Rishi Sunak’s Kickstart scheme can help blunt the impending youth unemployment crisis September 18, 2020 This week’s unemployment figures from the Office for National Statistics paint a gloomy picture for Britain’s young people. In the UK those aged 16 to 24 have been hit hardest by job losses since the economy locked down. There were 156,000 fewer young people in employment in the three months to July when compared with [...]
New Zealand falls into worst recession on record September 17, 2020 New Zealand has fallen into the worst economic recession on record in the second quarter, as well as its first recession in more than a decade. GDP in the country contracted a seasonally adjusted 12.2 per cent between April and June compared to the previous quarter, marking its steepest quarterly contraction since records began. It [...]
US jobless claims slip but rebound loses steam September 17, 2020 The number of Americans making new jobless claims fell slightly last week, but stayed at a very high level in a sign that the jobs recovery is losing steam. New jobless claims came to 860,000 in the week to 12 September, the Labor Department said today. That was down from 893,000 the week earlier, although [...]
Bank of England keeps policy on hold and flags solid recovery September 17, 2020 The Bank of England has kept monetary policy on hold, saying the UK economy’s recovery had been “a little stronger” than expected but warning that coronavirus could knock it off course. The Bank kept its main interest rate at the record-low level of 0.1 per cent, and the bond-buying target stayed at £745bn. The vote [...]
David Cameron: Too early to consider fixing the UK’s budget deficit September 17, 2020 David Cameron has said the UK economy will need “generous help to reopen” and that Rishi Sunak should not consider measures to fix the budget deficit until an economic recovery is well under way. The former prime minister told Times Radio that “we’re going to have to think about fixing the roof again when the [...]
Travelling to work hits highest level since Covid began September 17, 2020 The proportion of people travelling to work hit its highest level since the coronavirus lockdown began last week as Britons’ gradual return to offices and workplaces continued. The Office for National Statistics (ONS) said 62 per cent of people travelled to work in the week that ended on 13 September. It was the first time [...]
Trump urges Republicans to go ‘much higher’ on stimulus September 17, 2020 US President Donald Trump has encouraged Republicans on Capitol Hill to come up with a more generous stimulus offer, as the White House tries to break the deadlock over the next package. Trump tweeted yesterday evening: “Go for the much higher numbers, Republicans, it all comes back to the USA anyway (one way or another!)” [...]
Federal Reserve holds rates steady in upbeat US economic forecast September 16, 2020 The US Federal Reserve opted to keep interest rates near zero today, but improved its projections for the US economy while it waits for inflation to improve. The Fed promised to hold interest rates until inflation gets on track to “moderately exceed” its two per cent inflation target “for some time”. Fresh forecasts showed it [...]
Boris Johnson signals that targeted furlough extension is on the cards September 16, 2020 Boris Johnson has given the clearest indication yet that the government is considering extending the furlough scheme for some sectors beyond next month. When asked about an extension of the scheme for sectors unable to function due to coronavirus restrictions, the Prime Minister said today that that the government “will continue to show great creativity [...]
Will the BoE inject more stimulus into the UK economy? September 16, 2020 The Bank of England is preparing to announce its latest interest rate decision tomorrow, as it closely monitors the UK economy’s rebound from the record 20.4 per cent contraction in the second quarter. Since then, there have been many positive signs. The economy grew by a huge 8.7 per cent in June and another 6.6 [...]
