UK retailers warn government coronavirus aid not enough to prevent ‘imminent collapse’ May 11, 2020 UK retailers have warned that its financial aid package for businesses during the coronavirus crisis will not prevent the “imminent collapse” of many firms. In a letter to the chancellor Rishi Sunak and small business minister Paul Scully, the British Retail Consortium said the crisis “facing parts of the retail sector…must be addressed urgently ahead [...]
Coronavirus: Job retention scheme to be extended to September May 11, 2020 The government’s coronavirus job retention scheme will reportedly be extended until September at a reduced rate of 60 per cent. The furlough scheme, which currently covers 80 per cent of the wages of laid off employees up to £2,500 a month, will be reduced to 60 per cent, and will also be available to top [...]
Small businesses call for furloughed workers to return to work May 11, 2020 Staff should be allowed to return to work while furloughed to help improve the chances of their employer’s business of surviving the Covid-19 crisis, small businesses have said. In an open letter to chancellor Rishi Sunak, business owners said that while the job retention scheme had helped businesses avoid layoffs, the current plan meant employers [...]
Virgin Atlantic launches desperate plea for government support as buyout firms circle May 10, 2020 The chief executive of Virgin Atlantic has issued a last-ditch plea for a government bailout as a string of buyout firms circle the troubled carrier. Sir Richard Branson’s airline has failed to impress the Treasury with its request for a £500m taxpayer-funded rescue package, with chancellor Rishi Sunak stating support would be given only as [...]
Extend job retention scheme to stop unemployment spike, says think tank May 9, 2020 The UK’s coronavirus job retention scheme must be extended for three months in order to prevent joblessness from spiking, an employment think tank has said. Under the job retention scheme (JRS) the government pays 80 per cent of “furloughed” workers’ wages, up to a limit of £2,500 a month. In a report out today, UK [...]
The Long Read: Sir Martin Sorrell on advertising, coronavirus and the new media landscape May 7, 2020 Sir Martin Sorrell has bestrode the ad world for decades – and in the midst of a global pandemic that has hit the industry hard, he’s understandably got some thinking to do. Christopher Jackson spoke to the ad mogul, and his interview for finitoworld – the organisation’s online magazine – is republished here. Prior to [...]
British Airways: Five things you need to know as IAG reports £1.5bn loss May 7, 2020 British Airways owner IAG this morning reported a total first quarter loss of €1.8bn (£1.5bn), saying that it was currently operating 94 per cent down on its total passenger capacity. More worryingly, it said that it expected the second quarter’s results to be far worse, and warned that passenger demand would not return to pre-coronavirus [...]
Banks blasted over ‘disappointingly slow’ pace of lending as coronavirus loans hit £5.5bn May 7, 2020 Banks have lent over £5.5bn to SMEs through the CBILS scheme but a leading industry body has said the process is still too slow. The British Chambers of Commerce (BCC) said the improvement in the number of firms accessing CBILS is welcome. However, head of economics Suren Thiru said that with many firms “only having [...]
Brits think furlough scheme should last as long as social distancing May 7, 2020 Britons think the government’s furlough scheme should last as long as social distancing, according to an exclusive poll for City A.M. The poll, conducted by Redfield and Wilton Strategies, found that 57 per cent of Britons want the job retention scheme to continue as long as distancing measures are in place, even if for several [...]
Government will extend furlough beyond June if needed, says minister May 7, 2020 The government is committed to extending the job retention scheme beyond the end of June if required to support workers currently on furlough, a minister said today. Northern Ireland secretary Brandon Lewis said the government would not end furlough abruptly at the end of June if it is clear employees will continue to need support. [...]