One-third of London Tory MPs ready to rebel against PM on Covid powers September 30, 2020 At least one-in-three London Conservative MPs are supportive of a potential parliamentary rebellion led by a group of powerful backbenchers. City A.M. understands that at least seven out of the capital’s 21 Tory MPs support a tabled amendment that would see Boris Johnson’s powers to implement new Covid restrictions curbed. Graham Brady, chair of the [...]
Measures to suppress Covid-19 are causing untold damage to students and young people September 30, 2020 The motto of the Young Money Blog is “don’t get mad — get informed”. But in recent weeks and months, I’ve found it hard not to get mad. As we try to head into an uncertain and bleak winter, emergency laws designed to curb the spread of Covid-19 are fast becoming a moral and economic [...]
Sunak’s subsidy scheme will save just one job per company in the business travel sector September 30, 2020 Last week, the chancellor outlined his Winter Economy Plan — trying to balance the needs of the economy with our health and wellbeing. No enviable task. Listening to his polished performance in the Commons, it would be easy to conclude that the chancellor’s new approach — underpinned by a Job Support Scheme and extended tax [...]
UK mortgage approvals hit 13-year high in August as post-lockdown surge continues September 29, 2020 UK mortgage approvals hit a 13-year high in August as pent-up demand post-lockdown continued to boost the housing market, but consumers became more cautious about day-to-day borrowing. Mortgage approvals for the month were 84,700, according to new data from the Bank of England — the highest rate of approvals since October 2007, just before the [...]
Exclusive: MPs slam ‘inconsistency and incompetence’ as SMEs struggle to get bounce back loans September 28, 2020 Banks have been told to ensure that no small businesses are “locked out” of government-backed coronavirus loans, after firms were left unable to access the loans despite being eligible for funding. MPs said lenders accredited under the scheme should re-open applications for bounce back loans (BBLs), designed to help small companies weather the pandemic. Barclays [...]
Government looks to quell Tory rebellion over Covid restrictions September 28, 2020 The government is looking at ways at stopping a Tory backbench revolt over the implementation of new Covid restrictions, according to health secretary Matt Hancock. Hancock said he would meet with the revolt’s leader Graham Brady, chair of the powerful 1922 committee of backbench Tories, while also announcing that indoor mixing between households is now [...]
Small business would suffer from a capital gains tax hike – not just investors September 28, 2020 Capital gains tax (CGT) increases were reported to be in the chancellor’s sights before the Autumn Budget was cancelled to allow Rishi Sunak to focus on his winter economic plans. However any changes to CGT down the line could discourage small business investment just when it is needed most, says Claire Madden. Has there ever been a [...]
Boris Johnson facing parliamentary defeat over Covid powers September 27, 2020 Boris Johnson is facing his first parliamentary defeat since winning the 2019 election, with up to 60 Tory MPs prepared to defy party whips and vote for an amendment to new Covid legislation. Legislation to extend powers allowing the Prime Minister to unilaterally impose coronavirus restrictions by a further six months will come before the [...]
Restaurant industry risks ‘lost generation’ without more support, top chefs warn September 27, 2020 Raymond Blanc and Michel Roux Jr have warned that the restaurant industry risks losing a generation of talent and will “suffer enormously” amid fresh coronavirus restrictions and gaps in government support. Industry figures have condemned the new 10pm curfew as “devastating”, while a quarter of hospitality businesses fear they will go bust by the end [...]
Evidence on negative rates ‘encouraging’, says Bank of England policymaker September 27, 2020 The Bank of England has seen “encouraging” evidence that negative interest rates could help the British economy during the downturn triggered by the coronavirus, a policymaker has said. Silvana Tenreyro, who sits on the Bank’s monetary policy committee (MPC), said the committee has been discussing what options it has in its toolkit, including “how effective [...]