news--2020-03-23--Coronavirus: Deliveroo chief urges PM to back takeaways

The founder of Deliveroo has urged Boris Johnson to relieve the pressure on Britain 's supermarkets by launching an information campaign to promote the safety of restaurant food as thousands of outlets face insolvency .
Sky News has been passed a letter from Will Shu , who runs the food delivery app , to the prime minister in which he warns that a vast economic support package unveiled last week will not be sufficient to keep restaurants offering takeaway and delivery services as the coronavirus crisis unfolds .
Wagamama , the Japanese noodle chain owned by The Restaurant Group , @ @ @ @ @ @ @ UK restaurants from Tuesday , a decision that means temporarily suspending its partnership with Deliveroo .
The letter from Mr Shu , sent on Monday , argues that there is `` significant confusion among the public about the transmission of the virus '' , and called for ministers to highlight evidence from the NHS and other health bodies that it can not be passed on through food .
`` This concern is impacting on restaurant orders and putting further pressure on supermarkets as they are viewed as the only safe place to get @ @ @ @ @ @ @ the virus being higher in a crowded supermarket than via takeaway food , '' Mr Shu wrote .
He called for `` urgent support ... to prevent both small independent restaurants and large chains from closing in the coming hours '' .
The Deliveroo chief asked the government `` to mandate that all restaurant delivery services must be contactless - a step we and our primary competitors have already taken '' , and to `` produce official government information material , for use on social media and by restaurants for display in their @ @ @ @ @ @ @ delivery and takeaway , safely managed , is safe '' .
Thousands of pubs and restaurants were closed at the weekend following an instruction from Mr Johnson that they would be required to shut in order to curtail the spread of COVID-19 .
Deliveroo , which is awaiting a ruling from competition regulators about a proposed investment from Amazon , is facing a potentially turbulent period , even as demand is expected to increase in many of the markets in which it operates .
An unprecedented pledge from Rishi Sunak , the chancellor @ @ @ @ @ @ @ % of workers ' wages for three months if they were not made redundant was broadly welcomed by business groups .
However , its implementation will come too late for many small employers , which are unable to meet other costs as they fall due in the coming days .
Mr Shu wrote that the Coronavirus Job Retention Scheme had `` created an incentive for restaurants to close , rather than retain key staff to operate takeaway services '' .
`` Restaurants are inherently low margin businesses with high minimum labour costs , @ @ @ @ @ @ @ said that the number of kitchen staff needed to provide takeaway food alone was `` fixed in nature and not significantly lower than the number of kitchen staff needed to serve the restaurant at full dine-in capacity '' .
`` This means that , without subsidy to support wages , the cost of retaining the necessary staff to provide takeaway food is , for most restaurants , likely to be greater than the revenues they can generate .
`` Our analysis indicates that even if takeaway sales increase by 33-50 % of their @ @ @ @ @ @ @ % short of breaking even .
`` This figure comes before rent costs which will compound the picture further for restaurants . ''
The Deliveroo chief urged the government to provide a guarantee to restaurants remaining open for takeaway purposes that they would `` at the very least not be worse off financially than if they closed and furloughed all staff '' .
`` Specifically , the Government should commit to paying 80 % of the wages for critical restaurant staff who remain in work providing takeaway food , where the restaurant commits @ @ @ @ @ @ @ wages .
`` This will ensure that the employees retain at least 100 % of their usual earnings if they continue to work and continue to take part in ensuring that people at home have access to hot food - a vital public service during this crisis . ''
Mr Shu also sought to address the crisis facing restaurants with quarterly rent payments due this week .
He asked ministers to require commercial landlords to provide a 90-day eviction holiday , `` allowing restaurants to remain in their premises to continue operating in @ @ @ @ @ @ @ upcoming rental payments '' .
After his letter was sent , the government announced that it would introduce a three-month ban on evictions for commercial tenants who miss rent payments .

The founder of Deliveroo has urged Boris Johnson to relieve the pressure on Britain's supermarkets by launching an information campaign to promote the safety of restaurant food as thousands of outlets face insolvency.
Sky News has been passed a letter from Will Shu, who runs the food delivery app, to the prime minister in which he warns that a vast economic support package unveiled last week will not be sufficient to keep restaurants offering takeaway and delivery services as the coronavirus crisis unfolds.
Wagamama, the Japanese noodle chain owned by The Restaurant Group, is ending takeaway services from its 155 UK restaurants from Tuesday, a decision that means temporarily suspending its partnership with Deliveroo.
The letter from Mr Shu, sent on Monday, argues that there is "significant confusion among the public about the transmission of the virus", and called for ministers to highlight evidence from the NHS and other health bodies that it cannot be passed on through food.
"This concern is impacting on restaurant orders and putting further pressure on supermarkets as they are viewed as the only safe place to get food, despite the risks of contracting the virus being higher in a crowded supermarket than via takeaway food," Mr Shu wrote.
He called for "urgent support... to prevent both small independent restaurants and large chains from closing in the coming hours".
The Deliveroo chief asked the government "to mandate that all restaurant delivery services must be contactless - a step we and our primary competitors have already taken", and to "produce official government information material, for use on social media and by restaurants for display in their windows, that makes clear that food delivery and takeaway, safely managed, is safe".
Thousands of pubs and restaurants were closed at the weekend following an instruction from Mr Johnson that they would be required to shut in order to curtail the spread of COVID-19.
Deliveroo, which is awaiting a ruling from competition regulators about a proposed investment from Amazon, is facing a potentially turbulent period, even as demand is expected to increase in many of the markets in which it operates.
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An unprecedented pledge from Rishi Sunak, the chancellor, that the state would pay 80% of workers' wages for three months if they were not made redundant was broadly welcomed by business groups.
However, its implementation will come too late for many small employers, which are unable to meet other costs as they fall due in the coming days.
Image: The firm's boss says there is 'significant confusion among the public about the transmission of the virus'
Mr Shu wrote that the Coronavirus Job Retention Scheme had "created an incentive for restaurants to close, rather than retain key staff to operate takeaway services".
"Restaurants are inherently low margin businesses with high minimum labour costs," he told Mr Johnson.
He said that the number of kitchen staff needed to provide takeaway food alone was "fixed in nature and not significantly lower than the number of kitchen staff needed to serve the restaurant at full dine-in capacity".
"This means that, without subsidy to support wages, the cost of retaining the necessary staff to provide takeaway food is, for most restaurants, likely to be greater than the revenues they can generate.
"Our analysis indicates that even if takeaway sales increase by 33-50% of their usual trade, restaurants will be 17-30% short of breaking even.
"This figure comes before rent costs which will compound the picture further for restaurants."
The Deliveroo chief urged the government to provide a guarantee to restaurants remaining open for takeaway purposes that they would "at the very least not be worse off financially than if they closed and furloughed all staff".
"Specifically, the Government should commit to paying 80% of the wages for critical restaurant staff who remain in work providing takeaway food, where the restaurant commits to paying at least 20% of wages.
"This will ensure that the employees retain at least 100% of their usual earnings if they continue to work and continue to take part in ensuring that people at home have access to hot food - a vital public service during this crisis."
Mr Shu also sought to address the crisis facing restaurants with quarterly rent payments due this week.
He asked ministers to require commercial landlords to provide a 90-day eviction holiday, "allowing restaurants to remain in their premises to continue operating in the event they are unable to make upcoming rental payments".
After his letter was sent, the government announced that it would introduce a three-month ban on evictions for commercial tenants who miss rent payments.


news--2020-03-11--Budget 2020: Key points explained

Budget 2020: Key points explained

Here are the key points from Chancellor Rishi Sunak 's budget speech : Government response designed to be complementary to measures announced by Bank of England .
Details a `` £30bn stimulus '' package .
Warns of temporary disruption to economy from COVID-19 .
It will be `` tough '' and `` significant '' but says things will return to normal .
`` What everyone needs to know is that we are doing everything we can to keep this country , and our people , healthy and financially secure '' .
Budget aims to bring `` stability and security '' @ @ @ @ @ @ @ requires `` whatever it needs , whatever it costs '' .
£6bn in new money for the NHS over this parliament - separate to emergency fund .
Extra funding for taxman to secure money from tax evaders and avoiders - aimed at securing £4.4bn of extra revenue for the health service .
Statutory sick pay available to those advised to self-isolate - even if they have n't presented with symptoms .
More help for self-employed or those in gig economy through £500m welfare boost and new £500m hardship fund .
Government to meet @ @ @ @ @ @ @ up to 14 days for workers in firms with up to 250 employees .
Loans available to help small and medium-sized businesses .
Business rates abolished for retail , leisure or hospitality business with a rateable value below £51,000 .
Fuel , beer , wine and spirit duties all frozen to help a `` thriving '' private sector Business rates discount for pubs at £5,000 this year only National Insurance threshold to rise from £8,632 to £9,500 saving a typical employee £104 annually .
No VAT on tampon products from January one we @ @ @ @ @ @ @ remains at 19 % and will not be cut to 17 % .
Reducing the lifetime limit for Entrepreneurs ' Relief from £10m to £1m - saving taxpayers ' £6bn .
£5bn to get superfast broadband into rural areas and £510m for shared rural mobile phone network .
£2.5bn pothole fund .
`` Biggest programme of public investment ever '' with £27bn for strategic roads this Parliament .
New economic campus in northern England will include 750 staff from the Treasury and other departments - moving 22,000 civil servants outside central London eventually @ @ @ @ @ @ @ , £360m for the Welsh government , and £210m for the Northern Ireland Executive .
New devolution deal in West Yorkshire , with a directly-elected mayor for the region and `` London-style funding settlements '' for all eight metro mayors worth £4.2bn .
£120m to help with flood clean-up and £5.2bn over six years for flood defences - a doubling of current package Plastics packaging tax will charge manufactures and importers £200 per tonne on packaging made of less than 30 % of recycled plastic .
Red diesel tax relief to be abolished @ @ @ @ @ @ @ it Levy on electricity frozen from April 2022 in favour of rise on gas .
£1bn building safety fund to remove unsafe cladding from buildings above 18 metres tall following Grenfell fire and affordable homes programme extended .
£1.5bn over five years to improve the further education college buildings .
Funding for up to 19 Maths schools on top of existing spending boost for education .
VAT on digital publications including books , newspapers , magazines and academic journals abolished from December .
Budget package delivered within the government 's fiscal rules on @ @ @ @ @ @ @ .
Independent Office for Budget Responsibility , without accounting for the impact of coronavirus , has forecast UK growth of 1.1 % in 2020 , 1.8 % in 2021 .
OBR sees borrowing rising from 2.1 % of GDP in 2019/20 to 2.4 % in 2020/21 and 2.8 % in 2021/22 .

