Universal Credit support to be reviewed by govt January 25, 2021 The government plans to review the support those on welfare receive during the pandemic, the work and pensions minister said today. Minister Therese Coffey, when asked whether a boost to Universal Credit would be extended, said that the benefit is being reviewed. “We’re in active discussion with the Treasury, working together to try and make [...]
Shock to the system: Ofgem proposes new body to run electricity network January 25, 2021 Ofgem has this morning submitted proposals for the creation of an independent body to run the UK’s electricity network, in what would be a radical shake-up of the way the country’s power is managed. Such a body, the watchdog says, could save consumers up to £4.8bn by 2050, while leading the country’s charge towards net [...]
Rishi Sunak’s £2bn Kickstart programme creates 120,000 jobs January 25, 2021 The Treasury’s £2bn Kickstart scheme has so far created 120,000 jobs for young people since being launched last September. Kickstart, which is open for 16 to 24-year-olds, has also been modified to remove the previous threshold that forced companies to create at least 30 openings to be involved in the scheme. The programme sees UK [...]
Before the Bell: Europe to open higher as US fiscal talks get underway January 25, 2021 While US markets continued to set new records last week, European markets traded in a more lacklustre fashion as the early year optimism of the first week of 2021, gave way to a lot more caution, as a rise in short-term economic pessimism and the prospect of tighter lockdown restrictions for longer raise the prospect [...]
Rishi Sunak to give Universal Credit claimants a one-off £1,000 payment January 24, 2021 Rishi Sunak is considering doubling a one-off payment to Universal Credit claimants to £1,000 to compensate for a planned cut in the current Covid welfare rate. The move would help quell a potential Tory rebellion over plans to remove the £20-a-week Universal Credit uplift introduced last year. Scrapping the uplift would cost claimants around £1,000 [...]
Brexit friction should spark new ideas for retail exports January 23, 2021 Many retailers received a welcome boost during the Covid-19 crisis with a rise in online orders from international markets, but with exports to EU member states facing teething problems in the form of higher costs and processing delays, now’s the time for retailers to broaden their reach and tap into new markets further afield. Research [...]
Pandemic costs: UK borrowing set to rise by another £31bn January 22, 2021 There has been a lot of chatter in recent months over the explosion in UK public debt as a result of the pandemic and the emergency measures taken by the UK government to support the economy. “This probably goes some way to explaining the rather erratic government response to the pandemic as the innate caution [...]
UK retail sales stage tentative recovery over Christmas January 22, 2021 Retail sales made a tentative recovery over the Christmas period as the UK emerged from its second national lockdown. Retail sales volumes rose 0.3 per cent in December following a 4.1 per cent fall in November as the country moved into the more relaxed tier restrictions. It is 2.7 per cent higher than February’s pre-lockdown [...]
Kwasi Kwarteng shouldn’t be ashamed of his free market principles January 22, 2021 New business secretary Kwasi Kwarteng MP is on paper one of the most pro-free enterprise ministers to run the Department for Business, Energy and Industrial Strategy (BEIS) in years. He takes over the role at a time when businesses, of all shapes and sizes, are struggling. Many risk closure and collapse. So, he must use [...]
MPs join calls for support for aviation industry as new restrictions kick in January 21, 2021 A group of over 80 MPs have today backed calls for the government to lay out specialist package of support for the aviation and travel industries. Henry Smith, chairman of future of aviation all-party parliamentary group, today wrote to Boris Johnson demanding the government bring forward plans to protect the embattled industries. In the letter, [...]