Dial “Enterprise, Enterprise, Enterprise” for this economic emergency December 2, 2020 Never before has a chancellor had to stand in the House of Commons and present quite such dire economic news: the largest fall in output in 300 years; the highest level of borrowing in our peacetime history; and unemployment set to rise by over a million in the next six months. Amid this economic emergency [...]
Is Opec+ fraying at the edges? November 30, 2020 As the Opec summit gets underway in Vienna, there are signs that the consensus about overproduction levels may be fading. The UAE and other major producers have indicated frustration at the current state of production. They see Saudi Arabia and Russia, two of the world’s largest producers, determining energy policy bilaterally, apart from the rest [...]
Covid crisis could slash wages by ‘£1,200 a year’ by 2025 November 26, 2020 The coronavirus pandemic will prolong Britain’s 15-year squeeze on household incomes and cut pay by £1,200 a year by 2025, according to a major think tank. In a stark report released today, the Resolution Foundation warned that despite politicians proclaiming an end to austerity, “its legacy will continue for many public services” throughout the course [...]
Charity begins at home — which makes foreign aid more important than ever November 26, 2020 No one can have envied Rishi Sunak yesterday, for it was the chancellor’s task to unveil the Spending Review to the House of Commons, facing (we were told by the Treasury) the worst economic landscape since the Great Frost of 1709. Sunak strove for sombre and minatory, but he has not yet gained enough political [...]
Going green – Does it threaten the future of oil speculation? November 25, 2020 Going green has rapidly risen on the agendas of the world’s leading companies, and by extension, investors big and small. You don’t have to look far in the news to see the growing popularity, if not expectation, of Environmental, Social and Governance (ESG) values being adopted in boardrooms. Combine those changing attitudes with the chaos [...]
Spending review live: Sunak pledges cash for city centres and transport but aid and public sector pay cut November 25, 2020 Spending review live: Sunak pledges cash for city centres and transport but aid and public sector pay cut
Cineworld reportedly mulling CVA to get through to the spring November 19, 2020 Cineworld is reportedly mulling entering a “company voluntary arrangement” (CVA) in a bid to keep the struggling cinema chain alive through to the spring. As a result of new restrictions imposed by the pandemic and decisions by Hollywood execs to delay a number of blockbusters, the company has shut all 657 of its cinemas in [...]
Swissport axes 3,000 jobs after ‘refusing’ to access furlough scheme November 17, 2020 Baggage handler Swissport is making 3,000 employees redundant after refusing to put them on furlough, according to a leading union. There was a wave of redundancies ahead of the 31 December deadline for the furlough scheme, which sees the government pay 80 per cent of employees’ wages. The Chancellor Rishi Sunak belatedly extended the scheme [...]
Weekly outlook, 16-20 November: will FTSE rally continue? November 15, 2020 After the best week for the FTSE 100 since April, investors will be keen to see if markets can keep the rally going, with a slew of heavyweights set to report. Last Monday Pfizer’s announcement that its vaccine was 90 per cent effective in treating the coronavirus disease sent stocks soaring. Traders cheered the news, [...]
Chancellor sets Budget for March 2021 November 12, 2020 The chancellor will announce a new government Budget in March as part of plans to hike income tax, the Treasury’s permanent secretary has announced. Speaking at a Public Accounts Committee meeting on the government’s furlough scheme this morning, Tom Scholar said: “There will be a Budget in March. We know a lot will change between [...]