cityam--2020-04-27--Steelworks MP calls for changes to loan scheme after Tata bailout request

The Labour MP for Aberavon , which contains Tata Steel ’ s Port Talbot steelworks , has written to chancellor Rishi Sunak asking him to lift the cap on the size of loans large companies can receive to limit the coronavirus damage .
Yesterday it was reported that the firm , a subsidiary of giant Indian conglomerate Tata , was seeking £500m in funding for its facilities in Port Talbot .
Read more : Tata Steel seeks £500m in government cash for Port Talbot plant In today ’ s letter , Sky News reported , Kinnock has called on the @ @ @ @ @ @ @ to the support they need based on their turnover rather than an arbitrary cap ” .
Under the Coronavirus Large Business Interruption Loan Scheme , businesses with a turnover of above £250m are guaranteed a loan of £50m .
This , however , is far short of the figure the Indian firm has indicated it needs to keep its business going .
Kinnock wrote : “ I am sure that I don ’ t need to point out that if there were to be a catastrophic collapse and these jobs were to be @ @ @ @ @ @ @ British taxpayer would be astronomical ” .
The letter follows on from last week when Kinnock challenged first secretary Dominic Raab over the cap in the House of Commons .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
“ The £50m cap on loans that are now available under the government support scheme is only about 10 per cent of what Tata Steel actually needs , ” he said .
“ Tata Steel estimates that it will take around six @ @ @ @ @ @ @ usual , or as close as possible to it and the challenge they have is cashflow over that six month period .
“ And the estimation is in the region of £500m.
” Raab said : “ I know that the chancellor is looking carefully at the steel sector in the hon .
gentleman ’ s constituency , and at all those who are not directly benefitting from this particular scheme to ensure that in the round we are providing the measures that we need in a targeted way to support all the @ @ @ @ @ @ @ The loan request comes after the government was forced to support British Steel for almost a year after the firm fell into insolvency last year .
Earlier this year the steelmaker was bought by Chinese conglomerate Jingye after months of speculation and uncertainty .

Steelworks MP calls for changes to loan scheme after Tata bailout request
The Labour MP for Aberavon, which contains Tata Steel’s Port Talbot steelworks, has written to chancellor Rishi Sunak asking him to lift the cap on the size of loans large companies can receive to limit the coronavirus damage.
Yesterday it was reported that the firm, a subsidiary of giant Indian conglomerate Tata, was seeking £500m in funding for its facilities in Port Talbot.
In today’s letter, Sky News reported, Kinnock has called on the chancellor to give such firms “access to the support they need based on their turnover rather than an arbitrary cap”.
Under the Coronavirus Large Business Interruption Loan Scheme, businesses with a turnover of above £250m are guaranteed a loan of £50m.
This, however, is far short of the figure the Indian firm has indicated it needs to keep its business going.
Kinnock wrote: “I am sure that I don’t need to point out that if there were to be a catastrophic collapse and these jobs were to be lost, then the cost to the British taxpayer would be astronomical”.
The letter follows on from last week when Kinnock challenged first secretary Dominic Raab over the cap in the House of Commons.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
“The £50m cap on loans that are now available under the government support scheme is only about 10 per cent of what Tata Steel actually needs,” he said.
“Tata Steel estimates that it will take around six months to get back to business as usual, or as close as possible to it and the challenge they have is cashflow over that six month period.
“And the estimation is in the region of £500m.”
Raab said: “I know that the chancellor is looking carefully at the steel sector in the hon. gentleman’s constituency, and at all those who are not directly benefitting from this particular scheme to ensure that in the round we are providing the measures that we need in a targeted way to support all the different crucial elements of the economy.”
The loan request comes after the government was forced to support British Steel for almost a year after the firm fell into insolvency last year.
Earlier this year the steelmaker was bought by Chinese conglomerate Jingye after months of speculation and uncertainty.


cityam--2020-04-27--Times Radio taps BBC and Channel 4 stars ahead of summer launch

Times Radio today unveiled its latest high-profile signings as Rupert Murdoch ’ s media empire pushes ahead with the talk radio station launch despite the coronavirus crisis .
Radio 4 presenter Aasmah Mir , Channel 4 News anchor Cathy Newman and Times Literary Supplement editor Stig Abell are among the top-flight journalists to join the new venture .
News UK , which publishes the Times and Sun newspapers , is set to launch the digital news radio station this summer in an effort to challenge the BBC .
Mir , formerly host of Saturday Live on Radio 4 , will @ @ @ @ @ @ @ Monday to Thursday alongside Abell , who has presented Radio 4 ’ s Front Row and hosts the TLS podcast .
Channel 4 stalwart Newman will present the primetime drive news programme on Friday , while Times Red Box editor Matt Chorley will take the mid-morning slot .
Other new recruits include Radio 4 and the BBC World Service presenter Luke Jones and investigative documentary maker Jenny Kleeman , who will together host the breakfast show from Friday to Sunday .
The launch comes even as media organisations across the UK have been @ @ @ @ @ @ @ cuts amid a squeeze on advertising revenue caused by the coronavirus crisis .
News UK has not made use of the government ’ s furlough scheme , but has asked for volunteers to take unpaid leave and cut bonuses in a bid to save cash .
Times Radio will be advert free , relying instead on revenue from sponsorship deals with commercial partners .
However , News UK executives are said to be pinning their hopes on the station ’ s marketing power , with programming aimed at drawing in new subscribers to @ @ @ @ @ @ @ The current coronavirus emergency has demonstrated how important trusted quality journalism is to people , as they seek to avoid clickbait and sensationalism , ” said Scott Taunton , chief executive of News UK ’ s Wireless radio division .
“ Times Radio will deliver balanced and impartial news to listeners in a warm , useful and engaging way .
There has never been a more important time to launch Times Radio and we ’ re working hard , within the government ’ s guidelines , to prepare for launch this summer.
” @ @ @ @ @ @ @ rival to Radio 4 , with News UK aiming to poach both listeners and presenters from the BBC ’ s flagship talk station .
Earlier this year Times Radio announced it had signed BBC News deputy political editor John Pienaar , bringing to an end his near three-decade career at the public service broadcaster .
Pienaar will host the station ’ s drivetime show from Monday to Thursday .

Times Radio taps BBC and Channel 4 stars ahead of summer launch
Times Radio today unveiled its latest high-profile signings as Rupert Murdoch’s media empire pushes ahead with the talk radio station launch despite the coronavirus crisis.
Radio 4 presenter Aasmah Mir, Channel 4 News anchor Cathy Newman and Times Literary Supplement editor Stig Abell are among the top-flight journalists to join the new venture.
News UK, which publishes the Times and Sun newspapers, is set to launch the digital news radio station this summer in an effort to challenge the BBC.
Mir, formerly host of Saturday Live on Radio 4, will present the Times Radio breakfast show from Monday to Thursday alongside Abell, who has presented Radio 4’s Front Row and hosts the TLS podcast.
Channel 4 stalwart Newman will present the primetime drive news programme on Friday, while Times Red Box editor Matt Chorley will take the mid-morning slot.
Other new recruits include Radio 4 and the BBC World Service presenter Luke Jones and investigative documentary maker Jenny Kleeman, who will together host the breakfast show from Friday to Sunday.
The launch comes even as media organisations across the UK have been forced to furlough staff and introduce pay cuts amid a squeeze on advertising revenue caused by the coronavirus crisis.
News UK has not made use of the government’s furlough scheme, but has asked for volunteers to take unpaid leave and cut bonuses in a bid to save cash.
Times Radio will be advert free, relying instead on revenue from sponsorship deals with commercial partners.
However, News UK executives are said to be pinning their hopes on the station’s marketing power, with programming aimed at drawing in new subscribers to the group’s newspapers.
“The current coronavirus emergency has demonstrated how important trusted quality journalism is to people, as they seek to avoid clickbait and sensationalism,” said Scott Taunton, chief executive of News UK’s Wireless radio division.
“Times Radio will deliver balanced and impartial news to listeners in a warm, useful and engaging way. There has never been a more important time to launch Times Radio and we’re working hard, within the government’s guidelines, to prepare for launch this summer.”
The launch will also create a new rival to Radio 4, with News UK aiming to poach both listeners and presenters from the BBC’s flagship talk station.
Earlier this year Times Radio announced it had signed BBC News deputy political editor John Pienaar, bringing to an end his near three-decade career at the public service broadcaster.
Pienaar will host the station’s drivetime show from Monday to Thursday.
Main image credit: News UK


cityam--2020-04-27--British spies urged to use artificial intelligence to fight security threats

British spooks will need to use artificial intelligence ( AI ) to fight a range of threats to national security , according to a report published today .
Intelligence agencies have been urged to use the technology to detect and block cyber attacks , analyse video and audio evidence , and automate administrative tasks .
Read more : DEBATE : Is the EU ’ s approach to regulating artificial intelligence misguided ?
However , AI is unlikely to predict upcoming threats from potential criminals or terrorists and could not replace human judgement .
The report , published by the Royal @ @ @ @ @ @ @ tank and commissioned by GCHQ , was based on access to top-secret British intelligence .
While Rusi promoted the use of AI across the UK ’ s national security , it also warned that the technology could raise additional privacy and human rights concerns .
It said enhanced policy and guidance would be required to ensure these considerations were reviewed on an ongoing basis .
The report comes amid concerns that the UK faces national security threats from criminals using increasingly sophisticated methods .
Researchers said malicious actors will “ undoubtedly ” try @ @ @ @ @ @ @ , while it was likely that most hostile states were developing or had already developed offensive AI-capable tactics .
Potential threats to political security include the use of deepfake technology to spread disinformation , with the aim of manipulating public opinion or interfering in elections .
The UK could also be vulnerable to so-called polymorphic malware that constantly mutates to evade detection and the automation of social engineering attacks such as phishing to target individuals .
Rusi said threats to physical security were a less immediate concern , but warned the uptake of @ @ @ @ @ @ @ and household devices will expose the country to more threats .
Andrew Tsonchev , director of technology at cybersecurity firm Darktrace , said AI would be key both for defending digital networks and boosting privacy .
“ Both government agencies and private corporations use AI as a de facto technology specifically to minimise the risk of breaches of privacy , the result of cyber-attacks , by detecting malicious activity within their systems , ” he said .
“ This means there are less human eyes on raw data , and instead the computer @ @ @ @ @ @ @ detection of an incident through to its resolution autonomously .
This is a win for privacy and for security.
” Read more : If artificial intelligence is going to revolutionise the NHS , people need to be educated on its uses “ The modern-day ‘ information overload ’ is perhaps the greatest technical challenge facing the UK ’ s national security community , ” the report stated .
“ The ongoing , exponential increase in digital data necessitates the use of more sophisticated analytical tools to effectively manage risk and proactively respond to @ @ @ @ @

