IMF provides $50bn for countries hit by coronavirus outbreak March 5, 2020 The International Monetary Fund has announced $50bn (£39bn) of emergency funding for countries hit by the coronavirus epidemic. The IMF warned last night that the Covid-19 outbreak, which has reached 70 of the organisation’s 189 member countries, has already pushed global growth for 2020 below last year’s level. “Global growth in 2020 will dip below [...]
Next Bank of England governor Andrew Bailey: Firms should expect coronavirus help March 4, 2020 The next Bank of England governor has said Threadneedle Street and the government is likely to provide loans to small and medium-sized firms to help them deal with supply chain disruptions from the coronavirus outbreak. Andrew Bailey told MPs that coronavirus was “going to be the first most pressing issue that we face”. He added [...]
Andrew Bailey says he is ‘proud’ of record as FCA chief March 4, 2020 The incoming Bank of England governor Andrew Bailey has defended his record as head of the City watchdog, saying he is “proud of what we’ve achieved” but “not proud of some things that happened”. Critics say Bailey did not deal adequately with a number of financial scandals that occurred on his watch as chief executive [...]
China and Hong Kong’s private sectors hit record low amid coronavirus March 4, 2020 China’s services sector suffered its worst month on record in February as efforts to contain coronavirus tanked the world’s second-biggest economy, survey data showed overnight. Separate data showed that Hong Kong’s entire private sector suffered its worst contraction on record in February, as China’s economic woes spread over the border. The Chinese Caixin/Markit services purchasing [...]
UK bond yields hit all-time low on coronavirus fears March 4, 2020 UK government bond yields have fallen to an all-time low after the economic threat of coronavirus led the US Federal Reserve to slash interest rates, a move traders increasingly think the Bank of England will copy. The yield on the 10-year UK Gilt touched 0.335 per cent this morning as investors rushed to buy one [...]
UK services sector growth slowed by coronavirus March 4, 2020 Growth in the UK services sector slowed in February as coronavirus led to cancelled bookings and delayed projects, a survey has shown. Nonetheless, the sector had its second-best month since September 2018 as a rise in consumer confidence after the December General Election and Britain’s exit from the EU led to a rebound in domestic [...]
Eurozone PMI: Growth hits six-month high but coronavirus casts a shadow March 4, 2020 Growth in the Eurozone’s private sector hit a six-month high in February, but the possibility of further disruption from the ongoing coronavirus outbreak loomed. IHS Markit’s composite Eurozone purchasing managers’ index (PMI) for February came in at 51.6, unchanged from an earlier flash reading. Any figure above 50 signals growth, while one under 50 indicates [...]
Budget 2020: What is on the pensions industry’s wish list? March 4, 2020 As Rishi Sunak, the new chancellor, prepares for his first Budget next week, the pensions industry will be watching what happens with eagle eyes. Reports have circulated that the government, emboldened by its landslide General Election win last year, could bring in sweeping changes to how some people save for retirement. Some predict that Sunak [...]
DEBATE: Should the chancellor rethink plans to get rid of entrepreneurs’ relief in the Budget? March 4, 2020 Should the chancellor rethink plans to get rid of entrepreneurs’ relief in next week’s Budget? Caroline Plumb OBE, chief executive and co-founder of Fluidly, says YES. Critics of entrepreneurs’ relief want proof of its economic impact, but it’s not as simple as throwing a couple of headline figures around and dismissing beneficiaries as the already [...]
Priti Patel vs. Philip Rutnam: It’s in Britain’s interest that bureaucracy does not win March 4, 2020 The reverberations around the resignation of Sir Philip Rutnam, the top civil servant at the Home Office, continue. Priti Patel, the home secretary, is receiving a barrage of abuse. Labour’s John McDonnell has pronounced that he cannot see how Patel could carry on. He raised the possibility that she might be in some way “suspended”. [...]