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Updated 2025-09-17 00:30
UK coronavirus: Sweden and Germany put on quarantine list; Johnson raises Christmas hopes - as it happened
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£1bn of fraudulent Covid scheme loans for businesses blocked
Twenty lenders have rejected total of 26,933 applications for bounce-back loans since May
Bank of England launches new £150bn stimulus package
Move to prop up stricken economy comes amid second Covid wave and fresh restrictions
There is a world beyond lockdown. It's time to come up with a hopeful vision | James Meadway
We have to confront reality on Covid, but it need not be bleak. Where is the radical thinking about a pandemic-proof Britain?
Sunak now prefers risk of doing too much to risk of doing too little
Chancellor’s unspoken message in latest furlough extension is that tough curbs will remain even after 2 December
Rishi Sunak announces extension of UK's coronavirus furlough scheme – video
The chancellor has announced that the government will extend the UK's furlough scheme until March as the second wave of Covid-19 infections and new lockdown threaten to push up unemployment. In a major climbdown, Rishi Sunak said the Treasury would continue to pay 80% of workers’ wages
Rishi Sunak extends Covid furlough scheme until March 2021
Latest U-turn follows growing pressure for more support to protect jobs and the economy as second wave hitsRishi Sunak has been forced into a U-turn over the government’s flagship job support scheme as he announced an extension of the furlough programme until March next year.In a major climbdown for the government, the chancellor said the Treasury would allow the scheme to run for a full year by continuing to pay 80% of temporarily laid-off workers’ wages until 31 March. Sunak also announced an expansion in funding for self-employed workers from November to January, in an announcement that indicated a difficult winter ahead as the government confirmed that economic support would run well into next year.Taken aback by ChX statement.
Global stock markets climb on prospect of Biden presidency
Investors think that the Democrat could be hamstrung by the Senate and unable to pass stimulus, meaning a better outlook for tech and health stocksShares in Asia Pacific have climbed to their highest point for nearly three years as Joe Biden edged closer to becoming the next president of the United States.As the Democrat challenger sought the remaining six electoral college votes he needs for victory, investors on the other side of the world were betting that he would make it to the magic figure of 270 and end uncertainty over the outcome of the election in the world’s biggest economy.Related: What we know so far about the 2020 US election Continue reading...
Stock markets gripped by US election race – as it happened
Rolling coverage of the latest economic and financial news
Fears about economy under Covid lockdown helped Trump outperform polls
Exit polls show economic concerns were top of mind for voters, and anti-lockdown rhetoric resonated for many
UK economy heading for double-dip recession as summer recovery stalls
Latest figures heap pressure on Bank of England to inject more cash into the economyThe British economy is on course for a double-dip recession this winter, according to data showing growth slowing down in the UK’s dominant services sector last month.The latest IHS Markit/Cips monthly survey of the services sector, which accounts for three quarters of economic activity, showed that a recovery over the summer stalled in October, heaping further pressure on the Bank of England to boost its stimulus programme when officials meet this week. Continue reading...
Up to 18,000 UK high street premises could be vacant amid Covid crisis
Closures would leave 14% of high street, retail park and shopping centre outlets empty in Britain
Markets rally as investors brace for US election – as it happened
Rolling coverage of the latest economic and financial news
Stock markets soar as City traders anticipate Joe Biden win
Markets rally across Asia and Europe as analysts expect Democrats to triumphShare prices in the City registered their biggest daily gain in two months amid investor hopes that a Joe Biden victory in the US presidential election would result in a major new stimulus package.London’s leading stock market index, the FTSE 100, closed up by 131 points, or 2.33%, at 5786 as the gloomy mood of last week faded.Related: Markets plunge in uncertainty about a second term and a second wave Continue reading...
Markets rise despite Covid-19 lockdown double-dip fears – as it happened
Rolling coverage of the latest economic and financial news
CBI boss says England lockdown means 'bleak midwinter' for UK firms
Carolyn Fairbairn said second lockdown will be worse than the first for many businesses
Daisy Chain: can a Cornish town adapt to survive another lockdown?
