cityam--2020-05-11--High street suffers biggest ever decline in footfall as Brits obey lockdown

The UK high street suffered its greatest ever decline in footfall last month as Brits steered clear of shops during the coronavirus lockdown .
Retailers were hit with an “ unprecedented ” 80 per cent plunge in footfall in April , with high streets and shopping centres the worst affected .
Read more : High street jobs lost as no buyer found for Oasis and Warehouse stores Retail parks were the most resilient thanks to the presence of essential food stores , but still suffered a 68 per cent decline , according to the Springboard footfall monitor .
Despite continued @ @ @ @ @ @ @ in the second half of the month .
This may have been driven in part by the openings of large DIY and home stores such as Homeback , which sparked long queues at some retail parks .
However , it may also suggest lower compliance with lockdown measures as Brits begin to tire of the restrictions .
The figures also showed a clear shift away from large towns and cities towards smaller , more local centres .
“ In contrast to pre-coronavirus days when small high streets were facing an increasing struggle to @ @ @ @ @ @ @ for retail may well be led by smaller high streets which can offer both safety and community benefits , ” said Diane Wehrle , marketing and insights director at Springboard .
“ For larger destinations , the emphasis on safety suggests that those environments that have the capability to control shopper numbers — such as retail parks and shopping centres — will be the next phase of recovery , followed by large towns and cities which inevitably face issues around pedestrian congestion.
” The British Retail Consortium ( BRC ) has set out @ @ @ @ @ @ @ including staggering shift times , controlling how many people are allowed in the store at one time and installing plastic screens at tills .
Chief executive Helen Dickinson yesterday called for the reopening of shops to be based on these safety standards , rather than on size or business type .
As well as protecting store staff , these actions would “ give us confidence as shoppers , members of the public , that we can go out to shop , ” she said .
Read more : Ocado retail sales surge 40 @ @ @ @ @ @ @ It comes as shoppers prepare for a raft of high street sales after lockdown is lifted as fashion retailers look to offload mounting stockpiles of clothing .
Superdry chairman Peter Williams told the Sunday Times the “ mother of all sales ” was coming as stores slash prices to shift their summer lines .

High street suffers biggest ever decline in footfall as Brits obey lockdown
The UK high street suffered its greatest ever decline in footfall last month as Brits steered clear of shops during the coronavirus lockdown.
Retailers were hit with an “unprecedented” 80 per cent plunge in footfall in April, with high streets and shopping centres the worst affected.
Retail parks were the most resilient thanks to the presence of essential food stores, but still suffered a 68 per cent decline, according to the Springboard footfall monitor.
Despite continued lockdown restrictions, footfall picked up slightly in the second half of the month.
This may have been driven in part by the openings of large DIY and home stores such as Homeback, which sparked long queues at some retail parks.
However, it may also suggest lower compliance with lockdown measures as Brits begin to tire of the restrictions.
The figures also showed a clear shift away from large towns and cities towards smaller, more local centres.
“In contrast to pre-coronavirus days when small high streets were facing an increasing struggle to attract shoppers, the path of recovery for retail may well be led by smaller high streets which can offer both safety and community benefits,” said Diane Wehrle, marketing and insights director at Springboard.
“For larger destinations, the emphasis on safety suggests that those environments that have the capability to control shopper numbers — such as retail parks and shopping centres — will be the next phase of recovery, followed by large towns and cities which inevitably face issues around pedestrian congestion.”
The British Retail Consortium (BRC) has set out measures for ensuring safety in shops, including staggering shift times, controlling how many people are allowed in the store at one time and installing plastic screens at tills.
Chief executive Helen Dickinson yesterday called for the reopening of shops to be based on these safety standards, rather than on size or business type.
As well as protecting store staff, these actions would “give us confidence as shoppers, members of the public, that we can go out to shop,” she said.
It comes as shoppers prepare for a raft of high street sales after lockdown is lifted as fashion retailers look to offload mounting stockpiles of clothing.
Superdry chairman Peter Williams told the Sunday Times the “mother of all sales” was coming as stores slash prices to shift their summer lines.


cityam--2020-05-11--Coronavirus: Top insurance firms could lose $100bn in brand value

The world ’ s top 100 most valuable insurance brands could lose as much as $ 100bn ( £81bn ) in brand value as a result of the Covid-19 crisis , a new report has revealed .
The insurance sector is set to be one of the most severely affected industries and faces a potential 20 per cent loss in brand value , according to analysis by Brand Finance .
Read more : Hiscox launches share placing and predicts business interruption insurance hit of £10m to £250m The decline comes as the pandemic wreaks havoc on insurance firms both financially @ @ @ @ @ @ @ surge in coronavirus-related claims and risk angering customers if they refuse to pay out .
Despite this , Chinese giant Ping An has extended its lead as the world ’ s most valuable insurance brand , rising 20 per cent to $ 60.6bn .
Chinese brands make up half of the top 10 insurance companies , while Allianz and Axa also rank among the most valuable firms .
Beyond the insurance sector , the world ’ s 500 most valuable brands could face a hit of roughly $ 1 trillion as a result @ @ @ @ @ @ @ Covid-19 pandemic is going to hit the insurance sector hard – Brand Finance has predicted that insurance brands could face up to a 20 per cent drop in brand value and undoubtedly , we are going to witness revenue slowdown for all brands across the sector , ” said Brand Finance chief executive David Haigh .
“ Some brands should , however , fare better in terms of their margins , including the property and casualty insurance brands , as fewer such claims are expected during the far-reaching and ongoing lockdown period.
” @ @ @ @ @ @ @ over coronavirus business interruption insurance Airlines , retailers and restaurants were among the sectors considered most at risk as a result of the pandemic and could face a loss in brand value of up to 20 per cent , according to the report .
At the other end of the spectrum , food brands , household products , telecoms and utilities were all expected to be largely unaffected by the crisis .

Coronavirus: Top insurance firms could lose $100bn in brand value
The world’s top 100 most valuable insurance brands could lose as much as $100bn (£81bn) in brand value as a result of the Covid-19 crisis, a new report has revealed.
The insurance sector is set to be one of the most severely affected industries and faces a potential 20 per cent loss in brand value, according to analysis by Brand Finance.
The decline comes as the pandemic wreaks havoc on insurance firms both financially and reputationally, as they face a surge in coronavirus-related claims and risk angering customers if they refuse to pay out.
Despite this, Chinese giant Ping An has extended its lead as the world’s most valuable insurance brand, rising 20 per cent to $60.6bn.
Chinese brands make up half of the top 10 insurance companies, while Allianz and Axa also rank among the most valuable firms.
Beyond the insurance sector, the world’s 500 most valuable brands could face a hit of roughly $1 trillion as a result of the coronavirus outbreak.
“The Covid-19 pandemic is going to hit the insurance sector hard – Brand Finance has predicted that insurance brands could face up to a 20 per cent drop in brand value and undoubtedly, we are going to witness revenue slowdown for all brands across the sector,” said Brand Finance chief executive David Haigh.
“Some brands should, however, fare better in terms of their margins, including the property and casualty insurance brands, as fewer such claims are expected during the far-reaching and ongoing lockdown period.”
Airlines, retailers and restaurants were among the sectors considered most at risk as a result of the pandemic and could face a loss in brand value of up to 20 per cent, according to the report.
At the other end of the spectrum, food brands, household products, telecoms and utilities were all expected to be largely unaffected by the crisis.


cityam--2020-05-11--Taxi drivers, bus drivers and security guards most at risk from Covid-19

Security guards , taxi drivers and bus drivers are the professions most at risk from dying from Covid-19 , according to new figures from the Office of National Statistics ( ONS ) .
The new figures also revealed that health workers had no increased risk of dying from coronavirus , but that care workers and home carers had “ significantly raised rates of death involving COVID-19 ” .
Read more : Coronavirus lockdown : Boris Johnson tells millions to get back to work The ONS data showed that male security guards had the highest rate of deaths involving Covid-19 for @ @ @ @ @ @ @ of 45.7 deaths per 100,000 .
Taxi drivers and chauffeurs have a death rate of 36.4 deaths per 100,000 , while bus and coach drivers have a death rate of 26.4 deaths per 100,000 .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
It comes after mayor of London Sadiq Khan has been criticised by some for not providing enough personal protective equipment ( PPE ) to bus drivers .
As of 23 April , 29 Transport for London ( @ @ @ @ @ @ @ drivers , had died from Covid-19 .
The i reported last month that some Transport for London ( TfL ) bus drivers had been forced to purchase their own PPE to protect themselves during the lockdown .
The family of TfL bus driver Mervyn Mally Kennedy , 67 , who died from coronavirus blamed a lack of PPE for the death of their loved one .
Speaking to the Evening Standard , Kennedy ’ s daughter Penny Palmer said : “ It is people like my dad who are driving the NHS staff @ @ @ @ @ @ @ changes that have been brought in should have happened much quicker .
The lack of equipment and delays has cost lives.
” A spokesperson for Khan said : “ “ Sadiq is doing absolutely everything he can to keep our heroic bus drivers and other transport workers safe .
With this in mind , from today all TfL frontline staff – including bus drivers – are being issued with basic face masks to further help reduce the spread of coronavirus .
“ TfL have already put in place an enhanced anti-viral cleaning regime @ @ @ @ @ @ @ to the Perspex screen of bus driver cabs to seal off holes and prevented passengers sitting next to bus drivers.
” There are clearly issues in the supply of PPE , with hospitals and care homes reporting shortages , but I ’ ve also asked TfL to look into the availability of PPE stock for transport workers , in case advice from public health experts changes.
” The high rate of deaths from care workers shown in the ONS data also comes after the government has been widely criticised for not protecting care @ @ @ @ @ @ @ : UK retailers warn government coronavirus aid not enough to prevent ‘ imminent collapse ’ There have been reports that many care homes have not had enough PPE for its staff and testing had not been available until recently .
The sector ’ s watchdog , the Care Quality Commission ( CQC ) , has also reported that some hospitals sent patients known to have the coronavirus into care homes , without warning staff .

