BoE boss Andrew Bailey: Bank keeping ‘eyes open’ ahead of next meeting April 26, 2020 Bank of England governor Andrew Bailey has said Threadneedle Street is keeping its “eyes open” for risks to the economy or financial system ahead of its next scheduled interest rate decision on 7 May. Bailey also highlighted the huge amount of uncertainty the UK economy still faces. “No one can be sure exactly how the [...]
How and when will the UK coronavirus lockdown end? April 24, 2020 This week health secretary Matt Hancock confirmed the coronavirus outbreak has passed its peak, sparking speculation about an exit strategy from the UK lockdown. However, officials have poured cold water on the idea that Britain could return to normal soon. Last week the government said the UK coronavirus lockdown would continue for at least another [...]
Coronavirus: Executives pessimistic about quick rebound for their firms April 24, 2020 The majority of executives think it will take longer than a year for their firms to bounce back from the coronavirus crash, a report has said. Bosses are also deeply pessimistic about the prospects of the global economy. They are slightly less pessimistic about their own companies and industries, however. The report, from the Economist [...]
US stocks rise as investors find hope after choppy week April 24, 2020 US stocks have had a choppy start on the final day of a stormy week as investors hope coronavirus lockdowns will soon be eased but remain deeply uncertainty about the future. The Dow Jones index was up 0.1 per cent just after the bell. The S&P 500 had climbed 0.1 per cent but the Nasdaq [...]
Chancellor Rishi Sunak preparing 100 per cent coronavirus loan guarantees for smallest firms April 24, 2020 Chancellor Rishi Sunak is preparing to launch a new coronavirus support scheme that offers 100 per cent guarantees on loans to the smallest UK businesses, amid criticism that the current programme is not getting cash to firms fast enough. The coronavirus business interruption loan scheme (CBILS) offers loans of up to £5m to companies with [...]
PM’s ex-economic adviser urges govt to go ‘further’ on coronavirus loans April 24, 2020 A former chief economic adviser to Boris Johnson has urged the government to underwrite 100 per cent of coronavirus business loans. Speaking exclusively to City A.M. editor Christian May on the City View podcast, Dr Gerard Lyons called on the government to do more to funnel loans to small businesses hit by coronavirus. Lyons said [...]
‘Catastrophic’: German business sentiment crashes to new low amid coronavirus April 24, 2020 Business optimism in Germany is at “catastrophic” levels according to a closely watched gauge that has dropped to its lowest point on record as coronavirus ravages Europe’s biggest economy. The Ifo Institute think tank’s business climate index slumped to 74.3 points in April from 85.9 points in March. Never before has the index fallen so [...]
Consumer confidence teeters on brink of record low during coronavirus lockdown April 24, 2020 Consumer confidence plummeted at the beginning of April but held steady for the rest of the month as the UK adjusted to life under lockdown. The latest research showed that consumer confidence stayed at minus 34 points throughout the month, just five points above the record low reported in July 2008. The measure for the [...]
US jobless claims hit 26m since coronavirus lockdown began April 23, 2020 The number of Americans making jobless claims surged again last week, meaning roughly 26m people made unemployment claims in a five-week period that has seen coronavirus wipe out all of the jobs created since the financial crisis. New jobless claims hit 4.4m last week, the US Labor Department said today. This was a slight fall [...]
Bank of England policymaker: UK economy in worst slump ‘in centuries’ April 23, 2020 The UK economy is experiencing the fastest and deepest contraction in “the past century or possibly several centuries” during the coronavirus lockdown, a Bank of England rate-setter has said. However, Bank monetary policy committee (MPC) member Gertjan Vlieghe, also said that “in principle” the economy “should return approximately to the pre-virus trajectory” if it is [...]