The idea that it is somehow grubby to care about the economy in the face of a global pandemic is nonsense July 8, 2020 Today, chancellor Rishi Sunak will make an announcement to the House of Commons about the shape of the government’s coronavirus support over the coming months. Sunak faces a tough choice as the country starts to open up while trying to keep infection rates as low as possible. There is no easy way out of the [...]
Small businesses are counting on Rishi Sunak for a jobs-first approach to recovery July 8, 2020 A cut to stamp duty? A drop in VAT? A cash incentive to take on apprentices? While we have seen glimpses of what today’s economic update from Rishi Sunak will hold — notably an ambitious support package for the arts sector and funding for traineeships — a great deal remains unknown. One thing we do [...]
Labour calls for no tax rises to pay for coronavirus spending July 8, 2020 Labour shadow chancellor Anneliese Dodds will urge the government to commit to not raising taxes tomorrow in her response to Rishi Sunak’s economic statement. Dodds is expected to respond to the chancellor’s mini budget by saying that Labour is “not calling for tax rises – we are calling for growth”. The shadow chancellor is expected [...]
Rishi Sunak reveals £2bn unemployment scheme to create hundreds of thousands of jobs July 7, 2020 The government will subsidise hundreds of thousands of new jobs for unemployed young Britons as a part of a new £2bn coronavirus support package. Chancellor Rishi Sunak will announce the launch of the Kickstart Scheme in his summer economic statement tomorrow, which will see the government subsidise jobs for 16 to 24-year-olds receiving Universal Credit [...]
Economic recovery will be determined by public policy, says BoE’s Haldane July 7, 2020 The UK’s path to economic recovery will be determined by the course of public policy, the Bank of England’s chief economist Andy Haldane said today. “Our economic destiny lies not in the stars but to a significant extent in ourselves, in what policy course we choose,” Haldane said in an online webinar. “What is done [...]
Sadiq Khan commits an additional £2m to help Londoners retrain during pandemic July 7, 2020 Sadiq Khan is making an additional £2m available for training opportunities to help Londoners, many of whom have been furloughed or made redundant during the pandemic. The London mayor launched his Skills for Londoners Covid-19 Fund in May with an initial allocation of £6m. However, given the high levels of demand across the capital it [...]
Stamp duty holiday: What does it mean for the UK housing market? July 7, 2020 In a “mini-budget” spring statement tomorrow chancellor Rishi Sunak is expected to announce a range of measures to boost the economy which has been ravaged by the coronavirus crisis. As part of the package the chancellor is reportedly planning to cut stamp duty for properties worth up to £500,000 in a bid to reinvigorate the [...]
FTSE 100 and US stocks drop on economy warnings July 7, 2020 The FTSE 100 and US stocks have fallen as investors weigh persistent worries about the economy against countries’ moves to reopen after lengthy coronavirus lockdowns. London’s blue-chip index was 1.6 per cent lower this afternoon, at 6,187 points. It rose more than two per cent yesterday after Chinese shares rallied more than five per cent. [...]
Halifax: UK house prices suffer longest fall since 2010 July 7, 2020 UK house prices fell for the fourth month in a row in June for the first time since 2010, according to Halifax data released today. Unlike rival Nationwide, which found the value of homes shrank for the first time on an annual basis in June, Halifax recorded a 2.5 per cent-year-on-year rise. But as the [...]
Workers forced to pay extra tax for coronavirus tests July 7, 2020 Workers will be forced to pay income tax on coronavirus tests if their employers order them, it has been revealed. Newly released documents from the Treasury show that employees will face a “taxable benefit in kind” when their employers order the tests, meaning they are treated as extra workplace benefits. As workplaces will have to [...]