Be brave Mr Sunak… and keep spending October 7, 2020 Since Rishi Sunak stepped into the suddenly vacant 11 Downing Street back in February, he’s proved a fleet-footed chancellor, earning praise for the speed at which he launched the furlough programme, provided cash support to struggling companies, and stood behind the economy as the pandemic took hold. He quickly realised that extraordinary times required extraordinary [...]
Rishi Sunak mulls plans to block suspect companies listing on stock exchange October 7, 2020 Chancellor Rishi Sunak is considering plans to block suspect companies from listing on the London Stock Exchange (LSE) on national security grounds. Sunak is said to be rolling out a consultation on the details over the next few weeks, following mounting pressure from MPs who fear the stock exchange is vulnerable to foreign powers, the [...]
Tesco sees profit drop despite surge in lockdown sales October 7, 2020 Tesco’s operating profit fell 15.6 per cent in the first six months of the year in new chief executive Ken Murphy’s debut set of results. Profit at the supermarket dropped from £1.23bn to £1.04bn, with a jump in sales due to the coronavirus pandemic weighed down by a hefty loss at Tesco Bank. On a [...]
See A Film Out To Help Out: Five ways to save the film industry October 7, 2020 In this uncertain and unnerving year, there seems to be little light at the end of the tunnel, particularly for people working in the UK’s film industry. This week, Cineworld confirmed its plans to place all of its own cinemas and those of its Picturehouse brand in an unprecedented winter hibernation — meaning the loss [...]
Rishi Sunak unveils plan to create England Freeports October 7, 2020 The Treasury will soon start taking bids from cities and towns in England to become Freeports next year, which will see businesses benefit from tax breaks and relaxed customs procedures. The government announced today that its selection process will begin before the end of the year and will see the first England Freeports set up [...]
On the brink: SMEs cut off from bounce back loans as banks close to new customers October 6, 2020 Small businesses are being shut out of potentially life-saving bounce back loans (BBLs) because lenders are turning down new customers, despite the funds being fully guaranteed by the government. City A.M. has spoken to a number of businesses who have had applications to set up new business accounts with lenders rejected, often without explanation. Many [...]
Hospitality circuit breaker lockdown could wipe £1bn off UK GDP, research shows October 6, 2020 A two-week circuit breaker lockdown to reduce the spread of coronavirus could cost the UK economy around £1bn and result in more hospitality job losses, the latest research showed. Ministers have reportedly mulled closing pubs and restaurants and ordering Britons to reduce social contacts for at least two weeks in a bid to halt a [...]
Software mogul John McAfee arrested on US tax evasion charges October 6, 2020 Controversial tech millionaire John McAfee has been arrested in Spain on US charges of tax evasion. The anti-virus mogul, who founded software company McAfee, allegedly failed to file tax returns despite earning millions from promoting cryptocurrencies, speaking engagements and selling the rights to his life story for a documentary. McAfee faces extradition to the US [...]
In full: PM Boris Johnson’s Tory conference speech in full October 6, 2020 Boris Johnson took the stage Tuesday for the Tories’ virtual party conference, announcing policies on 1:1 teaching and low-deposit mortgages, but also promising to unleash the private sector. Here’s the text in full. Good morning conference, I want to begin by thanking you for everything you did at the election, pounding the streets in the [...]
Rishi Sunak signals that tax hikes will be delayed for some time October 6, 2020 Rishi Sunak has signalled he will hold off on tax rises and Budget cuts until the UK’s economic recovery is further along. Sunak said today that the UK needs to balance its books “over time”, just a day after saying at his conference speech that the Tories had a “sacred responsibility to future generations to [...]