Strategy Insights Europe Fri, 04 Jun 2021 20:57:05 +0000 en-US hourly 1 Strategy Insights Europe 32 32 How London’s private clubs weathered the Covid storm Fri, 04 Jun 2021 20:30:07 +0000

Nine months after Metro Bank took control of The Conduit’s Mayfair site due to unpaid debts, the private members’ club is finalizing renovations to a rented building in the heart of Covent Garden, which is slated to open in August.

The club, new to London’s club land when it opened in 2018, teased its 3,000 members this week with an online discussion on Chinese human rights, before fully opening up its food and beverage outlets. meeting and working with clients who have adopted a hybrid way of life shared between the city and the outlying residences.

The Covent Garden site will also feature a bookstore with over 1,000 titles curated by staff at The Conduit and ‘The Fix’, a two-story space where members ‘take meetings and exchange ideas’.

The Conduit will provide a two-storey space where members will “have meetings and exchange ideas” © The Conduit

The opening offers new hope after a ruinous period for private clubs in London, which have had to deal with serial blockages and a drop in commuters, as well as the retention of foreign hotel workers , including those in Europe who have been restricted by immigration rules imposed since Brexit. .

In an email to its members last July, the Chelsea Arts Club, a 130-year-old creative club, said the crisis had already caused “catastrophic damage” to its finances and asked its members to they would provide “voluntary financial support”. ”.

Of the 103 member clubs in London before the pandemic, seven, including The Conduit, have closed. Others include Soho, Milk & Honey and The Hospital Club members’ club, renamed “h Club,” which focused on catering to the music and entertainment industry, and has also closed its sister venue in Los Angeles. Angeles.

“My bet is that just as human beings have adapted extraordinarily well to current circumstances, we will come back to a standard much faster than you might think. People yearn for the community and want to contact again, ”said Paul van Zyl, co-founder of The Conduit, whose basic membership costs £ 1,800 a year.

“We will be obsessed with hygiene, but community and closeness are more precious than ever. There is a real desire, ”he added.

Paul van Zyl: “People yearn for community and want contacts again” © The Conduit

Along with the rebirth of The Conduit, there are other glimmers of hope in the underground. Pavilion, which operates three clubs in London, plans to open a fourth venue in the coming weeks in Knightsbridge, while The Arts Club expands internationally with further openings planned in Los Angeles and Dubai ahead of the year. next.

Many traditional clubs have survived by giving members a reason to continue paying an annual membership fee while the premises are closed. Even the most historic venues, often with older members, have embraced Zoom wine tastings, conferences, and home food deliveries.

Remy Lyse, chief operating officer of the Arts Club, Mayfair, said during the lockdown he only lost about 3% more members than in a normal year by offering events online . These ranged from breakfast to virtual painting lessons and a podcast for members.

Has it reached the breakeven point over this period? “Some weeks yes, others no,” Lyse said.

The biggest challenge for clubs in and around St James, Mayfair and Soho, an area renowned for its historic members’ institutions, will be the slow return to offices, lack of corporate events and international travel.

Even after hospitality venues were allowed to open indoors from May 17, attendance in London remained 28% below 2019 levels.

Most sites expect a substantial return from commuters no earlier than September, while international travel is unlikely to pick up significantly until fear of unknown variants entering the UK subsides.

Loyal members of the Army & Navy Club have helped the 184-year-old institution survive © Laurence Mackman / Alamy

The Army & Navy Club, a 184-year-old institution originally established for members of the armed forces, dubbed “The Rag,” said 93% of members have remained loyal and agreed to pay their annual membership to advance to give the club immediate access to funds.

Robin Bidgood, chief executive, said trade had been around one-third of normal levels throughout the pandemic, with a small number of members using the club as permanent residence and for essential business travel.

Corporate event bookings were starting to pick up, he added, with army regimental dinners confirmed starting in September.

