UK economy suffers unprecedented slump amid coronavirus lockdown

Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily FunnyUndozenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comUndoBleacherBreaker4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!BleacherBreakerUndoMisterStoryWoman files for divorce after seeing this photoMisterStoryUndoFinanceChatterViewers Had To Look Away When This Happened On Live TVFinanceChatterUndobonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comUndoNoteableyJulia Robert’s Daughter Turns 16 And Looks Just Like Her MomNoteableyUndoNational Penny For Seniors7 Discounts Seniors Only Get If They AskNational Penny For SeniorsUndoJustPerfact USAMan Decides to File for Divorce After Taking a Closer Look at This Photo!   JustPerfact USAUndo UK economy suffers unprecedented slump amid coronavirus lockdown However, numerous respondents said this was due to their firm using the government’s job retention scheme that pays 80 per cent of a worker’s wages if they temporarily stop working, or “furloughed”. whatsapp (AFP via Getty Images) “Hawks” such as chancellor Rishi Sunak and cabinet secretary Michael Gove arguing that the economy needs to be returned to normal quickly. The IHS Markit/Cips composite purchasing managers’ index (PMI) crashed to a reading of 12.9 in April. This was the worst score since the survey began more than 20 years ago. Dire figures will spark debate among policymakers Williamson said the dire performance of the UK economy in April will also spark debate about the length of the lockdown. The data was “eye-watering,” said Ruth Gregory, senior UK economist at Capital Economics. She said the lockdown “has pushed the economy into a recession of unprecedented speed and depth”. The unprecedented collapse in the PMI highlights the devastation coronavirus is wreaking on the UK economy. It is one of the most up-to-date economic indicators. (AFP via Getty Images) Also Read: UK economy suffers unprecedented slump amid coronavirus lockdown Britain’s enormous services sector bore the brunt of the pain. The coronavirus lockdown sent the sector to its worst month since records began in 1996. April’s reading was even worse than analysts’ dire predictions and well below March’s record low of 36. A score of below 50 indicates contraction. The worst score seen during the financial crisis was 38.1. On the other side are the “doves”. These include Prime Minister Boris Johnson and health secretary Matt Hancock, who fear the damage a second wave of infections could do. “Business closures and social distancing measures have caused business activity to collapse at a rate vastly exceeding that seen even during the global financial crisis,” said Williamson. whatsapp Share (AFP via Getty Images) Also Read: UK economy suffers unprecedented slump amid coronavirus lockdown Chris Williamson, chief business economist at data firm IHS Markit, said the PMI reading was consistent with UK GDP falling at a rate of seven per cent per quarter.  Coronavirus batters UK services sector The cabinet is reportedly split about when to start lifting stay-at-home orders and letting people go back to work. Harry Robertson Show Comments ▼ Such an economic contraction has not been seen since World War II. Yet many groups, such as the UK’s budget watchdog, predict a steeper fall in GDP. More than 80 per cent of UK services providers reported lower business activity in April. Duncan Brock, group director at Cips, the Chartered Institute of Procurement & Supply, said this “compared with 38 per cent during the worst single month of the global financial crisis”. The government has rolled out a number of very large support schemes for the UK economy that seek to limit the damage from coronavirus. Thursday 23 April 2020 10:18 am Lockdown measures, which were last week extended until early May, have caused businesses to close and demand to evaporate as people stay at home and lose their jobs. Around half of all firms’ purchasing managers reported lower numbers of staff in April. Yet April’s PMI data will raise questions about whether support is getting to businesses quickly enough. There have been a number of complaints about the coronavirus business interruption loan scheme (CBILS) for example. More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgWhy people are finding dryer sheets in their mailboxesnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.com (AFP via Getty Images) Also Read: UK economy suffers unprecedented slump amid coronavirus lockdown The UK economy suffered an unprecedented blow in April as the coronavirus lockdown choked off demand, according to a closely watched gauge which slumped to its lowest level since records began. read more

Continue reading

Plastic Forth Bridge fivers are fine for laundering

first_img Tags: NULL Monday 23 March 2015 12:27 am by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekForbesThese 10 Colleges Have Produced The Most Billionaire AlumniForbeszenherald.com20 Rules Genghis Khan’s Army Had To Live Byzenherald.comMoguldom NationFather Of 2 Sues Los Angeles Hospital After Wife Dies During ChildbirthMoguldom NationNoteableyKirstie Alley Is So Skinny Now And Looks Like A BarbieNoteableyGameday NewsNASCAR Drivers Salaries Finally ReleasedGameday NewsMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesComedyAbandoned Submarines Floating Around the WorldComedy whatsapp Share Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofBest Wine Gifts & Wine Accessories at Every PriceGayotCheese Crostini: Delicious Recipes Worth CookingFamily ProofHomemade Tomato Soup: Delicious Recipes Worth CookingFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofBaked Sesame Salmon: Recipes Worth CookingFamily Proof CLYDESDALE Bank will release Britain’s first plastic banknotes this week, with 2m £5 notes going into circulation.Giving new meaning to the phrase “flashing the plastic”, the polymer banknotes are being launched with a Scottish theme to mark the 125th anniversary of the Forth Bridge. The note features the image of Sir William Arrol, one of Scotland’s most celebrated engineers, whose company constructed the bridge.The new note will include fresh security – shiny ink in the shape of Scotland over a transparent window, which changes colour as the note is moved and tilted. But the fiver’s best feature must surely be the fact it won’t be wrecked by accidentally going through the wash. Research shows polymer notes stay cleaner for longer, are more difficult to counterfeit and last at least two-and-a-half times longer than paper ones. Let the money laundering begin! center_img Express KCS whatsapp Show Comments ▼ Plastic Forth Bridge fivers are fine for laundering last_img read more

Continue reading