‘Catastrophic’: Hospitality and leisure industries sound alarm over Johnson measures March 17, 2020 The UK’s hospitality industry issued a doom-laden warning last night after Prime Minister Boris Johnson yesterday told Brits to steer clear of pubs, eateries and theatres as the government escalated its coronavirus “fightback”. In a statement which Johnson acknowledged was unprecedented in peacetime, he urged Londoners in particular to “avoid all non-essential contact” with others [...]
Boris Johnson needs to deliver his own Mario Draghi moment March 16, 2020 At the start of a crisis, especially one as alien and as fast-moving as the Covid-19 pandemic, governments can count on a certain amount of public support. Quite a high amount, in fact, as has been born out by recent polling revealing high levels of approval for the government’s handling of things so far. But [...]
Coronavirus measures to have ‘devastating’ impact on UK hospitality sector March 16, 2020 The UK’s pubs and restaurants have called on the government to offer urgent financial help after Boris Johnson advised people to avoid social gatherings, in what could be a death knell for London’s pubs, restaurants and leisure businesses. The prime minister urged the public to practice “social distancing” by staying at home rather than eating [...]
Trump declares national emergency amid coronavirus outbreak March 14, 2020 US President Donald Trump has declared a national emergency in a bid to contain the coronavirus outbreak. The move will allow the federal government to tap up to $50bn (£40bn) in emergency relief funds. It will loosen the regulations around the provision of healthcare, making more people eligible for government healthcare. It is also hoped [...]
Saga suspends cruises in £15m coronavirus blow March 13, 2020 British travel group Saga today suspended cruises until the start of May over the escalating coronavirus outbreak, at a cost of between £10m and £15m to the company. Saga’s move follows rival Carnival’s decision to suspend all Princess cruise ship voyages for two months. One of its ocean liners, the Diamond Princess, was an early [...]
Spending like a drunken sailor does not create a thriving entrepreneurial economy March 13, 2020 “If I announced that Budget, the Tories would be jumping up and down,” shadow chancellor John McDonnell said with a smirk yesterday morning. Indeed, Wednesday’s Budget is the biggest giveaway of taxpayer money since 1992. Borrowing will increase by £125bn. Debt will reach a record high at £2 trillion. There was some good news for [...]
Lloyd’s of London announces coronavirus shutdown simulation March 12, 2020 Insurance market Lloyd’s of London said it will close its underwriting room at its London headquarters tomorrow to simulate a coronavirus shutdown. Lloyd’s said it will “test the resilience of the market” by closing the underwriting room at One Lime Street for 24 hours to test “alternative trading protocols”. The room will be closed from [...]
Just Group swings to profit as chairman announces resignation March 12, 2020 Insurer Just Group has posted an annual profit for 2019, as the retirement services specialist’s turnaround measures began to take effect. The company also announced this morning that chairman Chris Gibson-Smith will retire from the group as soon as a suitable successor is appointed. The figures Just Group reported profit before tax of £369m for [...]
City Moves for 12 March — Who’s switching jobs at 11:FS, TLT and Rise? March 12, 2020 Today’s City Moves includes 11:FS, TLT and Rise 11:FS 11:FS, the UK-based digital financial services firm, has announced that it is continuing to strengthen its senior executive team with the appointment of Jo Wright as its chief financial officer (CFO). Jo will play a critical role in the firm’s international expansion. She is a chartered [...]
2020 Budget live: City reacts to Rishi Sunak’s spending plans March 11, 2020 Welcome to City A.M.’s 2020 Budget Day live blog. Please refresh your browser for live updates. Chancellor Rishi Sunak is expected to address fears over the economic impact of coronavirus, and announce waves of new infrastructure spending and changes on taxation in his 2020 Budget. It comes after Bank of England governor Mark Carney earlier [...]