Almost half of firms plan to cut or stop hiring amid pandemic September 18, 2020 Almost half of UK firms expect to reduce recruitment or stop hiring new employees altogether over the coming year as they adjust to life during the coronavirus pandemic, a survey has found. The latest CBI/Pertemps employment trends survey said a “two-speed” job market had emerged. It found 46 per cent of firms were looking to [...]
New Zealand falls into worst recession on record September 17, 2020 New Zealand has fallen into the worst economic recession on record in the second quarter, as well as its first recession in more than a decade. GDP in the country contracted a seasonally adjusted 12.2 per cent between April and June compared to the previous quarter, marking its steepest quarterly contraction since records began. It [...]
FTSE 100 and US stocks slide following central bank announcements September 17, 2020 The FTSE 100 continued trading in the red after the Bank of England announced it would keep monetary policy on hold, while Wall Street opened lower as tech stocks slumped. The blue-chip index dropped 0.7 per cent before inching up marginally to trade down 0.4 per cent after the bank said the economy’s recovery had [...]
National Theatre to stage panto as it plots October reopening September 17, 2020 The National Theatre today said it will reopen its doors for live performances next month with a season of new shows that includes a Christmas pantomime. The iconic venue said it will remodel its Olivier theatre to stage a series of performances in-the-round, enabling audiences of almost 500 to attend while observing social distancing. The [...]
Bank of England keeps policy on hold and flags solid recovery September 17, 2020 The Bank of England has kept monetary policy on hold, saying the UK economy’s recovery had been “a little stronger” than expected but warning that coronavirus could knock it off course. The Bank kept its main interest rate at the record-low level of 0.1 per cent, and the bond-buying target stayed at £745bn. The vote [...]
Federal Reserve holds rates steady in upbeat US economic forecast September 16, 2020 The US Federal Reserve opted to keep interest rates near zero today, but improved its projections for the US economy while it waits for inflation to improve. The Fed promised to hold interest rates until inflation gets on track to “moderately exceed” its two per cent inflation target “for some time”. Fresh forecasts showed it [...]
Interim FCA chief to move on months after announcement of new boss September 16, 2020 The interim boss of the City regulator will step down from the board in October, just months after the announcement of its new permanent chief executive. The FCA said Christopher Woolard, who has been interim chief executive since Andrew Bailey left to become governor of the Bank of England in March, will step down on [...]
Will the BoE inject more stimulus into the UK economy? September 16, 2020 The Bank of England is preparing to announce its latest interest rate decision tomorrow, as it closely monitors the UK economy’s rebound from the record 20.4 per cent contraction in the second quarter. Since then, there have been many positive signs. The economy grew by a huge 8.7 per cent in June and another 6.6 [...]
UK inflation falls to five year low due to Eat Out to Help Out September 16, 2020 UK inflation slipped to a five-year low in August as the Eat Out to Help Out scheme dragged down prices in the restaurant sector for the first time on record. The price of goods and services in the UK rose by 0.2 per cent in August compared to a year earlier, the Office for National [...]
British Business Bank increases funding over a fifth to £8bn September 16, 2020 The UK’s economic development bank has today reported that it supported over 98,000 businesses with around £8bn in financing in the last financial year. The British Business Bank (BBB), which has come to increased prominence in the last six months due to its role in helping UK firms impacted by the coronavirus pandemic, said in [...]