From stamp duty to the triple lock, Andy Haldane says bold Burnham leadership can usher ‘vibe change’ for UK economy
Elon Musk labels lockdowns ‘fascist’ as Tesla offsets automotive slump April 30, 2020 Outspoken Tesla chief executive Elon Musk labelled the US’ coronavirus lockdowns as “fascist” as the firm surprised investors with another profitable period of trading despite the current market disruption. Speaking on a conference call last night, Musk said that the measures posed a serious risk to Tesla’s business and said he did not know when [...]
Sainsbury’s delays dividend as coronavirus costs expected to reach £500m April 30, 2020 Sainsbury’s has delayed a decision on its dividend and warned that it will take a £500m hit due to costs associated with coronavirus, but that soaring grocery sales and business rates relief will largely offset the impact. The supermarket said this morning that it faces costs associated with protecting customers and staff, weaker fuel, general [...]
The City View podcast, from City A.M., with Hetan Shah, chief executive of the British Academy April 30, 2020 In this episode of the City View podcast Christian is joined by Hetan Shah, formerly director of the Royal Statistical Society now chief executive of the British Academy – the National Academy for Humanities and Social Sciences. Subscribe to The City View Podcast: Apple / Google / Spotify / RSS Hetan discusses the role that economics, [...]
Ad spend to suffer largest ever annual fall as Covid-19 wipes £4bn off market April 30, 2020 UK advertising spend is set to crash by more than £4bn this year as marketing activity grinds to a halt during the coronavirus crisis, marking the sharpest annual fall on record. Total expenditure is forecast at just £21.1bn for 2020, more than £4bn — or 16.7 per cent — lower than last year, according to [...]
SMMT: UK car production falls 38 per cent, 10 times worse than Brexit drops April 30, 2020 The coronavirus crisis hammered British car manufacturing in March, with the total number of vehicles produced falling 37.6 per cent compared to a year ago. Just 78,767 vehicles left factory gates last month, according to the Society of Motor Manufacturers and Traders (SMMT). That is 47,428 fewer than the previous year, as the coronavirus crisis [...]
London retail rents to drop as occupier demand falls April 30, 2020 London retail rents are expected to dive this year as occupier demand has plummeted due to the coronavirus crisis, according to the latest research. In the first quarter of the year, occupier demand for retail fell to a net balance of minus 75 per cent, while office space demand declined to minus 18 per cent. [...]
Shoppers wary about life after lockdown as restrictions cost UK retailers £2.7bn a week April 30, 2020 Most shoppers are wary about hitting the high street when the coronavirus lockdown is relaxed, the latest research indicated, as it was revealed that UK retailers have lost out on £2.7bn in sales each week. The lockdown, which forced all non-essential UK retailers to close from 23 March, has cost the industry £2.7bn in lost [...]
Tory MP calls on government to extend job retention scheme April 29, 2020 A Conservative London MP has called on the government to extend the job retention scheme that pays “furloughed” workers’ wages to help businesses hit by a plunge in international visitors. Nickie Aiken, MP for Cities of London and Westminster, and the Association of International Retail have written to chancellor Rishi Sunak to say that businesses [...]
US Federal Reserve holds rates and expresses caution about recovery April 29, 2020 The US Federal Reserve has kept interest rates on hold at their current record low level and signalled that they will stay there until “the economy has weathered” the coronavirus outbreak. The Fed said coronavirus “is causing tremendous human and economic hardship”. It added that it “poses considerable risks to the economic outlook over the [...]
UK M&A falls to lowest monthly total in almost 35 years April 29, 2020 UK M&A has plunged to its lowest monthly level in almost 35 years after the coronavirus pandemic smashed business confidence and sent the economy into a deep freeze. Deal value involving a UK target totalled £409.1m from 35 deals in April – its lowest since September 1985 when nine deals worth £269.5m were struck, according [...]
