LiveUpdated
Wednesday 11 March 2020 09:50
The Bank of England has announced an emergency interest rate cut to help the UK cope with the coronavirus crisis, as chancellor Rishi Sunak prepares to unveil a huge spending boost at the Budget.
It comes as junior health minister Nadine Dorries revealed she had tested positive for Covid-19 after falling ill and self-isolating on Friday. All health department ministers – including secretary of state Matt Hancock – are now set to undergo testing for the virus.
Mr Sunak is expected to announce an infrastructure plan running into “hundreds of billions of pounds” and reveal a series of responses to the coronavirus outbreak, as unions put him under pressure to protect workers from the economic storm unleashed by the disease.
Firefighters call on chancellor for more support
Firefighters are demanding Rishi Sunak provide them with greater financial backing in his Budget, with a warning that underfunding hit their response to the winter’s floods.
Sunak is set to commit a further £2.6bn to flood defences on Wednesday, which he believes will help protect an additional 336,000 homes in England over the next six years.
But the Fire Brigades Union said that cuts have left services short of resources and manpower the needed to deal with the impact of storms Ciara, Dennis and Jorge in Yorkshire, Wales and the Midlands.
More details here:
Labour MP self-isolates after recent meeting with Dorries
Rachael Maskell has said she has been advised to “self-isolate” after meeting the junior minister Nadine Dorries (tested posited for coronavirus) last Thursday.
The MP for York Central: “Thankfully I am asymptomatic. It is so important that we all follow all public health advice.”
ECB boss warns of economic shock on par with 2008 crisis
Christine Lagarde, president of the European Central Bank (ECB), has warned the continent faces a major economic shock on a par with the 2008 financial crisis without urgent action to halt the spread of the coronavirus.
She said ECB policy makers would look at all policy tools at their meeting this week, particularly ones to provide “super-cheap” funding, Bloomberg News reported.
In the conference call late on Tuesday, the agency cited a person familiar with her comments as saying, Lagarde warned EU leaders that without coordinated action on the coronavirus outbreak Europe would see a scenario that would remind it of the financial crisis a decade ago.
Lagarde also said that monetary policy measures can only work if governments throw their weight behind them too, according to the report.
No 10 dog to be moved? ‘Total crap’, says PM’s partner
Boris Johnson’s fiancée Carrie Symonds has responded to reports Dilyn – the Jack Russell adopted by the couple – could be moved in a Downing Street “reshuffle”.
She tweeted: “What a load of total crap! There has never been a happier, healthier and more loved dog than our Dilyn.”
Chancellor sets aside money to fix 50 million potholes
Rishi Sunak will announce £2.5bn to fix up to 50 million potholes in his Budget on Wednesday.
The spending was welcomed by local councils, who said they were mending holes in the road at a rate of one every 17 seconds.
But Labour said the government was offering to “patch up problems they have created” through underfunding of public infrastructure over the past decade.
All the details here:
Emergency interest rate cut ahead of Budget amid coronavirus ‘shock’ fears
The Bank of England has announced an emergency interest rate cut to help UK plc cope with the economic shock from coronavirus as Chancellor Rishi Sunak prepared to unveil a huge spending boost in his first Budget.
The Chancellor will promise to invest “historic amounts” on infrastructure and innovation in a Budget he will deliver against a backdrop of instability caused by the spread of the virus.
And hours before he was due to unveil his package, the Bank of England set the scene with the rate cut from 0.75% to 0.25% and a series of other measures designed to help businesses and households through a coronavirus economic shock “that could prove sharp and large, but should be temporary”.
Chancellor set to make huge infrastructure investment
Rishi Sunak is to promise to raise public sector infrastructure investment to its highest level in decades during the Budget.
Sunak is set to announce plans for spending on roads, railways, housing, broadband and research running into “hundreds of billions of pounds”.
According to the BBC, the chancellor is set to put in £600bn over the five-year parliament to “lay the foundations for a decade of growth”.
Treasury sources said the spending package would mean net investment rising to three times the average seen over the past 40 years by the end of this parliament in 2024, reaching a peak not seen since 1955, taking inflation into account.
Budget set to deliver billions for Covid-19 response
Chancellor Rishi Sunak today expected to unveil billions of spending in response to the coronavirus crisis, as industry and unions put him under intense pressure to protect businesses and workers from the economic storm unleashed by the disease.
The coronavirus looks set to overshadow a Budget which Boris Johnson had hoped to use as a launchpad for a decade of public sector investment.
Reports this morning suggest the chancellor is ready to announce the underwriting of bank loans to ensure lending to small businesses, as well as a “hardship fund” for firms of up to £1bn.
But industry bodies’ more urgent appeal was for action to get their members through the immediate challenge of a health crisis which is expected to test the viability of many.
The Federation of Small Business called for a statutory sick pay (SSP) rebate for smaller employers and wider access to a government deferred tax payment scheme, as well as a hardship fund for the self-employed who lose contracts or are forced to self-isolate.
Ministers to be tested for coronavirus after Dorries diagnosis
Nadine Dorries, the 62-year-old junior health minister, revealed on Tuesday night she had tested positive after falling ill and self-isolating on Friday.
“Pretty rubbish but I hope I’m over the worst of it now,” she tweeted – adding she was worried about her 84-year-old mother who is staying with her and began coughing on Tuesday.
Dorries is believed to have met hundreds of people in the past week, and on Thursday attended a Downing Street event alongside Boris Johnson.
No 10 did not comment on whether the PM had been tested, but all health department ministers – including secretary of state Matt Hancock – are set to undergo checks.
Good morning and welcome to The Independent’s live coverage of events at Westminster.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.