Coronavirus: What does the chancellor’s support mean for businesses and employees? March 22, 2020 The Chancellor Rishi Sunak announced an unprecedented package of measures on Friday to support businesses and employers coping with the economic shock of coronavirus. What is available to companies and employees? How do they access this support? And where are the gaps in provision? Coronavirus business interruption loan scheme Focused on smaller businesses with a [...]
British takeaways call for rent holidays as coronavirus puts businesses ‘on the brink’ March 22, 2020 British restaurants and takeaways have urged retail landlords to grant rent holidays as they battle to survive during the coronavirus outbreak. The British Takeaway Campaign (BTC), which represents restaurants, takeaways and small businesses in the supply chain, called for an immediate three-month freeze on rent ahead of quarterly payments due next week. The group warned [...]
Coronavirus: All Ryanair staff to take a 50 per cent pay cut, says Michael O’Leary March 22, 2020 Ryanair boss Michael O’Leary has said he and all of the airline’s staff will have their pay cut in half, as the low-cost carrier attempts to ride out the coronavirus epidemic. Speaking to the Financial Times, the 59-year-old boss of Europe’s biggest airline by passenger numbers said he was working on a best-case scenario of [...]
UK government considers buying equity in airlines to keep them afloat March 21, 2020 The UK government is considering buying equity stakes in airlines and other companies hardest hit by the coronavirus. It comes after warnings that the measures announced by chancellor Rishi Sunak earlier this week will not be enough to save them from collapse. The plans under consideration would see billions of pounds of taxpayer money injected [...]
Coronavirus wage bailout: Government to cover 80 per cent of workers’ salaries up to £2,500 March 20, 2020 The government will pay up to 80 per cent, or £2,500, of the salaries of British workers hit by the UK coronavirus crisis in a huge wage bailout. Chancellor Rishi Sunak announced the extraordinary measures today after Prime Minister Boris Johnson ordered all pubs and restaurants, cafes and gyms to shut their doors tonight and [...]
Labour’s Ian Murray: We need universal basic income to beat coronavirus March 20, 2020 The government must introduce a universal basic income to protect the UK’s most vulnerable workers amid a coronavirus-fuelled economic downturn, Labour deputy leadership contender Ian Murray warned this week. He also called on Boris Johnson to step up measures to protect businesses in the wake of the Covid-19 pandemic – or risk “local community businesses [...]
FTSE 100 climbs as global markets rally on unprecedented stimulus measures March 20, 2020 The FTSE 100 has climbed back into the green as investors eyed a fresh wave of government support for companies coming under financial strain due to the coronavirus pandemic. The blue chip index added over five per cent just after the open but then pared back gains to stand at just over one per cent [...]
Coronavirus: US stocks lift on stimulus measures despite Europe turmoil March 20, 2020 US stocks lifted slightly on the open this afternoon as traders reacted to massive amounts of government stimulus aimed at containing the coronavirus crisis. The S&P 500 dipped 0.5 per cent before rising just 0.1 per cent and the tech-heavy Nasdaq rose 1.3 per cent. The Dow Jones posted a 0.5 per cent rise shortly [...]
Chancellor Rishi Sunak to announce wage bailout plan March 20, 2020 Chancellor Rishi Sunak is set to announce a massive wage bailout package today to battle the UK coronavirus outbreak. Business groups yesterday pressed the government to step in to help pay workers’ wages. They want protection for millions of jobs as the number of UK coronavirus cases spiked again. Britain’s death toll from coronavirus reached [...]
Travis Perkins suspends dividend and delays Wickes de-merger March 20, 2020 Builders’ merchant Travis Perkins has suspended its dividend due to coronavirus uncertainty. The company also announced its intention to delay its long planned de-merger of DIY retailer Wickes. However, the group announced in its trading update a strong balance sheet with cash deposits of £185m. Boss Nick Roberts said: “Our highest priority is the health [...]