cityam--2020-09-02--UK retailers ramp up online operations but warn of further store closures

UK retailers are ramping up their e-commerce operations to meet the increasing demand for online shopping during the coronavirus pandemic , but warned of further physical store closures .
The latest research showed that 15 per cent of UK retailers have created roles specifically to cater to the boom in digital sales and to boost online capacity , Read more : Prices fall as retailers ramp up discounting to entice shoppers More than one in four retail industry leaders believe the pandemic has accelerated a “ technological revolution ” in the industry , according to Barclays Corporate Banking .
However @ @ @ @ @ @ @ lost since the pandemic hit the UK in March as consumers migrate to online shopping .
In total 15 per cent of retail businesses plan to close physical stores near office areas over the next year .
Health and beauty retailers , supermarkets and food and drink firms are the most likely to reduce their estates .
Read more : UK retailers must adapt business models to survive pandemic , experts say One in five respondents to the survey of 300 UK retail executives said the future of bricks and mortar retail is @ @ @ @ @ @ @ centres as homeworking becomes more common .
Barclays Corporate Banking head of retail and wholesale Karen Johnson said : “ The last few months have undoubtedly been challenging for the sector , and we are hearing frequent news of jobs being put at risk .
“ Against that backdrop , however , e-commerce and digital sales have demonstrated significant improvement and have helped to maintain year-on-year growth for many businesses.
” Research published this morning showed that a third of UK retailers have upgraded their websites during the coronavirus lockdown , while 32 @ @ @ @ @ @ @ payment methods .
Meanwhile one in four have started to use data analytics for the first time .
Read more : Retail footfall jumps as consumers get their fill of Eat Out to Help Out scheme Nearly a quarter of UK retailers have begun offering click and collect options following an increase in demand during the Covid-19 crisis .
Home improvement retailers were the most likely to have introduced this option as consumers turned to DIY during the lockdown .
DIY retailers were also the most confident of growth in the short term @ @ @ @ @ @ @ expect to grow revenue over the next three months compared to an industry average of 60 per cent .

UK retailers ramp up online operations but warn of further store closures
UK retailers are ramping up their e-commerce operations to meet the increasing demand for online shopping during the coronavirus pandemic, but warned of further physical store closures.
The latest research showed that 15 per cent of UK retailers have created roles specifically to cater to the boom in digital sales and to boost online capacity,
More than one in four retail industry leaders believe the pandemic has accelerated a “technological revolution” in the industry, according to Barclays Corporate Banking.
However thousands of high street jobs have been lost since the pandemic hit the UK in March as consumers migrate to online shopping.
In total 15 per cent of retail businesses plan to close physical stores near office areas over the next year.
Health and beauty retailers, supermarkets and food and drink firms are the most likely to reduce their estates.
One in five respondents to the survey of 300 UK retail executives said the future of bricks and mortar retail is in local high streets rather than city centres as homeworking becomes more common.
Barclays Corporate Banking head of retail and wholesale Karen Johnson said: “The last few months have undoubtedly been challenging for the sector, and we are hearing frequent news of jobs being put at risk.
“Against that backdrop, however, e-commerce and digital sales have demonstrated significant improvement and have helped to maintain year-on-year growth for many businesses.”
Research published this morning showed that a third of UK retailers have upgraded their websites during the coronavirus lockdown, while 32 per cent have begun to accept new payment methods.
Meanwhile one in four have started to use data analytics for the first time.
Nearly a quarter of UK retailers have begun offering click and collect options following an increase in demand during the Covid-19 crisis.
Home improvement retailers were the most likely to have introduced this option as consumers turned to DIY during the lockdown.
DIY retailers were also the most confident of growth in the short term, with 80 per cent saying they expect to grow revenue over the next three months compared to an industry average of 60 per cent.


cityam--2020-09-02--London retail closures drive UK vacancy rate to six-year high

Retail store vacancies have risen to the highest level in more than six years due to a swathe of closures during the coronavirus pandemic , with London faring the worst out of all UK regions .
The UK vacancy rate climbed to 10.8 per cent in July from 9.8 per cent in January , taking it to the highest level since January 2014 following recent widespread store closures .
Read more : London retail rents to drop as occupier demand falls Vacancies increased in six out of ten regions across the UK , with Greater London performing the worst due @ @ @ @ @ @ @ the centre of the capital .
London recorded a jump in its vacancy rate of nearly two-thirds , according to the latest data by Springboard .
Footfall in the capital has plunged during the coronavirus pandemic , as commuters and tourists have largely stayed away despite the easing of lockdown conditions .
However overall UK retail footfall strengthened for the third consecutive month in August , dropping 30.8 per cent compared to the previous year .
Visitor numbers were down 38 per cent in high streets , 33 per cent in shopping centres @ @ @ @ @ @ @ .
Retail parks have fared the best during the pandemic due to the concentration of supermarkets and the open-air format , which allows the easiest social distancing .
Springboard marketing and insights director Diane Wehrle said : “ With Central London dominating Greater London in terms of footfall volume , this result brings into sharp focus the difficulties faced by large cities in attracting customers back and the impact of this on our bricks and mortar retail landscape .
“ The importance of large cities in the ongoing evolution of bricks and mortar @ @ @ @ @ @ @ In 2019 regional cities across the UK attracted three times the volume of footfall compared to UK high streets , and these greater volumes of footfall are required to support new store formats and environments now demanded by shoppers .
”

London retail closures drive UK vacancy rate to six-year high
Retail store vacancies have risen to the highest level in more than six years due to a swathe of closures during the coronavirus pandemic, with London faring the worst out of all UK regions.
The UK vacancy rate climbed to 10.8 per cent in July from 9.8 per cent in January, taking it to the highest level since January 2014 following recent widespread store closures.
Vacancies increased in six out of ten regions across the UK, with Greater London performing the worst due to a sharp drop in footfall in the centre of the capital.
London recorded a jump in its vacancy rate of nearly two-thirds, according to the latest data by Springboard.
Footfall in the capital has plunged during the coronavirus pandemic, as commuters and tourists have largely stayed away despite the easing of lockdown conditions.
However overall UK retail footfall strengthened for the third consecutive month in August, dropping 30.8 per cent compared to the previous year.
Visitor numbers were down 38 per cent in high streets, 33 per cent in shopping centres and 11.1 per cent in retail parks.
Retail parks have fared the best during the pandemic due to the concentration of supermarkets and the open-air format, which allows the easiest social distancing.
Springboard marketing and insights director Diane Wehrle said: “With Central London dominating Greater London in terms of footfall volume, this result brings into sharp focus the difficulties faced by large cities in attracting customers back and the impact of this on our bricks and mortar retail landscape.
“The importance of large cities in the ongoing evolution of bricks and mortar retailing needs to be emphasised.
“In 2019 regional cities across the UK attracted three times the volume of footfall compared to UK high streets, and these greater volumes of footfall are required to support new store formats and environments now demanded by shoppers.”


cityam--2020-09-02--The City View: Out of maternity leave and into a pandemic, with Snapchat VP Claire Valoti

In this episode Christian talks to Claire Valoti , Vice President ( International ) of messaging giant Snapchat – a platform used by more than 80 per cent of the UK ’ s 13 – 24 year olds .
Claire came out of maternity leave at the end of March and straight into a global pandemic as Snap ’ s most senior employee outside of the US .
In this show she talks about what she ’ s learnt during that time and discusses the issues shaping the tech and social media world , from online harms to turning a @ @ @ @ @ @ @ looks at the Chancellor ’ s latest tax plan ; the Bank of England ’ s view of the economy ; and the travel industry ’ s latest plea for help .
ETX Capital is one of the UK ’ s leading spread betting and CFD trading providers , offering services to retail , institutional , professional and high net worth customers via an award-winning trading platform .
With over 50 years of experience in the financial markets , customers and service are always put first at ETX , and the company prides @ @ @ @ @ @ @ to every customer .
The multi-device TraderPro platform delivers a fully customisable , award-winning trading technology with customisable charts , instant execution and over 5,000 markets to trade .
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage .
75.1 % of retail investor accounts lose money when spread betting or trading CFDs with ETX .
You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing your money @ @ @ @ @ @ @ Conduct Authority with Financial Services register number 124721 .
ETX Capital provides an execution-only service and therefore any market analysis , opinion , commentary or other information provided during this webinar is for educational purposes only and is not intended to be a personal recommendation or construed as advice .
ETX Capital and the presenter are not financial or investment advisors and do not recommend any instrument of any kind .
Any instruments that are mentioned throughout are cited only for illustrative and educational purposes .

