Sajid Javid: UK should run the economy ‘hot’ and support lenders May 8, 2020 Former chancellor Sajid Javid has said the government should “run the economy hot” and lift coronavirus restrictions to encourage growth. He also suggested “bad banks” could be created to help the UK’s lenders which are set to struggle with bad loans as coronavirus crashes the economy. Javid’s intervention came after the Bank of England yesterday [...]
The City View podcast, from City A.M., with Stephen Jones – CEO of UK Finance May 8, 2020 Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic. In this episode, Christian is joined by Stephen Jones, CEO of banking industry group UK Finance, which is at the heart of the Coronavirus Business Interruption Loan Scheme (CBILS). Subscribe to The City View Podcast: [...]
The Long Read: Sir Martin Sorrell on advertising, coronavirus and the new media landscape May 7, 2020 Sir Martin Sorrell has bestrode the ad world for decades – and in the midst of a global pandemic that has hit the industry hard, he’s understandably got some thinking to do. Christopher Jackson spoke to the ad mogul, and his interview for finitoworld – the organisation’s online magazine – is republished here. Prior to [...]
FTSE 100 and US stocks rise despite more dire economic warnings May 7, 2020 US stocks have joined the FTSE 100 in positive territory as investors bet on a relatively speedy economic recovery from coronavirus despite yet more dire economic predictions. London’s blue-chip FTSE 100 index was up 1.4 per cent at 5,933 points in afternoon trading. This was despite the Bank of England warning of the worst slump [...]
Boris Johnson to announce ‘very limited’ lockdown easing May 7, 2020 Prime Minister Boris Johnson is set to announce a very limited easing of the UK lockdown from next week as authorities seek to restart the economy without sparking a second wave of infections. Johnson will announce the next phase of the country’s virus strategy on Sunday following a review by ministers of the current lockdown, [...]
US jobless claims hit 33m since start of coronavirus lockdown May 7, 2020 US jobless claims now stand at 33m since the American economy entered coronavirus lockdown, new figures released today reveal. The Bureau of Labor statistics show another 3.2m US citizens registered jobless claims over the last week. That is a drop from 3.8m the previous week but the number is still jaw-dropping. It means so-called initial [...]
UK firms face ‘Darwinian culling’, warns ad mogul Martin Sorrell May 7, 2020 Scores of British companies face being wiped out in a “Darwinian culling” caused by the coronavirus crisis, advertising veteran Sir Martin Sorrell has warned. In a bleak prediction of the UK’s economic outlook, Sorrell said the country was “dramatically underprepared” for the pandemic and only the strongest firms would survive. “You feel it in the [...]
UK economy: Is the Bank of England’s 2021 rebound scenario too optimistic? May 7, 2020 The Bank of England today said the UK economy could suffer its worst economic crash in 300 years this year as the coronavirus lockdown batters the economy. Yet it said it is likely to bounce back relatively quickly. Despite the dire report it stopped short of launching more bond-buying or “quantitative easing” (QE) and left [...]
British Airways: Five things you need to know as IAG reports £1.5bn loss May 7, 2020 British Airways owner IAG this morning reported a total first quarter loss of €1.8bn (£1.5bn), saying that it was currently operating 94 per cent down on its total passenger capacity. More worryingly, it said that it expected the second quarter’s results to be far worse, and warned that passenger demand would not return to pre-coronavirus [...]
Fifth of employees expect they will take a permanent pay cut at the end of the year May 7, 2020 A fifth of employees expect to take a permanent pay cut by the end of the year due to the coronavirus pandemic, according to an exclusive poll for City A.M. The poll, conducted by Redfield and Wilton Strategies, found that 18 per cent of respondents said it is unlikely they will have the same salary [...]