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 [...]
Sunak set to tell employers to contribute to furlough scheme payments May 29, 2020 Chancellor Rishi Sunak is expected to tell employers today that they will have to start contributing to the government’s massive furlough scheme which is paying the wages of millions of UK workers. Sunak will say companies must pay between 20 per cent and 30 per cent of the costs of the programme – the centrepiece [...]
More than 100 MPs call for extension to self-employed relief package May 29, 2020 A group of 113 MPs have signed a letter urging chancellor Rishi Sunak to extend the £6.8bn coronavirus relief package for self-employed workers. The letter, written by Labour MP Siobhain McDonagh, said people across the country would be “left without work and without support” if the scheme is not extended past its current June end [...]
Shadow chancellor backs long-term UK coronavirus jobs programme May 28, 2020 Shadow chancellor Anneliese Dodds has pushed for the government to back a UK-wide post-coronavirus jobs programme to deal with expected high unemployment. In an interview with City A.M. Dodds said that the government needed to place a greater emphasis on “upskilling and redeployment” in its response to Covid-19 and should look to Gordon Brown’s Future [...]