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…

CBIl scheme stalled by banks who wants 12 per cent interest

MPs and firms have criticised banks for insisting on personal guarantees to issue government-backed emergency loans to business owners. The new requirement loads most of the risk that the loan goes bad on the business owner, rather than the banks, which means the banks can go after the personal property of the owner of a…

Self-employed rescue scheme

The Chancellor Rishi Sunak will today announce a package of support for Britain’s 5m self-employed people to help them through the coronavirus pandemic after Boris Johnson decreed they should have “parity of support” with employed counterparts. The self-employed would submit forms to HM Revenue & Customs, the tax authority, declaring their recent income, if there…

Coronavirus Pandemic financial rescue package

The government is about to launch its scheme to help small businesses access crucial loans this week after widespread criticism that it had not acted fast enough to aid companies who are struggling to survive being hit hard by the impact of coronavirus. Small companies are rapidly running out of cash as society shuts down…

Collapsed Yes Bank’s shares rise 47 per cent after rescue plan

India’s struggling Yes Bank, one of the country’s largest private lenders, which was taken over by the Reserve Bank this month, to prevent the lender’s collapse, reported a $2.5bn quarterly loss and rise in bad loans as authorities prepared for the final stages of a rescue plan to prevent septicity through a financial system already…