Before the Bell: Europe to open higher as US fiscal talks get underway January 25, 2021 While US markets continued to set new records last week, European markets traded in a more lacklustre fashion as the early year optimism of the first week of 2021, gave way to a lot more caution, as a rise in short-term economic pessimism and the prospect of tighter lockdown restrictions for longer raise the prospect [...]
Rishi Sunak to give Universal Credit claimants a one-off £1,000 payment January 24, 2021 Rishi Sunak is considering doubling a one-off payment to Universal Credit claimants to £1,000 to compensate for a planned cut in the current Covid welfare rate. The move would help quell a potential Tory rebellion over plans to remove the £20-a-week Universal Credit uplift introduced last year. Scrapping the uplift would cost claimants around £1,000 [...]
Brexit friction should spark new ideas for retail exports January 23, 2021 Many retailers received a welcome boost during the Covid-19 crisis with a rise in online orders from international markets, but with exports to EU member states facing teething problems in the form of higher costs and processing delays, now’s the time for retailers to broaden their reach and tap into new markets further afield. Research [...]
Pandemic costs: UK borrowing set to rise by another £31bn January 22, 2021 There has been a lot of chatter in recent months over the explosion in UK public debt as a result of the pandemic and the emergency measures taken by the UK government to support the economy. “This probably goes some way to explaining the rather erratic government response to the pandemic as the innate caution [...]
UK retail sales stage tentative recovery over Christmas January 22, 2021 Retail sales made a tentative recovery over the Christmas period as the UK emerged from its second national lockdown. Retail sales volumes rose 0.3 per cent in December following a 4.1 per cent fall in November as the country moved into the more relaxed tier restrictions. It is 2.7 per cent higher than February’s pre-lockdown [...]
Kwasi Kwarteng shouldn’t be ashamed of his free market principles January 22, 2021 New business secretary Kwasi Kwarteng MP is on paper one of the most pro-free enterprise ministers to run the Department for Business, Energy and Industrial Strategy (BEIS) in years. He takes over the role at a time when businesses, of all shapes and sizes, are struggling. Many risk closure and collapse. So, he must use [...]
MPs join calls for support for aviation industry as new restrictions kick in January 21, 2021 A group of over 80 MPs have today backed calls for the government to lay out specialist package of support for the aviation and travel industries. Henry Smith, chairman of future of aviation all-party parliamentary group, today wrote to Boris Johnson demanding the government bring forward plans to protect the embattled industries. In the letter, [...]
Rishi Sunak set to extend furlough scheme past April January 21, 2021 Rishi Sunak is reportedly set to extend the government’s furlough scheme beyond the end of April in his 3 March Budget. The chancellor is drawing up plans to extend the £82bn scheme into the summer as the UK looks set to have strict Covid restrictions in place for several months. The scheme, which sees the [...]
Millions of Brits still missing out on self-employment grants January 21, 2021 The government has faced mounting calls to increase the number of grants for self-employed workers, after the spending watchdog yesterday warned millions are still missing out on financial support. A survey of more than 6,000 households released today by the Office for National Statistics’ (ONS) found that only 24 per cent of self-employed people had [...]
Exclusive: ‘Banks should deliver the same experience as Amazon and Netflix’, says Ezbob CEO January 21, 2021 After a year that was hugely disrupted by Covid-19 and the entire economy and its workforce moved online, City A.M. sat down with Tomer Guriel, CEO of Mayfair-based Ezbob, which provides digital lending software to some of the biggest banks and financial institutions in the City. A vaccine is being rolled out, so the City [...]