Here are the key points from Chancellor Rishi Sunak's budget speech:
Coronavirus
Government response designed to be complementary to measures announced by Bank of England. Details a "£30bn stimulus" package.
Warns of temporary disruption to economy from COVID-19. It will be "tough" and "significant" but says things will return to normal.
"What everyone needs to know is that we are doing everything we can to keep this country, and our people, healthy and financially secure". Budget aims to bring "stability and security".
Coronavirus - NHS
NHS will get the resources it requires "whatever it needs, whatever it costs".
£5bn emergency response fund for NHS and public services initially.
£6bn in new money for the NHS over this parliament - separate to emergency fund.
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Extra funding for taxman to secure money from tax evaders and avoiders - aimed at securing £4.4bn of extra revenue for the health service.
Coronavirus - workers
Statutory sick pay available to those advised to self-isolate - even if they haven't presented with symptoms. More help for self-employed or those in gig economy through £500m welfare boost and new £500m hardship fund.
Government to meet cost of providing statutory sick pay for up to 14 days for workers in firms with up to 250 employees.
Coronavirus - businesses
Loans available to help small and medium-sized businesses. Business rates abolished for retail, leisure or hospitality business with a rateable value below £51,000.
£3,000 cash grant to businesses eligible for small business rates relief.
Tax
Fuel, beer, wine and spirit duties all frozen to help a "thriving" private sector
Business rates discount for pubs at £5,000 this year only
National Insurance threshold to rise from £8,632 to £9,500 saving a typical employee £104 annually.
No VAT on tampon products from January one we have left the EU.
Business
Corporation Tax remains at 19% and will not be cut to 17%.
Research and development investment rising to £22bn annually.
Reducing the lifetime limit for Entrepreneurs' Relief from £10m to £1m - saving taxpayers' £6bn.
'Levelling-up'
£5bn to get superfast broadband into rural areas and £510m for shared rural mobile phone network.
£2.5bn pothole fund. "Biggest programme of public investment ever" with £27bn for strategic roads this Parliament.
New economic campus in northern England will include 750 staff from the Treasury and other departments - moving 22,000 civil servants outside central London eventually.
£640m extra for the Scottish government, £360m for the Welsh government, and £210m for the Northern Ireland Executive.
New devolution deal in West Yorkshire, with a directly-elected mayor for the region and "London-style funding settlements" for all eight metro mayors worth £4.2bn.
Climate
£120m to help with flood clean-up and £5.2bn over six years for flood defences - a doubling of current package
Plastics packaging tax will charge manufactures and importers £200 per tonne on packaging made of less than 30% of recycled plastic.
Red diesel tax relief to be abolished in two years though farmers will keep it
Levy on electricity frozen from April 2022 in favour of rise on gas.
Housing
£1bn building safety fund to remove unsafe cladding from buildings above 18 metres tall following Grenfell fire and affordable homes programme extended.
Education
£1.5bn over five years to improve the further education college buildings.
Funding for up to 19 Maths schools on top of existing spending boost for education.
VAT on digital publications including books, newspapers, magazines and academic journals abolished from December.
Economic forecasts & spending
Budget package delivered within the government's fiscal rules on spending "with room to spare".
Independent Office for Budget Responsibility, without accounting for the impact of coronavirus, has forecast UK growth of 1.1% in 2020 , 1.8% in 2021.
OBR sees borrowing rising from 2.1% of GDP in 2019/20 to 2.4% in 2020/21 and 2.8% in 2021/22.


news--2020-03-11--Rishi Sunak's first budget is 'economic shock and awe'

There were two budgets announced in the Commons today .
The first was the one the chancellor ( and his predecessor ) had clearly been planning for some time : the one about `` getting it done '' .
This budget was laid out in vivid detail in the budget documents : it would include a dramatic increase in public spending over the coming years .
It would constitute the biggest giveaway since Norman Lamont 's 1992 Budget .
It would mark a major shift in the Tory party 's political direction .
If austerity ended under Philip Hammond , @ @ @ @ @ @ @ , splurging .
Splurging on public services and splurging on investment .
More roads and railways , more infrastructure like broadband .
And a fair bit more debt .
The deficit will nearly double in the final year of the forecast horizon , up from £33bn in 2023/24 to £60bn .
However , the chancellor has just about managed to meet his fiscal rules - in part because those rules are less tough than the ones Mr Hammond had , in part because the deficit is starting from a low position and the @ @ @ @ @ @ @ down rather than up ( more on rates in a moment ) .
But that was not the only budget today .
In fact , for many people it was the least relevant bit Rishi Sunak announced .
His other budget was a very different beast : a swathe of measures aimed at supporting businesses and households throughout the coronavirus outbreak .
In an unprecedented move , these measures , which total about £12bn , were added so late that they are n't even included in the budget 's main table of measures @ @ @ @ @ @ @ from funding for sick pay to a business rates holiday and more besides , are both big but also quite forensic .
The chancellor held back from the more dramatic economy-wide kinds of measures some thought he might resort to .
However , like much else in this budget the COVID-19 package begs more questions than it answers .
How will it be funded ?
All through borrowing , presumably .
Will the chancellor meet the fiscal rules once that extra £12bn is borne in mind ?
What will actually happen to economic @ @ @ @ @ @ @ OBR said the GDP forecasts it unveiled today do not include the full expected economic impact of the virus .
The Treasury and OBR can not be blamed for the fact that the virus onset and the associated economic effects are happening so fast that they can barely account for them .
Yet it is a reminder that this crisis is still in its early days .
It may well be that the chancellor has to return to the Commons with further stimulus measures as the COVID-19 outbreak continues .
Still , when @ @ @ @ @ @ @ today they add up to a monumental increase in spending - some in future years and some immediately on the virus .
When you consider that they came on top of an emergency cut in interest rates from the Bank of England , we really are talking about economic shock and awe .

The budget details a monumental increase in spending - some in future years and some immediately on the coronavirus.
There were two budgets announced in the Commons today.
The first was the one the chancellor (and his predecessor) had clearly been planning for some time: the one about "getting it done".
This budget was laid out in vivid detail in the budget documents: it would include a dramatic increase in public spending over the coming years.
It would constitute the biggest giveaway since Norman Lamont's 1992 Budget. It would mark a major shift in the Tory party's political direction.
If austerity ended under Philip Hammond, this budget is all about, well, splurging. Splurging on public services and splurging on investment.
More roads and railways, more infrastructure like broadband. And a fair bit more debt.
The deficit will nearly double in the final year of the forecast horizon, up from £33bn in 2023/24 to £60bn.
However, the chancellor has just about managed to meet his fiscal rules - in part because those rules are less tough than the ones Mr Hammond had, in part because the deficit is starting from a low position and the interest rates on that debt are going down rather than up (more on rates in a moment).
Please use Chrome browser for a more accessible video player 3:48 Sunak's three-point plan to tackle coronavirus
But that was not the only budget today. In fact, for many people it was the least relevant bit Rishi Sunak announced.
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His other budget was a very different beast: a swathe of measures aimed at supporting businesses and households throughout the coronavirus outbreak.
In an unprecedented move, these measures, which total about £12bn, were added so late that they aren't even included in the budget's main table of measures.
The COVID-19 measures, which range from funding for sick pay to a business rates holiday and more besides, are both big but also quite forensic. The chancellor held back from the more dramatic economy-wide kinds of measures some thought he might resort to.
However, like much else in this budget the COVID-19 package begs more questions than it answers. How will it be funded? All through borrowing, presumably. Will the chancellor meet the fiscal rules once that extra £12bn is borne in mind? What will actually happen to economic growth in the coming months? The OBR said the GDP forecasts it unveiled today do not include the full expected economic impact of the virus.
Please use Chrome browser for a more accessible video player 2:09 A round-up of the Chancellor's budget speech
The Treasury and OBR cannot be blamed for the fact that the virus onset and the associated economic effects are happening so fast that they can barely account for them. Yet it is a reminder that this crisis is still in its early days. It may well be that the chancellor has to return to the Commons with further stimulus measures as the COVID-19 outbreak continues.
Still, when you combine the measures from the Treasury today they add up to a monumental increase in spending - some in future years and some immediately on the virus. When you consider that they came on top of an emergency cut in interest rates from the Bank of England, we really are talking about economic shock and awe.


news--2020-03-11--Struggling Debenhams hunts successor to CEO Vansteenkiste

The boss of Debenhams is preparing to leave the embattled department store chain after less than a year in the job as its owners hunt for a seasoned retail executive take the helm .
Sky News has learnt that Stefaan Vansteenkiste is to step down within months , after taking over as chief executive only last August .
Spencer Stuart , the headhunter , is understood to have been appointed to handle the search .
Mr Vansteenkiste had always been envisaged to be a temporary appointment by Debenhams ' new owners as the business completes its financial restructuring .
On @ @ @ @ @ @ @ period during which its Company Voluntary Arrangement ( CVA ) with creditors could be challenged had expired .
That milestone means that Debenhams can now proceed with a £100m debt-for-equity swap , even as it pursues further rent and business rates cuts with landlords and local authorities .
Mr Vansteenkiste said on Wednesday that the conclusion of the CVA challenge period was `` great news for Debenhams '' .
`` We can put the distraction of this litigation behind us and proceed with our plans to turn the business around .
`` With @ @ @ @ @ @ @ a restructured balance sheet we have the platform from which to rebuild a sustainable business . ''
Debenhams ' shareholders - which are largely American hedge funds - are understood to be seeking a seasoned retail executive to try to restore the chain to sales growth after a torrid period .
One insider said they wanted to ensure a new boss was in place in time for peak trading in the run-up to Christmas , meaning Mr Vansteenkiste is expected to leave by the end of the summer .
However , the uncertain @ @ @ @ @ @ @ economy may hamper Debenhams ' trading plans throughout the course of the year .
The company has said that it wants to shut a total of 50 shops , leaving around 100 as its core estate .
Just over 20 have closed already , leaving 28 more locations to be identified .
Debenhams ' holding company was forced into administration in the spring of last year , and since emerging from insolvency proceedings has endured an anxious wait to finish implementing a turnaround plan that involves slashing thousands of jobs .
Mr Vansteenkiste @ @ @ @ @ @ @ chain 's chief restructuring officer .
He effectively replaced Terry Duddy , the former Argos chief , who had been standing in as executive chairman .
The former chairman , Sir Ian Cheshire , was voted off the board by Mike Ashley , whose Sports Direct International ( now Frasers Group ) made a string of attempts last year to gain control of Debenhams .
The previous chief executive , Sergio Bucher , after it fell into administration .
Debenhams declined to comment on its search for a new boss .

