Moody’s: UK to suffer worst crash of any big economy July 10, 2020 The UK will suffer the worst economic crash of any major economy this year, credit ratings agency Moody’s has predicted, with Brexit acting as a drag after the coronavirus crisis. Moody’s also said government debt as a share of national income will balloon by 24 percentage points compared to its 2019 level, two days after [...]
London house prices flatline amid coronavirus uncertainty July 10, 2020 London house prices stayed flat in the second quarter of this year as coronavirus took an uneven toll on the property market across the country, according to new figures. The Halifax house price index on Tuesday showed that UK house prices fell for the fourth month in a row in June. That meant house prices [...]
Lockdown Generation: Without support, young people face a health crisis as well as an economic one July 10, 2020 What do you remember about your first job? The friends and connections you made? The skills you learned? The feeling of being able to support yourself financially? It is well known that all these factors can shape our career trajectories. That they are involved in shaping your future health outcomes and development is less widely [...]
The quiet crisis: IR35 and the UK’s forgotten freelancers July 10, 2020 In a crisis which has shaken so many aspects of our lives, it can be hard to get some issues heard above the noise. News that would once have made headlines seems to slip almost unnoticed under the radar. One such development was the quiet confirmation that changes to IR35 self-employed taxes will come into [...]
FTSE 100 falls as coronavirus cases overshadow Sunak stimulus July 9, 2020 The FTSE 100 lost one and a half per cent today as fears over a continued rise in coronavirus cases offset chancellor Rishi Sunak’s £30bn of extra financial firepower. The UK index initially barely moved after yesterday’s 0.55 per cent drop, which left it at 6,156 points. By 4pm today the FTSE 100 had fallen [...]
Man arrested over £495,000 ‘furlough fraud’ July 9, 2020 A man has been arrested on suspicion of defrauding the government’s job retention scheme out of £495,000. The arrest, which is thought to be the first relating to the government’s furlough scheme, happened in Solihull in the West Midlands. Computers were seized and funds were frozen in the man’s business bank account, according to HMRC. [...]
Profit at Robert Walters drops 33 per cent in second quarter July 9, 2020 Global recruitment firm Robert Walters suffered a 33 per cent drop in gross profit in the second quarter of the year as coronavirus lockdowns ravaged the jobs market. The London-listed group’s gross profit tumbled 33 per cent year-on-year to £71.1m as coronavirus took hold around the world. The UK was the hardest hit market, with [...]
More than 5,000 retail jobs at risk as pandemic forces John Lewis and Boots to restructure July 9, 2020 More than 5,000 high street jobs could be lost as two UK retail giants announced store closures today after the coronavirus pandemic forced John Lewis and Boots to urgently restructure their businesses. John Lewis has decided not to reopen eight stores after the coronavirus lockdown, saying the sites were struggling before the pandemic. The proposed [...]
Boots to slash 4,000 jobs and shut 48 Opticians stores July 9, 2020 British pharmacy chain Boots has announced it will slash 4,000 jobs and close 48 stores as it seeks to shore up its balance sheet after months of closures during the pandemic. Boots said it was consulting on plans to restructure its head office and store teams and close 48 Boots Opticians stores. In a statement, [...]
Boris Johnson must resist the urge to build, build, build back the same July 9, 2020 My (increasingly bushy) eyebrows raised somewhat last week when Boris Johnson stood in front of his podium with his latest three worder “build, build, build” and his promise to cut red tape around infrastructure – and raised even further when the chancellor promised to cut stamp duty during his economic statement delivered yesterday. It is [...]