Hidden cuts in Rishi Sunak’s Budget to deliver ‘second austerity’, says IFS March 18, 2021 Rishi Sunak’s Budget is set to cause a “second, sharp dose of austerity” thanks to £4bn of hidden cuts, according to new analysis by a leading economic think tank. The Institute for Fiscal Studies today said there were extensive public service cuts buried in the Budget, which will see funding for the Home Office, HM [...]
UK airports saw fewest passengers last summer since 1975 March 17, 2021 Airports saw the lowest number of passengers pass through their gates last summer since 1975, new figures from the Civil Aviation Authority (CAA) show. Just 14.2m people travelled through UK airports last year from July to September, while across the whole year there were just 73.8m air passengers. The majority of these – two-thirds – [...]
Sadiq Khan calls for more government engagement on financial services post-Brexit March 15, 2021 Sadiq Khan has called for the government to provide greater clarity for the City of London post-Brexit, with the mayor telling Rishi Sunak to “address the concerns of London’s financial and professional services sector”. Khan wrote to the chancellor today to call for the government to secure equivalence for the financial services sector, in order [...]
Central banks must play ‘clear role’ in greening financial system, argues think tank March 15, 2021 Central Banks, including the Bank of England, must have a strategy for helping countries achieve net zero emissions, according to a report published today. The report, funded by the European Climate Foundation, argues that achieving a net zero economy is the best way of minimising the risks of climate change. It calls for central banks [...]
House price boom continues in March as buyer demand hits record levels March 15, 2021 Record levels of buyer demand pushed the average price of new properties coming to market up 0.8 per cent last month, new research shows. According to Rightmove, the current excess of demand is the highest it has been for a decade, pushing prices up £2,484 in March. The number of potential buyers enquiring about each [...]
Upskilling isn’t just about digital: it’s about data March 13, 2021 One aspect of Chancellor Rishi Sunak’s Budget that received little attention was his plan to launch a new management programme to upskill the 30,000 plus UK based small and medium-sized enterprises over the next three years. This Budget came only a week after the Institute of Directors and Chartered Management Institute called on the Government [...]
Hollywood Bowl taps investors for £30m to expand in UK March 12, 2021 Hollywood Bowl has successfully tapped investors for £30m, which it will use to invest in its chain of UK bowling alleys. The leisure firm this morning completed a share placing to raise the cash ahead of its reopening date. Hollywood Bowl will use the proceeds of the raise to invest in its new centre pipeline, [...]
Rishi Sunak defends Eat Out To Help Out but rules out repeat this summer March 12, 2021 The chancellor has defended last year’s Eat Out To Help Out scheme despite concerns it caused a spike in coronavirus cases, though he ruled out reintroducing it after lockdown restrictions are lifted. In evidence to MPs yesterday, Rishi Sunak that there was so much “pent-up” demand for meals and pints out among consumers that there [...]
Analysts: UK economy ‘like a punchdrunk boxer hanging off the ropes’ March 12, 2021 UK’s GDP shrank by 2.9 per cent in January, it was announced this morning, blowing a “cold snap” through the UK economy as a third national lockdown was imposed. Analysts were torn as to whether the harsh fall is a glass of cold water to the face, or better than what was forecast. January’s figures [...]
Rishi Sunak not interested in setting debt-GDP ratio target for UK March 11, 2021 Rishi Sunak has said today that his fiscal policy decisions will not be guided by a target debt-GDP ratio and that he would instead look to other indicators to measure the nation’s finances. The chancellor has spent more than £400bn during Covid-19, including a planned £65bn over the next year to stimulate the economy, pushing [...]