cityam--2020-07-13--Johnny Depp’s former PA called Amber Heard the ‘abuser’ in their relationship

Johnny Depp ’ s former personal assistant branded Amber Heard a “ sociopathic show pony ” and a “ Machiavellian overlord ” who was the real abuser in the pair ’ s relationship , as the Pirates of the Caribbean actor ’ s libel suit against the Sun newspaper entered its second week today .
Stephen Deuters told London ’ s High Court that Heard subjected the Hollywood star to “ years of abuse ” and that he was “ appalled ” the Pineapple Express actress had claimed she was a victim of assault by Depp .
Read more : @ @ @ @ @ @ @ ’ him as High Court libel case begins Depp is suing the Sun ’ s publisher News Group Newspapers ( NGN ) and the Sun ’ s executive editor Dan Wootton over an article from April 2018 that referred to Depp as a “ wifebeater ” , and which claimed there was “ overwhelming evidence ” that he attacked his wife at the time .
NGN is relying on 14 separate accounts of alleged domestic violence against Heard in its defence case .
Depp strongly denies the allegations .
In a witness statement @ @ @ @ @ @ @ president of Depp ’ s Infinitum Nihil production company , told the High Court he saw the Aquaman actress “ on many occasions ” during the period Depp is alleged to have been abusive .
“ At no point did Ms Heard ever mention any physical abuse and I never saw evidence of any injury to Ms Heard , ” said Deuters .
The court heard texts sent by Depp ’ s former PA calling Heard a “ sociopathic show pony , Machiavellian overlord , talentless c*** ” after she filed for divorce @ @ @ @ @ @ @ year after the couple were married .
Deuters alleged that Heard subjected Depp to “ years ” of physical and emotional abuse , and added that he was “ extremely surprised and outraged ” when the 34-year-old actress filed for a restraining order against her ex-husband .
The revelations came as Depp today rounded off 25 hours of cross-examination in the witness box , which saw him fend off allegations of assault from his ex-wife .
The three-time Academy Award nominee accused Heard of throwing a “ haymaker ” punch at him following @ @ @ @ @ @ @ , after the actress confronted him about showing up late to the bash .
Depp admitted he had “ probably smoked marijuana ” and arrived late to the birthday dinner in Los Angeles , after attending a “ bad meeting ” with a new finance manager who revealed the star had lost $ 650m ( £517.5m ) after it was allegedly stolen by his previous managers .
Depp said it was “ embarrassing ” that he not only had he lost the sum due to his previous business managers , but he was @ @ @ @ @ @ @ they had not paid the government my taxes for 17 years ” .
The actor claimed Heard had been “ drinking heavily ” on her birthday and punched him in the face four times while he was reading in bed before he grabbed her arms to stop her .
The next morning , Depp ’ s assistant texted him a picture of human faeces that the cleaner had found in his hotel bedsheets , which the actor said he believed had been planted there by Heard or one of her friends .
He @ @ @ @ @ @ @ “ Amber Turd ” and “ Amber ’ s in the dumps ” , telling the court that he found the incident “ hilarious ” .
David Sherbourne , representing the Edward Scissorhands actor , asked Depp if he thought he deserved to be punched for reading in bed , after NGN ’ s lawyer Sasha Wass QC last week claimed it had deeply upset Heard .
Depp replied : “ Under the circumstances of being harangued and forced into some argument or altercation , I didn ’ t think that it was @ @ @ @ @ @ @ thought it was best to remove myself from the argument because it seemed ridiculous to me.
” The court last week heard a witness statement from Heard claiming that Depp had thrown a magnum of champagne at her in the same incident , before pulling her hair and leaving a note saying “ Happy f******* birthday ” .
The Pirates Of The Caribbean star , who on Thursday admitted to accidentally headbutting his ex-wife during a separate scuffle , told the High Court today that “ it seemed like everything she would accuse @ @ @ @ @ @ @ to me ” .
The actor ’ s case against NGN and the Sun ’ s executive editor Dan Wootton follows the publication of an article on the Sun ’ s website in April 2018 that urged author JK Rowling to scrap Depp from the Fantastic Beasts and Where to Find Them franchise over allegations of domestic assault .
Read more : Johnny Depp admits he ‘ accidentally ’ headbutted Amber Heard during scuffle Depp has argued that article ’ s headline , “ Gone Potty : How can JK Rowling be ‘ @ @ @ @ @ @ @ Depp in the new Fantastic Beasts film ?
” , is defamatory .
NGN is defending the article as true , and has claimed Depp was “ controlling and verbally and physically abusive towards Heard , particularly when he was under the influence of alcohol and/or drugs ” during their seven-year relationship .
Before the Open : Get the jump on the markets with our early morning newsletter

Johnny Depp’s former PA called Amber Heard the ‘abuser’ in their relationship
Johnny Depp’s former personal assistant branded Amber Heard a “sociopathic show pony” and a “Machiavellian overlord” who was the real abuser in the pair’s relationship, as the Pirates of the Caribbean actor’s libel suit against the Sun newspaper entered its second week today.
Stephen Deuters told London’s High Court that Heard subjected the Hollywood star to “years of abuse” and that he was “appalled” the Pineapple Express actress had claimed she was a victim of assault by Depp.
Depp is suing the Sun’s publisher News Group Newspapers (NGN) and the Sun’s executive editor Dan Wootton over an article from April 2018 that referred to Depp as a “wifebeater”, and which claimed there was “overwhelming evidence” that he attacked his wife at the time.
NGN is relying on 14 separate accounts of alleged domestic violence against Heard in its defence case. Depp strongly denies the allegations.
Johnny Depp is seen arriving at the Royal Courts of Justice today on his final day in the witness box in his libel suit against News Group Newspapers
In a witness statement Deuters, who is now the European president of Depp’s Infinitum Nihil production company, told the High Court he saw the Aquaman actress “on many occasions” during the period Depp is alleged to have been abusive.
“At no point did Ms Heard ever mention any physical abuse and I never saw evidence of any injury to Ms Heard,” said Deuters.
The court heard texts sent by Depp’s former PA calling Heard a “sociopathic show pony, Machiavellian overlord, talentless c***” after she filed for divorce from Depp in 2016, just one year after the couple were married.
Deuters alleged that Heard subjected Depp to “years” of physical and emotional abuse, and added that he was “extremely surprised and outraged” when the 34-year-old actress filed for a restraining order against her ex-husband.
The revelations came as Depp today rounded off 25 hours of cross-examination in the witness box, which saw him fend off allegations of assault from his ex-wife.
The three-time Academy Award nominee accused Heard of throwing a “haymaker” punch at him following her 30th birthday party in April 2016, after the actress confronted him about showing up late to the bash.
Depp admitted he had “probably smoked marijuana” and arrived late to the birthday dinner in Los Angeles, after attending a “bad meeting” with a new finance manager who revealed the star had lost $650m (£517.5m) after it was allegedly stolen by his previous managers.
Depp said it was “embarrassing” that he not only had he lost the sum due to his previous business managers, but he was “$100m in the hole because they had not paid the government my taxes for 17 years”.
The actor claimed Heard had been “drinking heavily” on her birthday and punched him in the face four times while he was reading in bed before he grabbed her arms to stop her.
The next morning, Depp’s assistant texted him a picture of human faeces that the cleaner had found in his hotel bedsheets, which the actor said he believed had been planted there by Heard or one of her friends.
US actress Amber Heard waves as she leaves on the fifth day of the libel trial by her former husband US actor Johnny Depp
He replied with a series of jokes including “Amber Turd” and “Amber’s in the dumps”, telling the court that he found the incident “hilarious”.
David Sherbourne, representing the Edward Scissorhands actor, asked Depp if he thought he deserved to be punched for reading in bed, after NGN’s lawyer Sasha Wass QC last week claimed it had deeply upset Heard.
Depp replied: “Under the circumstances of being harangued and forced into some argument or altercation, I didn’t think that it was the wrong thing to do. I thought it was best to remove myself from the argument because it seemed ridiculous to me.”
The court last week heard a witness statement from Heard claiming that Depp had thrown a magnum of champagne at her in the same incident, before pulling her hair and leaving a note saying “Happy f******* birthday”.
The Pirates Of The Caribbean star, who on Thursday was accused of accidentally headbutting his ex-wife during a separate scuffle, told the High Court today that “it seemed like everything she would accuse me of was something she had done to me”.
The actor’s case against NGN and the Sun’s executive editor Dan Wootton follows the publication of an article on the Sun’s website in April 2018 that urged author JK Rowling to scrap Depp from the Fantastic Beasts and Where to Find Them franchise over allegations of domestic assault.
Depp has argued that article’s headline, “Gone Potty: How can JK Rowling be ‘genuinely happy’ casting wife beater Johnny Depp in the new Fantastic Beasts film?”, is defamatory.
NGN is defending the article as true, and has claimed Depp was “controlling and verbally and physically abusive towards Heard, particularly when he was under the influence of alcohol and/or drugs” during their relationship.
The trial continues.
Before the Open: Get the jump on the markets with our early morning newsletter


cityam--2020-07-13--London tourism sector calls for urgent financial support to avert crisis

London ’ s tourism sector has urged the government to provide it with a specific package of support , warning the coronavirus pandemic could create an economic crisis for the industry .
In total 10,776 London attractions , restaurants , hotels , industry bodies and event organisers have written to the Prime Minister to call for investment and a plan for tourists to return to the capital .
Read more : Sunak slashes VAT on hospitality and tourism to five per cent The group , led by Madam Tussauds , London Eye and London Dungeons ’ owner Merlin Entertainments , @ @ @ @ @ @ @ to London with the “ spend and scale ” of those seen after terror attacks .
Among the demands were a year-long extension to the business rates holiday for tourism firms .
The letter also requested that the rates relief threshold be raised from £51,000 to £150,000 and that rent relief support is provided for at least nine months .
London tourism attractions , galleries and museums were forced to close during the government ’ s coronavirus lockdown , announced in March , with many missing crucial trading months .
London Eye general @ @ @ @ @ @ @ measures announced by the Chancellor of the Exchequer last week are hugely appreciated , but we now need to look further ahead to tackle future challenges .
“ Tourism in the capital is in crisis due to three months of London effectively being closed , even with the ability for some businesses to reopen , the industry is already half-way through its peak season making it impossible for many across the sector to recover.
” He added : “ London is practically empty and there is no concrete plan for recovery in place @ @ @ @ @ @ @ not act now , we will see one of the biggest missed opportunities on Britain ’ s road to recovery and prosperity.
” Read more : Can international tourism ever recover ?
Tourism is the second biggest employer in the capital after financial services , the group said .
Last year there were 40.9m overseas visitors to the UK , spending £28.4bn , with more than half of those visitors coming to London .

