Sterling falls to six-month low as UK tightens virus measures March 17, 2020 Sterling dropped to its lowest level against the dollar in roughly six months today as the UK ramped up its measures to halt the spread of coronavirus. The pound fell as much as 0.6 per cent to $1.219 this morning — its lowest level since early September. Against the euro it edged up 0.2 per [...]
Chancellor Rishi Sunak to unveil lifeline for virus-hit businesses March 17, 2020 Chancellor Rishi Sunak is today expected to unveil a raft of additional measures to help the economy amid fears the coronavirus outbreak could put some firms out of business. In a joint press conference with Prime Minister Boris Johnson, scheduled for today, the chancellor will offer a larger bail-out fund for struggling firms, according to [...]
‘Levelling up’ is as important for London as it is for the rest of the country March 17, 2020 For many years there have been calls to bridge the UK’s stark north-south divide. These have come under many badges, from “rebalancing the economy” to “building a Northern Powerhouse”. Now, “levelling up” is the choice term for a government ambitious to deliver for voters who tore down Labour’s so-called “red wall” in December’s election. It [...]
Government announces plans to ensure new homes come with gigabit-speed broadband March 17, 2020 Digital secretary Oliver Dowden will today announce that the government will pass legislation to ensure new homes are built with gigabit-speed broadband. Currently, about one in five new homes is still built without gigabit-speed connections, but the new legislation will ensure developers are legally required to install digital infrastructure with internet speeds of over 1,000 [...]
‘Catastrophic’: Hospitality and leisure industries sound alarm over Johnson measures March 17, 2020 The UK’s hospitality industry issued a doom-laden warning last night after Prime Minister Boris Johnson yesterday told Brits to steer clear of pubs, eateries and theatres as the government escalated its coronavirus “fightback”. In a statement which Johnson acknowledged was unprecedented in peacetime, he urged Londoners in particular to “avoid all non-essential contact” with others [...]
Economists warn UK low-paid need more support amid coronavirus March 16, 2020 The UK government must do more to support individuals as they deal with the economic fallout from the coronavirus epidemic, leading economists have said. Prime Minister Boris Johnson today announced new government advice for people to avoid “all unnecessary social contact” and for those with any symptoms to stay at home for two weeks. Torsten [...]
Coronavirus: Sunak to head new economic and business response committee March 16, 2020 Prime Minister Boris Johnson has asked his chancellor Rishi Sunak to head up a new committee specifically dealing with the economic fall-out of the coronavirus. The economic and business response committee will consider the impact of Covid-19 as it continues to spread throughout the world, the Prime Minister’s official spokesman confirmed this morning. Business secretary [...]
EU rejects UK’s call for quick agreement on financial services equivalence March 16, 2020 The EU’s head of financial regulation has rejected the UK’s calls for the City’s future access to the bloc’s markets to be settled by the end of June, warning that Brussels’ decision will be based on the extent Britain wants to deviate from EU rules. UK chancellor Rishi Sunak last month called on the EU [...]
CBI boss calls for ‘fast’ action to help businesses March 16, 2020 The boss of the CBI has called for the government to help firms under threat from coronavirus. Dame Carolyn Fairbairn used an appearance on the BBC’s Today programme this morning to highlight the drop in demand facing businesses due to increased social distancing. This comes after the coronavirus crisis continued to escalate. “The severity of [...]
Andrew Bailey takes over with Bank of England battling coronavirus recession March 16, 2020 Andrew Bailey is no stranger to a tough job. But the incoming Bank of England governor, who takes up his new role as Mark Carney steps down tomorrow, could never have anticipated the size of the challenge that awaits him at Threadneedle Street. Bailey’s time at the Financial Conduct Authority began in the wake of [...]