to the advantage of transatlantic @ @ @ @ @ @ @ the UK and US , ” he said .
Read more : ‘ Britain is better off with Biden ’ : Former chancellor backs Trump rival for President “ One characteristic of this old style American politician is conveying a sense of friendliness and personal warmth and even kind of meaning it – it ’ s not just opportunistically pretending , but just kind of being an all hail well met sort of fellow .
“ My guess is Mr Johnson immediately is all over Mr Biden like a dirty shirt and that @ @ @ @ @ @ @ that , because he knows how politics works and his team will be fine with it too.
” Biden holds a double digit lead in most polls and is a short priced favourite with bookmakers to win the election on 3 November .
Many have argued that a UK-US trade deal would be off the table if the polls are correct as it would not be a priority for the former Vice President .
Former chancellor George Osborne said this week that Downing Street would find it “ hard to pivot towards a @ @ @ @ @ @ @ US election : Where do Trump and Biden stand on tech issues ?
“ There ’ ll be some very specific things like whether the UK does a trade deal with the US , where Joe Biden has already indicated and people like Nancy Pelosi have indicated that is going to be hard work for the British government , ” he said .
“ So there ’ s a lot of frantic repositioning going on at the moment here in London by this administration in Britain .
”

Joe Biden White House will work closely with Boris Johnson, says potential Biden appointee
Democratic presidential candidate Joe Biden speaks on healthcare at The Queen in Wilmington, Delaware, on October 28, 2020
Joe Biden will work closely with Boris Johnson and the UK government if elected President despite concerns from Downing Street, according to a potential administration appointee.
Former Bernie Sanders adviser Robert Hockett – who has been tipped in some Democratic circles to be appointed to a government position by Biden as a standard bearer of the party’s left – told City A.M. it was highly unlikely Biden would hold a grudge against Johnson for trying to curry favour with Donald Trump’s White House.
Recent UK media reports have speculated Downing Street is worried a Biden administration would be frosty toward Johnson and his team.
The Prime Minister has been publicly supportive of Trump and has been seen in America as being cut from a similar populist cloth due to his leadership of the Brexit campaign.
Johnson in 2016 also made controversial comments about Barack Obama, saying his opposition to Brexit was due to “the part-Kenyan President’s ancestral dislike of the British empire”.
Foreign secretary Dominic Raab and British ambassador to the US Dame Karen Pierce have been meeting with key Democrats in recent weeks as an attempt to smooth things over with Biden’s team.
However, Hockett, who helped write Alexandria Ocasio Cortez’s Green New Deal, said Biden was an old school Washington pragmatist who understands Johnson is “above all an opportunist”.
“Biden’s status as an old time ‘pol’, as we call them in the States, is maybe going to work to his advantage and to the advantage of transatlantic relationships and the whole special relationship between the UK and US,” he said.
“One characteristic of this old style American politician is conveying a sense of friendliness and personal warmth and even kind of meaning it – it’s not just opportunistically pretending, but just kind of being an all hail well met sort of fellow.
“My guess is Mr Johnson immediately is all over Mr Biden like a dirty shirt and that Mr Biden will be perfectly fine with that, because he knows how politics works and his team will be fine with it too.”
Biden holds a double digit lead in most polls and is a short priced favourite with bookmakers to win the election on 3 November.
Many have argued that a UK-US trade deal would be off the table if the polls are correct as it would not be a priority for the former Vice President.
Former chancellor George Osborne said this week that Downing Street would find it “hard to pivot towards a Biden administration”.
“There’ll be some very specific things like whether the UK does a trade deal with the US, where Joe Biden has already indicated and people like Nancy Pelosi have indicated that is going to be hard work for the British government,” he said.
“So there’s a lot of frantic repositioning going on at the moment here in London by this administration in Britain.”


cityam--2020-10-28--Full-fibre broadband failings ‘disproportionately’ hit small businesses

