BoE governor Andrew Bailey: Don’t sack workers due to coronavirus slowdown March 18, 2020 The new Bank of England governor Andrew Bailey has said companies thinking about laying off workers should first consider the support the government and Threadneedle Street has made available to them during the coronavirus outbreak. Bailey also said he would not rule out any steps for the Bank of England at this stage, leaving the [...]
Coronavirus: BBC overhauls broadcast plans to tackle outbreak March 18, 2020 The BBC today unveiled a raft of new measures aimed at keeping the public informed during the “unprecedented” coronavirus outbreak. Director general Tony Hall said the public service broadcaster would launch special programming on TV and radio to provide audiences with the latest information on the Covid-19 pandemic. As part of the wide-ranging changes, the [...]
Johanna Kyrklund: Are opportunities beginning to emerge? March 18, 2020 After the dramatic market falls of the last few weeks, valuations are looking more appealing. But the risk of a prolonged recession means investors should remain cautious. Last week I said valuations are still not cheap enough to warrant taking more risk. After the large falls we’ve seen this week, is this starting to change? Part of [...]
The three-year university degree is heading for a failing grade March 18, 2020 A report last month by the Institute for Fiscal Studies has found that, although higher education is a very good investment for most, a fifth of students — around 70,000 every year — actually make a net financial loss from going to university. Not every student factors in potential earnings when deciding what to do [...]
To pay for this crisis, the government must keep in mind Ricardian equivalence March 18, 2020 John Maynard Keynes could certainly craft a neat phrase. In the Second World War, he wrote in his pamphlet How to Pay for the War: “It is only in a free community that the task of government is complicated by the cause of social justice.” The impact of the coronavirus pandemic is similar to a [...]
US stock markets rebound after new Fed coronavirus action March 17, 2020 US stock markets today clawed back around half of yesterday’s losses after their worst session since 1987’s Black Monday crash as the Fed’s move to buy companies’ short-term debt cooled fears. The S&P 500 closed six per cent higher, the Dow Jones finished 5.2 per cent, up and the Nasdaq climbed 6.2 per cent. The [...]
Donald Trump weighing up sending Americans cheques amid coronavirus March 17, 2020 The US government is weighing up sending cheques to American citizens as it tries to negotiate a $850bn (£700bn) stimulus package with Congress to deal with the economic consequences of coronavirus. US Treasury secretary Steve Mnuchin said the government could send cheques – which could be worth $1000 – to Americans in the next two [...]
Gatwick chief takes 20 per cent pay cut as airport lays off 200 workers March 17, 2020 Gatwick Airport has implemented a number of measures to protect its financial resilience in light of plummeting airline demand due to the coronavirus outbreak. The airport is cutting 200 of its temporary staff and exploring the potential to introduce options for unpaid leave or temporary salary reductions for staff. Chief executive Stewart Wingate will take [...]
Coronavirus: Government pledges ‘whatever it takes’ to help British businesses March 17, 2020 The government has pledged to do “whatever it takes” to support a greater number of British businesses and individuals as the coronavirus outbreak causes major economic disruption. Chancellor Rishi Sunak said government would “stand behind businesses small and large”, pledging government-backed and guaranteed loans “to get through this”. The loan package totalled £330bn, equivalent to [...]
City of London Corporation to scale down during coronavirus outbreak March 17, 2020 The City of London Corporation will move to postpone some of its set piece events and limit the number of face-to-face meetings during the Covid-19 outbreak. The local authority sent out a statement today, signalling it would postpone some of its major fixtures, such as the June Bankers and Merchants Dinner at Mansion House. The [...]