Tag: economy

What you need to know about the economy, jobs and the ‘Winter Economy Plan’

Chancellor Rishi Sunak announced an extension of four coronavirus loan schemes for firms, VAT cuts for the hospitality sector, and more time for firms and individuals to pay taxes. Photo: JOHN SIBLEY / POOL / AFP via Getty
Chancellor Rishi Sunak announced an extension of four coronavirus loan schemes for firms, VAT cuts for the hospitality sector, and more time for firms and individuals to pay taxes. Photo: JOHN SIBLEY / POOL / AFP via Getty

It’s been another wild week for the economy, as governments continue to grapple with the fallout from the coronavirus.

On Monday and Tuesday respectively, there were dispatches from the UK’s chief medical officer Chris Whitty, warning that Brits need to continue following guidelines to avoid a punishing second wave of the virus, and new restrictions were outlined by Boris Johnson.

New rules announced included a 10pm curfew for hospitality in England which those working in the sector have warned will be a threat to business, and has since seen crowds gather in the street at closing time for pubs.

Rishi Sunak also outlined the “Winter Economy Plan” on Thursday, calling the new

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ServiceNow Delivers New Levels of Business Agility and Resilience for the COVID Economy

SANTA CLARA, Calif.–(BUSINESS WIRE)–ServiceNow (NYSE: NOW), the leading digital workflow company making work, work better for people, today unveiled the Now Platform® Paris release, to help organizations remain agile and be resilient so they can grow and enhance their productivity during the COVID economy. With ServiceNow workflows, people can work smarter and organizations can realize faster time to value from their technology investments.

The COVID economy has exposed weak links in old value chains, driving a workflow revolution. Organizations that struggle to digitally transform and create great experiences for customers, employees, and partners in this new work environment are being left behind. According to IDC, 45 percent of organizations worldwide are now in economic decline or recession, with 64 percent of organizations worldwide planning to be early adopters of emerging tech.Those organizations that are digital laggards are more inclined to seek out emerging tech as a

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Stimulus check 2 would boost economy, say business leaders

With the hope of resumed stimulus negotiations between Democrats and Trump administration officials still tenuous, financial leaders are calling on Congress to provide more aid to save a slipping economy. 

Federal Reserve Chairman Jerome Powell warned lawmakers this week that failing to pass another stimulus package that includes stimulus check 2 could have long-term economic consequences — a warning that may push the opposing sides on Capitol Hill closer to consensus. 

Powell specifically called out the need for additional direct payments, noting that a lack of individual benefits — including the federal unemployment supplement and a second stimulus check — could leave many Americans who don’t have savings without money to spend.

“Many borrowers will benefit from these programs, as will the overall economy,” Powell said, according to CNBC. “But for others, a loan that could be difficult to repay might not be the answer, and in these cases,

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Tax Provisions in the UK Winter Economy Plan

The Chancellor of the Exchequer, Rishi Sunak, delivered the government’s ‘Winter Economy Plan’ on Thursday, 24 September 2020.

Set against a marked deterioration in data tracking the spread of coronavirus in the UK signalling a worsening of the health crisis, the statement was afforded heightened importance by the postponement of the Autumn Budget. Given the severity of the impact of COVID-19 on, and the continued fragility of, the UK economy, there is some economic and fiscal logic in delaying the Budget until the depth and breadth of the impact of this latest onset of the virus is better understood. The Chancellor was probably keen to avoid a repeat of the spring which saw him deliver a Budget on 11 March 2020 only to have to then provide an updated emergency statement just nine days later. However, delaying the Autumn Budget may have been greeted with alarm

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Incoming CEO of Warren Buffett’s railroad Katie Farmer on the economy

Katie Farmer, incoming CEO of BNSF Railway, told CNBC on Friday that her industry has clearly been impacted economically by the coronavirus pandemic, but there’s optimism on the horizon.

“We have seen the economy start to pick up relative to rail loadings,” Farmer told “Squawk Box.”

While BNSF, owned by Warren Buffett-led Berkshire Hathaway, anticipates a rebound, Farmer noted this year has been different from the past.

“We basically say that if we’re handling 200,000 units of wheat, that indicates we’re a busy railroad,” she explained. “In 2018, we handled over 200,000 units of wheat, 41 times that year. Fast forward to 2020 and with the impact of the pandemic, we haven’t hit 200,000 units on our railroads yet.”

