UK jobs market strengthens but IR35 looms March 6, 2020 UK companies took on permanent workers at a solid rate in February, survey data has shown, even as temporary billings fell ahead of upcoming IR35 legislation changes. The UK jobs market performed well in 2019 despite business investment and trade suffering under the weight of Brexit uncertainty. There were some signs it was beginning to [...]
Mark Carney says Bank of England and Treasury working to tackle coronavirus fallout March 5, 2020 Bank of England governor Mark Carney has said that Threadneedle Street is coordinating with the Treasury to make sure British households and businesses are protected from the economic fallout from coronavirus. Carney, who will be replaced by Andrew Bailey as governor on 16 March, refused to be drawn on whether the Bank would carry out [...]
Goldman Sachs and UBS expect Bank of England rate cut March 5, 2020 Investment banking giants Goldman Sachs and UBS are both predicting that the Bank of England will cut interest rates in response to the coronavirus outbreak. Goldman analysts expect the BoE will slash rates by 50 basis points (0.5 per cent) at its meeting next month, saying that the epidemic is likely to push the UK [...]
UK businesses call for government help amid coronavirus outbreak March 5, 2020 Businesses big and small have called for urgent action from the government to help deal with the burden of sick pay amid the coronavirus outbreak and to ensure low-paid and part-time workers are supported. The intervention from business groups came after Prime Minister Boris Johnson promised statutory sick pay (SSP) from day one for all [...]
UK incomes have stalled since 2016, but economists aren’t blaming Brexit March 5, 2020 Incomes have stalled and inequality has risen in the UK since 2016, official figures showed today, highlighting the size of the task the government faces in “levelling up” the country. The Office for National Statistics (ONS) said that growth in median income stalled between the 2016-17 financial year and 2018-19, growing on average 0.4 per [...]
Coronavirus: FTSE 100 falls lower amid investor concerns about global growth March 5, 2020 The FTSE 100 tumbled after the open as investor sentiment was dampened by concerns over global economic growth being hampered by the coronavirus epidemic. Britain’s blue-chip index opened slightly up, but soon reversed gains and fell as much as 1.31 per cent in morning trading. The FTSE 250 slipped as much as 1.10 per cent. [...]
Coronavirus: the economic impact March 5, 2020 | City Talk The coronavirus threatens to derail the revival in global economic growth which began in the latter part of 2019. Economic indicators up to January continued to show an improvement in activity with business surveys signalling rising orders and output. However, confidence in the sustainability of the upswing has been undermined by the virus, officially known [...]
IMF provides $50bn for countries hit by coronavirus outbreak March 5, 2020 The International Monetary Fund has announced $50bn (£39bn) of emergency funding for countries hit by the coronavirus epidemic. The IMF warned last night that the Covid-19 outbreak, which has reached 70 of the organisation’s 189 member countries, has already pushed global growth for 2020 below last year’s level. “Global growth in 2020 will dip below [...]
Next Bank of England governor Andrew Bailey: Firms should expect coronavirus help March 4, 2020 The next Bank of England governor has said Threadneedle Street and the government is likely to provide loans to small and medium-sized firms to help them deal with supply chain disruptions from the coronavirus outbreak. Andrew Bailey told MPs that coronavirus was “going to be the first most pressing issue that we face”. He added [...]
Andrew Bailey says he is ‘proud’ of record as FCA chief March 4, 2020 The incoming Bank of England governor Andrew Bailey has defended his record as head of the City watchdog, saying he is “proud of what we’ve achieved” but “not proud of some things that happened”. Critics say Bailey did not deal adequately with a number of financial scandals that occurred on his watch as chief executive [...]