Many older clubs with aging members have noted the rapid expansion and popularity of Soho House, which has grown to around 30 outlets and 100,000 members from its original London base over the past 26 years. .

Soho House has grown to around 30 outlets and 100,000 members from its home London base over the past 26 years © Richard Chivers / View / Alamy

During the pandemic, it invested heavily in an app for members and new offerings such as its “Cities Without Houses” program, which offers access to online events, discounts and networking.

He is forecasting a listing in New York that could reach £ 3 billion, while new clubs in Austin, Tel Aviv and Rome are set to open this year.

Bidgood said he watched the progress of Soho House as the Army and Navy strived to become “a must-see for this younger audience. [rather than] that traditional element of clubs being old and stuffy with old people napping under the newspaper ”.

But, he warned, clubs must be careful not to become “five-star hotels with members” because the opportunity for clubs is to maintain a personal relationship with customers.

“There is always a financial angle but we are not motivated by the creation of many clubs. Less is more for me, ”said Lyse. “I’m sure things can work a little differently, but there is so much excitement that I think people will come back.”

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Latest coronavirus: vaccination slowdown jeopardizes Biden’s July 4 target Fri, 04 Jun 2021 19:50:42 +0000

The pace of daily inoculations in the United States has slowed to levels that, one month before the July 4 deadline, put Joe Biden’s vaccination goal in jeopardy for American adults.

The latest figures from the leading US public health agency showed that nearly 163 million Americans over the age of 18 had received at least one dose of a Covid-19 vaccine by 6 a.m. on June 3. This, according to the Centers for Disease Control and Prevention, equates to 63 percent of the adult resident population, or about 258m.

The president wants 70% of residents aged 18 and over to have received at least one dose of a Covid-19 vaccine by July 4. Reaching its goal would require an additional 18 million adults to receive their first dose within the next month – a rate of about 602,000 first-dose injections per day until Independence Day.

That required rate will change after the U.S. Centers for Disease Control and Prevention updates their numbers this afternoon, but likely not enough for Biden’s goal to be achievable within the next 30 days.

According to the CDC, the seven-day average of the first daily doses, which includes both adults and teens, was 519,913 for the week ended May 29, the most recent date for which figures are available.

The seven-day average of total doses administered (including second injections) in the United States fell to nearly 1.05 million per day for the week ended May 29. Rates rose the week after the CDC on May 14 eased mask guidelines for fully immunized people, but have been declining globally since peaking at 3.3 million per day in mid-April .

Biden’s missing vaccination target may not be a full blame for the U.S. deployment, especially given the size of the population. The percentage of its total population that received one or more doses, 50.9%, ranks 13th in the world, according to the The FT vaccine tracker, while its proportion of fully vaccinated residents, at 41.2 percent, ranks sixth.

In a bid to boost turnout through weeks of July 4, the White House this week teamed up with Anheuser-Busch on an offer whereby the brewer would give everyone over 21 a free beer (or similar) if the country has met Biden’s target.

Several states, representing a wide range of advances in vaccine deployment, have already started vaccine lotteries, promising grand prizes of $ 1 million, college scholarships and even guns for vaccinated residents.

As of Thursday, 12 states administered at least one dose to 70% of their adult population.

Although vaccination rates have been declining since mid-April, recent low numbers can be explained by the May 31 public holiday. Throughout the pandemic, data released after weekends or holidays is often lower due to reporting delays or facility closures.

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Hagens Berman UK LLP secures litigation funding, ATE Insurance and initiates litigation against Mercedes, further strengthening its global litigation against the automaker Fri, 04 Jun 2021 19:09:14 +0000

[London] – Hagens Berman UK, the London firm of world-renowned US law firm Hagens Berman Sobol Shapiro LLP, announces the latest developments in its class action lawsuit on behalf of UK Mercedes drivers affected by emissions fraud.

