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Morning Report: FTSE 100 climbs despite 'deep recession' warning from Bank of England

Headlines from the Proactive UK newsroom.

The FTSE 100 climbed even though the Bank of England has warned that Britain is heading for a deep recession. It says the UK economy will shrink 14% this year based on the lockdown being relaxed in June.

BT Group PLC (LON.BT.A) has finally buckled and cancelled its dividend as a part of a five-year ‘simplification’ plan. Shareholders won’t get a payout until March 2022 at the earliest.

To add to BT’s woes, mobile operator O2 and broadband giant Virgin Media have agreed terms for a 50-50 merger to create a massive new competitor, according to the FT. O2 is the UK's largest phone company and Virgin a large fixed line operator.

British Airways owner IAG wants a "meaningful return" of flights in July at the earliest if lockdown measures are relaxed. The airline also warned however that additional restructuring measures are essential following 12,000 job cuts at BA.

Elsewhere, ReNeuron Group's CTX therapy has shown early promise in treating Huntington's disease. New positive data relating to its CTX cell therapy candidate has been published in the peer-reviewed scientific journal Stem Cells.

Amryt Pharma PLC (LON:AMYT) has taken another important step towards the global launch of its phase III treatment for rare skin condition EB by announcing its brand name. AP101 will be launched commercially as FILSUVEZ.

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