Khan calls for London furlough extension as he warns of ‘looming unemployment crisis’ June 23, 2020 Mayor of London Sadiq Khan has urged the chancellor to extend the furlough scheme in London’s most deprived areas, as he warned of a “looming unemployment crisis” in the UK. Khan today called on Rishi Sunak to extend the Coronavirus Job Retention Scheme beyond the end of the lockdown to avoid a sudden surge in [...]
Sajid Javid: Slash taxes and ramp up spending to fuel UK recovery June 23, 2020 Britain should reduce the National Insurance tax and pour money into infrastructure and the poorest regions of the country to boost the UK’s economic recovery from the coronavirus crisis, according to former chancellor Sajid Javid. Javid, who left the Treasury as part of Boris Johnson’s February cabinet reshuffle, warned against a return to the austerity [...]
London Stock Exchange boss appointed as new FCA chief June 22, 2020 Chancellor Rishi Sunak has today appointed Nikhil Rathi, the current chief executive of the London Stock Exchange, as the permanent boss of the Financial Conduct Authority. Rathi will replace Christopher Woolard, who was serving as the FCA’s interim chief executive following former boss Andrew Bailey’s move to become governor of the Bank of England. The [...]
Former chancellor backs government plans to slash VAT June 22, 2020 Former chancellor Ken Clarke has said cutting VAT would be the “sensible thing to do” as the government prepares to implement new measures to revitalise the British economy. Speaking to the BBC today, the Tory MP said: “I think coming out of the lockdown, sorting out the mess — including the recession after the coronavirus [...]
Government to unveil new bill to help businesses adjust to social distancing measures June 22, 2020 The government is set to bring forward fresh legislation to help businesses adjust to new social distancing requirements, as the UK begins to emerge from months of lockdown. The Business and Planning Bill is set to be introduced this week and will be led by the Department for Business, Energy and Industrial Strategy (Beis), the [...]
Former chancellor Lord Alistair Darling backs Sunak’s VAT cut plans June 22, 2020 Former chancellor Lord Alistair Darling has backed government plans to cut VAT in a bid to boost the economy, adding that the coronavirus crisis will result in an “even more profound shock” to the UK than the 2008 financial crisis. In a foreword to a new Policy Exchange report, Darling expressed his support for current [...]
Coronavirus deaths in the UK rise by 43 June 21, 2020 A further 43 people have died in the UK after contracting coronavirus, taking the total number of deaths to 42,632. The increase, announced today by the Department of Health (DoH), includes the number of people who have died after testing positive for Covid-19 in hospitals, care homes and the wider community as of 5pm on [...]
Sunak mulls VAT cut to boost economy after lockdown June 21, 2020 Rishi Sunak is reportedly considering cutting VAT rates to provide a much-needed boost to the economy after months of lockdown. The chancellor has ordered Treasury officials to draw up plans to reduce the sales tax, including a cut in the headline rate, the Sunday Times reported. Other proposals being considered include cutting employers’ national insurance, [...]
UK borrowing surges to a record £103.7bn in lockdown June 19, 2020 UK borrowing exploded to £103.7bn over April and May’s lockdown, official data showed today, as debt exceeded 100 per cent as a percentage of GDP in May for the first time in 57 years. The current financial year to date – April to May 2020 – has already seen borrowing rocket to £103.7bn. That is [...]
US dashes hopes of global deal on digital tax June 17, 2020 US officials have reportedly suspended talks with European countries over plans for a global digital tax framework, and continue to threaten to impose sanctions should they go ahead with individual proposals. US treasury secretary Steven Mnuchin last week told four European finance ministers that discussions had reached an “impasse”, in a letter seen by the [...]