The City View: Out of maternity leave and into a pandemic, with Snapchat VP Claire Valoti
In this episode Christian talks to Claire Valoti, Vice President (International) of messaging giant Snapchat – a platform used by more than 80 per cent of the UK’s 13 – 24 year olds.
Subscribe to The City View Podcast: Apple / Google / Spotify / RSS
Claire came out of maternity leave at the end of March and straight into a global pandemic as Snap’s most senior employee outside of the US.
In this show she talks about what she’s learnt during that time and discusses the issues shaping the tech and social media world, from online harms to turning a profit.
Also in this episode Christian looks at the Chancellor’s latest tax plan; the Bank of England’s view of the economy; and the travel industry’s latest plea for help.
In association with ETX Capital
ETX Capital is one of the UK’s leading spread betting and CFD trading providers, offering services to retail, institutional, professional and high net worth customers via an award-winning trading platform. With over 50 years of experience in the financial markets, customers and service are always put first at ETX, and the company prides itself in offering a tailor-made trading experience to every customer. The multi-device TraderPro platform delivers a fully customisable, award-winning trading technology with customisable charts, instant execution and over 5,000 markets to trade.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.1% of retail investor accounts lose money when spread betting or trading CFDs with ETX. You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing your money.
Authorised and regulated by the Financial Conduct Authority with Financial Services register number 124721.
ETX Capital provides an execution-only service and therefore any market analysis, opinion, commentary or other information provided during this webinar is for educational purposes only and is not intended to be a personal recommendation or construed as advice. ETX Capital and the presenter are not financial or investment advisors and do not recommend any instrument of any kind. Any instruments that are mentioned throughout are cited only for illustrative and educational purposes.


cityam--2020-09-02--London theatres call for ticket discount scheme to revive West End

London ’ s theatres have backed calls for the government to fund a discount scheme similar to the Eat Out to Help Out offer to encourage audiences to return to the West End .
The Centre for London , a think tank focused on the capital , has urged the government to introduce culture vouchers to bring visitors back to the struggling theatre district .
Read more : What are the new lockdown rules as casinos and theatres prepare to reopen ?
UK Theatres and the Society of London Theatres , which represent London ’ s West End venues , @ @ @ @ @ @ @ in a report by think tank Centre for London .
Central London has suffered a sharp drop in footfall following the UK coronavirus lockdown due to a slump in commuter numbers and domestic and international tourists .
The success of the government ’ s Eat Out to Help Out scheme , which ended on Monday , has prompted calls for a similar scheme to support venues and jobs in London ’ s theatre sector .
Centre for London said that 2,700 jobs have already been lost at the city ’ s theatres .
@ @ @ @ @ @ @ during August after the government offered to cover half of the bill , up to £10 per person , on Mondays , Tuesdays and Wednesdays .
A similar scheme for the live entertainment industry would “ bring audiences back to venues in London and other city centres , benefit those who are less able to pay , and increase spending in shops , restaurants , pubs , and cafes as well , ” Centre for London said .
A spokesperson for the Department of Culture , Media and Sport said : “ Indoor @ @ @ @ @ @ @ audience can now take place and we are working with the industry on proposals for how full audiences might return .
“ We also want the public to show they are here for culture too by visiting theatres near them as they start to reopen.
” The Centre for London report also recommended weekly “ London fringe ” outdoor performances across the West End and residencies for artists , chefs , performers or retail brands in empty spaces at reduced prices .
“ Enterprise-zone ” style tax breaks for start-ups who move into @ @ @ @ @ @ @ West End Recovery Plan .
Meanwhile , London boroughs were urged to continue to help restaurants and bars operate outdoors over the winter period with shelters , temporary street closures and consolidated deliveries .
Richard Brown , deputy director at Centre for London , said : “ London ’ s West End is at the heart of the capital ’ s cultural life and the nation ’ s global appeal , but it has struggled with the slowdown of commuting , the loss of domestic days out , and the pause in international @ @ @ @ @ @ @ the crisis , we need to make sure that the West End can sustain the rich mix of places , events and venues that give it human scale and character , as well as opening up space for new ideas and new enterprise.
” Read more : For the sake of our economy and our culture , we need to save London ’ s theatres New West End Company chief executive Jace Tyrell added : “ While we have seen some footfall return to the West End , it is not nearly enough @ @ @ @ @ @ @ We need urgent action from both London and national government on issues such as rates relief to support our businesses in a time of low income , public transport and confidence campaigns to help our customers return .
”

London theatres call for ticket discount scheme to revive West End
London’s West End is being hit by the lack of VAT free shopping.
London’s theatres have backed calls for the government to fund a discount scheme similar to the Eat Out to Help Out offer to encourage audiences to return to the West End.
The Centre for London, a think tank focused on the capital, has urged the government to introduce culture vouchers to bring visitors back to the struggling theatre district.
UK Theatres and the Society of London Theatres, which represent London’s West End venues, said they support the proposal set out in a report by think tank Centre for London.
Central London has suffered a sharp drop in footfall following the UK coronavirus lockdown due to a slump in commuter numbers and domestic and international tourists.
The success of the government’s Eat Out to Help Out scheme, which ended on Monday, has prompted calls for a similar scheme to support venues and jobs in London’s theatre sector.
Centre for London said that 2,700 jobs have already been lost at the city’s theatres.
More than 64m discounted meals were sold during August after the government offered to cover half of the bill, up to £10 per person, on Mondays, Tuesdays and Wednesdays.
A similar scheme for the live entertainment industry would “bring audiences back to venues in London and other city centres, benefit those who are less able to pay, and increase spending in shops, restaurants, pubs, and cafes as well,” Centre for London said.
A spokesperson for the Department of Culture, Media and Sport said: “Indoor performances in front of a socially distanced audience can now take place and we are working with the industry on proposals for how full audiences might return.
“We also want the public to show they are here for culture too by visiting theatres near them as they start to reopen.”
The Centre for London report also recommended weekly “London fringe” outdoor performances across the West End and residencies for artists, chefs, performers or retail brands in empty spaces at reduced prices.
“Enterprise-zone” style tax breaks for start-ups who move into empty premises were also suggested in the West End Recovery Plan.
Meanwhile, London boroughs were urged to continue to help restaurants and bars operate outdoors over the winter period with shelters, temporary street closures and consolidated deliveries.
Richard Brown, deputy director at Centre for London, said: “London’s West End is at the heart of the capital’s cultural life and the nation’s global appeal, but it has struggled with the slowdown of commuting, the loss of domestic days out, and the pause in international tourism.
“As we look beyond the crisis, we need to make sure that the West End can sustain the rich mix of places, events and venues that give it human scale and character, as well as opening up space for new ideas and new enterprise.”
New West End Company chief executive Jace Tyrell added: “While we have seen some footfall return to the West End, it is not nearly enough to sustain trade for businesses.
“We need urgent action from both London and national government on issues such as rates relief to support our businesses in a time of low income, public transport and confidence campaigns to help our customers return.”


cityam--2020-09-02--Sadiq Khan hits out at 51 landlords for not removing dangerous cladding

Mayor of London Sadiq Khan has slammed 51 London landlords for not removing dangerous cladding from their buildings in the wake of the 2017 Grenfell disaster .
Khan wrote to 47 private landlords and four social landlords who had been given government funding to remove cladding in their buildings that acted as a fire retardant in the Grenfell blaze .
Read more : Grenfell inquiry : Oral evidence won ’ t be used to prosecute cladding staff There are more than 100 residential towers in London that still have the cladding , according to government statistics .
Inside Housing reports @ @ @ @ @ @ @ he was “ deeply worried to see the number of buildings in London that still have unsafe ACM ( aluminium composite material ) cladding ” .
The names of the landlords were not been divulged by City Hall .
Before the Open newsletter : Start your day with the City View podcast and key market data Khan asked all 51 receipients of the letter to provide an in-writing update of what progress they had made in conducting restoration works .
“ Given the high risk that unsafe ACM presents to residents and visitors @ @ @ @ @ @ @ is taking so long , ” Khan wrote .
“ I am sure you will agree that providing residents with real certainty , clear progress and a firm date for the completion of these works is vital.
” Phase two of the Grenfell inquiry , which looks at the causes of the blaze that killed 72 people , began in January .
Read more : Stormzy calls on Jacob Rees-Mogg to resign over Grenfell remarks Attorney general Suella Braverman ruled in February that cladding companies who gave evidence can not be charged on @ @ @ @ @ @ @ the inquiry .
Many of the witnesses from these companies were not prepared to submit evidence to the inquiry , without the government guarantee .

