Deserted city centres slowing Britain’s job recovery, research finds October 26, 2020 Deserted high streets and city centres are hurting Britain’s jobs recovery, with urban areas including central London suffering the steepest declines in vacancies. The latest research showed that seven months on from the introduction of the nationwide lockdown, work opportunities have failed to return to pre-pandemic levels across major UK towns and cities. London has [...]
Online retailer The Hut Group hikes full-year revenue guidance October 26, 2020 Online retailer The Hut Group (LON:THG) said revenue this year will be stronger than previously anticipated as it entered the crucial Christmas trading period, with Black Friday expected to boost sales. THG, which raised £1.88bn when it listed on the London Stock Exchange last month, this morning raised full-year 2020 revenue guidance to between £1.48bn [...]
Coronavirus: London to lose £10.9bn from tourist spending, Sadiq Khan warns October 23, 2020 London is set to miss out on £10.9bn from a drop in tourist spending as a result of the coronavirus crisis, Sadiq Khan has warned, as footfall in the capital remains well below pre-pandemic levels. Overseas tourists will spend £7.4bn less on goods and services in London this year, while domestic tourists will spend £3.5bn [...]
Deal or no deal, reports of London’s death are greatly exaggerated October 23, 2020 London has for many years enjoyed the reputation as the world’s leading financial centre. Only New York has ever come close to challenging the capital’s crown — and since 2015 London has generally topped all the rankings. In that time, though, every paean to London’s preeminence has carried the gloomy caveat: “until Brexit”. The received [...]
A third of Brits worried about paying their rent or mortgage October 23, 2020 Nearly a third of Brits are worried about paying their rent or mortgage at the moment, a new survey has found. Polling conducted by Ipsos Mori showed that 30 per cent of people in the UK have such concerns at the moment, while 31 per cent are worried about making payments in a year’s time. [...]
Rishi Sunak extends support to businesses facing Tier 2 restrictions October 22, 2020 The government has expanded its job support scheme for businesses facing Tier 2 restrictions, with Rishi Sunak announcing that the government will pay significantly more of companies’ wage bills under the new post-furlough scheme. Businesses will only need to pay five per cent of workers’ unworked hours under the new part-time Jobs Support Scheme instead [...]
Shaftesbury taps investors for £300m as pandemic batters West End October 22, 2020 West End landlord Shaftesbury will tap investors for £300m amid a sharp downturn in central London footfall during the coronavirus pandemic. The property firm announced today that it intends to raise around £297m through a discounted offer of new shares, with the potential to raise £307m dependent on investor appetite. Shaftesbury, which owns 16 acres [...]
RSA, Hiscox and others drop appeal against Covid-19 business interruption insurance payout rulings October 21, 2020 The appeals linked to the Resilience, Eaton Gate Retail, and Eaton Gate Pubs & Restaurants business interruption insurance policies have now been dropped.
Real estate investment firms launch £100m self-storage partnership October 21, 2020 Two real estate investment firms have teamed up to launch a £100m self-storage joint venture, as investors target alternative properties amid uncertainty for office and retail assets. UK-focused real estate fund manager Moorfield Group has entered into a partnership with Stor-Age, a South African self storage Real Estate Investment Trust, which owns Storage King. The [...]
Snakes and Ladders: Who is moving jobs in the City this week? October 21, 2020 Snakes and Ladders provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. City firms are continuing to adapt to the challenges and opportunities presented by the pandemic as they vie to be in prime position to recover from the economic fallout of [...]