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United Kingdom News in brief - 9 June 2020

Aggiornamento: 28 lug 2020

£35 BILLION PROVIDED TO 830,000 BUSINESSES BY LENDERS THROUGH COVID-19 LOAN SCHEMES


The banking and finance industry has backed over 830,000 UK businesses through the government’s coronavirus loan schemes. Figures published by HM Treasury today reveal that lenders have provided £34.9 billion through the three major government-backed lending programmes. £3.6 billion has been granted to 85,000 businesses in the past week, with more applications expected to be approved in the coming days as the industry continues to help the UK get through these tough times.

Lenders are approving thousands of Bounce Bank Loans (BBLs) for small and micro businesses every day. In the five weeks since the launch of the scheme, over 780,000 businesses have successfully applied — an average of 156,000 approvals by lenders each week. £23.8 billion has been provided by the industry through the BBL scheme, including £2.5 billion in the last seven days.



EMERGING ECONOMIES TO SHRINK FOR FIRST TIME IN 60 YEARS


Emerging economies are expected to shrink this year for the first time in at least six decades, according to a forecast from the World Bank (Financial Times, £, p1). The forecast predicts that the economy will shrink 5.2 per cent this year, causing as many as 100 million people in the developing world to be tipped into extreme poverty. The World Bank and the International Monetary Fund (IMF) have launched a series of rescue programmes and are coordinating plans for debt relief.

Meanwhile, in the UK, HM Treasury has announced an additional £38 million support package for debt advice providers to help people in financial difficulty caused by the coronavirus (Sky News). It comes as the debt charity, Step Change, has warned that British households are likely to amass debts worth £6 billion as a result of the pandemic (The Guardian, p31).



UK NEWS IN BRIEF


Two-fifths of high-income working age families (around 3.4 million adults) have strengthened their household budgets since the pandemic began, according to a report from the Resolution Foundation (The Telegraph, £, p1).

The UK and Japan are set to begin discussions today regarding a post-Brexit trade deal. The talks with Japan will initially be held via video link, and will be between the UK's International Trade Secretary Liz Truss and Japan's Minister for Foreign Affairs Toshimitsu Motegi (BBC News).

According to data from KPMG and the British Retail Consortium, the value of retail sales fell 5.9 per cent in May compared with the same month a year earlier, the second largest contraction since the series began in 1995 (Financial Times, £, p2).

Speaking at a CogX 2020 online event, Andy Haldane, a member of the Bank of England’s Monetary Policy Committee, has warned that the labour market has seen a “rapid rise” in unemployment, causing inactivity to rise to levels the UK has not ever possibly seen before. It comes as headhunter, Manpower, reveals that more than a sixth of firms are preparing to reduce staff numbers in the coming three months (The Telegraph, £, B2).

Mercer’s 26th annual cost of living survey reveals that Hong Kong is still the most expensive city in the world to live in, ahead of Ashgabat, Tokyo, Zurich and Singapore (The Times, £, p36).


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