Hagens Berman UK has successfully secured substantial litigation funding from Harbor as well as significant Post Event Insurance (ATE) to protect its group of claimants. The company has taken legal action against Daimler AG, Mercedes Benz Cars UK Limited and Mercedes Benz Financial Services UK Limited, to assert claims by Mercedes drivers in England and Wales arising from diesel emissions.

Some 33,000 Mercedes drivers based in England and Wales have already expressed an interest in having Hagens Berman represent them in the group’s dispute and can now officially join the group (under the GLO procedure). Other interested parties are also still eligible.

“UK consumers have a similar right to compensation for illegal, deceptive and defective fraud implemented by Mercedes,” said Steve Berman, Managing Partner of Hagens Berman. “Following the US $ 700 million settlement against Mercedes, we spent the last year laying the groundwork for an equally successful litigation in the UK. We are now ready to hold Mercedes and the other defendants to account. “

First round: Consumer 1; Mercedes 0

An estimated 1.2 million potential applicants in England and Wales owning, leasing or operating affected Mercedes vehicles – currently or previously – have been affected, based on the fact that Mercedes has sold over 700,000 vehicles there concerned between 2008 and 2018.1. This includes private owners and businesses, such as fleet operators and car rental companies, as well as affected vehicle renters.

Hagens Berman’s U.S. litigation against Mercedes, led by Steve Berman, returned more than $ 700 million to U.S. owners of the affected BlueTEC dirty diesel Mercedes vehicles2, and led to a $ 2.2 billion settlement with the US Department of Justice, Environmental Protection Agency, and others in 2020.

Michael Gallagher, Co-Managing Director and Partner of Hagens Berman UK, comments: “Harbor’s case-specific funding and the fact that we have been successful in securing ATE coverage for claimants from the highest A + rated insurers demonstrates recognition of the merits of our case.

“ATE insurance is important to our customers and should be important to every customer requester, as it gives them an extra layer of value and security. We are especially proud to offer this to those who join our litigation group, in addition to a no-cost, no-cost arrangement. “

Gallagher added, “As a firm, we have an impressive reputation for investigating, researching and litigating global defendants and diesel emissions fraud. We will leverage that expertise and apply the same tenacity and attention to detail in pursuing our UK litigation. “

Hagens Berman United Kingdom launched in London in 2020 and is Hagens Berman’s first international office. The firm has retained a business leader – David Cavender of One Essex Court – to serve as QC in the case against Mercedes. In addition to its London-based team of lawyers, the firm will make other notable hires in the coming weeks.

Steve Berman comments: “We intend to grow our brand and reputation in the UK market where more can be done to defend the rights of consumers against wrongdoing and corporate violations and where the legal landscape is changing. changing. Along with our emissions and automotive work, where we will initially focus on Mercedes-related litigation in the UK, we intend to expand our practice and workload to other areas of law. , in particular in disputes relating to competition, consumer affairs, the environment, securities and civil rights. “

Current and former owners, tenants and operators of relevant Mercedes vehicle fleets in England and Wales who wish to learn more about the Hagens Berman UK Group Litigation Order can visit This class action claim is conducted on a no-win, no-cost basis, which means there will be no entry or participation fees.

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Sadly, it looks like food banks are here to stay | Letters Fri, 04 Jun 2021 18:33:00 +0000

The article by Sam Wollaston (Emma Revie food bank supremo: “It’s the best job in the world – and it shouldn’t have to exist,” May 31) was a timely and depressing reminder of the growing dependence on -visible food banks in British society.

In our local campaigns ahead of the recent Scottish parliamentary elections, my wife came to the panel as a long-time volunteer with our local food bank and asked a simple question of all parties represented: ‘What steps will your side take? to fire me? “

In their responses, five of the panelists mentioned various universal credit reforms, the review of personal independence payment procedures and the introduction of a realistic living wage. The sixth panelist, representing the current ruling party in the UK, bluntly dismissed the question, replying (and I’m paraphrasing): “Unfortunately, food banks are needed and, for the foreseeable future, they will remain a vital part of the economy. 21st century British fabric. society. “With such deeply entrenched negative attitudes on the part of the UK ruling party potentially for years to come, I fear Emma Revie and her colleagues at the Trussell Trust will be working long.
Phil Murray
Linlithgow, West Lothian

In 2006-2007, under Labor, I co-founded the Community Emergency Foodbank (CEF) in Oxford. Since CEF was founded, we have provided emergency food to over 40,000 of Oxford’s poorest people.

