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Rishi Sunak insists top priority is jobs, not tax rises – business live

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Rolling coverage of the latest economic and financial news, as the chancellor of the exchequer warns that many more jobs will be lost before the Covid-19 crisis is over

8.13am BST

Rishi Sunak has also been speaking to LBC radio – where he’s reassured pensioners that the pensions triple lock is safe.

Asked about the pledge to raise pensions in line with earnings, prices, or 2.5% (whichever is higher), the chancellor indicates that it remains intact despite the pressure on the public finances.

“Yes, our manifesto commitments are there and that is very much the legislative position.

We care very much about pensioners and making sure they have security and that’s indeed our policy.”

On tax rises, the Chancellor tells @LBC: “Our focus right now has to be on jobs…. that’s what top of our mind at the moment.”

Rishi Sunak goes further when Ferrari gets in to the specifics.

On the pensions triple lock, Chancellor says “our manifesto commitments are there”.

*No change.

On fuel duty freeze: “You’re asking me to comment on tax rises outside of fiscal events.”

*It’s going.

7.55am BST

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

Britain’s Covid-19 jobs crisis is building day by day, with cinema group Cineworld putting 5,500 staff out of work from Thursday as it shuts its screens.

What’s happening in our economy is significant and severe. Many people are losing their jobs.

So the focus of all my attention in the short term is doing what we can to support as much employment as possible.

Tuesday’s EXPRESS: Payback time! Covid tax rises on the way #TomorrowsPapersToday pic.twitter.com/JQT8UkynMM

Over time, yes, we need sustainable public finances. In the short term, the best way to have long term sustainable public finances is to protect as many jobs as possible.

Asked about looming tax rises, Rishi Sunak also says his focus now is on jobs & his priority “in the short term” is employment. Adds that over time finances will need to be put on a sustainable footing but won’t be drawn on how he’ll do that.

Hundreds of thousands of people are losing their jobs as we speak. Many more will.

That’s happening on my watch and I need to try and do what I can to provide fresh opportunity for people and protect as many jobs as possible.

Related: Cineworld’s zero-hours staff face no pay as it confirms UK shutdown

Such devastating news. On the day the Chancellor boasts about the job he has done, further evidence the Government’s job support scheme just doesn’t work and will leave viable businesses – and their workers – out in the cold. https://t.co/5ZYZiko88z

European Opening Calls:#FTSE 5953 +0.18%#DAX 12855 +0.21%#CAC 4882 +0.20%#AEX 560 +0.29%#MIB 19315 +0.26%#IBEX 6854 +0.23%#OMX 1843 +0.17%#STOXX 3228 +0.24%#IGOpeningCall

Related: ‘Don’t be afraid’: Trump downplays Covid dangers after removing mask at White House – live

Continue reading…Rolling coverage of the latest economic and financial news, as the chancellor of the exchequer warns that many more jobs will be lost before the Covid-19 crisis is overSunak: Priority is protecting employmentNeed sustainable public finances eventuallyMiliband: Sunak’s wage subsidy scheme doesn’t work 8.13am BST Rishi Sunak has also been speaking to LBC radio – where he’s reassured pensioners that the pensions triple lock is safe.Asked about the pledge to raise pensions in line with earnings, prices, or 2.5% (whichever is higher), the chancellor indicates that it remains intact despite the pressure on the public finances.“Yes, our manifesto commitments are there and that is very much the legislative position.We care very much about pensioners and making sure they have security and that’s indeed our policy.” On tax rises, the Chancellor tells @LBC: “Our focus right now has to be on jobs…. that’s what top of our mind at the moment.”Rishi Sunak goes further when Ferrari gets in to the specifics.On the pensions triple lock, Chancellor says “our manifesto commitments are there”. *No change.On fuel duty freeze: “You’re asking me to comment on tax rises outside of fiscal events.”*It’s going. 7.55am BST Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.Britain’s Covid-19 jobs crisis is building day by day, with cinema group Cineworld putting 5,500 staff out of work from Thursday as it shuts its screens.What’s happening in our economy is significant and severe. Many people are losing their jobs.So the focus of all my attention in the short term is doing what we can to support as much employment as possible.Tuesday’s EXPRESS: Payback time! Covid tax rises on the way #TomorrowsPapersToday pic.twitter.com/JQT8UkynMMOver time, yes, we need sustainable public finances. In the short term, the best way to have long term sustainable public finances is to protect as many jobs as possible.Asked about looming tax rises, Rishi Sunak also says his focus now is on jobs & his priority “in the short term” is employment. Adds that over time finances will need to be put on a sustainable footing but won’t be drawn on how he’ll do that.Hundreds of thousands of people are losing their jobs as we speak. Many more will.That’s happening on my watch and I need to try and do what I can to provide fresh opportunity for people and protect as many jobs as possible. Related: Cineworld’s zero-hours staff face no pay as it confirms UK shutdown Such devastating news. On the day the Chancellor boasts about the job he has done, further evidence the Government’s job support scheme just doesn’t work and will leave viable businesses – and their workers – out in the cold. https://t.co/5ZYZiko88zEuropean Opening Calls:#FTSE 5953 +0.18%#DAX 12855 +0.21%#CAC 4882 +0.20%#AEX 560 +0.29%#MIB 19315 +0.26%#IBEX 6854 +0.23%#OMX 1843 +0.17%#STOXX 3228 +0.24%#IGOpeningCall Related: ‘Don’t be afraid’: Trump downplays Covid dangers after removing mask at White House – live Continue reading…