Thomas Cook: Taxpayers will pay for next tour firm collapse, says watchdog March 19, 2020 The collapse of Thomas Cook has left the government’s tourism industry fund severely depleted, meaning taxpayers would have to foot the bill if another tour operator falls into insolvency. Thomas Cook’s shock insolvency and the subsequent repatriation of thousands of customers cost the government at least £156m, according to the National Audit Office (NAO). The [...]
UK agrees measures to protect households’ energy supply March 19, 2020 The government and energy companies have agreed emergency measures to safeguard vulnerable households through the Covid-19 pandemic. From today, customers with pre-payment meters who cannot add credit will be able to contact their supplier to agree other options to keep their power on. These could include being sent pre-topped up cards, nominating a third party [...]
IAG boss Willie Walsh to take pay cut amid coronavirus strife March 18, 2020 British Airways owner IAG’s boss Willie Walsh, who earlier this week deferred his retirement to guide the airline group through the coronavirus crisis, has volunteered take a 20 per cent pay cut. Walsh’s decision, which was first reported by Sky News, makes him the latest in a series of prominent airline executives such as Virgin [...]
Coronavirus: Rishi Sunak leaves door open for ‘helicopter money’ strategies March 18, 2020 A wave of government cash handouts could be given to individuals and businesses if the scale of the economic downturn from coronavirus is worse than expected, according to Rishi Sunak. Sunak told the Treasury Select Committee he was “looking at every tool” to weather the economic storm and that “more macroeconomic, economy-wide solutions than targeted [...]
Pound crashes to 1980s lows amid coronavirus sell-off March 18, 2020 The British pound has suffered a historic plunge to its lowest level since 1985 as concerns mount about the economy amid the coronavirus outbreak and as investors flock towards the dollar. Sterling was last down four per cent against the dollar at $1.158, its lowest point since the economic turbulence of the 1980s and one [...]
IR35: Businesses welcome delay, but many have already cut contractors March 18, 2020 Businesses may have welcomed the delay of the IR35 reforms but some have already laid off contractors and abandoned projects in anticipation of the changes. Last night, chief treasury secretary Steve Barclay announced that the tax reforms would be pushed back by one year, less than a week after the measures were confirmed in the [...]
Coronavirus: UK cases rise by over 600 to reach 2,626 March 18, 2020 The Department of Health has confirmed that there have now been 2,626 coronavirus cases in the UK, up from 1,950 cases yesterday. It is the biggest daily surge of confirmed cases yet, as the government prepares for a surge in cases. The government said it had now tested 53,595 people for Covid-19. On Twitter the [...]
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 [...]
Coronavirus: Ryanair to ground ‘most if not all’ flights next week March 18, 2020 Ryanair has said that it will ground the vast majority of its flights from next Tuesday, only maintaining essential services between the UK and Ireland, in light of widespread coronavirus travel bans. In a statement, the budget carrier said that “most if not all Ryanair Group flights will be grounded” as passenger demand collapses due [...]
Coronavirus: Government to lift financial assistance rules for struggling airlines March 18, 2020 The government will use emergency legislation to ensure that airlines and other industries that have been hit hardest by the coronavirus epidemic receive the support they need to survive. According to the Times, ministers will use the legislation to lift restrictions on the amount of financial support that businesses can be given. At the moment, [...]