Ratings agency Fitch predicts deep recession in 2020 on back of coronavirus pandemic April 2, 2020 Ratings agency Fitch today predicted a deep global recession in 2020 following the rapid global spread of coronavirus. Fitch said it expected worldwide economic activity to decline 1.9 per cent in 2020, with US, eurozone and UK GDP down by 3.3 per cent, 4.2 per cent and 3.9 per cent respectively. It said it expected [...]
Nearly 1m people apply for Universal Credit as coronavirus lockdown paralyses economy April 1, 2020 Nearly 1m people in the UK have applied for Universal Credit in the two weeks since Prime Minister Boris Johnson implemented strict lockdown measures, the government said today. There are normally around 100,000 applicants per two week period – in the last two weeks there were 950,000. The government has moved 10,000 staff to process [...]
Coronavirus: UK manufacturing sector suffers worst slump since 2012 April 1, 2020 UK manufacturing output fell at the fastest rate since 2012 in March, survey data showed today, as the coronavirus outbreak broke up supply chains and caused demand to slump. The IHS Markit/Cips purchasing managers’ index (PMI) fell to a three-month low of 47.8 in March, down from 51.7 in February. A score of below 50 [...]
Coronavirus: Eurozone factory output slumps to 11-year low April 1, 2020 The Eurozone’s factory sector suffered its worst month since the bloc’s economic crisis of 2012 in March as coronavirus shut down swaths of the euro area’s economy. The IHS Markit manufacturing purchasing managers’ index (PMI) – a gauge of the health of the sector – slumped to a lower than expected 44.5 in March from [...]
Minimum wage hike to go ahead despite coronavirus pressure on businesses March 31, 2020 The UK minimum wage is set to rise tomorrow as planned despite calls for the government to postpone the increase due to the coronavirus outbreak. The National Minimum Wage will increase 6.2 per cent from £8.21 to £8.72 per hour from 1 April, despite the economic challenges caused by the coronavirus pandemic. However, two thinktanks [...]
FTSE 100 marks worst quarter since 1987 despite rise today March 31, 2020 The FTSE 100 rose marginally today after China’s factories showed signs of bouncing back in March, but still delivered its worst quarter since 1987 as investors panic over coronavirus. Britain’s blue-chip index closed 1.68 per cent higher today at 5,657 points. That pushed on from yesterday, when the FTSE 100 rose as the spread of [...]
Coronavirus: CBI calls for urgent economic relief for ‘stranded middle’ businesses March 31, 2020 Support must be given to “stranded middle” businesses who are not eligible for the government’s coronavirus relief package and are at risk of going bust, according to the CBI. The government’s £330bn business interruption loan scheme is open to companies with revenue of less than £45m, while large investment grade companies can access the Bank [...]
UK firms say they are still under threat despite coronavirus support March 31, 2020 More than two thirds of UK managers say the coronavirus outbreak poses a high or severe threat to their companies, despite the government’s unprecedented economic package, a survey showed today. The Institute of Directors (IoD) business group, which produced the survey, said more must be done to support firms. It said the government should extend [...]
UK current account deficit narrows ahead of coronavirus slowdown March 31, 2020 The UK’s current account deficit narrowed in the final quarter of 2019, figures showed today, although this was due in large part to movements in gold trade. The deficit is the difference between the value of the goods and services a country imports and the goods and services it exports. Britain imports more goods and [...]
What impact is Covid-19 having on global economies and markets? March 31, 2020 | City Talk The impact of the new coronavirus (Covid-19) pandemic continues to play out. The extent to which the virus will spread, both between and within countries remains unclear, and the duration and impact are highly uncertain. Sadly, the human impact continues to grow, and the virus has now claimed the lives of over 22,000 people, as [...]