FTSE 100 opens flat on 5,786 after UK government’s traffic light lockdown exit strategy was revealed – as caution grips Asian markets ahead of corporate earnings data in wake of crisis
- Britain’s FTSE 100 opened flat at 5,786 today amid talks on ending lockdown
- The blue chip index remained unchanged after last weeks late rally
- Yesterday a traffic light system of easing the lockdown restrictions was revealed
- It would see the country get up and running again in stages after May 11
- Learn more about how to help people impacted by COVID
Britain’s FTSE 100 opened flat at 5,786 this morning amid government discussions on how to end the lockdown and get the economy up and running again.
The blue chip index remained unchanged after last weeks late rally as countries around the world enter discussions on how to ease coronavirus restrictions.
It had jumped more than two per cent on Friday on hopes that a coronavirus drug could prove effective.
By 8:45am the FTSE was up 16.28 points at 5803.24, despite the prospects of an early end to the crippling lockdown receding as Boris Johnson was understood to be prioritising staving off a second wave of infections.
Meanwhile caution gripped Asian share markets today amid expectations a busy week of corporate earnings reports and economic data will drive home the damage done by the global virus lockdowns.
Britain’s FTSE 100 opened flat at 5,786 this morning amid government discussions on how to end the lockdown and get the economy up and running again.
Yesterday a traffic light system of easing the lockdown restrictions were revealed, which would see the country get up and running again in stages after May 11.
But today it emerged the PM has told colleagues his ‘overriding concern’ is to avoid a second peak in the pandemic that would plunge the country back into turmoil.
Mr Johnson is still recuperating from the disease at Chequers, but conveyed his views during a two-hour meeting on Friday with foreign secretary Dominic Raab, senior adviser Dominic Cummings, communications director Lee Cain, and cabinet secretary Sir Mark Sedwill.
Government sources have also been frantically playing down suggestions circulated by senior Tories that schools could be reopened by mid-May, saying early June is more likely.
Mr Johnson recording a video message on Easter Sunday at Number 10 after his release from the hospital, before leaving for Chequers to recover from his illness
Revelations of Mr Johnson’s concerns come as it emerged pubs and restaurants could remain closed until the winter, as Mr Gove said hospitality would be ‘among the last to exit the lockdown’.
Chancellor Rishi Sunak and cabinet secretary Michael Gove are pushing for some restrictions to be lifted soon to avoid economic instability.
Bank of England governor Andrew Bailey has said it was ‘plausible’ that UK GDP had plunged 35 per cent in the second quarter.
It is also the case in governments around Europe and in the US, as several countries ease restrictions in a bid to get their economies up and running again.