London tourism sector calls for urgent financial support to avert crisis
The ‘SOS London’ campaign launched today at London Eye as thousands of businesses issue a plea for the government to Save Tourism, Organise Campaigns and Support The Industry
London’s tourism sector has urged the government to provide it with a specific package of support, warning the coronavirus pandemic could create an economic crisis for the industry.
In total 10,776 London attractions, restaurants, hotels, industry bodies and event organisers have written to the Prime Minister to call for investment and a plan for tourists to return to the capital.
The group, led by Madam Tussauds, London Eye and London Dungeons’ owner Merlin Entertainments, demanded a campaign to encourage visitors back to London with the “spend and scale” of those seen after terror attacks.
Among the demands were a year-long extension to the business rates holiday for tourism firms.
The letter also requested that the rates relief threshold be raised from £51,000 to £150,000 and that rent relief support is provided for at least nine months.
London tourism attractions, galleries and museums were forced to close during the government’s coronavirus lockdown, announced in March, with many missing crucial trading months.
London Eye general manager Sunny Jouhal said: “The measures announced by the Chancellor of the Exchequer last week are hugely appreciated, but we now need to look further ahead to tackle future challenges.
“Tourism in the capital is in crisis due to three months of London effectively being closed, even with the ability for some businesses to reopen, the industry is already half-way through its peak season making it impossible for many across the sector to recover.”
He added: “London is practically empty and there is no concrete plan for recovery in place.
“If the UK Government does not act now, we will see one of the biggest missed opportunities on Britain’s road to recovery and prosperity.”
Tourism is the second biggest employer in the capital after financial services, the group said.
Last year there were 40.9m overseas visitors to the UK, spending £28.4bn, with more than half of those visitors coming to London.


cityam--2020-07-13--Brexit: UK completes assessments for City of London to retain EU access

The UK has now submitted all paperwork necessary for the City of London to potentially retain access to the EU , after missing the original deadline two weeks ago .
The 28 assessments were due on 1 July , however Downing Street previously blamed the EU for missing the deadline as they received much of the paperwork , which was more than 1000 pages , later than promised .
Read more : Brexit : Michel Barnier says Brussels ‘ ready to grant ’ City of London access to EU markets Brussels must use these documents to assess whether it grants @ @ @ @ @ @ @ EU markets after the post-Brexit transition period ends on 31 December .
The EU has the power to unilaterally grant access to financial services firms based on whether UK regulations are similar to their own – known as equivalence .
EU chief negotiator Michel Barnier recently told a House of Lords committee that Brussels was “ ready to grant ” equivalence status to the financial services industry , boosting hopes of a smooth Brexit transition for the Square Mile .
Brussels also announced last week that it would continue to allow the EU @ @ @ @ @ @ @ ’ s clearing houses on a “ time limited basis ” .
The UK has also performed similar assessments to judge whether to allow EU firms to operate in the UK , with a Number 10 official saying today that it had completed all checks .
Before the Open newsletter : Start your day with the City View podcast and key market data The official also confirmed that “ the UK has now returned all of the questionnaires ” .
A senior EU aide said the European Commission would now “ assess it @ @ @ @ @ @ @ , before revealing any decisions on equivalence .
The equivalence decision comes as a part of a wider range of disagreements in Brexit trade talks .
Negotiations are at a stalemate after months of talks , with little movement on key areas of EU access to UK fishing waters and business competition policy .
City A.M. reported in May that the equivalence assessment for the financial sector could be used as a bargaining chip in Brexit talks , with the EU using it as a tool to extract concessions in other areas from @ @ @ @ @ @ @ the City of London retaining 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 .

Brexit: UK completes assessments for City of London to retain EU access
A general view of the London Skyline and the Square Mile on April 30, 2020 in London, England
The UK has now submitted all paperwork necessary for the City of London to potentially retain access to the EU, after missing the original deadline two weeks ago.
The 28 assessments were due on 1 July, however Downing Street previously blamed the EU for missing the deadline as they received much of the paperwork, which was more than 1000 pages, later than promised.
Brussels must use these documents to assess whether it grants the City of London access to lucrative EU markets after the post-Brexit transition period ends on 31 December.
The EU has the power to unilaterally grant access to financial services firms based on whether UK regulations are similar to their own – known as equivalence.
EU chief negotiator Michel Barnier recently told a House of Lords committee that Brussels was “ready to grant” equivalence status to the financial services industry, boosting hopes of a smooth Brexit transition for the Square Mile.
Brussels also announced last week that it would continue to allow the EU financial services industry to use the UK’s clearing houses on a “time limited basis”.
The UK has also performed similar assessments to judge whether to allow EU firms to operate in the UK, with a Number 10 official saying today that it had completed all checks.
Before the Open newsletter: Start your day with the City View podcast and key market data
The official also confirmed that “the UK has now returned all of the questionnaires”.
A senior EU aide said the European Commission would now “assess it and have further discussions on it”, before revealing any decisions on equivalence.
The equivalence decision comes as a part of a wider range of disagreements in Brexit trade talks.
Negotiations are at a stalemate after months of talks, with little movement on key areas of EU access to UK fishing waters and business competition policy.
City A.M. reported in May that the equivalence assessment for the financial sector could be used as a bargaining chip in Brexit talks, with the EU using it as a tool to extract concessions in other areas from the UK.
Much is riding on the City of London retaining 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.


cityam--2020-07-13--Major UK mobile networks vow not to reintroduce roaming charges after Brexit

The UK ’ s four major phone networks — EE , Three , Vodafone and O2 — have vowed not to reintroduce roaming charges when Britain leaves the bloc in January , after the government today urged Brits to check with their mobile carriers for price changes ahead of the Brexit transition period deadline .
The UK government today called on the public to check whether their mobile networks will apply post-Brexit changes to EU roaming charges as it unveiled its new “ check , change and go ” media campaign highlighting how travel will be affected after the transition @ @ @ @ @ @ @ BT warn it may take five years and cost ‘ billions ’ to scrap Huawei In June 2017 the EU scrapped additional charges for roaming on mobile phones for customers travelling abroad , meaning UK customers can enjoy their usual minutes , texts , and data while on holiday in the EU without extra tariffs .
But the government today urged the British public to check whether their network carriers will reintroduce roaming charges as the UK prepares to leave the customs union and single market on 1 January 2020 .
As part @ @ @ @ @ @ @ change and go ” media blitz , the government warned UK travellers they “ may be charged for using your mobile device in the EU , Switzerland , Norway , Iceland or Liechtenstein if your operator has reintroduced roaming charges.
” The announcement raised concerns that the end of the Brexit transition period could see a return to huge mobile charges for holiday goers , which often ran into the hundreds or thousands of pounds before being scrapped under fresh EU legislation three years ago .
However , the UK ’ s four @ @ @ @ @ @ @ on promises not to U-turn on free roaming policies within the EU after Britain formally exits the EU at the end of the transition period in 2021 .
A spokesperson for EE , which owns BT Mobile , giffgaff and Virgin Mobile , told City A.M : “ Our customers enjoy inclusive roaming in Europe and beyond , and we don ’ t have any plans to change this based on the Brexit outcome .
So our customers going on holiday and travelling in the EU will continue to enjoy inclusive roaming.
” @ @ @ @ @ @ @ says that this policy may be reviewed “ if the government doesn ’ t reach a trade deal with the EU by December 2020 ” .
“ This means EE may lose the protections and regulations that guarantee the low rates European operators charge us when you go abroad , ” EE said , adding : “ In the event of this happening , EE will need to do individual deals with each of the 27 EU countries .
This includes 144 operators , in total , but we will continue to do @ @ @ @ @ @ @ to you in the long term.
” Three , which owns networks Plusnet , Smarty and Superdrug Mobile , also stated that it would not be changing its roaming policy after the UK leaves the bloc next year .
A spokesperson told City A.M : “ Three is the global leader in international roaming and already offers roaming at no extra cost for its customers in over 70 destinations .
We will retain this great customer benefit regardless of Brexit negotiations allowing our customers to use their phones when they travel within the @ @ @ @ @ @ @ than a quarter of the UK ’ s mobile customers , also confirmed that it has no plans to roll out roaming costs for UK travellers , despite the government ’ s announcement .
An O2 spokesperson told City A.M : “ We ’ re committed to providing our customers with great connectivity and value when they travel outside the UK .
We currently have no plans to change our roaming services across Europe , maintaining our ‘ Roam Like At Home ’ arrangements.
” Vodafone , which is the UK ’ s @ @ @ @ @ @ @ per cent of market share , had previously said that it was “ too soon to assess the implications of Brexit on roaming regulation , ” adding that it expects “ competition will continue to drive good value for customers.
” However , Vodafone today told City A.M : “ To confirm , we currently have no plans to reintroduce roaming charges in Europe.
” The announcements by the UK ’ s four main telecoms networks come on the backdrop of a £93m advertising splurge by the government urging the public to “ @ @ @ @ @ @ @ .
The announcement that roaming charges may return is part of a package of warnings set to feature on TV , radio and online to prepare people for changes to foreign travel after the Brexit deadline .
UK citizens intending to travel to Europe from 1 January next year will also be told to ensure their passports have at least six months validity left .
Those wishing to bring pets abroad must contact a vet at least four months before travelling under the new government guidance .
The adverts , which are earmarked @ @ @ @ @ @ @ check , change , go ” slogan , direct the public to a checker tool on the government ’ s website showing them the steps they need to take to prepare for changes to normal travel procedures .
Liberal Democrat leader Sir Ed Davey told City A.M : “ The incompetence of this government knows no bounds .
The government are spending money on a PR campaign warning people about something that is not going to happen .
“ There are enough challenges around the Brexit deadline without the government creating new ones.
@ @ @ @ @ @ @ this year vowed to introduce a legislated cap of £45 per month on roaming charges should companies decide to reinstate them from January .
Customers will have to opt into further use , and will be informed when they have reached both 80 per cent and 100 per cent of their data allowances .
Ministers are also exploring whether international mobile roaming may form part of trade negotiations with countries outside the EU .
The Department for Digital , Culture , Media & Sport ( DCMS ) has been researching what impact the @ @ @ @ @ @ @ roaming charges for travellers to and from the US , Australia , New Zealand and Japan were scrapped .
It remains unclear where some of the UK ’ s smaller phone networks stand on EU roaming charges , as most of them lease their mobile and data servers from the four major carriers .
Read more : Huawei says US sanctions have no immediate impact on UK 5G supplies Virgin Media told City A.M. it plans to follow its EE carrier in refusing to apply changes to its Roam Like Home package post-Brexit @ @ @ @ @ @ @ to enjoy their inclusive data , minutes and texts while abroad in 43 European destinations.
” However , it refused to rule out potential changes to its roaming services altogether , adding that it will ” let our customers know in advance ” if changes occur .
Likewise , Tesco Mobile , which is owned by the O2 network , said that “ customers could see changes to how they use their mobiles abroad ” after the transition period , depending on “ the outcome of the UK government ’ s future trade @ @ @ @ @ @ @ Office was approached for comment .