Taxi drivers, bus drivers and security guards most at risk from Covid-19
Taxi drivers and chauffeurs have a Covid-19 death rate of 36.4 deaths per 100,000.
Security guards, taxi drivers and bus drivers are the professions most at risk from dying from Covid-19, according to new figures from the Office of National Statistics (ONS).
The new figures also revealed that health workers had no increased risk of dying from coronavirus, but that care workers and home carers had “significantly raised rates of death involving COVID-19”.
The ONS data showed that male security guards had the highest rate of deaths involving Covid-19 for any profession, with a death rate of 45.7 deaths per 100,000.
Taxi drivers and chauffeurs have a death rate of 36.4 deaths per 100,000, while bus and coach drivers have a death rate of 26.4 deaths per 100,000.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
It comes after mayor of London Sadiq Khan has been criticised by some for not providing enough personal protective equipment (PPE) to bus drivers.
As of 23 April, 29 Transport for London (TfL) workers, including 23 bus drivers, had died from Covid-19.
The i reported last month that some Transport for London (TfL) bus drivers had been forced to purchase their own PPE to protect themselves during the lockdown.
The family of TfL bus driver Mervyn Mally Kennedy, 67, who died from coronavirus blamed a lack of PPE for the death of their loved one.
Speaking to the Evening Standard, Kennedy’s daughter Penny Palmer said: “It is people like my dad who are driving the NHS staff and carers to work.
“The changes that have been brought in should have happened much quicker. The lack of equipment and delays has cost lives.”
A spokesperson for Khan said: ““Sadiq is doing absolutely everything he can to keep our heroic bus drivers and other transport workers safe. With this in mind, from today all TfL frontline staff – including bus drivers – are being issued with basic face masks to further help reduce the spread of coronavirus.
“TfL have already put in place an enhanced anti-viral cleaning regime across the network, applied protective film to the Perspex screen of bus driver cabs to seal off holes and prevented passengers sitting next to bus drivers.”
There are clearly issues in the supply of PPE, with hospitals and care homes reporting shortages, but I’ve also asked TfL to look into the availability of PPE stock for transport workers, in case advice from public health experts changes.”
The high rate of deaths from care workers shown in the ONS data also comes after the government has been widely criticised for not protecting care workers from the virus.
There have been reports that many care homes have not had enough PPE for its staff and testing had not been available until recently.
The sector’s watchdog, the Care Quality Commission (CQC), has also reported that some hospitals sent patients known to have the coronavirus into care homes, without warning staff.


cityam--2020-05-11--FTSE 100 sinks into red as Boris Johnson eases UK lockdown

The FTSE 100 fell back into negative territory this morning after early optimism about an easing of the UK lockdown appeared to evaporate .
London ’ s stock market was up 0.85 per cent as it flirted with the 6,000 points marker earlier today .
But traders ’ enthusiasm quickly dwindled as European stocks also dropped into the red .
The FTSE 100 had fallen 0.42 per cent to 5,911 points by 10.40am .
France ’ s Cac also slipped back from gains to record a drop of 0.6 per cent while Germany ’ s Dax dipped 0.2 per cent @ @ @ @ @ @ @ business responded to Boris Johnson ’ s lockdown plan The Prime Minister ’ s announcement of a multi-stage easing of the UK lockdown initially appeared to spur the FTSE 100 higher .
Johnson has urged millions of workers to return to work today if they can not work from home in what the CBI described as the “ first glimmer of light for our faltering economy ” .
Brits can spend unlimited time outdoors from Wednesday , and visit beauty spots across the country .
But foreign visitors to the UK face a @ @ @ @ @ @ @ Airport to warn this could put people off travelling .
And British Airways owner International Airlines Group said this could delay its target to restart flights by July .
Read more : British Airways to review July restart plans after quarantine plans revealed Meanwhile , shops will not reopen until 1 June , with pubs expected to be forced to wait even longer .
Meanwhile , primary schools in England will partially reopen from 1 June but secondary schools are likely to remain closed until September , However , Johnson ’ s announcement @ @ @ @ @ @ @ accused the PM of sowing confusion .
Labour leader Keir Starmer said Johnson ’ s speech “ raises more questions than it answers ” .
Critics slammed Johnson ’ s announcement as vague and difficult for employers and employees to interpret .
“ Boris Johnson unveiled an unclear , and arguably irresponsible , set of measures on Sunday evening , ” Spreadex financial analyst Connor Campbell said .
He added the PM was “ pushing the country ’ s most economically vulnerable back to work despite the government ’ s own made-up warning @ @ @ @ @ @ @ 5 ” .
Johnson ’ s advice came before the Office for National Statistics today revealed construction workers are among the most vulnerable to coronavirus .
Read more : Taxi drivers , bus drivers and security guards most at risk from Covid-19 Yet Johnson said employees are “ actively encouraged ” to return to work if they can not work from home .
That is largely meant to apply to manufacturing and construction workers .
“ This while allowing people to sit two metres apart from strangers in a park without giving any @ @ @ @ @ @ @ ones in different households , ” he added .
Meanwhile , Activ Trades analyst Pierre Veyret said traders would be careful this week due to the risk of a second wave of infections as lockdowns ease .
“ Investors are likely to stay cautious in the days and weeks to come , with the fear of a second wave ever present , ” he said .
“ In addition , a lot of the bullish drivers are already priced into markets .
Some traders [ are ] wondering if there is still room @ @ @ @ @ @ @ Swissquote Bank senior analyst Ipek Ozkardeskaya said the FTSE 100 was rising on investor optimism the UK lockdown is easing .
Read more : Coronavirus lockdown : Boris Johnson tells millions to get back to work “ The UK ’ s service-heavy economy will remain under a certain pressure for a couple of more weeks , ” she said .
“ But again , the worst recession in centuries is already priced in the market and won ’ t cause additional collateral damage .
“ The main risk to business reopening is a @ @ @ @ @ @ @ investors will be carefully watching if the contagion curve remains on a descending path .
An uptick will likely cause a second wave of halt in activities and hammer the market sentiment .
For now , hope dominates.
” And David Madden , senior market analyst at Markets.com , said the FTSE 100 was initially benefiting from higher confidence in UK stocks .
“ Workers in construction and manufacturing could potentially recommence work in the near term , so that is likely to boost investment confidence in London-listed stocks , ” he said @ @ @ @ @ @ @ ground overnight on the back of optimism in relation to countries loosening their lockdown restrictions , and in turn European indices are tipped to open higher .
South Korea and Germany reported an increase in new infections in the wake of their restrictions being eased .
This is something that traders should be mindful of as it might curtail the reopening of other economies for fear of a second wave of cases .
”