British spies urged to use artificial intelligence to fight security threats
British spooks will need to use artificial intelligence (AI) to fight a range of threats to national security, according to a report published today.
Intelligence agencies have been urged to use the technology to detect and block cyber attacks, analyse video and audio evidence, and automate administrative tasks.
However, AI is unlikely to predict upcoming threats from potential criminals or terrorists and could not replace human judgement.
The report, published by the Royal United Services Institute (Rusi) think tank and commissioned by GCHQ, was based on access to top-secret British intelligence.
While Rusi promoted the use of AI across the UK’s national security, it also warned that the technology could raise additional privacy and human rights concerns.
It said enhanced policy and guidance would be required to ensure these considerations were reviewed on an ongoing basis.
The report comes amid concerns that the UK faces national security threats from criminals using increasingly sophisticated methods.
Researchers said malicious actors will “undoubtedly” try to use AI to attack the UK, while it was likely that most hostile states were developing or had already developed offensive AI-capable tactics.
Potential threats to political security include the use of deepfake technology to spread disinformation, with the aim of manipulating public opinion or interfering in elections.
The UK could also be vulnerable to so-called polymorphic malware that constantly mutates to evade detection and the automation of social engineering attacks such as phishing to target individuals.
Rusi said threats to physical security were a less immediate concern, but warned the uptake of the internet of things through connected cars and household devices will expose the country to more threats.
Andrew Tsonchev, director of technology at cybersecurity firm Darktrace, said AI would be key both for defending digital networks and boosting privacy.
“Both government agencies and private corporations use AI as a de facto technology specifically to minimise the risk of breaches of privacy, the result of cyber-attacks, by detecting malicious activity within their systems,” he said.
“This means there are less human eyes on raw data, and instead the computer algorithms can handle the process from the detection of an incident through to its resolution autonomously. This is a win for privacy and for security.”
“The modern-day ‘information overload’ is perhaps the greatest technical challenge facing the UK’s national security community,” the report stated.
“The ongoing, exponential increase in digital data necessitates the use of more sophisticated analytical tools to effectively manage risk and proactively respond to emerging security threats.”


cityam--2020-04-27--Coronavirus: Greggs to start reopening branches for takeaway and delivery

High street bakery chain Greggs is preparing to reopen to provide a takeaway service during the coronavirus lockdown .
All of the cafe chain ’ s stores are currently closed due to the UK ’ s coronavirus lockdown .
However , the government restrictions allow cafes and restaurants to remain open for takeaway and delivery services .
Read more : Greggs scraps dividend as all branches set to close due to coronavirus The company said it will trial reopening a small number of stores before rolling out its new takeaway format across its more than 2,000 UK branches .
A @ @ @ @ @ @ @ We want to play our part in getting the nation back up and running again so we are planning to conduct a limited trial with volunteers to explore how we can reopen our shops with new measures in place that keep our colleagues and customers as safe as we can when we reopen at scale.
” Read more : Greggs unveils record 2019 results but says storms slowed sales this year Meanwhile US burger chain Shake Shack has also announced plans to reopen two London branches .
The fast food company ’ s @ @ @ @ @ @ @ will be open for takeaway and delivery only from tomorrow with social distancing measures in place .
Burger King has also announced plans to open a further 10 branches , after opening six sites for delivery earlier this month .
Read more : By 2025 , Greggs will look beyond vegan sausage rolls for growth Chief executive Alasdair Murdoch told The Mail on Sunday that the next sites to open for delivery include Merton , Edinburgh , Aberdeen , Glasgow and Dundee .
Last week cafe chain Pret A Manger reopened 10 London @ @ @ @ @ @ @ collection services through Just Eat .
The company is planning to reopen more stores across the UK over the next few months .

Coronavirus: Greggs to start reopening branches for takeaway and delivery
High street bakery chain Greggs is preparing to reopen to provide a takeaway service during the coronavirus lockdown.
All of the cafe chain’s stores are currently closed due to the UK’s coronavirus lockdown. However, the government restrictions allow cafes and restaurants to remain open for takeaway and delivery services.
The company said it will trial reopening a small number of stores before rolling out its new takeaway format across its more than 2,000 UK branches.
A Greggs spokesperson told The Sun: “We want to play our part in getting the nation back up and running again so we are planning to conduct a limited trial with volunteers to explore how we can reopen our shops with new measures in place that keep our colleagues and customers as safe as we can when we reopen at scale.”
Meanwhile US burger chain Shake Shack has also announced plans to reopen two London branches.
The fast food company’s Tottenham Court Road branch will be open for takeaway and delivery only from tomorrow with social distancing measures in place. Its Canary Wharf branch will open on Thursday.
Burger King has also announced plans to open a further 10 branches, after opening six sites for delivery earlier this month.
Chief executive Alasdair Murdoch told The Mail on Sunday that the next sites to open for delivery include Merton, Edinburgh, Aberdeen, Glasgow and Dundee.
Last week cafe chain Pret A Manger reopened 10 London sites near hospitals to offer delivery and collection services through Just Eat.
The company is planning to reopen more stores across the UK over the next few months.


cityam--2020-04-27--Norwegian Air says planes set to remain grounded until April 2021

Low-cost carrier Norwegian Air does not expect to begin ramping up its number of flights until next April at the earliest , according to a proposal published ahead of a key stakeholder meeting this week .
Unless the airline gets approval for its proposed rescue plan , it warned that it could run out of cash by mid-May .
Read more : Airlines call on government to extend furlough scheme beyond June In order to access government loans worth up to 2.7bn crowns ( £210m ) , Norwegian has proposed a debt-to-equity swap which would hand majority ownership to the @ @ @ @ @ @ @ be left with 41.7 per cent of the company , and shareholders just 5.1 per cent .
Currently , the airline has grounded 95 per cent of its fleet and has only seven planes in operation on domestic routes .
According to its proposal , these minimal operations will continue until April 2021 , before a gradual increase in services .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
For both European short-haul and global long-haul flights , operations will @ @ @ @ @ @ @ , until the same date .
Norwegian is targeting a return to normal operations by January 2021 .
Although recent years had seen Norwegian rapidly expand into one of Europe ’ s largest low-cost carriers , it also acquired a debt pile of nearly $ 8bn due to the pace of its growth .
Its cash shortage is one of the principal reasons why many analysts had tipped the airline for failure in the early days of the coronavirus crisis .
Read more : Virgin Atlantic says it is still in talks with @ @ @ @ @ @ @ government threw the embattled flyer a lifeline with the offer of a 3bn crown rescue package , subject to the airline raising new equity .
In a presentation to investors , the airline said it is “ critical to get access to the state aid package by mid-May before the company runs out of cash ” .

Norwegian Air says planes set to remain grounded until April 2021
There was fresh hope for Norwegian this morning as the government said it would back its recovery plan.
Low-cost carrier Norwegian Air does not expect to begin ramping up its number of flights until next April at the earliest, according to a proposal published ahead of a key stakeholder meeting this week.
Unless the airline gets approval for its proposed rescue plan, it warned that it could run out of cash by mid-May.
In order to access government loans worth up to 2.7bn crowns (£210m), Norwegian has proposed a debt-to-equity swap which would hand majority ownership to the firm’s lessors.
Bondholders would be left with 41.7 per cent of the company, and shareholders just 5.1 per cent.
Currently, the airline has grounded 95 per cent of its fleet and has only seven planes in operation on domestic routes.
According to its proposal, these minimal operations will continue until April 2021, before a gradual increase in services.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
For both European short-haul and global long-haul flights, operations will remain grounded, subject to travel restrictions, until the same date.
Norwegian is targeting a return to normal operations by January 2021.
Although recent years had seen Norwegian rapidly expand into one of Europe’s largest low-cost carriers, it also acquired a debt pile of nearly $8bn due to the pace of its growth.
Its cash shortage is one of the principal reasons why many analysts had tipped the airline for failure in the early days of the coronavirus crisis.
Last month the Norwegian government threw the embattled flyer a lifeline with the offer of a 3bn crown rescue package, subject to the airline raising new equity.
In a presentation to investors, the airline said it is “critical to get access to the state aid package by mid-May before the company runs out of cash”.


