Scrapping the furlough scheme would have been a disaster May 13, 2020 Businesses can breathe a little easier today. Fears that the Chancellor would cut back on the furlough scheme that is subsidising wages for a million businesses were put to rest as he confirmed that it would run into the Autumn. After days of mixed messages, Rishi Sunak’s reassurances that the withdrawal of support would not [...]
Government’s Future Fund approves just £55.9m of convertible loans to date June 9, 2020 The government’s Future Fund scheme has approved £55.9m of convertible loans despite receiving applications worth £515m on the first day of launching. The fund was set up as an alternative to the Coronavirus Business Interruption Loans Scheme (CBILS) for startups unable to demonstrate a turnover. It was designed to support startups through the coronavirus crisis [...]
Sadiq Khan is wrong — extending the furlough scheme would hinder London’s recovery, not help it June 25, 2020 Warning of a “looming unemployment crisis”, Sadiq Khan this week made an appeal for a further extension of the Coronavirus Job Retention Scheme (CJRS), under which more than a million Londoners have been furloughed. His concern for London jobs is understandable. But it would be wrong to continue the scheme beyond October. Furloughing made sense [...]
US stocks fall further into the red as investors lament lack of stimulus plan March 11, 2020 US stocks tumbled as investors grew concerned over the absence of immediate measures to counter the fallout from the coronavirus outbreak. The Dow Jones is down 791.84 points to 24,226.32, weighed down by a seven per cent drop in Boeing shares. The company plans a full drawdown of an existing $13.8bn loan as early as [...]
Budget 2020: Chancellor introduces digital services tax March 11, 2020 Chancellor Rishi Sunak today confirmed the introduction of a digital services tax as the government looks to ensure tech giants pay their fair share of tax. The new tax, which will come into force from 1 April, will charge two per cent levy on sales for certain digital businesses. The move is set to raise [...]
Khan calls for London furlough extension as he warns of ‘looming unemployment crisis’ June 23, 2020 Mayor of London Sadiq Khan has urged the chancellor to extend the furlough scheme in London’s most deprived areas, as he warned of a “looming unemployment crisis” in the UK. Khan today called on Rishi Sunak to extend the Coronavirus Job Retention Scheme beyond the end of the lockdown to avoid a sudden surge in [...]
Nathan Law: I’m not entitled to lose hope in Hong Kong’s struggle January 17, 2021 City A.M. Editor Andy Silvester talks to Nathan Law, a pro-democracy activist from Hong Kong and one of TIME Magazine’s 100 most influential people on the planet – discussing the territory’s battle against repression, Beijing’s war on free expression and the need for a global solution to authoritarianism Nathan Law should not be in London [...]
Coronavirus: Boris Johnson to outline UK ‘battle plan’ to combat Covid-19 outbreak March 3, 2020 Boris Johnson is set to unveil a government action plan to outline the UK’s response to a growing number of coronavirus cases across Britain. The Prime Minister will reveal a six-point plan at a Downing Street later today in which he is expected to commit to school closures and event cancellations if the spread of [...]
Budget 2020: Pilots call for air passenger duty tax suspension March 6, 2020 The British Airline Pilots Association (Balpa) has called on chancellor Rishi Sunak to suspend air passenger duty in next week’s budget to protect the struggling aviation industry and avoid another airline collapsing like Flybe. Global airlines have been severely damaged by the coronavirus outbreak, with international trade body IATA predicting a 24 per cent reduction [...]
Coronavirus: Government pledges ‘whatever it takes’ to help British businesses March 17, 2020 The government has pledged to do “whatever it takes” to support a greater number of British businesses and individuals as the coronavirus outbreak causes major economic disruption. Chancellor Rishi Sunak said government would “stand behind businesses small and large”, pledging government-backed and guaranteed loans “to get through this”. The loan package totalled £330bn, equivalent to [...]