Airline stocks sink as FTSE 100 falls on fears of second wave
The FTSE 100 fell back into negative territory this afternoon after early optimism about an easing of the UK lockdown appeared to evaporate.
London’s stock market was up 0.85 per cent as it flirted with the 6,000 points marker earlier today. But traders’ enthusiasm quickly dwindled as European stocks also dropped into the red.
The FTSE 100 had fallen 0.26 per cent to 5,921 shortly before 4pm. France’s Cac also slipped back from gains to record a drop of 1.5 per cent while Germany’s Dax dipped 0.9 per cent.
The Prime Minister’s announcement of a multi-stage easing of the UK lockdown initially appeared to spur the FTSE 100 higher.
Johnson has urged millions of workers to return to work today if they cannot work from home in what the CBI described as the “first glimmer of light for our faltering economy”.
Brits can spend unlimited time outdoors from Wednesday, and visit beauty spots across the country.
Meanwhile, shops will not reopen until 1 June, with pubs expected to be forced to wait even longer.
Primary schools in England will partially reopen from 1 June but secondary schools are likely to remain closed until September.
However, Johnson’s announcement drew criticism from political rivals, who accused the PM of sowing confusion.
Labour leader Keir Starmer said Johnson’s speech “raises more questions than it answers”.
Airline stocks in freefall
The UK’s aviation industry has been ravaged by the coronavirus, and Johnson’s speech did little to calm nerves.
The Prime Minister said foreign visitors to the UK will face a 14-day quarantine period as the country looks to halt a fresh wave of infections arriving from abroad.
Heathrow Airport warned the move would put people off travelling and “effectively close borders temporarily”.
British Airways owner International Airlines Group (IAG) said the new quarantine measures could delay its target to restart flights by July.
Shares in IAG were down almost 3.5 per cent in afternoon trading, while Easyjet was among the biggest FTSE fallers after dropping more than eight per cent.
Ryanair fell 4.4 per cent following the announcement, while budget carrier Wizz Air was also down just over one per cent.
FTSE 100 rally fades as critics slam Johnson speech
Critics slammed Johnson’s announcement as vague and difficult for employers and employees to interpret.
“Boris Johnson unveiled an unclear, and arguably irresponsible, set of measures on Sunday evening,” Spreadex financial analyst Connor Campbell said.
He added the PM was “pushing the country’s most economically vulnerable back to work despite the government’s own made-up warning system sitting at a 4 out of 5”.
Johnson’s advice came before the Office for National Statistics today revealed construction workers are among the most vulnerable to coronavirus.
Yet Johnson said employees are “actively encouraged” to return to work if they cannot work from home. That is largely meant to apply to manufacturing and construction workers.
“This while allowing people to sit two metres apart from strangers in a park without giving any word on when they can see loved ones in different households,” he added.
Meanwhile, Activ Trades analyst Pierre Veyret said traders would be careful this week due to the risk of a second wave of infections as lockdowns ease.
“Investors are likely to stay cautious in the days and weeks to come, with the fear of a second wave ever present,” he said. “In addition, a lot of the bullish drivers are already priced into markets. Some traders [are] wondering if there is still room for an extended rally this week.”
David Madden of CMC Markets said the easing of lockdowns had turned out to be a “double-edged sword” as initial optimism about reopening the economy was usurped by fears of a second wave.
“Reports from South Korea and Germany show that new cases have jumped amid the easing of restrictions, and that’s why traders are dumping stocks today,” he said.
“When it comes to reopening the economy, there is a fear in the markets that it might be a case of one step forward and two steps backwards.”
Wall Street wobbles on second wave worries
US stocks were mixed this afternoon as investors tested the waters amid the reopening of economies in states across the country.
The Dow Jones and S&P 500 were down 0.8 per cent and 0.5 per cent respectively in New York trading, reflecting concerns about a second wave of infections.
But the tech-heavy Nasdaq ticked up marginally as it continued to outperform its peers during the pandemic.
However, CMC Markets’ David Madden said both the Dow Jones and S&P 500 had made significant gains since March, meaning today’s negative moves were “tiny by comparison”.
Stocks ‘face weeks of pressure’
Swissquote Bank senior analyst Ipek Ozkardeskaya said the FTSE 100 was rising on investor optimism the UK lockdown is easing.
“The UK’s service-heavy economy will remain under a certain pressure for a couple of more weeks,” she said. “But again, the worst recession in centuries is already priced in the market and won’t cause additional collateral damage.
“The main risk to business reopening is a pickup in new cases. Hence, investors will be carefully watching if the contagion curve remains on a descending path. An uptick will likely cause a second wave of halt in activities and hammer the market sentiment. For now, hope dominates.”
Construction sector to get boost?
While UK stocks suffered a wider dip, some parts of the economy could be eyeing a recovery.
Johnson urged people to return to work where they cannot work from home, meaning sectors such as construction and manufacturing are set to pick up trading again.
Shares in Halfords also surged more than 20 per cent to levels not seen since last September.
It came after the prime minister encouraged people to return to work as a way of avoiding public transport.
“It is worth remembering that Halfords issued a positive update last week, as the group said that it expects full year pre-tax profit to be at the upper end of its forecast,” said Madded.
“The firm was already in a relatively strong position before the update from the British prime minister, and now it appears it will be in an even stronger position.”


cityam--2020-05-11--UK companies could be holding up to £105bn in unsustainable debt, warns industry body

UK companies could be holding up to £105bn in unsustainable debt , according to new analysis from financial services industry body , TheCityUK .
In a letter to the Bank of England ( BoE ) governor Andrew Bailey , TheCityUK said the impact of the coronavirus outbreak on business is “ serious and profound ” .
Read more : Banking boss raises prospect of further changes to Coronavirus Business Loan Scheme TheCityUK has set up a recapitalisation group to work with industry and the government to determine a collective response to the pandemic .
The body said the level of @ @ @ @ @ @ @ be between £90bn and £150bn , of which CBILs and CBILs lending could contribute up to £20bn .
The figures imply the need for firms to resolve the level of unsustainable debt “ so as not to inhibit employment , research and development , investment and , ultimately , growth.
” Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
“ We are therefore focussing on the rescheduling and restructuring of debt to provide companies with breathing space , to raise @ @ @ @ @ @ @ , and to minimise the loss of productive capacity and employment , ” the group said .
It added that significant new sources of funding will be required to help restore the long-term competitiveness of the UK economy .
Miles Celic , chief executive of TheCityUK , said : “ The economic lockdown created by the pandemic has required unprecedented interventions .
Businesses have been put into suspended animation until they can safely reopen.
” Read more : Coronavirus lockdown : 1m firms warn of collapse if restrictions continue for three months “ @ @ @ @ @ @ @ do , but it means the job is not yet done .
The economy will need to be reawakened as part of its process of recovery.
” “ Our industry is determined to play its part in getting the country back on its feet .
Working at a pace and with real determination , firms across the industry are collaborating to identify a financially viable pathway to recovery and a return to long-term growth for UK businesses.
” Get the news as it happens by following City A.M. on Twitter .

UK companies could be holding up to £105bn in unsustainable debt, warns industry body
UK companies could be holding up to £105bn in unsustainable debt, according to new analysis from financial services industry body, TheCityUK.
In a letter to the Bank of England (BoE) governor Andrew Bailey, TheCityUK said the impact of the coronavirus outbreak on business is “serious and profound”.
TheCityUK has set up a recapitalisation group to work with industry and the government to determine a collective response to the pandemic.
The body said the level of unsustainable debt held by UK companies could be between £90bn and £150bn, of which CBILs and CBILs lending could contribute up to £20bn.
The figures imply the need for firms to resolve the level of unsustainable debt “so as not to inhibit employment, research and
development, investment and, ultimately, growth.”
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
“We are therefore focussing on the rescheduling and
restructuring of debt to provide companies with breathing space, to raise patient capital to allow for their
rehabilitation, and to minimise the loss of productive capacity and employment,” the group said.
It added that significant new sources of funding will be required to help restore the long-term competitiveness of the UK economy.
Miles Celic, chief executive of TheCityUK, said: “The economic lockdown created by the pandemic has required unprecedented interventions. Businesses have been put into suspended animation until they can safely reopen.”
“This was absolutely the right thing to do, but it means the job is not yet done. The economy will need to be reawakened as part of its process of recovery.”
“Our industry is determined to play its part in getting the country back on its feet. Working at a pace and with real determination, firms across the industry are collaborating to identify a financially viable pathway to recovery and a return to long-term growth for UK businesses.”
Get the news as it happens by following City A.M. on Twitter.


cityam--2020-05-11--British Airways to review July restart plans after quarantine plans revealed

IAG ’ s chief executive Willie Walsh has said that British Airways is reviewing plans to resume 50 per cent of its flights in July due to the government ’ s new quarantine measures .
Read more : Heathrow calls for border reopening plan as passenger numbers fall 97 per cent Speaking to the Transport Select Committee this morning , Walsh said : “ I don ’ t think anybody believed that the UK government was actually implemented if they were serious about getting the economy moving again .
“ So we will have to review the situation ” , @ @ @ @ @ @ @ Boris Johnson said that the government would implement a quarantine period for those entering the UK by air .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
The measures met with confusion from the transport industry , especially after it was confirmed that the plans would not extend to passengers from France .
Walsh said that IAG would await further “ clarity ” from the government on the “ finer details ” of the plan , but said he was @ @ @ @ @ @ @ The BBC reported that the government had this morning confirmed that the quarantine measures would apply to all types of transport .
Read more : Easyjet calls on government to use quarantine rules for only a short period Foreign secretary Dominic Raab said that further guidelines on the use of public transport would follow on Tuesday .
Walsh also said that demand might not now return to pre-coronavirus levels until 2024 .

