UK factory output falls at fastest pace since records began June 22, 2020 Britain’s manufacturing output has fallen at its fastest pace since records began during the three-month coronavirus lockdown. It comes as the sector remains in a deep downturn because of the pandemic, according to the latest report on UK factories by the Confederation of British Industry. The CBI’s manufacturing output gauge dropped from minus 54 per [...]
Bailey: Bank of England will reverse QE before raising rates June 22, 2020 Bank of England governor Andrew Bailey believes the Bank of England must begin reversing quantitative easing before hiking interest rates from record lows. Bailey said today that a reveral of QE should come before lifting rates from their historic lows of 0.1 per cent, signalling an upending of long-standing Bank of England policy. Bailey said [...]
Former chancellor Lord Alistair Darling backs Sunak’s VAT cut plans June 22, 2020 Former chancellor Lord Alistair Darling has backed government plans to cut VAT in a bid to boost the economy, adding that the coronavirus crisis will result in an “even more profound shock” to the UK than the 2008 financial crisis. In a foreword to a new Policy Exchange report, Darling expressed his support for current [...]
UK borrowing surges to a record £103.7bn in lockdown June 19, 2020 UK borrowing exploded to £103.7bn over April and May’s lockdown, official data showed today, as debt exceeded 100 per cent as a percentage of GDP in May for the first time in 57 years. The current financial year to date – April to May 2020 – has already seen borrowing rocket to £103.7bn. That is [...]
UK retail sales start to rebound in May following record drop June 19, 2020 UK retail sales began to rebound in May, exceeding expectations by rising 12 per cent month-on-month following a record plunge in April, with the proportion spent online hitting a record high. With fuel excluded, retail sales climbed 10.2 per cent month-on-month, data from the Office for National Statistics (ONS) showed. The reading had been expected [...]
BoE’s Bailey: Jobs data could scupper UK economy’s coronavirus recovery June 18, 2020 The UK economy is recovering slightly quicker than the Bank of England expected a month ago as the coronavirus lockdown is eased, but news from the labour market is mostly negative, Bank of England governor Andrew Bailey said. “As partial lifting of the measures takes place, we see signs of some activity returning,” Bailey said [...]
US jobless claims: 1.5m more file for benefits as total hits 46m June 18, 2020 A further 1.51m people filed for unemployment benefits last week in the US, taking the total number of claims to 46m. The figure is a slight drop from the 1.56m who filed for benefits the week before, the US labor department said. It also marks the 11th week the figure has declined since reaching highs [...]
City reacts to Bank of England’s £100bn stimulus June 18, 2020 The Bank of England (BoE) this morning held interest rates at a record low and said it will expand its bond-buying programme by £100bn to help to steer the British economy through the coronavirus crisis. Economists had almost unanimously predicted that the Bank would keep the main interest rate steady and focus on expanding quantitative [...]
Bank of England holds rates, boosts stimulus by £100bn June 18, 2020 The Bank of England has held interest rates at a record low and will expand its bond-buying programme by £100bn to help to steer the British economy through the “unprecedented” crisis caused by coronavirus. At its June meeting, the BoE’s Monetary Policy Committee (MPC) voted unanimously to keep the main interest rate at a record [...]
Coronavirus safety measures risk ‘immeasurable damage’ to economy, says travel boss June 18, 2020 The economy faces “immeasurable” damage if the government veers too far towards medical safety measures to to protect agains the coronavirus pandemic, according to the boss of travel industry association ABTA. Speaking on City A.M’s The City View podcast this morning, Mark Tanzer gave a grim assessment of the problems facing Britain’s travel industry. He [...]