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Simon Jack

@BBCSimonJack

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BBC Business Editor

Joined April 2009
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@BBCSimonJack
Simon Jack
11 months
Nigel Farage fell below the financial threshold required to hold an account at Coutts, the prestigious private bank for wealthy customers the BBC has been told. It also understood that he was offered a normal account at Natwest which owns Coutts. People familiar....
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@BBCSimonJack
Simon Jack
2 years
Holy cow. The folks who predicted the October price cap within 50 quid accuracy now saying price cap will be 5386 in January and 6616 in April. Ofgem boss urging caution on all future estimates but bloody hell…
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@BBCSimonJack
Simon Jack
3 years
Worth saying that Oz trade deal is estimated to add 0.02% of UK GDP in 15 years time while govts own estimates of leaving EU single market will reduce UK GDP by 4% over same time period. you’d need 2000 Australias to offset impact. These are govts own figures not mine.
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@BBCSimonJack
Simon Jack
2 years
Genuine question. Doesn’t fracking only make sense if its nationalised? Otherwise it’s just a bit more gas in an expensive international market?
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@BBCSimonJack
Simon Jack
4 years
Dyson have received uk govt order for 10,000 ventilators designed and made from scratch. Will also produce an additional 5,000 of which 1000 will be donated to uk. 4,000 to other countries.
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@BBCSimonJack
Simon Jack
10 months
The information on which we based our reporting on Nigel Farage and his bank accounts came from a trusted and senior source. However the information turned out to be incomplete and inaccurate. Therefore I would like to apologise to Mr Farage.
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@BBCSimonJack
Simon Jack
3 years
Freight crisis. France blocks lorry movements from UK for 48 hrs due to new COVID strain alarm. Government caught off guard by this. Ministers and officials just beginning to assess the situation. DFT in charge tonight but will be a Cabinet Office convened meeting tomorrow am..1/
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@BBCSimonJack
Simon Jack
11 months
Thank you to the Coutts customers who have been in touch saying they fall below financial thresholds but unlike Farage have not been threatened with account closure. Clearly a lot of discretion available to the bank.
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@BBCSimonJack
Simon Jack
3 years
No Erasmus participation. That's a blow for thousands of students now and in the future.
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@BBCSimonJack
Simon Jack
2 years
Interesting on page 63 of the OBR book - "since 2019 the UK appears to have become a less trade intensive economy with trade as % of GDP falling 12% since 2019 - two and a half times more than any other G7 country".
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@BBCSimonJack
Simon Jack
4 years
Supermarket exec tells me Matt Hancock has “totally made up what he said about working with supermarkets. We haven’t heard anything from govt directly.” Adds - teams are having to work “round the clock” to keep shelves stocked. Tinned goods,pasta sales “through the roof”
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@BBCSimonJack
Simon Jack
2 years
Nigel Green, CEO oof deVere Group abandons property investment in Uk   “Understandably, lenders are suspending mortgage offers and, in turn, we’re now suspending our property investment division. The Chancellor and PM Liz Truss have recklessly gambled with the UK economy.
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@BBCSimonJack
Simon Jack
3 years
no deal Brexit will annihilate UK farmers and fishing fleets. former cabinet secretary told me -“nothing is forever”. It’s a matter of fact that 70% of fish caught in UK waters is sold to EU and 70% of fish consumed in UK is from Norway/Iceland waters. Complicated for 0.1% of GDP
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@BBCSimonJack
Simon Jack
5 years
Drinks industry source baffled that US tariffs will hit scotch whisky but not french champagne or brandy. US could have been helpful to UK business - chose not to be. "what does that suggest about future trade negotiations after UK contortions to keep all of UK out of CU"
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@BBCSimonJack
Simon Jack
4 years
Dyson just told me it’s been working round the clock to design and manufacture ventilators. “We have deployed expertise in air movement, motors, power systems, manufacturing & supply. We are conducting a full regulated medical device development, and we’re scaling up for volume.”
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@BBCSimonJack
Simon Jack
2 years
Interesting fact. Non-Dom status “wears off” after 15 years APART from inheritance tax treatment if you are Indian citizen thanks to obscure Uk-India treaty in 1956. India abolished IHT so potential saving of £280 million IHT on £700 million in shares.