Major UK mobile networks vow not to reintroduce roaming charges after Brexit
The UK’s four major phone networks — EE, Three, Vodafone and O2 — have vowed not to reintroduce roaming charges when Britain leaves the bloc in January, after the government today urged Brits to check with their mobile carriers for price changes ahead of the Brexit transition period deadline.
The UK government today called on the public to check whether their mobile networks will apply post-Brexit changes to EU roaming charges as it unveiled its new “check, change and go” media campaign highlighting how travel will be affected after the transition period.
In June 2017 the EU scrapped additional charges for roaming on mobile phones for customers travelling abroad, meaning UK customers can enjoy their usual minutes, texts, and data while on holiday in the EU without extra tariffs.
But the government today urged the British public to check whether their network carriers will reintroduce roaming charges as the UK prepares to leave the customs union and single market on 1 January 2020.
As part of its new £93m “check, change and go” media blitz, the government warned UK travellers they “may be charged for using your mobile device in the EU, Switzerland, Norway, Iceland or Liechtenstein if your operator has reintroduced roaming charges.”
The announcement raised concerns that the end of the Brexit transition period could see a return to huge mobile charges for holiday goers, which often ran into the hundreds or thousands of pounds before being scrapped under fresh EU legislation three years ago.
However, the UK’s four main mobile networks have all doubled down on promises not to U-turn on free roaming policies within the EU after Britain formally exits the EU at the end of the transition period in 2021.
A spokesperson for EE told City A.M: “Our customers enjoy inclusive roaming in Europe and beyond, and we don’t have any plans to change this based on the Brexit outcome. So our customers going on holiday and travelling in the EU will continue to enjoy inclusive roaming.”
A statement on EE’s website says that this policy may be reviewed “if the government doesn’t reach a trade deal with the EU by December 2020”.
“This means EE may lose the protections and regulations that guarantee the low rates European operators charge us when you go abroad,” EE said, adding: “In the event of this happening, EE will need to do individual deals with each of the 27 EU countries. This includes 144 operators, in total, but we will continue to do everything we can to provide inclusive roaming to you in the long term.”
Three, which owns networks Plusnet, Smarty and Superdrug Mobile, also stated that it would not be changing its roaming policy after the UK leaves the bloc next year.
A spokesperson told City A.M: “Three is the global leader in international roaming and already offers roaming at no extra cost for its customers in over 70 destinations. We will retain this great customer benefit regardless of Brexit negotiations allowing our customers to use their phones when they travel within the EU.”
O2, which serves more than a quarter of the UK’s mobile customers, also confirmed that it has no plans to roll out roaming costs for UK travellers, despite the government’s announcement.
An O2 spokesperson told City A.M: “We’re committed to providing our customers with great connectivity and value when they travel outside the UK. We currently have no plans to change our roaming services across Europe, maintaining our ‘Roam Like At Home’ arrangements.”
Vodafone, which is the UK’s third-largest network provider with more than 20 per cent of market share, had previously said that it was “too soon to assess the implications of Brexit on roaming regulation,” adding that it expects “competition will continue to drive good value for customers.”
However, Vodafone today told City A.M: “To confirm, we currently have no plans to reintroduce roaming charges in Europe.”
The announcements by the UK’s four main telecoms networks come on the backdrop of a £93m advertising splurge by the government urging the public to “check and change” their travel routines.
The announcement that roaming charges may return is part of a package of warnings set to feature on TV, radio and online to prepare people for changes to foreign travel after the Brexit deadline.
UK citizens intending to travel to Europe from 1 January next year will also be told to ensure their passports have at least six months validity left. Those wishing to bring pets abroad must contact a vet at least four months before travelling under the new government guidance.
The adverts, which are earmarked by the Cabinet’s new “check, change, go” slogan, direct the public to a checker tool on the government’s website showing them the steps they need to take to prepare for changes to normal travel procedures.
Liberal Democrat leader Sir Ed Davey told City A.M: “The incompetence of this government knows no bounds. The government are spending money on a PR campaign warning people about something that is not going to happen.
“There are enough challenges around the Brexit deadline without the government creating new ones.”
It comes after the government earlier this year vowed to introduce a legislated cap of £45 per month on roaming charges should companies decide to reinstate them from January. Customers will have to opt into further use, and will be informed when they have reached both 80 per cent and 100 per cent of their data allowances.
Ministers are also exploring whether international mobile roaming may form part of trade negotiations with countries outside the EU. The Department for Digital, Culture, Media & Sport (DCMS) has been researching what impact the measures would have on telecoms providers if roaming charges for travellers to and from the US, Australia, New Zealand and Japan were scrapped.
It remains unclear where some of the UK’s smaller phone networks stand on EU roaming charges, as most of them lease their mobile and data servers from the four major carriers.
Virgin Media told City A.M. it plans to follow its EE carrier in refusing to apply changes to its Roam Like Home package post-Brexit.
“Virgin Mobile customers can continue to enjoy their inclusive data, minutes and texts while abroad in 43 European destinations.” However, it refused to rule out potential changes to its roaming services altogether, adding that it will”let our customers know in advance” if changes occur.
Likewise, Tesco Mobile, which is owned by the O2 network, said that “customers could see changes to how they use their mobiles abroad” after the transition period, depending on “the outcome of the UK government’s future trade negotiations with the EU.”
The Cabinet Office was approached for comment.


cityam--2020-07-13--Huawei: Will the government ban the Chinese vendor tomorrow?

Prime Minister Boris Johnson is due to decide whether to ban Huawei from the UK ’ s 5G infrastructure tomorrow , following intense pressure from MPs and US President Donald Trump to U-turn on a deal with the Chinese vendor over national security fears .
In January , Johnson struck a deal with Huawei to build technology for the UK ’ s 5G rollout as part of the PM ’ s plans to level up rural Britain and have full-fibre “ gigabit broadband sprouting in every home ” by the end of 2025 .
Read more : US sanctions could @ @ @ @ @ @ @ However , Huawei ’ s market share was capped at 35 per cent after the telecoms giant was deemed a “ high risk vendor ” by UK intelligence agencies , following repeated warnings from the Trump administration that technology made by the Chinese firm could be used for state spying in Beijing .
Huawei strongly denies the claims and insists it is a private company free from state interference .
Following pressure from a group of 59 rebel Tory MPs , the National Cyber Security Centre — a branch of GCHQ — last @ @ @ @ @ @ @ s operations in the UK , and concluded that fresh sanctions against the company in the US could result in “ severe ” impacts for the Shenzhen-based firm .
UK security chiefs are now concerned that these sanctions will prevent Huawei from being able to vet its equipment properly , resulting in what GCHQ has warned as a shift in the risk balance regarding the Chinese firm .
Johnson has subsequently brought forward a decision on the company that was due to take place later this month .
The Prime Minister will chair @ @ @ @ @ @ @ meeting tomorrow morning , which will finalise the UK ’ s decision on whether to U-turn on the deal .
A reversal could result in the cancellation of new Huawei orders and the stripping of existing Huawei technology .
Culture secretary Oliver Dowden will announce the decision to Parliament at 11.30 tomorrow after the NSC meeting .
But which way will it go ?
What ’ s all the fuss about ?
The government ’ s decision on whether to scale back Huawei ’ s involvement in the UK ’ s 5G infrastructure @ @ @ @ @ @ @ the firm that is already used by British vendors .
Huawei has supplied BT since 2003 , and the telecoms firm is heavily dependent on technology made by the Chinese vendor for its 2G , 4G and 5G networks .
Chief executive Philip Jansen today warned that it would be “ impossible ” to remove Huawei from the whole of the UK ’ s telecoms infrastructure before 2030 , and cautioned there may be wide-scale network blackouts if BT is forced to strip Huawei ’ s 5G kit without sufficient warning .
Vodafone @ @ @ @ @ @ @ British mobile firm “ single-figure billions ” if it was made to switch Huawei telecoms kit for another vendor ’ s , and said that it would need at least five years to phase out existing Huawei technology .
Meanwhile , one of the UK ’ s leading economic think tanks today warned that a total ban on Huawei could lead to a freeze in Britain ’ s trading relationship with China , Sky News reported .
That in turn could depress UK GDP and spark inflationary pressures , according to the National @ @ @ @ @ @ @ NIESR ) .
How will that affect the government ’ s decision ?
Despite some last-minute lobbying from both Huawei and UK mobile vendors , the government is still expected to announce tomorrow that it will significantly scale back Huawei ’ s presence in the UK .
The government will likely outline two limitations on Huawei ’ s participation in the UK ’ s 5G infrastructure — an initial deadline after which no new items of its equipment can be installed in the UK , and a later deadline for all existing Huawei @ @ @ @ @ @ @ ’ s networks .
Sir Iain Duncan Smith , the former Conservative leader , has called for a ban on new Huawei equipment to be imposed by “ early next year ” at the latest , and a complete veto on Huawei technology to be implemented by 2024 .
Bob Seely , one of the 59 Conservative backbenchers pressuring Johnson to scrap the deal , also said he expects the government to announce an initial deadline of 2021 , after which new 5G Huawei kit can not be installed .
However , he @ @ @ @ @ @ @ to a later deadline of 2025 to “ rip out ” existing Huawei technology .
But Tory rebels have told the Prime Minister that if he sets a deadline for the latter beyond the next election in 2024 , he will face a revolt from his own party .
It is thought that the threat of a backbench rebellion will prompt the PM to adopt a tough stance on Huawei , despite demands from Vodafone and BT for a lengthier deadline .
Seely told City A.M : “ I don ’ t mind @ @ @ @ @ @ @ s going to be cheaper for British telecoms firms , but they have to understand that the cheap kit has come at a geopolitical price .
“ We need to be supportive of trade with China , but we need to be mindful that China is becoming more adversarial , and more communist , to be frank .
We can ’ t just have business as usual , that would be unethical.
” How will tensions with China affect the decision ?
The proposed timescale to pedal back Huawei ’ s involvement in @ @ @ @ @ @ @ geopolitical tension between China and the US , which considers Huawei as emblematic of Beijing ’ s rising influence across the West .
Trump ’ s national security adviser flew to Paris today for talks on China in a last-ditch attempt to pile pressure on the PM to take a tough line on Huawei , in the hopes that doing so might prompt other countries such as Canada to follow suit .
And the dispute over Huawei also comes on the backdrop of escalating tensions between the UK and China over Beijing ’ @ @ @ @ @ @ @ Hong Kong that hands Beijing sweeping powers over the city .
But the question of how the decision over Huawei will affect the UK ’ s relations with China is as important as how London ’ s relationship with Beijing will sway the Prime Minister .
Many have warned that the UK ’ s decision on Huawei will be seen as a litmus test on future relations between the two nations .
Liu Xiaoming , China ’ s ambassador to Britain , last week said a U-turn on Huawei would be damaging to @ @ @ @ @ @ @ open , business-friendly nation , in a sign that tomorrow ’ s decision could mar existing agreements between the UK and China .
“ The China business community are all watching how you handle Huawei .
If you get rid of Huawei it sends out a very bad message to other Chinese businesses , ” said Liu .
Until now the UK has been China ’ s largest investment destination in Europe , but Chinese officials have warned that Beijing companies might pull out of commitments to build UK nuclear power plants and @ @ @ @ @ @ @ 180 on the Huawei deal .
What has Huawei said ?
Huawei executives have asked for last-minute meetings with Downing Street ahead of the NSC meeting tomorrow .
The Chinese firm is seeking an extension for the “ rip out ” deadline until after the next UK General Election in 2024 , in the hopes that a new government might U-turn on a potential decision to scrap the firm ’ s technology .
Huawei vice president Victor Zhang said in a science and technology committee meeting on Friday that the firm is “ @ @ @ @ @ @ @ [ the ] political agenda ” surrounding the deal .
“ What we want to do is work with our customers [ to make ] sure the UK will have the best digital network.
” It is thought that Huawei may try to mount a legal challenge if it is slapped with an outright UK ban tomorrow .
But when asked about the possibility , Zhang said now was “ not the right time to make the case ” .
Before the Open : Get the jump on the markets with our early @ @