The boss of Debenhams is preparing to leave the embattled department store chain after less than a year in the job as its owners hunt for a seasoned retail executive take the helm.
Sky News has learnt that Stefaan Vansteenkiste is to step down within months, after taking over as chief executive only last August.
Spencer Stuart, the headhunter, is understood to have been appointed to handle the search.
Mr Vansteenkiste had always been envisaged to be a temporary appointment by Debenhams' new owners as the business completes its financial restructuring.
On Wednesday, the chain announced that the period during which its Company Voluntary Arrangement (CVA) with creditors could be challenged had expired.
That milestone means that Debenhams can now proceed with a £100m debt-for-equity swap, even as it pursues further rent and business rates cuts with landlords and local authorities.
Mr Vansteenkiste said on Wednesday that the conclusion of the CVA challenge period was "great news for Debenhams".
Image: Stefaan Vansteenkiste became CEO of Debenhams in August last year. Pic: Debenhams
"We can put the distraction of this litigation behind us and proceed with our plans to turn the business around.
"With committed investors, a strengthened board and a restructured balance sheet we have the platform from which to rebuild a sustainable business."
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Debenhams' shareholders - which are largely American hedge funds - are understood to be seeking a seasoned retail executive to try to restore the chain to sales growth after a torrid period.
One insider said they wanted to ensure a new boss was in place in time for peak trading in the run-up to Christmas, meaning Mr Vansteenkiste is expected to leave by the end of the summer.
However, the uncertain impact of the COVID-19 outbreak on the economy may hamper Debenhams' trading plans throughout the course of the year.
The company has said that it wants to shut a total of 50 shops, leaving around 100 as its core estate.
Just over 20 have closed already, leaving 28 more locations to be identified.
Debenhams' holding company was forced into administration in the spring of last year, and since emerging from insolvency proceedings has endured an anxious wait to finish implementing a turnaround plan that involves slashing thousands of jobs.
Mr Vansteenkiste became CEO after a period as the chain's chief restructuring officer.
He effectively replaced Terry Duddy, the former Argos chief, who had been standing in as executive chairman.
The former chairman, Sir Ian Cheshire, was voted off the board by Mike Ashley, whose Sports Direct International (now Frasers Group) made a string of attempts last year to gain control of Debenhams.
The previous chief executive, Sergio Bucher, after it fell into administration.
Debenhams declined to comment on its search for a new boss.


news--2020-03-11--Coronavirus: Carney's COVID-19 medicine is all about the banks

Coronavirus : Carney 's COVID-19 medicine is all about the banks Coronavirus : Carney 's COVID-19 medicine is all about the banks Look beyond the Bank of England 's emergency interest rate cut for the real importance and significance in what has been announced today from Threadneedle Street .
Yes , as Mark Carney , the outgoing Bank governor , noted , the reduction in Bank Rate from 0.75 % to 0.25 % is likely to attract the most headlines , because it is the most easily understood measure announced today .
But the other moves announced by the Bank @ @ @ @ @ @ @ much more important .
The introduction of a Term Funding Scheme for SMEs ( TFSME ) is crucial .
With interest rates this low , as the Bank points out , it is hard for banks and building societies to reduce deposit rates much further - which in turn limits their ability to cut the rates they charge borrowers .
So the TFSME will effectively enable banks and building societies to pass on the full extent of today 's rate cut .
It should make up to £100bn available for lending to the @ @ @ @ @ @ @ businesses .
It builds on the individual initiatives that some banks have unveiled to support households and small businesses during recent days .
It will also , importantly , allow the banks to carry on lending without having to slash further the interest they pay savers unduly - while , at the same time , it will not crush the profitability of the banks .
The second measure , cutting the so-called `` Counter Cyclical Capital Buffer '' from 2 % to zero , is also a huge measure .
The buffer is @ @ @ @ @ @ @ Bank asks lenders to build up when times are relatively benign .
So cutting it will immediately free up vast sums of money to lend to businesses - the Bank estimates as much as £190bn .
As the Bank put it : `` That is equivalent to 13 times banks ' net lending to businesses in 2019 .
Together with the TFSME , this means that banks should not face obstacles to supplying credit to the UK economy and to meeting the needs of businesses and households through temporary disruption . ''
It @ @ @ @ @ @ @ , that the Bank did not extent its asset purchases - known as quantitative easing in the jargon - beyond the existing £435bn .
Mr Carney said they could be an additional component in providing `` additional firepower '' for the MPC but said the other measures that the Bank unveiled should be sufficient .
And , lest anyone should think this is a bung to the banks , Mr Carney was careful to stress that the capital freed up by the cut in the buffer will not be used to pay bonuses @ @ @ @ @ @ @ .
It was instructive that Mr Carney drew parallels with the financial crisis .
On that occasion , the financial system was at the heart of the problem , but today , he noted , it is at the heart of the solution .
That reflects the hard work done by regulators during the past decade including Andrew Bailey , the incoming governor , to build more resilience into the financial system .
As Mr Bailey put it today : `` Buffers are there to be used . ''
The danger with the @ @ @ @ @ @ @ genuinely huge - is that they will make investors worry what the authorities know about the potential impact of coronavirus .
Even during the height of the financial crisis , the Bank 's Monetary Policy Committee did not change interest rates between its regular scheduled meetings , as it has done today .
And the timing of this announcement , on budget day , was crucial because it pointed to a high degree of co-ordination between the Bank and the Treasury .
It strongly suggested that there would be targeted fiscal stimulus in @ @ @ @ @ @ @ through any upheaval caused by the outbreak of COVID-19 .
But all this co-ordinated action may worry investors that the authorities are aware that underlying conditions in the economy are weakening due to COVID-19 .
Mr Carney hinted at this when he said the Bank 's network of regional agents were already detecting signs of deterioration .
As he put it : `` There is anecdotal evidence where we have seen a sharp fall in trading conditions particularly in retail . ''
The US Federal Reserve 's emergency rate cut last week actually @ @ @ @ @ @ @ The UK stock market 's relatively stoic response so far today suggests that may not happen here .

Sky's Ian King examines the package of measures outlined by the Bank of England to support the economy from virus disruption.
Coronavirus: Carney's COVID-19 medicine is all about the banks
Look beyond the Bank of England's emergency interest rate cut for the real importance and significance in what has been announced today from Threadneedle Street.
Yes, as Mark Carney, the outgoing Bank governor, noted, the reduction in Bank Rate from 0.75% to 0.25% is likely to attract the most headlines, because it is the most easily understood measure announced today.
But the other moves announced by the Bank, technical though they sound, are much more important.
Please use Chrome browser for a more accessible video player 1:16 Coronavirus: Financial system 'part of solution'
The introduction of a Term Funding Scheme for SMEs (TFSME) is crucial.
With interest rates this low, as the Bank points out, it is hard for banks and building societies to reduce deposit rates much further - which in turn limits their ability to cut the rates they charge borrowers.
So the TFSME will effectively enable banks and building societies to pass on the full extent of today's rate cut.
It should make up to £100bn available for lending to the economy and, in particular, small businesses.
It builds on the individual initiatives that some banks have unveiled to support households and small businesses during recent days. It will also, importantly, allow the banks to carry on lending without having to slash further the interest they pay savers unduly - while, at the same time, it will not crush the profitability of the banks.
The second measure, cutting the so-called "Counter Cyclical Capital Buffer" from 2% to zero, is also a huge measure.
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The buffer is an additional cushion of capital that the Bank asks lenders to build up when times are relatively benign.
So cutting it will immediately free up vast sums of money to lend to businesses - the Bank estimates as much as £190bn.
As the Bank put it: "That is equivalent to 13 times banks' net lending to businesses in 2019. Together with the TFSME, this means that banks should not face obstacles to supplying credit to the UK economy and to meeting the needs of businesses and households through temporary disruption."
It was interesting, at the same time, that the Bank did not extent its asset purchases - known as quantitative easing in the jargon - beyond the existing £435bn.
Please use Chrome browser for a more accessible video player 0:34 Flights virtually empty across the world
Mr Carney said they could be an additional component in providing "additional firepower" for the MPC but said the other measures that the Bank unveiled should be sufficient.
And, lest anyone should think this is a bung to the banks, Mr Carney was careful to stress that the capital freed up by the cut in the buffer will not be used to pay bonuses or to increase dividend payments to shareholders.
It was instructive that Mr Carney drew parallels with the financial crisis. On that occasion, the financial system was at the heart of the problem, but today, he noted, it is at the heart of the solution.
That reflects the hard work done by regulators during the past decade including Andrew Bailey, the incoming governor, to build more resilience into the financial system.
As Mr Bailey put it today: "Buffers are there to be used."
The danger with the initiatives from the Bank - which are genuinely huge - is that they will make investors worry what the authorities know about the potential impact of coronavirus.
Please use Chrome browser for a more accessible video player 2:35 COVID-19: Trump tries to ease fears
Even during the height of the financial crisis, the Bank's Monetary Policy Committee did not change interest rates between its regular scheduled meetings, as it has done today.
And the timing of this announcement, on budget day, was crucial because it pointed to a high degree of co-ordination between the Bank and the Treasury.
It strongly suggested that there would be targeted fiscal stimulus in the budget aimed at tiding the economy through any upheaval caused by the outbreak of COVID-19.
Please use Chrome browser for a more accessible video player 2:18 Coronavirus: How badly have UK markets suffered?
But all this co-ordinated action may worry investors that the authorities are aware that underlying conditions in the economy are weakening due to COVID-19.
Mr Carney hinted at this when he said the Bank's network of regional agents were already detecting signs of deterioration.
As he put it: "There is anecdotal evidence where we have seen a sharp fall in trading conditions particularly in retail."
The US Federal Reserve's emergency rate cut last week actually spooked the markets for this reason.
The UK stock market's relatively stoic response so far today suggests that may not happen here.


