‘Turf war’ threatens Treasury as No 10 prepares for reshuffle February 12, 2020 Last minute preparations for a government reshuffle were ongoing last night ahead of an expected announcement tomorrow, with speculation that the Treasury’s ministerial team could be set for a shake-up. Rishi Sunak, second-in-command, is widely tipped for a promotion to a Cabinet post elsewhere in government after impressing No. 10. Sources have, however, suggested that [...]
Next Bank of England governor Andrew Bailey: Firms should expect coronavirus help March 4, 2020 The next Bank of England governor has said Threadneedle Street and the government is likely to provide loans to small and medium-sized firms to help them deal with supply chain disruptions from the coronavirus outbreak. Andrew Bailey told MPs that coronavirus was “going to be the first most pressing issue that we face”. He added [...]
PM warns Mike Ashley – obey the rules or face the consequences March 25, 2020 Prime Minister Boris Johnson has warned Sports Direct boss Mike Ashley to “obey the rules or to expect the consequences”, after the retailing heavyweight insisted staff must continue working during the coronavirus outbreak. During a bumper PMQs, Johnson was repeatedly asked about the situation facing workers, particularly self-employed, who currently have no additional support beyond [...]
UK government’s £330bn coronavirus package could be targeted by criminals March 24, 2020 The UK government’s £330bn emergency coronavirus aid package risks being targeted by organised crime, said a white collar crime lawyer. Risks will centre around false applications for small business grants of up to £25,000 each – and boiler room fraud operations could see money evaporate as organised crime gangs game the system, the lawyer said. [...]
Manchester Airport backs Virgin Atlantic bailout as airlines call for more support April 12, 2020 The boss of Manchester Airport has pleaded with the chancellor to save Virgin Atlantic from collapse as UK airlines urge the government to extend its support during the coronavirus crisis. Manchester Airports Group chief Charlie Cornish said Virgin was the biggest long-haul carrier at the airport, flying nearly 1m people a year to New York, [...]
Coronavirus could drag UK to recession worse than 2008 financial crash March 23, 2020 The coronavirus outbreak could drag the UK into a recession even more severe than the financial crash of 2008, according to new forecasts published today. The UK economy is expected to contract 2.6 per cent this year assuming the pandemic can be contained by the summer, according to KPMG’s latest quarterly economic outlook. However, a [...]
Coronavirus latest: UK to set out nationwide plan as Johnson warns spread ‘looks likely’ March 2, 2020 The UK government has agreed a plan for dealing with the coronavirus during an emergency Cobra meeting this morning, as the number of cases in the UK is expected to rise throughout the next few weeks. Prime Minister Boris Johnson urged people to “go about business as usual” and that the country was “very, very [...]
Sunak: Employers to contribute to furlough scheme from August May 29, 2020 Chancellor Rishi Sunak this afternoon announced that firms will have to begin contributing towards the government’s furlough scheme from August. Speaking at today’s coronavirus press conference, Sunak laid out a raft of changes to the Treasury’s job retention programme, the cornerstone of the government’s economic response to the crisis. In August, firms will only be [...]
Dow Jones closes in bear market as it plunges 1,400 points March 11, 2020 The Dow Jones has entered bear territory after plunging more than 1,400 points as investors panic over the coronavirus outbreak. The index dropped 1,464.94 points to 23,553.22, which means it is down 20 per cent from its recently set 52-week high. The benchmark S&P 500 closed 4.89 per cent lower while Nasdaq fell 4.37 per [...]
London house prices flatline amid coronavirus uncertainty July 10, 2020 London house prices stayed flat in the second quarter of this year as coronavirus took an uneven toll on the property market across the country, according to new figures. The Halifax house price index on Tuesday showed that UK house prices fell for the fourth month in a row in June. That meant house prices [...]