Trussell Trust CEO Emma Revie says in your article that the need for food banks stems “from a failure of our social security system … it’s in the government’s gift of increasing universal credit and others. changes to benefits ”. She says food banks “shouldn’t exist”. The clear implication being that if the government increased the level of benefits, the need for food banks would be eliminated.

I doubt that is true. Food banks stretch across the globe, from Tasmania to Los Angeles, and across the EU: none, of any political stripe, has created a benefit system that responds to the diverse reasons people need food banks. These include: desertion, alcoholism, mental illness, drugs, prison, divorce, family breakdown, job loss, benefit shortfalls, gambling and human madness. Unfortunately, food banks are here to stay.
Tom benyon
Bladon, Oxfordshire

Got an opinion on everything you’ve read in the Guardian today? Please E-mail us your letter and it will be considered for publication.

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Canary Wharf Group Executive Chairman Resigns | New Fri, 04 Jun 2021 11:55:59 +0000

The executive chairman of the company that spearheaded the creation of Canary Wharf is stepping down from his role after 30 years.

George Iacobescu has told Canary Wharf Group staff that he will assume the role of chairman effective July 1.

He will be replaced by Shobi Khan, who became CEO in 2019.

Iacobescu said his new role will be to set the company’s agenda and chair board meetings, provide strategic direction and represent the company to government, senior tenants and residents. Commercial Partners.

His announcement comes with a larger upheaval that has seen the recent appointments of Becky Worthington as the company’s new CFO and Jane Hollinshead as GM of people, culture and customer service.

Iacobescu said: “We had a fantastic team that built Canary Wharf and now we have an equally exceptional new group of leaders. The new team is in place and now is the right time to hand over the baton.

He has led the construction of Canary Wharf since 1988, the 128-acre estate in east London is now home to the headquarters of companies such as JP Morgan, Citigroup, Barclays and KPMG.

He said: “Since 1986 we have created a whole new city the size of Cambridge from scratch – on land that no one wanted. When others laughed at the idea or actively tried to prevent it from happening, we believed it.

“We have transformed not only the London skyline, but the entire economy and geography of the city. We made East London the most exciting part of the city, and now it’s as respected as West London.

The group provided more than £ 100million in funding for the Dockland Light Railway and built the line’s Canary Wharf station. He also provided £ 400million in funding for the Jubilee Line and designed and built the district’s Crossrail station.

Canary Wharf was first run by Michael von Clemm, the London chairman of Credit Suisse First Boston, in response to the limited amount of modern office space in the City of London during the 1980s financial boom in the capital.

After Credit Suisse and fellow investor Morgan Stanley pulled out, real estate developer Olympia & York stepped in and began building One Canada Square, the tower that still houses Canary Wharf Group headquarters.

The 220m Newfoundland Tower, a residential project designed by architects Horden Cherry Lee and structural engineers WSP, opened last month.

Other ongoing developments of the Canary Wharf Group include the massive North Quay of Allies and Morrison, which is expected to provide 2.5 million square feet of office space and 1.6 million square feet of residential space. .

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School trips to UK from EU could be cut in half as Brexit hits cultural exchanges | School trips Fri, 04 Jun 2021 08:42:00 +0000

French and German educational tour operators bringing up to 750,000 schoolchildren to the UK each year have warned that stricter entry requirements after Brexit would likely halve the number of young Europeans visiting Britain.