Huawei: Will the government ban the Chinese vendor tomorrow?
Prime Minister Boris Johnson is due to decide whether to ban Huawei from the UK’s 5G infrastructure tomorrow, following intense pressure from MPs and US President Donald Trump to U-turn on a deal with the Chinese vendor over national security fears.
In January, Johnson struck a deal with Huawei to build technology for the UK’s 5G rollout as part of the PM’s plans to level up rural Britain and have full-fibre “gigabit broadband sprouting in every home” by the end of 2025.
However, Huawei’s market share was capped at 35 per cent after the telecoms giant was deemed a “high risk vendor” by UK intelligence agencies, following repeated warnings from the Trump administration that technology made by the Chinese firm could be used for state spying in Beijing. Huawei strongly denies the claims and insists it is a private company free from state interference.
Following pressure from a group of 59 rebel Tory MPs, the National Cyber Security Centre — a branch of GCHQ — last month opened a review into Huawei’s operations in the UK, and concluded that fresh sanctions against the company in the US could result in “severe” impacts for the Shenzhen-based firm.
UK security chiefs are now concerned that these sanctions will prevent Huawei from being able to vet its equipment properly, resulting in what GCHQ has warned as a shift in the risk balance regarding the Chinese firm.
Johnson has subsequently brought forward a decision on the company that was due to take place later this month. The Prime Minister will chair a National Security Council (NSC) meeting tomorrow morning, which will finalise the UK’s decision on whether to U-turn on the deal. A reversal could result in the cancellation of new Huawei orders and the stripping of existing Huawei technology.
Culture secretary Oliver Dowden will announce the decision to Parliament at 11.30 tomorrow after the NSC meeting. But which way will it go?
What’s all the fuss about?
The government’s decision on whether to scale back Huawei’s involvement in the UK’s 5G infrastructure is complicated by existing technology made by the firm that is already used by British vendors.
Huawei has supplied BT since 2003, and the telecoms firm is heavily dependent on technology made by the Chinese vendor for its 2G, 4G and 5G networks.
Chief executive Philip Jansen today warned that it would be “impossible” to remove Huawei from the whole of the UK’s telecoms infrastructure before 2030, and cautioned there may be wide-scale network blackouts if BT is forced to strip Huawei’s 5G kit without sufficient warning.
Vodafone last week added it would cost the British mobile firm “single-figure billions” if it was made to switch Huawei telecoms kit for another vendor’s, and said that it would need at least five years to phase out existing Huawei technology.
Meanwhile, one of the UK’s leading economic think tanks today warned that a total ban on Huawei could lead to a freeze in Britain’s trading relationship with China, Sky News reported. That in turn could depress UK GDP and spark inflationary pressures, according to the National Institute for Economic and Social Research (NIESR).
How will that affect the government’s decision?
Despite some last-minute lobbying from both Huawei and UK mobile vendors, the government is still expected to announce tomorrow that it will significantly scale back Huawei’s presence in the UK.
The government will likely outline two limitations on Huawei’s participation in the UK’s 5G infrastructure — an initial deadline after which no new items of its equipment can be installed in the UK, and a later deadline for all existing Huawei technology to be stripped from the UK’s networks.
Sir Iain Duncan Smith, the former Conservative leader, has called for a ban on new Huawei equipment to be imposed by “early next year” at the latest, and a complete veto on Huawei technology to be implemented by 2024.
Bob Seely, one of the 59 Conservative backbenchers pressuring Johnson to scrap the deal, also said he expects the government to announce an initial deadline of 2021, after which new 5G Huawei kit cannot be installed. However, he added he expect the PM will commit to a later deadline of 2025 to “rip out” existing Huawei technology.
But Tory rebels have told the Prime Minister that if he sets a deadline for the latter beyond the next election in 2024, he will face a revolt from his own party. It is thought that the threat of a backbench rebellion will prompt the PM to adopt a tough stance on Huawei, despite demands from Vodafone and BT for a lengthier deadline.
Seely told City A.M: “ I don’t mind an extended time period if it’s going to be cheaper for British telecoms firms, but they have to understand that the cheap kit has come at a geopolitical price.
“We need to be supportive of trade with China, but we need to be mindful that China is becoming more adversarial, and more communist, to be frank. We can’t just have business as usual, that would be unethical.”
How will tensions with China affect the decision?
The proposed timescale to pedal back Huawei’s involvement in the UK has been further inflamed by geopolitical tension between China and the US, which considers Huawei as emblematic of Beijing’s rising influence across the West.
Trump’s national security adviser flew to Paris today for talks on China in a last-ditch attempt to pile pressure on the PM to take a tough line on Huawei, in the hopes that doing so might prompt other countries such as Canada to follow suit.
And the dispute over Huawei also comes on the backdrop of escalating tensions between the UK and China over Beijing’s imposition of new security legislation in Hong Kong that hands Beijing sweeping powers over the city.
But the question of how the decision over Huawei will affect the UK’s relations with China is as important as how London’s relationship with Beijing will sway the Prime Minister.
Many have warned that the UK’s decision on Huawei will be seen as a litmus test on future relations between the two nations.
Liu Xiaoming, China’s ambassador to Britain, last week said a U-turn on Huawei would be damaging to the UK’s image as an open, business-friendly nation, in a sign that tomorrow’s decision could mar existing agreements between the UK and China.
“The China business community are all watching how you handle Huawei. If you get rid of Huawei it sends out a very bad message to other Chinese businesses,” said Liu.
Until now the UK has been China’s largest investment destination in Europe, but Chinese officials have warned that Beijing companies might pull out of commitments to build UK nuclear power plants and other infrastructure projects if Johnson does a 180 on the Huawei deal.
What has Huawei said?
Huawei executives have asked for last-minute meetings with Downing Street ahead of the NSC meeting tomorrow. The Chinese firm is seeking an extension for the “rip out” deadline until after the next UK General Election in 2024, in the hopes that a new government might U-turn on a potential decision to scrap the firm’s technology.
Huawei vice president Victor Zhang said in a science and technology committee meeting on Friday that the firm is “not in the position to comment on [the] political agenda” surrounding the deal.
“What we want to do is work with our customers [to make] sure the UK will have the best digital network.”
It is thought that Huawei may try to mount a legal challenge if it is slapped with an outright UK ban tomorrow. But when asked about the possibility, Zhang said now was “not the right time to make the case”.
Before the Open: Get the jump on the markets with our early morning newsletter


