Greta is wrong, environmentalists need markets to protect the planet June 29, 2020 Free market advocates have too often vacated the environmental battlefield. And they have been scared off for good reasons. At best, climate politics is dominated by those who see little to no role at all for markets. At worst, environmentalism is a thinly disguised excuse for advocating far-left economic and social policies. Some have labelled [...]
Eurozone economic confidence continues recovery in June June 29, 2020 Economic sentiment in the eurozone continued to recover in June following a modest pick-up in May, with improvements recorded across all sectors. Overall sentiment rose to 75.7 points in June from 67.5 in May, still short of market expectations of 80.0 and well below the average of 100 since 2000, new European Commission data showed. [...]
Coronavirus: Almost half of UK businesses expect they will have to lay off employees June 29, 2020 Almost half of UK businesses expect that the coronavirus crisis will force them to lay off employees. A new survey from YouGov revealed that 42 per cent of UK businesses expect they will have fewer employees in a year’s time compared to before the coronavirus lockdown. This compares to just 16 per cent of people [...]
UK debt office plans record bond sales to help struggling economy recover June 29, 2020 The UK will sell a record amount of government debt this year, testing the level of demand for gilts as Britain grapples with the economic fallout from the coronavirus pandemic. The UK’s Debt Management Office (DMO) this morning announced plans to sell a further £50bn of bonds by the end of August, bringing its issuance [...]
Boris Johnson prepares spending splurge for ‘thunderclap’ economic downturn June 28, 2020 Boris Johnson has pledged to spend tens of billions of pounds on a raft of infrastructure projects and jobs programmes to help the UK economy bounce back from the coronavirus crisis. Johnson said he would “double down” on his election commitment to “level up” the country and would fast track a swathe of infrastructure projects. [...]
Rishi Sunak says government bailouts are a ‘last resort’ June 26, 2020 Rishi Sunak has said that government bailouts are not an “attractive long term feature of the economy” as companies grapple with the impact of coronavirus. Speaking to Bloomberg TV, the Chancellor said the government is the last resort and the bar is “exceptionally high” for company bailouts. He noted: “This is not my money. It’s [...]
US jobless claims: 1.48m more file for benefits as total hits 47m June 25, 2020 More than three months into the coronavirus crisis, millions more Americans are still filing for unemployment benefits each week. According to the US labour department, 1.48m people filed claims last week, marking a slowdown from the previous week’s figure of 1.54m. Economists had predicted a bigger drop to around 1.3m. While it marks the twelfth [...]
UK debt office plays down risk of failed gilt auctions June 24, 2020 Britain is unlikely to struggle to sell bonds at future debt auctions, the head of the UK’s Debt Management Office said on Wednesday, after the Bank of England’s governor said market turmoil in March had risked causing difficulties. Speaking at a hearing of the Treasury select committee, Sir Robert Stheeman said it was “not obvious” [...]
IMF: Global economy facing $12 trillion hit from coronavirus June 24, 2020 The coronavirus pandemic will trigger the biggest hit to global growth since the Great Depression and cost the global economy an estimated $12 trillion (£9.6 trillion), the International Monetary Fund (IMF) said today. The virus is causing wider and deeper damage to the global economy than first thought, the organisation said as it slashed its [...]
ECB chief economist: Don’t get too excited by solid eurozone data June 24, 2020 Solid data may not be a good guide to how the eurozone is recovering from its deepest economic crisis in recent memory, the European Central Bank’s (ECB) chief economist said. Having suffered a historic drop in output in April, the bloc’s economy is starting to revive as some restrictions to limit the spread of the [...]