When the remote town of St Just, Cornwall, was locked down in March, the small community worried that its economy wouldn’t survive. But one town councillor, Daisy Gibbs, rallied an army of volunteers to form ‘the Daisy chain’, an informal support network to ensure every household in the district had support. Inspired by her imagination and resilience, filmmaker Sky Neal followed the Daisy Chain for seven months, as local businesses adapted and the community pulled together to realise a more sustainable future. However, as a second wave of restrictions threatens, the town has to dig deep to find the resilience they need to ensure their future. Can they re-invent their local economy to survive and thrive beyond Covid? Continue reading...
Lessons from a small town: imagination and community is the key to sustainability
Filmmaker Sky Neal returns to her hometown in Cornwall to capture a community fighting to keep the local economy alive in the face of the Covid lockdownThe new Guardian documentary follows the innovative activities of a volunteer support network, the Daisy Chain. For seven months, filmmaker Sky Neal immersed herself in the community of St Just, the most westerly town in England. As food producers and business owners in the town struggle to survive the first lockdown, how will they find the resilience to pull together and face a second wave with winter approaching?What inspired you to make this film? Continue reading...
Labour urges UK trade secretary to end delays over Kenya and Ghana deals
Exclusive: Liz Truss urged to sign off deals quickly to spare African states high tariffs once Brexit transition period endsThe Labour party has urged the UK trade secretary, Liz Truss, to end delays over rollover deals with Kenya and Ghana to prevent them being slapped with high tariffs when the UK leaves the EU on 1 January.Negotiations with Kenya and Ghana have yet to be signed off with only nine weeks to go before the UK’s transition deal with the EU comes to an end, when import charges would be imposed on goods worth £2.6bn from the African countries. Continue reading...
How bad will the second lockdown in England be for UK plc?
Economists predict another big hit but the GDP drop will not be so severe, not least because it has less far to fall
Second England lockdown fuels fears of Covid double-dip recession
Economists predict a further GDP fall from between 7.5% and 10% with unemployment to soar
For the Covid economic recovery look to the Treasury, not the Bank
Fears about high government borrowing raising inflation and interest rates are overstatedBoth of the big jobs in UK economic management changed hands earlier this year. Within weeks of Rishi Sunak taking over from Sajid Javid at the Treasury, Andrew Bailey replaced Mark Carney at the Bank of England.Sunak has barely been out of the news in the months since, and he will remain centre stage after the decision to put England back into lockdown. In the past few weeks alone, the chancellor has announced and recalibrated the job support scheme. Now he has been forced to reinstate the furlough, with the Treasury back to paying 80% of the wages of those unable to work.Related: Increase public spending to tackle Covid second wave, IMF tells UK Continue reading...
Trump has gone a long way toward hindering democracy in other countries
The president has questioned American democracy for four years, creating challenges abroadThe last time a Republican won the popular vote for president, the winning candidate declared that the spread of democracy was central to American security.“It is the policy of the United States to seek and support the growth of democratic movements and institutions in every nation and culture, with the ultimate goal of ending tyranny in our world,” said George W Bush in his second inaugural address in 2005.The challenges facing US democracy promotion have clearly grown through the Trump years Continue reading...
Support is waning for Johnson’s plague-year Brexit | William Keegan
Polls and pundits alike are wavering at the irresponsibility of further burdening an economy struggling under CovidDenials predictably emerged from 10 Downing Street last week over the suggestion in the Observer that Boris Johnson was waiting for the result of the US election before possibly opting for a no-deal Brexit.However I, for one, place a lot more credence on the judgment and reliability of Sir Ivan Rogers, our former ambassador to the European Union, than I do on anything coming from a Downing Street where “Eyetest” Cummings continues to rule the roost.I am all in favour of an extension, preferably leading to an entire rethink of the wisdom of Brexit Continue reading...
UK industry chief says business needs more from 'thin' Brexit deal
Carolyn Fairbairn of CBI says her ‘really big disappointment’ was the lack of help for British services in the potential dealA business-led campaign to widen a “thin” Brexit deal struck between Britain and the European Union will begin immediately in the new year, it has emerged, amid concerns about the long-term effects on the UK’s economy.In an interview with the Observer, Carolyn Fairbairn, the outgoing director general of the CBI, said that securing a basic deal with the EU should be seen as a “starting point” for a deeper relationship. She warned of a serious effect on Britain’s large services sector, including financial and legal services, as well as engineering.Related: With the Brexit walkout and sulk over, is the UK on the home straight for a deal? Continue reading...
