Furlough scheme to be extended until April and loans to continue, too December 17, 2020 The Chancellor has confirmed today that the furlough scheme will be extended an extra month until the end of April 2021. The scheme had been intended to close in March, itself an extension from an original planned end date in the middle of 2020. The furlough programme pays 80 per cent towards wages of unworked [...]
Bank of England holds rates and says vaccines ‘reduce risks’ to economy December 17, 2020 The Bank of England has left interest rates on hold at 0.1 per cent and its bond-buying programme at £895bn, saying the arrival of vaccines is likely to boost the economy next year but warning new restrictions will weigh on growth in the winter. It comes after the Bank expanded its quantitative easing programme by [...]
UK firms see ‘severe pressure’ on supply chains ahead of Brexit deadline December 16, 2020 UK manufacturing firms faced “severe pressure” on their supply chains in December ahead of the Brexit deadline, causing shortages of crucial parts, a survey has shown. It comes after 10-mile lorry queues were witnessed in Calais over the weekend, as businesses tried to stockpile in case of a no-deal Brexit. Britain and the EU are [...]
UK businesses return to growth in December after lockdowns December 16, 2020 The UK’s businesses clawed their way back to growth in December after the England-wide lockdown hit the economy in November, a new survey has shown, although conditions were better in manufacturing than the all-important services sector. An early reading of the IHS Markit purchasing managers’ index (PMI) – a closely watched economic gauge – rose [...]
Bank of England set to hold policy amid Brexit and lockdown uncertainty December 16, 2020 The Bank of England is set to leave interest rates on hold when it announces monetary policy tomorrow, according to analysts, after expanding its bond-buying programme sharply last month. Economists said there was little reason for the Bank to act. The latest lockdown measures have not been as damaging as feared, while the BoE asset-purchase [...]
Economics has a lesson for Remainers and lockdown-lovers who refuse to let facts change their minds December 16, 2020 Christmas is a time to be charitable. So let’s spare a thought for those who fought against the referendum result. Unlike the great unwashed, who simply didn’t understand the issues they were voting on, they had all been expensively educated at the right sort of schools and universities. From the time the vote took place [...]
Vaccine ‘gamechanger’ will see UK economy bounce back sharply, analysts say December 15, 2020 The coronavirus vaccine will help the UK economy recover more rapidly than most experts think, according to economists at consultancy Capital Economics (CE) who predicted Covid will barely affect growth in the long-run. The respected economics consultancy predicted the economy would grow by about 7.5 per cent in both 2021 and 2022, after shrinking by [...]
Artificial intelligence: people – not robots – are in the driving seat December 15, 2020 | City Talk Like it or not, artificial intelligence (AI) is already part of our daily lives. From smartphones to Alexa virtual assistants, AI and its applications are accepted norms today.While we appreciate that AI can automate repetitive workplace tasks or even drive a car, its implications are much further reaching. Luminaries including Elon Musk and Bill Gates [...]
S&P: No-deal Brexit could threaten UK credit rating December 14, 2020 The UK’s credit rating could come under pressure if there is a no-deal Brexit that badly dents the country’s economic recovery, ratings agency S&P Global has said. It comes after Prime Minister Boris Johnson and EU Commission president Ursula von der Leyen pledged to extend Brexit talks beyond Sunday. The pound rose sharply today amid [...]
Britain has ‘most to lose from Brexit’, says French finance minister December 14, 2020 The French finance minister Bruno Le Maire has said that he believes the UK has more to lose from Brexit than the EU. “The British people will be the biggest losers from Brexit … Brexit, to use an expression of the late John Le Carre is a political, economic and historical folly,” Le Maire told France info radio. Le [...]
