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“Now the prime minister has announced even more restrictions for them, it is clear much more support will be needed from the government to ensure they survive.
“An immediate stimulus package is required for our sector in the form of an extension to the furlough scheme and business rates relief, plus continuation of the VAT cut to food and soft drinks and a significant cut to the UK’s excessively high beer duty,” added McClarkin.
So far, one in eight hospitality members of staff has been made redundant, with many more job losses expected following the furlough schemes end.“The future of the sector is still very much in the balance,” said Kate Nicholls, the chief executive of UK Hospitality.
“The additional restrictions announced this week place even further burdens on a sector that is operating with razor-thin margins and needs all the help it can get. It is vital that these restrictions are reviewed regularly.” Chancellor Rishi Sunak will unveil his new “winter economy package”. Sunak is not having his November Budget because “now is not the right time to outline long-term plans and people want to see us focused on the here and now.”FTSE stays on top with Boris Johnson committed to avoiding second lockdown
“This also meant the FTSE was fine with shaking off some disappointing flash PMIs. The manufacturing reading fell from 55.2 to 54.3, while the services sector suffered a sharper than forecast drop from an ‘Eat Out to Help Out’-boosted 58.8 to 55.1. That latter reading, however, puts it well above the 47.6 seen for the Eurozone as a whole.”
“It is worth remembering that, as Dominic Raab conceded, the measures announced in the last few days are by no means a ‘silver bullet’ when it comes to seeing off – or mitigating – a second wave, and further restrictions could still be implemented, especially with the UK’s current daily case figures.”
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NatWest launches attention-grabbing savings account with ‘3% interest rate’
Unfortunately, it appears the new NatWest account is just another bit of attention-grabbing to get customers through the door, with the interest rate offered on anything-but-minimal savings being just as dismal as those offered by any other savings account or ISA in these difficult times. However, being more positive, Bankrate UK Mortgage Expert, Nisha Vaidya, stated the following: “This is a positive move from NatWest which recognises the financial challenges many people are facing in the context of COVID-19. Incentivising customers to save little and often is a good way of getting people into the savings habit at a time of deep economic uncertainty.” “We know that young people in particular are facing real financial challenges right now – not just because they’ve been hit hardest by job losses, but because soaring property prices have priced many potential first time buyers out of the market.” “While this account is aimed at customers with little or no savings, rather than those trying to grow their existing balances, it’s good to see banks innovate and launch new products that recognise the extraordinary financial circumstances many people are facing.” Alas, if it were my money I’d probably just ignore the hype, or for someone looking for a beginners’ savings account: take a look at HSBC‘s (LON:HSBA) fixed term regular saver’s account, which offers 2.75% on savings up to £3,000.NEWS: NS&I announces unprecedentedly large rate cuts on 24 Nov. Currently best buy across the board. -Income Bonds drop from 1.15% to 0.01% -Direct Saver drop from 1% to 0.15% -Investment account from 0.8 % to 0.01 ISA & Junior ISA similar A devastating blow for savers Share
— Martin Lewis (@MartinSLewis) September 21, 2020

