Rishi Sunak will announce plans to transform the City of London into a hub for green finance on Thursday as the government pushes to boost its competitiveness on the global stage after Brexit. The chancellor is expected to use his first speech to City financiers at the annual Mansion House address to announce details of a £15bn UK programme of government bond issuance, with the proceeds being spent on environmentally friendly projects. – Guardian
The hospitality industry is warning of a looming crisis sparked by the surge in Covid infections, with various businesses having to close as entire teams of workers are sent home to isolate after receiving notifications from the NHS app. Restaurants, pubs and bars are calling on ministers to urgently approve a “test and release” scheme so that they can continue to stay open and serve customers. The latest daily tally of infections topped 26,000 on Wednesday, and increasing numbers of businesses are coming under pressure because staff have to stay at home for 10 days if one tests positive for Covid-19. – Guardian
The former adult magazine tycoon Richard Desmond has cashed in his stake in the publisher of the Daily Mirror to help fund a long-running pursuit of the National Lottery licence. Mr Desmond, who once owned the Daily Express and Channel 5, revealed in accounts for his holding company Northern and Shell that he will spend up to £20m on his bid. – Telegraph
US fashion retailer Gap has confirmed it will close all of its stores in the UK and Ireland, and offload some outlets in Europe as it moves solely online. The chain plans to close its total of 81 stores in the UK and Ireland “in a phased manner” within the month from the end of August. The shuttering of all UK brick-and-mortar shops widens the scope from the 19 closures in Britain that were announced in June, when Gap decided not to extend some expiring store leases. – Telegraph
Britain is set to secure an exemption for the financial services industry from new global rules on taxing multinationals, ensuring that the City’s largest banks do not pay more tax on their profits made in other countries. Talks at the Paris-based Organisation for Economic Co-operation and Development, due to conclude today, have accepted the UK’s case that financial services be separated out from the new system, according to the Financial Times. – The Times
Apple is refusing to rethink its plan to get employees back in the office three days a week, despite a staff backlash. The iPhone maker told employees in June that they would be asked to work from the office on Mondays, Tuesdays and Thursdays from early September. However, a group of about 80 staff responded with a letter to Tim Cook, 60, Apple’s chief executive, urging him to allow fully flexible working. – The Times
