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Eat Out to Help Out drives UK inflation to five-year low

Eat Out to Help Out drives UK inflation to five-year low

Business
The UK's inflation rate fell sharply to a five-year low of 0.2% in August as the effect of the Eat Out to Help Out scheme pushed down restaurant prices.July's Consumer Prices Index (CPI) inflation figure had been 1%.The VAT cut in the hospitality sector from 20% to 5% was also a factor, said the Office for National Statistics.Low inflation - the rate at which prices of everyday goods and services rise - is good for consumers and borrowers, but can be bad for savers.That is because it affects the interest rates set by banks and other financial institutions.The eating out scheme, which ran from Monday to Wednesday in August, offered 50% off food up to the value of £10.Discounts for more than 100 million meals were claimed through the scheme.Prices in restau
Rishi Sunak: New ways to protect jobs ‘my priority’

Rishi Sunak: New ways to protect jobs ‘my priority’

Business
Media playback is unsupported on your device The chancellor has said looking for new ways to protect jobs is his "number one priority" after the unemployment rate hit its highest level in two years.Rishi Sunak said finding innovative solutions was "top of mind" as figures showed unemployment rose to 4.1% in the three months to July, up from 3.9%. Labour called for the furlough scheme to be replaced when it ends in October, warning joblessness could spike.But the chancellor stressed this would not help people find new opportunities.Mr Sunak acknowledged the furlough wage support scheme had worked, with more than half of the 9.6 million workers furloughed since May returning to work by mid-August.But he told the BBC: "I wouldn't be being honest ...
Unemployment rate creeps up to 4.1% as pandemic takes toll

Unemployment rate creeps up to 4.1% as pandemic takes toll

Business
Britain's unemployment rate rose to 4.1% in the three months to July as the total number of jobless rose by 62,000, the Office for National Statistics said.The jobless rate was the highest in nearly two years and up from 3.9% a month earlier - but is still yet to be fully illustrative of the economic crisis with the Treasury's soon-to-end furlough scheme helping keep the numbers down. Live coronavirus updates from UK and around the world Image: Sandwich chain Pret is among employers cutting jobs during the crisis Meanwhile, payroll data showed that 695,000 fewer people were employed in August compared to March when the UK lockdown started - though after revisions to earlier data that was a smaller number than before.Darren Morgan, dir...
Coronavirus: Sir Keir Starmer to call for furlough scheme replacement

Coronavirus: Sir Keir Starmer to call for furlough scheme replacement

Business
Sir Keir Starmer will call on the government to replace the furlough scheme and outlaw "firing and re-hiring" methods to avoid the "scarring effect" of "mass unemployment".Almost 10 million workers have been furloughed since March but the scheme is set to end on 31 October.The Labour leader will address the TUC, proposing targeted support for badly-hit sectors.The government said it was already implementing a plan to protect jobs. Speaking to the Trades Union Congress' annual conference, Sir Keir will make the case for replacing the job retention scheme - also known as the furlough scheme - which was introduce to support employers and staff during the coronavirus lockdown. Under it, employees placed on leave due to virus restrictions have received 80% of ...
£31bn sale of UK’s Arm Holdings is a ‘disaster’ says co-founder

£31bn sale of UK’s Arm Holdings is a ‘disaster’ says co-founder

Business
UK-based chip designer Arm Holdings is to be sold to America's Nvidia in a deal worth up to $ 40bn (£31bn).But the sale was described as a "disaster" by Arm's co-founder. Nvidia said the company - which licenses its chip designs for use by major electronics brands such as Apple - would remain based in Cambridge and its site expanded. Image: SoftBank bought Arm in 2016 However, Arm's co-founder Hermann Hauser told Sky News: "It's a disaster... for Cambridge, the UK and Europe."He pointed to a potential impact on UK jobs, damage to Arm's business model and the fall-out that would result from the products in which its technology is used being subject to US export controls.