The Weekly ventured into the City on Friday in a welcome return to the comparative peace and quiet of the office. No screaming children, no difficult Year 3 French questions, and no Amazon deliveries to distract you. Bliss! Yet, whilst a return to the office provided a welcome semblance of structure and routine, life in the City of London is still far from "normal". The sight of boarded-up shops and the eerie quiet on the streets provided a stark reminder that, whilst the wider economy is slowly staggering back to its feet, life in London's financial centre is still on pause. Talk to an office leasing agent and much of the discussion will inevitably focus on the appropriately named "Zombie occupiers", tenants who now have surplus space but are trapped within their unexpired lease terms. The investment story, however, is slightly different with the City showing renewed signs of activity. Whilst investment volumes in Q2 2020 (£423.1m) were the lowest since 1996, pricing for City offices remains stable and Savills reported this week that there is approximately £2.62bn under offer across 21 transactions - a reason to be optimistic despite the chastening Q2 statistics. Investors appear confident that the novelty of working at home from the attic bedroom has already warn rather thin! And The Weekly is inclined to agree.
Does anyone know how to spend money like Rishi Sunak? The Chancellor opened his cheque book yet again this week with a £1.57bn support package for the Arts and Culture Sector, closely followed by a mini-budget that delivered VAT cuts, stamp duty relief, a job retention bonus for staff coming off furlough, and a discount for those dining out. If Mr Sunak ever read George Osborne's austerity textbook, he either covered it in red pen or (more likely) lobbed it out of the window. With announcements that big name retailers Boots and John Lewis will be cutting 5,300 jobs and shutting stores, the Chancellor is understandably using his financial fire power to try and keep a lid on rising unemployment. Mr Sunak swiftly overrode the value for money concerns expressed by HMRC's permanent secretary, Jim Harra, but The Weekly has been struggling with another question. How will the Government square its new "Eat out to help out", with Number 10's new war on obesity? The Prime Minister wants the nation to go on an emergency weight loss programme in case of a second wave of Covid-19 infections. But, if The Weekly's past experience in Pizza Express is anything to go by, there is a clear link between the size of the discount voucher you take in and the size of Pizza that ends up on your table!
Whilst the Government is likely to come under fire for its mixed messages on eating out and slimming down, zoo workers were warned this week that they could come under fire for a very different reason. According to some recent Japanese research, penguins can fire poo a distance of four feet! The researchers found that the birds' muscular pressure reaches 28 kilopascals, significantly higher than humans, and can easily projectile their droppings 1.2 metres. The researchers have warned zoo staff to be extra careful when approaching these animals in case of stray fire, whilst The Weekly thinks this is another excellent reason for a family trip to the zoo now that they've re-opened! You could even make a day of it and enjoy a cut price Rishi-dish to celebrate a direct hit!