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@BBCSimonJack
Simon Jack
2 years
How long before we see a wave of foreign acquisitions of Uk companies? When pound slumped after Brexit Japans SoftBank swooped on chip designer ARM - now about to be listed in New York.
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@BBCSimonJack
Simon Jack
5 months
On a train. Standing room only for 3 hours - all seat reservations void. Tannoy apologising saying it’s been reduced from 9 coaches to 5 but not information as to why? Why would you cut number of carriages in half if you have the staff to run 5? Any insights welcome.
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@BBCSimonJack
Simon Jack
11 months
2/...with the matter rejected the notion that the decision to close his Coutts account was in any way political. "it was for commercial reasons - the criteria for holding a Coutts account are clear from the bank's website". Coutts requires customers to borrow or invest...
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@BBCSimonJack
Simon Jack
1 year
Did not know that half of French and German citizens don’t have a passport - so can’t travel to UK with just identity card now.
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@BBCSimonJack
Simon Jack
11 months
3/ £1 million with the bank or hold £3million in savings. Mr Farage recently posted a 6 minute video on Twitter saying that losing his bank account was the equivalent of being a "non person" and that the decision may "fundamentally affect my future career and whether...
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@BBCSimonJack
Simon Jack
11 months
8/...that last year he had what he described as "large significant positive cash balances" going through his business account. Coutts do not offer business banking services to customers who are not also private customers.
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@BBCSimonJack
Simon Jack
3 years
...Usual volume through Dover alone is 9-10,000 lorries a day going in both directions although often slower on a Sunday. Haulage industry chief tells me “Just when you thought it couldn’t get any worse – disaster on top of disaster - I fear for supermarket supply chains...2/
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@BBCSimonJack
Simon Jack
11 months
4/...I can even go on staying living here in this country". Mr Farage disputed the fact that he was offered a Natwest account at the time his Coutts accounts were withdrawn. He says offer of a Natwest account came late last week. The offer of a Natwest account still stands...
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@BBCSimonJack
Simon Jack
3 years
Although freight coming from France is allowed through, haulage chief says “many will be reluctant to make the crossing to UK if they can’t get back given there is already congestion" End
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@BBCSimonJack
Simon Jack
4 years
Biz leaders describe "terrible call" with PM & Gove. "Unbelievable disresepectful to concerns of business". PM said COVID had created "too much apathy in business" to get ready. No update on state of talks. Gove described process as "like moving house"....1
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@BBCSimonJack
Simon Jack
11 months
5/..the BBC understands. Mr Farage says that he has tried to open an account with a number of other banks but claims he was rejected on the grounds that he is a "Politically Exposed Person" (PEP). A PEP generally presents a higher risk for financial institutions as regulators...
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@BBCSimonJack
Simon Jack
3 years
Two things I don’t understand. The desire to eat anything while in bed. And second drinking coffee while walking. Have it before you leave the house or when you get back or when you are sitting down. No one is that busy - least of all the people I see doing it.
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@BBCSimonJack
Simon Jack
11 months
6/ consider PEPs more exposed to the risk for potential involvement in bribery and corruption by virtue of their position and the influence they may hold. People familiar with Natwest's thinking insisted that this not the reason for the closure of his Coutts account....
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@BBCSimonJack
Simon Jack
2 years
Scoop 1/ Chancellor Rishi Sunak's wife, Ashkata Murty has volunteered to pay UK income tax on her worldwide income. Ms Murty owns £700m pounds in shares of the Indian IT giant Infosys founded by her father from which she received £11.6 million in dividend income last year...
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@BBCSimonJack
Simon Jack
5 years
This is a comment I'm hearing a lot from Japan experts. Lots of different reasons for individual decisions by Nissan, Sony, Panasonic and others to move but common background is a sense that commitment made by Thatcher about UK as perfect EU outpost no longer applies.
@LovellPropguru
Richard Lovell
5 years
@BBCSimonJack @EdConwaySky Try to understand this from a Japanese perspective. It’s a loss of face to withdraw from a commitment. Not done lightly. The exception is where one has been misled or lied to. So the ‘broken promise’ about a Hard Brexit permits decisions on economic grounds to dominate.
