Coronavirus: FTSE 100 falls ahead of US unemployment figures March 26, 2020 The FTSE 100 has fallen in early trading after two consecutive days of gains as investors await what is set to be dire US jobs data and an interest rate decision by the Bank of England. Britain’s main stock index was down 2.8 per cent at 5,530 points. It had climbed five per cent yesterday [...]
BoE and Treasury to resume coordinated response to prevent coronavirus slump March 26, 2020 The Bank of England (BoE) and Treasury will resume their coordinated drive to prevent the coronavirus-related economic shutdown from triggering a deep recession. The BoE, which has already made two emergency cuts to interest rates this month, is reportedly likely to hold off on further action when it makes a statement at noon after its [...]
Zoopla: Coronavirus could send UK house prices plunging March 26, 2020 UK house prices could plunge dramatically as the coronavirus outbreak causes demand to dry up, Zoopla has warned. The spread of Covid-19 is already having a big effect on the market, causing a 40 per cent drop in demand for housing in the seven days to 22 March, according to data from property website Zoopla. [...]
Self-employed bailout: What a freelancer coronavirus package could contain March 25, 2020 Rishi Sunak will tomorrow announce an economic relief package to assist Britain’s five million self-employed workers during the coronavirus outbreak. The package comes come a week after Sunak announced a raft of measures to help businesses and workers suffering from the fallout from Covid-19. Included among the measures was a guarantee to pay 80 per [...]
Cash-poor UK firms lobby for looser rules on stock offerings March 25, 2020 Advisers to cash-strapped British firms are lobbying regulators to loosen rules governing new stock offerings, in the hope it could make it easier for struggling companies to raise funds. An industry body representing investment banks is asking the Financial Conduct Authority (FCA) to increase the maximum allowed discount for equity sales on the London Stock [...]
UK coronavirus: Which retailers are open under lockdown rules? March 25, 2020 The government announced a UK coronavirus lockdown on Monday evening, putting limits on work, socialising and going outside. Addressing the nation, the prime minister said “I must give the British people a very simple instruction – you must stay at home”. Boris Johnson said police will break up public gatherings of more than two people, [...]
Fitch offers UK firms free ratings to access Covid-19 funds March 25, 2020 Ratings agency Fitch is offering unrated UK firms free ratings so they can become eligible for help from the Bank of England (BoE). The agency is offering a range of products, some free of charge, to help access a BoE facility to support businesses throughout the coronavirus outbreak. “In the current unprecedented and volatile situation, [...]
Freshfields and Slaughter and May advise government on covid corporate finance facility March 25, 2020 The Treasury and the Bank of England have called up Magic Circle law firms Slaughter and May and Freshfields Bruckhaus Deringer to advise on the government’s emergency corporate covid financing facility (CCFF). The CCFF will purchase commercial paper, a debt instrument, from companies in order to boost their liquidity. It is available to UK companies [...]
Coronavirus advice for workers must be clearer, says business committee chair Rachel Reeves March 25, 2020 The government needs to issue clearer coronavirus guidance for workers to address concerns employees are being unnecessarily forced to go into work, said Rachel Reeves, chair of the business select committee. In a letter to business secretary Alok Sharma, Reeves said the committee had received hundreds of messages from workers concerned about their employers’ response [...]
UK retailers most pessimistic since financial crisis amid coronavirus outbreak March 25, 2020 UK retailers are at their most pessimistic since the financial crisis as sales of non-essential goods plummet due to coronavirus containment measures, a survey has shown. However, grocers and other food firms have seen a surge in demand as Brits stockpile during the coronavirus lockdown, the CBI said today. This divergence of fortunes for Britain’s [...]