UK markets to stay open despite coronavirus crash, says FCA March 17, 2020 The UK’s finance watchdog has said it wants to keep stock markets open despite the dramatic sell-offs of recent weeks and record volatility over the coronavirus outbreak. The Financial Conduct Authority (FCA) said in a statement: “Our aim is to continue to maintain open and orderly markets notwithstanding current volatility.” Yesterday, the US’s watchdog said [...]
UK unemployment rises ahead of coronavirus hit March 17, 2020 UK unemployment rose in the three months to January although Britain continued to add jobs, suggesting the labour market tightened before coronavirus began to spread through the country. Unemployment rose to 3.8 per cent, up 0.2 percentage points from the previous quarter. Yet the employment rate also rose, hitting 76.5 per cent, a joint record [...]
UK budget watchdog: No time to be ‘squeamish’ about big coronavirus spending March 17, 2020 Britain’s economy faces a “wartime situation” and the government must not be “squeamish about one-off additions to public sector debt,” the head of Britain’s fiscal watchdog has said. Robert Chote, head of the Office for Budget Responsibility (OBR), told MPs that a big fiscal package to support the UK’s businesses and households would be “money [...]
US stock markets suffer worst day since 1987 despite drastic Fed rate cut March 16, 2020 US stock markets suffered their biggest single day fall since 1987’s infamous Black Monday crash as investors shrugged off a dramatic Federal Reserve stimulus package that aimed to support the economy during the coronavirus outbreak. The US’s S&P 500 crashed 12 per cent over trading, the Dow Jones finished 12.9 per cent lower, and the [...]
Economists warn UK low-paid need more support amid coronavirus March 16, 2020 The UK government must do more to support individuals as they deal with the economic fallout from the coronavirus epidemic, leading economists have said. Prime Minister Boris Johnson today announced new government advice for people to avoid “all unnecessary social contact” and for those with any symptoms to stay at home for two weeks. Torsten [...]
US stocks plunge again despite Fed coronavirus stimulus March 16, 2020 US stock markets have plunged despite the US Federal Reserve last night again slashing interest rates as investors anticipate a global recession caused by the coronavirus outbreak. The S&P 500 dropped more than eight per cent when Wall Street opened, causing a so-called circuit breaker designed to stop panic selling to kick in. Stocks continued [...]
IMF ready to lend up to $1 trillion in coronavirus response March 16, 2020 The International Monetary Fund (IMF) is ready to mobilise its $1 trillion (£813bn) of lending capacity to help member countries deal with the impact of coronavirus, the organisation’s managing director Kristalina Georgieva has said. Georgieva also said governments should ramp up spending and increase international coordination to stop the virus from wreaking long-term economic damage. [...]
FTSE 100 plunges despite Fed’s coronavirus ‘bazooka’ March 16, 2020 The FTSE 100 has plunged despite the US Federal Reserve slashing interest rates to near zero in an emergency move to curb the fallout of the coronavirus pandemic. The blue-chip index was last down seven per cent as traders reckoned with the ongoing spread of coronavirus and shrugged off the Fed’s surprise intervention. Airlines and [...]
Andrew Bailey: Bank of England will take ‘prompt action’ over coronavirus if needed March 16, 2020 New Bank of England governor Andrew Bailey has pledged to take more “prompt action” when needed to tackle the economic fallout from coronavirus, raising the prospect of another interest rate cut. Speaking for the first time as governor after replacing Mark Carney today, Bailey emphasised in a BBC interview the “strong coordination among central bank” [...]
Sign of the times: Tinned gin in and fruit pies out of UK inflation basket March 16, 2020 Self-tanning products, gin in a tin, reusable mugs and gluten-free cereals have been added to the basket of goods used to calculate inflation as Brits go eco-friendly and health-conscious. Meanwhile, frozen imported legs of lamb, fruit pies and frozen chicken breasts have been chucked in the bin to better reflect consumers’ changing tastes. The Office [...]
