Global airlines get nearly £100bn in state aid and bailout funding October 13, 2020 Easyjet last week became the latest airline to indicate that it may need more money from the state to deal with the financial hammering it has taken at the hands of coronavirus. Around the world, governments have already splashed out a whopping £98.7bn on airlines, a figure that could jump by another $25bn (£19.3bn) if [...]
Trump vs Biden – should investors really care? October 12, 2020 There are two things I’m being asked about constantly at the moment: Covid-19 and the US election. As a former politics student who’s always maintained my passion for the subject, I certainly feel more comfortable opining on the latter. But as an investor, how much should I really care if the next US president is [...]
Bank of England asks UK banks about readiness for negative rates October 12, 2020 The Bank of England has asked UK banks for information about their readiness for zero or negative interest rates, following its announcement last month that it was considering taking rates negative if needed. In a letter today, deputy BoE governor Sam Woods told lenders: “we are requesting specific information about your firm’s current readiness to [...]
Iain Dale reveals his top 10 most powerful figures in UK politics October 10, 2020 Radio personality Iain Dale will next week reveal his top 100 most powerful people in UK politics, with City A.M. able to reveal today who made the top 10. The list, which will be released in full in next week’s edition of The Mace magazine, contains Westminster’s most important “movers, shakers and rule-breakers”, according to [...]
Business bodies urge chancellor to ‘go further’ with new furlough scheme October 9, 2020 Businesses in the hospitality sector have said Rishi Sunak’s support package “must go further” to avoid wide-scale job losses, after the chancellor today unveiled a new furlough scheme for businesses facing local lockdowns. Sunak today said the government will pay two thirds of employees’ salaries to businesses forced to shutter under fresh lockdown measures. Firms [...]
Bank of England’s use of fast data under fire after weak GDP figures October 9, 2020 The Bank of England’s “reliance” on fast payments data that fed into upbeat predictions has come under fire after figures showed the UK economy performed much worse than expected in August. The Bank has repeatedly referred to data from its Chaps payment system, which reflects sales companies make through card purchases, during the coronavirus pandemic. [...]
FTSE 100 closes higher and US stocks rise on fresh stimulus hopes October 8, 2020 The FTSE 100 closed higher and Wall Street rose as renewed hopes of a US fiscal stimulus package lifted sentiment despite jobless claims remaining stubbornly high. Two days after calling off negotiations on a comprehensive fiscal aid bill, US President Donald Trump today said that talks with Congress have restarted. Read more: New US jobless [...]
Almost a fifth of ALL US dollars were created this year October 8, 2020 About 20 per cent of all US dollars were created this year. The Federal Reserve has printed unprecedented amounts of money to support the coronavirus-stricken economy. It has sparked debates about inflation and helped asset prices soar. Data from the Fed shows that a broad measure of the stock of dollars, known as M2, rose [...]
BoE gives banks all-clear but warns them to keep up support October 8, 2020 The Bank of England has warned lenders that reducing their support to households and businesses “would be costly” for the economy and for banks themselves. It came as the Bank’s Financial Policy Committee (FPC) said the UK’s lenders were strong enough to weather the rest of the coronavirus storm – even if unemployment soared to [...]
UK and EU should reach trade deal, says BoE governor Andrew Bailey October 8, 2020 Bank of England governor Andrew Bailey said he believed the UK and European Union should be able to reach a trade deal. “I do think it is in the interests of both sides – let’s be blunt – to get an agreement,” he said. Read more: BoE’s Andy Haldane warns against ‘Chicken Licken’ economic pessimism [...]