Rishi Sunak hints at potential targeted furlough scheme extension September 15, 2020 Rishi Sunak has assured MPs that he will be “creative” in protecting jobs after the furlough scheme ends, potentially hinting at a limited extension of the emergency measure. When asked if he would provide sector specific sectoral support after the end of the furlough scheme next month, the chancellor said he had “not hesitated to [...]
UK unemployment: Experts say job losses to jump as furlough ends September 15, 2020 UK unemployment has finally started rising. Months of economic hardship and the winding down of the furlough scheme meant 695,000 people lost their jobs between March and August, according to payroll data. The Office for National Statistics (ONS) said the unemployment rate rose to 4.1 per cent in the three months to July. That was [...]
Coronavirus: 700,000 jobs lost since March September 15, 2020 Almost 700,000 workers have lost their jobs since the coronavirus pandemic began in March, according to the latest government statistics. The HM Revenue and Customs and Office for National Statistics data showed early indicators for August suggest that the number of employees in the UK on payrolls was down around 695,000 compared with March. The [...]
Eurozone industrial production grows as recovery continues September 14, 2020 The Eurozone’s factories fared slightly better in July than economists had expected, with industrial production growing 4.1 per cent as the bloc’s economic recovery continued. July’s expansion compared to growth of 9.5 per cent in June, however. And economists say the Eurozone’s recovery is set to slow further after an initial release of pent-up demand [...]
Fifty years on, Friedman was right: businesses answer to shareholders September 14, 2020 Yesterday marked fifty years since the publication of one of the most important articles in business history, written by Milton Friedman, the pint-sized American economist, and published in the New York Times. Friedman’s article had a simple argument but one with a profound impact. “There is one and only one social responsibility of business,” he [...]
Rishi Sunak eyes fresh tax breaks for UK businesses September 13, 2020 Rishi Sunak is mulling over multi-billion pound tax cuts for UK businesses that invest in property, plant and equipment in the wake of the coronavirus crisis. The plans involve giving companies tax breaks on capital investments, such as machinery, in an attempt to stimulate economic activity and boost the government’s “levelling up” agenda. Companies receive [...]
No-deal Brexit would hurt UK more than EU, says German finance minister September 12, 2020 A no-deal Brexit would do more damage to the UK economy than the European Union’s, according to the German finance minister. Speaking on Saturday following a meeting of 27 EU finance ministers in Berlin, Olaf Scholz said there would be “significant consequences” for Britain. “My assessment is that an unregulated situation would have very significant [...]
US budget deficit hits record $3tn due to coronavirus spending September 12, 2020 The US budget deficit has reached a record high after topping $3tn (£2.3tn) as the government’s mass spending on coronavirus relief continues. The treasury department said it spent more than $6tn in the first 11 months of its financial year, which included $2tn on Covid-19 programmes. It means the figure outpaces the $3tn it took [...]
Sajid Javid backs plan to end furlough scheme in October September 11, 2020 Former chancellor Sajid Javid today offered his support for ending the furlough scheme next month, claiming any extension would be “unfair” on taxpayers. Speaking at the Centre for Policy Studies think tank talk about the post-pandemic economic recovery ahead, Javid said he agreed with chancellor Rishi Sunak that the furlough scheme must end. “Even if [...]
Euronext confirms talks to bid for London Stock Exchange’s Borsa Italiana September 11, 2020 European exchange Euronext has confirmed that it is in talks with state-owned Italian investment bank CDP to submit a bid to buy Borsa Italiana from the London Stock Exchange (LSE). In July, LSE said that it may sell Borsa Italiana or just its bond-trading platform MTS as it tries to win EU approval for its [...]