news--2020-03-11--Coronavirus: 135 Britons from quarantined Grand Princess ship flying back to UK

More than 130 UK passengers from the quarantined cruise ship Grand Princess are on a flight back to Britain , the Foreign Office has said .
Travel has been arranged from Birmingham Airport to their homes and they will be required to self-isolate for 14 days .
The plane left California at 6.15am UK time and is due to land early on Wednesday evening .
The Grand Princess - carrying about 3,500 passengers and crew - was allowed to dock in Oakland on Monday after being stranded off the coast for days .
At least 21 people on board had @ @ @ @ @ @ @ cause by the coronavirus .
A Foreign Office spokesperson said 135 British nationals and their dependants were on the flight .
`` The safety , health and welfare of British nationals is always our top priority , and we have been working tirelessly with the US authorities to ensure all British nationals who wished to return could do so , '' said the spokesperson .
Americans from the ship will go through quarantine at military bases in California , Texas and Georgia .
Other foreign nationals will also be flown home .
Nineteen @ @ @ @ @ @ @ and will be isolated and treated on board .
Several people - including a British man - died when another ship owned by Princess Cruises was quarantined off Japan last month .
Infections in the UK rose 54 to 382 on Tuesday .
A sixth person also died from the virus .
Europe 's battle against the outbreak is centred in Italy where the whole country has been placed on lockdown after more than 10,000 cases and 631 deaths .
China - where the virus originated last year- appears to be bringing the @ @ @ @ @ @ @ down large areas .
It reported just 24 new cases on Wednesday , compared with thousands each day last month .
• Nadine Dorries becomes first UK MP to test positive • Bank of England cuts interest rates from 0.75 % to 0.25 % • NHS in England to `` ramp up '' testing facilities so 10,000 tests can be done each day • UN weather agency says decreased energy use due to coronavirus improving air quality in China

More than 130 UK passengers from the quarantined cruise ship Grand Princess are on a flight back to Britain, the Foreign Office has said.
Travel has been arranged from Birmingham Airport to their homes and they will be required to self-isolate for 14 days.
The plane left California at 6.15am UK time and is due to land early on Wednesday evening.
The Grand Princess - carrying about 3,500 passengers and crew - was allowed to dock in Oakland on Monday after being stranded off the coast for days.
At least 21 people on board had tested positive for COVID-19, the illness cause by the coronavirus.
A Foreign Office spokesperson said 135 British nationals and their dependants were on the flight.
Image: Passengers were seen boarding quarantine flights at Oakland airport on Tuesday
"The safety, health and welfare of British nationals is always our top priority, and we have been working tirelessly with the US authorities to ensure all British nationals who wished to return could do so," said the spokesperson.
Americans from the ship will go through quarantine at military bases in California, Texas and Georgia. Other foreign nationals will also be flown home.
Please use Chrome browser for a more accessible video player 1:00 Inside Italy's coronavirus hospital
Nineteen of the 1,100 crew also tested positive and will be isolated and treated on board.
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Several people - including a British man - died when another ship owned by Princess Cruises was quarantined off Japan last month.
Infections in the UK rose 54 to 382 on Tuesday. A sixth person also died from the virus.
Please use Chrome browser for a more accessible video player 2:39 Coronavirus quarantine: What happens now?
Europe's battle against the outbreak is centred in Italy where the whole country has been placed on lockdown after more than 10,000 cases and 631 deaths.
China - where the virus originated last year- appears to be bringing the situation under control after it also locked down large areas.
It reported just 24 new cases on Wednesday, compared with thousands each day last month.
In other coronavirus developments:


news--2020-03-11--Coronavirus: UK interest rate cut to help economy during outbreak

The Bank of England has cut interest rates and announced help for businesses in an emergency move to provide support amid the coronavirus crisis .
Hours before Chancellor Rishi Sunak was scheduled to deliver his budget , the Bank said it had cut its core base rate of interest , known as Bank Rate , from 0.75 % to 0.25 % .
It followed the lead set by the US Federal Reserve , which also cut its main rate by a similar margin last week following an unscheduled meeting of policymakers .
The Bank of England said it was to @ @ @ @ @ @ @ new Bank rate of 0.25 % - a four-year loan scheme for small businesses to access cash via banks over the next 12 months .
It said the offer could provide up to £100bn in extra funding as firms expect to be squeezed by measures to restrict the spread of coronavirus - potentially crippling the economy .
The Bank 's Financial Policy Committee , which identifies and acts on potential risks in the financial system , also lowered the so-called counter-cyclical capital buffer for banks to zero from 1 % .
That essentially @ @ @ @ @ @ @ money in reserve - giving them more scope to boost lending further , by up to £190bn .
The Bank had been due to make its latest interest rate decision on 26 March , at the first scheduled meeting for incoming governor Andrew Bailey who succeeds Mark Carney next Monday .
Both had previously let it be known that such action was being considered .
Mr Carney told a news conference it was too early to forecast what economic hit the UK could expect , but warned it could be `` large and @ @ @ @ @ @ @ as a `` powerful package '' taken in conjunction with the Treasury to ensure `` maximum impact '' .
He also failed to rule out further stimulus ahead - with room to cut interest rates further and potentially boost its bond-buying programme , known as quantitative easing ( QE ) , that was first deployed after the financial crisis .
News of the measures helped the FTSE 100 rise 2 % at the open though the gains later petered out as official figures showed zero growth in the UK economy in the three @ @ @ @ @ @ @ itself .
Minutes after the chancellor started delivering his budget , it turned negative - down 0.37 % .
US stocks had ended Tuesday sharply higher on hopes that Donald Trump would follow through on promises of tax cuts .
Financial markets have been seeking co-ordinated action from governments and central banks following steep losses of around 20 % in global equity values over the past few weeks .
Investors have been spooked by the prospect of widespread disruption to the global economy because of restrictions likely to be placed on consumers and @ @ @ @ @ @ @ by banks and business groups alike .
A Lloyds Banking Group spokesperson said : `` The package of measures announced by the Bank of England will further strengthen the ability of UK banks to continue to support our customers through the COVID-19 .
`` This will build on the additional support we announced for retail customers and businesses yesterday . ''
The lender later added that it was to pass on , in full , the cut in Bank Rate to those customers with tracker mortgages across its group of brands .
Savings @ @ @ @ @ @ @ , but not by as much as the 0.5 % reduction .
BCC director general Dr Adam Marshall said : `` The Bank and UK financial institutions must now work together to ensure that these policy measures translate into real-world support for firms on the ground .
`` We will want to see banks using new flexibilities to do everything they can to help businesses whose cash flow and prospects have been disrupted due to the impacts of Coronavirus . ''
Neil Wilson , chief market analyst at Markets.com , said : `` @ @ @ @ @ @ @ bazooka today with a 50bps cut to rates , but it 's really an appetizer for the main course later .
`` This takes the Bank base rate back to its all-tome low at 0.25 % .
They 're loosening rules around capital buffers for banks and estimate it will be worth £290bn in extra funding .
The key question is whether banks will simply lend more ?
It needs to come with genuine commitment . ''

