BoE gives banks all-clear but warns them to keep up support October 8, 2020 The Bank of England has warned lenders that reducing their support to households and businesses “would be costly” for the economy and for banks themselves. It came as the Bank’s Financial Policy Committee (FPC) said the UK’s lenders were strong enough to weather the rest of the coronavirus storm – even if unemployment soared to [...]
Minister flags potential extension of England curfew to 11pm October 8, 2020 A government minister has floated the idea of potentially extending England’s hospitality curfew to 11pm – the same as Northern Ireland. London minister Paul Scully told a virtual event today that a curfew extension would be a lifeline to the hospitality sector, but that the government needed to examine how effective Northern Ireland’s 11pm lock [...]
The arts are not an optional extra, they are the life and soul of our nation October 8, 2020 If at first you don’t succeed, retrain and move into a more viable vocation. That was the advice of the chancellor this week with regards to the impossible position faced by artists, musicians and actors who have seen their livelihoods decimated since the start of the Covid crisis. ITV may have later clarified that Rishi Sunak’s [...]
London firms fear losing top talent over coronavirus salary cuts October 8, 2020 The vast majority of London firms are concerned about retaining their top talent as the pandemic forces many employees to take salary cuts. As the pandemic continues to weigh on business activity, over four in five London-based businesses are concerned about losing their top employees, according to new research by recruiter Robert Half. Of the [...]
Back London today — so that London may back the UK tomorrow October 8, 2020 At the Conservative Party Conference this week, chancellor Rishi Sunak promised he “will always be pragmatic”. Right now, however, the policies governing our towns and cities appear anything but pragmatic. Given that the UK’s major cities, and especially London, are going to be vital in helping our economy recover from the impact of Covid-19, it [...]
UK businesses plan to cut jobs and investment, survey shows October 8, 2020 UK businesses expect to cut staff levels and investment over the next year, according to a new survey, with the outlook “stuck in the doldrums”. The Institute of Directors’ (IoD) survey showed that bosses’ optimism about the economy plateaued in September, having risen since the coronavirus-induced lockdowns of the spring. The UK economy shrunk by [...]
New OBR chief says public debt sensitive to rate moves October 7, 2020 The new head of the UK’s budget watchdog has said the country’s public finances have become more sensitive to changes in interest rates because of a change in borrowing terms. However, Office for Budget Responsibility (OBR) board member Sir Charlie Bean said people should not think there is “great urgency” in closing the government’s budget [...]
British woman charged after being found with £1.9m cash at Heathrow Airport October 7, 2020 A British woman who tried to flee to Dubai from Heathrow Airport with five suitcases stuffed full of £1.9m in cash has been charged with money laundering, UK Border Force announced today. Tara Hanlon, a 30-year-old woman from Leeds, was stopped at Heathrow’s Terminal 2 at 8pm last Saturday attempting to board a flight to [...]
UK house prices jump again in September as market defies gravity October 7, 2020 UK house prices rose at the fastest pace in four years in September despite the raging coronavirus pandemic as people working from home sought more space, according to the Halifax house price index. Yet the lender said it is “unlikely” that the British housing market will “remain immune” to the historic economic slowdown. House prices [...]
Liz Truss warns of the dangers of another England lockdown October 7, 2020 International trade secretary Liz Truss has said that another national lockdown would “set us back hugely” as the government weighs up imposing new Covid restrictions. Cases continue to spike in parts of the North, including Liverpool, Manchester and Newcastle, with some media outlets speculating that hospitality venues could be closed except for takeaways in these [...]