“We have already seen a sharp drop in interest,” said Edward Hisbergues, sales manager of leading French operator, PG Trips. “My business was 90% UK, 10% Ireland; now everything revolves around Ireland. Schools ask for visits to the Netherlands or Malta.

The UK government has rejected organizers’ demands to exempt children on organized short educational trips from new passport and visa measures due to go into effect on October 1, saying they are necessary to strengthen UK borders.

Organizers said several thousand UK host families, language schools, hotels and other businesses across the country, and particularly in towns such as Canterbury, which specialize in the education, risked a significant economic impact.

They also said the new border restrictions could inflict wider and longer-term damage to Britain’s relations with Europe.

School trips “promote intercultural understanding and reduce prejudices,” writes the German federation of leading school trip operators, whose members organize 7,000 trips a year to the UK representing more than 1.5 million overnight stays.

“They forge lifelong bonds with the UK, increase tolerance for people, cultures and different ways of living and thinking, and help develop language skills in the most important language internationally.”

Hisbergues said that school trips abroad “really open your eyes. They can inspire children and change the course of young lives.

Ingo Dobbert, vice-president of the German federation, said that German children risked “being excluded from the precious experience their predecessors had of traveling and living in the UK”.

French and German organizers said the UK government’s decision to no longer accept EU national identity cards for entry into Britain from October 1 would deter less well-off families, as the cost of A passport could increase the price of a trip by 10-20%. per child, by age.

They are particularly concerned about the abolition of collective passports – the “travelers list” program which allowed non-EU students, usually from immigrant families, to travel in organized groups without needing a UK visa.

Schools in France, Germany, Spain, Italy and other EU countries often only allow travel if every student in the class can participate, meaning that groups with even one student non-EU “will no longer view Britain as a viable option” due to the costs and administrative hassle of obtaining a British visa, organizers said.

Between 5% and 10% of German children on school trips to the UK are expected to apply for a visa costing £ 95 under the new rules, the companies said, while half of French trips are said to be at risk for the UK. same reason.

In letters sent to Boris Johnson and the Home Office, organizers noted that school trips generate much-needed income for many UK host families, as well as museums, theaters and attractions such as Stonehenge. , the London Eye and the Brighton Pavilion, usually outside of peak holiday season.

“In many British cities, student visitors are a vital part of the local economy,” wrote the German federation. France’s 10,000 school trips per year represent a direct annual contribution of £ 100million to the UK economy, French organizers said. Dobbert said he believed the UK government “was not thinking about the long term impact of this”.

Susan Jones of LinguaStay, a UK provider of homestay accommodation, said her company welcomes 10,000 mainland schoolchildren a year to Chester, with 300 regular host families and six employees.

“So many people, with so much to lose,” she said. “The short-term educational travel market is going to die. And these are school children traveling with their teachers – this is not a security threat. “

French and German organizers have called on the government to consider allowing those under 18 traveling on tour packages of less than two weeks to enter the UK with ID cards, and urged them to maintain the “list of travelers” for school groups.

Future Borders and Immigration Minister Kevin Foster rejected their demands, saying in responses to several individuals and organizations that the government was “committed to strengthening the security of our border.”

From October 1, most European Economic Area nationals “will need a passport like everyone else,” Foster said, adding that the “travelers list” program would end on the same date and ” all pupils, regardless of their nationality, will need a passport – and visa if necessary – to visit the UK on an organized school trip ”.

Continuing the program would run counter to plans for a “post where everyone gets individual permission before travel from the Home Office,” he said, with those permissions being used to “keep those who do. can pose a threat far from our border and facilitate the passage of legitimate travelers ”.

Foster added that the government had “given nearly a year ‘s notice of these changes to allow people to plan ahead and obtain a passport and visa if needed, before traveling. “.

Dobbert said his federation had “a strong impression” that the British government “has very little understanding of the problems we will have in giving children passports and arranging visas for non-German citizens.”

He said the new measures “would explode the costs of a trip to the UK and would have a huge influence on our decision to travel to the UK.” This will force us to choose alternative English speaking destinations.