A failure to meet targets of bringing full-fibre broadband to all parts of the UK in the next five years would “ disproportionately ” impact small businesses , the government has been warned .
In a letter to culture secretary Oliver Dowden , a dozen small and medium sized businesses ( SMEs ) stated that high-speed broadband provisions were “ critical ” to their operations , especially amid a shift to home working during the pandemic .
But the firms warned the UK ’ s copper-based network was leaving millions with unreliable connections , adding they had “ grave concerns @ @ @ @ @ @ @ .
The government has pumped £5bn into its full-fibre rollout plan and has pledged to bring superfast connections to all premises across the UK by 2025 .
But only 14 per cent of UK homes currently have access to full-fibre broadband , and ministers have faced scrutiny over the pledge amid concerns the target will be missed .
In their letter , the firms raised concerns that the rollout was falling short of targets and urged the government to step up its efforts .
“ Whilst we welcome the government ’ s commitment @ @ @ @ @ @ @ investment in critical national infrastructure , we are concerned that this technology may be deployed too late and pledges are not being backed up by action , ” the firms wrote .
They called on ministers to commit to providing superfast broadband in rural areas and so-called not spots , adding that the government should provide funding for infrastructure in areas where a commercial case can not be found .
“ The UK ’ s future prosperity will be contingent on fully operational national infrastructure , and we must make investments now to @ @ @ @ @ @ @ future , ” they added .
Read more : Boris Johnson ’ s gigabit broadband target will be ‘ missed by years ’ , warns BT boss A government spokesperson said : “ The government is committed to bringing gigabit-speed internet to the whole country so we can fuel businesses and entrepreneurs to boost the economy in the aftermath of Covid-19 .
“ We are removing the barriers to industry rollout and investing £5bn so the hardest-to-reach areas aren ’ t left behind.
” The letter was penned by meetings provider PowWowNow and @ @ @ @ @ @ @

Full-fibre broadband failings ‘disproportionately’ hit small businesses
Small firms have warned a lack of broadband provision could harm post-Covid recovery
A failure to meet targets of bringing full-fibre broadband to all parts of the UK in the next five years would “disproportionately” impact small businesses, the government has been warned.
In a letter to culture secretary Oliver Dowden, a dozen small and medium sized businesses (SMEs) stated that high-speed broadband provisions were “critical” to their operations, especially amid a shift to home working during the pandemic.
But the firms warned the UK’s copper-based network was leaving millions with unreliable connections, adding they had “grave concerns” the shortcomings would disproportionately impact SMEs.
The government has pumped £5bn into its full-fibre rollout plan and has pledged to bring superfast connections to all premises across the UK by 2025.
But only 14 per cent of UK homes currently have access to full-fibre broadband, and ministers have faced scrutiny over the pledge amid concerns the target will be missed.
In their letter, the firms raised concerns that the rollout was falling short of targets and urged the government to step up its efforts.
“Whilst we welcome the government’s commitment to the roll-out of full-fibre broadband and investment in critical national infrastructure, we are concerned that this technology may be deployed too late and pledges are not being backed up by action,” the firms wrote.
They called on ministers to commit to providing superfast broadband in rural areas and so-called not spots, adding that the government should provide funding for infrastructure in areas where a commercial case cannot be found.
“The UK’s future prosperity will be contingent on fully operational national infrastructure, and we must make investments now to ensure that we do not impede our future,” they added.
A government spokesperson said: “The government is committed to bringing gigabit-speed internet to the whole country so we can fuel businesses and entrepreneurs to boost the economy in the aftermath of Covid-19.
“We are removing the barriers to industry rollout and investing £5bn so the hardest-to-reach areas aren’t left behind.”
The letter was penned by meetings provider PowWowNow and co-signed by 11 further British SMEs.


cityam--2020-10-29--AB InBev scraps dividend as home drinking pushes up costs

AB InBev , the world ’ s largest brewer , has scrapped its interim dividend as it announced this morning that quarterly profit dipped as the shift to drinking at home increased its costs .
The firm , which owns Budweiser and Stella Artois , reported a surprise jump in sales as people drank more at home during the coronavirus pandemic .
Read more : AB InBev prices revived Budweiser Asia listing at lower end of projections Overall beer and soft drink volumes rose by 1.9 per cent in the third quarter , following a 17 per cent drop in @ @ @ @ @ @ @ increased four per cent , against analyst expectations of a four per cent decline .
However , the trend has pushed up costs as AB InBev needs to produce and ship more packaging , cans and bottles rather than the cheaper kegs delivered to hospitality venues .
Heineken , the world ’ s second largest brewing company , said yesterday that it is grappling with a similar problem .
AB InBev said it has decided to scrap the interim dividend despite improving results due to the “ uncertainty and volatility ” arising from @ @ @ @ @ @ @ executive Carlos Brito said : “ Our third quarter results reflect our fundamental strengths as the world ’ s leading brewer and the resilience of the global beer category .
“ We delivered a strong and balanced top-line performance by quickly adapting to meet the evolving needs of our customers and our consumers .
“ In an ongoing volatile and uncertain environment , we remain focused on being part of the solution by prioritizing the health and well-being of our people , communities and customers .
”

