Economists raise fears over Rishi Sunak’s new job support plan September 24, 2020 Economists this afternoon raised concerns that Rishi Sunak’s new support measures could lead to many workers losing their jobs as they do not encourage firms to keep employees on. The centrepiece of the chancellor’s scheme is a new “Job Support Scheme”, which will replace the existing furlough initiative. Under the plan, the government will support [...]
Rishi Sunak’s new job support plan: What do the changes mean for workers? September 24, 2020 Chancellor Rishi Sunak has confirmed the £40bn furlough scheme will end on 31 October, to be replaced by a programme that will subsidise employees for part-time work. So what do the new measures mean for employees and employers? What will replace the furlough scheme? Sunak gave in to pressure to keep subsiding wages, creating a [...]
FTSE 100 and Wall Street drop as coronavirus fears return September 24, 2020 The FTSE 100 fell today after two consecutive days of climbs as investors’ nerves over the impact of coronavirus on the economy returned. London’s blue-chip stock index fell 1.1 per cent to 5,835 points by the mid-afternoon, while the mid cap FTSE 250 index fell by the same margin. Meanwhile, after a sharp sell-off on [...]
New wage subsidy scheme does not go far enough, warns hospitality industry September 24, 2020 The embattled UK hospitality sector has given chancellor Rishi Sunak’s latest job retention scheme a lukewarm reception, saying the new wage subsidy does not go far enough. UK Hospitality, a lobby group representing British pubs, clubs, restaurants and bars, said it wanted industry-specific help. Boss Kate Nicholls said she wanted the government to pick up [...]
Government to subsidise wages of part-time workers in new scheme September 24, 2020 Rishi Sunak today announced a new “jobs support scheme” , which will see the government support the wages of people working part-time from November in a bid to stave off mass unemployment. The scheme, described by Sunak as a “radical intervention into the UK labour market”, will allow full-time workers to go back to work [...]
Smiths Group shares tumble as profit sinks by a quarter during pandemic September 24, 2020 Shares in Smiths Group sank as much as eight per cent this morning, as the industrials conglomerate reported a 26 per cent drop in pre-tax profit for the year following a “disrupted” few months during the pandemic. The results Pre-tax profit for the 12 months to the end of July slumped 26 per cent to [...]
Rishi Sunak set to pump billions into economy to stave off unemployment September 24, 2020 Rishi Sunak will today unveil a multi-billion pound support package for ailing companies as he tries to stave off mass unemployment over winter. Sunak’s “winter economy plan” is expected to involve further VAT cuts, more emergency business loans and new wage subsidies for part-time workers to replace the furlough scheme. He will also announce that [...]
Trade experts raise fresh doubts over UK-US trade deal due to tax row September 24, 2020 Trade experts have expressed fresh doubts about the prospect of a UK-US trade deal while Britain’s digital services tax is in place. UK and US negotiators concluded the fourth round of formal negotiations this week as Downing Street tries to quickly close trade agreements as a part of its post-Brexit “Global Britain” agenda. Several trade [...]
Act now to prevent culture sector collapse, say MPs September 24, 2020 The government should take immediate action to protect the UK’s cultural and sporting sectors, the parliamentary Digital, Culture, Media and Sport (DCMS) committee warned today. In a letter to culture secretary Oliver Dowden, lawmakers urged officials to use the pause created by the latest Covid-19 restrictions to implement a number of recommendations that would enable [...]
A quarter of hospitality firms could go bust by the end of the year without more government support September 23, 2020 New data from the pub industry released today showed that almost a quarter of hospitality businesses think they will go bust by the end of the year without new government support. Yesterday Boris Johnson unveiled sweeping new measures to curb a rise in coronavirus cases, including a 10pm curfew on all hospitality firms. The move, [...]