Tag: Sunak

UK Chancellor Rishi Sunak fires starting gun on post-Brexit freeports

Britain's chancellor Rishi Sunak. Photo: Andrew Fox/Pool Photo via AP
Britain’s chancellor Rishi Sunak. Photo: Andrew Fox/Pool Photo via AP

The chancellor has officially announced plans to set up post-Brexit “freeports” in Britain — special low-tax business zones aimed at attracting international trade to the UK.

Rishi Sunak on Tuesday said the bidding process to become a freeport will be launched before the end of the year. Airports, rail hubs, and sea ports will all be eligible to apply for the status and the government is hoping to establish at least one freeport in each nation of the UK.

“Our new Freeports will create national hubs for trade, innovation and commerce, regenerating communities across the UK and supporting jobs,” Sunak said in a statement.

Freeports are special trade zones that do not function under the same tax rules as the rest of a nation. British freeports will enjoy simplified customs procedures and tax breaks on goods passing through.


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Rishi Sunak insists top priority is jobs; UK construction growth accelerates – business live | Business

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

Britain’s Covid-19 jobs crisis is building day by day, with cinema group Cineworld putting 5,500 staff out of work from Thursday as it shuts its screens.

And faced with this surge of unemployment, chancellor Rishi Sunak is playing down suggestions that taxes will be hiked soon – pledging to protect jobs. Critics, though, say the government still isn’t providing the support needed.

Speaking on Sky News this morning, Sunak insists that his “overwhelming focus” at the moment trying to protect and support as many jobs as possible.

What’s happening in our economy is significant and severe. Many people are losing their jobs.

So the focus of all my attention in the short term is doing what we can to support as much employment as possible.

Yesterday, Sunak claimed there was a

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Rishi Sunak warns Covid jobs plan will not stem UK’s rising unemployment

Rishi Sunak has warned that Britain faces a winter of rising unemployment as he said a new multibillion-pound spending package to boost an economy battered by Covid-19 would not be enough to prevent business failures and job losses over the coming months.

The chancellor said his winter jobs plan – a combination of wage top-ups, cash flow support for companies and an extended VAT cut for the hardest-hit sectors – was needed after tougher curbs to tackle the pandemic were announced earlier this week.

Sunak said the protracted battle against the virus meant the economy was undergoing a permanent adjustment but that it was “fundamentally wrong” to keep people in jobs that only existed due to the furlough introduced six months ago.

“We need to create new opportunities and allow the economy to move forward and that means supporting people to be in viable jobs which provide genuine security. As

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Sunak Can Flex U.K. Stimulus Credit Card in Unfazed Markets

(Bloomberg) — Chancellor Rishi Sunak needn’t worry about getting the financing for another spending spree to support Britain through the Covid-19 crisis.

With growing pressure on him to refresh fiscal stimulus during a further six months of restrictions, near record-low bond yields show markets are unfazed at the prospect of more borrowing, safe in the knowledge that the Bank of England is on his side.

a screenshot of a cell phone: Easy Money

© Bloomberg
Easy Money

The chancellor had hoped to ease off on spending that already pushed government debt to an eyewatering total above 2 trillion pounds ($2.6 trillion) for the first time, but a resurgent outbreak of the coronavirus has scuppered that plan.


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Instead, despite previous pledges that furlough support would stop at the end of next month, Sunak is now looking at aid including a German-style wage subsidy program. Whatever he borrows to fund it can be mopped up in due course

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Sunak unveils new job support scheme; warns he cannot save every business

FILE PHOTO: Britain’s Chancellor of the Exchequer Rishi Sunak visits Peak Scientific, a Scottish manufacturer of gas generators for analytical laboratories in Glasgow, Scotland, Britain, August 7, 2020. Andy Buchanan/Pool via REUTERS/File Photo

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

“The government will directly support the wages of people in work, giving businesses who face depressed demand the option of keeping employees in a job on shorter hours, rather than making them redundant,” Sunak told parliament.

Sunak said the scheme would run for six months, starting in November and be open to all small and medium sized enterprises. Larger firms would only be eligible if their turnover has fallen during the crisis.

“It will support viable jobs to make sure that employees

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