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@BBCSimonJack
Simon Jack
4 years
Rishi Sunak delivering. This not party political. This is huge. Cash grants increased from 3k to 10k. Total package of 330 bn pounds. Eclipsing France. Govt seems to be ordering insurance companies to pay out on business interruption insurance which mostly doesn’t cover virus.
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@BBCSimonJack
Simon Jack
5 years
New line from Food and Drink industry - previously gave deal cautious welcome. Now - "In our view, when compared with the deal secured by Theresa May, this deal represents a backward step in terms of securing frictionless trade with the EU"
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@BBCSimonJack
Simon Jack
11 months
7/Mr Farage told teh BBC - "are you telling me that all the other banks say it was a PEP thing and Coutts wasn't - draw your own conclusions." Mr Farage also said that his business account for "Thorn in the Side Limited" was closed despite the fact....
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@BBCSimonJack
Simon Jack
5 years
Google now been fined a total of over EUR 9 billion in last 2 years by the European Commission. That's very nearly the UK's annual net EU budget contribution.
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@BBCSimonJack
Simon Jack
1 year
Win or lose - I love Gareth Southgate. What a decent man and what a unique tone he’s struck which seems to have resonated with, created even, a different type of team identity and mentality.
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@BBCSimonJack
Simon Jack
4 years
The power of Twitter - New from supermarket source “Defra now in contact and trying to make it look like they are very actively engaged with industry and CEOs!!” - Exclamation marks theirs not mine.
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@BBCSimonJack
Simon Jack
4 years
Business owners outraged that government doesn’t require lockdown of bars restaurants etc but advising people not to go. Many biz owners insist to me that this is a legal/insurance nuance. Meaning biz can’t claim.
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@BBCSimonJack
Simon Jack
3 years
I think Farming Today may be the most informative Programme on the BBC. On climate,Brexit, budget, all sorts of policy areas and global trends you get proper detail and a sense of impact. If 0545 every day is a bit early for you -listen to the weekly omnibus on BBC sounds.
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@BBCSimonJack
Simon Jack
4 years
I just wanted to thank the hundreds of freelancers and self employed people who have got in touch about falling outside the government biz support packages. I can't get back to everyone but the volume of contacts I've had show just how important this issue is. Watch this space.
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@BBCSimonJack
Simon Jack
2 years
Two sources have told the BBC that offices of Sanjeev Gupta's Liberty Steel empire have been raided by the Serious Fraud Office. The SFO is investigating suspected fraud and money laundering by Gupta Family Group Alliance (GFG), including its arrangements with Greensill Capital.
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@BBCSimonJack
Simon Jack
5 months
@CliveWismayer @jbdunster Admitting you don’t know things and asking questions to those that might is a fault I’m prepared to live with. Thank you for your kind spirited contribution. I can now focus on the many constructive and informative responses I’ve received.
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@BBCSimonJack
Simon Jack
2 years
An awful symmetry of McDonalds pulling out. Remember the importance ascribed to them opening Golden Arches in red square in 1990s.
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@BBCSimonJack
Simon Jack
2 years
BP has announced it will offload its 19.75% stake in Rosneft resulting in material loss.
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@BBCSimonJack
Simon Jack
4 years
100 days with no work and no support. In week when government will promise to spend big, we look at some of those left out of government support programmes. The govt schemes are unprecedented and have kept unemployment at bay but many fall between the cracks. BBC news in 5mins
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@BBCSimonJack
Simon Jack
2 years
6/ - which requires holders to consider the US their permanent home - for over a year after Mr Sunak became Chancellor of the Exchequer - the second most powerful role in the UK government.
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@BBCSimonJack
Simon Jack
4 years
Tough morning for Chancellor. A day after Rishi Sunak launched his jobs retention bonus scheme, Boots to cut 4000 jobs and John Lewis 1300. Meanwhile UK's top tax official says he doesn't believe the job retention bonus scheme is good value for money.