AB InBev scraps dividend as home drinking pushes up costs
AB InBev, the world’s largest brewer, has scrapped its interim dividend as it announced this morning that quarterly profit dipped as the shift to drinking at home increased its costs.
The firm, which owns Budweiser and Stella Artois, reported a surprise jump in sales as people drank more at home during the coronavirus pandemic.
Overall beer and soft drink volumes rose by 1.9 per cent in the third quarter, following a 17 per cent drop in the previous three month period.
Revenue increased four per cent, against analyst expectations of a four per cent decline.
However, the trend has pushed up costs as AB InBev needs to produce and ship more packaging, cans and bottles rather than the cheaper kegs delivered to hospitality venues.
Heineken, the world’s second largest brewing company, said yesterday that it is grappling with a similar problem.
AB InBev said it has decided to scrap the interim dividend despite improving results due to the “uncertainty and volatility” arising from the coronavirus pandemic.
AB InBev chief executive Carlos Brito said: “Our third quarter results reflect our fundamental strengths as the world’s leading brewer and the resilience of the global beer category.
“We delivered a strong and balanced top-line performance by quickly adapting to meet the evolving needs of our customers and our consumers.
“In an ongoing volatile and uncertain environment, we remain focused on being part of the solution by prioritizing the health and well-being of our people, communities and customers.”


cityam--2020-10-29--London Tories slam Mayor Sadiq Khan over housing pledge and say he'll miss home completion targets

London Conservatives are taking aim at Mayor Sadiq Khan over the lack of progress on the capital ’ s housing crisis .
New figures reveal less than a third of the homes Khan started building in his first term have been completed .
Khan had a target of 116,000 new houses to be built by 2022 and was given a £4.82bn government grant to start these homes .
Read more : New Lib Dem mayoral candidate calls for City of London offices to be converted into homes Coronavirus meant the mayor has an extra year , to 2023 , to @ @ @ @ @ @ @ s spokesperson says he ’ s still on track to meet the target .
London Tories , however , say the mayor has delivered only his minimum target of housing starts .
There ’ s been a flow-on effect to the slow start .
Close to 57,000 home had started construction but just 16,700 have been completed .
The pandemic means Khan now has just over two years to start building more homes than he managed in four .
“ The more homes he starts now , the sooner they will be completed @ @ @ @ @ @ @ .
“ By scrapping his no net loss policy of Strategic Industrial Land , which in effect is stopping housebuilding on large swathes of brownfield land , Khan could speed up housebuilding.
” Khan ’ s team questioned the numbers , saying the London Conservatives showed “ a fundamental misunderstanding ” of how the programme is run .
A spokesperson for the Mayor of London said : “ The current programme is based on a funding settlement to start to build 116,000 affordable homes by 2023 and the Mayor remains on course to @ @ @ @ @ @ @ he broke his own record with more than 17,000 affordable homes started on London sites in 2019/20 – this exceeded the target agreed with Government and is the most since City Hall ’ s records began in 2003 .
He added : “ Annual housebuilding targets are agreed with ministers each year and the Mayor is confident of meeting these once again despite the massive uncertainty caused by the pandemic and Brexit.
” Read more : Sadiq Khan urges ministers to build more London council houses to ease post-pandemic inequality However , the @ @ @ @ @ @ @ funding to increase the supply of council housing .
Khan ’ s plan also wanted more government-owned land set aside for more council housing and for City Hall to be able to purchase private land for council housing at cheaper rates .

