MPs attack chancellor’s plan to wind down furlough scheme September 11, 2020 The powerful Treasury Committee of MPs has criticised the chancellor’s new job retention bonus scheme as inefficient, and called for him to “carefully consider” more targeted support for parts of the economy when the furlough scheme ends. In a wide-ranging report, the Committee also said the Treasury must quickly come up with a scheme to [...]
FTSE 100 edges into the green as Wall Street opens higher on tech bounce September 10, 2020 The FTSE 100 edged into the green as US stocks opened higher as a bounce in tech stocks overshadowed the high number of jobless claims. London’s blue-chip index climbed 0.19 per cent after spending most of the session in the red in anticipation of the ECB’s rates decision. The FTSE 250 of smaller-cap firms rose [...]
ECB leaves interest rates on hold as it monitors recovery September 10, 2020 The European Central Bank (ECB) has left interest rates at their current record-low level as it waits to see the trajectory of the Eurozone’s economic recovery. But analysts think the Eurozone’s central bank will have to take more action later this year or early next, amid signs that the rebound is slowing down. Read more: [...]
UK economy: Job adverts fall while retail footfall flatlines September 10, 2020 The UK’s economic recovery appeared to slow somewhat over the last few weeks, according to official data, with the number of online job adverts falling and retail footfall staying roughly flat. Britons gradually headed back to the office, however, with the number of people working remotely falling. In the week to 4 September, total online [...]
Exclusive: Bank of England spends £120,000 making HQ Covid-secure September 10, 2020 The Bank of England has been hugely busy during the coronavirus pandemic, pulling the levers of monetary policy in a desperate effort to support the economy. But it has also been working hard closer to home. It has spent at least £117,000 on making its historic Threadneedle Street headquarters as safe as possible during Covid [...]
Exclusive: London consumer spending soars during cheap meal scheme September 10, 2020 The Eat Out to Help Out scheme gave London restaurants a huge boost in August, with spending jumping to just 10 per cent below its 2019 level, according to the latest data provided exclusively to City A.M. Food and beverage spending in London in July was a whopping 39.1 per cent lower than a year [...]
FTSE 100 and US stocks climb as investors regain poise September 9, 2020 The FTSE 100 and US stocks have risen after a bloodbath on global markets yesterday saw big tech names plunge. London’s blue-chip index rose 1.3 per cent to 6,009 points in afternoon trading. The FTSE 250 – the 100’s little brother – fell 0.2 per cent, however. Read more: Tesla shares set for worst day [...]
City of London slams government plans to override EU deal September 8, 2020 The City of London Corporation has sharply criticised the government’s plans to override some parts of the EU withdrawal agreement, warning it could “seriously damage” the UK’s relationship with its biggest trading partner. Speaking at a webinar, the Corporation’s head of policy Catherine McGuinness also said the government appeared to have forgotten about the financial [...]
US tech stocks plunge as FTSE 100 drops on no-deal Brexit fears September 8, 2020 Wall Street opened lower while the FTSE 100 fell back into the red this afternoon as a US tech sell-off and Brexit fears rattled markets. Downward pressure on the pound, as well as a strong set of corporate results, had initially boosted London’s premier index, but by the mid-morning the 0.5 per cent increase had [...]
Ireland’s Mairead McGuinness picked to be next EU finance boss September 8, 2020 Ireland’s Mairead McGuinness is set to take over as the EU’s financial services commissioner as part of a mini reshuffle prompted by her fellow countryman Phil Hogan’s resignation. Former Latvian Prime Minister Valdis Dombrovskis has been chosen to fill Hogan’s prestigious position as EU trade chief. He was previously in charge of financial services and [...]
