Here the IOE&IT’s content team sifts through the morning news headlines to bring readers a digest of stories relevant to international trade.
1. ‘We need an exit strategy’
New Labour leader Sir Keir Starmer today echoed export and logistics trade bodies in warning the government of the damage being caused by its failure to detail an exit-from-lockdown strategy.
However, the Daily Mail reported that Dominic Raab, foreign secretary and stand-in for new father Boris Johnson at Prime Minister’s Questions in the House of Commons today, insisted no announcements would be made about how the lockdown will end for at least another week.
Starmer had listed the countries having “all published exit plans of one sort or another”: France, Germany, Spain, Belgium, New Zealand, Australia, Scotland and Wales.
2. Banks ease up on loan conditions
CityAM reported that banks will ease some of the restrictions they have put on schemes like the Coronavirus Business Interruption Loan Scheme (CBILS) following widespread criticism from businesses and Chancellor Rishi Sunak’s offer of 100% guarantees on Monday.
The FCA has also warned banks not to pressure companies seeking debt finance into paying them unnecessary fees, according to the FT.
3. Wine lakes developing
In one of the more unpredicted outcomes of the COVID-19 crisis, reduced demand for wine due to restaurant closures could see ‘wine lakes’ emerging in Europe. Politics website Politico reports on an excess of wine and winegrowers are calling on the EU to fund the emergency distillation of over a billion surplus bottles into industrial ethanol.
So far, no such trouble for US vineyards, according to a survey by the national body for US vineyards, WineAmerica, of its members. Industry website winebusiness.com said the survey revealed no wineries having closed as yet, but that if the lockdown continues into the summer, between 10 and 100 could close. Responses came from 1,085 wineries in 49 states, about 10% of the country’s wine businesses.
That’s it from us for today and thank you for reading. The Daily Update team is off to do its bit for the wine trade by attending a virtual wine tasting…