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tv   World Business Report  BBC News  December 13, 2021 5:30am-6:01am GMT

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this is bbc news with the latest business headlines for viewers in the uk and around the world. as england returns to a work—from—home model from today, is it last orders for the hospitality industry. from today, is it last orders for the hospitality industry? many countries in europe have mandated working from home for weeks — we assess the economic impact. and the tech world's new frontier — we take a deep dive into the metaverse and explore life in a sprawling new digital world.
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good to have you with us. is working from home your new normal once again? that's certainly the case for workers in england who've been told where possible stay at home as part of the government's plan b measures to tackle the spread of the omicron variant of covid—19. the governments in scotland, wales and northern ireland had already advised staff to continue working remotely wherever possible. here's our transport correspondent caroline davies. dwindling numbers under the commute on friday and from today many workers will stay at work after the advice in england changed again. you should work— england changed again. you should work from _ england changed again. 7m. should work from home if england changed again. 7m, should work from home if you can. i know this will be hard for many people but by reducing your contacts in the workplace, your contacts in the workplace, you will help slow transmission. . ., , transmission. some resigned, others disappointed. - transmission. some resigned, others disappointed. if - transmission. some resigned, others disappointed. if we - transmission. some resigned, l others disappointed. if we have to we will do — others disappointed. if we have to we will do it. _
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others disappointed. if we have to we will do it. it _ others disappointed. if we have to we will do it. it is _ others disappointed. if we have to we will do it. it is nice - others disappointed. if we have to we will do it. it is nice to - to we will do it. it is nice to net to we will do it. it is nice to get someone _ to we will do it. it is nice to get someone different, - to we will do it. it is nice to| get someone different, just have — get someone different, just have a _ get someone different, just have a bit of a change. actually— have a bit of a change. actually like put on public lives _ actually like put on public lives. ., , actually like put on public lives, ., , actually like put on public lives. ., , , lives. some worry something is lost when _ lives. some worry something is lost when people _ lives. some worry something is lost when people cannot - lives. some worry something is lost when people cannot meetl lives. some worry something is l lost when people cannot meet in real life. i lost when people cannot meet in real life. ., , ., lost when people cannot meet in real life. ., ,., ., real life. i feelthe reason a loss of teamwork. - real life. i feelthe reason a loss of teamwork. we - real life. i feelthe reason a loss of teamwork. we are l real life. i feelthe reason a loss of teamwork. we are a small team, there is only eight of us and it is easy to turn on zoom and have a meeting but you sort of lose a bit of regularity, in particular when it is simple enough to turn around and ask someone a question, now you have to have an hour call. question, now you have to have an hour call-— an hour call. scotland, wales and northern _ an hour call. scotland, wales and northern ireland - an hour call. scotland, wales and northern ireland had - and northern ireland had already advised staff to work remotely wherever possible. 30% of workers in england did some work from home. that had an impact on city centres and even though many people are yet to go back to the office full—time in the last week in november
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seven intended travel to work at least once. in sheffield, this restaurant has already been affected by plan b. we lost about — been affected by plan b. we lost about 100 _ been affected by plan b. - lost about 100 covers. we foresee more, not to mention the walk in trade over christmas and new year. this is a really devastating blow. the auestion a really devastating blow. the question in — a really devastating blow. the question in many _ a really devastating blow. the question in many peoples minds as they make their morning coffee and commute to the laptop, how long will they be working from home? but how will these measures affect an economy still recovering from the impact of previous waves? hospitality firms have warned they face a collapse in demand at their busiest time of year. but the government is not planning any new economic support measures.