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IDBI Bank Secures $ 239 Million Debt Judgment in UK Fri, 04 Jun 2021 01:25:00 +0000

IDBI Bank secured a $ 239 million judgment in the commercial division of the High Court in London against a Cypriot subsidiary of the Indian group Essar Shipping, one of the largest debt judgments obtained by an Indian bank in English courts.
IDH International Drilling Holdco (IDH), the Cypriot parent company of the borrowers, is disappointed with the judgment and is considering its position on an appeal of the judgment, a spokesperson for the Essar group said. IDBI, headquartered in Mumbai, had concluded loans totaling $ 148 million with two Singapore registered companies Varada Drilling One and Varada Drilling Two for the construction of two jack-up drilling platforms in March 2013.
IDH gave a corporate guarantee for the loan. The loan and guarantee were governed by English law and were therefore subject to the jurisdiction of the English courts.
“This is an important judgment both in size and in the message it sends to defaulters that Indian banks are willing and able to collect overdue debts through English courts,” said Nick Curling, General Counsel of TLT LLP, the London law firm representing IDBI.
According to the law firm, in July 2017, after borrowers failed to make scheduled repayments, IDBI served a formal demand for repayment of the principal amount, contractual interest, late interest, and fees. After another non-payment, the borrowers went into liquidation in Singapore, and in January 2020, TLT initiated proceedings in the UK on behalf of the IDBI.
Subsequently, IDBI, IDH and Essar Capital Holdings, another company in the Essar Shipping group, entered into a “one-time settlement” agreement under which IDBI accepted partial payment in full and final settlement of the debt, provided that the sum or before February 28 of this year. No such payment was received, and on March 1, the IDBI requested summary judgment, arguing that there was no real prospect of IDH successfully defending the claim at trial.
The case was heard in commercial court on May 21 by Deputy High Court Judge Leigh-Ann Mulcahy QC.

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LMG speeds up recruitment with a new hub Fri, 04 Jun 2021 00:03:39 +0000

The London Market Group (LMG) has created a new recruitment portal for the industry. The group seeks to promote the London market and make visible the roles it has to offer to new and returning talent, regardless of their location.

The new hub provides a single location for insurers, brokers and service providers in the London market to post job vacancies. These jobs will be made available to thousands of students who have attended graduate fairs and other student employment events with LMG.

According to LMG, this builds on its existing London Insurance Life social media campaign for school-leavers and graduates.

The site includes a table of job vacancies; training and event information, including links to entry level online courses; profiles of some of London Insurance Life’s 150 ambassadors; and LMG scholarship application forms.

“It is essential to attract new talent to our industry as we seek to evolve towards a digitally driven world,” said
Greg Collins, CEO of Miller and chair of the LMG Talent Task Force. “This is LMG’s latest initiative that brings together all of our previous work by creating a community of graduates and young people leaving school. We can now connect this talent pool more closely with industry employers through the new portal. The addition of training resources and events targeting new graduates makes this a must-have for anyone recruiting or seeking a position in our industry.

“If you are an HR professional looking to strengthen your team to include non-traditional talent, I encourage you to start posting roles on the website and using it as a resource to train your future talents. “

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Statue of a shot down British slave trader; the city reflects on its fate Thu, 03 Jun 2021 18:44:35 +0000

A statue of a 17th century slave trader who was toppled during anti-racism protests in the English city of Bristol is on display in a museum where an investigation will ask visitors to help decide his fate

LONDON – A statue of a 17th-century slave trader who was toppled during anti-racism protests in the English city of Bristol is on display in a museum, where visitors will be asked to decide his fate.

Edward Colston’s bronze likeness was removed from its pedestal and thrown into Bristol Harbor a year ago, sparking a nationwide debate on historical figures deserving of commemoration and the history of the Great Slave Trade. -Brittany. City workers took the statue out of the water and has kept it ever since.

