Where's Wally?

Written by Scarlett Regan, Researcher

Edited by Tom Gillingham, Associate Partner


Good morning,


Air corridors with our sun-drenched European neighbours are expected to be formally announced on Monday, but these destinations still may not be the first choice for British sun-seekers.


The first wave of ‘air-bridges’ is anticipated to include France, Italy, Spain, Greece and Germany. Later waves are likely to form bridges with Denmark, Finland, Holland, ‘low-risk’ Caribbean islands, Vietnam, Singapore and Hong Kong, although these might not be in place until the late summer.


Holidaymakers who cross these bridges will not be required to undertake quarantine on their return to the UK. Ahead of any governmental announcements, many have hopped online to get their hands on a foreign break. In the last week, demand for foreign holidays has doubled, with particularly high interest in the Spanish playas.


But, despite this new approach, the real winner in the game looks to be the staycation. Bookings for UK holidays quadrupled following Boris Johnson’s announcement of the opening of the hospitality industry: online booking site Hoseasons recorded one booking every 11 seconds in the hours that followed.


People seem desperate for a change of scene, even if it’s only an hour’s drive away. And, hopping in their cars as opposed to leaping on a plane might seem like the most risk-free way to holiday.


Nonetheless, ‘Where’s Wally’-like images of Bournemouth beach swarmed our Twitter feeds yesterday, where road trippers lapped up the 30-degree heat and took the ‘distancing’ out of social distancing. It was a nightmare for the local council and emergency services, triggering a ‘major incident’ announcement.


From Westminster, England’s chief medical officer Professor Chris Witty pleaded with people to stick to social distancing guidelines. If the staycation is indeed the way forward, our beauty spots and beaches could be facing a pretty hectic summer.


In England, we’ve had a few weeks of ‘staying alert’ now. The apparent hollowness of that slogan has now revealed itself, and recent evidence would suggest the government has some serious work to do if it is to feel comfortable relying on “good old British common sense”.


Having been cooped up for three long months, perhaps what is now emerging isn’t quite as sensible as they’d hoped...


News

Labour leader Sir Keir Starmer is to speak to MPs concerned about the sacking of former education secretary Rebecca Long-Bailey. She was asked to stand down yesterday after retweeting an article which Sir Keir said contained an anti-Semitic conspiracy theory. Her allies on the party’s left have claimed that her sacking was an overreaction.


Emergency Nightingale hospital-style temporary courts will be opened to tackle a backlog of more than half a million criminal cases that have built up during the pandemic. Ten sites have been identified, including town halls and university lecture theatres, and it is expected that the first cases could start in August. (£)


At least 20 million people in the US may already have been infected with Covid-19 according to health officials. The Centers for Disease Control (CDC) says the true number of cases is likely to be ten times higher than the reported figure. It comes as some southern and western states have reported record numbers of cases in recent days.


Business and economy

Easyjet has set out plans to restart its flights from 14 UK airports next week. These include Aberdeen, Glasgow and Edinburgh airports. The airline has said that a range of new measures will be in place to ensure the safety of all customers and crew onboard, such as aircraft disinfection and the mandatory use of face masks.


The UK chancellor Rishi Sunak is to wait to see the ‘independence day’ reaction to the reopening of hospitality before deciding whether a fiscal stimulus is needed to boost consumer confidence. Originally scheduled for 9 July, this statement is now likely to be the following week, when the Treasury have access to data from reopened high streets. (£)


Scottish cabinet secretary for rural economy and tourism, Fergus Ewing, has warned that tens of thousands of jobs will be lost across Scottish tourism unless the furlough scheme is extended into next year. Many businesses will struggle to be financially viable with social distancing in place. Ewing convened the first meeting of a new tourism recovery group yesterday afternoon. (£)


Columns of note

InThe Guardian, Polly Toynbee makes a strong case to save the UK arts sector. Our booming film, television, theatre and design industries can’t leap back to life if venues go bankrupt and talent has fled to seek livelihoods elsewhere, she says, and calls for urgent government investment.


In theFinancial Times, Antonia Cundy argues that working from home could help the UK to ‘level up’. It might also halt the graduate ‘brain drain’ faced by UK cities, where a disproportionate number of high-achieving graduates flock to London, she notes.

Source: Twitter

Markets


What happened yesterday?


US markets closed positively for the third time in four days, as bank stocks were boosted by the easing of the post-2008 crisis rules. This will make it easier to invest in venture capital funds and free up capital set aside for derivatives. Both the S&P 500 and the Nasdaq Composite closed up 1.1 per cent.


Even amid growing concerns about an apparent rise in new coronavirus infections in the US, London’s FTSE 100 ended the day up slightly by 0.38% at 6,147.14


In Europe, the CAC 40 in Paris performed best, rising one per cent.


Gold hovered near an eight-year-high at $1,763 an ounce; the ‘safe haven’ precious metal has advanced more than 20 per cent since March.


What's happening today?


Interims

Marstons


Trading Announcements

Tesco


AGMs

Aberdeen Sml.co

Alytn

Bh Global

Cip Merchant

Comptoir Grp

Countrywide

Directa Plus

Dp Poland

Ebiquity

Honeycomb Inv.

Hydrogen

Inspiration Hlt

Kore Porash

Gazprom Ads 1Proteome

Sportech

Symphony Env.

Tesco

Trufin Plc

Warpaint London


Final Dividend Payment Date

Frenkel Topping

Hilton Foods

Maruwa


Int. Economic Announcements

(09:00) M3 Money Supply (EU)

(13:30) Personal Income (US)

(13:30) Personal Consumption Expenditures (US)

(13:30) Personal Spending (US)

(15:00) U. of Michigan Confidence (US)


Source: Financial Times

Did you know?

If you hate coriander, it may be because you’re in the 10% of people with a genetic mutation which makes it taste like soap.


Parliamentary highlights

House of Commons

No business scheduled.


House of Commons

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Scottish Parliament

No business scheduled.