Coronavirus, Brexit and climate change threaten food security for millions in the UK | UK News

A Minister for Food Security is urgently needed to deal with the threat posed by COVID-19, Brexit and climate change, according to a cross-party group of MPs.

Millions of people have struggled to access food as a result of the coronavirus pandemic, with the number of food bank users doubling during lockdown.

The Environment, Food and Rural Affairs Committee warns that food insecurity is “likely to get worse before it gets better” because of risks including a second wave of coronavirus cases, as well as potential disruption and delays to the food supply system as a result of a “disorderly Brexit”.

The committee analysed the government’s response to the disruption to food supplies caused by COVID-19.

Although committee chair Neil Parish said the Department for Environment, Food and Rural Affairs response was “commendable” once the pandemic hit, the report questions why the government appeared unprepared for disruptions – such as

Read More

Coronavirus: Rush to close redundancy pay loophole for furloughed workers | Business News

New laws are to guarantee that furloughed workers who lose their jobs will receive redundancy payouts based on their full salaries.

Sky News takes a look at what is being brought in and what it means to the millions of workers sweating over their income security as the coronavirus crisis drags on.

What is happening?

‘Furlough cannot continue indefinitely’

The government is rushing to close a loophole it admits some employers have taken advantage of, that has allowed them to cut furloughed staff and pay redundancy based on 80% of wages – currently covered by the Treasury’s Job Retention Scheme.

That scheme is being gradually wound down from next month and closed in October so ministers want to ensure people get what they should be entitled to.

Basic awards for unfair dismissal are to be also based on full pay rather than wages under the scheme to ensure no-one is

Read More

Coronavirus: Boeing slows production of 737 MAX as it reports second quarter loss | Business News

Boeing has said it delay ramping up the production of its grounded 737 MAX planes after reporting a worse than expected second quarter loss.

The aerospace giant said it will gradually increase manufacturing to 31 planes a month by 2022 – a year’s delay from its previously announced plans.

Governments around the world have introduced lockdowns and travel quarantines to stem the spread of coronavirus, denting air travel demand and forcing airlines to delay acceptance of new aircraft deliveries.

Boeing 737 MAX completes test flight more than year after ban

The Chicago-headquartered company said it will also cut production of its wide-body 787 Dreamliner and 777 jets as long-haul travel demand is expected to remain subdued.

Earlier this week, airline trade body International Air Transport Association said it did not expect passenger volumes to recover to its previous highs until 2024.

Boeing, which is listed on the New

Read More

Coronavirus: Europe’s second largest bank reports hefty losses over pandemic impact | Business News

Two weeks ago, America’s largest banks gave an idea of how they are expecting to be hit by the pandemic, announcing a thumping $38bn worth of loan loss provisions.

This week, Europe’s biggest lenders began signalling how they are preparing for the worst, with Barclays today raising its loan loss provisions to £3.7bn for the year to date and Deutsche Bank raising its loan loss provisions to €761m during April, May and June.

It meant that net losses at Germany’s biggest lender almost doubled to €77m during the quarter.

Today’s showstopper in Europe, though, was Santander – the continent’s biggest bank, after HSBC, by stock market value.

The Spanish lender reported the first quarterly loss in its 163-year history – of €11.1bn – that reflected both loan impairments and a write-down in the value of some assets that came to €12bn.

Could there be permanent damage to UK economy?
Read More