Coronavirus: Global airlines body says disease will cost industry $252bn March 24, 2020 Industry body the International Air Transport Association has more than doubled its previous estimates of the revenue damage that the coronavirus epidemic will do to the world’s airlines, now setting the figure at $252bn (£214bn). Due to the stringent travel bans and border closures that have been implemented around the world as the result of [...]
Boris Johnson must resist the urge to build, build, build back the same July 9, 2020 My (increasingly bushy) eyebrows raised somewhat last week when Boris Johnson stood in front of his podium with his latest three worder “build, build, build” and his promise to cut red tape around infrastructure – and raised even further when the chancellor promised to cut stamp duty during his economic statement delivered yesterday. It is [...]
Sajid Javid opts to go down with the ship February 14, 2020 Just under three months ago, Boris Johnson promised a room full of business leaders that Sajid Javid was guaranteed to remain in office as chancellor. He praised Javid and gave a “categorical” commitment to the CBI conference that he will remain in post. Yesterday, Javid was told that if he wanted to keep his job [...]
We can’t tax our way out of the Covid-19 crisis — instead, the chancellor must drive growth July 24, 2020 There has never been a time to my knowledge when, in the run up to a Budget or other fiscal event, the Treasury has not highlighted the pressures on public finances which made the option for significant (or, indeed, any) net tax cuts unwise. Typically, projected shortfalls in the state’s annual budgets have been in [...]
Coronavirus: MPs call for emergency funding for cultural organisations March 23, 2020 MPs today called for urgent government support for cultural organisations hit by closures and postponements due to the coronavirus outbreak. The Tate galleries, V&A and Natural History Museum are among scores of cultural institutions that have been forced to close their doors due to the pandemic. The National Trust yesterday reversed its decision to keep [...]
Coronavirus: Government plots further support for self-employed March 22, 2020 The government is exploring ways to provide additional help to self-employed workers amid concerns millions of Brits have been “excluded” from financial support during the coronavirus crisis. Housing secretary Robert Jenrick today said the government was looking at ways to overcome technical challenges relating to supporting self-employed people. “It is more complicated for the self-employed [...]
Businesses still struggling to access coronavirus loan scheme, says BCC April 15, 2020 Only two per cent of businesses have successfully managed to access the government’s coronavirus business interruption loan scheme (CBILS), according to a survey published today. Nine per cent of respondents to the survey by the British Chamber of Commerce (BCC) said they were unsuccessful with slow or no response from lenders the main reason cited. [...]
Sunak’s spending spree ‘catastrophe’ for UK’s night time industry July 9, 2020 Casinos, comedy clubs and nightclubs have accused the chancellor of letting Britain’s night industry “slip through the cracks”, as a new wave of financial support for the hospitality industry failed to provide specific support for shuttered night time venues. Chancellor Rishi Sunak unveiled a raft of measures in his £30bn mini-Budget yesterday, in a bid [...]
BoE governor Andrew Bailey: Don’t sack workers due to coronavirus slowdown March 18, 2020 The new Bank of England governor Andrew Bailey has said companies thinking about laying off workers should first consider the support the government and Threadneedle Street has made available to them during the coronavirus outbreak. Bailey also said he would not rule out any steps for the Bank of England at this stage, leaving the [...]
New Thames Estuary development plan could add £115bn to UK economy July 21, 2020 The Thames Estuary growth board has today launched a new development initiative that could add up to £115bn to the UK economy. Named the “Green Blue”, the scheme comprises 30 individual projects in the south-east, with the potential to create 1.5m jobs. These include infrastructure developments such as the Lower Thames Crossing, as well as [...]