New OBR chief says public debt sensitive to rate moves October 7, 2020 The new head of the UK’s budget watchdog has said the country’s public finances have become more sensitive to changes in interest rates because of a change in borrowing terms. However, Office for Budget Responsibility (OBR) board member Sir Charlie Bean said people should not think there is “great urgency” in closing the government’s budget [...]
British woman charged after being found with £1.9m cash at Heathrow Airport October 7, 2020 A British woman who tried to flee to Dubai from Heathrow Airport with five suitcases stuffed full of £1.9m in cash has been charged with money laundering, UK Border Force announced today. Tara Hanlon, a 30-year-old woman from Leeds, was stopped at Heathrow’s Terminal 2 at 8pm last Saturday attempting to board a flight to [...]
UK house prices jump again in September as market defies gravity October 7, 2020 UK house prices rose at the fastest pace in four years in September despite the raging coronavirus pandemic as people working from home sought more space, according to the Halifax house price index. Yet the lender said it is “unlikely” that the British housing market will “remain immune” to the historic economic slowdown. House prices [...]
Liz Truss warns of the dangers of another England lockdown October 7, 2020 International trade secretary Liz Truss has said that another national lockdown would “set us back hugely” as the government weighs up imposing new Covid restrictions. Cases continue to spike in parts of the North, including Liverpool, Manchester and Newcastle, with some media outlets speculating that hospitality venues could be closed except for takeaways in these [...]
Be brave Mr Sunak… and keep spending October 7, 2020 Since Rishi Sunak stepped into the suddenly vacant 11 Downing Street back in February, he’s proved a fleet-footed chancellor, earning praise for the speed at which he launched the furlough programme, provided cash support to struggling companies, and stood behind the economy as the pandemic took hold. He quickly realised that extraordinary times required extraordinary [...]
Rishi Sunak mulls plans to block suspect companies listing on stock exchange October 7, 2020 Chancellor Rishi Sunak is considering plans to block suspect companies from listing on the London Stock Exchange (LSE) on national security grounds. Sunak is said to be rolling out a consultation on the details over the next few weeks, following mounting pressure from MPs who fear the stock exchange is vulnerable to foreign powers, the [...]
Tesco sees profit drop despite surge in lockdown sales October 7, 2020 Tesco’s operating profit fell 15.6 per cent in the first six months of the year in new chief executive Ken Murphy’s debut set of results. Profit at the supermarket dropped from £1.23bn to £1.04bn, with a jump in sales due to the coronavirus pandemic weighed down by a hefty loss at Tesco Bank. On a [...]
See A Film Out To Help Out: Five ways to save the film industry October 7, 2020 In this uncertain and unnerving year, there seems to be little light at the end of the tunnel, particularly for people working in the UK’s film industry. This week, Cineworld confirmed its plans to place all of its own cinemas and those of its Picturehouse brand in an unprecedented winter hibernation — meaning the loss [...]
Rishi Sunak unveils plan to create England Freeports October 7, 2020 The Treasury will soon start taking bids from cities and towns in England to become Freeports next year, which will see businesses benefit from tax breaks and relaxed customs procedures. The government announced today that its selection process will begin before the end of the year and will see the first England Freeports set up [...]
On the brink: SMEs cut off from bounce back loans as banks close to new customers October 6, 2020 Small businesses are being shut out of potentially life-saving bounce back loans (BBLs) because lenders are turning down new customers, despite the funds being fully guaranteed by the government. City A.M. has spoken to a number of businesses who have had applications to set up new business accounts with lenders rejected, often without explanation. Many [...]