BoE governor Andrew Bailey: Some parts of economy no longer ‘viable’ August 6, 2020 Bank of England governor Andrew Bailey has warned that “some parts of the economy” will not be “viable” after the coronavirus pandemic. He also backed the government’s move to end the furlough scheme in October. He said “we have to look forwards”. Bailey was speaking to broadcasters after the Bank kept interest rates on hold [...]
Without reform, the government’s Ponzi Pension Scheme will bankrupt us all August 5, 2020 For the past decade, financial markets have been dominated by the ongoing distortions set in motion by the last financial crisis in 2008. Regulatory overkill of City dealing, quantitative easing (QE) and zero interest rate policies (ZIRP) have combined to drive financial assets — stocks and shares — to record prices. Now, the consequences are [...]
Office space provider IWG takes £156m hit on coronavirus crisis August 4, 2020 Office space provider IWG announced it will take a £156m hit due to the coronavirus pandemic as it shrinks its portfolio by four per cent amid a home-working boom. IWG’s share price dropped more than five per cent today after it announced it will accelerate its office closure plans due to the Covid-19 crisis, with [...]
Big Tech cashes in on worst day for US economy since Great Depression July 31, 2020 The world’s four largest tech firms yesterday announced blockbuster earnings for three months to June, despite the US economy facing its darkest day since the Great Depression. Facebook, Google, Amazon and Apple, worth more than $5 trillion ($3.81 trillion) in total, smashed expectations as they all posted record profits yesterday. The upbeat results were met [...]
Lloyds swings to loss as it sets aside extra £2.4bn for bad loans July 30, 2020 UK banking giant Lloyds swung to a £600m pre-tax loss for the first half of the year today as coronavirus cost it an extra £2.4bn. The provision for loan losses was bigger than the £1.5bn analysts had anticipated. It took total provisions for the first half of the year to £3.8bn. Read more: Barclays braces [...]
Does Covid-19 mark the beginning of the end for cash? July 29, 2020 Many European countries were already moving away from cash transactions and the pandemic will only speed up this trend. The Covid-19 crisis has changed our daily lives in multiple ways and accelerated a number of trends that were already in place. For many of us, one obvious change is that the need to use cash [...]
Lose five pounds for the government? It’s thanks to the government I gained it in the first place July 29, 2020 I cannot be the only person who has gained five pounds during lockdown. I am still far from overweight (the NHS BMI calculator helpfully tells me that I am in the optimum range for my age and height), but the government’s sudden fixation on slimming down the nation has not exactly been great for my [...]
Sky Arts to become free to air channel in bid to boost culture sector July 28, 2020 Sky Arts will become free to air for all viewers in September, as the broadcaster attempts to boost the sector in a “vital time for culture” during the pandemic. Britain’s only TV channel dedicated solely to arts and culture is currently only available to paying customers. However, it will become free to air for all [...]
DEBATE: Is the government right to focus on obesity as its top public health issue? July 28, 2020 Is the government right to focus on obesity as its top public health issue? Dr Keith Klintworth, managing director at VitalityHealth, says YES. The pandemic has made the case for action on obesity stronger than ever, with research showing that it is the second biggest risk factor for hospitalisation from Covid-19. Not only that, but [...]
A property wealth tax is the only fair way to pay for the Covid-19 crisis July 28, 2020 Two years ago, the director of the Office for Budget Responsibility wrote the following: “Broadly speaking, the fiscal position is unsustainable if the public sector is on course to absorb an ever-growing share of national income… The baseline projection in each of our reports — since the first was published in 2011 — has pointed [...]