cityam--2020-07-13--UK unveils new three-stage post-Brexit border plan

The UK ’ s post-Brexit border regime will come into place over three stages next year , with most businesses able to delay filling out any customs declaration forms until July .
The border regime will be fully operation in July , with no customs checks at the border until this point , as the government plans to build 10 to 12 inspection sites .
Read more : UK launches Brexit awareness ad blitz for tourists and businesses The changes will come into place as the UK leaves the EU customs union and single market on 31 December , regardless @ @ @ @ @ @ @ with Brussels .
Cabinet Office officials estimate that British businesses will now need to fill in 400m import and export declarations next year due to the necessary changes .
Cabinet Office minister Michael Gove unveiled the plan today in the House of Commons together along with a £90m advertising blitz to get businesses and tourists ready for the end of the Brexit transition period on 31 December .
Gove said businesses that trade with the EU would now need a EU EORI number and commodity code ; need to know customs value of @ @ @ @ @ @ @ whether they are able to use available simplification like deferring customs declarations ” .
He added that details of the Northern Ireland border plan would be revealed later this month .
The new border plan , which is only applicable for Great Britain , is spaced out over three stages , which come into place in January , April and July respectively .
From 1 January , businesses importing “ standard goods ” – these range from things such as clothing to electronics – will need to fill out custom declarations and pay @ @ @ @ @ @ @ months to fill out customs declarations and tariffs can be deferred until this time .
However , those importing controlled or excised goods – like alcohol and tobacco – will need to submit customs declarations and pay tariffs immediately .
For this first stage any in-person checks on live animal and plant imports will be made at the shipment ’ s final destination .
Export declarations and UK exit Safety and Security declarations will be required for all goods .
From April , all importers of products of animal origin – such as @ @ @ @ @ @ @ – will need to fill out health documentation prior to a shipment arrives .
In-person checks will still take place at the point of destination .
From July , businesses will have to fill out entire customs declarations at “ the point of importation ” and pay relevant tariffs immediately .
Sanitary and phytosanitary checks on animal products will happen at border control posts in Great Britain .
“ [ The plan ] will benefit importers and exporters and provide information to hauliers , shippers , freight companies and our customs intermediaries , @ @ @ @ @ @ @ planning to build 10-12 inspection sites , which will be able to check goods such as animal products .
There are also plans to build a so-called lorry park for any shipments that do not have the right paperwork at the border .
A Cabinet Office official said there should not be any delays or traffic at the border if “ trucks arriving at various ports arrive with the correct paperwork ” .
However , they added : “ There is likely to be in the first few weeks some traders and trucks @ @ @ @ @ @ @ properly .
“ It may be that there is some traffic disruption but that ’ s why we ’ re taking the steps we ’ re taking to get traders ready.
” Speaking in the House of Commons , shadow Cabinet Office minister Rachel Reeves said that people were promised an “ oven ready ” Brexit deal at the election , but that “ a lot of us are worried if the oven was even turned on ” .
“ The Labour Party want to see british firms exporting , ” she said @ @ @ @ @ @ @ see their goods stuck at pots or indeed at lorry parks.
” The plan had also come under fire by one of the government ’ s high-profile cabinet members Liz Truss last week for potentially being in violation of World Trade Organisation rules .
Read more : Major UK mobile networks vow not to reintroduce roaming charges after Brexit The international trade secretary sent a letter to Gove and Rishi Sunak , which was leaked to Business Insider , expressing her concern that the plan could lead to illegal smuggling and a legal @ @ @ @ @ @ @ WTO ) because it won ’ t be fully implemented until July .
Gove has made assurances that everything the government will do is legal .

UK unveils new three-stage post-Brexit border plan
Freight lorries and passenger vehicles wait on the quayside at the Port of Dover before departing by cross-channel ferry in Dover on the south coast of England on July 12, 2020. – Britain today pledged £705 million ($890 million, 788 million euros) to prepare its borders for cutting ties with the European Union on December 31, amid concern within government that it is not ready. (Photo by JUSTIN TALLIS / AFP) (Photo by JUSTIN TALLIS/AFP via Getty Images)
The UK’s post-Brexit border regime will come into place over three stages next year, with most businesses able to delay filling out any customs declaration forms until July.
The border regime will be fully operation in July, with no customs checks at the border until this point, as the government plans to build 10 to 12 inspection sites.
The changes will come into place as the UK leaves the EU customs union and single market on 31 December, regardless of whether Britain strikes a trade deal with Brussels.
Cabinet Office officials estimate that British businesses will now need to fill in 400m import and export declarations next year due to the necessary changes.
Cabinet Office minister Michael Gove unveiled the plan today in the House of Commons together along with a £90m advertising blitz to get businesses and tourists ready for the end of the Brexit transition period on 31 December.
Gove said businesses that trade with the EU would now need a EU EORI number and commodity code; need to know customs value of goods; and need to “consider whether they are able to use available simplification like deferring customs declarations”.
He added that details of the Northern Ireland border plan would be revealed later this month.
The new border plan, which is only applicable for Great Britain, is spaced out over three stages, which come into place in January, April and July respectively.
From 1 January, businesses importing “standard goods” – these range from things such as clothing to electronics – will need to fill out custom declarations and pay any necessary tariffs.
Traders have six months to fill out customs declarations and tariffs can be deferred until this time.
However, those importing controlled or excised goods – like alcohol and tobacco – will need to submit customs declarations and pay tariffs immediately.
For this first stage any in-person checks on live animal and plant imports will be made at the shipment’s final destination.
Export declarations and UK exit Safety and Security declarations will be required for all goods.
From April, all importers of products of animal origin – such as meat, milk, honey and eggs – will need to fill out health documentation prior to a shipment arrives.
In-person checks will still take place at the point of destination.
From July, businesses will have to fill out entire customs declarations at “the point of importation” and pay relevant tariffs immediately.
Sanitary and phytosanitary checks on animal products will happen at border control posts in Great Britain.
“[The plan] will benefit importers and exporters and provide information to hauliers, shippers, freight companies and our customs intermediaries,” Gove said.
The government is planning to build 10-12 inspection sites, which will be able to check goods such as animal products.
There are also plans to build a so-called lorry park for any shipments that do not have the right paperwork at the border.
A Cabinet Office official said there should not be any delays or traffic at the border if “trucks arriving at various ports arrive with the correct paperwork”.
However, they added: “There is likely to be in the first few weeks some traders and trucks where processes haven’t been completed properly.
“It may be that there is some traffic disruption but that’s why we’re taking the steps we’re taking to get traders ready.”
Speaking in the House of Commons, shadow Cabinet Office minister Rachel Reeves said that people were promised an “oven ready” Brexit deal at the election, but that “a lot of us are worried if the oven was even turned on”.
“The Labour Party want to see british firms exporting,” she said.
“We do not want to see their goods stuck at pots or indeed at lorry parks.”
The plan had also come under fire by one of the government’s high-profile cabinet members Liz Truss last week for potentially being in violation of World Trade Organisation rules.
The international trade secretary sent a letter to Gove and Rishi Sunak, which was leaked to Business Insider, expressing her concern that the plan could lead to illegal smuggling and a legal challenge from the World Trade Organisatoin (WTO) because it won’t be fully implemented until July.
Gove has made assurances that everything the government will do is legal.


cityam--2020-07-13--Wetherspoon slashes prices after hospitality VAT cut

Pub chain JD Wetherspoon will slash the price of a range of meals and drinks following the government ’ s decision to cut VAT for the hospitality industry .
Chancellor Rishi Sunak announced last week that VAT will be reduced from 20 per cent to five per cent until next year .
Read more : Wetherspoon to rely on app more than ever under plan to reopen all 875 pubs Wetherspoon said today that it will “ fully pass on the tax benefit to its customers ” , with the cheapest pint costing £1.29 .
Following the reduction , which @ @ @ @ @ @ @ of Ruddles Bitter will cost £1.29 , 50p less than previously , and Doom Bar will cost £1.79 , a drop of 31p .
Abbot Ale will see a 40p reduction and guest beers will be £1.99 , a reduction of 26p , across 764 Wetherspoon pubs .
Discounts will also be extended to the company ’ s food offering , including breakfasts , pizzas and burgers .
Customers at the 103 Wetherspoon pubs in major town and city centres , airports and stations will have to pay an extra £1 for real @ @ @ @ @ @ @ Martin said : “ Wetherspoon will invest all the proceeds of the VAT reduction in lower prices , spread across both bar and food products , with the biggest reductions on real ale .
“ Wetherspoon has campaigned for tax equality between pubs , restaurants and supermarkets for many years .
“ Supermarkets pay no VAT on food sales and pubs pay 20 per cent .
Read more : JD Wetherspoon raises £141m as pub chain plans for June reopening “ Supermarkets pay about two pence per pint of business rates and pubs @ @ @ @ @ @ @ tax differences have helped supermarkets to subsidise their selling prices of beer , wine and spirits , enabling them to capture about half of pubs ’ beer sales , for example , in the past forty years .
”

Wetherspoon slashes prices after hospitality VAT cut
Pub chain JD Wetherspoon will slash the price of a range of meals and drinks following the government’s decision to cut VAT for the hospitality industry.
Chancellor Rishi Sunak announced last week that VAT will be reduced from 20 per cent to five per cent until next year.
Wetherspoon said today that it will “fully pass on the tax benefit to its customers”, with the cheapest pint costing £1.29.
Following the reduction, which will begin on Wednesday, a pint of Ruddles Bitter will cost £1.29, 50p less than previously, and Doom Bar will cost £1.79, a drop of 31p.
Abbot Ale will see a 40p reduction and guest beers will be £1.99, a reduction of 26p, across 764 Wetherspoon pubs.
Discounts will also be extended to the company’s food offering, including breakfasts, pizzas and burgers.
Customers at the 103 Wetherspoon pubs in major town and city centres, airports and stations will have to pay an extra £1 for real ale.
Wetherspoon founder and chairman Tim Martin said: “Wetherspoon will invest all the proceeds of the VAT reduction in lower prices, spread across both bar and food products, with the biggest reductions on real ale.
“Wetherspoon has campaigned for tax equality between pubs, restaurants and supermarkets for many years.
“Supermarkets pay no VAT on food sales and pubs pay 20 per cent.
“Supermarkets pay about two pence per pint of business rates and pubs pay about 20 pence.
“These tax differences have helped supermarkets to subsidise their selling prices of beer, wine and spirits, enabling them to capture about half of pubs’ beer sales, for example, in the past forty years.”


cityam--2020-07-13--Construction work begins on €2bn Viking Link subsea power cable

Construction work on the world ’ s longest subsea power cable , the Viking Link , has today begun , the National Grid has announced .
Running between Bicker Fen in Lincolnshire and South Jutland in Denmark , the 764km power line will be able to provide renewable power to 1.4m households upon completion in 2023 .
Today , Siemens Energy , which will build the power converter stations at each end of the cable , broke ground on a 2.4km access road to the Bicker Fen site , the first part of the project .
The permanent road will @ @ @ @ @ @ @ enable access for the major construction equipment to the converter station and for operational vehicles to access the site once it is finished .
The €2bn ( £1.8bn ) , 1.4 gigawatt cable is a joint venture between the National Grid and Danish power network Energinet .
Energy minister Kwasi Kwarteng said : “ This major construction project will put Lincolnshire firmly at the heart of our economic recovery .
Before the Open newsletter : Start your day with the City View podcast and key market data “ Not only will this scheme @ @ @ @ @ @ @ , but it will also bolster our energy security , reduce bills for consumers , and give our home-grown renewable generators a greater chance to export zero-carbon electricity around the world ” .
According to the network , by 2030 over 90 per cent of the energy imported via its interconnectors will come from zero carbon sources .
Last month the National Grid secured a £580m loan in order to finance the building of the cable , which has been designated one of the European Union ’ s projects of common interest .
@ @ @ @ @ @ @ call for Boris Johnson to greenlight project The multi-export credit agency covered loan is made up of $ 488m from SACE Export Credit and $ 255m from Euler Hermes Export Credit , National Grid said .
The loan is the first time that multiple credit agencies have come together to finance a green project of this size .

