BoE boss says Rishi Sunak right to spend big on Covid November 26, 2020 Bank of England governor Andrew Bailey backed chancellor Rishi Sunak’s approach to the public finances, saying he is right to throw the might of the state behind the coronavirus suppression effort. “It is absolutely sensible that public resources, resources of the state, are being used to cushion the huge impact of this absolutely unprecedented shock,” [...]
PS5 fans fight scalpers by placing fake eBay bids November 26, 2020 PS5 fans are fighting back against scalpers by placing fake bids on eBay. Demand for the new PlayStation 5 and Xbox Series X consoles has vastly outstripped supply, with outlets across the world, including Game and Amazon, currently out of stock. Sony this week joined Microsoft in warning that shortages could last for months. The [...]
Coronavirus bar and restaurant closures hit Britvic’s income for the year November 26, 2020 Britvic posted a near 22% slide in adjusted operating income for the year as coronavirus restrictions hurt demand at bars, restaurants, cinemas and other public places. The soft drink company’s adjusted earnings before interest and taxes fell to £165.8m for the 12 months ended September 30, down from £214.1m a year earlier. Britvic’s shares, which [...]
Out of Covid isolation, Johnson to give press conference today November 26, 2020 PM Boris Johnson will hold a press conference later today to explain local Covid-19 restrictions, Reuters reports, meaning he will emerge from self isolation two weeks after attending meeting with a MPs infected with the novel coronavirus. Downing Street announced on 15 November that Johnson, who was admitted to intensive care in a London hospital [...]
Rishi Sunak admits current UK borrowing is “not sustainable” November 26, 2020 Rishi Sunak has conceded that the current projections for UK borrowing are “obviously not sustainable”, after the chancellor yesterday unveiled huge economic interventions as part of his winter Spending Review. Sunak yesterday lifted total government spending on the Covid response to £280bn, as he vouched his commitment to “jobs, businesses and public services”. The chancellor [...]
Aviva hands out dividends as inflows rocket to £1.2bn during pandemic November 26, 2020 Aviva has maintained its interim dividend during the pandemic, after the company saw strong new business wins in the UK and North America that boosted third-party net fund inflows to £1.2bn. The figure marks a huge jump from the £500m of inflows in the same period during 2019, despite tough market conditions during the coronavirus [...]
All Bar One and Toby Carvery owner cuts 1,300 jobs as Covid-19 pushes it to annual loss November 26, 2020 Pub chain Mitchells & Butlers has cut 1,300 jobs this year having made a £123m loss in the last year. The group, which owns cocktail bar All Bar One and Toby Carvery, said it could no longer support the employees due to store closures and reduced levels of activity because of the coronavirus pandemic. Earlier [...]
Fuller’s loses £22m in six months following coronavirus restrictions November 26, 2020 Brewery and pub chain Fuller’s made a £22m loss before tax in the six months to 26 September, following coronavirus restrictions that meant the business lost 66% of trading weeks. The business made £45.6m in revenue in the six months, down from £167.1m during the same period last year. From the end of July to [...]
IFS says Sunak likely to end up spending more than planned November 25, 2020 Chancellor Rishi Sunak is likely to end up spending more than he said he plans to in his spending review today amid “lasting damage” to the economy, the leading Institute for Fiscal Studies (IFS) think tank and other experts have said. Sunak today said he would ramp up public spending to tackle coronavirus next year [...]
Sunak’s tough choices: a sobering assessment November 25, 2020 Rishi Sunak’s spending review was a sobering assessment of not only the challenges facing the UK economy, but also the enormous economic damage created by the pandemic and the numerous lockdowns around the country, with the budget deficit for 2020 expected to come in at £394bn. The Chancellor said that the UK economy was likely [...]