London Tories slam Mayor Sadiq Khan over housing pledge and say he’ll miss home completion targets
London Tories are sounding the alarm over the slow pace of new housing completions overseen by mayor Sadiq Khan (Photo by Andrew Redington/Getty Images)
London Conservatives are taking aim at Mayor Sadiq Khan over the lack of progress on the capital’s housing crisis.
New figures reveal less than a third of the homes Khan started building in his first term have been completed.
Khan had a target of 116,000 new houses to be built by 2022 and was given a £4.82bn government grant to start these homes.
Coronavirus meant the mayor has an extra year, to 2023, to reach the goal.
The Mayor’s spokesperson says he’s still on track to meet the target.
London Tories, however, say the mayor has delivered only his minimum target of housing starts.
There’s been a flow-on effect to the slow start.
Close to 57,000 home had started construction but just 16,700 have been completed.
The pandemic means Khan now has just over two years to start building more homes than he managed in four.
Sprint, not a marathon
London Assembly Member Andrew Boff said
“The Mayor needs to change approach and treat housebuilding as a sprint, not a marathon.
“The more homes he starts now, the sooner they will be completed and ready for Londoners to move in.
“By scrapping his no net loss policy of Strategic Industrial Land, which in effect is stopping housebuilding on large swathes of brownfield land, Khan could speed up housebuilding.”
Khan’s team questioned the numbers, saying the London Conservatives showed “a fundamental misunderstanding” of how the programme is run.
A spokesperson for the Mayor of London said: “ The current programme is based on a funding settlement to start to build 116,000 affordable homes by 2023 and the Mayor remains on course to do this.
“Indeed last year he broke his own record with more than 17,000 affordable homes started on London sites in 2019/20 – this exceeded the target agreed with Government and is the most since City Hall’s records began in 2003.
He added: “Annual housebuilding targets are agreed with ministers each year and the Mayor is confident of meeting these once again despite the massive uncertainty caused by the pandemic and Brexit.”
However, the mayor this month called on more government funding to increase the supply of council housing.
Khan’s plan also wanted more government-owned land set aside for more council housing and for City Hall to be able to purchase private land for council housing at cheaper rates.


