Government in talks over state takeover of Flybe – report March 29, 2020 Collapsed airline Flybe’s administrator EY has denied reports that it is in negotiations with the government to buy the regional carrier out of bankruptcy in order to protect the UK’s battered aviation sector. According to the Telegraph, the Big Four auditor has opened talks with government officials about nationalising the airline in order to serve [...]
MPs urge chancellor Rishi Sunak to act ‘urgently’ to save UK’s airlines March 29, 2020 A group of 38 MPs has written to chancellor Rishi Sunak asking him to “urgently review” the support that the UK’s airlines and airports have asked for in a bid to survive the coronavirus pandemic. Since the outbreak began, the global aviation industry has been decimated, with travel restrictions now covering 98 per cent of [...]
UK credit rating downgraded due to coronavirus impact and Brexit uncertainty March 28, 2020 The UK’s credit rating has been downgraded to AA- from AA due to the budget impact of the coronavirus outbreak and Brexit uncertainty. Credit rating agency Fitch has forecast that the UK’s economic output would drop by almost four per cent for the year. It said it had concerns about the UK’s “fiscal loosening stance” [...]
FTSE 100 falls as coronavirus stimulus rally runs out of steam March 27, 2020 Britain’s FTSE 100 stock index tumbled today after three consecutive days of gains as uncertainty about the effects of coronavirus returned to the fore. The FTSE 100 closed 5.3 per cent lower at 5,510 points. It had risen more than 16 per cent over the previous three days after the US launched a $2 trillion [...]
Virgin Atlantic set to ask for government bailout March 27, 2020 Virgin Atlantic is set to ask the UK government for a package of commercial loans and guarantees worth hundreds of millions of pounds. The airline will be among the first to do so, according to the Financial Times, after the government said this week it would only help the struggling aviation industry as a “last [...]
UK coronavirus death toll jumps 31 per cent to 759 March 27, 2020 The UK coronavirus death toll has jumped 31 per cent to 759, the biggest daily increase yet. As of 9am today, 182 people across the UK had died in the previous 24 hours after contracting coronavirus. The number of confirmed cases rose to 14,579, with a total of 113,777 people being tested so far. On [...]
UK coronavirus: Matt Hancock tests positive March 27, 2020 Health secretary Matt Hancock has tested positive for coronavirus, Downing Street has said, just an hour after Prime Minister Boris Johnson also revealed a positive diagnosis. The minister, responsible for coordinating the NHS response to the UK coronavirus outbreak, said he has had only mild symptoms. He will self-isolate until next Thursday, when he will [...]
Heathrow’s credit rating downgraded amid coronavirus uncertainty March 27, 2020 Heathrow Airport’s long-term credit rating has been downgraded amid the reduced demand and ongoing uncertainty caused by the coronavirus outbreak. Credit rating agency Standard & Poor has announced today it is lowering Heathrow’s long-term ratings on Class A and Class B debt by one notch. Heathrow Funding Limited retains investment grade credit ratings on the [...]
Menzies puts majority of 17,500 staff on wage bailout scheme March 27, 2020 John Menzies has been forced to reduce its global workforce by 17,500 jobs as it tries to stay afloat amid the fallout caused by the coronavirus outbreak. In a trading update released this morning, the aviation services firm said it had seen “significant ongoing reductions in activity for our core operations”. It said that the [...]
Rishi Sunak unveils self-employed economic relief package March 27, 2020 The government has upped its response to the coronavirus crisis by vowing to pay low and middle income self-employed workers 80 per cent of their average monthly profits in a package expected to cost the Treasury £9bn. Chancellor Rishi Sunak announced the much anticipated relief package yesterday, giving self-employed workers the same support announced for furloughed payrolled workers last week. Sunak [...]