Construction work begins on €2bn Viking Link subsea power cable
Construction work on the world’s longest subsea power cable, the Viking Link, has today begun, the National Grid has announced.
Running between Bicker Fen in Lincolnshire and South Jutland in Denmark, the 764km power line will be able to provide renewable power to 1.4m households upon completion in 2023.
Today, Siemens Energy, which will build the power converter stations at each end of the cable, broke ground on a 2.4km access road to the Bicker Fen site, the first part of the project.
The permanent road will take nine months to complete and will enable access for the major construction equipment to the converter station and for operational vehicles to access the site once it is finished.
The €2bn (£1.8bn), 1.4 gigawatt cable is a joint venture between the National Grid and Danish power network Energinet.
Energy minister Kwasi Kwarteng said: “This major construction project will put Lincolnshire firmly at the heart of our economic recovery.
Before the Open newsletter: Start your day with the City View podcast and key market data
“Not only will this scheme create local green-collar jobs across the county, but it will also bolster our energy security, reduce bills for consumers, and give our home-grown renewable generators a greater chance to export zero-carbon electricity around the world”.
According to the network, by 2030 over 90 per cent of the energy imported via its interconnectors will come from zero carbon sources.
Last month the National Grid secured a £580m loan in order to finance the building of the cable, which has been designated one of the European Union’s projects of common interest.
The multi-export credit agency covered loan is made up of $488m from SACE Export Credit and $255m from Euler Hermes Export Credit, National Grid said.
The loan is the first time that multiple credit agencies have come together to finance a green project of this size.


cityam--2020-07-14--Huawei banned from UK's 5G network after government U-turn

The government will ban new Huawei products from being a part of the UK ’ s 5G network from next year and all its existing infrastructure will be removed by 2027 .
Huawei will also be banned from supplying equipment to the UK ’ s new full fibre broadband network , with the embargo likely to begin in two years ’ time .
Read more : Former BP boss Lord Browne to step down as Huawei UK chair The decision was taken after the National Cyber Security Centre ( NCSC ) ruled that new US sanctions aimed at the Chinese @ @ @ @ @ @ @ not guarantee security in the new 5G and full fibre networks .
It has been speculated that Huawei could be used as an arm of the Chinese state to launch cyber security and surveillance attacks , after similar incidents in the province of Xinjiang .
Announcing the ban , culture and digital secretary Oliver Dowden told MPs : “ The UK can no longer be confident it will be able to guarantee the security of future Huawei 5G equipment affected by the change in US direct product sanctions .
“ Our ambition right @ @ @ @ @ @ @ one should need to use a high risk vendor for 5G at all.
” New purchases of 5G equipment from Huawei will be banned from 31 December this year .
Already placed equipment – which would make up less than 10 per cent of the network when fully built – will not be removed for another seven years as the existing security threat is not deemed to be high and it would be considered too disruptive .
Before the Open newsletter : Start your day with the City View podcast and key market @ @ @ @ @ @ @ ’ s 2G , 3G , 4G and full fibre networks will not be removed .
The U-turn from the government , after allowing Huawei to build non-core elements of the 5G network in February , will draw fury from the Chinese government who insist they would not use Huawei to conduct surveillance in foreign countries .
Donald Trump ’ s sanctions against Huawei mean that no chips used by the company in its supply chain can be manufactured in the US .
This has meant that some of the company ’ s @ @ @ @ @ @ @ business with Huawei .
Read more : Huawei : Will the government ban the Chinese vendor tomorrow ?
The UK joins fellow Five Eyes security partners Australia and the US in banning Huawei from building new 5G networks .
Other partners Canada and New Zealand have not moved to block out the Chinese company from their respective networks .

Huawei banned from UK’s 5G network after government U-turn
The government will ban new Huawei products from being a part of the UK’s 5G network from next year and all its existing infrastructure will be removed by 2027 in a major U-turn.
Huawei will also be banned from supplying equipment to the UK’s new full fibre broadband network, with the embargo likely to begin in two years’ time after an official review is made.
The move will delay the rollout of the 5G network by an estimated two to three years, from an original target of 2025, and will cost taxpayers an extra £2bn.
The government voted to allow Huawei to build non-core elements of the 5G network, making up to 35 per cent of the total system, in February despite labelling the company as a “high risk vendor”.
Today’s decision was taken after the National Cyber Security Centre (NCSC) ruled that new US sanctions aimed at the Chinese telecoms giant meant that the UK could not guarantee security in the new 5G and full fibre networks.
It has been speculated that Huawei could be used as an arm of the Chinese state to launch cyber security and surveillance attacks, after similar incidents in the province of Xinjiang.
It’s a charge that Huawei and Beijing deny.
Announcing the ban, culture and digital secretary Oliver Dowden told MPs: “The UK can no longer be confident it will be able to guarantee the security of future Huawei 5G equipment affected by the change in US direct product sanctions.
“Our ambition right from the very beginning is that no one should need to use a high risk vendor for 5G at all.”
New purchases of 5G equipment from Huawei will be banned from 31 December this year.
Already placed equipment – which would make up less than 10 per cent of the network when fully built – will not be removed for another seven years as the existing security threat is not deemed to be high and it would be considered too disruptive.
Before the Open newsletter: Start your day with the City View podcast and key market data
This is further exacerbated by the fact that Nokia and Ericsson are the only other companies currently able to supply 5G infrastructure.
Dowden said the UK would support other companies, such as Samsung and NEC, gaining 5G capability over the coming years.
Existing Huawei equipment in the country’s 2G, 3G, 4G and full fibre networks will not be removed.
A Huawei spokesperson said the announcement was “bad news for anyone in the UK with a mobile phone”.
“It threatens to move Britain into the digital slow lane, push up bills and deepen the digital divide,” they said.
“Instead of ‘levelling up’ the government is levelling down and we urge them to reconsider. We remain confident that the new US restrictions would not have affected the resilience or security of the products we supply to the UK.”
The U-turn from the government is expected draw fury from the Chinese government who insist they would not use Huawei to conduct surveillance in foreign countries.
It comes just after the UK and China butted heads over Boris Johnson’s plan to allow almost 3m Hong Kongers to come to the UK on a special visa, with a pathway to citizenship, after Beijing implemented new security laws in the region.
“Let me assure members we are clear eyed about China,” Dowden said.
“We have been robust in our response to the imposition of new security laws in Hong Kong, including our generous offer to British National (Overseas) holders.
“What we want is a modern and mature relationship with China based on mutual respect, where we’re able to speak frankly when we disagree but also to work side by side with China where our interests converge.”
Donald Trump’s sanctions against Huawei mean that no chips used by the company in its supply chain can be manufactured in the US.
This has meant that some of the company’s biggest suppliers will be banned from doing business with Huawei.
The UK joins fellow Five Eyes security partners Australia and the US in banning Huawei from building new 5G networks.
Other Five Eyes partners Canada and New Zealand have not moved to block out the Chinese company from their respective networks.
Sir Iain Duncan Smith, one of the key voices in the Huawei Interest Group of Tory MPs, said they he wanted to see Huawei removed from 5G by 2024 – a full three years earlier than planned.
“Let’s bring it forward to five [years] and make it happen quickly, there’s no reason why they can’t,” he said.


cityam--2020-07-14--The democratisation of trading is long overdue

Were one to survey the nation on ‘ what a trader looks like , ’ the responses would likely be myriad : a hybrid of Gordon Gekko and Mark Zuckerberg ; a pinstriped but tech-savvy caricature drawn from a life out-of-reach .
The reality is far closer to home .
The marriage of globalisation and rapid technological uptake over the last two decades has lessened the constraints of geographical location to such an extent that one needn ’ t pack their bags to start trading .
Wall Street , the City of London , and tradable markets anywhere else in @ @ @ @ @ @ @ pockets .
The internet was once touted as the ‘ great leveller ’ ; the innovation that would grant access to all to what was once exclusive .
We have lived through the democratisation of the finance industry – the erosion of elitism and nepotism as a means to entry .
Anyone over the age of 18 with an internet connection can learn the ropes and have trading success , regardless of who they are or where they ’ re from .
You might think you ’ re not cut out for trading @ @ @ @ @ @ @ But the chances are , whatever you do for a living , whatever skills , knowledge or characteristics you possess , it will in some way be transferable into trading prowess .
For example , working in an industry usually means you possess specialist sectoral knowledge , and are probably very up-to-date with industry news .
It doesn ’ t take much education to take the information in your head and turn it into actionable , tradeable insights a professional might miss .
It ’ s not just where you work , though @ @ @ @ @ @ @ attitude , and approach to life – play a valuable role in making good trading decisions .
Used to pressure ?
Or making a plan and sticking to it ?
Even attributes as simple having high focus and being patient can make a significant difference to your success .
Anyone can trade .
The stereotype of a trader is all wrong , marred by blame for financial crises past and based on a parody of an eighties cliché .
Two assumptions often made are discernibly untrue in 2020 : that all traders are @ @ @ @ @ @ @ outdated perception .
This isn ’ t the NYSE trading floor – there are no bellowing , red-faced professionals to shout over when you want to execute a trade .
Online , where all are equal in the eyes of the market , we ’ ve seen a gradual positive curve towards more women in trading .
The tools are there for anyone to have a go , and plenty of women have enriched themselves via our platform .
The second , is that you have to be wealthy in the first place @ @ @ @ @ @ @ will help , but you can open a share-dealing account with us from as little as £x .
The road to a healthier financial future does not begin with affluence but education .
All of the above examples are intended to demonstrate that anyone , regardless of age , race , gender or whatever else , can trade if they so choose , and that many will already have transferable skills that will aid them in doing so .
But it is through education that we grow as traders .
At Fineco , @ @ @ @ @ @ @ a full suite of analytical tools , but we will help you to learn and develop as a trader along the way .
We want to see our customers succeed , so alongside our support team and educational tools , we offer a series of regular webinars that aim to take your trading to the next level , no matter where you are starting from .
Whether you just want to better understand markets , or you ’ re looking to take trading up on a more serious basis , we want you @ @ @ @ @ @ @ account : we ’ re the one-stop-shop trading partner that will go on that journey with you .

