Chancellor picks Richard Hughes as next head of budget watchdog OBR June 5, 2020 Chancellor Rishi Sunak has nominated an International Monetary Fund (IMF) adviser and former government as the next head of the UK’s budget watchdog. Richard Hughes, who currently also works as a research associate at the Resolution Foundation think tank, said he was “honoured” to be picked as the next chair of the Office for Budget [...]
Alok Sharma tests negative for coronavirus June 4, 2020 Business secretary Alok Sharma has tested negative for coronavirus, after he was seen visibly unwell in the House of Commons yesterday. Sharma took to Twitter to announce he was Covid-free this evening, after a day of speculation that other cabinet members would have to self-isolate if the business secretary tested positive. “Huge thanks to everyone [...]
A menu of options to keep our restaurants alive June 4, 2020 You all know the image: a politician enjoying a pint or a meal at their local restaurant. There are handshakes all round and a picture is posted on Twitter. It is — rightly — a scene that shows MPs or councillors backing businesses, particularly the small and medium sized enterprises which make up the lifeblood [...]
Boris Johnson and Rishi Sunak could have to self-isolate if minister tests positive for Covid-19 June 4, 2020 Rishi Sunak and Boris Johnson could be told to self-isolate for 14 days after the pair had a meeting with Alok Sharma before he fell ill, Downing Street has confirmed. A spokesperson for Johnson said Sharma had a meeting with the Prime Minister and chancellor for 45 minutes on the economy, but that they all [...]
Boris Johnson tells UK to brace for mass unemployment June 3, 2020 Boris Johnson has warned of “many, many job losses” after the coronavirus crisis and has pledged to invest in retraining the UK’s young people. The Prime Minister said high levels of unemployment, as a result of the crisis, was “inevitable” and that his government would be “activist and interventionist” in dealing with job losses. The [...]
UK coronavirus loans top £31bn but just half of CBILs approved June 2, 2020 UK businesses have borrowed £31bn from banks through the government’s coronavirus loan scheme, but the approval rate on its flagship CBILs programme is still languishing at around 50 per cent. Figures released today showed that the three main coronavirus loan schemes have helped firms access £31.3bn. The bulk has been through the “bounce-back” loan scheme, [...]
Banks warn up to half of ‘bounce back’ borrowers could default June 1, 2020 UK banks have reportedly warned that up to half of the government’s “bounce back loans” are unlikely to be repaid. Senior bankers have estimated between 40 and 50 per cent of the bounce back borrowers could default on the debt, according to a report by the Financial Times. As businesses brace for a slow economic [...]
Jim O’Neill: Project Birch must come with conditions attached May 31, 2020 Former Treasury minister and architect of the Northern Powerhouse project Jim O’Neill has said the government’s Project Birch bailout plan must come with conditions attached for the businesses involved. Speaking to the Telegraph, O’Neill also called for “great conditionality” to be attached to the scheme, which is expected to provide support for strategically key firms [...]
Sunak: Employers to contribute to furlough scheme from August May 29, 2020 Chancellor Rishi Sunak this afternoon announced that firms will have to begin contributing towards the government’s furlough scheme from August. Speaking at today’s coronavirus press conference, Sunak laid out a raft of changes to the Treasury’s job retention programme, the cornerstone of the government’s economic response to the crisis. In August, firms will only be [...]
Coronavirus deaths rise by 324 to reach 38,161 May 29, 2020 An additional 324 people have died from coronavirus in the UK, chancellor Rishi Sunak said this afternoon, taking the total death toll to 38,161. In total, 131,458 tests were carried out yesterday, and 2,095 people tested positive. Yesterday 377 more deaths were reported, which was down from 412 the day before. The figures represent a [...]