FTSE 100 jumps amid strong earnings but US stocks mixed October 23, 2020 The FTSE 100 jumped on the final day of a tough week for markets, as investors found some optimism in company earnings, but US stocks were more mixed. The UK’s main stock index was boosted by upbeat results from lender Barclays (BARC). New stimulus measures from chancellor Rishi Sunak yesterday also helped stocks. Read more: [...]
‘Reality check’ time: Mel Stride thinks Boris Johnson will break triple tax lock promise October 23, 2020 The UK needs a “reality check” when it comes to public spending levels and Rishi Sunak is almost certain to break the Tories’ triple tax lock election pledge, according to the chief of Westminster’s Treasury committee. Conservative Central Devon MP, and chair of the Treasury Select Committee, Mel Stride told City A.M. in an interview [...]
Criminal gangs steal £2bn through furlough fraud October 23, 2020 Criminal gangs have scooped up almost £2bn of government cash intended for furloughed workers, according to official tax estimates. HM Revenue & Customs (HMRC) said that between 5 and 10 per cent of the £39bn sum handed out by chancellor Rishi Sunak to support workers during the pandemic had been claimed fraudulently. A report published [...]
Coronavirus: UK economic recovery stumbles as business growth slips October 23, 2020 The UK economy’s recovery stumbled in October, according to a new survey, with services sector growth slowing considerably amid rising coronavirus cases and new government measures. The IHS Markit/Cips preliminary purchasing managers’ index (PMI), a gauge of the private sector’s health, fell sharply to 52.9 in October from September’s reading of 56.5. A score above [...]
Screenshot: Will the UK’s live music industry ever recover? October 23, 2020 A weekly column from City A.M. bringing you all the biggest stories and trends in technology, media and telecoms This week: ** Media Moment of the Week: Sky History gets tattoo regret ** Can the live music sector survive this crisis? ** The tide turns against Google Media Moment of the Week This week we [...]
MPs ‘seriously concerned’ that British businesses are not ready for Brexit October 23, 2020 The Treasury Committee has written to chancellor Rishi Sunak to express “serious concerns” that an eleventh-hour trade deal with the EU would not give businesses enough time to prepare for Brexit. The select committee said it was left with a “significant number of outstanding questions and issues”, following an evidence session around the UK’s preparedness [...]
Coronavirus: London to lose £10.9bn from tourist spending, Sadiq Khan warns October 23, 2020 London is set to miss out on £10.9bn from a drop in tourist spending as a result of the coronavirus crisis, Sadiq Khan has warned, as footfall in the capital remains well below pre-pandemic levels. Overseas tourists will spend £7.4bn less on goods and services in London this year, while domestic tourists will spend £3.5bn [...]
UK retail sales smash expectations but analysts flag trouble ahead October 23, 2020 UK retail sales rose well beyond expectations in September, with Britons buying 1.5 per cent more goods than a month earlier as they stocked up on food and turned to online retailers. The 1.5 per cent growth was much better than economists had expected. It also beat the 0.6 per cent expansion in sales in [...]
Entrepreneurs don’t want Rishi’s restaurant handouts — they want to be allowed to do their jobs October 23, 2020 The Conversative Father Christmas — Rishi Sunak, to you and me — has visited once again. In a better-late-than-never display of magnanimity, the chancellor has finally realised that conditions in Tier 2 Covid areas — which now cover 26.7 million people — make operating impossible for thousands of businesses, particularly in the hospitality sector. Whereas [...]
When will the government stop hanging bars out to dry? October 23, 2020 “Dreadful evening, so many bookings cancelled, sent half the staff home” “So many cancellations after new announcements — no way we could police it.” “Much, much lower takings, any good momentum we had is gone.” This is the real, unfiltered voice of the hospitality industry. These direct quotes from our bars’ manager reports last Saturday [...]