Share this page!

Enter URL or ID to Unroll

You can paste full URL like: https://x.com/threadreaderapp/status/1644127596119195649
or just the ID like: 1644127596119195649

How to get URL link on X (Twitter) App

  1. On the Twitter thread, click on or icon on the bottom
  2. Click again on or Share Via icon
  3. Click on Copy Link to Tweet
  4. Paste it above and click "Unroll Thread"!
  5. More info at Twitter Help
Robert Peston Profile picture
@Peston
Sep 24, 2020 • 4 tweets • 1 min read • Read on X
I made a slightly naive error in my calculation. For which I am embarrassed. Which is that I neglected the effect of the Chancellor’s stipulation that employers must subsidise one third of the unworked hours. Which means it is...
mathematically impossible for the financial savings of retaining part time workers to be equal to savings from sacking full time workers - unless part-time workers are more productive than full-time ones (which they might be). Even so it is rational for many...
employers to use the scheme, because a) for many employers who expect business conditions to improve one day it is mad to sack one group of workers and then expensively retrain a new bunch in a few months and b) some employers feel a sense of social responsibility towards...
their staff (yes really). But even so, this absence of a simple financial gain from using the scheme in preference to redundancies does mean significant numbers of jobs will go in coming months.

• • •

Missing some Tweet in this thread? You can try to force a refresh
　

Keep Current with Robert Peston

Robert Peston Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @Peston

Robert Peston Profile picture
Sep 19
Quadrature Capital Ltd made a £4m donation to Labour on 28 May 2024. It was reported to the Electoral Commission on 30 July 2024. It has only just been revealed by Open Democracy. I have just looked up Quadrature’s UK accounts. The firm says it’s receives remuneration for “investment management services” and that profits are driven by “the performance and assets of the funds under management”. According to its most recent filings (see attached) it paid tax of a paltry £5.3m in 2022/3 on profits of £231m and just £35m of tax on profits made in the previous year of £560m. In other words it has been paying a fraction of what was the UK corporation tax rate of 19% - which at the time was low by UK standards. There will be Labour members and supporters who will be surprised and disappointed that the party is funded by a business that pays considerably less in tax than the official rateImage
Attached is Quadrature’s more detailed explanation of the seemingly low tax it reported Image
This attached page explains why Quadrature’s tax charge is so low. It shows that most of the profit is “non taxable revaluations of investments”. That suggests Quadrature will at some juncture - when the investments are sold - have to pay huge amounts in corporation tax, theoretically at least £100m for gains made in 2021-3. That’s a treat for Rachel Reeves to look forward toImage
Read 7 tweets
Robert Peston Profile picture
Jun 11, 2023
Downing St has taken the highly unusual step of declassifying the list of Boris Johnson’s proposed peers that was approved by the House of Lords Appointments Commission (attached). They did this to “prove” that the PM had not lied to Johnson when telling him he would approve… Image
the ex PM’s list, when they met earlier this month - and to reinforce Downing St’s claim that Sunak had not interfered to prevent Alok Sharma, Nadine Dorries or Nigel Adams receiving peerages. But it does not add up. The important points are 1) that this list was sent to the PM…
in February and 2) HOLAC was not prepared to create a precedent of approving peerages unless the recipients would undertake to stand down as MPs and join the Lords within six months of announcement. And here is the point. My understanding is…
Read 8 tweets
Robert Peston Profile picture
Jun 9, 2023
Johnson’s peerages for ultra loyalists. Not clear whether Dorries and Sharmer asked that they be removed from list. If so it seems unlikely Dorries will get now get a deferred one given she today triggered by-election Sunak needs like hole in head. Downing St says list… Image
is nothing to do with them. PM’s press secretary: “As is convention, the Prime Minister forwarded the former Prime Minister’s peerage list to HOLAC unaltered. HOLAC then passed back their approved list. The Prime Minister then accepted HOLAC's approved list and forwarded…
“it unamended to the Sovereign for their approval. He had no involvement or input into the approved list. It is a point of fact that it is made public by the Commission if a Prime Minister overrules the Commission’s advice." In case you don’t know, HOLAC is the House of…
Read 5 tweets
Robert Peston Profile picture
Jun 7, 2023
The seizure of Telegraph and Spectator by Lloyds is a humiliating close to the Barclay family's control of two trophy media assets. Aidan and Howard Barclay have been removed from the businesses, because debts running to hundreds of million pounds haven't been serviced...
The legal transfer of control to Lloyds happened in last couple of hours. The debt was originally provided by and still sits in Lloyds' Bank of Scotland subsidiary. It's like watching the slowest motion car crash in history, because the debt or leverage all stems from...
the reckless banking boom of 15 years ago. Lloyds is expected to organise an auction of the newspaper and the magazine - and their associated digital operations - which are said to be decent performers in operating terms. A disposal could raise £600m (perhaps)...
Read 7 tweets
Robert Peston Profile picture
May 23, 2023
Too much of government is arguably
aimed at clearing up supposed problems of their own making. An example is today's announcement by Braverman to abolish the right of overseas students on undergraduate and non-research courses to bring spouses and children to the UK. 🧵 1/18
Here is the important background.
In their 2019 general election manifesto, Boris Johnson and the Conservative Party pledged to reduce net migration to the UK to less than the 212,000 per annum prevailing when they wrote that manifesto. 2/18
That target will be spectacularly
missed in the lifetime of this parliament. Under this government, new all-time records are being set for migration to the UK - with migration numbers far exceeding the flows from the EU that were seen by Brexiters as out of control. 3/18
Read 18 tweets
Robert Peston Profile picture
May 2, 2023
Sue Gray suspended co-operation with the Cabinet Office investigation into the circumstances of her departure because she found out the investigation was already using info - on dates of her meetings with Starmer etc - that she had supplied to ACOBA via the Cabinet Office. She…
viewed this, understandably, as a breach of process and confidentiality. This hijack of her ACOBA disclosure also undermined the impartiality of ACOBA, the advisory body on how long government and Whitehall defectors should stay in the wilderness. Gray’s…
views were, I understand, relayed to the Cabinet Secretary, Simon Case, who agreed with her. Which is why it was impossible for the deputy PM Oliver Dowden to publish a report today on whether she breached the civil service code, in spite of weekend briefings that…
Read 4 tweets

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Don't want to be a Premium member but still want to support us?

Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal

Or Donate anonymously using crypto!

Ethereum

0xfe58350B80634f60Fa6Dc149a72b4DFbc17D341E copy

Bitcoin

3ATGMxNzCUFzxpMCHL5sWSt4DVtS8UqXpi copy

Thank you for your support!

Follow Us!

Send Email!

:(