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Tag: economy

London’s economy is expected to suffer a £44 billion hit due to Covid and take until the summer of 2022 before it bounces back, experts said. They said the capital’s economy, which is worth about £460 billion, is expected to shrink by 9.5 per cent this year but grow by...
The Mayor of London has said this morning that if London is moved into Tier 3 it would be ‘catastrophic’. The city is currently in Tier 2 – meaning household mixing is banned indoors – but pubs can stay open if they can operate as restaurants. Speaking live on Sky...
Christmas shoppers flooded England’s high streets for the first weekend since lockdown was lifted and non-essential stores were allowed to reopen. Despite the difficulties of the pandemic, retail experts predicted £1.5bn would be spent in shops nationwide on Saturday. Taking advantage of the first non-working day to do their Christmas...
Boris Johnson has told the a UK to prepare for a No Deal Brexit after a unsuccessful trade talks with Brussels . The Prime Minister put the country on notice that its EU departure at the end of the transition period on December 31 could be without a trade deal with...
The government and firms will continue to top up the wages of workers who have not been able to return to the workplace full time due to the virus The Jobs Support Scheme, which will replace the furlough scheme when it ends, will see workers get up to 77% of...
The UK unemployment rate has risen to its highest level for two years, official figures show. The unemployment rate grew to 4.1% in the three months to July, compared with 3.9% previously. Young people were particularly hard hit, with those aged 16 to 24 suffering the biggest drop in employment...
The UK economy grew by 6.6% in July, according to official figures, but remains far below pre-pandemic levels. It is the third month in a row that the economy has expanded. But the Office for National Statistics (ONS) said that the UK “has still only recovered just over half of...
MILLIONS of self-employed people whose trade has been hit by coronavirus can now apply for a second support grant from the government. More than three million people may be eligible for the payment of up to £6,570 each, which Chancellor Rishi Sunak said would be the final hand-out. HMRC said...
Two of the UK’s biggest High Street retailers, John Lewis and Boots, have announced 5,300 job cuts. Boots has stated 4,000 jobs will go, whilst John Lewis is closing down eight stores, placing 1,300 jobs at risk. The moves come among warnings that new economic support from Chancellor Rishi Sunak will not...
A Bank of England scenario sees UK GDP falling 14% this year, its worst annual slump for more than 300 years, and the jobless rate hitting 8% as the coronavirus crisis ravages the economy. The Bank released its first work on the potential impact of the lockdown measures to limit...
THE government has given formal approval for construction work on the HS2 rail project to begin despite lockdown measures. Construction firms involved in phase one of the high-speed rail project will need to follow social distancing rules. HS2 minister Andrew Stephenson said: “We cannot delay work on our long-term plan...
Government-backed loans worth £330bn and a three-month mortgage holiday have been announced by the chancellor as part of “unprecedented” measures to help businesses and families. Rishi Sunak unveiled the package of support at a Downing Street news conference on Tuesday as he said the UK faced an “economic emergency” in...
THE pound has fallen back to where it was before the UK general election amid fresh concerns over a no-deal Brexit. The government has said it wants to rule out any extension to the Brexit transition period beyond the end of next year. Sterling fell 1% against the dollar, to...
Pound recovers from three-year low to rise against dollar as Britain looks set for set for snap election after Tory rebels lead revolt over No Deal Brexit The British pound bounced back this morning amid hopes for a further delay to Brexit after falling to a three-year low against the US dollar...
PRODUCTION cars in the UK tumbled by almost 20% in November compared with a year earlier, according to the industry’s trade body. The Society of Motor Manufacturers and Traders (SMMT) blamed weaker demand in the UK and in export markets. It also said changes in regulation and the introduction of...
  Royal Bank of Scotland has applied for a German banking licence to help it retain clients in the European Union in the event of a no-deal Brexit. The move applies to all its subsidiaries, but would only affect NatWest, which trades across the bloc. RBS, which already has a...
  UNCLEAR clarity in Brexit has led the Bank of England to cut its UK growth forecast. The Bank said uncertainty over the UK’s departure from the EU had “intensified considerably” over the past month. Against a backdrop of weaker global growth, the Monetary Policy Committee (MPC) voted unanimously to keep interest...
GOVERNMENT analysis suggest that the UK will be poorer economically under any form of Brexit, compared with staying in the EU. Official figures clarify that the UK economy could be up to 3.9% smaller after 15 years under Theresa May’s Brexit plan, compared with staying in the EU. However, a...