Seven days in the Square Mile

Unveiling his coronavirus recovery plan, Chancellor Rishi Sunak rejected calls to extend the jobs furlough scheme beyond October, saying it would give people “false hope”. Instead, he outlined plans to pay firms a “job retention bonus” of £1,000 for every staff member kept on for three months when the furlough scheme ends in October. Shares in housebuilders and estate agents leapt ahead of the announcement of a stamp duty holiday to stimulate the property market, which will exempt the first £500,000 of all sales from the tax.

The price of gold pushed above $1,800/ oz midweek – its highest level since 2011 – reflecting growing jitters among investors that the economic rebound could stall in the face of new Covid-19 outbreaks. It marked a change of mood in stock markets, which had pushed higher on the back of positive data reflecting the reopening of economies. The sandwich and salad chain Pret A Manger reported that business is 74% lower than a year ago and said it would close 30 shops, putting 1,000 jobs at risk. Fashion retailer New Look became the latest high street name to prepare for a company voluntary arrangement after landlords turned down a request to reduce rents. The spread betting firm CMC Markets said it was on course to beat expectations for the year. Uber Eats agreed to buy the food delivery app Postmates for $2.65bn. The insurer Aviva appointed Amanda Blanc as its chief executive, taking the tally of female FTSE 100 CEOs to six. George Osborne joined the board of his family’s wallpaper and fabrics company, Osborne & Little.