HSBC moved  scam £62 million

    Britain’s biggest bank HSBC allowed fraudsters to transfer millions of dollars around the world despite learning their scam, leaked secret files reveal.  HSBC moved the money through its US business to HSBC accounts in Hong Kong in 2013 and 2014. Its role in the $80m ( £62m) fraud is detailed in a leak…

The UK is officially into recession

The UK economy suffered its worst and biggest slump on record between April and June due to coronavirus lockdown measures, shrinking as much as 20.4 per cent compared with the first three months of the year. The UK is officially into recession. Household spending plunged as shops were ordered to close, while factory and construction…

Government debt stands at £1.98 trillion

  The UK government borrowed £127.9bn between April and June for tackling the coronavirus pandemic, taking the total government debt to £1.98 trillion. The difference between spending and tax income was more than double the £55.4bn borrowed in the whole of the previous year.  The borrowing in June was lower in May at £35.5bn, as…

Promoting the elite at the expense of the workers

Trade conflicts caused by governments promoting the interest of the elite at the expense of workers. Across the world, the rich have prospered while workers can no longer afford to buy what they produce have lost their jobs, or have been forced into higher levels of debt. The class wars of rising inequality are a…

Bank of England pumps £100 bn into the economy

The UK has passed 300, 469 confirmed  Covid-19 cases, as the average number of deaths from Covid-19 over the last seven days is now 144 compared with 435 on May 18. Britain faces a Tsunami of job losses despite hundreds of thousands of furloughed employees getting back to work. MPs were told that jobs were…

Rishi Sunak extends the furlough scheme until October

Chancellor Rishi Sunak announced the UK furlough scheme to pay wages of workers on leave because of coronavirus has been extended to October. He further said the government-backed workers and companies going into the lockdown, and would support them coming out and confirmed that employees will continue to receive 80 per cent of their monthly…

Coronavirus: 3.5 m infected and 250, 000 dead worldwide

Protective screens and reduced hot-desking alternatives to social distancing where it is not possible are among measures being considered to let workplaces reopen. Reopening the economy will take more than modified working practices. Workers must be confident they are safe. Companies must be confident they won’t be sued if they get it wrong. And consumers…

Primark and Premier Inn lineup state loans

  FTSE100 giants Whitbread and Associated British Foods today lined up loans from the government as they handle mass  store, hotel and restaurant closures. ABF which owns Primark which shut 186 stores,  and Premier Inn owner, Whitbread  who had been forced to shut 800 hotels, both said  the Bank of England have confirmed they are…