Too early for tax rises?

The 1-minute read to get the money news you need.

Economy needs more support

The government must continue measures like the furlough scheme to keep businesses going and prevent job losses, according to the Institute for Fiscal Studies (IFS). The think tank has said Chancellor Rishi Sunak should focus on targeted support to meet the triple threat of the pandemic, Brexit, and climate change. It reckons we’ll have to raise £60 billion extra in taxes to pay for the pandemic - but his 3rd March budget is too early to start.

Falling behind on rent

450,000 families have fallen into rent or mortgage arrears since the start of the pandemic - and the government should step in to help, according to the Resolution Foundation. It’s calling for £375 million of low-interest loans, like those currently in place in Spain, Scotland, and Wales, to help England’s struggling renters and avoid an eviction crisis.

The show must go on?

Rapid lateral flow testing could give us a way back into nightclubs and theatres this year. Boris Johnson said yesterday that a combo of vaccinating the population and testing on entry could help to open some parts of the economy which have been closed since March 2020.

UK’s answer to Tesla

Jaguar will be all-electric by 2025, in a bid to make high-performance luxury cars that don’t damage the environment. It’s also planning to invest in hydrogen fuel cell technology. Jaguar is owned by Jaguar Land Rover, which plans to make its full range battery powered by 2030.