British Airways to review July restart plans after quarantine plans revealed
IAG’s chief executive Willie Walsh has said that British Airways is reviewing plans to resume 50 per cent of its flights in July due to the government’s new quarantine measures.
Speaking to the Transport Select Committee this morning, Walsh said: “I don’t think anybody believed that the UK government was actually implemented if they were serious about getting the economy moving again.
“So we will have to review the situation”, he added.
Last night Prime Minister Boris Johnson said that the government would implement a quarantine period for those entering the UK by air.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
The measures met with confusion from the transport industry, especially after it was confirmed that the plans would not extend to passengers from France.
Walsh said that IAG would await further “clarity” from the government on the “finer details” of the plan, but said he was “confused” by the measures.
The BBC reported that the government had this morning confirmed that the quarantine measures would apply to all types of transport.
Foreign secretary Dominic Raab said that further guidelines on the use of public transport would follow on Tuesday.
Walsh also said that demand might not now return to pre-coronavirus levels until 2024.
More to follow.


cityam--2020-05-11--UK retailers warn government coronavirus aid not enough to prevent 'imminent collapse'

UK retailers have warned that its financial aid package for businesses during the coronavirus crisis will not prevent the “ imminent collapse ” of many firms .
In a letter to the chancellor Rishi Sunak and small business minister Paul Scully , the British Retail Consortium said the crisis “ facing parts of the retail sector…must be addressed urgently ahead of the June quarter [ rent ] day ” .
Read more : Shoppers wary about life after lockdown as restrictions cost UK retailers £2.7bn a week The letter , which called for an urgent meeting with ministers , said @ @ @ @ @ @ @ risk of collapse due to the coronavirus lockdown and called for further action on property costs .
The British Property Federation and Revo , which represents the retail property sector , also signed the letter .
The Prime Minister yesterday announced that some shops could reopen by 1 June at the earliest , with social distancing measures in place .
Revo chief executive Vivianne King said : “ Retailers deemed non-essential have endured two months with almost no turnover from trading , which in turn has placed huge financial pressure on property owners @ @ @ @ @ @ @ Quarter Rent Day fast approaching there is a real urgency for all constituents to work together to determine how shops can re-open and trade safely without prejudicing public health.
” Read more : Coronavirus : UK retailers have worst month since 2008 New West End Company chief executive Jace Tyrell said : “ We ’ ve been working hard with our businesses , the police , Westminster City Council and London authorities on plans to ensure colleagues and customers can return safely as lockdown restrictions gradually lift .
“ Ahead of the return @ @ @ @ @ @ @ opportunity to rediscover their local high streets and to embrace travelling , shopping and working in different ways .
”

UK retailers warn government coronavirus aid not enough to prevent ‘imminent collapse’
Oxford Street during the UK coronavirus lockdown
UK retailers have warned that its financial aid package for businesses during the coronavirus crisis will not prevent the “imminent collapse” of many firms.
In a letter to the chancellor Rishi Sunak and small business minister Paul Scully, the British Retail Consortium said the crisis “facing parts of the retail sector…must be addressed urgently ahead of the June quarter [rent] day”.
The letter, which called for an urgent meeting with ministers, said that many UK retailers are at imminent risk of collapse due to the coronavirus lockdown and called for further action on property costs.
The British Property Federation and Revo, which represents the retail property sector, also signed the letter.
The Prime Minister yesterday announced that some shops could reopen by 1 June at the earliest, with social distancing measures in place.
Revo chief executive Vivianne King said: “Retailers deemed non-essential have endured two months with almost no turnover from trading, which in turn has placed huge financial pressure on property owners and their lenders.
“With June Quarter Rent Day fast approaching there is a real urgency for all constituents to work together to determine how shops can re-open and trade safely without prejudicing public health.”
New West End Company chief executive Jace Tyrell said: “We’ve been working hard with our businesses, the police, Westminster City Council and London authorities on plans to ensure colleagues and customers can return safely as lockdown restrictions gradually lift.
“Ahead of the return of international travellers, Londoners have the opportunity to rediscover their local high streets and to embrace travelling, shopping and working in different ways.”


cityam--2020-05-11--Ten per cent of London’s population may have caught coronavirus

Ten per cent of London ’ s population are estimated to have coronavirus antibodies , compared to around four per cent of the UK population , the government ’ s chief scientific adviser said today .
“ In London , it might be from that time , maybe 10 percent of people positive for antibodies , suggesting that ’ s the sort of range of infection , and across the country , different levels in different places , but on average somewhere around four percent , ” Sir Patrick Vallance told the government ’ s daily coronavirus press conference .
@ @ @ @ @ @ @ if someone had the virus and produced antibodies for it , were carried out two weeks ago and may reflect the picture three weeks earlier than that .
Vallance said the tests showed that around ten per cent of London ’ s population had coronavirus antibodies and around four per cent of the UK ’ s population also showed antibodies .
Read more : Business welcomes ‘ step forward ’ in new work safety guidance Vallance said around 130,000 people across the country may be infected with the disease right now , but @ @ @ @ @ @ @ , or higher estimates of up to 250,000 were also possible .
“ Because the R [ reproduction number ] is less than one that should be coming down…the halving time should be two weeks , ” he added .
The reproduction number is the number of people that one infected person will pass the virus to , on average .
An R of less than one means that the number of infected people in the population will decrease .
Figures released today by the Department of Health showed a further 210 people @ @ @ @ @ @ @ of 5pm on Sunday .
A total of 233,060 people have tested positive for coronavirus in the UK as of 9am today , an increase of 3,877 from the day before .

Ten per cent of London’s population may have caught coronavirus
Ten per cent of London’s population are estimated to have coronavirus antibodies, compared to around four per cent of the UK population, the government’s chief scientific adviser said today.
“In London, it might be from that time, maybe 10 percent of people positive for antibodies, suggesting that’s the sort of range of infection, and across the country, different levels in different places, but on average somewhere around four percent,” Sir Patrick Vallance told the government’s daily coronavirus press conference.
The serology tests, which can show if someone had the virus and produced antibodies for it, were carried out two weeks ago and may reflect the picture three weeks earlier than that.
Vallance said the tests showed that around ten per cent of London’s population had coronavirus antibodies and around four per cent of the UK’s population also showed antibodies.
Vallance said around 130,000 people across the country may be infected with the disease right now, but said lower estimates of 65,000 to 75,000, or higher estimates of up to 250,000 were also possible.
“Because the R [reproduction number] is less than one that should be coming down…the halving time should be two weeks,” he added.
The reproduction number is the number of people that one infected person will pass the virus to, on average.
An R of less than one means that the number of infected people in the population will decrease.
Figures released today by the Department of Health showed a further 210 people died after testing positive for covid-19 as of 5pm on Sunday.
A total of 233,060 people have tested positive for coronavirus in the UK as of 9am today, an increase of 3,877 from the day before.


cityam--2020-05-11--Boris Johnson defends government’s new ‘stay alert' coronavirus slogan

Prime Minister Boris Johnson tonight defended the government ’ s new “ stay alert ” message in the face of criticism it was unclear .
Johnson , in answer to questions from the public and the media , said the clarity of the government ’ s previous “ stay at home ” message was difficult to emulate as the UK begins to return to work .
Read more : Coronavirus lockdown : Economic activity and optimism plunge to record lows Pooja from Solihull , a member of the public , said Johnson ’ s broadcast yesterday on the government ’ @ @ @ @ @ @ @ with more questions than answers ” .
Johnson said that as the UK takes “ small steps back to normality… the message becomes finer and more complicated ” .
In reply to another question on the clarity of the government ’ s new message , Johnson referenced the French government ’ s new slogan “ Sauvez des vies , restez prudents ” , which translates as : “ Save lives , be careful ” .
“ For those who think that… ’ stay alert ’ is not the right message , I think @ @ @ @ @ @ @ for our country now…just today in France they have gone for a slogan…which is roughly the same sort of thing as our message and I think it ’ s the right way to go , ” he said .
The Prime Minister said the government ’ s message remained broadly the same , but with a change in emphasis .
“ If you can ’ t work from home you should talk to your employer about getting back to work , ” he said .
Read more : Business welcomes ‘ step forward @ @ @ @ @ @ @ We are also making some changes this week about exercise…other than that things are pretty much as they have been , ” Johnson said .
Yesterday the government announced that from Wednesday people would be able to take unlimited exercise outdoors .
From Wednesday people will also be able to sit down in parks and meet one member of another household outside as long as they comply with social distancing measures .
The government also encouraged workers who could not do their jobs from home to begin to return to work where it @ @ @ @ @ @

Boris Johnson defends government’s new ‘stay alert’ coronavirus slogan
Boris Johnson
Prime Minister Boris Johnson tonight defended the government’s new “stay alert” message in the face of criticism it was unclear.
Johnson, in answer to questions from the public and the media, said the clarity of the government’s previous “stay at home” message was difficult to emulate as the UK begins to return to work.
Pooja from Solihull, a member of the public, said Johnson’s broadcast yesterday on the government’s new strategy “left the nation with more questions than answers”.
Johnson said that as the UK takes “small steps back to normality… the message becomes finer and more complicated”.
In reply to another question on the clarity of the government’s new message, Johnson referenced the French government’s new slogan “Sauvez des vies, restez prudents”, which translates as: “Save lives, be careful”.
“For those who think that…’stay alert’ is not the right message, I think it’s absolutely the right message for our country now…just today in France they have gone for a slogan…which is roughly the same sort of thing as our message and I think it’s the right way to go,” he said.
The Prime Minister said the government’s message remained broadly the same, but with a change in emphasis.
“If you can’t work from home you should talk to your employer about getting back to work,” he said.
“We are also making some changes this week about exercise…other than that things are pretty much as they have been,” Johnson said.
Yesterday the government announced that from Wednesday people would be able to take unlimited exercise outdoors.
From Wednesday people will also be able to sit down in parks and meet one member of another household outside as long as they comply with social distancing measures.
The government also encouraged workers who could not do their jobs from home to begin to return to work where it was safe to do so.


