UK bosses more positive on hiring but worried about economy July 24, 2020 Employers became more positive in July about making hiring and investment decisions for the first time since February, although more companies laid off workers as coronavirus bit the UK economy. Bosses’ confidence in bringing in new workers and spending to grow rose to a net level of four in July, according to the Recruitment & [...]
UK retail sales surge close to pre-lockdown levels in June recovery July 24, 2020 UK retail sales almost recovered in June from their staggering drops during Britain’s coronavirus lockdowns, official data showed today. The volume of retail sales jumped 13.9 per cent from May to June as shops and non-essential stores opened their doors to customers once again following a lockdown that started on 23 March. Non-food store sales [...]
We can’t tax our way out of the Covid-19 crisis — instead, the chancellor must drive growth July 24, 2020 There has never been a time to my knowledge when, in the run up to a Budget or other fiscal event, the Treasury has not highlighted the pressures on public finances which made the option for significant (or, indeed, any) net tax cuts unwise. Typically, projected shortfalls in the state’s annual budgets have been in [...]
How badly will the UK unemployment rate spike when furlough ends? July 22, 2020 Chancellor Rishi Sunak’s furlough scheme has so far saved the UK unemployment rate from sharp increases during the coronavirus lockdown, but it is drawing to an end. Consequently job losses are set to spike after furlough concludes in October, according to economists. Currently the government is paying 80 per cent of over 9m British workers’ [...]
‘Euphoria’: Silver price surges and gold nears all-time high July 22, 2020 Silver hit its highest price in seven years and gold surged close to an all-time record as investors bought up the commodities in anticipation of yet more economic stimulus from the world’s biggest economies. Silver rose as much as seven per cent to around $22.80 per ounce in morning trading. However, it then slipped back [...]
Why you should read the small print on alarmist Covid-19 death projections July 22, 2020 Another day, another lurid, headline-grabbing number of deaths to expect from Covid-19. This time, it was a study from the Academy of Medical Sciences. A second wave, we were warned, could kill 120,000 this winter in hospitals alone. To be fair, this study was a projection rather than a forecast. A forecast is what is [...]
Rishi Sunak launches spending review and warns of ‘tough choices’ July 21, 2020 Chancellor Rishi Sunak has warned that “tough choices” will have to be made over government spending from 2021 onwards as he launched a comprehensive review of public sector budgets. The spending review comes as Sunak revises the overall spending plans made in the March Budget to reflect the huge impact coronavirus has had on the [...]
Small companies slam plans for big Making Tax Digital extension July 21, 2020 Small businesses have slammed the government’s planned expansion of the Making Tax Digital programme, saying it means more cost and paperwork for companies at a time when they are under great pressure. The government today said it will extend its tax digitisation programme to 4.7m of the UK’s smallest companies and self-employed workers from April [...]
Companies borrow £48bn through UK coronavirus loan schemes July 21, 2020 Close to £48bn has now been lent out through the government’s coronavirus loan schemes, with the bounce back loan (BBL) programme offering by far the most support for businesses. It comes as the UK government accelerates plans to reopen the economy. Pubs, restaurants and cafes were opened at the start of this month and gyms, [...]
Government borrowing hits record £128bn in coronavirus quarter July 21, 2020 Government borrowing rocketed to an all-time record £128bn between April and June 2020, official statistics showed today. That was a massive £103.9bn rise compared to the same period in 2019, and more than double the £55.4bn total borrowed in the previous financial year. June borrowing hit £35.5bn for the government, the Office for National Statistics [...]