Sadiq Khan hits out at 51 landlords for not removing dangerous cladding
The requirement for a second staircase in high rise buildings will take effect immediately
Mayor of London Sadiq Khan has slammed 51 London landlords for not removing dangerous cladding from their buildings in the wake of the 2017 Grenfell disaster.
Khan wrote to 47 private landlords and four social landlords who had been given government funding to remove cladding in their buildings that acted as a fire retardant in the Grenfell blaze.
There are more than 100 residential towers in London that still have the cladding, according to government statistics.
Inside Housing reports that the mayor told the landlords that he was “deeply worried to see the number of buildings in London that still have unsafe ACM (aluminium composite material) cladding”.
The names of the landlords were not been divulged by City Hall.
Before the Open newsletter: Start your day with the City View podcast and key market data
Khan asked all 51 receipients of the letter to provide an in-writing update of what progress they had made in conducting restoration works.
“Given the high risk that unsafe ACM presents to residents and visitors, it is unacceptable that remediating buildings is taking so long,” Khan wrote.
“I am sure you will agree that providing residents with real certainty, clear progress and a firm date for the completion of these works is vital.”
Phase two of the Grenfell inquiry, which looks at the causes of the blaze that killed 72 people, began in January.
Attorney general Suella Braverman ruled in February that cladding companies who gave evidence cannot be charged on criminal offences based on anything they tell the inquiry.
Many of the witnesses from these companies were not prepared to submit evidence to the inquiry, without the government guarantee.


cityam--2020-09-02--City workers slowly beginning to return to office after lockdown

Commuters are slowly starting to return to London ’ s business districts after the coronavirus lockdowns , new data from Transport for London has shown .
As of last Friday , 17,852 passengers entered and exited Bank tube station in the City , ten times more than the 1,800 who did so at the height of the pandemic .
The figure is still considerably down on pre-pandemic levels , but has shown a steady increase since the lockdowns ended in June .
At the end of February , before the pandemic struck , there were roughly 150,000 people tapping in @ @ @ @ @ @ @ .
On the same day at Canary Wharf station , there were 24,976 people who entered and exited the station , once again a vast increase on April , when the figure stood at 4,500 .
By comparison , the station saw an average 128,000 people tapping in and out of the station every day .
At Liverpool Street meanwhile , numbers are now nearly a quarter of pre-pandemic levels , with 46,396 tap ins and outs recorded on Friday .
Before the Open newsletter : Start your day with the City View @ @ @ @ @ @ @ course of the lockdown , this figure had dropped from around 200,000 a day to just 5,000 in April as employees switched to full-time home working .
Across the City as a whole , a combined 166,808 people entered and exited stations on the last day before the Bank Holiday weekend .
Before the lockdown , the average daily figure stood just below 1m .
Although the figures are still a fraction of their pre-lockdown levels , the steady increase will provide some confidence for a government set on getting workers back to @ @ @ @ @ @ @ a whole , the number of TfL users is also beginning to grow , with 1.24m people making Tube journeys on Friday .
Read more : Travel sector pleads for government support to stave off sweeping job cuts This is roughly six times higher than in April , where London ’ s underground network was seeing just 200,000 passengers a day as people were warned not to travel except to make essential journeys .
The increase is even more pronounced in the West End , London ’ s shopping district , which saw @ @ @ @ @ @ @ Friday , nearly a third of February ’ s levels .

City workers slowly beginning to return to office after lockdown
TfL’s finances have collapsed this year as the pandemic has forced commuters off the network.
Commuters are slowly starting to return to London’s business districts after the coronavirus lockdowns, new data from Transport for London has shown.
As of last Friday, 17,852 passengers entered and exited Bank tube station in the City, ten times more than the 1,800 who did so at the height of the pandemic.
The figure is still considerably down on pre-pandemic levels, but has shown a steady increase since the lockdowns ended in June.
At the end of February, before the pandemic struck, there were roughly 150,000 people tapping in and out of the station every day.
On the same day at Canary Wharf station, there were 24,976 people who entered and exited the station, once again a vast increase on April, when the figure stood at 4,500.
By comparison, the station saw an average 128,000 people tapping in and out of the station every day.
At Liverpool Street meanwhile, numbers are now nearly a quarter of pre-pandemic levels, with 46,396 tap ins and outs recorded on Friday.
Before the Open newsletter: Start your day with the City View podcast and key market data
Over the course of the lockdown, this figure had dropped from around 200,000 a day to just 5,000 in April as employees switched to full-time home working.
Across the City as a whole, a combined 166,808 people entered and exited stations on the last day before the Bank Holiday weekend. Before the lockdown, the average daily figure stood just below 1m.
Although the figures are still a fraction of their pre-lockdown levels, the steady increase will provide some confidence for a government set on getting workers back to their offices.
Across the capital as a whole, the number of TfL users is also beginning to grow, with 1.24m people making Tube journeys on Friday.
This is roughly six times higher than in April, where London’s underground network was seeing just 200,000 passengers a day as people were warned not to travel except to make essential journeys.
The increase is even more pronounced in the West End, London’s shopping district, which saw 69,819 people tap in and out last Friday, nearly a third of February’s levels.


cityam--2020-09-02--A race to success - Lessons for finance leaders from the Tour de France

As this year ’ s Tour de France gets underway , EY Absolute ’ s Martin Dempsey considers if there are lessons for business to be found on the roads between Nice and Paris .
This year ’ s Tour de France started on 29 August .
It is among the most gruelling sporting events in the world and this year will see riders travel 3,470 km in a 23 day period .
If you ’ re not a cycling fan then your knowledge of le Tour may be limited to the yellow jersey worn by the leader of the @ @ @ @ @ @ @ has produced champions like Geraint Thomas , Chris Froome and Sir Bradley Wiggins in recent years .
Riders compete to wear that yellow jersey in Paris on the final stage .
What isn ’ t always evident to the casual observer is the extent to which the Tour de France is a team race .
Chris Froome has won four yellow jerseys not simply because of his own excellence but because of the support of his team mates .
These domestiques , servants to the team leader , are prepared to sacrifice their @ @ @ @ @ @ @ into headwinds in front of him on fast flat stages , and helping to set his preferred pace on the arduous mountain stages .
Teams who aim to win the yellow jersey will need a blend of skillsets to support their leader .
This year ’ s Tour has mountain stages , fast flat stages and a time trial stage .
Teams will need strong climbers to help their leader in the mountains as well as powerful , fast riders to support on the flat .
Those that get this balance wrong can @ @ @ @ @ @ @ support – at the critical moment in those 3,470 km and their race can slip away from them as they burn out their legs alone against the competition .
Running a business can feel like an arduous race .
The terrain changes from day to day , week to week , and this has never been more true than in 2020 .
For CFOs , the experience of this year will be valuable in the future , but it is unlikely to be something you would want to re-live .
A typical year @ @ @ @ @ @ @ finance departments .
At their core , they are there to produce an accurate picture of financial performance and for the most part , this relies on the team diligently processing data accurately and producing reports to a prescribed format .
The CFO can then step in to provide the analysis and commentary that brings stark financial information to life and helps to drive strategic and tactical decision-making .
However , during periods of volatility – whether it is unforeseen disruption or new opportunities – the demands of the business on its CFO @ @ @ @ @ @ @ has been like a sprint to find your place in the queue .
It has demanded specific and accurate supporting data .
Cash-flow forecasting has been a series of long and difficult climbs , trying to assess the uncertainty your business faces and model the right scenarios .
For many businesses , volatility has created opportunity and demanded the ability to respond quickly , scale up activity and measure performance accurately .
For many mid-market businesses , this creates a pressure on the CFO .
When the demands on finance change or evolve @ @ @ @ @ @ @ race for a period rather than a team event .
The team has to be gradually changed to meet new requirements and reduce the pressure on the CFO through training or recruitment .
Of course , this is time-consuming when you can least afford the time and simply adds to the pressure .
Over the coming weeks , the likes of Primož Roglič and Egan Bernal will wish they had seven big powerful teammates to protect them against the winds on the fast , flat roads of the Atlantic coast of France .
@ @ @ @ @ @ @ explosive climbers to support them as they scale the Alps and Pyrenees .
In reality , they will have to hope that their team directors have picked the right blend of support riders to help them to the fabled yellow jersey .
For CFOs , the challenge is the same .
How do you find the right blend of support in your finance team to achieve success ?
In a volatile environment , having flexibility and a multi-skilled team is a huge asset – teammates who can sprint as well as climb .
@ @ @ @ @ @ @ experience is hard to find .
The alternative solution is to look at the finance operating model .
It ’ s worth taking a holistic view of the requirements on your finance team , breaking them down into the consistent and predictable requirements as well as the ad-hoc .
It ’ s also worth considering the value of the tasks being performed and the hidden costs of finance that aren ’ t simply salaries , technology and property costs .
• Which high-value finance deliverables can only be produced by a small number @ @ @ @ @ @ @ • How much time do those experienced people spend on low-value tasks because of cyclical pressures on the team ?
• How much time is spent by fee-earners or management in other departments on finance activities or the production of accurate finance information ?
• How much time is spent by leadership on recruitment and upskilling of staff and how long does a typical team-member spend in the business ?
This year ’ s Tour was always scheduled to be different , with a mountain stage on the second day .
COVID-19 has @ @ @ @ @ @ @ the year , forcing teams to re-evaluate who their riders might be .
However , for the leading challengers , their focus remains on the yellow jersey .
Periods of volatility typically lead to opportunity for those who are positioned to seize it .
2021 presents this type of opportunity in many sectors so the remainder of 2020 should perhaps be a time to reimagine your business , and to redefine the finance operating model that will provide the insights and intelligence required .