cityam--2020-10-29--What grassroots use of Bitcoin could mean for liquidity

The road to the recent announcement from PayPal goes back 10 years .
2010 famously saw the first recorded commercial transaction of Bitcoin when a user spent 10,000 BTC on pizza .
Pizza is delicious , but we would all be kicking ourselves for exchanging what is currently worth $ 130 million on 2 pizzas .
This is now celebrated as Bitcoin Pizza Day .
Over the last few years , the conversation on cryptocurrencies has shifted substantially , with the focus turning to them being a financial instrument for trading as the market has drawn in profit seekers looking @ @ @ @ @ @ @ cryptocurrencies are once again being used for their original function : a peer-to-peer electronic form of cash to pay for goods and services .
It ’ s an exciting prospect , which will boost commercial adoption for which exchanges must be ready with sufficient liquidity .
PayPal is not the first to take this leap .
Some of the most reputable global brands , including Shopify , Expedia and Microsoft , have accepted cryptocurrency payments for some time , but this trend appears to be expanding , and quickly .
There are other @ @ @ @ @ @ @ .
Most recently , the food delivery giant Just Eat revealed plans to accept Bitcoin payments in France .
The timing is certainly apt , with the pandemic seeing a new era of delivery services at the same time as a decline in the use of cash .
And this seems to be having an impact .
PayPal has predicted that retail payments made with the major cryptocurrencies is likely to double to $ 50 billion by the end of 2021 .
The latest data certainly supports that cryptocurrencies are on this trajectory @ @ @ @ @ @ @ $ 135 million worth of merchant transactions in 2019 , which is a 600 percent increase on 2018 .
More broadly , there is evidence to suggest a growing adoption of cryptocurrency payments in emerging markets .
In Africa , for example , cryptocurrency transfers by individuals and small businesses jumped more than 55 % in a year , indicating that this adoption is not just being driven by the big names , but goes to the grassroots , and people and businesses are waking up to the benefits .
For a business @ @ @ @ @ @ @ the risk of currency devaluation and allows for better fees than converting currencies through traditional means , so we can expect this trend to pick up in emerging markets .
Strides are being made in cryptocurrency payments , and consumers and businesses alike can more easily take advantage of the benefits .
There has been an emergence of cryptocurrency cards , which act as digital wallets and facilitate cryptocurrency payments , but there is creeping involvement from the biggest players in payments , such as Visa and Mastercard , who have partnered with @ @ @ @ @ @ @ with Coinbase even exchanges Bitcoin into the preferred currency of the merchant , meaning people can spend it at all stores regardless of if they accept Bitcoin or not .
Assuming the commercial use of cryptocurrencies continues to grow , they will need to reach the trading sophistication of the fiat markets by improving the underlying infrastructure – as has long been argued .
For a currency to be used in commerce , it must be very liquid .
Merchants and consumers need to be able to exchange the currency quickly and without @ @ @ @ @ @ @ cost , otherwise it simply can not compete with traditional currencies .
Historically , one of the key reasons Bitcoin has been unable to establish itself as a means of payment has been the high fees and low transaction speed , understandably leading to user scepticism .
The core challenge here is the inadequate liquidity .
In many respects , the commercial use of cryptos is good news for liquidity .
The steady volumes created from people and merchants exchanging cryptocurrencies into local currencies following transactions naturally boosts liquidity .
But also , @ @ @ @ @ @ @ investors to ‘ hold ’ cryptocurrencies as the image of cryptocurrencies moves back to being that of an efficient form of payment as opposed to an investment .
However , liquidity is still a big challenge working against mass adoption , and particularly for smaller regional exchanges , who have had notorious liquidity problems due to lack of volume .
These institutions will be vital for encouraging greater adoption through local partnerships with merchants .
As such , the industry as a whole must make a conscious effort to improve liquidity so that @ @ @ @ @ @ @ price .
If not , users will simply be discouraged .
There is a way to make this more feasible .
Exchanges can employ new technology that aggregates liquidity by channelling price feeds from top exchanges , which adds market depth and allows trades to be executed rapidly and at the best prices .
If the cryptocurrency infrastructure can improve in this way , the benefits compared to fiat currencies will be undeniable as transaction costs become unmatchable .
Crypto as an essential part of the future Ultimately , cryptocurrencies continue to demonstrate @ @ @ @ @ @ @ of the mainstream financial systems – and while trading has been the hot topic for cryptocurrencies , commercial uses are making a comeback .
Indeed , it ’ s exciting to see its big hitters like PayPal and Just Eat seeing the value of cryptocurrencies , but solving liquidity issues will be crucial in order to drive this further and create an ecosystem that eventually makes mass adoption possible , practical and logical .

