Economy

coronavirus and the homeless
When the first wave of the pandemic hit the UK, the government introduced special support measures for coronavirus and the homeless. Rough sleepers got hotel rooms as councils worked to get everyone off the street. The councils' action came in response to the government's special homelessness advisor, Dame Louise Casey, introducing the 'get everyone in drive'. She had written to...

Unemployment soars past 2 million, jobless claims spike 69% and Sunak...

The  UK has recorded its biggest ever monthly increase in unemployment claims with 856,500 people added to the benefits list in April. The overall number of people claiming universal credit and jobseekers allowance spiked to almost 2.1 million, according to...

‘Drop in consumer spending largest in 5 years’

Consumer spending in the United Kingdom contracted by over a third last month as a result of retail shops shutting to reduce the impact of the coronavirus on their...

Furlough continues, summer holidays cancelled and Ryanair prepares to fly again

Chancellor Rishi Sunak has assured millions of furloughed Britons that the government will continue paying a share of their wages up until the end of October. The job retention scheme...

Bank of England keen to cut rates below zero

The Bank of England (BoE) is mulling over slashing key policy rates to below zero as part of its efforts to support the UK economy. In a television interview on...

Britain suspends sales tax on protective equipment

The UK government is set to scrap sales tax on essential protective equipment as it seeks to help reduce the expenses of non-profit organisations such as care homes, charities, as well as businesses. On Thursday,...

British Airways lays off nearly 18K employees

Flag carrier British Airways Public Limited Company is set to lay off thousands of its employees amid the huge drop in air travel demand over fears of the coronavirus outbreak. The company revealed in a...

Small businesses get 100% state-backed guarantees

The UK government is offering government-backed rescue loans to small businesses that took a beating from the global pandemic. The plan came after calls on the government to revamp its emergency loan scheme following denied...

Brexit talks resume in midst of coronavirus – Scottish gov’t calls for 2 year...

Boris Johnson’s government has resumed Brexit talks with the European Union after several rounds of meetings had to be cancelled due to the coronavirus pandemic. The Scottish government has called for a two year extension...

Record death rate amidst warning GDP could fall 35% and unemployment hit 10% by...

The number of deaths recorded in England and Wales has hit a record high amidst warnings Britain’s GDP could shrink by 35% while unemployment may double to 3.4 million in the next two months. The...