Britain's Finance Minister Rishi Sunak will protect jobs in his budget on Wednesday by extending the furlough scheme until the end of September, while also setting out plans to overhaul the London Stock Exchange in a post-Brexit shake-up.
The Coronavirus Job Retention or furlough scheme, which has protected 11.2 million jobs since the start of the crisis, will be extended beyond the existing deadline of April 30.
Mr Sunak will also publish the review findings by Jonathan Hill, which recommends a post-Brexit shake-up of listings rules to lure tech companies to the City of London.
Addressing Britain’s Parliament on Wednesday, Mr Sunak will set out a three-point plan to support people and businesses through the crisis, start fixing public finances and begin building the future economy.
He will vow to do “whatever it takes” to steer the country’s economy through this “moment of crisis” and promise to use “the full measure of our fiscal firepower to protect the jobs and livelihoods of the British people”.
The UK has spent about £300 billion ($416.65bn) on coronavirus support since the crisis began and Mr Sunak said this presents a “challenge” for the country’s public finances, with public sector borrowing for the fiscal year soaring to £270.6bn by the end of January.
The cost of Britain’s furlough scheme reached £53.8bn last month, with 4.7 million jobs covered by the scheme as of the end of January.
The extension to the scheme takes its protection beyond June 21 when Prime Minister Boris Johnson hopes all restrictions will be lifted under his roadmap out of lockdown.
Mr Sunak said it was “only right to continue to help businesses and individuals through the challenging months ahead and beyond”.
While employees will receive 80 per cent of their salary until the scheme ends, employers will be asked for a 10 per cent contribution in July, and 20 per cent in August and September.
Mr Sunak will also issue direct cash grants to more than 600,000 self-employed workers, including those who set up on their own in the most recent fiscal year.
Separately, Mr Sunak will consider Mr Hill’s recommendations for the LSE, which include updating rules around free float requirements, dual class structures and special purpose acquisition companies (Spacs) to strengthen the UK’s position as a world-leading financial centre.
The move is considered a post-Brexit fightback from Mr Sunak, who wants to help London compete with global centres such as New York, Amsterdam and Frankfurt and lure tech founders to the LSE, after it raised £43bn in equity capital last year.
Mr Sunak asked former European Union finance commissioner Mr Hill to lead the review in November because he “wanted bold ideas”.
“The UK is one of the best places in the world to start, grow and list a business – and we’re determined to enhance this reputation now we’ve left the EU,” Mr Sunak said on Tuesday.
In the run-up to Britain’s exit from the EU, several global banks moved financial staff and assets from the City of London to Europe with the number of Brexit-related job moves totalling 7,600, financial services consultancy EY said.
EY said that while the pace of asset and job relocation announcements had eased, it would be replaced by “a slower yet ongoing movement of people and assets to Europe for compliance purposes", according to Omar Ali, a financial services managing partner at EY.
However, Mr Sunak said he was hopeful that reforms set out by Mr Hill would help to boost the UK’s business environment and ensure the country leads “the world in providing open, dynamic capital markets for existing and innovative companies alike, whilst protecting the high standards that underpin our status as a world-leading financial centre”.
Mr Hill’s key recommendations include modernising rules to allow dual share class structures in the LSE’s premium listing segment, which would allow founders to retain control over their companies by giving them deciding votes on key decisions such as corporate takeovers.
Reducing free float requirements – the amount of a company’s shares in public hands – to 15 per cent from 25 per cent, will allow companies to use other measures to demonstrate liquidity.
The Hill review also recommends liberalising rules around increasingly popular Spacs, which raise money from investors and then list on a stock market before looking for an investment target with which to go public.
Spacs were among the most prolific participants in Wall Street’s IPO market last year, with more than 200 blank-cheque companies raising more than $80bn, Bloomberg said. The pace has accelerated, with more than $50bn raised so far this year.
Spacs are typically created by a sponsor, usually well-known executives, private equity or venture capital firms to raise money for yet-to-be identified future investments. If no targets are found within two years, the blank-cheque firm is dissolved with the cash returned to investors. In case of a takeover, shareholders can retain their shares or redeem their holdings if they do not like the deal.
Almost 180 Spacs have been filed or priced this year in New York, but there is none on the LSE, according to data from Refinitiv, while Frankfurt and Amsterdam have both had their first this year.
