Sunak’s spending spree ‘catastrophe’ for UK’s night time industry July 9, 2020 Casinos, comedy clubs and nightclubs have accused the chancellor of letting Britain’s night industry “slip through the cracks”, as a new wave of financial support for the hospitality industry failed to provide specific support for shuttered night time venues. Chancellor Rishi Sunak unveiled a raft of measures in his £30bn mini-Budget yesterday, in a bid [...]
We can’t rebuild an economy on half-priced meals — we need a productivity revolution July 9, 2020 If Joe Wicks or Couch To 5K have helped you shed a few pounds during lockdown, chancellor Rishi Sunak may have just undone all your hard work, tipping the scale in favour of eating out a lot more in August. For every Monday, Tuesday and Wednesday, the Eat Out to Help Out scheme will entitle [...]
Burger King boss warns over UK restaurant closures and job losses July 9, 2020 The chief executive of Burger King UK has warned that the fast food chain could close up to 10 per cent of its branches due to the coronavirus crisis, putting up to 1,600 jobs at risk. Burger King boss Alasdair Murdoch said that the burger chain could close between five to 10 per cent of [...]
Tax less, spend more: the Chancellor’s Summer Statement July 8, 2020 The Chancellor delivered an Economic Statement that may not have been heralded as a Budget, but nonetheless delivered some significant changes to the country’s taxation and spending regime. In what was clearly a ‘Tax Less, Spend More’ statement, Rishi Sunak delivered not just a VAT cut for the few, but spending grants for the many. [...]
FTSE 100 slips despite Chancellor’s raft of new stimulus measures July 8, 2020 The FTSE 100 closed lower on Wednesday, even after the Chancellor unveiled a £30bn stimulus package to get consumers spending again. London’s blue-chip index closed down 0.55 per cent at 6,156 points after a muted day of trading. The FTSE 250 index of slightly smaller companies finished the day 0.95 per cent lower. It came [...]
Rishi Sunak Summer Statement: All the Chancellor’s spending pledges July 8, 2020 Chancellor Rishi Sunak today announced a raft of measures in his Summer Statement in a bid to help the UK economy recover from the worst effects of coronavirus. The Treasury boss revealed massive public spending to bolster the UK economy in what people are calling his mini-Budget. While he did not extend the government’s furlough [...]
Booze misses out on VAT cut, but pubs say glass is half-full July 8, 2020 Britain’s largest pub body has shaken off Rishi Sunak’s decision to not cut VAT on alcohol in his economic summer statement and instead largely praised the mini-Budget. The British Beer and Pub Association (BPPA) said the exemption would provide little help for “those pubs where revenue is more drinks led”, but that most of its [...]
New job retention bonus at heart of Rishi Sunak’s £30bn spending spree July 8, 2020 UK chancellor Rishi Sunak today put a new “job retention bonus” programme to encourage companies to bring back furloughed workers at the centre of a £30bn package aimed at kickstarting the economy. In his summer statement, Sunak said employers who take back furloughed workers until the end of January will receive a £1,000 payment for [...]
City reckons more ‘enormous’ stimulus to come from Rishi Sunak in autumn July 8, 2020 Chancellor Rishi Sunak today unveiled a package worth up to £30bn to boost the UK economy as the coronavirus lockdown is gradually eased, and promised it “will not be the last action”. At the centre of the stimulus is a “job retention bonus” worth up to £9bn that will pay companies to take back furloughed [...]
Hospitality sector welcomes ‘blaze of sunshine’ from chancellor’s VAT cut July 8, 2020 The hospitality sector has greeted chancellor Rishi Sunak’s announcements of a VAT cut for the hospitality sector and a new Eat Out to Help Out scheme as a “blaze of sunshine” after months of closure during the coronavirus pandemic. Speaking in the Commons today to announce his “mini budget”, Sunak vowed to cut the VAT [...]