Rishi sunak

Last week’s £12 billion stimulus package to tackle the health and economic consequences of Covid-19 now seems like a drop in the ocean compared to Rishi Sunak’s announcement this evening: an astonishing £330 billion package of guarantees for business loans, up to £20 billion worth of tax cuts and grants for small and medium size businesses to stay afloat. As well: a year of full business rate relief for all companies in retail, hospitality and leisure sectors. And, he says, this is only the beginning. The Chancellor needed to indicate to business (and markets) that this Government is serious about keeping the economy going. But this isn’t a crash: this

He began with a touch of statesmanlike solemnity about the pandemic. ‘The British people may be worried but they are not daunted. We will protect this country and our people. We will rise to this challenge.’ This was Rishi Sunak delivering his first budget. Many viewers will not have seen him give a sustained performance before. He’s young, lean, smiley, mild-mannered. His thick rug of hair is worn with a schoolboy’s side-parting. Lots of teeth, oddly big ears. An ideal son-in-law type. But this isn’t the right look for a chancellor who should either resemble a mortician, (Stafford Cripps), or a voluptuary, (Nigel Lawson). His vocal delivery has some strangely

When Sajid Javid resigned in a row with No. 10, there was much speculation about what would be in the coming Budget. No one, though, predicted that it would end up being overshadowed by coronavirus. The short-term economic effects of this outbreak are almost unknowable. It is still hard to work out how serious it is going to be. One of those drawing up the government response plan tells me they would be happy if, in a year’s time, people thought they had wildly overreacted. Boris Johnson once said that the mayor in Jaws — who keeps the beaches open despite reports of a shark — was his hero for

It is too expensive. It mostly goes to Southerners who already have plenty of money. And it doesn’t even work very well, while the money would be better spent elsewhere. As the Chancellor puts the finishing touches to his Budget, the leaks suggest that the most generous tax relief for entrepreneurs will either be curbed, reduced or potentially even scrapped completely. But hold on. That’s crazy. It’s just about possible that there might be a worse message to send out about post-Brexit Britain – nationalising the banks, perhaps, or a three-day working week – but it is hard to think of one. In fact, entrepreneur’s relief has been a huge

After a dull interlude, the big banks in their annual results season look a bit more interesting again. First to report was Barclays, where pre-tax profits were up 25 per cent to £4.4 billion but attention focused, yet again, on Chief Executive Jes Staley, whose name rarely appears in print without ‘accident-prone’ attached to it. The trouble this time is his link to the late billionaire sex offender Jeffrey Epstein, who was Staley’s client at JP Morgan in his earlier career: under investigation is whether Staley was sufficiently ‘transparent’ with his board and regulators in declaring that relationship. Staley survived previous embarrassments, including a £642,000 fine imposed by the Financial

As the dust settles, it is clear that the big story of the reshuffle is that Boris Johnson has created the most powerful central government operation in living memory. He has yoked together Number 10, the Treasury and the Cabinet Office. As I say in the Sun this morning, no department or agency will be able to resist the power of this new centre. The rationale behind this move is simple. Boris Johnson’s view is what is the point of being in power if you are not actually in charge. He wants to bring an emphatic end to a decade of weak government. He believes that this new set up