With Tory unrest rising about public debt, Rishi Sunak admitted the government is borrowing an ‘extraordinary’ amount of money and action will be needed to return to a ‘sustainable footing’.
The Jet2.com and Jet2Holidays parent company recorded an 11 per cent decline in profits in the year to March 31 despite its revenues jumping by more than a fifth to £3.6billion.
The ailing department store chain will permanently close its large stores in Birmingham and Watford, as well as smaller outlets at Heathrow airport, St Pancras train station in London.
Boohoo said it has ditched two suppliers accused of employing staff on slave wages. It pledged to invest an initial £10m to stamp out malpractice and beef up its board with more independent directors.
After unleashing another £30bn jobs package, including unprecedented plans to give everyone in the country vouchers to eat out, Sunak declared he had never been a ‘prisoner of ideology’.
The firm, which allows investors to pool their money and lend it to businesses, had furloughed a ‘small number’ of staff. However, it did say it would cut around 85 jobs in the US.
The Office for National Statistics found that across the UK 46.6 per cent of people with jobs did some work from home in April. Of these people, 86 per cent did so because of the pandemic.
Celsa Steel became the first business to win support last week, securing a £30m loan. And car maker Jaguar Land Rover is reportedly among the other firms which are seeking support.
Firstgroup said its future was in doubt as it was impossible to know how the virus would affect its services. The warning spooked investors, sending shares crashing 23.1 per cent.
Property investor Segro has received around 93 per cent of the £3m rent due in advance for the third quarter of 2020, which runs between July and September.