cityam--2020-05-11--Business welcomes ‘step forward’ in new work safety guidance

Business groups have welcomed a “ significant step forward ” after the government issued safety guidance for employers to help Brits return to work .
The so-called Covid-secure guidelines , published this evening , set out practical steps for eight different workplace settings that are allowed to be open , from construction sites to factories and takeaways .
Read more : Coronavirus : How business responded to Boris Johnson ’ s lockdown plan It comes after Prime Minister Boris Johnson urged millions of people to return to work as the UK begins a gradual lifting of the lockdown in a @ @ @ @ @ @ @ government reiterated its call for people to continue to work from home wherever possible , but said anyone who is unable to work from home and whose workplace has not been told to close should return to work .
For those businesses that are open , employers have been told to carry out a Covid-19 risk assessment in consultation with their workers or trade unions to establish what guidelines should be put in place .
All firms with more than 50 employees have been told they must publish the results of this risk @ @ @ @ @ @ @ also been told to redesign their workplaces to ensure the 2m social distancing rule is observed .
This includes staggering start times , creating one-way paths and changing seating arrangements in break rooms .
Where the 2m rule can not be observed , firms should attempt to manage transmission risk by installing barriers in shared spaces or ensuring workers are facing away from each other .
In addition , workplaces should be cleaned more frequently , with particular attention paid to high-contact objects such as door handles and keyboards .
“ These are @ @ @ @ @ @ @ risks that COVID-19 creates and to take pragmatic measures to mitigate them , ” said business secretary Alok Shama .
“ And as we are able to reopen new sectors of the economy , we will continue our collaborative approach working with a wide range of stakeholders , to provide guidance for additional workplaces.
” Adam Marshall , director general of the British Chambers of Commerce , said : “ This is a significant step forward in terms of the information available for businesses , who will now need to digest the detail @ @ @ @ @ @ @ for the way that many businesses operate , and some firms will now need time to plan and speak to their employees so that they can return to work safely.
” The guidance applies to businesses currently open but also includes recommendations for shops , which may be set for a phased reopening from 1 June .
Other businesses such as bars and restaurants may begin to reopen from 4 July .
The government said it will develop and publish guidance for these firms ahead of reopenings to give them time to plan @ @ @ @ @ @ @ of business thinking .
Unless people feel safe , employees won ’ t return , customers will stay away and the restart will falter , harming livelihoods and public services , ” said Carolyn Fairbairn , director general of the Confederation of British Industry .
“ This guidance will help .
It gives firms a clearer picture of how to reopen safely and gradually .
”

Business welcomes ‘step forward’ in new work safety guidance
Business groups have welcomed a “significant step forward” after the government issued safety guidance for employers to help Brits return to work.
The so-called Covid-secure guidelines, published this evening, set out practical steps for eight different workplace settings that are allowed to be open, from construction sites to factories and takeaways.
It comes after Prime Minister Boris Johnson urged millions of people to return to work as the UK begins a gradual lifting of the lockdown in a bid to restart the economy.
The government reiterated its call for people to continue to work from home wherever possible, but said anyone who is unable to work from home and whose workplace has not been told to close should return to work.
For those businesses that are open, employers have been told to carry out a Covid-19 risk assessment in consultation with their workers or trade unions to establish what guidelines should be put in place.
All firms with more than 50 employees have been told they must publish the results of this risk assessment on their website.
Employers have also been told to redesign their workplaces to ensure the 2m social distancing rule is observed. This includes staggering start times, creating one-way paths and changing seating arrangements in break rooms.
Where the 2m rule cannot be observed, firms should attempt to manage transmission risk by installing barriers in shared spaces or ensuring workers are facing away from each other.
In addition, workplaces should be cleaned more frequently, with particular attention paid to high-contact objects such as door handles and keyboards.
“These are practical steps to enable employers to identify risks that COVID-19 creates and to take pragmatic measures to mitigate them,” said business secretary Alok Shama.
“And as we are able to reopen new sectors of the economy, we will continue our collaborative approach working with a wide range of stakeholders, to provide guidance for additional workplaces.”
Adam Marshall, director general of the British Chambers of Commerce, said: “This is a significant step forward in terms of the information available for businesses, who will now need to digest the detail.
“The guidance signals big changes for the way that many businesses operate, and some firms will now need time to plan and speak to their employees so that they can return to work safely.”
The guidance applies to businesses currently open but also includes recommendations for shops, which may be set for a phased reopening from 1 June.
Other businesses such as bars and restaurants may begin to reopen from 4 July. The government said it will develop and publish guidance for these firms ahead of reopenings to give them time to plan.
“Safety is at the heart of business thinking. Unless people feel safe, employees won’t return, customers will stay away and the restart will falter, harming livelihoods and public services,” said Carolyn Fairbairn, director general of the Confederation of British Industry.
“This guidance will help. It gives firms a clearer picture of how to reopen safely and gradually.”


cityam--2020-05-11--Hospitality sector calls for additional support for furloughed staff

The UK ’ s hospitality sector has called for additional support for furloughed workers to ensure businesses survive the coronavirus lockdown .
In a letter to chancellor Rishi Sunak , trade body UK Hospitality today urged the government to extend the existing coronavirus job retention scheme , which is currently set to run until the end of June , and increase flexibility for businesses as they begin to reopen .
Read more : Rishi Sunak to outline future of furlough scheme tomorrow The sector called for the furlough scheme to be extended until the end of September at its current @ @ @ @ @ @ @ , with a tapered scheme running until the end of the year .
The chancellor is expected to announce an extension to the scheme tomorrow , but this will likely be at a reduced level of pay .
The hospitality sector also called for the removal of the three-week minimum for furloughing workers , which it said would increase flexibility for reopening businesses .
In addition , industry leaders called for a part-furlough system that would see the government paying 50 per cent of total employment costs .
In total roughly 6.3m Brits @ @ @ @ @ @ @ s job retention scheme , with roughly 2.4m of these estimated to work in the broader hospitality sector .
UK Hospitality chief executive Kate Nicholls warned that “ abruptly turning off ” this support would be a “ disaster ” and would undo the benefits of the scheme so far .
“ When lockdown lifts , a substantial number of hospitality businesses will be unable to reopen again and many of those that can will still be operating far under normal capacity , ” she said .
Read more : Small businesses call @ @ @ @ @ @ @ “ We have reiterated our call for an extension of the scheme and an increase in flexibility to provide the maximum support and opportunity for businesses and their employees .
If we do not get it , we are looking at an even greater threat to a sector that has already been hammered .
”

Hospitality sector calls for additional support for furloughed staff
The UK’s hospitality sector has called for additional support for furloughed workers to ensure businesses survive the coronavirus lockdown.
In a letter to chancellor Rishi Sunak, trade body UK Hospitality today urged the government to extend the existing coronavirus job retention scheme, which is currently set to run until the end of June, and increase flexibility for businesses as they begin to reopen.
The sector called for the furlough scheme to be extended until the end of September at its current rate of 80 per cent of pay, with a tapered scheme running until the end of the year.
The chancellor is expected to announce an extension to the scheme tomorrow, but this will likely be at a reduced level of pay.
The hospitality sector also called for the removal of the three-week minimum for furloughing workers, which it said would increase flexibility for reopening businesses.
In addition, industry leaders called for a part-furlough system that would see the government paying 50 per cent of total employment costs.
In total roughly 6.3m Brits have been furloughed under the government’s job retention scheme, with roughly 2.4m of these estimated to work in the broader hospitality sector.
UK Hospitality chief executive Kate Nicholls warned that “abruptly turning off” this support would be a “disaster” and would undo the benefits of the scheme so far.
“When lockdown lifts, a substantial number of hospitality businesses will be unable to reopen again and many of those that can will still be operating far under normal capacity,” she said.
“We have reiterated our call for an extension of the scheme and an increase in flexibility to provide the maximum support and opportunity for businesses and their employees. If we do not get it, we are looking at an even greater threat to a sector that has already been hammered.”


cityam--2020-05-11--Sir Keir Starmer: Coronavirus roadmap 'needs clear directions'

Sir Keir Starmer has called for greater clarity from the government on its coronavirus recovery strategy in his first televised address .
The leader of the opposition was granted a four-minute televised address by the BBC to respond to Prime Minister ’ s Boris Johnson ’ s last night in which he laid out the government ’ s plan for easing the Covid-19 lockdown .
The government has been criticised by some for its new guidance being too confusing .
Its first stage will see some sectors – such as construction , manufacturing , food production and scientific research – @ @ @ @ @ @ @ From Wednesday , people will be able to socialise in public spaces with their household or with one friend not from their household .
The second and third stages , which will happen on 1 June and 4 July at the earliest , will see more businesses and schools opened .
Starmer said the so-called “ roadmap ” left many questions unanswered and that “ what we needed from the Prime Minister last night was clarity and reassurance ” .
Listen to our daily City View podcast as we chart the economic fallout @ @ @ @ @ @ @ .
“ The Prime Minister said he was setting out a road map , but if we ’ re to complete the journey safely a roadmap needs clear directions , ” he said .
“ So many of us have questions that need answering .
“ How can we be sure our workplaces are now safe to return to ?
How can we get to work safely if we need public transport to do so ?
How can millions of people go back to work while balancing childcare and caring responsibilities ?
” @ @ @ @ @ @ @ ’ t go back to business as usual ” after the crisis .
“ We can ’ t go back to a society where we clap our carers once a week but where half of our care workers are paid less than the real living wage , ” he said .
“ We can ’ t go back to a society where we pay tribute to the heroes of the Second World War , but see our care homes as an afterthought .
“ And we can ’ t go back to a @ @ @ @ @ @ @ in our public services , but expect our frontline workers to protect us .
”

