Coronavirus: UK economy could shrink by 35 per cent in second quarter April 14, 2020 The UK economy could shrink by 35 per cent in the second quarter of this year and unemployment could hit 10 per cent as coronavirus lockdown measures take a devastating toll, Britain’s budget watchdog has warned. The Office for Budget Responsibility (OBR) said such a slowdown could send the budget deficit to its highest level [...]
Coronavirus: Global economy to suffer worst year since 1930s April 14, 2020 The global economy will shrink by three per cent in 2020 as coronavirus triggers the worst economic collapse since the Great Depression, the International Monetary Fund (IMF) said today. Although the IMF said growth will rebound in 2021 to 5.8 per cent, it said predictions were uncertain and the size of the recovery will depend [...]
Sajid Javid: Right policies can make economy’s coronavirus recovery ‘V-shaped’ April 14, 2020 Former chancellor Sajid Javid has said the UK economy’s recovery from coronavirus can be “V-shaped” if the government follows “free market” policies once the worst of the virus has passed. Javid – who was chancellor for seven months until February – today welcomed his successor Rishi Sunak’s unprecedented interventions into the economy. Sunak has unveiled [...]
Coronavirus: Banks approve 1.2m mortgage holidays amid financial strain April 14, 2020 More than 1.2m UK households have agreed mortgage holidays with their banks, figures have shown, as the coronavirus crisis causes borrowers unprecedented financial stress. Chancellor Rishi Sunak announced on 17 March that households with mortgages would be entitled to three-month payment holidays, meaning payments would be suspended. It was part of an unprecedented coronavirus response [...]
UK benefit claims surge to 1.4m as coronavirus economic crisis bites April 14, 2020 The UK has received about 1.4m new benefit claims for welfare payments as the coronavirus lockdown freezes large sections of the economy. “It’s now up to about 1.4m,” Work and Pensions Secretary Therese Coffey told the BBC, adding that the figure included Universal Credit and job seekers’ allowance or employment support allowance. “We are capable [...]
Coronavirus: UK job vacancies plummet in March April 14, 2020 The number of UK permanent job vacancies has been cut in half by the coronavirus outbreak, according to new figures. Jobs data, released today by growth analytics platform cube19 for the Association of Professional Staffing Companies (APSCo), showed that permanent vacancies in the last week of March were down by 50 per cent year-on-year. Contract vacancies [...]
UK GDP could fall by 30 per cent in second quarter April 13, 2020 Chancellor Rishi Sunak has reportedly told ministers to expect GDP to fall by as much as 30 per cent between April and June. The government’s draconian social distancing measures will be reviewed next week, with an extension considered a formality. The coronavirus lockdown has already begun to bite the UK economy, with activity in the [...]
US jobless claims hit 6.6m as coronavirus slams economy April 9, 2020 US jobless claims hit 6.6m last week as a result of the coronavirus pandemic which has wreaked economic chaos. The data from the Department of Labor showed 6.6m Americans claimed unemployment benefits for the first time last week. Last week the Department of Labor said 6.6m had claimed for unemployment benefits for the first time, [...]
Coronavirus: US Federal Reserve pledges another $2.3 trillion in loans April 9, 2020 The US Federal Reserve has promised an extra $2.3 trillion (£1.84 trillion) of loans to shore up the US economy as American unemployment surged for the third week in a row amid the coronavirus crisis. Fed chairman Jay Powell said the money would be made available for employers and households to help them through the [...]
Bank of England to finance government borrowing during coronavirus crisis April 9, 2020 The Bank of England has agreed to temporarily finance government borrowing during the coronavirus crisis, a measure last used extensively during the financial crisis. The UK government normally borrows money via the issues of bonds to the market. The measure announced today gives the government more flexibility in raising cash quickly. “As a temporary measure, [...]