Image copyright Getty Images Statutory sick pay should be increased and the furlough scheme extended on a flexible basis, new research suggests. Doing so would better manage a “crude” trade-off between lives and livelihoods as the UK economy reopens. These are two of the recommendations in a new report from the Royal Society. It says economic and health data should… Read more →
Image copyright Getty Images Ministers say they will not lift the benefits cap despite an advisory body warning it is stopping people getting help they need during the pandemic. The Social Security Advisory Committee said people living in areas with high rental costs were losing out due to a lack of flexibility in the system. Coronavirus meant it was “unrealistic”… Read more →
Image copyright JESSICA TAYLOR/UK Parliament MPs say the chancellor has “effectively drawn a line” under helping more than a million people excluded from government virus support packages. Last week, the Treasury Committee published an interim report into gaps in support to firms and workers hit by the virus. However, Rishi Sunak mounted a strong defence of his aid packages. The… Read more →
Here are five things you need to know about the coronavirus outbreak this Tuesday evening. We’ll have another update for you on Wednesday morning. 1. Virus won’t be gone by Christmas… or for years Image copyright Getty Images We must be realistic about the fact that coronavirus is here for the long term, leading scientists have told MPs. Even potentially… Read more →
Image copyright Getty Images Taxpayers face a day of reckoning when the government’s massive coronavirus support measures have to be paid off, experts warn. The Institute of Fiscal Studies think tank says the economy will remain in a “support and recovery” phase for some time, but higher taxes are inevitable. On Wednesday, the chancellor unveiled another £30bn of support, bringing… Read more →
Image copyright Getty Images The coronavirus crisis could “level down” the UK economy with London and the South East expected to bounce back more quickly than Hull and Bradford. Industries such as finance and construction will be worst hit by the pandemic, a report from the Social Market Foundation (SMF) has warned. Initially, that means London and the South East… Read more →
Image copyright Getty Images The UK was the hardest hit of all the G7 major industrialised nations in the weeks leading up to early June, according to BBC analysis of the first wave of the coronavirus pandemic. Analysis also showed that England fared the worst in Europe, just above Spain. The research compared 11-week periods for each nation as the… Read more →
Image copyright Getty Images The Federal Reserve has warned that America’s biggest banks could be hit by losses of up to $700bn (£563.6bn) in a severe downturn due to the pandemic. The US central bank said it would require firms to keep money on hand to guard against the risks. The Fed said it was barring share repurchases and limiting… Read more →
Image copyright Getty Images Financial markets in the US dropped more than 2% on Wednesday as a rise in coronavirus cases raised the prospect of another round of lockdown measures. New York and two nearby states announced a quarantine on visitors from some US hotspots, while Europe was said to be considering a ban on US visitors. The new rules… Read more →
Image copyright Getty Images The government will introduce new measures on Monday to protect businesses critical to public health from foreign takeovers. Changes to legislation would give ministers extra powers to protect those needed to help in future pandemics, who might be struggling now. The new powers will cover firms such as pharmaceutical companies. Business Secretary Alok Sharma said: “The… Read more →