Firms could be forced to get rid of staff without clarity on further financial support December 14, 2021 Retailers and hospitality bosses have reiterated calls for fresh financial support measures as trade is hit by Omicron restrictions ahead of Christmas. Businesses said consumer confidence has been hit by the latest headlines, with shops reporting reduced footfall and pubs seeing cancellations of bookings. Londoners are bunkering down in a bid to ensure they can [...]
Devolved nations add to mounting calls for fresh business support from Westminster amid Omicron surge December 14, 2021 Scotland’s first minister has added to calls mounting on Westminster for a fresh tranche of financial support for businesses. Nicola Sturgeon said a lack of new support from the UK government meant “there is no money to compensate” businesses in the wake of further Covid restrictions. This was “not acceptable,” Sturgeon said, echoing calls from [...]
Businesses set to get economic support if more restrictions are announced December 14, 2021 The government is set to provide fresh economic support to businesses if more Covid restrictions are imposed by Boris Johnson. Chancellor Rishi Sunak is looking at potential funding options for businesses if they are forced to close due to the Omicron variant, including bringing back the furlough scheme. Businesses have been provided no extra support [...]
UK airlines set to ask Treasury for extension to Covid loans December 12, 2021 Bosses from British Airways, Virgin Atlantic and easyJet are set to ask the Treasury to extend their Covid-19 loans and provide further economic help in light of new restrictions imposed by Boris Johnson last week. Chief executives from the three airlines will meet with civil servants at the Treasury today to discuss the proposals, after [...]
Ongoing Covid booster drive to eat into health and social care levy funds December 12, 2021 An ongoing booster vaccination programme to deal with recurring coronavirus pressures will eat into funds yielded from the new health and social care levy earmarked for the NHS. The government could be forced to use some of the money produced from the 1.25 per cent levy on a permanent booster campaign, with the total bill [...]
Rishi Sunak thrown into parties scandal after Treasury held lockdown gathering December 11, 2021 The Chancellor has come under scrutiny after details have emerged of his an office drinks party held by his department during lockdown last year. Around two dozen civil servants attended the Treasury party, held in celebration of Rishi Sunak’s spending review, according to The Times, which first reported the news. The event took place on [...]
GDP growth falls short of expectations, inching 0.1 per cent higher in October December 10, 2021 The UK’s economic growth inched just 0.1 per cent in October, according to the latest figures. The figure remains 0.5 per cent below its pre-pandemic level, the Officer for National Statistic found, falling short of economist and analyst expectations after experts had forecast a 0.4 per cent increase. Construction and hospitality were among the hardest [...]
Treasury must come around to the obvious: The UK needs London December 10, 2021 In the mid-1970s, a bankrupt New York City went begging to the federal government in Washington DC for a bailout. It had got itself into immense financial difficulty; indeed, it was bankrupt. The President, Gerald Ford, effectively said no. The New York Post’s headline the day after was simple, but iconic: “Ford tells City: Drop [...]
One of our own: Rachel Reeves’ journey from the City to the top of Labour politics December 10, 2021 Rachel Reeves looks comfortable in the palatial settings of 1 Lombard Street as she settles down to a gin and tonic, garnished with a slice of grapefruit. The shadow chancellor is is a formidable force in the House of Commons – a Labour staffer described her as “un-chill, but in a very good way” – [...]
Labour’s Rachel Reeves would support cut to UK basic rate of Income Tax December 9, 2021 Rachel Reeves has said she would support a 2p cut to the basic rate of UK Income Tax amid reports that Rishi Sunak is considering the measure. The shadow chancellor told City A.M. in a wide-ranging interview that she “would like to see the chancellor do it”, but described reports of Sunak’s potential tax cuts [...]