cityam--2020-04-27--UK tech sector launches industry body to tackle online harms

The UK tech sector has teamed up with government agencies to launch a new trade association aimed at cracking down on harmful material posted online .
The Online Safety Tech Industry Association ( OSTIA ) , launched today , will bring together more than a dozen tech firms that focus on online safety , as well as organisations such as the Internet Watch Foundation and the NSPCC .
Read more : Online harms laws will not harm free speech , vows Ofcom boss The group aims to boost awareness and understanding of online safety technologies and to influence government policy @ @ @ @ @ @ @ which is the first of its kind , will be led by Edinburgh-based cyber firm Cyan Forensics and startup advisory group Public .
OSTIA will be chaired by Cyan Forensics chief executive Ian Stevenson , while its members include Yoti , Crisp , Securium , Super Awesome and Safe To Net .
“ The topic of online safety is wide-ranging and hugely complex .
Unfortunately for regulators and providers , it is made up of many individual problems ; there is no silver bullet that will solve the whole issue , ” Stevenson @ @ @ @ @ @ @ focusing on specific , actionable areas , we can work together to demonstrate how the thriving safety-related products and services market will play a significant role in helping companies protect the most vulnerable from accessing harmful content , while driving digital growth.
” The launch comes weeks after the National Crime Agency predicted a rise in online child sexual abuse during the coronavirus pandemic , while Interpol earlier this month warned of an increase in activity from paedophiles seeking child sex abuse material .
The government last year outlined plans to crack down @ @ @ @ @ @ @ duty of care on tech firms such as Google and Facebook to protect their users .
A beefed-up Ofcom is set to become the UK ’ s first internet regulator , tasked with deciding whether companies have fulfilled their responsibilities and handing down fines for breaches .
However , the NSPCC has warned the new laws could be pushed back to 2023 , allowing tech giants to lobby for softer regulation .
The charity fears plans to introduce “ pre-legislative scrutiny ” of draft laws will delay legislation by at least 18 months @ @ @ @ @ @ @ measures , the Daily Telegraph reported .
Read more : Ofcom set for role as ‘ online harms ’ regulator Digital minister Caroline Dinenage said : “ We are determined to make the UK the safest place in the world to be online and have set out world-leading proposals to put a duty of care on online companies , enforced by an independent regulator .
“ We are backing the industry to support our work by developing new products to improve online security and drive growth in the digital economy .
This new @ @ @ @ @ @ @ to collaborate , innovate and create a safer online world .
”

UK tech sector launches industry body to tackle online harms
The UK tech sector has teamed up with government agencies to launch a new trade association aimed at cracking down on harmful material posted online.
The Online Safety Tech Industry Association (OSTIA), launched today, will bring together more than a dozen tech firms that focus on online safety, as well as organisations such as the Internet Watch Foundation and the NSPCC.
The group aims to boost awareness and understanding of online safety technologies and to influence government policy and regulation.
The industry body, which is the first of its kind, will be led by Edinburgh-based cyber firm Cyan Forensics and startup advisory group Public.
OSTIA will be chaired by Cyan Forensics chief executive Ian Stevenson, while its members include Yoti, Crisp, Securium, Super Awesome and Safe To Net.
“The topic of online safety is wide-ranging and hugely complex. Unfortunately for regulators and providers, it is made up of many individual problems; there is no silver bullet that will solve the whole issue,” Stevenson said in a statement.
“By focusing on specific, actionable areas, we can work together to demonstrate how the thriving safety-related products and services market will play a significant role in helping companies protect the most vulnerable from accessing harmful content, while driving digital growth.”
The launch comes weeks after the National Crime Agency predicted a rise in online child sexual abuse during the coronavirus pandemic, while Interpol earlier this month warned of an increase in activity from paedophiles seeking child sex abuse material.
The government last year outlined plans to crack down on online harms by placing a legal duty of care on tech firms such as Google and Facebook to protect their users.
A beefed-up Ofcom is set to become the UK’s first internet regulator, tasked with deciding whether companies have fulfilled their responsibilities and handing down fines for breaches.
However, the NSPCC has warned the new laws could be pushed back to 2023, allowing tech giants to lobby for softer regulation.
The charity fears plans to introduce “pre-legislative scrutiny” of draft laws will delay legislation by at least 18 months and lead to a watering down of measures, the Daily Telegraph reported.
Digital minister Caroline Dinenage said: “We are determined to make the UK the safest place in the world to be online and have set out world-leading proposals to put a duty of care on online companies, enforced by an independent regulator.
“We are backing the industry to support our work by developing new products to improve online security and drive growth in the digital economy. This new association will help bring together relevant organisations to collaborate, innovate and create a safer online world.”


cityam--2020-04-27--FTSE 100 pushes higher as Europe prepares to relax coronavirus lockdowns

The FTSE 100 moved higher today as traders reacted to positive signs that European countries were preparing to ease coronavirus lockdown measures .
The UK blue-chip index posted a rise of 1.4 per cent , or 81 points , to 5,833 by around 11.30am .
The FTSE 100 ’ s upbeat start to the day was more than matched by European stocks .
France , Spain and Italy all signalled an easing of their coronavirus lockdowns .
Germany ’ s Dax leapt 2.6 per cent despite Chancellor Angela Merkel ’ s call for caution as the country eased some measures @ @ @ @ @ @ @ per cent and the pan-European Euro Stoxx 600 jumped 1.7 per cent .
Read more : Italy to ease lockdown measures as coronavirus infections drop Europe looks towards end of lockdowns FTSE 100 traders enjoyed a confidence boost from France , Italy and Spain all signalling the easing of their coronavirus lockdowns .
Italy , where restrictions have been in place for seven weeks , has set a date for bars and restaurants to reopen .
Its daily infection rate is now falling after recording the highest number of deaths in Europe .
@ @ @ @ @ @ @ the lockdown from 4 May .
Yesterday it reported its lowest daily death toll since March .
France is also set to debate an exit strategy this week as the country looks to relax coronavirus measures .
New Zealand is also set to lift its most stringent restrictions from midnight .
Germany began its exit strategy last week , and has now made it mandatory to wear face masks outside .
“ There is a feeling in the markets that things are starting to go back to normal , albeit at a very @ @ @ @ @ @ @ , market analysts at CMC Markets UK .
However , the UK is not yet close to easing lockdown measures .
Prime Minister Boris Johnson today warned the UK risks an “ economic disaster ” if it lifts restrictions too early .
The PM warned this was because of the risk of a second wave of infections .
Read more : Boris Johnson : Lifting UK lockdown too early would spell ‘ economic disaster ’ The biggest risers on the FTSE 100 included equipment firm Ashtead .
The company leapt over seven per @ @ @ @ @ @ @ said cash flow would remain positive .
And British Gas owner Centrica and insurer Legal & General also posted rises of above five per cent .
Lockdown exit strategies light the way for UK After being knocked by underwhelming coronavirus drug trials last week , banks , miners and insurers led the charge on the FTSE 100 today .
Read more : Hopes dashed as Gilead ’ s coronavirus drug remdesivir fails in first trial “ What happens in those countries easing restrictions should be illustrative for the UK government , ” Connor @ @ @ @ @ @ @ , said .
“ [ It ] could help dictate what the returning Boris Johnson and his cabinet choose to do next .
“ This is especially true of Italy – the first European country to go into lockdown conditions seven weeks ago .
It is sure to be the most scrutinised nation when it comes to assessing what measures can be lifted , and when.
” Russ Mould , investment director at AJ Bell , said : “ Investors are starting to be more hopeful that the virus has peaked in many @ @ @ @ @ @ @ will be a greater focus on reviving economies.
” “ The journey back to normality is likely to be very long but every small step towards getting people back to work and not stuck indoors should act as a positive catalyst for stock markets.
” The FTSE 100 and European stocks ’ upbeat mirrored similar gains in Asia today .
Hong Kong ’ s Hang Seng index rose 1.91 per cent and the SSE Composite was up 0.29 per cent .
Read more : Coronavirus : Asian markets rebound as Bank of Japan @ @ @ @ @ @ @ 2.91 per cent , spurred on by a new bond-buying stimulus package unveiled by the Bank of Japan ( BoJ ) .
“ The BoJ laid down the gauntlet to the Federal Reserve and European Central Bank , who both meet later this week , by raising its package of support , ” Neil Wilson , chief analyst at Markets.com , said .
“ The BoJ will now buy unlimited government bonds ( JGBs ) , catching up with market expectations , and is increasing how much corporate and commercial paper it buys @ @ @ @ @ @ @ and risk rolling over as momentum fades , but the news today is quite positive.
” Sterling also climbed 0.6 per cent against the dollar and 0.3 per cent against the euro as Johnson returned to Downing Street .
The Prime Minister is back in Downing Street a month after he was diagnosed with Covid-19 and spent three nights in intensive care .
He is now facing pressure to outline the UK ’ s coronavirus lockdown exit strategy amid concerns about the economic impact of the pandemic .
Read more : Boris Johnson @ @ @ @ @ @ @ spell ‘ economic disaster ’ In a speech this morning , Johnson said that despite an “ urgency ” to lift lockdown , moving too soon risked “ economic disaster ” .
“ I refuse to throw away all the effort , and the sacrifice of the British people and to risk a second major outbreak and huge loss of life , and the overwhelming of the NHS , ” he said .
“ I asked you to contain your impatience , because I believe we are coming now to the end of @ @ @ @ @ @ @ Read more : Boris Johnson returns to work under pressure to ease UK coronavirus lockdown

