UK retail sales: Coronavirus triggers worst month on record April 3, 2020 UK retail sales plummeted to the worst levels on record in March as footfall plunged and non-essential stores were forced to close amid the coronavirus pandemic. Like-for-like UK retail sales at physical stores fell by a record 34.1 per cent and total like-for-like sales, both in-store and online combined, fell 17.9 per cent. Lifestyle and [...]
Chancellor shakes up coronavirus loan scheme after criticism of banks April 2, 2020 Chancellor Rishi Sunak said tonight that he is extending a coronavirus loan scheme for small businesses and introducing a new loan scheme for businesses with revenue up to £500m. The Treasury also said it would ban lenders from requesting personal guarantees for loans under £250,000. And Sunak pledged “operational changes” to speed up lending approvals. [...]
Arcadia furloughs 14,500 staff following coronavirus shutdown April 2, 2020 Retailer Arcadia today said it was furloughing 14,500 of its workers after it shut its stores because of the coronavirus pandemic. The Topshop-owner also said that its board and senior leadership team were taking a salary reduction of between 25 per cent and 50 per cent. Arcadia closed its physical stores two weeks ago as [...]
Coronavirus: British Airways owner IAG suspends 90 per cent of flights April 2, 2020 British Airways owner IAG has said it will now suspend 90 per cent of its flights, up from the 75 per cent previously announced, as the airline industry looks to protect itself against the coronavirus outbreak. IAG joins other UK airlines such as Ryanair and Easyjet, who have both suspended all or almost all of [...]
NHS issues emergency contracts for video GP services due to pandemic April 2, 2020 Patients across England will be able to see their GP via a video consultation after the NHS issued emergency contracts to health tech firms due to the coronavirus outbreak. NHS England has handed contracts to 11 providers after health officials invited companies to an emergency tender process last month. The fast-tracked deals mean GP surgeries [...]
Banks must engage with businesses on coronavirus loans or “be bypassed”, think tank says April 2, 2020 The UK’s banks must engage with businesses seeking coronavirus support measures or “be bypassed” by the government, a new paper has found, as pressure grows on lenders to do more to support struggling companies. The report, from think tank Policy Exchange, says that it is imperative that measures already announced by the government such as [...]
FTSE 100 bounces back as Trump declares end to oil price war April 2, 2020 The FTSE 100 looked set to end the day on a high as US President Donald Trump said Saudi Arabia and Russia had ended their oil price war. Energy stocks jumped to propel the London index back into the green after a tumultous day for global stocks. Staggering data showed 6.6m US jobless claims occurred [...]
Coronavirus: Brits approve of government for first time in almost a decade April 2, 2020 The British public approves of the government for the first time in almost a decade, according to the latest research. A survey found that amid the coronavirus crisis 52 per cent of Brits said they approve of Boris Johnson’s government’s record, compared to 26 per cent who disapprove. Net approval is now 26 per cent, [...]
Morrisons hikes staff bonus amid coronavirus crisis April 2, 2020 Morrisons has pledged to reward frontline employees working throughout the coronavirus crisis by increasing annual bonuses three-fold. The supermarket announced today that frontline staff will receive a six per cent bonus on their earnings for the next 12 months, rather than just the next eight to 12 weeks. Morrisons said the changes mean a full-time [...]
Standard Chartered boss says US and UK ‘too late’ with coronavirus lockdowns April 2, 2020 Standard Chartered boss Bill Winters today criticised the response of authorities in the UK and US to the coronavirus pandemic. Winters said the US and UK had acted “too late” with their measures to contain the virus. “I find it interesting to listen to the debate now that we in the West, or in the [...]