By now, it is clear that the global coronavirus pandemic and the government-mandated lockdowns that have resulted have had an unprecedented impact on the global economy. But perhaps what has not been sufficiently illuminated to date is just how critical the situation has become for those groups most at risk from this downturn.
Due to the unique challenges that have arisen from the pandemic-induced lockdowns, 2020 has been a tough year for many industries around the world—not least for the auto industry. As COVID-19 cases continue to emerge in earnest, government restrictions that remain in place to this day throughout much of the world
In June, The Atlantic published “The Looming Bank Collapse”, a piece by University of California, Berkeley law professor and ex-Morgan Stanley derivatives structurer Frank Partnoy, which generated significant debate over whether a banking crisis in the same mould as that witnessed during the global financial crisis (GFC) is just around the corner.
The Federal Reserve System’s Board of Governors (the Fed) in the United States concluded its two-day monetary-policy meeting on Wednesday, September 16, announcing that interest rates will remain unchanged at near-zero (0-0.25 percent), another decidedly dovish signal that its monetary policy will effectively be on hold for the next few years.
Although coronavirus restrictions have continued to be lifted, unemployment in the United Kingdom in the three months to July still increased, official data published on Tuesday, September 15, showed. According to the Office for National Statistics (ONS), the unemployment rate was estimated at 4.1 percent
The United Kingdom’s annual inflation rate fell sharply in August to its lowest level in almost five years, as the government’s Eat Out to Help Out discount-meal scheme contributed significantly towards driving down the cost of living. Figures released by the Office for National Statistics (ONS) on Wednesday, September 16,
With the prices of used cars and trucks recently experiencing their greatest increases in more than 51 years in the United States, US consumer prices rose solidly in August by a seasonally adjusted 0.4 percent compared with July. As such, prices have now risen for three consecutive months, with July and June levels each rising by 0.6 percent.
According to figures released on Friday, September 11, by the Office for National Statistics (ONS), the United Kingdom’s gross domestic product (GDP) expanded by 6.6 percent during July, as lockdown measures in the country continued to ease and the economy showed clearer signs of recovery.
The COVID-19 pandemic has placed immense stress on businesses of all sizes and all sectors across every part of the UK. The rapid response by government and industry has helped companies survive the initial economic impact, but looking ahead, it is clear that many businesses – particularly SMEs – will need help to tackle a debt burden that could hold them back or drag them under. To avert this crisis, an urgent and coordinated effort on the part of government and industry is a must. TheCityUK, supported by EY and over 200 financial experts from 50 firms across the financial and related professional services industry, developed a strategy that if implemented, may provide the lifeline that SMEs urgently require.
Signs continue to emerge that the United States’ economy is past the worst of the coronavirus pandemic economic downturn, as official figures for August show the unemployment rate fell considerably, and nonfarm payroll employment also rose.