FTSE 100 slumps despite massive Fed intervention March 23, 2020 FTSE 100 and global stocks tumbled today despite a massive intervention by the US Federal Reserve to try and stabilise coronavirus-ravaged markets. Britain’s blue-chip stock index closed nearly 3.8 per down at 4,993 points. The pan-European Stoxx 600 closed down 4.3 per cent, Germany’s Dax closed down 2.1 per cent and France’s CAC 40 ended [...]
US Federal Reserve announces unlimited bond-buying to tackle coronavirus slowdown March 23, 2020 The US Federal Reserve has pledged to buy a potentially unlimited amount of government debt and ramp up lending support to businesses in its latest massive intervention in an economy ravaged by coronavirus. “Aggressive efforts must be taken across the public and private sectors to limit the losses to jobs and incomes and to promote [...]
Coronavirus wage bailout: Government to cover 80 per cent of workers’ salaries up to £2,500 March 20, 2020 The government will pay up to 80 per cent, or £2,500, of the salaries of British workers hit by the UK coronavirus crisis in a huge wage bailout. Chancellor Rishi Sunak announced the extraordinary measures today after Prime Minister Boris Johnson ordered all pubs and restaurants, cafes and gyms to shut their doors tonight and [...]
City of London Corporation offers rent relief for tenants March 19, 2020 The City of London Corporation has adjusted rent conditions for some of its commercial tenants to provide financial relief during the coronavirus outbreak. The local authority, a major commercial landlord, is changing rental payments for March to June to monthly billing for directly managed premises instead of quarterly billing. In a statement, the Corporation said [...]
Government measures will shore up British banks’ creditworthiness, says Moody’s March 19, 2020 Measures introduced by the Bank of England and Treasury to support the UK economy as it grapples with the coronavirus pandemic will support British banks’ creditworthiness, according to ratings agency Moody’s. On Tuesday, Chancellor Rishi Sunak announced a financial support package including up to £330m of loan guarantees, equivalent to 15 per cent of GDP, [...]
Peacetime is over — and the war has only just begun March 18, 2020 We are still in the very early stages of this crisis and already we risk becoming desensitised to the kind of language deployed by our leaders. The Prime Minister says he’s running “a wartime government” while the chancellor tells the country “never in peacetime have we faced an economic fight like this one”. The words [...]
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 [...]
Federal Reserve launches corporate debt purchases to tackle coronavirus fallout March 17, 2020 The US Federal Reserve has continued its dramatic intervention in the markets with a pledge to buy short-term corporate debt to help ease the strain on companies amid the coronavirus outbreak. The Fed will relaunch the financial crisis-era system and buy up so-called commercial paper directly from firms that issue it. Companies use commercial paper [...]
Britain’s biggest banks warn coronavirus pandemic will hit income March 17, 2020 Some of the largest banks in Britain have warned the coronavirus pandemic will hit their already under-pressure earnings, with a decline in economic activity eating into fee income. Lloyds will delay part of a £3bn technology investment programme in response to the coronavirus pandemic to maintain its capital levels, its chief executive said today, as [...]
Coronavirus: Sadiq Khan urges government to extend business relief March 17, 2020 Sadiq Khan has asked Boris Johnson for vastly increased financial relief for London businesses affected by the coronavirus outbreak. The mayor of London wrote to Johnson today to ask that “greater levels of assistance to businesses, large and small” is given through through tax breaks and cash handouts during the outbreak. Khan has specifically called [...]