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UK Finances Hit First January Deficit in 10 years
For the first time in 10 years, the UK government has announced that more has been borrowed in January than collected through tax and other income. January is usually a key revenue-raising month as it is when taxpayers submit their self-assessment returns. Tax income fell by less than £1bn, but the government spent £19.7bn more…
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The UK Economy Shrank By A Record 9.9% in 2020
The Office for National Statistics (ONS) said the UK economy shrunk by a record 9.9% last year as coronavirus restrictions hit economic output. The report showed that the contraction in 2020 “was more than twice as much as the previous largest annual fall on record”. However, towards the end of the year, the economy experienced…
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UK To Offer Help To 1.4M Firms Repaying Covid Loans
Chancellor of the Exchequer, Rishi Sunak has announced that small firms would get more time to repay state-backed loans taken out to help survive the coronavirus lockdown. The changes include giving companies an option to extend the length of the loan from six to ten years under a “pay-as-you-grow” initiative. Sunak said the move was…