Gatwick Warns Of UK Travel Left Behind In Europe Due To Expensive PCR Testing Company – .

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Gatwick Warns Of UK Travel Left Behind In Europe Due To Expensive PCR Testing Company – .


Hello and welcome to our continued coverage of the global economy, financial markets, euro area and business.
Gatwick Airport warned that travel to the UK would continue to lag behind Europe and the US if the government did not simplify travel rules (especially testing). Passenger numbers were ‘very low’ at 569,000 in the first six months of the year and Gatwick recorded a loss of £ 245million.

Like others in the travel industry, Gatwick is asking for no testing requirements for travelers from “green list” countries and for double-vaccinated travelers returning from Amber countries; and a unique lateral flow test for unvaccinated individuals returning from an amber destination.

General Manager Stewart Wingate says:

In the UK we are all starting to enjoy more freedoms with our world-class vaccination program, but we risk wasting the advantage that the vaccination program has given us for international travel. Our government must act now and remove unnecessary and costly PCR testing requirements for passengers, especially for double-vaccinated people.
The UK’s aviation recovery is far behind European countries such as France and Germany whose travel bookings are on average above 50% of pre-pandemic levels while in the UK – United, they are around 16%.

Guardian analysis suggests passengers in UK spent at least £ 500million on PCR Tests covid-19 private companies since mid-May – only so that the NHS faces additional costs when companies fail to deliver them.

Companies offering Covid tests to travelers can distort the market by not charging VAT on sales, the Guardian has found, adding pressure on the government to step in and regulate prices.

it’s been a good week for actions, with the German Dax, European Stoxx 600 and UK FTSE-250 all setting new records yesterday, while the FTSE 100 was a bit of a party animal, closing down 0.37% at 7,193. European markets are ready for another week of earnings.

On Wall Street, the Dow Jones and S&P 500 also posted new all-time highs despite a sharp rise in producer price inflation in July, which hit a record 7.8%. Markets were further encouraged by a drop in jobless claims last week.

Michael Hewson, Chief Market Analyst at CMC Markets UK, says:

The sharp rise in the PPI in July [producer prices index] seems to have caught the market slightly off guard after Wednesday’s data showed the July CPI [consumer prices index] level. This sharp divergence between the PPI and the CPI has helped to muddy the waters slightly when it comes to the transitional narrative, as if it is not adopted, profit margins could start to be put under pressure.
For now, markets seem to be working on the basic assumption that a decrease [of the Fed’s bond-buying programme] comes along, and gets comfortable with the idea, and until the discussion moves on to the more sensitive topic of rate hikes, the current trend towards higher highs looks set to continue.

Asian markets have fallen behind this week amid concerns over rising Covid-19 infections and slowing vaccination rates in the region. Japan’s Nikkei slipped 0.1% and Hong Kong’s Hang Seng lost 1.1% while other markets were in positive territory, including Australia, up 0.5%.

Oil price slip for a second day after the International Energy Agency warned that demand for crude and its products had slowed sharply as rising Covid cases forced governments in the Asia-Pacific region to reintroduce restrictions. Brent crude is down 0.8% to $ 70.74 per barrel while US crude is down nearly 1% to $ 68.44 per barrel.

In the breaking news last night Amazone made the surprise decision to move production over $ 1 billion the Lord of the Rings from New Zealand to the UK, rejecting tens of millions of dollars of incentives to shoot the TV show in the same location as the blockbuster movies.

Agenda

  • 10 a.m. BST: Eurozone trade for June
  • 3 p.m. BST: Michigan US Consumer Confidence for July (Forecast: 81.2)

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