COP26 has been delayed, but the City’s charge against climate change continues July 6, 2020 Businesses and households across the world have been hit hard by Covid-19, but as we move to the next phase of recovery from the pandemic, it is vital that we keep the fight against climate change top of the agenda. That’s why last week, to mark London Climate Action Week, we announced a major summit [...]
UK banks ‘draw up code of conduct’ for coronavirus business loan defaults July 6, 2020 UK banks are reportedly drawing up a code of conduct for pursuing businesses that default on government-backed coronavirus interruption loans, amid concerns that a high proportion of the loans will never be repaid. Industry body UK Finance and the state-owned British Business Bank (BBB) have begun talks with commercial lenders in the hope of setting [...]
UK car sales sink 35 per cent in June despite post-lockdown restart July 6, 2020 UK new car sales plunged a third in June despite the easing of lockdown measures, new data showed today, after worse falls in April and May. New car registrations sank 34.9 per cent in June year on year, according to the Society of Motor Manufacturers and Traders (SMMT). But that marked what the body called [...]
Aviva CEO Maurice Tulloch steps down with immediate effect for ‘family health reasons’ July 6, 2020 Aviva chief executive Maurice Tulloch has stepped down from the role with immediate effect for “family health reasons”, the insurance giant said today. Non-executive director Amanda Blanc will take on the CEO role from today, Aviva said, after joining the board at the start of the year. She was previously CEO, EMEA & Global Banking [...]
Super Saturday: The pubs, bars and restaurants reopening in the City July 3, 2020 It’s been eerily quiet in the City over the past few months, but things are starting to come back to life. Following Prime Minister Boris Johnson’s announcement last week that England is set to emerge from its “national hibernation,” some of the City’s pubs, restaurants and bars will open their doors for the first time [...]
RBS chairman calls on Bank of England to lift dividend curbs July 3, 2020 The chairman of Royal Bank of Scotland (RBS) has called on the Bank of England to lift curbs on dividends by the autumn to make lenders more attractive to investors. The BoE had told lenders in March to scrap buybacks and dividends until the end of 2020 to bolster their finances in the face of [...]
Rishi Sunak to make an announcement on jobs support next week, says PM July 3, 2020 Chancellor Rishi Sunak will make an announcement on the government’s coronavirus jobs support schemes next week, Prime Minister Boris Johnson said today. “You’ll be hearing more about what we’re going to do to support people next week from the chancellor Rishi Sunak,” he told LBC in response to a question about what would happen once [...]
UK PMI: Historic slump in private sector activity levelled off in June July 3, 2020 The historic slump in activity in the UK’s private sector levelled off last month as sections of the economy began to reopen following an easing of lockdown measures, new purchasing managers’ index (PMI) readings showed. The final IHS Markit composite PMI reading for last month came in at 47.7 — slightly higher than the flash [...]
Young people face economic ‘scarring’ from Covid, says top think tank July 3, 2020 The coronavirus recession has dealt a double blow to young people in the UK, who are more likely to have lost their jobs amid the lockdown and now face bleak career prospects, a leading think tank has warned. New research from the Institute for Fiscal Studies (IFS) today said the carnage in the hospitality and [...]
Covid Recovery Commission: FTSE 100 bosses unite to set UK economy back on track July 3, 2020 Some of the biggest names in UK business have teamed up to create a pressure group to ensure the economy emerges from coronavirus “stronger and fairer”, its members announced today. The group will be called the Covid Recovery Commission, and will involve the chairs of FTSE 100 powerhouses Tesco and Shell and the chief executives [...]