UK to borrow record £385bn in bond markets to fund Covid support July 16, 2020 UK government fundraising in the bond markets will hit a record £385bn between April and November after it announced plans to raise £110bn more from September. The unprecedented bond sales come as the government racks up the biggest peacetime budget deficit in hundreds of years. It has spent big to keep the economy on its [...]
Julian Lewis calls Tory party sacking ‘strange’ after Grayling plot July 16, 2020 Sacked Conservative MP Julian Lewis has called his removal from the party “strange” and labelled Downing Street’s attempt to install its own candidate to the chair of the Intelligence and Security Committee (ISC) as “improper”. Former transport secretary Chris Grayling had been handpicked by Boris Johnson to take the reins of the powerful committee, however [...]
UK unemployment: 650,000 Brits lose jobs in lockdown July 16, 2020 Around 650,000 people lost their jobs between March and June, official figures showed today, as the UK labour market “weakened markedly” during lockdown. Job losses led to a 0.3 per cent drop in total pay in May compared to a year earlier, the Office for National Statistics (ONS) said. That is a 1.3 per cent [...]
London faces ‘historic rise in unemployment,’ warns Sadiq Khan July 16, 2020 There could be an “historic rise in unemployment” in London if the government does not do more to protect jobs amid the continuing coronavirus pandemic, mayor of London Sadiq Khan will warn today. The number of Londoners claiming unemployment benefits has already shot up around 185 per cent since the start of the pandemic, today’s [...]
Fees plunge at Hays as coronavirus hammers hiring July 16, 2020 Net fees at recruitment firm Hays plummeted by a third in the latest quarter, as coronavirus pressed paused on hiring and caused a huge spike in unemployment around the world. The FTSE 250 company, which provides recruitment services in 33 countries globally, reported a dent in hiring in every region in the world, with the [...]
Retail restraint: John Lewis and Primark decline government help to play the long game July 16, 2020 For retail, the story of Covid-19 has been one of survival. Inevitably, the sector has looked to the government for assistance. Even the most hardened devotee of the free market has seen the Treasury’s coffers as a life belt to help companies get through the worst of the pandemic. Change and adaptation can come later. [...]
UK unveils plans for frictionless post-Brexit trade between UK nations July 15, 2020 The government will tomorrow outline plans to ensure post-Brexit regulatory alignment on trade across the four UK nations in a bid to ensure frictionless internal trade. The white paper will propose a principle of “mutual recognition” whereby regulations that are set by devolved governments are recognised across the country to allow for internal trade. It [...]
Chris Grayling loses committee chair vote in Tory rebellion July 15, 2020 Former cabinet secretary Chris Grayling has failed to win the chairmanship of the Intelligence and Security Committee, despite being handpicked by Boris Johnson for the role, with fellow Tory MP Julian Lewis instead elected. The ex-transport secretary was expected to be voted into the role, however some Conservative MPs on the committee rebelled and instead [...]
Rishi Sunak shoots down speculation he will raise capital gains tax July 15, 2020 Rishi Sunak has distanced himself from reports that he is looking at increasing capital gains tax to help pay for the government’s Covid-19 spending. The Treasury announced yesterday it was commissioning the Tax Simplification Office to conduct a study “asking for “evidence to seek views about capital gains tax”, prompting speculation from financial services firms [...]
McDonald’s, KFC and Wetherspoon among chains to slash prices after government VAT cut July 15, 2020 High street cafe and restaurant chains including McDonald’s, KFC and Wetherspoon have slashed prices in response to the government’s decision to cut VAT for the sector. Chancellor Rishi Sunak last week announced that VAT would be reduced from 20 per cent to five per cent for hospitality and tourism businesses. Fast food favourites and casual [...]