The Bank of England has cut interest rates and announced help for businesses in an emergency move to provide support amid the coronavirus crisis.
Hours before Chancellor Rishi Sunak was scheduled to deliver his budget, the Bank said it had cut its core base rate of interest, known as Bank Rate, from 0.75% to 0.25%.
It followed the lead set by the US Federal Reserve, which also cut its main rate by a similar margin last week following an unscheduled meeting of policymakers.
The Bank of England said it was to provide - at very close to the new Bank rate of 0.25% - a four-year loan scheme for small businesses to access cash via banks over the next 12 months.
It said the offer could provide up to £100bn in extra funding as firms expect to be squeezed by measures to restrict the spread of coronavirus - potentially crippling the economy.
The Bank's Financial Policy Committee, which identifies and acts on potential risks in the financial system, also lowered the so-called counter-cyclical capital buffer for banks to zero from 1%.
Image: Source: BoE
That essentially means they are required to hold less money in reserve - giving them more scope to boost lending further, by up to £190bn.
The Bank had been due to make its latest interest rate decision on 26 March, at the first scheduled meeting for incoming governor Andrew Bailey who succeeds Mark Carney next Monday.
Both had previously let it be known that such action was being considered.
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Mr Carney told a news conference it was too early to forecast what economic hit the UK could expect, but warned it could be "large and sharp".
He described the measures as a "powerful package" taken in conjunction with the Treasury to ensure "maximum impact".
He also failed to rule out further stimulus ahead - with room to cut interest rates further and potentially boost its bond-buying programme, known as quantitative easing (QE), that was first deployed after the financial crisis.
Please use Chrome browser for a more accessible video player 2:05 How will COVID-19 impact the economy?
News of the measures helped the FTSE 100 rise 2% at the open though the gains later petered out as official figures showed zero growth in the UK economy in the three months to January and during the month itself. Minutes after the chancellor started delivering his budget, it turned negative - down 0.37%.
US stocks had ended Tuesday sharply higher on hopes that Donald Trump would follow through on promises of tax cuts.
Financial markets have been seeking co-ordinated action from governments and central banks following steep losses of around 20% in global equity values over the past few weeks.
Investors have been spooked by the prospect of widespread disruption to the global economy because of restrictions likely to be placed on consumers and businesses.
Please use Chrome browser for a more accessible video player 2:35 COVID-19: Trump tries to ease fears
The UK measures were welcomed by banks and business groups alike.
A Lloyds Banking Group spokesperson said: "The package of measures announced by the Bank of England will further strengthen the ability of UK banks to continue to support our customers through the COVID-19.
"This will build on the additional support we announced for retail customers and businesses yesterday."
The lender later added that it was to pass on, in full, the cut in Bank Rate to those customers with tracker mortgages across its group of brands.
Savings rates would fall too, it said, but not by as much as the 0.5% reduction.
Rivals were expected to follow suit.
BCC director general Dr Adam Marshall said: "The Bank and UK financial institutions must now work together to ensure that these policy measures translate into real-world support for firms on the ground.
"We will want to see banks using new flexibilities to do everything they can to help businesses whose cash flow and prospects have been disrupted due to the impacts of Coronavirus."
Neil Wilson, chief market analyst at Markets.com, said: "The Bank of England fired its big bazooka today with a 50bps cut to rates, but it's really an appetizer for the main course later.
"This takes the Bank base rate back to its all-tome low at 0.25%. They're loosening rules around capital buffers for banks and estimate it will be worth £290bn in extra funding. The key question is whether banks will simply lend more? It needs to come with genuine commitment."


news--2020-03-11--UK announces 2% digital services tax on Facebook, Google and Amazon

The government has confirmed it will introduce a digital services tax to collect 2 % of online revenues made in the UK by companies such as Facebook , Google and Amazon .
Although it was not mentioned during Chancellor Rishi Sunak 's speech , which focused on the coronavirus outbreak , the government has confirmed the tax will be introduced on 1 April 2020 .
HMRC believes the tax could result in as much as £515m in additional annual income by the end of the financial year ending in 2025 .
The department explained the tax was likely to affect @ @ @ @ @ @ @ from the provision of a social media service , a search engine or an online marketplace to UK users '' .
Key among these will be Facebook , Google and Amazon .
The American companies have often been criticised for paying very little tax on the large revenues which they generate in the UK .
Companies such as Apple , which are expanding into the digital services sector , including entertainment streaming and a credit card , may also be impacted .
Apple 's core revenues in the UK come from consumer device @ @ @ @ @ @ @ the tax .
The Trump administration has previously threatened to slap tariffs on French products worth billions of dollars in retaliation to France 's similar tax .
The French levy is higher than Britain 's , demanding 3 % of annual revenues from companies making more than €750m ( £655m ) in sales globally and more than €25m ( £21m ) in France itself .
In the UK , the tax will only apply to companies with revenues greater than £500m from which more than £25m are generated by British users .
But @ @ @ @ @ @ @ Facebook , Google and Amazon , which individually bring in billions in annual revenue .
The US has claimed similar attempts to tax these web giants were designed to discriminate against American companies - thus justifying a stringent response with tariffs .
There has not yet been a response from the US regarding the UK 's taxation plans , but reports have suggested that Donald Trump and Boris Johnson have fallen out despite the president endorsing him during last year 's election .
According to the Financial Times , Mr Trump was `` @ @ @ @ @ @ @ call with the prime minister over his decision to allow Huawei equipment within the UK 's 5G network infrastructure .

The government has confirmed it will introduce a digital services tax to collect 2% of online revenues made in the UK by companies such as Facebook, Google and Amazon.
Although it was not mentioned during Chancellor Rishi Sunak's speech, which focused on the coronavirus outbreak, the government has confirmed the tax will be introduced on 1 April 2020.
HMRC believes the tax could result in as much as £515m in additional annual income by the end of the financial year ending in 2025.
Please use Chrome browser for a more accessible video player 2:09 A round-up of the chancellor's budget speech
The department explained the tax was likely to affect "large multi-national enterprises with revenue derived from the provision of a social media service, a search engine or an online marketplace to UK users".
Key among these will be Facebook, Google and Amazon. The American companies have often been criticised for paying very little tax on the large revenues which they generate in the UK.
Companies such as Apple, which are expanding into the digital services sector, including entertainment streaming and a credit card, may also be impacted.
Apple's core revenues in the UK come from consumer device sales which will not be impacted by the tax.
The Trump administration has previously threatened to slap tariffs on French products worth billions of dollars in retaliation to France's similar tax.
The French levy is higher than Britain's, demanding 3% of annual revenues from companies making more than €750m (£655m) in sales globally and more than €25m (£21m) in France itself.
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In the UK, the tax will only apply to companies with revenues greater than £500m from which more than £25m are generated by British users.
But both of these taxes will certainly include Facebook, Google and Amazon, which individually bring in billions in annual revenue.
The US has claimed similar attempts to tax these web giants were designed to discriminate against American companies - thus justifying a stringent response with tariffs.
There has not yet been a response from the US regarding the UK's taxation plans, but reports have suggested that Donald Trump and Boris Johnson have fallen out despite the president endorsing him during last year's election.
According to the Financial Times, Mr Trump was "apoplectic" with fury in a phone call with the prime minister over his decision to allow Huawei equipment within the UK's 5G network infrastructure.


news--2020-03-11--Boris Johnson's success won't depend on budget promises but virus response

Budget Day - the moment it all became very real .
Before the markets opened the Bank of England fired a shot in the economic battle against the Coronavirus pandemic with a surprise half percentage point cut in interest rates .
This the first salvo in a coordinated programme between the Bank of England and 11 Downing Street , the new chancellor Rishi Sunak later unveiled a raft of measures in the Budget .
There was targeted help for businesses , individuals and the NHS as the country tries to navigate a public health and economic crisis of a magnitude @ @ @ @ @ @ @ measures for critical times as the economic risk of what could unfold in the coming weeks hit home and the scale of the public health risk hit the heart of government , with health minister Nadine Dorries testing positive for the virus .
Boris Johnson 's government - and parliament - are carrying on as normal for now .
But the scale of the changes coming to all our lives in the next few days ca n't be overestimated .
For the new chancellor it must have been a daunting task , although @ @ @ @ @ @ @ been in the job for just under four weeks and had to deliver a Budget against an economic backdrop you can not forecast and public health crisis you can not fully predict .
And so today he offered up two budgets .
First was the Coronavirus action plan .
There was a £12bn stimulus package to counter the economic shock , with £5bn for the NHS and a promise that the health service however many `` millions or billions '' more was required to fight the diseases .
A further £7bn was earmarked @ @ @ @ @ @ @ business rates would be abolished for a year for small businesses in hard hit sectors and a new loan guarantee scheme .
Tax payments were postponed as the government dished out £3,000 cash grants for small businesses that pay no business rates .
And for workers and those on benefits , more support in accessing sick pay and financial support .
The second budget was the one the Treasury alongside Mr Sunak 's predecessor Sajid Javid had been working on for months : the 'manifesto budget ' designed to sketch out this new @ @ @ @ @ @ @ spending plans .
The years of Tory austerity were over and the spending taps were turned on , all funded by the biggest rise in borrowing for 30 years .
`` This is the first budget of a new decade .
The first in more than 50 years outside the EU .
And the first of this new government , '' said Mr Sunak .
`` At the election we said we needed to be one nation .
While talent is evenly spread opportunity is not and we need to fix that .
@ @ @ @ @ @ @ on our promises to the British people . ''
Hundreds of billions of capital investment for roads , rail and broadband over the next five years .
Billions more for public services too .
Boris Johnson has repeatedly signalled his administration is a break from the past and he was keen to prove that in an economic programme that spoke to Jeremy Corbyn 's observation after the election that Labour had `` won the [ economic ] argument '' at least .
This was a budget borrowed straight from Labour 's playbook in @ @ @ @ @ @ @ who redrew the political map in the last general election , is determined to hold onto his new political ground .
This was , as Resolution Foundation chief Torsten Bell wryly observed , a Conservative chancellor outlining plans for a bigger state than under Tony Blair and more borrowing than under Gordon Brown .
And if you were in any doubt over the scale of the Conservative Party reinvention - and economic lurch leftwards - you only had to wait for the old guard on the backbenches to defend the Conservative party 's @ @ @ @ @ @ @ fiscal restraint .
Theresa May spoke for those worried about big public and capital spending as the former prime minister gently admonished the new chancellor .
`` While spending a lot of money may be popular , there is of course that necessity to have a realistic assessment of the longer-term impact of those decisions , '' she said .
`` It is also necessary to have that restraint and caution that enables us to make the public finances continue to be strong in the future . ''
And the former chancellor Sajid @ @ @ @ @ @ @ on the fiscal rules of the manifesto .
`` Sticking to those rules in normal time is what separates us from the parties opposite , '' he cautioned .
But the five-year programme is a budget drawn up before the coronavirus pandemic changed everything .
The GDP forecasts published on Wednesday are already chronically out of date because they fail to include the expected economic impact of COVID-19 .
The UK could be heading to recession and further stimulus could be required .
It was a budget which aimed to vaccinate the economy @ @ @ @ @ @ @ a vision for the next five years .
But ministers know they 're not going to be judged on what happens in five years ' time .
This government will be judged on how it handles this pandemic in the next five days , five weeks , five months .
Mr Johnson wanted to prove to the public that he would honour the promises he made in the election .
But his success will depend not on the promises made in the budget today but the actions he takes to steer us through @ @ @ @ @ @

