Extend job retention scheme to stop unemployment spike, says think tank May 9, 2020 The UK’s coronavirus job retention scheme must be extended for three months in order to prevent joblessness from spiking, an employment think tank has said. Under the job retention scheme (JRS) the government pays 80 per cent of “furloughed” workers’ wages, up to a limit of £2,500 a month. In a report out today, UK [...]
The Long Read: Sir Martin Sorrell on advertising, coronavirus and the new media landscape May 7, 2020 Sir Martin Sorrell has bestrode the ad world for decades – and in the midst of a global pandemic that has hit the industry hard, he’s understandably got some thinking to do. Christopher Jackson spoke to the ad mogul, and his interview for finitoworld – the organisation’s online magazine – is republished here. Prior to [...]
British Airways: Five things you need to know as IAG reports £1.5bn loss May 7, 2020 British Airways owner IAG this morning reported a total first quarter loss of €1.8bn (£1.5bn), saying that it was currently operating 94 per cent down on its total passenger capacity. More worryingly, it said that it expected the second quarter’s results to be far worse, and warned that passenger demand would not return to pre-coronavirus [...]
Banks blasted over ‘disappointingly slow’ pace of lending as coronavirus loans hit £5.5bn May 7, 2020 Banks have lent over £5.5bn to SMEs through the CBILS scheme but a leading industry body has said the process is still too slow. The British Chambers of Commerce (BCC) said the improvement in the number of firms accessing CBILS is welcome. However, head of economics Suren Thiru said that with many firms “only having [...]
Brits think furlough scheme should last as long as social distancing May 7, 2020 Britons think the government’s furlough scheme should last as long as social distancing, according to an exclusive poll for City A.M. The poll, conducted by Redfield and Wilton Strategies, found that 57 per cent of Britons want the job retention scheme to continue as long as distancing measures are in place, even if for several [...]
Government will extend furlough beyond June if needed, says minister May 7, 2020 The government is committed to extending the job retention scheme beyond the end of June if required to support workers currently on furlough, a minister said today. Northern Ireland secretary Brandon Lewis said the government would not end furlough abruptly at the end of June if it is clear employees will continue to need support. [...]
US private sector sees jobless claims spiral over 20m May 6, 2020 More than 20m US citizens were made redundant last month, a shocking jobless statistic showed today to underline the severe economic impact of coronavirus. Payroll processing body ADP today reported private sector employment plunged by 20,236,000 jobs between March and April. The jobless figures mean around 13 per cent of the 162m Americans employed in [...]
£2bn of ‘bounce back’ loans for SMEs approved in first 24 hours May 6, 2020 More than 69,000 so-called coronavirus bounce back loans were approved on the first day of them being made available via banks. The approvals equate to over £2bn in loans during the first 24 hours of the bounce back scheme’s launch on Monday, chancellor Rishi Sunak said today. The seven largest UK banks including HSBC, Barclays, [...]
Business organisations form coalition in response to coronavirus May 6, 2020 Leading employer organisations have joined forces to create a united voice for business in response to the coronavirus pandemic. A group of more than 20 organisations have formed the Business Action Council (BAC), which claims to represent more than half a million businesses across the UK. Its founding members include the Confederation of British Industry [...]
Norman Lamont: Britons not prepared for the economic hardship ‘around the corner’ May 6, 2020 Former chancellor Lord Norman Lamont has warned the government’s furlough scheme has made people complacent and unaware of the coming economic hardship. Lamont, chancellor under Conservative Prime Minister John Major, said the scheme had lulled “people into a false sense of security” and that many do not realise “their jobs have disappeared or are about [...]