FTSE 100 pushes higher as Europe prepares to relax coronavirus lockdowns
The FTSE 100 moved higher today as traders reacted to positive signs that European countries were preparing to ease coronavirus lockdown measures.
The UK blue-chip index posted a rise of 1.4 per cent , or 81 points, to 5,833 by around 11.30am.
The FTSE 100’s upbeat start to the day was more than matched by European stocks. France, Spain and Italy all signalled an easing of their coronavirus lockdowns.
Germany’s Dax leapt 2.6 per cent despite Chancellor Angela Merkel’s call for caution as the country eased some measures.
France’s Cac surged 1.9 per cent and the pan-European Euro Stoxx 600 jumped 1.7 per cent.
Europe looks towards end of lockdowns
FTSE 100 traders enjoyed a confidence boost from France, Italy and Spain all signalling the easing of their coronavirus lockdowns.
Italy, where restrictions have been in place for seven weeks, has set a date for bars and restaurants to reopen. Its daily infection rate is now falling after recording the highest number of deaths in Europe.
It will begin a phased end to the lockdown from 4 May. Yesterday it reported its lowest daily death toll since March.
France is also set to debate an exit strategy this week as the country looks to relax coronavirus measures.
New Zealand is also set to lift its most stringent restrictions from midnight. Germany began its exit strategy last week, and has now made it mandatory to wear face masks outside.
“There is a feeling in the markets that things are starting to go back to normal, albeit at a very slow pace,” said David Madden, market analysts at CMC Markets UK.
However, the UK is not yet close to easing lockdown measures. Prime Minister Boris Johnson today warned the UK risks an “economic disaster” if it lifts restrictions too early. The PM warned this was because of the risk of a second wave of infections.
The biggest risers on the FTSE 100 included equipment firm Ashtead. The company leapt over seven per cent despite its profit warning as it said cash flow would remain positive. And British Gas owner Centrica and insurer Legal & General also posted rises of above five per cent.
Lockdown exit strategies light the way for UK
After being knocked by underwhelming coronavirus drug trials last week, banks, miners and insurers led the charge on the FTSE 100 today.
“What happens in those countries easing restrictions should be illustrative for the UK government,” Connor Campbell, a financial analyst at Spreadex, said. “[It] could help dictate what the returning Boris Johnson and his cabinet choose to do next.
“This is especially true of Italy – the first European country to go into lockdown conditions seven weeks ago. It is sure to be the most scrutinised nation when it comes to assessing what measures can be lifted, and when.”
Russ Mould, investment director at AJ Bell, said: “Investors are starting to be more hopeful that the virus has peaked in many parts of the world and so there will be a greater focus on reviving economies.”
“The journey back to normality is likely to be very long but every small step towards getting people back to work and not stuck indoors should act as a positive catalyst for stock markets.”
FTSE 100 rise mirrors Asian stocks’ gains
The FTSE 100 and European stocks’ upbeat mirrored similar gains in Asia today. Hong Kong’s Hang Seng index rose 1.91 per cent and the SSE Composite was up 0.29 per cent.
The Nikkei was up 2.91 per cent, spurred on by a new bond-buying stimulus package unveiled by the Bank of Japan (BoJ).
“The BoJ laid down the gauntlet to the Federal Reserve and European Central Bank, who both meet later this week, by raising its package of support,” Neil Wilson, chief analyst at Markets.com, said. “The BoJ will now buy unlimited government bonds (JGBs), catching up with market expectations, and is increasing how much corporate and commercial paper it buys.
“Indices remain in consolidation phase and risk rolling over as momentum fades, but the news today is quite positive.”
Boris Johnson returns to No 10, helping sterling
Sterling also climbed 0.6 per cent against the dollar and 0.3 per cent against the euro as Johnson returned to Downing Street.
The Prime Minister is back in Downing Street a month after he was diagnosed with Covid-19 and spent three nights in intensive care.
He is now facing pressure to outline the UK’s coronavirus lockdown exit strategy amid concerns about the economic impact of the pandemic.
In a speech this morning, Johnson said that despite an “urgency” to lift lockdown, moving too soon risked “economic disaster”.
“I refuse to throw away all the effort, and the sacrifice of the British people and to risk a second major outbreak and huge loss of life, and the overwhelming of the NHS,” he said.
“I asked you to contain your impatience, because I believe we are coming now to the end of the first phase of this conflict.”


cityam--2020-04-27--Cameron's ex-adviser: Row over Dominic Cummings attending Sage meetings is 'bonkers'

Recent furore over Dominic Cummings ’ attendance at the government ’ s scientific advisory meetings is “ bonkers ” , according to a former Downing Street adviser to David Cameron .
Dan Korski told City A.M. ’ s daily podcast The City View today that it was standard for senior Number 10 advisers to attend high-level meetings and that it was important Cummings attends “ one of the most important deliberative bodies in government ” through the coronavirus crisis .
The Guardian reported on Saturday that Cummings , Boris Johnson ’ s most senior adviser , and former Vote Leave @ @ @ @ @ @ @ government ’ s Scientific Advisory Group for Emergencies ( Sage ) body , which is providing scientific guidance for the government ’ s Covid-19 response .
However , it was soon clarified by Downing Street that Cummings and Warner were not a part of Sage , but they sit in and watch meetings .
“ Occasionally they ask questions or offer help when scientists mention problems in Whitehall , ” a Number 10 spokesman said .
Environment secretary George Eustice said yesterday that the government does not publish the full list of who @ @ @ @ @ @ @ making and to protect the safety of members .
Korski said The Guardian story was an example of “ breathless reporting ” .
“ When I was in government I attended a range of different meetings – some formal , some informal , some with ministers , some without , some I participated actively in , some I just listened , ” he said .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
“ I have to say that the @ @ @ @ @ @ @ senior adviser should not attend what has become one of the most important deliberative bodies in government is , to me , bonkers .
“ I ’ m pleased people around the Prime Minster are attending meetings like that .
“ We have to be a little bit more sensible about this than parts of the media have been .
I also get the sense that people out there appreciate that , that there not getting worked up by things like that.
” It comes as Johnson today made his first public appearance @ @ @ @ @ @ @ people that lifting the coronavirus lockdown too early would lead to “ economic disaster ” .
The speech comes after a group of Tory donors and City grandees urged the government over the weekend to begin to ease its social distancing restrictions in order to protect the economy .
There have also been reports of unrest among the Conservative party backbenches about the lockdown ’ s effect on businesses .
“ I can see the long term consequences of lockdown as clearly as anyone , ” he said .
“ And so yes @ @ @ @ @ @ @ It ’ s the government ’ s urgency .
“ And yet we must also recognise the risk of a second spike , the risk of losing control of that virus and letting the reproduction rate go back over one , because that would mean not only a new wave of death and disease , but also an economic disaster .
Read more : Boris Johnson : Lifting UK lockdown too early would spell ‘ economic disaster ’ “ I refuse to throw away all the effort , and the sacrifice of the @ @ @ @ @ @ @ major outbreak and huge loss of life , and the overwhelming of the NHS .
“ I ask you to contain your impatience , because I believe we are coming now to the end of the first phase of this conflict .
”

Cameron’s ex-adviser: Row over Dominic Cummings attending Sage meetings is ‘bonkers’
Number 10 special advisor Dominic Cummings arrives at 10 Downing Street in central London to attend the Government’s daily COVID-19 briefing on April 14, 2020
The recent furore over Dominic Cummings’ attendance at the government’s scientific advisory meetings is “bonkers”, according to a former Downing Street adviser to David Cameron.
Daniel Korski told City A.M.’s daily podcast The City View today that it was standard for senior Number 10 advisers to attend high-level meetings.
He added it was important Cummings attends “one of the most important deliberative bodies in government” throughout the coronavirus crisis.
The Guardian reported on Saturday that Cummings, Boris Johnson’s most senior adviser, and former Vote Leave data scientist Ben Warner were on the government’s Scientific Advisory Group for Emergencies (Sage) body, which is providing scientific guidance for the government’s Covid-19 response.
However, it was soon clarified by Downing Street that Cummings and Warner were not a part of Sage, but they sit in and watch meetings.
“Occasionally they ask questions or offer help when scientists mention problems in Whitehall,” a Number 10 spokesman said.
Environment secretary George Eustice said yesterday that the government does not publish the full list of who is on Sage to ensure independent decision making and to protect the safety of members.
Korski said The Guardian story was an example of “breathless reporting”.
“When I was in government I attended a range of different meetings – some formal, some informal, some with ministers, some without, some I participated actively in, some I just listened,” he said.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
“I have to say that the idea that the Prime Minister’s senior adviser should not attend what has become one of the most important deliberative bodies in government is, to me, bonkers.
“I’m pleased people around the Prime Minster are attending meetings like that.
“We have to be a little bit more sensible about this than parts of the media have been. I also get the sense that people out there appreciate that, that they’re not getting worked up by things like that.”
It comes as Johnson today made his first public appearance since falling ill with coronavirus. He warned people that lifting the coronavirus lockdown too early would lead to “economic disaster”.
The speech follows a group of Tory donors and City grandees urging the government to begin to ease social distancing restrictions in order to protect the economy.
There have also been reports of unrest among the Conservative party backbenches about the lockdown’s effect on businesses.
“I can see the long term consequences of lockdown as clearly as anyone,” Johnson said today.
“And so yes, I entirely share your urgency. It’s the government’s urgency.
“And yet we must also recognise the risk of a second spike, the risk of losing control of that virus and letting the reproduction rate go back over one, because that would mean not only a new wave of death and disease, but also an economic disaster.
“I refuse to throw away all the effort, and the sacrifice of the British people and to risk a second major outbreak and huge loss of life, and the overwhelming of the NHS.
“I ask you to contain your impatience, because I believe we are coming now to the end of the first phase of this conflict.”


cityam--2020-04-27--Airlines call on government to extend furlough scheme beyond June

The UK ’ s airlines have written to chancellor Rishi Sunak warning him that carriers could face a “ renewed cash crisis ” if the coronavirus job retention scheme is not extended beyond June .
In a letter , Tim Alderslade , chief executive of sector body Airlines UK , said : “ There is a danger that should the CJRS be withdrawn prematurely , carriers experiencing only a tentative revenue recovery will face a renewed cash crisis .
Read more : Virgin Atlantic says it is still in talks with UK over bailout “ We believe that the scheme @ @ @ @ @ @ @ , and that consideration should be given to measures to avoid aviation facing a cliff-edge post- June , whilst services are scaled-up ” .
Many airlines , which have been among the businesses worst hit by the coronavirus pandemic , have made use of the Treasury scheme to save costs amid a historic collapse in demand .
Under the initiative , the government has agreed to pay 80 per cent of the wages of company employees until the end of June .
Across the economy some 4m people are currently reported to be @ @ @ @ @ @ @ even when restrictions are lifted , he expected the return to normality for international aviation to be “ gradual rather than sudden ” : Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
“ Research by IATA has shown that a substantial number of travelers are likely to delay a return to travel , and a majority could wait until they have greater certainty around their own personal finances ” .
With air traffic down across Europe some 90 per cent @ @ @ @ @ @ @ going out of business .
German state carrier Lufthansa last week warned that its future was dependent on receiving financial assistance from authorities .
In the UK , airlines have begun to access the Bank of England ’ s Covid Corporate Finance Facility , with Easyjet securing a £600m loan .
Sunak had said that carriers would only be in line for a bailout as a “ last resort ” once all other cash raising options had been exhausted .
Sir Richard Branson called last week for a bailout for Virgin Atlantic , @ @ @ @ @ @ @ .
Read more : Coronavirus set to cost the world ’ s airlines up to $ 314bn In a letter to the Times this morning , the Church of England said that companies registered in offshore tax havens should not be in line for government bailouts .
Negotiations between Virgin and the government continue , with reports that Branson is racing to find a buyer for the carrier .

