FTSE 100 falls as coronavirus cases overshadow Sunak stimulus July 9, 2020 The FTSE 100 lost one and a half per cent today as fears over a continued rise in coronavirus cases offset chancellor Rishi Sunak’s £30bn of extra financial firepower. The UK index initially barely moved after yesterday’s 0.55 per cent drop, which left it at 6,156 points. By 4pm today the FTSE 100 had fallen [...]
Rishi Sunak says he will deal with debt levels once picture clears July 9, 2020 Chancellor Rishi Sunak has said he will seek to reduce the huge budget deficit amassed during the coronavirus pandemic once the trajectory of the economy is “clearer”. Sunak, who yesterday pledged another £30bn worth of stimulus to fight the downturn, said it was difficult to strike the right balance between protecting the economy and the [...]
Buyers return to UK housing market as lockdown lifts July 9, 2020 Buyers returned to the UK’s housing market last month as it reopened after months of standstill during the coronavirus lockdown, however activity remained low, the latest research showed. The latest survey by the Royal Institution of Chartered Surveyors found that a net balance of 61 per cent of its members reported a rise in new [...]
DEBATE: Is Rishi Sunak’s stamp duty holiday the right move? July 9, 2020 Is Rishi Sunak’s stamp duty holiday the right move? Clive Docwra, managing director of property and construction consultancy McBains, says YES. Raising the level where stamp duty tax kicks in to £500,000 is great news for the London property market. With the average cost of a home in the capital standing at close to £600,000, [...]
Rishi Sunak Summer Statement: All the Chancellor’s spending pledges July 8, 2020 Chancellor Rishi Sunak today announced a raft of measures in his Summer Statement in a bid to help the UK economy recover from the worst effects of coronavirus. The Treasury boss revealed massive public spending to bolster the UK economy in what people are calling his mini-Budget. While he did not extend the government’s furlough [...]
Rishi Sunak’s mini-Budget: Everything the chancellor announced July 8, 2020 Rishi Sunak has announced a wave of sweeping measures to kickstart the UK economy in his mini-Budget – here’s what they are. Announcing his Summer Statement in the Commons today, Sunak pledged to pause stamp duty, boost hiring, slash VAT, and introduce “eating out” vouchers for every person in the UK. “Despite the extraordinary support [...]
Stamp duty holiday: Industry reacts to property tax cut July 8, 2020 The UK property sector has reacted to the stamp duty holiday announced this afternoon, with many believing it will help to reinvigorate the market following months at a standstill during lockdown. Chancellor Rishi Sunak said this afternoon that the stamp duty threshold will increase from £125,000 to £500,000 until March next year to boost activity [...]
City reckons more ‘enormous’ stimulus to come from Rishi Sunak in autumn July 8, 2020 Chancellor Rishi Sunak today unveiled a package worth up to £30bn to boost the UK economy as the coronavirus lockdown is gradually eased, and promised it “will not be the last action”. At the centre of the stimulus is a “job retention bonus” worth up to £9bn that will pay companies to take back furloughed [...]
Stamp duty holiday: Housebuilder and estate agent stocks jump July 8, 2020 Housebuilders and estate agent stocks jumped this afternoon after the chancellor announced a stamp duty holiday in a bid to get the UK property market moving. Chancellor Rishi Sunak announced that the stamp duty threshold would increase from £125,000 to £500,000 until March next year to boost activity after the coronavirus lockdown. He said it [...]
Stamp duty holiday: Chancellor confirms immediate property tax changes July 8, 2020 The chancellor has confirmed an immediate stamp duty holiday in a bid to reinvigorate the housing market after the coronavirus lockdown. Speaking in the House of Commons this afternoon, Rishi Sunak said the threshold for paying stamp duty will be raised from £125,000 to £500,000. The chancellor said the stamp duty holiday, which will run [...]