Sir Keir Starmer: Coronavirus roadmap ‘needs clear directions’
Sir Keir Starmer said the so-called coronavirus “roadmap” left many questions unanswered
Sir Keir Starmer has called for greater clarity from the government on its coronavirus recovery strategy in his first televised address.
The leader of the opposition was granted a four-minute televised address by the BBC to respond to Prime Minister’s Boris Johnson’s last night in which he laid out the government’s plan for easing the Covid-19 lockdown.
The government has been criticised by some for its new guidance being too confusing.
Its first stage will see some sectors – such as construction, manufacturing, food production and scientific research – go back to work this week.
From Wednesday, people will be able to socialise in public spaces with their household or with one friend not from their household.
The second and third stages, which will happen on 1 June and 4 July at the earliest, will see more businesses and schools opened.
Starmer said the so-called “roadmap” left many questions unanswered and that “what we needed from the Prime Minister last night was clarity and reassurance”.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
“The Prime Minister said he was setting out a road map, but if we’re to complete the journey safely a roadmap needs clear directions,” he said.
“So many of us have questions that need answering.
“How can we be sure our workplaces are now safe to return to? How can we get to work safely if we need public transport to do so? How can millions of people go back to work while balancing childcare and caring responsibilities?”
Starmer added that the UK “can’t go back to business as usual” after the crisis.
“We can’t go back to a society where we clap our carers once a week but where half of our care workers are paid less than the real living wage,” he said.
“We can’t go back to a society where we pay tribute to the heroes of the Second World War, but see our care homes as an afterthought.
“And we can’t go back to a country where we don’t invest in our public services, but expect our frontline workers to protect us.”


cityam--2020-05-11--Rishi Sunak to outline future of furlough scheme tomorrow

The government will set out details about the future of the coronavirus job retention scheme tomorrow , Prime Minister Boris Johnson has said .
The furlough scheme , which is paying 80 per cent of wages for more than 6m British workers , is currently due to run until the end of June .
Read more : Small businesses call for furloughed workers to return to work But chancellor Rishi Sunak has reassured businesses that they would not face a “ cliff edge ” at the end of the scheme , fuelling speculation about how the government will look to @ @ @ @ @ @ @ in parliament this afternoon , Johnson confirmed that the chancellor would provide more information tomorrow .
It follows reports that the scheme will be extended until September at a reduced rate of 60 per cent .
The funding will also be available to top up the salaries of staff brought back to work on a part-time basis , the Telegraph reported .
Business groups have warned that a continuation of the job retention scheme — as well as other government support — will be key to returning the country to work .
“ @ @ @ @ @ @ @ into account the wider context of any lockdown extension , as well as the public health response , so that people and businesses can get back to work when it is safe to do so , ” a Treasury spokesperson said .
Prime Minister Boris Johnson last night urged millions of people across the UK to return to work as the government began a gradual easing of lockdown measures .
People who are unable to work from home , such as construction and manufacturing workers , should be “ actively encouraged ” to @ @ @ @ @ @ @ The government said it will issue further guidance this evening about how employers can keep their staff safe .
In a more detailed plan published this afternoon , the government also said that some non-essential retailers in England could be allowed to reopen as soon as 1 June .
Some pubs , restaurants and cinemas could open as early as 4 July as a part of a “ coronavirus recovery strategy ” .
However , the guidance is only a draft and could change depending on the trajectory of the UK ’ s @ @ @

Rishi Sunak to outline future of furlough scheme tomorrow
The government will set out details about the future of the coronavirus job retention scheme tomorrow, Prime Minister Boris Johnson has said.
The furlough scheme, which is paying 80 per cent of wages for more than 6m British workers, is currently due to run until the end of June.
But chancellor Rishi Sunak has reassured businesses that they would not face a “cliff edge” at the end of the scheme, fuelling speculation about how the government will look to wind down the scheme.
Answering questions in parliament this afternoon, Johnson confirmed that the chancellor would provide more information tomorrow.
It follows reports that the scheme will be extended until September at a reduced rate of 60 per cent.
The funding will also be available to top up the salaries of staff brought back to work on a part-time basis, the Telegraph reported.
Business groups have warned that a continuation of the job retention scheme — as well as other government support — will be key to returning the country to work.
“Future decisions around the scheme will take into account the wider context of any lockdown extension, as well as the public health response, so that people and businesses can get back to work when it is safe to do so,” a Treasury spokesperson said.
Prime Minister Boris Johnson last night urged millions of people across the UK to return to work as the government began a gradual easing of lockdown measures.
People who are unable to work from home, such as construction and manufacturing workers, should be “actively encouraged” to return to work, he said.
The government said it will issue further guidance this evening about how employers can keep their staff safe.
In a more detailed plan published this afternoon, the government also said that some non-essential retailers in England could be allowed to reopen as soon as 1 June.
Some pubs, restaurants and cinemas could open as early as 4 July as a part of a “coronavirus recovery strategy”.
However, the guidance is only a draft and could change depending on the trajectory of the UK’s infection rate.


cityam--2020-05-11--P&O Ferries to cut 1,100 jobs

P&O Ferries to cut 1,100 jobs

P & O Ferries today said it will cut 1,100 jobs after demand for travel was hit by the coronavirus pandemic .
The ferry operator said it has started consultations “ with a proposal to make around 1,100 of our colleagues redundant.
” A spokesperson for P & O Ferries said : “ Since the beginning of the crisis , P & O Ferries has been working with its stakeholders to address the impact of the loss of the passenger business .
“ It is now clear that right-sizing the business is necessary to create a viable and sustainable P @ @ @ @ @ @ @ .
“ Regrettably , therefore , due to the reduced number of vessels we are operating and the ongoing downturn in business we are beginning consultation proceedings with a proposal to make around 1,100 of our colleagues redundant.
” Read more : British Airways to axe a quarter of pilots amid 12,000 job cuts General secretary of the National Union of Rail , Maritime and Transport Workers ( RMT ) Mick Cash said : “ This is devastating news and an appalling betrayal of the P & O work force .
“ This @ @ @ @ @ @ @ P & O seafarers who have maintained key supply lines to the UK during the Covid -19 pandemic .
“ What is utterly shameful is P & O have been kept afloat by our members and the taxpayer whilst their owners have been paying out hundreds of millions in dividends in Dubai and cooking up plans to permanently replace UK seafarers with low cost seafarers from thousands of miles away .
“ This is an attack on British seafarers , crew and the biggest fear is that these jobs will never return to @ @ @ @ @ @ @ guarantee that P & O ferries will still be running passenger ferry services from those ports to protect their owner ’ s profits at the country ’ s expense .
“ We are seeking urgent talks with the company and will fight tooth and nail against these job losses and we are calling on the government to step in now and nationalise these services to protect jobs and the UK ’ s maritime interests , ” In March P & O furloughed more than 1,000 workers using the government ’ s coronavirus job @ @ @ @ @ @ @ basic salaries , with the government funding 80 per cent and P & O topping up the rest .
Read more : Coronavirus : Job retention scheme to be extended to September The transport sector has been hit hard by coronavirus which has led to passenger numbers collapsing as people avoid travelling .
British Airways said last month it could cut 12,000 jobs after travel slumped .
“ The proposals remain subject to consultation but it is likely that they will affect most of British Airways ’ employees and may result in the @ @ @ @ @ @ @ , ” British Airways-owner IAG said .
In April , British Airways furloughed 22,626 staff using the UK government ’ s coronavirus job retention scheme .

P&O Ferries to cut 1,100 jobs
P&O Ferries today said it will cut 1,100 jobs after demand for travel was hit by the coronavirus pandemic.
The ferry operator said it has started consultations “with a proposal to make around 1,100 of our colleagues redundant.”
A spokesperson for P&O Ferries said: “Since the beginning of the crisis, P&O Ferries has been working with its stakeholders to address the impact of the loss of the passenger business.
“It is now clear that right-sizing the business is necessary to create a viable and sustainable P&O Ferries to get through Covid-19.
“Regrettably, therefore, due to the reduced number of vessels we are operating and the ongoing downturn in business we are beginning consultation proceedings with a proposal to make around 1,100 of our colleagues redundant.”
General secretary of the National Union of Rail, Maritime and Transport Workers (RMT) Mick Cash said: “This is devastating news and an appalling betrayal of the P&O work force.
“ This is a kick in the teeth for P&O seafarers who have maintained key supply lines to the UK during the Covid -19 pandemic.
“What is utterly shameful is P&O have been kept afloat by our members and the taxpayer whilst their owners have been paying out hundreds of millions in dividends in Dubai and cooking up plans to permanently replace UK seafarers with low cost seafarers from thousands of miles away.
“This is an attack on British seafarers, crew and the biggest fear is that these jobs will never return to Dover or Hull. But you can guarantee that P&O ferries will still be running passenger ferry services from those ports to protect their owner’s profits at the country’s expense.
“We are seeking urgent talks with the company and will fight tooth and nail against these job losses and we are calling on the government to step in now and nationalise these services to protect jobs and the UK’s maritime interests,”
In March P&O furloughed more than 1,000 workers using the government’s coronavirus job retention scheme.
Workers were paid their basic salaries, with the government funding 80 per cent and P&O topping up the rest.
The transport sector has been hit hard by coronavirus which has led to passenger numbers collapsing as people avoid travelling.
British Airways said last month it could cut 12,000 jobs after travel slumped.
“The proposals remain subject to consultation but it is likely that they will affect most of British Airways’ employees and may result in the redundancy of up to 12,000 of them,” British Airways-owner IAG said.
In April, British Airways furloughed 22,626 staff using the UK government’s coronavirus job retention scheme.