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A race to success – Lessons for finance leaders from the Tour de France
As this year’s Tour de France gets underway, EY Absolute’s Martin Dempsey considers if there are lessons for business to be found on the roads between Nice and Paris.
This year’s Tour de France started on 29 August. It is among the most gruelling sporting events in the world and this year will see riders travel 3,470 km in a 23 day period. If you’re not a cycling fan then your knowledge of le Tour may be limited to the yellow jersey worn by the leader of the race, and the fact that Britain has produced champions like Geraint Thomas, Chris Froome and Sir Bradley Wiggins in recent years.
Riders compete to wear that yellow jersey in Paris on the final stage. What isn’t always evident to the casual observer is the extent to which the Tour de France is a team race. Chris Froome has won four yellow jerseys not simply because of his own excellence but because of the support of his team mates. These domestiques, servants to the team leader, are prepared to sacrifice their own race to protect him, facing into headwinds in front of him on fast flat stages, and helping to set his preferred pace on the arduous mountain stages.
Teams who aim to win the yellow jersey will need a blend of skillsets to support their leader. This year’s Tour has mountain stages, fast flat stages and a time trial stage. Teams will need strong climbers to help their leader in the mountains as well as powerful, fast riders to support on the flat. Those that get this balance wrong can find their leader isolated – and without support – at the critical moment in those 3,470 km and their race can slip away from them as they burn out their legs alone against the competition.
Le Tour d’Entreprise
Running a business can feel like an arduous race. The terrain changes from day to day, week to week, and this has never been more true than in 2020. For CFOs, the experience of this year will be valuable in the future, but it is unlikely to be something you would want to re-live.
A typical year demands a broad range of skillsets in finance departments. At their core, they are there to produce an accurate picture of financial performance and for the most part, this relies on the team diligently processing data accurately and producing reports to a prescribed format. The CFO can then step in to provide the analysis and commentary that brings stark financial information to life and helps to drive strategic and tactical decision-making.
However, during periods of volatility – whether it is unforeseen disruption or new opportunities – the demands of the business on its CFO change. Accessing emergency government support schemes has been like a sprint to find your place in the queue. It has demanded specific and accurate supporting data. Cash-flow forecasting has been a series of long and difficult climbs, trying to assess the uncertainty your business faces and model the right scenarios. For many businesses, volatility has created opportunity and demanded the ability to respond quickly, scale up activity and measure performance accurately.
For many mid-market businesses, this creates a pressure on the CFO. When the demands on finance change or evolve, it can feel like a solo race for a period rather than a team event. The team has to be gradually changed to meet new requirements and reduce the pressure on the CFO through training or recruitment. Of course, this is time-consuming when you can least afford the time and simply adds to the pressure.
Facing the same challenge
Over the coming weeks, the likes of Primož Roglič and Egan Bernal will wish they had seven big powerful teammates to protect them against the winds on the fast, flat roads of the Atlantic coast of France. Then they will wish they had seven explosive climbers to support them as they scale the Alps and Pyrenees. In reality, they will have to hope that their team directors have picked the right blend of support riders to help them to the fabled yellow jersey.
For CFOs, the challenge is the same. How do you find the right blend of support in your finance team to achieve success? In a volatile environment, having flexibility and a multi-skilled team is a huge asset – teammates who can sprint as well as climb. Unfortunately, this type of capability and experience is hard to find.
The alternative solution is to look at the finance operating model. It’s worth taking a holistic view of the requirements on your finance team, breaking them down into the consistent and predictable requirements as well as the ad-hoc. It’s also worth considering the value of the tasks being performed and the hidden costs of finance that aren’t simply salaries, technology and property costs.
Which high-value finance deliverables can only be produced by a small number of experienced people within your team?
How much time do those experienced people spend on low-value tasks because of cyclical pressures on the team?
How much time is spent by fee-earners or management in other departments on finance activities or the production of accurate finance information?
How much time is spent by leadership on recruitment and upskilling of staff and how long does a typical team-member spend in the business?
Taking advantage of opportunity
This year’s Tour was always scheduled to be different, with a mountain stage on the second day. COVID-19 has meant it has now moved later in the year, forcing teams to re-evaluate who their riders might be. However, for the leading challengers, their focus remains on the yellow jersey.
Periods of volatility typically lead to opportunity for those who are positioned to seize it. 2021 presents this type of opportunity in many sectors so the remainder of 2020 should perhaps be a time to reimagine your business, and to redefine the finance operating model that will provide the insights and intelligence required.


cityam--2020-09-02--Boris Johnson confirms rail industry working on flexible season tickets

Boris Johnson today said that the government was working with the rail industry on flexible season tickets to encourage commuters to return to the office .
Speaking at Prime Minister ’ s Questions today , Johnson said : “ We are working at pace with rail companies to try to deliver new products in terms of ticketing to ensure not just better value , but also enable people to get back to work in a flexible way.
” The PM ’ s comments come as the government looks for ways to entice employees back into their workplaces in a bid @ @ @ @ @ @ @ For many people , the success of home working over the coronavirus lockdown period means that they will no longer be required to travel to work every day .
In order to meet the change in travel patterns , some rail franchises including Great Western Rail have already submitted proposals to ministers for flexible tickets , as well as multi-buy offers .
Industry body the Rail Delivery Group ( RDG ) confirmed that it was working with the government on the plans .
Robert Nisbet , the RDG ’ s director of nations @ @ @ @ @ @ @ companies fully understand that the way people are working and travelling is changing and that new types of ticket are needed to reflect that .
Before the Open newsletter : Start your day with the City View podcast and key market data “ We are working with the Department for Transport on proposals for flexible season tickets and will be putting forward suggestions for how this could work very shortly , as well as continuing to push for wide ranging regulatory reform of the entire fares system.
” However , a source in @ @ @ @ @ @ @ tickets were unlikely to be launched for several months .
The prospect of flexible season tickets also met with approval from business association the London Chamber of Commerce ( LCCI ) .
Chief executive Richard Burge said : “ With social distancing restrictions to office space and many businesses having seen the benefits of home and remote working in practice , it ’ s clear that not all workers will be returning to central London offices at once .
“ A hybrid of office and remote working is likely for many firms , @ @ @ @ @ @ @ Minister ’ s confirmation that discussions are happening at pace with rail firms about the introduction of part-week flexible season tickets .
“ These would support a safe and flexible return to public transport and to central office working .
And also help part-time workers and those in job shares.
” Last month commuter watchdog Transport Focus called for such tickets to be introduced as part of broader programme of fares reform to give commuters “ better value for money ” .
The Telegraph reported that the new type of ticket could be @ @ @ @ @ @ @ its emergency funding for the railways , as is expected .
Read more : Crossrail opening delayed until 2022 and extra £1.1bn needed to finish project Despite the government ’ s return to work push , the number of rail users as of the end of last week stood at just 31 per cent of pre-virus levels , according to Department for Transport statistics .
The figure was marginally higher on the Tube , at 34 per cent , and stood at 55 per cent for bus travel .

Boris Johnson confirms rail industry working on flexible season tickets
Boris Johnson today said that the government was working with the rail industry on flexible season tickets to encourage commuters to return to the office.
Speaking at Prime Minister’s Questions today, Johnson said: “We are working at pace with rail companies to try to deliver new products in terms of ticketing to ensure not just better value, but also enable people to get back to work in a flexible way.”
The PM’s comments come as the government looks for ways to entice employees back into their workplaces in a bid to get the economy firing again.
For many people, the success of home working over the coronavirus lockdown period means that they will no longer be required to travel to work every day.
In order to meet the change in travel patterns, some rail franchises including Great Western Rail have already submitted proposals to ministers for flexible tickets, as well as multi-buy offers.
Industry body the Rail Delivery Group (RDG) confirmed that it was working with the government on the plans.
Robert Nisbet, the RDG’s director of nations and regions, said: “Train companies fully understand that the way people are working and travelling is changing and that new types of ticket are needed to reflect that.
Before the Open newsletter: Start your day with the City View podcast and key market data
“We are working with the Department for Transport on proposals for flexible season tickets and will be putting forward suggestions for how this could work very shortly, as well as continuing to push for wide ranging regulatory reform of the entire fares system.”
However, a source in the railway industry cautioned that the new tickets were unlikely to be launched for several months.
The prospect of flexible season tickets also met with approval from business association the London Chamber of Commerce (LCCI).
Chief executive Richard Burge said: “With social distancing restrictions to office space and many businesses having seen the benefits of home and remote working in practice, it’s clear that not all workers will be returning to central London offices at once.
“A hybrid of office and remote working is likely for many firms, which is why LCCI welcome the Prime Minister’s confirmation that discussions are happening at pace with rail firms about the introduction of part-week flexible season tickets.
“These would support a safe and flexible return to public transport and to central office working. And also help part-time workers and those in job shares.”
Last month commuter watchdog Transport Focus called for such tickets to be introduced as part of broader programme of fares reform to give commuters “better value for money”.
The Telegraph reported that the new type of ticket could be announced this month if the government extends its emergency funding for the railways, as is expected.
Despite the government’s return to work push, the number of rail users as of the end of last week stood at just 31 per cent of pre-virus levels, according to Department for Transport statistics.
The figure was marginally higher on the Tube, at 34 per cent, and stood at 55 per cent for bus travel.


cityam--2020-09-02--Travel sector pleads for government support to stave off sweeping job cuts