Understanding how this catastrophe occurred is of critical importance
The catastrophe facing the UK is a direct result of our government’s obsession with libertarian issues. Now we must avoid repeating the same mistakes
Covid job losses lead MPs to call for trials of universal basic income
Large cross-party group urges government to allow councils to run pilot schemes
The Guardian view of the end of the furlough: terrible timing | Editorial
With a second wave of Covid-19 well under way, workers need the lifeline of the job retention scheme more than everThe daunting scale of the second coronavirus wave becomes clearer by the day. Figures published on Friday by the Office for National Statistics showed more than 50,000 new infections a day in the week to 23 October, up from 35,000 a day a week earlier. The numbers are surging in almost every part of the country and in every age group, with secondary school children showing a particularly steep growth curve. Figures for the week now ending seem certain to be higher still. As a result, tougher restrictions are being introduced across many areas of Britain, with more to come. Pressure for a fuller lockdown, like the ones announced in many of our neighbouring European countries this week, is growing.This is therefore a very strange time for the UK government’s job retention scheme, better known as the furlough programme, to be closing down. Yet Saturday is the final day of the scheme that the chancellor, Rishi Sunak, introduced at the start of the March lockdown. Continue reading...
Eurozone posts fastest growth on record; FTSE 100 suffers worst week since June – as it happened
France, Germany, Spain and Italy have all posted record rises in GDP, but the region is still below its pre-pandemic levels
European stock markets endure worst week since June
Wall Street also tumbles as global markets fear economic fallout from new Covid-19 restrictionsStock markets in Europe have had their worst week since June after investors shrugged off record-breaking growth for the eurozone and focused on the likely impact of fresh lockdown restrictions.Amid growing fears that a second wave of Covid-19 would end the west’s recovery and even threaten a double-dip recession, news of a near 14% quarterly jump in the GDP of the single currency zone did nothing to lift the mood.Related: Investors should prepare for worst over US presidential electionRelated: Eurozone posts fastest growth on record; FTSE 100 suffers worst week since June – business live Continue reading...
'Eat out to help out' may have caused fifth of Covid clusters over summer
Treasury rejects researcher’s claim that its scheme was closely linked to rise in cases
UK house price boom will collapse once buyers lose their jobs
Pent-up demand in the Covid lockdown and the stamp-duty cut kept the property market hot, but a chill is on its way
Plant inspectors and rising prices: UK garden industry set for Brexit shock
Nurseries say doubling up of regulations will mean a rise in costs and EU suppliers going elsewhere
A post-Covid economy will need to offer tools to help enterprises flourish
Government schemes, like startup loans and help for self-employed, crucial for tackling UK unemployment
Covid-19 second wave pushing UK to brink of double-dip recession
Job losses at fastest rate on record as economic recovery from first lockdown loses steam
UK economy feels the effects as Covid second wave hits critical stage
Our latest snapshot of key economic indicators shows recovery is fizzling out
In the year of the plague, the road back to recovery is looking bumpy
US GDP figures mask several difficulties – and the outlook for the eurozone is bleakNever in its history has the United States seen anything like it. The world’s biggest economy grew at an annualised rate of just over 33% in the three months ending in September. The eurozone will break all records when it reports GDP figures tomorrow, as will the UK when the Office for National Statistics publishes its third-quarter data next month.In normal times, booming economies would mean soaring share prices, with the bullish mood tempered perhaps by a bit of concern that central banks might put an end to the party by raising interest rates. Continue reading...