“In the depth of the pandemic, our rail loadings were actually down to about 150,000 units a week. Now, we have seen that continue to come back. And we anticipate this

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Business Loans Get Starring Role In Winter Economy Plan

A major part of the government’s response to the economic impact of the coronavirus pandemic has been to make capital available to businesses via a range of underwritten loan schemes.

As part of the Winter Economy Plan unveiled by the Chancellor today, access to these schemes will be extended to 30 November 2020 for new applications. The schemes include:

Bounce Back Loan Scheme (BBLS) which has provided £38 billion of finance through more than a million loans to UK-based small businesses

Coronavirus Business Interruption Loan Scheme (CBILS) which has provided over 66,000 loan facilities worth £15.5 billion to eligible UK-based businesses with turnover under £45 million

Coronavirus Large Business Interruption Loan Scheme (CLBILS) which has provided more than 566 facilities worth over £3.8 billion to eligible UK-based businesses with turnover above £45 million.

Existing business borrowers

Mr Sunak also announced measures to help businesses that have already taken advantage

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FACTBOX-What is in the UK’s job-supporting Winter Economy Plan?

LONDON, Sept 24 (Reuters) – British finance minister Rishi Sunak announced on Thursday a new jobs support scheme that would help firms keep people employed but on shorter hours, as he warned he could not save every business or role.

As part of a “Winter Economy Plan,” Sunak also announced changes to tax rules and the terms of government loans to businesses. Here are the details:

JOB SUPPORT SCHEME

– Government to contribute to wages of employees who work fewer hours than normal due to decreased demand.

– Will be introduced from Nov. 1 and run for six months.

– Employers will continue to pay the wages of staff for the hours they work.

– But for the hours not worked, the government and the employer will each pay one-third of their equivalent salary.

– Employees must be working at least 33% of their usual hours in order to focus

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Westchester County, lobbying groups strategize to revive economy

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Municipal leaders and the largest lobbying groups in the Lower Hudson Valley are looking to grants, incentives and other new avenues to revive the downstate economy and combat the long-term effects of the coronavirus.

Six months after Washington D.C. passed the CARES Act and unlocked billions of dollars in loans and incentives through the Small Business Administration, key industries and many small businesses across the region are still struggling.

The state Department of Labor says the accommodations and food service industry alone has lost 311,100 jobs since last year.

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Construction continues at the new Edge-on-Hudson development in Sleepy Hollow, Sept. 8, 2020.  (Photo: Mark Vergari/The Journal News)

Municipal leaders and lobbying groups in Westchester are looking for new ways to not only stop the bleeding, but to reinforce the regional economy for what promises to be several difficult years. They are looking at everything from grants to

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Ukraine Launches World’s First Virtual Business Country for Creative Economy – Diia City | News

KYIV, Ukraine, Sept. 23, 2020 /PRNewswire/ — Ukraine’s government has launched one of the most promising reforms to create a global IT hub in Ukraine. The project, called Diia City, provides for special digital residency with a particular taxation regime, intellectual property protection and simplified regulations. 

Ukrainian leadership intends to establish a comprehensive, liberal legal framework for the IT industry. President Volodymyr Zelenskyy urged the Cabinet of Ministers of Ukraine to design the legislation for Diia City – the world’s first virtual business country for the creative economy. Diia City implies a step change in current taxation, enforcement and judicial systems.

“The government and IT sector are now working together. We are drafting legislation to support the IT industry. And we assured the IT sector of sustained governmental support; for them, there would be no taxes above 5%. Cause we see Ukraine as a European intellectual hub for

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Ukraine Launches World’s First Virtual Business Country for Creative Economy

KYIV, Ukraine, Sept. 23, 2020 /PRNewswire/ — Ukraine’s government has launched one of the most promising reforms to create a global IT hub in Ukraine. The project, called Diia City, provides for special digital residency with a particular taxation regime, intellectual property protection and simplified regulations. 

Ukrainian leadership intends to establish a comprehensive, liberal legal framework for the IT industry. President Volodymyr Zelenskyy urged the Cabinet of Ministers of Ukraine to design the legislation for Diia City – the world’s first virtual business country for the creative economy. Diia City implies a step change in current taxation, enforcement and judicial systems.

“The government and IT sector are now working together. We are drafting legislation to support the IT industry. And we assured the IT sector of sustained governmental support;

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