US economy shrinks by record 33 per cent amid coronavirus pandemic July 30, 2020 The US economy suffered its biggest crash on record in the second quarter as coronavirus ripped through the country, with GDP plunging at an annualised rate of 32.9 per cent according to an advance estimate. The drop in output – which came after a fall of five per cent in the first quarter – was [...]
German economy shrinks at record rate as coronavirus bites July 30, 2020 The German economy contracted at a record rate in the second quarter of the year as the coronavirus pandemic sent the country into lockdown. German GDP fell by 10.1 per cent quarter on quarter after shrinking two per cent in the first three months of the year. It was the biggest drop since records began [...]
UK mortgage approvals beat expectations as housing market reopens July 29, 2020 UK mortgage approvals beat expectations and rocketed in June as the housing market reopened from the coronavirus lockdown, the latest figures have shown. The number of mortgages approved by UK banks rose to 40,000 in June after May’s record crash to just 9,300, the Bank of England said today. Analysts had predicted a rise to [...]
Great expectations: The Darwinian wars of economic and epidemiological forecasting July 29, 2020 A key concept in modern economics is, to use the jargon term, rational expectations. The idea has dominated orthodox macroeconomics over the past 30 years. Not all economists have been persuaded of its merits by any means, but nevertheless, its influence has extended far beyond academia, into finance ministries and central banks around the world. [...]
UK tax rises: How will Rishi Sunak pay down the coronavirus deficit? July 28, 2020 Rishi Sunak’s first five months as chancellor has seen him shower the UK economy with hundreds of billions of pounds, helping make him the most popular government figure. However, talk has already turned to the ballooning deficit – predicted to be around £350bn this year – and how to reduce it to more manageable levels. [...]
UK unemployment to hit 10 per cent as furlough scheme ends, says report July 28, 2020 UK unemployment is set to rise to 10 per cent by the end of the year after the government made the “mistake” of winding down the job retention scheme, a respected economic forecaster has predicted. The National Institute of Economic and Social Research (Niesr) also said the UK economy would take three years to return [...]
UK retail sales bounce back as shops reopen from lockdown July 28, 2020 UK retail sales bounced back in July after “non-essential” shops were reopened, according to a closely watched gauge that hit its highest level since April last year. The CBI’s measure of retail sales volumes rebounded to a score of four in July from minus 37 in June. It indicated that sales grew slightly compared to [...]
Banks lend £49bn to SMEs to survive coronavirus fallout July 28, 2020 Banks have now lent out £49.4bn through the three main government-backed loan schemes, according to Treasury data released today. Banks have given out £33.7bn through the bounce back loan scheme (BBLS) up until the week ending 26 July. The programme sees the government guarantee 100 per cent of bank loans worth up to £50,000 to [...]
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 [...]
More than 60 per cent of London firms plan to lay off staff, survey says July 28, 2020 More than 60 per cent of London firms expect to lay off some of their furloughed employees, a survey has said, in a sign of the wave of unemployment that is to come. The Lloyds Bank business barometer found that just under one in five London firms who have used the scheme expect to bring [...]