Budget Day - the moment it all became very real.
Before the markets opened the Bank of England fired a shot in the economic battle against the Coronavirus pandemic with a surprise half percentage point cut in interest rates.
This the first salvo in a coordinated programme between the Bank of England and 11 Downing Street, the new chancellor Rishi Sunak later unveiled a raft of measures in the Budget.
Image: The budget also had to deliver on manifesto promises
There was targeted help for businesses, individuals and the NHS as the country tries to navigate a public health and economic crisis of a magnitude we cannot yet know.
Emergency measures for critical times as the economic risk of what could unfold in the coming weeks hit home and the scale of the public health risk hit the heart of government, with health minister Nadine Dorries testing positive for the virus.
Boris Johnson's government - and parliament - are carrying on as normal for now.
But the scale of the changes coming to all our lives in the next few days can't be overestimated.
For the new chancellor it must have been a daunting task, although he stepped up ably.
He has been in the job for just under four weeks and had to deliver a Budget against an economic backdrop you cannot forecast and public health crisis you cannot fully predict.
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And so today he offered up two budgets. First was the Coronavirus action plan.
There was a £12bn stimulus package to counter the economic shock, with £5bn for the NHS and a promise that the health service however many "millions or billions" more was required to fight the diseases.
A further £7bn was earmarked for businesses, as the chancellor announced business rates would be abolished for a year for small businesses in hard hit sectors and a new loan guarantee scheme.
Tax payments were postponed as the government dished out £3,000 cash grants for small businesses that pay no business rates.
And for workers and those on benefits, more support in accessing sick pay and financial support.
The second budget was the one the Treasury alongside Mr Sunak's predecessor Sajid Javid had been working on for months: the 'manifesto budget' designed to sketch out this new government's five-year big investment programme and spending plans.
The years of Tory austerity were over and the spending taps were turned on, all funded by the biggest rise in borrowing for 30 years.
"This is the first budget of a new decade. The first in more than 50 years outside the EU. And the first of this new government," said Mr Sunak.
"At the election we said we needed to be one nation. While talent is evenly spread opportunity is not and we need to fix that. This is a Budget that will deliver on our promises to the British people."
Hundreds of billions of capital investment for roads, rail and broadband over the next five years. Billions more for public services too.
Boris Johnson has repeatedly signalled his administration is a break from the past and he was keen to prove that in an economic programme that spoke to Jeremy Corbyn's observation after the election that Labour had "won the [economic] argument" at least.
This was a budget borrowed straight from Labour's playbook in a sign that the prime minister, who redrew the political map in the last general election, is determined to hold onto his new political ground.
This was, as Resolution Foundation chief Torsten Bell wryly observed, a Conservative chancellor outlining plans for a bigger state than under Tony Blair and more borrowing than under Gordon Brown.
And if you were in any doubt over the scale of the Conservative Party reinvention - and economic lurch leftwards - you only had to wait for the old guard on the backbenches to defend the Conservative party's great tradition of prudent financial management and fiscal restraint.
Theresa May spoke for those worried about big public and capital spending as the former prime minister gently admonished the new chancellor.
"While spending a lot of money may be popular, there is of course that necessity to have a realistic assessment of the longer-term impact of those decisions," she said.
"It is also necessary to have that restraint and caution that enables us to make the public finances continue to be strong in the future."
And the former chancellor Sajid Javid urged this successor to stand firm on the fiscal rules of the manifesto.
"Sticking to those rules in normal time is what separates us from the parties opposite," he cautioned.
But the five-year programme is a budget drawn up before the coronavirus pandemic changed everything.
The GDP forecasts published on Wednesday are already chronically out of date because they fail to include the expected economic impact of COVID-19.
The UK could be heading to recession and further stimulus could be required.
It was a budget which aimed to vaccinate the economy in the short term and set out a vision for the next five years.
Mr Sunak delivered on the task.
But ministers know they're not going to be judged on what happens in five years' time.
This government will be judged on how it handles this pandemic in the next five days, five weeks, five months.
Mr Johnson wanted to prove to the public that he would honour the promises he made in the election.
But his success will depend not on the promises made in the budget today but the actions he takes to steer us through what is about to come.


news--2020-03-11--Coronavirus: What the wealthiest 1% are doing to try and avoid the outbreak

Pictures of empty planes and deserted airports have become commonplace in recent days - but not everyone is putting their travel plans on hold because of the coronavirus outbreak .
New data suggests the country 's wealthiest 1 % are taking to the skies on private jets - avoiding commercial airlines while jetting off to far-flung destinations such as the Galapagos Islands and the Antarctic .
The Ten Lifestyle Group says it has been chartering services for clients who want to avoid exposure to COVID-19 , the disease caused by the coronavirus .
Alex Cheatle , the chief executive of @ @ @ @ @ @ @ Private jets are certainly in high demand at the moment .
It 's not been a huge thing , but we have certainly seen an increase . ''
Ten Lifestyle 's clientele are among the some of the country 's wealthiest and often bank with Coutts or HSBC Jade - accounts where customers need millions of pounds in assets to be eligible .
Research from Ten Lifestyle also suggests that , as people cancel their holidays and choose to stay at home , restaurant bookings have gone up among the rich .
Their @ @ @ @ @ @ @ establishments , such as the Michelin-starred French restaurant Alain Ducasse , where there 's an unusually large amount of space between tables .
Mr Cheatle added : `` We are booking lots of private dining rooms and chef 's tables for our private members .
`` That 's partly made easier because fewer corporates that normally book those private dining rooms are eating out .
`` We have n't seen a decline in bookings but more members are calling us for advice .
They 're just more cautious about where they 're going @ @ @ @ @ @ @ predicts the preferences and behaviours of high-net-worth individuals , also highlighted that while theatres continued to sell out , no-shows had also increased .
Mr Cheatle added : `` Ticket sales are still the same , sold-out shows are still selling out , but some are not turning up to watch . ''

Pictures of empty planes and deserted airports have become commonplace in recent days - but not everyone is putting their travel plans on hold because of the coronavirus outbreak.
New data suggests the country's wealthiest 1% are taking to the skies on private jets - avoiding commercial airlines while jetting off to far-flung destinations such as the Galapagos Islands and the Antarctic.
The Ten Lifestyle Group says it has been chartering services for clients who want to avoid exposure to COVID-19, the disease caused by the coronavirus.
Image: Inquiries for restaurants with larger spaces between tables have gone up
Alex Cheatle, the chief executive of the concierge service, said: "Private jets are certainly in high demand at the moment. It's not been a huge thing, but we have certainly seen an increase."
Ten Lifestyle's clientele are among the some of the country's wealthiest and often bank with Coutts or HSBC Jade - accounts where customers need millions of pounds in assets to be eligible.
Research from Ten Lifestyle also suggests that, as people cancel their holidays and choose to stay at home, restaurant bookings have gone up among the rich.
Their clients are opting to dine at exclusive establishments, such as the Michelin-starred French restaurant Alain Ducasse, where there's an unusually large amount of space between tables.
Mr Cheatle added: "We are booking lots of private dining rooms and chef's tables for our private members.
"That's partly made easier because fewer corporates that normally book those private dining rooms are eating out.
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"We haven't seen a decline in bookings but more members are calling us for advice. They're just more cautious about where they're going."
Image: Theatre tickets continue to sell out but the number of no-shows have increased
Ten Lifestyle, whose service predicts the preferences and behaviours of high-net-worth individuals, also highlighted that while theatres continued to sell out, no-shows had also increased.
Mr Cheatle added: "Ticket sales are still the same, sold-out shows are still selling out, but some are not turning up to watch."


news--2020-03-11--Interest rate cut suggests budget is going to be more dramatic than we thought

Interest rate cut suggests budget is going to be more dramatic than we thought Interest rate cut suggests budget is going to be more dramatic than we thought The scale of this interest rate cut is dramatic and is definitely a surprise in terms of timing .
It 's very unusual to have an emergency cut outside of the Bank of England 's normal schedule , so it might take you back to the financial crisis .
The Bank of England has cut the main interest rate from 0.75 % to 0.25 % in response to the coronavirus , and @ @ @ @ @ @ @ coincidence that this has come on budget day .
It suggests there is potentially going to be some big stuff in the budget later .
The idea is to do a shock and awe set of measures .
You 've just had the monetary - they 've announced that interest rates have been cut .
You will now have the fiscal policy potentially coming along later in the form of the budget .
It potentially suggests we 're going to have a more dramatic move from the government than I think people had @ @ @ @ @ @ @ suggests that both the Bank and the government are moving in lockstep at the moment to try to do everything they can to prevent a recession .
And indeed an economic crisis .
This interest rate cut is half a percentage point and suggests the government is really worried .
It 's down to 0.25 % , which is as low as they 've ever been in the past .
It follows the Federal Reserve , the US central bank , cutting interest rates last week .
So there was an expectation that @ @ @ @ @ @ @ , but it is perhaps bigger and earlier than expected .
There 's also measures to help small businesses with some kind of short-term funding scheme , similar again to some of the stuff we saw in the financial crisis .
The big question will be to see how people react to this interest rate cut .
This will affect your mortgage - if you have a floating rate mortgage it 's suddenly a lot cheaper - and obviously it will affect your savings as well , which will be a frustration for @ @ @ @ @ @ @ to go up .