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@BBCSimonJack
Simon Jack
5 years
A no-deal Brexit threatens the UK’s food security and will see higher prices and empty shelves in the supermarket according to a letter from the British Retail Consortium and signed by biggest food retailers inc M&S, Sainsbury, Co-Op, Lidl, Morrison....more to come
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@BBCSimonJack
Simon Jack
2 years
Energy firm’s £100 billion plan to freeze energy bills for 2 years. A thread The Chief Executive of one of the UK’s largest energy providers presented Kwasi Kwarteng and Jacob Rees-Mogg with a £100 billion plan to stave off an energy price emergency last week...1/
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@BBCSimonJack
Simon Jack
2 years
Businesses in dark over energy help. A thread. They were promised "equivalent support" with energy costs by the PM last Thursday. No one has any idea what that means. BEIS have told me that there is no detail to share on how support for business will be calculated yet...
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@BBCSimonJack
Simon Jack
10 months
Coutts - Our ability to respond is restricted by obligations of client confidentiality. Decisions to close accounts are not taken lightly and take into account a number of factors including commercial viability, reputational considerations, and legal & regulatory requirements.”
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@BBCSimonJack
Simon Jack
2 years
Personal. Some viewers ask why I walk with a limp. I was born with quite a rare neurological condition - Hereditary Spastic Paraplegia. It causes stiffness and weakness in legs. My own case is mild but it’s progressive with age. Like my mother I may need sticks in future.
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@BBCSimonJack
Simon Jack
4 years
In a week where govt expected to announce new measures to boost economy are you one of the est 3 million small biz and freelancers who fell through the cracks of govt support packages. Follow me and DM me your story.
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@BBCSimonJack
Simon Jack
4 years
..a bit of disruption but soon get used to bigger better house". Another said -"more of a lecture". Small business groups pressed for transition vouchers to pay for extra prep which Gove agreed to take up with HMT. Another "Felt like a box being ticked - "yes we've spoken to biz"
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@BBCSimonJack
Simon Jack
2 years
This winter many households will not pay their energy bills because they cant. The government will then have a choice to either distribute more money to consumers directly or make a quasi nationalisation intervention in energy market like banking crisis of 2008…1/
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@BBCSimonJack
Simon Jack
2 years
@TorstenBell Totally agree. I highlight it every time I’m on. No amount of supply side planning reform will get houses built that no one can buy.
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@BBCSimonJack
Simon Jack
3 years
IF....IF...we are headed for no deal as seems more likely by the hour. It will be interesting to see how much blame Labour MPs accept for an outcome they didnt want and could have potentially prevented by voting in favour of the May/Robbins deal.
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@BBCSimonJack
Simon Jack
3 years
Why are we doing this? Business despairs at slide towards no deal. My thoughts on the language barrier between government and business.
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@BBCSimonJack
Simon Jack
2 years
Breaking. UK govt turns down Aquind's application to build electricity connector between Normandy and Portsmouth. Aquind backed by Russian ex oil and gas tycoons Viktor Fedotov and Alexander Temerko who have been major donors to Tory party. More to come.
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@BBCSimonJack
Simon Jack
3 years
I will be talking to Kermit the Frog on Today at 0820. Career highlight.
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@BBCSimonJack
Simon Jack
2 years
5/ the country of my birth, citizenship, parents’ home and place of domicile" Her decision to pay UK taxes on her worldwide income come on the same day it was revealed that she and her huisband retained their rights to live and work in the US under a green card...
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@BBCSimonJack
Simon Jack
2 years
4/ which, as the BBC revealed, allows her family to avoid paying inheritance tax in the UK, which at current valuation could amount to £280 million pounds. Ms Murty added, "My decision to pay UK tax on all my worldwide income will not change the fact that India remains...
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@BBCSimonJack
Simon Jack
2 years
2/ As a non-domiciled (non-dom) UK resident she is not required by law to pay UK taxes on her international income but in a statement released to the BBC, she was aware that her tax arrangements did not seem compatible with "the British sense of fairness...
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@BBCSimonJack
Simon Jack
2 years
BP under pressure from UK government to offload its stake 20% stake in Russian oil giant Rosneft. Kwasi Kwarteng had call with BP CEO Bernard Looney today and according to an official “left Mr Looney in no doubt about the seriousness of government concerns about BPs exposure...1
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@BBCSimonJack
Simon Jack
1 year
Slow Horses is so bloody good. Entire cast - special cred for Saskia Reeves - fantastic. but has Gary Oldman ever been better? What a brilliantly adapted, produced etc bit of telly.
