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 all its stores to find any that may no longer be viable, due to the "unrealistic" levy. In his budget on Wednesday Rishi Sunak extended the holiday on business rates, a tax which all shops and pubs must pay, until the end of June. Live COVID updates from the UK and around the world Please use Chrome browser for a more accessible video player Sunak's tax announcements The original assistance package was due to run out at the end of March. Advertisement The chancellor said that for the rest of the financial year after June rates would remain discounted by two thirds, up to a value of £2m if businesses are closed. … [Read more...] about COVID-19: Mike Ashley’s Frasers Group warns business rates relief cap threatens stores
Small business 5 year survival rate
MARKS & Spencer plans to close ALL current accounts and its 29 bank branches this year. The closures, which will take effect this summer, are a result of a surge in online banking. The bank branches are located within M&S stores, but the travel money bureaux branches, which are located in over 100 stores, are unaffected. M&S told The Sun it aims to redeploy branch workers where possible, but it couldn't confirm how many are at risk of redundancy due to an ongoing consultation. M&S' current account has already closed to new customers, but it'll be available to existing customers until August 2021. The bank said it'll start contacting those customers and others who use the bank branches from today to explain their options. Where are M&S Bank's branches located? M&S Bank plans to shut its 29 bank branches from this summer. Aberdeen - St Nicholas Street Birmingham - High Street Bristol - Cribbs Causeway Bromley - High Street … [Read more...] about Marks and Spencer to close ALL current accounts and 29 bank branches this year
The Covid-19 recovery has cost the UK £407 billion, Rishi Sunak admitted today in his Budget speech. The Chancellor announced an additional £65 billion in spending on the recovery - extending furlough and other support for firms and workers through to September. He announced the creation of eight "free ports" - a scheme popular with Tory MPs to create "tax havens" within the UK. Duty on alcohol and fuel will both be frozen. And the minimum wage will increase by 19p an hour to £8.91 for over-23s. And he announced the creation of a Treasury branch office in Darlington - near to his own Richmond constituency. Describing the battering the economy had suffered during the Covid-19 pandemic, he said the forecasts show that this year the Government has borrowed a "record" £355 billion, the equivalent of 17% of the UK's national income - and the highest figure since World War II. He told MPs: "Next year, as we continue our unprecedented response to this crisis, borrowing is … [Read more...] about Budget 2021: £407billion cost of Covid unveiled in grim figures from Rishi Sunak
US jobs grew more than expected last month amid falling COVID-19 cases, rising vaccination rates and extra government support putting the labour market recovery back on firmer footing. Nonfarm payrolls surged 379,000 jobs in March after rising 166,000 in January, according to a closely watched employment report. It followed the first fall in eight months in December. Live COVID updates from the UK and across the world Please use Chrome browser for a more accessible video player Feb: 'This nation will know sunny days again' Economists had forecast February payrolls increasing by 182,000 jobs. Advertisement The Labor Department figures came after the Federal Reserve chair Jerome Powell gave an upbeat view of the jobs market, but warned a return to full employment this year was "highly unlikely". While the unemployment rate fell to 6.2% last month from 6.3% in January, it continued to be understated with people misclassifying … [Read more...] about US jobs surge beats forecasts in signs of labour market recovery
A proposed pay rise of 1% for nurses and other health workers who have been on the coronavirus frontline has triggered an angry backlash. Having been clapped by the nation during the COVID-19 pandemic, critics have branded as "contemptuous" the increase for NHS staff in England, with unions raising the prospect of industrial action . Health minister Nadine Dorries has said in "an ideal world" everyone would love to see nurses paid more, but the government cannot afford it in the face of record borrowing and costs due to the coronavirus crisis. Live COVID updates from the UK and around the world Please use Chrome browser for a more accessible video player 1% NHS staff pay rise 'most' we can afford What are the state of the nation's finances? Advertisement Chancellor Rishi Sunak set out plans in his budget this week to repair the Britain's battered coffers, which will see UK households and businesses … [Read more...] about Nursing pay rise row: Are other public sector workers in line for an increase?