Airlines call on government to extend furlough scheme beyond June
The UK’s airlines have written to chancellor Rishi Sunak warning him that carriers could face a “renewed cash crisis” if the coronavirus job retention scheme is not extended beyond June.
In a letter, Tim Alderslade, chief executive of sector body Airlines UK, said: “There is a danger that should the CJRS be withdrawn prematurely, carriers experiencing only a tentative revenue recovery will face a renewed cash crisis.
“We believe that the scheme will need to be extended beyond June, and that consideration should be given to measures to avoid aviation facing a cliff-edge post- June, whilst services are scaled-up”.
Many airlines, which have been among the businesses worst hit by the coronavirus pandemic, have made use of the Treasury scheme to save costs amid a historic collapse in demand.
Under the initiative, the government has agreed to pay 80 per cent of the wages of company employees until the end of June.
Across the economy some 4m people are currently reported to be on the scheme.
Alderslade added that even when restrictions are lifted, he expected the return to normality for international aviation to be “gradual rather than sudden”:
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
“Research by IATA has shown that a substantial number of travelers are likely to delay a return to travel, and a majority could wait until they have greater certainty around their own personal finances”.
With air traffic down across Europe some 90 per cent, many airlines are at risk of going out of business.
German state carrier Lufthansa last week warned that its future was dependent on receiving financial assistance from authorities.
In the UK, airlines have begun to access the Bank of England’s Covid Corporate Finance Facility, with Easyjet securing a £600m loan.
Sunak had said that carriers would only be in line for a bailout as a “last resort” once all other cash raising options had been exhausted.
Sir Richard Branson called last week for a bailout for Virgin Atlantic, a move that has proved deeply controversial.
In a letter to the Times this morning, the Church of England said that companies registered in offshore tax havens should not be in line for government bailouts.
Negotiations between Virgin and the government continue, with reports that Branson is racing to find a new investors for the carrier.


cityam--2020-04-27--Coronavirus: Government must be more imaginative to save small businesses

The Coronavirus Business Interruption Loan Scheme ( CBILs ) was launched to much fanfare , with people lining up to praise the far-sighted , generous nature of the programme and proclaim how much it would do for small business .
A staggering £330 billion was set aside for interest-free loans , with the Government willing to sit behind 80 per cent of the debt .
Like most of the Chancellor of the Exchequer ’ s recent interventions , the idea was to put part of the economy – in this case small business – to sleep , allowing it to @ @ @ @ @ @ @ eased .
Read more : City A.M. ‘ s Save our SMEs campaign But as time has passed , praise has turned to consternation .
CBILs has never really got out of first gear , with critics blaming everyone ’ s favourite bogeymen , the big banks , for failing to get cash flowing .
It is undeniable that progress has been disappointing .
Of the 36,000 applications received , fewer than 50 per cent have been approved .
A large part of the reason is that the banks are putting these loan @ @ @ @ @ @ @ at the best of times .
But who can blame them , given they ’ re still carrying 20 per cent of the risk – and banks are criminally liable if they knowingly make bad loans ?
Clearly , the application process needs to be simplified – not least by learning from other countries whose equivalent schemes involve far less paperwork – and the panel of accredited lenders expanded , with fast-moving fintech lenders being particularly encouraged to step into the breach .
Many – including several of Rishi Sunak ’ s predecessors @ @ @ @ @ @ @ : a move to 100 per cent loan guarantees , with the Government standing behind the entire debt .
This would undoubtedly get cash flowing more quickly , as there would be no reason for the banks to do any due diligence whatsoever .
But would it actually solve the problem at hand ?
Even if every application had been processed , and loans granted in a matter of days , credit would only have reached 36,000 companies .
Based on current run rates , that would mean something like £6 billion of @ @ @ @ @ @ @ budgeted £330 billion .
Yes , some small businesses have stayed away because of their perceptions of the scheme and its effectiveness – but even if there were 10 times as many applicants and they were all successful , only a fifth of the available cash would be distributed .
What this suggests is that these loans simply don ’ t work for the majority of small businesses – and no wonder .
Small businesses in the UK were already wary about taking on external finance –and Covid-19 will only have served to @ @ @ @ @ @ @ time when your business has stalled , with no reassurance whatsoever about when things might get back to normal , why would you want to take on new debt , even if it ’ s interest free ?
How could you feel confident about paying it off ?
For so many UK small businesses , margins are tight and cashflow is vital .
By leaving them with zero revenues and mounting costs , Covid-19 will potentially render millions of them unviable unless more drastic action is taken .
The CBI has called for @ @ @ @ @ @ @ – but the Government should consider exempting all small businesses from business rates for the next six months .
It seems deeply unfair to level charges on businesses at a time when it is nigh-on impossible for them to operate .
Equally , why ask businesses to take on more debt when they have no idea when they might be able to open – and make profits – again ?
The Government should consider a scheme akin to the student loan system where debts only need to be repaid when profits above a @ @ @ @ @ @ @ businesses confidence that they ’ re not just throwing good money after bad .
Either of these approaches would show a clear sign of commitment to the small business community and help give them the reassurance which the current set of circumstances requires .
But the Government also needs to act on those costs which it does not directly impose – in particular on rents .
At the moment , banks are being strongly encouraged to offer three-month mortgage holidays and other forms of forebearance .
But many landlords are not financed by @ @ @ @ @ @ @ , asset managers or other finance providers .
Forcing a non-bank lender to provide forbearance to their borrowers might save the tenants , but only by putting the lender ’ s business in jeopardy instead .
Those landlords will often risk being in breach of breaking debt covenants if they don ’ t pay their senior lenders – so every effort should be made to keep credit flowing through the system .
The Government should therefore consider providing funding for a proportion of rental costs for a certain period , whilst uncertainty remains @ @ @ @ @ @ @ to consider paying rents , directly , on behalf of small businesses , it should at least ensure these senior lenders provide relief from any covenant breaches and allow repayment shortfalls to be spread over the remaining terms of the loan .
It ’ s not just about rents .
The furloughing scheme has been a great success – perhaps too successful , according to some reports – but other fixed costs remain .
The drip , drip impact of those costs is already leading some business owners – especially small businesses – @ @ @ @ @ @ @ At the moment , there is no way for them to press pause , or even reset , on their operations .
So how about , in effect , a ‘ mothballing ’ scheme ?
The Government could agree to cover ongoing costs , such as utilities or insurance premiums , for a ‘ mothballing period ’ , until the economy has reopened and these businesses can re-establish themselves .
No one can say for sure when we are going to be over the worst of the Covid-19 pandemic , or when our @ @ @ @ @ @ @ But it is vital that we think about the levers of future economic growth – which means preserving the small businesses that are the engines of new job creation .
It will be much easier to kickstart the economy with the existing business base intact than to encourage growth from a smaller base , and the creation of new companies to replace those now being lost .
The current small business community must be at the heart of our economic recovery – which is why it is so essential we save as much @ @ @ @ @ @ @

Coronavirus: Government must be more imaginative to save small businesses
The Coronavirus Business Interruption Loan Scheme (CBILs) was launched to much fanfare, with people lining up to praise the far-sighted, generous nature of the programme and proclaim how much it would do for small business. A staggering £330 billion was set aside for interest-free loans, with the Government willing to sit behind 80 per cent of the debt.
Like most of the Chancellor of the Exchequer’s recent interventions, the idea was to put part of the economy – in this case small business – to sleep, allowing it to wake, rejuvenated, once the lockdown eased.
Read more: City A.M.‘s Save our SMEs campaign
But as time has passed, praise has turned to consternation. CBILs has never really got out of first gear, with critics blaming everyone’s favourite bogeymen, the big banks, for failing to get cash flowing.
It is undeniable that progress has been disappointing. Of the 36,000 applications received, fewer than 50 per cent have been approved. A large part of the reason is that the banks are putting these loan applications through their standard processes – sclerotic at the best of times. But who can blame them, given they’re still carrying 20 per cent of the risk – and banks are criminally liable if they knowingly make bad loans?
Clearly, the application process needs to be simplified – not least by learning from other countries whose equivalent schemes involve far less paperwork – and the panel of accredited lenders expanded, with fast-moving fintech lenders being particularly encouraged to step into the breach.
Many – including several of Rishi Sunak’s predecessors – have called for more drastic action: a move to 100 per cent loan guarantees, with the Government standing behind the entire debt.
This would undoubtedly get cash flowing more quickly, as there would be no reason for the banks to do any due diligence whatsoever. But would it actually solve the problem at hand?
Even if every application had been processed, and loans granted in a matter of days, credit would only have reached 36,000 companies. Based on current run rates, that would mean something like £6 billion of capital being deployed – out of a budgeted £330 billion.
Yes, some small businesses have stayed away because of their perceptions of the scheme and its effectiveness – but even if there were 10 times as many applicants and they were all successful, only a fifth of the available cash would be distributed.
What this suggests is that these loans simply don’t work for the majority of small businesses – and no wonder. Small businesses in the UK were already wary about taking on external finance –and Covid-19 will only have served to make them warier still.
At a time when your business has stalled, with no reassurance whatsoever about when things might get back to normal, why would you want to take on new debt, even if it’s interest free? How could you feel confident about paying it off?
For so many UK small businesses, margins are tight and cashflow is vital. By leaving them with zero revenues and mounting costs, Covid-19 will potentially render millions of them unviable unless more drastic action is taken.
The CBI has called for a business rates holiday across the board – but the Government should consider exempting all small businesses from business rates for the next six months. It seems deeply unfair to level charges on businesses at a time when it is nigh-on impossible for them to operate.
Equally, why ask businesses to take on more debt when they have no idea when they might be able to open – and make profits – again? The Government should consider a scheme akin to the student loan system where debts only need to be repaid when profits above a certain level are being made – giving businesses confidence that they’re not just throwing good money after bad.
Either of these approaches would show a clear sign of commitment to the small business community and help give them the reassurance which the current set of circumstances requires.
But the Government also needs to act on those costs which it does not directly impose – in particular on rents. At the moment, banks are being strongly encouraged to offer three-month mortgage holidays and other forms of forebearance.
But many landlords are not financed by UK banks, but by institutional investors, asset managers or other finance providers. Forcing a non-bank lender to provide forbearance to their borrowers might save the tenants, but only by putting the lender’s business in jeopardy instead. Those landlords will often risk being in breach of breaking debt covenants if they don’t pay their senior lenders – so every effort should be made to keep credit flowing through the system.
The Government should therefore consider providing funding for a proportion of rental costs for a certain period, whilst uncertainty remains. If the Government does not want to consider paying rents, directly, on behalf of small businesses, it should at least ensure these senior lenders provide relief from any covenant breaches and allow repayment shortfalls to be spread over the remaining terms of the loan.
It’s not just about rents. The furloughing scheme has been a great success – perhaps too successful, according to some reports – but other fixed costs remain. The drip, drip impact of those costs is already leading some business owners – especially small businesses – to decide that enough is enough. At the moment, there is no way for them to press pause, or even reset, on their operations.
So how about, in effect, a ‘mothballing’ scheme? The Government could agree to cover ongoing costs, such as utilities or insurance premiums, for a ‘mothballing period’, until the economy has reopened and these businesses can re-establish themselves.
No one can say for sure when we are going to be over the worst of the Covid-19 pandemic, or when our economy is going to open again. But it is vital that we think about the levers of future economic growth – which means preserving the small businesses that are the engines of new job creation. It will be much easier to kickstart the economy with the existing business base intact than to encourage growth from a smaller base, and the creation of new companies to replace those now being lost.
The current small business community must be at the heart of our economic recovery – which is why it is so essential we save as much of it as possible right now.