cityam--2020-05-11--Mayor candidate Shaun Bailey: TfL bailout was 'inevitable'

London mayoral candidate Shaun Bailey has claimed that Transport for London ’ s ( TfL ) bailout bid was “ inevitable ” and would have happened even without the coronavirus crisis .
The Tory candidate told City A.M. ’ s daily podcast The City View that TfL was “ bankrupt , virtually ” and that its bid for a £2bn bailout from central government was because of Sadiq Khan ’ s handling of the transport body ’ s finances .
The Sunday Times reported yesterday that TfL had just £1bn in the bank and would run out of cash in @ @ @ @ @ @ @ has suffered from a 95 per cent drop in Tube fares and an 85 per cent drop in bus fares due to the Covid-19 lockdown .
A spokesperson for Khan called Bailey ’ s comments “ total nonsense ” and that the “ sole cause of the financial challenge now facing TfL and all other transport operators is Covid-19 ” .
The hit to TfL ’ s finances from the virus could not have come at a worse time , after it had compiled an estimated £11bn in debt in recent years .
@ @ @ @ @ @ @ deficit of around £220m , which was a vast improvement on initial estimates .
TfL ’ s finances have been affected by the government reducing its contribution to the body by £700m per year , Crossrail ’ s budget blowouts and Khan ’ s fares freeze for single journeys implemented in 2016 .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
Bailey said today that the fault for TfL ’ s debts lay with Khan and that he would have @ @ @ @ @ @ @ some point even without the coronavirus crisis .
“ I think it ’ s important for people to understand that TfL was bankrupt , virtually , before Covid and I think it ’ s really imoprtant that we do not allow the mayor to hide behind this outbreak , ” he said .
“ The fact TfL are going cap in hand [ to the government for a bailout ] was inevitable , even if we didn ’ t have Covid that was going to happen , but this has just sped that @ @ @ @ @ @ @ is total nonsense .
Read more : Sadiq Khan : There will be no swift return to normality for TfL “ Despite London being one of the only major cities in Western Europe without a government grant for day-to-day transport operations , Sadiq had ensured that Transport for London was in a strong financial position prior to the coronavirus pandemic – reducing its operating deficit by 71 per cent and increasing its cash balance by 16 per cent .
“ The sole cause of the financial challenge now facing TfL and all other @ @ @ @ @ @ @ has fallen by around 90 per cent as a result of lockdown .
”

Mayor candidate Shaun Bailey: TfL bailout was ‘inevitable’
Shaun Bailey, Conservative candidate for the Mayor of London delivers a speech on the third day of the Conservative Party Conference at Manchester Central at Manchester Central on October 01, 2019
London mayoral candidate Shaun Bailey has claimed that Transport for London’s (TfL) bailout bid was “inevitable” and would have happened even without the coronavirus crisis.
The Tory candidate told City A.M.’s daily podcast The City View that TfL was “bankrupt, virtually” and that its bid for a £2bn bailout from central government was because of Sadiq Khan’s handling of the transport body’s finances.
The Sunday Times reported yesterday that TfL had just £1bn in the bank and would run out of cash in two months without government support.
It has suffered from a 95 per cent drop in Tube fares and an 85 per cent drop in bus fares due to the Covid-19 lockdown.
A spokesperson for Khan called Bailey’s comments “total nonsense” and that the “sole cause of the financial challenge now facing TfL and all other transport operators is Covid-19”.
The hit to TfL’s finances from the virus could not have come at a worse time, after it had compiled an estimated £11bn in debt in recent years.
The transport body had a projected 2019-20 deficit of around £220m, which was a vast improvement on initial estimates.
TfL’s finances have been affected by the government reducing its contribution to the body by £700m per year, Crossrail’s budget blowouts and Khan’s fares freeze for single journeys implemented in 2016.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
Bailey said today that the fault for TfL’s debts lay with Khan and that he would have had to ask for a bailout at some point even without the coronavirus crisis.
“I think it’s important for people to understand that TfL was bankrupt, virtually, before Covid and I think it’s really imoprtant that we do not allow the mayor to hide behind this outbreak,” he said.
“The fact TfL are going cap in hand [to the government for a bailout] was inevitable, even if we didn’t have Covid that was going to happen, but this has just sped that up.”
A spokesperson for the mayor strongly refuted Bailey’s claims.
They said: “This is total nonsense.
“Despite London being one of the only major cities in Western Europe without a government grant for day-to-day transport operations, Sadiq had ensured that Transport for London was in a strong financial position prior to the coronavirus pandemic – reducing its operating deficit by 71 per cent and increasing its cash balance by 16 per cent.
“The sole cause of the financial challenge now facing TfL and all other transport operators is Covid-19. Fare income has fallen by around 90 per cent as a result of lockdown.”


cityam--2020-05-11--Facebook and Instagram launch digital gift cards for small businesses

Facebook and Instagram users will now be able to support local businesses during the Covid-19 crisis by purchasing digital gift cards on the social media platforms .
From today businesses will be able to promote gift cards on their Facebook pages and in news feed posts , as well as in Instagram stories and on their profiles .
Read more : Facebook earnings : Shares leap despite lowest growth since 2012 Customers will also be able to search for and discover digital gift cards for a range of small firms , including restaurants , gyms , beauty salons , bookshops @ @ @ @ @ @ @ also expand its rules on fundraising on both its platform and Instagram so that small businesses can drum up direct support from their customers .
“ Running a company during Covid-19 is far from ‘ business as usual ’ , and for smaller companies the impact of lockdown has hit hard , ” said Steve Hatch , Facebook vice president for northern Europe .
“ I hope the additional tools and guidance we are launching today will help these businesses weather this difficult period , and with our gift cards and fundraisers I @ @ @ @ @ @ @ to their favourite small businesses too.
” The measures mark a new direction in Facebook ’ s response to the Covid-19 crisis .
The tech giant has previously been focused on tackling a surge in disinformation linked to the pandemic that has spread on its platforms .
Facebook also unveiled a new virtual events section where businesses will be able to promote their livestream sessions during the lockdown .
Users will also be able to access a list of recommended local businesses , while restaurants will be able to post food order stickers @ @ @ @ @ @ @

Facebook and Instagram launch digital gift cards for small businesses
Facebook and Instagram users will now be able to support local businesses during the Covid-19 crisis by purchasing digital gift cards on the social media platforms.
From today businesses will be able to promote gift cards on their Facebook pages and in news feed posts, as well as in Instagram stories and on their profiles.
Customers will also be able to search for and discover digital gift cards for a range of small firms, including restaurants, gyms, beauty salons, bookshops and bakeries.
Facebook said it will also expand its rules on fundraising on both its platform and Instagram so that small businesses can drum up direct support from their customers.
“Running a company during Covid-19 is far from ‘business as usual’, and for smaller companies the impact of lockdown has hit hard,” said Steve Hatch, Facebook vice president for northern Europe.
“I hope the additional tools and guidance we are launching today will help these businesses weather this difficult period, and with our gift cards and fundraisers I hope more people can say thank you to their favourite small businesses too.”
The measures mark a new direction in Facebook’s response to the Covid-19 crisis. The tech giant has previously been focused on tackling a surge in disinformation linked to the pandemic that has spread on its platforms.
Facebook also unveiled a new virtual events section where businesses will be able to promote their livestream sessions during the lockdown.
Users will also be able to access a list of recommended local businesses, while restaurants will be able to post food order stickers on Instagram to help drive purchases.
Main image credit: Facebook


cityam--2020-05-11--Exclusive: EU accused of 'politicising' City of London in Brexit trade talks

