Economy NEWS

UK unemployment reaches highest level for two years

The economic fallout from the coronavirus pandemic is continuing to emerge in the UK, with new figures showing that unemployment has risen to its highest level for two years. In the three months … Continue reading “UK unemployment reaches highest level for two years”


Employers planning redundancies at twice the rate of last recession

Employers in Britain are making plans for redundancies at more than double the levels seen in the 2008/9 recession, new figures reveal. It comes after social distancing measures to prevent the spread of … Continue reading “Employers planning redundancies at twice the rate of last recession”


HMRC estimates 1 in 10 furlough claims may have been fraudulent or paid in error

Businesses may have wrongly claimed up to £3.5bn in furlough payments, HM Revenue and Customs believes. The UK Government has so far paid out £35.4bn through the Coronavirus Job Retention Scheme to help … Continue reading “HMRC estimates 1 in 10 furlough claims may have been fraudulent or paid in error”


UK manufacturing industry calls for furlough scheme to be extended

Manufacturers have urged the UK Government to extend its Covid-19 furlough scheme, warning that the country risks being left in the “slow lane” behind major competitors in recovering from the pandemic. Industry association … Continue reading “UK manufacturing industry calls for furlough scheme to be extended”


UK economy hit hardest by Covid-19

Among the world’s major economies, the UK suffered the biggest economic impact from Covid-19 in the second quarter of the year, according to a new report. Figures compiled by the Organisation for Economic … Continue reading “UK economy hit hardest by Covid-19”


UK faces biggest recession on record

The UK is in recession for first time in 11 years, after coronavirus lockdown measures led to a huge drop in economic activity. The Office for National Statistics (ONS) said on Wednesday that … Continue reading “UK faces biggest recession on record”


UK employment shows biggest drop in over a decade

UK employment shows biggest drop in over a decade The number of people in work in the UK has fallen by the largest amount in over a decade, new figures show. It comes … Continue reading “UK employment shows biggest drop in over a decade”


Pizza Express to close 67 restaurants and put itself up for sale

Pizza Express is weighing up the the closure of around 15% of its 449restaurants in the UK, the restaurant chain revealed on Tuesday. It’s the latest High Street outlet to undertake a restructuring … Continue reading “Pizza Express to close 67 restaurants and put itself up for sale”


Homeworking costs London’s hospitality sector £2.3bn in lost lunches and after-work drinks

Already hit hard by Covid-19, London’s economy could see a huge knock-on effect from people continuing to work from home after lockdown. The widespread shift towards homeworking as a result of coronavirus has … Continue reading “Homeworking costs London’s hospitality sector £2.3bn in lost lunches and after-work drinks”


UK pubs and restaurants lost £30bn of sales in Q2

Sales at pubs, restaurants and hotels in the UK fell by 87% during the Covid-19 lockdown, according to industry data. After the government ordered restaurants, pubs, bars, hotels, attractions and other hospitality venues … Continue reading “UK pubs and restaurants lost £30bn of sales in Q2”


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