With wage subsidies driven by the Covid-19 extended until October, and consumer spending falling, the country is hurting
Shuttered shops in Croydon, UK. Picture: BLOOMBERG/JASON ALDEN
This highlights the monumental task the government faces in restarting the economy as it begins to take small steps towards easing the lockdown. It’s extended an aid programme for workers, while the central bank will probably pump even more stimulus into the economy to keep the motor running. The economy has now failed to grow for three of the previous four quarters, after months of political and Brexit uncertainty meant the UK entered the latest crisis on a weak footing.
Meanwhile, the BOE, which has cut interest rates to 0.1% and restarted bond purchases, has indicated more easing could come as soon as next month. It expects a strong rebound in 2021 after a 14% slump this year but many analysts regard such a scenario as overly optimistic.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
World Nursing Day: Being brave comes with the territory for this 25-year veteranLivia Lazarus has seen off more hopelessly sick souls than she would have liked in her 25-year nursing career and even a recent Covid-19 scare hasn't dimmed her passion for her profession.
Read more »
Aramco sticks to huge dividend despite 25% drop in profitsThe Saudi oil giant will keep spending in checks, but the payout is crucial for the kingdom, which holds about 98% of the company
Read more »
State energy group wants to take 25% of the fuel levyThe Central Energy Fund, government’s holding company in the energy sector, on Tuesday presented its strategic plan to parliament, unveiling a wish list for more capital and a share of government tax revenues.
Read more »
Declassified UK Op-Ed: Under Covid-19, racism in Britain and the world is a matter of life and deathDisproportionate death rates for minorities in the UK serve as a reminder of what is at stake with racism. But we must also connect the issue to the plight facing black and brown people across the globe, who suffer the deadly consequences of the pandemic of racism every single day.
Read more »
Thuso Mbedu hailed as one of 'sensational rising stars to watch out for' by Vogue UKThuso Mbedu is really a BIG DEAL.
Read more »
Thuso Mbedu hailed as one of 'sensational rising stars to watch out for' by Vogue UKActress Thuso Mbedu has made the list of the eight most exciting faces on the small screen right now by Vogue UK.
Read more »