The battered and paint-splattered statue will be on display to the public on Friday at Bristol’s M Shed Museum alongside signs from the June 7, 2020 protest. It will be on display until September 5 and visitors will be invited to complete a survey on ” what happened that day and what you think should happen next, ”the museum said.

Responses will go to the We Are Bristol History Commission, which was set up after the protest. Options include removing the statue from public view, setting up a museum or exhibit on the transatlantic slave trade, and restoring the statue to its plinth in the center of town.

Some Bristolians have criticized the toppling of the statue as an act of historic vandalism, while others have praised the removal of a stain on their community.

“We are taking this opportunity to find out what people think because we have to live together in this city,” said Shawn Sobers, member of the committee, associate professor at the University of the West of England.

“This display is not trying to be of an idealistic or ideological stance and to celebrate or empathize. He’s trying to be balanced, ”Sobers added.

The slaughter of the statue was part of a global toll of racism and slavery sparked by the death of a black American, George Floyd, at the hands of police in Minneapolis in May 2020.

Colston was a 17th century trader who made his fortune transporting enslaved Africans across the Atlantic Ocean to the Americas on Bristol-based ships. His money funded schools and charities in Bristol, and his name graced the streets, schools and main buildings in the city 195 kilometers southwest of London. Many have been renamed or have been the subject of ongoing debate.

Bristol became Britain’s largest port for slave ships in the early 18th century. The city-based ships transported at least half a million Africans into slavery before Britain banned the slave trade in 1807.

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U.S. jobless claims hit pandemic low as hiring picks up Business Thu, 03 Jun 2021 15:03:11 +0000

The number of UK workers on leave fell by more than 880,000 last month, another sign that the economy is picking up.

At the end of April, 3,435,400 people were registered with the job retention program for coronaviruses (CJRS), against 4,319,100 at the end of March, reports the HMRC.

The largest drop occurred in the wholesale and retail trade sector, which had 234,500 fewer jobs on leave after stores reopened in April.

There has also been a sharp reduction in the number of people on leave in accommodation and food services, and arts and entertainment businesses, although utilization rates remain high in these sectors, HMRC adds.

At the end of April, there were still about 602,800 people on leave in the wholesale and retail sector, 932,600 in accommodation and food services, 246,300 in manufacturing, 166,600 in construction and 230,200 in arts and entertainment.

Daniel Tomlinson

NEW: Participation in the job retention program fell from 880,000 in April to 3.4 million.

Down by a third since January 2021.

Still a lot of people on leave as we get closer to the end and the end of the regime.

June 3, 2021

The government welcomed the drop, saying 11.5 million employees and 1.3 million employers have now been supported by the CJRS (which pays 80% of wages to people currently not needed for work due to the pandemic ).

Resolution Foundation has calculated that the use of the Job Retention Scheme has reached two billion days [the total number of employments furloughed each day since the start of March 2020, including weekends].

Dan Tomlinson, senior economist at the Foundation Resolution, says:

Employees have accumulated two billion days off since the start of the pandemic. It shows how big an impact the pandemic has had on the economy – and how vital the leave scheme has been in preventing mass unemployment.

The continued decline in holiday rates in April as the economy began to reopen is an encouraging indicator that the labor market – as well as the economy as a whole – is recovering quickly.

But with around one in six young workers still on leave at the end of April, today’s figures are a stark reminder of the risk of rising unemployment when the leave scheme ends. The government must do everything to ensure that these workers find work as quickly as possible.

Foundation Resolution

The latest leave statistics released today show the number of workers on leave fell by 880,000 in April – and 1.6 million since January – as the economy began to reopen, while recourse to the Job Retention Scheme reached two billion working days:

June 3, 2021

Daniel Tomlinson

A major milestone in the UK economy was taken on April 10.

After 13 months of the Job Retention Scheme, we have reached ** two billion ** working days off.

The scale of this economic intervention is staggering.

June 3, 2021

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