What grassroots use of Bitcoin could mean for liquidity
The road to the recent announcement from PayPal goes back 10 years. 2010 famously saw the first recorded commercial transaction of Bitcoin when a user spent 10,000 BTC on pizza. Pizza is delicious, but we would all be kicking ourselves for exchanging what is currently worth $130 million on 2 pizzas. This is now celebrated as Bitcoin Pizza Day.
Over the last few years, the conversation on cryptocurrencies has shifted substantially, with the focus turning to them being a financial instrument for trading as the market has drawn in profit seekers looking to capitalise on volatility. However, cryptocurrencies are once again being used for their original function: a peer-to-peer electronic form of cash to pay for goods and services. It’s an exciting prospect, which will boost commercial adoption for which exchanges must be ready with sufficient liquidity.
Greater adoption of crypto payments
PayPal is not the first to take this leap. Some of the most reputable global brands, including Shopify, Expedia and Microsoft, have accepted cryptocurrency payments for some time, but this trend appears to be expanding, and quickly. There are other commercial and payments giants entering the game. Most recently, the food delivery giant Just Eat revealed plans to accept Bitcoin payments in France. The timing is certainly apt, with the pandemic seeing a new era of delivery services at the same time as a decline in the use of cash.
And this seems to be having an impact. PayPal has predicted that retail payments made with the major cryptocurrencies is likely to double to $50 billion by the end of 2021. The latest data certainly supports that cryptocurrencies are on this trajectory. Coinbase, for example, reported $135 million worth of merchant transactions in 2019, which is a 600 percent increase on 2018.
More broadly, there is evidence to suggest a growing adoption of cryptocurrency payments in emerging markets. In Africa, for example, cryptocurrency transfers by individuals and small businesses jumped more than 55% in a year, indicating that this adoption is not just being driven by the big names, but goes to the grassroots, and people and businesses are waking up to the benefits. For a business in Africa, it helps them mitigate the risk of currency devaluation and allows for better fees than converting currencies through traditional means, so we can expect this trend to pick up in emerging markets.
Strides are being made in cryptocurrency payments, and consumers and businesses alike can more easily take advantage of the benefits. There has been an emergence of cryptocurrency cards, which act as digital wallets and facilitate cryptocurrency payments, but there is creeping involvement from the biggest players in payments, such as Visa and Mastercard, who have partnered with digital wallets. Visa’s partnership with Coinbase even exchanges Bitcoin into the preferred currency of the merchant, meaning people can spend it at all stores regardless of if they accept Bitcoin or not.
Addressing core challenges of crypto illiquidity
Assuming the commercial use of cryptocurrencies continues to grow, they will need to reach the trading sophistication of the fiat markets by improving the underlying infrastructure – as has long been argued. For a currency to be used in commerce, it must be very liquid. Merchants and consumers need to be able to exchange the currency quickly and without the slippage that drives up the transaction cost, otherwise it simply cannot compete with traditional currencies. Historically, one of the key reasons Bitcoin has been unable to establish itself as a means of payment has been the high fees and low transaction speed, understandably leading to user scepticism. The core challenge here is the inadequate liquidity.
In many respects, the commercial use of cryptos is good news for liquidity. The steady volumes created from people and merchants exchanging cryptocurrencies into local currencies following transactions naturally boosts liquidity. But also, looking ahead, we can expect less investors to ‘hold’ cryptocurrencies as the image of cryptocurrencies moves back to being that of an efficient form of payment as opposed to an investment.
However, liquidity is still a big challenge working against mass adoption, and particularly for smaller regional exchanges, who have had notorious liquidity problems due to lack of volume. These institutions will be vital for encouraging greater adoption through local partnerships with merchants. As such, the industry as a whole must make a conscious effort to improve liquidity so that transactions are efficient and executed at good price. If not, users will simply be discouraged.
There is a way to make this more feasible. Exchanges can employ new technology that aggregates liquidity by channelling price feeds from top exchanges, which adds market depth and allows trades to be executed rapidly and at the best prices. If the cryptocurrency infrastructure can improve in this way, the benefits compared to fiat currencies will be undeniable as transaction costs become unmatchable.
Crypto as an essential part of the future
Ultimately, cryptocurrencies continue to demonstrate that they can become an essential part of the mainstream financial systems – and while trading has been the hot topic for cryptocurrencies, commercial uses are making a comeback. Indeed, it’s exciting to see its big hitters like PayPal and Just Eat seeing the value of cryptocurrencies, but solving liquidity issues will be crucial in order to drive this further and create an ecosystem that eventually makes mass adoption possible, practical and logical.
Don Guo is CEO and a core founding member of Broctagon. He started his journey in the traditional financial markets, including a decade in the forex industry, where he built an intimate understanding of where the technological gaps were in the industry. He developed Broctagon’s very own tech competencies which spearheaded the company’s strategic shift towards becoming an industry-leading brokerage solutions provider. Under his guidance, Broctagon has become an esteemed, forward-looking multi-asset liquidity, brokerage technology, and blockchain development company operating across Asia and Europe.


cityam--2020-10-29--Keir Starmer: ‘Day of shame for the Labour party’ following anti-Semitism report

