Treasury mulling plans for ‘bad bank’ to manage stakes in bailed-out firms May 17, 2020 The Treasury is considering plans to develop a so-called “bad bank” in order to hold stake in bailed out companies, the Sunday Times reported, amid fears that key firms could fail due to the coronavirus pandemic. The initiative reflects similar steps taken by the Labour party during the 2008 financial crisis, when it set up [...]
Michael Gove says 17,000 recruited to administer coronavirus tracing app May 17, 2020 Seventeen-thousand people have been recruited to administer the government’s coronavirus tracing programme, with the rollout of the app expected by the end of the month. Cabinet Office minister Michael Gove said today that 17,000 of the 18,000 required contract tracers had been hired and that Britons across the country will be able to download the [...]
All care homes residents and staff to be tested for coronavirus by early June, health secretary says May 15, 2020 Health secretary Matt Hancock told the government’s daily coronavirus briefing today that all care home patients and staff would be tested for covid-19 by early June. The government has been critcised for the measures taken to protect care home residents from covid-19 which is still a serious problem in the care system. Hancock said there [...]
Coronavirus: 384 more deaths recorded in the UK May 15, 2020 The number of coronavirus deaths in the UK has risen by 384 to 33,998, the Department of Health has said. The latest death toll counts those who tested positive for coronavirus and died by 5pm on 14 May. As of 9am this morning, the department said that it had carried out 2,353,078 tests in total, [...]
UK approves Abbott’s coronavirus antibody test May 15, 2020 The UK has given approval to US drugmaker Abbott Laboratories to produce a coronavirus antibody test, Public Health England said today. Public health authorities had previously given the green light to Switzerland’s Roche to make a coronavirus antibody test. Mass antibody testing is being considered by many countries as a way to help escape from [...]
Brexit: ‘Tetchier’ trade talks offer little progress, says UK May 15, 2020 The UK has said “very little progress” has been made in the latest round of Brexit trade negotiations with the EU. In negotiations described as “tetchier” by one source, the UK and EU remain far apart on the most divisive key issues on securing a trading relationship after Brexit. Those include fisheries and the so-called [...]
Asian stocks struggle to extend gains as coronavirus hurts US-China relations May 15, 2020 Asian stocks have struggled to extend gains despite the optimism over major economies reopening after coronavirus lockdowns, as relations between the US and China deteriorated. Chinese data indicated that its economy is beginning to recover from the impact of the coronavirus crisis, with global investors watching closely to see how the easing of lockdowns could [...]
TfL agrees £1.6bn bailout deal with government May 14, 2020 TfL tonight agreed a £1.6bn bailout deal with central government after London mayor Sadiq Khan warned that without an emergency cash injection the transport system would run out of cash. The bailout is made up of £1.1bn in cash with a £500m loan. Number 10 has attached a number of conditions to the bailout including [...]
Grant Shapps ‘optimistic’ of TfL bailout deal, but signals potential fare rises May 14, 2020 Transport secretary Grant Shapps has said he is “optimistic” a deal can be struck to rescue struggling Transport for London (TfL), while signalling that fare hikes may be a condition of any bailout. Shapps said at today’s press briefing that a bailout was on its way for TfL, just hours after Sadiq Khan said he [...]
UK government kick starts £2bn transport spending spree May 14, 2020 The government has begun a £2bn spending spree on the UK’s transport infrastructure, according to transport secretary Grant Shapps. Shapps said at today’s press briefing that the government had begun a slew of road and rail projects, which were first announced in the Conservatives’ 2019 election manifesto. Shapps said the government was in the process [...]