Coronavirus sends Eurozone economy to worst quarter on record May 15, 2020 The Eurozone economy shrank at the fastest pace on record in the first three months of the year, official figures have shown, as coronavirus brought normal life to a halt. Euro area GDP plunged 3.8 per cent quarter on quarter in the first three months of the year, according to EU statistics body Eurostat. That [...]
When will the UK economy recover from coronavirus? May 15, 2020 The UK economy is set for its worst contraction since at least the Great Depression this year as the coronavirus lockdown brings activity to a halt. There’s little doubt about that. There is doubt about what comes next, however. Economists have made huge numbers of predictions, using an array of letters to describe the recovery. [...]
Coronavirus could cost global economy $8.8 trillion May 15, 2020 The global economy could haemorrhage between $5.8 trillion and $8.8 trillion (£4.7 trillion-£7.1trillion) this year depending on how long coronavirus containment measures last, the Asian Development Bank has said. In the worst-case scenario, that would be equivalent to almost 10 per cent of the world’s output. Economists say the world is going through its worst [...]
German economy shrinks at fastest pace since financial crisis May 15, 2020 The German economy shrank at its fastest pace since the financial crisis in the first quarter of the year, as the powerhouse of Europe was battered by the coronavirus pandemic. German GDP dropped 2.2 per cent in the first quarter compared to the final three months of 2019. It was the second largest drop since [...]
FTSE 100 rises but US stocks stall after dire retail sales data May 15, 2020 US stocks have fallen in the wake of dire retail sales data, even as the FTSE 100 has risen on the final day of a choppy week of trading that has seen investors second-guess the recent stock market rally. The UK’s FTSE 100 index was up 1.5 per cent this afternoon at 5,785 points in [...]
FTSE 100 tumbles as investors doubt coronavirus recovery May 14, 2020 The FTSE 100 has fallen dramatically and US stocks have turned lower as doubts about the economic recovery set in following a gloomy speech by the governor of the US Federal Reserve. Britain’s FTSE 100 index dropped 2.8 per cent to finish at 5,741 points. That wiped out all of May’s gains. The mid-cap FTSE [...]
Bank of England ‘not contemplating’ negative interest rates, says governor Andrew Bailey May 14, 2020 Bank of England governor Andrew Bailey has said Threadneedle Street is not considering cutting interest rates to below zero. The governor said that it would be unwise to rule anything out, “particularly in these circumstances,” in an online question and answer session with the Financial Times. Yet he said: “It is not something we are [...]
Job retention scheme could cost £84bn, says UK budget watchdog May 14, 2020 The UK’s budget watchdog has said the coronavirus job retention scheme could cost £84bn this year, which would push up government borrowing to well north of £300bn. It comes after chancellor Rishi Sunak extended the furlough scheme on Tuesday. Under the programme, the government pays 80 per cent of “furloughed” workers’ wages up to £2,500 [...]
Three quarters of UK businesses apply for furlough scheme May 14, 2020 More than three quarters of UK businesses have applied for the government’s job retention scheme, according to an official survey that laid bare the extent to which the furlough programme is supporting the economy. The Office for National Statistics (ONS) said 76 per cent of UK firms had applied for the scheme, up from 66 [...]
Government creates coronavirus ‘taskforces’ to aid reopening May 14, 2020 The UK government has created five new “taskforces” to develop guidelines on how businesses across Britain can safely reopen. It comes after Prime Minister Boris Johnson at the weekend laid out the government’s “roadmap” for lifting coronavirus restrictions. Non-essential shops could be opened from 1 June, so long as it is safe and they can [...]