Labour leader Keir Starmer has said today is a “ day of shame for the Labour party ” , after an investigation into antisemitism within the party found it was responsible for three breaches of the 2010 Equality Act .
The probe , which was carried out by the Equality and Human Rights Commission ( EHRC ) said the party was responsible for “ unlawful acts of harassment and discrimination ” .
Read more : Keir Starmer lashes out at Jeremy Corbyn and invokes Labour PMs in conference speech The three breaches highlighted by the report relate to : • @ @ @ @ @ @ @ handling antisemitism complaints .
The report said that it had found 23 instances of inapproproate involvement by the Leader of the Opposition ’ s Office ( LOTO ) in the 70 cases investigated .
“ The evidence shows that staff from the Leader of the Opposition ’ s Office ( LOTO ) were able to influence decisions on complaints , especially decisions on whether to suspend someone ” , it said .
“ Sometimes these decisions were made because of likely press interest rather than any clear formal criteria.
” It added : @ @ @ @ @ @ @ of political interference in certain complaints and the evidence indicates that it occurred more regularly in antisemitism cases ” .
Before the Open newsletter : Start your day with the City View podcast and key market data In addition , it found that the party had “ inadequate processes ” for handling complaints .
Starmer said : “ It is a day of shame for the Labour party .
We have failed to speak with our members , our supporters , and the British public .
“ I am truly sorry for all @ @ @ @ @ @ @ caused to Jewish people , active members , our long standing Jewish affiliate JLM , [ and ] to the people driven out of our party.
” Starmer added that the Labour Party would accept the report in full and without qualifications .
The Labour leader said the report drew a “ line in the sand ” and highlighted that the party needed a “ culture change ” .
“ We ’ ve made progress , and it will intensify today… If you ’ re anti semitic , you should be nowhere near @ @ @ @ @ @ @ you ’ re not , ” he added .
Former London Mayor Ken Livingstone is one of two individuals named as being responsible for unlawful harassment .
The other is Rossendale councillor Pam Bromley .
The EHRC investigation was launched in May last year after receiving complaints from a number of different organisations and individuals .
Under former leader Jeremy Corbyn the Labour party was repeatedly accused of anti-Semitism .
New leader Sir Keir Starmer has said that tackling internal anti-Semitism was one of his priorities for his leadership .
He will deliver @ @ @ @ @ @ @ 11 .
In a statement released this morning , Corbyn said : “ Antisemitism is absolutely abhorrent , wrong and responsible for some of humanity ’ s greatest crimes .
As Leader of the Labour Party I was always determined to eliminate all forms of racism and to root out the cancer of anti-Semitism .
“ I have campaigned in support of Jewish people and communities my entire life and I will continue to do so .
Read more : Jeremy Corbyn aides believed he sabotaged his 2019 election campaign “ One anti-Semite @ @ @ @ @ @ @ scale of the problem was dramatically overstated for political reasons by our opponents inside and outside the party , as well as much of the media .
“ That combination hurt Jewish people and must never be repeated ” .

Keir Starmer: ‘Day of shame for the Labour party’ following anti-Semitism report
Labour leader Keir Starmer has said today is a “day of shame for the Labour party”, after an investigation into antisemitism within the party found it was responsible for three breaches of the 2010 Equality Act.
The probe, which was carried out by the Equality and Human Rights Commission (EHRC) said the party was responsible for “unlawful acts of harassment and discrimination”.
The three breaches highlighted by the report relate to:
Political interference in antisemitism complaints.
Failure to provide adequate training to those handling antisemitism complaints.
Harassment
The report said that it had found 23 instances of inapproproate involvement by the Leader of the Opposition’s Office (LOTO) in the 70 cases investigated.
“The evidence shows that staff from the Leader of the Opposition’s Office (LOTO) were able to influence decisions on complaints, especially decisions on whether to suspend someone”, it said.
“Sometimes these decisions were made because of likely press interest rather than any clear formal criteria,” it added.
“The Labour party adopted a practice of political interference in certain complaints and the evidence indicates that it occurred more regularly in antisemitism cases”.
Before the Open newsletter: Start your day with the City View podcast and key market data
In addition, it found that the party had “inadequate processes” for handling complaints.
In a press conference after the report’s publication, Starmer said he was “truly sorry” for its findings.
“It is a day of shame for the Labour party. We have failed to speak with our members, our supporters, and the British public,” said the Labour leader.
“I am truly sorry for all the pain and grief that has been caused to Jewish people, active members, our long standing Jewish affiliate JLM, [and] to the people driven out of our party.”
Starmer added that the Labour Party would accept the report in full and without qualifications. The Labour leader said the report drew a “line in the sand” and highlighted that the party needed a “culture change”.
“We’ve made progress, and it will intensify today… If you’re anti semitic, you should be nowhere near this party. I will make sure you’re not,” he added.
Former London Mayor Ken Livingstone is one of two individuals named as being responsible for unlawful harassment. The other is Rossendale councillor Pam Bromley.
The EHRC investigation was launched in May last year after receiving complaints from a number of different organisations and individuals.
Under former leader Jeremy Corbyn the Labour party was repeatedly accused of anti-Semitism.
New leader Sir Keir Starmer has said that tackling internal anti-Semitism was one of his priorities for his leadership. He will deliver a statement on the report just after 11.
In a statement released this morning, Corbyn said: “Antisemitism is absolutely abhorrent, wrong and responsible for some of humanity’s greatest crimes. As Leader of the Labour Party I was always determined to eliminate all forms of racism and to root out the cancer of anti-Semitism.”
“I have campaigned in support of Jewish people and communities my entire life and I will continue to do so,” he added.
“One anti-Semite is one too many, but the scale of the problem was dramatically overstated for political reasons by our opponents inside and outside the party, as well as much of the media.
“That combination hurt Jewish people and must never be repeated”.
Labour MP Margaret Hodge commented: “This is a truly appalling day for the Labour Party. Under Corbyn’s leadership, Labour committed unlawful acts of harassment and political interference. This should never have been allowed to happen and this report must act as a watershed moment.”


