Rishi Sunak considers £500 hand out to every adult July 5, 2020 Chancellor Rishi Sunak is considering plans to hand £500 to every adult and £250 to every child in the country to spend on sectors worst affected by the coronavirus crisis. The plans, which have been drawn up by left-leaning think tank the Resolution Foundation, would see people handed vouchers to spend on sectors such as [...]
UK PMI: Historic slump in private sector activity levelled off in June July 3, 2020 The historic slump in activity in the UK’s private sector levelled off last month as sections of the economy began to reopen following an easing of lockdown measures, new purchasing managers’ index (PMI) readings showed. The final IHS Markit composite PMI reading for last month came in at 47.7 — slightly higher than the flash [...]
Eurozone PMI reaches four-month high in June but coronavirus still weighs on activity July 3, 2020 The eurozone economic downturn has slowed for the second successive month, but the pandemic continues to weigh on wider economic activity. IHS Markit’s Eurozone purchasing managers’ index (PMI) rose to 48.5, up nearly 17 points from May’s 31.9. It is the index’s best level in fourth months and is higher than the earlier flash reading [...]
Chinese services sector grew at fastest pace in a decade in June July 3, 2020 China’s services sector expanded at the fastest pace in over a decade in June as the easing of lockdown measures revived consumer demand, although companies continued to cut jobs. The Caixin/Markit services Purchasing Managers’ Index (PMI) rose to 58.4 — the highest reading since April 2010 and up from May’s 55. Any figure over 50 [...]
Young people face economic ‘scarring’ from Covid, says top think tank July 3, 2020 The coronavirus recession has dealt a double blow to young people in the UK, who are more likely to have lost their jobs amid the lockdown and now face bleak career prospects, a leading think tank has warned. New research from the Institute for Fiscal Studies (IFS) today said the carnage in the hospitality and [...]
FTSE bosses: Businesses ready to kickstart UK recovery July 3, 2020 This weekend the UK economy takes a few more important steps towards reopening and rebuilding. And in spite of the human toll the coronavirus has had, so far the public are strikingly optimistic about the future. According to the Edelman Trust Barometer, two-thirds of people believe the pandemic will result in improvements in how we [...]
Covid Recovery Commission: FTSE 100 bosses unite to set UK economy back on track July 3, 2020 Some of the biggest names in UK business have teamed up to create a pressure group to ensure the economy emerges from coronavirus “stronger and fairer”, its members announced today. The group will be called the Covid Recovery Commission, and will involve the chairs of FTSE 100 powerhouses Tesco and Shell and the chief executives [...]
Shadow chancellor Anneliese Dodds to renew calls for July budget July 2, 2020 Shadow chancellor Anneliese Dodds will renew calls tomorrow for a July “back to work budget” in her first major set piece speech since being appointed to the role. She will urge chancellor Rishi Sunak to “recognise the scale of the challenge we face” and pledge a summer budget that focuses on “jobs, jobs, jobs”. Dodds, [...]
US economy adds 4.8m jobs as recovery continues July 2, 2020 The US economy added 4.8m jobs in June, the biggest increase since records began in 1939, in the latest sign that the country is rebounding sharply from the depths of the coronavirus crisis in April. The unemployment rate fell to 11.1 per cent in June – still extremely high by historical standards – from 13.3 [...]
Eurozone unemployment rate rises less than expected in May July 2, 2020 The unemployment rate in the eurozone rose less than expected in May, indicating that government measures to protect jobs within the bloc have been successful. While the eurozone’s unemployment rate hit a four-month high of 7.4 per cent, new data from Eurostat showed, economists had expected the rate to rise to 7.7 per cent. Read [...]