UK unemployment: 650,000 Brits lose jobs in lockdown July 16, 2020 Around 650,000 people lost their jobs between March and June, official figures showed today, as the UK labour market “weakened markedly” during lockdown. Job losses led to a 0.3 per cent drop in total pay in May compared to a year earlier, the Office for National Statistics (ONS) said. That is a 1.3 per cent [...]
London faces ‘historic rise in unemployment,’ warns Sadiq Khan July 16, 2020 There could be an “historic rise in unemployment” in London if the government does not do more to protect jobs amid the continuing coronavirus pandemic, mayor of London Sadiq Khan will warn today. The number of Londoners claiming unemployment benefits has already shot up around 185 per cent since the start of the pandemic, today’s [...]
Fees plunge at Hays as coronavirus hammers hiring July 16, 2020 Net fees at recruitment firm Hays plummeted by a third in the latest quarter, as coronavirus pressed paused on hiring and caused a huge spike in unemployment around the world. The FTSE 250 company, which provides recruitment services in 33 countries globally, reported a dent in hiring in every region in the world, with the [...]
Retail restraint: John Lewis and Primark decline government help to play the long game July 16, 2020 For retail, the story of Covid-19 has been one of survival. Inevitably, the sector has looked to the government for assistance. Even the most hardened devotee of the free market has seen the Treasury’s coffers as a life belt to help companies get through the worst of the pandemic. Change and adaptation can come later. [...]
UK unveils plans for frictionless post-Brexit trade between UK nations July 15, 2020 The government will tomorrow outline plans to ensure post-Brexit regulatory alignment on trade across the four UK nations in a bid to ensure frictionless internal trade. The white paper will propose a principle of “mutual recognition” whereby regulations that are set by devolved governments are recognised across the country to allow for internal trade. It [...]
Chris Grayling loses committee chair vote in Tory rebellion July 15, 2020 Former cabinet secretary Chris Grayling has failed to win the chairmanship of the Intelligence and Security Committee, despite being handpicked by Boris Johnson for the role, with fellow Tory MP Julian Lewis instead elected. The ex-transport secretary was expected to be voted into the role, however some Conservative MPs on the committee rebelled and instead [...]
Rishi Sunak shoots down speculation he will raise capital gains tax July 15, 2020 Rishi Sunak has distanced himself from reports that he is looking at increasing capital gains tax to help pay for the government’s Covid-19 spending. The Treasury announced yesterday it was commissioning the Tax Simplification Office to conduct a study “asking for “evidence to seek views about capital gains tax”, prompting speculation from financial services firms [...]
McDonald’s, KFC and Wetherspoon among chains to slash prices after government VAT cut July 15, 2020 High street cafe and restaurant chains including McDonald’s, KFC and Wetherspoon have slashed prices in response to the government’s decision to cut VAT for the sector. Chancellor Rishi Sunak last week announced that VAT would be reduced from 20 per cent to five per cent for hospitality and tourism businesses. Fast food favourites and casual [...]
Number of jobs available in London plummets due to coronavirus July 15, 2020 The number of jobs available in London during the second quarter plummeted as the coronavirus crisis took hold. In April, there was a 72 per cent drop in the number of job vacancies with just a one per cent decrease in job seekers across the period, according to Morgan McKinley research. By the end of [...]
McDonald’s to cut prices following government VAT break July 14, 2020 McDonald’s has announced it will slash prices after the government announced a VAT cut, as the fast food giant gears up to open for dine-in customers for the first time since March. McDonald’s said it had recommended that franchisees reduce prices on meal deals and classic products such as the Big Mac, Quarter Pounder with [...]