cityam--2020-10-29--Mortgage approvals soar to 13-year high as UK housing market booms

Mortgage approvals jumped again in September to hit a 13-year high as pent-up demand and the stamp duty holiday fuelled the housing market despite the economy ’ s fragile state .
Approvals of mortgages for house purchase rose sharply to 91,500 in September from 85,500 in August , the Bank of England said today .
Analysts had expected the number to slip back after it soared in August .
Read more : Rush to beat stamp duty rise sees UK house prices jump again The September approval figures were the highest since the same month in 2007 .
And they @ @ @ @ @ @ @ in February , before the coronavirus pandemic .
Britons borrowed heavily to move house in September , with net mortgage borrowing at £4.8bn , up from £3bn in August .
It is the latest evidence of the booming housing market which has caught many by surprise .
Usually during a major recession house prices drop .
But they have soared to record highs , according to various surveys .
Analysts say the pent-up demand from when the market was shut during March and April has been a major source of transactions .
Chancellor @ @ @ @ @ @ @ , which has pushed up the property tax payment threshold to £500,000 , has also had a strong effect .
There are currently around 140,000 more buyers waiting to complete property transactions than there were a year earlier .
That is according to a survey from property website Zoopla , published yesterday .
However , today ’ s Bank of England lending figures showed that rising coronavirus cases and new restrictions have affected consumers .
Read more : UK public borrowing unexpectedly picks up to hit record £209bn this year Britons made net @ @ @ @ @ @ @ more than they borrowed – of £600m in September .
They had borrowed in both July and August , after borrowing rates plunged during the lockdown , when there were few things to spend money on .
Simon French , chief economist at Panmure Gordon , said it was the “ first hard data signal that consumers are hunkering down for a difficult couple of quarters ” .

Mortgage approvals soar to 13-year high as UK housing market booms
Mortgage approvals jumped again in September to hit a 13-year high as pent-up demand and the stamp duty holiday fuelled the housing market despite the economy’s fragile state.
Approvals of mortgages for house purchase rose sharply to 91,500 in September from 85,500 in August, the Bank of England said today. Analysts had expected the number to slip back after it soared in August.
The September approval figures were the highest since the same month in 2007. And they were 24 per cent higher than approvals in February, before the coronavirus pandemic.
Britons borrowed heavily to move house in September, with net mortgage borrowing at £4.8bn, up from £3bn in August.
It is the latest evidence of the booming housing market which has caught many by surprise. Usually during a major recession house prices drop. But they have soared to record highs, according to various surveys.
Property market strong but consumers ‘hunker down’
Analysts say the pent-up demand from when the market was shut during March and April has been a major source of transactions. Chancellor Rishi Sunak’s stamp duty holiday, which has pushed up the property tax payment threshold to £500,000, has also had a strong effect.
There are currently around 140,000 more buyers waiting to complete property transactions than there were a year earlier. That is according to a survey from property website Zoopla, published yesterday.
However, today’s Bank of England lending figures showed that rising coronavirus cases and new restrictions have affected consumers.
Britons made net repayments – that is, they repaid more than they borrowed – of £600m in September. They had borrowed in both July and August, after borrowing rates plunged during the lockdown, when there were few things to spend money on.
Simon French, chief economist at Panmure Gordon, said it was the “first hard data signal that consumers are hunkering down for a difficult couple of quarters”.