cityam--2020-04-27--Royal Statistical Society appoints new chief executive

The Royal Statistical Society ( RSS ) has appointed former Nesta executive director Stian Westlake as its next chief executive , the organisation announced today .
The RSS is the UK ’ s membership body advocating for the importance of statistics and data .
Launched in 1834 , it is a professional organisation for statisticians .
The economist Thomas Malthus was a founder and Florence Nightingale was a member .
Westlake was executive director of Nesta , a charity which studies the economy , health , and innovation , from 2009 to 2017 .
He has also been a policy @ @ @ @ @ @ @ and science and is co-author of Capitalism Without Capital , a book about intangible investment and the economy .
Westlake succeeds Hetan Shah , who steered the Society for eight years and is now chief executive at the British Academy .
Nicola Emmerson , the Society ’ s director of membership and professional affairs , has led the organisation on an interim basis since February , however .
Deborah Ashby , president of the RSS , said : “ We are thrilled to appoint Stian as our new Chief Executive .
His experience @ @ @ @ @ @ @ education issues , along with his work at Nesta on large policy and data projects , is extremely valuable .
Westlake said : “ In an increasingly complex world , the role of the RSS is more crucial than ever.
” “ By promoting evidence , data and rigour in public life , and by supporting and advocating for statisticians and the discipline of statistics , the RSS is helping to push the frontiers of knowledge and change the world for the better .

Royal Statistical Society appoints new chief executive
3i invests in infrastructure businesses with a focus on green projects in developed economies.
The Royal Statistical Society (RSS) has appointed former Nesta executive director Stian Westlake as its next chief executive, the organisation announced today.
The RSS is the UK’s membership body advocating for the importance of statistics and data. Launched in 1834, it is a professional organisation for statisticians. The economist Thomas Malthus was a founder and Florence Nightingale was a member.
Westlake was executive director of Nesta, a charity which studies the economy, health, and innovation, from 2009 to 2017.
He has also been a policy adviser to three successive ministers for universities and science and is co-author of Capitalism Without Capital, a book about intangible investment and the economy.
Westlake succeeds Hetan Shah, who steered the Society for eight years and is now chief executive at the British Academy.
Nicola Emmerson, the Society’s director of membership and professional affairs, has led the organisation on an interim basis since February, however.
Deborah Ashby, president of the RSS, said: “We are thrilled to appoint Stian as our new Chief Executive. His experience in advising government on STEM and higher education issues, along with his work at Nesta on large policy and data projects, is extremely valuable.
Westlake said: “In an increasingly complex world, the role of the RSS is more crucial than ever.”
“By promoting evidence, data and rigour in public life, and by supporting and advocating for statisticians and the discipline of statistics, the RSS is helping to push the frontiers of knowledge and change the world for the better.


cityam--2020-04-27--Coronavirus: Almost 40 per cent of UK firms expect to cut staff

Roughly 40 per cent of UK firms expect to lay off staff over the next 12 months , a survey has shown , raising the prospect of many more job cuts in the UK economy .
UK unemployment has already surged as coronavirus lockdown measures cause businesses to close or cut costs significantly .
Close to 1m people made new universal credit benefits claims in the first two weeks of the UK ’ s lockdown .
This suggests large numbers of people were laid off by firms , although not all claimants will have lost their jobs .
A business @ @ @ @ @ @ @ number of job losses is set to rise considerably .
The gauge of firms ’ hiring intentions fell into negative territory for the first time since 2011 , with 37 per cent saying they expect to reduce staff numbers .
Close to a third of firms said they expected to freeze pay .
Overall , 74 per cent of businesses said they were being hit hard by coronavirus , although 10 per cent said the lockdown had benefited them .
One fifth of firms said they expected to increase employment .
Companies were @ @ @ @ @ @ @ Manufacturing firms were most pessimistic , with 22 per cent expecting their supply chain to return to levels seen before the outbreak within three months .
In the retail sector , only 28 per cent of firms thought supply chains would return to normal in three months .
However , in construction 45 per cent thought so , reflecting increased optimism in a sector that has seen some building sites restart .
Welsh and Scottish businesses have been particularly damaged by coronavirus , according to the Lloyds barometer , with confidence falling on @ @ @ @ @ @ @ 50 respectively .
Read more : Unemployment rate set to surge in UK coronavirus lockdown Paul Gordon , managing director for small and medium-sized businesses at Lloyds Bank , said : “ April has shown the unprecedented impact of the shutdown for businesses across the UK with trading prospects and overall confidence free-falling across the regions.
” “ During this time it is important that businesses take steps to access the government schemes such as tax deferment , rates reductions , small business grants and the job retention scheme and the various finance @ @ @ @

Coronavirus: Almost 40 per cent of UK firms expect to cut staff
Roughly 40 per cent of UK firms expect to lay off staff over the next 12 months, a survey has shown, raising the prospect of many more job cuts in the UK economy.
UK unemployment has already surged as coronavirus lockdown measures cause businesses to close or cut costs significantly.
Close to 1m people made new universal credit benefits claims in the first two weeks of the UK’s lockdown. This suggests large numbers of people were laid off by firms, although not all claimants will have lost their jobs.
A business barometer from Lloyds Bank today suggests the number of job losses is set to rise considerably.
The gauge of firms’ hiring intentions fell into negative territory for the first time since 2011, with 37 per cent saying they expect to reduce staff numbers. Close to a third of firms said they expected to freeze pay.
Overall, 74 per cent of businesses said they were being hit hard by coronavirus, although 10 per cent said the lockdown had benefited them. One fifth of firms said they expected to increase employment.
Companies were not optimistic about a quick bounce-back. Manufacturing firms were most pessimistic, with 22 per cent expecting their supply chain to return to levels seen before the outbreak within three months.
In the retail sector, only 28 per cent of firms thought supply chains would return to normal in three months. However, in construction 45 per cent thought so, reflecting increased optimism in a sector that has seen some building sites restart.
Welsh and Scottish businesses have been particularly damaged by coronavirus, according to the Lloyds barometer, with confidence falling on the gauge to minus 52 and minus 50 respectively.
Paul Gordon, managing director for small and medium-sized businesses at Lloyds Bank, said: “April has shown the unprecedented impact of the shutdown for businesses across the UK with trading prospects and overall confidence free-falling across the regions.”
“During this time it is important that businesses take steps to access the government schemes such as tax deferment, rates reductions, small business grants and the job retention scheme and the various finance options available.”


cityam--2020-04-27--Zoopla: £82bn of UK house sales on hold as transactions set to halve in 2020

Hundreds of thousands of property transactions have been put on hold as the UK housing market freezes up during the coronavirus lockdown , with house sales set to fall 50 per cent this year .
Roughly 373,000 property transactions with a total value of £82bn are on hold after the government put in place strict coronavirus restrictions , property website Zoopla said today .
Read more : How badly will coronavirus hit UK house prices in 2020 ?
The figures show the extent of the effect of coronavirus on the UK property market , which was just finding its feet @ @ @ @ @ @ @ Zoopla said demand for houses is 60 per cent below the levels recorded at the start of March as the economy crashes and social distancing rules make viewings impossible .
It had fallen as much as 70 per cent in March .
The huge slump in demand means sales are likely to be 50 per cent lower in 2020 than in 2019 .
Zoopla said new sales were running at just a tenth of their early March levels by mid-April .
It is also likely to cause house prices to drop significantly , @ @ @ @ @ @ @ bad news for sellers .
Experts have predicted that UK house prices could fall by as much as 10 per cent this year .
The slump in demand was not evenly spread across the country .
The prosperous cities of Cambridge and Edinburgh , which have expensive housing , were the hardest-hit as of 19 April , with demand down close to 80 per cent .
Demand has tumbled across Britain , but recovered slightly in some places Manchester and Aberdeen had seen a less sizeable , although still pronounced , fall in @ @ @ @ @ @ @ Along with other regions , demand was even lower two weeks earlier .
Richard Donnell , director of research and insight at Zoopla , said : “ Parts of the market are at a virtual standstill as a result of the physical restrictions that have stopped new supply coming to the market and the viewing of homes for sale.
” Donnell was bullish about the market ’ s chances of recovery , however .
“ Without doubt , once the coronavirus restrictions are relaxed , we should expect the release of demand that @ @ @ @ @ @ @ uncertainty destabilised market sentiment , ” he said .
Read more : Housebuilding set to drop 35 per cent in 2020 , says report Part of the reason for this , he said , is that “ many households have spent more time at home in the last few weeks and some may feel the urge to move and find more space or consider the potential for remote working ” .
Yet he added that the future of the housing market “ all depends upon how much the economy is impacted over the @ @ @ @ @ @ @ on levels of unemployment ” .

