British startups slam competition watchdog over ‘power grab’ March 19, 2020 British startups have accused the competition watchdog of mounting an “old-fashioned power grab” after it called for beefed up powers to crack down on tech firms. In its annual report published today, the Competition and Markets Authority (CMA) said there was evidence of “growing market concentration and rising profit margins” in several sectors of the [...]
FTSE 100 shoots back up after Bank of England slashes rates over coronavirus March 19, 2020 The UK’s FTSE 100 managed to climb this afternoon after the Bank of England announced £200bn of quantitative easing and slashed interest rates close to zero. European stocks also turned green, having been mired in the red despite the European Central Bank (ECB) announcing a €750bn (£700bn) asset purchase programme to deal with the coronavirus [...]
Britons least optimistic about economy since 2008 financial crash March 19, 2020 Britons are the least optimistic they have been about the economy since 2008’s financial crash, a new survey by pollster Ipsos Mori has found. The new poll, which was conducted between 13 and 16 March, shows that 69 per cent of people think that the economy will get worse in the next 12 months. In [...]
City of London Corporation offers rent relief for tenants March 19, 2020 The City of London Corporation has adjusted rent conditions for some of its commercial tenants to provide financial relief during the coronavirus outbreak. The local authority, a major commercial landlord, is changing rental payments for March to June to monthly billing for directly managed premises instead of quarterly billing. In a statement, the Corporation said [...]
Tory MPs attack Treasury’s coronavirus response and call for ‘radical’ measures March 19, 2020 Tory MPs have told the government to start paying British workers’ wages directly and to ramp up benefits payments “today”. Conservatives from across the party said the chancellor’s response to the economic fallout from coronavirus had not gone far enough and would not prevent mass unemployment. Former business secretary Greg Clark said in the House [...]
Government measures will shore up British banks’ creditworthiness, says Moody’s March 19, 2020 Measures introduced by the Bank of England and Treasury to support the UK economy as it grapples with the coronavirus pandemic will support British banks’ creditworthiness, according to ratings agency Moody’s. On Tuesday, Chancellor Rishi Sunak announced a financial support package including up to £330m of loan guarantees, equivalent to 15 per cent of GDP, [...]
Thomas Cook: Taxpayers will pay for next tour firm collapse, says watchdog March 19, 2020 The collapse of Thomas Cook has left the government’s tourism industry fund severely depleted, meaning taxpayers would have to foot the bill if another tour operator falls into insolvency. Thomas Cook’s shock insolvency and the subsequent repatriation of thousands of customers cost the government at least £156m, according to the National Audit Office (NAO). The [...]
UK agrees measures to protect households’ energy supply March 19, 2020 The government and energy companies have agreed emergency measures to safeguard vulnerable households through the Covid-19 pandemic. From today, customers with pre-payment meters who cannot add credit will be able to contact their supplier to agree other options to keep their power on. These could include being sent pre-topped up cards, nominating a third party [...]
IAG boss Willie Walsh to take pay cut amid coronavirus strife March 18, 2020 British Airways owner IAG’s boss Willie Walsh, who earlier this week deferred his retirement to guide the airline group through the coronavirus crisis, has volunteered take a 20 per cent pay cut. Walsh’s decision, which was first reported by Sky News, makes him the latest in a series of prominent airline executives such as Virgin [...]
Coronavirus: Rishi Sunak leaves door open for ‘helicopter money’ strategies March 18, 2020 A wave of government cash handouts could be given to individuals and businesses if the scale of the economic downturn from coronavirus is worse than expected, according to Rishi Sunak. Sunak told the Treasury Select Committee he was “looking at every tool” to weather the economic storm and that “more macroeconomic, economy-wide solutions than targeted [...]