Sadiq Khan requests more than £29bn from Treasury’s spending review October 1, 2020 Sadiq Khan is requesting more than £29bn from central government during its spending review, including £5.65bn for Transport for London (TfL) over the next 18 months. Khan submitted his requests to Rishi Sunak’s spending review yesterday, which included requests for an extra £20.5bn to build affordable homes, £1bn for new electric buses, a £1.5bn national [...]
Government gives parliament say over future Covid restrictions September 30, 2020 The government has agreed to give parliament a level of oversight over future Covid restrictions that affect the whole country in a bid to quell a rebellion from backbench Tories. Health secretary Matt Hancock said the government would “consult parliament” before announcing future England or UK-wide Covid restrictions and would “wherever possible…hold votes before such [...]
State-owned bank raised concerns over bounce back loans’ fraud risk September 30, 2020 The state-owned British Business Bank issued formal objections to the government’s coronavirus Bounce Back Loan and Future Fund schemes ahead of their launch, newly-released documents show. In letters sent to business secretary Alok Sharma in May, BBB chief executive Keith Morgan raised concerns including the BBL scheme’s “very significant fraud and credit risks” and whether [...]
Tory rebellion amendment will not be voted on by MPs September 30, 2020 An amendment by Tory MPs that could have provided Boris Johnson with an embarrassing defeat over the government’s power to implement Covid restrictions will not be voted on by MPs. Sir Graham Brady’s amendment, which would have forced the government to consult parliament on all future coronavirus restrictions, was denied by Speaker Sir Lindsay Hoyle [...]
One-third of London Tory MPs ready to rebel against PM on Covid powers September 30, 2020 At least one-in-three London Conservative MPs are supportive of a potential parliamentary rebellion led by a group of powerful backbenchers. City A.M. understands that at least seven out of the capital’s 21 Tory MPs support a tabled amendment that would see Boris Johnson’s powers to implement new Covid restrictions curbed. Graham Brady, chair of the [...]
Measures to suppress Covid-19 are causing untold damage to students and young people September 30, 2020 The motto of the Young Money Blog is “don’t get mad — get informed”. But in recent weeks and months, I’ve found it hard not to get mad. As we try to head into an uncertain and bleak winter, emergency laws designed to curb the spread of Covid-19 are fast becoming a moral and economic [...]
Sunak’s subsidy scheme will save just one job per company in the business travel sector September 30, 2020 Last week, the chancellor outlined his Winter Economy Plan — trying to balance the needs of the economy with our health and wellbeing. No enviable task. Listening to his polished performance in the Commons, it would be easy to conclude that the chancellor’s new approach — underpinned by a Job Support Scheme and extended tax [...]
UK mortgage approvals hit 13-year high in August as post-lockdown surge continues September 29, 2020 UK mortgage approvals hit a 13-year high in August as pent-up demand post-lockdown continued to boost the housing market, but consumers became more cautious about day-to-day borrowing. Mortgage approvals for the month were 84,700, according to new data from the Bank of England — the highest rate of approvals since October 2007, just before the [...]
Exclusive: MPs slam ‘inconsistency and incompetence’ as SMEs struggle to get bounce back loans September 28, 2020 Banks have been told to ensure that no small businesses are “locked out” of government-backed coronavirus loans, after firms were left unable to access the loans despite being eligible for funding. MPs said lenders accredited under the scheme should re-open applications for bounce back loans (BBLs), designed to help small companies weather the pandemic. Barclays [...]
Government looks to quell Tory rebellion over Covid restrictions September 28, 2020 The government is looking at ways at stopping a Tory backbench revolt over the implementation of new Covid restrictions, according to health secretary Matt Hancock. Hancock said he would meet with the revolt’s leader Graham Brady, chair of the powerful 1922 committee of backbench Tories, while also announcing that indoor mixing between households is now [...]