Leading figures from across the UK travel industry have come together in an urgent plea for government support to help stave off hundreds of thousands of potential job cuts .
In an open letter to chancellor Rishi Sunak and transport secretary Grant Shapps , which has now been signed by over 10,000 people , the “ Save Travel ” campaign has called on ministers to recognise the “ urgent plight ” of the sector and provide assistance .
Read more : Coach industry warns 27,000 jobs on the line without government support Unlike other sectors , which have been able @ @ @ @ @ @ @ the travel industry ’ s recovery had “ stalled ” due to the government ’ s quarantine regime , which had left both in-and-outbound tourism “ shackled ” .
In light of this , the group , which also includes the Advantage Travel Partnership , Business Travel Assocation , and Cosmos Tours , have called for sector-specific help for travel firms , including an extension to the furlough scheme .
Without this , it warned , “ the country will see thousands of company failures and hundreds of thousands of job losses ” @ @ @ @ @ @ @ jobs have already been lost at travel firms , with at least 24,000 more at immediate risk of being axed .
In addition , it called for a 12 month holiday for Air Passenger Duty in order to protect the UK ’ s battered airlines and encourage consumers to book holidays .
Finally , it demanded the government give more advance notice regarding changes to its travel corridors list , saying that transparency was essential to keeping travel firms alive .
“ Giving the travel industry just six hours ’ notice on Saturday @ @ @ @ @ @ @ into force caused huge confusion and anxiety for passengers , which the travel industry was left to sort out .
“ Businesses can not be run with such little planning and notice ” , it said .
Before the Open newsletter : Start your day with the City View podcast and key market data Since July , 18 countries have been taken off the government ’ s list of travel corridors , including key holiday destinations such as France and Spain .
There are fears that Portugal and Greece , two of the @ @ @ @ @ @ @ will soon join them on the so-called “ red list ” .
The regime has met with heavy criticism from the sector , which has urged ministers to switch to a regional quarantine system instead .
City A.M. has contacted the Department for Transport and the Treasury for comment .
The “ Save Travel ” campaign , which was set up by trade newspaper TTG , has been backed by firms such as Intrepid , the world ’ s largest tour operator , and ABTA , the UK travel association .
TTG editor @ @ @ @ @ @ @ running out for travel firms ” as they head into the less profitable winter months .
“ Time is running out for travel companies which have had to pay out millions in refunds and now have little hope of significant income until next year ” , she said .
She told City A.M. that the government should follow Germany and Iceland in introducing airport testing to get tourism going again .
“ It ’ s a much more sensible system , which will allow tourism to survive , and Heathrow Airport has the @ @ @ @ @ @ @ needs to step in to give travellers certainty.
” She added that ministers had got their response to the travel sector “ catastrophically wrong ” , saying it was another example of how the government does not understand how the industry operates .
Zina Bencheikh , Intrepid Travel ’ s managing director , said that the sector was “ too important to be forgotten ” .
“ It ’ s time for the UK government to step up and finally recognise the importance of our industry .
We hope this letter and the @ @ @ @ @ @ @ the unprecedented challenges facing the travel industry .
“ While much of the focus has been on airlines , it ’ s vital that the government also understands the impact of the pandemic on travel agents and tour operators.
” Read more : Travel industry ‘ desperately ’ calls for help as jobs crisis looms This morning the coach industry trade body the Confederation of Passenger Transport also called on the government for more support , warning that 27,000 roles were at risk of being cut .
Without help , it said , @ @ @ @ @ @ @ , roughly a tenth of its total contribution to the economy .

Travel sector pleads for government support to stave off sweeping job cuts
Credit: TTG
Leading figures from across the UK travel industry have come together in an urgent plea for government support to help stave off hundreds of thousands of potential job cuts.
In an open letter to chancellor Rishi Sunak and transport secretary Grant Shapps, which has now been signed by over 10,000 people, the “Save Travel” campaign has called on ministers to recognise the “urgent plight” of the sector and provide assistance.
Unlike other sectors, which have been able to restart, the letter said that the travel industry’s recovery had “stalled” due to the government’s quarantine regime, which had left both in-and-outbound tourism “shackled”.
In light of this, the group, which also includes the Advantage Travel Partnership, Business Travel Assocation, and Cosmos Tours, have called for sector-specific help for travel firms, including an extension to the furlough scheme.
Without this, it warned, “the country will see thousands of company failures and hundreds of thousands of job losses”.
According to its calculation, 12,000 jobs have already been lost at travel firms, with at least 24,000 more at immediate risk of being axed.
In addition, it called for a 12 month holiday for Air Passenger Duty in order to protect the UK’s battered airlines and encourage consumers to book holidays.
Finally, it demanded the government give more advance notice regarding changes to its travel corridors list, saying that transparency was essential to keeping travel firms alive.
“Giving the travel industry just six hours’ notice on Saturday night before the new Spain rules came into force caused huge confusion and anxiety for passengers, which the travel industry was left to sort out.
“Businesses cannot be run with such little planning and notice”, it said.
Before the Open newsletter: Start your day with the City View podcast and key market data
Since July, 18 countries have been taken off the government’s list of travel corridors, including key holiday destinations such as France and Spain.
There are fears that Portugal and Greece, two of the most popular destinations for British holidaymakers, will soon join them on the so-called “red list”.
The regime has met with heavy criticism from the sector, which has urged ministers to switch to a regional quarantine system instead.
City A.M. has contacted the Department for Transport and the Treasury for comment.
‘Time is running out’ for travel sector
The “Save Travel” campaign, which was set up by trade newspaper TTG, has been backed by firms such as Intrepid, the world’s largest tour operator, and ABTA, the UK travel association.
TTG editor Sophie Griffiths said that “time was running out for travel firms” as they head into the less profitable winter months.
“Time is running out for travel companies which have had to pay out millions in refunds and now have little hope of significant income until next year”, she said.
She told City A.M. that the government should follow Germany and Iceland in introducing airport testing to get tourism going again.
“It’s a much more sensible system, which will allow tourism to survive, and Heathrow Airport has the technology ready to go. The government needs to step in to give travellers certainty.”
She added that ministers had got their response to the travel sector “catastrophically wrong”, saying it was another example of how the government does not understand how the industry operates.
Zina Bencheikh, Intrepid Travel’s managing director, said that the sector was “too important to be forgotten”.
“It’s time for the UK government to step up and finally recognise the importance of our industry. We hope this letter and the campaign will alert the UK government to the unprecedented challenges facing the travel industry.
“While much of the focus has been on airlines, it’s vital that the government also understands the impact of the pandemic on travel agents and tour operators.”
This morning the coach industry trade body the Confederation of Passenger Transport also called on the government for more support, warning that 27,000 roles were at risk of being cut.
Without help, it said, UK tourism could lose £14bn a year, roughly a tenth of its total contribution to the economy.


cityam--2020-09-02--Bank of England warns of ‘scarring’ to the UK economy

Bank of England policymakers have stressed that the UK economy faces big risks in the coming months , saying that the “ scarring ” could be worse than they predicted in August .
Speaking to the Treasury Committee of MPs , governor Andrew Bailey said the Bank ’ s latest forecasts were highly uncertain .
He said it was unclear the extent to which “ natural caution ” would prevent people from going back to their normal lives and “ reengaging ” with the economy .
Read more : Andrew Bailey says Bank of England ‘ not out of firepower @ @ @ @ @ @ @ the UK economy would shrink by 9.5 per cent this year and grow nine per cent the next .
Bailey said the Bank had thought British GDP would be about 1.5 per cent smaller in the long run , due to coronavirus , than it otherwise would have been .
But he stressed that there were big risks to that forecast .
Deputy governor Dave Ramsden told the committee that he was worried the economy would do worse .
“ The risks are more that unless the adjustment is very quick and happens @ @ @ @ @ @ @ that the scarring effects over time may be larger than that , ” he said .
The UK economy shrank 20.4 per cent in the second quarter in the worst performance in Europe .
However , growth has returned relatively rapidly as coronavirus restrictions have been lifted .
Bailey told MPs that household spending was now very close to pre-pandemic levels .
He also said mortgage approval figures have rebounded strongly .
Yet the governor said the rebound has been uneven .
He pointed to credit card data that showed London had seen @ @ @ @ @ @ @ may add to worries that working from home is hurting cities ’ economies .
Alex Brazier , the Bank ’ s head of financial stability , said there was unlikely to be a strong return to the office .
“ People have a caution about the public health issues , ” he said .
“ Public transport capacity is a related factor there.
” He added that “ with Covid-safe guidelines it ’ s not possible to use office space , particularly in central London and densely populated places like that , with @ @ @ @ @ @ @ .
Separately , Bailey again backed the chancellor ’ s plan to wind down the furlough scheme in October .
He said the scheme “ was designed , very sensibly , for a general labour market feature , which was 30 per cent of the population not being able to work ” .
But he added : “ The labour market ’ s changed and the nature of Covid has changed.
” Bailey said these changes required “ a sort of change in nature of thinking about what the right policies are ” @ @ @ @ @ @ @ Bailey : Some parts of economy no longer ‘ viable ’ Bailey also said that inflation was likely to be stronger in the coming months than the Bank expected in August .
He said this was because companies had not passed on the government ’ s VAT cuts as much as the Bank had predicted .
Slightly higher oil prices would also have an effect , Bailey said .

