Bank of England Keeps Rates at 0.1% - Covid Hit Less Than Expected

We have kept interest rates at 0.1%

Vote
9-0 pic.twitter.com/4q5SnXMmK9

— Bank of England (@bankofengland) August 6, 2020

The Bank is of the view that the UK economic slump caused by Covid-19 will be less severe than expected, but the recovery will also take longer.

It expects the economy to shrink by 9.5% this year.

While this would be the biggest annual decline in 100 years, it is not as steep as the Bank's initial estimate of a 14% contraction.

However, the Bank said unemployment was likely to rise "materially".

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Virgin Atlantic Files for Bankruptcy

Virgin Atlantic is seeking protection from creditors in the United States.

The airline’s filing under Chapter 15 of the Bankruptcy Code, which allows a foreign debtor to shield assets in the country, was made in a bankruptcy court in New York yesterday.

The filing said that the airline had negotiated a deal with stakeholders “for a consensual recapitalisation” that would get debt off its balance sheet and “immediately position it for sustainable long-term growth”.

The carrier was also in the High Court in London, where it warned that it could run out of money by the end of September if creditors did not approve a £1.2 billion bailout package.

As Branson once said:

If you want to be a Millionaire, start with a billion dollars and launch a new airline.

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Nationwide Restrict Contributions From The Bank of Mum and Dad

Nationwide have announced that they will be restricting contributions made by the “Bank of Mum and Dad”.

First time buyers will now need to prove at least 75% of the money they put down for a mortgage has come from their own savings.

— PropertyCohort (@PropertyCohort) August 3, 2020

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We Dodged a Bullet in March

"All hell broke loose": the lessons from March’s meltdown in government bonds

Read this, by @colbyLsmith and @RobinWigg https://t.co/meVYNtQLOH pic.twitter.com/9riTlGD9IS

— Katie Martin (@katie_martin_fx) July 29, 2020

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Greggs on The Road To Recovery

Greggs says sales have recovered to "encouraging" levels after reopening shops following coronavirus lockdownhttps://t.co/Tm6MY3Vo5q

— BBC News (UK) (@BBCNews) July 28, 2020

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Optimism Is The Bedrock of Growth

"German businesses are growing increasingly optimistic... Expectations at companies surveyed by the country’s Ifo institute improved to 97 in July from a revised 91.6 in June, the strongest reading since late 2018"https://t.co/1sgMfvYG6s pic.twitter.com/ECJsvugP6S

— Jonathan Ferro (@FerroTV) July 27, 2020

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V for Victory

Retail sales figures look pretty V-shaped. pic.twitter.com/wMnPUN7Xh3

— Oliver Cooper (@OliverCooper) July 24, 2020

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Wirecard - The Gift That Keeps on Giving!

Catching up on yesterday’s news that Markus Braun has had his bail revoked, and Wirecard’s former CFO is in custody too.

Prosecutors now think the alleged fraud started in 2015. They may want to have a look at the years before that as well. https://t.co/rJnwl6MEFU

— Dan McCrum (@FD) July 23, 2020

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Negative Rates Continue

Investors still happily queue to lend the UK government money, some even pay to. Debt Management Office has this morning raised £3 billion. The bond is repayable over six years and was over-subscribed (2.6 times covered). Effective interest rate was -0.06% (negative). pic.twitter.com/yLis5fzYG5

— Joel Hills (@ITVJoel) July 21, 2020

As I said earlier, the country can handle the level of debt, and interest rates will remain low.

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National Debt 99.6% of GDP

UK national debt is now 99.6% of GDP - up nearly 20 percentage points since the onset of #COVID19; highest since 1961.
* It was actually estimated to be above 100% last month but estimates of GDP (eg the denominator) are also yo-yoing around at the mo https://t.co/EnNVCqus05 pic.twitter.com/tIL9Os6LIz

— Ed Conway (@EdConwaySky) July 21, 2020

Interest rates will remain low for quite some time, the country can handle this level of debt under the present conditions.

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China's "Genuine" GDP Figures!

I knew there had to be a V out there somewhere. https://t.co/vxo7d0KHr2

— Jo Michell (@JoMicheII) July 17, 2020

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• Appeal to the First-tier Tribunal or Upper Tribunal
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The Bank of England and The Beano Launch Money and Me

We are pleased to announce the launch of our primary education resource, Money and Me, in partnership with @BeanoOfficial and @tes.

It's a free, 12-lesson teaching resource that introduces young people to how money and the economy works. https://t.co/D3geM2cQGu #MoneyandMe pic.twitter.com/rRxVVFwZlV

— Bank of England (@bankofengland) July 16, 2020

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UK Payrolls Fall by 649K - Unemployment Remains Stable

https://t.co/TM6jhRUKHX

— Laura Kuenssberg (@bbclaurak) July 16, 2020

Although payrolls have fallen, the unemployment figures have not risen because the furlough scheme is currently holding that at bay.

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Huawei Ban Angers China

#China Foreign Ministry says #UK #Huawei decision has “severely undetermined mutual trust” between #Beijing and #London + that her govt would “take measures to safeguard the legitimate interests of Chinese companies”.

— Stephen McDonell (@StephenMcDonell) July 15, 2020

The reaction of China is unsurprising.

Like it or not, when faced with a choice between the USA and China, the UK will always choose the USA.

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State Pensions To Be Lower Than Projected - Less Pensioners Than Forecast

Overall, OBR projects that cumulative State Pension spending between 2020/21 & 2024/25 will be £1.9bn lower than projected in March. This assumes 60k more pensioner deaths this year than expected pre-pandemic, with correspondingly fewer deaths over next four years. pic.twitter.com/fD5mAUzMbK

— David Robbins (@David_J_Robbins) July 14, 2020

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• Attend any meeting with HMRC
• Appeal to the First-tier Tribunal or Upper Tribunal
• Having the security of knowing that fees will be met in full will enable your Accountant (your tax return agent) to defend your position robustly
• Premiums are Annual Premiums.
• Premiums are inclusive of 12% IPT. 
• Premiums and IPT are due in full in advance / at commencement of scheme.
• There is a NIL excess on all policies.

Please click here for details.