This pandemic may lead to more trade barriers, but is that such a bad thing? March 25, 2020 The current crisis dominates everything, from trade to everyday life. But, within a relatively short space of time, it will pass. What next? What will be the “new normal” after coronavirus? A key policy aim across the west for many decades since the Second World War was to reduce barriers to international trade. But it [...]
UK retailers most pessimistic since financial crisis amid coronavirus outbreak March 25, 2020 UK retailers are at their most pessimistic since the financial crisis as sales of non-essential goods plummet due to coronavirus containment measures, a survey has shown. However, grocers and other food firms have seen a surge in demand as Brits stockpile during the coronavirus lockdown, the CBI said today. This divergence of fortunes for Britain’s [...]
Coronavirus to bring UK house prices growth to ‘juddering halt’ March 25, 2020 The coronavirus outbreak is set to bring UK house prices to a “juddering halt” in the coming months, a top economist warned today. UK house prices fell 1.1 per cent between December and January. But they were 1.3 per cent up on the previous year, data released today showed. The Office for National Statistics said [...]
ECB’s Christine Lagarde asked Eurozone to consider joint ‘coronabonds’ March 25, 2020 European Central Bank (ECB) president Christine Lagarde asked Eurozone finance ministers yesterday to seriously consider launching joint “coronabonds” to help countries in the currency area which have been put under stress by the coronavirus outbreak. However, the idea of issuing joint debt for the whole of the euro area was opposed by Germany, the Netherlands [...]
Government and Bank of England urge banks to keep lending despite coronavirus uncertainty March 25, 2020 British banks must continue to provide loans during the coronavirus pandemic to ensure that previously viable companies do not fail due to the crisis, the government and Bank of England said. In a joint letter to the chief executives of major banks, Chancellor Rishi Sunak, Bank of England governor Andrew Bailey and the interim chief [...]
German business morale slumps amid coronavirus outbreak March 25, 2020 German business morale has slumped to its lowest level since 2009, a survey showed today, as the powerhouse of the Eurozone slides towards a coronavirus-induced recession. The final reading of the Ifo Institute think tank’s business climate index fell to 86.1 in March from 96 in February. This was lower than an initial estimate and [...]
Trump and Congress reach deal on $2 trillion coronavirus stimulus March 25, 2020 US senators and Trump administration officials have reached an agreement on a massive economic stimulus bill to alleviate the economic impact of the coronavirus outbreak, the negotiators said today. The Senate will vote on the $2 trillion (£1.69 trillion) package later in the day and the House of Representatives is expected to follow suit soon [...]
Oil prices knock UK inflation rate down to 1.7 per cent in February March 25, 2020 UK inflation slipped 0.1 per cent in February to 1.7 per cent, the Office for National Statistics (ONS) revealed today, as oil prices sank. Falling oil prices helped push the Consumer Prices Index (CPI) UK inflation rate down from 1.8 per cent in January, amid the ongoing coronavirus travel restrictions. Read more: Oil prices stage [...]
US stocks jump on hopes of coronavirus stimulus package March 24, 2020 US stocks soared this evening on hopes that congress was close to agreeing a $2 trillion stimulus package to protect the economy from the impact of the coronavirus pandemic. Wall Street’s S&P 500 index closed 9.3 per cent higher today, while the Dow Jones industrial average soared 11.37 per cent – its biggest one day [...]
Coronavirus: G7 pledges to continue fiscal expansion for ‘as long as needed’ March 24, 2020 Finance ministers and central bankers from the G7 countries have pledged to expand fiscal and monetary actions for “as long as needed” to restore global economic growth and confidence pummeled by the coronavirus. “We will do whatever is necessary to restore confidence and economic growth and to protect jobs, businesses, and the resilience of the [...]