UK economy grows by much less than expected after April crash July 14, 2020 The UK economy grew at a much slower rate than expected in May after April’s historic crash, official figures have shown, in a sign that the recovery could be weaker than anticipated. UK GDP expanded by 1.8 per cent in May, the Office for National Statistics (ONS) said, after shrinking by an enormous 20.3 per [...]
OBR: Public borrowing set to top £370bn amid worst crash in 300 years July 14, 2020 Government borrowing could skyrocket to a peacetime high of over £370bn this year as the UK economy suffers its worst economic crash in 300 years, the UK’s budget watchdog has said. The Office for Budget Responsibility (OBR) presented three scenarios, each of which said the UK economy would shrink more than 10 per cent in 2020. [...]
UK has now approved £46.7bn of coronavirus business loans July 14, 2020 British businesses have now accessed £46.7bn of loans through the government’s package of emergency coronavirus support schemes. New figures released today showed that £31.70bn of bounce back loans -lending of up to £50,000 which the government 100 per cent underwrites – have now been approved for 1.05m businesses. A further £11.85bn to 54,538 businesses has [...]
The Kickstart Scheme should have kickstarted years ago July 14, 2020 For years I have been banging the drum for apprenticeship reform as the answer to the UK’s skills shortage and unemployment issues. For a decade it has fallen on deaf ears — with the apprenticeship levy, the government’s only solution, turning out to be a complete dog’s dinner. But finally, the government has come to [...]
UK unveils new three-stage post-Brexit border plan July 13, 2020 The UK’s post-Brexit border regime will come into place over three stages next year, with most businesses able to delay filling out any customs declaration forms until July. The border regime will be fully operation in July, with no customs checks at the border until this point, as the government plans to build 10 to [...]
Wetherspoon slashes prices after hospitality VAT cut July 13, 2020 Pub chain JD Wetherspoon will slash the price of a range of meals and drinks following the government’s decision to cut VAT for the hospitality industry. Chancellor Rishi Sunak announced last week that VAT will be reduced from 20 per cent to five per cent until next year. Wetherspoon said today that it will “fully [...]
Bank of England’s Andrew Bailey says he’s ‘very worried about jobs’ July 13, 2020 Bank of England governor Andrew Bailey has said the UK economy is showing signs of recovery from the coronavirus crash but he remains worried about unemployment. “We are seeing the economy come back now somewhat, because obviously the restrictions are beginning to be lifted,” he told schoolchildren today at an event organised by Speakers for [...]
John Lewis to join Primark in rejecting government jobs retention bonus July 13, 2020 Department store chain John Lewis is expected to join Primark in rejecting the government’s offer of a job retention bonus. The chancellor last week announced that firms could claim a £1,000 bonus for each worker they bring back from furlough and continue to employ until at least January. John Lewis, which last week announced the [...]
Brexit: A quarter of British businesses ready for end of transition period July 13, 2020 Less than a quarter of British business leaders are ready for the end of the Brexit transition period on 31 December, according to a new survey. A new survey from the Institute of Directors out today showed just 24 per cent of company directors thought their businesses were “fully prepared” and 19 per cent are [...]
An open letter to the PM: Britain must build Sizewell C — nuclear sits at the heart of a green recovery July 12, 2020 An open letter to Prime Minister Boris Johnson, business secretary Alok Sharma, and chancellor of the Exchequer Rishi Sunak We are writing as engineers, nuclear experts, scientists and concerned citizens to applaud your commitment to fighting climate change through energy policy, in particular the commitment to proceed with new nuclear construction at the same time [...]