Coronavirus: Government prepared to give NHS ‘whatever it needs’ March 8, 2020 Chancellor Rishi Sunak has said the Treasury is prepared to give the NHS “whatever it needs” to combat the spread of coronavirus. Speaking just days before his first budget, Sunak gave his assurances that the government were prepared to spend as much money as necessary to stop the virus spreading further. It comes after concerns [...]
Budget 2020: Chancellor Rishi Sunak to scrap ‘tampon tax’ March 6, 2020 The so-called tampon tax is set to be abolished in next week’s Budget. A zero rate of VAT will apply to women’s sanitary products from the start of next year. The UK has been obliged to pay the EU VAT Directive since 1973 and the tampon tax is currently five per cent. MPs voted against [...]
Environmental taxes: Will the Chancellor break with history, raise fuel duty and go further? March 6, 2020 | City Talk Looking to the manifesto, it would be hard to predict what the Budget would contain on environmental taxes. In common with the other main political parties, there were few direct commitments among the rhetoric. Beyond a statement on plastics packaging tax, we saw only a promise to “prioritise the environment in the next Budget, investing [...]
Government has spent £4.4bn on Brexit preparations March 6, 2020 The UK government has spent at least £4.4bn of taxpayers’ money on preparations to leave the EU, the public spending watchdog said today. The National Audit Office (NAO) said most of the money was spent on staff costs, building new infrastructure and paying for external advice. The government overall only spent about 70 per cent [...]
Budget should include ‘hardship fund’ for firms hit by coronavirus, says British Chambers of Commerce chief March 6, 2020 The chief of the British Chambers of Commerce (BCC) has called on the government to include a “hardship fund” for firms affected by the coronavirus in this month’s Budget. Director-general of the BCC, Dr Adam Marshall, has written to chancellor Rishi Sunak asking him to roll out measures supporting small and medium-sized firms, according to [...]
Government working with supermarkets to ensure self-isolating coronavirus patients can be supplied with food March 6, 2020 The government is working with supermarkets to make sure people self-isolating due to coronavirus can still be supplied with food, the health minister said yesterday. Responding to an audience member concerned about possible food shortages in a coronavirus epidemic on BBC’s Question Time Matt Hancock said there was absolutely no need” for people to buy [...]
The coronavirus crisis is a make-or-break moment for globalisation March 6, 2020 The anti-globalisation movement is going viral. A new disease — virtually unknown, fiercely contagious, at times deadly — has put every aspect of modern life at risk. While governments grapple with the domestic realities, urging citizens to self-isolate and wash their hands while reciting Shakespeare, a larger question is looming: is this the end for [...]
National Infrastructure Strategy set to be delayed until after Budget March 5, 2020 The government’s National Infrastructure Strategy is expected to be postponed until after next week’s Budget. The delay will enable the new chancellor Rishi Sunak to refocus the strategy towards achieving a ‘net zero’ economy by 2050, after only stepping into his role last month. The detailed plan to invest £100bn by 2050 will be key [...]
Influential Treasury Select Committee slams FCA culture but backs Bailey as next Bank governor March 5, 2020 Parliament’s influential Treasury Select Committee (TSC) today unanimously backed Andrew Bailey in his new role at the Bank of England, but took the opportunity to criticise failings in his post at the City’s watchdog. The TSC pointed to recent conduct issues such as the London Capital & Finance mini-bond and Woodfood investment scandals, which occurred under Bailey’s watch [...]
Mark Carney says Bank of England and Treasury working to tackle coronavirus fallout March 5, 2020 Bank of England governor Mark Carney has said that Threadneedle Street is coordinating with the Treasury to make sure British households and businesses are protected from the economic fallout from coronavirus. Carney, who will be replaced by Andrew Bailey as governor on 16 March, refused to be drawn on whether the Bank would carry out [...]