Bank of England warns of ‘scarring’ to the UK economy
Bank of England governor Andrew Bailey went in front of parliament’s Treasury Committee today
Bank of England policymakers have stressed that the UK economy faces big risks in the coming months, saying that the “scarring” could be worse than they predicted in August.
Speaking to the Treasury Committee of MPs, governor Andrew Bailey said the Bank’s latest forecasts were highly uncertain. He said it was unclear the extent to which “natural caution” would prevent people from going back to their normal lives and “reengaging” with the economy.
In August, the Bank predicted the UK economy would shrink by 9.5 per cent this year and grow nine per cent the next.
Bailey said the Bank had thought British GDP would be about 1.5 per cent smaller in the long run, due to coronavirus, than it otherwise would have been. But he stressed that there were big risks to that forecast.
Deputy governor Dave Ramsden told the committee that he was worried the economy would do worse.
“The risks are more that unless the adjustment is very quick and happens quite easily, that the chances are that the scarring effects over time may be larger than that,” he said.
The UK economy shrank 20.4 per cent in the second quarter in the worst performance in Europe. However, growth has returned relatively rapidly as coronavirus restrictions have been lifted.
Bailey told MPs that household spending was now very close to pre-pandemic levels. He also said mortgage approval figures have rebounded strongly.
UK economy’s rebound uneven
Yet the governor said the rebound has been uneven. He pointed to credit card data that showed London had seen the weakest rebound in spending. That may add to worries that working from home is hurting cities’ economies.
Alex Brazier, the Bank’s head of financial stability, said there was unlikely to be a strong return to the office. “People have a caution about the public health issues,” he said. “Public transport capacity is a related factor there.”
He added that “with Covid-safe guidelines it’s not possible to use office space, particularly in central London and densely populated places like that, with the intensity that we used to”.
Separately, Bailey again backed the chancellor’s plan to wind down the furlough scheme in October.
He said the scheme “was designed, very sensibly, for a general labour market feature, which was 30 per cent of the population not being able to work”.
But he added: “The labour market’s changed and the nature of Covid has changed.” Bailey said these changes required “a sort of change in nature of thinking about what the right policies are”.
Bailey also said that inflation was likely to be stronger in the coming months than the Bank expected in August.
He said this was because companies had not passed on the government’s VAT cuts as much as the Bank had predicted. Slightly higher oil prices would also have an effect, Bailey said.


cityam--2020-09-03--Government needs clearer 'back to work' message, says senior Tory MP

The government has to give clearer and more consistent advice on people going back to their workplaces , according to a prominent Tory backbencher .
Sir Graham Brady , who is chair of the 1922 Committee of Conservative backbenchers , said the message coming from ministers was unclear and that people needed “ common sense advice ” .
Read more : London Tories call for Waterloo and City Tube line to reopen The government was due this week to begin a push to get people back into the office in a bid to stoke economic activity for bricks and mortar @ @ @ @ @ @ @ the Telegraph reported today that the campaign has stalled due to concerns about the government ’ s own social distancing restrictions preventing many people to returning to the office .
The messaging has also at times been contradictory from government ministers , with some urging people to get back into the workplace and others striking a more cautious note .
Before the Open newsletter : Start your day with the City View podcast and key market data Brady told the BBC today that there had been a “ fundamental problem ” in government @ @ @ @ @ @ @ knows what it wants so achieve it needs to make sure all of the official advice being issued is in tune with advice being put out by ministers ” .
“ We ’ ve really got to get to the point where we have greater consistency so we can have a steady push in one direction , reassuring people and giving them common sense advice , ” Brady said .
“ What seems odd is that when I and the Prime Minister back in June were urging people that they should feel safe @ @ @ @ @ @ @ government ’ s official guidance remained was that people should work from home where they possibly could.
” Read more : Commuter numbers rise to highest level since end of lockdown Recent analysis showed just 17 per cent of people had returned to work in the UK ’ s 63 largest cities — unchanged from June when the lockdown started to lift .
Central London has been damaged by slow footfall recovery , with mayor of London Sadiq Khan saying last month that “ empty offices are a big problem for central London @ @

Government needs clearer ‘back to work’ message, says senior Tory MP
The government has to give clearer and more consistent advice on people going back to their workplaces, according to a prominent Tory backbencher.
Sir Graham Brady, who is chair of the 1922 Committee of Conservative backbenchers, said the message coming from ministers was unclear and that people needed “common sense advice”.
The government was due this week to begin a push to get people back into the office in a bid to stoke economic activity for bricks and mortar businesses in city centres.
However, the Telegraph reported today that the campaign has stalled due to concerns about the government’s own social distancing restrictions preventing many people to returning to the office.
The messaging has also at times been contradictory from government ministers, with some urging people to get back into the workplace and others striking a more cautious note.
Before the Open newsletter: Start your day with the City View podcast and key market data
Brady told the BBC there had been a “fundamental problem” in government messaging and that “when the government knows what it wants so achieve, it needs to make sure all of the official advice being issued is in tune with advice being put out by ministers”.
“We’ve really got to get to the point where we have greater consistency so we can have a steady push in one direction, reassuring people and giving them common sense advice,” Brady said.
“What seems odd is that when I and the Prime Minister back in June were urging people that they should feel safe to go back to work, the government’s official guidance remained was that people should work from home where they possibly could.”
Recent analysis showed just 17 per cent of people had returned to work in the UK’s 63 largest cities — unchanged from June when the lockdown started to lift.
Central London has been damaged by slow footfall recovery, with mayor of London Sadiq Khan saying last month that “empty offices are a big problem for central London”.
The Prime Minister’s spokesman said “there’s never been a back to work campaign” and that it was a “press partnership campaign with regional and local media”.
“We are promoting how to make your workplace Covid secure so more people can work from the office and we’ve just talked about that,” he said.
“We’ve also changed the guidance to give employers more discretion over how their employees can work safely.”


cityam--2020-09-03--FTSE 100 rises again after Wall Street surges overnight

The FTSE 100 was trading 0.6 per cent up at 5,977.61 points around midday today as yesterday ’ s resurgence continued on optimism that the economy could be in line for further stimulus measures .
The FTSE 250 of mid cap companies also rose at the same pace , buoyed by positive data from the dominant UK service sector .
According to PMI data released this morning , activity in the UK services sector increased at its fastest rate for over five years in August as the country recovered from the coronavirus lockdown .
The seasonally adjusted IHS Markit/CIPS UK @ @ @ @ @ @ @ in August , up from 56.5 in July .
The FTSE ’ s rise capped strong trading across Europe , with Germany ’ s DAX up 1.2 per cent to 13,407.62 points and the French CAC 40 1.8 per cent to 5,120.41 .
Hopes that policy makers might impose new stimulus measures to aid the recovery drove the increase .
Yesterday , the Bank of England ’ s deputy governor Dave Ramsden hinted that more liquidity might be made available .
This morning the French government announced a €100bn package to drive its @ @ @ @ @ @ @ focus on stimulating green growth and job creation .
“ London markets are rushing on hopes that the government will have to consider further rounds of stimulus measures given the current economic situation , in addition to some positivity arising out of France ’ s stimulus measures , ” said Connor Campbell , analyst at Spreadex .
Before the Open newsletter : Start your day with the City View podcast and key market data On the FTSE 100 , takeover specialist Melrose Industries was the top riser , picking up 8.2 per cent @ @ @ @ @ @ @ .
It was followed by property developer British Land , which rose 4.1 per cent , and publisher Informa , which increased by 2.9 per cent .
The FTSE 250 ’ s charge was led by outsourcer Capita , which saw shares rise 8.8 per cent after rumours of a potential takeover bid by CVC Partners .
The firm was quick to quash the speculation , saying it had not received any such offer from the firm .
Wall Street down in pre-market ahead of jobs data A strong overnight performance from US @ @ @ @ @ @ @ the impressive open , with Wall Street showing its biggest daily gain since July despite disappointing payroll data .
Both the S & P 500 and the Nasdaq again posted record highs on a combination of positive sentiment over the development of a coronavirus vaccine and hope that a new stimulus package could be agreed .
However , US stock futures were down in the pre-open , with the recent rally in tech shares cooling ahead of data on weekly jobless claims .
Shares in Apple , Netflix and Tesla all slipped before @ @ @ @ @ @ @ Department expected to announce that number of Americans filing for weekly jobless claims remains high .
Read more : GKN-owner Melrose posts £581m loss and scraps dividend on Covid-19 hit “ The markets feel like they are being weighed on a set of scales at the moment with stimulus and vaccine hopes on one side and Covid-19 second wave fears and recession on the other , ” said AJ Bell investment director Russ Mould .
“ After positive signs that politicians in the US might agree a new package to reinvigorate the economy @ @ @ @ @ @ @ coronavirus vaccine the FTSE 100 was tipped in a positive direction – gaining 0.8 per cent and looking to regain the 6,000 mantle .

