New £1.8bn TfL bailout agreed at the eleventh hour November 1, 2020 Transport for London (TfL) will receive £1.8bn in government support to see it through until March after a second bailout deal was finally agreed last night. As a result of the coronavirus pandemic, the capital’s transport network has seen revenue dry up amid the collapse in passenger numbers. In March TfL received £1.6bn in the [...]
What’s in store for the airline industry this winter? October 30, 2020 Although every industry has suffered due to the coronavirus pandemic, few have been as hard hit as the world’s airlines. At the beginning of the year, the idea of a world without global air travel was for most people a relic of a long-forgotten past, but seven months of extreme turbulence have flipped that notion [...]
Small business would suffer from a capital gains tax hike – not just investors September 28, 2020 Capital gains tax (CGT) increases were reported to be in the chancellor’s sights before the Autumn Budget was cancelled to allow Rishi Sunak to focus on his winter economic plans. However any changes to CGT down the line could discourage small business investment just when it is needed most, says Claire Madden. Has there ever been a [...]
A quarter of hospitality firms could go bust by the end of the year without more government support September 23, 2020 New data from the pub industry released today showed that almost a quarter of hospitality businesses think they will go bust by the end of the year without new government support. Yesterday Boris Johnson unveiled sweeping new measures to curb a rise in coronavirus cases, including a 10pm curfew on all hospitality firms. The move, [...]
Business groups urge chancellor to unveil autumn Budget policies early September 18, 2020 Business lobby groups have urged chancellor Rishi Sunak to make early announcements on the upcoming autumn Budget, in a move to quell fears over the current economic uncertainty. Chancellor Rishi Sunak is expected to deliver the Budget in November, though reports last week suggested the announcement could be pushed back to spring 2021 if the UK [...]
Rishi Sunak can afford to be bold on pension reform in his autumn statement September 8, 2020 Rishi Sunak’s summer economic statement was essentially an exercise in positivity. The update, given by the chancellor two months ago, was mainly focused on helping Britain emerge from the coronavirus pandemic in decent shape. However, as with the various virus-related schemes announced in his spring Budget, his new initiatives to kickstart the economy come at [...]
Travel industry ‘desperately’ calls for help as jobs crisis looms August 24, 2020 The UK travel industry “desperately” needs more government help, with 39,000 jobs already lost or at risk due to the coronavirus pandemic, trade body ABTA has warned. The Association of British Travel Agents (ABTA) said that without “tailored support” 83 per cent of firms will be at “critical or serious” risk. Travel has been one [...]
Second wave fears: Rishi Sunak could delay autumn Budget August 12, 2020 Finance minister Rishi Sunak is weighing options to shelve his autumn Budget if the UK suffers a big second wave of the coronavirus, it is reported. While Sunak expects to deliver his Budget as planned, it is a sign of government anxiety over a possible autumn coronavirus spike that he is ready to delay big [...]
Crossrail set for further delays and cost increases due to coronavirus July 22, 2020 The long-awaited Crossrail transport project will face further delays and additional costs due to the coronavirus pandemic, London mayor Sadiq Khan has said. Much of the work on the huge rail project had to be suspended in the spring due to safety concerns over working in confined spaces. Speaking to the transport select committee this [...]
Stamp duty holiday: What does it mean for the UK housing market? July 7, 2020 In a “mini-budget” spring statement tomorrow chancellor Rishi Sunak is expected to announce a range of measures to boost the economy which has been ravaged by the coronavirus crisis. As part of the package the chancellor is reportedly planning to cut stamp duty for properties worth up to £500,000 in a bid to reinvigorate the [...]