Rishi Sunak says ‘hard times are here’ as UK plunges into worst recession on record August 12, 2020 Chancellor of the Exchequer Rishi Sunak today warned that “hard times are here” after the UK’s GDP contracted by 20.4 per cent in the last three months, plunging it into the worst recession on record. Speaking to Sky News, Sunak warned that “many more people” would lose their jobs as a result of the recession, [...]
UK falls into worst recession after record 20.4 per cent GDP plunge August 12, 2020 UK GDP shrank a record 20.4 per cent in the second quarter to plunge the country into its largest recession on record as the coronavirus pandemic decimated economies around the world. According to the Office of National Statistics (ONS), the economy is now 22.1 per cent smaller than it was at the end of 2019. [...]
Second wave fears: Rishi Sunak could delay autumn Budget August 12, 2020 Finance minister Rishi Sunak is weighing options to shelve his autumn Budget if the UK suffers a big second wave of the coronavirus, it is reported. While Sunak expects to deliver his Budget as planned, it is a sign of government anxiety over a possible autumn coronavirus spike that he is ready to delay big [...]
Two-in-five businesses expect to cut jobs in the next six months August 12, 2020 Two-in-five finance chiefs at UK businesses expect to cut jobs in the next six months as a result of the coronavirus slowdown. The survey of 800 senior finance executives at UK companies also found one third had already cut jobs since the start of lockdown and 54 per cent said their organisation had furloughed staff. [...]
Four charts that show how badly the pandemic has hit UK jobs August 11, 2020 The largest number of people lost jobs in the UK in one quarter since the height of the financial crisis, official statistics showed today. According to data from the ONS, 32.9m people aged 16 years and over are currently in employment, 220,000 fewer than the previous quarter. That’s the single largest decrease since May to [...]
UK economy: Britain braced for GDP and jobs hit August 10, 2020 The full extent of the Covid-19 crisis on the UK economy is set to be laid bare this week with the release of two key reports. While economists have been at odds over the speed of the country’s recovery from the pandemic, this week’s figures from the Office for National Statistics (ONS) are likely to [...]
US economy adds 1.8m jobs but expansion slows sharply August 7, 2020 The US economy added 1.8m jobs in July but the rate of job creation slowed amid rising coronavirus cases and 16.3m Americans remained without work. The rise in Americans entering work took the unemployment rate to 10.2 per cent, down from 14.7 per cent in April, according to the Bureau of Labor Statistics (BLS). Although [...]
FTSE 100 flatlines as Trump order ramps up US-China tensions August 7, 2020 The FTSE 100 flatlined on a choppy morning of trading after US President Donald Trump signed executive orders hitting Chinese firms Tiktok and Wechat, and Congress and the White House failed to agree on a stimulus plan. London’s blue-chip index was roughly flat at 6,027 points at midday. The FTSE 250 of mid-cap firms rose [...]
Rishi Sunak faces pressure to extend furlough scheme August 7, 2020 Chancellor Rishi Sunak is facing mounting pressure to extend the furlough scheme in some form, amid fears of a wave of unemployment later in the year. Opposition political parties and business groups are increasingly worried that plans to wind down the furlough scheme in October are premature. The Bank of England yesterday said 2.5m people [...]
Rishi Sunak: ‘Hardship lies ahead’ for the UK economy August 7, 2020 Chancellor Rishi Sunak has said that “hardship lies ahead” for the UK economy despite the Bank of England improving its forecast for this year. Yesterday the Bank upgraded its projection for the path of GDP in 2020, saying it would now contract 9.5 per cent rather than the 14 per cent it had previously pencilled [...]
