Italian and French economies crash in first quarter as coronavirus bites May 29, 2020 The Italian and French economies shrank by more than five per cent in the first quarter of the year as normal life was halted to try to tackle coronavirus, data has confirmed. France’s statistics body today said its economy shrank by 5.3 per cent, slightly less than originally thought. But it was still the worst [...]
Consumer confidence among millennials jumps during lockdown May 28, 2020 Consumer confidence among millennials has jumped during the UK coronavirus lockdown, according to the latest research. Sentiment in the 25 to 34 age group has risen from minus seven in April to 16 this month, a survey tracking expectations of future disposable income and shopping behaviour showed. The age group has overtaken the 18 to [...]
Daniel Hannan: Slash taxes and ramp up spending to boost economy May 28, 2020 Influential free-marketeer Daniel Hannan has told Morning Wire’s The City View podcast that the government should both cut taxes and increase spending to help Britain recover from the coronavirus crash. The former Tory MEP also said Britain should be exiting its lockdown much quicker, given that other European states are doing so without suffering a [...]
Eurozone economic sentiment edges up but doubts remain May 28, 2020 Business sentiment in the Eurozone recovered slightly in May, although the rise undershot expectations as countries reopen their economies. The European Commission’s economic sentiment indicator edged up to 67.5 in May from its record low of 63.8 in April. For comparison, the gauge stood at 102.5 in January. Analysts had expected a rise to 70.3, [...]
Two-fifths of UK SMEs at risk of permanent closure, survey finds May 28, 2020 The coronavirus crisis will cost the UK’s small and medium sized businesses an average of around £12,000, according to a survey which shows that two fifths of such firms are at risk of closing permanently. A poll of 3,700 small and medium-sized enterprises (SMEs) by business insurer Simply Business showed that firms reckon the cost [...]
Boris Johnson: Post-coronavirus jobs programme ‘very likely’ May 27, 2020 Boris Johnson has said it is “very likely” the UK will embark on a post-coronavirus jobs programme, similar to the Future Jobs Fund brought in after the 2008 financial crash. The Prime Minister said the scheme would likely be implemented in order to create “high class jobs, good jobs, for the country”. Unemployment is expected [...]
BoE not remotely close to decision on negative rates, says chief economist May 26, 2020 The Bank of England’s chief economist has said the bank is not remotely close to any decision on taking interest rates below zero to cope with the pandemic. Andy Haldane said the key factors for the BoE to consider were the consequences of negative rates for banks and lenders, which would squeeze margins. “Those are [...]
Recruitment boss warns of ‘tsunami of job losses’ once furlough scheme ends May 25, 2020 The UK is facing a “tsunami of job losses” once the furlough scheme comes to an end, according to the boss of Britain’s biggest recruiter. James Reed, chairman of online jobs site Reed, told the Telegraph he feared the labour market is heading towards a “day of reckoning” when the government’s job retention is wound [...]
UK will ask employers ‘to pay 20-30 per cent’ of furlough wages May 23, 2020 The UK has drawn up plans to require employers to cover 20 per cent to 30 per cent of furloughed employees’ wages from August, it is reported. That would help reduce the vast burden of the coronavirus crisis on government finances, The Times newspaper reported. The UK on May 12 extended its job retention scheme [...]
Government borrowing hits record £62bn in April over coronavirus measures May 22, 2020 UK government borrowing rose by a record £62.1bn in April alone as the government paid people’s wages and loaned businesses cash to survive the coronavirus lockdown, statistics showed today. Coronavirus measures like the job retention scheme to pay people’s wages and coronavirus loans for businesses pushed UK borrowing to the all-time high last month. The [...]