Economists raise fears over Rishi Sunak’s new job support plan September 24, 2020 Economists this afternoon raised concerns that Rishi Sunak’s new support measures could lead to many workers losing their jobs as they do not encourage firms to keep employees on. The centrepiece of the chancellor’s scheme is a new “Job Support Scheme”, which will replace the existing furlough initiative. Under the plan, the government will support [...]
Rishi Sunak’s new job support plan: What do the changes mean for workers? September 24, 2020 Chancellor Rishi Sunak has confirmed the £40bn furlough scheme will end on 31 October, to be replaced by a programme that will subsidise employees for part-time work. So what do the new measures mean for employees and employers? What will replace the furlough scheme? Sunak gave in to pressure to keep subsiding wages, creating a [...]
City watchdog blasts UK banks over money laundering safeguards September 24, 2020 Not all British banks are convinced of the need to invest large sums to crack down on dirty money, meaning the quality of anti-money laundering controls is falling short, the City watchdog’s chief enforcer said. Global lenders, including UK-based HSBC, Barclays and Standard Chartered, have come under increased scrutiny for their anti-money laundering (AML) efforts [...]
Ex-Bell Pottinger chief vows to contest potential boardroom ban September 24, 2020 Former Bell Pottinger chief executive James Henderson has vowed to fight a potential boardroom ban looming over him in the wake of the PR firm’s high-profile collapse in 2017. Henderson faces a director disqualification hearing alongside former Bell Pottinger colleagues Victoria Geoghegan and Nick Lambert, according to court documents. The public relations firm fell into [...]
Cambridge Analytica boss hit with seven-year directorship ban September 24, 2020 The former boss of disgraced consultancy firm Cambridge Analytica has been banned from running limited companies for seven years. Alexander Nix, who led Cambridge Analytica until its collapse in 2018, will be disqualified from acting as a director or becoming involved – directly or indirectly – in the promotion, formation or management of a company. [...]
New wage subsidy scheme does not go far enough, warns hospitality industry September 24, 2020 The embattled UK hospitality sector has given chancellor Rishi Sunak’s latest job retention scheme a lukewarm reception, saying the new wage subsidy does not go far enough. UK Hospitality, a lobby group representing British pubs, clubs, restaurants and bars, said it wanted industry-specific help. Boss Kate Nicholls said she wanted the government to pick up [...]
Only a third of UK businesses have completed Brexit risk assessments September 24, 2020 Just over a third of UK companies have completed a Brexit risk assessment this year, as businesses scramble to prepare for the end of the transition period in 98 days. Only 38 per cent of eligible firms have completed Brexit risk assessments this year, compared to 57 per cent of businesses in 2019, according to [...]
Go-Ahead Group swerves to a loss as Covid derails operations September 24, 2020 Transport group Go-Ahead fell to a loss in the year ending 27 June as its regional bus services were hit hard by coronavirus and it suffered steep exceptional costs in Germany. Go-Ahead’s shares rose 1.2 per cent, as it said that regional services were back to 50 to 60 per cent capacity and investors gambled [...]
Government to subsidise wages of part-time workers in new scheme September 24, 2020 Rishi Sunak today announced a new “jobs support scheme” , which will see the government support the wages of people working part-time from November in a bid to stave off mass unemployment. The scheme, described by Sunak as a “radical intervention into the UK labour market”, will allow full-time workers to go back to work [...]
Smiths Group shares tumble as profit sinks by a quarter during pandemic September 24, 2020 Shares in Smiths Group sank as much as eight per cent this morning, as the industrials conglomerate reported a 26 per cent drop in pre-tax profit for the year following a “disrupted” few months during the pandemic. The results Pre-tax profit for the 12 months to the end of July slumped 26 per cent to [...]