“The recommendations in this report are not about opening a gap between us and other global centres by proposing radical new departures to try to seize a competitive advantage," Mr Hill said.
"They are about closing a gap which has already opened up. All the recommendations are consistent with existing practices in other well-regulated financial centres in the USA, Asia and Europe.”
He urged Mr Sunak to produce an annual State of the City report that brings together ministers, regulators and the market to ensure the system promotes "the attractiveness of the UK as an international financial centre".
Other measures expected tomorrow from Mr Sunak’s budget on Wednesday include fresh business grants, new measures for loans and mortgages and further support for jobseekers.
He is expected to increase corporation tax from a UK record-low 19 per cent, extend the stamp duty land tax holiday on residential property purchases, pump more funds into the UK's vaccination drive and issue fresh support for the culture sector, sports industry and green initiatives.
'Top Gun: Maverick'
Rating: 4/5
Directed by: Joseph Kosinski
Starring: Tom Cruise, Val Kilmer, Jennifer Connelly, Jon Hamm, Miles Teller, Glen Powell, Ed Harris
Karwaan
Producer: Ronnie Screwvala
Director: Akarsh Khurana
Starring: Irrfan Khan, Dulquer Salmaan, Mithila Palkar
Rating: 4/5
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
More from Neighbourhood Watch:
MATCH INFO
Manchester United v Everton
Where: Old Trafford, Manchester
When: Sunday, kick-off 7pm (UAE)
How to watch: Live on BeIN Sports 11HD
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Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The years Ramadan fell in May
The years Ramadan fell in May
The five pillars of Islam
Coffee: black death or elixir of life?
It is among the greatest health debates of our time; splashed across newspapers with contradicting headlines - is coffee good for you or not?
Depending on what you read, it is either a cancer-causing, sleep-depriving, stomach ulcer-inducing black death or the secret to long life, cutting the chance of stroke, diabetes and cancer.
The latest research - a study of 8,412 people across the UK who each underwent an MRI heart scan - is intended to put to bed (caffeine allowing) conflicting reports of the pros and cons of consumption.
The study, funded by the British Heart Foundation, contradicted previous findings that it stiffens arteries, putting pressure on the heart and increasing the likelihood of a heart attack or stroke, leading to warnings to cut down.
Numerous studies have recognised the benefits of coffee in cutting oral and esophageal cancer, the risk of a stroke and cirrhosis of the liver.
The benefits are often linked to biologically active compounds including caffeine, flavonoids, lignans, and other polyphenols, which benefit the body. These and othetr coffee compounds regulate genes involved in DNA repair, have anti-inflammatory properties and are associated with lower risk of insulin resistance, which is linked to type-2 diabetes.
But as doctors warn, too much of anything is inadvisable. The British Heart Foundation found the heaviest coffee drinkers in the study were most likely to be men who smoked and drank alcohol regularly.
Excessive amounts of coffee also unsettle the stomach causing or contributing to stomach ulcers. It also stains the teeth over time, hampers absorption of minerals and vitamins like zinc and iron.
It also raises blood pressure, which is largely problematic for people with existing conditions.
So the heaviest drinkers of the black stuff - some in the study had up to 25 cups per day - may want to rein it in.
Rory Reynolds
Company profile
Name: Back to Games and Boardgame Space
Started: Back to Games (2015); Boardgame Space (Mark Azzam became co-founder in 2017)
Founder: Back to Games (Mr Azzam); Boardgame Space (Mr Azzam and Feras Al Bastaki)
Based: Dubai and Abu Dhabi
Industry: Back to Games (retail); Boardgame Space (wholesale and distribution)
Funding: Back to Games: self-funded by Mr Azzam with Dh1.3 million; Mr Azzam invested Dh250,000 in Boardgame Space
Growth: Back to Games: from 300 products in 2015 to 7,000 in 2019; Boardgame Space: from 34 games in 2017 to 3,500 in 2019
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More on Quran memorisation:
Killing of Qassem Suleimani
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How to donate
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
The specs: 2018 Chevrolet Equinox
Price, base / as tested: Dh76,900 / Dh110,900
Engine: 2.0L, turbocharged in-line four-cylinder
Gearbox: Nine-speed automatic
Power: 252hp @ 5,500rpm
Torque: Torque: 352Nm @ 2,500rpm
Fuel economy, combined: 8.5L / 100km
COMPANY%20PROFILE
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Teaching in coronavirus times
Killing of Qassem Suleimani
UAE jiu-jitsu squad
Men: Hamad Nawad and Khalid Al Balushi (56kg), Omar Al Fadhli and Saeed Al Mazroui (62kg), Taleb Al Kirbi and Humaid Al Kaabi (69kg), Mohammed Al Qubaisi and Saud Al Hammadi (70kg), Khalfan Belhol and Mohammad Haitham Radhi (85kg), Faisal Al Ketbi and Zayed Al Kaabi (94kg)
Women: Wadima Al Yafei and Mahra Al Hanaei (49kg), Bashayer Al Matrooshi and Hessa Al Shamsi (62kg)
Killing of Qassem Suleimani
What is Reform?
Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.
It was founded in 2018 and originally called the Brexit Party.
Many of its members previously belonged to UKIP or the mainstream Conservatives.
After Brexit took place, the party focused on the reformation of British democracy.
Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.
The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
The specs
Engine: 2.0-litre turbo 4-cyl
Transmission: eight-speed auto
Power: 190bhp
Torque: 300Nm
Price: Dh169,900
On sale: now
Killing of Qassem Suleimani
Results:
5pm: Baynunah Conditions (UAE bred) Dh80,000 1,400m.
Winner: Al Tiryaq, Dane O’Neill (jockey), Abdullah Al Hammadi (trainer).
5.30pm: Al Zahra Handicap (rated 0-45) Dh 80,000 1,400m:
Winner: Fahadd, Richard Mullen, Ahmed Al Mehairbi.
6pm: Al Ras Al Akhdar Maiden Dh80,000 1,600m.
Winner: Jaahiz, Jesus Rosales, Eric Lemartinel.
6.30pm: Al Reem Island Handicap Dh90,000 1,600m.
Winner: AF Al Jahed, Antonio Fresu, Ernst Oertel.
7pm: Al Khubairah Handicap (TB) 100,000 2,200m.
Winner: Empoli, Pat Dobbs, Doug Watson.
7.30pm: Wathba Stallions Cup Handicap Dh80,000 2,200m.
Winner: Shivan OA, Patrick Cosgrave, Helal Al Alawi.
Key fixtures from January 5-7
Watford v Bristol City
Liverpool v Everton
Brighton v Crystal Palace
Bournemouth v AFC Fylde or Wigan
Coventry v Stoke City
Nottingham Forest v Arsenal
Manchester United v Derby
Forest Green or Exeter v West Brom
Tottenham v AFC Wimbledon
Fleetwood or Hereford v Leicester City
Manchester City v Burnley
Shrewsbury v West Ham United
Wolves v Swansea City
Newcastle United v Luton Town
Fulham v Southampton
Norwich City v Chelsea
UAE currency: the story behind the money in your pockets
The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
The five pillars of Islam
Gran Gala del Calcio 2019 winners
Best Player: Cristiano Ronaldo (Juventus)
Best Coach: Gian Piero Gasperini (Atalanta)
Best Referee: Gianluca Rocchi
Best Goal: Fabio Quagliarella (Sampdoria vs Napoli)
Best Team: Atalanta
Best XI: Samir Handanovic (Inter); Aleksandar Kolarov (Roma), Giorgio Chiellini (Juventus), Kalidou Koulibaly (Napoli), Joao Cancelo (Juventus*); Miralem Pjanic (Juventus), Josip Ilicic (Atalanta), Nicolo Barella (Cagliari*); Fabio Quagliarella (Sampdoria), Cristiano Ronaldo (Juventus), Duvan Zapata (Atalanta)
Serie B Best Young Player: Sandro Tonali (Brescia)
Best Women’s Goal: Thaisa (Milan vs Juventus)
Best Women’s Player: Manuela Giugliano (Milan)
Best Women’s XI: Laura Giuliani (Milan); Alia Guagni (Fiorentina), Sara Gama (Juventus), Cecilia Salvai (Juventus), Elisa Bartoli (Roma); Aurora Galli (Juventus), Manuela Giugliano (Roma), Valentina Cernoia (Juventus); Valentina Giacinti (Milan), Ilaria Mauro (Fiorentina), Barbara Bonansea (Juventus)
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