Interest rate cut suggests budget is going to be more dramatic than we thought
The scale of this interest rate cut is dramatic and is definitely a surprise in terms of timing.
It's very unusual to have an emergency cut outside of the Bank of England's normal schedule, so it might take you back to the financial crisis.
The Bank of England has cut the main interest rate from 0.75% to 0.25% in response to the coronavirus, and I don't think it is a coincidence that this has come on budget day.
It suggests there is potentially going to be some big stuff in the budget later.
The idea is to do a shock and awe set of measures. You've just had the monetary - they've announced that interest rates have been cut. You will now have the fiscal policy potentially coming along later in the form of the budget.
It potentially suggests we're going to have a more dramatic move from the government than I think people had expected in the budget.
It also suggests that both the Bank and the government are moving in lockstep at the moment to try to do everything they can to prevent a recession. And indeed an economic crisis.
This interest rate cut is half a percentage point and suggests the government is really worried.
It's down to 0.25%, which is as low as they've ever been in the past.
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It follows the Federal Reserve, the US central bank, cutting interest rates last week.
So there was an expectation that the rate would be cut here too, but it is perhaps bigger and earlier than expected.
There's also measures to help small businesses with some kind of short-term funding scheme, similar again to some of the stuff we saw in the financial crisis.
The big question will be to see how people react to this interest rate cut.
This will affect your mortgage - if you have a floating rate mortgage it's suddenly a lot cheaper - and obviously it will affect your savings as well, which will be a frustration for those who were hoping for interest rates to go up.


news--2020-03-11--Budget 2020: Chancellor Rishi Sunak's £12bn plan to support UK economy amid coronavirus crisis

Chancellor Rishi Sunak has unveiled a £12bn package in an attempt to protect the UK economy in the face of the worldwide coronavirus outbreak .
The government 's response to COVID-19 , the impact of which has already panicked global stock markets , will include a business rates holiday for firms with fewer than 250 employees and the refunding of sick pay by the government for small businesses .
The measures were announced hours after the Bank of England cut interest rates from 0.75 % to 0.25 % .
Mr Sunak warned of `` temporary disruption '' to the UK @ @ @ @ @ @ @ Britons would be worrying about their health , finances and the future of their businesses .
But there were wider concerns for the UK economy .
The Office for National Statistics revealed figures earlier on Wednesday to show there was zero growth in the three months to January 2020 , prior to the coronavirus outbreak .
And the Office for Budget Responsibility forecast UK growth would fall to 1.1 % this year - down from 1.2 % last year .
Mr Sunak vowed the government was `` doing everything '' to keep the @ @ @ @ @ @ @ , including giving the NHS `` whatever '' it needs to deal with coronavirus .
`` We will get through this together , '' the chancellor , who has only been in the job for 27 days , added .
`` The British people may be worried , but they are not daunted .
We will protect our country and our people .
We will rise to this challenge . ''
As part of the £12bn fiscal stimulus in response to coronavirus , Mr Sunak announced : • An `` exceptional '' business @ @ @ @ @ @ @ hospitality firms with a rateable value of under £51,000 • The government will fully meet the cost of providing statutory sick pay for workers self-isolating for 14 days in businesses with up to 250 employees • More help for self-employed or those in the gig economy through a £500m welfare boost and new £500m hardship fund There was also £18bn of pledges designed to boost the economy already planned before the coronavirus outbreak .
The chancellor hailed his budget as representing `` the largest sustained fiscal boost for nearly 30 years '' .
@ @ @ @ @ @ @ the fiscal rules set out in the Conservatives ' election manifesto - as drawn up by his predecessor Sajid Javid - `` with room to spare '' .
The OBR forecast government borrowing will increase from 2.1 % of GDP in 2019-20 to 2.8 % in 2021-22 .
Borrowing would then fall to 2.5 % , 2.4 % and 2.2 % in the following years .
Confirming other Tory manifesto pledges , Mr Sunak announced the national insurance threshold will increase from £8,632 to £9,500 .
And £5bn would be provided to get @ @ @ @ @ @ @ locations .
Among the chancellor 's other measures : • The `` tampon tax '' - the 5 % VAT charge on women 's sanitary products - will be abolished • A planned increase in spirits duty will be cancelled and duties on beer and wine will be frozen • The lifetime limit for entrepreneurs ' relief will be reduced from £10m to £1m • Research and development investment will increase to £22bn a year • A plastics packaging tax will be levied on manufacturers and importers • The red diesel tax relief @ @ @ @ @ @ @ sectors '' • Treasury offices will be established in Scotland , Wales and Northern Ireland , along with a new `` economic campus '' in the North • There will be £640m extra for the Scottish government , £360m for the Welsh government , and £210m for the Northern Ireland executive • £500m per year will be spent on fixing potholes • VAT on ebooks will be abolished • The health surcharge for migrants will be raised to £624 • Spending on flood defences will be doubled to £5.2bn over six years • @ @ @ @ @ @ @ gas levy '' This is a budget delivered in challenging times , '' the chancellor said at the end of his hour-long address .
`` We will rise to this moment .
We will get through this together .
`` This budget delivers security today .
But it also lays the foundations for prosperity tomorrow . ''
Labour leader Jeremy Corbyn welcomed the action in the face of the coronavirus outbreak , but said the UK was going into the crisis with a `` flat-lining '' economy and public services `` on their @ @ @ @ @ @ @ down the living standards and life chances of millions of our people for a decade , the talk of levelling up is a cruel joke , '' he said .
`` The reality is that this is a budget which has an admission of failure - an admission that austerity has been a failed experiment .
`` It did n't solve our economic problems , but made them worse , that held back our own recovery and failed even in its own terms . ''
Mr Corbyn also attacked a lack of action @ @ @ @ @ @ @ .
Former prime minister Theresa May sent a warning to Mr Sunak after the chancellor said he would review the government 's fiscal rules later this year .
`` I would merely say this : Prudent management of the public finances is one of the USPs of the Conservative Party , '' she told the Commons .
`` It is essential any Conservative government maintains that prudent management . ''
Mr Javid also urged Mr Sunak to keep to the `` important '' fiscal rules he drew up .
`` Sticking to those @ @ @ @ @ @ @ from the parties opposite , '' he said .
`` They help us keep our economy strong , they help us to keep taxes low and they preserve our flexibility for when we need it most . ''
During a cabinet meeting on Wednesday morning , ahead of the budget , Prime Minister Boris Johnson wished health minister Nadine Dorries a `` speedy recovery '' after she became the first MP to test positive for coronavirus .
Senior cabinet minister Michael Gove , the chancellor of the duchy of Lancaster , suggested next @ @ @ @ @ @ @ EU-UK post-Brexit economic relationship may be postponed due to COVID-19 .
The fate of the next round of negotiations was a `` live question '' , he told a committee of MPs .

Chancellor Rishi Sunak has unveiled a £12bn package in an attempt to protect the UK economy in the face of the worldwide coronavirus outbreak.
The government's response to COVID-19, the impact of which has already panicked global stock markets, will include a business rates holiday for firms with fewer than 250 employees and the refunding of sick pay by the government for small businesses.
The measures were announced hours after the Bank of England cut interest rates from 0.75% to 0.25%.
Mr Sunak warned of "temporary disruption" to the UK economy due to COVID-19 and admitted many Britons would be worrying about their health, finances and the future of their businesses.
But there were wider concerns for the UK economy.
The Office for National Statistics revealed figures earlier on Wednesday to show there was zero growth in the three months to January 2020, prior to the coronavirus outbreak.
And the Office for Budget Responsibility forecast UK growth would fall to 1.1% this year - down from 1.2% last year.
Mr Sunak vowed the government was "doing everything" to keep the UK "healthy and financially secure", including giving the NHS "whatever" it needs to deal with coronavirus.
"We will get through this together," the chancellor, who has only been in the job for 27 days, added.
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"The British people may be worried, but they are not daunted. We will protect our country and our people. We will rise to this challenge."
As part of the £12bn fiscal stimulus in response to coronavirus, Mr Sunak announced:
A £5bn emergency response fund
An "exceptional" business rates holiday for retail, leisure or hospitality firms with a rateable value of under £51,000
The government will fully meet the cost of providing statutory sick pay for workers self-isolating for 14 days in businesses with up to 250 employees
More help for self-employed or those in the gig economy through a £500m welfare boost and new £500m hardship fund
A £3,000 cash grant to businesses eligible for small business rates relief
Please use Chrome browser for a more accessible video player 0:25 Chancellor announces sick pay refunds
There was also £18bn of pledges designed to boost the economy already planned before the coronavirus outbreak.
The chancellor hailed his budget as representing "the largest sustained fiscal boost for nearly 30 years".
But he stressed he had kept to the fiscal rules set out in the Conservatives' election manifesto - as drawn up by his predecessor Sajid Javid - "with room to spare".
The OBR forecast government borrowing will increase from 2.1% of GDP in 2019-20 to 2.8% in 2021-22.
Borrowing would then fall to 2.5%, 2.4% and 2.2% in the following years.
Confirming other Tory manifesto pledges, Mr Sunak announced the national insurance threshold will increase from £8,632 to £9,500.
And £5bn would be provided to get gigabit-capable broadband into the hardest to reach locations.
Among the chancellor's other measures:
The "tampon tax" - the 5% VAT charge on women's sanitary products - will be abolished
A planned increase in spirits duty will be cancelled and duties on beer and wine will be frozen
The lifetime limit for entrepreneurs' relief will be reduced from £10m to £1m
Research and development investment will increase to £22bn a year
A plastics packaging tax will be levied on manufacturers and importers
The red diesel tax relief scheme will be abolished "for most sectors"
Treasury offices will be established in Scotland, Wales and Northern Ireland, along with a new "economic campus" in the North
There will be £640m extra for the Scottish government, £360m for the Welsh government, and £210m for the Northern Ireland executive
£500m per year will be spent on fixing potholes
VAT on ebooks will be abolished
The health surcharge for migrants will be raised to £624
Spending on flood defences will be doubled to £5.2bn over six years
There will be a rise in the gas levy
"This is a budget delivered in challenging times," the chancellor said at the end of his hour-long address.
"We will rise to this moment. We will get through this together.
"This budget delivers security today. But it also lays the foundations for prosperity tomorrow."
Labour leader Jeremy Corbyn welcomed the action in the face of the coronavirus outbreak, but said the UK was going into the crisis with a "flat-lining" economy and public services "on their knees".
"Having ruthlessly forced down the living standards and life chances of millions of our people for a decade, the talk of levelling up is a cruel joke," he said.
"The reality is that this is a budget which has an admission of failure - an admission that austerity has been a failed experiment.
"It didn't solve our economic problems, but made them worse, that held back our own recovery and failed even in its own terms."
Mr Corbyn also attacked a lack of action on social care in Wednesday's budget.
Please use Chrome browser for a more accessible video player 0:51 How coronavirus has spread
Former prime minister Theresa May sent a warning to Mr Sunak after the chancellor said he would review the government's fiscal rules later this year.
"I would merely say this: Prudent management of the public finances is one of the USPs of the Conservative Party," she told the Commons.
"It is essential any Conservative government maintains that prudent management."
Mr Javid also urged Mr Sunak to keep to the "important" fiscal rules he drew up.
"Sticking to those rules in normal times is what separates from the parties opposite," he said.
"They help us keep our economy strong, they help us to keep taxes low and they preserve our flexibility for when we need it most."
During a cabinet meeting on Wednesday morning, ahead of the budget, Prime Minister Boris Johnson wished health minister Nadine Dorries a "speedy recovery" after she became the first MP to test positive for coronavirus.
Senior cabinet minister Michael Gove, the chancellor of the duchy of Lancaster, suggested next week's planned talks on the future EU-UK post-Brexit economic relationship may be postponed due to COVID-19.
The fate of the next round of negotiations was a "live question", he told a committee of MPs.


