BRITAIN owes an absolute pile. Government debt has surged to £2.198 TRILLION thanks to the Covid crisis. But what does that kind of cash actually look like? It’s a bigger wedge than any of us will ever get our hands on. The sum could fund one-and-a-quarter Iraq Wars – or nearly 14 years of NHS spending. It’s £33,000 for every man, woman and child in the UK. Chancellor Rishi Sunak says he’ll get it down . . . eventually. Well, best of luck, mate. Here, we show what £2,198,000,000,000 looks like – in used £50s plonked into Wembley Stadium. £2,198trillion is the Government forecast for public sector net debt in 2020-21. It is around 108 per cent of gross domestic product, the worth of everything produced in a year in the UK. It is financed mainly by Government bonds and quantitative easing or “printing money”. The Government expects to pay around £45billion in debt interest in 2021/22. Source: Budget 2021, HM Treasury. Height of money pile based on … [Read more...] about This is what our £2 TRILLION debt would look like piled up in Wembley stadium
ARSENAL will reportedly allow four of their Under-23 stars to leave the club in the summer. According to Football London, Ben Sheaf, Arthur Okonkwo, Joseph Olowu and Kido Taylor-Hart's respective stints with the north London club will come to an end at the end of the season. Sheaf's time with the Gunners will draw to a close as his loan club Coventry City have an obligation to permanently acquire his services. Last September, Coventry chief Mark Robbins said: “If certain criteria are met it’s an obligation to buy. “So it’s not an option to buy, more an obligation and I think he’s an outstanding young talent and we’re in a position to sign him at the end of this season." Okonkwo and Olowu, meanwhile, are both set to become free agents at the end of the campaign. And it's claimed the Arsenal brass will not offer the duo, 19 and 21 respectively, new deals following the expiration of their current contracts. Taylor-Hart is also said to be on course to leave the … [Read more...] about Arsenal set to axe FOUR top youngsters at end of season and Folarin Balogun future up in air as teen rejects new deal
UNIVERSAL Credit is a single monthly payment that rolls six benefits into one. The payments are calculated depending on your individual circumstances so yours won't necessarily be the same as someone else's. It's designed to help people on lower incomes, but the government says it should also help people get back into work. But the more you work the more your benefits will be affected. This is because Universal Credit is subject to the taper rate, which means that for every £1 you earn over a certain allowance, 63p is deducted from your payments. We believe you should be able to keep hold of more of your cash. The Sun wants the taper rate to be slashed to 50p to help at least four million struggling families. But until then, we talk you through how your Universal Credit payment is worked out and how getting a job will affect your payments. Universal Credit calculators TRYING to work out how much Universal Credit you can get can be overwhelming. There … [Read more...] about Universal Credit calculator: How much can you get?
NHS nurses have slammed the government's proposal of a 'pitiful' 1 per cent pay rise after Rishi Sunak warmed Britain will be paying off Covid debts for decades. The Royal College of Nursing said nurses should be getting 12.5% more and said the government should expect a "backlash" should the suggested pay rise goes ahead. A staggering 1 million people will be dragged into paying the higher rate of income tax by 2025 thanks to the Chancellor's plans, they warned - taking the total to 5 million. Paul Johnson, from the IFS, warned that further tax rises are likely to lie ahead and said it was a "tale of two budgets" as the Chancellor extended several support packages including furlough for months to come. He said the tax burden is set to rocket to levels not seen since the 1960s, and warned gloomily: “It is possible we'll see even bigger ones over the next few years”. Mr Johnson said: “Take account of the cuts to planned spending announced in the Autumn and Santa Sunak, … [Read more...] about Budget 2021 news – NHS nurses’ FURY at ‘pitiful’ 1% pay rise after covid created toughest year in living memory
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 during the coronavirus pandemic. The business, which was founded in 2010 by creative director Tamara Ralph and her then-boyfriend, Michael Russo, has received tens of millions of pounds in funding from the likes of Candy Ventures, the investment vehicle of property developer Nick Candy, and John Caudwell, the billionaire founder of Phones 4U. Tennor Holding, the owner of the La Perla lingerie brand and investment vehicle of financier Lars Windhorst, invested $50m for a minority stake in Ralph & Russo in 2019. Ralph & Russo sprang to international prominence in 2017 when the Duchess of Sussex - then Meghan Markle - wore one of … [Read more...] about Couture fashion brand Ralph & Russo defers staff payments amid COVID-19 impact