When the coronavirus became an issue early this year there was much loose talk about it being no more than a cold. But with deaths at more than 27,000 in the UK (including care homes), and worldwide infections at above 3m, this is a human tragedy beyond imagination. Similarly, it was easy to regard the … Read more
The Bank for International Settlements (BIS) in Basel, Switzerland, is one of those institutions which comes into its own in a crisis. Its survey, based on 40,000 firms across the advanced world and emerging markets, found that Covid-19 is creating unprecedented stress with likely falls of 25 per cent in revenues, soaring debt levels and … Read more
A shining light: Bank of England Governor Andrew Bailey For Ross McEwan it has been out of the frying pan into the fire. The lugubrious New Zealander, having battled to restore the dividend at Royal Bank of Scotland, fled London for Sydney, only to find that National Australia Bank (NAB) needed attention too. He has taken similar … Read more
ALEX BRUMMER: Challenge is going to be putting the borrowing and debt genie back in the bottle once it has been allowed to roam freely By Alex Brummer for the Daily Mail Published: 21:54 BST, 24 April 2020 | Updated: 21:54 BST, 24 April 2020 Days of shocking economic data topped off by the record … Read more
Damage done to Britain’s prosperity by the severity of the lockdown is terrifying. It has not been made any easier by the wilful destruction of the country’s smaller enterprises, which are the backbone of the economy, by the pathetically slow efforts of banks to get emergency loans out of the door and support output. Just … Read more
Richard Branson has touched a raw nerve with his £500million bailout request for Virgin Atlantic. He is portrayed as a tax-avoiding wastrel, living the high life in the Caribbean with a reputation for treating women carelessly. All this is true and the Virgin Money rescue of Northern Rock after the financial crisis cost the taxpayer … Read more
One could barely believe the reports when the May price for West Texas crude oil dipped into historic negative territory late on Monday. The immediate thought was: does this mean free petrol for my gas-guzzling car? And will all those friends who stealthily escaped to the country for lockdown, enjoy the munificence of free heating? … Read more
ALEX BRUMMER: Government must nurture Britain’s hi-tech start-ups for a future beyond pandemic and Brexit By Alex Brummer for the Daily Mail Published: 21:51 BST, 20 April 2020 | Updated: 21:51 BST, 20 April 2020 The latest public policy intervention to support R&D and start-ups through the worst of the Covid-19 crisis is the right … Read more
ALEX BRUMMER: Donald Trump may be crazy but efforts of his business and financial team put those of Rishi Sunak and our own banking pygmies in shade By Alex Brummer for the Daily Mail Published: 21:50 BST, 17 April 2020 | Updated: 22:18 BST, 17 April 2020 One of the great hobbies of the British … Read more
ALEX BRUMMER: IMF boss Kristalina Georgieva revisiting Brexit during coronavirus crisis suggests she hasn’t quite washed away her EU past By Alex Brummer for the Daily Mail Published: 22:30 BST, 16 April 2020 | Updated: 22:37 BST, 16 April 2020 The International Monetary Fund deserves credit for not holding back on highlighting the stunning £7 … Read more