news--2020-03-29--Coronavirus: Cabin crew will join doctors and nurses in staffing new Nightingale hospitals

The NHS has enlisted easyJet and Virgin Atlantic to help staff the new Nightingale hospitals being built to deal with the coronavirus pandemic .
First-aid trained cabin crew of both airlines have been invited to volunteer at the new Nightingale Hospital , a 4,000-bed field hospital , being prepared at the ExCel centre in east London , and those planned in Birmingham and Manchester .
Those who join up will be given expert training and will then perform support roles such as changing beds under the guidance of trained nurses .
Their salaries will continue to be paid by the @ @ @ @ @ @ @ its 9,000 UK-based staff including 4,000 cabin crew trained in CPR to invite them to give their time to the NHS .
Virgin Atlantic will begin writing to 4,000 of its employees on Monday and will prioritise getting in touch with those who already have the required skills .
Ashley Jay is an easyJet crew member who has signed up to become an NHS volunteer .
He told Sky News : `` I think it 's really important that the whole country at the moment needs to pull together .
`` I think @ @ @ @ @ @ @ 've got , can help and volunteer , and do something good for your community as well as the country in a time of need . ''
Many first-aid trained cabin crew across the world have been grounded as countries have closed borders and cancelled flights amid the COVID-19 pandemic .
EasyJet has said it is `` proud '' its staff can support medics at this `` crucial time '' .
Tina Milton , director of cabin services , added : `` The NHS is at the forefront of dealing with this health @ @ @ @ @ @ @ cabin crew have , working closely with the medical professionals , could help make a real difference . ''
: : Listen to the Daily podcast on Apple Podcasts , Google Podcasts , Spotify , Spreaker St John 's Ambulance have already said that hundreds of people will give their time at the Nightingale hospitals .
Ruth May , chief nursing officer for England , said the NHS needs `` all the support we can get '' .
She added : `` Thousands of nurses , medics and other expert staff are returning @ @ @ @ @ @ @ need everyone to do their bit - whether that is working in one of our current health or social care services , working in the Nightingale Hospital , volunteering to help the NHS or following government advice to stay at home , protect the NHS and save lives . ''
Meanwhile , Uber is to give away 200,000 free trips up to a value of £15 each and 100,000 meals with a £10 voucher to NHS staff serving on the frontline .
The company 's chief executive , Dara Khosrowshahi , hopes the @ @ @ @ @ @ @ way '' to help the nurses , doctors and support staff of the NHS as they work `` tirelessly '' day and night .
It follows a move by food delivery service Deliveroo to deliver 500,000 free meals to NHS workers and change its app to allow customers to donate funds for buying meals for doctors and nurses .

The NHS has enlisted easyJet and Virgin Atlantic to help staff the new Nightingale hospitals being built to deal with the coronavirus pandemic.
First-aid trained cabin crew of both airlines have been invited to volunteer at the new Nightingale Hospital, a 4,000-bed field hospital, being prepared at the ExCel centre in east London, and those planned in Birmingham and Manchester.
Those who join up will be given expert training and will then perform support roles such as changing beds under the guidance of trained nurses. Their salaries will continue to be paid by the airlines.
EasyJet has already written to its 9,000 UK-based staff including 4,000 cabin crew trained in CPR to invite them to give their time to the NHS.
Image: NHS Nightingale in London is just days away from opening at the Excel centre
Virgin Atlantic will begin writing to 4,000 of its employees on Monday and will prioritise getting in touch with those who already have the required skills.
Ashley Jay is an easyJet crew member who has signed up to become an NHS volunteer.
He told Sky News: "I think it's really important that the whole country at the moment needs to pull together.
"I think everybody, no matter what background you've got, can help and volunteer, and do something good for your community as well as the country in a time of need."
Many first-aid trained cabin crew across the world have been grounded as countries have closed borders and cancelled flights amid the COVID-19 pandemic.
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Image: EasyJet says the training and skills of its staff 'could help make a real difference'
EasyJet has said it is "proud" its staff can support medics at this "crucial time".
Tina Milton, director of cabin services, added: "The NHS is at the forefront of dealing with this health emergency but the training and skills our cabin crew have, working closely with the medical professionals, could help make a real difference."
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St John's Ambulance have already said that hundreds of people will give their time at the Nightingale hospitals.
Ruth May, chief nursing officer for England, said the NHS needs "all the support we can get".
She added: "Thousands of nurses, medics and other expert staff are returning to work alongside us, but we need everyone to do their bit - whether that is working in one of our current health or social care services, working in the Nightingale Hospital, volunteering to help the NHS or following government advice to stay at home, protect the NHS and save lives."
Image: Uber is to cover NHS workers' meals and journeys to help reduce the pressure on them
Meanwhile, Uber is to give away 200,000 free trips up to a value of £15 each and 100,000 meals with a £10 voucher to NHS staff serving on the frontline.
The company's chief executive, Dara Khosrowshahi, hopes the free trips will be a "small way" to help the nurses, doctors and support staff of the NHS as they work "tirelessly" day and night.
It follows a move by food delivery service Deliveroo to deliver 500,000 free meals to NHS workers and change its app to allow customers to donate funds for buying meals for doctors and nurses.


news--2020-03-30--Coronavirus: Taxpayers forego £600m from RBS payout

UK taxpayers are to forfeit more than £600m from the cancellation of bank dividends as regulators instruct Britain 's biggest lenders to conserve capital amid the coronavirus crisis .
Sky News can reveal that Royal Bank of Scotland 's move to stop a £968m full-year dividend payment for 2019 , which was due to be made in the coming weeks , will leave the Treasury £600m poorer .
The government 's 62 % stake in RBS means it would have received the sum if the payout had gone ahead .
It will also forego taxes associated with the payment of @ @ @ @ @ @ @ due to be handed to UK taxpayers .
Banking sources expect the Prudential Regulation Authority ( PRA ) , the banking watchdog , to announce on Tuesday evening or Wednesday morning that Barclays , HSBC , Lloyds Banking Group and RBS will no longer pay the dividends announced alongside their full-year results .
Excluding HSBC , which is by far the largest dividend-payer with a $ 4.2bn cheque but which is less UK-focused than its peers , the move will preserve roughly £4bn of capital - which could translate into £40bn of lending @ @ @ @ @ @ @ pandemic deepens .
The Financial Times reported earlier that there was a growing expectation of the dividend cancellation .
One source suggested that Sam Woods , the PRA chief executive , told the banks on Monday that a final decision had yet to be reached by the regulator .
`` There 's no question that we 're on standby for it , '' said one bank executive .
`` Given all the capital the UK banks hold now , this is largely a symbolic gesture . ''
Barclays , which is due to @ @ @ @ @ @ @ on Friday , was understood to be convening a call between directors to discuss the PRA 's impending decision .
Although modest in the context of taxpayers ' £45.5bn bill for rescuing RBS , the £600m dividend would have been only the third annual payout received by the government since its 2008 bailout .
The cancellation of the 2019 dividends will be painful for shareholders in the banks , a proportion of whom are retail investors who have suffered a decade of meagre returns from UK lenders .
None of the banks would @ @ @ @ @ @ @ be reached for comment .

UK taxpayers are to forfeit more than £600m from the cancellation of bank dividends as regulators instruct Britain's biggest lenders to conserve capital amid the coronavirus crisis.
Sky News can reveal that Royal Bank of Scotland's move to stop a £968m full-year dividend payment for 2019, which was due to be made in the coming weeks, will leave the Treasury £600m poorer.
The government's 62% stake in RBS means it would have received the sum if the payout had gone ahead.
It will also forego taxes associated with the payment of the chunk of the £7.5bn that was due to be handed to UK taxpayers.
Banking sources expect the Prudential Regulation Authority (PRA), the banking watchdog, to announce on Tuesday evening or Wednesday morning that Barclays, HSBC, Lloyds Banking Group and RBS will no longer pay the dividends announced alongside their full-year results.
Excluding HSBC, which is by far the largest dividend-payer with a $4.2bn cheque but which is less UK-focused than its peers, the move will preserve roughly £4bn of capital - which could translate into £40bn of lending into the UK economy as the COVID-19 pandemic deepens.
The Financial Times reported earlier that there was a growing expectation of the dividend cancellation.
One source suggested that Sam Woods, the PRA chief executive, told the banks on Monday that a final decision had yet to be reached by the regulator.
"There's no question that we're on standby for it," said one bank executive.
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"Given all the capital the UK banks hold now, this is largely a symbolic gesture."
Barclays, which is due to be the first to pay its dividend on Friday, was understood to be convening a call between directors to discuss the PRA's impending decision.
Although modest in the context of taxpayers' £45.5bn bill for rescuing RBS, the £600m dividend would have been only the third annual payout received by the government since its 2008 bailout.
The cancellation of the 2019 dividends will be painful for shareholders in the banks, a proportion of whom are retail investors who have suffered a decade of meagre returns from UK lenders.
None of the banks would comment, while the PRA could not be reached for comment.