Sponsored Ad Feature is produced by an advertiser with the specific intent to promote a product and is not produced by the City A.M. team.
The democratisation of trading is long overdue
Were one to survey the nation on ‘what a trader looks like,’ the responses would likely be myriad: a hybrid of Gordon Gekko and Mark Zuckerberg; a pinstriped but tech-savvy caricature drawn from a life out-of-reach.
The reality is far closer to home. The marriage of globalisation and rapid technological uptake over the last two decades has lessened the constraints of geographical location to such an extent that one needn’t pack their bags to start trading. Wall Street, the City of London, and tradable markets anywhere else in the world exist in each of our pockets.
The internet was once touted as the ‘great leveller’; the innovation that would grant access to all to what was once exclusive. We have lived through the democratisation of the finance industry – the erosion of elitism and nepotism as a means to entry. Anyone over the age of 18 with an internet connection can learn the ropes and have trading success, regardless of who they are or where they’re from.
You might think you’re not cut out for trading – and you might not be. But the chances are, whatever you do for a living, whatever skills, knowledge or characteristics you possess, it will in some way be transferable into trading prowess.
For example, working in an industry usually means you possess specialist sectoral knowledge, and are probably very up-to-date with industry news. It doesn’t take much education to take the information in your head and turn it into actionable, tradeable insights a professional might miss.
It’s not just where you work, though. Your characteristics – your aptitude, attitude, and approach to life – play a valuable role in making good trading decisions. Used to pressure? Or making a plan and sticking to it? Even attributes as simple having high focus and being patient can make a significant difference to your success.
Anyone can trade. The stereotype of a trader is all wrong, marred by blame for financial crises past and based on a parody of an eighties cliché. Two assumptions often made are discernibly untrue in 2020: that all traders are male, the first, is an outdated perception.
This isn’t the NYSE trading floor – there are no bellowing, red-faced professionals to shout over when you want to execute a trade. Online, where all are equal in the eyes of the market, we’ve seen a gradual positive curve towards more women in trading. The tools are there for anyone to have a go, and plenty of women have enriched themselves via our platform.
The second, is that you have to be wealthy in the first place to accumulate more wealth. Sure it will help, but you can open a share-dealing account with us from as little as £x. The road to a healthier financial future does not begin with affluence but education.
All of the above examples are intended to demonstrate that anyone, regardless of age, race, gender or whatever else, can trade if they so choose, and that many will already have transferable skills that will aid them in doing so. But it is through education that we grow as traders.
At Fineco, we not only offer market-beating commissions and a full suite of analytical tools, but we will help you to learn and develop as a trader along the way. We want to see our customers succeed, so alongside our support team and educational tools, we offer a series of regular webinars that aim to take your trading to the next level, no matter where you are starting from.
Whether you just want to better understand markets, or you’re looking to take trading up on a more serious basis, we want you to make the most of your Fineco account: we’re the one-stop-shop trading partner that will go on that journey with you.


cityam--2020-07-14--OBR: Public borrowing set to top £370bn amid worst crash in 300 years

Government borrowing could skyrocket to a peacetime high of over £370bn this year as the UK economy suffers its worst economic crash in 300 years , the UK ’ s budget watchdog has said .
The Office for Budget Responsibility ( OBR ) presented three scenarios , each of which said the UK economy would shrink more than 10 per cent in 2020 .
Read more : New job retention bonus at heart of Rishi Sunak ’ s £30bn spending spree In the “ central scenario ” GDP is likely to drop by an enormous 12.4 per cent .
Unemployment @ @ @ @ @ @ @ the end of the year from below four per cent .
Government stimulus measures and a collapse in tax revenues will deliver an “ unprecedented ” rise in borrowing .
The budget deficit is set to jump to between 15 and 23 per cent of national income this year , the OBR said .
That is much higher than during the financial crisis .
The OBR said that the government can currently afford high levels of debt due to record-low interest rates .
But it warned higher taxes and/or spending cuts would eventually @ @ @ @ @ @ @ under control .
The report came as official figures showed the UK economy grew by 1.8 per cent in May , far less than expected after April ’ s crash of 20.3 per cent .
Chancellor Rishi Sunak said the “ figures underline the scale of the challenge we face ” .
The OBR produced three different scenarios for the path of the economy and public spending to reflect very high levels of uncertainty .
In the central scenario , the UK economy would only recover to its pre-coronavirus size by the end @ @ @ @ @ @ @ three per cent lower in 2025 than originally predicted before coronavirus hit .
In this case , unemployment would remain elevated at 10.1 per cent in 2021 with 3.5m people out of work .
Around 15 per cent of the roughly 9m people “ furloughed ” under the job retention scheme would become unemployed .
Growth bounces back very sharply in the “ upside ” scenario .
This would leave little economic “ scarring ” as unemployment stayed low and the economy returned to its pre-coronavirus size at the start of next year @ @ @ @ @ @ @ could hit 15 per cent with second Covid wave , says OECD Yet the economy would only recover by 2024 in the “ downside ” scenario .
Around 4m people would be out of work in 2021 and UK GDP would be six per cent smaller in 2025 than originally envisaged .
OBR boss Robert Chote said the downside scenario was “ by no means a worst case ” .
To try to prevent a jobs crisis the chancellor has pumped record amounts of stimulus into the economy .
This is includes a @ @ @ @ @ @ @ OBR said today that the extra spending is set to push public borrowing this year to more than £370bn .
That would be by far the highest ever peacetime level .
The extra borrowing would be fuelled by a slump in tax receipts of £133bn as the economy shrinks and people lose their jobs .
On top of this , the OBR said the government would have to borrow around £190bn more than originally planned for economic support policies .
These include the costly job retention scheme which has paid “ furloughed ” @ @ @ @ @ @ @ forecast , the deficit – the gap between government income and spending – is set to remain above £100bn for the next four years .
High deficits will keep the overall pile of debt bigger than 100 per cent of GDP until at least 2025 .
That is up from 89 per cent of GDP in 2019-20 .
Read more : Bank of England ’ s Andrew Bailey says he ’ s ‘ very worried about jobs ’ The government currently enjoys record low interest rates on its debt , thanks to the @ @ @ @ @ @ @ the bond markets .
But the OBR said such conditions are unlikely to carry on forever .
It said that “ at some point ” it “ seems likely that there will be a need to raise tax revenues and/or reduce spending… to put the public finances on a sustainable path ” .

OBR: Public borrowing set to top £370bn amid worst crash in 300 years
Rishi Sunak is on his way to the House of Commons
Government borrowing could skyrocket to a peacetime high of over £370bn this year as the UK economy suffers its worst economic crash in 300 years, the UK’s budget watchdog has said.
The Office for Budget Responsibility (OBR) presented three scenarios, each of which said the UK economy would shrink more than 10 per cent in 2020.
In the “central scenario” GDP is likely to drop by an enormous 12.4 per cent. Unemployment would surge to 12 per cent by the end of the year from below four per cent.
Government stimulus measures and a collapse in tax revenues will deliver an “unprecedented” rise in borrowing. The budget deficit is set to jump to between 15 and 23 per cent of national income this year, the OBR said. That is much higher than during the financial crisis.
The OBR said that the government can currently afford high levels of debt due to record-low interest rates. But it warned higher taxes and/or spending cuts would eventually be needed to keep the public finances under control.
The report came as official figures showed the UK economy grew by 1.8 per cent in May, far less than expected after April’s crash of 20.3 per cent. Chancellor Rishi Sunak said the “figures underline the scale of the challenge we face”.
UK economy to recover slowly
The OBR produced three different scenarios for the path of the economy and public spending to reflect very high levels of uncertainty.
In the central scenario, the UK economy would only recover to its pre-coronavirus size by the end of 2022. UK GDP would be three per cent lower in 2025 than originally predicted before coronavirus hit.
In this case, unemployment would remain elevated at 10.1 per cent in 2021 with 3.5m people out of work. Around 15 per cent of the roughly 9m people “furloughed” under the job retention scheme would become unemployed.
Growth bounces back very sharply in the “upside” scenario. This would leave little economic “scarring” as unemployment stayed low and the economy returned to its pre-coronavirus size at the start of next year.
Yet the economy would only recover by 2024 in the “downside” scenario. Around 4m people would be out of work in 2021 and UK GDP would be six per cent smaller in 2025 than originally envisaged. OBR boss Robert Chote said the downside scenario was “by no means a worst case”.
To try to prevent a jobs crisis the chancellor has pumped record amounts of stimulus into the economy. This is includes a £30bn package unveiled last week.
Budget deficit to hit highest peacetime level
The OBR said today that the extra spending is set to push public borrowing this year to more than £370bn. That would be by far the highest ever peacetime level.
The extra borrowing would be fuelled by a slump in tax receipts of £133bn as the economy shrinks and people lose their jobs.
On top of this, the OBR said the government would have to borrow around £190bn more than originally planned for economic support policies. These include the costly job retention scheme which has paid “furloughed” workers’ wages.
In the central forecast, the deficit – the gap between government income and spending – is set to remain above £100bn for the next four years.
High deficits will keep the overall pile of debt bigger than 100 per cent of GDP until at least 2025. That is up from 89 per cent of GDP in 2019-20.
The government currently enjoys record low interest rates on its debt, thanks to the Bank of England’s interventions in the bond markets.
But the OBR said such conditions are unlikely to carry on forever. It said that “at some point” it “seems likely that there will be a need to raise tax revenues and/or reduce spending… to put the public finances on a sustainable path”.


cityam--2020-07-14--British Airways to sell art collection amid coronavirus cash squeeze

