UK borrowing surges to a record £103.7bn in lockdown June 19, 2020 UK borrowing exploded to £103.7bn over April and May’s lockdown, official data showed today, as debt exceeded 100 per cent as a percentage of GDP in May for the first time in 57 years. The current financial year to date – April to May 2020 – has already seen borrowing rocket to £103.7bn. That is [...]
US dashes hopes of global deal on digital tax June 17, 2020 US officials have reportedly suspended talks with European countries over plans for a global digital tax framework, and continue to threaten to impose sanctions should they go ahead with individual proposals. US treasury secretary Steven Mnuchin last week told four European finance ministers that discussions had reached an “impasse”, in a letter seen by the [...]
Downing Street stands by pension triple lock manifesto pledge June 17, 2020 Downing Street has said it will stick by its manifesto pledge to not break the pension triple lock, despite speculation to the contrary. The Prime Minister’s spokesman said today that there were “no plans to abolish the triple lock and we will always stand by pensioners”. The triple lock, brought in by David Cameron in [...]
Boris Johnson: Too early to ease two-metre social distancing rule June 16, 2020 Boris Johnson has shot down hopes for an imminent change to England’s two-metre social distancing rule, despite pleas from the hospitality sector. Johnson said the rate of coronavirus incidents had not come down enough to make the change, but to “watch this space”. The news will come as a disappointment for hospitality businesses across England, [...]
Businesses call on chancellor to support UK hydrogen strategy June 16, 2020 More than 40 companies have written to Rishi Sunak calling on the chancellor to lay the foundations for a UK-wide hydrogen strategy to power the country’s post-coronavirus recovery. The companies, which include industrial giants such as Anglo American, Bosch, Equinor, Siemens and EDF, said they were ready to invest £1.5bn in hydrogen fuel projects around [...]
Labour calls for emergency ‘back to work’ summer Budget June 16, 2020 Labour shadow chancellor Anneliese Dodds is calling for an emergency summer Budget and stimulus package that focuses on job creation. Dodds has dubbed it a “back to work Budget” and has called on chancellor Rishi Sunak to focus on combating potential structural unemployment caused by the coronavirus crisis. New figures from the Office of National [...]
No set timescale for two-metre social distancing review June 15, 2020 There is no set timescale for the government’s review into the two-metre social distancing rule in England and a decision is “weeks away”, according to Downing Street. The Prime Minister’s official spokesman told journalists today that it would be a “comprehensive review”, but gave few details on what would be included. “It will be a [...]
Treasury mulls over temporary VAT cut to boost economy June 15, 2020 Chancellor Rishi Sunak is considering a temporary VAT cut to help boost consumer demand and confidence. The Treasury is considering either a blanket cut in VAT or a more targeted reduction in a bid to stimulate the faltering economy. The measure would mirror the temporary VAT cut taken by former chancellor Alastair Darling during the [...]
Over 1m ‘locked out’ of coronavirus income support schemes, MPs warn June 15, 2020 The government must extend its coronavirus income support measures to cover over a million people who have “fallen through the gaps” in the schemes, MPs said. In a report published this morning, the influential Treasury Select Committee (TSC) said large numbers of people were suffering financial hardship because they are unable to benefit from the [...]
Three in ten independent retailers to stay shut today June 15, 2020 Thirty per cent of independent retailers are planning to keep their doors closed today, as lockdown restrictions ease and allow some shops to reopen. Just over a third of stores predicted they would be trading at pre-lockdown levels by December 2020, rising to 56 per cent who felt they would be back to normal by [...]