No-deal Brexit would hurt UK more than EU, says German finance minister September 12, 2020 A no-deal Brexit would do more damage to the UK economy than the European Union’s, according to the German finance minister. Speaking on Saturday following a meeting of 27 EU finance ministers in Berlin, Olaf Scholz said there would be “significant consequences” for Britain. “My assessment is that an unregulated situation would have very significant [...]
US budget deficit hits record $3tn due to coronavirus spending September 12, 2020 The US budget deficit has reached a record high after topping $3tn (£2.3tn) as the government’s mass spending on coronavirus relief continues. The treasury department said it spent more than $6tn in the first 11 months of its financial year, which included $2tn on Covid-19 programmes. It means the figure outpaces the $3tn it took [...]
Sajid Javid backs plan to end furlough scheme in October September 11, 2020 Former chancellor Sajid Javid today offered his support for ending the furlough scheme next month, claiming any extension would be “unfair” on taxpayers. Speaking at the Centre for Policy Studies think tank talk about the post-pandemic economic recovery ahead, Javid said he agreed with chancellor Rishi Sunak that the furlough scheme must end. “Even if [...]
Euronext confirms talks to bid for London Stock Exchange’s Borsa Italiana September 11, 2020 European exchange Euronext has confirmed that it is in talks with state-owned Italian investment bank CDP to submit a bid to buy Borsa Italiana from the London Stock Exchange (LSE). In July, LSE said that it may sell Borsa Italiana or just its bond-trading platform MTS as it tries to win EU approval for its [...]
Massive corporate debt could hamper the pandemic recovery. Here’s how we could deal with it September 11, 2020 Will Tanner puts forward a suggestion for tackling UK companies’ rising corporate debt in the wake of the pandemic. The paradox of the pandemic is that everything we have done to support our economy through the crisis may inadvertently hamper our recovery out of it. Since March, the Treasury has gone to unprecedented lengths to [...]
UK economy grows 6.6 per cent in July as recovery continues September 11, 2020 The UK economy grew 6.6 per cent in July as it bounced back from the coronavirus lockdown of the spring, setting the stage for rapid GDP growth in the third quarter, official figures showed. The growth was slower than the 8.7 per cent expansion seen in June, however, and was from a low base after [...]
France calls on EU to adopt digital tax in 2021 if OECD talks fail September 11, 2020 France has called on the European Union to implement a digital tax by the first quarter of 2021 if an agreement cannot be reached within the Organisation for Economic Co-operation and Development (OECD) framework. Speaking at a Eurogroup meeting of eurozone finance ministers in Berlin this morning, French finance minister Bruno Le Maire reiterated the [...]
Exclusive: Richer London boroughs suffer biggest fall in lockdown spending September 11, 2020 Some of London’s most prosperous boroughs suffered the biggest falls in spending during lockdown and saw a more sluggish recovery as richer households’ lifestyles were curtailed, while less affluent areas saw a smaller drop, data provided exclusively to City PM has suggested. Yet some of the richer boroughs – where residents have thriving food scenes [...]
MPs attack chancellor’s plan to wind down furlough scheme September 11, 2020 The powerful Treasury Committee of MPs has criticised the chancellor’s new job retention bonus scheme as inefficient, and called for him to “carefully consider” more targeted support for parts of the economy when the furlough scheme ends. In a wide-ranging report, the Committee also said the Treasury must quickly come up with a scheme to [...]
ECB leaves interest rates on hold as it monitors recovery September 10, 2020 The European Central Bank (ECB) has left interest rates at their current record-low level as it waits to see the trajectory of the Eurozone’s economic recovery. But analysts think the Eurozone’s central bank will have to take more action later this year or early next, amid signs that the rebound is slowing down. Read more: [...]
