6 June

@lyle_h_hill

6 June

Good morning,

Yesterday was marked by poignant tributes as more details emerged about Saturday's attack at London Bridge. Tributes poured in as the first victims of the atrocity were named.

Canadian national Chrissy Archibald, 30, and James McMullan, 32, tragically lost their lives. Five others were killed but have yet to be named, and 36 remain in hospital, 18 of whom are in a critical condition.

A vigil was held in Potters Field Park yesterday evening, led by London Mayor Sadiq Khan and attended by the Home Secretary Amber Rudd. A minute’s silence will be held today at 11:00am in memory of those affected.

Last night, police named two of the terrorists who carried out the attack.

The first to be named, Khuram Butt, a 27-year-old who lived in Barking, had been known to the police and MI5 since 2015. He had also appeared on the Channel 4 documentary ‘The Jihadis Next Door’ and had known links to the jailed hate preacher Anjem Choudary.

In response to questions, Commissioner Cressida Dick defended the Metropolitan Police’s decision to downgrade the inquiry into Butt, citing that there was no evidence of a plot.

The second attacker was named as Rachid Redouane, a 30-year-old also from Barking. Redouane and the final perpetrator, yet to be named, had not been known to the security services.

On Sunday and throughout yesterday, the police were quick to arrest 12 people believed to be connected to the attack, but all 12 have subsequently been released without charge.

As security issues dominate the final days of campaigning, Theresa May came under increasing pressure to explain why she had cut police numbers during her time as home secretary. At one stage yesterday, Jeremy Corbyn demanded that the prime minister resign over the cuts, but later rescinded his comments.

 

NEWS

Tim Farron and Nicola Sturgeon faced off against a studio audience in Edinburgh, in what was the second special election Question Time of the campaign. Both leaders faced a wide range of questions, but were clear that in response to recent terror attacks civil liberties should not be sacrificed and reforms could not "undermine our own freedoms".

The growing diplomatic row in the Gulf has continued, as airspace is closed to Qatari planes from today and more countries severed diplomatic ties. Egypt, Saudi Arabia and Bahrain have all announced that they will close their airspaces to flights from Qatar. The FT reports this morning that Gulf allies are angry that Qatar paid a $1 billion ransom to jihadist groups and Iranian security officials.

Melbourne police have sieged what they believe to be a “terrorist incident”.Police arrived at an apartment building after reports of an explosion. Yacqub Khayre was armed with a shotgun and had called a broadcaster claiming he was acting in the name of ISIS. Three police officers were wounded in the firefight in which Khayre was shot dead.

 

BUSINESS AND ECONOMY

Several surveys released at the beginning of this week have highlighted that UK spending is falling as consumers feel the pinch and attempt to moderate their spending. Consumer data showed that high street spending slowed last month as higher prices caused by the weak pound deterred shoppers from buying non-essential items.

According to data from Hamptons International, buyers from continental Europe have lost their attraction to London’s most exclusive areas since the Brexit vote. Europeans made up just 8% of buyers in prime central London, a fall from 28% in the second quarter of 2016, just before the EU referendum.

Theresa May has set out plans to revive the Board of Trade following the election. She announced that a Conservative government would set up a network of nine trade commissioners to boost trade after Brexit. The nine regions were not disclosed, but the Tories said they would be “determined by markets rather than national borders”.

 

MARKETS

The FTSE 100 closed slightly lower yesterday, down 0.3% at 7525.55. Airline groups took the brunt of the losses, with Easyjet closing down 3% and International Airlines Group also down 2.4%.

Despite news that Ocado has secured its first overseas deal, shares in the online retailer fell 1.7%.

Old Mutual was among the big risers on the day, following news that it had bought financial adviser network Caerus Capital Group.

On the currency markets, sterling had a strong day, rising 0.25% against the dollar to $1.2926 and 0.55% against the euro to €1.1487.

AGMs
Forbidden Technologies, Genel Energy, The Gym Group, Mobile Tornado Group, Realm Therapeutics, Shawbrook Group, Safestay

Finals
Acal, Carclo, Freeagent Holdings, Palace Capital, Vianet Group

 

International Economic Announcements
(10:00) Retail Sales (EU)

UK Economic Announcements
(00:01) BRC Shop Price Index

 

COLUMNS OF NOTE

Alex Massie, writing in The Spectator, argues that after President Trump’s latest tweets denigrating London Mayor Sadiq Khan’s response to the London attack, Theresa May’s attempt to get as close to the US president as possible looks worse by the day.
 
Sayeeda Warsi, writing in The Guardian, discusses the need for Britain to have an evidence based strategy to fight terrorism, rather than basing responses on ideology. She argues that Theresa May’s four-point plan is a step in the right direction.

 

DID YOU KNOW?

Robert Cawdrey's Table Alphabeticall, published in 1604, was the first single-language English dictionary ever published. It lists approximately 3000 words.

 

PARLIAMENTARY HIGHLIGHTS

TODAY
House of Commons
In dissolution. The House will next sit on Monday 19th June.
 
House of Lords 
In dissolution. The House will next sit on Monday 19th June.

Scottish Parliament
Justice Committee Debate: Inquiry into the Role and Purpose of the Crown Office and Procurator Fiscal Service

TOMORROW
Scottish Parliament
First Minister's Questions

Portfolio Questions: Culture, Tourism and External Affairs
Justice and the Law Officers