ECB leaves interest rates on hold as it monitors recovery September 10, 2020 The European Central Bank (ECB) has left interest rates at their current record-low level as it waits to see the trajectory of the Eurozone’s economic recovery. But analysts think the Eurozone’s central bank will have to take more action later this year or early next, amid signs that the rebound is slowing down. Read more: [...]
UK economy: Job adverts fall while retail footfall flatlines September 10, 2020 The UK’s economic recovery appeared to slow somewhat over the last few weeks, according to official data, with the number of online job adverts falling and retail footfall staying roughly flat. Britons gradually headed back to the office, however, with the number of people working remotely falling. In the week to 4 September, total online [...]
British Land chief to step down in November September 10, 2020 Property developer British Land has today announced that chief executive Chris Grigg will step down after 11 years at the helm. Simon Carter, who is currently the firm’s finance chief, will take over the top job, it added. Carter returned to British Land in 2018 after spells as the finance chief at European warehouse business [...]
Exclusive: Bank of England spends £120,000 making HQ Covid-secure September 10, 2020 The Bank of England has been hugely busy during the coronavirus pandemic, pulling the levers of monetary policy in a desperate effort to support the economy. But it has also been working hard closer to home. It has spent at least £117,000 on making its historic Threadneedle Street headquarters as safe as possible during Covid [...]
FTSE 100 and US stocks climb as investors regain poise September 9, 2020 The FTSE 100 and US stocks have risen after a bloodbath on global markets yesterday saw big tech names plunge. London’s blue-chip index rose 1.3 per cent to 6,009 points in afternoon trading. The FTSE 250 – the 100’s little brother – fell 0.2 per cent, however. Read more: Tesla shares set for worst day [...]
On coronavirus, governments have been the most irrational of us all September 9, 2020 Decisions, whether by individuals, companies or governments, are often made with imperfect and incomplete information. This is so obvious as to hardly seem worth stating. But for well over a century economic theory assumed that decisions were made with complete information. Economists knew full well that this was not always the case. The problem was [...]
Furlough scheme: UK looking at 27,000 potential fraud cases September 8, 2020 The UK’s tax authority is looking into 27,000 potential cases of fraud relating to the government’s furlough scheme. HM Revenue and Customs’ (HMRC) probes have already led to an arrest of one person who has been suspected of fraud and there are a “number of active investigations”, according to the Prime Minister’s spokesman. HMRC’s top [...]
Exclusive: BoE’s chief economist Andy Haldane warns against furlough extension September 7, 2020 The Bank of England’s chief economist has warned against extending the government’s job retention scheme, saying that such a move would prevent a “necessary process of adjustment” taking place. Amid growing calls from industry groups to keep the furlough scheme in place for certain sectors, Andy Haldane told the City A.M. podcast that the Coronavirus [...]
The City View: Andy Haldane, Bank of England chief economist, on the risk of contagious pessimism and the prospects for economic recovery September 7, 2020 In this extended episode of the City View, Christian talks to Bank of England chief economist and Monetary Policy Committee member Andy Haldane, about the economic lessons learnt from the past five months and the prospects for our economy recovery. Subscribe to The City View Podcast: Apple / Google / Spotify / RSS Haldane strikes an upbeat tone and warns against letting pessimism [...]
15 years that changed the world of journalism and audit September 7, 2020 The world was a very different place 15 Septembers ago. Tony Blair was settling into his final term as Prime Minister after winning Labour’s third consecutive election. England’s cricketers retained the Ashes after the most thrilling series in memory. Oasis topped the singles charts for the very last time. And in September 2005, the UK [...]