The “vaccine effect” is boosting Britain’s economic prospects faster than other European countries, according to the Organisation for Economic Co-operation and Development. EMBARGOED TO 1000 TUESDAY The OECD, a club of developed economies, said it expected the UK’s national output to expand by 5.1% in 2021, some 0.9 percentage points higher than it expected in
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The Bank of England governor has sounded a relatively optimistic note on the economy, predicting that the coronavirus shock would cause less long-term damage than most recessions. Andrew Bailey also told a Resolution Foundation event that he expected to cut the Bank’s unemployment forecast following last week’s budget and that the Bank’s forecasts suggested the
Starling Bank will on Monday unveil the biggest fundraising in its seven-year history when it announces that it has secured more than £270m from investors including one of the world’s biggest sovereign wealth funds. Sky News has learnt that the digital challenger bank will confirm that its latest share sale will exceed expectations, bringing in
Deliveroo customers will be offered up to £50m of shares in the company’s blockbuster floatation, with the offer branded “Great food with a side of shares”. The restaurant and grocery delivery app will list its shares in London on Monday with a potential value of £7.5bn, making it the biggest market debut in Britain for
Ralph & Russo, the British couture fashion brand which has secured the backing of some of Britain’s wealthiest investors, has deferred salary payments to employees, raising doubts about the state of its finances. Sky News understands that Ralph & Russo informed some staff last month that it could not pay them after seeing sales slump
The founder of Cazoo, the fledgling online car retailer, is weighing a merger with a ‘blank cheque’ company involving some of the best-known names in American finance and technology that could value it at as much as $8bn (£6bn). Sky News has learnt that Alex Chesterman, who set up Cazoo just two years ago, has
COVID test kits will be made available free of charge to small firms as well as larger companies, in a move aimed at giving employers and staff peace of mind. All businesses in England, including those with fewer than 50 employees, will be able to sign up to the government’s free COVID-19 workplace testing programme.
Mike Ashley’s Frasers Group has branded the chancellor’s new business rates holiday “near worthless” for larger firms and is an obstacle to it taking on old Debenhams shops. The Sports Direct and House of Fraser owner said the £2m limit on the amount of relief a company can claim means it will have to review
Boohoo is facing renewed pressure from MPs on workers’ rights – days after Sky News revealed the online fashion retailer was facing the possibility of a US import ban over the issue. The Environmental Audit Committee (EAC) has written to the group’s chairman Mahmud Kamani to request that a long-term bonus scheme announced last year,
The Scotch whisky industry has welcomed a deal between the UK and US governments that has seen damaging tariffs, imposed by the Trump administration in 2019, suspended for four months. The 25% tariff fell under a range of European products targeted as part of a historical row over government subsidies given to European aerospace firm
The chancellor has vowed to build a “fairer” country in the memory of those who have died during the coronavirus pandemic after he outlined his budget. In an unprecedented Downing Street news conference following his announcement in the Commons, Rishi Sunak acknowledged the victims and said financial support will continue long after COVID restrictions end.
Chancellor Rishi Sunak has set out an extra £65bn in COVID support for employees and businesses – but announced a freeze on income tax thresholds and a rise in corporation tax to help pay back the UK’s rising debts. In his budget speech, Mr Sunak set out a three-part plan to “protect jobs and livelihoods
Furlough will be extended until the end of September, the chancellor will announce, as he unveils more support for workers and the self-employed. Ahead of the budget, Rishi Sunak has revealed that millions of workers will continue to have 80% of their wages paid until the end of September. More than 600,000 additional people, including
What’s going to be in the budget? A lot of the big announcements have already been revealed, leaked, or guessed at. Here’s what to expect: HOUSINGA mortgage guarantee scheme will help home buyers purchase properties worth up to £600,000 with a deposit of just 5% with the government underwriting the other 95%.Rishi Sunak could also
The chancellor is expected to give £408m to help museums, theatres and galleries to reopen in England as coronavirus restrictions ease. Rishi Sunak will announce the support for the badly-hit culture sector in his Budget on Wednesday, as many theatres mark a year of forced closure this month. The Budget will also include a “significant
High street footfall picked up sharply last week, apparently spurred by the announcement of the roadmap out of lockdown as well as sunny weather. Figures from data company Springboard showed visits to retail destinations rose by 11% compared to the week before in what was described as “ever clearer evidence of lockdown fatigue“. Live COVID