City Hall report: A quarter of London businesses on brink of collapse May 13, 2020 Almost a quarter of London businesses are on the brink of collapse, according to new figures from City Hall. A YouGov survey commissioned by City Hall’s London Growth Hub found 23 per cent of the capital’s businesses won’t last more than two months of the coronavirus lockdown, which began on 13 March. The report found [...]
Rishi Sunak: UK set for ‘significant recession’ May 13, 2020 Chancellor Rishi Sunak has said the UK will be plunged into a “significant recession” in the wake of figures showing the economy contracted in the first quarter. It was the first time during the crisis that Sunak has admitted a recession is on its way, telling The Telegraph that “we’re at a time of unprecedented [...]
Coronavirus: UK relief package for self-employed opens today May 13, 2020 Applications will open this morning for the government’s £9bn coronavirus support package for the self-employed, with first payments expected on 25 May. The scheme will open weeks earlier than initially anticipated, and will see self-employed workers get paid up to £7,500 as a lump sum for three months’ income. Funds are expected in applicants’ bank [...]
Exclusive: UK-Japan trade deal to give London a £383m per year boost May 12, 2020 A potential UK-Japan free trade deal would provide a £383m boost to London’s economy each year, City A.M. can reveal. Estimates from the Department of International Trade, and seen by City A.M., show a trade deal between the two nations would be a major boon to the capital, particularly its financial and professional services industries. [...]
UK banks lend £15bn through coronavirus loan schemes May 12, 2020 The chancellor Rishi Sunak today said the UK banking and finance industry has provided almost £15bn to almost 304,000 businesses through three government-backed coronavirus loan schemes. In the week since the bounce back loan scheme (BBLS) launched, £8.4bn has been approved to 268,173 businesses – an average of 38,000 loans a day. Lenders have provided [...]
UK coronavirus death toll rises by 627 May 12, 2020 The UK’s official death toll has hit 32,692 after a further 627 deaths were recorded, though new analysis showed the true figure may be much higher. The latest numbers mark a sharp increase from yesterday, when 210 new deaths were reported. However, this is likely to be caused by a lag in reporting over the [...]
Furlough: When will the job retention scheme end? May 12, 2020 Chancellor Rishi Sunak’s job retention scheme has won wide plaudits for helping workers stay employed via furlough during the coronavirus crisis. Furlough has been one of the fundamental pillars in the chancellor’s economic response to the crisis and it has effectively amounted to temporary state socialism. The historic policy has seen the government – a [...]
Job retention scheme: Rishi Sunak extends furlough scheme until October May 12, 2020 Chancellor Rishi Sunak has extended the government’s coronavirus job retention scheme until October and has promised furloughed workers they will not see a further dip in their salary until it ends. Sunak announced today that the scheme will remain the same until the end of July, but from August to October there will be “greater [...]
Former BoE governor says extend furlough scheme indefinitely May 12, 2020 Rishi Sunak should announce an indefinite extension of the coronavirus furlough scheme today with no changes to the level of pay, according to the former Bank of England (BoE) governor. Lord Mervyn King, who was the BoE helmsman during the 2008 financial crisis, said today that the scheme should be in place until “the economy [...]
Extend job retention scheme or risk ‘second wave’ of unemployment, says think tank May 12, 2020 Chancellor Rishi Sunak should extend the job retention scheme until September and longer for some sectors to help stave off a “second surge” in unemployment, a leading think tank has said. The Resolution Foundation said some sectors would need support for longer than others and suggested the scheme should run until the end of the [...]