Royal Bank of Scotland launches Bo, an app-only bank
Joining the ranks of app-only banks such as Revolut, Monzo and Starling, RBS has launched its digital bank app Bo, which is geared towards aiding users manage their income more efficiently. The app was released as RBS' response to data revealing that more than 75% of British citizens spend their incomes in unsustainable ways, and hopes to encourage more responsible spending and saving habits.
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British expats leaving UAE amid economic crisis
British expatriates in the UAE are trying to sell their properties as they try to gather some money before returning to the UK, according to a report by British daily The Telegraph. Thousands of expats have been made redundant due to the pandemic’s devastating impact on the UAE economy. UAE expected to lose up to 900,000 jobs, and British expats seem to be among the most affected group
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AA
British economy facing the deepest recession since 1706
The Bank of England has warned about the deepest recession in the country since 1706 as the UK economy is on course to shrink 14% this year. Coronavirus is dramatically reducing jobs and income levels in the UK as lockdown raised the unemployment rate significantly. The housing market in the UK crashed as consumer spending dropped. A 14% drop in the GDP would be the biggest annual decline on record
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BBC
Virgin Atlantic laying off more than 3,000 employees
British Airline, Virgin Atlantic announced Tuesday it will cut 3,150 jobs, becoming the latest airline to announce a reduction in headcount because of the coronavirus crisis. Virgin Atlantic joins many other companies to announce job cuts amid the coronavirus crisis, as grounded flights and national lockdowns ravage demand for air travel.
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Cnbc
EasyJet fleet permanently grounded due to COVID-19 crisis
The UK airline EasyJet has announced that due to the coronavirus crisis it is completely shutting down its operations for the next two months, with its entire fleet of airplanes grounded and payments for 107 new Airbus planes tabled for the foreseeable future. EasyJet will reduce 4.5 billion GBP in spending, laying off 4,000 of its 9,000 strong workforce in the UK, and will not be seeking government aid.
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TheGuardian