What role will cash play in the post-Covid recession? August 19, 2020 With the UK plunging into what the chancellor has called an “unprecedented” recession, what can we learn from the downturn in 2008 about the role of cash and its importance to people and businesses under economic pressure? Cash underpinned the economy and consumer spending habits after the 2008 recession. Will 2020 be significantly different? I’d [...]
UK job vacancies rise 50 per cent in July but sectors still suffering August 19, 2020 The number of job vacancies in the UK rose markedly in July and August, suggesting some areas and sectors have seen an economic rebound, although the number of openings is still far below its pre-crisis levels, new analysis has shown. New vacancies rose more than 50 per cent in July, according to the think tank [...]
Lending through key UK coronavirus schemes tops £52bn August 18, 2020 Bank lending to struggling businesses through the government-backed coronavirus lending programmes has topped £52bn, figures today showed. The bounce back loan scheme (BBLS), under which the government backs 100 per cent of loans up to £50,000, has seen by far the most use. Treasury figures showed £35.5bn had been lent out through the programme by [...]
UK wages fall steeply in August as job fears grow August 17, 2020 UK households suffered a fall in wages in August and reported increased fears about job security, a survey published today said. The IHS Markit UK Household Finance Index (HFI) – which measures households’ overall perceptions of financial wellbeing – fell from 41.5 in July to 40.8 in August, “signalling a further, slightly sharper, deterioration in [...]
Japan’s economy shrinks at record pace as coronavirus wipes out ‘Abenomics’ gains August 17, 2020 Japan was hit by its biggest economic contraction on record in the second quarter as the coronavirus pandemic crushed consumption and exports, keeping policymakers under pressure for bolder action to prevent a deeper recession. The third straight quarter of declines knocked the size of real gross domestic product (GDP) to decade-low levels, wiping out the [...]
US retail sales grow 1.2 per cent, missing July expectations August 14, 2020 US retail sales for July undershot expectations with growth of 1.2 per cent, the US Commerce Department said today. Retail sales were predicted to grow 2.1 per cent in July. Retail sales totalled $536bn in July, according to the preliminary figures. Car sales fell 1.2 per cent, sporting goods and book sales were down five [...]
Eurozone GDP contracts 12 per cent on coronavirus impact August 14, 2020 The Eurozone economy shrank 12.1 per cent in the second quarter following the impact of the coronavirus pandemic, according to figures released today. Year-on-year the Eurozone economy shrank 15 per cent in the second quarter, according to the figures from Eurostat, the statistical office of the European Union. Eurostat also said the economy of the [...]
US jobless claims fall below 1m for first time since pandemic began August 13, 2020 The number of Americans seeking unemployment benefits has dropped below 1m for the first time since the coronavirus pandemic began, official data today showed. According to the US labor department, 963,000 filed jobless claims last week, down 228,000 from the week before. The fall in claims was below estimates, with economists forecasting an extra 1.1m [...]
City calls for deeper tax relief as UK sinks into recession August 12, 2020 Business groups have called on the government to take “bold action” after the UK economy plunged into recession last quarter as GDP contracted by 20.4 per cent between April and June, the biggest single quarter decline on record. With vast swathes of the economy closed due to the coronavirus lockdowns, activity flatlined in April, before [...]
Gold price bounces back after steep sell-off August 12, 2020 The price of gold rebounded this afternoon to £1,485 an ounce after its steepest sell-off in seven years. Spot gold rebounded today after its steepest decline in seven years on Tuesday, with the price rising from a low of £1,438.65 during a turbulent Asian trading session to just shy of £1,486 at the time of [...]