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joining me now is steve alton, chief executive of the british institute of innkeeping what is the picture like at the moment because inside pubs and hospitality venues, we do not have to wear masks, there are no new restrictions in place but what is going on in terms of people coming to the pub? the impact a restrictions announced is simply devastating. about 10,000 members run single pubs across the uk and they have been closed or heavily restricted for almost two years. they built up 2000 pound worth of pandemic debts the christmas trading was the only thing to keep them through and give them resilience through the winter months ahead, to start the recovery in the spring and
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summer. three quarters of members have seen significant christmas book it cancelled with immediate effect as soon as the government announced restrictions. 50% of non— christmas bookings, dated eight bookings have stopped as well. 0verall trade has dropped enormously. 90% received 20% or more of revenue lost and a third have lost more than 30%. they are making a loss and simply do not have the cash to make the bills and they have ordered lots of food and drinks with the expectation to trade through the christmas period and now they are facing food wastage, they are reducing staffing hours. 0ne wastage, they are reducing staffing hours. one in four are letting stuff go when they have worked incredibly hard to rebuild their team. it is as bad as it gets and we have a fear in the new year that these viable businesses are going to be lost to our community. what be lost to our community. what are ou be lost to our community. what are you calling _ be lost to our community. what are you calling for— be lost to our community. what are you calling for in _ be lost to our community. what are you calling for in terms -
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be lost to our community. what are you calling for in terms of. are you calling for in terms of aid from the government to see them through this time of year? to give customers confidence to keep coming to the pub. we have invested heavily in these sites, in training, looking aftertheir sites, in training, looking after their safety. less than 2% of infections have ever been trackback to hospitality so thatis trackback to hospitality so that is the evidence base around the risks that keep supporting your local pub because it supports local supplies. local brewers. we wrote to the chancellor directly after the announcement as soon as we can see the impact and we are looking at the suspension of business rates in the immediate terms. they are not trading businesses right now. the extension of the low rate of vat until the end ofjune next year and rants needed yet again because back to the situation we had before
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where through no that i have lost the trade. people are not out and about. this is affecting pubs across the whole of the uk notjust the city centres. of the uk not 'ust the city centres. ., ~ , ., ., , centres. thank you and we wish ou all centres. thank you and we wish you all the _ centres. thank you and we wish you all the very _ centres. thank you and we wish you all the very best _ centres. thank you and we wish you all the very best in - centres. thank you and we wish you all the very best in the - you all the very best in the weeks and months ahead. it is very difficult to navigate the safety and the risk versus the impact on economies. many countries across europe have had a work from home policy in place for weeks. germany, belgium and austria were some of the first to revert to it — in other cases workers have yet to return to the office. so what economic impact has this had? scott marcus is senior fellow at bruegel an independent think tank. good to talk to you again. give us a sense of the economic impact the work from home policy has had in europe.—
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had in europe. overall, work from home _ had in europe. overall, work from home has— had in europe. overall, work from home has been - had in europe. overall, work from home has been not- had in europe. overall, work from home has been not asl had in europe. overall, work. from home has been not as bad as many people would have guessed. historically many people believe that being at the office, having contact with one another was really critical but actually there was never much evidence for that. what we also know is that in work from home, people are spending two hours more per day doing work so total productivity, which is hard to measure, probably is not heard for those who are able to work from home. still, there is a big distinction between mandatory restrictions versus voluntary. people distance themselves from the workplace, just as the previous story spoke about distancing themselves from restaurants and pubs. what we know from the uk, at points where the government implemented harder restrictions, the time spent at the office job precipitously each time by 60% — 70% but
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since the beginning of the pandemic, it has never been at pre— pandemic normal levels. people themselves shows to keep their present they were produced by about 20%, maybe 30%. in produced by about 20%, maybe 30%. . ., , produced by about 2096, maybe 3096. . ., , ., , 3096. in countries in europe thou~h, 3096. in countries in europe though. talk— 3096. in countries in europe though, talk us _ 3096. in countries in europe though, talk us through - 3096. in countries in europe| though, talk us through how they have managed the situation because it set me in the uk, there are industries that thrive around people waking in the office. you have your sandwich bars, coffee shops, pubs and hospitality is. what has been happening in europe in terms of support and aid to keep these businesses going despite the fact people are working from home? the measures are very distinct. _ working from home? the measures are very distinct. the _ are very distinct. the restrictions have been different from country to country. austria put in a hard lockdown which should be ending just about now and that would tend to have huge impacts. whereas many other countries is