Zoopla: £82bn of UK house sales on hold as transactions set to halve in 2020
Edinburgh has seen a huge slump in demand for new houses amid the coronavirus outbreak
Hundreds of thousands of property transactions have been put on hold as the UK housing market freezes up during the coronavirus lockdown, with house sales set to fall 50 per cent this year.
Roughly 373,000 property transactions with a total value of £82bn are on hold after the government put in place strict coronavirus restrictions, property website Zoopla said today.
The figures show the extent of the effect of coronavirus on the UK property market, which was just finding its feet after the Brexit uncertainty of 2019.
Zoopla said demand for houses is 60 per cent below the levels recorded at the start of March as the economy crashes and social distancing rules make viewings impossible. It had fallen as much as 70 per cent in March.
The huge slump in demand means sales are likely to be 50 per cent lower in 2020 than in 2019. Zoopla said new sales were running at just a tenth of their early March levels by mid-April.
It is also likely to cause house prices to drop significantly, spelling good news for potential buyers but bad news for sellers. Experts have predicted that UK house prices could fall by as much as 10 per cent this year.
The slump in demand was not evenly spread across the country. The prosperous cities of Cambridge and Edinburgh, which have expensive housing, were the hardest-hit as of 19 April, with demand down close to 80 per cent.
Demand has tumbled across Britain, but recovered slightly in some places
Zoopla
Manchester and Aberdeen had seen a less sizeable, although still pronounced, fall in demand of around 50 per cent. Along with other regions, demand was even lower two weeks earlier.
Richard Donnell, director of research and insight at Zoopla, said: “Parts of the market are at a virtual standstill as a result of the physical restrictions that have stopped new supply coming to the market and the viewing of homes for sale.”
Donnell was bullish about the market’s chances of recovery, however. “Without doubt, once the coronavirus restrictions are relaxed, we should expect the release of demand that has been building since Brexit and political uncertainty destabilised market sentiment,” he said.
Part of the reason for this, he said, is that “many households have spent more time at home in the last few weeks and some may feel the urge to move and find more space or consider the potential for remote working”.
Yet he added that the future of the housing market “all depends upon how much the economy is impacted over the rest of the year and the impact on levels of unemployment”.


cityam--2020-04-27--Coronavirus business loans: Liberal Democrats leader calls for 'loan marketplace'

The Treasury should create a “ loan marketplace ” to better facilitate the coronavirus business loan scheme , according to Liberal Democrat leader Ed Davey .
Davey today called for the government to create a website for businesses to browse a wide range of emergency loan options from different banks , similar to websites such as Compare the Market does for insurance .
Davey said the marketplace would “ collect the data in one form ( see 2 below ) and use sophisticated databases to save huge amounts of time – or both businesses and the banks who are under @ @ @ @ @ @ @ called for a standardised application form for all lenders and increase in the amount of banks operating in the scheme .
Currently , there are more than 50 banks that act as approved lenders that are a part of the coronavirus business loan scheme .
The UK banking sector has been criticised for approving emergency loans too slowly and for making it too difficult for some businesses to access .
“ With many businesses on the brink of collapse , without the cashflow they need to survive , much faster action is needed @ @ @ @ @ @ @ , ” Davey said .
The Liberal Dem leaders ’ call comes as chancellor Rishi Sunak unveiled a new micro loan scheme today .
The “ bounce back loans ” will be 100 per cent government-backed and will be available to businesses within 24 hours of applying .
Businesses can apply for loans that are 25 per cent of their turnover , up to £50,000 .
Sunak said banks will not need to perform any “ forward looking tests of businesses viability ” and that businesses would need to fill out just a @ @ @ @ @ @ @ ” .
Businesses will not even need to provide proof of turnover in the application process .
“ I know some small businesses are still struggling to access credit – they are in many ways the most exposed to the effects of the coronavirus , ” Sunak said .
“ They will need extra support to get through this crisis .
Some businesses will not want to take on more debt…but for some others loans will be a part of the answer.
” The government ’ s £330bn coronavirus loan schemes – the @ @ @ @ @ @ @ and the coronavirus large business loan scheme ( CLBILS ) – have been widely panned since their roll out .
The banking sector has been criticised for the loan approval process taking too long and for it being too restrictive for struggling businesses .
Read more : Rishi Sunak unveils 100 per cent state-backed ‘ bounce back loans ’ for small businesses Just over 20,000 loans have been approved in the scheme ’ s first month .
The Treasury was contacted for comment on Davey ’ s proposal .

Coronavirus business loans: Liberal Democrats leader calls for ‘loan marketplace’
Ed Davey speaks to journalists in the spin room following a BBC election debate on November 29
The Treasury should create a “loan marketplace” to better facilitate the coronavirus business loan scheme, according to Liberal Democrat leader Ed Davey.
Davey today called for the government to create a website for businesses to browse a wide range of emergency loan options from different banks, similar to websites such as Compare the Market does for insurance.
Davey said the marketplace would “collect the data in one form (see 2 below) and use sophisticated databases to save huge amounts of time – or both businesses and the banks who are under pressure reviewing applications”.
He also called for a standardised application form for all lenders and increase in the amount of banks operating in the scheme.
Currently, there are more than 50 banks that act as approved lenders that are a part of the coronavirus business loan scheme.
The UK banking sector has been criticised for approving emergency loans too slowly and for making it too difficult for some businesses to access.
“With many businesses on the brink of collapse, without the cashflow they need to survive, much faster action is needed to avoid bankruptcies on a record scale,” Davey said.
The Liberal Dem leaders’ call comes as chancellor Rishi Sunak unveiled a new micro loan scheme today.
The “bounce back loans” will be 100 per cent government-backed and will be available to businesses within 24 hours of applying.
Businesses can apply for loans that are 25 per cent of their turnover, up to £50,000.
Sunak said banks will not need to perform any “forward looking tests of businesses viability” and that businesses would need to fill out just a “simple, quick, standard form”.
Businesses will not even need to provide proof of turnover in the application process.
“I know some small businesses are still struggling to access credit – they are in many ways the most exposed to the effects of the coronavirus,” Sunak said.
“They will need extra support to get through this crisis. Some businesses will not want to take on more debt…but for some others loans will be a part of the answer.”
The government’s £330bn coronavirus loan schemes – the coronavirus business loan scheme (CBILS) and the coronavirus large business loan scheme (CLBILS) – have been widely panned since their roll out.
The banking sector has been criticised for the loan approval process taking too long and for it being too restrictive for struggling businesses.
Just over 20,000 loans have been approved in the scheme’s first month.
The Treasury was contacted for comment on Davey’s proposal.


cityam--2020-04-27--UK banks ease coronavirus business loan requirements

The UK ’ s biggest banks have said they will ease their lending conditions to make it easier for small businesses to access cash through the coronavirus business loan schemes , after chancellor Rishi Sunak offered 100 per cent guarantees to the smallest businesses .
The coronavirus business interruption loan scheme ( CBILS ) has been criticised by many firms who have said banks have been too demanding .
Read more : Rishi Sunak unveils 100 per cent state-backed ‘ bounce back loans ’ for small businesses Under CBILS , firms with turnover of up to £50m are allowed to @ @ @ @ @ @ @ loans of up to £5m .
The government will back 80 per cent of the loans in most cases .
Sunak today announced a substantial change to the UK ’ s coronavirus lending , saying the smallest businesses can now receive loans of up to £50,000 that are fully backed by the government .
Following his announcement , the UK ’ s biggest banks said they would ease their requirements for lending .
Banking body UK Finance said on behalf of the lenders : “ Lenders will only ask businesses for information and @ @ @ @ @ @ @ provide at speed.
” “ We will not require the provision of forward-looking financial information or business plans from businesses applying for CBILS-backed lending , relying instead on our own information to assess credit and business viability.
” The banks are Barclays , Danske , HSBC , Lloyds , Natwest , Santander and Virgin Money .
The move came after pressure from the Treasury and Bank of England .
BoE governor Andrew Bailey last week told banks they need to “ put their backs into ” lending .
Today , the Bank of @ @ @ @ @ @ @ to use their judgement on what information is required to make credit decisions.
” It added that they should rely “ on judgement in the absence of financial forecast information ” .
It comes after Sunak simplified the process for the UK ’ s smallest firms with a new programme .
The new “ bounce back loans ” will be 100 per cent guaranteed by the Treasury , meaning the government will take on all the default risk , and will be available from next Monday at 9am .
Read more : Steelworks @ @ @ @ @ @ @ after Tata bailout request Small businesses will be now able to access loans worth 25 per cent of their turnover , up to £50,000 , and the government will pay the interest for the first 12 months .
Sunak said banks will not need to perform any “ forward looking tests of businesses viability ” and that businesses would need to fill out just a “ simple , quick , standard form ” .

