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Still closed – the shops that won’t be reopening

While pubs and hairdressers have been given the all clear by government to reopen on 4 July, many business owners were disappointed to learn they must keep their doors closed for now. “It was a shock. I can understand the logical argument but personally it feels very irritating and disappointing,” says Adam Grant, a tattoo […]

Brexit Heartlands Pay the Highest Price for Coronavirus

Four charts show how Prime Minister Boris Johnson’s promise to “level up” the country just got harder. The Brexit-supporting regions that propelled Prime Minister Boris Johnson into power are now being disproportionately hit by coronavirus and will bear the brunt of the economic fallout. Outside London, the northwest and northeast of England are experiencing the highest death rates. The “Red […]

Global economy to suffer worst peacetime slump in 100 years, OECD says – as it happened

An OECD report forecasted that the global economy will contract 6% in 2020, and 7.6% if there is a second wave of Covid-19 infections. It said the pandemic has triggered the most severe peace-time recession in nearly a century The report also found that Britain’s economy is likely to suffer the worst damage from the Covid-19 […]

Chancellor to set out future of furlough scheme

Chancellor Rishi Sunak is to reveal the future of the government’s job retention scheme later, amid growing calls to extend it. Currently more than six million people are having up to 80% of their wages paid by the government while they are temporarily on leave from their jobs. Mr Sunak previously warned the furlough scheme, […]

The Fed’s four radical moves to save the economy

As policymakers from America’s central bank prepare to meet – virtually – this week, they will be looking to see if the extraordinary steps they have taken to confront the world’s most severe economic crisis since the Great Depression are working. Since March, the Federal Reserve has pledged to pump more than $4tn (£3.2tn) into […]

US oil prices drop to 21-year low as demand dries up

The price of US oil has fallen to a level not seen since 1999, as demand dries up and storage runs out. The price of a barrel of West Texas Intermediate (WTI), the benchmark for US oil, dropped 19.3% to $14.74 a barrel on Monday. The oil market has come under intense pressure during the […]

EU helps protect weak firms from foreign takeovers

The EU plans to help block foreign takeovers of European companies struggling with the virus downturn. It wants to allow governments to invest in weak companies, which could include some form of ownership. While it called them “measures of last resort”, the European Commission says it is consulting member states. A focus for the regulator […]

Chancellor Sunak warns of ‘tough times’ for UK economy

A forecast by the UK’s tax and spending watchdog suggests the coronavirus crisis will have “serious implications” for the UK economy, Chancellor Rishi Sunak has said. The Office for Budget Responsibility (OBR) warned the pandemic could see the economy shrink by a record 35% by June. Mr Sunak stressed that the forecast was only one […]

Make-or-Break Moment in Virus Fight Could Happen This Week

The world’s ability to check the coronavirus contagion and fully recover from the worst peacetime recession since the Great Depression may depend on what international economic policy makers decide this week. With emerging markets and developing nations facing health emergencies, collapsing demand and cash crunches, the guardians of the global economy are under the gun […]

Coronavirus: Government agrees emergency funding deal with Bank

The UK government is set to borrow billions of pounds from its emergency Bank of England overdraft to finance the fight against Covid-19. The government will draw money from the Bank’s “ways and means” facility to help workers and businesses. It has not used the facility since the financial crisis. While it is controversial for […]

Coronavirus: ‘Drop in global trade to be worse than 2008 crisis’

The World Trade Organization (WTO) is predicting a severe decline in international commerce this year. In a new report the WTO forecasts a contraction of between 13% and 32% this year. The wide range of possibilities reflects the uncertainties about the health crisis. It says the impact on trade is likely to exceed the slump […]

The Recession Bread Lines Are Forming in Mar-a-Lago’s Shadow

Though it’s just a four-minute drive across the lagoon from Mar-a-Lago, President Donald Trump’s private club, and ten minutes from the Palm Beach outposts of Chanel and Louis Vuitton, Howley’s diner has become an emblem of America’s stark new economic reality. With more than 10 million people across the nation suddenly unemployed, bread lines are forming in the shadows of privileged enclaves like this one in […]