Economists: Germany must act as it ‘speeds’ towards coronavirus recession March 19, 2020 Germany, the European Union and the European Central Bank (ECB) must work together to take “massive and targeted” measures to prevent an economic collapse in the face of coronavirus, one of the country’s top think tanks has said. The Ifo Institute warned the German economy could shrink by a massive six per cent in 2020 [...]
Thomas Cook: Taxpayers will pay for next tour firm collapse, says watchdog March 19, 2020 The collapse of Thomas Cook has left the government’s tourism industry fund severely depleted, meaning taxpayers would have to foot the bill if another tour operator falls into insolvency. Thomas Cook’s shock insolvency and the subsequent repatriation of thousands of customers cost the government at least £156m, according to the National Audit Office (NAO). The [...]
Coronavirus: Business rates holiday granted for all retail and leisure firms March 17, 2020 Pub, restaurants and shops will be hoping that emergency measures unveiled by the chancellor this evening, including a business rates holiday for all firms, will be enough to keep the sector afloat through the coronavirus crisis. Rishi Sunak has announced that all retail and hospitality firms will be exempt from paying business rates for 12 [...]
Travelex owner Finablr planning for ‘potential insolvency’ March 17, 2020 Finablr, the owner of foreign exchange firm Travelex, has appointed advisers to prepare for a possible insolvency after the FTSE 250 company became mired in an accounting scandal. In an update to the stock exchange this morning, Finablr’s board said it had engaged an accounting firm “to undertake rapid contingency planning for a potential insolvency [...]
Budget 2020: Government to tax financial services firms to pay for economic crime fight March 11, 2020 The chancellor said today that the government would bring forward a levy on financial services firms to help pay for the fight against economic crime. It said businesses subject to the money laundering regulations would be subject to the tax which would aim to deliver reforms laid out in the government’s economic crime plan. Businesses [...]
Budget 2020: Government will raise living wage and lift floor for National Insurance March 11, 2020 The chancellor Rishi Sunak said today that the government will raise the national living wage to £10.50 by 2024 and will raise the minimum threshold for National Insurance. In his budget speech Sunak announced a goal of raising the national living wage to two thirds of median earnings by 2024 – which would be equivalent [...]
City Moves for 9 March — Who’s switching jobs at Quintet, Leo Burnett and R3? March 9, 2020 Today’s City Moves includes Quintet, Leo Burnett and R3 Quintet Quintet Private Bank has announced the promotion of Rachel Macfarlane to group head of legal, with immediate effect. Macfarlane joined Brown Shipley in 2018 with responsibility for legal, corporate secretarial and corporate governance work. Prior to that, she served as legal manager at Santander UK [...]
Flybe’s last flight: How Europe’s biggest regional airline met its demise March 9, 2020 At 8.30pm on Wednesday evening, passengers were still being ushered onto planes bearing the indigo livery of Flybe. Half an hour later, members of the cabin crew on one of its last ever flights, from Manchester to Belfast, were crying, having just lost their jobs. “Staff in tears. This is so grim,” tweeted Holly Hamilton, [...]
Lord Ashcroft’s Devonshire Club set to appoint administrators March 8, 2020 A luxury private members’ club co-owned by Tory peer Lord Ashcroft could be on the brink of insolvency after launching a hunt for administrators. The Devonshire Club, close to Liverpool Street station in the City, has filed notice with the High Court of its intention to appoint an administrator. It has also hired insolvency experts [...]
Short-term rentals firm Hostmaker heads for administration March 2, 2020 Hostmaker, a London-based lettings company, has entered administration. The company’s staff are now facing potential redundancy, while Houst — formerly known as Airsorted — is believed to have bought Hostmaker’s client base, according to industry website Shorttermrentalz. The news followed a week after the Sunday Times reported Hostmaker was facing a potential insolvency battle. Sign [...]