Austerity architect George Osborne: UK faces ‘hard choices’ after borrowing surge May 22, 2020 Former chancellor George Osborne has said the government will in the next “two or three years” need to lay out a plan to “bring balance” to the budget, after data showed that borrowing soared in April. Osborne sharply divided opinion in the UK as the primary architect of post-2008 austerity, which slashed spending in an [...]
Wetherspoon to rely on app more than ever under plan to reopen all 875 pubs May 22, 2020 JD Wetherspoon has outlined plans to invest £11m in reopening its pubs, including installing screens and providing hand sanitiser and protective clothing for staff. The pub chain said it will reopen all of its 875 pubs in the UK and Ireland when it gets the go-ahead from governments, and all pubs will operate their usual [...]
Nissan weighing 20,000 job cuts as car sales struggle May 22, 2020 Japanese car company Nissan is reportedly considering cutting 20,000 jobs with a focus on Europe and developing countries as car sales plunge following coronavirus crisis. The potential cuts come as Nissan prepares to announce its updated mid-term strategy next week. Profits at Nissan have been struggling for the last three years and the coronavirus has [...]
Bank of England deputy warns of risks to BoE’s upbeat forecast May 22, 2020 Bank of England deputy governor Dave Ramsden has warned that there could be some “scarring” to the economy after coronavirus as he stressed that the path to recovery is hugely uncertain. Ramsden also said that the Bank still has “quite a lot of headroom” to buy more bonds and echoed governor Andrew Bailey in saying [...]
Mortgage payment holidays extended until October May 22, 2020 The financial watchdog has today extended payment holidays to support those struggling to pay their mortgage due to coronavirus. The Financial Conduct Authority (FCA) said banks can extend the mortgage holidays for a further three months up to the end of October. It comes after chancellor Rishi Sunak extended the furlough scheme to October to [...]
Burberry cuts dividend as sales dive during coronavirus pandemic May 22, 2020 British fashion brand Burberry said this morning that it will not pay a full-year dividend as it revealed that fourth quarter sales plunged due to coronavirus lockdowns around the world. The luxury retailer said sales in the fourth quarter were down 27 per cent and 60 per cent of its stores were closed at the [...]
UK set to introduce £1,000 fines for travel quarantine breaches May 22, 2020 The UK is today set to introduce a 14-day quarantine for overseas travellers backed up with £1,000 fines to help stop the spread of coronavirus. The move comes despite opposition from airlines who have argued it will devastate their already struggling industry. The government is expected to announce that all international arrivals will be required [...]
UK retail sales crash a record 18.1 per cent in April lockdown May 22, 2020 UK retail sales plunged by a record 18.1 per cent during April’s lockdown, data showed today, with clothing sales halving compared to March. Sales of clothes crashed 50.2 per cent compared to March, while retail sales fell almost four times as badly as March’s 5.2 per cent fall, Office for National Statistics (ONS) data found. [...]
Time Out kicks off £49m placing and open offer to raise emergency cash for coronavirus shutdown May 22, 2020 Media and events company Time Out today said it was seeking to raise £49m via a share placing and open offer to bolster its balance sheet in the face of the coronavirus pandemic. The company has been hit by a closure of its food hall markets and the suspension of its print editions alongside a [...]
Carluccio’s cuts 1,000 jobs but 30 restaurants saved in rescue deal May 22, 2020 Italian restaurant chain Carluccio’s has been bought out of administration by the owner of Giraffe and Ed’s Easy Diner, resulting in the loss of more than 1,000 jobs. In total 40 Carluccio’s restaurants across the UK will close and 1,019 members of staff will be made redundant, administrators FRP Advisory announced this morning. Around 800 [...]