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@BBCSimonJack
Simon Jack
3 years
Read this - Brexit: 'Most difficult week I've had in this job in 20 years. Detailed account from my colleague Carrie Davies on a tough week for those getting stuff in and out of EU.
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@BBCSimonJack
Simon Jack
2 years
3/ .and I do not want my tax status to be a distraction for my husband or to affect my family...I do this beacause I want to not because the rules require me too". She will however, retain her Indian citizenship and her non-dom status....
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@BBCSimonJack
Simon Jack
4 years
Treasury very keen to stress that the Job Retention Scheme which will see government pay 80% of workers wages is backdated to beginning of March which means that companies who let staff go in the days before its announcement can bring those people BACK onto payroll and qualify.
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@BBCSimonJack
Simon Jack
4 years
Flybe source "the game is up". Won't make announcement till last plane lands tonight - thought to be around 11pm. Flybe do not base any aircraft outside UK overnight therefore limited expected role for CAA.
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@BBCSimonJack
Simon Jack
3 years
Sorry typo - 200 not 2000.
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@BBCSimonJack
Simon Jack
2 years
Lloyds bank predicts house prices will fall 8% next year in “base case” and up to 18% in worst case scenario. Probability-weighted it predicts house price fall of 9%. Sounds a lot but reminder that house prices rose over 10% in year to August.
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@BBCSimonJack
Simon Jack
3 years
Great news. Cabbage has been found and returned.
@ruskin147
Rory Cellan-Jones
3 years
PLEASE SHARE THIS. Our dog walker’s van with our dog Cabbage in it has been stolen while he was calling at a house in Erconwald Street near East Acton tube London W3 at 10. Please look out for a black Ford Transit reg AF20 XZD. Take a photo and DM me or just ring the police
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@BBCSimonJack
Simon Jack
3 years
Does everyone everywhere smoke weed now? used to getting odd whiff as I walk into work in central london but just went through a nat trust gate (20mins from house with wife & dog) and it smelt like the Wu tang clan & Cypress Hill had got off their tour bus for a bit of a stroll.
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@BBCSimonJack
Simon Jack
10 months
The headline on the Farage story has been clarified and an update posted. It should have been clearer at the top that the reason for Mr Farage's account being closed was commercial - was what a source told the BBC. That has been corrected.
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@BBCSimonJack
Simon Jack
1 year
Jeremy Hunt re: Microsoft/Activision being blocked by UK competition authroities - "I wouldn't want to interfere with their independence BUT they need to understand their wider responsibility"
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@BBCSimonJack
Simon Jack
3 years
It seems titanic struggle with the economic minnow of fishing is close to resolution. Still striking that financial services - which 100 times more valuable to UK economy - has been pretty much ignored throughout. Still, biz will toast a deal - then hurry to prepare for Jan 1.
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@BBCSimonJack
Simon Jack
3 years
From Sainsbury All products for the Great British Christmas lunch are already in the country and we have plenty of these. We are also sourcing everything we can from the UK and looking into alternative transport for product sourced from Europe. If nothing changes.....1/
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@BBCSimonJack
Simon Jack
3 years
...we will start to see gaps over the coming days on lettuce, salad leaves, cauliflowers, broccoli, citrus fruit – all of which are imported from EU at this time of year. We hope UK and French govts can come to a solution that prioritises immediate passage of produce and food End
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@BBCSimonJack
Simon Jack
2 years
As a guitar nerd. Adam Warrington - guitarist for Yungblud is amazing. As was the whole set.
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@BBCSimonJack
Simon Jack
2 years
S&P puts UK on -ve outlook. On Sept. 23, the U. K. government announced a plan to reduce a range of taxes, in addition to its previously communicated intentions to extend wide-ranging support to households on energy bills…..As a result,..
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@BBCSimonJack
Simon Jack
6 years
OBR pulls no punches. Independent OBR says benefit of any new trade deals post Brexit not material enough to include in any economic forecasts. Also says hard to think of parallel for potential disruption but points to three day week in 1974 which cut GDP by 3% in one quarter.