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


cityam--2020-09-03--Costa Coffee to cut up to 1,650 jobs in latest Covid-19 hit

Costa Coffee today said it will cut up to 1,650 jobs as a result of the coronavirus crisis .
The cuts , which are equivalent to roughly 10 per cent of the company ’ s workforce , mark the latest blow to the UK economy .
Read more : Heathrow Airport outlines pay cuts as it warns of job losses The high street coffee chain was forced to close almost all of its 2,700 UK stores for six weeks during the Covid-19 lockdown .
Costa said the majority of its branches had now reopened and sales were recovering thanks to @ @ @ @ @ @ @ Eat Out to Help Out scheme .
But the company said it had been forced to open a consultation putting 1,650 roles at risk of redundancy .
“ Today ’ s announcement to our store teams was an extremely difficult decision to make , ” said Neil Lake , managing director for Costa Coffee UK and Ireland .
“ Our baristas are the heart of the Costa business and I am truly sorry that many now face uncertainty following today ’ s news .
“ We have had to make these difficult decisions @ @ @ @ @ @ @ safeguard as many jobs as possible for our 16,000 team members , whilst emerging stronger ready for future growth.
” The announcement is the latest example of the grim impact of the coronavirus crisis on the UK economy .
Figures released earlier today showed that while business activity began to pick up in August , job losses in the private sector accelerated .

Costa Coffee to cut up to 1,650 jobs in latest Covid-19 hit
Costa Coffee today said it will cut up to 1,650 jobs as a result of the coronavirus crisis.
The cuts, which are equivalent to roughly 10 per cent of the company’s workforce, mark the latest blow to the UK economy.
The high street coffee chain was forced to close almost all of its 2,700 UK stores for six weeks during the Covid-19 lockdown.
Costa said the majority of its branches had now reopened and sales were recovering thanks to the government’s VAT reduction and Eat Out to Help Out scheme.
But the company said it had been forced to open a consultation putting 1,650 roles at risk of redundancy.
“Today’s announcement to our store teams was an extremely difficult decision to make,” said Neil Lake, managing director for Costa Coffee UK and Ireland.
“Our baristas are the heart of the Costa business and I am truly sorry that many now face uncertainty following today’s news.
“We have had to make these difficult decisions to protect the business and ensure we safeguard as many jobs as possible for our 16,000 team members, whilst emerging stronger ready for future growth.”
The announcement is the latest example of the grim impact of the coronavirus crisis on the UK economy.
Figures released earlier today showed that while business activity began to pick up in August, job losses in the private sector accelerated.


cityam--2020-09-03--Jet2 to add more flight capacity despite quarantine regime

Jet2 owner Dart Group said that it would increase its flying capacity over the rest of the summer season , sending its shares up 2.4 per cent this morning .
Despite the coronavirus quarantine restrictions , the London-listed firm said that it was “ satisfied with the average load factors and financial contribution ” achieved over the summer .
Read more : Heathrow Airport outlines pay cuts as it warns of job losses Since restarting services in July , Jet2 has ramped up the number of flights that it is operating , running 40 per cent of its usual service @ @ @ @ @ @ @ of today ’ s AGM , the budget carrier said that it “ will continue to add further capacity , as appropriate , for the remainder of Summer 2020 , supported by our quick to market , flexible operating model ” .
As with the rest of its competitors in the travel industry , Jet2 is currently contending with the government ’ s quarantine policy , which has seen a number of key holiday destinations such as France and Spain effectively on a no-go list .
The policy , which has been widely @ @ @ @ @ @ @ be reviewed today , with Portugal and Greece mooted to be added to the “ red list ” .
Jet2 also said bookings for next summer were “ encouraging ” , with average load factors ahead of the same point last year and package holiday sales showing a “ material increase ” .
Before the Open newsletter : Start your day with the City View podcast and key market data However , it warned that bookings for the winter period had not yet matched its expectations .
As a result , Dart said @ @ @ @ @ @ @ enticing ” .
AJ Bell investment director Russ Mould said that the admission showed that “ it is impossible to accurately gauge demand for travel at present ” .
“ That suggests it will continue to be a waiting game for airlines , challenging their financial ability to stay afloat until life starts to return to normal.
” Dart said its cash balance currently stands at £1.06bn , down from the end of March when it reported a balance of £1.39bn .
It added that the £300m it had drawn down from the @ @ @ @ @ @ @ Financing Facility was currently unutilised .
Today ’ s AGM comes as the company has applied to change its name from Dart Group to Jet2 , following the sale of its distribution and logistics business .
It also announced that Stephen Heapy will remain the firm ’ s chief executive .

Jet2 to add more flight capacity despite quarantine regime
Jet2 owner Dart Group said that it would increase its flying capacity over the rest of the summer season, sending its shares up 2.4 per cent this morning.
Despite the coronavirus quarantine restrictions, the London-listed firm said that it was “satisfied with the average load factors and financial contribution” achieved over the summer.
Since restarting services in July, Jet2 has ramped up the number of flights that it is operating, running 40 per cent of its usual service in August.
In a statement ahead of today’s AGM, the budget carrier said that it “will continue to add further capacity, as appropriate, for the remainder of Summer 2020, supported by our quick to market, flexible operating model”.
As with the rest of its competitors in the travel industry, Jet2 is currently contending with the government’s quarantine policy, which has seen a number of key holiday destinations such as France and Spain effectively on a no-go list.
The policy, which has been widely criticised by the aviation industry, will be reviewed today, with Portugal and Greece mooted to be added to the “red list”.
Jet2 also said bookings for next summer were “encouraging”, with average load factors ahead of the same point last year and package holiday sales showing a “material increase”.
Before the Open newsletter: Start your day with the City View podcast and key market data
However, it warned that bookings for the winter period had not yet matched its expectations. As a result, Dart said that it would keep its prices “enticing”.
AJ Bell investment director Russ Mould said that the admission showed that “it is impossible to accurately gauge demand for travel at present”.
“That suggests it will continue to be a waiting game for airlines, challenging their financial ability to stay afloat until life starts to return to normal.”
Dart said its cash balance currently stands at £1.06bn, down from the end of March when it reported a balance of £1.39bn.
It added that the £300m it had drawn down from the Bank of England’s Covid Corporate Financing Facility was currently unutilised.
Today’s AGM comes as the company has applied to change its name from Dart Group to Jet2, following the sale of its distribution and logistics business.
It also announced that Stephen Heapy will remain the firm’s chief executive.


cityam--2020-09-03--Reluctance to seek medical care risks storing up another public health crisis

Are people in Britain getting the healthcare they need ?
The sad answer , after six months of intense pandemic response , is that far too many are not .
Some of that is down to the public ’ s own choice to avoid seeking medical advice .
In May , a poll conducted by IPSOS for the Health Foundation showed almost half of us ( 47 per cent ) were uncomfortable using our local hospital , largely from fears of being exposed to coronavirus and not wanting to bother NHS staff busy dealing with the pandemic .
Read more @ @ @ @ @ @ @ in September is critical to their health The NHS itself , meanwhile , postponed routine treatment from April to focus on Covid-19 — routine treatment such as non-urgent surgery and diagnostic tests .
The result is that during the first wave of coronavirus , huge numbers of people who would normally have sought treatment — not only for minor ailments but even for urgent , potentially life-threatening conditions — did not do so .
This trend is already having serious effects .
In the first half of 2020 , nearly a quarter of @ @ @ @ @ @ @ for suspected cancer compared to the first half of 2019 , while significantly fewer people have received treatment for heart attacks according to research published in The Lancet .
In April , a survey of people with long-term health conditions found 63 per cent had planned treatment cancelled by the NHS .
In May , GP appointments were 33 per cent down , and visits to A & E down 42 per cent , while a survey showed that 24 per cent of people found it harder to access essential medications during lockdown @ @ @ @ @ @ @ smear tests ( screening for cervical cancer ) , and first treatments for cancer fell by 28 per cent in the last three months compared with the same period in 2019 .
Early diagnosis for health conditions such as cancer is crucial to preventing serious complications and saving lives .
The fall in people seeking advice about their symptoms due to fears about Covid-19 combined with the reduction in tests and early treatment is deeply disturbing and is likely to store up many more problems for the future — for individuals and for @ @ @ @ @ @ @ warning that delays to diagnosis and cancer treatment alone could lead to as many as 35,000 excess deaths .
Meanwhile , waiting times for non-urgent hospital treatment have grown — almost half of people on the waiting list have already waited longer than the 18-week target because of the pandemic .
As the number of people in hospital for Covid across England has significantly dropped ( now only 545 , from a peak of over 17,000 ) , the NHS has started to reopen non-Covid services .
But the NHS won ’ t @ @ @ @ @ @ @ for as long as the virus remains a threat , as the extra precautions needed to protect patients and staff from coronavirus constrain hospitals ’ ability to treat the backlog .
On top of such pressure , the health service faces another imminent challenge : the winter flu season .
Not only will we see the usual spike in respiratory infections from flu and other bugs as the weather turns colder , but worst case scenarios show that there could be about 120,000 more coronavirus deaths across the UK this winter .
Both @ @ @ @ @ @ @ will inevitably hamper the health service ’ s efforts to clear the non-urgent waiting list .
The picture is worrying .
But while the weather remains warm and the infection rate low , we have a crucial opportunity to rectify the situation .
The aim now should be to make as much progress as possible before winter sets in — and that means encouraging the public not to put off seeking advice from the GP about symptoms .
Given that level of coronavirus now across the UK is extremely low , now is @ @ @ @ @ @ @ explaining that the risks of waiting to seek help are currently greater than the risks of contracting Covid-19 .
The government also needs to level with the public that the extraordinary circumstances of the pandemic inevitably mean longer waiting times for treatment for those of us with less serious conditions .
Finally , it is more important than ever for people to go out and get a flu jab , to protect themselves and take pressure off the NHS .
Understandably , some of us are reluctant to use the NHS at the @ @ @ @ @ @ @ our own health , or determined to do our bit not to overwhelm the health service .
This is understandable .
But there is an important opportunity for people to seek care now , rather than in the midst of flu season or a second Covid wave — and an opportunity for the NHS too , to ensure those who need urgent help get it .
Read more : The nation ’ s health is priority number one , but we must continue the great work we ’ ve done to reduce plastics @