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trying to avoid lockdowns. we are really catching things at bedtime. at the point when we are subject to the delta variant, you have 0micron wrapping up and most projections say by the end of the year, it will be the most common source of infection doubling at 2— three times per day. doubling at 2- three times per da . ., ., doubling at 2- three times per da . ., ~' , ., doubling at 2- three times per da. . ,, doubling at 2- three times per da. . . ., day. thank you so much for aaivin day. thank you so much for giving us — day. thank you so much for giving us a _ day. thank you so much for giving us a sense _ day. thank you so much for giving us a sense of- day. thank you so much for giving us a sense of how i day. thank you so much for - giving us a sense of how things are going in europe. and just to say to our viewers, we have all the latest in terms of restrictions and how they work and what the guidance is on our website so do take a look. let's get some of the day's other news: the bosses of some of the biggest airlines, including british airways — virgin atlantic — ryanair and easyjet have written to the uk's prime minister, demanding that all emergency testing for fully vaccinated passengers should be removed at the formal review on 20 december. they also ask for economic
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support measures to bridge the sector through the current crisis. us secretary of state antony blinken is set to arrive injakarta later today. he's expected to discuss presidentjoe biden's vision for an indo—pacific economic framework. the indonesian capital is the first stop on blinken's southeast asia tour. south east asia tour. biden's top diplomat is also expected to visit malaysia and vietnam. chinese e—commerce firm alibaba has fired a woman who accused her boss and a client of sexually assaulting her. the dismissal letter said the woman had spread falsehoods that damaged the company's reputation. she went public with her allegations in august, saying she was sexually assaulted on a business trip. her boss was then sacked, but a criminal case against him was dropped. the metaverse — it's a bit of virtual reality and a little bit of augmented reality, and it's been touted as the next big thing in tech. companies like meta,
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formally known as facebook, and microsoft have been investing in it. even south korea's capital seoul is looking to enter this digital universe. and as our asia business correspondent mariko 0i reports, private sectors there are already at the forefront. imagine soul in the metaverse when you can shop, eat, meet up with friends in the digital streets of the city. that is still far off in the future but the government is investing $35 million into making it a reality. translation: instead of havin: reality. translation: instead of having to — reality. translation: instead of having to visit _ reality. translation: instead of having to visit city _ reality. translation: instead of having to visit city hall, - of having to visit city hall, it would help in the metaverse and ask questions in real—world and ask questions in real—world and solve problems and enjoy festivals without worrying about covid—19. festivals without worrying about covid-19._ festivals without worrying about covid-19. ., , , about covid-19. some of this is already happening. _ about covid-19. some of this is already happening. in - about covid-19. some of this is already happening. in south . already happening. in south korea, digital humans populate gaming and entertainment and shopping and some of them have
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become big stars. these are studios which made the news when they recreated a virtual daughter to help the mother grieve over her death have launched their first one. translation: launched their first one. tuna/mom- launched their first one. translation: ., . , translation: virtual influences will be created _ translation: virtual influences will be created perfectly - translation: virtual influences will be created perfectly with - will be created perfectly with 3d and automatically based on al. as technology advances, all ai. as technology advances, all those who have passed away, mothers, fathers, and family members, they can also be restored through this technology.— restored through this technolo: . , ., ., restored through this technolo: . ., , technology. the potential is hu . e. technology. the potential is huge- south _ technology. the potential is huge. south korea - technology. the potential is huge. south korea productl technology. the potential is - huge. south korea product now has a quarter of a million users. some creators come designers in the real world, making five and a figure incomes. it is still early days and the metaverse is just coming into the public consciousness and many of us,
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like me, are taking our very first step into digital existence and as with every new wave of technology, control and regulations are bound to follow as risks and property concerns grow. as risks and property concerns crow. ~ ., , as risks and property concerns crow. . , ., grow. what is really important is it for the — grow. what is really important is it for the regulators - grow. what is really important is it for the regulators to - grow. what is really important is it for the regulators to use | is it for the regulators to use this a lot more and then be able to sort of understand what the actual pros and cons ofer and have a lot of dialogues. —— pros and cons are and have a lot of dialogues. it pros and cons are and have a lot of dialogues.— lot of dialogues. it is already startin: lot of dialogues. it is already starting to — lot of dialogues. it is already starting to have _ lot of dialogues. it is already starting to have some - starting to have some real—world impact. starting to have some real-world impact. now you know. real-world impact. now you know- that _ real-world impact. now you know. that is _ real-world impact. now you know. that is the _ real-world impact. now you know. that is the meta- - real-world impact. now you i know. that is the meta- verse know. that is the meta— verse mac. still to come. know. that is the meta- verse mac. still to come.— mac. still to come. football clubs have _ mac. still to come. football clubs have found _ mac. still to come. football clubs have found a - mac. still to come. football clubs have found a new - mac. still to come. football. clubs have found a new income stream that it is not without risk. we will explain.
