Goldman Sachs and Citi slash UK GDP forecasts on news of second lockdown November 2, 2020 Goldman Sachs and Citi have sharply cut its economic forecasts for the UK in the fourth quarter following news of a fresh national lockdown in England to curb the second wave of coronavirus infections. In a client note, Goldman analysts said the US investment bank now expects UK GDP to shrink 2.4 per cent in [...]
Rishi Sunak: Financial support for self-employed people to increase November 2, 2020 Chancellor Rishi Sunak this morning said that self-employed people would be given extra support due to the onset of a new national lockdown. Speaking to the BBC, he said that the cap on current grant of 40 per cent of trading profits would be increased. The grant is paid out in a single instalment covering [...]
CBI deputy: A no-deal Brexit on top of coronavirus is ‘very, very worrying’ November 2, 2020 For a while in the summer it looked as though the CBI’s annual conference – a highlight of the business calendar which kicks off today – could be celebrating an economy on its way back to health. But a surge in coronavirus restrictions and new lockdowns across the country mean it is likely to be [...]
Airlines plead for emergency support as international travel banned November 1, 2020 The UK aviation industry has made fresh pleas for emergency financial support from ministers after international travel was banned for the duration of the new lockdown. From 5 November to 2 December, foreign holidays have been banned – as well as overnight stays in the UK. The decision is a hammer blow to the country’s [...]
What’s in store for the airline industry this winter? October 30, 2020 Although every industry has suffered due to the coronavirus pandemic, few have been as hard hit as the world’s airlines. At the beginning of the year, the idea of a world without global air travel was for most people a relic of a long-forgotten past, but seven months of extreme turbulence have flipped that notion [...]
IMF: UK economy to shrink more than 10 per cent amid second wave October 29, 2020 The International Monetary Fund (IMF) slashed its growth forecasts for the UK economy today, and urged the government to keep spending record amounts to support a recovery. UK GDP will shrink by 10.4 per cent in 2020, the Fund said. The new figure was a considerable from the prediction of a 9.6 per cent fall [...]
Mortgage approvals soar to 13-year high as UK housing market booms October 29, 2020 Mortgage approvals jumped again in September to hit a 13-year high as pent-up demand and the stamp duty holiday fuelled the housing market despite the economy’s fragile state. Approvals of mortgages for house purchase rose sharply to 91,500 in September from 85,500 in August, the Bank of England said today. Analysts had expected the number [...]
UK economy: Experts cut forecast as coronavirus cases surge October 29, 2020 Analysts have become significantly more pessimistic about the UK economy, saying the surge in coronavirus cases and new restrictions will weigh on the recovery as the year runs into 2021. Economists say chancellor Rishi Sunak’s more generous employment support scheme will help limit some damage in the jobs market. But they warn that new lockdowns [...]
Brexit: UK ‘will not back down’ on fisheries policy October 28, 2020 The UK will not back down on its demands to the EU over fisheries in Brexit trade talks, Michael Gove has said, as the two sides hold crunch talks today in the hopes of hammering out a last-minute trade deal. Responding to concerns set out by Jeremy Miles, the Welsh minister for European transition, Gove [...]
Exclusive: MPs call for clarity on Bounce Back Loan replacement as lenders shut door on SMEs October 28, 2020 An influential group of cross-party MPs has called for the government to replace the Bounce Back Loan Scheme (BBLS) as soon as possible after lenders shut the door on new applicants for the state-backed coronavirus funding. All but one of the 28 banks eligible to lend money under the scheme have closed to new customers, [...]