Bank of England ‘not contemplating’ negative interest rates, says governor Andrew Bailey May 14, 2020 Bank of England governor Andrew Bailey has said Threadneedle Street is not considering cutting interest rates to below zero. The governor said that it would be unwise to rule anything out, “particularly in these circumstances,” in an online question and answer session with the Financial Times. Yet he said: “It is not something we are [...]
Trump says Chinese companies could be forced to follow US accounting standards May 14, 2020 The US government is thinking about imposing stricter requirements on Chinese companies listing on the US stock exchange as President Donald Trump ramps up the pressure on China amid the coronavirus pandemic. Chinese companies do not have to follow US accounting standards, which has led to incidences of fraud and caused investor losses. Trump told [...]
Exclusive: Brits think lockdown measures will hinder economic recovery May 14, 2020 Britons think the UK economy will be unable to recover quickly if the coronavirus lockdown measures continue, according to an exclusive poll for City A.M. The poll, conducted by Redfield and Wilton Strategies, found that 56 per cent of Britons believe that if the lockdown measures continue, the UK economy will reach a point at [...]
US jobless claims: Nearly 3m more Americans file for unemployment benefits as lockdown slams economy May 14, 2020 Another 2.981m Americans filed for unemployment benefits in the week ending 9 May, according to jobless claims data released today by the US Labor Department. The previous week’s figure was revised higher to 3.18m from 3.17m jobless claims. Since the coronavirus pandemic hit the US two months ago, more than 36m Americans have filed unemployment [...]
Job retention scheme could cost £84bn, says UK budget watchdog May 14, 2020 The UK’s budget watchdog has said the coronavirus job retention scheme could cost £84bn this year, which would push up government borrowing to well north of £300bn. It comes after chancellor Rishi Sunak extended the furlough scheme on Tuesday. Under the programme, the government pays 80 per cent of “furloughed” workers’ wages up to £2,500 [...]
Three quarters of UK businesses apply for furlough scheme May 14, 2020 More than three quarters of UK businesses have applied for the government’s job retention scheme, according to an official survey that laid bare the extent to which the furlough programme is supporting the economy. The Office for National Statistics (ONS) said 76 per cent of UK firms had applied for the scheme, up from 66 [...]
UK ready to slash tariffs on US agricultural imports in free trade talks – report May 14, 2020 The UK is ready to cut tariffs on US agricultural imports in order to move talks closer to securing a free trade deal, it is reported. The Department for International Trade is looking at a “big concession package” to US negotiators in the next few months to cut the cost of some agricultural imports, the [...]
Rishi Sunak: UK set for ‘significant recession’ May 13, 2020 Chancellor Rishi Sunak has said the UK will be plunged into a “significant recession” in the wake of figures showing the economy contracted in the first quarter. It was the first time during the crisis that Sunak has admitted a recession is on its way, telling The Telegraph that “we’re at a time of unprecedented [...]
UK GDP shrinks: Economists warn worst yet to come as lockdown persists May 13, 2020 The UK economy shrank by a record 5.8 per cent in March, thanks almost entirely to just over a week of coronavirus lockdown that began on the 23rd. In the first quarter as a whole GDP contracted by two per cent, the Office for National Statistics (ONS) said today. This was its worst performance since [...]
Coronavirus: UK economy shrinks two per cent in first quarter of 2020 May 13, 2020 The UK economy shrank by two per cent in the first three months of 2020 due to the impact of coronavirus, official GDP data showed today. The slump showed the UK economy’s contracted at its fastest rate since the height of the financial crisis in 2008. The lockdown, which started on 23 March, saw the [...]