Budget 2020: Chancellor Rishi Sunak promises “record” infrastructure spend March 10, 2020 Chancellor Rishi Sunak will pledge £600bn over a decade, as he promises “record amounts” of infrastructure investment in tomorrow’s Budget. The Treasury said Sunak will triple the average net investment seen over the past 40 years as part of the Prime Minister’s “levelling up” plans. The Budget, which will be delivered tomorrow, will see more [...]
UK coronavirus: Sixth Brit dies as Covid-19 infections hit 373 March 10, 2020 A sixth person has died after testing positive for coronavirus in the UK, as the number of confirmed cases rises to 373. The patient, who was in their eighties and had underlying health conditions, was treated by West Hertfordshire Hospitals NHS Trust. Chief medical officer Professor Chris Whitty said it appeared that the virus was [...]
UK banks announce lending support for coronavirus-hit firms March 10, 2020 Some of the UK’s biggest banks have announced measures to help businesses and customers to cope with the economic impact of the coronavirus outbreak. Britain’s largest high-street lender Lloyds said it would offer £2bn of loans without fees to small firms hit by the virus, and said some of the worst-affected businesses would be offered [...]
George Osborne’s former adviser Rupert Harrison: Extra spending in Budget is ‘welcome’ March 10, 2020 Rupert Harrison has spent the last few weeks monitoring obscure economic indicators – everything from pollution in Chinese cities to traffic in Milan – in an effort to guide his clients at investment giant Blackrock through the worst market crisis since 2008. He’s no stranger to financial turbulence, however, having been chained at the hip [...]
Can the chancellor protect the UK economy from coronavirus? March 10, 2020 You have to feel sympathy for Rishi Sunak. Suddenly appointed as chancellor after the unexpected resignation of Sajid Javid, he found himself with just weeks to put together the first Budget of the Boris Johnson era. Any chance he could simply copy Javid’s homework was then dashed when the former chancellor gave the Times chapter [...]
DEBATE: Should the chancellor bend the fiscal rules to increase spending in his first Budget? March 10, 2020 Should the chancellor bend the fiscal rules to increase spending in his first Budget? Will Tanner, director of Onward, says YES. It is the prerogative of a twenty-first century chancellor to set the rules of your own tenure. Gordon Brown, George Osborne, Philip Hammond and Sajid Javid (who never delivered a Budget) all established the [...]
Small Budget tweaks could give startups big improvements in access to cash March 10, 2020 Britain’s small business funding picture is mixed. The good news is that, while access to traditional bank loans has been limited since the financial crisis, founders have undoubtedly benefited from the rise of alternative finance. Over £2bn is now lent through peer-to-peer lenders and close to 400 equity crowdfunding deals take place in the UK [...]
SME group calls for next London mayor to lobby for business rates reform March 10, 2020 The next mayor of London should focus their energies on improving renting conditions for businesses and lobbying the Treasury for rates reform, according to a leading business advocacy group. The Federation of Small Business’ (FSB) mayoral manifesto, released today, calls on the next mayor to pressure “major landowners” to sign on to a “supportive small [...]
Global stocks plunge amid oil crash and coronavirus outbreak March 9, 2020 Global stock markets plunged today as a crash in oil prices and the rapid spread of coronavirus caused panic to set in on trading floors around the world. The UK’s FTSE 100 slumped 7.7 per cent in its biggest one-day fall since the 2008 financial crisis. The rout wiped £125bn off the value of the [...]
Coronavirus: Milan among cities quarantined in mass Italian lockdown March 9, 2020 Italy took the extraordinary step yesterday of quarantining 16m people in one of the country’s most prosperous regions as it ramped up its battle to halt the spread of Coronavirus. All 10m people from the region of Lombardy, including Italy’s financial capital Milan, have been placed into lockdown until 3 April, along with cities including Venice, Padua, Modena, Piacenza, Reggio Emilia and [...]