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saddam hussein is finished because he killed our people, our women, our children. the signatures took only a few minutes, but they brought a formal end to 3.5 years of conflict — conflict that has claimed more than 200,000 lives. before an audience of foreign leaders, the presidents of bosnia, serbia and croatia put their names to the peace agreement. the romanian border- was sealed and silent today. romania has cut itself off - from the outside world in order to prevent the details - of the presumed massacre in timisoara from leaking out. from sex at the white house to a trial for his political life — the lewinsky affair tonight guaranteed bill clinton his place in history, as only the second president
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ever to be impeached. this is bbc world news, the latest headlines: a federal disaster is declared in kentucky — after the largest outbreak of tornadoes in american history leaves at least 90 dead, across six states. borisjohnson has ordered an acceleration of the covid booster programme, to combat a tidal wave" of omicron. the public have been asked to start working from home again. ports in the uk are heading for their worst year since 1983, according to a report from drewry maritime advisors commissioned by the uk major ports group. declining north sea oil production and brexit has put a large dent in cargo volumes. goods volumes are expected to be 13.5% lower than 2019 at around 408 million tonnes. joining me now is
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mike coop, morningstar investment management's chief investment officer for the emea region. when i was looking at this report i was surprised to see to what degree the north sea oil, why should i be surprised when you think about it, is such a huge part of what is coming and going within the uk ports and that has had a significant impact on what is happening at the moment. it is interesting _ happening at the moment. it 3 interesting because this shows a decline over a decade and this has happened at a time when the uk, of course, has sought to decarbonise its energy production particularly for electricity. that has been an ongoing reduction in the amount of oil were used to
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generate electricity here so that has been a really big factor in the reduction over a long period of time. add to that the effect of brexit in terms of disruption and also the pandemic and it is no wonder you have seen that drop off in the last 18 months. there has been a significant drop—off although as you say because of the supply chain disruption impacting uk ports as well, this data has been quite skewed to a degree. in terms of recovery, no recovery until something like 2026? 50. until something like 2026? so, disentangling _ until something like 2026? in, disentangling those until something like 2026? 5r>, disentangling those factors, you would need to, i identified extent to where there has been a cyclical drop—off from the effect of the pandemic where you would expect to see some kind of bounce back and indeed, people are clearly consuming
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more this year and next year than they did in the depth of the pandemic and ultimately, those goods are going to have to be brought into the country. so they will be some degree of bounce back from that. but what is also clear is that the effect of the pandemic, in terms of shipping and supply constraint, it means there has been an uneven supply which has created backlogs and that has been exacerbated by brexit, not having an arch —— enough hgv drivers and in fact, some of the shipping drivers diverging away from uk ports to continental ports and then finding other ways to ring them into the uk. finding other ways to ring them into the uk-_ into the uk. before i let you uo, into the uk. before i let you go. give _ into the uk. before i let you go. give us _ into the uk. before i let you go. give us your— into the uk. before i let you go, give us your take - into the uk. before i let you go, give us your take on - into the uk. before i let you | go, give us your take on what this week might look like financial markets as new restrictions come into play and also, you know, these comments coming through from the premise
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to borisjohnson, if you can get a booster, get a booster. we can see a new serious wave of omicron et cetera. interestingly enough, you have 19 central banks meeting. they will certainly be a focus on the outlook for interest rates and we will see what comments they make. clearly the effects of people working in a more restrictive environment could well mean a drop—off in some form of spending there. so it is really a case of how long it lasts. ., ., is really a case of how long it lasts. . ,, , ., ., ., is really a case of how long it lasts. . ,, ., ., lasts. thank you, have a good week. lasts. thank you, have a good week- see _ lasts. thank you, have a good week. see you _ lasts. thank you, have a good week. see you again - lasts. thank you, have a good week. see you again soon. i in the world of football there's a new cash cow in town — in the shape of cryptocurrency and non—fungible tokens. football clubs have potentially made hundreds of millions of pounds selling controversial crypto "fan tokens". analysis commissioned by bbc news estimates more than $350 million has been spent on the virtual currencies which suggests that football has arguably found
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a new revenue stream? so far, across the five major european leagues 2a different clubs have launched or are considering fan tokens, including eight premier league sides. but critics say clubs have insufficient protection for supporters. joining me now is martin calladine, investigative author who wrote the ugly game. first of all for those listening and now, what is a non— fungible token? yeah there are three main areas that cryptocurrency is beginning to appear in football. you cryptocurrency is beginning to appear in football.— appear in football. you have the straightforward - the straightforward sponsorships which a lot of clubs have an official crypto partner and then you have the nft �*s, non— fungible tokens, which are being pitched as digital collectables, kind of