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@BBCSimonJack
Simon Jack
9 years
To all who tweeted about tonight's programme - thank you. Response has been massive and bit overwhelming. Made making it feel worthwhile.
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@BBCSimonJack
Simon Jack
2 years
@richardosman At the media lock ins in the basement of the Bank of England they still dial the speaking clock and put it on speaker and only when it hits the appointed hour do they flip over a paper chart to reveal the WiFi address so journalists can file their copy. I kid you not.
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@BBCSimonJack
Simon Jack
4 years
@StewartWood Late to this but surely given we aren’t testing it means we have thousands more cases. Deaths easier to record. Testing for death is pretty straightforward.
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@BBCSimonJack
Simon Jack
5 years
Climate protest at mansion house during Chancellors speech. Protestors Seem to have taken over PA with alarm being piped through Never seen this in nearly ten years coming here.
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@BBCSimonJack
Simon Jack
3 years
DHL suspends shipments of business to consumer shipments from GB-EU that require checks on products of animal origin.
Tweet media one
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@BBCSimonJack
Simon Jack
5 years
"no question of financial compensation" - Greg Clark Oct 2016 publicly on Nissan decision to build Qashqai and X-Trail in Sunderland. "As a demonstration of the UK Government’s commitment... a package of support...could amount to..up to £80m" same month in letter to Nissan.
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@BBCSimonJack
Simon Jack
2 years
@DPJHodges I don’t understand this. The energy retailers aren’t making any money and have to buy the gas they sell to us at the internationally set price. If the state stepped in and lowered prices it would need huge taxpayer subsidy. There is no easy fix.
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@BBCSimonJack
Simon Jack
10 months
@Nigel_Farage The information on which we based our reporting on Nigel Farage and his bank accounts came from a trusted and senior source. However the information turned out to be incomplete and inaccurate. Therefore I would like to apologise to Mr Farage.
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@BBCSimonJack
Simon Jack
6 years
Rolls Royce moving the design approval for large jet engines to Germany - describes the action as "precautionary and reversible".
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@BBCSimonJack
Simon Jack
4 years
Will be ready in early April.
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@BBCSimonJack
Simon Jack
10 months
This weather is my fault. First day of my summer hols.
Tweet media one
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@BBCSimonJack
Simon Jack
5 years
Killer line from BoE economist - it is difficult if not impossible to expect businesses to incur the substantial costs to be fully prepared for a scenario that the government says it does not want.
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@BBCSimonJack
Simon Jack
5 months
@RevRichardColes @tcollins298 Thanks Richard. I suppose my naive assumptions come from hooking as many carriages as I could muster/afford to my Hornby Mallard.
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@BBCSimonJack
Simon Jack
3 years
The story of Greensill infiltration of government and civil service has been an arms race between FT and Sunday Times. This professional respect and courtesy a civilized bonus 👇🏻
@PickardJE
Jim Pickard 🐋
3 years
more fantastic reporting from Gabriel, shedding further light on how civil service chief Jeremy Heywood encouraged and promoted young Lex Greensill....for reasons we may never fully understand
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@BBCSimonJack
Simon Jack
4 years
Supermarket said no question of shortages of food (unlike sanitising products where there are shortages) but there was a logistical challenge physically restocking the shelves
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@BBCSimonJack
Simon Jack
4 years
Can’t shake feeling govt missed an opportunity to raise fuel duty. First budget, massive drop in oil price, environmental creds in COP 26 year. Price at pumps would not move. Valuable tax revenue to offset huge spending commitments. Thoughts?
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@BBCSimonJack
Simon Jack
1 year
1/The BBC understands government will imminently announce certain sections of HS2 will be delayed to save money. It's thought delay will primarily affect sections from Manchester to Crewe and Birmingham to Crewe. However...
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@BBCSimonJack
Simon Jack
4 years
It was 31 years ago to the week that I lost my father to stress anxiety and depression. Here - a look at what some businesses are doing to play their part in improving mental health in the workplace. Including iv with Lloyd’s CEO who took 8 wks out. V rare
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@BBCSimonJack
Simon Jack
5 years
@colingale @afneil Manifestly untrue. @afneil did what he always does. Deny his interviewees the option of answering a different question than the important one asked - by the consistent and persistent presentation of facts and their own comments on record.
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