Struggling British Airways ( BA ) is flogging 17 pieces from its art collection at auction house Sotheby ’ s , as the cash-strapped carrier continues to battle the coronavirus pandemic .
In total , the combined pieces could be worth up to £1.4m , according to estimates , with the most expensive , Bridget Riley ’ s Cool Edge , slated to sell for £1.2m .
Read more : British Airways must follow rules when it comes to job cuts , ministers warn The sale , which will be held over two auctions , also contains pieces by Damien @ @ @ @ @ @ @ to get rid of its art collection , which was first reported by the Evening Standard , shows just how damaging the coronavirus crisis has been to BA ’ s financial situation .
As a result of the pandemic , the UK ’ s flag carrier was forced to ground the vast majority of its aircraft for a period of several months due to the combination of flatlining passenger demand and widespread travel bans .
It is currently in consultation with pilots unions over a programme of 12,000 job cuts , and has @ @ @ @ @ @ @ of controversial “ fire and rehire ” tactics .
Willie Walsh , chief executive of BA owner IAG , has defended the airline ’ s actions , saying that it has behaved within the law in its approach .
Before the Open newsletter : Start your day with the City View podcast and key market data However , MPs have now called for the carrier to be stripped of valuable landing slots at Heathrow and other airports over the situation .
BA is not the only firm to consider parting with cultural assets @ @ @ @ @ @ @ pandemic .
In May it was reported that supercar maker McLaren was mulling selling its classic car collection , which has an estimated value of £250m , due to financial pressure .
Commenting on the sale , Carolina Martinoli , BA ’ s director of brand and customer experience , said : “ During this unprecedented time we have made the decision to work with Sotheby ’ s , one of the world ’ s leading and most trusted auction houses , to sell a number of pieces by artists including Bridget Riley @ @ @ @ @ @ @ forward to them finding new homes with this sale .
”

British Airways to sell art collection amid coronavirus cash squeeze
Struggling British Airways (BA) is flogging 17 pieces from its art collection at auction house Sotheby’s, as the cash-strapped carrier continues to battle the coronavirus pandemic.
In total, the combined pieces could be worth up to £1.4m, according to estimates, with the most expensive, Bridget Riley’s Cool Edge, slated to sell for £1.2m.
The sale, which will be held over two auctions, also contains pieces by Damien Hirst and George Shaw.
The decision to get rid of its art collection, which was first reported by the Evening Standard, shows just how damaging the coronavirus crisis has been to BA’s financial situation.
As a result of the pandemic, the UK’s flag carrier was forced to ground the vast majority of its aircraft for a period of several months due to the combination of flatlining passenger demand and widespread travel bans.
It is currently in consultation with pilots unions over a programme of 12,000 job cuts, and has come under heavy criticism for its use of controversial “fire and rehire” tactics.
Willie Walsh, chief executive of BA owner IAG, has defended the airline’s actions, saying that it has behaved within the law in its approach.
Before the Open newsletter: Start your day with the City View podcast and key market data
However, MPs have now called for the carrier to be stripped of valuable landing slots at Heathrow and other airports over the situation.
BA is not the only firm to consider parting with cultural assets in order to raise equity amid the pandemic.
In May it was reported that supercar maker McLaren was mulling selling its classic car collection, which has an estimated value of £250m, due to financial pressure.
Commenting on the sale, Carolina Martinoli, BA’s director of brand and customer experience, said:
“During this unprecedented time we have made the decision to work with Sotheby’s, one of the world’s leading and most trusted auction houses, to sell a number of pieces by artists including Bridget Riley and Damien Hirst.
“We look forward to them finding new homes with this sale.”


cityam--2020-07-14--Boohoo shares continue downward spiral amid sales slump warnings

Boohoo shares continued to slump this morning after more than three days of losses , following allegations of poor working conditions in the fast fashion firm ’ s garment factories that have weighed on analysts ’ sales forecasts .
Shares slumped 17.7 per cent to 230p yesterday , after hovering around the 410p mark for the majority of June .
Investors continued their sharp sell-off this morning , with Boohoo shares falling 5.7 per cent to 217p at 11.50am .
Read more : Boohoo to cut suppliers in breach of conduct rules The steep share price drop comes after explosive @ @ @ @ @ @ @ affiliated to the retailer in Leicester , following a Sunday Times investigation that revealed workers were paid as little as £3.50 an hour .
Boohoo made swift efforts to distance itself with the Jaswal Fashions factory and its supply chain , adding that it was “ shocked and appalled ” by the revelations .
But the online retailer ’ s announcement on Wednesday that it will launch an independent review of its UK supply chain and plug £10m in “ eradicating malpractice ” did little to allay investors , causing one of its @ @ @ @ @ @ @ its stock on Friday .
Standard Life Aberdeen ( SLA ) , the UK ’ s largest listed asset manager , sold off shares in the fashion brand worth nearly £80m , after slamming Boohoo ’ s “ inadequate ” response to allegations around its garment manufacturing practices .
“ Having spoken to Boohoo ’ s management team a number of times this week in light of recent concerning allegations , we view their response as inadequate in scope , timeliness and gravity , ” said Lesley Duncan , deputy head of UK @ @ @ @ @ @ @ ’ s fund management business .
SLA ’ s comments sparked a sharp sell-off in Boohoo shares , causing short-seller PSquared Asset Management to place bets worth more than £20m against the company ’ s stock .
Shore Capital analysts yesterday reiterated their stock rating for Boohoo , advising investors to sell shares in the firm after highlighting “ growing difficulty ” for investors in sustainable fashion brands .
“ Having seen a significant shareholder being so vocal with their concerns surrounding working practices , we believe that there will be growing difficulty @ @ @ @ @ @ @ arena , ” Shore Capital said in a note .
Meanwhile , analysts at Bank of America yesterday suggested Boohoo ’ s sales growth in the UK could be halved by negative publicity relating to the factory allegations , adding that the firm ’ s costs may increase by up to £20m a year as a result of efforts to weed out malpractice in its supply chain .
“ In our view , part of the problem Boohoo has had through these accusations is that it does not appear to have full transparency @ @ @ @ @ @ @ particularly its Tier 2 suppliers , ” said Bank of America in an analysts note .
Major retailers Next , Zalando , Amazon and Asos all cut ties with the fast fashion brand last week , wiping £1.5bn from the fast fashion brand ’ s value in just two days .
It comes as a separate Boohoo warehouse in Sheffield was yesterday branded a “ breeding ground ” for coronavirus , after 25 workers tested positive for coronavirus and dozens more suffered symptoms .
Workers at the building , which distributes garments for @ @ @ @ @ @ @ , said they were forced to continue working 12-hour shifts throughout lockdown despite social distancing rules .
Sheffield South East MP Clive Betts told the Sunday Times that 50 workers had contacted him to voice concerns about procedures at the warehouse .
Read more : Retail footfall growth doubles as consumers return to high streets Home secretary Priti Patel on Sunday said she feared “ cultural sensitivities ” have prevented police from cracking down on illegal sweatshops in the UK ’ s fast fashion industry amid concerns that they would be accused of @ @ @ @ @ @ @ considering an overhaul to modern slavery laws over concerns that current legislation is “ not fit for purpose ” .
Before the Open : Get the jump on the markets with our early morning newsletter

Boohoo shares continue downward spiral amid sales slump warnings
Boohoo shares continued to slump this morning after more than three days of losses, following allegations of poor working conditions in the fast fashion firm’s garment factories that have weighed on analysts’ sales forecasts.
Shares slumped 17.7 per cent to 230p yesterday, after hovering around the 410p mark for the majority of June. Investors continued their sharp sell-off this morning, with Boohoo shares falling 5.7 per cent to 217p at 11.50am.
The steep share price drop comes after explosive allegations of working conditions at a factory affiliated to the retailer in Leicester, following a Sunday Times investigation that revealed workers were paid as little as £3.50 an hour.
Boohoo made swift efforts to distance itself from the Jaswal Fashions factory and its supply chain, adding that it was “shocked and appalled” by the revelations.
But the online retailer’s announcement on Wednesday that it will launch an independent review of its UK supply chain and plug £10m in “eradicating malpractice” did little to allay investors, causing one of its main shareholders to dump the bulk of its stock on Friday.
Standard Life Aberdeen (SLA), the UK’s largest listed asset manager, sold off shares in the fashion brand worth nearly £80m, after slamming Boohoo’s “inadequate” response to allegations around its garment manufacturing practices.
“Having spoken to Boohoo’s management team a number of times this week in light of recent concerning allegations, we view their response as inadequate in scope, timeliness and gravity,” said Lesley Duncan, deputy head of UK equities at Aberdeen Standard Investments, SLA’s fund management business.
SLA’s comments sparked a sharp sell-off in Boohoo shares, causing short-seller PSquared Asset Management to place bets worth more than £20m against the company’s stock.
Shore Capital analysts yesterday reiterated their stock rating for Boohoo, advising investors to sell shares in the firm after highlighting “growing difficulty” for investors in sustainable fashion brands.
“Having seen a significant shareholder being so vocal with their concerns surrounding working practices, we believe that there will be growing difficulty for [ethical] investors in this arena,” Shore Capital said in a note.
Meanwhile, analysts at Bank of America yesterday suggested Boohoo’s sales growth in the UK could be halved by negative publicity relating to the factory allegations, adding that the firm’s costs may increase by up to £20m a year as a result of efforts to weed out malpractice in its supply chain.
“In our view, part of the problem Boohoo has had through these accusations is that it does not appear to have full transparency on all of its supply chain, particularly its Tier 2 suppliers,” said Bank of America in an analysts note.
Major retailers Next, Zalando, Amazon and Asos all cut ties with the fast fashion brand last week, wiping £1.5bn from Boohoo’s market value in just two days.
It comes as a separate Boohoo warehouse in Sheffield was yesterday branded a “breeding ground” for coronavirus, after 25 workers tested positive for coronavirus and dozens more suffered symptoms.
Workers at the building, which distributes garments for Boohoo’s Pretty Little Thing label, said they were forced to continue working 12-hour shifts throughout lockdown despite social distancing rules.
Sheffield South East MP Clive Betts told the Sunday Times that 50 workers had contacted him to voice concerns about procedures at the warehouse.
Home secretary Priti Patel on Sunday said she feared “cultural sensitivities” have prevented police from cracking down on illegal sweatshops in the UK’s fast fashion industry amid concerns that they would be accused of racism.
Patel said she is now considering an overhaul to modern slavery laws over concerns that current legislation is “not fit for purpose”.
Before the Open: Get the jump on the markets with our early morning newsletter