BoE’s Andy Haldane warns against ‘Chicken Licken’ economic pessimism September 30, 2020 The Bank of England’s chief economist said there was a risk that overly pessimistic “Chicken Licken” views about the impact of Covid-19 would hold back Britain’s economic recovery from the pandemic. In a speech given today, Andy Haldane said that authorities such as the BoE have a “public responsibility to avoid economic catastrophizing” during the [...]
One-third of London Tory MPs ready to rebel against PM on Covid powers September 30, 2020 At least one-in-three London Conservative MPs are supportive of a potential parliamentary rebellion led by a group of powerful backbenchers. City A.M. understands that at least seven out of the capital’s 21 Tory MPs support a tabled amendment that would see Boris Johnson’s powers to implement new Covid restrictions curbed. Graham Brady, chair of the [...]
Car industry at risk of tariffs even if Brexit deal agreed September 30, 2020 The UK car industry may be hit by tariffs even if a free trade deal is agreed with the EU, the BBC reported today, due to issues over the provenance of certain car parts. Turkish and Japanese car parts used in cars made in this country will not be classed as British, meaning that some [...]
Sunak’s subsidy scheme will save just one job per company in the business travel sector September 30, 2020 Last week, the chancellor outlined his Winter Economy Plan — trying to balance the needs of the economy with our health and wellbeing. No enviable task. Listening to his polished performance in the Commons, it would be easy to conclude that the chancellor’s new approach — underpinned by a Job Support Scheme and extended tax [...]
JP Morgan agrees to pay $920m over US probe into market manipulation September 29, 2020 JP Morgan Chase & Co has agreed to pay more than $920m and admitted wrongdoing over a US investigation into market manipulation over its trading of metals futures and Treasury securities. The investment bank will pay $436.4m in fines, $311.7m in restitution and more than $172m in disgorgement, according to the Commodity Futures Trading Commission. [...]
New BBC boss Tim Davie ‘prepared to fire stars’ who break impartiality rules September 29, 2020 The BBC’s new director general today said he is prepared to fire high-profile figures who break the broadcaster’s devout impartiality rules on social media. In his first major move at the helm, Tim Davie, who took up the post earlier this month, said the corporation will publish new social media rules next month which will [...]
FTSE 100 sinks ahead of Brexit talks and US presidential debate September 29, 2020 The FTSE 100 lost momentum today as rising coronavirus cases kept investor sentiment subdued ahead of the next round of Brexit negotiations and the first US presidential debate. The blue-chip index had slipped 0.72 per cent by lunchtime after following global stocks higher yesterday in a so-called relief rally. Read more: Hotel Chocolat swings to [...]
Menzies Aviation dives to loss as coronavirus hammers air traffic September 29, 2020 Baggage handlers Menzies Aviation swung to a £39m loss in the first half of the year as the coronavirus pandemic hammered the aviation industry. Chairman Philipp Joeinig warned that the firm was not yet “out of the woods”, with the disease continuing to squeeze global travel demand. The figures Having posted a £17.9m profit in [...]
UK mortgage approvals hit 13-year high in August as post-lockdown surge continues September 29, 2020 UK mortgage approvals hit a 13-year high in August as pent-up demand post-lockdown continued to boost the housing market, but consumers became more cautious about day-to-day borrowing. Mortgage approvals for the month were 84,700, according to new data from the Bank of England — the highest rate of approvals since October 2007, just before the [...]
Tory minister backs ‘1984’ ban on singing and dancing September 29, 2020 A government minister has backed the government’s ban on singing and dancing in public venues, warning that some jobs in the UK’s night-time economy will take a “long time” to return in the wake of the pandemic. Skills minister Gillian Keegan told Sky News’ Kay Burley this morning that emergency laws implemented yesterday to curb [...]