Could AI help Rishi Sunak revive the UK economy? August 29, 2020 This was once meant to be the year the government balanced the books, a literal pay off for years of tight purse strings under George Osborne’s austerity programme. Instead, 2020 has seen government debt balloon to over £2 trillion. The coronavirus pandemic has meant UK spending has rocketed far beyond any previous peacetime records, leaving [...]
Coronavirus: Government to launch back-to-work campaign August 28, 2020 Brits will be encouraged to get back to the office as part of a new government campaign set to launch next week. The campaign will promote the advantages of returning to work and seek to reassure employees about the safety measures being taken to halt the spread of the virus. The productivity push, which will [...]
Deliveroo launches Eat In to Help Out discount for September August 27, 2020 Deliveroo has launched an Eat In to Help Out offer for September as the government’s dine-in discount scheme comes to an end this month. The food delivery firm will offer customers £5 off orders on Monday to Wednesday next month in a bid to support local restaurants. Deliveroo will fund the discount for the more [...]
Service sector employment fell sharply in last quarter as UK entered recession August 27, 2020 Employment fell sharply across the UK services sector in the three months up to August as the coronavirus pandemic sent the country into the deepest recession on record. The service sector dominates the business landscape in this country, making up nearly 80 per cent of the economy. According to a survey conducted by the CBI, [...]
Germany extends job-support scheme – contrasting with UK’s approach August 26, 2020 Germany has extended its job-support programme that subsidises workers’ wages at coronavirus-hit firms until the end of 2021 in a bid to support its economy. The move contrasts sharply with the UK’s approach. British chancellor Rishi Sunak has pledged to end the country’s “furlough” scheme in October. Germany’s scheme, known as “short-time work” or “Kurzarbeit”, [...]
Virgin Atlantic creditors back crunch £1.2bn bailout deal August 25, 2020 An overwhelming majority of Virgin Atlantic’s creditors have this afternoon approved the embattled airline’s £1.2bn bailout package, a critical step in ensuring the carrier’s survival. In a statement, the carrier said that all four of its creditor classes had voted in favour of the proposal. The vote marks a huge step forward in Virgin’s bid [...]
More than 64m meals claimed under Eat Out to Help Out scheme August 25, 2020 More than 64m discounted meals have been claimed under the government’s Eat Out to Help Out scheme to encourage diners to visit cafes, pubs and restaurants following the coronavirus lockdown. The jump continues the upward trend, which saw 10.5m meals claimed in the first week that the Eat Out to Help Out Scheme was launched, [...]
British Business Bank issues 75,000th startup loan August 25, 2020 The British Business Bank has issued its 75,000th loan under its Start Up Loans programme, marking more than £623m invested in small business across the UK since its launch in 2012. The number of loans for small firms has risen sharply since the start of the pandemic. Between May and July a total of £31.9m [...]
Travel industry ‘desperately’ calls for help as jobs crisis looms August 24, 2020 The UK travel industry “desperately” needs more government help, with 39,000 jobs already lost or at risk due to the coronavirus pandemic, trade body ABTA has warned. The Association of British Travel Agents (ABTA) said that without “tailored support” 83 per cent of firms will be at “critical or serious” risk. Travel has been one [...]
Exclusive: Consumer goods firm Ultimate Products to repay furlough scheme wages August 24, 2020 Consumer goods firm Ultimate Products will repay all the money that it has claimed through the government’s job retention furlough scheme after outperforming expectations despite the coronavirus pandemic. City A.M. can reveal that the London-listed firm is set to give back the £465,237 it was given to keep staff on over the lockdown period, and [...]