Rishi Sunak set to announce furlough extension in local lockdown areas October 9, 2020 Chancellor Rishi Sunak is set to announce a limited extension to the furlough scheme today as the government faces mounting criticism over fresh local lockdown restrictions across the country. Sunak will outline new support for people and businesses in England facing strict new measures set to come into force next week, including the closure of [...]
FTSE 100 rises despite UK GDP missing expectations October 9, 2020 The FTSE 100 rose at the open despite the UK economy growing less than expected in August, as traders continued to mull the prospect of more US fiscal stimulus. London’s blue-chip index climbed 0.5 per cent to 6,009 points. The FTSE 250, made up of slightly smaller companies, rose 0.3 per cent. Asian markets were [...]
The pensions triple-lock is unjustifiable in normal times — in the Covid era, it is utterly unconscionable October 9, 2020 Imagine you a Conservative chancellor trying to steer the economy through the midst of the worst pandemic in modern history. You have done your best to protect jobs and support struggling businesses in the face of drastic lockdown restrictions, while tax receipts shrivelled and the healthcare bill has ballooned beyond all previous measures. Despite your [...]
BoE gives banks all-clear but warns them to keep up support October 8, 2020 The Bank of England has warned lenders that reducing their support to households and businesses “would be costly” for the economy and for banks themselves. It came as the Bank’s Financial Policy Committee (FPC) said the UK’s lenders were strong enough to weather the rest of the coronavirus storm – even if unemployment soared to [...]
Minister flags potential extension of England curfew to 11pm October 8, 2020 A government minister has floated the idea of potentially extending England’s hospitality curfew to 11pm – the same as Northern Ireland. London minister Paul Scully told a virtual event today that a curfew extension would be a lifeline to the hospitality sector, but that the government needed to examine how effective Northern Ireland’s 11pm lock [...]
The arts are not an optional extra, they are the life and soul of our nation October 8, 2020 If at first you don’t succeed, retrain and move into a more viable vocation. That was the advice of the chancellor this week with regards to the impossible position faced by artists, musicians and actors who have seen their livelihoods decimated since the start of the Covid crisis. ITV may have later clarified that Rishi Sunak’s [...]
London firms fear losing top talent over coronavirus salary cuts October 8, 2020 The vast majority of London firms are concerned about retaining their top talent as the pandemic forces many employees to take salary cuts. As the pandemic continues to weigh on business activity, over four in five London-based businesses are concerned about losing their top employees, according to new research by recruiter Robert Half. Of the [...]
Back London today — so that London may back the UK tomorrow October 8, 2020 At the Conservative Party Conference this week, chancellor Rishi Sunak promised he “will always be pragmatic”. Right now, however, the policies governing our towns and cities appear anything but pragmatic. Given that the UK’s major cities, and especially London, are going to be vital in helping our economy recover from the impact of Covid-19, it [...]
UK businesses plan to cut jobs and investment, survey shows October 8, 2020 UK businesses expect to cut staff levels and investment over the next year, according to a new survey, with the outlook “stuck in the doldrums”. The Institute of Directors’ (IoD) survey showed that bosses’ optimism about the economy plateaued in September, having risen since the coronavirus-induced lockdowns of the spring. The UK economy shrunk by [...]
New OBR chief says public debt sensitive to rate moves October 7, 2020 The new head of the UK’s budget watchdog has said the country’s public finances have become more sensitive to changes in interest rates because of a change in borrowing terms. However, Office for Budget Responsibility (OBR) board member Sir Charlie Bean said people should not think there is “great urgency” in closing the government’s budget [...]