National lockdown: stay at home – support available to City businesses January 7, 2021 The government has announced that England will face tighter restrictions to manage outbreaks of COVID-19 and suppress the virus. The Chancellor of the Exchequer Rishi Sunak has announced further financial support for businesses affected by these restrictions. This includes: One-off top-up grants to closed businesses, as follows: £4,000 for businesses with a rateable value of £15,000 or [...]
Former City banker Richard Sharp ‘to be appointed’ as new BBC chair January 6, 2021 The government is reportedly poised to name former Goldman Sachs banker Richard Sharp as the new chair of the BBC. Ministers will this week announce that Sharp has been appointed to succeed Sir David Clementi at the helm of the broadcaster, Sky News reported. The appointment, which is made by the government rather than the [...]
Richard Sharp: Who is the surprise new frontrunner for the BBC top job? January 6, 2021 Speculation over the top contenders for the BBC chairmanship has been rife in recent weeks, with a string of well-known names entering (and exiting) the fray. But the race was this week thrown wide open after it emerged a relatively unknown candidate had emerged as the new frontrunner Richard Sharp, a multi-millionaire former Tory party [...]
UK on course for double-dip recession amid lockdown ‘gloom’ January 6, 2021 The UK is on course for a double-dip recession as a fresh lockdown compounds the “strikingly downbeat” end to 2020, according to a new report. After the sharpest decline in history in the second quarter last year, indicators showed economic activity improved only slightly in the last three months of the year and remained well [...]
FTSE 100 inches back into the green on new lockdown business support January 5, 2021 The FTSE 100 inched back into the green this afternoon despite news of a third lockdown as the Treasury unveiled a new business support package. London’s blue-chip index slipped 0.1 per cent at lunchtime but picked back up as US markets opened to stand 0.3 per cent higher at 6,589 points. Investors’ optimism came as [...]
Coronavirus lockdown: Government announces £4bn in grants for closed retail and hospitality firms January 5, 2021 Retail, hospitality and leisure businesses are set to receive a one-off grant of up to £9,000 per property to help them survive the latest coronavirus lockdown, the government announced this morning. The new funding comes after the Prime Minister announced last night that the sectors would be forced to remain closed until at least mid-February [...]
Rishi Sunak rolls out more financial support after sinking businesses demand immediate lifeline January 5, 2021 Rishi Sunak has set out plans to offer more financial support to businesses struggling under England’s third nationwide lockdown. Retail, hospitality and leisure businesses are set to receive a one-off grant of up to £9,000 per property to help them survive. Taxpayers will fork out another £4bn for the business grants, which will benefit more [...]
Chancellor: City can ‘do things differently’ in post-Brexit era December 28, 2020 Chancellor Rishi Sunak has sought to calm fears that the City will be hamstrung by a lack of progress on equivalence with the European Union. The post-Brexit trade deal signed by PM Boris Johnson last week does not go as far as many wanted in ensuring UK-based firms can work with continental partners. The PM [...]
BoE’s Chief Wonk: Inflation spike could undermine recovery December 23, 2020 The Bank of England’s Chief Economist Andy Haldane has said that a “laser focus” is needed on inflation amid unprecedented public debt and fiscal stimulus. Haldane fears that markets would only forgive a brief period in which inflation tops the Bank’s 2 per cent target, with any entrenchment seeing yields rise and increasing the cost [...]
OBR: April furlough extension will cost further £3bn December 22, 2020 The Chancellor’s decision to extend the furlough scheme an extra month will cost an extra £3bn, according to new official figures. Rishi Sunak has extended the Coronavirus Job Retention Scheme until the end of April, one month later than had been originally planned. Sunak also announced that the Government’s three loan schemes would be extended [...]