UK productivity shows weak growth before coronavirus hit April 7, 2020 UK productivity grew by 0.3 per cent year on year in the final quarter of 2019, official statistics have shown, marking relatively weak growth before coronavirus hit the economy. The figure was unchanged from the previous quarter but was an improvement from the previous four quarters of zero growth or contraction, the Office for National [...]
Coronavirus: Asian stocks rise as outbreak eases in Europe April 7, 2020 Asian stocks rose for a second day on signs that the coronavirus outbreak may be starting to recede in Europe and plateau in New York. Japan’s Nikkei rose 2.3 per cent, and this week has undone most of last week’s losses after prime minister Shinzo Abe promised a massive $991bn economic stimulus package due to [...]
Coronavirus and the economy: your questions answered April 6, 2020 | City Talk Chief Economist & Strategist Keith Wade chatted to us about coronavirus and its economic impact. Here are your nine questions answered. Q1: How do you think that the virus will affect the global economy? It is going to have a very significant impact. The virus could create a fall in GDP unlike anything that we [...]
UK construction sector has worst month since 2009 amid coronavirus lockdown April 6, 2020 UK construction sector output plunged at the fastest rate since the financial crisis in March as coronavirus containment measures shut down sites and caused new orders to slump, survey data has shown. The IHS Markit/Cips construction purchasing managers’ index (PMI) tumbled to 39.3 in March from 52.6 in February. This was the lowest since April [...]
Oil prices slip on delayed talks but stocks rise as coronavirus cases slow April 6, 2020 Oil prices dipped on Monday after talks between Saudi Arabia and Russia to cut output were postponed, while a slowdown in coronavirus deaths and cases saw stocks jump. Brent crude fell as much as $4 overnight after Saudi Arabia and Russia delayed the negotiations, which were expected to go ahead today, to Thursday. Brent crude [...]
Accountancy firm criticises ‘alarmist’ prediction of 800,000 coronavirus insolvencies April 2, 2020 Restructuring specialists at accountancy firm RSM said media reports that 800,000 to 1m UK businesses could collapse as a result of the coronavirus crisis are “alarmist at best”. Yesterday, the BBC, citing an unnamed accounting firm, said 800,000 to 1m businesses, a fifth of the UK total, “may soon have to close”. RSM partner Gareth [...]
Ratings agency Fitch predicts deep recession in 2020 on back of coronavirus pandemic April 2, 2020 Ratings agency Fitch today predicted a deep global recession in 2020 following the rapid global spread of coronavirus. Fitch said it expected worldwide economic activity to decline 1.9 per cent in 2020, with US, eurozone and UK GDP down by 3.3 per cent, 4.2 per cent and 3.9 per cent respectively. It said it expected [...]
Nearly 1m people apply for Universal Credit as coronavirus lockdown paralyses economy April 1, 2020 Nearly 1m people in the UK have applied for Universal Credit in the two weeks since Prime Minister Boris Johnson implemented strict lockdown measures, the government said today. There are normally around 100,000 applicants per two week period – in the last two weeks there were 950,000. The government has moved 10,000 staff to process [...]
Coronavirus: UK manufacturing sector suffers worst slump since 2012 April 1, 2020 UK manufacturing output fell at the fastest rate since 2012 in March, survey data showed today, as the coronavirus outbreak broke up supply chains and caused demand to slump. The IHS Markit/Cips purchasing managers’ index (PMI) fell to a three-month low of 47.8 in March, down from 51.7 in February. A score of below 50 [...]
Coronavirus: Eurozone factory output slumps to 11-year low April 1, 2020 The Eurozone’s factory sector suffered its worst month since the bloc’s economic crisis of 2012 in March as coronavirus shut down swaths of the euro area’s economy. The IHS Markit manufacturing purchasing managers’ index (PMI) – a gauge of the health of the sector – slumped to a lower than expected 44.5 in March from [...]