US economy returns to growth; oil keeps sliding - as it happened
Rolling coverage of the latest economic and financial news, as the US economy returns to growth
ONS finds 2m people still on furlough days before scheme ends
Findings come as chancellor is told new support measures not enough to protect jobs or firms
Is this an age of division? Our research reveals a more complicated reality | Joel Rogers de Waal and Stephan Shakespeare
YouGov’s latest worldwide survey on globalism, populism and immigration reveals an encouragingly progressive outlook
Increase public spending to tackle Covid second wave, IMF tells UK
Institution tells Britain to forget rising debt and spend to protect jobs and companies
Why you shouldn't fall for the panic about Britain's public debt | Daniela Gabor
The right wants to spread alarm about government borrowing, but it’s a sound, affordable response to the pandemicA number of journalists, politicians and observers have become increasingly concerned about the mounting quantity of public debt involved in the UK’s coronavirus response. These “quantity vigilantes”, as I like to call them, worry that public debt has been growing at unprecedented levels since the pandemic began, passing 100% of GDP – a level not seen since 1963.This record peacetime deficit will only mount as the second wave of coronavirus hits jobs, investment and spending across the British economy. So how bad will it get? To some alarmists, what awaits us is no longer simply the “sacred responsibility” to balance the books for the next generation – that old Conservative trope marshalled to legitimise austerity – but something far worse: an impending currency crisis.Related: UK government borrowing soars to record high during Covid pandemicRelated: The myth of the 'efficient' private sector has been busted by Covid | Rosie Collington Continue reading...
For most Americans the crisis is far from over whatever the GDP numbers may say | Dominic Rushe
The latest US GDP figures have given Trump something to crow about but that will ring hollow for poor people, minorities, women and the youngIf you drop a ball from a very high window, you can expect a big bounce. The ball, however, has still been dropped.Thursday’s release of the US gross domestic product (GDP) figures are Donald Trump’s last chance to claim he has been a great president for the economy before the election. And boy did he claim it.GDP number just announced. Biggest and Best in the History of our Country, and not even close. Next year will be FANTASTIC!!! However, Sleepy Joe Biden and his proposed record setting tax increase, would kill it all. So glad this great GDP number came out before November 3rd.Related: US economy bounces back but deeper trends hint at enduring woeOnly one in four Americans has a job that allows them to work from home, according to the Bureau of Labor Statistics Continue reading...
US economy bounces back but deeper trends hint at enduring woe
Investors should prepare for worst over US presidential election
If result is contested it could drag on for weeks and trigger a major risk-off episode in marketsOpinion polls in the US have long pointed to the strong possibility of a Democratic party sweep in the election on 3 November, with Joe Biden winning the presidency and Democrats gaining control of the US Senate and holding on to the House of Representatives, putting an end to divided government.But if the election turns out to be mostly a referendum on Donald Trump, Democrats might win just the White House while failing to retake the Senate. And one cannot rule out the possibility of Donald Trump navigating a narrow path to an electoral college victory, and of Republicans holding on to the Senate, thus reproducing the status quo.Related: Joe Biden looks like a safe pair of hands for the US economy | Jeffrey Frankel Continue reading...
'Everyone’s got bills to pay': facing up to end of furlough scheme
Workforces in Birmingham and Hounslow have been hit hard by the Covid-19 pandemic. We find out how they are coping
New Zealand house prices soar despite Covid recession, worsening affordability crisis
Property market posted an 11% rise in median values, masking rising homelessness and a widening social divide, critics sayNew Zealand house prices have defied the Covid-19 recession and soared to record levels, prompting warnings that the hot property market will damage the country’s long-term economic wellbeing and widen inequality.New Zealand, which already had some of the most unaffordable housing in the world, saw median prices rise 11.1 % in the year to September, while the median price in Auckland reached nearly $1m (US$660,000). Prices rose 2.5% across the country in September compared with August.Related: New Zealand must cast off its worries about government debt in its Covid recovery | Max HarrisRelated: New Zealand housing crisis: just 47 'affordable' homes built in six months Continue reading...
Economists call for extension of UK's furlough scheme to save businesses
With scheme due to end on Saturday, Rishi Sunak is under pressure to extend protection measuresEconomists have urged the chancellor to extend the furlough scheme and ramp up support for businesses and workers amid rising concern that rapidly growing infection rates from Covid-19 will force the government to impose a national lockdown, triggering a double dip recession.With the furlough scheme due to end on Saturday and unemployment expected to increase sharply in the run-up to Christmas, Rishi Sunak is under pressure to extend the Treasury’s protection measures beyond the levels announced last week, or risk higher rates of business closures and an economic slump. Continue reading...
FTSE 100 hits six-month low as Covid-19 fears rattle global markets – as it happened
Rolling coverage of the latest economic and financial news, as European markets sink to their lowest point since May
UK facing 'flood' of bankruptcies over coming months, says ONS
Two-thirds of UK businesses were at risk of insolvency last month, according to official figures
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