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the equivalent of football stickers, which people can then buy and we hope —— and hope will appreciate in value. then you have the fan tokens, as you say, and effectively, it is a crypto recruitment scheme where you by voting wrote —— voting rights and received various efforts by purchasing these tokens which are digital assets, not actual steaks in the clubs themselves, and you have to buy those in the company's own cryptocurrency as they can then rise and fall in price and against cryptocurrency and so if there is something, people might make some money and othersjust is something, people might make some money and others just want to purchase them so they can vote on what our relatively minor matters in their club. what are the concerns about these new digital innovations? some are arguing they are very unregulated. some are arguing they are very unregulated-— unregulated. absolutely. go currency is _ unregulated. absolutely. go currency is by _ unregulated. absolutely. go currency is by its _ unregulated. absolutely. go currency is by its nature - unregulated. absolutely. go currency is by its nature a i currency is by its nature a high risk, unregulated product, so it is the only product the
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football clubs are endorsing to their fans which have football clubs are endorsing to theirfans which have no football clubs are endorsing to their fans which have no form of consumer protection or oversight at all even there has been a lot of criticism of gambling companies and their influence on football. these are not, albeit not very well regulated, properly regulated businesses. these ones are appearing from a company all around the world that are often quite opaque. manchester city recently signed a cryptocurrency partnership with a company about which it turned out literally nothing was known, not who owned it, where it was listed or located and then they dropped it. with these fan tokens we have the situation where fans are now being asked, hey, have a say in your own club, something they pay hundreds or sometimes thousands of pounds a year already for and the problem with these tokens is they are not only restrict to fans of those clubs. anybody can buy as many tokens as they want in as many tokens as they want in as many clubs as they want and
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then buy and sell those. what we're seeing, from my perspective, it a trading game designed to lure fans into get their money which will then inflate the value of the underlying cryptocurrency and make the people who found the company very rich, but football fans are being asked yet again to pay more while at the same time there clubs they have almost zero influence on them. in a nutshell, martin, fans must be very, very wary. absolutely so. as i say, it is completely unregulated. if these companies collapsed tomorrow or if they were to run off with your money. you would have absolutely no recourse. i don't think clubs properly understand what they are recommending to fans. they are getting large influxes of money, any millions of pounds in the short term in the long—term there was a serious question about whether the fans would be the losers here. many are seeing it, even though the advertising tells you not to, it is all about having a stake. but the underlying feeling that is in the culture at the
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moment, making a quick back here. ., ., moment, making a quick back here. . ,, i. moment, making a quick back here. . ,, ., , here. thank you for getting up so early and — here. thank you for getting up so early and explaining - here. thank you for getting up so early and explaining that i here. thank you for getting up i so early and explaining that so clearly. we appreciate it. thank you, too, for your company and i will see you soon. hello there. it was noticeably mild today right across the country, but particularly so for england and wales. now, we look to the north—west through this evening and overnight. this deep area of low pressure — small system but very vigorous, passing to the north—west of the uk — will bring a spell of gales to northern ireland and in towards scotland as well. stormy conditions for the hebrides and the northern isles, perhaps severe gales for a time, some blustery showers. it will turn a bit drier here by the end of the night but for england and wales, it'll stay cloudy with outbreaks of rain, certainly through wales and into the midlands. mild in the south — double figure values here. a little bit cooler further north.
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and that's how things look into monday. we hold on to the cloud for large parts of england and wales. we'll continue with this persistent rain as well for parts of wales, the midlands, into northern england. some areas pretty wet all day. brightest weather will be across scotland and northern ireland. a few blustery showers, wintry on the hills, it will be milder, though, across the south. single figures across the north. that weather front for england and wales clears away into tuesday. high pressure begins to build in here. it stays unsettled over the northern half of the country — lots of isobars and weather fronts. so windy for scotland and northern ireland and some rain, particularly for the north and the west of scotland. england and wales, though, closer to that area of high pressure, should be largely dry. some cloud around but also some good spells of sunshine. those temperatures will be around orjust a little above the seasonal norm. so as we head out of tuesday into wednesday, we continue with that area of high pressure across the south of the country so here, settled with light winds. still quite windy across the northern half of the country with further outbreaks of rain, thanks to that weather front. so, some wet weather northern ireland, certainly for northern and western scotland, maybe a little bit
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of brightness at times. it stays windy here. lighter winds in the south. again, variable cloud, some good spells of sunshine. those temperatures perhaps a little bit higher again — double figure values for most — and i've also got to emphasise nights will be much milder as well — frost—free for most of us. then beyond wednesday, we see this area of high pressure we think start to really take its force across the uk and that'll push the weather fronts away from the north and it'll be sitting on top of the by friday and into the following weekend, so it means winds will turn very light. so, there's a chance it turns really grey and gloomy by the end of the week. turning a bit colder as well as we head on into the new weekend and we will see some problems with mist and fog.
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good morning, welcome to breakfast with dan walker and sally nugent. our headlines today. every adult in england will be offered a covid booster by the end of the month, as the prime minister trys to stem what he calls a "tidal wave" of omicron. get boosted now to protect our nhs, our freedoms and our way of life. the target will mean up to a million jabs a day, but there's concern over the scale of the task for an already stretched nhs. a return to working from home as guidance in england. the line with scotland, wales and northern ireland but what does it mean for office spaces like this and the people and
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places that rely on it?

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