UK debt office plans record bond sales to help struggling economy recover June 29, 2020 The UK will sell a record amount of government debt this year, testing the level of demand for gilts as Britain grapples with the economic fallout from the coronavirus pandemic. The UK’s Debt Management Office (DMO) this morning announced plans to sell a further £50bn of bonds by the end of August, bringing its issuance [...]
Boris Johnson prepares spending splurge for ‘thunderclap’ economic downturn June 28, 2020 Boris Johnson has pledged to spend tens of billions of pounds on a raft of infrastructure projects and jobs programmes to help the UK economy bounce back from the coronavirus crisis. Johnson said he would “double down” on his election commitment to “level up” the country and would fast track a swathe of infrastructure projects. [...]
Virgin Atlantic seeks up to £900m in rescue bid after coronavirus turbulence June 28, 2020 Embattled airline Virgin Atlantic is looking to raise up to £900m in a last-ditch rescue bid days after it said it was unlikely to secure a government bailout. The carrier, founded by Sir Richard Branson in 1984, has beefed up its original £750m cash call amid forecasts for an extended recovery period for the aviation [...]
Markets live: FTSE 100 gains on Sunak’s hints of additional fiscal stimulus June 26, 2020 The FTSE 100 clawed back some of the week’s losses as investors took comfort in Rishi Sunak’s hints at potential additional stimulus. The blue-chip index opened 1.07 per cent higher before climbing to trade up 1.5 per cent by 1.50pm. However, the FTSE 100 is on track for a two per cent loss across the [...]
Rishi Sunak says government bailouts are a ‘last resort’ June 26, 2020 Rishi Sunak has said that government bailouts are not an “attractive long term feature of the economy” as companies grapple with the impact of coronavirus. Speaking to Bloomberg TV, the Chancellor said the government is the last resort and the bar is “exceptionally high” for company bailouts. He noted: “This is not my money. It’s [...]
Google reveals coronavirus support package for UK businesses June 26, 2020 Google has today launched a number of pledges to support British small businesses during the pandemic, as part of a bid to help companies stay open through boosting online performance. The tech firm said it has set a goal of helping 1m businesses by the end of 2021, particularly focusing on those which rely on [...]
Sadiq Khan is wrong — extending the furlough scheme would hinder London’s recovery, not help it June 25, 2020 Warning of a “looming unemployment crisis”, Sadiq Khan this week made an appeal for a further extension of the Coronavirus Job Retention Scheme (CJRS), under which more than a million Londoners have been furloughed. His concern for London jobs is understandable. But it would be wrong to continue the scheme beyond October. Furloughing made sense [...]
CBI urges government to extend business loans scheme June 25, 2020 The CBI has urged the government to extend the Coronavirus Business Interruption Loan Scheme (CBILS) until November, as part of a wave of proposals to keep businesses alive as the UK faces its worst recession on record. The business body, which represents around 190,000 UK companies, today called on the government to extend the deadline [...]
Barnier: Brexit deal ahead if Britain stops backtracking June 24, 2020 Britain can still achieve a post-Brexit trade deal with the European Union as long as the UK stops “backtracking” on its commitments, the EU’s chief negotiator said today. In a virtual think-tank event this afternoon, Michel Barnier called on Prime Minister Boris Johnson to give “clear signals” that the UK is ready to work towards [...]
New lockdown guidance gets widespread approval in Westminster June 23, 2020 Prime Minister Boris Johnson’s announcement today that the two metre social distancing will be scrapped in favour of new “one metre-plus” guidance from 4 July was met with widespread approval from Westminster, as the public prepares to revitalise the British economy after months of lockdown. Business Ministers welcomed the new guidance as providing a lifeline [...]