peter_IFAMAG reads Twitter so you don’t have to.
Chancellor of the exchequer Rishi Sunak announces a £30bn plan for COVID Recovery today. German Chancellor, Angela Merkel, faces tough decisions on China as her government up the rhetoric. Fashion company Boohoo commit to supply chain audit after their unethical practices thrust into the Twitter spotlight.
Firstly, it seems the Savoy has not paid corporate tax in quite some time.
The Savoy Hotel has paid no corporate tax in the UK for 15 years. It is not the only one. The Financial Times asks: is the system broken and is coronavirus an opportunity to stop corporate tax avoidance for good?
By @EmmaAgyemang @alexebarker and me https://t.co/IcP1LCWZCR
— Tabby Kinder (@Tabby_Kinder) July 8, 2020
Article covering German Chinese relations at the top of government.
Merkel is under pressure to cut Germany's ties with China as the Hong Kong crisis triggers a European backlash against Beijing https://t.co/aeuaxgcGhq
— Insider Business (@BusinessInsider) July 8, 2020
The largest financial story on Twitter today is Rishi Sunak’s £30bn announcement.
Taken together this is a Plan for Jobs worth up to £30 billion. pic.twitter.com/b9DqgqCKpc
— Rishi Sunak (@RishiSunak) July 8, 2020
The respoonse to the relief is very positive.
Tory government to subsidise our restaurant bills.
— Andrew Neil (@afneil) July 8, 2020
A stamp duty holiday was just one of the announcements made earlier. Check out Martin Lewis’ feed for in depth coverage.
Stamp duty cut IMMEDIATELY. No stamp duty paid on homes up to £500,000 (currently £125,000). That's huge. Runs until 31 March 2021.
That will help many, but not first time buyers with sub 10% deposits who simply will struggle to get mortgages. #SummerStatement
— Martin Lewis (@MartinSLewis) July 8, 2020
Check out this regional spread of the Job Retention Scheme which will likely shape the recovery.
#Budget2020 Sunak announces new Job Retention Bonus for businesses bringing back staff on furlough. If businesses keep staff till Jan and pay them at least minimum wage, Gov will give them £1,000 per worker. #Crawley, #Burnley and #Slough currently seeing largest numbers on JRS. pic.twitter.com/RyWS9qZLaG
— Elena Magrini (@MagriniElena) July 8, 2020
And finally, Boohoo carrying out a supply chain audit.
Boohoo is launching independent investigation into its supply chain led by Alison Levitt QC & putting £10m investment to “eradicate supply chain malpractice” & has hired two supply chain auditors .
Will update on review in Sept. This comes after over £1.5bn wiped from shares— Ashley Armstrong (@AArmstrong_says) July 8, 2020
What are your thoughts on these tweets?
Tweet your responses to @peter_IFAMAG