UK banks ease coronavirus business loan requirements
The UK’s biggest banks have said they will ease their lending conditions to make it easier for small businesses to access cash through the coronavirus business loan schemes, after chancellor Rishi Sunak offered 100 per cent guarantees to the smallest businesses.
The coronavirus business interruption loan scheme (CBILS) has been criticised by many firms who have said banks have been too demanding.
Under CBILS, firms with turnover of up to £50m are allowed to apply to roughly 50 accredited lenders for loans of up to £5m. The government will back 80 per cent of the loans in most cases.
Sunak today announced a substantial change to the UK’s coronavirus lending, saying the smallest businesses can now receive loans of up to £50,000 that are fully backed by the government.
Following his announcement, the UK’s biggest banks said they would ease their requirements for lending.
Banking body UK Finance said on behalf of the lenders: “Lenders will only ask businesses for information and data they might reasonably be able to provide at speed.”
“We will not require the provision of forward-looking financial information or business plans from businesses applying for CBILS-backed lending, relying instead on our own information to assess credit and business viability.”
The banks are Barclays, Danske, HSBC, Lloyds, Natwest, Santander and Virgin Money.
The move came after pressure from the Treasury and Bank of England. BoE governor Andrew Bailey last week told banks they need to “put their backs into” lending.
Today, the Bank of England said: “We expect lenders to use their judgement on what information is required to make credit decisions.” It added that they should rely “on judgement in the absence of financial forecast information”.
It comes after Sunak simplified the process for the UK’s smallest firms with a new programme. The new “bounce back loans” will be 100 per cent guaranteed by the Treasury, meaning the government will take on all the default risk, and will be available from next Monday at 9am.
Small businesses will be now able to access loans worth 25 per cent of their turnover, up to £50,000, and the government will pay the interest for the first 12 months.
Sunak said banks will not need to perform any “forward looking tests of businesses viability” and that businesses would need to fill out just a “simple, quick, standard form”.


cityam--2020-04-27--Lloyds gives staff at risk stay of execution during coronavirus pandemic lockdown

Lloyds Banking Group has given staff in redundancy an extra month of breathing space during the coronavirus lockdown .
The bank said last month it would pause plans to cut 780 jobs during the crisis .
However , those already going through the redundancy process faced an unknown fate , with one source telling City A.M. they feared Lloyds was “ knowingly pushing people into redundancy ” .
Read more : Exclusive : Lloyds staff facing redundancy fear being left jobless by bank amid pandemic Lloyds is understood to have decided not to force out any staff during April , @ @ @ @ @ @ @ exits on a month-by-month basis .
Lloyds said today it has extended the moratorium on forced redundancies until the end of May .
A Lloyds Banking Group spokesperson said : “ We have made a number of commitments to our colleagues to address their concerns during the current crisis , including continuing to pay them in full regardless of their working circumstances , and pausing reorganisation activity until the end of May .
“ We will continue to review these and other commitments to our colleagues for as long as the crisis continues.
@ @ @ @ @ @ @ staff earlier this month it was halting new redundancies while the coronavirus crisis is ongoing .
It also said it would support staff already going through redundancy processes .
Barclays said it will furlough staff facing redundancy .
Barclays , rather than the state , would pay 80 per cent of those staff ’ s wages .
Building society Nationwide said earlier this month it would not make any compulsory redundancies during 2020 .
HSBC kicks off a week of first quarter results announcements tomorrow .
Barclays , Lloyds and the Royal Bank @ @ @ @ @ @ @ Wednesday , Thursday and Friday respectively .
Analysts will be watching to see if the UK banks follow US giants such as JP Morgan and Citi in booking large provisions for credit losses as loans sour because of the crisis .

Lloyds gives staff at risk stay of execution during coronavirus pandemic lockdown
Lloyds Banking Group has given staff in redundancy an extra month of breathing space during the coronavirus lockdown.
The bank said last month it would pause plans to cut 780 jobs during the crisis.
However, those already going through the redundancy process faced an unknown fate, with one source telling City A.M. they feared Lloyds was “knowingly pushing people into redundancy”.
Lloyds is understood to have decided not to force out any staff during April, with plans to review its policy on exits on a month-by-month basis.
Lloyds said today it has extended the moratorium on forced redundancies until the end of May.
A Lloyds Banking Group spokesperson said: “We have made a number of commitments to our colleagues to address their concerns during the current crisis, including continuing to pay them in full regardless of their working circumstances, and pausing reorganisation activity until the end of May.
“We will continue to review these and other commitments to our colleagues for as long as the crisis continues.”
Rival UK banking giant Barclays told staff earlier this month it was halting new redundancies while the coronavirus crisis is ongoing. It also said it would support staff already going through redundancy processes.
Barclays said it will furlough staff facing redundancy.
Barclays, rather than the state, would pay 80 per cent of those staff’s wages.
Building society Nationwide said earlier this month it would not make any compulsory redundancies during 2020.
HSBC kicks off a week of first quarter results announcements tomorrow.
Barclays, Lloyds and the Royal Bank of Scotland will report their figures on Wednesday, Thursday and Friday respectively.
Analysts will be watching to see if the UK banks follow US giants such as JP Morgan and Citi in booking large provisions for credit losses as loans sour because of the crisis.


cityam--2020-04-27--Michael Gove: Brexit trade deal by 31 December 'entirely possible'

Michael Gove has said a post-Brexit free trade deal between the UK and EU is “ entirely possible ” before 31 December and is “ better than 2/1 ” odds to happen .
Gove said today that the firm deadline would “ concentrate minds ” and would not be changed , despite the coronavirus crisis .
Read more : Progress on post-Brexit talks ‘ disappointing ’ , says Barnier Read more : Brexit trade talks : Will the deadline be extended over coronavirus ?
There has been sustained calls for the 31 December trade deadline to be extended due to @ @ @ @ @ @ @ boss Kristalina Georgieva said the tight deadline created unnecessary uncertainty for the global economy , while a group of civil service grandees came out last week to say the timeline must be extended .
The second round of negotiations between the UK and the EU happened last week via video conference , with Downing Street unwilling to consider a change of timetable .
EU chief negotiator Michel Barnier expressed anger at his counterpart David Frost on Friday for setting a “ very short calendar for negotiations and at the same time not [ @ @ @ @ @ @ @ on certain subjects ” .
Downing Street , meanwhile , accused Barnier and Brussels of not treating the UK as “ an independent state ” .
The two sides will take stock of negotiations in June to see if there is a way forward , after another two week-long negotiating rounds .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
Speaking today at a parliamentary committee hearing , Gove said a trade deal could be done , despite persistent intransigence @ @ @ @ @ @ @ ’ s unwillingness to budge on fisheries policy had been one of the major areas of disagreement .
It is understood that the EU want to retain exactly the same fishing rights to UK waters as it had when the UK was a member state .
“ When we leave , we ’ ll be an independent coastal state , like Norway or Iceland or the Faroes , therefore access to our waters should be negotiated on an annual basis like it is with those other countries , ” Gove said .
“ @ @ @ @ @ @ @ negotiators not treating the UK like they treat other independent states .
“ We ’ re not going to change our position on this.
” Boris Johnson ’ s official spokesman , on a conference call with Westminster journalists , echoed Gove ’ s position today .
“ We set out our position on Friday , we ’ re ready to keep talking , but that doesn ’ t make us any more likely to agree to the EU ’ s proposal in the areas they are not taking into account the UK @ @ @ @ @ @ @ , ” he said .
Read more : Exclusive : Growing divide in Boris Johnson ’ s Brexit unit over trade deal extension “ There will clearly need to be political movement on the EU side to move negotiations forward , particularly on fisheries and level playing field to better reflect political realities on both sides .
“ What the EU is seeking to do is seek positions from us that are not required in other free trade agreements with other sovereign countries around the world .
”

Michael Gove: Brexit trade deal by 31 December ‘entirely possible’
Cabinet Office minister Michael Gove said today that the firm trade deal deadline would “concentrate minds” and would not be changed, despite the coronavirus crisis.
Michael Gove has said a post-Brexit free trade deal between the UK and EU is “entirely possible” before 31 December and is “better than 2/1” odds to happen.
Gove said today that the firm deadline would “concentrate minds” and would not be changed, despite the coronavirus crisis.
There has been sustained calls for the 31 December trade deadline to be extended due to the coronavirus pandemic.
International Monetary Fund boss Kristalina Georgieva said the tight deadline created unnecessary uncertainty for the global economy, while a group of civil service grandees came out last week to say the timeline must be extended.
The second round of negotiations between the UK and the EU happened last week via video conference, with Downing Street unwilling to consider a change of timetable.
EU chief negotiator Michel Barnier expressed anger at his counterpart David Frost on Friday for setting a “very short calendar for negotiations and at the same time not [moving], not [progressing] on certain subjects”.
Downing Street, meanwhile, accused Barnier and Brussels of not treating the UK as “an independent state”.
The two sides will take stock of negotiations in June to see if there is a way forward, after another two week-long negotiating rounds.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
Speaking today at a parliamentary committee hearing, Gove said a trade deal could be done, despite persistent intransigence from EU negotiators.
He said Barnier’s unwillingness to budge on fisheries policy had been one of the major areas of disagreement.
It is understood that the EU want to retain exactly the same fishing rights to UK waters as it had when the UK was a member state.
“When we leave, we’ll be an independent coastal state, like Norway or Iceland or the Faroes, therefore access to our waters should be negotiated on an annual basis like it is with those other countries,” Gove said.
“It is another example of the EU negotiators not treating the UK like they treat other independent states.
“We’re not going to change our position on this.”
Boris Johnson’s official spokesman, on a conference call with Westminster journalists, echoed Gove’s position today.
“We set out our position on Friday, we’re ready to keep talking, but that doesn’t make us any more likely to agree to the EU’s proposal in the areas they are not taking into account the UK’s status as an independent state,” he said.
“There will clearly need to be political movement on the EU side to move negotiations forward, particularly on fisheries and level playing field to better reflect political realities on both sides.
“What the EU is seeking to do is seek positions from us that are not required in other free trade agreements with other sovereign countries around the world.”