EU negotiators have been accused of politicising the UK ’ s financial services sector in Brexit trade talks , after suggestions the bloc could shut the City of London out of its markets if the UK does not budge on other areas during negotiations .
A senior EU official told City A.M. that Brussels will only grant the British financial services sector access to its lucrative EU markets if it is “ within our own interests ” and if the UK shifts its position on key areas in trade talks , such as the EU ’ s fishing access to @ @ @ @ @ @ @ trade deal ‘ won ’ t happen ’ unless EU changes fisheries stance by June Read more : Brexit trade talks : Will the deadline be extended over coronavirus ?
It comes as the two sides began the third round of negotiations via conference call this afternoon , with a view to ratifying a free trade deal by 31 December .
Brussels only grants access to its markets if they agree to an equivalence regime with its trading partner .
This means the country seeking a trade deal must set similar financial services @ @ @ @ @ @ @ crucial the City of London retains access to the EU as almost half of all debt and equity issuance for non-financial Eurozone firms between 2012 and 2018 came from banks based in London .
UK negotiators have been in the process of submitting documents to Brussels , who will now make an assessment by June on whether an equivalence rating can be granted .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
However , a senior EU official told City @ @ @ @ @ @ @ if the UK chief negotiator David Frost did not give ground on other contested areas .
This is particularly true for the areas of fishing policy and the so-called level playing field for regulations , which have been major flashpoints in the first two rounds of negotiations .
“ Just because we have made the [ equivalency ] assessment in June , does not mean we will make the decision in June , ” the EU source said .
“ The UK is requesting access to a massive market – we ’ ll @ @ @ @ @ @ @ will only sign up to a deal that is in our own interests.
” A spokesperson for the UK negotiating team hit back at the EU ’ s tactics by saying the “ politicisation of financial services ” was “ in no one ’ s interests and the EU knows that ” .
“ The financial stability that underpins our and the EU ’ s economies depends on trust and predictability in relation to regulatory matters , ” they said .
“ There is no reason why the UK and EU would not @ @ @ @ @ @ @ across all regimes by June .
“ We leave with the same rulebook and we both have third country equivalence frameworks to support cross-border activity.
” There will be one more negotiating round after this week ’ s talks , before the two sides will have a period to “ take stock ” of progress so far .
A source close to the UK negotiating team said it would be very difficult for talks to progress past this point if there had been no movement on fishing policy or level playing field discussions @ @ @ @ @ @ @ retains the same fishing rights in UK waters as previously , while UK negotiators have consistently said this is not an option .
The level playing field is a demand from the EU that the UK must align its regulations to ensure British businesses do not have a future competitive advantage .
In return , the UK would be able to trade tariff-free with EU member states .
So far , the camps are very far apart in their positions on both of these issues .
Shanker Singham , chief executive of trade @ @ @ @ @ @ @ , said the EU ’ s tactic of using the City of London as a bargaining chip was not a strong strategy .
“ I would expect that they would use whatever they could to get the deal they want , but I ’ m not sure how strong of a strategy that is though , ” he said .
Read more : Michael Spencer : PM right not to seek Brexit trade deal extension “ Large firms from Europe need access to the City of London and if I was the UK @ @ @ @ @ @ @

Exclusive: EU accused of ‘politicising’ City of London in Brexit trade talks
Post-Brexit trade talks between the EU and UK are at a crossroads, after little progress has been made on several key areas.
EU negotiators have been accused of politicising the UK’s financial services sector in Brexit trade talks, after suggestions the bloc could shut the City of London out of its markets if the UK does not budge on other areas during negotiations.
A senior EU official told City A.M. that Brussels will only grant the British financial services sector access to its lucrative EU markets if it is “within our own interests” and if the UK shifts its position on key areas in trade talks, such as the EU’s fishing access to British waters.
It comes as the two sides began the third round of negotiations via conference call this afternoon, with a view to ratifying a free trade deal by 31 December.
Brussels only grants access to its markets if they agree to an equivalence regime with its trading partner.
This means the country seeking a trade deal must set similar financial services regulations as the EU.
It is crucial the City of London retains access to the EU as almost half of all debt and equity issuance for non-financial Eurozone firms between 2012 and 2018 came from banks based in London.
UK negotiators have been in the process of submitting documents to Brussels, who will now make an assessment by June on whether an equivalence rating can be granted.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
However, a senior EU official told City A.M. that equivalence would not be granted if the UK chief negotiator David Frost did not give ground on other contested areas.
This is particularly true for the areas of fishing policy and the so-called level playing field for regulations, which have been major flashpoints in the first two rounds of negotiations.
“Just because we have made the [equivalency] assessment in June, does not mean we will make the decision in June,” the EU source said.
“The UK is requesting access to a massive market – we’ll act within our own interests and we will only sign up to a deal that is in our own interests.”
A spokesperson for the UK negotiating team hit back at the EU’s tactics by saying the “politicisation of financial services” was “in no one’s interests and the EU knows that”.
“The financial stability that underpins our and the EU’s economies depends on trust and predictability in relation to regulatory matters,” they said.
“There is no reason why the UK and EU would not be able to find each other equivalent across all regimes by June.
“We leave with the same rulebook and we both have third country equivalence frameworks to support cross-border activity.”
There will be one more negotiating round after this week’s talks, before the two sides will have a period to “take stock” of progress so far.
A source close to the UK negotiating team said it would be very difficult for talks to progress past this point if there had been no movement on fishing policy or level playing field discussions.
The EU is requesting that it retains the same fishing rights in UK waters as previously, while UK negotiators have consistently said this is not an option.
The level playing field is a demand from the EU that the UK must align its regulations to ensure British businesses do not have a future competitive advantage. In return, the UK would be able to trade tariff-free with EU member states.
So far, the camps are very far apart in their positions on both of these issues.
Shanker Singham, chief executive of trade law and economic policy consultancy firm Competere, said the EU’s tactic of using the City of London as a bargaining chip was not a strong strategy.
“I would expect that they would use whatever they could to get the deal they want, but I’m not sure how strong of a strategy that is though,” he said.
“Large firms from Europe need access to the City of London and if I was the UK, I would call their bluff.
“Most [UK] firms have assumed no-deal anyway.”


cityam--2020-05-12--Easyjet founder offers £5m reward for Airbus deal 'whistleblower'

Easyjet ’ s founder Stelios Haji-Ioannou is offering a £5m reward to any “ whistleblower ” who can provide information leading to the cancellation of the airline ’ s 107 plane deal with Airbus .
Haji-Ioannou has been attempting to force Easyjet ’ s board into scrapping the deal for months , saying the £4.5bn deal will leave the carrier without enough cash to survive the coronavirus crisis .
Read more : Easyjet board set for showdown with founder over Airbus contract In a statement , the Greek-Cypriot businessman said that the “ obligation to pay Airbus will drive easyJet @ @ @ @ @ @ @ Today ’ s offer is the latest in a long-running campaign against Easyjet ’ s board , which has seen Haji-Ioannou call for the removal of four board members , including chief executive Johan Lundgren and chairman John Barton .
An extraordinary general meeting has been set for 22 May , at which shareholders will vote on the proposals .
This morning , Easyjet confirmed that major advisory agencies ISS , Glass Lewis and PIRC had all told shareholders to vote against Sir Stelios ’ proposals .
Last week Invesco , Phoenix Asset @ @ @ @ @ @ @ together represent about 15 per cent of the carrier ’ s shares , said they would vote against the measures .
Haji-Ioannou is the airline ’ s largest shareholder , with 34 per cent of its stock .
In order to pass , the resolutions will need 50 per cent of shareholders ’ votes .
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic .
In response to this morning ’ s offer from the airline ’ s founder , a spokesperson @ @ @ @ @ @ @ we have previously stated , the Board firmly rejects any insinuation that easyJet was involved in any impropriety .
“ Easyjet has maintained the highest standards of governance and scrutiny in respect of its aircraft procurement processes .
“ Given the significance of the potential transaction , easyJet appointed external independent accountants BDO to carry out an on-going review of the controls surrounding the fleet selection process which culminated in the 2013 Airbus Contract .
“ The audit report confirmed that robust procurement , project management and governance processes were in place and @ @ @ @ @ @ @ Easyjet chair attacks founder for piling pressure on management during coronavirus crisis The carrier has previously said that it can survive a total grounding for up to nine months due to measures taken to bolster its finances .
These include deferring delivery of 24 of the ordered planes , large reductions in its spending plans and drawing down £600m from the Bank of England ’ s coronavirus finance scheme .

Easyjet founder offers £5m reward for Airbus deal ‘whistleblower’
Easyjet’s founder Stelios Haji-Ioannou is offering a £5m reward to any “whistleblower” who can provide information leading to the cancellation of the airline’s 107-plane deal with Airbus.
Haji-Ioannou has been attempting to force Easyjet’s board into scrapping the deal for months, saying the £4.5bn deal will leave the carrier without enough cash to survive the coronavirus crisis.
In a statement, the Greek-Cypriot businessman said that the “obligation to pay Airbus will drive easyJet into insolvency by December 2020”.
Today’s offer is the latest in a long-running campaign against Easyjet’s board, which has seen Haji-Ioannou call for the removal of four board members, including chief executive Johan Lundgren and chairman John Barton.
An extraordinary general meeting has been set for 22 May, at which shareholders will vote on the proposals.
This morning, Easyjet confirmed that major advisory agencies ISS, Glass Lewis and PIRC had all told shareholders to vote against Sir Stelios’ proposals.
Last week Invesco, Phoenix Asset Management, and Ninety One, which together represent about 15 per cent of the carrier’s shares, said they would vote against the measures.
Haji-Ioannou is the airline’s largest shareholder, with 34 per cent of its stock. In order to pass, the resolutions will need 50 per cent of shareholders’ votes.
Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.
In response to this morning’s offer from the airline’s founder, a spokesperson for the company said:
“As we have previously stated, the Board firmly rejects any insinuation that easyJet was involved in any impropriety.
“Easyjet has maintained the highest standards of governance and scrutiny in respect of its aircraft procurement processes.
“Given the significance of the potential transaction, easyJet appointed external independent accountants BDO to carry out an on-going review of the controls surrounding the fleet selection process which culminated in the 2013 Airbus Contract.
“The audit report confirmed that robust procurement, project management and governance processes were in place and had been followed.”
The carrier has previously said that it can survive a total grounding for up to nine months due to measures taken to bolster its finances.
These include deferring delivery of 24 of the ordered planes, large reductions in its spending plans and drawing down £600m from the Bank of England’s coronavirus finance scheme.