Reluctance to seek medical care risks storing up another public health crisis
In May, GP appointments were 33 per cent down, and visits to A&E down 42 per cent, while a survey showed that 24 per cent of people found it harder to access essential medications during lockdown
Are people in Britain getting the healthcare they need?
The sad answer, after six months of intense pandemic response, is that far too many are not.
Some of that is down to the public’s own choice to avoid seeking medical advice. In May, a poll conducted by IPSOS for the Health Foundation showed almost half of us (47 per cent) were uncomfortable using our local hospital, largely from fears of being exposed to coronavirus and not wanting to bother NHS staff busy dealing with the pandemic.
The NHS itself, meanwhile, postponed routine treatment from April to focus on Covid-19 — routine treatment such as non-urgent surgery and diagnostic tests.
The result is that during the first wave of coronavirus, huge numbers of people who would normally have sought treatment — not only for minor ailments but even for urgent, potentially life-threatening conditions — did not do so.
This trend is already having serious effects. In the first half of 2020, nearly a quarter of a million fewer people were urgently referred for suspected cancer compared to the first half of 2019, while significantly fewer people have received treatment for heart attacks according to research published in The Lancet.
In April, a survey of people with long-term health conditions found 63 per cent had planned treatment cancelled by the NHS. In May, GP appointments were 33 per cent down, and visits to A&E down 42 per cent, while a survey showed that 24 per cent of people found it harder to access essential medications during lockdown.
There have already been 600,000 missed smear tests (screening for cervical cancer), and first treatments for cancer fell by 28 per cent in the last three months compared with the same period in 2019.
Early diagnosis for health conditions such as cancer is crucial to preventing serious complications and saving lives. The fall in people seeking advice about their symptoms due to fears about Covid-19 combined with the reduction in tests and early treatment is deeply disturbing and is likely to store up many more problems for the future — for individuals and for the NHS. Indeed, scientists are warning that delays to diagnosis and cancer treatment alone could lead to as many as 35,000 excess deaths.
Meanwhile, waiting times for non-urgent hospital treatment have grown — almost half of people on the waiting list have already waited longer than the 18-week target because of the pandemic.
As the number of people in hospital for Covid across England has significantly dropped (now only 545, from a peak of over 17,000), the NHS has started to reopen non-Covid services. But the NHS won’t be operating at anything like normal capacity for as long as the virus remains a threat, as the extra precautions needed to protect patients and staff from coronavirus constrain hospitals’ ability to treat the backlog.
On top of such pressure, the health service faces another imminent challenge: the winter flu season. Not only will we see the usual spike in respiratory infections from flu and other bugs as the weather turns colder, but worst case scenarios show that there could be about 120,000 more coronavirus deaths across the UK this winter. Both will result in more emergency hospitalisations that will inevitably hamper the health service’s efforts to clear the non-urgent waiting list.
The picture is worrying. But while the weather remains warm and the infection rate low, we have a crucial opportunity to rectify the situation.
The aim now should be to make as much progress as possible before winter sets in — and that means encouraging the public not to put off seeking advice from the GP about symptoms. Given that level of coronavirus now across the UK is extremely low, now is the time for a public information campaign explaining that the risks of waiting to seek help are currently greater than the risks of contracting Covid-19.
The government also needs to level with the public that the extraordinary circumstances of the pandemic inevitably mean longer waiting times for treatment for those of us with less serious conditions. Finally, it is more important than ever for people to go out and get a flu jab, to protect themselves and take pressure off the NHS.
Understandably, some of us are reluctant to use the NHS at the moment. We may be worried about our own health, or determined to do our bit not to overwhelm the health service. This is understandable. But there is an important opportunity for people to seek care now, rather than in the midst of flu season or a second Covid wave — and an opportunity for the NHS too, to ensure those who need urgent help get it.
Main image credit: Getty


cityam--2020-09-03--Commuter numbers rise to highest level since end of lockdown

The number of people travelling to work rose to its highest level since the end of lockdown , new data from the Office of National Statistics ( ONS ) showed today , as the government seeks to encourage workers back to the office .
According to the ONS , the proportion of working adults who travelled to their place of work last week reached 57 per cent , having steadily risen for the last two months .
Read more : London Tories call for Waterloo and City Tube line to reopen Over the same period , the proportion of those @ @ @ @ @ @ @ the opposite direction .
Last week , the figure dropped again , falling to 20 per cent .
Figures from Transport for London also showed a slow but steady increase in the number of people using public transport .
Overall , 1.24m people made Tube journeys on the Friday before the Bank Holiday , nearly a third of the average 4m daily trips made prior to lockdown .
More workers are also beginning to trickle into the City of London and Canary Wharf , with nearly 18,000 people registered tapping in and out @ @ @ @ @ @ @ .
The figure is about 10 times higher than at the height of the lockdowns in April , when there were just 1,800 such trips recorded a day .
On the same day at Canary Wharf station , nearly 25,000 people who entered and exited the station , once again a vast increase on April , when the figure stood at 4,500 .
Before the Open newsletter : Start your day with the City View podcast and key market data Although the numbers remain significantly below pre-pandemic levels , the increase will be @ @ @ @ @ @ @ pushing to get more people back to the UK ’ s commercial centres after the lockdown period .
Boris Johnson this week stepped up calls for people to return to their offices in a bid to boost spending at bricks and mortar businesses .
Firms are slowly sending people back to their offices , but the Square Mile and other business districts still remain relatively empty .
Recent analysis showed just 17 per cent of people had returned to work in the UK ’ s 63 largest cities — unchanged from June when @ @ @ @ @ @ @ morning , a group of Conservative London MPs and London Assembly members have called for the Waterloo and City Tube line to reopen in a bid to boost the number of people returning to the capital ’ s centre .
TfL figures show Waterloo and City is the second-most intensively used Tube service , when looking at journeys per mile of each line , after the Victoria line and is a key travel route for many City of London workers .
Read more : City workers slowly beginning to return to office after @ @ @ @ @ @ @ MP Nickie Aiken added : “ TfL should be working with businesses to support the return to the office and I would expect them to be running a full service across all lines .
TfL said Waterloo and City Tube drivers are being used currently on the Central line .

Commuter numbers rise to highest level since end of lockdown
The number of people travelling to work rose to its highest level since the end of lockdown, new data from the Office of National Statistics (ONS) showed today, as the government seeks to encourage workers back to the office.
According to the ONS, the proportion of working adults who travelled to their place of work last week reached 57 per cent, having steadily risen for the last two months.
Over the same period, the proportion of those exclusively working from home has gone in the opposite direction. Last week, the figure dropped again, falling to 20 per cent.
Figures from Transport for London also showed a slow but steady increase in the number of people using public transport.
Overall, 1.24m people made Tube journeys on the Friday before the Bank Holiday, nearly a third of the average 4m daily trips made prior to lockdown.
More workers are also beginning to trickle into the City of London and Canary Wharf, with nearly 18,000 people registered tapping in and out of Bank station of the same day.
The figure is about 10 times higher than at the height of the lockdowns in April, when there were just 1,800 such trips recorded a day.
On the same day at Canary Wharf station, nearly 25,000 people who entered and exited the station, once again a vast increase on April, when the figure stood at 4,500.
Before the Open newsletter: Start your day with the City View podcast and key market data
Although the numbers remain significantly below pre-pandemic levels, the increase will be a cause for optimism for a government pushing to get more people back to the UK’s commercial centres after the lockdown period.
Boris Johnson this week stepped up calls for people to return to their offices in a bid to boost spending at bricks and mortar businesses.
Firms are slowly sending people back to their offices, but the Square Mile and other business districts still remain relatively empty.
Recent analysis showed just 17 per cent of people had returned to work in the UK’s 63 largest cities — unchanged from June when the lockdown started to lift.
This morning, a group of Conservative London MPs and London Assembly members have called for the Waterloo and City Tube line to reopen in a bid to boost the number of people returning to the capital’s centre.
TfL figures show Waterloo and City is the second-most intensively used Tube service, when looking at journeys per mile of each line, after the Victoria line and is a key travel route for many City of London workers.
Conservative Cities of London and Westminster MP Nickie Aiken added: “TfL should be working with businesses to support the return to the office and I would expect them to be running a full service across all lines.
TfL said Waterloo and City Tube drivers are being used currently on the Central line.