FTSE 100 crashes 10.9 per cent in worst one-day fall since 1987 March 12, 2020 The FTSE 100 suffered its second biggest one day fall in the history of the index, and the worst day since 1987, as it closed down 10.87 per cent. London’s blue-chip index plunged 639 points to close at 5,237 points, as global stocks suffered yet another meltdown after Donald Trump imposed a travel ban on [...]
Number of UK coronavirus cases record biggest daily jump to 590 March 12, 2020 The number of confirmed cases of coronavirus in the UK has jumped from 456 to 590, marking the biggest daily increase. Two more people have died in London after testing positive for coronavirus, bringing the death toll to 10. A patient in their 80s died at Charing Cross Hospital, while a woman in her sixties [...]
2020 Budget: ‘Borrowing to skyrocket’ despite £7bn tax bill March 12, 2020 Chancellor Rishi Sunak is unlikely to be able to deliver the huge spending growth he promised in his 2020 Budget given that his pledges were not supported by tax increases, Britain’s top fiscal think tank has said. Sunak yesterday unveiled the biggest Budget since 1992 as he seeks to tackle the fallout from coronavirus and [...]
Budget 2020: Growth forecasts ‘incredibly grim and far too optimistic’ March 12, 2020 The forecasts produced yesterday by the UK’s Budget watchdog managed to be both “incredibly grim and far too optimistic,” according to a leading think tank. The Resolution Foundation warned that the Office for Budget Responsibility’s (OBR) growth writedown – which did not even factor in the full effect of coronavirus – would make households in [...]
Splash the cash and hope for the best March 12, 2020 He didn’t look or sound like a man who had only been chancellor for a matter of weeks. It would have been a difficult debut outing in good times, but delivering an emergency Budget — just hours after an emergency rate cut — would test the mettle of a seasoned parliamentary grandee. The delivery was [...]
The Budget has recognised the potential of UK fintech March 12, 2020 All eyes were on the chancellor yesterday, as he delivered his first Budget against a challenging backdrop for the UK’s economy and health system alike. The focus was very much on backing the NHS, supporting small business, and boosting infrastructure spending across the country — and rightfully so, given the circumstances. We’ve also seen vital [...]
Achieving budgetary balance in a virus crisis March 12, 2020 A proportionate response needs to be adopted in the face of the spread of Covid-19. That was certainly the sense from yesterday’s Budget. A calm and measured chancellor presented this government’s first Budget during very unusual times. This outbreak has been devastating, initially in China, but now in Italy and Iran too, with many countries [...]
Fury as IR35 is confirmed in 2020 Budget March 11, 2020 The business community hit back at Chancellor Rishi Sunak after he confirmed that reforms to IR35 were going ahead in today’s Budget. IR35 is a change to Britain’s tax laws that will clamp down on avoidance by targeting contractors for companies who are, in practice, providing the same service as employees. The change is likely [...]
Dow Jones closes in bear market as it plunges 1,400 points March 11, 2020 The Dow Jones has entered bear territory after plunging more than 1,400 points as investors panic over the coronavirus outbreak. The index dropped 1,464.94 points to 23,553.22, which means it is down 20 per cent from its recently set 52-week high. The benchmark S&P 500 closed 4.89 per cent lower while Nasdaq fell 4.37 per [...]
Budget 2020: Borrowing to jump while economy slows March 11, 2020 Chancellor Rishi Sunak’s Budget splurge will put a rocket under government borrowing, the UK’s spending watchdog said today in forecasts that do not include the economic hit from coronavirus. The government is now set to borrow close to £100bn more over the next four years than it planned to just a few months ago, the [...]