GDP will take less of a hit in third lockdown: ING January 7, 2021 After nearly a year of coronavirus restrictions the effect of a third lockdown on the UK economy will be less severe than the initial shock last March, in part because companies are far better prepared. News of a mutant Covid strain that is more transmissible and has sent cases skyrocketing will see GDP dip around [...]
Top UK Treasury civil servant earns five-year reappointment January 7, 2021 The UK Treasury’s top civil servant has been reappointed for another five-year term, after impressing Downing Street with his response to the Covid crisis. Department permanent secretary Sir Tom Scholar has been one of the architects of the Treasury’s response to the Covid crisis, which has seen Rishi Sunak spend more than £300bn to keep [...]
MPs urge Rishi Sunak to save music festivals amid threat of collapse January 7, 2021 MPs have urged chancellor Rishi Sunak to roll out emergency support for music festivals this summer, warning many events are at risk of permanent collapse. In a letter today the Department of Digital, Culture, Media and Sport (DCMS) committee asked the chancellor to launch a government-backed insurance scheme to ensure festivals and live music events [...]
National lockdown: stay at home – support available to City businesses January 7, 2021 The government has announced that England will face tighter restrictions to manage outbreaks of COVID-19 and suppress the virus. The Chancellor of the Exchequer Rishi Sunak has announced further financial support for businesses affected by these restrictions. This includes: One-off top-up grants to closed businesses, as follows: £4,000 for businesses with a rateable value of £15,000 or [...]
Former City banker Richard Sharp ‘to be appointed’ as new BBC chair January 6, 2021 The government is reportedly poised to name former Goldman Sachs banker Richard Sharp as the new chair of the BBC. Ministers will this week announce that Sharp has been appointed to succeed Sir David Clementi at the helm of the broadcaster, Sky News reported. The appointment, which is made by the government rather than the [...]
Richard Sharp: Who is the surprise new frontrunner for the BBC top job? January 6, 2021 Speculation over the top contenders for the BBC chairmanship has been rife in recent weeks, with a string of well-known names entering (and exiting) the fray. But the race was this week thrown wide open after it emerged a relatively unknown candidate had emerged as the new frontrunner Richard Sharp, a multi-millionaire former Tory party [...]
UK on course for double-dip recession amid lockdown ‘gloom’ January 6, 2021 The UK is on course for a double-dip recession as a fresh lockdown compounds the “strikingly downbeat” end to 2020, according to a new report. After the sharpest decline in history in the second quarter last year, indicators showed economic activity improved only slightly in the last three months of the year and remained well [...]
FTSE 100 inches back into the green on new lockdown business support January 5, 2021 The FTSE 100 inched back into the green this afternoon despite news of a third lockdown as the Treasury unveiled a new business support package. London’s blue-chip index slipped 0.1 per cent at lunchtime but picked back up as US markets opened to stand 0.3 per cent higher at 6,589 points. Investors’ optimism came as [...]
Coronavirus lockdown: Government announces £4bn in grants for closed retail and hospitality firms January 5, 2021 Retail, hospitality and leisure businesses are set to receive a one-off grant of up to £9,000 per property to help them survive the latest coronavirus lockdown, the government announced this morning. The new funding comes after the Prime Minister announced last night that the sectors would be forced to remain closed until at least mid-February [...]
Rishi Sunak rolls out more financial support after sinking businesses demand immediate lifeline January 5, 2021 Rishi Sunak has set out plans to offer more financial support to businesses struggling under England’s third nationwide lockdown. Retail, hospitality and leisure businesses are set to receive a one-off grant of up to £9,000 per property to help them survive. Taxpayers will fork out another £4bn for the business grants, which will benefit more [...]