Delivering his Spending Review to the House of Commons, Chancellor Rishi Sunak warned that Britain’s economic emergency ‘has only just begun’. In his speech he also warned that with the pandemic creating the largest fall in output for 300 years it is going to cause lasting damage to growth and jobs. Economy The economy is …

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A new report from the Resolution Foundation think tank claims the Covid pandemic could cut average wages by £1,200 by 2025. The report follows Chancellor Rishi Sunak’s announcement that unemployment could hit 2.6 million by the middle of next year. Living standards The foundation’s report claimed that the effects of the virus will continue to …

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The sharp eyes of a junior civil servant spotted a fraud being worked on Universal Credit applications, but not before an estimated £1 billon had been stolen. Organised crime is believed to be behind the scam which involved thousands of stolen identities. Spotted It was spotted by the civil servant who was working closely with …

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Freedom has finally come for some mortgage prisoners who have been overpaying for their homes for years. Following intervention by the Financial Conduct Authority (FCA) banks and building societies have relaxed their borrowing criteria for homeowners who have been up to date on their repayments for a year and don’t want to borrow any more …

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MPs have been warned that a no-deal Brexit could do worse long term damage to Britain’s economy than the coronavirus pandemic. Bank Of England governor Andrew Bailey told the Treasury Select Committee: “I think the long-term effects would be larger than the long-term effects of Covid. There is no such thing as a frictionless deal, …

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British pensioners are missing out on billions of pounds in payments because they simply don’t know they are entitled to the money. For a standard state pension every year you work and pay National Insurance qualifies you for £260. If you have any gaps in employment that can be solved by making voluntary payments for …

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UK borrowing hit record levels in October as the government looked for cash to battle the Covid-19 pandemic. The Office for National Statistics (ONS) said borrowing hit £22.3 billion for the month, the highest since monthly records began in 1993. Substantial effect A spokesman said the figure underlines the ‘substantial effect’ the virus is having …

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Ofgem has warned that British households may face a £21 rise in their energy bills from April to help out energy companies who have been struck by a rise in unpaid bills because of the pandemic. The regulator has signalled that it is willing to raise the price cap on household bills and the announcement …

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Lump sum withdrawals from pensions have shot up by 94% as savers’ incomes are hit by the economic effects of Covid-19, says the Association of British Insurers (ABI). There was an initial pause of withdrawals at the start of the pandemic, but the ABI says that in a comparison between September and April of this …

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Britain’s trade unions are threatening to strike a public sector pay freeze is included in the Chancellor’s spending review. They have warned the government that if the pay of four million public sector workers is frozen there is the risk of a strike by all public sector unions. Letter The Chancellor outlined his plans for …

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