Ex-chancellor Philip Hammond warns business must be prepared for coronavirus lockdown exit plan April 20, 2020 Former chancellor Philip Hammond has warned that the government must make sure businesses are well prepared for a coronavirus lockdown exit plan. Hammond said it is “vital that business is ready for the green light” when restrictions are lifted in order to mitigate the risk of corporate collapses and job losses. “We don’t know whether [...]
Rishi Sunak ‘not persuaded’ to underwrite 100 per cent of coronavirus loans April 20, 2020 Rishi Sunak has said he is “not persuaded” that the government should underwrite 100 per cent of all loans in the coronavirus business loan schemes. Speaking at today’s daily press conference, Sunak said: “I’m not persuaded moving to a 100 per cent guarantee is the right thing to do.” The coronavirus business interruption loan scheme [...]
FTSE 100 dragged down by coronavirus oil crash April 20, 2020 The FTSE 100 has turned lower as a slump in oil prices hits energy companies and investor sentiment sours with coronavirus battering the economy. Britain’s FTSE 100 was down 0.8 per cent at 5,743 points in early afternoon trading. It spent much of the morning in the green before plunging oil prices spread gloom over [...]
Job retention scheme receives nearly 70,000 applications in 30 minutes April 20, 2020 The government’s wage subsidy scheme received almost 70,000 applications in the first 30 minutes of opening this morning as businesses rush to claims funds to pay furloughed staff. The job retention scheme sees the government pay 80 per cent of wages, up to £2,500 a month, for furloughed employees unable to work due to the [...]
Boris Johnson’s cabinet split over coronavirus lockdown period April 20, 2020 Boris Johnson is reportedly dealing with a cabinet split between those who want to end the coronavirus lockdown early and those who want to take a more cautious approach. Various media reports over the weekend said chancellor Rishi Sunak and Cabinet Office minister Michael Gove were pushing for the lockdown to be eased to avoid [...]
Richard Branson warns Virgin Atlantic needs coronavirus loan to survive April 20, 2020 Virgin Atlantic owner Sir Richard Branson has warned that the beleaguered airline will need government financial support in order to survive the coronavirus crisis. In a blog post to Virgin employees, Branson said: “The reality of this unprecedented crisis is that many airlines around the world need government support and many have already received it. “We will [...]
Coronavirus: Here comes the startup chancellor April 20, 2020 Startups are the economy’s ‘department for the future.’ Their job is to future-proof all the other sectors – from retail and banking through ecommerce to public services. They are vital to the UK’s post-Brexit, post-Covid-19 future. They are also among its most vulnerable. Look up ‘start-up’ in the Cambridge Dictionary and the first example of [...]
Wage subsidy scheme opens as start-ups get new £1.25bn package April 20, 2020 Applications open today for the government’s coronavirus wage subsidy scheme as the Treasury also announces a further £1.25bn package for start-ups and research and development firms. The job retention scheme will see the government pay 80 per cent of wages, up to £2,500 a month, to furloughed employees unable to work because of the coronavirus [...]
The Long Read: The coronavirus loan scheme risks failing the people it was designed to help April 19, 2020 When the chancellor, Rishi Sunak, vowed that the government would do “whatever it takes” to keep businesses alive during the pandemic, the immediate reaction from corporate Britain was one of relief. The pledge to pay the wages of employees unable to work and the ambition behind the £350bn package of support (combining grants, sector-specific relief [...]
Coronavirus hits hospitality: Loan scheme leaves restaurants high and dry April 19, 2020 Ranald MacDonald is Managing Director of Boisdale’s Restaurants In newspapers, so I’m told, a cracking story is known as a “marmalade dropper,” so named because it stops you – and indeed your toast – in your tracks. And that’s exactly what Rishi Sunak’s announcement of a £330bn rescue package for British business to get through [...]