Almost half of firms plan to cut or stop hiring amid pandemic September 18, 2020 Almost half of UK firms expect to reduce recruitment or stop hiring new employees altogether over the coming year as they adjust to life during the coronavirus pandemic, a survey has found. The latest CBI/Pertemps employment trends survey said a “two-speed” job market had emerged. It found 46 per cent of firms were looking to [...]
Rishi Sunak’s Kickstart scheme can help blunt the impending youth unemployment crisis September 18, 2020 This week’s unemployment figures from the Office for National Statistics paint a gloomy picture for Britain’s young people. In the UK those aged 16 to 24 have been hit hardest by job losses since the economy locked down. There were 156,000 fewer young people in employment in the three months to July when compared with [...]
David Cameron: Too early to consider fixing the UK’s budget deficit September 17, 2020 David Cameron has said the UK economy will need “generous help to reopen” and that Rishi Sunak should not consider measures to fix the budget deficit until an economic recovery is well under way. The former prime minister told Times Radio that “we’re going to have to think about fixing the roof again when the [...]
Boris Johnson signals that targeted furlough extension is on the cards September 16, 2020 Boris Johnson has given the clearest indication yet that the government is considering extending the furlough scheme for some sectors beyond next month. When asked about an extension of the scheme for sectors unable to function due to coronavirus restrictions, the Prime Minister said today that that the government “will continue to show great creativity [...]
Exclusive: London employment levels will not recover until 2023, says new analysis September 16, 2020 Levels of employment in London will not reach pre-coronavirus levels until 2023 at the earliest, according to new figures from City Hall. The Greater London Authority’s latest macroeconomic analysis, seen by City A.M., shows that London unemployment is expected to rise by 5.5 per cent by next year. The figures show that the capital’s economy, [...]
Rishi Sunak hints at potential targeted furlough scheme extension September 15, 2020 Rishi Sunak has assured MPs that he will be “creative” in protecting jobs after the furlough scheme ends, potentially hinting at a limited extension of the emergency measure. When asked if he would provide sector specific sectoral support after the end of the furlough scheme next month, the chancellor said he had “not hesitated to [...]
UK unemployment: Experts say job losses to jump as furlough ends September 15, 2020 UK unemployment has finally started rising. Months of economic hardship and the winding down of the furlough scheme meant 695,000 people lost their jobs between March and August, according to payroll data. The Office for National Statistics (ONS) said the unemployment rate rose to 4.1 per cent in the three months to July. That was [...]
Report: UK firms swimming in £70bn of unsustainable debt September 15, 2020 UK firms have racked up £70bn-worth of unsustainable debt, a new report reveals, with more than £20bn of that coming from government-backed Covid schemes. This figure is down on the previous estimation of £102bn, partially due to government stimulus packages introduced this year, data from TheCityUK revealed. Government-guaranteed lending schemes such as the coronavirus business interruption loan [...]
Rishi Sunak eyes fresh tax breaks for UK businesses September 13, 2020 Rishi Sunak is mulling over multi-billion pound tax cuts for UK businesses that invest in property, plant and equipment in the wake of the coronavirus crisis. The plans involve giving companies tax breaks on capital investments, such as machinery, in an attempt to stimulate economic activity and boost the government’s “levelling up” agenda. Companies receive [...]
Sajid Javid backs plan to end furlough scheme in October September 11, 2020 Former chancellor Sajid Javid today offered his support for ending the furlough scheme next month, claiming any extension would be “unfair” on taxpayers. Speaking at the Centre for Policy Studies think tank talk about the post-pandemic economic recovery ahead, Javid said he agreed with chancellor Rishi Sunak that the furlough scheme must end. “Even if [...]