Page 9 - Uk Economy

Sunak's winter economy plan: Job scheme, extended loans for firms

Economists - and the chancellor himself - warned Thursday's package, while saving some jobs, won't stop a wave of redundancies when the current more generous program ends.

UK's Rishi Sunak considers sweeping tax hikes to plug Covid-19 hole

Tax hikes suggested by Treasury officials could raise an extra 20-30 billion pounds a year and some of them could be announced in an autumn budget statement by Sunak

UK treasury officials pushing for tax hikes to offset Covid impact: Report

Such hikes will enable the exchequer to raise at least 20 billion pounds ($26.70 billion) a year, and some could be introduced in the November budget, the Sunday Telegraph said

UK looking to drop 'Facebook tax' in favour of post-Brexit deal: Report

Britain introduced the digital services tax in April after slow progress in global negotiations over how to tax tech giants, many of which are US companies

UK govt debt tops $2.6 trn for first time; Sunak calls for tough decisions

It means Britain now owes an amount euiqvalent to more than 100 per cent of economic output, the heaviest burden since the early 1960s, the Office for National Statistics said on Friday

UK economy recovering from Covid shock, for now, as public borrowing mounts

Retail sales rose above pre-pandemic levels in July and August's Purchasing Managers' Index data showed the fastest growth in almost seven years

Covid-19: Britain enters recession as GDP tumbles 20.4%, worst in Europe

Brace for more job losses, says Sunak

Covid-19 impact: UK job losses hit decade-high, worse seen ahead

Mounting job losses are expected as Britain winds down its job-retention scheme, which has covered around one in three private-sector jobs. It is due to close at the end of October

Covid-19 crisis: Britain pauses on rate, sees unemployment at 2.5 million

BoE says downturn less severe than feared, avoids 'last resort' negative rates

As UK eases lockdown, services activity expands at fastest pace in 5 years

IHS Markit's Purchasing Managers' Index rose to 56.5 last month, up from 47.1 in June

Over half of furloughed UK staff back at work, think tank estimates

Britain's finance ministry has said furlough payments totalling 32 billion pounds ($42 billion) so far have been made in respect of a cumulative 9.5 million jobs

UK to create 'freeports,' bring massive tax cuts a year into Brexit: Report

The successful bidders designated as freeports will ultimately be legally outside UK customs territory, with goods imported, manufactured or re-exported without incurring national tariffs

UK to double work coaches as lockdown hammers jobs market

The number of work coaches at British job centres will double to 27,000 at a cost of 800 million pounds.

UK factories increasingly plan lay-offs, to recover from Covid-19: Survey

The survey showed only a slight improvement in gauges of revenue and new orders

UK PM Johnson unveils 5 billion-pound plan to fuel economic recovery

British Prime Minister Boris Johnson announced a 5-billion-pound (about US $6.2 billion) plan to fuel economic recovery in the wake of the coronavirus crisis.

UK economy shrinks by record 20.4%; BoE warns of worst recession in 300 yrs

In a slump that dwarfed previous downturns in Britain's recent history, the Office for National Statistics also said the economy shrank by 24.5% compared with April last year

Energy Efficiency Services JV becomes fastest-growing Indian firm in UK

The EPAL's watershed moment was in 2018 when it acquired Edina, UK's leading supplier, installer and maintenance provider for Combined, Heat and Power solutions.

UK's Sunak authorises bailout to rescue strategically important companies

Under the plan, which is named "Project Birch", the finance minister has raised the UK Treasury's capacity to handle bespoke bailouts of "viable" companies which have exhausted all options

Amid Covid-19 mess, PM Johnson plans to cut Huawei's 5G involvement in UK

Johnson has asked officials to make plans to reduce China's involvement in British infrastructure to zero by 2023

UK in deepest recession, but will not adopt negative interest rates: Report

Britain has the highest Covid-19 related death toll in Europe despite a lockdown that has kept citizens at home and businesses closed since March 23