Treasury appoints Unilever veteran to chair UK Government Investments August 2, 2021 The Treasury has appointed a Unilever veteran as its new chair of UK Government Investments, who will join the board in September. Vindi Banga is set to join UK Government Investments (UKGI), an arm of the Treasury, alongside his current role of chair at charity Marie Curie. The incoming chair is also a senior non-executive [...]
Tory row erupts over government plans to start amber watchlist for travel August 2, 2021 A government plan to bring in a watchlist for countries at threat of being put on the red travel list has been heavily criticised a growing group of Tory MPs. The government is expected to make the announcement later this week in a move that some say will cripple the aviation and travel industry. The [...]
Tory donors warn Boris Johnson that tax rises will kill off economic recovery August 1, 2021 Prominent Tory donors have urged Boris Johnson not to implement tax rises this autumn as they fear it could hamper the post-Covid economic recovery. Johnson and Rishi Sunak are expected to soon announce a 1 per cent increase in National Insurance in a bid to fix gaps in the health and social care sectors. Sunak [...]
As furlough support drops to 60 per cent today, one in five plan to let staff go August 1, 2021 Extra training is required to deal with the “many thousands” of redundancies being predicted as furlough support tapers off, the British Chamber of Commerce has said. A survey of businesses found that one in five firms plan on letting staff go in response to today’s furlough policy change, which will see employers asked to contribute [...]
Rishi Sunak warns Boris Johnson travel restrictions are ‘out of step’ August 1, 2021 The Chancellor has warned Boris Johnson that the UK’s travel restrictions are “out of step” with its international rivals as he pushes for holiday rules to be relaxed, according to reports. The Sunday Times reports today that Rishi Sunak has written to the Prime Minister about the damage that the current border rules are doing [...]
Budget delay hinted at as Rishi Sunak fails to name day July 30, 2021 Chancellor Rishi Sunak has sparked speculation of delays to the budget, after failing to announce a date when publishing new forecasts, as is normally expected. Sunak said he had instructed the Office for Budget Responsibility (OBR) to prepare to present an economic and fiscal forecast to parliament on October 27, according to reports. The forecast [...]
Number of workers on furlough reaches pandemic-low as nearly 600k exit scheme July 29, 2021 The number of people on furlough has reached the lowest level since the scheme was launched in response to the Covid crisis in March last year after nearly 600k workers exited the scheme, new figures released today show. 1.9m people were on furlough at the end of June, down from 2.4m in May, driven by [...]
Cost of the UK’s new royal yacht increases by £100m in one week July 29, 2021 The cost of the UK’s new royal yacht appears to have increased by £100m in the past week alone before any contract has even been awarded. The Ministry of Defence (MOD) last week said the total budget of the new ship – branded officially as a “national flagship” – was £150m in a formal invitation [...]
Rush to beat stamp duty deadline drives mortgage borrowing to record high July 29, 2021 A rush to complete house purchases before the tapering of the stamp duty holiday at the end of June drove mortgage borrowing to a record monthly high, reveal new figures published today. The Bank of England said mortgage borrowing hit £17.9bn in June, surging 163 per cent in just a month from £6.8bn in May. [...]
City Moves: Who’s switching jobs in the Square Mile this week? July 28, 2021 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. Environmental Agency chair joins Green Finance Institute board The Green Finance Institute (GFI) has posted the chair of the UK’s Environmental Agency as its new interim chair, following the death of its founding chairman Sir Roger [...]