The City View: Robert Walters on the ‘perfect storm’ hitting the jobs market June 15, 2020 In this episode, Christian talks to Robert Walters, founder and CEO of Robert Walters, the London-listed global recruitment giant, about how the pandemic and lockdown has affected his business and what it means for professional recruitment in the months ahead. Robert is highly critical of the government’s messaging around easing the lockdown measures and offers a [...]
Record contraction expected for UK economy in second quarter June 15, 2020 The UK economy is forecast to contract by 15 per cent in the second quarter of 2020, a fresh report has said, setting a new record as businesses struggle to operate during lockdown. The EY Item Club had previously forecast the contraction at 13 per cent, but adjusted the figures to reflect poor economic performance [...]
How global markets will cope with a second wave June 13, 2020 Fears of a second wave of coronavirus have stubbed out hopes of swift economic recovery around the world, as the possibility of further lockdowns hangs heavy on global markets. While many countries seem to have a grip on the coronavirus crisis, the prospect of new infections in the US hinted in Wednesday’s Federal Reserve meeting [...]
UK economy: Five charts that show we face a long road to recovery June 13, 2020 The coronavirus pandemic has plunged the UK economy into an unprecedented crisis, with GDP shrinking by a record 20.4 per cent April as lockdown measures hammered businesses. The Bank of England has warned that Britain could be heading for its deepest recession in three centuries this year. It is widely believed that April will mark [...]
We must be ready for further stimulus, says Bank of England’s Andrew Bailey June 12, 2020 The Bank of England and other policymakers must be ready to take further action to help the UK’s economy because of the risk of the coronavirus shutdown causing long-term damage, governor Andrew Bailey has said. “We are still very much in the midst of this,” Bailey told broadcasters today. His comments come after new data [...]
Sterling sheds gains against dollar as Brexit fears weigh June 12, 2020 The pound shed early gains against the dollar this afternoon as concerns over Brexit coupled with dire UK economic data weighed on sterling. Sterling has been edging lower this week after rising 3.9 per cent against the dollar in last week’s rally. Having recovered briefly this morning to touch $1.2653, the pound soon flattened back [...]
UK economy shrinks 20 per cent in April lockdown in worst ever month June 12, 2020 The UK economy shrank by a record 20 per cent in the first full month of lockdown as shops sent workers home to close for the duration of April. Activity in the UK economy contracted by 20.4 per cent in April, the Office for National Statistics (ONS) said today, marking the single largest monthly drop [...]
IMF says $10 trillion has been spent battling coronavirus but more is needed June 11, 2020 The global response to the coronavirus pandemic has cost governments around $10 trillion, but further efforts are needed to battle the outbreak, according to the head of the IMF. New estimates suggest that up to 100m could fall into extreme poverty as a result of the pandemic, IMF managing director Kristalina Georgieva has said. She [...]
US Federal Reserve keeps interest rates near zero through 2022 June 10, 2020 The US Federal Reserve has said it will not raise near-zero interest rates until at least 2022, as it predicted a decline in growth. Along with the rate decisions, central bankers projected a 6.5 per cent fall in GDP this year and a 9.3 per cent unemployment rate by the end of the year. “The [...]
Covid-19 recession will be ‘different’ to others, says BoE’s Andrew Bailey June 10, 2020 The recession triggered by the coronavirus pandemic will be “different” to others, but some early signs of recovery are already apparent, Bank of England governor Andrew Bailey said. Speaking at a panel discussion today, Bailey said he could already see some signs of economic recovery as lockdown restrictions are lifted in the UK, but warned [...]