London unemployment rate sees largest rise in a generation November 10, 2020 The number of people out of work in London soared over the summer, with the largest quarterly increase in the unemployment rate in over 30 years. Figures from the Office of National Statistics (ONS) show the unemployment rate in the three months to September rose 1.2 per cent from the previous quarter to six per [...]
Wall St indexes dip as Pfizer vaccine optimism fades, but FTSE 100 powers ahead November 10, 2020 The S&P 500 and Nasdaq indexes in New York dipped at the open, halting a rally set off by the Pfizer vaccine results yesterday.
Bitcoin’s Price Surpasses $15,000 to 3-Year High as Corporate Support Grows November 10, 2020 This week CryptoCompare data shows the price of Bitcoin (BTC) moved up from around $13,500 to break its resistance at $14,000 and keep moving up. The flagship cryptocurrency’s price hit $15,5000 before enduring a correction to $14,700 and moving back up to $15,450 at press time. Ether (ETH), the second-largest cryptocurrency by market capitalization, moved [...]
UK unemployment hits four year high as redundancies reach record levels November 10, 2020 Redundancies hit a record high in the three months to September while the unemployment rate jumped, according to new figures which show the UK’s labour market declined rapidly before the chancellor U-turned on coronavirus support measures. A record 314,000 British workers were made redundant in the three months to September, 181,000 more than in the [...]
Confusion reigns ahead of introduction of Bounce Back Loan top-ups November 9, 2020 Businesses that took out Bounce Back Loans (BBLs) from non-bank lenders may struggle to access further funds as alternative lenders scramble to secure financing. The Treasury was forced to introduce top-ups and extend the application deadline for the 100 per cent state-backed loans to January after England was placed into another lockdown last week. From [...]
Prime Minister launches investigation after furlough extension leaked November 7, 2020 Boris Johnson has launched a second leak inquiry in less than a week, after details of the chancellor’s extension of the furlough scheme appeared in newspapers before their announcement in the Commons. Rishi Sunak on Thursday extended the furlough scheme until March for businesses unable to operate during lockdown, while the BoE announced it would [...]
Wall Street slips but FTSE 100 rises as Joe Biden edges towards presidency November 6, 2020 Wall Street stocks slipped after a week of gains as Democrat challenger Joe Biden inched closer to the presidency, but the FTSE 100 rose on a mixed day’s trading. The S&P 500 dipped 0.2 per cent while the Dow Jones fell 0.3 per cent. The tech-dominated Nasdaq was 0.5 per cent lower. In the UK, [...]
Co-op Bank narrows losses but remains deep in the red November 6, 2020 The Co-operative Bank narrowed its losses in the third quarter, putting the lender on course for a better year than in 2019, despite the coronavirus pandemic. The bank’s statutory loss before tax in the third quarter was £23.5m, it said in a trading update today. That was down sharply from a loss of £80.1m in [...]
Drinkers and shoppers flock to high streets to toast last night before lockdown November 5, 2020 Drinkers and shoppers flocked to pubs and high streets yesterday ahead of the introduction of a new nationwide coronavirus lockdown in England. The latest footfall data showed that high street visitor numbers surged 23.5 per cent on Wednesday compared to the previous week as consumers squeezed in a final pint or shopping trip before restrictions [...]
Rishi Sunak’s furlough extension ‘to cost £6.2bn a month’ November 5, 2020 The chancellor’s extension of the furlough scheme until March will cost around £6.2bn per month, the Resolution Foundation think tank has said. Sunak today announced a major U-turn, saying he would extend the scheme until the end of March rather than ending it this year. The job retention scheme – commonly known as furlough – [...]