Co-ordinated stimulus package recognises the critical role of banking to support the economy March 30, 2020 A consistent message from financial regulators post 2008 was that the next financial crisis would look different. Few would have predicted a global health pandemic, coupled with an oil price war, would dramatically curtail economic activity. Yet while banking was not the cause of this crisis, regulators, politicians and the industry itself have quickly moved [...]
Coronavirus: Sadiq Khan asks for more immigrants to be eligible for Universal Credit March 30, 2020 Sadiq Khan has urged the Prime Minister to allow more immigrants to access Universal Credit during the coronavirus crisis. The London mayor wrote to Boris Johnson yesterday to ask for those with no recourse to public funds (NRPF), such as most non-EU immigrants, to be allowed to claim benefits while the UK is dealing with [...]
Law and accountancy firms weigh coronavirus profit distribution delay March 30, 2020 Law and accountancy firms are weighing up delaying partner profit distributions to preserve cash to ride out the coronavirus-triggered economic crash. It is one strategy being considered among the Big Four accountancy firms and major law firms such as Linklaters and Pinsent Masons. US law firm Reed Smith, which has a sizeable London operation, confirmed [...]
Ocado orders coronavirus testing kits for staff March 30, 2020 Ocado has purchased coronavirus testing kits for its frontline workers, who will also receive a 10 per cent bonus during the pandemic. Employees working on the frontline of the food delivery operation, such as drivers, personal shoppers, drivers, engineers, and site managers will get a bonus on all hours worked from 23 March. The online [...]
Advertising recession ‘highly probable’ as coronavirus hits key media owners March 30, 2020 An advertising recession in the first half of 2020 is now highly probable as brands slash spending due to the coronavirus outbreak, according to a new report. Industry body Warc today warned that the advertising industry was all but certain to follow the wider global economy and fall into a recession sparked by the pandemic. [...]
UK government to spend £75m on charter flights for stranded Britons March 30, 2020 The government will subsidise airlines to bring home UK nationals stuck abroad in a £75m deal. Travellers stuck in countries with no commercial flight options available will have charter flights made available “at little to no cost”, according to foreign secretary Dominic Raab. Raab announced today that British Airways, Virgin, Easy Jet, Jet 2 and [...]
Coronavirus: Bank of England extends emergency liquidity measure March 30, 2020 The Bank of England said today it would extend an emergency liquidity measure, the three-month Contingent Term Repo Facility (CTRF), to run until the end of April and it would also hold a one-month CTRF operation each week until 1 May. The Bank reactivated the facility last week as part of its attempts to keep [...]
Coronavirus: Clubs facing ‘an avalanche’ of claims from players over forced pay cuts March 30, 2020 Everyone has had to make sacrifices since the coronavirus pandemic took over daily life, and sportspeople are no exception. With all sport in the UK currently postponed, players have set about a new existence, training as best as they can at home until a resumption is possible. But with no end to the lockdown in [...]
Sharing fake news about coronavirus should be an offence, says top Tory MP March 30, 2020 Sharing fake news related to the coronavirus outbreak on social media should be an offence, a top Tory MP said today. Damian Collins, former chair of the Digital, Culture, Media and Sport (DCMS) Select Committee, called for sanctions against organisations and individuals that were “maliciously, deliberately, and at scale pushing disinformation through social media networks”. [...]
Arcadia cancels supplier orders amid coronavirus crisis March 30, 2020 Sir Philip Green’s Arcadia has cancelled all orders from its suppliers and extended its payment terms as it seeks to conserve cash during the coronavirus pandemic. Arcadia, which owns high street giants Topshop, Dorothy Perkins and Burtons, has written to its supply chain to say all orders have been cancelled and payment terms will be [...]
